SETTLEMENT AGREEMENT

BETWEEN:

1) The owners of HUB KUCHING, her managers, charterers, agents, insurers and other
persons interested in her (collectively the “Ship Interests”);

AND

2) The owners at the material time, and their insurers, of the cargo and containers set
out in the attached Schedule A (collectively the “Cargo Interests”)

Each a “Party” and collectively the “Parties”.

WHEREAS:

A. The cargo and containers listed in the attached Schedule A were loaded on board the
“HUB KUCHING” (the “Vessel”) for carriage from Bangkok, Thailand to Port Kelang
and Pasir Gudang, Malaysia (the “Carriage”).

B. The Carriage was performed by the Ship Interests under a connecting carrier
agreement dated 8 February 2005 with Norasia Container Lines Ltd., and Compania
Sud Americana de Vapores S.A (collectively the “Carriers”).

C. On 27 August 2010, an engine room fire broke out on the Vessel whilst in the South
China Sea off the coast of Malaysia (the “Casualty”). As a result of the Casualty, the
owners of the Vessel declared General Average. The Vessel suffered damage and
required professional salvage assistance.

D. The Cargo Interests respectively issued Average Bonds and Average Guarantees in
respect of the cargo and containers listed in the attached Schedule A (collectively the
“Cargo”).

E. QBE Insurance (Europe) issued a Letter of Undertaking to the Cargo Interests dated
28 May 2012 in the sum of USD 3,800,000 (the “QBE LOU”).

F. On 27 January 2017, a General Average Adjustment was published by Richards Hogg

Lindley (the “Adjustment”).
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G. The Parties now wish to resolve all claims relating to the Cargo, including the Ship
Interests’ claim for General Average contributions and the Cargo Interests’ claim for
salvage indemnity and Particular Average on the terms and conditions set out below.

NOW THEREFORE in consideration of the mutual covenants and agreements

contained herein and for the other good and valuable consideration set out herein
the sufficiency of which is hereby acknowledged, the parties hereby agree as
follows:

1. Ship Interests shall pay the Cargo Interests the sum of USD 470,645.86 (US Dollars
Four Hundred and Seventy Thousand Six Hundred and Fourty-Five and Cents Eighty-
Six) (the “Settlement Sum”) in full and final settlement of any and all claims in respect
of the Cargo (inclusive of interest and costs) arising from and/or in connection with the
Casualty, including any claims and counterclaims for General Average contributions,
salvage indemnity and Particular Average losses.

2. Payment of the Settlement Sum is to be remitted by telegraphic transfer (charges for

remitters’ account) to the account set out below within 21 days of the date of this
Agreement:

[INSERT BANK DETAILS]

3. Upon payment of the Settlement Sum into the designated account above:

a. The Ship Interests shall absolutely waive all and any claims and finally discharge the
Cargo Interests; and

b. The Cargo Interests shall absolutely waive all and any claims and finally discharge
the Ship Interests and Carriers

from all liability (whether past, present or future) in respect of any claims and
counterclaims arising from and/or in connection with the Casualty.

4. Within 14 days of receipt of the Settlement Sum in the designated account:

a. The Cargo Interests agree to return the original QBE LOU to Thomas Cooper
Singapore LLP for cancellation. The QBE LOU shall, in any event, automatically
be rendered null and void upon receipt of the Settlement Sum in the designated
account; and
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b. The Ship Interests agree to procure the return of the original Average Bonds and
Average Guarantees issued by the Cargo Interests in respect of the Cargo. The
Average Bonds and Average Guarantees shall, in any event, automatically be
rendered null and void upon receipt of the Settlement Sum in the designated account.

5. The Cargo Interests hereby warrant that they are the only parties entitled to bring claims
in respect of the matters hereby settled by this Agreement against the Ship Interests, and
further agree to hold harmless, protect, defend and indemnify the Ship Interests against
any claims, demands or causes of action brought by any person or party in respect of the
claims hereby settled by this Agreement.

6. Each of the Parties signing this Agreement hereby warrant that they are fully authorised
by the Ship Interests and the Cargo Interests to sign this Settlement Agreement on their
respective behalves.

7. This Agreement may be executed in any number of counterparts, each of which when
so executed by each Party and delivered to each Party shall be deemed an original
and all counterparts shall together constitute one and the same instrument. Signatures
may be exchanged by facsimiles or email, with the original signatures to follow. Each
Party agrees that it will be bound by its own facsimile or email signature and that it
accepts the facsimile and email signatures of the other Party.

8. This Agreement shall remain confidential between the Parties, their legal advisers and
insurers and shall not be disclosed to any other party whatsoever, except as may be
necessary to effectuate the terms of this Agreement.

9. This Agreement shall be governed by and construed in accordance with the laws of
England and any dispute arising out of or in connection with this agreement shall be
subject to the exclusive jurisdiction of the English Courts.

Made this day of September 2018.

___________________________ __________________________
Signed By Signed By
Thomas Cooper Singapore LLP WK Webster & Co Ltd
For and on behalf of the Ship Interests For and on behalf of the Cargo Interests