Contract analysis

1. Purpose and Summary This memorandum formally designates Calderwood & Harkness LLP Matter No. 1044-00003 as dormant, effective July 15, 2023, in accordance with the firm's internal file management policies. The purpose of this memorandum is to document all relevant information necessary for the orderly close-down and archiving of the matter file, to confirm that all active workstreams have concluded, and to establi

2. Matter Background 2.1 Client Identification The clients in this matter are identified as follows: Thalassa Shipping & Logistics Société Anonyme ("TSL") — A société anonyme organized and existing under the laws of the Hellenic Republic, with its registered headquarters and principal offices located at 42 Akti Miaouli, Piraeus 18538, Greece. TSL is the parent company of the Thalassa group of companies and is the pri

3. Key Dates and Milestone Summary The following chronology sets forth the principal dates and milestones relevant to Matter No. 1044-00003, from the origination of the underlying credit facilities through the dormancy designation:

4. File Inventory The complete file for Matter No. 1044-00003 consists of seventy-five (75) documents, organized into the nine categories described below. A complete document index is attached as Appendix A. This section provides a summary description of each document within each category. 4.1 Engagement & Conflicts Documents (4 Items) This category contains the foundational engagement and conflicts-clearance documen

5. Document Retention and Storage 5.1 Document Classification All documents in the file for Matter No. 1044-00003 are categorized as Attorney Work Product and/or Attorney-Client Privileged Communication, and all are subject to the protections afforded by the attorney-client privilege, the work product doctrine, and such other applicable privileges and protections as may exist under federal and state law. No document

1. Engagement & Conflicts Documents

2. Chapter 11 Contingency Planning — Analysis & Memoranda

3. Chapter 11 Draft Pleadings — Standby / Never Filed

4. DIP Financing Documents — Standby

5. Forbearance Agreement & Extensions

6. Out-of-Court Restructuring — RSA & Transaction Documents

7. Closing Deliverables & Opinions

9. Internal / Administrative Documents DMS access to the matter file is to be restricted, effective upon the dormancy designation, to the following personnel: Nathaniel Bower (Responsible Partner), Colette Whitman (Billing Partner), Amy Chesterton (Lead Associate), Nathan Ikeda (Working Associate), and Sylvia Hartwell (Specialist Partner, Tax). Firm administrator access shall be maintained for records management and

6. Return of Original Documents and Client Property Upon the designation of the matter as dormant, all original client documents and client property in the possession of Calderwood & Harkness LLP are to be returned to the client, subject to the firm's right to retain copies in its electronic file. The following items are identified for return to the client: (a) Original Executed Engagement Letter. The original execut

7. Final Billing Confirmation The final invoice for Matter No. 1044-00003 was transmitted by Colette Whitman, Billing Partner, to Irini Dalakoura, Chief Financial Officer of TSL, on July 15, 2023, concurrent with the issuance of this memorandum. The billing summary for the matter is as follows: The $500,000 retainer deposited by TSL on October 28, 2022 was applied against outstanding invoices during the course of the

8. Third-Party Engagement Terminations During the course of the engagement, Calderwood & Harkness LLP coordinated with and, in certain instances, engaged or oversaw the engagement of third-party service providers in connection with the Chapter 11 contingency plan and the out-of-court restructuring. The status of each such third-party engagement as of the dormancy date is set forth below. 8.1 Pendleton Claim Services

9. Outstanding Matters and Open Items Although all material workstreams associated with Calderwood & Harkness LLP's engagement have been completed and the matter is being placed in dormant status, the following items are identified as potentially giving rise to future advisory needs and should be monitored for purposes of determining whether reactivation of the matter may be warranted. 9.1 Vessel Disposition Undertak