Contract analysis

1. Executive Summary The purpose of this report is to provide TSL with a comprehensive final account of the multi-jurisdictional enforcement campaign that Calderwood & Harkness LLP ("C&H") has conducted on TSL's behalf since September 2024, directed at the enforcement and recovery of the Final Award dated 28 June 2024 rendered by the tribunal in LCIA Arbitration No. 224718 (the "Award"). The Award was made in favour

2. Background 2.1 The Underlying Dispute and Award TSL is a société anonyme organised under Greek law with its principal offices in Piraeus, Greece. TSL operates a fleet of thirty-four vessels engaged in the international carriage of dry-bulk and general cargo, generating annual revenues of approximately €620 million (FY2023). TSL's ownership structure comprises a 72% interest held by the Papadimitriou family trust a

3. Enforcement Proceedings — Jurisdiction-by-Jurisdiction Summary 3.1 England and Wales 3.1.1 Enforcement Application On 15 July 2024, C&H filed an application on behalf of TSL in the Commercial Court of England and Wales (the "Commercial Court") for permission to enforce the Award as a judgment of the court, pursuant to Section 66 of the Arbitration Act 1996 (the "1996 Act"). The application was assigned Claim No. C

4. Comprehensive Recovery Summary 4.1 Recovery Table The following table summarises all recoveries made in the enforcement campaign to date: All recovered funds have been remitted to TSL's designated recovery account at Ionian National Bank SA, 22 Stadiou Street, Athens 105 64, Greece. 4.2 Outstanding Balance Calculation The outstanding balance owed by KMH to TSL as at 15 March 2025, inclusive of post-award interest,

5. Remaining Enforcement Opportunities While the active enforcement campaign has achieved a recovery rate of approximately 89%, there remain identifiable opportunities for further recovery which TSL may wish to pursue on a reduced-scope basis. These are summarised below. 5.1 M/V *Volga Spirit* Vessel Particulars: • Name: M/V Volga Spirit • IMO Number: 9756892 • Type: Panamax Bulk Carrier • Deadweight Tonnage: 76,400

6. Recommendations Based on the foregoing analysis, C&H makes the following recommendations for TSL's consideration. 6.1 Partial Discharge of Worldwide Freezing Order The WFO currently restrains KMH's assets worldwide up to the maximum value of £108,600,000. Given that TSL has now recovered £96,590,000 through the enforcement campaign, the continuing restraint of assets to the full value of the Award plus Costs is no

7. Fee Position and Financial Summary 7.1 Calderwood & Harkness LLP Fees The fee arrangements for the enforcement engagement are governed by the engagement letter dated 12 September 2024, which provides for a fee cap of £4,200,000 for Phase 2 (Enforcement), exclusive of disbursements and local counsel fees. The fee position as at the date of this report is as follows: Fee Cap (Phase 2 — Enforcement): £4,200,000 Fees

8. Document Retention and Administrative Matters 8.1 File Archiving All documents generated or received during the course of the enforcement engagement — including enforcement filings, court orders, correspondence with opposing counsel and local counsel, asset tracing reports, internal memoranda, research notes, and billing records — will be archived in accordance with C&H's document retention policy. Under that poli

9. Closing Observations The enforcement campaign commenced on 12 September 2024 and, over a period of approximately seven months, has achieved a recovery of £96,590,000 — representing approximately 89% of the Award plus Costs of £108,600,000. This is a strong outcome by any measure, and particularly so in the context of a cross-border enforcement involving a recalcitrant debtor with dispersed assets across multiple j