<SEC-DOCUMENT>0000919574-19-006050.txt : 20190926
<SEC-HEADER>0000919574-19-006050.hdr.sgml : 20190926
<ACCEPTANCE-DATETIME>20190926165317
ACCESSION NUMBER:		0000919574-19-006050
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190930
FILED AS OF DATE:		20190926
DATE AS OF CHANGE:		20190926

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRONTLINE LTD /
		CENTRAL INDEX KEY:			0000913290
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				980135919
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16601
		FILM NUMBER:		191118490

	BUSINESS ADDRESS:	
		STREET 1:		PAR-LA-VILLE PLACE
		STREET 2:		14 PAR-LA-VILLE ROAD
		CITY:			HAMILTON, HM 08
		STATE:			D0
		ZIP:			00000
		BUSINESS PHONE:		(1) 441-295-6935

	MAIL ADDRESS:	
		STREET 1:		PAR-LA-VILLE PLACE
		STREET 2:		14 PAR-LA-VILLE ROAD
		CITY:			HAMILTON, HM 08
		STATE:			D0
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LONDON & OVERSEAS FREIGHTERS LTD
		DATE OF NAME CHANGE:	19931012
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d8362951_6-k.htm
<TEXT>
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  <div style="text-align: center; font-weight: bold;">UNITED STATES</div>
  <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
  <div style="text-align: center; font-weight: bold;">Washington, D.C. 20549</div>
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">FORM 6-K</div>
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO</div>
  <div style="text-align: center; font-weight: bold;">RULE 13A-16 OR 15D-16 UNDER THE SECURITIES</div>
  <div style="text-align: center; font-weight: bold;">EXCHANGE ACT OF 1934</div>
  <div><br>
  </div>
  <div style="text-align: center;">For the month of September 2019</div>
  <div><br>
  </div>
  <div style="text-align: center;">Commission File Number:&#160;&#160;<u>001-16601</u></div>
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">FRONTLINE LTD.</div>
  <div style="text-align: center;">(Translation of registrant's name into English)</div>
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda</div>
  <div style="text-align: center;">(Address of principal executive offices)</div>
  <div><br>
  </div>
  <div style="text-align: justify;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
  <div><br>
  </div>
  <div style="text-align: justify;">Form 20-F [ X ]&#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;&#160;&#160;]</div>
  <div><br>
  </div>
  <div style="text-align: justify;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ________.</div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</div>
  <div><br>
  </div>
  <div style="text-align: justify;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ________.</div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer
    must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's
    securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form
    6-K submission or other Commission filing on EDGAR.</div>
  <div><br>
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  <div style="text-align: center; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
  <div style="text-align: justify;">&#160;</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">On August 23, 2019, Frontline Ltd. (the &#8220;Company&#8221;) entered into a sale and purchase agreement (the &#8220;Sale and Purchase Agreement&#8221;) with Trafigura Maritime Logistics Pte. Ltd.
    (&#8220;TML&#8221;), a wholly-owned subsidiary of Trafigura Group Pte. Ltd. (&#8220;Trafigura&#8221;), and certain related entities to acquire 10 Suezmax tankers built in 2019 (the &#8220;Firm Vessels&#8221;), through the acquisition of a TML special purpose vehicle which holds the Firm
    Vessels (the &#8220;Trafigura Vessel Acquisitions&#8221;).</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">To obtain earlier exposure to the Firm Vessels, the Company agreed to time charter the 10 Firm Vessels from Trafigura until closing of the Trafigura Vessel Acquisitions (the
    &#8220;Trafigura Closing&#8221;) at a daily rate of approximately $23,000. The Company also agreed to charter five of the Firm Vessels back to Trafigura on three-year time charters at a daily base rate of $28,400, with a 50% profit share above the base rate.&#160; As
    used herein the term &#8220;Trafigura Vessels&#8221; shall mean the Firm Vessels acquired pursuant to the terms and subject to the conditions of the Sale and Purchase Agreement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The transaction consideration consists of (i) 16,035,856 of the Company&#8217;s ordinary shares (the &#8220;Consideration Shares&#8221;), at an agreed price of $8.00 per share, which were issued
    upon signing of the Sale and Purchase Agreement to a nominee of Trafigura (the &#8220;Trafigura Nominee&#8221;); and (ii) a cash amount ranging from $538.0 million to $547.0 million, payable upon the Trafigura Closing, which is subject to customary closing
    conditions.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">
    <div style="text-align: left;">The Trafigura Closing is targeted to occur as soon as practicably possible, with November 15, 2019 being the earliest expected date of closing and March 15, 2020 being the latest expected date of closing.</div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The Trafigura Vessel Acquisitions are subject to the satisfaction or waiver of important conditions and the Company can provide no assurances that it will be able to close the
    transaction and acquire the Trafigura Vessels.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">During the period from the signing of the Sale and Purchase Agreement (the &#8220;Signing Date&#8221;) until the Trafigura Closing (the &#8220;Escrow Period&#8221;), the Consideration Shares and any
    proceeds or distributions related to the Consideration Shares are to be held in an escrow account pursuant to the terms of an escrow agreement (the &#8220;Escrow Agreement&#8221;).&#160; During the Escrow Period, but after the expiration of a lock-up period (the
    &#8220;Lock-Up Period&#8221;), which commenced on the Signing Date and extends until November 30, 2019, but may end earlier upon the occurrence of certain events specified in the Sale and Purchase Agreement, the Trafigura Nominee may sell or otherwise transfer the
    Consideration Shares for cash to unaffiliated third parties, provided that any such sale or transfer must be a bona fide transfer conducted at arm's length in good faith and at fair market value, and any proceeds arising out of any such sale or
    transfer must be promptly deposited and retained in the escrow account. The Consideration Shares and any other property or assets will be distributed from the escrow account at the Trafigura Closing in accordance with the terms of the escrow agreement
    and the Sale and Purchase Agreement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In connection with the Sale and Purchase Agreement, the Company entered into a registration rights agreement, pursuant to which the Trafigura Nominee received customary
    registration rights with respect to the Consideration Shares (the "Registration Rights Agreement").</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Attached hereto as Exhibit 1 is a copy of the Sale and Purchase Agreement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Attached hereto as Exhibit 2 is a copy of the Registration Rights Agreement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">This Report on Form 6-K is hereby incorporated by reference into the Company's Registration Statements on Form F-3, filed with the Commission on June 11, 2015 (File No.
