CONTRATO DE COMPRAVENTA DE PETRÓLEO CRUDO

Transcripción

1 { Vrsión dfinitiva CONTRATO DE COMPRAVENTA DE PETRÓLEO CRUDO El prsnt CONTRA TO DE COMPRAVENTA DE PETRÓLEO CRUDO l "Contrato") s clbra n st día 15 d mayo d 2014 ntr: A) B) La EMPRESA PÚBLICA DE HIDROCARBUROS DEL ECUADOR EP PETROECUADOR, crada bajo las lys d la Rpública dl Ecuador, domiciliada n Quito, Rpública dl Ecuador, lgalmnt rprsntada por l lng. Marco Calvopiña Vga, conform lo acrdita n l / nombraminto al cargo d Grnt Gnral qu s adjunta al prsnt como l Anxo 3 Nombraminto dl Rprsntant dl Vnddor) la cual n adlant s dnominará "EP PETROECUADOR" o l "Vnddor"); y, UNIPEC ASIA CO., LTD., constituida bajo las lys d la Rgión Administrativa Espcial d Hong Kong, lgalmnt rprsntada por l Sr. Chn Bo, quin comparc n calidad d apodrado conform lo acrdita n l podr adjunto al prsnt como l Anxo 4 Podr d... Unipc) la cual n adlant s dnominará "UNIPEC" o l "Comprador", y l Vnddor y l Comprador cada uno n adlant s dnominará como una "Part" y conjuntamnt como las "Parts"), d acurdo con los siguints términos y condicions: ANTECEDENTES l. La Constitución d la Rpública dl Ecuador, Artículo 261, numral 11 stablc qu l Estado cuatoriano tndrá comptncia xclusiva sobr los rcursos hidrocarburífros. 11. El Artículo 313 d la Carta Magna, sobr los Sctors Estratégicos, dic: "El Estado s rsrva l drcho d administrar, rgular, controlar y gstionar los sctors stratégicos, d conformidad con los principios d sostnibilidad ambintal, prcaución, prvnción y ficincia" El Artículo 3 Principios), numral 3 d la Ly Orgánica d Emprsas Públicas stablc como principio: "Actuar con ficincia, racionalidad, rntabilidad y control social n la xploración, xplotación industrialización d los rcursos naturals rnovabls y no rnovabls y n la comrcialización d sus productos drivados, prsrvando l ambint". IV. El Artículo 4 primr inciso d la Ly Orgánica d Emprsas Públicas, sñala: "DEFINICIONES. Las mprsas públicas son ntidads qu prtncn al Estado n los términos qu stablc la Constitución d la Rpública, prsonas jurídicas d drcho público, con patrimonio propio, dotadas d autonomía prsupustaria, financira, conómica, administrativa y d gstión. Estarán dstinadas a la gstión d sctors stratégicos, la prstación d srvicios públicos, l aprovchaminto sustntabl d rcursos naturals o d bins públicos y n gnral al dsarrollo d actividads conómicas qu corrspondn al Estado... ". V. El Artículo 9, numral 1 d la Ly Orgánica d Emprsa.5 Públicas, dispon: "Son átribucions dl Dirctorio las siguints: l. Establcr las políticas y mtas d la Emprsa, n concordancia con las políticas nacionals, rgionals, provincials o locals formuladas por los órganos comptnts y valuar su cumpliminto;... ".

2 o 9 o z. política, su jcución y la aplicación d sta Ly l stado obrará a travé,,s dl Ministrio dl Ramo y d la Scrtaría d Hidrocarburos." VII. VIII. El Artículo 9 d la Ly d Hidrocarburos rformado por l Artículo 4 d Ly Rformatoria a la Ly d Hidrocarburos y a la Ly d Régimn Tributario Intrno dic: "l Ministro Sctorial s l funcionario ncargado d formular la política d hidrocarburos aprobados por l Prsidnt d la Rpública, así como d la aplicación d la prsnt Ly... ". El 30 d sptimbr d 2008, la Emprsa Estatal d Ptrólos dl Ecuador, PETROECUADOR y Sinopc, suscribiron l Convnio d Alianza Estratégica No , cuyo plazo fu ~tndido mjv mdiant l Oficio No PGER-IGER-2013 dl 21 d junio d 2013, d part d EP Qooti 39 PETROECUADOR a Sinopc Intrnational Exploration and Production Corporation, y l oficio dl 3 d julio d 2013, d part d Sinopc Intrnational Exploration and Production Corporation a EP PETROECUADOR, l qu n l numral 2.1 dl Objto sñala: "Las parts acurdan suscribir l prsnt Convnio d Alianza Estratégica con l objto d participar n trabajos d mjoraminto, optimización incrmnto d la producción d crudo o drivados; y, n actividads conómicas d mutuo intrés d comrcialización y srvicios ptrolros." IX. Mdiant Dcrto Ejcutivo No. 315 d 6 d abril d 201 O publicado n l Rgistro Oficial / Suplmnto No. 171d14 d abril d 2010, rformado mdiant l Dcrto Ejcutivo No A d 1 d novimbr d 2012, publicado n l Rgistro Oficial Sgundo Suplmnto No. 860 d 2 nro d 2013, al amparo d lo prvisto n la Ly Orgánica d Emprsas Públicas, l Prsidnt Constitucional d la Rpública dl Ecuador cró la Emprsa Pública d Hidrocarburos dl Ecuador EP PETROECUADOR, como ntidad d drcho público, con prsonalidad jurídica, patrimonio propio, dotado d autonomía prsupustaria, financira, conómica, administrativa y d gstión, con domicilio principal n la ciudad d Quito, provincia d Pichincha; la misma ly qu subroga los drchos y obligacions, así como las actividads, d la Emprsa Estatal Ptrólos dl Ecuador PETROECUADOR y sus mprsas filials a EP PETROECUADOR. X. El Artículo 2 dl Dcrto Ejcutivo No. 315, rformado mdiant l Dcrto Ejcutivo No / d 2 d nro d 2013, stablc qu: "El objto principal d EP PETROECUADOR, s la gstión dl sctor stratégico d los rcursos naturals no rnovabls, para su aprovchaminto sustntabl, conform a la Ly Orgánica d Emprsas Públicas y a la Ly d Hidrocarburos, para lo cual intrvndrá n todas las fass d la actividad hidrocarburlfra, con xcpción d las fass d xploración y xplotación, bajo condicions d prsrvación ambintal y d rspto d los drchos d los publos. Para l cumpliminto d su objto podrá constituir filials, subsidiarias, unidads d ngocio, o../ clbrar convnios d asociación, unions transitorias, alianzas stratégicas: consorcios, mprsas d coordinación u otras d naturalza similar, con alcanc nacional intrnacional, y n gnral, clbrar todo acto o contrato prmitido por las Lys cuatorianas, qu dircta o indirctamnt s rlacionn con su objto, con prsonas naturals o jurídicas; nacionals o xtranjras, públicas o privadas." XI. El Artículo 6 dl Dcrto Ejcutivo No~ 315 prcitado, rformado mdiant l Dcrto Ejcutivo "" No. 1351d2 d nro d 2013, sñala: "Los sistmas d contratación d EP PETROECUADOR s somtrán a la Ly Orgánica dl Sistma Nacional d Contratación Pública, con xcpción d las divrsas fass d la actividad hidrocarburlfra qu s rgirán por la normativa prvista n la Ly d Hidrocarburos, su Rglamntación y dmás disposicions aplicabls n sta matria qu s dclaran vignts y d plna ficacia. Tals sistmas d contrata ' ' s podrán rgir

3 o 9 o por la normativa qu xpida n lo futuro EP PETROECUADOR, facultándos a su Dirctorio a ralizar las rformas qu considr prtinnts a los rglamntos vignts". XII. Solamnt como rfrncia y sin prjuicio dl Plazo, s sñala xprsamnt qu, mdiant Oficio No SH-SCH-úEC-DEL-2013 d 23 d agosto d 2013, l Scrtario d >< Hidrocarburos dl Ecuador rmit a EP PETROECUADOR las Estimacions Hidrocarburífras para l priodo dsd XIII. Mdiant Rsolución No. DIR-EPP dl 16 d nro d 2012, l Dirctorio d la EP / PETROECUADOR mitió políticas para la comrcialización xtrna d hidrocarburos, ntr las qu sñala la comrcialización a largo plazo dl ptrólo y prfrntmnt con compañías statals y consumidors finals. XIV. Mdiant Rsolución No. DIR-EPP dl 8 d mayo d 2014, l Dlrctorio d EP / PETROECUADOR rconoció y no s opuso a la clbración por su Grnt Gnral, n nombr d EP PETROECUADOR, dl prsnt Contrato. XV. Mdiant Oficio dl MINFIN-SFP dl 9 d mayo d 2014, l Ministrio d Finanzas, a _.,,,,. través dl Ministro d Finanzas, Fausto Hrrra Nicolald, mitió un dictamn favorabl rspcto a st Contrato, d conformidad con l numral 15 dl artículo 74 dl Código Orgánico d Planificación y Finanzas Publicas. XVI. Con Oficio No dl 9 d mayo d 2014, la Procuraduría Gnral dl Estado mitió l / pronunciaminto favorabl a la Cláusula Dcimocuarta, dnominada. "Arbitraj", dl prsnt Contrato. XVII. Concurrntmnt con la clbración d st Contrato y como part dl acurdo comrcial ntr las Parts n rlación con las transaccions contmpladas n. l prsnt, l Vnddor y l Comprador han clbrado l Contrato d Compravnta d Ful Oil No. 6 fchado n la misma fcha qu st Contrato l "Contrato d Compravnta d Ful Oil No. 6") l. PRIMERA: OBJETO El objto dl prsnt Contrato s la compravnta d Ptrólo Crudo d conformidad coo las stipulacions qu s stablcn a continuación, n las Condicions Gnrals qu s adjuntán al prsnt /' como l Anxo 1 Condicions Gnrals) y n los dmás Anxos d st Contrato. 2. SEGUNDA: CALIDAD 2.1 La ca]idad d Ptrólo Crudo Orint vndido bajo st Contrato srá aproximadamnt d vinticuatro grados 24,0º) API con uno coma cuatro por cinto 1,4%) d contnido d azufr por pso y cumplirá admás con las caractrísticas típicas qu constan n l Anxo 2 Espcificacions dl Crudo-). 2.2 La calidad d Ptrólo Crudo Napo vndido bajo st Contrato srá aproximadamnt d. diciocho a dicinuv grados 18º a 19º) API, con dos a dos coma dos por cinto 2,0% a 2,2%) d contnido d azufr por pso, y conform a las caractrísticas típicas u constan n ~l Anxo 2 Espcificacions dl Crudo).

4 o 9 o 4 3. TERCERA: VOLUMEN; RECARGO 3.1 El Vnddor vndrá y ntrgará, y l Comprador comprará y rcibirá, un volumn total d cinto vint millons novcintos ssnta mil ) barrils d Ptrólo Crudo, con una variación volumétrica a opción dl Vnddor por tazons oprativas d más o mnos un éinco por cinto+/- 5%), a sr divido n Lots y rpartido d la siguint forma: a) b) Por l ms d junio d 2014, dos millons cinto ssnta mil ) barrils; Por l ms d julio d 2014, trs millons doscintos cuarnta mil ) barrils; c) Por l ms d agosto d 2014, dos millons ochocintos ochnta mil QOO) barrils;. ' d) Por l príodo qu cominza dsd l 1 º d sptimbr d 2014, hasta incluyndo l 31 d dicimbr d 2015, dosj11illpns quinintos vint mil ) barrils por ms; ) Por l príodo qu cominza dsd l 1 º d nro d 2016, hasta incluyndo l 31 d dicimbr d 2016, dos millons ochocintos ochnta mil ) barrils por ms; y, f) Por l príodo qu cominza dsd l 1 d nro d 2017, hasta incluyndo_ l 31 d marzo d 2018], dos millons quinintos vint mil ) barrils por ms La distribución dl suministro d Ptrólo Crudo ntr Crudo Orint y Crudo Napo srá d acurdo a la lcción dl Vnddor, y l Vnddor notificará por scrito al Comprador tal distribución para l subsiguint príodo d sis mss al mnos ssnta 60) días ants dl inicio d tal príodo. 3.3 Los Lots srán lvantados d acurdo con l Numral 6 Programa d Embarqus) y l Numral 7 Nominacions) dl Anxo 1 Condicions Gnrals), conform a la disponibilidad d Ptrólo Crudo para xportación. 3.4 Las Parts podrán, d mutuo acurdo por scrito, modificar l volumn indicado n l Numral li antrior, simpr qu l volumn total d Ptrólo Crudo para los príodos indicados n los párrafos a) al ) dl Numral 3.1 conjuntamnt no varí dl volumn total indicado n l Numral 3.1 antrior. 3.5 Si l Vnddor cunta con volúmns adicionals d Ptrólo Crudo Napo u Orint qu no stén compromtidos a otros compradors y l Vnddor s ncuritra n capacidad d vndr y ntrgar tals volúmns al Comprador sin qu s van afctadas advrsamnt las opracions dl Vnddor, l Vnddor podrá ofrcr para la vnta al Comprador tals volúmns adicionals n Lots o como volumn adicional a un cargamnto al Comprador prviamnt confirmado, a lcción dl Vnddor. Si al momnto d rcibir tal notificación -dl Vnddor, l Comprador tin rqurimintos adicionals d Ptrólo Crudo qu no stén aún suplidos por los compromisos contractuals xistnts, l Comprador podrá comprar dl Vnddor tals cantidads d Ptrólo Crudo adicional al prcio y sgún los dmás términos y condicions dispustos n st Contrato y cualsquira ottos. términos y condicions adicionals acordados por las Parts n tal momnto. 3.6 Si n cualquir momnto durant l plazo dl Contrato l Comprador rquir volúmns adicionals d Ptrólo Crudo por ncima d las cantidads qu ;,,,..i_,!mfolol!'l comprarl al Vnddor conform a st Contrato, l Comprador ~ Ynddor qu ~,

5 o 9 o l vnda tals volúmns adicionals. Si l Vnddor dtrmina qu tin disponibl tal volumn d Ptrólo Crudo para vndr y ntrgar al Comprador sin qu s van afctadas sus opracions, l Vnddor podrá ntrgarl al Comprador tals cantidads adicionals d Ptrólo Crudo al prcio y sgún los dmás términos y condicions dispustos n st Contrato y cualsquira otros términos y condicions adicionals acordados por las Parts n tal momnto. 3.7 Cualquir cantidad d Ptrólo Crudo adicional a sr vndido por l Vnddor y comprado por l Comprador conform a lo dispusto l Numral 3.5 y l Numral J.6 srá admás d, y no afctará, los volúmns contractuals stablcidos n l Numral El Vnddor stá obligado a suministrar Ptrólo Crudo conform al Numral 3.1 para cubrir l monto total dl Prpago y un rcargo por pago anticipado qu s calculará sobr una tasa fija anual d sis coma novnta y sit por cinto 6,97%) l "Rcargo") d conformidad con l Numral 6.1 y la Tabla d Liquidación Mnsual dl Prpago qu s dispon n l Anxo 7 Tabla d Liquidación Mnsual d Prpago) la "Tabla d Liquidación Mnsual dl Prpago"). Si, dbido a una disminución n l prcio dl Ptrólo Crudo, l valor ral dl Ptrólo Crudo basado n l Prcio Fi!).al ntrgado n un dado ms calndario s infrior a la suma d la porción dl Prpago y l Rcargo dbidos y pagadros n tal ms calndario conform l Anxo 7 Tabla d Liquidaci6n Mnsual dl Prpago ), ntoncs l Vnddor ntrgará una cantidad adicional d Ptrólo Crudo al Comprador durant tal ms calndario, d manra qu l Prcio Final dl volumn ntrgado sa suficint para satisfacr la porción corrspondint dl Prpago y l Rcargo vncido y pagadro n l príodo rspctivo. 3.9 En caso d producirs cualquirad los siguints vntos cualquir tal vnto, n adlant, una "Situación Crítica"): a) b) El valor ral dl Ptrólo Crudo ntrgado por l Vnddor sgún l Numral 3.1 s mnor qu l monto stablcido n la Tabla d Liquidación Mnsual dl Prpago bajo la columna dnominada "Monto Pagado Dspués dl Rpago" n cualquir dtrminado ms calndario dbido a la falta d suministro d Ptrólo Crudo por l Vnddor; y/o Con rspcto a cualquir príodo d trs 3) mss calndario conscutivos, l total dl volumn ral ntrgfl.do por l Vnddor sgún st Contrato s mnor qu l cincunta por cinto 50%) dl volumn compromtido para l príodo corrspondint, conform lo stablcido n l Numral 3.1. antrior; simpr qu tal Situación Crítica no s dba a un incumpliminto sustancial d st Contrato por part dl Comprador y/o s produzca por 'razón d Furza Mayor o Caso Fortuito conform a lo stablcido n l Numral 15 dl Anxo 1 Condicions Gnrals) n adlant, una "Excusa Válida"), n l ntndiminto qu un acto gubrnamntal qu impida o rtras la ntrga d Ptrólo. Crudo no pud sr invocado por l Vnddor como una Excusa Válida para no suministrar Ptrólo Crudo al Comprador sgún lo stipulado n st Contrato; ntoncs l Vnddor dbrá inmdiatamnt rducir l monto dl saldo pndint dl Prpago junto con l Rcargo, ya sa dvolvindo n fctivo tal part dl saldo pndint dl Prpago y l Rcargo, conform a lo stablcido n Tabla d Liquidación Mnsual dl Prpago tals montos, los "Montos Insatisfchos"), o bin mdiant l suministro d su quivalnt n volúmns adicionals d Ptrólo Crudo d tal manra qu l Prcio Final dl volumn adicional ntrgado sa suficint para satisfacr los Montos Insatisfchos.

6 o 9 o 4. CUARTA: VIGENCIA 4.1 Para propósitos d la ntrga d Ptrólo Crudo, l prsnt Contrato ntra n vigncia n la fcha d su suscripción por las Parts "Fcha d Vigncia") y continuará: plnamnt vignt y fctivo, sujto al Numral 4.2 y al Numral 4.3 a continuación, hasta l 31 d marzo d 2018, o hasta qu l mismo sa d otra manra trminado d conformidad con sus términos tal plazo, l "Plazo"). Sin mbargo, l vnciminto dl Plazo no afctará las rsponsabilidads d cualquira d las Parts con rspcto a cualquir obligación d pago qu surja prvio a finalizar l Plazo pro qu s vnza y sa pagadra dspués d qu finalic l Plazo. 4.2 En caso qu l Comprador hubis lvantado la totalidad dl volumn stablcido n la Cláusula Trcra Volumn; Rcargo) dl Contrato ants dl fin d marzo d 2018, ntoncs l Plazo s xpirará automáticamnt n la fcha n qu l último Lot hubis sido ntrgado al Comprador, simpr qu cualquir saldo pndint dl Prpago haya sido plnamnt liquidado al Comprador. Caso contrario, l Plazo s prorrogará automáticamnt hasta qu los Montos Insatisfchos hayan sido liquidados n su totalidad mdiant la ntrga d Ptrólo Crudo o l pago por part dl Vnddor conform l Numral 3.8 Volumn; Rcargo). 4.3 Si, al final dl Plazo, la totalidad dl volumn acordado no s hubis lvantado o ntrgado d conformidad con l Numral 3.1 Volumn; Rcargo), l Plazo dl prsnt Contrato s prorrogará automáticamnt por l lapso ncsario para qu l Comprador puda lvantar la totalidad dl volumn stipulado n la Cláusula Trcra Volumn; Rcargo) dl Contrato. 5. QUINTA: PRECIO 5.1 Como contraprstación a la ntrga dl Ptrólo Crudo conform lo dispusto n l prsnt Contrato, l Comprador stá obligado a pagar al Vnddor l prcio spcificado n st Numral ~- por cada Barril Nto d Ptrólo Crudo Orint y por cada Barril Nto d Ptrólo Crudo Napo l prcio srá calculado d acurdo a lo stipulado n l siguint Numral Por cada cargamnto conform al Numral 3.1 Volumn; Rcargo), y sujto a los ajusts dispustos n l Anxo 1 Condicions Gnrals), l prcio final FOB por barril "Prcio Final" o "PF") d Ptrólo Crudo Napo y/o Ptrólo Crudo Orin!, srá dtrminado d acurdo a la siguint fórmula d prcio: PF = WTI ±DIFERENCIAL+ PREMIO En dond: WTI = l promdio aritmético dl NYMEX Nw York Mrcantil Exchang) Wst Txas Intrmdiat WTI) prcio d cotización futura d primra lína d acurdo con lo publicado y citado por Platts n l Crud Oil Marktwir bajo l código d rfrncia NMCLOOl por nuv 9) días, d la siguint manra: a) Si la fcha dl Conociminto d Embarqu s n un día n l qu s publiqun cotizacions, ntoncs los nuvs 9) días consistirán n los cuatro 4) días inmdiatamnt prvios a la fcha dl Conociminto d Embarqué n los cuals qu s publiqun cotizacions, l día corrspondint a la fcha dl Conociminto d Embarqu, y los cuatro 4) días inmdiatamnt postriors a la fcha dl Conociminto d Embarqu n los cuals otizacions; o

7 ' o 9 o b) si la fcha dl Conociminto d Embarqu ca n un día sábado, domingo o n un día n l cual no s publiqun cotizacions, ntoncs los nuv 9) días consistirán n los cinco 5) días inmdiatamnt prvios a la fcha dl Conociminto d Embarqu. n los cuals s publiqun 1as cotizacions y los cuatro 4) días inmdiatamnt postriors a la fcha dl Conociminto d Embarqu n los cuals s publiqun las cotizacions. DIFERENCIAL = l promdio aritmético d las diz 1 O) prvias cotizacions publicadas válidas d Ptrólo Crudo Napa y/o Ptrólo C-rudo Orint, rspctivamnt, publicadas por Platt's n l Crud Oil Marktwir bajo los códigos d rfrncia PCAGUOO y AAMCDOO durant l ms N-1, sindo N l ms d lvant. Est difrncial srá sumado a la fórmula d prcio si su valor s positivo, y rstado si su valor s ngativo. PREMIO = US$0.45 por barril. El PREMIO s mantndrá fijado durant la vi_gncia d st Contrato, salvo qu los indicadors dl mrcado utilizados para dtrminar la fórmula d prcio s van afctados por factors xtrnos y la formula d prcio rsult inapropiada,- no útil o no confiabl. En tal caso, cualquir Part podrá notificar a la otra Part, tras lo cual las Parts s runirán tan pronto sa comrcialmnt factibl hacrlo para dtrminar los cambios ncsarios para mantnr l quilibrio conómico d la fórmula para dtrminar l PF. Las Parts actuarán d buna f y mplarán sus mjors sfurzos por un priodo d trinta 30) días con l fin d lograr un acurdo mutuo rspcto a los cambios a la fórmula d prcio, incluyndo l PREMIO qu s aplicará dµrant l rsto dl Plazo. Si las Parts no acurdan un nuvo PREMIO dntro d los trinta 30) días siguints a partir d la ntrga 'd una solicitud para modificar l PREMIO, l PREMIO antrior continuará n fcto por un priodo d un 1) año.. I 5.3 Si los índics utilizados n la fórmula d prcio dispusta n l Numral 5.2 djasn d star disponibls o su utilización djas d sr prmisibl bajo la ly aplicabl, las Parts mplarán sus mjors sfurzos para lograr un acurdo rspcto a una.fórmula d prcio nuva d acurdo con la Cláusula Trcra lndisponibilidad d Índics) dl Anxo 1 Condicions Gnrals). No obstant lo antriormnt stipulado, n cualquir supusto n qu no fus posibl calcular l PF conform la fórmula d prcio dispusta n l Numral 5.2, las Parts rngociarán d buna f todos los componnts d tal fórmula, sin star limitados a llo l PREMIO y l DIFERENCIAL. 5.4 El Prcio Final srá calculado sobr la bas d sis 6) dcimals, aplicando las siguints rglas aritméticas: a) b) Si l séptimo dcimal s igual o mayor a cinco 5), ntoncs l sxto dcimal db sr rdondado al próximo dígito más alto; y, Si l séptimo dcimal s mnor a cinco 5), ntoncs l sxto dcimal db prmancr ~al Para propósitos d facturación, como contraprstación a qu l Comprador fctú l Prpago, l cual srá dscontado sgún s indica n la Tabla d Liquidación Mnsual dl Prpago, cuando l Vnddor l factur al Comprador, l prcio por barril d la factura s calculará con bas n la siguint fórmula: Prcio por Barril d la Factura= PF-K

8 o 9 o En dond: K = Y = Y dividido por l númro d Barrils Ntos lvantados durant l ms N, sgún s spcifiqu n l Conóciminto d Embarqu, y, la suma d las cantidads corrspondints al ms N dispusto n las columnas tituladas "Rcargo" y "Rpago Mnsual" n l Anxo 7 Tabla d Liquidación Mnsual dl Prpago ), simpr y cuando l Comprador haya pagado los montos d Prpago corrspondints d conformidad con la Cláusula Sxtá Prpago ). K srá l componnt d la fórmula d prcio d facturación, xprsada n Dólars por, barril, qu rflja la porción dl Prpago fctivamnt ralizado por l Comprador. 6. SEXTA: PREPAGO 6.1 El Comprador prpagará al Vnddor la cantidad d dos mil cuatrocintos millons d Dólars US$ 2.400' ) l "Prpago") dl Prcio Final d Ptrólo Crudo. El Prpago y l Rcargo acumulado srán liquidados mnsualmnt durant l Plazo d las cantidads pagadras por l Comprador al Vnddor por concpto d la ntrga d Ptrólo Crudo, d conformidad con la Tabla d Liquidación Mnsual dl Prpago. El Comprador ralizará l Prpago al Comprador n sis 6) tramos distintos, d la siguint manra: a) El primr tramo dl Prpago l "Tramo A") srá por un monto d cuatrocintos millons d Dólars US$ 400' ,00), y l Comprador mplará sus mjors sfurzos para fctuarlo lo ants posibl tras la suscripción d st Contrato y n todo caso a no más tardar dl 15 d junio d 2014, sujto al rcibo por l Comprador d los siguints documntos, los cuals s ntrgarán a la dircción dl Comprador indicada n l Numral 17.1 Notificacions): i) copia crtificada d las Rsolucions dl Dirctorio dl Vnddor rconocindo sin objción la clbración d st Contrato y ii) copia original firmada d la Carta d Conformidad, mitida por l Ministrio d Finanzas, n términos sustancialmnt consistnts con l, Anxo 8 Formato d Carta d Conformidad) ; b) El sgundo tramo dl Prpago l "Tramo B") srá por un monto d trcintos millons d Dólars US$ 300' ,00), y s fctuará a no más tardar dl 15 d agosto: a 2014; c) El pago dl trcr tramo dl Prpago l "Tramo C") srá por un monto d quinintos millons d Dólars US$ 500' ,00), y s fctuará a no más tardar dl 15 d Dicimbr d 20,14; - d) El cuarto tramo dl Prpago l "Tramo D") srá por un monto d quinintos millons d Dólars US$ 500'0ÓO.OOO,OO), y s fctuará a no más tardar dl 15 d junio d 2015; ) El quinto tramo dl Prpago l "Tramo E") srá por un monto d trcintos millons d Dólars US$ 300' ,00) y s fctuará a no más tardar dl 15 d dicimbr d 2015;y

9 o 9 o 6.2 Para vitar dudas, l Rcargo s calculará sobr cualquir saldo pndint dl Prpago a la tasa indicada n l Numral 3.8 Volumn; Rcargo), y srá liquidado d conformidad con l Anxo 7 Tabla d Liquidación Mnsual dl Prpago), simpr y cuando l Rcargo s continuará calculando sobr cualquir saldo pndint dl Prpago hasta qu todos los Montos Insatisfchos san canclados d conformidad con l Numral 3.9 Volumn, Rcargo). 6.3 Al habrs compltado la carga d cada Lot, l Vnddor ntrgará al Comprador los siguints documntos rlacionados a tal Lot: a) b) copia d la factura corrspondint; copia d los Conocimintos d Embarqu junto con una carta. d indmnidad a sr ntrgados vía fax y/o corro lctrónico, sguidos por la ntrga d los originals; y, c) copia d los Otros Documntos Comrcials junto con una carta d indmnidad sr ntrgados vía fax y/o corro lctrónico, sguidos por la ntrga d los originals. 7. SÉPTIMA: RECONCILIACIÓN AL FINAL DEL PLAZO 7.1 Si tras la ntrga por l Vnddor al Comprador d todo l volumn d Ptrólo Crudo qu l Vnddor l db ntrgar al Comprador d acurdo con st Contrato, l total dl Prcio Final por todo tal volumn s mayor qu l monto fctivamnt pagado por l Comprador al Vnddor tal difrncia rfrida como l "Monto d Déficit dl Comprador"), ntoncs l Vnddor ntrgará al Comprador una factura qu mustr n dtall razonabl los cálculos hchos para dtrminar l Monto d Déficit dl Comprador, y l Comprador pagará l Monto d Déficit dl Comprador al Vnddor junto con l pago por la ntrga final d Ptrólo Crudo ralizada por l Vnddor, o n caso qu la factura d tal ntrga final ya haya sido pagada por l Comprador, l Comprador pagará la Cantidad dl Monto d Déficit dl Comprador al Vnddor dntro d un plazo d sit 7) Días Laborabls, tras la rcpción d la factura dl Monto d Déficit dl Comprador. 7.2 Si, al momnto n qu ocurra l primro d a) la ntrga al Comprador d todo l volumn d Ptrólo Crudo qu l Vnddor db ntrgar al Comprador d acurdo con st Contrato o b) l décimo i 0 ) Día siguint al último Día dl Plazo, l Prcio Final por todo l volumn d Ptrólo Crudo ntrgado por l Vnddor al Comprador s mnos qu la suma dl Prpago y l ' Rcargo corrspondint tal difrncia rfrida como l "Monto d Déficit dl Vnddor"), ntoncs l Vnddor ntrgará al Comprador una nota d crédito stablcindo n dtall razonabl los cálculos hchos para dtrminar l Monto d Déficit dl Vnddor, y l Vnddor, ya sa, i) ntrgará al Comprador Lots d Ptrólo Crudo adicionals n l siguint ms d ntrga disponibl d conformidad con los términos y condicions stablcidos n st Contrato y por un monto por lo 111nos suficint para satisfacr él Monto d Déficit dl Vnddor, junto con l Rcargo dvngado sobr l saldo pndint dl lmnto d Prpago dl Monto dl Déficit dl Vnddor dsd la fcha n qu l Monto d Déficit dl Vnddor s stablc hasta la fcha n qu l Monto d Déficit dl Vnddor sa satisfcho, o bin ii) pagará al Comprador un monto quivalnt al Monto d Déficit dl Vnddor, junto con l Rcargo dvngado sobr l saldo pndint dl lmnto d Prpago dl Monto dl Déficit dl Vnddor dsd la fcha n qu l Monto dl Déficit dl Vnddor s stablc hasta la fcha dl tal pago, dntro d un plazo d sit 7) Días Laborabls tras la rcpción d la nota d crédito.

10 o 9 o {º 7.3 Si l Prcio Final dl volumn ntrgado por l Vnddor al Comprador d acurdo con l Numral 7.2 antrior xcd l Monto d Déficit dl Vnddor tal monto n xcso, l "Ajust Final") como rsultado d qu l volumn d Ptrólo Crudo ncsario para compltar un Lot sa n xcso d la cantidad d Ptrólo Crudo ncsario para satisfacr l Monto d Déficit dl Vnddor, l Vnddor ntrgará al Comprador una factura mostrando n dtall razonabl l cálculo dl Ajust Final, y l Comprador pagará l Ajust Final al Vnddor dntro d los sit 7) Días Laborabls siguints. 7.4 Si la fcha d vnciminto d los pagos dispustos bajo sta Cláusula Séptima Rconciliación al Final dl Plazo) ca n día sábado, tal pago s fctuará n l Día Laborabl inmdiatamnt antrior. Si la fcha d vnciminto d los pagos dispustos n sta Cláusula Séptima Rconciliación al Final dl Plazo) ca n un día domingo o un día luns qu no sa un Día Laborabl, tal pago dbrá. fctuars n l Día Laborabl inmdiatamnt postrior. El Vnddor dbrá notificar al Comprador si lá fcha d vnciminto dl pago ca n un día friado bancario n l Ecuador, n cuyo caso l pago s dbrá fctuar n l Día Laborabl inmdiatamnt postrior sin incurrir costo adicional o conscuncia para l Comprador. 8. OCTAVA: FORMA DE PAGO DE LOS EMBARQUES DE PETRÓLEO CRUDO 8.1 El pago s fctuará n Dólars por part dl Comprador al Vnddor por mdio d transfrncia intrbancaria a la cunta bancaria notificada por l Vnddor, ralizada n l décimo 10º) Día dl ms inmdiatamnt siguint al ms d lvant la "Fcha d Pago") y contra la ntrga d los siguints documntos: a) b) la factura; originals d los Conocimintos d Embarqu, o copia d los mismos junto con una carta d indmnización nviada vía fax y/o corro lctrónico, sguida por l nvío d los originals ants o dspués dl pago); y c) originals d Otros Documntos Comrcials, o copia d los mismos junto con una carta d indmnización nviada vía fax y/o corro lctrónico, sguida por l nvío d los originals ants o dspués dl pago). El Vnddor provrá dichos documntos con sit 7) Días Laborabls d anticipación a la Fcha d Pago l séptimo 7º) Día Laborabl antrior a la Fcha d Pago srá rfrido como "Fcha d Facturación"). 8.2 En caso d qu la Fcha d Pago sa un día sábado, domingo o cualquir día fstivo corrspondint a un friado bancario n Nuva York, l pago srá ralizado n l siguint Día Laborabl n Nuva York. 8.3 En caso d qu l Prcio Final no sté disponibl n la Fcha d Facturación, l Vnddor mitirá una factura provisional al Comprador y l Comprador fctuará su pago n la Fcha d Pago sgún l prcio provisional d WTI, qu srá quivalnt al promdio d los nuv 9) prcios WTI conscutivos y fctivos inmdiatamnt antriors a la Fcha d Facturación xcluyndo la Fcha d Facturación prtinnt).

11 o 9 o { a) Si l prcio provisional pagado por l Comprador s mnor qu l Prcio Final, l saldo pndint a sr pagado por l Comprador srá pagado conjuntamnt con l pago qu corrsponda fctuars n la Fcha d Pago inmdiatamnt siguint; b) Si l prcio provisional pagado por l Comprador s mayor qu l Prcio. Final, l Vnddor podrá fctuar una compnsación por tal xcso dduciéndolo dl import dl pago qu corrspondría fctuars n la Fcha d Pago inmdiatamnt siguint. 8.5 No s dvngarán intrss a favor d ninguna d las Parts ntr la Fcha d Pago y la fcha n la cual s ralizó l pago d la difrncia ntr l prcio provisional y l Prcio Final, simpr y cuando tal pago s ralic d acurdo con los Numrals 8.3 y 8.4 antriors. 9. NOVENA: DESTINO El dstino dl Ptrólo Crudo Napo y Ptrólo Crudo Orint srá a la opción dl Comprador. 10. DÉCIMA: SUBROGACIÓN, TRANSFERENCIA O CESIÓN A xcpción d lo prvisto n la Cláusula Undécima Csions Prmitidas), ninguna d las Parts podrá, sin l consntiminto prvio y por scrito d la otra Part, transfrir o cdr, tótal o parcialmnt, sus drchos y/u obligacions drivados d st Contrato, ni modificar los términos y condicions y los drchos y obligacions drivados d st Contrato. Si alguna Part incumpl con sta Cláusula Décima, tal transfrncia, csión o modificación no tndrá validz o fcto alguno y la Part qu haya incumplido s hará rsponsabl por cualquira y todos los daños y prjuicios ocasionados. 11. UNDÉCIMA: 'CESIONES PERMITIDAS 11.1 El Vnddor xprsamnt ratifica qu n cumpliminto d la Cláusula Novna Dstino), al momnto d ntrga dl Ptrólo Crudo al Comprador d conformidad con l Numral 9.1 dl Anxo 1 Condicions Gnrals), l Comprador cunta con la ntra propidad, título y control d y sobr l Ptrólo Crudo El Vnddor admás ratifica qu d conformidad con la lgislación qu rig st Contrato, al -cumplirs las condicions rfridas n l Numral 11.1 antrior, l Comprador podrá disponr librmnt dl Ptrólo Crudo a cualquir prsona sin rstricción alguna, incluyndo mdiant la csión a cualquir prsona qu l Comprador considr apropiada. 12. DUODÉCIMA: DERECHOS DE AUDITORIA Para fctos d auditoría, cada una d las Parts podrá n todo momnto solicitar a la otra Part información rlacionada con l prsnt Contrato y tal otra Part stá obligada a proporcionar confirmacions por scrito sobr las opracions y otros documntos n rlación a los mbarqus ralizados o qu s stén ralizando con l Vnddor bajo l prsnt Contrato, tals como, pro sin 'fhnitars a, facturas, Conocimintos d Embarqu y comunicacions oprativas instruccions,

12 ~ o 9 o 13. DECIMO TERCERA: DOMICILIO Y LEY APLICABLE. 13.l Todos los aspctos rlacionados con la validz, intrprtación y/o jcución dl prsnt Contrato s rgirán xclusivamnt por las lys d Ja Rpública dl Ecuador Para todos los fctos qu s drivn dl prsnt Contrato, las Parts stablcn su domicilio n la ciudad d Quito, Rpública dl Ecuador. 14. DECIMOCUARTA: ARBITRAJE 14.1 Cualquir conflicto, controvrsia o rclamo "Controvrsia") qu surja d, o n rlación con, l prsnt Contrato srá rsulto por arbitraj ant la Cort d Arbitraj Intrnacional d Londrs "LCIA", por sus siglas n inglés), d conformidad con l Rglamnto d Arbitraj d la LCIA las "Rglas LCIA"), cuals Rglas LCIA qudan incorporados por rfrncia n sta Cláusula, y n particular las siguints: a) b) Las dirccions d las Parts para fctos d la ntrga d cualquir documnto n rlación con un arbitraj incluyndo cualquir solicitud d arbitraj) s stablcn n l Numral 17.1 Notificacions); Al mismo timpo d notificar la solicitud d arbitraj al dmandado, la Part dmandant n tal arbitraj db ntrgar copias d tal solicitud a la otra Part d st Contrato; c) El númro d árbitros db sr trs; d) ) f) g) h) i) Cada Part n la Controvrsia tin l drcho d lgir un árbitro; El trcr árbitro y prsidnt. dl tribunal arbitral srá nominado por los dos 2) árbitros nominados por las Parts. El prsidnt dl tribunal arbitral srá nominado dntro d los trinta 30) Días calndario contados a partir d incluyndo la fcha dl nombraminto formal dl sgundo árbitro sgún s ncuntra dispusto n l Numral 14.1 d). En caso d qu los dos 2) árbitros nombrados por las Parts no pudan nombrar al prsidnt dl tribunal arbitral o dicha nominación no sa hcha oportunamnt, l prsidnt srá nombrado por la LCIA d acurdo con las Rglas LCIA; La sd y l sitio dl arbitraj srá Londrs, Inglatrra. Por lo tanto, las Parts acurdan somtrs a la jurisdicción d los tribunals inglss sobr tals procdimintos arbitrals; El idioma a sr usado n l arbitraj srá l inglés; Cualquir laudo mitido srá dfinitivo y vinculant y nada impdirá qu cualquira d las Parts haga cumplir dicho laudo n cualquir cort; Ni la xistncia d cuaiquir Controvrsia o d cualquir procdiminto lgal o arbitral qu surgira n rlación cori st Contrato podrá prjudicar las obligacions d las Parts bajo st Contrato o su cumpliminto; y G) Para fctos dl arbitraj conform a sta Cláusula Dcimocuarta, las Parts rnuncian a cualquir drcho qu tngan d solicitar la dtrminación d d drcho

