Contract analysis

I. Standstill Agreement — Summary of Key Terms The standstill agreement (the "Standstill Agreement") was negotiated over the course of several weeks with AADE's external legal advisors, Meridian & Drakos Dikigiriko Grafeio, through their Senior Partner, Panagiotis Drakos. The final form of the Standstill Agreement was countersigned on March 1, 2023 by both Mr. Drakos, on behalf of AADE (acting under delegated authori

II. Bank Guarantee — Financial Impact We wish to draw your attention to the financial implications of the Bank Guarantee, as these may require coordination between TSL's finance team and its banking relationships. The €5,000,000 Bank Guarantee has been issued under TSL's existing €75,000,000 revolving credit facility with Compass Maritime Bank SA (the "Facility"), governed by the Facility Agreement dated September 1,

III. Supplemental Submission to DG TAXUD On March 15, 2023, Calderwood & Harkness (Brussels office), in coordination with our local counsel Vournas & Theodorakis Dikigiriko Grafeio, filed a supplemental submission with DG TAXUD, transmitted through AADE in accordance with the established consultation procedure (the "Supplemental Submission"). The purpose of the Supplemental Submission is to provide DG TAXUD with addi

1. Expert Opinion of Dr. Lukas Brenner. Dr. Brenner is the Managing Director of Argonaut Trade Consulting GmbH, based in Berlin, and a former member of the World Customs Organization ("WCO") Harmonized System Committee, on which he served from 2008 to 2016. Dr. Brenner's opinion addresses the technical characteristics and principal function of the STS gantry cranes and ASC systems and concludes that both types of equ

2. Survey of EU Member State BTI Rulings. Calderwood & Harkness conducted a comprehensive survey of Binding Tariff Information rulings issued by EU member state customs authorities on STS cranes and ASC systems. The survey demonstrates that a clear majority of member states have classified these types of equipment under heading 8426, which supports TSL's position and undermines AADE's reliance on heading 8428.

3. Summary of WCO HS Committee Precedent. We provided a summary of relevant WCO Harmonized System Committee decisions and classification opinions addressing automated cranes, semi-automated container handling equipment, and related machinery. These precedents support the conclusion that the automation features of the ASC systems do not alter their fundamental classification as cranes under heading 8426. The Supplemen

IV. Current Matter Status — Entering Dormant Phase With the Standstill Agreement fully executed and in effect, the BTI Application pending before AADE subject to DG TAXUD consultation, TSL's administrative objections held in abeyance before the DED, and all core work product completed, the matter is now entering a dormant phase in which active litigation and advisory work will be substantially reduced pending develop

V. Monitoring and Next Steps During Dormancy Although the matter is entering a dormant phase, Calderwood & Harkness will maintain active monitoring protocols to ensure that TSL is promptly advised of any material developments and that all procedural deadlines, administrative requirements, and protective measures are maintained throughout the Standstill Period. The monitoring framework is as follows: • Monthly — DG TA

VI. Recommended Client Actions We ask that TSL take the following actions in the near term:

1. Coordinate with Compass Maritime Bank. Ms. Papadimitriou should contact Mr. Andreas Papathanasiou at Compass Maritime Bank SA regarding the impact of the €5,000,000 Bank Guarantee on the Company's available capacity under the revolving credit facility and to confirm continued compliance with the Net Debt / EBITDA financial covenant and all other applicable covenants under the Facility Agreement.

2. Renew Insurance Policy. TSL should ensure that the Oceanos Financial Lines Policy (Policy No. OCU-FIN-2021-GR-0487, sublimit €3,000,000, retention €250,000) is renewed upon its scheduled expiry on or about March 31, 2023. It is essential that the pending claim be carried forward under the renewed policy, and that Oceanos be notified of the renewal with specific reference to the ongoing claim. Failure to renew or t

3. Continue Document Preservation. All TSL personnel must continue to comply with the document preservation notice issued on October 20, 2022. All documents, communications (including emails, text messages, and instant messages), contracts, internal memoranda, technical specifications, financial records, and data related to the Hailong contracts, the Nereus Maritime Advisory engagement, the Technology License Agreeme

4. Notify Calderwood & Harkness of Any Communications. TSL should promptly notify Calderwood & Harkness of any communications received — whether by letter, email, telephone, or otherwise — from AADE, Meridian & Drakos Dikigiriko Grafeio, DG TAXUD, the DED, or any other governmental authority or third party relating to the dispute, the Assessment Notices, the BTI Application, or the Standstill Agreement.

5. No Direct Communications with AADE. TSL personnel should not communicate directly with AADE or its counsel, Meridian & Drakos, regarding the substance of the dispute without first consulting with Calderwood & Harkness. All substantive communications with AADE should be channeled through our local counsel, Vournas & Theodorakis, to ensure consistency of position and to preserve all applicable privileges.

VII. Fee and Billing Update During the dormant phase, Calderwood & Harkness's billing on this matter will be minimal, reflecting primarily the monitoring activities described in Section V above and periodic client updates. Based on the anticipated scope of dormancy-phase work, we estimate monthly costs of approximately $1,500 to $3,000 per month, consisting primarily of associate-level time for monitoring activities,