General Terms of Engagement

1. Parties and Contracting Entity

Services are provided by InterOcean MS Co., Ltd. (Seoul, Korea) or InterOcean Recovery Agency Pte. (Singapore), as specified in each Engagement Agreement (the "Service Provider"). SeaNapse is a service operated by InterOcean MS Co., Ltd. and is not a separate legal entity.

Each Engagement Agreement will identify the specific Service Provider, the client entity, the invoicing and payment arrangements, the applicable data controller, and the governing law and dispute resolution venue for that engagement. Where services are delivered across jurisdictions by both entities, each entity's responsibilities will be separately defined.

Submission of a website enquiry does not create any engagement, advisory relationship, or obligation on either party. No engagement commences until a written Engagement Agreement has been executed.

2. Nature of Services

3. SeaNapse Platform — Outputs and Limitations

3.1 Output classification

Each SeaNapse output will be identified as one of:

• AI-assisted preliminary analysis — structured by AI tools and assessment frameworks, subject to practitioner review before issue
• Practitioner-reviewed assessment — reviewed and approved for issue by a designated senior practitioner, subject to stated assumptions and limitations
• Items requiring local counsel confirmation — matters expressly flagged as requiring verification or action by a licensed lawyer in the relevant jurisdiction

3.2 Limitation period and deadline indicators

Deadline indicators and limitation period alerts are preliminary and must be independently confirmed by qualified counsel before reliance. The Service Provider does not accept responsibility for the filing, service, or preservation of rights unless expressly agreed in the Engagement Agreement as a specific service obligation.

3.3 Vessel valuations and recovery estimates

Market value estimates and net recovery simulations are indicative ranges based on available public data, comparable transactions, and stated assumptions. They are not formal appraisals. Each estimate will identify the reference date, data sources, key assumptions, and unconfirmed items. Formal appraisals by certified valuers should be obtained where required for legal, regulatory, or financing purposes.

3.4 Data coverage and accuracy

SeaNapse outputs draw on available public and licensed data sources. Coverage, timeliness, and accuracy vary by jurisdiction, vessel type, and registry. Outputs do not constitute exhaustive legal searches and should not be treated as a complete record of liens, ownership, or creditor positions.

3.5 Use of AI tools

The Service Provider uses AI-assisted tools in preparing preliminary analyses. In doing so, the Service Provider:

• Does not submit client information to public AI services without the client's prior written consent
• Uses only AI providers operating under appropriate data confidentiality terms
• Applies anonymisation or pseudonymisation where practicable
• Uses the minimum information necessary for each analytical task
• Ensures that all outputs are subject to practitioner review before issue to the client

3.6 Development status

SeaNapse is currently available on an expert-reviewed pilot basis. Certain automated features are under development. The specific capabilities available for each engagement will be confirmed in the Engagement Agreement.

4. Conflict of Interest

Before commencing an engagement, the Service Provider will conduct a conflict-of-interest check against its active matter register. The client will be promptly notified if a potential conflict is identified. Conflict checks and access controls are applied according to the scope and sensitivity of each engagement.

The Service Provider does not act for opposing parties in the same matter. The client agrees to notify the Service Provider promptly of any material change in the identity of counterparties or related parties during an engagement.

5. Confidentiality

The Service Provider treats all matter information as confidential. Information will not be disclosed to third parties except:

• To engaged professionals (local counsel, surveyors, investigators) under confidentiality obligations, where necessary for performance of services
• As required by applicable law, court order, or regulatory authority
• With the client's prior written consent

Client information will not be used for training external AI models or shared with AI providers for model training purposes.

6. Client Obligations

The client agrees to:

• Provide accurate and complete information relevant to the engagement
• Notify the Service Provider promptly of any material developments, deadlines, or changes in circumstances
• Not submit confidential, privileged, or legally sensitive documents through unsecured channels — a secure transfer method will be confirmed in the Engagement Agreement
• Engage independent local counsel for enforcement actions, legal filings, and matters requiring regulated legal advice
• Obtain any necessary consents before providing third-party personal data to the Service Provider
• Make payment of all invoiced fees by the due dates specified in the Engagement Agreement

7. Use and Sharing of Outputs

Reports and outputs are delivered for the client's internal use in connection with the relevant matter. The client may share outputs, subject to appropriate confidentiality obligations, with:

• The client's own board, management, and internal teams
• The client's legal advisers, auditors, and insurers
• Litigation funders, co-claimants, and financial institutions directly involved in the matter
• Courts, arbitration tribunals, and regulatory authorities where required

Outputs may not be published, reproduced, or shared with other third parties without prior written consent. Outputs may not be used to create derivative commercial products or services.