13 o 9 o ~ prliminars o la aplación d alguna custión d drcho sgún las Sccions 45 Dtrminación d custión d drcho prliminar) y 69 Aplación d custión d drcho) d la Ly d Arbitraj d DECIMOQUINTA: CAUSALES DE TERMINACIÓN 15.1 El prsnt Contrato. s trminará automáticamnt sgún s dispon a continuación: a) b) c) Al habr sido cumplidas todas las obligacions d cada una d las Parts drivadas dl prsnt Contrato a satisfacción dl Vnddor y dl Comprador; fo qu s dbrá constatar mdiant la clbración por ambas Parts dl Acta d Finiquito conform s stablc n l Numral 16.2 Acurdo Tata!, Anxos y Finiquito) más adlant; Por mutuo acurdo d las Parts, instrumntado mdiant documnto scrito clbrado por ambas Parts; Al cumplirs l Plazo stipulado n la Cláusula Cuarta Vigncia) dl prsnt Contrato; o, d) En l caso qu l Tramo A dl Prpago no s l anticip al Vnddor n cumpliminto dl Numral 6.la) Prpago), sujto al Numral " 15.2 El Vnddor podrá trminar l prsnt Contrato al ocurrir un incumpliminto sustancial por part dl Comprador qu no haya sido rmdiado a la satisfacción dl Vnddor dntro d n un príodo d trinta 30) Días dspués d qu notificación d tal incumpliminto sustancial haya sido ntrgada d part dl Vnddor al Comprador El Comprador podrá trminar l prsnt Contrato por cualquira d las siguints causas adicionals: a) b) En caso d incumpliminto sustancial d las obligacions dl,vnddor bajo st Contrato y tal incumpliminto sigu sin rsolvrs por un príodo d trinta 30) Días dspués d fctuars notificación d part dl Comprador al Vnddor a tals fctos; En caso d prsntars alguna circunstancia qu tnga o qu s puda razonablmnt sprar qu tnga un fcto advrso sustancial sobr la capacidad dl Vnddor d ntrgar Ptrólo Crudo o sobr la validz o xigibilidad dl prsnt Contrato y tal circunstancia sigu sin rsolvrs por un príodo d trinta 30) Días dspués d fctuars notificación d part dl Comprador al Vnddor a tals fctos; o, c) En caso d qu l Contrato haya sido dclarado inválido, ilgal o inxigibl por la autoridad comptnt d última instancia En caso qu cualquir tramo dl Prpago no sa fctuado al Vnddor n cumpliminto dl Numral 6.1 Prpago): a) El Vnddor s mantndrá compromtido a vndr y ntrgar al Comprador los volúmns d Ptrólo Crudo solamnt n la mdida ncsaria para qu cualquir monto pndint dl Prpago y l Rcargo aplicabl sa rpagado ' d liquidacions d las facturas d dichas ntrgas; y,

14 o 9 o { 4 b) El Comprador s mantndrá compromtido a comprar y rcibir dl Vnddor dichos volúmns d Ptrólo Crudo d conformidad con los términos y condicions d st Contrato En caso qu l Contrato sa rsulto conform a sta Cláusula Dcimoquinta Causals d Trminación) dl Contrato o a la Cláusula Dcimoquinta Furza Mayor o Caso Fortuito) dl Anxo 1 Condicions Gnrals) y xista cualquir saldo pndint dl Prpago qu nci s haya dscontado o aplicado para propósitos d dscunto sgún l Numral 5.5 Prcio) dl Contrato, l Vnddor dvolvrá al Comprador, dntro d un príodo d trinta 30) Días calndario a partir d la rsolución, tal saldo y l Rcargo corrspondint. 16. DECIMO SEXTk ACUERDO TOTAL, MODIFICACIONES Y FINIQUITO 16.1 Las stipulacions constants n l prsnt Contrato y n sus corrspondints Anxos constituyn l acurdo total y final ntr las Parts, pudindo sr modificada.s únicamnt mdiant mutuo acurdo ntr las Parts y rspaldado por los documntos rspctivos dbidamnt clbrados por las Parts para asuntos drivados o rlacionados con l prsnt Contrato Para procdr al finiquito dl Contrato, todas las obligacions drivadas dl mismo dbrán star cancladas y cumplidas a la satisfacción dl Vnddor y l Comprador. Sguida la canclación o cumpliminto d todas las obligacions dl prsnt Contrato, las Parts suscribirán l Acta d Finiquito n un plazo d novnta 90) Días calndario a partir d la rcpción por part dl Comprador d la comunicación dl Vnddor rquirindo la firma dl Acta d Finiquito Si cualquir stipulación dl prsnt Contrato s dtrmina sr inválida o inxigibl, sto no. afctará la validz o xigibilidad dl rsto dl prsnt Contrato, l cual prmancrá l plno vigor y fcto. 17. DECIMOSÉPTIMA: NOTIFICACIONES 17.1 Toda notificación, factura y comunicación ncsaria o autorizada conform al prsnt Contrato, así como toda comunicación ntr las Parts n virtud dl mismo, dbrá ralizars por scrito simpr qu no s stipul lo contrario) y ntrgars prsonalmnt, mdiant l srvicio postal oficial cuatoriano, mdiant un srvicio d mnsajría urgnt acrditado, o por facsímil o corro lctrónico dirigido a la Part corrspondint, nviado a la dircción indicada a continuación o. a cualquir otra qu dicha Part haya indicado a la otra Part conform lo dispusto n l Numral 17.3 a continuación. a) Al Vnddor: EMPRESA PÚBLICA DE HIDROCARBUROS DEL ECUADOR i) Contacto administrativo: A/A: GERENCIA GENERAL EP PETROECUADOR..-.-: Dir.: Edificio Alpallana-Alpallana E8-86 y Av. 6 P.O. BOX: Quito, Ecuador

15 ll Tl: / / Fax: / mcalvopina@pptrocuador.c ii) Contacto comrcial: A/A: Dir.: GERENCIA.DE COMERCIO INTERNACIONAL Edificio Alpallana - Alpallana E8-86 y A v. 6 d Dicimbr Esquina) Quito, Ecuador Tl.: / / Fax: / nilsn.arias@pptrocuador.c; analucia.palacios@pptrocuador.c b) Al Comprador: UNIPEC ASI.A CO., LTD. i) Contacto n China: Attn: GAO Shuangqiang 1202, Offic Towr, Convntion Plaza, Wan Chai, Hong Kong Tl: Fax: oprations@unipcasia.com ii) Contacto n EE.UU.: Attn: Yi Xufng 410 Park Avnu, Suit 610 Nw York, NY Tl: +l , Ext. 318 Fax: yixufng@unipc.com.cn 17.2 Las notificacions s considrarán habr sido fctivas conform lo siguint: a) b) Al sr ntrgada prsonalmnt, la notificación s considrará fctiva al momnto d rcibo; A1 sr nviada por srvicio d mnsajría xprés o l srvicio postal oficial cuatoriano los "corros dl Ecuador"), la notificación s ralizará mdiant l nvío prpagado a Ía dircción corrcta por srvicio d mnsajría intrnacionalmnt acrditado o l srvicio postal oficial cuatoriano, rspctivamnt, y s considrará fctuada n l Día n qu la Part dstinataria dé un rconociminto d rcibo firmado; y; c) Al sr nviada por facsímil o corro lctrónico, la notificación s considrará fctuada n l mismo Día n qu fu nviada; salvo qu la notificación s nví fura d las horas laborabls corrints ntré las 08:00 y 17:00 horas) n l sitio d la Part dstinataria, n cuyo caso la notificación s considrará fctuada n l D' nmdiatamnt siguint ~1fifl-OCARauli: 'ijy, Oó"./~ ~t "~,,_ i ~ ooff~.. -,,,=CiJFI P

16 o 9 o 17.3 Cada Part notificará a la otra Part por scrito sobr cualquir cambio n las dirccions antriors, dntro d quinc 15) Días Laborabls dsd qu s ralizó tal cambio. 18. DECIMO OCTAVA: DOCUMENTOS QUE FORMAN PARTE DEL CONTRATO Forman part intgrant dl prsnt Contrato, los documntos qu constan n la comparcncia y los antcdnts dl Contrato más los siguints: ANEXO 1 ANEX02 Condicions Gnrals Espcificacions dl Ptrólo Crudo ANEX03 Dsignación dl rprsntant dl Vnddor / ANEX04 Evidncia dl Podr dl Apodrado Lgal dl Comprador./ ANEXOS Cuadro Volumétrico ANEX06 Condicions y Términos Gnrals GTC's) dl Trminal OCP Ecuador./ ANEX07 Tabla d Liquidación Mnsual dl Prpago./ ANEXOS Formato d Carta d Conformidad / En caso d cualquir conflicto ntr los Anxos y l curpo d st Contrato, st último prvalcrá. 19. DECIMO NOVENA: DECLARACIONES Y GARANTÍAS 19.1 El Vnddor dclara y garantiza qu a la Fcha d Vigncia: a) El Vnddor ha obtnido todas las licncias, autorizacions, aprobacions, consntimintos y prmisos rquridos por la ly d la Rpública dl Ecuador n rlación con la clbración, jcución, validz o xigibilidad dl prsnt Contrato; b) c) d) ) El Vnddor dispon d todas las facultads y autoridad para dsmpñar sus actividads, suscribir l prsnt Contrato y cumplir con todas sus obligacions bajo l mismo; El abajo firmant rprsntant lgal dl Vnddor goza d todas las facultads y prrrogativas ncsarias para suscribir l prsnt Contrato n nombr dl Vnddor; La suscripción, validz y cumpliminto dl prsnt Contrato son d conformidad_con las lys d la Rpública dl Ecuador y los statutos y documntos constitutivos y la normatividad intrna dl Vnddor; y El Vnddor no ha ofrcido, dado, rcibido o solicitado, dircta o indirctamnt, nada d valor a fin d influir d manrá indbida sobr las accions d funcíonarios públicos, y s ncuntra n cumpliminto n todo aspcto sustancial con las lys anticorrupción aplicabls d la Rpública dl Ecuador.

17 o 9 o { El Comprador dclara y garantiza qu a la Fcha d Vigncia: a) El Comprador ha obtnido todas las licncias, autorizacions, aprobacions, consntimintos y prmisos rquridos por la ly china y/o la ly d la Rgión Administrativa Espcial d Hong Kong, sgún corrsponda, n rlación con la clbración, jcución, validz o xigibilidad dl prsnt Contrato; b) c) El Comprador dispon d todas las facultads y autoridad para dsmpñar sus actividads, suscribir l prsnt Contrato y cumplir con todas sus obligacions bajo l mismo; El abajo firmant rprsntant lgal dl Cotnprador goza d todas las facultads y prrrogativas ncsarias para suscribir l prsnt Contrato n nombr dl Comprador; d) La suscripción, validz y cumpliminto dl prsnt Contrato son d conformidad con las lys d la Rpública Popular China y/o las lys d la Rgión Administrativa Espcial d Hong Kong, sgún corrsponda, y los statutos y documntos constitutivos y la normatividad intrna dl Comprador; y ) El Comprador no ha ofrcido, dado, rcibido o solicitado, dircta o indirctamnt, nada d valor a fin d influir d manra indbida sobr las accions d funcionarios públicos, y s ncuntra n cumpliminto n todo aspcto sustancial con las lys anticorrupción aplicabls d la Rpública Popular China y/o las lys d la Rgión Administrativa Espcial d Hong Kong, sgún corrsponda Ninguna d las Parts podrá rclamar o dfndr la invalidz, falla y/o incumpliminto ntra o parcialmnt) con l Contrato n l fundamnto d qu l Contrato stá n conflicto con sus statutos o las lys d su rspctivo país. Cada Part dbrá indmnizar y ximir d rsponsabilidad a la otra Part por los costos, pérdidas y obligacions d la otra Part rsultants d la inxactitud d sus rspctivas dclaracions y garantías stablcidas sta Cláusula Décimo Novna. 20. VIGÉSIMA: MISCELÁNEOS 20.1 El Vnddor s compromt a qu no otorgará ni prmitirá qu subsista ninguna garantía, fianza, aval, prnda u otro acurdo qu constituya garantía o qu puda tnr fcto similar alguno sobr o n rspcto a cualquira d sus drchos, título intrss n virtud dl prsnt Contrato Si alguna disposición d st Contrato s dtrmina sr inválida o no aplicabl, tal dtrminación no afctará la validz o aplicabilidad dl rsto dl prsnt Contrato, l cual prmancrá n plno vigor y fcto El prsnt Contrato s clbra n vrsions n spañol castllano) inglés. La vrsión n spañol castllano) s la vrsión oficial y las dos vrsions conllvarán l mismo fcto lgal.

18 o 9 o f VIGÉSIMO PRIMERA: CONFLICTO DE INTERESES Y COMPROMISO ANTI CORRUPCIÓN 21.1 Ningún mplado dl Comprador ofrcrá o fctuará, dircta o indirctamnt, ningún pago, préstamo o srvicio, ntrtniminto d lujo, viajs u obsquios a ningún funcionario o mplado dl Vnddor Igualmnt, ningún mplado dl Vnddor. rcibirá dircta o indirctamnt ningún pago, préstamo, srvicio, ntrtniminto d lujo, viajs u obsquios por part dl Comprador, caso contrario srá causa d trminación d mplo siguindo los procsos lgals corrspondints. 22. VIGÉSIMO SEGUNDA: TÉRMINOS DEL CONTRATO E INTERPRETACIÓN Los términos dl Contrato dbn intrprtars n su sntido litral y n sus contxtos rvlando claramnt la intnción d las Parts. En todo caso, su intrprtación obsrvará las siguints normas: 22.1 Salvo qu s indiqu lo contrario n l prsnt Contrato, los términos dfinidos y con mayúsculas tndrán l significado qu s stablc n l prsnt Contrato Rfrncias a Cláusulas, Numrals y Anxos s rfirn a las cláusulas, numrals y anxos dl prsnt Contrato. Los Anxos forman part intgral dl prsnt Contrato Términos qu s halln dfinidos n las lys cuatorianas starán sujtos a tal dfinición. 22.4, Términos qu no stén, dfinidos n las lys cuatorianas starán sujtos a lo dispusto n st Contrato n su sntido iitral y claramnt d conformidad con l objto dl prsnt Contrato y la intnción d las Parts Salvo qu spcíficamnt s stablzca lo contrario n st Contrato, las normas lgals qu rign los contratos dl Vnddor prvalcrán Términos técnicos y comrcials starán sujtos a las dfinicions qué s stablcn n los manuals profsionals r.lvánts 23. VIGÉSIMO TERCERA: ADMINISTRACIÓN DEL CONTRATO ElGrnt Gnral dl Vnddor dsigna como administrador dl Contrato n nombr dl Vnddor l "Administrador") al Grnt d Comrcio Intrnacional dl Vnddor, y l Administrador vlará por l cumpliminto d todas y cada una d las obligacions drivadas dl Contrato. El Administrador adoptará tals mdidas qu san comrcialmnt ncsarias para vitar rtrasos injustificados n la jcución dl Contrato: [El rsto d sta página intncionalmnt n blanco]

19 o 9 o r1 24. VIGÉSIMO CUARTA: ACEPTACIÓN DE LAS PARTES In Marco Calvopíña V Grnt Gnral Por y n rprsntación d EMPRESA PÚBLICA DE HIDROCARBUROS DEL ECUADOR EPPETROECUADOR Sr. ChnBo Prsidnt, UNIPEC Por y n rprsntación d. UNIPEC ASIA CO., LTD.

20 o 9 o <.::> ANEXO 1 CONDICIONES GENERALES 1. PRIMERA: DEFINICIONES: "Acta d Finiquito" significa l documnto lgal sgún l cual las Parts hacn constar la trminación y finiquito d sus drchos y obligacions bajo st Contrato.. "Administrador" tin l significado qu s l atribuy n l Numral 23 Administración dl Contrato). "año", "smstr", "trimstr" y "ms" significan año calndario, smstr calndario, trimstr calndario y ms calndario, rspctivamnt, dl calndario grgoriano. "ASTM"_ significa la Socidad Amricana para Prubas d Matrials Amrican Socity for Tsting Matrials). "Barril Nto" significa un volumn d cuarnta y dos 42) galons amricanos a ssnta 60) grados Fahrnhit, dducindo la cantidad d agua y sdimntos; sgún lo dtrmin un Inspctor indpndint. "Conociminto d Embarqu C/E)" significa l documnto suscrito por l capitán dl buqu, su agnt o su rprsntant n l Purto d Embarqu, n l cual s dtallan las caractrísticas dl producto transportado y qu constituy l título d propidad dl mismo. "Contrato" tin l significado qu s l atribuy n la comparcncia dl prsnt Contrato. "Controvrsia" tin l significado qu s l atribuy n l Numral "Día" significa un príodo d timpo qu cominza a las OOHOO horas y qu dura vinticuatro 24) horas continuas a partir d tal hora. "Día Laborabl" significa un día apart d sábado o domingo) n qu los bancos stán gnralmnt abirtos para ngocios n Bij ing, Quito y, n rlación con pagos n Dólars, n Nuva York. "Dólar" o "US$" significa la unidad montaria d los Estados Unidos d América, qu s utilizará como mdida d valor d st Contrato. "EP FLOPEC" significa la Emprsa Pública Flota Ptrolra Ecuatoriana. "EP PETROECUADOR" o l "Vnddor" tin l significado qu s l atribuy n la comparcncia dl Contrato. "ETA" significa l timpo stimado d arribo dl buqu a Balao, Esmraldas, Rpública dl Ecuador. "Excusa Válida" tin l significado qu s l atribuy n l Numral 3.9 b). "Fcha d Facturación" tin l significado qu s l atribuy n l Numral 8.1. "Fcha d Pago" tin l significado qu s l atribuy n l Numral 8.1.

21 o 9 o "" ' "FOB" significa la condición d ntrga conform las normas stablcidas n los rncaterms "Furza Mayor o Caso Fortuito" tin l significado qu s l atribuy n l Numral 15.1 dl Anxo l. "Hora" significa una hora n l horario continntal dl Ecuador. "Horario Nocturno" significa i"horario comprndido ntr las 16HOO y 06HOO dl día siguint n l cual s rinician las opracions y durant l cual no s ralizan maniobras d amarr n l trminal. "Horas Oprativas dl Trminal" significa l horario stablcido por l trminal, dsd las sis 06HOO) horas hasta las diciséis l 6HOO) horas. "LAY CAN" significa l príodo n qu l buqu db suministrar la NOR al Purto d Embarqu. "LCIA" tin l significado qu s l atribuy n l Numral "Lot" significa un lot d carga d ntr trscintos ssnta mil ) y stcintos vint mil ) barrils d Crudo Orint, o d ntr trscintos ssnta mil ) y dos millons ) d barrils d Crudo Napo, n cada lot d carga con una variación volumétrica a opción dl Vnddor d más o mnos un cinco por cinto +/- 5%) por razons oprativas, stando sujto a la. disponibilidad d Ptrólo Crudo para xportación. "Montos Insatisfchos" tin l significado qu s l atribuy n l Numral 3.9b). "NOR" significa la notificación d disponibilidad Notic of Radinss, por sus siglas n inglés). "OCP" significa "Oloducto d Crudos Psados", Ecuador, S.A. Procdimintos y Rglamntos d Timpo d Carga n l Trminal Marítimo. "Otros Documntos Comrcials" significa l rcibo d documntos abordo, l cargo in-tak, l rport d timpos, l ullagrport, l crtificado d orign, l manifisto d carga y l rcibo d mustras. "Prpago" tin l significado qu s l atribuy n l Numral 6.1. "Part" o "Parts" tin l significado qu s l atribuy n las antcdnts dl Contrato. "Ptrólo" o "Ptrólo Crudo" significa l ptrólo o ptrólo crudo producido n la Rgión Amazónica dl Ecuador incluy rfrncias a "Ptrólo Crudo Orint" y "Ptrólo Crudo Napo" con las caractrísticas indicadas n l Anxo 2. "Plazo" tin l significado qu s l atribuy n l Numral 4.1. "Prcio Final" o "PF" tin l significado qu s l atribuy n l Numral 5.2. "PREMIO" tin l significado qu s l atribuy n l Numral 5.2. "Prpago" tin l significado qu s l atribuy n l Numral 6.1. "Purto d Embarqu" significa l trminal marítimo d Balao, ubicado n ~dt]xál4a:s= Ecuador.

22 o 9 o "Rcargo" tin l significado qu s l atribuy n l Numral 3.8. "Rglas LCIA" tin l significado qu s l atribuy n l Nu~ral "Situación CrítiCa" tin l significado qu s l atribuy n l Numral 3.9. "Tabla d Liquidación Mnsual d Prpago" tin l significado qu s atribuy n l Numral 3.8. "Tramo A" tin l significado qu s l atribuy n l Numral 6. la). "Tramo B" tin l significado qu s l atribuy n l Numral 6.lb). "Tramo C" tin l significado qu s l a~ribuy n l Numral 6.lc). "Tramo D" tin l significado qu s l atribuy n l Numral 6.1 d). "Tramo E" tin l significado qu s l atribuy n l Numral 6.l). "Tramo F" tin l significado qu s l atribuy n l Numral 6. lf). "UNIPEC" o l "Comprador" tin l significado qu s l atribuy n la comparcncia dl Contrato. 2. SEGUNDA: VERIFICACIÓN Y MEDIDAS 2.1 La cantid.ad y calidad dl Ptrólo Crudo lvantado para cada cargamnto s dtrminará por mustro y análisis mdiant vrificación y mdidas n tanqus d tirra dl Purto d Embarqu por un Inspctor indpndint dsignado por las Parts. Salvo n caso d fraud o rror manifisto, los crtificados d cantidad y calidad mitidos por l Inspctor indpndint srán d caráctr obligatorio y dfinitivo para las Parts y srvirán d bas para la laboración d los documntos d mbarqu y facturas. El costo d inspcción srá pagado n parts iguals por l Comprador y l Vnddor. 2.2 El Comprador dsignará ants d cada mbarqu un Inspctor indpndint l "Inspctor") y l Vnddor dará su aprobación a dicha dsignación dntro d cuarnta y ocho 48) horas laborabls d rcibida la notificación; d no rcibir rspusta n s príodo, s tndrá por acptada la dsignación. En cualquir caso, l Vnddor podrá mitir la aprobación d un Inspctor indpndint calificado, dsignado por l Comprador. Cada Inspctor dbrá star rgistrado con la Agncia d Rgulación y Control dé Hidrocarburífro ARCH). 2.3 La vrificación y mdidas dl Ptrólo Crudo mbarcado srán fctuadas al momnto dl lvantaminto d acurd) con los métodos -dl ASTM, l Instituto Amricano d Ptrólos Amrican Ptrolum Jnstitut) y d práctica común n l mrcado intrnacional d comrcialización d hidrocarburos. 2.4 La cantidad d agua y sdimntos s dducirán dl volumn bruto cargado para dtrminar l volumn nto y sco sobr l cual l Comprador pagará al Vnddor.

23 2; o 9 o 2.5 El Comprador tndrá drcho a prsnciar la dtrminación d la cantidad y la calidad n l Purto d Embarqu, cuando así lo dcida, para lo cual l Vnddor brindará las facilidads información ncsarias a fin d prmitir dicha prsncia dl Comprador a timpo.. 3. TERCERA: INDISPONIBILIDAD DE ÍNDICES 3.1 Si cualquir componnt dl PF dtrminado por rfrncia a un índic por jmplo, l PRECIO NYMEX WTI con rspcto al componnt WTI dl PF, o, l índic Platts con rspcto al componnt DIFERENCIAL dl PF) no s dtrminabl dbido a qu l índic corrspondint no s ncuntra. disponibl por cualquir motivo, o si la lgislación o rgulacions gubrnamntals dl Ecuador aplicabls cambian y rquirn l uso d un índic d prcios distinto para la xportación dl ptrólo crudo cuatoriano, ntoncs las Parts acurdan qu ngociaran oportunamnt y d buna f para sustituir un índic altrnativo o mtodología mutuamnt satisfactorio para calcular tal componnt dl PF l "Índic Altrno") dntro d un plazo d trinta 30) días dspués d qu l índic prviamnt mplado cs d star disponibl. Dsd d la fcha n qu l índic utilizado para \itrminar un componnt dl PF cs d star disponibl hasta qu l Índic Altrno sa dtrminado, l Vnddor xpdirá facturas provisionals al Comprador con bas n la más rcint información publicada n tals índics prvio a la indisponibilidad d los mismos, y l Comprador pagará al Vnddor d conformidad con tals facturas provisionals n la Fcha d Pago. En cuanto s dtrmin un Índic Altrno, l PF srá ajustado rtroactivamnt a la fcha n qu l índic sobr l cual l PF prviamnt s calculó djas d star disponibl, y cualquir difrncia ntr l prcio d la factura provisional y l PF srá liquidado conform l Numral 5.4 Prcio). 3.2 Si las Parts no pudn acordar como ajustar las fórmulas para calcular l PF d acurdo con l Numral 3.1 d st Anxo dntro dl priodo d trinta 30) días corrspondint, cualquira d las Parts podrá ntrgar notificación a la otra Part solicitando qu l Índic Altrno sa slccionado por prito indpndint nombrado µnánimmnt por las Parts. El prito no srá un árbitro y no s considrará star actuando n calidad arbitral. El prito db sr un individuo qu no sa ciudadano ni rsidnt d la Rpública dl Ecuador o d la Rpública Popular China, y dbrá tnr un nivl razonabl d pricia n la matria, incluyndo al mnos cinco 5) años d xprincia con rspcto a los prcios intrnacionals d productos básicos para l ptrólo crudo. En caso qu las parts no logrn convnir n un prito dntro d los diz 10) días dspués dl rcibiminto d la notificación solicitando la slcción d un prito indpndint, ntoncs n cuanto lo solicit cualquira d las Parts, l Cntro Intrnacional d Pritaj d la Cámara d Comrcio Intrnacional dsignará a un prito y administrará la dtrminación dl mismo mdiant las Rglas d Pritaj d la CCI. Las Parts acurdan cooprar plnamnt n la oportuna jcución d la dtrminación dl prito y a proporcionar al prito accso a todas las instalacions, libros, rgistros, documntos, información y prsonal ncésaríos para tomar una dcisión plnamnt informada. Prvio a xpdir su dcisión final, l prito xpdirá un borrador d su inform y prmitirá a las Parts comntar sobr l mismo por un priodo d diz 1 O) días. El prito s sforzará n rsolvr la disputa dntro d los trinta 30) días postriors a su dsignación, tnindo n cuanta las circunstancias qu rquiran pronta rsolución dl asunto n disputa. La dcisión dl prito srá dfinitiva y vinculant sobr las Parts. El prito no srá nombrado sin l consntiminto d ambas Parts) para jrcr como árbitro o assor a ninguna d las Parts.

24 o. ~ 'l o 9 o 4. CUARTA: AJUSTES DE PRECIO POR CALIDAD 4.1 Por l Ptrólo Crudo Orint, l Comprador pagará al Vnddor un prcio adicional d quinc milésimas d Dólar US$ 0,015) por Barril Nto sobr l prcio básico por cada décima complta 0,1) d grado API n caso d qu la gravdad dl Ptrólo Crudo n un dtrminado Lot sa suprior a 24.0 grados API. Igual valor srá dscontado dl prcio a sr pagado al Vnddor, cuando la gravdad API dl Ptrólo Crudo d un dtrminado Lot sa mnor d 24.0 grados API. El Vnddor rconocrá a favor dl Comprador un dscunto d cuatro milésimas d Dólar US$ 0,004) por Barril Nto por cada décima complta 0,1).d azufr por pso cuando l Ptrólo Crudo Orint n un dtrminado Lot tnga un contnido suprior a uno coma cuatro por cinto 1,4%) d azufr por pso. El Comprador pagará un prmio d igl!al valor cuando l Ptrólo Crudo Orint n un dtrminado Lot tnga un contnido mnor a uno coma cuatro por cinto 1,4%) d azufr por pso. 4.2 Por l Ptrólo Crudo Napo, l prcio s incrmntará o s disminuirá rspctivamnt n dos mil cinto cincunta y dos cntésimas d milésima d Dólar US$ 0,02152) por Barril Nto por cada décima complta 0,1) d grado API por ncima o por dbajo d la bas d gravdad sca API sco) dtrminada d star fura dl rango d 18 a 19 grados API, n la misma forma qu l prcio s incrmntará o s disminuirá sgún s indica n l primr párrafo dl Numral 4.1 antrior. El Vnddor rconocrá a favor dl Comprador un dscunto d cuatro milésimas d dólar US$ 0,004) por Barril Nto d Ptrólo Crudo por cada décima complta 0,1) d azufr por pso cuando l Ptrólo Crudo Napo n un dtrminado Lot tnga un contnido suprior a dos coma dos por cinto 2,20%) d azufr por pso. El Comprador pagará un prmio d igual valor cuando l Ptrólo Crudo Napo n un dtrminado Lot tnga un contnido mnor a dos punto cro por cinto 2,0%) d azufr n pso. 5. QUINTA: FORMA DE PAGO El pago srá hcho d conformidad con lo stipulado n l Numral Sis Prpago) d st Contrato y l Numral 8 Forma d Pago d los Embarqus d Ptrólo Crudo) dl Contrato. 6. SEXTA: PROGRAMA DE EMBARQUES 6.1 El Comprador tndrá qu lvantar los volúmns mnsuals sgún lo dispusto n l Numral 3.1 Volumn; Rcargo) dl prsnt Contrato. El Comprador s compromt a nviar al Vnddor por scrito y ants dl inicio d cada ms l programa mnsual d trs 3) Días stimados d LA YCAN, trinta 30) Días por adlantado. En caso d qué l Comprador no nviara su programa d mbarqu al Vnddor, l Vnddor podrá procdr con la planación d tal manra qu los cargamntos s ralicn d forma obligatoria y uniform durant l LA YCAN d trs 3) Días, d tal manra qu, una vz sa dcidido por l Vnddor y conformado por l Comprador, srá fijado y dfinitivo conform con l balanc volumétrico durant la vigncia dl Contrato, sujto a cambios hchos por acurdo mutuo y scrito. 6.2 En caso d qu l Comprador no haya ralizado un mbarqu confirmado LA YCAN y qu no hubira justificado dicho incumpliminto por scrito, a satisfacción dl Vnd"dor, dntro dl príodo dl LAYCAN, l Vnddor notificará por scrito al Compra.., ~ articular, y l Comprador contará cori trs 3) Días calndarios siguints a la.~ttg~~~ cada, para.. ~,}' /~ ~.

25 o 9 o fctuar l mbarqu. Si l mbarqu no s raliza, l Comprador s considrará n incumpliminto matrial dl Contrato. 6.3 El Vnddor facturará la cantidad d mil doscintos Dólars US$ 1.200) por hora o fracción, por rtrasos imputabls al Comprador n la vntana d carga LA YCAN) confirmada, más cualquir costo y gasto adicional d opracions qu san conscuncia d dicho rtraso y qu s llvn a cabo n l Purto d Embarqu, a mnos qu, tal rtraso sa causado- únicamnt por vntos d. Furzá Mayor o Caso Fortuito notificados dntro dl priodo dl LA YCAN y dbidamnt justificados dntro d los trinta 30) Días postriors X la fcha dl Conociminto d -Embarqu. 6.4 El pago d la facturación por multas dbido al rtraso n la vntana d carga LA YCAN) confirmada, una vz notificada por scrito por EP PETROECUADOR, dbrá sr pagado dntro d un plazo máximo d trinta 30) Días calndario a partir d la rcpción por l Comprador d dicha notificación. Cualquir rtraso n l pago por part dl Comprador dará lugar al pago d un intrés por mora, calculado dsd la Fcha dl Pago hasta la fcha n qu dicho pago s haga fctivo al sr rcibido por l Vnddor. 6.5 El timpo sobr l qu dbrá aplicars la pnalidad por rtraso stipulada n l Numral 6.2 d st Anxo s calculará a partir d las 00:00 horas dl Día siguint al último Día dl LAYCAN confirmado, hasta la hora dl A viso d Alistaminto NOR) mitido por l capitán dl buqu, simpr y cuando l buqu sté apto para cargar al arribo. D lo contrario, l príodo d pnalización s xtndrá hasta qu l buqu st apto para cargar. La aptitud para cargar comprnd pro no s limita a los siguints aspctos: a) b) Autorización d libr opración; Instruccions d carga n l purto; c) Nominación dél Inspctor; d) Buqu sin dsprfcto o daño mcánico; y ) Autorización d carga por part dl capitán En caso d qu l buqu llgu l último Día dl LA YCAN durant la Horas Nocturnas, la opráción s sujtará a las rgulacions dl purto. La opración d amarr y carga s ralizarán tan pronto como s rinicin las Horas Oprativas dl Trminal, cumplindo con las rglas dl Purto d Embarqu, rsptando l ordn d llgada d los buqus. 'Si un nvío originalmnt confirmado para un ms dtrminado s rtrasa hasta l ms siguint, como conscuncia dl rtraso LA YCAN confinnada, sgún lo stablc l Numral 6.2 dl prsnt Anxo, por razons imputabls al Comprador, o al buqu; admás d los cargos por dmora, l difrncial a sr aplicado srá l más convnint conómicamnt para EP PETROECUADOR. Las vntanas d lvant conform l programa acordado P,!Jdn sr combinadas_ a SQ!icitud dl Comprador, sujto a la acptación dl trminal, y las Parts acordarán una nuva vntana combinada para cada caso. El Vnddor no pud rchazar irrazonablmnt tals sólicituds d combinación.

26 o 9 o 6.9 En caso qu ocurra una mrgncia d alto almacnaminto n l trminal y l Vnddor solicita qu l Comprador cargu mayor cantidad o más tmprano, l Comprador hará sfurzos comrcialmnt razonabls para satisfacr la solicitud dl Vnddor. 7. SÉPTIMA: NOMINACIONES 7.1 Dntro d un príodo no mayor d sit 7) Días ants dl LA YCAN, l Comprador notificará al Vnddor l nombr y las caractrísticas dl buqu a cargar, l ETA, l volumn aproximado a mbarcar y los términos dl Chartr Party corrspondints n rlación al LA YCAN y la tarifa por sobrstadía; dbindo l Vnddor notificar su acptación por scrito; y, si l Vnddor no da tal notificación dntro d un plazo d trs 3) Días Laborabls, s considrará acptada tal nominación por l Vnddor. 7.2 El Comprador, o l capitán dl buqu, o su agnt n l Ecuador, notificará al Vnddor l ETA n l Purto d Embarqu, con stnta y dos 72), cuarnta y ocho 48) y vinticuatro 24) horas, rspctivamnt, ants d la llg ida dl buqu; cualquir cambio mayor a sis 6) horas dbrá sr notificado al Purto d Embarqu. Si ésta notificación no s ralizada, EP PETROECUADOR no srá rsponsabl d nviar las instruccions d carga al purto. 7.3 El Comprador podrá sustituir l buqu nominado simpr y cuando: a) la capacidad d carga dl nuvo buqu dsignado, st dntro dl 10% d difrncia d la capacidad d carga dl buqu nominado originalmnt; y, b) l Comprador l haya dado aviso al Vnddor dl cambio, por lo mnos stnta y dos 72) horas ants d la fcha d arribo dl buqu originalmnt programado. 8. OCTAVA: FONDEADERO EN EL PUERTO DE EMBARQUE 8.1 El Vnddor provrá un ára d fondadro n l Purto d Embarqu para un buqu cuyas dimnsions no xcdan a aqullas stipuladas n l Numral 8.2 d st Anxo, a fin d asgurar la ntrada y salida d toda la carga sin pligro. 8.2 El Vnddor garantiza qu l fondadro n l Purto d Embarqu n Balao, tin capacidad suficint para rcibir mbarcacions d las siguints dimnsions: Eslora: Calado: Manga: Tonlaj: Máx. 260 Mts. En función dl tonlaj dl buqu. 46Mts. Máx tonladas d pso murto. Las opracions nocturnas d amarr no son prmitidas. 8.3 El Vnddor garantiza qu l fondadro n l Purto d Embarqu n Esmraldas/OCP, tin capacidad para rcibir mbarcacions d las siguints dimnsions:. Eslora: Calado: Manga: Tonlaj: Máx. Boya "C" 285 Mts. y Máx. Boya "P" 355 Mts. Máx. Boya "C" 18 Mts. y Máx. Boya "P" 23Mts. Máx. Boya "C" 50Mts. y Máx. Boya "P" 58Mts. Máx tonladas d pso murto n la Boya" tonladas d pso murto n la Boya "P"... t<>.lf!i: ~, ~ wi.!jijy -- ~ ~ <;.

27 o 9 o Las opracions nocturnas d amarr no son prmitidas. El Comprador dbrá dar cumpliminto a los GTC dl Trminal OCP, los cuals s ncuntran n l Anxo 6 Condicionsy Términos Gnrals GTC's) d Trminal OCP Ecuador). NOVENA: CONDICIONES DE ENTREGA - ; 9.2. El Vnddor ntrgará y l Comprador rcibirá l Ptrólo Crudo, objto d st Contrato, n condicions FOB BALAO, Esmraldas-Ecuador. Las condicions FOB s ntndrán d acurdo con las rgulacions intrnacionals para la intrprtación d términos comrcials adoptados por la Cámara d Comrcio Intrnacional INCOTERMS 201 O y sus rformas. Las manguras para cargar l Ptrólo Crudo a bordo dl buqu srán suministradas, conctadas y dsconctadas por l Vnddor. 9.3 El Ptrólo Crudo srá ntrgado dsd l trminal d tirra a los tanqus dl barco. El costo d dicha ntrga srá por cunta y a cargo dl Vnddor. 10. DÉCIMA: PROPIEDAD Y RIESGO El título d propidad y risgo srá transfrido por l Vnddor a favor dl Comprador cuando l Ptrólo Crudo ntrgado pas la brida d conxión ntr la mangura d la tubría submarina y l manifold dl buqu rspctivo n l Purto d Embarqu n BALAO, Esmraldas, Ecuador. Lugo d qu l Ptrólo Crudo haya pasado por dicha brida, toda rsponsabilidad y risgo srán d cunta dl Comprador. 11. UNDÉCIMA: TIEMPO DE CARGA Y SOBRESTADÍA 11.1 Para l Trminal OCP, d timpo d prmanncia dl buqu para cargar srá calculado sgún la siguint fórmula: a) b) c) d) n trinta y sis 36) horas conscutivas para buqus calificados hasta TPM; n cuarnta y ocho 48) horas conscutivas para buqus calificados dsd TPM hasta TPM; n cincunta y ocho 58) horas conscutivas para buqus calificados dsd TPM hasta TPM; y n ssnta y ocho 68) horas conscutivas para buqus calificados dsd TPM hasta un máximo d TPM. El timpo d prmanncia comnzará a contars sis 6) hóras dspués dl A viso d Alistaminto NOR) mitido por l capitán, o los agnts dl buqu, dado al Vnddor o sus rprsntants n l Purto d Embarqu o dsd l timpo dl amarr, si sto ocurr primro impr qu l buqu llgu d acurdo con l aviso d nominación y dntro dl Horar. l purto, d conformidad con l Numral 7.2 d st Anxo.. <::><:"'~'.~ "iv+cn i>.. v<r. &.' ~ : ~ ~ 1tlill\\.v. «> o. ~ >

28 o 9 o Las opracions nocturnas d amarr no son prmitidas y t A viso d Alistaminto NOR) para análisis d stadía, dbrá sr fijado a partir d las 06HOO dl Día n qu s rinician dichas opracions Para l Trminal BALA O, l ti~mpo d prmanncia dl buqu para cargar srá calculado sgún la siguint fórmula: a) b) n trinta y sis 36) horas conscutivas para buqus hasta TPM; n cuarnta y ocho 48) horas conscutivas para buqus calificados dsd TPM hasta TPM. El timpo d prmanncia comnzará a contars sis 6) horas dspués dl Aviso d Alistaminto NOR) mitido por l capitán, o los agnts dl buqu, dado al Vnddor o sus rprsntants n l Purto d Embarqu o dsd l timpo dl amarr, si sto ocurr primro; simpr qu l buqu llgu d acurdo con l aviso d nominación y dntro dl Horario Oprativo dl purto, d conformidad con l Numral 7.2 d st Anxo. Las opracions nocturnas d amarr no son prmitidas y l A viso d Alistaminto NOR) para análisis d stadía, dbrá sr fijado a partir d las 06HOO dl Día n qu s rinician dichas opracions El Vnddor asgura una tasa d ntrga mínima d hasta trinta y dos mil ) barrils d Ptrólo Crudo por hora, dbindo compltar l mbarqu sgún l Numral 11.1 y 11.2 dl prsnt Anxo, dpndindo d la capacidad dl buqu. Para fctos dl cálculo d sobrstadía, l NOR srá considrado cuando s mit dntro d la vntana d timpo d carga nominada y n l horario oprativo dl trminal. S dscontará d st lapso cualquir rtardo no imputabl al Vnddor, como insuficincia n las instalacions dl buqu, impdimnto d carga por part dl Comprador o propitario dl buqu, Furza Mayor o Caso Fortuito. Si l cargamnto dl buqu no s complta dntro dl príodo spcificado n l Numral 11.1 dl prsnt Anxo, sa por insuficincia n la rata d ntrga o por rtrasos dl buqu n ntrar al mull, l Vnddor pagará al Comprador por l timpo d dmora dmurrag), d acurdo a lo stipulado n l contrato d fltamnto dl buqu transportador ntr l Comprador y EP FLOPEC En caso d qu l buqu arrib ants d la vntana LA YCAN, l inicio d stadía srá a las 06HOO dl primr Día d la vntana LA Y CAN.., 11.5 En caso d qu l buqu arrib fura d la vntana LA YCAN, l inicio d stadía srá cuando l buqu s ncuntr amarrado La sobrstadía o dmoras causadas por rsponsabilidad dl Comprador, dl propitario dl buqu, dl capitán, oficials, o tripulants dl buqu, por hulgas, paros o rstriccions, no s computarán dntro dl plazo para las fanas d carga Cualquir dmora ocasionada por dfctos n las instalacions dl buqu para cargar y/o dslastrar, no s considrarán.dntro dl timpo para las fanas d carga. Si las rgulacions dl. propitario dl buqu o dl trminal prohíbn los mbarqus noctumps, l timpo prdido por st motivo, no s computará dntro dl plazo para las fanas d carga.

