2020 Bulkers

Major Shareholding Notification • Jul 4, 2025

Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the competent authority)i
tachedii:	1. Identity of the issuer or the underlying issuer		of existing shares to which voting rights are	at
2020 Bulkers Ltd.
2.		Reason for the notification (please tick the appropriate box or boxes):
[ ] An acquisition or disposal of voting rights [✓] An acquisition or disposal of financial instruments [ ] An event changing the breakdown of voting rights [ ] Other (please specify) iii:
3. Details of person subject to the		notification obligationiv :
Name: City and country of registered office (if applicable): FMR LLC Wilmington, USA
4. Full name of shareholder(s) (if different from 3.)v :
5. Date on which the threshold was crossed or reachedvi:
02nd July 2025
6. Total positions of person(s) subject to the notification obligation:
	% of voting rights at tached to shares (to tal of 7.A)	% of voting rights through financial instru ments (total of 7.B.1 + 7.B.2)	Total of both in % (7.A + 7.B)	Total number of voting rights of is suer vii
Resulting situation on the date on which threshold was crossed or reached	6.20% Shares 6.20% Voting Rights	0.30% Shares 0.30% Voting Rights	6.50% Shares 6.50% Voting Rights	22,870,906
Position of previous notification (if appli cable)	5.80% Shares 5.80% Voting Rights	0.70% Shares 0.70% Voting Rights	6.50% Shares 6.50% Voting Rights

7. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii:

A: Voting rights attached to shares

Class/type of shares	Number of voting rights ix		% of voting rights
ISIN code (if possi ble)	Direct (Art 9 of Directive 2004/109/EC)	Indirect (Art 10 of Directive 2004/109/EC)	Direct (Art 9 of Directive 2004/109/EC)	Indirect (Art 10 of Directive 2004/109/EC)
BMG9156K1018		1,417,581 Shares 1,417,581 Voting Rights		6.20% Shares 6.20% Voting Rights
SUBTOTAL A		1,417,581 Shares 1,417,581 Voting Rights		6.20% Shares 6.20% Voting Rights

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC
Type of financial in strument	Expiration date x	Exercise/ Conversion Periodxi	Number of voting rights that may be acquired if the instrument is exer cised/ converted.	% of voting rights
Stock Loan			69,500 Shares 69,500 Voting Rights	0.30% Shares 0.30% Voting Rights
		SUBTOTAL B.1	69,500 Shares 69,500 Voting Rights	0.30% Shares 0.30% Voting Rights

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC
Type of financial instrument	Expiration date x	Exercise/ Conversion Pe riod x i	Physical or cash settlement xii	Number of voting rights	% of voting rights
			SUBTOTAL B.2

8. Information in relation to the person subject to the notification obligation (please tick the applicable box):

[ ] Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.xiii

[✓] Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv:

Namexv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial in struments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
FMR LLC
Fidelity Management & Re	6.20% Shares	0.30% Shares	6.50% Shares
search Company LLC	6.20% Voting Rights	0.30% Voting Rights	6.50% Voting Rights

9. In case of proxy voting: [name of the proxy holder] will cease to hold [% and number] voting rights as of [date]

10. Additional informationxvi:

Disclosure due to a fund crossing the 5% threshold upwards through Common Stock.

Fund level breakdown

Fund Name	% of voting rights	% of voting rights through	Total % of voting rights
		financial in-struments
FA DIVIDEND GROWTH	0.94% Shares	0.00% Shares	0.94% Shares
	0.94% Voting Rights	0.00% Voting Rights	0.94% Voting Rights
FID DIVIDEND GROWTH	5.26% Shares	0.30% Shares	5.56% Shares
FUND	5.26% Voting Rights	0.30% Voting Rights	5.56% Voting Rights

Done at Dublin, Ireland on 04th July 2025.

Annex: Notification of major holdings (only to be filed with competent authority and not with the relevant issuer)

A: Identity of the person subject to the notification obligation

Full name (including legal form for legal entities) FMR LLC

Contact address (registered office for legal entities) The Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801

E-Mail

fil-regreporting@fil.com

Phone number / Fax number

+00353 1 223 1020

Other useful information (at least legal a contact person for legal persons)

B: Identity of the notifier, if applicable

Full name FIL Transaction Services Limited

Contact address

George's Quay House, 43 Townsend Street, Dublin 2, D02 VK65, Ireland

E-Mail fil-regreporting@fil.com

Phone number / Fax number

+00353 1 223 1020

Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

Authorised to make this filing under power of attorney

C: Additional information:

Notes

ⁱ Please note that national forms may vary due to specific national legislation (Article 3(1a) of Directive 2004/109/EC) as for instance the applicable thresholds or information regarding capital holdings.

ii Full name of the legal entity and further specification of the issuer or underlying issuer, provided it is reliable and accurate (e.g. address, LEI, domestic number identity).

iii Other reason for the notification could be voluntary notifications, changes of attribution of the nature of the holding (e.g. expiring of financial instruments) or acting in concert.

iv This should be the full name of (a) the shareholder; (b) the natural person or legal entity acquiring, disposing of or exercising voting rights in the cases provided for in Article 10 (b) to (h) of Directive 2004/109/EC; or (c) the holder of financial instruments referred to in Article 13(1) of Directive 2004/109/EC.

