SAUDI ORIGIN ------------ ICPO TO: H. R. H. Prince Abdul Aziz Bin Abdullah Bin Saud Bin Abdul Aziz Al Saud Via: Mr. Boerd Rheinhold Stueck Mr. Felix Baltanas Rubio Terms and Procedures 1. Buyer issues a Banking simple letter + ICPO (Irrevocable Corporate Purchase Order) with full information, granting permission to seller to conduct soft – probe and BANK CAPABILITY LETTER. 2. END SELLER issues and sends Draft Contract to the Buyer. 3. Buyer reviews the Draft Contract, if necessary, make modification counter signs and return it to seller. 4. Buyer and Seller sign and exchange final contract. 5. Buyer and seller with Banks agree on the text for the SBLC/BG 5.1 Buyer will open a Non Operative SBLC/ BG 6. Seller provides a partial POP to Buyer. 7. Buyer issues non – operative 100% irrevocable, NON Transferable Revolving DLC of Buyer’s choice to Seller’s Bank. 8. Seller issues full POP documents to Buyer through Bank to Bank. 9. Seller’s Bank issue 2% PB to the Buyer Bank. 9.1 All payment and guarantee instruments are activated. 10. Seller shall issue the first cargo delivery confirmation and date. 11. It is Mandatory to paste the procedures above in the ICPO prior to lodge to the bank. Buyer MUST copy and paste the seller’s procedures on his ICPO and submit together with Simple letter bank or BCL RUSSIAN ORIGIN -------------- LOI TO: PDSUR VIA Mr. Felix Baltanas Rubio Terms and Procedures 1) Buyer Issues ICPO to Seller with banking info & with these terms and procedures. 2) Seller issues Full Corporate Offer (FCO) with banking info & RWA text to Buyer. 3) Buyer sign and return FCO and Buyer Bank Issues his RWA and capability by authenticated SWIFT from Buyer bank to Seller bank. (As per attached Text) and sends transmission copy by mail to Seller in 2 banking days. 4) Upon Receipt and verification of RWA, Seller issues Draft contract to Buyer and Buyer signs and send to Seller by Email. 5) Sellers countersigns and complete the all codes in contract and send to Buyer in PDF format by email. And both lodge in respective banks. 6) Seller initiate all formalities with Russian Ministry and Transneft for transporting contract quantity of product from refinery to ports through their refinery and issues POP and other relative documents (As attached in 9)at Russian refinery standards to the Buyer by mail and copy bank to bank, in 7 to 10 banking days. 7) Upon receipt of above POP, with in 2 banking days Buyer bank shall issue Irrevocable Conditional Transferable ( One time to Refinery ) DLC / SBLC / MT 103/23 as agreed in contract for the face value of First / Trial shipment quantity in favor of Seller bank by verifying it, for seller to load vessels / tankers and submit shipping documents for payment 8) Seller bank shall send all original hard copy of above POP to buyer bank by courier. 9) Seller shall load First / Trial quantity in vessels / tankers as per agreed schedules and submit shipping documents (As attached in 10) to Buyer bank for payment through Seller bank. 10) Buyer bank releases payments to Seller bank against receipt of all the above shipping documents in 1 day from date of receipt by TT / wire transfer. 11) Upon receipt of shipping documents for First / Trial Lift, with in 2 banking days Buyer bank shall issue Irrevocable Conditional Transferable (One Time to refinery )RDLC / SBLC / BG as agreed in contract for the face value of One Month quantity with validity of contract period in favor of Seller bank. 12) Upon receipt and verification of above TRDLC, Seller bank shall issue Performance Bond (PB) at 2% to Buyer bank. 13) Seller continue loading vessels / tankers and submit keep shipping documents for payment to Buyer bank through Seller bank against issued above bank instrument and Buyer bank keep release payment against submitted shipping documents in (1) banking day by TT/ wire transfer to Seller Bank.