29 o 9 o Crudo al buqu D conformidad con las rgulacions prtinnts dl trminal y las autoriqads marítimas comptnts, l Comprador dbrá instruir al capitán dl buqu para qu arrib con lastr limpio. Para las opracions d dslastr, los buqus s sujtarán a las rgulacions dl trminal vignts a la fcha dl mbarqu O El buqu dsocupará l amarradro tan pronto s hayan dsconctado las manguras d carga, una vz compltado l mbarqu. En caso d no podr hacrlo, por razons dirctamnt imputabls al buqu, al Comprador, al propitario dl buqu, al capitán o tripulants dl buqu, ntoncs l Comprador pagará al Vnddor por cualquir xcso d timpo, pérdidas, daños, costos y/o gastos rsultants n los qu pudira incurrir l Vnddor; incluyndo, sin star limitado a, los gastos indirctos qu pudira incurrir l Vnddor, rsultants d la dmora d btros buqus qu stuvirn sprando tumo para cargar Notificacions por cualquir rclamo por sobrstadía dbn sr hchas al Vnddor por scrito, dntro d los cuarnta y cinco 45) Días siguints d la fcha dl Conociminto d Embarqu, incluyndo copias d todos los documntos d rspaldo rlacionados a los rclamos. Cualquir documnto d rspaldo rlacionado a los rclamos qu no haya stado disponibl n s momnto srá ntrgado al Vnddor dntro d los st.nta 70) Días siguints d la fcha dl Conociminto d Embarqu prtinnt, a los qu l rclamo s rfir. Si l Comprador no pud dar dicha notificación o provr dicha documntación dntro d los rspctivos plazos antriors, ntoncs s xtinguirá cualquir rsponsabilidad dl Vnddor por l xcso d timpo. 12. DUODÉCIMA: IMPUESTOS Y TASAS PORTUARIAS ".'?- 12.l Todos los impustos cuatorianos aplicabls al Ptrólo Crudo ants d la carga srán por cunta y cargo dl Vnddor.., 12.2 Los impustos, tasas y otros costos aplicabís n l Purto d Embarqu al buqu qu tom l Ptrólo Crudo bajo l prsnt Contrato y las tasas d impustos aplicabls al cargamnto, srán por cunta y cargo dl Comprador El Comprador stá xnto dl pago al Vnddor por l uso d monoboyas n l sitio d amarr d los buqus rspctivos. 13. DECIMOTERCERA: CONOCIMIENTO DE EMBARQUE Para la laboración dl Conociminto d Embarqu C/E) s utilizarán los formularios provídos por l Vnddor y todas sus cláusulas qu no san contradictorias con st Contrato srán válidas y xigibls. El Conociminto d Embarqu srá firmado por l capitán dl buqu o los rprsntants dl propitario dl buqu o sus agnts naviros n l Purto d Embarqu. La fcha dl Conociminto d Embarqu srá la misma fcha d cuando s haya compltado la carga. 14. DECIMOCUARTA: TRANSPORTE El Comprador cumplirá con las lys y rgulacions d la Rpública dl Ec 11,...,,...,.,...,..., marítimo; incluyndo, pro sin star limitado a, la Ly d Facilitación d

30 Acuático y sus rglamntos aplicabls. El Comprador dbrá contactar a la EMPRESA PÚBLICA FLOTA PETROLERA ECUA TORlANA "EP FLOPEC") para más información sobr las lys y rgulacions aplicabls, al númro tlfónico / , Quito-Ecuador, o vía -mail a chartring@flopc.com.c / gcomrcial@flopc.com.c. 15. DECIMOQUINTA: FUERZA MAYOR O CASO FORTUITO 15.1 En l vnto d xistir circunstancias d furza mayor o caso fortuito, d conformidad con lo prvisto n l Artículo 30 d la Codificación dl Código Civil Ecuatoriano, s dcir, vntos imprvisibls invitabls qu no pudn sr impdidos o controlados, o si fusn prvisibls pro no vitabls por las Parts, como naufragio, daños mayors dl buqu, trrmoto, captura por nmigos, actos gubrnamntals jcutados por cualquir autoridad pública, y n gnral cualquir otro vnto o circunstancia fura dl control d las Parts; incluyndo pro no limitado a fallas o sobrstadía n l cumpliminto causadas por hulgas, paros u otros actos organizados por los trabajadors, circunstancias inspradas causadas por nmigos públicos, disturbios socials, incndios, intrrupción d vías d comunicación y transport, actos d gurra; hostilidads d gurra no dclarada, actos d trrorismo y sabotaj, xplosions, y rstriccions qu afctn al transport y qu impidan la ntrga o la rcpción d los mbarqus d Ptrólo Crudo) "Furza Mayor o Caso Fortuito"); s suspndrán las obligacions contractuals por l timpo qu durn dichas circunstancias. No s considrarán circunstancias d Furza Mayor o Caso Fortuito los hchos administrativos u oprativos causados por las Parts. Quda ntndido y convnido qu l Vnddor o cualquir autoridad pública podrá invocar como actos constitutivos d Furza Mayor o Caso Fortuito cualquir acto u omisión d cualquir otro organismo o autoridad dl gobirno.cuatoriano xcpto actos d aqullas ntidads autónomas cradas por ly, no dpndints dl podr jcutivo), únicamnt cuando dichos actos u omisions san causados por otros hchos o circunstancias qu, a su vz, constituyan Furza Mayor o Caso Fortuito. La Part afctada por un acto d Furza Mayor o Caso Fortuito notificará a la otra Part d la xistncia d dicha circunstancia dntro d vinticuatro 24) horas d producido tal hcho, simpr qu físicamnt ls sa posibl hacrlo. La Furza Mayor o Caso Fortuito db sr justificado por la Part qu la alga y pud sr acptada por la otra Part dntro dl término d los vint 20) Días subsiguints a la notificación d la situación d Furza Mayor o Caso Fortuito: En st caso, los dbrs d ntrga-rcibiminto dl Ptrólo Crudo y cualquir otra obligación contractual afctada por la Furza Mayor o Caso Fortuito srán suspndidos por l timpo qu dmorn dichos vntos o circunstancias sñaladas y dichas obligacions s ranudarán una vz tals vntos o circunstancias hayan sido supradas. En l caso d qu la Furza Mayor o Caso Fortuito tnga una duración mayor a ssnta 60) Días, las Parts d mutuo acurdo podrán dar por rsulto st Contrato. Sin prjuicio d lo indicado n l Numral 15.1 dl prsnt Anxo, las Parts tndrán la opción d cambiar l volumn contractual d Ptrólo Crudo o J término d st Contrato por motivo d Furza Mayor o Caso Fortuito. Esta opción podrá sr jrcida cuando s prsntn, o durant circunstancias qu constituyan, Furza Mayor o Caso Fortuito, n cuyo caso la Part qu ds jrcr sta opción dbrá comunicar su intnción d jrcr la opción dntro d los ocho 8) Días Laborabls postriors a rcibir la notificación formal d qu los vnt unstancias d Furza Mayor o Caso Fprtuito han sido suprados por la Part afctad.,. o<c- <l 101<oc~:!fií~,,, ~~~ ;, q v.all'f 1 ~ "' iim.~ ; ''" "' ~ >

31 o 9 o ANEX02 ESPECIFICACIONES DE PETRÓLEO CRUDO GRAVEDAD D 287). AZUFRE PORCENTAJE EN PESO) D 4294) RESIDUO DE CARBÓN CONRADSON PCT) D 189) VISCOSIDAD A 77 D 445) GRAVEDAD ESPECÍFICA D 287) PRESIÓN DE VAPOR REID D323) SAL LIBRAS/1000 Bls.). C-10-C 24.0 API CST PSI DESTILACIÓN HEMPEL: UOP 97 P.1.E 84 ºC A 158 ºF 2.5 %V A 212 ºF 5.5 %V A 221 ºF %V A 257 ºF 8.5 %V A 358 ºF 15.0 %V A 400 ºF 18.5 %V A 437 ºF 22.5 %V A 500 ºF 27.5 %V P.F.E. 504 %V Rcuprado 31 %V Rsiduo 66 %V Pérdidas 3 %V

32 ~ Variabl o 9 o ESPECIFICACIONES DE PETRÓLEO CRUDO NAPO \ ~ DATOS FÍSICOS PUNTO INICIAL DE BULLICION GRAVEDAD, API <97 ºF Variabl ntr 18 y 19 API PRESIÓN DE VAPOR REID PESO MOLECULAR 2.9 psi ~ PH : mg KOH/grs. VISCOSIDAD cst@ looºf, cst a), 122ºF DENSIDAD DE VAPOR Aprox. 1 PORCENTAJE VOLATIL POR VOLUMEN Variabl SOLUBILIDAD EN AGUA Contmplabl APARIENCIA Y OLOR DEL PRODUCTO Líquido Oscuro, Hidrocarburo Solvnt con olor d azufr PUNTO DE FLUIDEZ DESIDAD A LOS 15ºC 5 ºF kg/m DATA DE PELIGRO DE FUEGO... Y EXPLOSIONES PUNTO DE INFLAMACIÓN TEMPERA TURA DE IGNICIÓN ESPONTÁNEA <60 ºF 548 ºF

33 o 9 o ANEX03 DESIGNACIÓN DEL REPRESENTANTE DEL VENDEDOR

34 .... ~~ E'PETRDECURDOR GERENCIA GENERAL o 9 o 3á RESOLUCION No. DIR-EPP : El Dirctorio d la Emprsa Pública d Hidrocarburos dl Ecuador EP PETROECUADOR, d conformidad con lo dispusto n l Art. 9 numral 13 d la Ly Orgánica d Emprsas Públicas, RESUELVE: 1. AGRADECER AL VICEALMIRANTE ZAPATER POR LOS SERVICIOS PRESTADOS EN LA EMPRESA PÚBLICA EP PETROECUADOR; Y, 2. DESIGNAR COMO GERENTE GENERAL ENCARGADO DE EP PETROECUADOR, EN REEMPLAZO DEL GERENTE GENERAL SALIENTE, VALM. SP) MANUEL ZAPATER RAMOS, AL INGENIERO MARCO GUSTAVO CALVOPIÑA. S dclara sta Rsolución d jcución inmdíáfá. / / / / / Wi~ ~~rifº DIRECTORIO ~p PETROECUADOR <::..-.,~::..-,., ""-r-g as v1IEMBRO DEL DIRECTORIO ~ PETROECUADOR MIE EP Pi né Ramírz RO DEL DIRECTORIO TROECUADOR )) { 1-- Ab. Andrés O oso SECR 10 AD-HOC EP PETROECUADOR MAYO 2014 Alpallana ES-86 Y Av. 6 do Dicimbr squina); Tll: ; Casilla: / Quito - Ecuador

35 o 9 o ANEX04 EVIDENCIA DEL PODER DEL APODERADO LEGAL DEL COMPRADOR.

36 ; E ~~ ª rjh fl m 21 RJ UNIPEC ASIA COMPANY LIMITED o 9 o \ 6 Unit 1202, Offic Towr, Convntion Plaza, 1 Harbour Road, Wanchai, Hung Kong Tl: 852) Tlx: UACL HX Fax: 852) POWER OF ATTORNEY This POWER OF ATTORNEY is mad on 14th, May, By: Unipc Asia Company Limitd hrinaftr rfrrd to as ''th Principi") WHEREAS th Principal intnds to ntr into th CONTRACT with PETROECUADOR "th Proposal"). NOW THIS DEED WITNESSETH. as Follows: l. Th Pri cipal hrby appoints Mr. Chn Bo ''th Attorny", th spcimn is and m ~ ) to b th ~orny of th Princopal to xcut,sign,approv,do ali or any dds,contracts,agrmnts,documnts,acts or things as may b rquird on th part of th aprocipal to nabl th Pmposal to procd or in connction thrwith. 2. Th Principal hrby undrtaks to ratify or confirm vrything which th Attomy shall lawfully do or purport to do in right of this Powr of Attorny and to indmnify and kp indmnifid th Attorny against all claims,costs,xpnss and procdings which h may suffr or incur as a rsult throf. 3. This Powr of attomy and this attority shall br valid untíl th authorisd. mattr in paragraph 1 has finishd or;may b trminatd by principal's writtn notic. 4. This Powr of Attomy shall b govrnd by and construd in ali rspcts in accordanc with th laws ofth Popl's Rpublic ofchina. Signd by 2---L5-- Tian Xiao Y an Managing Dirctor Unipc Asia Company Limitd

37 o 9 o ANEXOS CUADRO VOLUMÉTRICO,,,,,,,,..,,,~.,,,,, ' ORIENTE Y NAPO CRUDE Et;JERO ':;Vi >. 2,520,000 2,880,000 2,520,000 2,520,000 FEBRERO... /> 2,520,000 2,880,000 2,520,000 2,520,000 M~RZO/ >,..; \,} 2,520,000 2,880,000 2;520,000 2,520,000 t\_bril:::,::.. >..:.-::,,'..:.,. 2,520,000 2,880,000 2,520,000~ J M~YQ :. >: 2,520,000 2,880,000 2,520,000 ~LJNIO t ~~:. 2, 160,000 2,520,000 2,880,000 2,520,000 'JlJLJQ..x ;;,,.,, 3,240,000 2,520,000 2;880,000 2,520,000 ~C30STO '.,...,. 2,880,000 2,520,000 2,880,000 2,520,000 SEPTIEl\llRE 2,520,000 2,520,000 2,880,000 2,520,000 l')iovieme38!;."' 2,520,000 2,520,000 2,880,000 2,520,000 [)l~iembre 'Y;: 2,520,000 2,520,000 2,880,000 2,520,000!it\1rj\~~~B11:..i:;l't 41rs~~i J0 ~-~~lfo"." :~ji:eij3ef~~ :1'.::00 24J1J \\lí!~:tmn:o99n: xr~~~~.~:r.~~ n:.ol:'la~ ~~-.

38 o 9 o ~8 ANEX06 CONDICIONES Y TÉRMINOS GENERALES GTC's) DE TERMINAL OCP ECUADOR

39 o 9 o Appndix A Lifting Proccdurs AppndixA

40 o 9 o qo OLEODUCTO DE CRUDOS PESADOS OCP) ECUADOR S.A. LIFTING PROCEDURES ; - ES ///." Ministrio d t:nrgía Y FIEL <::OPIA DEL ORI '.:!!!!/!f Lo CEATIFIC

41 o 9 o T::i bl of Coutnts AT\TICLE I - DEFINITIONS 1.1 Dfinitions Intrprtation... 8 ARTICLE Jl - GENERAL PROVISIONS 2.1 Lifting Rights and Obligations Obligations of Piplin Cornpany Non-Discrirnination... 9 ARTICLE MONTHL Y VOLUMES ESTIMATE; LIFTING PROGRAMS 3.1 Monthly Volums Estimat Norninatd Lifting Window... 1 O 3.3 Lifting Program Allocation Ruls Rvisions to Lifting Program Dviation from Lifting Program Exchang oflifting Windows ARTICLE IV -TANKER NOMINATIONS 4.1 Tankr Nomination Tan.kr Accptanc Substitut Tankr Accptanc of Altrnat or Substitut Tankr Rfusal to Moor ARTICLE V - LA YTIME 5.1 Laytirn Exclusions from Laytirn and Dmurrag Failur to Vacat Brth ARTICLE VI-DEMURRAGE 6.1 Dmurrag Liability Dmurrag Claims ARTICLE VII - LOADING 7.1 Custody and Risk ofloss Tankr Conditions Notic ofeta and NOR Loading Trminal Rgulations Taxs, Fs and Othr Chargs Shipping Documnts ARTICLE VIII-MEASUREMENT. "'º,OCARul? -~nl-:.tr~~~gm.y.... ~?~ ~01 ~~4>~ \ //~t, MT' -,s., ~"1)# <\\ if!;;g ES FiEL COPIA DEL <:>RS I f ~ o \ \ 1 1.:!f!!J/ Lo,C.ERTJF~ c.~o. u ocuaoor ~, \ 1... ) ') J-~gl,j, '- + ;}, í:pf3ír ~ 1 l...-, /-;i \ C',..., '-'. ~ ~ C' ' ~ ~ ~ é ' ; ;:; ~.

42 _2L)- t/"' o 9 o ;\RTICLE IX- LIFTING DIFF1CUL TIES 9. l Affcctcd Shippr Rsolutíon oflífting Dífficultis Liability of Affctd Shippr ARTICLE X - FORCE MAJFlJRE 10.1 Dclaration of Forc Majur Evnt Dutis of th Affctd Party Effct of a Forc Majur Evnt; Suspnsion of Obligations Non-Inducmnt of Forc Majur ARTICLE XI - LIABILITY ANO INDEMNIFICA TION 11.1 Shippr's Indmnity Piplin Company's Indmnity Control of Procdings Rmdis in Gnral ARTICLE XII - CONFIDENTIALITY 12.1 Confidntial Information Confidntiality Obligations Notic Prcding Complld Disclosur Rtum oflnformation Consultation as to Announcmnts Spcific Prformanc ARTICLE XIII - MISCELLANEOUS 13.l Notics Svrability Natur of Obligations; No Thírd Party Bnficiaris Amndmnts and Waivrs..., / Disput Rsolution Paymnts; Currncy No Right to St-Off Languag Appndics Appndix A- Shipping Documnts Appndíx B-Form of Powr of ~it i'v1mistrio d i:nfgrnrrt yiv:' ~~' ~S FiEl COPIA DEI. ORI. ~ Lo CERTIFICO. 2 5 AGO. 20. n... _ -

43 ARTICLE 1-DEFINITIONS o 9 o 1.1 Dfinitions. In ths Lifting Procdurcs, th following tnm shall hav th manings st forth blow: "Act of God" mans an act of God, pidmic, cyclon, tidal wav, landslid, lightning, arthquak, flood, fir, volcano ruption, othcr natural disastr or calamity of any kind and any othr similar vnt, which, in ach cas, is byond th rasonabl control of thc Affctd Party and its Affiliats; providd that th following shall not constitut an Act of God: a) lack of funds or othr financia! circumstancs, labor disputs or industrial action undrtakn only by th prsonnl of th Affctd Party or, in th cas of Piplin Company, of any of its contractors providing nginring, procurmnt, construction, oprating and maintnanc or projct managmnt srvics; or b) any of th following, unlss it is causd by any of th vnts numratd abov, including any othr similar vnts: failur or dlay of any contractor to prfonn, inability to obtain or dlay in obtaining quipmnt, matrials or transport and xplosion, corrosion, lakag, sping, brakag or accidnt to machinry, quipmnt, pip or transmission lin, othr facility or vssls. "Affctd Party" mans any Party affctd by a Forc Majur Evnt. "Affctd Shippr" has th maning assignd to such trm in Sction 9.1. "Affiliat" of a Prson mans anothr Prson a) that is a Subsidiary of that Prson, b) of which that Prson is a Subsidiary or ) that is a Subsidiary of a Prson of which that Prson is a Subsidiary. "Applicabl Law" mans, with rspct to any Prson or any proprty or asst, all laws including laws rlatd to Taxs and Environmntal Law), ordinancs, cods, ruls, rgulations, ordrs, writs, injunctions, dcrs, rulings, dtrminations, awards or standards of any Govmmntal Authority, all Govrnmntal Authorizations and ali agrmnts with any GovrnmntaI Authority applicabl to or binding on such Prson or its proprtis or assts) or to such proprty or asst from tim to tim or at th tim spcífid in a Transportation Agrmnt, as th cas may b. "Availabl Crud Oil" mans, with rspct to ach Shippr at any tim, th díffrnc btwn a) th cumulativ volum of Crud OiI tndrd to th OCP at th Rcipt Point pursuant to such Shippr's Transportation Agrmnts), and b) th sum of i) th cumulativ volum of Crud Oil prviously Liftd by such Shippr, ii) th cumulativ_, lin-iosss lss any ovrags) on th OCP for ful and othr losss Iss any ovrags) allocatd to such Shippr pursuant to th Gnral Tnns and Conditions, and iii) any volum adjustmnt whthr positiv or ngativ) mad by Piplin Company or th Quality Bank Advisor), pursuant to th Quality Bank Principis and Quality Bank Procdurs. "Barris" or "Bbls" mans th volums qual to forty-two 42) US gallons of Crud Oíl corrctd to a tmpratur of sixty dgrs Fahrnhit 60ºF) undr on 1) atmosphr of prssur. "Businss Day" mans a Day othr than Saturday or Sunday on which banks ar pnnittd to b opn for domstic and intrnational businss in Nw York, Nw York, th Unitd Stats of Amrica and Quito, ~~ ~ <: _ G ~ ' C i ~ ~í;.;;,i~r~~~~a~:~gi,~t~~ ~P-i ~_:: _ "...:.::!!.f!7 Lo CERTIFICO. - t'

44 o 9 o "Cargo" mans, as to ach Shippcr, th spcifid volum of Cruck Oil such Shippr is schduld to Lift during a spcifid dat rang pursuant to th LiHing Program for a particular Month. "Combind Lifting" mans th Lifting by two 2) or mor Shipprs that hav agrccd to Lift concurrntly or squntially on th s<im Qualificd Tankr. "Confidntial lnformation" has th maning assignd to such trm in Sction 12.la). "Crud Oil'' mans th dirct liquid hydrocarbon product of oij wlls, bfor or aftcr its tratmnt in oil procssing plants, ora mixtur of such hydrocarbon products, but dos not includ natural gas or liquid hydrocarbons xtractd from natural gas. "Day" mans a calndar day. "Dlivry Point" mans th flang btwn th Trminal's dlivry hos and th cargo intak manifold of a Tankr at th Trminal whr Crud Oil is rquird to b Dlivrd and any additional points for Dlivry mad availabl to th Shipprs by Piplin Company. VI. "Dmurrag" mans th sum payabl by Piplin Cornpany pursuant to ARTICLE "Dsignatd Carrir" rnans, with rspct to any Shippr, such Shippr's Qualifid Tankr and/or any Prson that purchass Crud Oíl from such Shippr at th Dlivry Point. "Disclosing Party" has th maning assignd to such trm in Sction 12. la). "Doliars" or "$" mans th lawful currncy of th Unitd Stats of Amrica. "DWf" rnans dadwight tons. "Ecuador" mans th Rpublic of Ecuador. "Environmntal Law" rnans any Applicabl aw rlating to: a) consrvation, improvmnt, protction, pollution, contamination or mdiation ofth nvironmnt; b) any Rlas, including invstigation and clanup of su Rlas or thratnd Rlas; and ) th storag, tratmnt, disposal, rcycling or tran rtation of any Hazardous Substanc. "ET A" mans th stimatd dat Trminal. tim of arrival local tim) of a Tankr at th "Forc Majur Majur Evnt. s an Act of God, Political Evnt or Othr Forc "Gnral Trms and Con tions" mans th Gnral Trms and Conditions for transportation on th OCP to which ths Lifting Procdurs ar attachd and mad a part of, as amndd from tim to tim. 1

45 o 9 o lgislativ, administrativ or othr authority, ministry, dpartmnt, agncy, instrumntality, offic or organization havingjurisdiction ovra Party or its proprtis or assts. "Govrnmntal Authorizations" mans any authorization, consnt, approval, licns, ruling, prmit, crtification, xmption, xonration or rgistration by or with any Govmmntal Authmity. "Hazardous Substanc" shall man any pollutant, contaminant, constitunt, chmical, mixtur, raw matrial, intrmdiat product, finishd product or by-product, hydrocarbons or any fraction throf, or industrial, solid, toxic, radioactiv, infctious, disas-causing or hazardous substanc, matrial, wast or agnt, including all substancs, matrials or wasts that ar idntifid or rgulatd undr any Environmntal Law or that may thratn lif or proprty or advrsly affct th nvironmnt. "Indmnifid Partis" mans, in rspct of any Party, such Party's Affiliats, agnts, contractors and othr rprsntativs and its and thir rspctiv dirctors, officrs and mploys. "Initial Vtting Qustionnair" mans th Initial Vtting Qustionnair in th form spcifid in th Trminal Rgulations. "lntrst Rat" mans an intrst rat that is qual to th lowr of a) th highst rat prmittd by Applicabl Law or b) LIBOR plus svn 7) prcnt. "Laytim" mans, as to ach Shippr for ach Lifting, th amount of tim usd by th Trminal to complt th loading of th rlvant Qualifid Tankr as dtrmind pursuant to ARTICLE V. "LIBOR" mans, in rspct of any amount, th avrag intrbank intrst rat pr annum, if any, for Dollar dposits roundd upwards, ifncssary, to th narst 1/16of1%), for a priod of six 6) Months, or any priod closst to six 6) Months, irrspctiv of th priod during which th rlatd amount du is or has bn outstanding, which appars on Pag 3750 of th Dow Jons Markt Srvic formrly known as Tlrat) or such othr pag or pags as may rplac that pag or pags for th purpos of displaying offrd rats of lnding banks for London intrbank dposits in Dollars) at or about 11 :00 a.m. London tim on th dat that such amount bcam du, or if such rat dos not appar on such pag, dat and tim, th rat dsignatd as "LIBO" that appars on th Rutrs Monitor Mony Rats Srvics, or such othr pag as may rplac that publication, or in any othr srvic dsignatd by th British Bankrs Association which publishs th rats at which Dollar dposits ar offrd by lading banks in th London intrbank dposit markt at 11 :00 a.m. London tim, on th dat that such amount bcam du. If such a rat <los not appar on Pag 3750 of th Dow Jons Markt Srvic or such othr pag or srvic, LIBOR shall b th intrst rat pr annum qual to th avrag roundd upwards, if ncssary, to th narst 1116 of 1 %) of th intrst rats pr annum at which dposits in Dollars ar offrd by th principal offic of Citibank, N.A., in London, England to prim banks in th London intrbank markt for a priod of six 6) Months, or any priod closst to six 6) Months, at or about 11 :00 a.m. London tim) on th dat that such amount bcam du. ft"\ : "Lift," "Liftd," "Liftabl" and "Lifting" all rfr to th act of taking Crud Oíl at ~ th Trminal from on-shor storag in 4r ', c.. :~ ~ C.:: 1'1'1~ Ministrio Uv i..;... :>" 1,. ~~ ES FIEL COFIA DH. OR í...,1 J... _ '.,/ip LO C E R T t F 1 ';O "':'_--7 ) L.,,,, 11llL..--- '--' t;l...

46 o 9 o "Lifting Coordinator" mans, with rspct to ach Shippr, th individuals) locatcct in Ecuador that is appointd and authorizd by such Shippcr from tim to tim in accordan=.:c with th Trminal Rgulations to act xclusivly on such Shippr's bhalf to schdul a: td coordinat Liftings of such Shippr's Crud Oil with th Trminal Coordinator. "Lifting Difficulty" has th rnaning assignd to such trm in S<"I ion 9.1. "Lifting Indmnity Amounts" has th maning assignd to such trm m Sction 11.lc)i). "Lifting Procdurs" mans ths Lifling Procdurs for th OCP, as amndd from tim to tim. "Lifting Program" mans, as to any givn Month, th program of Liftings prparcd in accordanc with ARTICLE III. "Lifting Window" mans th tim schduld for mooring and Lifting ach Cargo hrundr at th Trminal in accordanc with ARTICLE III. "Losss" mans damags, losss, liabilitis, actions, claims, suits, costs and xpnss including rasonabl attornys' fs and othr rasonabl costs of dfns thrfrom), xcluding any loss of profits or rvnu or othr consquntial, indirct, spcial, punitiv and xmplary damags or claims whatsovr, xcpt to th xtnt thy form th basis for Third Party Claims, suits or causs of action that ar indmnifiabl undr ths Lifting Proccdurs and ar basd in tort. "MARPOL 73178" mans th Intr;national Convntion for th Prvntion of Pollution from Ships, 1973, as modifid by th Protocol of 1978 rlating thrto, as ithr may b amndd from tim to tim. "Mtric Tons" mans on thousapd 1,000) kilograms m th masurmnt. mctric systm of "Minirnum Crdit Critria" mans, with rspct to y Prson, th following critria: a) such Prson's unscurd Dollar-dnominatd Ion rm dbt has a crdit rating of not lss than invstmnt grad frorn ithr Moody's Inv ors Srvic, Inc. or Standard & Poor's Rating Group, if ratd by on of ths ratin gncis, or from both such rating agncis if ratd by both; or b) if such dbt is td, such Prson has crditworthinss quivalnt to that of a Prson having th ratin rfrrd to in claus a), as rasonably dtrmind by th Party for whos bnfit such "tria ar rquird to b mt. "Month" mans a calndar month of ths Lifting Procdurs, th dsignaf n: cording to th Grgorian Calndar. For purpos a) "Month M" mans ) "Month M-2" mans th Month prcding Month M-1; d) "Month M+l" mans th Month following Month M; and. L ~ MEi~í:,~r~o~~Acg~~ggR:Gm;V ~ LO CERTIFICO ~

47 o 9 o ) "Montb M+2" mcans th Month following Mont!i M+l. "Nt Procds" shall man th xcss of th proccds from th sal or disposition of an Affctd Shippr's Availabl Crud Oil pursuant to Sction 9.2a)v) or 9.2a)vi) ovr any and all costs incurrd in connction with such sal or disposítion rimbursabl to any Party pursuant to Sction 9.3a) or 9.3b). "Notic of Radinss" or "NOR" mans th writtn notic of radinss tndrd by a Qualifid Tankr that has arrivd at th waiting ara dscribd in th Trmina] Rgulations rprsnting that such Tankr is rady and abl in all rspcts to commnc brthing and Lifting. "OCP" mans Piplin Company's havy Crud Oil piplin systm for th rcipt, blnding, transportation, storag and dlivry of Crud Oil from th Orint rgion of Ecuador to th Trminal togthr with any xpansions thrto from tim to tim). "Oprational Problm" mans an vnt, situation or circumstanc that advrsly affcts th Lifting of any Shippr in Month M or any subsqunt Month, causs th storag capacity or th Trminal to xcd saf and fficint oprating lvls or othrwis advrsly affcts oprations at th Tmlinal or on th OCP. "Othr Forc Majur Evnt" mans any vnt byond th rasonabl control ofth Affctd Party and its Affiliats that is not an Act of God or a Political Evnt; providd that lack of funds or othr financia! circumstancs, labor disputs or industrial action undrtakn by any of Piplin Company's contractors providing nginring, procurmnt, construction, oprating and maintnanc or projct managmnt srvics and, xcpt du to occurrncs that would constitut an Act of God or a Political Evnt, failur or dlay to prform of any of Piplin Company's contractors providing nginring, procurmnt, construction, oprating and rnaintnanc or projct managmnt srvics,. inability to obtain or dlay in obtaining quipmnt, matrials or transport and xplosion, corrosion, lakag, sping, brakag or accidnt to machinry, quipmnt, pip or transmission lin, othr facility or vssls, shall not constitut an Othr Forc Majur Evnt. "Ovrlift" mans, as to ach Shippr at any tim, th rmaindr but only if th rsult is a positiv numbr) of a) th cumulativ volum of Crud Oíl prviously Liftd by such Shippr, minus b) th cumulativ volum of Crud Oil tndrd to th OCP at th Rcipt Point pursuant to such Shippr's Transportation Agrmnts), minus ) th cumulativ linlosss lss any ovrags) on th OCP for fu.l and othr losss lss any ovrags) allocatd to such Shippr pursuant to th Gnral Trms and Conditions, and minus d) any volum adjustmnt whthr positiv or ngativ) mad by Piplin Company or th Quality Bank Advisor), pursuant to th Quality Bank Principis and Quality Bank Procdurs. "Party" mans Piplin Company or any Shippr. "Prson" mans any individual, corporation, partnrship, joint vntur, association, trust, unincorporatd organization, stat ntrpris or govmmnt or any agncy or political subdivision throf.. "$~. Ministrio d Enr!j "'m A 1'/11/ff ES FIEL COP!A DEl OIU '. l >\ ~ LO CERTIFIC _

48 o 9 o "Piplin Company" mans Oloducto d Crudos Psados OCP) Ecuador S.A., a spcial purpos socidad anónima organizd and xisting undr thc!aws of Ecuador, and its succssors and prmittd assigns from tim to tim. "Political Evnt" mans an act of th public cnmy, war dclard or undcclard), civil war, hostilitícs, sabotag, rvolution, riot, insurrction, civil dis1urbanc, {including physícal action of nvironmntal, political, social or indignous groups or landownrs dnying accss to or us of th Right-of-Way, facilitis, matrials or cquipmnt ncssary for th construction or opration of th OCP), gnral labor disput and industrial action of nny kind, archological find, gurilla activity, trrorist act, blockad, mbargo, xpropriation, nationalization, act of rninnt domain, laws, ruls, rgulations, ordrs or acts, or faílurs to act, of Govrnmntal Authority that wr not voluntarily inducd or promotcd by th Affctd Party and <lid not rsult from a brach of such Party's obligations undr any Transportation Agrmnt to which it is a party or unlawful bhavior by such Party, failur of rnwal, rvocation, dnial or dlay othr than rasonabl routin dlays for ministrial acts) in obtaining aftr th Aff ctd Party has usd du dilignc and Rasonabl Efforts to obtain or maintain) any ncssary Govrnmntal Authorization, failur timly to obtain ncssary proprty rights for th Right-of-Way during th construction priod of th OCP, or any othr vnt, which, in ach cas, is byond th rasonabl control of th Affctd Party and its Affiliats, but which is not an Act of God; providd that lack of funds or othr financia! circumstancs, labor disputs or industrial action undrtakn only by th prsonnl of th Affctd Party or, in th cas of Piplin Company, of Piplin Company's contractors providing nginring, procurmnt, construction, oprating and maintnanc or projct managmnt srvics, and, unlss causd by any of th vnts numratd abov, including any othr similar vnts, failur or dlay of any contractor to prform, inability to obtain or dlay in obtaining quipmnt, matrials or transport and xplosion, corrosion, lakag, sping, brakag or accidnt to machinry, quipmnt, pip or transmission lin, othr facility or vssls, shall not constitut a Political Evnt. "Prudnt lndustry Practics" mans any of th practics, mthods and acts rcommcndd or approvd by th Amrican Ptrolum Institut and applid in th Unitd Stats of Amcrica by a significant portion of th xprincd and prudnt profssionals at th rlvant tim for th commissioning, maintnanc and opration o arin tnninals for th loading of Crud Oil of a typ and scal similar to th Trm 1, taking into account th contxt of prforming such activitis in Ecuador. If thr s mor than on catgory of applicabl practics, as indicatd abov, th applicabl pr tic shall b slctd by Piplin Company. "Qualifid P&I Club" mans a protctio Intrnational Group of P&I Clubs. d indmnity club that is a mrnbr of th "Qualifid Tankr" mans accordanc with th rquirmnts of pursuant to such ARTTCLE IV and th Sction 4.5. r that has bn nominatd by a Shippr in TICLE N and approvd by Piplin Company has not bn rfusd prmission to moor pursuant to "Rasonabl Efforts s, with rspct to any Prson, th lvl of ffort that a Prson of ordinary prudnc would xrcis in managing its own affairs and safguarding its own proprty taking into account, in th cas of Piplin Co 1to t Industry.,..1 ARIJ. Pr~ct1c~s...,<.lº"'.. 6.,.º-s. \. Jffp Mimstrio ci ;;.;;.... ;;. ~ l ~ JJ' ~<).\ \ ' ~ll,'71/j ES FIEL COPIA OEl ORIG ""'".; E:P- oecuroor ';;'. \ \ ~ l n Co=r.>T1.,.1r:n,, ~ PEíR ~ j Í

49 o 9 o "Rcipt Points)" mans. th mtr outlt f1ang at th points on th OCP at Amazonas Trminal nar Lago Agrio, Ecuador and Sardinas Station nar Baza, Ecuador whr Crud Oil is tndrd to Piplin Company by on or mor Shipprs or lswhr as Piplin Company may dsignat. "Rciving Party" has th maning assignd to such trm in Sction 12.1 a). "Rfrnc Pric" mans, with rspct to a Shippr~s Crud Oíl, for any Montlr for which such pric is dtrmind, i) th wightd avrag pric at Balao, Ecuador, for sals of Napo Crud Oil basd on th "Prcio Promdio Pondrado Vntas al Contado" publishd by Ptrocuador for such Month; íi) if, for any Month whn th Rfrnc Pric is dtrmind, Ptrocuador for any rason <los not publish th rfrnc pric dscribd in claus í), A) th avrag of th daily man of th Crud Oil rfrnc pric publishd by Platt 's latin Amrican Wir during such Month for Napo Crud Oil or, if such rfrnc pric is not publishd, thn B) th avrag of th daily man of any othr Crud Oil indx pric publishd for such Month that Piplin Company dtrmins is a rasonabl proxy for th prics at which th Crud Oíls transportd through th OCP ar sold on th intmational markt or iii) if, for any Month, no applicabl rfrnc pric is publishd, th avrag of th Rfrnc Pric for th thr 3) Months immdiatly prcding such Month. For purposs of dtrmining th Rfrnc Pric, th prics dscribd in clauss i), íi) and iii) abov shall b dtrmind and applid on a cash basis, including spot and long-trm sals, adjustd for quality, quivalnt to such Shippr's Crud Oil, and xprssd in $ pr Bbl FOB Ecuadorian port main xport trminal). "Rlas" mans any spill, discharg, lak, mission, injction, scap, dumping, laching, disprsa!, manation, migration or rlas of any Hazardous Substanc into th nvirorunnt, including th abandorunnt or discard of barris, containrs, tanks or othr rcptacls containing or prviously containing any Hazardous Substanc. "Rliving Shippr" has th maníng assignd to such trm in Sction 9.2a)vii). "Rprsntativs" of a Party mans dirctors, officrs, mploys, audítors, counsl, financial and othr advisors and othr rprsntativs and Affiliats of such Party, such Party's co-vnturrs with an intrst in a fild opratd by such Party th production of Crud Oil from which is to b transportd through th OCP, and such Affil~at's and co-vnturrs' dirctors, officrs, mploys, auditors, counsl, financia! and othr advisors and othr rprsntativs. ' ' ' : f f '. :, Q: "Right-of-Way" mans th rights ofpassag or of way through, or othr rights ofus of, th land on which th OCP is, or will b, locatd and opratd. "Shippr" mans any Prson shlpping Crud Oíl on th OCP from tim to tim pursuant to a Transportation Agrmnt. "SOLAS Convntion 1974" mans th Intmational Convntíon for Safty of Lif at Sa SOLAS) 1974, as amndd. "Subsidiary" of a Prson mans a) a corporation fifty prcnt 50%) or mor of th outstanding voting shars of which is ownd, dirctly or indirctly, by such Prson or by on { or mor othr Subsidiaris of such Prson or by such Prson and on or mor Subsidiaris ; throf or b) any othr Prson oth rporation). i 1wmNb~~lb ~~--. :.. /1 <;>'<-.,10ROCAJ?s&~ :'l//fli ES FIEL COPIA DEL ORI A I. - :.,l' AJl!í'Ja. oú' ~ Lo CERTIFICO. v-\..--. hv ~\... ó..c\ : " r- f"'.i"\,,n - ~ '-

50 JD mor othr Subsidiaris of such Prson, or such Pcrson and on or mor othr ~ uhsidiaris throf, dirctly or indirctly, has at last a majority ownrship and powr ' 1 dirct th policis, managmnt and affairs thcrof. "Tankr" mans a cargo ship fittd with tanks for carrying liquids in bulk, particularly Crud Oil, and which is in normal us in th transportation of Crud Oíl. "Taxs" mans all taxs and similar govrnmntal chargs, imposts, lcvics, fs and assssmnts, howvr dnominatd including incom taxs, businss asst taxs, franchis taxs, nt worth taxs, capital taxcs, stimatd taxs, withholding taxs, us taxs, gross or nt rcipt taxs, sals taxs, transfr taxs or fs, xcis taxs, ral and prsonal proprty taxs, ad valorm taxs, valu addd taxs, payroll rlatd taxs, mployrnnt taxs, unmploymnt insuranc, social scurity taxs, mínimum taxs and import dutics and othr obligations of th sam or a similar natur), togthr with any rlatd liabilítis, pnaltis, fins, additions to tax or intrcst, imposd at th national, stat or municipal lv!, including montary corrctions. "Trminal" mans th ntirty of Piplin Company's storag and dlívry facilitis at Balao, Esmraldas, Ecuador, from whích th Shipprs may Lift Crudc Oíl into a Tankr. "Trminal Coordinator" mans any individual locatd in Ecuador that is appointd and authorizd by Piplin Company from tim to tim in accordanc with th Trminal Rgulations to xclusivly act on its bhalf for th purpos of programming and coordinating Liftings at th Trminal. "Trminal Managr" mans any individual locatd at th Trminal that is appointd and authorizd from tim to tim by Piplin Company to act as th managr of th Trminal facilitis and to intrfac with th Shipprs' rspctiv Qualifid Tankrs as providd in ths Lifting Procdurs. "Trminal Rgulations" mans th ruls and procdurs concmipg opration of th Trminal and brthing and loading from th Trminal, as amndd ftbm tim to tim by Piplin Company and communicatd to th Shipprs in writing. / "Third Party Claim" has th maning assignd to suc trm in Sction 11.3 a). "Transportation Agrmnt" mans any agr Oíl on th OCP that Piplin Company may ntr int nt for th transportation of Crud ith a Shippr from tim to tim. 1.2 Intrprtation. For all purp s of ths Lifting Procdurs and th Appndics hrto, xcpt as othrwis xp ssly providd or to th xtnt that th contxt othrwis rquirs: a) th trms dfin hrin includ th plural as wll as th singular, and vic vrsa; b) ing gndr includ all gndrs; c) any rfrnc to an "Articl", "Sction" or "Appndix" rfrs to an Articl or Sction of, or Appndix to, ths Lifting Procdurs; r;l/,, Ministrio d r. n::.i!$ "' " n.. ). f!d&f.,i///, ES FiEl CÓP!A º.EL ORIG. L ~ Lo CRT1F1co... ~ 1,... ;"i"!j t.