    333-204884), on April 10, 2017 (File No. 333-217238), and on July 5, 2019 (File No. 333-232567).</div>
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  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
  <div><br>
  </div>
  <div>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zb4eb24f898b3412e81b9f850b21e1f96">

      <tr>
        <td style="width: 41.77%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 5.06%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td colspan="2" style="width: 53.16%; vertical-align: top;">
          <div style="font-weight: bold;">FRONTLINE LTD.</div>
          <div>(registrant)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.77%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 5.06%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td colspan="2" style="width: 53.16%; vertical-align: top;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.77%; vertical-align: top;">
          <div>Dated: September 26, 2019</div>
        </td>
        <td style="width: 5.06%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 6.32%; vertical-align: top;">
          <div>By:</div>
        </td>
        <td style="width: 46.84%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>/s/ Inger M. Klemp</div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.77%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 5.06%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 6.32%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 46.84%; vertical-align: top;">
          <div>Name: Inger M. Klemp</div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.77%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 5.06%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 6.32%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 46.84%; vertical-align: top;">
          <div>Title: Principal Financial Officer</div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.77%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 5.06%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td colspan="2" style="width: 53.16%; vertical-align: top;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.77%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 5.06%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td colspan="2" style="width: 53.16%; vertical-align: top;">
          <div>&#160;</div>
        </td>
      </tr>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d8362951_ex-1.htm
<TEXT>
<html>
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    <title></title>
    <!-- Licensed to: Sewatd & Kissel LLP
         Document created using EDGARfilings PROfile 6.3.0.0
         Copyright 1995 - 2019 Broadridge -->
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    <div style="text-align: right;">
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">EXHIBIT<font style="font-weight: bold;"> 1</font></div>
    </div>
    <div style="text-align: right;"><font style="font-weight: bold;"> <br>
      </font></div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0d3c9c47299145f8b773eba0ecff97e6">

          <tr>
            <td colspan="3" style="width: 100%; vertical-align: top;">
              <div style="font-weight: bold;"> <br>
              </div>
              <div style="text-align: center; font-weight: bold;"> <br>
              </div>
              <div style="text-align: center; font-weight: bold;"> <br>
              </div>
              <div style="text-align: center; font-weight: bold;">Sale and Purchase Agreement</div>
              <div style="text-align: center; font-weight: bold;"> <br>
              </div>
              <div style="text-align: center;">between</div>
              <div style="text-align: center;"> <br>
              </div>
              <div style="text-align: center; font-weight: bold;">Trafigura Maritime Logistics Pte. Ltd.</div>
              <div style="text-align: center;">(as seller)</div>
              <div style="text-align: center;"> <br>
              </div>
              <div style="text-align: center;">and</div>
              <div style="text-align: center;"> <br>
              </div>
              <div style="text-align: center; font-weight: bold;">Trafigura Group Pte. Ltd.</div>
              <div style="text-align: center;">(as seller guarantor)<br>
                <br>
              </div>
              <div style="text-align: center;">and</div>
              <div style="text-align: center;"> <br>
              </div>
              <div style="text-align: center; font-weight: bold;">Urion Holdings (Malta) Limited</div>
              <div style="text-align: center;">(as seller nominee)</div>
              <div style="text-align: center;"> <br>
              </div>
              <div style="text-align: center;">and</div>
              <div style="text-align: center;"> <br>
              </div>
              <div style="text-align: center; font-weight: bold;">Frontfleet Ltd.</div>
              <div style="text-align: center;">(as buyer)</div>
              <div style="text-align: center;"> <br>
              </div>
              <div style="text-align: center;">and</div>
              <div style="text-align: center;"> <br>
              </div>
              <div style="text-align: center; font-weight: bold;">Frontline Ltd.</div>
              <div style="text-align: center;">(as buyer guarantor)</div>
              <div style="text-align: center;"> <br>
              </div>
              <div style="text-align: center;">regarding the shares in</div>
              <div style="text-align: center;"> <br>
              </div>
              <div style="text-align: center; font-weight: bold;">White Flag Ventures XXVII Pte. Ltd.<br>
                <br>
              </div>
              <div style="text-align: center;">and</div>
              <div style="text-align: center;"> <br>
              </div>
              <div style="text-align: center; font-weight: bold;">White Flag Ventures XXVIII Pte. Ltd.</div>
              <div>&#160;</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.3%; vertical-align: top;">&#160;</td>
            <td style="width: 33.4%; vertical-align: top;">
              <div style="text-align: center;">23 August 2019</div>
            </td>
            <td style="width: 33.29%; vertical-align: top;">&#160;</td>
          </tr>

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      <div style="margin-bottom: 12pt;"><br>
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      </div>
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          <tr>
            <td colspan="2" style="width: 100%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">Contents</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.94%; vertical-align: top;">
              <div style="text-align: justify; font-weight: bold;">Clause</div>
            </td>
            <td style="width: 50.06%; vertical-align: top;">
              <div style="text-align: right; font-weight: bold;">Page</div>
            </td>
          </tr>

      </table>
      <div style="margin-top: 1pt; margin-bottom: 1pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9318244d4b4048e38e950d91bb3bf35b">

