ORDER UPON the Order of Mr Justice Andrew Baker dated 10 July 2026 (“the Order”) made following the Claimant’s application for default judgment dated 4 June 2026 (the “Default Judgment Application”) ordering judgment in default against the Defendant and granting liberty to the Claimant to apply for the assessment of damages to be conducted on paper and for costs to be assessed summarily in conjunction with the assessment of damages

AND UPON the Claimant having, by letter from its solicitors Stephenson Harwood LLP dated15 July 2026 (“the Letter Application”), applied pursuant to paragraphs 2 and 3 of the Order for the assessment of damages to be conducted on paper by Mr Justice Andrew Baker and for the Claimant’s costs to be assessed summarily in conjunction with the assessment of damages

AND UPON the Judge having considered the Letter Application and the evidence referred to therein, including the First Witness Statement of Benjamin James Sigler dated 4 June 2026 and the Claimant’s Statements of Costs dated 2 July 2026 and 15 July 2026, and having been satisfied that recoverable damages are proved thereby in the sum of £18,034,078.32 and that the Claimant’s incurred costs as set out in the Statements of Costs were reasonable and proportionate

AND UPON a copy of the Letter Application having been provided in draft to the Defendant on 15 July 2026 and the Defendant not having made any submissions in response

IT IS ORDERED THAT:

1. The Claimant’s damages are assessed in the sum of £18,034,078.32.
2. The Claimant’s costs of these proceedings are assessed as follows:(a) the costs of the Default Judgment Application are summarily assessed in the sum of £49,932.73; and(b) the Claimant’s remaining costs of the proceedings are summarily assessed in the sum of £39,872.23.
3. The Defendant shall pay the Claimant the aggregate sum of £18,123,883.28(comprising the damages referred to in paragraph 1 and the costs referred to in paragraph 2) within 14 days of service of this Order.
4. The Defendant shall have liberty to apply within 7 days of the date of this Order for this Order to be set aside, varied or discharged.
5. This Order shall be served by the Claimant on the Defendant.

Service of the Order The Court has provided a sealed copy of this Order to the serving party: Stephenson Harwood LLP at 1 Finsbury Circus, London EC2M 7SH.

LINK TO COMPLETE TEXT OF COURT ORDER

FOR IMMEDIATE RELEASE
London, United Kingdom
31 July 2026

Statement from David Charters
Chairman
CRF I Limited

Registered Office:
Maples Fund Services (Cayman) Limited
P.O. Box 1093
Boundary Hall, Grand Cayman
KY1-1102, Cayman Islands

Since 2013, CRF I Limited has repeatedly sought to engage constructively with the Republic of Cuba and Banco Nacional de Cuba to resolve Cuba’s long-outstanding commercial debt on terms that are fair to creditors, commercially realistic for Cuba and capable of supporting the country’s eventual return to international financial markets.

CRF has made numerous approaches over that period, including formal restructuring proposals and, most recently, a direct written approach to President Miguel Díaz-Canel on 22 June 2026. In that letter, sent before the latest judgment was obtained, CRF proposed confidential discussions and outlined possible solutions including growth-linked instruments, debt-for-equity arrangements and other structures designed to preserve Cuba’s near-term liquidity. Cuba and BNC did not respond.

CRF was therefore left with no realistic alternative but to continue protecting its rights through the English courts.

The latest judgment represents a significant development. The English Commercial Court has entered judgment against BNC and assessed damages and costs totalling £18,123,883.28. Unlike the earlier decisions, which conclusively established CRF’s standing as BNC’s lawful creditor and its right to pursue the debt, this is a quantified monetary judgment against BNC.

It follows a consistent series of decisions in CRF’s favour, including the Commercial Court judgment, the unanimous decision of the Court of Appeal and the refusal of permission to appeal to the UK Supreme Court. CRF has acted patiently, responsibly and consistently throughout this process.

CRF expects to continue pursuing its remaining claims and to seek further judgments where necessary. However, litigation has never been CRF’s preferred outcome. A negotiated resolution remains possible, but it now requires serious and constructive engagement from Cuba and BNC.

We have noted the more progressive and pragmatic tone of Cuba’s recent proposals concerning economic reform, foreign investment, private capital and modernisation of the financial system. Those developments are potentially important. Credible engagement with recognised commercial creditors would be a practical demonstration that Cuba intends to translate reform announcements into a durable change of economic approach. CRF I Limited

A fair restructuring could resolve CRF’s claims while preserving Cuba’s immediate liquidity, improving confidence among international creditors and investors, and supporting the investment and growth that Cuba urgently needs.

CRF remains ready to meet representatives of the Cuban government and BNC at short notice, at a mutually acceptable neutral location, and to discuss commercially realistic terms. That opportunity remains open. At the same time, CRF’s legal proceedings will continue unless and until a credible negotiated resolution is agreed.

David Charters
Chairman
CRF I Limited

LINK TO COMPLETE MEDIA RELEASE IN PDF FORMAT

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