51 o 9 o s/ d) all rfrncs to ths Lifting Procdurs man ths Lifting Procdurs, including all Appndics hrto, and th words "hrin", "hrof', "hrto" and "hrundr" and othr words of similar import rfr to ths Lifting Procdurs and its Appndics as a whol and not to any particular Articl, Sction, Appndix or othr subdivision; ) all rfrncs in ths Lifting Procdurs to a spcific tim r fr to local tim at th Trminal; f) whnvr th words "includ", "includs" or "including" ar usd in ths Lifting Procdurs, thy shall b dmd to b followd by th words ''without limitation"; and g) all rfrncs to any contract, agrmnt, procdur or rgulation shall b rfrncs to such contract, agrmnt, procdur or rgulation as th sam may b amndd or modifid from tim to tim. ARTICLE Il - GENERAL PROVISIONS 1.1 Lifting Rights and Obligations. Each Shippr shall hav th right and obligation to Lift and dispos of its Availabl Crud Oil pursuant to th trms ofths Lifting Procdurs and th Trminal Rgulations and in such a mannr as to allow th othr Shipprs to similarly Lift and dispos ofthir Availabl Crud Oil. for: 1.1 Obligations of Piplin Company. Piplin Company shall b rsponsibl a) schduling and coordinating Liftings in accordanc with th trms and conditions of ths Lifting Procdurs; b) facilitating ffctiv communication among th Partis; c) notifying th Shipprs of th Trminal Rgulations, as amndd from tim to tim; and d) rsponding to any mrgncy situations arising in connction with th activitis contmplatd by ths Lifting Procdurs. 1.3 Non-Discrimination. Piplin Company shall not discriminat among any of th Shipprs in th prformanc of its obligations and dutis hrundr. Making dcisions and dtrminations and taking actions in accordanc with Prudnt Industry Practics shall not b considrd to b discriminatory actions with rspct to ths Lifting Procdurs or th prformanc of th obligations and dutis of Piplin Company. Ql, f ~ { Q ARTICLE 111- MONTHLY VOLUMES ESTIMATE; LIFTING PROGRAMS 3.1 Monthly Volums Estimat. On or bfor th fifth Day of ach Month M, Piplin Company shall snd a notic to ach Shippr stting forth: y 'l' a) th volum of Crud Oil Liftd by ach Shippr during Month giam M-1, and th aggrgat Liftings by a... ~ring Mq~}fJ!lnis. trio d Enr. Q"- 1'110~ AF%~0 :!'l/f////# E$ FUL COPlA PEl ORJ íla,'1- ~r1 J'o, ~ ''' Lo CERTIFICO ' \.--\' ~ ~~ <" \ ~A.!.f ~!al" <"' \ 2 t:; AGO. LUU

52 -.2. s o 9 o b) Month M-1; th volumc of Crud Oil in storag at th: Trminal as of th nd of ) far cach Shippr, such Shippr's Availabl Crud Oil or <' ivcrlift as applicabl) as of th nd of Month M-1; and d) th stimatd volumc basd on nominations on th OCP) of Crud Oil to b Liftd by ach Shippcr during Month M, Month M+l, and Month M+2, and th stimatd dats far such Liftings for Month M, Month M+ 1 and if known) Month M Nominatd Lifting Window. a) Not latr than th first Businss Day of ach Month M-1, ach Shippr, acting through its Lifting Coordinator, shall notify th Trminal Coordinator of th dsird Lifting Windows) at th Trminal for Month M, Month M+ 1 and Month M+2. Such notification shall provid: i) subjct to Sctions 3.4a) and d), th quantity of Crud Oíl to b Liftd in Month M xprssd in Barris and Mtric Tons; ii) th prfrrd Lifting Window within which ach Cargo will b Liftd at th Trminal, spcifying, for ach prfrrd Lifting Window in Month M, a thr 3) Day priod during which such Shippr rqusts Piplin Company to assign a Lifting Window; iii) for Month M+ 1, a fiv 5) Day priod during which such Shippr proposs to Lift its A vailabl Crud Oíl; and iv) for Month M+2, a tn 10) Day priod during which such Shippr proposs to Lift its A vailabl Crud Oil. b) Two 2) or mor Shipprs may nominat for a Combind Lifting during any Month M by ach so indicating in thir rs~tiv notifications pursuant to Sction 3.2a). / ) Subjct to Sction 3.4d), a Sh' pr that <los not dsir to mak a l:ifting during any Month M may submit a z o nomination. 3.3 Lifting Program. Not latr t n th tnth Day of ach Month M-1, th Trminal Coordinator shall dvlop and noti ach Lifting Coordinator of: a) Th Lífting Pro for Month M, which Lifting Program shall spcify th siz in Barris an Mtric Tons), squnc and thr 3) Day Lifting Window or whr Piplin mpany has givn notic to Shipprs in accordanc with Sction 3.3c), a two 2) y Lifting Window) of all Cargos to b Liftd in such MonthM. b) Th plannd schdul of Liftings for Month M+l and Month M+2, which schdul shall includ, i) for Month M+ 1, fiv 5) Day priods during which Lifting Windows mars 1 signd for ali Cargos to b Liftd during such Month ---- {;#///;, Mi~í~mrtsóM~~~ÍG 1 Day priods during which such Lifting Windows, 0 t" 1 ºRºc 4 "&-l> \. Íf:~íf j, ES f''if! l.\ t; ~'-'.l' ~ºú' ~ Lo CERTIFICO.. o.~ LJl'JI 1.. -

53 201409QS-.? E ~ ~ assignd for ali Cargos to b Liftd in such Month. Th Trminal Coordinator shall us Rasonabl Efforts to coordinat th quantitis proposd to b Liftd during such fiv 5) Day priods for Month M+ 1 with x) ach Shippr's forcastd A vailabl Crud Oíl and y) th tn 1 O) Day priods for Month M+2 nominatd hy ach Shippr pursuant to Sction 3.2a)iv). c) If Piplin Company, in its sol discrtion, dtrmins that it is ncssary or advisabl in ordr to avoid or mitigat th ffct of an Oprational Problm or othrwis to nsur th saf and fficint opration of th Trminal, Piplin Company may assign two 2) Day Lifting Windows to th Shipprs for any Month; providd that Piplin Company shall us Rasonabl Efforts to provid, or caus th Trminal Coordinator to provid, ach Shippr with writtn notic of Piplin Company's intnt to assign two 2) Day Lifting Windows not lss than sixty 60) Days prior to th first Day of th Month during which such two 2) Day Lifting Windows will apply. 3.4 Allocation Ruls. In dvloping ach Lifting Program, Piplin Company shall tak into account th stimatd dlivris of Crud Oil to th Trminal through th OCP, th storag capacity at th Trminal, th total numbr of Liftings at th Trminal, ach Shippr's Availabl Crud Oíl or Ovrlift as th cas may b) and othr rlvant oprational and tchnical dtails. Th following principis shall b applicabl to th dvlopmnt of th Liftirig Program and th rights of th Shipprs to Lift Crud Oil from th Trminal: a) Cargo Siz. Each quantity nomination mad by a Shippr pursuant to Sction 3.2a)i) shall b to Lift a Cargo of no lss than 250,000 Bbls, xcpt i) in th cas of a Combind Lifting in which th aggrgat of th quantitis nominatd by ach Shippr taking part in such Combind Lifting xcds 250,000 Bbls or ii) as Piplin Company, in its sol discrtion, may othrwis dm ncssary or advisabl. b) Failur to Nominat. If a Shippr fails to mak a timly nominations) for any Month M { or, having mad a nomination, such nomination is rjctd pursuant to Sction 3.4d) and such Shippr fails to mak a nw nomination within twnty-four 24) hours following rcipt of writtn notic of such rjction), thn it shall b dmd to hav waivd its right to nominat a Lifting Window and th volum to b Liftd during such Month M, and, subjct to Sction 3.4d), Piplin Company shall hav th right to nominat on bhalf of such Shippr any quantity up to th Shippr's stimatd Availabl Crud Oil plus fiv prcnt 5%) and to schdul such Liftings) during any rmaining Lifting Window in Month M aftr giving prfrnc to timly nominations mad by othr Shipprs. ~ Q t!f ~ c) Priority. Piplin Company shall ndavor to accommodat th Shipprs' rspctiv nominations; providd that if thr ar on or mor conflicts with rspct to rqustd Lifting Windows, thn, subjct to oprational rquirmnts at th Trminal as dtrmind by Piplin Company in its sol discrtion), Piplin Company shall giv considration to giving priority to th schdul rqustd by th Shippr that has th highst ratio of A vailabl Crud Oíl to firm transportation capacity on th OCP as dtrmind in accordanc with th Shipprs' rspctiv Transportation Agr ~~;j:=::-- "''ºp,º ARu y oy.. oú' '/).::;r..l 4!)1; º«<"'~' ~ ~ OR~ 1- "'. rro :;cuao,., ~ pe g J t'.". ~

54 d) Ovrlift/Undrlift. A Shippcr may norninat and Lift volunh:s of Crud Oil that ar or, in th cas of a nomination, will b) lss than or gratr than its A vailabl Crud Oil at th tim of such Lifting; providd that: i) Piplin Cornpany may rjct any nomination or Lifting if such nomination or Lifting, in Piplin Company's sol discrtion, will A) caus an Oprational Problm or B) in th cas of any nornination or Li fting by a Shippr of volums of Crud Oil that ar or, in th cas of a nomination, will b) gratr than its Availabl Crud Oil at th tim of such Lifüng, such nomination or Li fting is in xcss of on hundrd fi v prcnt 105%) of such Shippr's Availabl Crud Oíl; ii) Piplin Company shall promptly notify th rlvant Shippr of any rjction of such Shippr's nominations, stating th rasons thrfor; and iii) ach Shippr shall ndavor to tak its A vailabl Crud Oil or balanc its Ovrlift position as soon as rasonably possibl. ' ) Limitations. Nothing in this Sction 3.4 shall obligat any Shippr to mak a Lifting of lss than 360,000 Bbls or prmit Piplin Company to mak a nomination on bhalf of a Shippr of lss than 360,000 Bbls. 3.5 Rvisions to Lifting Program. Onc th Lifting Program is issud for Month M, it shall b fixd and shall not b rvisd xcptas providd blow or in Sction 3.6 or 3.7. a) Piplin Company may, in its sol discrtion, rvis th Lifting Program upon th occurrnc of on or mor of th following conditions: i) th occurrnc of a Forc Majur Evnt; ii) a matrial chang in currnt or anticipatd oprating conditions prvailíng at th Trminal or on th OCP including unschduld maintnanc or rpairs at th Trminal, a rduction in Crud Oil storag capacity at th Trminal, and wathr and sa conditions that c d advrsly affct Lifting and Trminal oprations); iii) a matrial chang in actu or anticipatd volums shippd on thocp; iv) a failur to Lift by y Shippr; v) th xrcis bx iplin Company of any of its rmdis undr Sction 9.2 upon th occurr c of a Lifting Difficulty; or vi) nation by Piplin Company that such rvision is ncssary to avoid ris of injury to prsons, proprty or th nvironrnnt.

55 o g o s-r ach Shippr shall Lift in th squnc spcifid in th rissud Lifting Progrnm. Any such changs that carry into th nxt Month will hav prcdnc ovr th Lifting Pro!:,>ram for such nxt Month, which shall also b rvisd accordingly, i f ncssary. 3.6 Dviation from Lifting Program. Piplin Company rnay allow Shipprs to dviat from th final Lifting Program if th chang rqustd will not, in Piplin Company's sol discrtion, advrsly affct th Lifting of any othr Shippr, caus th storag capacity or th Trminal to xcd saf and fficint oprating lvls, or othrwis advrsly affct oprations at th Trminal or on th OCP. Piplin Company shall notify th othr Shipprs of any such dviation Exchang of Lifting Windows. Shipprs may xchang Lifting Windows spcifid in a Lifting Program prior to th first Lifting involvd with th approval of Piplin Company, which approval may b grantd or withhld in Piplin Company's sol discrtion. ARTICLE IV -T ANKER NOMINATIONS 4.1 Tankr Nomination. Not Iatr than svn 7) Days prior to th start of ach Lifting Window spcifid in th Lífting Program, th Shippr, through its Lifting Coordinator, shall nominat a Tankr to mak th corrsponding Lifting. Each Tankr nomination shall b in writing to th Trminal Coordinator and shall spcify th ETA of th vssl at th Trminal and shall indud a proprly compltd Initial V tting Qustionnair. Th Shippr shall also fumish th Trminal Coordinator with such othr infonnation rlating to th Tankr as th Trminal Coordinator may rasonably rqust. With rgard to ach Tankr nominatd, th Shippr rprsnts and warrants to Piplin Company and th othr Shipprs that: a) corrct; all mattrs st out in th Initial Vtting Qustionnair ar tru and b) th Tankr is capabl of Lifting at th mínimum rat spcifid in th Trminal Rgulations; ) th Tankr conforms to and complis with i) th Trminal Rgulations and ii) al1 Applicabl Laws including Applicabl Laws with rspct to safty, siz, vssl movmnts, navigation and oprating standards, docurnntation on board, discharg ofballast and oil spill mrgncy prvntion and rspons); d) th Tankr complis with th applicabl rquirmnts of thos intrnational convntions rgarding th control of oil pollution to which th flag stat of th Tankr is a party; ) mutual basis; th Tankr is ntrd in a Qualífid P&I Club with th ntry bing on a ' G f r : ' <,. Í '. ~. _ ~ f) th Tankr has in plac insuranc covrag for oil pollution in an amount not lss than th highst standard oil pollution covrag availabl undr a mutual ntry for oil pollution of a Qualifid P&I Club; g) th ownrs of th Tankr and, if ap~c,ªl\jmriith4w1~i R~~.,~.>. t... mmbrs of th Intrnar Ownrs Poll~~f'~;Ml~i!M. tli.~.l., /1. or0 ARJú \,o/.f,mj { 1 Q'<..y. ~o.s' ~ LO CERTIFICO / # _ \.-,v<r Af,IJ.: º«< ~? :: At: ~1 2Píl. J,)'-'J-- --? 'fl:jv ~../}.- I<'..,.1 LJ!J, f ~,.o ~ n :...- -

56 o 9 o Jb and thc Tankr has on board a valid crtificat issud pursuant to th Civil Liability Convcntion CLC) 1969, orto th 1992 Protocol, as amndd; and h) th Tankr complis with i) th Intrnational Safoty Managmnt Cod wlúch bcamc ffctiv 1 July 1998, ii) all provisions of th SOLAS Convntion 1974, and iii) MARPOL 73178, and shall, upon rqust, provid a copy of th rlvant valid safty managmcnt crtificat and documnt of c.m1pliancc as rquircd undr th SOLAS Convntion 1974, as amndd. 4.2 Tankr Accpta.1;c. a) As soon as practicabl aftr rcipt of th Tankr nomination, but in no vnt mor than forty-ight 48) hours aftr rcipt of th Tankr nomination, th Trminal Coordinator shall advis th Slúppr in writing if th nominatd Tankr is accptd for Lifting at th Tnninal as a Qualifid Tankr or is rjctd. Th Trminal Coordinator may rjct th nominatd Tankr for th following rasons: i) th Tankr <los not comply with ths Lifting Procdurs including th mattrs to which th Shippr rprsnts and warrants pursuant to Sction 4.1 ), th Tnninal Rgulations or Applicabl Laws; ii) th Tankr, in th rasonabl blif of th Trminal Coordinator, would b likly to ndangr th Trminal, Trminal oprations, th nvironmnt, or th halth or safty of individuals; or iii) lgal rstrictions, including national or intrnational sanctions to which th Tankr or th Trminal is subjct. b) If a Tankr nominatd by a Shippr is rjctd pursuant to this Sction 4.2 for whatvr rason, thn Piplin Cornpany will pro nptly notify such Shippr's Lifting Coordinator of such rjction, stating th raso thrfor. ) If a nominatd Tankr is rjctd, th ppr shall nominat an altrnat Tankr. Such altmat Tankr nomination s l b mad in writing to th Trminal Coordinator no latr than four 4) Days for th start of th rlvant Lifting Window spcifid in th Lifting Program o shall stat and confirm th sarn infonnation in rgard to th altrnat Tankr as rquird for a confirmd Lifting undr Sction 4. I with rgard to th rjctd 4.3 Substitut Tankr. Th Shipp, through its Lífting Coordinator, shall b ntitld to norninat a substitut Tankr for a ualifid Tankr; providd that writtn notic of such substitution shall b givn to th T inal Coordinator not latr than thr 3) Days bfor th stimatd dat of arrival at th rminal of th Tankr originally nominatd. Th notic of substitution shall stat and confirm th sarn nomination information for th substitut Tankr as was rquird r Sction 4.1 for th Qualifid Tankr for which such substitut Tankr is to b substitut. 4.4 Accptanc o/ Altrnati! or Substitut Tankr. As soon as practica! aftr rcipt of th altmat or substitut Tankr nomination but in no vnt mor than forty~ight 48) hours ~ftr r~!~t 9f Sl.lf.w ~Ul i tion, th Trminal shaji advis th. "ting if M"."t no d i::ni oi,. Y ~ c11lis 1J;;k ~~l;íet COPIA OEt... ORJGI '. ~v~q...d1f6. v-9oú' -/!/f/lif; Lo CERTIFICO Q,;:,'ll "... o~

57 s~ l ~ th altmat or substitut Tankr is accptcd as a Qualifid Tankr or is rcjctd in accordanc with th principis st out in Sction R/usa/ to Moor. a) Th Trminal Coordinator shall hav th right, in its sol dtrmination, to rfus to moor at th Tc.:rminal any Tankr that: i) <los not comply with th rquirmnts st forth in ths Lifting Procdurs or th Trminal Rgulations; ii) has bn accptd as a Qualifid Tankr but on arrival at th Trminal <los not conform with th rquirmnts st forth in ths Lifting Procdurs or th Trminal Rgulations; or iii) ithr is not suitabl to Lift du to a likly compromis of th safty or nvironmntal intgrity of th Trminal, or is likly to advrsly affct th oprational fficincy or capability ofth Trminal. b) Piplin Company shall promptly notify th Lifting Coordinator of th Affctd Shippr of any rfusal to moor a Tankr pursuant to this Sction 4.5, stating th rasons thrfor. 5.1 Laytim. ARTICLE V - LAYTIME _ 1. - i : r ' ' ~- ;.. ';. a) Th maximum amount of allowabl Laytim bfor Dmurrag is chargd shall b: i) thirty-six 36) conscutiv hours for Qualifid Tankrs up to 75,000 DWT; ii) forty-ight 48) conscutiv hours for Qualifid Tankrs largr than 75,000 DWT up to 175,000 DWT; iii) fifty-ight 58) conscutiv hours for Qualifid Tankrs largr than 175,000 DWT up to a maximum of 250,000 DWT; and iv) sixty..,ight 68) conscutiv hours for Qualifid Tankrs largr than 250,000 DWT up to a maximum of 325,000 DWT. b) Subjct to Sction 5.2, Laytim shall commnc whn a Qualifid Tan.kr arrivs at th Trminal and is mad all fast at th loading facility or upon th xpiry of six 6) hours from th tndring of th NOR to th Trminal Coordinator, whichvr occurs first, providd that: i) if th Qualifid Tankr arrivs bfor th bgínning of th... '- Lifting Window spcifid in th Lifting Program, Laytim shall not ~ conui:inc unti~ th arli.r of A) 0600 ho~ if ~ T~in!l is c~~~u1 ~ '.~. moonng oprat10ns on a tw 24) ~-.flüt!~~~éí!ysj'~f~ooi L \ ' hours if th Trminal is -s~:~lá~~f~!;f~tk~ l L/1 o<c- o AGO,.,, r I.. i0'?' 4fjf; O'o~"' :" 25. J, Lv \ ~- _ Ci ~t

58 o 9 o pr Day basis) on th first Day of th Lifting Wi:1dow or whn th Tankr is mad al] fast at th loading facility, whichvcr o~curs first; ií) xcpt as providcd in claus iii) blow, if A) th Trminal ís not conducting mooring oprations on a twnty-four 24) hour pcr Day basis and B) th Qualifid Tankr tndrs its NOR during th Lifting Window but aftr th tim of Day dtrmind by th Tnnimil Managr as too lat to brth during that Day, Laytim shall commnc at 0900 hours on th following Day or whn th Qualifid Tankr is mad all fast at th Ioading facility, whichvcr occurs first; íii) if A) th Trminal is not conducting mooring oprations on a twnty-four 24) hour pr Day basis, and B) thc Qualifid Tankr tndrs its NOR on th final Day of th Lifting Window but aftr th tim of Day dtrmind by th Trminal Managr as too lat to brth during that Day, Laytim shall commnc at 0900 hours on th following Day or whn th Qualifid Tankr is mad ali fast at th loading facility, whichvr occurs :first; providd that Piplin Cornpany shall talc all actions to nsur such Qualifid Tankr has priority in brthing, including, if ncssary, prmitting dviation to th Lifting Program for such Month that advrsly affcts th Lifting of any othr Shippr, notwithstanding th provision of Sction 3.6 to th contrary; and {iv) if th Qualifid Tankr arrivs aftr th Lifting Window, thn Laytim shal1 commnc whn Lifting actually commncs. ) Subjct to Sction 5.2, i) Laytim shall run continuously frorn th tim that Laytim commncs as dtrmind pursuant to Sction 5.lb)) unti] such tim as th Lifting hoss) ar disconnctd upon compltion of Lifting at which tim Laytim shall cas to run; and ii) if th shipping documnts ar not timly dlivrd as providd in Sction 7.7c), Laytím shall rcommnc from th tim that such shipping documnts ar dmd to b lat and shall run u such tim as th shipping documnts ar dlivrd as providd in Sction Exclusions from Laytim and Dmurrag. y tim usd for th following vnts shall not count as Laytim: a) discharg of ballast, oily wat, black watr or gray watr to th xtnt that this is not accomplishd concurrntl ith Lifting oprations howvr, it is to b notd that thr ar no dballasting ilitis at th Trminal and all dischargs ar subjct to, and must b in accord with, th rquirmnts of Applicabl Law and th Trminal Rgulations); b) tim lost du to hrakdown or inability of th Qualifid Tankr or Qualifid Tankr's facir s to Lift or du to any othr rason attributabl to th Qualifid Tankr or tr, officrs or crw or to th Qualifid Tankr's agnt, supplirs or subcontractors; -~--.

59 o 9 os 7 d) tim lost duto Lifting rstrictions or proliibition rquird by Piplin Company, in its sol discrtion, for rasons of safty, wcathr or sa conditions; ) tim lost duto a Forc M<ijur Evnt; f) tim lost du to th actions of port authoritis, Govmmntal Authoritis or duto th rquirmcnts of Applicabl Law; g) cargo tanks; tim lost du to claning and inspction of th Qualifid Tankr's h) tim lost du to failur of th mastr of th Qualífid Tankr or of th Qualifid Tankr's facilitis to comply with th Trminal Rgulations; i) tim lo~t if Lifting or brthing is dlayd or intrruptd by wathr or sa conditions; j) tim lost awaiting customs or immigration claranc, pratiqu, pilot or tugs; k) tim lost awaiting daylight, if th Trminal is not oprating on a twnty-four 24) hour pr Day basis; 1) tim lost duto ullaging or sampling; m) tim lost duto lin claning or claring; n) tim lost du to ful supply to th Qualifid Tankr, if this dos not coincid with Lifting or if it causs any dlay or slow down to any part of th Lifting procss howvr, it is to b notd that thr ar no bunkring facilitis at th Trminal); o) tim lost taking on supplis, offloading crw, passngrs or trash or othr srvicing ofth Qualifid Tankr; p) tim lost du to th Qualifid Tankr's inability to Lift at th rat spcifid in th Trminal Rgulations; q) tim lost du to a prohibition of Lifting by th Shippr or th ownr, chartrr or mastr ofth Qualifid Tankr; and r) tim lost du to any r-masurmnt pursuant to Sction 11.5 of th Gnral Trms and Conditions. 5.3 Failur to Vacat Brth. If, for any rason othr than a r-masurmnt of a Cargo pursuant to Sction 11.5 of th Gnral Trms and Conditions, a Qualifid Tankr fails to vacat th brth within two 2) hours aftr disconnction of th Lifting hoss), thn a) Piplin Company may rmov such Qualifid Tankr from th brth using any mans that do not ndangr th safty of th Qualifid Tankr or th Trminal and b) th Shippr who \. nominatd such Tankr shall b dmd to hav brachd its obligations hrundr and shall l~ b rsponsibi ror i) an ca1cu1atd inaccw?~l~riwi~ ~~ri~y-tíl. ~ 11, ~ ES FIEL C::OPIA 1.>El. ORIG L, V,. '\::::ff!!f Lo CERTIFICO.. ~..,. n~ ' '~íl?!' \~.

60 o 9 o 6~ Rgulations and ii) any Dcmurrag\ payabl as r. rcsult of th consquntial dd<': i11 brthing or mooring th subsqunt Qualifid Tankrs) awaiting thir tum to load at su ': brth. A r:ticle VI - DEMURRAGE 6.1 Dmurrag Liability. Piplin Company shall pay Dmurrag to a Shippr in accordanc with this ARTICLE VI for Laytim in xcss of th maximum allow;il,lc Laytimc spcifid in, and calculatd in accordanc with, Sction 5.1; providd that: a) whr thc Cargo that is loadd is a full Cargo for th Qualifid Tankr, thn Dmurrag shall b t:alculatd at th lssr of: i) th dmurrag ratc pr Day spccifid in th chartcr party for thc Qualifid Tankr, if any, whn th Qualifid Tankr is on a singl voyag chartr; and ii) th dmurrag rat pr Day, as assssd by th London Tankr Brokrs' Panl Limitd, that applis on th Day of th commncmnt of loading for a Tankr of th sam typ, siz and capacity as th Qualifid Tankr; b) whr th Cargo that is loadd is not a full Cargo for th Qualifid Tankr, thn Dmurrag shall b calculatd at th lssr of: i) th dmurrag rat pr Day spcifid in th chartr party for th Qualifid Tankr, if any, whn th Quali:fid Tankr is on a singl voyag chartr; and ii) th dmurrag rat pr Day, as assssd by th London Tankr Brokrs' Panl Limitd, that applis on th Day of th commncmnt of loading for a Tankr of th sam typ, siz and cargo capacity quivalnt to a summr dadwight qual to th wight of th loadd C~ plus fiv prcnt 5%); ) whr mor than on Cargo is loadd o sam Qualifid Tankr at th Trminal by diffrnt Shipprs thn Laytim Dmurrag shall b allocatd btwn th Cargos pro rata to quantitis load and d) th maxirnum Dmurrag p abl undr ths Lifting Procdurs shall not xcd th actual drnurrag paid b or on bhalf of th Shippr to th ownr of th Qualifid Tankr with rspct t th Cargo Liftd, as shown and justifid by documntation providd by th Shi r. 6.2 Dmurrag Claims. T Shippr, through its Lifting Coordinator, must giv th Trminal Coordinator notic o ntnt to claim Dmurrag within sixty 60) Days from th bill of lading dat, and t Dmurrag claim must b submittd to th Trminal Coordinator in writing, with documntation, within ninty 90) Days of th bill of lading dat. If ithr th notic of intn to claim Dmurrag or th Dmurrag claim ar not submittd within th spcifid tims, th claim shall b dmd to b waivd. Piplin Company shall pay th Shi261pr h undisputd portion of any Dmurrag in ~%,'l, Ministrio d Enrg1~ '; ""1 0 ~ l'10roca"sv {i:f,wj' ES flh COP!t'\ DEL ORIGIN. J} _8<.6,. ~º<l'o ~ Lo ~~RTtF1,co_,. l W..B' \

61 o 9 o running hour and pro-ratd for a part throf within thirty 30) Days following rcccí >t of such Shippr's invoicc thrfor. ARTICLE VII - LOADING 7.1 Custody and Risk of Loss. As btwn ach Shippr and Piplin Company, risk of loss of all Crud Oil shall pass from Piplin Company to th Shippr at thc Dlivry Point. Custody and control of all Crud Oil shall pass from Piplin Company to thc Shippr or such Shippr's Dsignatd Carrir at th Dlivry Point. 7.2 Tankr Conditions. Each Shippr shall nsur that its Tankr has bn accptd by th Tnninal Coordinator as a Qualifid Tankr in accordanc with ARTICLE IV prior to brthing and shall confonn to and comply with th rquirmnts of ths Lifting Procdurs, th Tnninal Rgulations and Applicabl Law. 7.3 Notic of ETA and NOR. a) Tankr: Each Shippr shall tak all masurs to nsur that its Qualifid i) informs th Trminal Managr by radio or tlfacsimil, of its ET A according to th following schdul: finally A. th first tim, svnty-two 72) hours in advanc; thn B. a scond tim, forty-ight 48) hours in ad van; thn c. a third tim, twnty-four 24) hours in advanc; and D. hourly, if rqustd by th Trminal Managr; and ií) tndrs to th Tnninal Managr a Notic of Radinss onc th Qualifid Tankr is rady to commnc Lifting. b) If two or mor Qualifid Tankrs tndr NORs aftr thir rspctiv Lifting Windows, thn th Trminal Managr at its discrtion shall accpt such Qualifid Tankrs for Lifting in th ordr that thir NORs wr rcivd. 7.4 Loading. Piplin Company shall load ach Shippr's Qualifid Tankr with th quantity of Crud Oil in accordanc with th final Lifting Program applicabl to such Shippr. Th Shippr may rqust that Piplin Company load a quantity, which is up to fiv prcnt 5%) mor than or lss than th quantity allocatd to such Shippr in th applicabl Lifting Program. Piplin Company shall ndavor to accommodat such rqust; providd that such dviation will not rquir, in th sol discrtion of Piplin Company, a rvision of th Lifting Program. ~t ~ i 7.5 Trminal Rgulations. Piplin Company, through th Tnninal Coordinator, shall timly provid to th Shipprs a oopy of th Tnninal Rgulations and will thraftr ' promptly provid th Shipprs with co amndmnts thrto... ~ ~ >~OCARau"ºs ~ ".'íí'~ M!nittrio d ~n.rgi2.. rn~ ~ E ~ ~ ~ fj J <P ;: ~. t.~ { ) ~X ~:. t,., ~ ~ t~ '"", ~'tq Aj~ º\ ~ ES FIEL COPIA PH ORi i ;.. f f _ ;; ~ ~Ji' 0 Lo CERT1F1c9,. j 1.1") º.'. ~ ~ uaoor ~.1? _: 11:~0. u ~ -. - ~,..nfi:c '"' o :1 l'lu ~

62 o 9 o 7.6 Taxs, Fs and Othr Chargs. All consular, agncy, towag, pilotag, customs, quarantin, tonnag and port fs, Taxs, fins, chargcs and xpnss incurrd by, or assssd againstor in rspct of, a Tankr shall b paid by th ownr of th Tanhr, and íf not so paid by thc sam, shall b paid by th Shippcr or Shipprs whos Crud o:: i;; Liftd by such Tankr Shipping Docum11 rs, a) No latr than four 4) Days bfor thc start of ach Lifting Window spcifid in a Lifting Program, th Shippr to whom such Lifting Window i:; assignd shall dlivr to th Trminal Coordinator notic of th documnts rquircd in rlation to th Lifting. Such docurnnts shall only b thos rasonably rqncstd by th Shippr and shall includ th documnts listd on Appndix A. b) Upon th compltion of Lifting, th Trminal Managr shall proprly complt th documnts spcifid in Appndix A and shall dlivr to th Qualifid Tankr's mastr and th Shippr's Lifting Coordinator a st of originals and copis of ach of such documnts. ) Subjct to dlays duto any r-masurmnt pursuant to Sction 11.5 of th Gnral Trms and Conditions, if such documnts ar not dlivrd within nin 9) hours aftr disconnction of th Lifting hosss} upon compltion of Lifting and th Qualifid Tankr's dpartur from th Trminal is dlayd as a rsult, thn th additional tim to th xtnt attributabl to th lat dlivry of documnts) shall count as Laytim as providd in Sction 5.1 )ii). ARTICLE VIII - MEASUREMENT 8.1 Masurmnt. Th quality, quantity and trnpratur of Crud Oíl Liftd by a Qualifid Tankr shall b dtrmind in th mannr spcifid in th Gnral Tnns and Conditions. 9.1 Affctd Shippr. ARTICLE rx - LIFfING DIFFICUL TIES a) Th provisions of Sctions shall apply in any of th following circumstancs individually, a " ting Difficulty" and collctivly, "Lifting Difficultis" and th Shippr to hich such circumstanc applis, th "Affctd Shippr"): i) a Shippr hav g a Lifting obligation pursuant to a Lifting Program fails to timly no mat a Tankr in accordanc with ARTICLE IV for such Lifting; ii) a Shi r having a Lifting obligation pursuant to a Lifting Program fails to s an NOR to b tndrd by a Qualifid Tankr within th prtinnt Li Window for such Lifting; or iii) th Qualifid Tankr of a Shippr having a Lifting obligation,;'%;,;, M;n,;::..)f)upursu~..,.t:to a L.mi. l:jl Program fails to Lift as a rsult of non-com 1' with t42j% ES fih. C1tlf~1'~1Clfr9.R~ htt s Lifting Procdurs or th Trminal R li00.8~1< 8 ~ Lo C~'f1F1~8, o'-' ú-?. n r.. -,.',,. 1.)1 '1)t' l.;; r,}" 11~ rm. o V' / 1 _ \ - - Q'j 7l' :-.

63 o 9 o) ~ in any cas, rgardlss of whthr such vnt occurs as a rcs1dt of a Forc Majur Pvnt. b) Immdiatly upon th occurrncc of a Lifting Difficulty, th Afrcctd Shippr shall giv writtn notic to Piplin Company dscribing th circumstancs of th Lifting Difficulty. ) If, at any tim, and for any rason whatsovr, a Shippr's Qualifid Tankr is unabl to arriv at th Trminal during its Lifting Window, as dtrmind in 0! accordanc with th rlvant Lifting Program, th Shippr shall immdiatly notify Piplin Company in writing of such circumstancs. 9.2 Rsolution of Lifting Difficultis. a) In th vnt of a Lifting Difficulty, Piplin Company shall hav authority to tak all actions concrning th Affctd Shippr's Crud Oil that Piplin Company, in its sol discrtion, dtrmins ar ncssary or advisabl to x) avoid any advrs ffct on Lifting by any othr Shippr, y) prvnt th storag capacity of th Trminal from xcding saf and fficint oprating lvls or z) prvnt any othr advrs ffct on oprations at th Trminal or on th OCP; providd that Piplin Company, to th xtnt practicabl, shall notify th Affctd Shippr and th othr Shipprs prior to taking any such action. Such actions may includ: i) prohibiting th Affctd Shippr from tndring Crud Oil until th Affctd Shippr proprly nominats a Qualifid Tankr and/or provids assurancs, accptabl to Piplin Company in Piplin Company's sol discrtion, of th Affctd Shippr's willingnss and ability to Lift such Crud Oil and ali of its othr Availabl Crud Oil in accordanc with th trms of ths Lifting Procdurs and th Trminal Rgulations; ii) xchanging Lifting Windows with othr Shipprs, subjct to obtaining th consnt of such othr Shipprs, which consnt shall not b unrasonably withhld; iii) allowing on or mor of th othr Shipprs to incur an Ovrlift in xcss of th limits imposd by Sction 3.4d); iv) chartring a Qualifid Tankr in ordr to plac all ora portion of th Affctd Shippr's Availabl Crud Oíl in storag for th account ofth Affctd Shippr; { ~ l.. t v) rqusting on or mor Shipprs othr than th Affctd Shippr) to provid rlif to th Affctd Shippr by Lifting, markting and sllíng all or a portion of th Affctd Shippr's A vailabl Crud Oíl for th account of th Affctd Shippr; providd that no Shippr shall b rquird to provid rlif to th Affctd Shippr undr this claus v) unlss it agrs to do so. Any such sal shall b tratd, for purpos of obligations in rspct of Taxs and all othr obligations and for xport quota purposs, as if such sal \.. wr mad by th Affctd Shippr. Whr a Shippr chooss to so Lift, l markt and sll o A Affctd Ship r's :\yailabl Crud Oil, such Shippr shall ~fg~t~ª~~ in only su,. ~filld1\!'hñdffi~otfsaiñ. "-: ' )Jf'\f!: º<,~/1/1) ES FIEL COPIA DEL ORI 1 ~,. ~, ~ '. Lo CERTIFICO ' ~,_._,.., 1ROOI?,g_ ~...,,..,... '"'" j ~

64 _ ar commrcially rasonabl undcr th circumstancs, rcognizi:: ' that any sal undr th conditions hrin dscribd may b a distrssd Sél 1 Th trms of such sal shall b final and binding on th Affcc!cd Shippr. Th Shippr ffcting such sal shall promptly, and in no cas la1r than fiftn 15) days, following rcipt of paymnt for any Crud Oil so sold, pay th Nt Procds of such sal to th Affctd Shippr; vi) Lifting, markting, slling and, if ncssary, arranging for shipmnt of all ora portion of th Affctd Shippr's Availabl Crud Oíl for th account of th Affctd Shippr. Any such ~;al shall b tratd, for purposs of obligations in rspct of Taxs and ali othr obligations and for xport quota purposs, as if such sal wr mad by th Affctd Shippr. In th vnt of any such sal Piplin Company shall b obligatd to obtain only such pric and conditions of sal as ar commrcially rasonabl undr th circumstancs, rcognizing that any sal undr th conditions hrin dscribd may b a distrssd sal. Th trms of such sal shall b final and binding on th Affctd Shippr. Piplin Company shall promptly, and in no cas latr than fiftn 15) days, following rcipt ofpaymnt for any Crud Oíl so sold, pay th Nt Procds of such sal to th Affctd Shippr; vii) if thr is at last on Sbippr othr than th Affctd Shippr) with a balanc of A vailabl Crud Oil that is projctd by Piplin Company to b gratr than 360,000 Bbls as of th nd of th thn-currnt Month, rquiring th Shippr othr than th Affctd Shippr) with th largst such projctd balanc in xcss of 360,000 Bbls th "Rliving Shippr") to nominat a Lifting of 360,000 Bbls or mor and to ffct such Lifting during a Lifting Window dsignatd by Piplin Company. Th Rliving Shippr shall us bst fforts to obtain all ncssary prmits, and thra:ftr shall Lift, markt and sll th Crud Oíl so nominatd for its own account, and th Rliving Shippr's balanc of A vailabl Crud Oíl shall b rducd by an amount xprssd in Bbls) qual to th amount of Crud.Pil actually nominatd and Liftd; and, viii) without duplication, xrcising any rights r rmdis availabl undr th Gnral Trms and Conditions or th lvant Transportation Agrmnt as a rsult of th vnt or circumst giving ris to th Lifting Difficulty. b) Without limiting Piplin ComP, y's sol discrtion and authority pursuant to Sction 9.2a), prior to taking th tions dscribd in Sctions 9.2a)iv), v), vi), vii) and viii), Piplin Company all first giv considration to th actions dscribd in Sctions 9.2a)ii) and 9.2a ii). ) For purposs of th Lifting Procdurs, ach Shippr irrvocably grants to Piplin Company a sp al powr of attomy for th purpos of taking any of th actions prmittd or aut orizd undr Sction 9.2a) and xprssly authorizs Piplin Company to i) ch r a Qualifid Tankr or Qualifid Tankrs to stor th Affctd Shippr's Availabl d Oil, ii) hold th Affctd Shippr's Availabl Crud Oil as scurity for th amounts payabl pursuant to Sction 9.3, iii) ffct a ,,,,- ;,, Ml'- ~~~,or;.s:i~s~fth~f ~- Ship.pr's Avail~b~. Crud O~l and iv) grant a spar 01>- 0~1<10.Roc..,«~" f-,i f}. i:s' " 1 1'lti~ttm Hf mf~ ti> r Shtppr authonzmg such Shippr to ffct a sal.alfa. ~º.r ~ - fiect'bll.a.'-~secó'r1. q~ -~- o Lo CERTtr=tr.n ::!,.,, ~

65 o 9 o c;,- Affctd Shippr's Availabl Crud Oil pursuant to Sction 9.2a)v), as Piplin Company may dtrmin. If so rqustd by Piplin Company, a ~: :iippr shall rpat th forgoing grant of spcial powr of attomy in a scparat signcd instrumnt in th form attachd hrto as Appndix B. d) Piplin Company shall promptly notify an Affctd Shlppr in writing of any actions takn by Piplin Company pursuant to Sction 9.2a). ) An Affctd Shlppr shall assist Piplin Company or any othr Shlppr in tak.ing any action authorizd or prmittd undr Scction 9.2a). 9.3 Liability of Affctd Shippr. a) In th vnt of a Lifting Difficulty, th Affctd Shippr shall b rsponsibl for any and all Losss Piplin Company may incur to th xtnt arising from, or rlatd to, such Lifting Difficulty and any action talcn undr Sction 9.2a) or 9.2 ), including:. ' i) any documntd costs incurrd in connction with th chartring of a Tankr mting th rquirmnts st forth in Sction 4.1 to stor th Affctd Shippr's Availabl Crud Oíl and applicabl Taxs, plus an administration f of $0.90 pr Barrl; ii) any documntd costs incurrd in connction with th sal of th Affctd Shlppr's Availabl Crud Oíl and applicabl Taxs, plus, to th xtnt that th administration f of $0.90 pr Barrl rfrrd to in claus i) of this Sction 9.3a) is not payabl, a markting f of $0.90 pr Barrl; and iii) intrst on any such costs, fs or losss at th Intrst Rat from th Day such paymnts wr mad until th Day thy ar rimbursd. b) In th vnt of a Lifting Difficulty, th Affctd Shippr sball b rsponsibl for any and all Losss any othr Shippr may incur to th xtnt arising from, or rlatd to, such Lifting Difficulty and any action talcn undr Sction 9.2a) or 9.2 ), including: i) any documntd costs incurrd by any such othr Shippr Lifting subsquént to such Lifting Difficulty that aris dir.ctly from such Lifting Difficulty, xcpt to th xtnt such Lifting Difficulty is causd by a Forc Majur Evnt ofth Trminal or th OCP; ii) any documntd costs or fs including in rspct of xport quotas) incurrd ín connction with th sal of th Affctd Shippr's Availabl Crud Oil pursuant to Sctíon 9.2a) and applicabl Taxs, plus a markting f of $0.90 pr Barrl; and iii) intrst on any such costs, fs or losss at th Intrst Rat from th Day such costs wr incurrd until th Day thy ar rimbursd.

