The Members of the Maritime Mutual Insurance Association (NZ) Ltd (the "Association")

The Association regrets to have to inform its Members of the following developments and of their impact on the Association and the interests of its Members.

On 24th February 2026 the United Kingdom Government, without notice, imposed a sanction on the Association freezing its assets and restricting its activities.

As a direct result of the sanction being imposed, the Association's reinsurers on the same date withdrew and cancelled the benefit of the Association's reinsurance contract leaving the Association uncovered in the event of (and consequently unable to meet) any claim under its current insurances.

In the circumstances the Association draws the attention of its Members to the provisions of Rule 30 of the General Rules of the Association which provides:

"RULE 30

SANCTIONS

The Association shall in no circumstances cover any liability, loss, damage, cost or expense: -

(a) where the provision of cover or any payment in respect thereof exposes or may expose the Association or the Managers to the risk of being or becoming subject to any sanction, prohibition or adverse action in any form whatsoever by any state, international organization or other competent authority which the Directors in their sole discretion determine may materially affect the Association in any way whatsoever.

(b) which is not recoverable by the Association in full or in part from reinsurers or parties under any reinsurance contract by reason of any sanction, prohibition or adverse action against them by any state or international organization or the risk thereof if payment were to be made by such reinsurers or parties."

The combined effect, consequently, of the sanction, the withdrawal of reinsurance and of Rule 30 is that as from 24th February 2026 the Association has been unable and is no longer able to meet any claim that may have arisen or that may arise since that date under its current policies and has no liability to its Members to do so.

Any vessel that any Member may currently have insured through the Association is therefore and as a result currently uncovered and at risk and the Association consequently urges any Members so affected to make alternative arrangements for the cover of their vessels as a matter of urgency.

The Association apologises for the inconvenience and distress that this notification will undoubtedly cause those Members affected but, unfortunately, this is due to matters not under the Association's control.

Board of Directors

Maritime Mutual Insurance Association (NZ) Ltd

MARITIME MUTUAL INSURANCE ASSOCIATION (NZ) LIMITED IS NOT LICENSED TO CARRY ON

INSURANCE BUSINESS IN NEW ZEALAND. IT IS NOT SUBJECT TO PRUDENTIAL REGULATION UNDER

THE INSURANCE (PRUDENTIAL SUPERVISION) ACT 2010 AND IS NOT SUPERVISED BY THE RESERVE

BANK OF NEW ZEALAND. INSURANCE UNDERWRITTEN BY MARITIME MUTUAL INSURANCE

ASSOCIATION (NZ) LIMITED IS NOT AVAILABLE TO PERSONS IN NEW ZEALAND.

Registered in New Zealand company no. 1521418. 36 Kitchener Street, Auckland, 1010, New Zealand

Telephone: + 64 9 915 1099 www.maritime-mutual.com