REPUBLIC OF TURKEY ISTANBUL ANADOLU 7th EXECUTION OFFICE 2016/1118 TLMT. ANNOUNCEMENT OF THE AUCTION OF THE IMMOVABLE VESSEL The type, nature, value, quantity, important characteristics of the vessel that has been decided to be sold : A VESSEL REGISTERED IN THE REGISTRY OF FOREIGN SHIPS: According to the expert report dated 16/11/2020 based on the decision of the İstanbul Anadolu 13rd Civil Court of Enforcement dated 02/02/2021 with the 2020/337 Case,2021/25 Decision number: Inspection and Due Diligence : The subject of the file is the offshore tugboat “GSP PERSEU” with the IMO number 9083160 docked at the Kuzey Star shipyard located in the Tuzla Shipyards district. The port side of the vessel is photographed. However, because of there is no chance to get on board the vessel from the port side, moved to another port with instruction of the shipyard master and from there, the boarding was provided of me and the panel to the vessel with the help of crane in the cabin. Photographs of the vessel were taken from the port and starboard sides, stern and stem sides. The vessel which has a double chimney, a twinpropeller and painted in red, has completely decolourised burgundy paints. Because, there are no crew working,noengine room, no accommodation spaceno devices nor equipment working on the bridge, no available energy andno electricity provided from the shore either; all the places of vessel were visited and seen with the help of flashlights and due diligence was carried out.

The general and technical characteristic informations of the vessel are given below.

M/T “GSP PERSEU“ OFFSHORE TUGBOAT’S FEATURES GENERAL INFORMATION ABOUT THE VESSEL NAME : GSP PERSEU FLAG : MALTA PORT OF REGISTERY : VALETTA CALL SIGN : 9HZH9 THE TYPE OF THE SHIP : OFFSHORE SUPPLY SHIP/SUPPLY VESSEL IMO NO : 9083160 M.M.S.I NO : 249739000 YEAR OF BUILT : 1994 FEATURES OF THE VESSEL TECHNIQUE LENGTH OVERALL : 60,92 M (BREADTH) : 13,60 M (DRAFT) : 4,35 M GROSS TONNAGE : 1289 TON NET TONNAGE : 386 TON DW TONNAGE :1146 TON NUMBER OF MAIN MACHINES:2 TOTAL MACHINE POWER: 3628 KW STEADY BOLLARD PULL:36,00 TON() SPEED :13,00 Knots(Knot/hour) OWNER : GSP PERSEU LTD.

DUE DILIGENCE Determination ofthe board An inspecion of theboard,stem and stern showed that; the hull’s paint was largely worn out, the top of foreship and forecastle equipment and the anchor windlass and chains were rusted, the starboard and port irons were in the hawse, and the irons were rusty, the forecastle deck’s sheets had lost the property of painting and were rusted. It was seen that the paint of the starboard and port boards of the tugboat which the subject of the file was faded, worn out and spilled in places, and the parts of that were under water, underwater hull kept algae, mussels and beards. The plimsoll marks are unpainted and unreadable. The deck planks on the stern are completely deformed, they are inoperative and large it was seen and determined that the part was in a broken state, the stern and the bitts on the ship board were rusted, and the stern windlass was rusty and became inoperable. All shipboard systems located on the deck are rusted, their brake studs are corroded rusty and cannot be opened. The sheet of poopdeck is completely rusty. It was found that the broadside and deck sheets were completely rusted, and the white exterior paints of the living area were completely discolored and rusted. There is a 4-storey accommodation space on the deck, service boat on the starboard side and a crane for a service boat and port and starboard of bow anchors are located on the hqwse. Tow windlasses of vessel are located in immediately to the right at the entrance to accommodation space from the deck. And the equipments of the windlass is completely rusted and became inoperable. On the left at the entrance to accommodation from the deck, there is a workshop; and a turning lathe, a drill etc. equipments are available. In addition, the equipments in the cooling and air conditioning rooms are complete. While the companions were closed at the entranceof the accommodation space and the engine room, 1 piece of hatch was removed from the weld and opened and enterance was provided to accommodation space and the engine room. Accommodation space, cabins and galley are in disrepair. Although the devices and buttons on the bridge have been fully maintained, they have been disabled due to not being used for a long time. Inspection of Accommodation Space There is a kitchen and galley section at the entrance from the vessel deck. During the examination of the accommodation, it was seen that the cabins, the saloon, the WC, the bathrooms and the galley were in a disrepair and dirty condition. Inspection of Engine Room 2main machines branded MAN and 3 auxiliary diesel generators are available during the inspection in the engine room. Although the operating arms, gas levers, and electrical panels were complete in the control cabin of engine room, damage detection due to not being used was not possible. Due to the fact that the generator is not currently working on the vessel,no electricity provided from the shore, and there is no guard or security on the vessel in the current situation; the vessel’s engine room, the accommodation space, and the wheel house can be viewed with a flashlight with the guidance of the shipyard master. In the engine room, fuel and oil separators, pumps, air compressors, air bottles, ballast, fire booster pumps, oil, fresh water, seawater pumps and heat exchanger are protected in their places. The exhaust circuits and manifolds of the machines are undamaged. The steering flat has been visited and seen, and it has been determined that the steering gears and hydraulic pumps are in place and undamaged. In addition, refrigeration and air compressors and refrigerant evaporator are undamaged and in place. It has been found that many circuits and valve groups in the engine room are rusted. The floor sheets are rusty. Seawater and freshwater circuits are completely corroded. Due to the fact that vessel’s ISM documents and vessel certificates could not be obtained, the status / operating time, whether the planned maintenance system has ben carried out, or if they are operational or not could not be understood. Inspection of Wheel House During the inspection on the wheel house; radar, one GYRO, one ECO SOUNDER, device of WHCF, one telex computer device, navigator, indicator and control device are available. There are two gas levers, starboard and port gas controllers, as well as pressure and temperature indicators of the machines, all buttons are fixed and installed in their place. However, they have not been used inert for about 5 years. There are electrical panels, navigation instruments and navigator on the wheel house, it was found that there was also one piece of standard compass on the top deck of the machine.

