Contract analysis

1. Acknowledgement of Voluntary Payment We confirm that, on 3 February 2025, TSL received a payment in the sum of £7,400,000 (seven million four hundred thousand pounds sterling) from Korinthian Maritime Holdings Ltd. (Cyprus Registration No. HE 387421). The payment was received by wire transfer into the designated client account of Thalassa Shipping & Logistics SA held at Ionian National Bank SA, 22 Stadiou Street,

2. Summary of the Award and Costs For the purposes of maintaining a clear and complete record, we set out below a summary of the principal components of the Final Award and associated costs orders. 2.1 The Final Award The Final Award was issued on 28 June 2024 by the Tribunal constituted under the auspices of the London Court of International Arbitration, comprising: • Presiding Arbitrator: Sir Malcolm Fenton-Clarke

3. Reconciliation of Recoveries to Date Since the date of the Award, TSL has pursued enforcement proceedings across multiple jurisdictions. Set out below is a complete schedule of all recoveries made against KMH and its subsidiaries and affiliates to date, together with the voluntary payment acknowledged in section 1 above. The foreign currency conversions set out above reflect the approximate sterling equivalents at

4. Outstanding Balance 4.1 Post-Award Interest Calculation As noted above, the Award provides for post-award interest at the rate of 5.25% per annum simple on the principal sum of £96,450,000.00, running from 29 June 2024 until the date of payment in full. For the purposes of this letter, we have calculated the estimated accrued post-award interest through 15 March 2025, being a period of 260 days from the commenceme

5. Worldwide Freezing Order — Continued Effect We remind you that the Worldwide Freezing Order (the "WFO") granted by Mr. Justice Ashworth on 16 July 2024 in Commercial Court Claim No. CL-2024-000487, as continued with modifications on the return date of 30 July 2024, remains in full force and effect. The WFO continues to restrain KMH from removing from England and Wales or in any way disposing of, dealing with, or d

6. Reservation of Rights TSL expressly reserves all of its rights, remedies, claims, and entitlements in respect of the outstanding balance of approximately £15,617,726.03 (as estimated at the date of 15 March 2025, and continuing to accrue thereafter by reason of post-award interest), including but not limited to the following: (a) TSL intends to continue enforcement proceedings in all available jurisdictions to rec

7. Request for Confirmation In light of the foregoing, we request that Harkness Whitford & Co. confirm, on behalf of KMH, the following matters by no later than 19 February 2025: (a) Whether KMH intends to make any further voluntary payments in respect of the outstanding balance, and if so, the amount and proposed timing of any such payment(s). (b) Whether KMH's asset disclosure provided pursuant to the WFO has been

8. Contact Details All correspondence and communications regarding this matter should be directed in the first instance to: Hannah Brinkley Lead Associate Calderwood & Harkness LLP 45 Moorgate London EC2R 6AR United Kingdom Tel: +44 (0)20 7493 8217 Email: h.brinkley@calderwoodharkness.com Copies of all substantive correspondence should also be sent to: Samuel Eklund Partner (Responsible Partner — Enforcement) Calderw