On behalf of Pacifica Maritime (100% owned by Norley): Update the information released on 2022/01/26 Contingent liability for an arbitration.

1.Parties to the legal matter:
  Petitioner: SeaRiver Maritime LLC
  Respondant: Tankers International Limited
  Third party: Pacifica Maritime Limited (100% owned by Norley)
2.Name of the court or punishing agency of the legal matter:NA.
3.Reference/Case number of relevant documents of the legal matter:NA.
4.Date of occurrence of the event:2023/04/19
5.Details of occurrence (including the matter under dispute):
  Refer to material information released on 2022/01/26.
6.Handling procedure:
  On 2022/01/25(New York time), activate the arbitration.
  On 2022/04/23, Norley Corporation Inc. provided guarantee of
  USD 7.3 million dollors of Counter-security Bonds.
  On 2023/04/18(New York time), agreed by three parties and sign
  the Release & Settlement Agreement(”Agreement”).
7.Impact on the Company’s finance and business and projected amount:
  After signing the Agreement,
  Pacifica Maritime Limited should pay USD3.75 million dollors
  to SeaRiver Maritime LLC within 14 working days.
  Meanwhile, all obligations under letter of undertaking
  are forever extinguished.
8.Countermeasures and improvement status:
  Followed by Agreement.
9.Any other matters that need to be specified (the information disclosure
  also meets the requirements of Article 7, subparagraph 2 of the Securities
  and Exchange Act Enforcement Rules, which brings forth a significant impact
  on shareholders rights or the price of the securities on public companies.):
  Please refer to material information released on 2022/01/26
  for details of occurrence.