As the disclosure of cases of acting in concert may vary due to the specific circumstances (e.g. same or different total positions of the parties, entering or exiting of acting in concert by a single party) the standard form does not provide for a specific method how to notify cases of acting in concert.

In relation to the transactions referred to in points (b) to (h) of Article 10 of Directive 2004/109/EC, the following list is provided as indication of the persons who should be mentioned:

- in the circumstances foreseen in letter (b) of Article 10 of that Directive, the natural person or legal entity that acquires the voting rights and is entitled to exercise them under the agreement and the natural person or legal entity who is transferring temporarily for consideration the voting rights;

- in the circumstances foreseen in letter (c) of Article 10 of that Directive, the natural person or legal entity holding the collateral, provided the person or entity controls the voting rights and declares its intention of exercising them, and natural person or legal entity lodging the collateral under these conditions;

- in the circumstances foreseen in letter (d) of Article 10 of that Directive, the natural person or legal entity who has a life interest in shares if that person or entity is entitled to exercise the voting rights attached to the shares and the natural person or legal entity who is disposing of the voting rights when the life interest is created;

- in the circumstances foreseen in letter (e) of Article 10 of that Directive, the controlling natural person or legal entity and, provided it has a notification duty at an individual level under Article 9, under letters (a) to (d) of Article 10 of that Directive or under a combination of any of those situations, the controlled undertaking;

- in the circumstances foreseen in letter (f) of Article 10 of that Directive, the deposit taker of the shares, if he can exercise the voting rights attached to the shares deposited with him at his discretion, and the depositor of the shares allowing the deposit taker to exercise the voting rights at his discretion;

- in the circumstances foreseen in letter (g) of Article 10 of that Directive, the natural person or legal entity that controls the voting rights;

- in the circumstances foreseen in letter (h) of Article 10 of that Directive, the proxy holder, if he can exercise the voting rights at his discretion, and the shareholder who has given his proxy to the proxy holder allowing the latter to exercise the voting rights at his discretion (e.g. management companies).

^v Applicable in the cases provided for in Article 10 (b) to (h) of Directive 2004/109/EC. This should be the full name of the shareholder who is the counterparty to the natural person or legal entity referred to in Article 10 of that Directive unless the percentage of voting rights held by the shareholder is lower than the lowest notifiable threshold for the disclosure of voting rights holdings in accordance with national practices (e.g. identification of funds managed by management companies).

vi The date on which threshold is crossed or reached should be the date on which the acquisition or disposal took place or the other reason triggered the notification obligation. For passive crossings, the date when the corporate event took effect.

vii The total number of voting rights shall be composed of all the shares, including depository receipts representing shares, to which voting rights are attached even if the exercise thereof is suspended.

viii If the holding has fallen below the lowest applicable threshold in accordance with national law, please note that it might not be necessary in accordance with national law to disclose the extent of the holding, only that the new holding is below that threshold.

ix In case of combined holdings of shares with voting rights attached "direct holding" and voting rights "indirect holding", please split the voting rights number and percentage into the direct and indirect columns – if there is no combined holdings, please leave the relevant box blank.

^x Date of maturity/expiration of the financial instrument i.e. the date when right to acquire shares ends.

xi If the financial instrument has such a period – please specify this period – for example once every 3 months starting from [date].

xii In case of cash settled instruments the number and percentages of voting rights is to be presented on a delta-adjusted basis (Article 13(1a) of Directive 2004/109/EC).

xiii If the person subject to the notification obligation is either controlled and/or does control another undertaking then the second option applies.

xiv The full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity has to be presented also in the cases, in which only on subsidiary level a threshold is crossed or reached and the subsidiary undertaking discloses the notification as only thus the markets get always the full picture of the group holdings. In case of multiple chains through which the voting rights and/or financial instruments are effectively held the chains have to be presented chain by chain leaving a row free between different chains (e.g.: A, B, C, free row, A, B, D, free row, A, E, F etc.).

xv The names of controlled undertakings through which the voting rights and/or financial instruments are effectively held have to be presented irrespectively whether the controlled undertakings cross or reach the lowest applicable threshold themselves.

xvi Example: Correction of a previous notification.