GRM Commodities A/S

Review Activities GRM Commodities A/S was founded on 22 September 2023.The Company’s activities is to conduct trade in power and gas.The Company is represented by its own office in Aarhus.Developments in the year For the financial year 2023/24 shows a net result of -0.9 M EUR. The result was expected in the companys’s first year. Equity amounts to 1.7 M EUR at the end of the year. Events after balance sheet date There have been no events that materialy affect the assesment of this annual report 2023/24 after the balance sheet date and up to today´s date.Expectations for the year ahead The net result for the financial year 2024/25 is expected to be around 3.2 M EUR.Research and development activities There are not initiated any significant and indepent R&D projects or IT developments over the financial year.

No significant events affecting the assessment of the Annual Report have occurred after the balance sheet date.

11 Security and contingent liabilities EUR ´0002023/24 Lease obligations No later than one year56Later than one year but no later than 5 years28Later than 5 years0Total lease obligations 84 Hereof Group enterprises0GRM Commodities A/S is an obligor in respect of the bank loans of the Bunker Holding Group. As of 30 April 2024, these obligations were limited to USD 63.5 million, which is equal to A/S Global Risk Management Ltd. Holding’s equity and intra-group liability to Bunker Holding A/Sas of 30 April 2024. In the event that these obligations materialize, Bunker Holding A/S will cancel any claim it may have against A/S Global Risk Management Ltd.Holding in an amount equaling the part of the obligations that relate to A/S Global Risk Management Ltd. Holding’sintra-group liability to Bunk…