Announcement of Elroy Maritime Service Inc. Improving plan for the Loaning Policy.

Announcement of Elroy Maritime Service Inc. Improving plan for the Loaning Policy.

1.Date of occurrence of the event:2022/05/18
2.Company name:Elroy Maritime Service Inc.
3.Relationship to the Company (please enter ”head office” or ”subsidiaries”):Subsidiaries
4.Reciprocal shareholding ratios:100% Subsidiary of the Company
5.Cause of occurrence:
(1)In accordance with the letter of FSC on May 9, 2022 to draw up improvement plan, to report the improvement plan to the latest Board of Directors meeting, and make announcement.
(2)The amount of capital loans to Elroy Maritime Service Inc. on 2022/3/31 is over the limit to individual counterparty. In accordance with Article 16 of Regulations Governing Loaning of Funds and Making of Endorsements/Guarantees by Public Companies, improvement plan shall be made and announce within 10 days.
6.Countermeasures:
Norley Corporation Inc., the parent company of Elroy, has capital injection USD 180,000 to Elroy. After capital injection, the net value of Elroy was NTD 10,298 (thousands) on 2022/4/30. and the capital loan was within the limit.
7.Any other matters that need to be specified:None.