THE VALUATION OF THE VESSEL IN THE CURRENT SITUATION, The vessel “GSP PERSEU”, the subject of this file, is type of the “offshore tugboat”. The actional seizure was made on 20/09/2016 at the address of Evliya Çelebi neighborhood, Tersaneler street,14/9,Tuzla by İstanbul Anadolu 7th Bailiff’s Office. It is understood that the vessel has been deprived of maintenance without being in operation for a long time. The vessel was towed away from its location and brought to the dock of the Kuzey Star shipyard and has been lying idle in the same place for more than 4 years without moving or operating any equipment. In the cost formation method; the freight costs of the tugboat in today’s conditions, the date of built, origin, quality and condition of the existing equipment, adequacy of the equipment of tugboat and how long the vessel can work efficiently were taken into consideration. Among the factors affecting the value of the offshore tugboat named “GSP PERSEU”, the aforementioned characteristics of the tugboat, the quality and condition of the sheets and equipment, the operating costs of its equivalents, freight costs and the precedent ship market in the world market are taken into account.

The vessel which subject of lawsuit was built 1994 and it is 26 years old at the time of inspection. In the ordinary course of things, altough it is possible that a boat at this age with the orderly made periodic maintenance of all equipment on the machine deck and wheel house will have the opportunity to be benefited in the world market and offshore and it can be benefited from in maritime trade; as a result of the fact that without any maintenance carried out, without moving it from where it has been for more than 4 years and without the presence of an employee; due to fact that the vessel GSP PERSEU’s deck plate, tow windlass, stem-stern anchor and landing windlass’ assessment,the fact that the deck sheet of these equipment and all the circuits on the deck are completely rusty and inoperable, despite the fact that all the equipment can be found in the engine room but have not been maintained for nearly 5 years,(This maintenance requires high costs. Complete replacement of the fresh water and sea water circuits,, dismantling the machines and bearing controls, maintenance of all compressors and all devices in the machine control room and electrical installations on the electrical panel is required.) although all the equipment is available for navigation on the wheel house, they have not been maintained or checked for a long time and they are not certified, therefore their vitality requires a high cost. . In addition, due to the expiry of the validity period of all the certificates required for the vessel to sail, the vessel may become active in the maritime trade after the renewal of the vessel’s hull, cleaning the vessel’s hull by docking, ainting with antifouling, painting after the change of the sheet metal thinning due to rust on the vessel’s glass and deck sheets for the renewal of the flour obtaining the seaworthiness certificates from the vessel’s classification societies All this requires very high costs. Article 126 of the Enforcement and Bankruptcy Code

(*) The holders of the right of easement are also included in the term “those who are concerned”. *: This example corresponds to Example 64, which was used in practice before this Regulation. Due to the circumstances explained above, since the offshore tugboat named “GSP PERSEU” has lost her economic value and technical condition to a large extent due to its current situation, “the vessel has completely lost her economic operation position, since the cost of re-operation, maintenance costs and certification will bring high costs. She looks like scrap in its current state.” “Therefore, the vessel “GSP PERSEU”, which is the subject of the file, could only be evaluated in terms of value over its scrap value, in its current state and as seen.” According to my calculations, the LIGHT SHIP (tare weight) of the vessel is estimated to be around 1000 TONS, and it has been understood that the information obtained from one of the various companies that do shipbreaking and determine the scrap price in Aliağa, where the shipbreaking industry is located andfrom the Aliağa Ship Recycling Industrialists Associationthe researches, it has been understood that the scrap price in the Aliağa shipbreaking zone is 290 USD per ton as of the inspection date of 26.10.2020 for a Vessel with the tonnage of the vessel in question. Scrap prices for vessels in Aliağa shipbreaking zone in Turkey are indicated in the Aliağa market. These prices varies according to market conditions. According to this evaluation;