66 o 9 o invoic thrfor, pay to thc Rliving Shippr an arnount JXT Barrl of Crud Oil so sold qual to th xcss, if any, of th Rfrnc Pricc for such Crud Oil ovr th actual pric obtaind by th Rliving Shippcr in such.sal. ARTICLE X- FORCE MAJEURE 10.1 Dclaration of Forc Majur Evnt. A Forc Majur Evnt shall b ffctiv upon its occurrnc. Th Affctd Party shall promptly, but not latr than within fiv 5) Days from such occurrnc, dlivr ithr to Piplin Company if th Aff!d Party is a Shippr) or th Shipprs if Piplin Company is th Affctd Party) a noticc. icclaring that such Forc Majur Evnt has occurrd and is continuing as of th dat of st:ch notic; providd that th failur to provid such notic shall not prvnt such occurrnc from bing a Forc Majur Evnt. Such notic shall st forth in rasonabl dtail i) th vnts, conditions, circumstancs or occurrncs that constitut thc Forc Majur Evnt, ii) whthr th Forc Majur Evnt that has occurrd and is continuing is an Act of God, Political Evnt or Othr Forc Majur Evnt and iii) th dat as of which such Forc Majur Evnt has occurrd. Promptly thraftr, th Affctd Party shall dlivr a statmnt ithr to Piplin Company if th Affctd Party is a Shíppr) or to th Shipprs if Piplin Company is th Affctd Party) dscribing in rasonabl dtail all matrial facts and vnts with rspct to th masurs takn or proposd to b takn by it to comply with its obligations pursuant to Sction Eithr Piplin Company if th Affoctd Party is a Shippr) or any Shippr if Piplin Company is th Affctd Party) shall hav th right to objct to th dclaration of a Forc Majur Evnt undr this Sction by commncing arbitration procdings undr th procdurs st forth in th Gnral Trms and Conditions. Th dclaration of th Forc M:'cjur Evnt shall b dmd ffctiv pnding rsolution of th arbítration procdíngs Dutis ofth Affctd Party. a) Th Affctd Party shall us Rasonabl Efforts including th xpnditur of rasonabl amounts of mony) and shall tak rasonabl prcautions or pursu rasonabl altrnativ masurs availabl to it to prvnt or t;litigat th ffcts of th occurrnc or continuation of a Forc Majur Evnt on t prformanc of its obligations undr ths Lifüng Procdurs and to rmdy suc orc Majur Evnt. b) If Piplin Company is th Affctd P, it shall not discriminat among any of th Shipprs in th prformanc of it obligations undr ths Lifting Procdurs, including with rspct to th dclar ion of a Forc Majur Evnt in accordanc with this ARTICLE X and th mif ation throf in accordanc with this ARTICLE X, and shall nsur that th Forc ajur Evnt has a non-discriminatory, proportionat ffct on all of th Shipp, unlss complianc by Piplin Company with this rquirmnt is impracticabl to th natur of th rlvant Forc Majur Evnt or th natur of thc obligation Piplin Company affctd thrby. ) th Affctd Party is a Ship Party) of th cssation of a shall giv prompt notic to Piplin Company if or th Shipprs if Piplin Company is th Affctd Majur Evnt.

67 b) Each Shippr shall b rsponsibl for, and shall indmnify ach othr Shippr and its Indmnifid Partis from and against, any and all Losss that such ~~1~;r 0~~~~t~i;~~:!~~ ~arti:s R s:;r.~.~=~jwa~&~-~fxtn t''i. / 1 v~q AW~.s'ó \. Lo CERTIFICO """"'\; 'flj-) 8:01 ~"' \? 11 ilr'q r ria.,, '~ o 9 o tf'~ arbitration procdings initiatd pursuant to Sction 1 O. J dclaring that no Forc Majur Evnt has occurrd with rspct to th Affctd Puty Ejfct of a Forc Majur Evnt; Su.,pm ion of Obligations. a) Th Affctd Party's obligations hrundr othr than payrnnt obligations for monys du) shall b suspndd insofar as prformanc of such obligations is rndrd impracticabl by a Forc Majur Evnt dclard by it in accordanc with Sction 10.1 and, without prjudic to th provisions of ARTICLE IX, any dlay or failur by th Affctd Party in th prformanc of any of its obligations hrundr shall not constitut a dfault undr ths Lifting Procdurs or giv ris to any claim for damags against th Affctd Party with rspct to th priod such Forc Majur Evnt is in ffct and to th xtnt that i) such dlay or failur is dirctly and proximatly causd by such Forc Majur Evnt and ii) th Affctd Party has complid with Sctions 10.1 and l 0.2. b) Notwithstanding th fact that an Affctd Party has givn notic of a Forc Majur Evnt, th othr Partis shall hav th right to continu to Lift pursuant to ths Lifting Procdurs. For th avoidanc of doubt, such continud Lifting shall not rduc th Affctd Party's balanc of Availabl Crud Oíl. ) Notwithstanding anything hrin to th contrary, no Forc Majur Evnt claimd undr this ARTICLE X shall affct th obligations of an Affctd Party or any othr Party undr any Transportation Agrrnnt or any othr agrmnt to which it is a party, xcpt to th xtnt such Forc Majur Evnt individually qualifis as forc majur undr such Transportation Agrmnt or othr agrmnt. ~ o }. r { 10.4 Non-Inducmnt o/ Forc Majur. Notwithstanding th forgoing, no Ecuadorian Govrnmntal Authority or any othr Public Entity as such trm is dfind in th Authorization Agrmnt) that is a Shippr shall b ntitld to invok any action or Govrnmntal Authorization as a Política! Evnt in ordr to rliv itslf of any obligation undr ths Lifting Procdurs. ARTICLE XI - LIABILITY AND INDEMNIFICATION 11.1 Shippr's Jndmnity. a) Without limiting th applicability of Sction 11.l{c), ach Shippr shall b rsponsibl for, and shall indmnify Piplin Company and its Indrnnifid Partis from and against, any and all Losss that Piplin Company and its Indmnifid Partis rnay suffr, sustain, pay or incur, including in rspct of physical loss or damag to th OCP including th Trminal), to th xtnt arising out of i) any brach by such indrnnifying Shippr of its obligations undr ths Lifting Procdurs or ii) such indmnifying Shippr's bad faith, gross nglignc or wíllful misconduct in prforming its obligations undr ths Lifting Procdurs or th Trminal Rgulations.

68 S thsc Lifting Procdurs or ii) such indmnifying Shippr's bad f :.iih, gross nglignc or willful mjsconduct in prforming its obligations undcr ths Lifting Procdurs or th Trminal Rgulafr,1ns. c) i) Subjct to paragraphs ii) and iii) blow, ach Shippr shall b rsponsibl for, and shall indmnify Piplin Cornpany and its Indmnifid Partics from and against, any and all Losss that Piplin Company and its l;idmnifid Partis may suffr, sustain, pay or incur, including in rspct of physícal loss or damag to th OCP including th Trminal), to th xtnt arising out of x) any action, or füilur to act, of such indmnifying Shippr's Dsignatd Carrir or y) any Rlas occurring aftr th Dlivry Point or othrwis in connction with a Lífting by such indmnifying Shippr or its buyr or othr party in th chain of titl to such Crud 011), including any such R1as arising out of a Forc Majur Evnt xcpt to th xtnt such Rlas is causd by any action, or failur to act, of Piplin Company) th amounts payabl by such indmnifying Shippr pursuant to this sntnc, th "Lifting Indmnity Amounts"). Th Lifting Indmnity Amounts shall b rducd by, and such indmnifying Shippr shall b ntitld to a rimbursmnt qual to, th xcss, if any, of A) any procds actually rcivd by Piplin Company and its Indmnifid Partis from tim to tim :from its insurrs, from vssl ownrs, from vssl chartrrs or from othr third partí s in rspct of any Losss that Piplin Company and its Indmnifid Partis may suffr, sustain, pay or incur arising from a particular vnt, ovr B) th amount of any such Losss born by Piplin Company and its Indmnifid Partis for thir own accounts and for which Piplin Company and its Indmnifid Partis ar not ntitld to an indmnity undr this Sction 11.1 )), if any; providd that in no vnt shall such indmnifying Shippr b ntitld to a rduction or rímbursmnt of any amounts in xcss of th Lifting Indmníty Amounts that such indrnnifying Shippr actually has paid. J ii) In th cas of Losss for which a Shippr is rsponsibl undr Sction 11.1 )i) and which rlat to or aris in connction ith a Combind Lifting, ach Shippr taking part in such Combind Liftin shall b svrally rsponsibl for its pro rata shar of th rlvant Liftin Indmnity Amounts and ntitld to its pro rata shar of any rlvant rd ion or rimbursmnt), basd on th proportion that th Crud Oil bing d by such Shippr or its buyr or othr party in th chain of titl to su Crud Oil) bars to th total numbr of Barris of Crud Oíl Liftd or o b Liftd in such Combind Lifting. iii) In th cas of Losss lating to or arising in connction with a Lifüng whr th Qualifid Tank for such Lifting contains a partial cargo of Crud Oíl liftd from othr s cs whn ít arrivs at th Trminal, th forgoing provisions of this ction l 1.1 c) shall apply without rgard to th fact that th Qualifid Ta r for such Lifting containd a partial cargo of Crud Oíl Iiftd from oth sourcs. J ;~.. d) i) To th x not paid dirctly, th rlvant indmnifying Shippr shall pay to th rlvant indmitifid prson amounts to which such indmnifid prson is ntitld pursuant to th forgoing provisions of thís ARTICLE XI within fiftn 15) Days aftr rcipt by th indmnifying Shippr of an invoi ct ; ~n'.t4xr 1 8. f.,.~ ~,... ~,... f.~if,:: "-ti 11~.'''-' 1..1'-'.º:! g1a y ~ ~.,'.\,;-7JJ ES f El COP!A 0 ;;1.. ORIGI L :.,~ Lo CE:~Tl:F1:0. j ~

69 o 9 o ii) Th rlvant indcm11ifid prson shall pay to thc rclvant indmnifying Shippr amounts for which such indmnifying Shippr is ntitld to rimbursmnt pursuant to Sction 11.lc)i) withill fiftn 15) Days aftr rcipt by Piplin Company or its Indmnifid Partis of procds from its insurrs, from vssl ownrs, from vssl chartrrs or from othr third partis in rspct of Losss arising from th vnt for which th indcmnifying Shippr has paid any Lifting Indmnity Amount. ) Th provisions of th forgoing indmnitis shall not limit any rights a Party may hav against any third partis othr than indmnifid prsons), including tankr ownrs and tankr chartrrs Piplin Company's Indmnity. Piplin Company shall b rsponsibl for, and shall indmnify ach Shippr and its Indmnifid Partis from and against, any and ali Losss that such Shippr and its Indmnifid Partis may suffr, sustain, pay or incur, including in rspct of any physical loss or damag to any proprty of such Shippr or any such Indmnifid Party, to th xtnt arising out of a) any brach by Piplin Company of its obligations hrundr or b) Piplin Company's bad faith, gross nglignc or willful misconduct in prforming its obligations undr ths Lifting Procdurs or th Trminal Rgulations Control of Procdings. a) Without prjudic to th right of a Shippr or Piplin Company and thir rspctiv Indmnifid Partis to indmnification in accordanc with Sctions 11.1 or 11.2, rspctivly, promptly aftr rcipt by a Shippr or Piplin Company, as th cas may b, of notic of th commncmnt of any action or th prsntation or othr assrtion of any claim or dmand by a third party a "Third Party Claim") that could rsult in a claim for indmnification for Losss hrundr, it shall assum th dfns throf and shall notify th indmnifying Party promptly, and in any vnt within fiftn 15) Days aftr such commncmnt, prsntation or assrtion or such shortr priod as may b ncssary to avoid a right of rply or dfns bing lost. Th indmnifid prson's faílur to giv such notic shall not affct th indrnnifying Party's liability for indmnification, xcpt to th xtnt that such failur actually and matrially prjudics th indmnifying Party. Upon rcipt of such notic and writtn confirmation to th indmnifid prson by th indmnifying Party that it accpts its obligation to indmnify th indmnifid prson, th indmnifying Party shall hav th right to assum th dfns of any Third Party Claim with its own counsl and at its own xpns and, at its lction, to control such dfns.. '. _ b) Th indmni fying Party shall not compromis or sttl such Third Party Claim without th consnt of th indmnifid Party, which shall not b unrasonably withhld or dlayd; providd that if th indmnifying Party offrs to th indmnifid Party th undrtaking of any Prson mting th Mínimum Crdit Critria that it shall satisfy th trms of any such compromis or sttlmnt, and such compromis or sttlrnnt <los not obligat th indmnifid Party to tak any action or othrwis limit its futur bhavior in any way othr than an obligation to xcut a C rlas of claims), and th indmnifid Party withholds its consnt thrto, th indmnifying Party's indmnification ~Jit.Jhi.s:,;.t\l.rlil.C.Llk. 1~ }N.ffii ~\'\,4 "' rspct to such Third Party Claim sh flffi'im<t - :-t ixtdtl~lociursmm'ls<lfl LP-' t,}" ~A. 0 Lcry~EFff}f'<';,$?;1 lo~-' ~"' --!OAV ~ ~ ;J hvu. UIJ. ;;; C

70 o 9 o compromis or sttlmnt.. Th indmnifying Party shall also not b liabl for any compromis or sttlmnt ofany such Third Party Claj n cffoctd without its consnt. ) Paymnt of a Third Party Claim may b mad by th imk1rntífying Party, at its lction, ithr to th indmnifid Party or dirctly to thc rckvant third party claimant. Th Partis shall coopcrat to th fullst xtcnt possibh: in connction with any Third Party Claim for which indmnification is or rnay b sought undr ths Lifüng Procdurs Rc:JJdis in <inral. a) Without prjudic to th rights and rmdis of th Partí s with rspct to othr mattrs undr Applicabl Law, or to th Partis' quitabl rmdis undr Applicabl Law, th rmdis providd in Sctions 5.3 and 9.3 and this ARTICLE XI shall b th sol and xclusiv lgal rmdis of th Partis in rspct of Losss that ar subjct to indmnification undr ths Lifting Procdurs. Nothing in this Sction l l.4a) shall b dmd to prclud any arbirrator from granting quitabl rlif in connction with any such Losss, including spcific prformanc and injunctiv rlif. b) Notwithstanding Sction l 1.4a), no Party shall b Iiabl hrundr to any othr Party, or its Indrnnifid Partis, for any loss of profits or rvnu or othr consquntial, indirct, spcial, punitiv and xmplary damags or claims whatsovr, xcpt to th xtnt that thy form th basis for Third Party Clairns, suits or causs of action that ar indmnifiabl undr ths Lifting Procdurs and ar basd in tort. In th vnt of willful brach in bad faith by any Party of its obligations hrundr, such Party shall, in addition to any indmnification, damags or othr rmdis grantd hrundr, pay ovr to th appropriat Party or Partis th nt aftrtax procds or bnfits to th Party in brach that wr dirctly and proximatly causd by such willful brach in bad faith Confidntial Information. ARTICLE XII - CONFIDENTIALITY a) "Confidntial lnformation" shall ma all information of propritary or confidntial natur that is furnishd by any P y th "Disclosing Party") to anothr Party th "R~civing Party") in conn on with ths Lifting Procdurs or th transactions contmplatd hrby, whtn such information is writtn or oral and in whatvr fonn or mdium it is providd d shall spci:fically includ: i) all data, rcords, oral discussions and info tion xchangd bctwn th Partis in connction with ths Lifting Proc rs or th transactions contmplatd hrby; ii) all information gnratd by a Party or its Rprsntativs that rproducs th furnishd infonnation; and iii) l tchnical, financia! or nvironmntal information gnratd by Piplin C any rlatd to its activitis in connction with th prformanc of ths Lifting cdurs, but shall xclud th information providd in paragraph b). b) Th following infonnation shall not b drnd Confidntial. Tnformation and thpt.]o:v ions ofthis ARTICLE XII shall not applyto: i) of Í!?í~. M:ni~$S04:i#:ing..Jl-~ap\W ~ i) information that is or bcoms gnrally a.. flf#j ES FlH COPIA OH ORIGI.a.L.<?>0v ~ Lo CERTIFICO o.::,

71 o 9 o 7-/ public othr than as a rsult of a disclosur in violation of ths Lifting Procdurs; iii) information that was alrady known to th Rciving Party or its Rprsntativs prior to bing fumishd pursuant to ths Lifting Proccdurs; iv) information that bcoms availabl to th Rciving Party or its Rprsntativs on a non-conlidntial basis from a sourc othr than th Disclosing Party or its Rprsntativs if th Rciving Party or its Rprsntativ had no rason to bliv that such sourc was subjct to any prohibition against transmitting th information to th Rciving Party or its Rprsntativs; and v) information that is indpndntly dvlopd by th Rciving Party or its Rprsntativs Confidntiality Obligations. a) Th Rciving Party shall not disclos th Confidntial lnformation to any othr Prson without th consnt of th Disclosing Party, othr than to: i) th Rciving Party's Rprsntativs, th Disclosing Party or th Disclosing Party's rspctiv Rprsntativs; ii) any financia! advisor, lndr, prospctiv managr of an undrwriting syndicat, lgal counsl, consultant, contractor or subcontractor, in ach cas, that has a lgitimat businss nd to b informd; iii) a prospctiv assign in accordanc with an assignmnt prmittd pursuant to th Rciving Party's Transportation Agrmnts); iv) a Govrnmntal Authority or a Prson to which th Disclosing Party or its Affiliat is rquird by Applicabl Law or th applicabl ruls of any stock xchang, scuritis rgulatory authority or similar rgulatory authority to disclos th Confidntial Informatíon; v) a Prson to whom th Rciving Party is othrwis prmittd to mak disclosurs pursuant to th trms of such Rciving Party's Transportation Agrmnts); or vi) with rspct to any Lifting Program or any information or data thrin, any othr Party.. b) In cas of a disclosur of Confidntial Information to a third party prmittd by paragraph a)i), ii), iii) or v), th Rciving Party disclosing such information shall nsur that such third party has signd an agrrnnt to protct th Confidntial Infonnation from furthr disclosur to th sam xtnt as th Partis ar obligatd undr this ARTICLE XII, xcpt in th cas of any such Prson that is prvntd from ntring into such an agrmnt in accordanc with Applicabl Law Notic Prcding Comp/ld Disclosur. If a Party or any Rprsntativ of such Party rasonably blivs it is rquird by Applicabl Law or th applicabl ruls of any stock xchang, scuritis rgulatory authority or similar slf-rgulatory organization whthr rqustd by oral qustion, intrrogatory, rqust for information or documnts, subpona, civil invstigativ dmand, similar law or lgal procss or othrwis) to disclos any Confidntial Information, such Party shall promptly notify th Disclosing Party of such rquirmnt as soon as it bcoms awar of it Rturn of Information. All writtn Confidntial Information, xcpt for that portion of th Confidntial Information that may b found in analyss, compilations, studis or othr documnts prpard by th Rciving Party or its Rprsntativs, shall b promptly rturnd upon writtn rqust of th Disclosing Party.or, at th lction of th Rciving Party, dstroyd, and no copis shall b rtaind by th Rciving Party or its Rprsntativs. That portion of th Confidntial Information that may b found in analyss, compilations, studis or othr doc and Confidntial Information not so rqustd or E rtumd will b hld and kpt s.. s of ths I:;.j.itin~Pr.p~~~µr~,qr,.. ~.~~µ:pynt~.. ~0'?-º~"'l\~ul?ºJ'º<>- rf'-f 11 ~~ 11 F1E~~ 0 o~~a... ~~~~;R,.. ' J ~.#' <~ ~ Lo.~ERIJ,.1;.~C,CZ,,,.. ~

72 o 9 o 1z 12.5 Consultation as to Announcmnts. No public announcmcr:t or prss rlas conc::rning ths Lifting Procdurs or th transactions contmplatd hc;\;0y shall b mad by any Party without prior consultation among Piplin Company and thc othr Partis; providd that this Sction 12.5 shall not prohibit any public announcmnt or prss rlas rquird to b mad a) pursuant to Applicabl Law, rgulatio11s or policis of any fdral, provincial or stat govrnmntal agncy or similar agncy or any stock xchang, scuritis rgulatory authority O"" similar slf-rgulatory organization or b) by th rasonablc good faith judgmnt of th Disclosing Party as a rspons to any nvironmntal or othr cmcrgncy that may hav a significant advrs ffct upon th OCP or Piplin Company; providd that th Party making such announcmnt shall, to th xtnt practicabl, consult with Piplin Company concrning th timing and contnt of such announcmnt bfor such announcmnt is mad and shall giv a copy throf to th othr Partis at th samc tim, or as soon as rasonably practicabl aftr th making of such announcmnt Spcific Prformanc. Th Partí s rcogniz and agr that if any of th provisions of this ARTICLE XII ar not prformcd in accordanc with thir spcific trms or ar othrwis brachd, immdiat and irrparabl harm or injury would b causd for which mony damags would not b an adquat rmdy. Accordingly, th Partis agr that, in addition to othr rmdis, ach Party shall b ntitld to an injunction rstraining any violation or thratnd violation of th provisions of this ARTICLE XII or to spcific prformanc or othr quitabl rlíf to nforc th provisions of this ARTTCLE XII. In th vcnt that any action should b brought in quity to nforc th provisions uf this ARTICLE XII, no Party will allg, and ach Party hrby waivs th dfns, that thr is adquat rmdy at law. ARTICLE XIII - MISCELLANEOUS 13.1 Notics. All notics, rqusts, dmands, dirctions and othr communications with rspct to ths Lifting Procdurs shall b in writing and shall b givn by prsonal dlivry or by intmational courir with an acknowldgd rcipt, or by facsímil communication addrssd to such addrss, individual or facsímil tlphoij:~ numbr as may b dsignatd from tim to tim by Piplin Company and ach S pr. Any notic, dmand, rqust, dirction or othr communication givn by prsonal dlivry or intrnational courir shall b conclusivly dmd to hav bn n on th Day of actual dlivry throf and, if givn by facsímil communication, on Day of transmittal throf if givn during th normal businss hours of th rcipint on th nxt Day during which such normal businss hours nxt occur if not givn durin such hours on any Day; providd that such dlivry shall b ffctiv only upon h confi ation of actual rcipt throf. Th Party giving any notic, dmand, rqust, dirctio or othr communication by facsímil communication shall snd th original by prsonal livry or by intrnational courir Svrability. lf, at any tim any provision hrof is or bcoms illgal, invalid or unnforcabl in any rspct und th law of any jurisdiction, nithr th lgality, validity or nforcability of th rmain' g provisions hrof nor th lgality, validity or nforcability of such provision undcr law of any othr jurisdiction shall in any way b aff ctd or impaird thrby Natur.ThR of Obligations; No Third Party Bnficiaris. a) oli ns of th Shipprs cratd by ths Lifting Procdurs l]ff~fii ~Ji;n~'\;~Ri... drlbfjwmf 'iitfd"'... r 1 with any othr Prson. Nothing hrin shall b ~fua;ilof% ~ ES fih Cv?I;:, 0H ORI A. 0 r.} Lo CERTIF!CO _ a.~q,

73 o 9 o 7~ to constitut a partnrship, joint vntur, association, trust or agncy r1<jtionship btwn th Partis. b) Ths Lifting Procdurs shall inur to th bcnfit of and b bindíng upon th Partis and thir rspctiv succssors and prmittd assígns, and no othr Prson shall hav any rights hrundr. Without prjudic to th gnralíty of th forgoing sntnc, ach Shippr shall b ntitld to nforc th provisiuns of Sctions 11.1 b) and 11.3 and ARTICLE Xll of ths Liftíng Procdurs against any othr Shippr. ) Th Partis acknowldg and agr that thír obligations hrundr ar of a commrcial natur and that th transactions contmplatd by ths Lifting Procdurs ar intrnational commrcial transactions, including for purposs of th Ecuadorian Law of Arbitration and Mdiation Amndmnts and Waivrs. Piplin Company shall b ntitld from tim to tim to mak amndmnts of a tchnical or administrativ natur to ths Lífting Procdurs in ordr to avoid any advrs ffct on oprations at th Trminal or on th OCP or to facilitat ordrly schduling and coordination of Liftíngs by dlivring a rvisd vrsíon of ths Lifting Procdurs to all Shípprs. Any waivr of any provision of ths Lifting Procdurs must b ín writing and signd by th Party against whom such waivr ís sought to b nforcd. No waívr of any of th provísions of ths Lifting Procdurs shall b dmd or shall constitut a waívr of any othr provisions whthr or not similar) nor shall such waivr constitut a continuing waivr unlss othrwis xprssly provídd Disput Rsolution. Evry disput, controvrsy or claim btwn or among th Partis arising out of or rlating to ths Líftíng Procdurs, or th intrprtation, prformanc, brach, trmination or invalidity hrof, shall b sttld in accordanc with th procdurs st forth in th Gnral Trms and Conditions Paymnts; Currncy. a) Excpt as othrwis xprssly providd hrin, all amounts payabl undr ths Lífting Procdurs shall b paid in Dollars withín thírty 30) Days following rcipt of an invoic thrfor. Ovrdu amounts shall bar íntrst at th Intrst Rat from th dat originally du until th dat paíd. In th vnt of any disput rgarding paymnt from a Shippr to Piplin Company, th Shippr from whom paymnt is owd shall nvrthlss pay th full invoicd amount, but such paymnt shall not prjudic such Shippr's right to subsquntly pursu such disput in th mannr spcifid hrin. 1 : ~ b) Th obligatíon of a Party in rspct of any sum du from it to anothr Party xprssd in Dollars, notwithstanding any judgmnt in a currncy othr than Dollars, shall not b dischargd until th first Businss Day following rcipt by such othr Party of any sum adjudgd to b so du in such othr currncy on which and only to th xtnt that) such othr Party may in accordanc with normal bankíng procdurs purchas Dollars with such othr currncy. If th Dollars so purchasd ar lss than th sum originally du to such othr Party hrundr, th obligatd Party agrs, as a sparat obligation and notwithstanding any such judgmnt, to indmnify such othr Party against such all. If th Dollars so purchasd ar gratr than th sum originally du 'ti~.1ffriro y hr~. }~gnci'l;:.utbil-.p~y &gr~. L C. ~"Q ~.. º<. ~ \f!//j#/j ES FlEt COPIA ijei. OR IN.~L ~... '/$'!!!{)J:I' ~ ~ Lo CEIHIFICQ 1....>--l.:; V:~ ;.,.. ~.~,..,..., t)n.n ~. C

74 o 9 o xt th fullst cxtcnt prrnittd by law to pay tn lbc obligatd Party an amount :.: 'º th xcss of th Dollars so purchasd ovr th sum originally duto such 1_,,:[,'.r Party hrm1dcr No Right to St-Off. Excpt as othrwis xprssly providd hrin, all paymnts to b mad pursuant to ths Lifting Procdurs shall b mad without ~t-off, countrclaim or clc<liction of any kind Languag. Ths Lifting Proccdurs may b pubfühd in English with a Spa~1ish translation.

75 t-r- APPENDIX /. Shipping Documnts Documnt bill of lading st) No. of originals/copis to Mastr 012 No. of originals/copis to Lifting Coordinator 316 ccrtíficat of origin crtificat of quantity crtificat of quality O I 2 Tankr loading tim shts O I 2 mastr's rcipt for sampls O 12 mastrs' rcipt for O I 2 documnts ullag rport O I 2 cargo manifst O 12 othr documnts as rasonably rquird 1/ /4 1/4 1/4 1/4 1/4 1/ 4 as rasonably rquird c1 6, ~ t' "" " - c. '"' ' '\0 R oc :~:.~.~. : : ~t. "''º., ff,,c.l' f: -. l~ J' ' '1l V,, r.:- 'i:'~ º«- ~,-_,11 < ~~ Q. <'.'.',.. ~;~ ~ ~ ~ E'/:>tFTROECUROOR ~ ~ g ' -:, GERENCIA; GENERAL l

76 o 9 o 1-6 Appndix B _E~rm of Powr of Attgr.ny POWER OF ATTOHNEY Mr./Ms., as and rprsntativ of _ a company organizd undr th Jaws of with its principal offics at {hrinaftr rfrrd to as th "Grantor"), has bn duly authorizc~ by th Board of Dirctors of th Grantor, and pursuant to such authority, hrcby g: ants on bhalf of th Grantor this spcial powr of attorny, which is broad and sufficint as rquird by law, in favor of Oloducto d Crudos Psados OCP) Ecuador S.A., a stock company organizd undr th laws of th Rpublic of Ecuador, with its principal offics at hrinaftr rfrrd to as th "Attorny-in J;'act"), to act as th tru and lawful attorny-in-fact of th Grantor with full powr and authority through its duly authorizd officrs to do and prform th following: 1. To tak all actions ncssary to lssn or mitigat damag to th crud oil piplin systm for th rcipt, blnding, transportation, storag and dlivry of crud oil from th Orint rcgion to thc coast of th Rpublic of Ecuador including any xpansions thrto from tim to tim) ownd and opratcd by th Attorncy-in-Fact such systm is hrcinaftr rfrrd to as th "OCP"), in accordanc with and as contmplatd by th. Jnral Trms and Conditions for th OCP th "GT&C") or th Lifting Proccdurcs attachd as Appndix A to th GT &C th "Lifting Procdurs"). Such actions shall includ without limitation th right to rmov from th OCP any crud oil not plying with th agrd spcifications for crud oil to b transportd on th OCP and to cntr into and prform contracts for thc sal of such noncomplying crud oil in any lawful mannr dmd appropriat by th Attorny-in Fact. 2. In accordanc with and as contmplatd by th GT &C ánd th Lifting Procdurs, to ngotiat, ntor into and prform contracts for t chartr of crud oíl tankrs for thc transportation or storag of crudc oíl) and th arkcting or sal for th Grantor' s account of th Grantor' s availabl crud oíl and o rciv th pric thrfor and dduct from th procds of any such sal any an 11 amounts du and owing by th Grantor to th Attorny-in-Fact pursuant to Sc on 5.4, 6.7 or 12.1 of th GT&C or pursuant to Sction 9.2 of th Lifting Procdu s. 3. To hold th Grantor's availabl cru oil as scurity for any amounts paya.bl by th Grantor to th Attorny-in-Fact i ccordanc with andas contmplatd by th GT&C or th Lifting Procdurs. 4. rlatd to th forgoing or othrwis dmd ncssary, appropriat or advis by th Attorny-in-Fact to ffctuat and carry out th forgoing in accordanc rh and as contmplatd by th GT &C and th Lifting Procdurs and in complian with all applicabl laws ofth Rpublic of Ecuador. I

77 o 9 o })- xprssly mntion a dtrmincd powr ndd to fulfill th puqmss hrof~ this will not imply that th Attomy-in-Fact dos not hav th powcr ncssary to act and procd on bhalf and in rprsntation of th Grantor as if th Grantor wr to act dirctly. All rights, powrs and authority of th Attomy-in-Fact to xrcis any and all of th rights and powrs hrin grantd shall commnc immdiatly and rmain in full forc and ffct until this Powr of Attomy is xprssly rcvok~ by th Grantor or waivd in writing by th Attomy-in-Fact. Any third party that rcivs a copy of this powr of attomy may act in rlianc on it and shall hav no nd to vrify that th Attomy-in-Fact is validly xrcising its rights hrundr nor to rviw th GT&C or th Lifting Procdurs to dtrmin whthr th actions of th Attomy-in-Fact ar authorizd undr such documnts. EXECUTED this day of, 200_. REPUBLIC OF ECUADOR CITY OF QUITO This instrumnt was acknowldgd bfor m on Nam:. Titl: Nam: ~ Notary Public in and for th... by ~ \- 1 f t. ' l. G r,_

78 ANEX07 TABLA DE LIQUIDACIÓN MENSUAL DEL PREPAGO

79 MES 1 PREPAGOS 1 CAPITAL 1 RECARGO 1 CUOTA MENSUAL 1 SALDO DE CAPITAL PRECIO # ESTIMADO CARGAMENTOS USO) bbls) VOLUMEN TOTAL VALOR ESTIMADO % MENSUAL DE FACTURACIÓN rpago BBLs) $400,000, $400,000, $2,323, $34,014, $368, 309, $ , $183,600, % 1 $368,309, $2,139, $34,014, $336,434, $ , $275,400, % $300,000, l $636,434, $3, 696, $110, $530,024, $ ,880, $244,800, % $530,024, $3,078, $110, 106, $422,996, $ ,520, $214,200, % $422,996, $2,456, $110,106, $315,346, $ ,520, $214,200, % $315, 346, $ $110, 106, $207,071, $ , 520, $214, 200, % ssoo,o00,óo0.óo- 1 s101,011,991.4s $4,106, $85,035, $626,143, $ ,520, $214,200, "/o $626,143, $3,636, $85 035, $544, 744, $ ,520, $214,200, % $544, 744, $3,164, $85, $462, 872, 994. so $ , 520, $214, 200, % $462,872, $2,688, $85,035, $380,525, $ ,520, $214,200, % $380,525, $2,210, $85,035, $297, 700, $ ,520, $ , % $297, 700, $1, 729, $85,035, $214,394, $ ,520, $214, % $500,000, $ $4,149, S85, $633,507, $ ,520, $214,200, "/o $633,507, $3,679, $85,035, $552,151, $ '2,520, $214,200, % $552, $3,207, $85,035, $470,323, $ ,520, $214,200, % $470, $2, 731, $85,035, $388,019, $ , $214,200, % $388,019, $2,253, $85,035, $305, 237, $ , $214, 200, % INov-15 $305,237, $1, 772, $85,035, $221,975, $ ,520, $214,200, % loé;1s. $300,000, $521,975, $3,031, $51,021, $473,985, $ ,520, $214,200, % IJán $473, 985, $2, 753, $51, 021, $425, 717, $ , 880, $244,800, % Fb-ü;:, $425,717, $2 472, $51,021, $377,168, $ ,880, $244,800, % riilar-16.. $377,168, $2, 190, $51 021, $328,337, $ ,880, $244,800, % Aor-16 $328,337, $1, 907, $51 021, $279, 223, $ , 880, $244,800, % 1Mav'16 $279,223, $1,621, $51,021, $229,824, $ ,880, $i44,800, % $400,000, $629,824, $3,658, $79,186, $554,295, $ ,880, $244,800,ooo.oo 32.35% $ , $3, 219, $79, 186, $478,327, $ ,880, $244,800, % $478,327, $2,778, $79,186, S , $ ,880, $244, % $401,919, $2,334, $79,186, $325,066, $ ,880, $244,800, % $ , $1,888, $79, 186, $247, $ ,880, $244,800, % $ $1,439, $79,186, $170,020, $ ,880, $244,800, % $170,020, $987, $11,158, $159,849, $ , 880, $244,800, % $159,849, $928, $11158, $149, 619, $ , $214,200, % $149,619, $869, $11,158, $139,329, $ ,520, $214, 200, s.21% T $54,340,ooo.oo 1 $268,540, % $139,329; $809, $11, 158, $128, 980, $ ,520, $214,200, % 1 $54,340, $268,540, % $128, $749, $11,158, $118,571, $ , 520, $214,200, s.21% 1 $54,340, $268,540, % $118,571, $688, $11,158, $108,101, $ ,520, $214, 200, % 1 $54.340,ooo.oo 1 $ "14.16% $108, 101, $627, $11158, $97, 570, $ ,520, $214, 200, % $97,570, $566, $11158, $86 979, $ ,520, $214,200, % $86,979, $505, $11, $76,325, $ ,520, $214,200, % $76,325, , $443, $11,158, $65, 610, $ ,520, $214,200, % $65,610, $381, $11,158, $54,833, $ , 520, $ % lnovc17: $54,833, $318, $11,158, $43,993, $ ,520, $214,200, % loiic:~í.1 $43,993, s2s5,s21.3s $11,158, $33,090, $ ,520, $214, 200, % ~--:oo : ~?"5<, % lfan-18'- $33,090, N "$192, $11,158, $22,124, $ ,520, $214,200, % :-;; ":..f > :;,, Y/".,: ::::..:>:-:;::~!~,::..f>"..,;'.,'.."/ 1Féb-i8 $22, $128, $11,158, $11,094, $ , $ % J! /<;>!" '"" I:..f.'./>::>:';.-/;~.Y:cv:? :# ;.-1'.. ""''-"'" ' o lriilár-18 $11,Ü94, $64, $11,158, $0.00' $ , $214,200, %... :-<~- - : :.,k_j"é / ',.f;./;_;..-.f,./.v;:_.:.+:!\7'.. r.= $88,667,142.21: $2,488,667,142.:h , 960,000.. l ~{ ::rl?oe~urdoh j)) o~ ~,..,,... -,.., \\MI / v9 : "...,.s::... o <O

80 & o 9 o ANEXOS FORMATO DE CARTA DE CONFORMIDAD Mmbrt dl Ministrio d Finanzas dl Ecuador] No. Fcha: Unipc Asia Co., Ltd. "UNIPEC") ] ] Hong Kong Atnción: ] Por mdio d la prsnt s hac constar qu: i) EP PETROECUADOR y UNIPEC, clbraron un Contrato d Compravnta d Ptrólo Crudo con fcha d ] d 2014 l "Contrato") d conformidad con l cual UNIPEC fctuará un prpago d dos mil cuatrocintos millons d Dólars US$2,400,000,000) por la compra d ii) Ptrólo Crudo; qu l rfrido prpago srá mplado para financiar l dsarrollo d cirtos proyctos n la Rpública dl Ecuador. El qu suscrib, n rprsntación dl Ministrio d Finanzas d la Rpública dl Ecuador, n jrc1c10 d la autoridad gubrnamntal qu l corrspond, dclara qu los fondos d prpago qu s rciban con ocasión d la clbración dl Contrato srán dstinados a la Rpública dl Ecuador, qu l Ministrio d Finanzas d la Rpública dl Ecuador stá conf onn con l contnido dl Contrato y qu l Ministrio d Finanzas alntará a EP PETROECUADOR para qu cumpla y colabor con UNIPEC rspcto dl mismo. Lo dclarado xprsamnt n st instrumnto no constituy, ni pud sr intrprtado como, una garantía por part dl Ministrio d Finall2'JlS rspcto al cumpliminto d las obligacions d EP PETROECUADOR s~ipuladas n l Contrato. D ustd muy cordialmnt, Fausto Hrrra Ministro d Finanzas d la Rpública dl Ecuador

81 o 9 o 8f GOBIERNO NACIONAL DI! LAJIJ!fUllUCA DllL ECUADOR Oficio No. MINFIN-SFP Quito, a O 9 MAYO 2014 "1/1 j Ministrio d finanzas 'iiji dl Ecuador 1"1. 10 d llgosto y J. Washington Tlls.: 5932) Fax: 2óD Ingniro Marco Calvopiña V. GERENTE GENERAL EP PETROECUADOR Ciudad.- D mi considración: En rlación a su oficio No CIN-2014 d 8 d mayo d 2014, mdiant l cual solicita mitir l dictamn rlacionado con la suscripción d los proyctos d Contratos d Compravnta d Ptrólo Crudo y Prpago y d Compravnta d Ful Oil No.6 qu suscribirán EP PETROECUADOR y la mprsa statal china UNIPEC ASIA CO. L TO., dbo sñalar: Mdiant Oficio No. MINFIN-DM d 27 d sptimbr d 2013, continuando con l procso d ngociacions corrspondints a la conscución d fondos para l Estado Ecuatoriano s solicitó al Grnt Gnral d EP PETROECUADOR, la disposición y prsncia dl sñor Grnt d Comrcio Intrnacional d dicha Emprsa Pública, con su quipo, para mantnr runions d trabajo con los rprsntants d UNIPEC ASIA CO. L TOA., n la ciudad d Miami los días 3 y 4 d octubr d 2013, y postriormnt dl 7 al 11 d octubr n Bijing-China. El Dirctorio d EP PETROECUADOR, con fcha 8 d mayo d 2014, tomó conociminto dl inform ralizado por la Administración rspcto a las motivacions qu darían lugar a la suscripción d los Contratos d Compravnta d Crudo y Prpago y d Ful Oil No. 6, así como d los términos contractuals ngociados ntr EP PETROECUADOR y la mprsa statal UNIPEC ASIA CO. L TO.; y, dispuso qu la Administración ralic los procdimintos aplicabls y obtnga las autorizacions rspctivas para la suscripción d los rspctivos contratos, dclarando la Rsolución d jcución inmdiata. El artículo 74, numral 15 dl Código Orgánico d Planificación y Finanzas Públicas, ntr las atribucions d st Ministrio, stablc la d dictaminar n forma prvia, obligatoria y vinculant sobr todo proycto d ly, dcrto, acurdo, rsolución, o cualquir otro instrumnto lgal o administrativo qu tnga impacto n los rcursos públicos o qu gnr obligacions no contmpladas n los prsupustos dl Sctor Público no Financiro. Con los antcdnts sñalados, sta Cartra d Estado mit dictamn favorabl para la clbración d los mncionados Contratos d Compravnta d Ptrólo Crudo y Prpago y d Compravnta d Ful Oil No.6 ntr la EP PETROECUADOR y la mprsa statal china UNIPEC ASIA CO. L TO., aclarándos qu la prsnt autorización s rfir xclusivamnt a la gstión prsupust ia matria d la opración, sindo d rsponsabilidad xclusiva d EP PETRO U OR la ngociación d los términos y condicions d la misma.