          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: justify;"><u>1.</u></div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: justify;"><u>Definitions</u></div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: right;">4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: justify;"><u>2.</u></div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: justify;"><u>The transaction</u></div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: right;">12</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: justify;"><u>3.</u></div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: justify;"><u>Consideration</u></div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: right;">16</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: justify;"><u>4.</u></div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: justify;"><u>Buyer&#8217;s representatives</u></div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: right;">19</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: justify;"><u>5.</u></div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: justify;"><u>Period between Signing and Closing</u></div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: right;">19</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: justify;"><u>6.</u></div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: justify;"><u>Signing</u></div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: right;">21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: justify;"><u>7.</u></div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: justify;"><u>Option Signing</u></div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: right;">23</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: justify;"><u>8.</u></div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: justify;"><u>Closing</u></div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: right;">24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: justify;"><u>9.</u></div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: justify;"><u>Termination</u></div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: right;">28</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: justify;"><u>10.</u></div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: justify;"><u>US Securities Laws</u></div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: right;">30</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: justify;"><u>11.</u></div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: justify;"><u>Warranties of the Buyer</u></div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: right;">30</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: justify;"><u>12.</u></div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: justify;"><u>Warranties of the Seller</u></div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: right;">35</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: justify;"><u>13.</u></div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: justify;"><u>Guarantee</u></div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: right;">39</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: justify;"><u>14.</u></div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: justify;"><u>Indemnification</u></div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: right;">43</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: justify;"><u>15.</u></div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: justify;"><u>Miscellaneous</u></div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: right;">44</div>
            </td>
          </tr>

      </table>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="margin-bottom: 12pt;">
        <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><br>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Schedules:</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc489eb455d8e4a8da88292932fac9469">

          <tr>
            <td style="width: 12%; vertical-align: top;">
              <div>Schedule 1</div>
            </td>
            <td style="width: 88%; vertical-align: top;">
              <div>Existing Share Pledges</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">
              <div>Schedule 2</div>
            </td>
            <td style="width: 88%; vertical-align: top;">
              <div>Bareboat Charters and Option Bareboat Charters</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">
              <div>Schedule 3</div>
            </td>
            <td style="width: 88%; vertical-align: top;">
              <div>Vessels and Option Vessels</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">
              <div>Schedule 4</div>
            </td>
            <td style="width: 88%; vertical-align: top;">
              <div>
                <div>Interim Time Charter and Interim Umbrella Agreement</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">
              <div>Schedule 5</div>
            </td>
            <td style="width: 88%; vertical-align: top;">
              <div>
                <div>Trafigura Time Charter</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">
              <div>Schedule 6</div>
            </td>
            <td style="width: 88%; vertical-align: top;">
              <div>Trafigura Time Charter Vessels and Option Vessels</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">
              <div>Schedule 7</div>
            </td>
            <td style="width: 88%; vertical-align: top;">
              <div>
                <div>
                  <div>Closing Payment</div>
                </div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">
              <div>Schedule 8</div>
            </td>
            <td style="width: 88%; vertical-align: top;">
              <div>Position Pending Closing</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">
              <div>Schedule 9</div>
            </td>
            <td style="width: 88%; vertical-align: top;">
              <div>Restrictive Legend</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">
              <div>Schedule 10</div>
            </td>
            <td style="width: 88%; vertical-align: top;">
              <div>Closing Steps Plan</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">
              <div>Schedule 11</div>
            </td>
            <td style="width: 88%; vertical-align: top;">
              <div>Contracts</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">
              <div>Schedule 12</div>
            </td>
            <td style="width: 88%; vertical-align: top;">
              <div>Seller&#8217;s/Buyer&#8217;s Protection</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">
              <div>Schedule 13</div>
            </td>
            <td style="width: 88%; vertical-align: top;">
              <div>Reorganisation Plan</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">
              <div>Schedule 14</div>
            </td>
            <td style="width: 88%; vertical-align: top;">
              <div>Irrevocable Transfer Agent Instruction Letter</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; margin-top: 6pt; margin-bottom: 3pt; font-weight: bold;">AGREEMENT</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">This sale and purchase agreement (the <font style="font-weight: bold;">Agreement</font>) is entered into on&#160; &#160; &#160; &#160; August 2019 between:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2388c75e1b7c44429fb0590e5bda02b3">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">(1)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Trafigura Maritime Logistics Pte. Ltd.</font>, a company incorporated in Singapore with registered number 201119446G and whose registered office is located at 10 Collyer Quay, #29-00, Ocean Financial
                    Centre, Singapore 049315, the Republic of Singapore (the <font style="font-weight: bold;">Seller</font>);</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zad8ea15a704d4e30b6c24078aa0b80a2">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">(2)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Frontfleet Ltd.</font>, a Bermuda exempted company limited by shares with registration number&#160; 46057 and its registered address at Par-La-Ville Place, 14 Par-La-Ville Road, Hamilton HM 08 Bermuda (the
                    <font style="font-weight: bold;">Buyer</font>);</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z766e9a2d576b4a86949dcd3447eb26ae">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">(3)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Urion Holdings (Malta) Limited</font>, a company incorporated in Malta whose registsred address is at Blue Harbour Business Centre Level 1, Ta&#8217; Xbiex Yacht Marina, Ta&#8217; Xbiex XBX 1027, Malta, C53369
                    (the <font style="font-weight: bold;">Seller Nominee</font>);</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7a5e7fedb06c4b2eb9103a7c67c7892a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">(4)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Trafigura Group Pte. Ltd.</font>,<font style="font-weight: bold;">&#160;</font>a company incorporated in Singapore with registered number 201017488D and whose registered office is located at 10 Collyer
