OUR PROCEDURE IS GIVEN BELOW IN DETAIL

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1 Thank you for showing interest in our products. Maverick Petroleum's success is built on strong partnerships, technical expertise, business acumen & proven ability to deliver excellent results. OUR PROCEDURE IS GIVEN BELOW IN DETAIL 1. Buyer issue ICPO with banking details 2. Seller and buyer signs Memorandum of Understanding for Title Take Over of the loaded cargo. 3. Upon signing of the M.O.U, seller issues to the following documents: A. Certificate of origin of Product B. Reversed Bill of Lading (To New Buyer Company s Name) C. Vessel Q88 Document D. Cargo manifest E. Ullage Report F. Product Passport (Quantity & Quality analytical report) G. Allocation Transaction Passport Certificate ATPCC. (Vessel Tracking Link). 4.a. Buyer pays for the Allocation Title Transfer of the product into their company name to get the certificate of ownership of cargo as needed, and also enable all partial pop documents on the name of the previous buyer company name be reversed to this new buyer company name. Procedure 4.b. Buyer can pay for the vessel rerouting cost direct to the shipping company before vessel captain can be instructed to sail the vessel direct to destination port of the new buyer who is ready to take over the stocks. NOTE: BUYER need to choose from each of these options 4.a. or 4.b., in clearing one of these fees in option 4.a. or 4.b. to get the vessel on new buyers destination track. 5. Upon confirmation for each of these payments, seller instructs the vessel captain to sail the vessel to buyer's destination port and change the products Title and shipping docs to the buyer company name and issues all new ownership documents to buyer company inclusive of reversed Bill of Lading (importer/consignee) within 24 hours. 6. Upon arrival of the product at buyer's destination port, buyer conducts CIQ on the product and release remaining balance of the cargo via MT103 after satisfaction of CIQ result. Maverick Petroleum (DMCC), Mazaya Business Avenue AA1, Office 1706, Jumeirah Lake Towers (JLT), Dubai, U.A.E. 1

2 TRANSACTION PROCEDURES FOR CIF 1. Buyer confirms Soft Offer and acceptance of the Seller s procedures, issues ICPO with Seller s Procedures incorporated on the ICPO. 2. Seller issues Draft Contract and sends it to the Buyer, Buyer returns the countersigned Contract duly signed to Seller Company with a letter of acknowledgement and scanned copies of the buyer s company registration and international passport copy of buyer. 3. Seller reviews signed contract, seal and return a copy of the and sealed contract, both parties lodge with their respective banks. 4. Buyer issues to Sellers account the MT799 notifying the availability of fund and readiness to issue the instrument before receiving of the partial POP. 5. Seller releases to the Buyer the Partial POP Documents: A. Company Registration Certificate B. Company tax identification/registration Certificate C. Refinery Commitment to produce D. Refinery affidavit E. Statement of availability of product. F. Refinery Product quality passport (Analysis) 6. On confirmation of the receipt of the partial POP buyer must within 5 banking days issue the SBLC or BG MT On confirmation of clause 6 by seller bank, Seller bank issues the Full POP documents listed below to buyer bank and the 2%PB: A. Copy of License to Export, Issued By the Department of the Ministry of Energy. B. Copy of Approval to Export, Issued By the Department of the Ministry of Justice. C. Copy of Statement of Availability of the Product. D. Copy of the Refinery Commitment to Produce the Product. E. Copy of the Transneft Contract to Transport the Product to the Port. F. Copy of the Port Storage Agreement. G. Copy of the Charter Party Agreement(S) To Transport the Product to Discharge Port. H. Dip test Authorization, Tank receipt and SGS report. I. Copy of Vessel Questionnaire 88 J. Copy of Bill of Lading. K. Certificate of Origin. 8. Upon receipt of the 2%PB & Full (POP) by buyer s bank, Buyer immediately notifies seller refinery of readiness. 9. Shipment commences as per contract schedule. 10. Within 5 working days of Vessel arrival, buyer release full payment via MT103 after CIQ or SGS at the destination port. Maverick Petroleum (DMCC), Mazaya Business Avenue AA1, Office 1706, Jumeirah Lake Towers (JLT), Dubai, U.A.E. 2

3 JP54 PROCEDURES DETAILED TRANSACTION PROCEDURES FOB PRIMORSK RUSSIAN PORT CI, DIP & PAY IN TANK Etc..: BUYER HAS TO BE VETTED FIRST!!! PROCEDURES: 1. Seller Issues Commercial Invoice (CI) (or Pro-Forma Invoice) with procedures and product specifications Buyer reviews signs and seals CI and returns to Seller with CP. 2. Buyer gives bank-to-bank Proof of funds MT199 or equivalent to Seller. 3. Upon receipt of countersigned CI and POF, Seller Issues the below documents to buyer: A fresh TSR (Tank Storage Receipt)/Seller s Tank Storage reference number/barcode. ATV (Authorization to Verify). Last Q&Q (Quantity & Quality) certified SGS or Intertek, Copy of Product passport. DTA (Dip Test Authorization) for the buyer and assignees to verify Q&Q at buyers cost. ATSC (Authorization to Sell & Collect) 4. Upon verification of Q&Q by the buyer's independent inspector, then within 24 hours or less, the Buyer provides delivery details to Seller for injecting fuel into Buyer Tanks (TSA) or shipping vessel documents (CPA) and logistics, including contact details to enable the Seller to carry out the Injection. 5. Upon successful dip test, Buyer pays by MT103/TT Wire transfer for the total value of the product as per the seller's invoice and sends the copy of SWIFT payment advice to the Seller. 6. The Seller verifies the payment with his Bank and commences injection of the fuel into Buyer s storage/logistics and issues Title of Ownership and a full set of export documents. Including: Copy of License to Export issued by the Russian Ministry of Energy Seller s Commercial Invoice, One (1) Original and three (3) copies Certificate of Origin issued, One (1) Original and three (3) copies Certificate of Authenticity issued, One (1) original and three (3) copies Certificate of ownership & ATS Product Passport Analysis Report Q&Q in refinery storage tank by SGS/INTERTEK or equivalent agency at the port of loading. 7. Buyer lifts the product and Seller pays intermediaries on Seller side and Buyer pays intermediaries on the Buyer side. Upon the successful first lift, Buyer and Seller immediately ratify and implement the agreed fixed 12-month contract as per this SPA (Sales Purchase Agreement) agreed between Buyer and Seller. In respect of the fixed 12-month contract, the buyer immediately provides to the seller an irrevocable Confirmed SBLC as a payment guarantee for each month s delivery as per this SPA on a Bank-to-Bank procedure. Maverick Petroleum (DMCC), Mazaya Business Avenue AA1, Office 1706, Jumeirah Lake Towers (JLT), Dubai, U.A.E. 3

