Contract analysis

1. Purpose and Scope This memorandum summarizes and analyses the findings of Hartwell Pemberton LLP's ("HP") supplemental forensic asset movement report dated 25 November 2024 (the "HP Supplemental Report") concerning post-award asset movements by Korinthian Maritime Holdings Ltd. ("KMH", Cyprus Company Registration No. HE 387421) and its subsidiaries and related entities. The HP Supplemental Report was prepared by R

2. Executive Summary The principal finding of the HP Supplemental Report — and the central conclusion of this memorandum — is that between 28 June 2024 (the date of the Final Award) and 28 August 2024 (the date the WFO was served and the UAE precautionary attachment obtained), KMH and its subsidiaries transferred or restructured assets totalling approximately £38,500,000 (GBP equivalent) across multiple jurisdictions

3. Background: The LCIA Award and Enforcement Timeline 3.1 The Award The underlying dispute between TSL and KMH arose from three time charterparties for dry-bulk carriers in the Supramax, Panamax, and Handymax categories. TSL commenced LCIA arbitration proceedings in October 2022, and the hearing took place over 15 sitting days in March and April 2024. The key particulars of the Award are as follows: LCIA Case Refere

4. Sources of Information The HP Supplemental Report — and this memorandum — draw upon information from range sources across multiple jurisdictions. The breadth and depth of these sources reflects both the complexity of the KMH group structure and the multi-jurisdictional nature of the enforcement campaign. We set out below the principal sources of information relied upon, together with observations on their complete

5. KMH Corporate Structure Overview An understanding of the KMH group's corporate structure is essential to the analysis of the post-award asset movements. The structure is multi-layered, spanning four jurisdictions (Cyprus, British Virgin Islands, Singapore, and Dubai), and is designed to create layers of separation between assets and the judgment debtor. The following narrative description summarises the structure;

6. Detailed Analysis of Post-Award Asset Movements This section analyses each significant post-award asset movement identified by HP, organised chronologically within the two principal phases. 6.1 Phase 1: Pre-WFO Period (28 June – 16 July 2024) The pre-WFO period extends from the date of the Award (28 June 2024) to the date the WFO was granted (16 July 2024). During this 18-day period, KMH had knowledge of the Award

7. Analysis of Volkov Family Network Entities 7.1 Identified Connected Entities HP's investigation has identified a network of entities controlled by or connected to the Volkov family that were used as recipients of the post-award asset movements. These entities share certain common features that are discussed in Section 7.2 below. The individual entities are as follows: Volkov Holdings (Cyprus) Ltd. Volkov Holdings