                    Quay, #29-00, Ocean Financial Centre, Singapore 049315, the Republic of Singapore (the <font style="font-weight: bold;">Seller Guarantor</font>); and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a1210bead6d46ac85e742509e61f28e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">(5)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Frontline Ltd.</font>, a Bermuda exempted company limited by shares with registration number 17460 and its registered address at Par-La-Ville Place, 14 Par-La-Ville Road, Hamilton HM 08 Bermuda (the <font style="font-weight: bold;">Buyer Guarantor</font>).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Background</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd080381f3db84583a96a03b5f6187e43">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">(A)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller owns: (a) 100% of the shares (the <font style="font-weight: bold;">Shares</font>) in White Flag Ventures XXVII Pte. Ltd., a Singapore private company limited by shares with registration number 201711467N and its
                    registered address at 10 Collyer Quay, #29-00, Ocean Financial Centre, Singapore (049315), (the <font style="font-weight: bold;">Company</font> or <font style="font-weight: bold;">WFV XXVII</font>); and (b) 100% of the shares (the <font style="font-weight: bold;">Option Shares</font>) in White Flag Ventures XXVIII Pte. Ltd., a Singapore private company limited by shares with registration number 201712788K and its registered address at 10 Collyer Quay, #29-00, Ocean
                    Financial Centre, Singapore (049315) (the <font style="font-weight: bold;">Option Company </font>or<font style="font-weight: bold;"> WFV XXVIII</font>).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf12746965d524282bf41f83c340d5b08">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">(B)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Pursuant to the Bareboat Charters, the Company has agreed to hire, and each of the Vessel Owners has agreed to let, the Vessels on the terms and conditions set out therein.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf1da7434af18451cb08e4568043331da">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">(C)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Pursuant to the Option Bareboat Charters, the Option Company has agreed to hire, and each of the Option Vessel Owners has agreed to let, the Option Vessels on the terms and conditions set out therein.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z55977aa3cdd6426fac88e2b3cf56f2f8">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">(D)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Pursuant to the terms of the Bareboat Charters and the Option Bareboat Charters, the relevant Vessel Owner and Option Vessel Owner has granted the Interim Purchase Options in favour of, respectively, the Company and the Option
                    Company.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd9bd2a16cef0409a96732078488782d5">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">(E)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller desires to sell and the Buyer desires to purchase the Shares and, in circumstances where the Buyer exercises the First Option prior to the First Option Exercise Expiry Date, the Option Shares, on the basis that: (i) the
                    Company will exercise the Interim Purchase Options in respect of each of the Vessels; (ii) in circumstances where the Buyer exercises the First Option prior to the First Option Exercise Expiry Date, the Option Company will exercise the
                    Interim Purchase Options in respect of both of the First Option</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Vessels; and (iii) in circumstances where, having exercised the First Option, the Buyer exercises the Second Option prior to the Second Option Exercise Expiry Date, the Option
        Company will exercise the Interim Purchase Options in respect of both of the Second Option Vessels, in each case on the terms set out herein, such that the nominated SPVs will concurrently with Closing be the legal and registered owner of,
        respectively, each of the Vessels and (as applicable) the Option Vessels.</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5dbcb1f40f8e487d829eac13feea8c97">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">1.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Definitions</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">For the purposes of this Agreement (including the Recitals), the following capitalised terms shall have the following meanings when used herein:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zacd262ba90fb4b20a354cc8e5ee0b920">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">1933 Act</font> means the United States Securities Act of 1933.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10bd2f70f9544af5bb8ea03756053b08">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">1934 Act</font> means United States Securities Exchange Act of 1934.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z75a858934f4045d7b2c86e72a1de64cf">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Acquired Damaged Vessel</font> has the meaning ascribed to such term in Clause 5.4.1(a).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3b450b6f15b24219b88623dd1edc037b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">agreed form</font> means, in relation to a document, the form of that document that is agreed by such parties in good faith and either signed or initialled for identification purposes only by or on
                    behalf of the Buyer and the Seller.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z970c79dfdc0e4510861ab4ce49ec0bb0">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Agreement</font> means this Agreement, including all schedules and appendices attached to it.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z130ab4c7884c486c80915e18ef47f6fb">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Bareboat Charters</font> means the bareboat charters between the relevant Vessel Owner and the relevant Company set out in Schedule 2.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1df80b4a66b24060853df81336f80d82">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Bermuda Companies Act</font> means the Companies Act, 1981, as amended, of Bermuda.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zab725973501b4c38af18448ecd8a9718">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">BoComm</font> means Bank of Communications.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6ad3b83d19ba4bd1aaebf7a0b7e53436">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.9</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Business Day</font> means any day (excluding a Saturday or a Sunday) when banks are open for general banking business in Geneva, London, Oslo, New York, Singapore and Bermuda.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb0e77bacbd5743abbc340c705ab446ec">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.10</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Buyer</font> has the meaning ascribed to such term in the preamble hereof.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z76d90c538a4146d69e4168f519a603d2">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.11</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Buyer Default</font> has the meaning ascribed to such term in Clause 10.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfb295a35aaa74fdfa9ca418190c0dd00">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.12</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Buyer Group</font> means the Buyer and its Group (which after Closing includes the Company and, in circumstances where the Buyer has exercised the First Option prior to the First Option Exercise