82 PROCURADURÍA GENERAL DEL ESTADO ECUADOR o 9 o Oficio No Quito DM, -9 MAY 2014 Sñor Ingniro Marco Calvopiña V. GERENTE GENERAL EMPRESA PÚBLICA DE HIDROCARBUROS DEL ECUADOR, EP PETROECUADOR En su dspacho.- Sñor Grnt Gnral: En atnción a su Oficio No ASC-AJI-2014 d 08 d mayo d 2014, ingrsado a sta Procuraduría con l númro AD-DG l 09 d mayo dl mismo año, mdiant l cual solicita a sta institución "... ) s sirva mitir su inform favorabl rspcto a la factibilidad d incluir n los Contratos d Compravnta d Ptrólo Crudo y Prpago y d Compravnta d Ful Oíl No. 6 a sr suscrito ntr EP PETROECUADOR y UNIPEC ASL4 CO. LTD., l txto corrspondint a la cláusula d RESOLUCIÓN DE DISPUTAS, MEDL4CIÓN Y ARBITRAJE, conform a los txtos dtallados n l numral 1.4 d st documnto...)" para lo cual rmit un jmplar d los proyctos d contratos. Al rspcto, cúmplm manifstar lo siguint: 1. ANTECEDENTES: 1.1. Sgún s dsprnd d su comunicación d 08 d mayo d 2014, EP PETROECUADOR suscribirá con UNIPEC ASIA CO. LTD. los Contratos d Compravnta d Ptrólo Crudo y Prpago y d Compravnta d Ful Oil No El proycto d Contrato d Compravnta d Ptrólo Crudo, rmitido por EP PETROECUADOR, stablc n la cláusula 13 "DOMICILIO Y LEY APLICABLE', lo siguint: "13. DOMICILIO Y LEY APLICABLE r d /, 13.1 Todos los aspctos rlacionados con la validz, intrprtación y/ o jcución dl prsnt Contrato s rgirán xclusivamnt por las lys d la RpúbUca dl Ecuador.

83 PROCURADURÍA GENERAL DEL ESTADO ECUADOR o 9 MINISTERIO DE FINANZAS DEL ECUADOR Página Para todos los fctos qu s drivn dl prsnt Contrato, las Parts stablcn su domicilio n la ciudad d Quito, Rpública dl Ecuador." D otro lado, la cláusula 14 "ARBITRAJE', dl rfrido instrumnto, stablc lo siguint: "14. ARBITRAJE 14.1 Cualquir conflicto, controvrsia o rclamo "Controvrsia") qu surja o s driv dl prsnt Contrato srá rsulto por arbitraj ant la Cort d Arbitraj Intrnacional d Londrs "LCIA", por sus siglas n inglés), d conformidad con l Rglamnto d Arbitraj d la LCIA las "Rglas LCIA"), cuyas Rglas LCIA qudan incorporadas por rfrncia n sta Cláusula, y n particular las siguints: a) Las dirccions d las Parts para fctos d la ntrga d cualquir documnto n rlación con un arbitraj incluyndo cualquir solicitud d arbitraj) s stablcn n l Numral Notificacions); b) Al mismo timpo d notificar la solicitud d arbitraj al dmandado, la Part dmandant n tal arbitraj db ntrgar copias d tal solicitud a la otra Part d st Contrato; c) El númro d árbitros db sr trs; d) Cada Part n la Controvrsia tin l drcho d lgir un árbitro; ) El trcr árbitro y l prsidnt dl tribunal arbitral srán nominados por los dos 2) árbitros nominados por las Parts. El prsidnt dl tribunal arbitral srá nominado dntro d los trinta 30) Días calndario contados a partir d incluyndo la fcha dl nombraminto formal dl sgundo árbitro sgún s ncuntra dispusto n l Numral 14.1 d). En caso d qu los dos 2) árbitros nombrados por las Parts no pudan nombrar al prsidnt dl tribunal arbitral o dicha nominación no sa hcha oportunamnt, l prsidnt srá nombrado por la LCIA d acurdo con las Rglas LCIA; f) La sd y l sitio dl arbitraj srá Londrs, Inglatrra. Por lo tanto, las Parts acurdan somtrs a la jurisdicción d los ' tribunals inglss sobr tals procdimintos arbitrals; / _

84 PROCURADURÍA GENERAL DEL ESTADO E~f~R 4 JI ~ PROC'IJllADURIA GHNKRAJ. DRI. ESTADO l"llll MINISTERIO DE FINANZAS DEL ECUADOR UI 8~ D Página. 3 g) El idioma a sr usado n l arbitraj srá l inglés; h) Cualquir laudo mitido srá dfinitivo y vinculant y nada impdirá qu cualquira d las Parts haga cumplir dicho laudo n cualquir cort; i) Ni la xistncia d cualquir Controvrsia o d cualquir procdiminto lgal o arbitral qu surgira n rlación con st Contrato podrá prjudicar las obligacions d las Parts bajo st Contrato o su cumpliminto; y j) Para fctos dl arbitraj conform a sta Cláusula 14, las Parts rnuncian a cualquir drcho qu tngan a solicitar la dtrminación d custions d drcho prliminars o la aplación d alguna custión d drcho sgún las Sccions 45 Dtrminación d custión d drcho prliminar) y 69 Aplación d custión d drcho) d la Ly d Arbitraj d 1996." 1.3. El proycto d Contrato d Compravnta d Ful Oil No. 6, rmitido por EP PETROECUADOR, stablc n la cláusula 20 "LEY APLICABLE Y DOMICILIO', lo siguint: "20. LEY APLICABLE Y DOMICILIO 20.1 Todos los aspctos rlacionados con la validz, intrprtación y/ o dsarrollo d st Contrato s rgirán xclusivamnt por las lys d la Rpública dl Ecuador Para todos los fctos qu s drivn dl prsnt Contrato, l Vnddor stablc su domicilio n la ciudad d Quito, Rpública dl Ecuador." D otro lado, la cláusula 21 "VIGÉSIMO PRIMERA.- ARBITRAJE', dl rfrido instrumnto, stablc lo siguint: "21. VIGÉSIMO PRIMERA.- ARBITRAJE 21.1 Cualquir conflicto, controvrsia o rclamo "Controvrsia") qu surja o s driv d st Contrato srá rsulto por arbitraj, ant l London Court of Intmational Arbitration "LCIA"), d conformidad con l Rglamnto d Arbitraj d la LCIA las "Rglas"), las cuals qudan incorporadas por rfrncia n sta Cláusula 21. Particularmnt los siguints:

85 M ~ PllOCURADUIUA GENERAL OEJ. RSTADO PROCURADURÍA GENERAL DEL ESTADO r.11 Ecu y,º' ~r MINISTERIO DE FINANZAS DEL ECUADOR Página. 4 a) las dirccions d las Parts para ntrga d cualsquira documntos n rlación con tal arbitraj incluyndo cualquir solicitud d arbitraj) s dscribn n la Cláusula 24.1; b) al mismo timpo d notificar la solicitud d arbitraj al dmandado, l dmandant n l arbitraj db nviar copias d sa solicitud a la otra Part d st Contrato; c) l númro d árbitros db sr trs; d) cada Part n la Controvrsia tin l drcho d lgir un árbitro; ) l trcr árbitro y l prsidnt dl tribunal arbitral srán nominados por los árbitros nominados por ambas Parts. El prsidnt dl tribunal arbitral srá nominado dntro d los trinta 30) días contados a partir d la fcha dl nombraminto dl sgundo árbitro por l LCIA, sgún s ncuntra dispusto n la Cláusula 21.1 d). En caso d qu los árbitros nombrados por las dos Parts no pudan nombrar al prsidnt dl tribunal arbitral o dicha nominación no sa hcha a timpo, l prsidnt srá nombrado por l LCIA d acurdo con sus rglamntos; {/) La sd, o l lugar dl arbitraj srá Londrs, Inglatrra. Por lo tanto, las Parts s somtn a la jurisdicción d los tribunals inglss para tals procdimintos arbitrals; g) l idioma a sr usado n l arbitraj srá l inglés; h) cualquir laudo dictado srá final y vinculant y nada impdirá qu cualquira d las Parts puda hacrla cumplir n cualquir cort; i) ni la xistncia d cualquir controvrsia o d cualquir procdiminto lgal o arbitral qu surgira n rlación con st Contrato pud prjudicar las obligacions d las Parts qu no stén n Controvrsia bajo st Contrato o su cumpliminto; y j) para arbitraj conform a sta Cláusula 21, las Parts rnuncian a cualquir drcho d aplicación para dtrminar un punto prliminar d drcho o aplación d un punto d drcho, bajo las Sccions 45 dtrminación d punto prliminar d drcho) y 69 aplación d un punto d drcho) d la Ly d Arbitraj d "

86 PROCURADURÍA GENERAL DEL ESTADO ECUADOR ~ mmm PaocYRADt:RlA GENERAL oru. HSTADO o 9 08~ MINISTERIO DE FINANZAS DEL ECUADOR Página BASE CONSTITUCIONAL Y LEGAL: 2.1 Los artículos 190, 225, 313 y 315 d la Constitución d la Rpública prcptúan: "Art S rconoc l arbitraj, la mdiación y otros + procdimintos altrnativos para la solución d conflictos. Estos procdimintos s aplicarán con sujción a la ly, n matrias n las qu por su naturalza s puda transigir. En la contratación pública procdrá l arbitraj n drcho, prvio pronunciaminto favorabl d la Procuraduría Gnral dl Estado, conform a las condicions stablcidas n la ly". "Art El sctor público comprnd: 1. Los organismos y dpndncias d las funcions Ejcutiva, Lgislativa, Judicial, Elctoral y d Transparncia y Control Social. 2. Las ntidads qu intgran l régimn autónomo dscntralizado. 3. Los organismos y ntidads crados por la Constitución o la ly para l jrcicio d la potstad statal, para la prstación d srvicios públicos o para dsarrollar actividads conómicas asumidas por l Estado. 4. Las prsonas jurídicas cradas por acto normativo d los gobirnos autónomos dscntralizados para la prstación d srvicios públicos". "Art El Estado s rsrva l drcho d administrar, rgular, controlar y gstionar los sctors stratégicos, d conformidad con los pnncipws d sostnibilidad ambintal, prcaución, prvnción y ficincia. Los sctors stratégicos, d dcisión y control xclusivo dl Estado, son aqullos qu por su trascndncia y magnitud tinn dcisiva influncia conómica, social, política o ambintal, y dbrán orintars al plno dsarrollo d los drchos y al intrés social. S considran sctors stratégicos la nrgía n todas sus formas, las tlcomunicacions, los rcursos naturals no rnovabls, l transport y la rfinación d hidrocarburos, la biodivrsidad y l patrimonio gnético, l spctro radioléctrico, l agua, y los dmás qu dtrmin la ly.?

87 PROCURADURÍA GENERAL DEL ESTADO ECUADOR ~ mmm PROCURADUIUA GRNBRAL DEI. HSTADO o 9 o g\- MINISTERJO DE FINANZAS DEL ECUADOR Página. 6 "Art El Estado constituirá mprsas públicas para la gstión d sctors stratégicos, la prstación d srvicios públicos, l aprovchaminto sustntabl d rcursos naturals o d bins públicos y l dsarrollo d otras actividads conómicas. Las mprsas públicas starán bajo la rgulación y l control spcífico d los organismos prtinnts, d acurdo con la ly; funcionarán como socidads d drcho público, con prsonalidad jurídica, autonomía financira, conómica, administrativa y d gstión, con altos parámtros d calidad y critrios mprsarials, conómicos, socials y ambintals.... )" 2.2 El artículo 4 d la Ly Orgánica d Emprsas Públicas stablc: "Art. 4.- Las mprsas públicas son ntidads qu prtncn al Estado n los términos qu stablc la Constitución d la Rpública, prsonas jurídicas d drcho público, con patrimonio propio, dotadas d autonomía prsupustaria, financira, conómica, administrativa y d gstión. Estarán dstinadas a la gstión d sctors stratégicos, la prstación d srvicios públicos, l aprovchaminto sustntabl d rcursos naturals o d bins públicos y n gnral al dsarrollo d actividads conómicas qu corrspondn al Estado. Las mprsas subsidiarias son socidads mrcantils d conomía mixta cradas por la mprsa pública, n las qu l Estado o sus institucions tngan la mayoría accionaria. Las mprsas filials son sucursals d la mprsa pública matriz qu starán administradas por un grnt, cradas para dsarrollar actividads o prstar srvicios d manra dscntralizada y dsconcntrada. Las Agncias y Unidads d Ngocio son áras administrativo - oprativas d la mprsa pública, dirigidas por un administrador con podr spcial para l cumpliminto d las atribucions qu l san confridas por l rprsntant lgal d la rfrida mprsa, qu no gozan d prsonría jurídica propia y qu s stablcn para dsarrollar actividads o prstar srvicios d manra dscntralizada y dsconcntrada". 2.3 Los artículos 1 y 2 dl Dcrto Ejcutivo 315, publicado n l Rgistro Oficial Suplmnto 171 d 14 d abril d 2010, sñalan lo siguint:

88 PROCURADURÍA GENERAL DEL ESTADO ECUADOR ~ PROCURADURTA GBNERAJ.DRI.BSTADO mmm """""' ~ MINISTERIO DE FINANZAS DEL ECUADOR Página. 7 "Art. 1.- Crar la Emprsa Pública d Hidrocarburos dl Ecuador, EP PETROECUADOR, como una prsona d drcho público con prsonalidad jurídica, patrimonio propio, dotada d autonomía prsupustaria, financira, conómica, administrativa y d gstión, con domicilio principal n l cantón Quito, provincia d Pichincha". "Art. 2.- El objto principal d EP PETROECUADOR, s la gstión dl sctor stratégico d los rcursos naturals no rnovabls, para su aprovchaminto sustntabl, conform a la Ly Orgánica d Emprsas Públicas y la Ly d Hidrocarburos, para lo cual intrvndrá n todas las fass d xploración y xplotación, bajo condicions d prsrvación ambintal y d rspto d los drchos d los publos. Para l cumpliminto d su objto podrá, constituir filials, subsidiarias, unidads d ngocio, o clbrar convnios d asociación, unions transitorias, alianzas stratégicas, consorcios, mprsas d coordinación y otras d naturalza similar, con alcanc nacional intrnacional, y n gnral, clbrar todo acto o contrato prmitido por las lys cuatorianas, qu dircta o indirctamnt s rlacionn con su objto, con prsonas naturals o jurídicas nacionals o xtranjras, públicas o privadas". 2.4 El artículo 11 d la Ly Orgánica d la Procuraduría Gnral dl Estado stablc: "Art Dl arbitraj y la mdiación. - Los organismos y ntidads dl sctor público podrán somtrs a procdimintos d arbitraj d drcho y a la mdiación nacional o intrnacional, d acurdo a lo stablcido n la Ly d Arbitraj y Mdiación, o n instrumntos intrnacionals qu los facult, prvia la suscripción dl rspctivo convnio. Surgida la controvrsia, los organismos y ntidads dl sctor público pudn somtrs a arbitraj d drcho o mdiación, d conformidad con las lys prtinnts. Para somtrs al arbitraj intrnacional rqurirán admás la autorización d la Procuraduría Gnral dl Estado". 2.4 Los artículos 4, 41 y 42 d la Ly d Arbitraj y Mdiación stablcn: "Art. 4.- Podrán somtrs al arbitraj rgulado n sta Ly las ' prsonas naturals o jurídicas qu tngan capacidad para transigir, 1 /- cumplindo con los rquisitos qu stablc la misma. /

89 PROCURADURÍA GENERAL DEL ESTADO ~ ogi~~vau,o N RALftnru.ss=o ECUADOR2 n t1 ' o MINISTERIO DE FINANZAS DEL ECUADOR Página. 8 Para qu las difrnts ntidads qu conforman l sctor público pudan somtrs al arbitraj, admás d cumplir con los rquisitos qu stablc sta Ly, tndrán qu cumplir los siguints rquisitos adicionals: aj Pactar un convnio arbitral, con antrioridad al surgiminto d la controvrsia; n caso d qu s quisira firmar l convnio una vz surgida la controvrsia, dbrá consultars al Procurador Gnral dl Estado, dictamn qu srá d obligatorio cumpliminto; bj La rlación jurídica a la cual s rfir l convnio dbrá sr d caráctr contractual; cj En l convnio arbitral dbrá incluirs la forma d slcción d los árbitros; y, dj El convnio arbitral, por mdio dl cual la institución dl sctor público rnuncia a la jurisdicción ordinaria, dbrá sr firmado por la prsona autorizada para contratar a nombr d dicha institución. El incumpliminto d los rquisitos sñalados acarrará la nulidad dl convnio arbitral somtrs al arbitraj rgulado n sta Ly las prsonas naturals o jurídicas qu tngan capacidad para transigir, cumplindo con los rquisitos qu stablc la misma". "Art Sin prjuicio d lo dispusto n los tratados intrnacionals un arbitraj podrá sr intrnacional cuando las parts así lo hubirn pactado, simpr y cuando s cumplan cualquira d los siguints rquisitos: aj Qu las parts al momnto d la clbración dl convnio arbitral, tngan sus domicilios n stados difrnts; b j Cuando l lugar d cumpliminto d una part sustancial d las obligacions o l lugar n l cual l objto dl litigio tnga una rlación más strcha, sté situado fura dl stado n qu, por lo mnos una d las parts, tin su domicilio; o, cj Cuando l objto dl litigio s rfira a una opración d comrcio intrnacional qu sa suscptibl d transacción y qu no afct o lsion los intrss nacionals o d la colctividad''. "Art El arbitraj intrnacional qudará rgulado por los tratados, convncions, protocolos y dmás actos d drcho intrnacional suscritos y ratificados por l Ecuador. Toda prsona natural o jurídica, pública o privada, sin rstricción ' alguna s libr d stipular dirctamnt o mdiant rfrncia a un rglamnto d arbitraj todo lo concrnint al procdiminto arbitral, /

90 PROCURADURÍA GENERAL DEL ESTADO ECUADOR ~ PROCURADURIA mmm GHNHRAL OEJ. B.STADO F.~R MINISTERIO DE FINANZAS DEL ECUADOR l l Página. 9 incluyndo la constitución, la tramitación, l idioma, la lgislación aplicabl, la jurisdicción y la sd dl tribunal, la cual podrá star n l Ecuador o n país xtranjro. Para qu l Estado o las institucions dl sctor público pudan somtrs al arbitraj intrnacional s stará a lo dispusto n la Constitución y lys d la Rpública. Para qu las difrnts ntidads qu conforman l sctor público pudan somtrs al arbitraj intrnacional s rqurirá la autorización xprsa d la máxima autoridad d la institución rspctiva, prvio l inform favorabl dl Procurador Gnral dl Estado, salvo qu l arbitraj stuvir prvisto n instrumntos intrnacionals vignts. Los laudos dictados dntro d un procdiminto d arbitraj intrnacional, tndrán los mismos fctos y srán jcutados d la misma forma qu los laudos dictados n un procdiminto d arbitraj nacional". 3. NATURALEZA: La Emprsa Pública d Hidrocarburos dl Ecuador EP PETROECUADOR, s una mprsa pública crada con bas n la Ly Orgánica d Emprsas Públicas, mdiant Dcrto Ejcutivo No. 315, publicado n l Rgistro Oficial Suplmnto No. 171 d 14 d abril d 2010, como una prsona jurídica d drcho público, con prsonalidad jurídica, patrimonio propio, dotada d autonomía prsupustaria, financira, conómica, administrativa y d gstión, por lo qu intgra l sctor público, d conformidad con lo stablcido n l artículo 225 d la Constitución d la Rpública, n tal virtud, stá somtida a las normas d drcho público ants citadas. 4. ANÁLISIS: La suscripción d los contratos, objto d st análisis, s ncuntra inmrsa dntro d las potstads d EP PETROECUADOR, por tanto dicha ntidad, pud pactar arbitraj intrnacional, prvia autorización dl Procurador Gnral dl Estado. D la lctura d la cláusula 13 dl proycto d Contrato d Compravnta d Ptrólo Crudo, así como d la cláusula 20 dl proycto d Contrato d Compravnta d Ful Oil No. 6, s dsprnd qu las parts acurdan qu // la lgislación aplicabl a dichos instrumntos s la cuatoriana. /

91 PROCURADURÍA GENERAL DEL ESTADO ECUADOR 21tj_:!=-O:[!t mmo PROCURAOURIA GBNERAL DEI. BSTADO MINISTERIO DE FINANZAS DEL ECUADOR Página. 10 ci D otro lado, s stablc n las cláusulas 14 y 21 d los rfridos instrumntos qu las parts acurdan somtr las controvrsias qu pudirn surgir d dichos Contratos a arbitraj ant la Cort d Arbitraj Intrnacional d Londrs LCIA) bajo l Rglamnto d Arbitraj d la LCIA. Los convnios arbitrals spcifican la forma d slcción d los árbitros y s stablc qu l númro d árbitros qu conformará l Tribunal Arbitral srá trs. La sd dl arbitraj srá Londrs, Inglatrra y l idioma dl arbitraj srá l inglés. D otro lado, los convnios arbitrals no stablcn si l arbitraj srá n drcho o n quidad, al rspcto s prtinnt sñalar qu los numrals 22.3 y 22.4 dl Rglamnto d la Cort d Arbitraj Intrnacional d Londrs LCIA) dtrminan lo siguint: "22.3 El Tribunal Arbitral dcidirá sobr la controvrsia d acurdo con las disposicions d la ly, lys o normas lgidas por las parts como aplicabls al f ando dl asunto. En la mdida n qu s aprci la inxistncia d lcción por las parts d ly, lys o normas aplicabls, l Tribunal Arbitral aplicará la ly, lys o normas qu juzgu apropiadas". "22. 4 Sólo si xist acurdo xprso por scrito d las parts l Tribunal Arbitral aplicará n sus dcisions sobr l fondo d la controvrsia los principios drivados dl «x rquo t bono11, d la «amiabl compositíom o dl «pacto d caballros11". En st contxto, al no habrs stipulado xprsamnt qu l arbitraj s n quidad numral 22.4), s ntind qu, n virtud dl Rglamnto citado, l Tribunal Arbitral fallará n drcho numral 22.3). Finalmnt, n la ltra j) d las cláusulas 14 y 21 d los Contratos d Compravnta d Ptrólo Crudo y d Compravnta d Ful Oil No. 6 consta qu las parts rnuncian a cualquir drcho d aplicación para dtrminar un punto prliminar d drcho o aplación d un punto d drcho, bajo las Sccions 45 y 69 d la Ly d Arbitraj d Al rspcto, s prciso indicar qu mdiant oficio No. O 1965, d 25 d mayo d 2011, sta Procuraduría Gnral dl Estado autorizó al Estado cuatoriano, a través dl Ministrio d Finanzas, a pactar arbitraj intrnacional y a somtrs a la lgislación inglsa n un caso análogo, con una stipulación similar a la ants citada. La obsrvación qu n s ya qu n virtud d la misma, la Rpública dl Ecuador staría th ntoncs formuló sta institución, fu qu sa cláusula dbía liminars, /f /

92 PROCURADURÍA GENERAL DEL ESTADO ECUADOR 2~0 mm11 PROC!lRADURlA GENERAL DHL ESTADO MINISTERIO DE FINANZAS DEL ECUADOR Página. ll 't~ rnunciando a rcursos procsals qu podrían afctar sus drchos dntro d un arbitraj. En dicho caso, l Ministrio d Finanzas solicitó la rconsidración a tal pronunciaminto, n lo qu s rfir a la obsrvación ralizada por la Procuraduría Gnral dl Estado. Mdiant oficio No d 15 d junio d 2011, sta Procuraduría, manifstó lo siguint: "Rspcto a la cláusula 31.11, objto d la obsrvación d la Procuraduría Gnral dl Estado, l sñor Subscrtario d Crédito Público, mdiant corro lctrónico d 15 d junio d 2011 ha rmitido l critrio dl sñor Migul A. Zaldivar, abogado d la firma Hagan Lovlls, assors lgals intrnacionals dl Ministrio d Finanzas, n l qu sñala lo siguint: 'En nustro caráctr d assors lgals intrnacionals dl Ministrio d Finanzas s nos ha solicitado un análisis acrca d las implicacions qu conllva la incorporación dl numral n la cláusula 31 d somtiminto d disputas a arbitraj intrnacional n los proyctos d convnios d.financiaminto ngociados con l Banco d Dsarrollo Chino "CDB"). A través d la rfrida cláusula 31 las parts acurdan qu cualquir disputa, controvrsia o rclamo rlacionado l convnio.financiro o cualquira d los documntos.financiros s rsolvrá mdiant un procso arbitral intrnacional vntilado ant la Cort d Arbitraj Intrnacional d Londrs, bajo las Rglas d la Cort d Arbitraj Intrnacional d Londrs "Rglas LCIA "). Es dcir, las parts xprsamnt s obligan a qu todas las disputas qu surjan ntr llas n rlación al convnio.financiro s diriman mdiant un procso arbitral ant un Tribunal Arbitral n lugar d mdiant un procso judicial ant una Cort inglsa. En st sntido, s l concd al Tribunal Arbitral comptncia plna para rsolvr todos los asuntos qu s comprndn n tal disputa o controvrsia aunqu los mismos san strictamnt d drcho). Por tratars d un procso arbitral llvado a cabo n la ciudad d t Londrs ant la Cort d Arbitraj Intrnacional bajo las Rglas LCIA, cualquir laguna n las normas d drcho adjtivo o aspcto procsal no rgulado xprsamnt por las rfridas rglas procsals s supl por las disposicions d la Ly d Arbitraj Inglsa dl año 1996 "Ly ~ / Inglsa"). /

93 201409~ In ~ ni PROCURADURÍA GENERAL DEL ESTADO ECUADOR g "~ 1:1 MINISTERIO DE FINANZAS DEL ECUADOR l l Página. l2 En l artículo 45 d la Ly Inglsa s stablc qu, salvo qu las parts dispongan otra cosa, una Cort inglsa tndrá comptncia para conocr d una dmanda incoada por una part n la qu s plant rsolvr un punto strictamnt d drcho qu afct los intrss d las parts. En l artículo 69 d la Ly Inglsa s stablc qu, salvo qu las parts dispongan otra cosa, una Cort inglsa tndrá comptncia para conocr d la aplación d un laudo arbitral cuando n tal procso d aplación s plant rsolvr un punto strictamnt d drcho qu afct los intrss d las parts. En vista d qu tanto n l artículo 45 como n l 69 d la Ly Inglsa s faculta a las parts a disponr algo distinto a lo plantado n stas normas y d qu n st caso la intnción d las parts s qu toda disputa s rsulva ant un Tribunal Arbitral y no ant una Cort inglsa, n l numral d la cláusula 31 dl borrador d convnio financiro s stablció txtualmnt lo siguint: Para los fctos d arbitrajs d conformidad con sta Cláusula 31, las parts rnuncian a cualquir drcho a solicitar qu s rsulva un punto strictamnt d drcho n forma prliminar o por vía d aplación conform a lo stipulado n los artículos 45 Dtrminación d un punto strictamnt d drcho) y 69 Aplación sobr un punto strictamnt d drcho) d la Ly d Arbitraj d Traducción nustra). Es dcir, lo qu prtndn las parts con la inclusión dl numral n la cláusula 31 dl convnio financiro s prsrvar la comptncia xclusiva dl Tribunal Arbitral para rsolvr todas las disputas qu surjan ntr llas y vitar qu una d las parts puda iniciar un procdiminto judicial prvio o postrior al arbitraj por jmplo, por vía d aplación) ant una Cort inglsa para qu s dcidan n un juicio civil puntos strictamnt d drcho. En bas a lo antrior, l CDB ha rchazado qu s limin l numral d la cláusula arbitral y solicita a la Rpública qu r considr su posición. El CDB nos indicó qu un procso arbitral bajo las Rglas LCIA dcidido por un Tribunal Arbitral rprsnta garantía suficint d comptncia imparcialidad para tratar todos los aspctos d cualquir disputa qu s llgas a plantar con ocasión dl convnio financiro, sin qu s rquira acudir a una Cort inglsa para rsolvr puntos strictamnt d drcho... En nustro critrio profsional la posición dl CDB y la adoptada por ambas parts n l pasado d somtr sus disputas a la comptncia d un Tribunal Arbitral aunqu s trata d puntos strictamnt d /

94 MINISTERIO DE FINANZAS DEL ECUADOR Página. 13 drcho) s razonabl. Db tnrs prsnt qu conform a lo stipulado n la cláusula 31 dl borrador d convnio las parts prsrvan los rstants drchos qu l corrspondn a las parts bajo las Rglas LCIA y la Ly Inglsa incluyndo, por jmplo, l drcho a acudir a una cort inglsa a vacuar prubas, solicitar mdidas prvntivas, impugnar l procso arbitral por falta d jurisdicción irrgularidads dl Tribunal Arbitral, tc.).' El critrio ants transcrito, ha sido validado por la Dircción Nacional d Asuntos Intrnacionals d sta Procuraduría, con l studio jurídico Bakr Botts UK, qu patrocina al Estado cuatoriano, ratificándos qu la opinión qu rcibió la Cartra d Finanzas s corrcta. En fcto, tal como prmit la ly d arbitraj inglsa, s frcunt n cláusulas d somtiminto con sd arbitral n Londrs qu s rnunci xprsamnt a: i) dtrminacions prvias d puntos puramnt d drcho ant los tribunals ordinarios inglss, y ü) aplacions d laudos sobr, puntos puramnt d drcho ant los tribunals ordinarios inglss. Dicha rnuncia no implica mayors risgos para la Rpública ya qu, s xcpcional qu un tribunal ordinario local tnga sa comptncia; la LCIA asgura qu por lo mnos un árbitro sa altamnt calificado n drcho inglés; y, la LCIA vla n forma adcuada por la imparcialidad d sus tribunals, habindo adquirido buna rputación sobr sta bas; y, l risgo d algún rror n la aplicación dl drcho inglés s compartido igual para ambas parts. En virtud dl análisis formulado por los assors intrnacionals dl Ministrio d Finanzas, spcialmnt l rlativo a qu s mantinn intactos los drchos d la Rpública bajo las Rglas LCIA y la Ly Inglsa; y, dl critrio lgal constant n l párrafo prcdnt, s rconsidra la obsrvación constant n l numral 4.3 dl oficio No. O 1965 d 2 5 d mayo d 2011." En st contxto, toda vz qu la prcitada cláusula s similar n su contnido a aqullos stablcidos n la ltra j) d las cláusulas 14 y 21 d los Contratos d Compravnta d Ptrólo Crudo y Contrato d Compravnta d Ful Oil No. 6, rspctivamnt, rspcto a la rnuncia qu hacn las parts a cualquir drcho a solicitar la dtrminación prliminar d algún punto n drcho o a la aplación d un punto n drcho Sccions 45 y 69 d la Ly d Arbitraj d Inglatrra d 1996), con sustnto n l análisis constant n l oficio No d 15 d junio d 2012, sta Procuraduría no raliza obsrvacions al rspcto.

95 o 9 o ~ noctjraduria GHNBIUL DEJ. ESTADO PROCURADURÍA GENERAL DEL ESTADO ECUADOR MINISTERIO DE FINANZAS DEL ECUADOR Págtna. 14 S. PRONUNCIAMIENTO: D conformidad con l análisis xpusto, n virtud d lo dispusto n l artículo 190 d la Constitución d la Rpública dl Ecuador, artículo 11 d la Ly Orgánica d la Procuraduría Gnral dl Estado; y, artículos 4, 41 y 42 d la Ly d Arbitraj y Mdiación, s autoriza a EP PETROECUADOR, a pactar arbitraj intrnacional n l Contrato d Compravnta d Ptrólo Crudo, así como n l Contrato d Compravnta d Ful Oíl No. 6 a suscribirs con UNIPEC ASIA CO. LTD. Est pronunciaminto s rfir única y xclusivamnt a lo stipulado n las cláusulas 13 y 14 y 20 y 21 d los instrumntos ants mncionados. Por tanto, las condicions conómicas y técnicas, así como, l cumpliminto d los rquisitos lgals ncsarios para la suscripción y validz d los mismos son d xclusiva rsponsabilidad d EP PETROECUADOR. La Procuraduría Gnral dl Estado s rsrva la facultad d vrificar la rdacción final d los Contratos, objto d st pronunciaminto, para lo cual, una vz qu los mismos san suscritos por EP PETROECUADOR, dbrá rmitirlo a sta Eati-dm:i. Atntamnt~ Dr. Digo G cía Carrión. PROCU OR GENERAL DEL ESTADO

96 o 9 o Excution Vrsion SALE AND PURCHASE CONTRACT OF CRUDE OIL This SALE AND PURCHASE CONTRACT OF CRUDE OIL this "Contract") is hrby ntrd into on this l Sth day of May of 2014 by and btwn: A) B) EMPRESA PÚBLICA DE HIDROCARBUROS DEL ECUADOR EP PETROECUADOR, stablishd undr th laws of th Rpublic of Ecuador, domicild in Quito, Rpublic of Ecuador and lgally rprsntd by Mr. Marco Calvopiña Vga, as vidncd by th appointmnt to th position of Gnral Managr attachd hrto as Annx 3 Appointmnt of th Sllr 's Rprsntativ) hrinaftr rfrrd to as "EP PETROECUADOR" or "Sllr"); and UNIPEC ASIA CO., LTD., stablishd undr th laws of th Spcial Administrativ Rgion of Hong Kong, lgally rprsntd by Mr. Chn Bo, as vidncd by th powr of attomy attachd hrto as Annx 4 Powr of Attorny of Unipc) hrinaftr rfrrd to as "UNIPEC" or "Buyr", and Sllr and Buyr hrinaftr ach rfrrd to as a "Party" and collctivly as th "Partis"), in accordanc with th following trms and conditions: PREAMBLE l. Articl 261, numral 11 of th Constitution of th Rpublic of Ecuador stablishs that th Ecuadorian Stat shall hav xclusiv purviw ovr hydr9carbon rsourcs. II. III. IV. Articl 313 of th. Grand Chartr witb. rspct to Stratgic Sctors stats that: "th Stat rsrvs th right to administr, rgulat, control and manag stratgic sctors in accordanc with th principis of nvironmntal sustainability, prcaution, prvntion and fficincy." Articl 3 Principis), numral 3 of th Organic Law on Stat-Ownd Entrpriss stablishs that Stat-Ownd Entrpriss shall in principl: "Act with fficincy, rationality, profitability and social control in th xploration, xploitation and industrialization of rnwabl and nonrnwabl natural rsourcs and in th commrcialization of such drivativ products, protcting th nvironmnt." Th first paragraph of Articl. 4 of th Organic Law on Stat-Ownd Entrptiss stats: "DEFINITIONS.- Stat-Ownd Entrpriss ar ntitis that blong to th Stat as stablishd by th Constitution of th Rpublic, lgal ntitis of public law, with thir own assts, vstd with budgtary, financia!, conomic, administrativ and managmnt autonomy. Thir purpos shall b to manag stratgic sctors, provid public srvics, mak sustainabl us of natural rsourcs or public assts and in gnral to dvlop th conomic activitis attributd to th Stat... " V. Articl 9, numral 1 of th Organic Law on Stat-Ownd Entrpriss provids: "Th following ar attributions of th Board: 1. To stablish goals and policis of th Éntrpris, in accordanc with national, rgional, provincial or local policisformulatd by th cmrzptnt agncis and to valuat thir fuljillmnt;... ". VI. Articl 6 of th Hydrocarbons Law as amndd by Articl 3 of th Law Rforming th Hydrocarbons Law and th Intmal Tax Law Rgulations stablishs that: "th xcutiv powr shall formulat corrsponding hydrocarbons policis. For th dvlopmnt of such policis, thir xcution and th application of this Law, th Stat shall work through th Ministrial, Branch and th Scrtary of Hydrocarbons."

