[Emerging] (Proxy) Wholly-owned Subsidiary Norley 100% Invests in Subsidiary Brighton Shipping Inc., Plans Sale of One Bulk Carrier, the "Qingshan Lun".

1. Name and nature of the subject matter (e.g., land located in Section XX, Lot XX, North District, Taichung City):
A very large bulk carrier, 175,569 deadweight tons.
2. Date of occurrence: 115/5/11~115/5/11
3. Date approved by the Board of Directors: May 11, 115 (Republic of China calendar)
4. Other approval dates: Not applicable
5. Quantity per unit (e.g., XX sq. meters, equivalent to XX ping), price per unit, and total transaction amount:
A very large bulk carrier, USD 20.2 million.
6. Transaction counterparty and its relationship with the company (if the counterparty is a natural person and not an affiliate of the company, their name may be omitted):
Ally Star Shipping Company Limited or its designated party guaranteeing performance, not an affiliate of our company.
7. If the counterparty is an affiliate, state the reason for selecting the affiliate as the counterparty, the previous owner, the relationship between the previous owner, the company, and the counterparty, the date of previous transfer, and the transfer amount:
Not applicable.
8. If the owner of the subject matter has been an affiliate of the company within the last five years, announce the affiliate's acquisition and disposal dates, prices, and relationship with the company at the time of transaction:
Not applicable.
9. Estimated disposal profit (or loss) (not applicable for asset acquisition) (list recognition status for deferred items):
Estimated disposal profit of approximately USD 10.35 million.
10. Delivery or payment terms (including payment period and amount), contract restrictions, and other important agreements:
15% to be paid within 3 business days of signing, and 85% to be paid within 3 business days before vessel delivery.
11. Method of decision for this transaction (e.g., tender, bidding, or negotiation), basis for price determination, and decision-making unit:
Negotiation, subsidiary's Board of Directors.
12. Professional appraiser's firm or company name and appraisal amount:
Arrow Valuations, USD 19 million.
13. Name of professional appraiser:
Not applicable.
14. Certificate number of professional appraiser:
Not applicable.
15. Whether the appraisal report is for a limited price, specific price, or special price: No or not applicable
16. Whether the appraisal report has not yet been obtained: No or not applicable
17. Reason for not yet obtaining the appraisal report:
Not applicable
18. In case of significant differences in appraisal results, the reasons for the differences and the accountant's opinion:
Not applicable.
19. Name of accounting firm:
Not applicable.
20. Name of accountant:
Not applicable.
21. Certificate number of accountant:
Not applicable.
22. Broker and brokerage fees:
Kairos Marine Limited USD 200,000
Arrow Asia Shipbrokers Limited USD 200,000
23. Specific purpose or use of acquisition or disposal:
Fleet renewal.
24. Opinion of dissenting directors regarding this transaction:
None.
25. Is this transaction a related party transaction: No
26. Date of supervisor's approval or audit committee's consent:

27. Is this transaction an acquisition of real estate or its usage rights from a related party: No
28. Price assessed in accordance with Article 16 of the "Regulations Governing the Acquisition or Disposal of Assets by Public Companies": Not applicable
29. If the price assessed in accordance with the preceding paragraph is lower than the transaction price, the price assessed in accordance with Article 17 of the same regulations: Not applicable
30. Date of previous announcement of material information on the same matter: Not applicable
31. Other explanatory matters:
The sale transaction is expected to be completed between late May and late June 115.