                    Expiry Date, the Option Company).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbcaf427c1d944eb1a871691404e9af04">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.13</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Buyer Guarantor</font> has the meaning ascribed to such term in the preamble hereof.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3a1cc0885b2d4b3fb33c309e835aa455">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.14</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Buyer Guarantor Shares</font> means ordinary shares, par value $1.00 each, of the Buyer Guarantor.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z92817f01cf4b41d1851f3835260e228e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.15</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Buyer Guarantor SEC Filings</font> has the meaning ascribed to such term in Clause 12.3.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zea6f1ff39d4542c782296c74ea1dd0d8">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.16</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Buyer Warranties</font> means the warranties set out in Clause 12.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc620f7a0a05d4b2da256dbf1439d897c">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.17</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Buyer Warranty Claim</font> means a claim for breach of a Buyer Warranty.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3472d74a186944e1abe4f7d1eabc3d94">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.18</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Claim</font> means: (i) with respect to the Seller, the Seller Guarantor or the Seller Nominee, a Seller Warranty Claim, an Indemnity Claim, Tax Indemnity Claim, a Reorganisation Tax Indemnity Claim
                    or a claim against the Seller, the Seller Guarantor or the Seller Nominee for breach of this Agreement; and (ii) with respect to the Buyer or the Buyer Guarantor, a Buyer Warranty Claim or a claim against the Buyer or the Buyer
                    Guarantor for breach of this Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z416a8ff8434149c6bf26478bf05a966a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.19</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Closing</font> has the meaning ascribed to such term in Clause&#160;9.1.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z46c68b76fa6b44b995a971ac70afa86c">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.20</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Closing Date</font> means 15 March 2020 or such earlier date as the Buyer shall notify to the Seller in writing in accordance with Clause 2.4, as such Closing Date may be extended in accordance with
                    Clause 9.4.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2306271eec1b4720b715d989b363475f">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.21</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Closing Delay Event</font> has the meaning ascribed to such term in Clause 9.4.2.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze8af25ad8fdc4da0b2eb5af389ec1286">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.22</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Closing Payment</font> means the amount determined in accordance with Schedule 7.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z37af72a0f7854751b2b31a80a044352b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.23</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Closing Steps Plan</font> means the closing steps set out in Schedule 10 as such plan may be amended by and between the Parties prior to Closing in accordance with Clause 5.2.3, to be implemented by
                    the Parties at Closing in accordance with Clause 9.1.3.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6672e2e021ae4768a1f78ce1ce3cf408">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.24</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Company</font> has the meaning ascribed to such terms in Recital (A).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z16728ba1f70448c183de14aac8ebe5dc">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.25</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Competent Authority</font> means any national, supra national, federal, state, municipal or local government (including any court, commission, agency, authority or other body or entity exercising
                    powers on behalf of any of the same) or any quasi-governmental or private body or entity exercising any governmental or judicial or quasi-governmental authority or function or any body or entity exercising regulatory authority under any
                    Law.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z69ef19c375ae40948c40bd56a8e070fe">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.26</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Compulsory Acquisition</font> means requisition for title or other compulsory acquisition, requisition, appropriation, expropriation, deprivation, forfeiture or confiscation for any reason of a Vessel
                    and/or (where applicable) Option Vessel by any government entity or other competent authority.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z96c9387ee1814206bfdb424bc0dcfea1">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.27</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Consideration Shares</font> means the Buyer Guarantor Shares to be issued and allotted by the Buyer Guarantor to the Seller Nominee on the Signing Date in accordance with Clause 3.2.1 and Clause 3.5.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8af3834a290d489db20c443ad3ae1554">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.28</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Contracts</font> means the contracts set out in Schedule 11.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z846955f7ce8d474fb319e04a525fa368">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.29</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Data Room</font> means the electronic data room as at 12.00 noon (UK time) on 22 August 2019 established by the Seller with Firmex for the purposes of the Transaction identified with the project name
                    "Project Sprint" (the index of which is attached to the Disclosure Letter), a copy of which is contained on the memory stick provided by the Seller to the Buyer prior to the execution of this Agreement).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd936eed994644aa58a76cf318976f036">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.30</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Disclosed</font> means: (i) in the context of any Seller Warranty, fairly disclosed in the Disclosure Letter or the Data Room in sufficient detail to enable the Buyer to identify the nature and scope
                    of the matter disclosed; and (ii) in the context of any Buyer Warranty, fairly disclosed in the regulatory filings of the Buyer in sufficient detail to enable the Seller to identify the nature and scope of the matter disclosed.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57fee781eb54452b9e0b2205fa6c7ce4">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.31</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Disclosure Letter</font> means a letter of the same date as this Agreement addressed by the Seller to the Buyer for the purpose of Clause 13 which is accepted as such by the Buyer, and includes any
                    document which is included or attached to it.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z908fd57a424b42fe9eda099976ad7bfe">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.32</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Early Interim Purchase Option Exercise Notice</font> has the meaning ascribed to such term in Clause 2.4.2.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9f6c0d310f5f4b26883d53b8df65470c">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.33</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Encumbrance</font> means any mortgage, charge, pledge, lien, option or other security interest or encumbrance of any kind.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf4efb011190744bf9f93bed6c0733551">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.34</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Escrow Account</font> means the cash account to be maintained by the Escrow Agent in accordance with the terms of the Escrow Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0623793e2d104392851815c47fadb351">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.35</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Escrow Account Pledge Agreement</font> means the account pledge agreement entered into pursuant to the Escrow Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze4b2a664da65407ea6af86408919ee01">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.36</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Escrow Agent</font> means DNB Bank ASA.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3bb5b0b8d00a422ca5aa583f46275590">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.37</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Escrow Agreement</font> means the agreement in the agreed form between the Seller, the Seller Nominee, the Buyer Guarantor and the Escrow Agent pursuant to which: (i) the Consideration Shares and,
