Make the LOI Mr. Addario stephane Soft Corporate ... -

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Date : April 12st 2014 Valid till : April 30th 2014

Make the LOI Mr. Addario stephane Soft Corporate Offer We, herewith confirm that we are ready, willing and able to issue this Soft Corporate Offer with the following terms and conditions. (Product origin: Russia, Supply within 7-10 working days after signing the contract and issuing a conditional MT103.) We are acting as facilitators for a seller, representing 13 Russian Refineries. We are no re-sellers and are not using ‘platt’ prices but refinery prices. After signing an ICPO/NCNDA buyer and seller will be in direct contact. Be aware that Seller will do a credit check on Buyer (based upon banking details as mentioned in the ICPO) before a Draft Contract will be issued! PRODUCT RANGE (PRICE USD) CIF ASWP NET GROSS Mazut 100 400 (75/99) Diesel Gasoil D1 645 Diesel Gasoil D2 630 0,001% S (Type A ULSD) Diesel Gasoil D2 625 0,01% S (Type European EN590 10 PPM) Diesel Gasoil D2 620 0,02% 0,05% S (L0.2/62 GOST 305/82) Diesel Gasoil D2 610 0,1% S (Type B) Diesel Gasoil D6 410 Aviation 77 Kerosene JP54 Aviation 77 Kerosene JET A1 Gas LNG 430 Gas LPG 430 Gasoline AGO 430 Gasoline 95 660 ULSB Gasoline all the 430 octanes Urea 290 (Pilled/Granular N46%)

FOB N/V NET 410

395

GROSS 405

655 640

640 625

650 635

635

620

630

630

615

625

620

605

615

420 82

405 75

415 80

82

75

80

440 440 440 670

425 425 425 655

435 435 435 665

440

425

435

300

285

295

DELIVERY TERM QUANTITY TO SUPPLY AND LIFTABLE QUANTITY PAYMENT PERFORMANCE BOND LOADING PORTS

12 months contract or Spot (with possible R&E). According to the buyer’s capacity and logistics. Minimum vessels of 50.000 MT. Revolving and conditional MT103 (Payment against documents at the loading port). 2% (NOT FOR SPOTS). Vladivostok and/or Novorossiysk

FOB TERMS NOTE

Vladivostok and/or Novorossiysk Upon the bank has been confirmed the receipt of the financial instrument, all documents will be legalized and the product in the tanks will be ready for inspection in about 5 banking days.

Mark-up The mark-up is USD 10.00 per MT or USD 5.00 per barrel = gross price. 50% of this mark-up is closed for the seller-mandate, 25% is closed for seller-facilitators, 25% is open for buyer facilitators/buyer-mandate. The mark-up has to be paid by the Buyer to the Seller. Seller will paid all commissions based upon the NCNDA/IMFPA. Remark Prices and the procedure (you will find on the next page) have to be seen as one package. The mentioned procedure is not negotiable, cannot be changed and is no subject for any amendments. Procedures

NOT NEGOTIABLE

1. The Buyer issues an ICPO with full banking coordinates as well as a NCNDA/IMPFA filled in by all intermediates involved and signed by the buyer. 2. Seller issues DRAFT CONTRACT. Buyer and seller sign and seal the contract. The Seller will issue the PROFORMA INVOICE. From that moment Seller and Buyer are in direct contact. Be aware that some Changes can be made within the Draft Contract EXEPT PAYMENT METHOD: MT103 Conditional. 3. Upon the signature of the DRAFT CONTRACT AND THE PROFORMA INVOICE, Buyer's Bank issues for each shipment a REVOLVING AND CONDITIONAL MT 103/CONDITIONAL WIRE TRANSFER (to check and verify the documents and the product, including the Dip Test Authorization). Send via Swift to the supplier’s bank, with copy to supplier’s secure E-mail address. 4. Upon confirmation of the REVOLVING AND CONDITIONAL MT 103 /CONDITIONAL WIRE TRANSFER the Seller issues immediately the following documents: - Legalized and Registered FINAL CONTRACT AND INVOICE with refinery’s reference number. Supplier activates a 2% PB. (Not for Spot purchases) a) The Dip Test Authorization, tank storage receipt and survey report made by SGS. b) Tanker Allege Report at loading port, with time log and Shipmaster’s report. c) Certificate of Origin, countersigned by a local Chamber of Commerce. d) Notice of readiness (NOR) lodged by Shipmaster at loading port, countersigned for acceptance by terminal’s representative.

e) Signed commercial invoice, based on the delivered quantity/quality, showing name of vessel, date of completion, loading quantity and state of delivery. f) Master sample receipt at loading port. g) Any other documents pertaining or related to the current trip, duly by the authorized Buyer’s persons. h) Certificate of Insurance Coverage with payment confirmation issued by Insurance Company. Plus all the documents that may be required by the buyer. 5. Once the buyer has received all the documents, he has 5 (five) banking days to check and verify the product and all the documents (Including the DIP test).

6. Once the DIP test is done successfully, the supplier issues COMMERCIAL INVOICE to the buyer. When the buyer approves all the documents he instructs his bank to release the payment via MT 103. Title will be transferred to the buyer. 7. Supplier issues Bill of Lading within 24 hours upon completion of vessel loading. 8. After the vessel is completely loaded, the payment will be released before the vessel undocks the port. Note: Supplier will not provide either partial or full POP before the buyer has sent the Conditional MT 103 to sellers bank. Payment method: Only via MT 103.