Contract analysis

1. The Registered Owner of the Vessel Korinthian Bulkers (Singapore) Pte. Ltd. 80 Robinson Road, #14-02 Singapore 068898 (Company Registration No. 201903847K)

2. The Beneficial Owner and/or Party Interested in the Vessel Korinthian Maritime Holdings Ltd. 28 Themistokli Dervi Avenue, Suite 601 Nicosia 1066, Cyprus (Company Registration No. HE 387421)

3. KMH's Legal Representatives (for the avoidance of doubt and for purposes of courtesy notification) Harkness Whitford & Co. 12 Fetter Lane London EC4A 1JP United Kingdom (SRA Registration No. 614823) Senior Partner: Richard Harkness Partner: Catherine Whitford Associate: James Thornbury Note: Harkness Whitford & Co. have acted as KMH's English solicitors in the LCIA arbitration proceedings and in the enforcement pr

1. Vessel presence: Straits Meridian to confirm the presence of M/V Crimson Horizon (IMO 9801334) within Singapore territorial waters and/or port limits immediately prior to filing. The arrest application should not be filed unless and until the vessel's presence in Singapore waters is confirmed by the Plaintiff's appointed shipping agents or port intelligence services.

2. Admiralty in Rem Number: The action number is to be assigned by the Admiralty Registry upon filing. The blank in the style of cause is to be completed at that time.

3. Coordinate with garnishee application: The filing of this Writ and the arrest application should be coordinated with the garnishee application against Pinnacle Bank (Singapore) Ltd. (6 Battery Road, #20-01, Singapore 049909) in respect of accounts held by Korinthian Bulkers (Singapore) Pte. Ltd. with that bank. The garnishee application has been prepared separately and is to be filed contemporaneously or in close

4. Beneficial ownership analysis: Cross-reference the beneficial ownership analysis set out in this Writ with the separate detailed memorandum prepared jointly by Calderwood & Harkness LLP and Hartwell Pemberton LLP (Rebecca Saunders, Partner; Mark Huxley, Director). Any discrepancies should be resolved prior to filing.

5. OS No. 872/2024 status: At the time of drafting, the application for leave to enforce the Award in Singapore (OS No. 872/2024) was filed on 14 August 2024 and leave was granted on 6 September 2024. Straits Meridian to confirm the current status of OS No. 872/2024 and to ensure that the references in this Writ are accurate and up to date as at the date of filing.

6. Notification upon arrest: Upon the arrest of M/V Crimson Horizon, Straits Meridian LLP is to immediately notify: (a) Calderwood & Harkness LLP (Samuel Eklund / Hannah Brinkley); and (b) TSL's in-house General Counsel, Ioanna Christodoulou (email: i.christodoulou@thalassashipping.gr; mobile: +30 6944 821 307).

7. Post-arrest steps: Consider the need for an application for appraisement and sale of the vessel in the event that satisfactory security is not provided promptly by the Defendant or by KMH. A separate memorandum on the judicial sale process under Singapore admiralty law has been prepared by Straits Meridian LLP and is under review.

8. Monitor for caveats / setting aside applications: Upon filing, monitor for any caveat against arrest entered by KMH or Korinthian Bulkers (Singapore) Pte. Ltd., and for any application to set aside the arrest or to provide alternative security. It is anticipated that KMH may instruct local Singapore counsel through Harkness Whitford & Co. to contest the arrest. Document Version: Draft v.3.2 — Prepared 18 August 20