                    where applicable, Option Consideration Shares; and (ii) any cash proceeds related to the Consideration Shares and, where applicable, Option Consideration Shares, shall be held by the Escrow Agent on behalf of the Seller Nominee during
                    the Escrow Period.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3ab585ff4a034342b08a5259cc88426e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.38</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Escrow Period</font> means: (i) in respect of the Consideration Shares, the period commencing on the Signing Date and ending on the Closing Date; (ii) in respect of First Option Consideration Shares,
                    the period commencing on the First Option Exercise Date and ending on the Closing Date; and (iii) in respect of Second Option Consideration Shares, the period commencing on the Second Option Exercise Date and ending on the Closing Date.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z89525ec8b1374c26bce7d5fa446f8455">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.39</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Existing Registration Statement</font> has the meaning ascribed to such term in Clause 11.1.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z83ab6366b2d64fb0a051dab6b7a78880">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.40</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Existing Share Pledges</font> means each of the share pledges listed in Schedule 1 granted by the Seller over the issued share capital of the Company and the Option Company in favour of, respectively,
                    the relevant Vessel Owner(s) and the Option Vessel Owner(s) as security for their respective obligations under the relevant Bareboat Charter(s) and Option Bareboat Charter(s).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd232fa54dc774e438c3012fa61d06861">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.41</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Failure to Close</font> has the meaning ascribed to such term in Clause 10.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze245d25ac8ab4adab0dc546e5493fb56">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.42</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">First Option</font> means the Buyer&#8217;s option to acquire the First Option Vessels in accordance with Clause 2.3.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z40360da50772445a9926f3ff983c149d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.43</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">First Option Consideration Shares</font> means the Buyer Guarantor Shares to be issued and allotted by the Buyer Guarantor to the Seller Nominee on the First Option Exercise Date, in accordance with
                    Clause 3.2.2 and Clause 3.5.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z680c983f463a4381b0af793ea973d056">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.44</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">First Option Exercise Date</font> means, in the event that the First Option is exercised by the Buyer in accordance with the terms of this Agreement on or prior to the First Option Exercise Expiry
                    Date, the date on which the First Option is exercised.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb49eee9406794dbb8129bd029f12bf73">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.45</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">First Option Exercise Expiry Date</font> means 12 September 2019.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za54e005da6084bd3bd76698f6a995366">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.46</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">First Option Signing Consideration</font> means US$20,862,540.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50d5cb9905ea491f8838304ec8c4baa7">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.47</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">First Option Vessels</font> means each of the vessels detailed in Part B of Schedule 3.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze9eee8a266cf405d910d34678f43349e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.48</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Frontline Interim Time Charterer</font> means Frontline Chartering Services Inc.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8393f90a4b88446d8525487edbccc084">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.49</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Fundamental Buyer Warranty</font> means the Buyer Warranties set out at Clause 12.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8db1478f6708414b84aeca196a805f65">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.50</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Fundamental Seller Warranty</font> means the Seller Warranties set out at Clause 13.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb59db0ddabeb4ef9972e88971b188de8">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.51</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Group</font> means in relation to a company, that company, any subsidiary undertaking or any parent undertaking from time to time of that company and any subsidiary undertaking from time to time of a
                    parent undertaking of that company.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z15678d51209f4ff2bf3cf7a09d6598e2">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.52</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Holdco</font> has the meaning ascribed to such term in paragraph 1 of Schedule 13.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcd3b1ae4fecf4cf9a2019729cde62171">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.53</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Indemnity Claim</font> means a claim, obligation or liability of or against: (i) the Companies or the Vessels; (ii) in circumstances where the First Option is exercised by the Buyer prior to the First
                    Option Exercise Expiry Date, the Option Company and the First Option Vessels; and (iii) in circumstances where the Second Option is exercised by the Buyer prior to the Second Option Exercise Expiry Date, the Second Option Vessels, in
                    each case incurred or otherwise existing prior to Closing on the Closing Date and which were either not Disclosed or which the Buyer would not have incurred had it acquired the Vessels and, as applicable, the Option Vessels directly by
                    way of asset purchase pursuant to a memorandum of agreement on Norwegian Saleform 2012 terms rather than acquiring the Vessels and, as applicable, the Option Vessels indirectly through the acquisition of, respectively, the Company and
                    the Option Company in accordance with the terms of this Agreement:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4189ca9d4b8f458f933502a79feafc95">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>including, without limitation, any obligations or liabilities under the Bareboat Charters, the Option Bareboat Charters and any Contract and, in circumstances where the Buyer exercises the First Option prior to the First Option