97 o 9 o Excution Vrsion VII. VIII. IX. Articl 9 of th Hydrocarbons Law modifid by Articl 4 of th Law Rforming th Hydrocarbons Law and th Intrnal Tax Law Rgulations stats that: "th Sctorial Ministry is th functionary chargd with formulating hydrocarbons policis approvd by th Prsidn! of th Rpublic, in accordanc with th application of this Law." On Sptmbr 30, 2008, Emprsa Estatal d Ptrólos dl Ecuador PETROECUADOR and Sinopc ntrd into th Stratgic Allianc Agrmnt No , as xtndd pursuant to that crtain lttr No PGER-IGER-2013 datd Jun 21, 2013, from EP PETROECUADOR to Sinopc Intrnational Exploration and Production Corporation, and that crtain lttr datd July 3, 2013, from Sinopc Intrnational J;:xploration and Production Corporation to EP PETROECUADOR, in which sction 2.1 ofth Purpos claus stats: "Th partis ntr into this Stratgic Allianc Agrmnt in ardr to participat in works far th improvmnt, optimiza/ion and incras in th production of crud oil or crud oil drivativi and in conomic activitis of mutual intrst in commrcialization and oil srvics." By Excutiv Dcr No. 315 of April 6, 2010, publishd in th Official Rgistry Supplmnt No. 171 of April 14, 2010, as amndd by Excutiv Dcr No A of Novmbr 1, 2012, publishd in th Official Rgistry Scond Supplmnt No. 860 of January 2, 2013, undr th authority providd by th Organic Law.of Stat-Ownd Entrpriss, th Constitutional Prsidnt of th Rpublic of Ecuador cratd EP PETROECUADOR as a lgal ntity undr public law, blonging fo th national patrimony, grantd budgtary, financia!, conomic, administrativ and managmnt autonomy, with its principal domicil in th city of Quito, in th provinc of Pichincha, which law subrogats th rights and obligations and th activitis of Emprsa Estatal Ptrólos dl Ecuador and its affiliatd companis to EP PETROECUADOR. X. Articl 2 of Excutiv Dcr No. 315, as amndd by Excutiv Dcr No of January 2, 2013, stablishs that: "Th principal purpos of EP PETROECUADOR is th managmnt ofth stratgic sctor of non~rnwabl natural rsourcs, far sustainabl xploitation in accordanc with th Organic Law of Stat-Ownd Entrpriss and th Hydrocarbons Law, so as to participat in al! phass of hydrocarbons activitis, xcpt for th xploration and xploitation phass, undr conditions of nvironmntal prsrva/ion and rspct far th rights of th popl. F or th compltion of its objctivs, it may crat afjiliats, sufysidiaris, businss units or ntr into agrmnts of association, tmporary unions or stratgic alliancs, consortia, ntrpriss of coordination or othr agrmnts of similar natur, with domstic or intrnational scop and in gnral tak any act or ntr into any contra! prmittd by Ecuadorian law, which dirctly or indirctly is rlatd to ths objctivs, with natural ar lgal prsons, publicar prívat." XI. Articl 6 of prviously citd Excutiv Dcr No. 315, as amndd by Excutiv Dcr No of January 2, 2013, stats that: "th systms of contracting of EP PETROECUADOR shall b subjct to th Organic Law on th National Systm of Public Contracting, with th xcption of th various phass of hydrocarbons activitis which ar govrnd by th norms st forth in th Hydrocarbons Law and its rgulations and othr provisions applicabl to this mattr which ar dclard ffctiv and plainly applicabl. Ths systms of contracting shall also b govrnd /;Jy. th norms which ar issud in thfutur by EP PETROECUADOR, as.,,-ipowrd by its board of dirctors to raliz th rforms which ar considrd rlvan! to th ffctiv rgulations."

98 o 9 o 5 Excution Vrsion XIII. XIV. XV. XVI. XVII. By Rsolution No. DIR-EPP of January 16, 2012, th Board of EP PETROECUADOR, issud policis for th xtrna! commrcialization of hydrocarbons, among which is includd th long trm commrcialization of ptrolum and prfrably with stat ownd companis and final consumrs. By Rsolution No. DIR-EPP ofth Board of Dirctors of EP PETROECUADOR datd May 8, 2014, th Board of Dirctors acknowldgd and did not objct to th xcution by its Gnral Managr of this Contract on bhalf of EP PETROECUADOR. By Circular No. MINFIN-SFP datd May 9, 2014, th Ministry offimmc, through th Ministr of Financ Fausto Hrrra Nicolald, issud a favorabl opinion rgarding th xcutfon of this Contract, in accordanc with numral 15 of articl 7 4 of th Organic Cod of Planning and Public Financ. By Circular No datd May 9, 2014, th Procurator Gnral of th Stat issud a favorabl dcision rgarding Sction 14 Arbitration) ofthis Contract. Concurrntly with th xcution of this Contract and as part of th commrcial agrmnt btwn th Partis in connction with th transactions contmplatd hrin, th Sllr and th Buyr hav ntrd into that crtain Sal and Purchas Contract of Ful Oil No. 6 datd th sam dat as this Contract th "Sal and Purchas Contract of Ful Oil No. 6"). 1. PURPOSE Th purpos of this Contract is th sal and purchas of Crud Oil in accordanc with th stipulations st forth blow, in th Gnral Conditions attachd hrto as Annx 1 Gnral Conditions) and in th othr Annxs of this Contract. 2. QUALITY 2.1 Th qtiality of th Orint Crud Oil sold undr this Contract shall b approximatly twnty four dgrs 24.0º) API with on point four prcnt 1.4%) sulfur by wight, and shall furthr comply with such typical charactristics st forth in Annx 2 Crud Oil Spcifications). 2.2 Th quality of th Napo Crud Oil sold undr this Contract shall b approximatly ightn to nintn dgrs 18º - 19º) API, with sulfur contnt of two to two and two tnths prcnt %) by wight, and in complianc with customary charactristics st forth in Annx 2 Crud Oil Spcifications). 3. VOLUME; SURCHARGE 3.1 Th Sllr shall sll and dlivr, and th Buyr shall buy and rciv, a total volum of on hundrd twnty million nin hundrd sixty thousand 120,960,000) barris of Crud Oil, with a volum varianc at th lction of th Sllr for oprational rasons of plus or minus fiv prcnt ± 5%), to b dividd into Lots and distributd as follows: a) b) For th month of Jun 2014, two million on hundrd sixty thousand 2,160,000) barris; Far th month of July 2014, thr million two hundrd fo ;t;-:!!jmr~4. barr Is;

99 o 9 o ~1 Excution Vrsion c) For th month of August 2014, two minian ight hundrd ighty thousand 2,880,000) barris; d) For th priod bginning on Sptmbr 1, 2014, to and including Dcmbr 31, 2015, two million fiv hundrd twnty thousand 2,520,000) barris pr month; ) For th priod b~~.ginning on January 1, 2016, to ahd including Dcmbr 31, 2016, two million ight hundrd ighty thousand 2,880,000) barris pr month; and f) F or th priod bginning on January 1, 2017, to and including March 31, 2018, two million fiv hundrd twnty thousand 2,520,000) barrls pr month Th distribution ofth supply of Crud Oil btwn Orint Crud Oil and Napa Crud Oil shall b at th lction of th Sllr, and th Sllr shall notify th Buyr in writing of such distribution for th subsqunt six month priod at last sixty 60) days bf9r th start of such pri o d. Lots shall b liftd in accordanc with Sction 6 Loading Program) and Sction 7 Nominations) of Annx 1 Gnral Conditions), subjct to th availability of Crud Oil for xport. Th Partis, by mutual writtn agrmnt, may amnd th volum spcifid in Sction 3.1, so long as th total volum of Crud Oil for th priods in paragraphs a) to ) of Sction 3.1 in th aggrgat dos not vary from th aggrgat total st forth in Sction 3.1. lf th Sllr has additional volums ofnapo or Orint Crud Oil that ar not committd to othr buyrs and th Sllr is abl to sll and dlivr such volums to th Buyr without advrsly affcting th Sllr's oprations, th Sllr may offr such additional volums for sal to th Buyr in Lots oras an additional volum to a prviously confirmd cargo to th Buyr, at Sllr's option. lf at th tim of rciving such notic from th Sllr, th Buyr has additional rquirmnts for Crud 'oil that ar not alrady satisfid by xisting contractual commitmnts, th Buyr may purchas from th Sllr such amounts of additional Crud Oil at th pric and pursuant to th othr applicabl trms and conditions st forth in this Contract and any othr additional trms and conditions agrd by th Partis at such tim. lf at any tim during th trm of th Contract, th Buyr rquirs additional volums of Crud Oil ovr th amounts th Buyr has agrd to purchas from th Sllr pursuant to this Contract, th Buyr may rqust th Sllr to sll such additional volums to th Buyr. If th Sllr dtrmins that it has availabl such volum of Crud Oíl to sll and dlivr to th Buyr without advrsly affcting its oprations, th Sllr may dlivr such amounts of additional Crud Oil to th Buyr at th pric and pursuant to th othr applicabl trms and conditions st forth in this Contract and any othr additional trms and conditions agrd by th Partis at such tim. Any additional Crud Oil to b sold by th Sllr and purchasd by th Buyr pursuant to ithr Sction 3.5 or Sction 3.6 will b in addition to, and will not affct, th contractually agrd volum rquirmnts st forth in Sction 3.1. Th Sllr is obligatd to supply Crud Oíl as pr Sction 3.1 to covr th full amount of th Prpaymnt and surcharg for advanc paymnt to b calculatd on a fixd annual rat of six and ninty-svn hundrdths prcnt 6:97%) th "Surcharg") in accordanc with Sction 6.1 an_d th Monthly Prpaymnt Sttlmnt Schdul st forth in ~A~nwn~XL7Z,.J~~~~Tii1Zill'!!JJJml Sttlmnt Schdul) th "Monthly Prpaymnt Sttlmnt Schd '"- ~~ o ºs.,,,v,0"",,&Tf~,. ~rj~. º<" <

100 o 9 o Excution Vrsion th pric of Crud,Oil, th actual valu of th Crud Oil basd on th Final Pric dlivrd in a givn calndar month will b lss than th sum of th portian of th Prpaymnt and Surcharg du and payabl in such calndar month in accordanc with Annx 7 Monthly Prpaymnt Sttlmnt Schdul), thn th Sllr shall dlivr an additional volum of Crud Oil to th Buyr during such calndar month, such that th Final Pric of th volum dlivrd is sufficint to. satisfy th corrsponding portian of th Prpaymnt and Surcharg du and payabl in th rspctiv priod. 3.9 If any of th following vnts any such vnt, a "Srióus Situation") occur: a) b) Th actual valu of th Crud Oil dlivrd by th Sllr pursuant to Sction 3.1 is lss than th amount st forth in th Monthly Prpaymnt Sttlmnt Schdul in column titld "Amount Paid Aftr Rpaymnt" for any givn calndar month -duto th lack of supply of Crud Oil by th Sllr; and /or For any thr 3) conscutiv calndar months, th total actual dlivrd volum of Crud Oil by th Sllr undr this Contract is lss than fifty prcnt 50%) of th committd volum for such priod as pr Sction 3.1, providd that such Srious Situation is not du to a matrial brach of this Contract by th Buyr and/or Forc Majur as providd in Sction 15 of Annx 1 Gnral Conditions) a "Valid Excus"), withth undrstanding that a govrnmntal act prvnting or dlaying dlivry of th Crud Oil cannót b invokd by th, Sllr as a Valid Excus for not supplying Crud Oil to th Buyr as providd undr this Contract; thn th Sllr shall immdiatly rduc th amount of th outstanding balanc of th Prpaymnt togthr with th Surcharg, ithr by rtuming in cash such part of th outstanding balanc of th Prpaymnt and th Surcharg, in accordanc with th Monthly Prpaymnt Sttlmnt Schdul such amounts; th "Unsatisfid Aniounts"), or by supplying thir quivalnt in additional volums of Crud Oil such that th Final Pric of th additíonal volum dlivrd is sufficint to satisfy th Unsatisfid Amounts TERM For th purpos of dlivry ofcrud Oil, this Contract shall com into ffct on th dat on _ which it is signd by th Partis th "Effctiv Dat") and shall continu in full forc and ffct, subjct to Sction 4.2 and Sction 4.3 blow, until March 31, 2018, or until othrwis trminatd in accordanc with th provisions of this Contract such priod, th "Trm"). Howvr, xpiration of th Trm shall not affct th liabilitis of ithr Party with rspct to any paymnt obligation afising prior to th nd ofth Trm but du and payabl aftr th xpiration oftrm. If th Buyr has liftd th total volum agrd undr Sction 3 Volum; Surcharg) of this Contract bfar th nd of March 2018, thn th Trm shall automatically xpir upon th dat th last Lot is dlivrd to th Buyr, providd that any outstanding Prpaymnt balanc has bn fully sttld with th Buyr. Othrwis, th Írm shall automatically xtnd until th Unsatisfid Amounts hav bn sttld in full with th dlivry of Crud Oil or paymnt by th Sllr pursuant to Sction 3.8 Volum; Surcharg). If, at th nd of th Trm, th total volum has not bn loadd or dlivrd in accordanc with Sction 3.1 Volum, Surcharg), th Trm of this Contract shall b automatically xtndd for th tim ndd by th Buyr to load th total stipulatd volum un 3 Volum Surcharg) of th Contract.

101 o 9 o Excution Vrsion 5. PRICE 5.1 In considration of th dlivry of th Crud Oil as providd in this Contract, th Buyr must pay th Sllr th pric spcifid in this Sction 5. For ach Nt Barrl of Orint Crud 9il and for ach Nt Barrl of Napo Crud Oil th pric shall b calculatd according to Sction For ach cargo as stipulatd in Sction 3.1 Volum; Surcharg), and subjct to th adjustmnts as st forth in Annx 1 Gnral Conditions), th FOB final pric pr barrl "Final Pric" or "PF") of Napo Crud Oil and/or Orint Crud Oil shall b dtrmind according to th following pricing formula: PF = WTI ± DIFFERENTIAL + PREMIUM Whr: WTI = th arithmtic avrag of th NYMEX Nw York Mrcantil Exchang) Wst Txas Intrmdiat WTI) first lin futur sttlmnt pric as publishd and quotd by Platts in th Crud Oil Marktwir undr rfrnc cod NMCLOO 1 for nin 9) days, as follows: a) b) ifth dat of th Bill oflading is a day on which sttlmnt prics ar publishd, thn th nin 9) days shall consist of th four 4) days immédiatly prior to th dat of th Bill of Lading on which sttlmnt prics ar publishd, th day corrsponding to th dat of th Bill oflading, and th four 4) days immdiatly following th dat ofth Bill of Lading on which sttlmnt prics ar publishd; or if th dat of th Bill of Lading is a Saturday, Sunday or a day on which sttlmnt prics ar not publishd, thn th nin 9) days shall consist of th fiv 5) days immdiatly prior to th dat of th Bill of Lading on which sttlmnt prics ar publishd and th four 4) days immdiatly following th dat of th Bill ofladfr1g on which sttlmnt prics ar publishd. DIFFERENTIAL = th arithmtic avrag of th last tn 10) valid publishd quotations for Orint Crud Oil and/or Napo Crud Oil, rspctivly, publishd by Platt's in th Crud Oíl Marktwir undr rfrnc cods PCAGUOO and AAMCDOO during th month N-1, with month N bing th month of lifting. This diffrntial will b addd to th pric formula if its valu is positiv, and subtractd if its valu is ngativ. PREMIUM = US$0.45 pr barrl. Th PREMIUM will rmain fixd for th duration of this Contract, unlss markt indicators usd in dtrmining th pricing formula ar affctd by xtrna! factors and th pricing formula bcoms inappropriat, not usful or unrliabl. In such cas, ithr Party may notify th othr Party, following which th Partis shall mt as soon as commrcially practica! to dtrmin th ncssary changs ) for maintaining th conomic quilibrium of th formula for dtrmining PF. Th Partis will act in good faith and xrcis thir bst fforts for a priod of thirty 30) days to rach a mutual ágrmnt on th changs to th pricing formula, including th PREMIUM to govrn for th rmaindr of th Trm. If th Partis do not agr on a nw PREMIUM within thirty 30) days of dlivry of a rqust to chan th PREMIUM, th prvious PREMIUM shall continu to apply for a priod of o 1 ~ ---

102 o 9 o {07... Excution Vrsion 5.3 lf th indics usd in th pricing formula in Sction 5.2 cas to b availabl or thir utilization is no longr prmittd by applicabl law, th Partis shall us thir bst fforts to rach an agrmnt on a nw pricing formula in accordanc with Sction 3 Unavailability of!ndics) of Annx 1 Gnral Conditions). Notwithstanding th forgoing, in an:y vnt whr it is not possibl to dtrmin th PF in accordanc with th pricing formula st forth in Sction 5.2, th Partis shall rngotiat in good faith all of th componnts of such formula, without limitation to th PREMIUM and th DIFFERENTIAL. 5.4 Th Final Pric shall b calculatd to six 6) dcimal placs, applying th following arithmtic ruls: a) b) if th s.vnth dcimal plac is fiv 5) or gratr than fiv 5), thn th sixth dcimal plac shall b roundd up to th nxt digit; and if th svnth dcimal plac is lss than fiv 5), thn th sixth dcimal plac shall b unchangd. 5.5 For billing purposs, in considration for th Buyr making th Prpaymnt, which shall b discountd as rflctd in th Monthly Prpaymnt Sttlmnt Schdul, whn th Sllr invoics th Buyr, th invoic pric pr barrl shall b calculatd on th basis of th following formula: Invoic Pric = PF - K Whr: K = Y = Y dividd by th numbr ofnt Barris liftd during th month Nas spcifid on th Bill of Lading, and th sum of th amounts corrsponding to th month N in th columns titld "Surcharg" and "Monthly Rpaymnt" in Annx 7 Monthly Prpaymnt Sttlmnt Schdul), providd that th Buyr has actually paid th rlvant amounts ofth Prpaymnt in accordanc with Sction 6 Prpaymnt). K shall b th componnt of th invoic pric formula, xprssd in Dollars pr barrl, rflcting thamount ofth Prpaymnt actually paid by th Buyr. 6. PREPAYMENT 6.1 Th Buyr will prpay to th Sllr an amount of two billion four hundrd million Dollars US$2,400,000,000) th "Prpaymnt") of th Final Pric of th Crud Oil. Th Prpaymnt and th accrud Surcharg shall b sttld monthly during th Trm from th amounts payabl by th Buyr to th Sllr for th dlivry of Crud Oil, in accordanc with th Monthly Prpaymnt Sttimnt Schdul. Th Buyr shall pay th Prpaymnt to th Sllr in six 6) sparat tranchs, as follows: a) th first tranch ofth Prpaymnt "Tranch A") shall b for an amount of four hundrd million Dollars US$400,000,000), and th Buyr shall us its bst fforts to ffct paymnt of Tranch A as soon as possibl aftr th xcution of this Contract and in any vnt no latr than Jun 15, 2014, subjct to th rcipt: by th Buyr of th following documnts, which shall b dlivrd to th addrss of th Buy rth in Sction 17.l No tics): i) a crtifid copy of th Board Rsolutions

103 2 O 1 '4 O 9 O o's Excution Vrsion and not objcting to th xcutión ofthis Contract and ii) an original signd copy of th Comfort Lttr from th Ministry offinanc substantially consistnt with Annx 8 Form o[comfort Lttr);. b) th scond tranch of th Prpaymnt "Tranch B") shall b for an amount of thr hundrd million Dollars US$300,000,000), and shall b mad no latr than August 15, 2014; ) th third tranch of th Prpaymnt "Tranch C") shall b for an amount of fiv hundrd million Dollars US$500;000,000), and shall b mad no latr than Dcmbr 15, 2014; d) th fourth tranch of th Prpaymnt "Tranch D") shall b for an amount of fiv hundrd million Dollars US$500,000,000), and shall b mad no latr than Jun 15, 2015; ) f) th fifth tranch of th Prpaymnt "Tranch E") shall b for an amount of thr hundrd million Dollars US$300,000,000) and shall b mad no latr than Dcmbr 15, 2015;and th sixth tranch of th Prpaymnt "Tranch F") shall b for an amount of four hundrd million Dollars US$400,000,000) and shall b mad no latr than Jun 15, For th avoidanc of doubt, th Surcharg shall b calculatd on any outstanding balanc of th Prpaymnt at th rat st forth in Sction 3.8 Volum; Surcharg), and shall b sttld in accordanc with Annx 7 Monthly Prpaymnt Sttlmnt Schdul), providd that th Surcharg will continu to b calculatd on any outstanding balanc of th Prpaymnt uritil all Unsatisfid Amounts ar dischargd in accordanc with Sction 3.9 Volum; Surcharg). 6.3 Upon compltion of th loa.ding of ach Lot, th Sllr shall dlivr to th Buyr th following documnts rlating to such Lot: a) b) ) copy of th rlvant invoic; copy ofth Bills oflading with a lttr of indmnity to b dlivrd by fax and/or mail, followd by dlivry of th originals; and copy of th Othr Commrcial Documnts with a lttr of indmnity to b dlivrd by fax and/or mail, followd by dlivry of th originals. 7. RECONCILIATION AT END OF TERM 7.1 If aftr th dlivry by th Sllr to th Buyr of all of th volums of Crud Oil which th Sllr shall dlivr to th Buyr in accordanc with this Contract, th total Final Pric for all such volums is gratr than th amounts actually paid by th Buyr to th Sllr such diffrnc bing rfrrd to as th "Buyr Dficit Amount"), thn th Sllr will dlivr to th Buyr an invoic stting forth in rasonabl dtail th calculations of th Buyr Dficit Amount, and th Buyr shall pay th Buyr Dficit Amount to th Sllr togthr with th paymnt for th final dlivry of Crud Oil prformd by th Sllr, or if th invoic for such final as alrady.bn paid by th Buyr, th Buyr will pay th Buyr Dficit Amount t l svn "''- \1\ "Q ~ º<Y ta.y ti!{~ ~ ~ ~ ~'.;.,,...-

104 2 O 1 4 O 9 O oc Excution Vrsion 7) Businss Days aftr rcipt of th invoic for th Buyr Dficit Amount. 7.2 If, upon th arlir to occur of a) dlivry to th Buyr of all of th volums ocrud Oil which th Sllr shall dlivr to th Buyr in accordanc with this Contract or b) th tnth IOth) Day following th last Day of th Trm, th total Final Pric for all volums of Crud Oil dlivrd by th Sllr to th Buyr is lss than th sum of th Prpaymnt and th applicabl Surcharg such diffrnc bing rfrrd to as th "Sllr Dficit Amount"), thn th Sllr will dlivr to th Buyr a crdit not stting forth in rasonabl dtail th calculations )f th Sllr Dficit Amount, and th Sllr will ithr i) dlivr to th Buyr additional Lots of Crud Oil in th nxt availabl dlivry month in accordanc with th trms and conditions stablishd in this Contract in an amount at last sufficint to satisfy th Sllr Dficit Amount, togthr with th Surcharg accrud on th outstanding balanc of th Prpaymnt lmnt of th Sllr Dficit Amount from th dat on which th Sllr Dficit Amount is stablishd until th dat th Sllr Dficit Amount is satisfid, or ii) pay th Buyr an amount qual to th Sllr Dficit Amount, togthr with th Surcharg accrud on th outstanding balanc of th Prpaymnt lmnt of th Sllr Dficit Amount from th dat on which th Sllr Dficit Amount is stablishd until th dat of such paymnt, within svn 7) Businss Days aftr rcipt of th crdit not. 7.3 If th Final Pric for th volums dlivrd by th Sllr to th Buyr in accordanc with Sction 7.2 abov xcds th Sllr Dficit Amount such xcss amount, th "Final Adjustmnt") as a rsult of th volum of Crud Oil ndd to complt a Lot bing in xcss of th amount of Crud Oil ndd to satisfy th Sllr Dficit Amount, th Sllr will dlivr to th Buyr an invoic stting forth in rasonabl dtail th calculation of th Final Adjustmnt, and th Buyr will pay th Final Adjustmnt to th.sllr within svn 7) Businss Days thraftr. 7.4 If th du dat of paymnts undr this Sction 7 Rconciliation at End of Trm) falls on a Saturday, thn such paymnt shall b mad on th immdiatly prcding Businss Day. If th du dat of paymnts undr this Sction 7 Rconciliation at End of Trm) falls on a Sunday or a Monday which is not a Businss Day, thn such paymnt shall b mad on th immdiatly following Businss Day. Th Sllr shall notify th Buyr if th paymnt du dat falls on a banking holiday in Ecuador, in which cas paymnt shall b mad on th immdiatly following Businss Day at no additional cost or consqunc to th Buyr. 8. FORM OF PAYMENT FOR CRUDE OIL SHIPMENTS ' 8.1 Paymnt shall b mad in Dollars by th Buyr by way of bank wir transfr to th Sllr' s bank account indicatd by th Sllr, and such paymnt shall b mad on th tnth 1 Oth) Day of th month immdiatly following th month of lifting th "Paymnt Du Dat") against dlivry of th following documnts: a) b) invoic; originals of th Bills of Lading or a copy of such documnts with a lttr of indmnity to b dlivrd by fax and/or mail, followd by dlivry of th originals bfor or aftr paymnt); and c), originals of Othr Commrcial Documnts or a copy of sucn documnts with a lttr of indmnity to b dlivrd by fax and/or mail, followd by dliv of th originals. bfor or aftr paynint). L.\

105 o 9 o Excution Vrsion Th Sllr shall provid th abov mntiond documnts svn 7) Businss Days prior to th Paymnt Du Dat th svnth 7th) Businss Day prior to th Paymrit Du Dat rfrrd to as th "Invoicing Dat"). 8.2 If th Paymnt Du Dat is on Saturday, Sunday or any banking holiday in Nw York, th paymnt shall b mad on th immdiatly following Businss Day in Nw York. 8.3 In th vnt that th Final Pric is not availabl on th Invoicing Dat, thn Sllr shall issu a provisional invoic to th Buyr and th Buyr shall mak th paymnt on th Paymnt Du Dat as pr th provisional pricing for WTI, which shall b qual to th avrag of th nin 9) conscutiv and ffctiv WTI prics immdiatly prior to th Invoicing Dat xcluding th rlvant Invoicing Dat). 8.4 In th vnt thr is any diffrnc btwn th provisional pric and Final Pric: a) b) if th provisional amount paid by th Buyr is lss than th Final Pric, th du balanc of paymnt shall b mad by th Buyr togthr with th paymnt that is du on th immdiatly following Paymnt Du Dat; if th provisional amount paid by th Buyr is mor than th Final Pric, th balanc of paymnt shall b st-off by th Sllr and dductd from th paynint that is du on th immdiatly following Paymnt Du Dat. 8.5 No intrst shall b payabl by ithr Party for th priod btwn th Paymnt Du Dat and dat on which paymnt of th diffrnc btwn th provisional pric and th Final Pric was mad, providd such paymnt is mad in accordanc with Sctions 8.3 and 8.4 abov. 9. DESTINATION Th dstination of Orint and Napo Crud Oil shall b at th option of th Buyr. 10. SUBRÓGATION, ASSIGNMENT OR TRANSFER Excpt as providd in Sction 11 Prmittd Assignmnts), nithr Party shall, without th prior writtn consnt of th othr Partyr, transfr or assign, totally or partially, its rights and/or obligations arising from this Contract, or amnd th trms and conditions and th rights and obligations drivd from this Contract. If any Party brachs this Sction 1 O, such transfr, assignmnt or modification will b null aríd void and th braching Party shall b liabl for any and all damags causd. 11. PERMITTED ASSIGNMENTS 11.1 Th Sllr xprssly ratifis that pursuant to Sction 9 Dstination), upon th dlivry of Crud.Oil to Buyr in accordanc.with Sction 9.1 of Annx 1 Gnral Conditions), th Buyr has complt ownrship, titl and control of and to th Crud Oil Th Sllr furthr ratifis that in accordanc with th law govrning this Contract, upon compltion of th conditions rfrrd to in Sction 11.1, th Buyr may frly dispos of th Crud Oil to any prson without any rstriction whatsovr, including by way of assignmnt to any prson that th Buyr dms appropriat.

106 Excution Vrsion 12. AUDITING RIGHTS For auditing purposs, ach of th Partis may at any tim rqust to th otht Party information rlatd to this Contract and such othr Party is obligatd to provid writtn confirmations' of oprations and othr documnts rlatd to shipmnts mad or bing mad with th Sllr undr this Contract, such as, but not limitd to, invoics, Bills of Lading and oprating communications and instructions. 13. APPLICABLE LA W AND DOMICILE 13.1 All mattrs arising from or rlatd to th validity, intrprtation and/or prformanc of this Contract shall b govmd xclusivly by th laws ofth Rpublic ofecuador For all ffcts drivd from this Contract, th Partis st as thir domicil th city of Quito, Rpublic ofecuador. 14. ARBITRATION 14.1 Any disput, controvrsy or claim "Disput") arising out of or in connction with this Contract shall b rsolvd by arbitration bfor th London Court of Intmational Arbitration "LCIA"), pursuant to th LCIA Arbitration Ruls th "LCIA Ruls"), such LCIA Ruls which ar dmd to b incorporatd by rfrnc into this Sction, in particular: a) b) th Partis' addrsss for srvic of any documnts in rlation to any such arbitration including any rqust for arbitration) ar st out in Sction 17.1 Notics ); at th sam tim as srving th Rqust for Arbitration on th Rspondnt, th Claimant in any such arbitration shall srv copis of such Rqust on th othr Party to this Contract; c) th numbr of arbitrators shall b thr; d) ach Party to th Disput shall b ntitld to nominat on arbitrator; ) f) g) h) th third arbitrator and Chairman of th Tribunal shall b jointly nominatd by th two 2) Party-nominatd arbitrators. Th Chairman of th Tribunal shall b nominatd within thirty 30) calndar Days from and including th dat of th LCIA' s formal appointmnt of th scond arbitrator as providd in Sction 14. ld). Whr th two 2) Partynominátd arbitrators fail to nominat th Chairman of th Tribunal or such nomination is not timly mad, th Chairman shall b appointd by th LCIA Court in accordanc with th LCIA Ruls; th sat and vnu of th arbitration shall b London, England. Accordingly; th Partis submit to th jurisdiction of th English courts o vr such arbitration procdíngs; th languag to b usd in th arbitration shall b English; any award rndrd shall b final and binding and nothing shall prvnt any Party from nforcing such award in any court;

107 o 9 o ol- Excution Vrsion Contract or th prformanc throf; and j) for th purposs of arbitration pursuant to tliis Sction 14, th Partis waiv any right of application to dtrmin a prliminary point of law or appal on a point of law undr Sctions 45 Dtrmination of a Prliminary Point of Law) and 69 Appal on a Point of Law) of th Arbitration Act of CAUSES FOR TERMINATION 15.l This Contract shall automatically trminat as providd blow: a) b) c) Upon fulfillmnt of all th obligations of ach of th Partis undr this Contract to th satisfaction of th Sllr and th Buyr, which shall b vidncd by th xcution of a Trmination Agrmnt and Rlas by both Partis in accordanc with Sction 16.2 Entir Contract, Annxs and Rlass);. By xcution of a mutual writtn agrmnt btwn th Partis; Upon th xpiration of th Trmas providd in Sction 4 Trm) ofthis Contract; or d) In th vnt that Tranch A of th Prpaymnt is not advancd to th Sllr pursuant to Sction 6.la) Prpqymnt), subjct to Sction Th Sllr may trminat this Contract upon a matrial brach by th Buyr that has not bn rmdid to th satisfaction of th Sllr within thirty 30) Days aftr notic of such matrial brach has bn dlivrd from th Sllr to th Buyr Th Buyr may trminat this Contract for th. additional causs st forth blow: a) b) Upon a matrial brach of this Contract by th Sllr and such brach rmains unrsolvd for a priod of thirty 30) Days aftr notic to such ffct from th Buyr to th Sllr; U pon th occurrnc of any vnt that has or can rasonably b xpctd to ha v a matrial advrs ffct on th ability of th Sllr to dlivr Crud Oil or ón th validity or nforcability ofthis Contract and such vnt rmains unrsolvd for a priod ofthirty 30) Days aftr notic to such ffct from th Buyr to th Sllr; or c) In th vnt that th Contract has bn dclard invalid, illgal or unnforcabl by th comptnt authority of last rsort In th vnt that any tranch of th Prpaymnt is not advancd to th Sllr pursuant to Sction 6.1 Prpavmnt): a) b) th Sllr shall rmain committd to sll and dlivr Crud Oil to th Buyr only to th xtnt rquird such that any outstanding amounts of th Prpaymnt and applicabl Surcharg ar rpaid through sttlmnt against invoics from such dlivris; and th Buyr shall rmain committd to buy and rciv from th Sllr such volums of Crud Oil pursuant to th trms and conditions of this Contract If this Contract is trminatd according to this Sction 15 Causs

108 o 9 o Excution Vrsion Forc Majur) of Annx 1 Gnral Conditions) and thr is any outstanding balanc of th Prpaymnt which is not discountd or applid for th purpos of discounting as pr Sction 5.4 Pric) of this Contract, th Sllr shall rturn such balanc and th applicabl Surcharg to th Buyr within a priod of thirty 30) calndar days aftr trmination. 16. ENTIRE CONTRACT, ANNEXES AND RELEASES 16.1 Th provisions st forth in this Contract and its Annxs constitut th ntir and final Contract btwn th Partis and can b modifid only through mutual agrmnt of th Partis, supportd by th rlvant documnts duly xcutd by th Partis for mattrs drivd from or rlatd to this Contract In ordr to procd with a rlas of th Contract, all th obligations arising from th Contract must b compltd and fulfilld to th satisfaction of th Sllr and Buyr. Following th compltion or fulfillmnt of all obligations of this Contract, th Partis shall sign th Trmination Agrmnt and Rlas within ninty 90) calndar Days from rcipt by th Buyr of a communication from th Sllr rqusting signatur ofth Trmination Agrmnt and Rlas If any provision of this Contract is hld to b invalid or unnforcabl, it shall not affct th validity or nforcability of th rmaindr of this Contract, which shall rmain in full forc and ffct. 17. NOTICES 17.l All notics, invoics and communications rquird or authorizd pursuant to this Contract, as wll as all communications btwn th Partis rlatd to th sam, should b mad in writing xcpt whr stipulatd to th contrary) and dlivrd prsonally, by th Ecuadorian Qfficial postal srvic, through an accrditd courir srvic for xprss dlivry, or by facsímil or lctronic mail, to th addrsss indicatd blow or to any such othr addrss that th rciving Party may spcify as st forth in Sction a) To th Sllr: EMPRESA PÚBLICA DE HIDROCARBUROS DEL ECUADOR i) Administrativ contact: Attn~:. GERENCIA GENERAL EP PETROECUADOR Edificio Alpallana - Alpallana E8-86 y A v. 6 d Dicimbr Esquina) P.O. Box: Quito, Ecuador Tl: Fax: mcalvopina@pptrocuador.c ii) Commrcial contact:

109 Q 9 Q {D) Excution Vrsion Tl.: / / Fax: / nilsn.arias@pptrocuador.c; analucia.palacios@pptrocuador.c b) To th Buyr: UNIPEC ASIA CO., LTD. i) Contact in China: Attn: GAO Shuangqiang 1202, Offic Towr, Convntion Plaza, Wan Chai, Hong Kong Tl: Fax: oprations@unipcasia.com ii) Contact in USA: Attn: Yi Xufng 41 O Park A vnu, Suit 61 O, Nw York, NY 10022, Tl: , Ext. 318 Fax: yixufng@unipc.com.cn 17.2 Notics shall b dmd to hav bn ffctd as follows: a) b) Whn dlivrd prsonally, srvic of th notic shall b dmd to b ffctd upon rcipt; Whn snt by xprss courir srvic or th Ecuadorian official postal srvic th "mails of Ecuador"), srvic of th notic shall b mad by proprly addrssing, pr-paying and snding th notic through an intmationally-rcognizd courir or th Ecuadorian official postal srvic, rspctivly, and dmd to hav bn ffctd ori th Day on which signd acknowldgmnt of rcipt is givn by th rcipint Party; and c) Whn a notic is sl)t by fax or lctronic mail, srvic of th notic shall b dmd to hav bn ffctd on th Day th sam is snt, unlss th notic is snt outsid of rgular businss hours btwn 08:00 ami 17:00 hrs.) at th location of th rcipint Party, in which cas th notic shall b dmd to hav bn ffctd on th immdiatly following Businss Day Each Party shall notify th othr Party in writing of any changs to th notic information abov at last fiftn 15) Businss Days in advanc ofsuch chang. 18. DOCUMENTS FORMING PART OF THE CONTRACT Th documnts apparing in th prambl and rcitals of this Contract and th following documnts ar an intgral part of this Contract: ANNEX 1 Gnral Conditions

110 {to Excution Vrsion ANNEX2 ANNEX3 ANNEX4 ANNEX5 ANNEX6 ANNEX7 ANNEX8 Crud Oil Spcifications Appointmnt of th Sllr's Rprsntativ Evidnc of th Powr of Attomy ofth Authorizd Rprsntativ ofth Buyr Volum Tabl Gnral Trms and Conditions GTCs) of OCP Trminal Ecuador Monthly Prpaymnt Sttlmnt Schdul Form of Comfort Lttr In cas thr is any conflict btwn th Annxs and th main body of this Contract, th lattr shall prvail. 19. REPRESENTATIONS AND WARRANTIES Th Sllr rprsnts and warrants that as ofth Effctiv Dat: a) b) Th Sllr has obtaind all licnss, authorizations, approvals, consnts and prmits rquird undr Ecuadorian law in connction with th xcution, dlivry, validity prformanc and nforcability of this Contract; Th Sllr has all th ncssary powr and authority to conduct its businss, xcut this Contract and prform all its obligations undr this Contact; c) Th undrsignd lgal rprsntativ of th Sllr has all powr and authority ncssary to xcut this Contract on bhalf of th Sllr; d) ) Th xcution, dlivry, validity and prformanc of this Contract 1,1r in accordanc with th laws of th Rpublic of Ecuador and th bylaws and constitutiv documnts and intrna! rgulations of th Sllr; and Th Sllr has not offrd, givn, rcivd, or solicitd, dirctly or indirctly, anything of valu to influ~nc improprly th actions of public officials, and it is in complianc with th anticorruption laws of th Rpublic ofecuador in all matrial rspcts Th Buyr rprsnts and warrants that as ofth Effctiv Dat: a) b) Th Buyr has obtaind all licnss, authorizations, approvals, consnts and prmits rquird undr Chins law and/or th laws of th Spcial Administrativ Rgion of Hong Kong, as applicabl, in connction with ~h xcution, dlivry, validity prformanc and nforcability of this Contract; -- Th Buyr has all th ncssary powr and authority to conduct its businss, xcut this contract and prform.all its obligations undr this Contract; c) Th undrsignd authorizd rprsntativ of th Buyr has all " '""""'_,,, ncssary to xcut this Contract on bhalf of th Buyr; authority ' \..,A; -V

111 /{ Excution Vrsion d) Th xcution, dlivry, validity and prformanc of this Contract ar in accordanc with th laws of th Popl's Rpublic of China and/or th laws ofth Spcial Administrativ Rgion of Hong Kong, as applicabl, and th bylaws and constitutiv documnts and intrna! rgulations ofth Buyr; and ) Th Buyr has not offrd, givn, rcivd, or solicitd, dirctly or indirctly, anything of valu to influnc improprly th actions of public officials, and it is in complianc with th anticorruption laws of th Popl's Rpublic of China and/or th laws of th Spcial Administrativ Rgion of Hong Kong, as applicabl, in all matrial rspcts Nithr párty shall b abl to claim or dfnd th invalidity, failur and/or non-prformanc in part or whol) of th Contract on th basis that th Contract conflicts with its by-laws or th laws of its own country. Each Party shall indmnify and hold harmlss th othr Party from and against any costs, damags and liability of th othr Party as a rsult of, or in connction with, th inaccuracy ofthir rspctiv rprsntatlons and warrantis st forth in this Sction MISCELLANEOUS 20.1 Th Sllr undrtaks that it shall not grant or prmit to xist any scurity intrst or othr agrmnt having a similar ffct ovr or in rspct of any of its rights, titl and intrst in this Contract If any provision of this Contract is hld to b invalid or unnforcabl, such invalidity or unnforcability shall not affct th validity or _ nforcabiljty of all othr provisions of this Contract, which shall rmain in full forc and ff ct This Contract shall b writtn and signd in both Spanish and English languag vrsions. Th official vrsion is th Spanish on, and th two vrsions shall hav th sam lgal ffct. 21. CONFLICT OF INTEREST AND PROMISE OF ANTICORRUPTION 21.1 No mploy of th Buyr shall dirctly or indirctly, offr or provid any typ of paymnt, loan or srvic, luxury ntrtainmnt, travl or gifts to any official or mploy of th Sllr In th sam mannr, no mploy of th Sllr shall dirctly or indirctly, rciv any paymnt, loan, srvic, luxury ntrtainmnt, travl or gifts from th Buyr and such rcipt shall b caus for trmination of mploymnt in accordanc with th corrsponding lgal procdurs. 22. CONTRACTUAL TERMS AND INTERPRETATION Th trms of this Contract shall b intrprtd in thir litral sns and in thir contxt, rvaling th clar intntions ofth Partis. In all cass, intrprtation shall follow th norms blow: Unlss othrwis spcifid_ hrin, dfind and capitalizd trms shall hav th manings st forth in this Contract Rfrncs to Sctions, Annxs and Schduls rfr to th sctions, annxs and schduls to this Contract. Th Annxs and Schduls form an intgral part of this Contract Trms that ar dfind undr Ecuadorian laws, shall hav th mani

112 o 9 o Excution Vrsion thrin Trms that ar not dfind undr Ecuadorian laws shall b intrprtd in accordanc with this Contract in thir litral sns and clarly in accordanc with th purpos of this Contract and th intnt of th Partis Unlss othrwis spcifically stipulatd in this Contract, th lgal norms govming contracts of th Sllr shall govm Tchnical and commrcial trms shall b subjct to th dfinitions st forth in th rlvant profssional manuals. 23. ADMINISTRATION OF THE CONTRACT Th Gnral Managr of th Sllr shall nam as administrator of this Contract for and on bhalf of th Sllr th "Administrator") th Managr oflntmational Commrc of th Sllr, and th Administrator shall b rsponsibl for complianc with ach and vry on of th obligations arising from this Contract. Th Administrator shall tak commrcially ncssary actions to avoid unjustifid dlays in th prformanc of th Contract. [Rmaindr of pag intntionally blank]

113 o 9 o Excution Vrsion 24. ACCEPTANCE OF THE PARTIES Th Partis hrby xprss thir complt accptanc and agrmnt with all of th provisions of this Contract and, to rcord convrgn c of th Partis' intrsts and all of th forgoing, th Partis xcut this Contract in four 4) countrparts, consisting of two 2) countrparts of ach of its vrsions in Spanish and English, ach of which carris qual validity and lgal ffctivnss, in Bijing, China on th dat first writtn abov.!vfmarco Calvopiña Vga Gnral Managr For and on bhalf of EMPRESA PÚBLICA DE HIDROCARBUROS DEL ECUADOR EPPETROECUADOR Mr. ChnBo Prsidnt, UNIPEC For and on bhalf of UNIPEC ASIA CO., LTD.