8. Fees and Payment

Invoices are due within 30 days of issue unless otherwise stated in the Engagement Agreement. The Service Provider reserves the right to suspend services where fees remain unpaid beyond 45 days.

9. Third-Party Professionals

The Service Provider may arrange or recommend local counsel, surveyors, investigators, or other professionals for the client's engagement. Independently engaged professionals are responsible for their own advice and services. The Service Provider remains responsible for exercising reasonable care in selecting and coordinating professionals where it is expressly contracted to do so. The Service Provider is not liable for the independent acts, omissions, or professional judgments of third-party professionals.

10. Limitation of Liability

To the fullest extent permitted by applicable law:

• The Service Provider's aggregate liability for any claim arising from a specific engagement shall not exceed the total fees paid by the client under that engagement
• The Service Provider shall not be liable for indirect, consequential, or special losses, including loss of profit, loss of opportunity, or reputational damage
• The Service Provider is not liable for enforcement failures, missed limitation periods, or recovery shortfalls arising from information that was unavailable, incomplete, or inaccurate in the data sources accessed
• The Service Provider is not liable for the acts or omissions of independently engaged third-party professionals

Nothing in these terms limits liability for fraud, wilful misconduct, or any liability that cannot be excluded under applicable law.

11. Intellectual Property

All methodologies, frameworks, scoring models, templates, and analytical tools — including the Lee Maritime Protocol — remain the intellectual property of InterOcean MS Co., Ltd. The client is granted a non-exclusive, non-transferable licence to use outputs delivered under a specific engagement for the purposes of that engagement, subject to the sharing permissions in Clause 7. No broader rights are granted.

12. Term, Suspension, and Termination

Engagements continue for the period specified in the Engagement Agreement. Either party may terminate on the notice period stated in the Engagement Agreement. The Service Provider may suspend or terminate immediately for non-payment, material breach, or where continuing the engagement would create a conflict of interest or professional obligation.

Upon termination or expiry:

• Fees accrued to the termination date remain payable
• Subject to payment of all outstanding fees, any closing status summary specified in the Engagement Agreement will be provided
• Matter documents will be returned, deleted, or retained in accordance with applicable law, the Engagement Agreement, and the Privacy Notice

13. Force Majeure

Neither party is liable for delay or failure to perform obligations resulting from circumstances beyond its reasonable control, including acts of government, war, civil disturbance, pandemic, natural disaster, cyberattack, or disruption of essential services. The affected party will notify the other promptly and use reasonable endeavours to resume performance.

14. General Provisions

• Entire agreement: These terms, together with the relevant Engagement Agreement and any agreed confidentiality agreement, constitute the entire agreement for that engagement and supersede all prior discussions or representations.
• Order of precedence: In the event of conflict, the Engagement Agreement prevails over these General Terms.
• Language: Where documents are issued in both English and Korean, the English version prevails unless the Engagement Agreement specifies otherwise.
• Severability: If any provision is found unenforceable, the remaining provisions continue in full force.
• No waiver: Failure to enforce any provision does not constitute waiver of the right to enforce it subsequently.
• Assignment: The client may not assign its rights or obligations under an Engagement Agreement without prior written consent. The Service Provider may assign to an affiliate on written notice.
• Third-party rights: These terms do not confer rights on any third party.
• Electronic signatures: Electronically signed Engagement Agreements are binding.
• Notices: Formal notices must be in writing and sent to the contact address specified in the Engagement Agreement.
• Sub-contracting: The Service Provider may sub-contract specific operational tasks to affiliates or vetted service providers, subject to confidentiality obligations, but remains responsible for the overall delivery of agreed services.

15. Governing Law and Disputes

Unless the Engagement Agreement specifies otherwise, these terms and any Engagement Agreement are governed by the laws of the Republic of Korea. Disputes will first be referred to senior representatives of both parties for good-faith resolution. If unresolved within 30 days, disputes will be submitted to the Korean Commercial Arbitration Board (KCAB) in Seoul, under its International Arbitration Rules, conducted in English.