Контракт No. _ от _ (стр. 2 )

SENDER: XXXXXXXXXXX

XXXXXXXXX

RECEIVER:

       PJSC ROSBANK, Moscow

27: Sequence of Total

1/1

40A: Form of Documentary Credit

IRREVOCABLE

20: Documentary Credit Number

XXXXXX

31C: Date of Issue

       --/--/----

40E: Applicable Rules

UCP LATEST VERSION

31D: Date and Place of Expiry

60 DAYS FROM THE DATE OF ISSUANCE, MOSCOW, RUSSIA

50: Applicant

59: Beneficiary - Name & Address

ZARNESTSERVICE LTD

BLD. l, 103 PROSPECT MIRA,

MOSCOW 129085, RUSSIAN FEDERATION

32B: Currency Code, Amount

USD XXXXXXXX. XX,

39A: Percentage Credit Amount Tolerance

+ 10%

41A: Available With...By... -

PJSC ROSBANK, Moscow, Russia

BY DEF PAYMENT 30 days after B/L date

43 P - Partial Shipments

NOT ALLOWED

43 Т - Transshipment

NOT ALLOWED

44E: Port of Loading / Airport of departure

PRIMORSK

45 A: Description of Goods &/or Services

XXXX METRIC TONS +/- 10 PCT OF RUSSIAN EXPORT CRUDE OIL (REBCO) IN ACCORDANCE WITH THE CONTRACT

Terms of delivery-

FOB Primorsk as per Incoterms 2000 loading on board of vessel MT TBN/sub

between XXXXXX (both dates inclisive).

Price in US dollars per net US barrel on Bill of Lading quantity FOB one safe port / berth Primorsk shall be formulated as follows:

P=Q + S - FR + (+/- E) + X,

Where:

P - Price of the crude oil, expressed in US$ per net barrel.

Q - Basic component equal to the average of high and low means of quotations of BRENT (DTD) as published in Platt’s Crude Oil Market for the whole month of delivery (USD/bbl).

S - Market differential equal to the average of high and low means of

quotations of "SPREAD VS FWD DTD BRENT" as published in PLATT'S CRUDE OIL

MARKET WIRE in line "URALS RDAM" (for deliveries via Primorsk) for three

(3) consecutive ch three quotations to start on 15th calendar

day prior to the first day of agreed loading date range (first day of

agreed loading date range = day "zero").

The three consecutive quotations as mentioned above shall be as published and valid for the following dates: XXX

FR - freight costs calculated as follows:

FR=((WSFlat * WS)/K) +PTC+RTC+I

Where:

WSFlat - Worldscale FLAT rate for year 2016 for voyage between loading port Primorsk and Rotterdam including SECA costs, which is based on Great Belt/Great Belt routing, Ladden and Ballast published in "New World-wide Tanker Nominal Freight Scale" for relevant year of loading. (For year 2015 equal to 9.21 USD per MT)

WS - Average of available Worldscale rate quotations as published in "Platt’s Dirty Tankerwire" for three (3) consecutive ch three quotations to start on 15th calendar day prior to the first day of agreed loading date range (first day of agreed loading date range = day "zero") for 100 000 MT dirty tankers for BALT/UKC (including P number, where P means premium for Primorsk voyages).

The three consecutive quotations as mentioned above shall be as published and valid for the following dates: XXX

К - conversion factor of metric tons to the US barrels as per B/L.

PTC - Primorsk port dues, (tug and icebreaker) equal to 0.04 USD/bbl during summer time and 0.08 USD/bbl during winter time.

RTC - Rotterdam port dues according to Worldscale official publication for year 2016

I - insurance equal 0,02 USD/bbl;

E - Escalation / de-escalation shall be determined as follows:

X – Premium equal to USD ____ per barrel

Should the actual density of goods be above or below the basic limits of density (32.00-32.09 degrees API), the price to be increased by US Dollars 0.003 (zero point three US cents) per barrel for each full tenth part of a degree API above 32.00 degrees API or to be decreased by US Dollars 0.003 (zero point three US cents) per barrel for each full tenth part of a degree API below 32.09.

The price shall be calculated to three decimal places. The following arithmetic rules shall be applied:

if the fourth decimal place is five or greater than five then the third decimal place shall be rounded up to the next digit. if the fourth decimal place is four or less than four then the third decimal place will be unchanged.

46a: documents required –

Beneficiaries commercial invoice showing B/L date, the full price calculation, b/l quantity in gross and net metric tons and net u. s. barrels (fax acceptable), API and agreed loading laycan Full set of 3/3 original and five non-negotiable copies of clean on board bills of lading issued or endorsed to the order of 1/c issuing bank (TBA) "Freight payable as per charter party" Masters receipt for copy documents, one original and three copies Masters receipts for samples, one original and three copies Quantity certificate issued at the load port and countersigned by Independent Inspector - one original and three copies Quality certificate issued at the load port countersigned by Independent Inspector - one original and three copies Certificate of origin issued by local Chamber of Commerce - one original and three copies. Cargo manifest - one original and three copies Time sheet, issued at port of loading - one original and three copies Ullage report issued/signed by Master - one original and three copies

47A: Additional Conditions

ALL DOCUMENTS ARE TO BE ISSUED IN ENGLISH. UNLESS OTHERWISE STATED ABOVE ALL DOCUMENTS SHOULD BE SENT IN ONE COVER TO THE FOLLOWING ADDRESS:

[xxxxxxxx]

If payment due date falls on a Saturday or a New York banking holiday other than a Monday, payment will be effected on the preceding New York banking day If payment due date falls on a Sunday or a Monday New York banking holiday, payment will be effected on the following New York banking day Where copy documents are required legible photocopies as copy documents are acceptable TYPOGRAPHICAL AND/OR SPELLING ERRORS DO NOT CONSTITUTE A DISCREPANCY UNLESS THEY RELATE TO THE GOODS DESCRIPTION, AMOUNT(S), DATE(S), QUANTITY(IES) OR VESSEL NAME THE AMOUNT OF THIS DOCUMENTARY CREDIT WILL AUTOMATICALLY INCREASE OR DECREASE EVEN ABOVE OR BELOW ITS LIMITS IN ACCORDANCE WITH THE PRICE CALCULATION FORMULA, WITHOUT ANY AMENDMENT TO THE LC TERMS CHARTER PARTY BILLS OF LADING ARE ACCEPTABLE Difference in quantities between those show on the Ullage report and the other documents is acceptable

71В  Charges

ALL BANKING CHARGES AND COMMISSIONS OUTSIDE ISSUING BANK ARE FOR BENEFICIARY'S AccountCOMMISSIONS AND CHARGES OF CORRESPONDENT BANKS FOR TRANFERRING FUNDS TO BENEFICIARY ARE FOR APPLICANT.

All expenses connected with any alterations made to the LOC shall be for the account of the Party that caused these alterations.

48        Period for Presentation

DOCUMENTS SHOULD BE PRESENTED WITHIN 20 DAYS FROM THE DATE OF SHIPMENT

49        Confirmation Instructions
WITHOUT

78 Instr to Payg/Accptg/Negotg Bank

We undertake to effect settlement on the due date in accordance with the advising banks instructions and upon our receipt of their authenticated

Such , London and New York banking days before the due date  If it not received within this time payment will only be effected three Zurich, London and New York banking days after our receipt of such

72 Sender to Receiver Information

PLS ADVISE L/C TO BENEFICIARY AND PROVIDE US WITH THE DATE OF YOUR ADVICE BY

RETURN MT730