Contract analysis

I. NOTICE OF CLAIM A. Formal Claim Notice Statement Pursuant to Section 5.1 of the Policy (Claims Notification), TSL hereby gives formal notice of a Tax or Regulatory Authority Claim, as that term is defined in the Policy. TSL provides this notice as soon as practicable following its receipt of the relevant assessment notices from AADE, and in any event within the sixty-day notification window prescribed by Section 5

1. Assessment Notice No. 1 — Classification • Reference: AADE/ADAN/2022/0073 • Date of Issue: August 12, 2022 • Issuing Authority: Piraeus Regional Customs Office, AADE • Post-Clearance Audit File Reference: AADE/DTE/2022/PIR-04518 • Subject Matter: Reclassification of twenty (20) units of imported equipment — specifically, twelve (12) STS gantry cranes and eight (8) ASC systems — from Combined Nomenclature ("CN") co

2. Assessment Notice No. 2 — Valuation • Reference: AADE/ADAN/2022/0074 • Date of Issue: August 12, 2022 • Issuing Authority: Piraeus Regional Customs Office, AADE • Post-Clearance Audit File Reference: AADE/DTE/2022/PIR-04518 • Subject Matter: Valuation adjustments totalling €9,940,000 to the customs value of the imported equipment • Components of Valuation Adjustment: (a) Technology License Fees — €4,900,000. AADE

II. POLICY INFORMATION A. Policy Details The relevant details of the Policy are as follows: B. Insuring Clause Coverage The Policy provides coverage for "Loss, including Defense Costs and Assessed Amounts, incurred by the Insured arising from a Tax or Regulatory Authority Claim first made against the Insured during the Policy Period." The AADE Assessment Notices were issued on August 12, 2022, and received by TSL on

III. BACKGROUND OF THE DISPUTE A. TSL's Business TSL is a privately held Greek transportation and logistics company specializing in container shipping, port terminal operations, freight forwarding, and marine equipment services. Founded in 1987, TSL has grown to become one of the leading port terminal operators in the Eastern Mediterranean. TSL operates a fleet of twenty-eight (28) container vessels and manages termi

IV. COVERAGE SOUGHT A. Defense Costs TSL seeks coverage for Defense Costs, as defined in the Policy, incurred in defending against the AADE Assessment Notices. Defense Costs for which coverage is sought include, but are not limited to, the following: (a) Professional fees and expenses of Calderwood & Harkness LLP, in its capacity as international counsel to TSL in this matter; (b) Professional fees and expenses of Vo

V. REQUESTS TSL respectfully makes the following requests of Oceanos Underwriters in connection with this claim:

1. Acknowledgment of Receipt. TSL requests that Oceanos Underwriters acknowledge receipt of this notice of claim in writing, directed to the undersigned at the address set forth in Section VII below, within ten (10) business days of receipt. TSL further requests that Aether Insurance Brokers confirm transmission of this notice to Oceanos and provide a copy of such confirmation to C&H.

2. Coverage Confirmation. TSL requests that Oceanos confirm in writing that coverage is available under Section 2.4 of the Policy for both Defense Costs and Assessed Amounts arising from the AADE Assessment Notices, subject to the Policy's applicable terms, conditions, sublimits, and retention. Should Oceanos wish to reserve its rights on any aspect of coverage, TSL requests that any reservation of rights letter be i

3. Defense Cost Advancement. TSL requests that Oceanos begin advancing Defense Costs as incurred, as permitted under Section 5.3 of the Policy, promptly upon receipt of invoices and supporting documentation from TSL's counsel and retained experts. TSL will submit invoices and supporting documentation on a monthly basis, or at such other intervals as Oceanos may reasonably request. TSL notes that Defense Costs are alr

4. Claims Handler Designation. TSL requests that Oceanos identify the claims handler or adjuster assigned to this matter and provide full contact details (including name, telephone number, and email address) for direct communication. TSL wishes to establish a constructive and cooperative dialogue with the assigned claims handler at the earliest opportunity to facilitate efficient processing of this claim.

VI. RESERVATION OF RIGHTS TSL expressly reserves all of its rights under the Policy, at law, and in equity, including without limitation: (a) The right to supplement, amend, or update this notice of claim as the dispute with AADE develops, including to provide additional facts, documents, or information that may become available during the course of the administrative proceedings; (b) The right to seek coverage for a

VII. CONTACT INFORMATION All communications regarding this claim should be directed to: James Prentice Partner Calderwood & Harkness LLP 25 Finsbury Square London EC2A 1DU United Kingdom Tel: +44 (0)20 7946 0215 Email: james.prentice@calderwoodharkness.com With a copy to: Elena Papadimitriou Chief Financial Officer Thalassa Shipping & Logistics SA 47 Akti Miaouli 185 35 Piraeus, Greece Tel: +30 210 429 8700 Email: e.

VIII. SUPPORTING DOCUMENTATION TSL advises that the following documents are available upon request and will be provided to Oceanos as part of the claims process. TSL is prepared to furnish these documents promptly upon receipt of a request from Oceanos or its appointed claims handler: (a) Copies of AADE Additional Duty Assessment Notice No. AADE/ADAN/2022/0073 (Classification) and AADE Additional Duty Assessment Noti