                    Exercise Expiry Date but does not subsequently exercise the Second Option prior to the Second Option Exercise Expiry Date, shall extend to any obligations or liabilities which relate to the Second Option Vessels; but</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd68846b6e0864a42826db5706e0491ae">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>excluding for all purposes any liabilities incurred and/or payments made (whether by the Buyer, the Buyer Guarantor, the Company, the Option Company, a Vessel or an Option Vessel) under an Interim Time Charter.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdb22e5d308f3485db176a5031b87ee87">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.54</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Initial Consideration</font> means the aggregate of the Signing Consideration and, in circumstances where an Option is exercised by the Buyer prior to the relevant Option Exercise Expiry Date, the
                    relevant Option Signing Consideration.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbc0ca533561d4f7caa98994e63b9f841">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.55</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Insurance Proceeds</font> has the meaning ascribed to such term in Clause 5.4.1(a).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbfe8cff7ab0749a4a42581061cf31a6b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.56</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Interim Purchase Option</font> means the right, contained in clause 52 of each Bareboat Charter and Option Bareboat Charter, for respectively, the Company and the Option Company to acquire, as
                    applicable, the relevant Vessel or Option Vessel for the Interim Purchase Option</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Price by giving not less than 45 days&#8217; notice in writing to, as applicable, the relevant Vessel Owner or Option Vessel Owner.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd20a36d85e9545eb928097785237d594">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.57</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Interim Purchase Option Exercise Date</font> has the meaning ascribed to such term in Clause 2.4.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z747de3ac2b35409ebf94e427d449d713">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.58</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Interim Purchase Option Price</font> shall in respect of each Vessel and Option Vessel have the meaning given to such term in the Bareboat Charter or Option Bareboat Charter of that Vessel or Option
                    Vessel.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5a20833f1c9f46da8388c50ca9cb6c03">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.59</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Interim Time Charter</font> means a time charter substantially in the form set out in Part A of Schedule 4 and which, individually and collectively with all other Interim Time Charters, shall be
                    governed by the interim umbrella agreement substantially in the form set out in&#160; Part B of Schedule 4, to be entered into in respect of each of the Vessels and (where applicable) Option Vessels in accordance with Clause 2.6.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z269c2a864db0410b942e6b2139a8d74a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.60</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Law</font> means any law and regulation, whether civil, criminal, administrative or otherwise in any jurisdiction (country, state, federal, city or territory) including all directives, regulations,
                    rules. statutes, measures, subordinate legislation, permits, common law and local laws.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9726c4ec4a1a4c58aabf4b2e88700983">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.61</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Lock-up Period</font> has the meaning ascribed to such term in Clause 3.4.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6ab237fbfdc641b5a0ebf3ade29968c0">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.62</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">NYSE</font> means New York Stock Exchange.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc285eaa5eaa54f70a05e47fcf89429e2">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.63</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Options</font> means the First Option and the Second Option and <font style="font-weight: bold;">Option</font> means either of them.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfac44330e87f461fbb55a251c253f243">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.64</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Option Company</font> has the meaning ascribed to such terms in Recital (A).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z61adac021fa849da934b7c01aab341f6">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.65</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Option Bareboat Charters</font> means the bareboat charters between the relevant Option Vessel Owner and the Option Company set out in Schedule 2.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z985ec05d5e05445d8bd374f27d7904d8">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.66</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Option Consideration Shares</font> means, in respect of the First Option, the First Option Consideration Shares and, in respect of the Second Option, the Second Option Consideration Shares.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z431353d4bbc24c3b9ae834e8ab745b0b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.67</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Option Exercise Date</font> means, in respect of the First Option Vessels, the First Option Exercise Date and in respect of the Second Option Vessels, the Second Option Exercise Date.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcdce1636f2a64494bb68477c701d054a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.68</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Option Exercise Expiry Date</font> means, in respect of the First Option, the First Option Exercise Expiry Date and, in respect of the Second Option, the Second Option Exercise Expiry Date.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8f054d3152594bb4a806f64d706973e2">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.69</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Option Shares</font> has the meaning ascribed to such term in Recital (A).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zca83bc8b4cb14dbd9b014ce3dc61b269">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.70</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Option Signing</font> means, in respect of the First Option, the First Option Signing and in respect of the Second Option, the Second Option Signing.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5cc864e19031495ba104cc569aef835b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.71</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Option Signing Consideration</font> means, in respect of the First Option, the First Option Signing Consideration and, in respect of the Second Option, the Second Option Consideration.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z70294f8ffd984fbba657ce24be3bab46">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.72</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Option Signing Date</font> means, in respect of the First Option, the First Option Signing Date and, in respect of the Second Option, the Second Option Signing Date.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc895ed4a71cf4577a28384e557e1768f">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.73</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Option Vessels</font> means, in respect of the First Option, the First Option Vessels and, in respect of the Second Option, the Second Option Vessels.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z974c97648e344d5db55d4bc4adafce7d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.74</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Option Vessel Owner</font> means, in relation to an Option Vessel, the existing registered owner of such Option Vessel as specified against such Option Vessel in Schedule 3.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3619ecd82970415cb02f87ed95149a9d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.75</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Party</font> means any of the Seller, the Buyer, the Seller Guarantor, the Buyer Guarantor or the Seller Nominee, and <font style="font-weight: bold;">Parties</font> means the Seller, the Buyer, the