4 PROCEDURES FOR DIESEL & OTHERS NON NEGOTIABLE TRANSACTION PROCEDURES: FOB ROTTERDAM PORT 1). Buyer issues ICPO with Seller working procedure on it as transaction procedure with banking details. 2). Seller issues Commercial Invoice with tank receipt number and tank number of the product in seller s tanks in port of Rotterdam, Buyer signs and returns back Commercial Invoice with Tank Storage Agreement (TSA) from his tank company to Seller. 3). Seller sends to Buyer Commitment Letter to Supply, Injection Report (IR), Authorization to Verify (ATV), and Tank Storage Receipt (TSR) with barcode and GPS Coordinates for Buyer to contact the Tank Farm to verify the product with Tank Farm Company operator. 4). Within 24 hours upon receiving the documents from Seller, Buyer proceeds to extend Tanks or provide their valid Tank Storage Receipt (TSR) to enable his SGS team dip test on the product in the seller s tanks. 5). Seller issues 2% guarantee fee to Buyer in event that Seller fails to perform alongside with the following POP documents. a. Endorsed NCNDA/IMFPA b. Authorization to Sell c. Dip test authorization 6). Upon successful Dip Test in Seller s Tanks, product will immediately be injected into Buyer Tanks or Buyer takes over Seller Tank and Buyer makes Payment for the product via MT103. 7). Seller transfers Title Ownership to Buyer and pays commission to all intermediaries in the Transaction and proceeds with the signing of yearly contract with the Buyer. NON NEGOTIABLE TRANSACTION PROCEDURES: CIF 1). Buyer issues ICPO with both Company Registration Certificate and commitment letter with the agreed Seller procedures and full banking detail and address to the sales and export department of the refinery through seller s mandate. 2). Seller issues Draft contract to Buyer and Buyer signs, send to Seller by and Sellers countersigns and complete all the codes in contract and send to Buyer in PDF format by and both lodge in respective banks. 3). Seller and Buyer appoints and signs Charter Party Agreement with the Shipping Company and Seller pays the shipping company for transporting the product to the buyer destination discharge port while the Buyer pays for the Allocation Guarantee Deposit. Maverick Petroleum (DMCC), Mazaya Business Avenue AA1, Office 1706, Jumeirah Lake Towers (JLT), Dubai, U.A.E. 4

5 4). Seller issues to buyer the partial Proof of Product and Shipping documents as listed below: (a.) Certificate of Origin (b.) Refinery Commitment Letter to Supply (c.) Refinery License to Export (d.) Product Passport (Analysis Result) (e.) Tank Storage Receipt (TSR) ( f.) Bill of Lading (g.) Vessel's Q88 (h.) Invoice for Allocation Guarantee Deposit 5). Upon receipt and confirmation of the above documents by Buyer, Buyer makes payment for the Allocation Guarantee Deposit of the cargo by TT/ MT103 to the Refinery nominated Escrow Account. 6). Upon receipt of the above payment, Seller s bank shall send to buyer s bank the original copies of the Full Proof of Product and Shipping Documents along with the CIQ/ SGS report at loading port, to be followed by all export documentations by swift and express Courier. 7). Within 5 banking days, Buyer s Bank shall issue Confirmed MT 760 SBLC,DLC, BLOCK FUND, or BG MT760 as agreed in contract for the face value of first month trial quantity and for duration of the contract period in favor of Seller Bank and send transmitted copy to Seller. 8). Upon verification of the MT 760 SBLC, DLC, BLOCK FUND, or BG MT760, Seller s Bank shall send seller s 2% PB by swift to the Buyer s Bank. 9). Buyer shall provide details of their Shipping Agent at destination Port and booking confirmation of SGS at loading port (Optional) & SGS / CIQ at discharge port inspection as per scheduled shipping Information. 10). Seller shall commence loading quantity in vessels / tankers and ship to destination port as per schedules and submit shipping documents (As listed) to Buyer Bank for payment through Seller Bank. 11). Buyer s Bank releases payments to Seller s Bank against receipt of all the above shipping documents of trial quantity in 2 days from date of receipt by TT / wire transfer. 12). Seller continues loading vessels / tankers & shipping to Destination Port, and keep submit shipping documents for payment to Buyer Bank through Seller Bank against the issued Bank. Name for ICPO will be given by request. To begin, buyer should submit ICPO with CP, passport and corporate registration documents separately. NOTES: 1. If seller's procedure is changed on the ICPO, it will be automatically rejected. 2. Any requests for changes to procedure will be ignored. Maverick Petroleum (DMCC), Mazaya Business Avenue AA1, Office 1706, Jumeirah Lake Towers (JLT), Dubai, U.A.E. 5