IN CONCLUSION The value of the “GSP PERSEU” (offshore tugboat) as seen at its location and in its current condition; It was concluded that 1000 TON X 290 USD/TON = USD 290,000.00 (two hundred ninety thousand US dollars). Since the Central Bank’s dollar selling rate was announced as 1 USD = 7.97 TL as of the date of 26/10/2020, the vessel named “GSP PERSEU”, whose value was appraised; As of the date of discovery on 26/10/2020, its value has been calculated to be USD 290,000.00 X 7.97 TL = 2.311.000.00 TL (two million three hundred eleven thousand Turkish liras). “The value found is the current value of the vessel in Tuzla shipyards region. If the vessel is taken to the Aliağa dismantling area for dismantling, the pilotage costs and tugboat towing fees should be reduced, since the vessel is incapable of maneuvering and navigating.” Address : Tuzla Tersaneler Bölgesi, Evliya Çelebi Mahallesi, Tersaneler Caddesi, No: 14/9 Tuzla /ISTANBUL Value : 2.311.000,00 TRY VAT Rate : 18 % Annotations in the Record : It is as in the Ship Registry record. First Sales of Day : Between 15:00 – 15:05 on 13/04/2022 Second Sales of Day : Between 15:00 – 15:05 on 13/05/2022 The place of Sales : Mezat Salonu 2 – Istanbul Anadolu Adalet Sarayı B Blok -4. Kat KARTAL / ISTANBUL Guarantee : Cash collateral will not be accepted at the place of sale.

1- The tender will be made by auction. Bids can be submitted electronically from the address of esatis.uyap.gov.tr from twenty days before the first auction until the end of the day before the auction date. In this auction, the tender is awarded on these terms;50% of the estimated value and, if there are priority creditors, the total receivables and sales expenses are exceeded. If there is no bidder in the first auction, bids can be submitted electronically from the fifth day after the first auction until the end of the day before the second auction. In this auction, the bid is awarded to the highest bidder, on condition that the property exceeds 50% of the estimated value, if there are priority creditors, the total receivables and sales expenses. If the buyer does not come out with such an excess price, the sales demand will decrease.

2- Those who will participate in the auction must submit a letter of 20% of the estimated value (Kayseri Court of Appeal 5th Civil Department 2020/1057 E., 2020/1064 K. filed number, Approval: Supreme Court 12nd Civil Department 2021/1635 E., 2021/3021 K. filed number ) to be deposited to our account with TR62 0001 5001 5800 7290 4970 98 IBAN at the T. Vakıflar Bankası Anadolu Adalet Sarayı Branch of the 7th Bailiff Office of Istanbul Anadolu, by writing the TC ID and file number, or an unconditional, final and indefinite guarantee of a bank with the same amount. NO CASH GUARANTEE WILL BE TAKEN at the place of sale. Daily changes in foreign exchange rates according to Article 1 of Law No. 805, foreign currency is not accepted as collateral. If the creditor who has a right on this immovable, the shareholder or interested parties who want to sell, participates in the auction, in case of refusal of the aforementioned proportion, no additional shareholding and security are sought. The sale is in cash, at the request of the buyer, a period not exceeding (10) days can be given. Stamp fee, VAT, delivery costs belong to the buyer. (IIK m.126) (*) Owners of easement rights are also included in the term “related parties”. *:This example corresponds to Example 64 used in the previous application of this Regulation.

The Brokerage Fee, the taxes that arise from the ownership of the vessel are paid from the sales price. (Creditors, whose receivables are pledged have priority rights over the sales amount. The duties and taxes that are required to be collected from certain goods and incomes from State offers such as customs duty and income tax come after the pledged receivables.)

3- Mortgage holders and others who may concerned (*) must notify our office of their rights on this real estate, especially their claims regarding interest and expenses, with supporting documents within (15) days; otherwise, their rights will be excluded from partition unless their rightsare fixed with the land registry.

4- If the sale price is not paid immediately or within the given deadline, the tender will be terminated in accordance with the Article 133 of the Enforcement and Bankruptcy Code. All buyers and their guarantors, who have participated in the tender and caused the termination of the tender by failing to pay the tender price, will be jointly and severally liable for the difference between the price they offered and the final tender price, as well as other damages and the default interest. Difference of the tender and default interest will also be collected by our office without the need for a judgment, and this difference, if any, will be firstly taken from the security deposit.

5- The specification is open for everyone to see from the beginning of the announcement date, and a copy can be sent to the buyer if the expense is given.

6- In accordance with the article 1385/2 of the Turkish Commercial Code, the vessel will be sold free of all real and personal rights, burdens and limitations, except the ones that are taken over by the buyer with the consent of the mortgage holder.

7- It is announced that those who participated in the sale will be deemed to have seen the specification and accepted the content, and those who want to get further information should apply to our directorate with the file number 2016/1118 Tlmt. 29/11/2021

Gönül Karabey Deputy Bailiff 117399

Article 126 of the Enforcement and Bankruptcy Code

(*) The holders of the right of easement are also included in the term “those who are concerned”. *: This example corresponds to Example 64, which was used in practice before this Regulation.