114 o 9 o I{~ Excution Vrsion ANNEXl GENERAL CONDITIONS 1. DEFINITIONS "Administrator" has th maning ascribd to such trm in Sction 23 Administration ofth Contra!) of this Contract. "ASTM" mans th Amrican Socity for Tsting Matrials. "Bill of Lading B/L)" mans th documnt signd by th captain of th vssl, his agnt or rprsntativ in th Port of Loading, in which th charactristics of th products transportd ar dtaild and which constituts th titl úf proprty of th sam. "Businss Day" mans a Day othr than a Saturday or Sunday) on which banks ar opn for gnral businss in Bijing, Quito and, in rlation to any for paymnt in Dollars, Nw York. "Contract" has th maning ascribd to such trm in th prambl of this Contract. "Crud Oil" or "Oil'' mans _crud oil or oil producd in th Amazon rgion of Ecuador, and includs rfrncs to "Orint Crud Oil" and "Napo Crud Oil" having th charactristics providd in Annx 2 Crud Oil Spcifications). "Day" mans a priod of tim starting from OOHOO hours and lasting twnty four 24) continuous hours. "Disput" has th maning ascribd to such trm in Sction "Do llar" or "US$" mans th montary unit of Unitd Stats of Amrica that will b usd as masur of valu in this Contract. "Effctiv Dat" has th maning ascribd to such trm in Sction 4.1. é "EP FLOPEC" mans th Emprsa Pública Flota Ptrolra Ecuatoriana. "EP PETROECUADOR" or th "Sllr" has th maning ascribd to such trm in th prambl of th Contract. "ETA" mans th stimatd tim ofth vssl arrival to Balao-Esmraldas, Rpublic of Ecuador. "Final Pric" or "PF" has th maning ascribd to such trm in Sction 5.2. "FOB" indicats th dlivry condition in accordanc with INCOTERMS2010. "Forc Majnr" has th maning ascribd to such trm in Sction 15.1 of Annx 1 of this Contract. "Hour" mans an hour in Ecuador's continntal tim zon. "Invoicing Dat" has th maning ascribd to such trm in Sction 8.1.

115 o g o ar Excution Vrsion "LAY CAN" mans th priod of tim that th vssl has to provid th NOR to th Loading Port. "LCIA" has th maning ascribd to such trm in Sction "LCIA Ruls" has th maning ascribd to such trm in Sction "Loading Port" mans th trminal marítimo d Balao, locatd at Esmraldas, Ecuador. "Lot" mans cargo lots ofbtwn thr hundrd and sixty thousand 360,000) and svn hundrd twnty thousand 720,000) barrls of Orint Crud Oil, or btwn thr hundrd and sixty thousand 360,000) and two million 2,000,000) barrls of Napo Crud Oil, in' ach cargo lot with a volumtric variation of plus or minus tn prcnt ±10%) at th Sllr's option for oprational rasons subjct to th availability of Crud Oil for xport. "Monthly Prpaymnt Sttlmnt Schdul" has th maning ascribd to such trm in Sction 3.8. "Nt Barrl'' mans a volum of forty two 42) Amrican gallons at sixty 60) dgrs Fahrnhit, dducting th quantity of watr and sdimnts as dtrmind by an indpndnt inspctor. "PaymntDu Dat" has th maning ascribd to such trm in Sction 8.1. "PREMIUM" has th maning ascribd to such trm in Sction 5.2. "Prpaymnt" has th maning ascribd to such trm in Sction 6.1. "Night Hours" mans th Schdul stablishd btwn 16HOO and 06HOO of th nxt Day that th oprations ar rstartd, and during which mooring manuvrs at port ar not don. -. ~ "NOR" mans th notic of radinss. "OCP" mans "Oloducto d Crudos Psados", Ecuador, S.A., Marin Trminal Loading Tim Procdurs and Rgulations. "Othr Commrcial Documnts" mans th documnts on-board rcipt, th cargo in-tak, th timing rport, th ullag rport, th crtificat of origin, cargo manifst and th sampls rcipt. "Prpaymnt" has th maning ascribd to such trm in Sction 6.1 "Party" or "Partis" has th maning ascribd to such trm in th prambl of th Contract. "UNIPEC" or "Buyr" has th maning ascribd to such trm in th prambl of th Contract. "Srious Situation" has th maning ascribd to such trm in Sction 3.9. "Surcharg" has th maning ascribd to such trm in Sctio~ "Trm" has th~ maning ascribd to such trm in Sction 4.1.

116 o 9 o Excution Vrsion "Trmination Agrmnt and Rlas" mans a lgal documnt in which both partis provid for th trmination and rlas of thir rights and obligations undr this Contract. "Tranch A" has th maning ascribd to such trm in Sction 6.la). "Tranch B" has th maning ascribd to such trm in Sction 6. lb). "Tranch C" has th maning ascribd to such trm in Sction 6. lc). "Tranch D" has th maning ascribd to such trm in Sction 6.ld). "Tranch E" has th maning ascribd to such trm in Sction 6.l). "Tranch F" has th maning ascribd to such trm in Sction 6.lf). "Unsatisfid Amounts" has th maning ascribd to such trm in Sction 3.9b). "Valid Excus" has th maning ascribd to such trm in Sction 3.9b). "yar'', "smstr", "quartr" in th contxt of dats) and "month" man calndar yars, calndar smstrs, calndar quartrs'and calndar months, rspctivly, with rfrnc to th Grgorian Calndar VERIFICATION AND MEASURES Th amount and quality of Crud Oil liftd for ach cargo will b dtrmind by sampling and analysis by mans of vrification and masurs in shor tanks of th Loading Port by an indpndnt Inspctor dsignatd by th Partis. Unlss undr fraud or manifst rror, th crtificats of amount and quality issud by th indpndnt Inspctor wiil b mandatory and dfinitiv for th Partis and will b usd as basis for th laboration of shipping documnts and invoics. Th inspction cost will b qually paid by th Buyr and th Sllr. Bfor ach lifting th Buyr will dsignat th indpndnt inspctor th "Inspctor") and th Sllr will giv its approval to this dsignation within forty-ight 48) working hours of rcipt of th notification; failur to rciv an answr ih that priod will b dmd as an accptanc. In any cas, th Sllr may issu its approval of a qualifid indpndnt Inspctor dsignatd by th Buyr. Each Inspctor must b rgistrd with th Agncy of Hydrocarbon Rgulation and Control Agncia d Rgulación y Control d Hydrocarburifro ARCH)) ofecuador. Th vrification and masurs of mbarkd Crud Oil will b carrid out at th tim of lifting, pursuant to th mthods of th ASTM, th Amrican Ptrolum Institut and common practic usd in th intmational hydrocarbon commrcialization markt. Th amount of watr and sdimnts will b dductd from th gross volum loadd to dtrmin th nt and dry volum, for which th Buyr will pay th Sllr. Th Buyr will hav th right to b prsnt at th dtrmination of th amount and th quality in th Loading Port; thrfor, th Sllr will offr th facilitis and th information in ordr to nabl Buyr to b prsnt at that tim...iof.ocmau'y ~. ~' ~ º.s)~ { V oar~ ~ Ef:.ffl'F20ECIJFI g

117 o 9 o Excution Vrsion 3. UNAV AILABILITY OF INDICES 3.1 lf any componnt of PF dtrmind by rfrnc to an indx for xampl, th NYMEX WTI PRICE with rspct to th WTI componnt of PF, or th Platts indx with rspct to th. DIFFERENTIAL componnt of PF) cannot b dtrmind bcaus th rlvant indx is not availabl for any rason, or if applicabl Ecuadorian laws or govrnmntal rgulations chang and rquir th us of a diffrnt pric indx for th xport of Ecuadorian crud oíl, thn th Partis agr to promptly ngotiat in good faith to substitut a mutually satisfactory altrnat indx or mthodology for calculating such componnt of PF th "Altrnat Indx") within thirty 30) days aftr th prviously usd indx cass to bcom availabl. From th dat on which th indx usd to dtrmin a componnt of PF cass to b availabl untíl th Altrnat Indx is dtrmind, th Sllr shall issu provisional invoics to th Buyr basd on th most rcntly publishd information from such indics prior to thir bcoming unavailabl, and th Buyr shall pay th Sllr in accordanc with such provisional invoics on th Paymnt Du. Dat. Upon th dtrmination of an Altrnat Indx, PF will b adjustd rtroactivly to th dat on which th indx upon which PF prviously was basd casd to b avaílabl, and any diffrncs btwn th provisional invoic pric and PF shall b sttld in accordanc with Sction 5.4 Pric). 3.2 lf th Partis cannot agr on how to adjust th formulas for calculation of PF pursuant to Sction.1.l of this Annx within th rlvant thirty 30) Day tim priod, thn ithr Party!llªY dlivr a notic to th othr Party rqusting that th Altrnativ Indx shall b slctd by an indpndnt xprt slctd unanimously by th Partis. Th xprt will not b an arbitrator and will not b dmd to b acting in an arbitral capacity. Th xprt must b an individual who is nithr a citizn nor rsidnt of th Rpublic of Ecuador or th Popl' s Rpublic of China, and shall hav a rasonabl lvl of xprtis, including at last fiv 5) yars of xprinc with rspct to intrnational commodity pricing for crud oíl. lf th Partis ar unabl to agr on an xprt within tn 10) days aftr rcipt of a notic rqusting th slction of an indpndnt xprt, thn upon th rqust of ithr of th Partis, th Intrnational Cntr for Exprtis of th Intrnational Chambr of Commrc shall appoillt an xprt and administr th xprt dtrmination through th ICC's Ruls for Exprtis. Th Partis agr to cooprat fully in th xpditious conduct of th xprt dtrmination and to provid th xprt with accss to all facilitis, books, rcords, documnts, information and prsonnl ncssary to mak a fully informd dcision. Bfor issuing a final dcision, th xprt shall issu a draft rport and allow th Partis to commnt on it for a priod of tn 10) days. Th xprt shall ndavor to rsolv th disput within thirty 30) days aftr appointmnt, taking into accolínt th circumstancs rquiring an xpditious rsolution of th mattr in disput. Th xprt's dcision shall b final and binding on th Partis. Th xprt shall not without th writtn consnt of both Partis) b appointd to actas an arbitrator or advisr to ithr ofth Partis. 4. PRICE ADJUSTMENT FOR QUALITY 4.1 F or Orint Crud Oil, th Buyr will pay to th Sllr an additional pric of fiftn thousandths of on Dollar US$ 0.015) pr Nt Barrl, for ach complt on dcimal 0.1} of dgr API if th gravity of th Crud Oil in a givn cargo lot xcds 24.0 dgrs APL Equal valu will b discountd from th pric payabl to th Sllr whn th gravity API of th Crud Oil in a givn cargo lot is lss than 24.0 dgrs APL Th Sllr will rcogniz in favor of th Buyr a discount of four thousandths of on Dollar US$ 0.004) pr Nt Barrl for ach complt on dcimal 0.1) of sulphur in wight, whn th Orint Crud Oíl in a cargo lot has a contnt highr than on point four prcnt l.4%) of sulphur in wight. Th Buyr will pay - of qual valu. v.10p.ocar!juff I ;;._ Q"'. º.s ~ //~14/)t _: ~ >-fl

118 o 9 o t8 Excution Vrsion whn th Orint Crud Oil in a givn cargo lot has a contnt lss than on point four prcnt 1.4%) of sulphur by wight. 4.2 For Napo Crud Oil, th pric will b incrasd or dcras~d rspctivly by zro point zro two on fiv two Dollars US$ ) pr Nt Barrl for ach complt on,décimal 0.1) of dgr API ovr or undr th bas of dry gravity dry API) dtrmind to b outsid th rang of 18 to 19 dgrs API, in th sam way as th pric will b incrasd/or dcrasd as dscribd in th first paragraph of Sction 4.1 of this Annx. Th Sllr will rcogniz in favor of th Buyr a discount of four thousandths of on Dollar US$ 0.004) pr Nt Barrl for ach complt on dcimal 0.1) of sulphur in wight, whn th Napo Crud Oil in a givn cargo lot has a contnt highr than two point two prcnt 2.20%) of sulphur in wight. Th Buyr will pay a prmium of qual valu whn th Napo Crud Oil in a givn cargo lot has a contnt lss than two point zro prcnt 2.0%) of sulphur in wight. 5. PAYMENT Paymnt shall b mad as providd in Sction 6 Prpaymnt) of this Contract and Sction 8 Form o[ Paymnt {or Crud Oíl Shipmnts) ofthis Contract. 6. LOADING PROGRAM 6.1 Th Buyr must load monthly volums as st forth in Sction 3.1 Volum; Surcharg) of this Contract. Th Buyr is committd to snd in writing to th Sllr, bfor th bginning of vry month, th monthly program of thr 3) stimatd days of LA YCAN, 30 Days in advanc. In cas th Buyr <los not snd its loading program, th Sllr may procd with planning in such mannr that shipmnts ar don in a mandatory and uniform way during LA YCAN of thr 3) Days, such that, onc dcidd by th Buyr and confirmd by th Sllr, will b fixd and dfinitiv according to th volumtric balanc during th validity of th Contract, subjct to changs by mutual agrmnt xcutd in writing. 6.2 If th Buyr has not compltd a confirmd LA YCAN and has not justifid such failur of compltion in writing to satisfaction of th Sllr within th priod of th LA YCAN, th Sllr will notify th Buyr in writing, and th Buyr shall hav thr 3) Days following such notic to complt th loading. If th loading has,not bn so compltd, th Buyr will b considrd in matrial brach of th Contract. 6.3 Th Sllr will invoic th amount of on thousand two hundrd Dollars US$1,200) pr hour or fraction of hour bcaus of dlays imputabl to th Buyr in th confirmd LA YCAN, plus any additional costs and xpnss that ar incurrd from oprations rsulting from such dlay at th Loading Port, unlss such dlay is causd solly by Forc Majur or Act of God circumstancs, notifid witl)in th priod of th LA YCAN and proprly justifid within thirty 30) Days subsqunt to th dat of th Bill oflading. 6.4 Invoics for paymnts du to dlay in th confirmd LA YCAN must b paid within a maximum trm of thirty 30) calndar Days aftr notification by EP PETROCUADOR. Any dlay in th paymnt from th Buyr will rsult in th charg of lat paymnt intrst chargd at th Prim Rat on th Paymnt Du Dat, calculatd from th rlvant Paymnt Du Dat until th dat such paymnt is rcivd by th Sllr.

119 7.3 long as '"" acity of th o,)'.. \ \ "~\.~~ o 9 o ll/ Excution Vrsion 6.5 Th tim on which th stipulatd fs for dlay should b applid will b calculatd in accordanc with Sction 6.2 of this Annx, and will b calculatd from 00:00 hours of th Day aftr th last Day of th confirmd LA YCAN until th hour of th NOR givn by th Ship's captain, so long as th ship is rady to load on arrival; if th ship is not rady to load upon arrival, th pnalty priod will xtnd until such tim as th ship is rady for loading. Radinss for loading includs, but is not limitd to, th following aspcts: a) b) c) Authorization of fr opration; Instructions of loading in th port; Nomination ofth Inspctor; d) Ship without mchanical flaws or damag; and ) Captain's authorization to load. 6.6 If th ship arrivs on th last Day of th LA YCAN during Night Hours, th opration will b conductd undr port rgulations, th mooring and loading oprations will start as soon as Trminal Working Hours bgin, following Loading Port ruls on th ordr of arrival of th ships. 6.7 If a shipmnt originally confirmd for a givn month is dlayd until th following month bcaus of dlay of th confirmd LA YCAN stipulatd in Sction 6.2 of this Annx du to rasons imputabl to Buyr or th ship, in addition to th fs for dlay th diffrntial applid will b that which is mor conomically favorabl for EP PETROECUADOR. 6.8 Th lifting windows as pr agrd program can b combind upon th Buyr's rqust subjct to trminal accptanc, and th Partis shall agr on a nw combind window for ach cas. Th Sllr will not unrasonably rjct such combination rqust. 6.9 In th vnt that a high stock mrgncy in trminal occurs and th Sllr rqusts th Buyr to load mor or arlir, th Buyr shall mak commrcially rasonabl fforts to satisfy th Sllr's rqust. 7. NOMINATIONS 7.1 During a priod no longr than svn 7)'Days bfor th LAYCAN, th Buyr will notify th Sllr of th nam and charactristics of th ship, its stimatd tim of arrival ET A), th approximat volum for loading and th trms of th Chartr Party fo rlation to th LA YCAN and th amount for dmurrag, with th Sllr to notify accptanc in writing; and if th Sllr <los not provid such notification within thr 3) Businss Days, th Sllr will b dmd to hav accptd th nomination. 7.2 Th Buyr, or th captain of th ship, or his agnt in Ecuador, will notify th Sllr of th ET A at th Loading Port, with svnty-two 72), forty-ight 48) and twnty-four 24) hours rspctivly, bfor th ship's arrival; any chang gratr than six 6) hours must b notifid to th Loading Port. If this notification rquirmnt is not fulfilld, EP PETROECUADOR. will not b rsponsibl for snding th instructions of loading to th port.

120 o 9 o l~ Excution Vrsion originally nominatéd ship and b) th Buyr has givn warning to th Sllr at last svnty-two 72) hours prior to th originally schduld Day of arrival of th originally nominatd ship. 8. ANCHORAGE AT PORT. f ;~ 8.1 Th Sllr will provid an ara with anchorag in th Loading Port for a vssl, with such dimnsions not xcding thos stipulatd in Sction 8:2 of this Annx, in ordr to assur th ntranc and xit of th total load without dangr. 8.2 Th Sllr guarants that th anchorag in th Loading Port in Balao has nough capacity tó rciv vssls ofth following dimnsions: Lngth: Draft: Slv: Tonnag: Max 260 Mts., Basd on th tonnag of th vssl 46 Mts. Maximum 105,000 tons of dad wight Night mooring opiations ar not allowd. 8.3 Th Sllr guarants that th anchorag in th Loading Port in Esmraldas/OCP has capacity to rciv vssls of th following dimnsions: Lngth: Draft: Slv: Tonnag: Max Boya "C" 285 Mts. and Max "355 P" Mts. Max Boya "C" 18 Mts. and Max Boya "P" 23Mts. Max Boya "C" 50Mts. and Max Boya "P" 58Mts. Maximum 150,000 tons ofwight did in Boya "C" and max. 325,000 tons of wight did in Boya "P" 8.4 Night mooring oprations ar not allowd. 8.5 Th Buyr shall comply with th OCP'S GTC, which ar includd as Annx 6 Gnral Trms and Conditions GTCs) oocp Trminal Ecuador). 9. DELIVERY 9.1 Th Sllr will giv and th Buyr will rciv Crud Oil, th objct of this Contract, in conditions FOB BALAO, Esmraldas-Ecuador. Th conditions FOB will b undrstood in accordanc with intmational rgulations, for th intrprtation of commrcial trms adoptd by th Intmational Chambr of Commrc INCOTERMS 2010 and its rforms. 9.2 Th hoss to load crud ptrolum on board th ship-tank will b providd, connctd and disconnctd by th Sllr. 9.3 Crud Oil will b dlivrd from th land Trminal to th boat' s tanks. Th cost of this dlivry will b for th account of th Sllr. 10. PROPERTYAND RISK

121 o 9 o Excution Vrsion vssl in th Loading Port in BALAO, Esmraldas-Ecuador. Onc th Crud Oil has passd through this bridl, all rsponsibility and risk will b for th account of th Buyr. 11. TIME OF LOADING AN.D DEMURRAGE 11.1 Por th OCP trminal, ship loading tim allowanc will b in accordanc with OCP as follows: a) In thirty six 36) conscutiv hours for qualifid ships up to 75,000 DWT; b) In forty ight 48) conscutiv hours for qualifid ships from 75,000 DWT up to 175,000 DWT; c) In fifty ight 58) conscutiv hours for qualifid ships from 175,000 DWT up to 250,000 DWT; and d) In sixty ight 68) conscutiv hours for qualifid ships from 250,000 DWT up to 325,000 DWT. Loading tim will bgin from six 6) hours aftr th NOR issud by th Captain or th Agnts of th ship givn to th Sllr or thir rprsntativs in th Loading Port or from th tim of th mooring, if this happns first, as long as th ship arrivs in accordanc with th nptification of nomination and within th oprativ schdul of th trminal, in accordanc with Sction 7.2 of this Annx. Night mooring oprations ar not allowd and th NOR for dmurrag analysis, will hav to b dtrmind from 06HOO ofth Day in which ths oprations ar rinitiatd Por th BALA O Trminal, ship loading tim allowanc will b as follows: a) b) In thirty six 36) conscutiv hours for ships up to 55,000 DWT; Inforty ight 48) conscutiv hours for ships from 55,000 DWT up to 100,000 DWT; Loading tim will bgin from six 6) hours aftr th NOR issud by th Captain or th Agnts of th ship givn to th Sllr or thir rprsntativs in th Loading Port or from th tim of th mooring, if this happns first, as long as th ship arrivs within th LA YCAN window for nomination and within th oprativ schdul ofth trminal, in accordanc with Sction 7.2 of this Annx. Night mooring oprations ar not allowd and th NOR for dmurrag analysis, will hav to b dtrmind from 06HOO of th Day in which ths oprations ar rinitiatd Th Sllr as surs a minimum dlivry rat of up to thirty two thousand 32,000) barris of Crud Oil pr hour, having to complt th loading in accordanc with Sctions.11. l and 11.2 of this Annx, dpnding on th ship's capacity. Por dmurrag calculation purposs, th NOR will b considrd if it is issud within th nominatd loading window and within th trminal oprativ hours. Any dmurrag will b discountd to th Sllr to tak into account factors such as insufficincy in th ship's facilitis, loading impdimnts by th Buyr or th ownr of th ship, or Forc Majur. If th loading of a cargo is not compltd within th priod providd in Sction 11.1 of this Annx du to insufficint dlivry rat or by dlays by th shi in ntring th dock, th Sllr will pay th Buyr by th tim of dlay dmurrag ), ac r,-ghartr Party of th transporting ship btwn th Buyr and EPFLOPEC. <J"-~~ ~;, ~. < >. ~~ 1 ~ ~ ti ',, "' ~ ~ ' --- s ' 1\

122 Excution Vrsion 11.4 If th ship arrivs bfor th LA YCAN window, th bginning of dmurrag will b 06HOO on th first LA YCAN Day If th vssl arrivs outsid th LA YCAN window, th bginning of dmurrag will b whn th vssl is moord Th dmurrag or dlays causd by th Buyr, th ship-ownr, th captain, officrs or crw of th ship, by striks or work stoppags or rstrictions will not b calculatd within th trm for th loading tasks Any dlay causd by dfcts in th ship's facilitis to load and/or to unballast, will not b considrd within th tim for tasks. If th rgulations of th ship-ownr or th trminal prohibit night loadings, lost tim du to ths rasons will not b computd within th trm for th loading tasks Th loading tasks will conclud upon disconncting th hoss usd for loading th Crud Oil in to th ship In accordanc with th rlvant rgulations of th trminal and naval administrations, th Buyr must instruct th captain of th ship so that th ship arrivs with clan ballast. Por unballasting oprations, th ships will subjct to th rgulations of th trminal, ffctiv on th dat of th boarding O Th ship will vacat th dock as soon as th loading hoss ar disconnctd, upon complting th loading. If this is not possibl for rasons dirctly imputabl to th ship, th Buyr, th shipownr, th captain or crw of th ship, thn th Buyr will compnsat th Sllr for any xcss of tim, losss, damags, costs and/or xpnss which th Sllr could incur; including without limitation th rsulting costs that th Sllr could incur bcaus of th dlay of othr ships that will b waiting tó load Notifications of any claim du to dmurrag must b providd to th Sllr in writing within forty fiv 45) Days aftr th dat of th Bill of Lading and includ copis of ali supporting documnts rlating to th claims. Any documnt not availabl at that tim will b givn to th Sllr within svnty 70) Days aftr th dat of th rlvant Bill oflading B/L) to which th claim rlats. If th Buyr cannot provid such notification or documntation within th rspctiv dadlins, thn th Sllr shall not assum any rsponsibility for xcss tim. 12. T AXES AND HARBOR RA TES 12.1 All th Ecuadorian taxs applicabl to Crud Oíl bfor lifting will b for th account of th Sllr Th taxs, rats and othr costs at th Loading Port applicabl to ships that tak Crud Oíl undr this Contract, and rlatd rats and taxs applicabl to th ship, will b for th account of th Buyr Th Buyr is xmpt from paying th Sllr for th us of singl buoys in th ~-...,, rspctiv ships.

123 o 9 o Excution Vrsion 13. BILL OF LADING For Bill of Lading, th forms providd by th Sllr will b usd and such clauss which do not contradict this Contract will b valid and nforcabl. Th Bill of Lading will b signd by th captain of th ship or th shipping rprsntativs of th ship-ownr or thir agnts in th Loading Port. Th dat of th Bill of Lading will b th sam dat on which th loading is compltd. 14. TRANSPORTATION Th Buyr will comply with th laws and rgulations of th Rpublic of Ecuador rlating to marin traffic, including but not limitd to th Law of Export Facilitation and Marin Transport and its implmnting rgulations. Th Buyr should contact "EMPRESA PÚBLICA FLOTA PETROLERA ECUATORIANA" "EP FLOPEC") for furthr information on applicabl laws and rgujations at phon numbr / , Quito-Ecuador, or by mail at chartring@flopc.com.c / gcomrcial@flopc.com.c. 15. FORCE MAJEURE: 15.l In an vnt offorc majur or act of God, as dtrmind undr Articl 30 ofth Codificación dl Código Civil, i.., unforsn and unavoidabl vnts that cannot b prvntd or controlld, or in th vnt that such situation coüld b forsn but is unavoidabl by th partis, such as shipwrck, major vssl damag, arthquak, captur by nmis, govmmntal acts practicd by any public authority, and in gnral any othr vnt or circumstanc out of th partis' control; including and not limiting to failur or dmurrag in ful:f111mnt du to striks, labor disputs or othr organizd acts by workrs, unxpctd circumstancs causd by public nmis, social disturbancs, firs, intrruption of communication and transport, acts of war, undclard war hostilitis, trrorist acts and sabotag, xplosions, and rstrictions affcting th transport and dlivry of th Crud Oil shipmnts) "Forc Majur"), th contractual obligations will b suspndd during th tim that such circuinstancs last Administrativ or oprativ facts causd by th partis will not b considrd potntial Forc Majur. It is undrstood and agrd that th Sllr or any othr public authority could dtrmin as Forc Majur, any act or omission of any othr organization or authority of th Ecuadorian govmmnt xcpt for thos autonomous ntitis cratd by law which do not dpnd on th Excutiv Authority), only whn thos acts or omissions ar causd by othr facts or circumstancs that ar considrd Forc Majur A Party affctd by Forc Majur will notify th othr Party ofth xistnc ofsuch circumstancs within twnty four 24) hours of th occurrnc of such ffcts as long as it is physically possibl to do so. Th Party claiming th xistnc of Forc Majur circumstancs must provid justification for such a claim, which may b accptd by th othr Party within th nxt twnty 20) Days subsqunt to rcipt ofth Forc Majur notification. Ifth rcipint Party accpts a claim of Forc Majur, product dlivry-rcipt dutis and any othr contractual obligations affctd by th Forc Majur will b discontinud for th lngth of such vnts or circumstancs, and thos obligations will b rinstatd onc thy hav bn ovrcom. If an vnt of Forc Maj ur lasts mor than sixty 60) days, th partis by mutual agrmnt may trminat this Contract., ~

124 o 9 o {2a Excution Vrsion cónstituting Forc Majur, in which cas th Party sking to xrcis this option must communicat its iptnt within ight 8) Businss Days aftr rc~ving th official notification that th Forc Majur vnts hav bn ovrcóm by th affctd Party. * * *

125 2 o 1 4 o 9 o {2 - Excution Vrsion ANNEX2 CRUDE OIL SPECIFICATIONS ORIENTE CRUDE OIL SPECIFICATIONS GRAVITY SULPHUR PERCENT IN WEIGHT) CONRADSON CARBON RESIDUE PCT) VISCOSITY AT 77 SPECIFIC GRA VITY REID VAPOR PRESSURE SAL T POUNDS/l 000 Bls.) D b/D 287) D 4294) D 189) D 445) D 287) D 323) C-10-C 24.0 API CST PSI HEMPEL DESTILATIONS: UOP 97 P.I.E. 84 ºC A 158 ºF 2.5 %V A 212 ºF 5.5 %V A 221 ºF %V A 257 ºF 8.5 %V A 358 ºF 15.0 %V A 400 ºF 18.5 %V A 437 ºF 22.5 %V A 500 ºF 27.5 %V P.F.E. 504 %V Rcuprado 31 %V Rsiduo 66 %V Pérdidas 3 %V

126 o 9 o Excution Vrsion NAPO CRUDE OIL SPECIFICATIONS,./ PHYSICAL DATA INITIAL BOILING POINT GRA VITY, API I < 97 ºF Variabl btwn 18 and 19 API REID VAPOR PRESSURE MOLECULAR WEIGHT 2.9 psi Variabl PH : mg KOH/grs. VISCOSITY cst@ IOOºF, VAPOR DENSITY Approx cst al 122ºF ' PERCENT VOLATILE BY VOLUME Variabl SOLUBILITY IN WATER PRODUCT APPEARANCE AND ODOR Contmptibl Dark Liquid, Hydrocarbon Solvnt with sulfid odor POURPOINT DENSITY TO l 5ºC 5 ºF kg/m. FIRE AND EXPLOSION HAZARD DATA FLASHPOINT AUTO IGNITION TEMPERA TURE <60 ºF 548 ºF

127 Excution Vrsion ANNEX3 APPOINTMENT OF THE SELLER'S REPRESENTATIVE

128 GERENCIA GENERAL o 9 o /28 RESOLUCION No. DIR-EPP : El Dirctorio d la Emprsa Pública d Hidrocarburos dl Ecuador EP PETROECUADOR, d conformidad con lo dispusto n l Art. 9 numral 13 d la Ly Orgánica d Emprsas Públicas, RESUELVE: 1. AGRADECER AL VICEALMIRANTE ZAPATER POR LOS SERVICIOS PRESTADOS EN LA EMPRESA PÚBLICA EP PETROECUADOR; Y, 2. DESIGNAR COMO GERENTE GENERAL ENCARGADO DE EP PETROECUADOR, EN REEMPLAZO DEL GERENTE GENERAL SALIENTE, VALM. SP) MANUEL ZAPATER RAMOS, AL INGENIERO MARCO GUSTAVO CALVOPIÑA. -- S dclara sta Rsolución d jcución inmdiata.,.,.,,,. / / Wi ;;;t/4 P, ~r?fe. DIRECTORIO P PETROECUADOR :t ::;_,~~ -- fff-g as ---IEMBRO DEL DIRECTORIO ~ PETROECUADOR )) r- 1, Econ né Ramírz MIE RO DEL DIRECTORIO EP P TROECUADOR Ab. Andrés O oso SECR 10 AD-HOC EP PETROECUADOR

129 O 9 O tz ~ t"',. PUNTO ÚNICO: INFORME Y CONOCIMIENTO DEL DIRECTORIO SOBRE LOS. ACUERDOS RELATIVOS A LAS NEGOCIACIONES DE LOS CONTRATOS DE COMPRAVENTA DE CRUDO Y PREPAGO, Y DE COMPRAVENTA DE FUEL OIL No: 6 CON LA EMPRESA ESTATAL CHINA UNIPEC ASIA CO. LTD.;.. PUNTO RESERVADO).. =~========================================================,_.. BESOLUCIÓN No. DIR-EPP-R : : :' El Dirctorio d la Emprsa Pública d Hidrocarburos dl Ecuador EP '.,. Pt:TROECUADOR, n co:iaciminto dl!nform vrbal ralizado por part d los sñors, G.:;rn! Gunral, Grnt d Comrci<J :ntrnacionai y Ministro d Finanzas, rlativo a!los acurdos d la ngociación ralizada con la mpísa statal china.unipec ASIA CO. LTD., rf.pcto a los términos contractuals para!a compravnta d Crudo y Prpago y d Ful Oil No Avocar conociminto dl inform vrbal ralizado por la Administración rspcto a las.... motivacions qu darían iug~r a la s1;scíipción d los contratos d compravnta d.crudo y Prpago y d Ful Oil No. 6, así como los términos contractuals ngociados ntr la EP PETROECUADOR y la mprsa statal UNIPEC ASIA. CO.L TO.., '"> La Administración d la l::p PETROECUADOR, ralizará todos los procdimintos. pficablcs y obtndrá las :uto;!z8cions rspctivas para la sascripción,.d ~os rspctil:os contratos. '.,. : - inmdiata. S dclara sta Rsolución d jcución 1 : ~,-.

130 o 9 o Excution VrsiOn ANNEX4 EVIDENCE OF THE POWER OF ATTORNEY OF THE AUTHORIZED REPRESENTATIVE OF THE BUYER t-,' D

131 lltf!/e~~ªtlfffiftr~fij UNIPEC ASIA COMPANY LIMITED o 9 o Unit 1202, Offic Towr, Convntlon Plaza, 1 Harbour Road, Wanchai, Hong Kong Tl: 852) Tlx: UACL BX Fax: 852) /'~ POWER OF ATTORNEY This POWER O~ ATIORNBY is mad on 14th, May, By: Unipc Asia Company Limitd hr~inaftr rfrrd to as "th Pr~cipl'' WHEREAS th Principal intnds to ntr into th CONTRACT with PETROECUADOR "th Proposa1"). NOW TIDS DEED WITNESSETH as Follows: l. Th Pri cipal hrby appoints Mr. Chcn Bo "th Attorny", th spcimn is ~. ) to b th ~omy of th Princopal to xcut,sign,approv,do all or any dds,contracts,agrmnts,documnts,acts or things as may b rquird on th part of th aprocipal to nabl th Proposal to_procd or in cojlllction thrwith. 2. Th Principal hrby undrtaks to ratify or confirm vrything which th Attomy shall lawfully do or purportto do in right ofthis Powr of Attorny and to indmnify and kp indmnifid th Attomy against ali claims,costs,xpnss and procdings which h may suffr 01' incur as a rsult throf. 3. This Powr of attom~ and this atto1'ity shall br valid until th authorisd. mattr in paragraph 1 has finishd or;may b trminatd oy principal's writtn notic. 4. This Powr of Attomy shall b govrnd by and construd in all rspcts in accordanc with th laws ofth Popl's Rpublic ofchina. Signd by p--.-- L,:F-~ Tian Xiao Y an Managing D~ctor Unipc Asia Company Limitd

132 o 9 o Excution Vrsion /;r_ ANNEXS VOLUME TABLE ORIENTE ANO NAPO CRUDE ;f,~.l\juary. < 2,520,000 2,880,000 2,520,000 2,520,000 E;;.EB.BUAR'. ~ 2,520,000 2,880,000 2,520,000 2,520,000 MARCl:I.. t.. 2,520,000 2,880,000 2,520,000 2,520,000 ~8.RIL < <> 2,520,000 2,880,000 2,520,000 MAY: '' 2,520,000 2,880,000 2,520,000 :J.UNE. : 2, 160,000 2,520,000 2,880,000 2,520,000 ü.uly : / 3,240,000 2,520,000 2,880,000 2;520,000 ~tjgust 2,880,000 2,520,000 2,880,000 2,520,000 EPJEMBER.../. 2,520,000 2,520,000 2,880,000 2,520,000.s:>.CJOBER > 2,520,000 2,520,000 2,880,000 2,520,000 NQYEMBER;> 2,520,000 2,520,000 2,880,000 2,520,000 ~,::,:'><_ '"'-~.;;,lt;.;.,ft'' /;/;».<0»».=.W»':l>i»:'<w"' 0)"<'." :oy''º'''o<,<:«'«<{'f.{~»>:t<mw."wa",f v v ~,,,,~,,,,..-,,~, ~ ~~'''-''"'~"-",, ;J~bjliii51"~1iAki/i%/llM ~2~ 960;00.00

133 o 9 o Excution Vrsion ANNEX6 GENERAL TERMS AND CONDITIONS GTCs) OF OCP TERMINAL ECUADOR

134 o 9 o Excution Vrsion S-a ANNEX7 MONTHLYPREPAYMENTSETTLEMENTSCHEDULE [ S following pag]

135 Surcharg 6. 97% r ~º.Rºc.. i? /' ~~d\ MONTH PREPAYMENT CAPITAL SURCHARGE MONTHLY PAYMENT 400, ººº , ººº :ioo. ooo. ooo. oo : :J ººº l. B ' $707, :l :i :l ," l :l :l ººº $ , :i :l , S $300, ººº :m $521, 975, $51, 021, :J :l :J l ººº $ :l :l :l :l ;;3 l ol :l o\ : l l :ll :l :l Mar $ll,094,0:l7.04 $64, $1!, / ~EHI &, "' --- ~ $2, 400, ººº $ $2. 488, ºll'o ') " E::p f'" ~"' ' E="r,... 0.:-cu190 Ji> 0 g AMOUNTPAID AFTER #CARGOS bbls 5" I $85. ºº $85. ºº I $ $ I $85. ºº $85. ºº $85. ºº I $85. ºº I $85. ºº $85. ºº $85. ºº $85. ºº $85. ºº $85. ºº $85. ºº $85. ºº $85. ºº ºº $0. 00 $85. ºº 336 TOTAL MONTHLY , ESTlMATED 1 % lnvolce VALUE REPAYMENT % , % % l. 40% % % , % % % , % % % % % , % % % % $214, 200, % % % ooo. oo % % $ % $ % % % % % % % % % ººº % % l % ººº % ooo: % % % % % % % $ % $ % 120, 960, 000 \ '"\,, )v~r... w 1 N o...b ~ o O o Gt::~E:l\fc14 / ~ G 1:: IV~ ~4 t.