                    Seller Guarantor, the Buyer Guarantor and the Seller Nominee, collectively.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z84fdcf8f834746a287d054cc293b75fd">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.76</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Registration Rights Agreement</font> means the registration rights agreement in the agreed form between the Seller, the Seller Nominee and the Buyer Guarantor.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z896ec7814b494dfd9e4d1ffbef1c080e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.77</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Reorganisation</font> means the reorganisation to be conducted, as applicable, by the Seller and the Buyer in accordance with the Reorganisation Plan.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc206e2e218bf4bff89088debe95e289b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.78</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Reorganisation Plan</font> means the reorganisations steps set out in Schedule 13.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb03c44c590849f3af17d1a7826c1475">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.79</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Reorganisation Tax Indemnity Claim</font> means a claim in respect of any Tax liabilities in Singapore (but not, for the avoidance of doubt, any Tax liabilities arising in any other jurisdiction)
                    incurred by the Company or, in circumstances where the First Option is exercised by the Buyer prior to the First Option Exercise Date, the Option Company that arise in connection with the implementation of the Reorganisation in
                    accordance with the Reorganisation Plan.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4ec8a058f16146609c572df8b5871369">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.80</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Restrictive Legend</font> means the restrictive legend set out in Schedule 9.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbd90953b760e4bd981f770c747bad8a8">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.81</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">SEC</font> means the United States Securities and Exchange Commission.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf06f88be6f1647debea0420c247094d7">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.82</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Second Option</font> means the Buyer&#8217;s option to acquire the Second Option Vessels in accordance with Clause 2.3.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2a12b4b4ac514fd19d265a61b8e37dfe">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.83</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Second Option Consideration Shares</font> means the Buyer Guarantor Shares to be issued and allotted by the Buyer Guarantor to the Seller Nominee on the Second Option Exercise Date, in accordance with
                    Clause 3.2.3 and Clause 3.5.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb9275eb6ec854b1e812434f694bcfbda">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.84</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Second Option Exercise Date</font> means, in the event that the Second Option is exercised by the Buyer in accordance with the terms of this Agreement on or prior to the Second Option Exercise Expiry
                    Date, the date on which the Second Option is exercised.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf765c0cb57c84961ae1f450c26a6186c">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.85</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Second Option Exercise Expiry Date</font> means 24 September 2019.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0839b129f3db4340a6d838ed28b98a27">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.86</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Second Option Signing</font> has the meaning ascribed to such term in Clause 8.2.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7e29300854684c96a7e69e974d0dcf1a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.87</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Second Option Signing Consideration</font> means US$21,036,858.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2551876333ed47838fe975368bd0a0a6">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.88</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Second Option Vessels</font> means each of the vessels detailed in Part C of Schedule 3.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z774259f4dad84d3bae1fc31b26c7d0e3">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.89</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Seller</font> has the meaning ascribed to such term in the preamble hereof.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z17bf940ac773429a8fd8b7ad324a4d4c">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.90</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Seller Default</font> has the meaning ascribed to such term in Clause 10.1 .</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z81d87a9dcce149bda17b81ff7c0e38c0">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.91</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Seller Group</font> means the Seller and its Group.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcfa30bc48a464a9a96607cf1f6afe40d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.92</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Seller Guarantor</font> has the meaning ascribed to such term in the preamble hereof.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zde3f3b34932541399011da8288e6a7c7">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.93</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Seller Nominee</font> has the meaning ascribed to such term in the preamble hereof.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3d520537f1ad412d9ec433cb36660be5">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.94</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Seller Warranties</font> means the warranties set out in Clause&#160;13.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfd191e95a4374a4a9af380d72344bb2c">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.95</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Seller Warranty Claim</font> means a claim for a breach of a Seller Warranty.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z79fa606f61de47e49d7808f1b1681468">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.96</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Shares</font> has the meaning ascribed to it in Recital (A).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z273c40e9379d4cb483006e6248e390d2">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.97</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Signing</font> has the meaning ascribed to such term in Clause 6.2.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7aa8ebc2818b4ec3b77e6cc17617c989">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.98</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Signing Consideration</font> means US$128,286,849.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z416b3f384a1a44b5b58ea34e269fad83">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.99</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Signing Date</font> means the date of this Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4579fad2a862400ba3dc5aa2849681e2">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.100</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">SPVs</font> has the meaning ascribed to such term in paragraph 1 of Schedule 13.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za5fed0d36c694d8ea55afb74c2a6de4a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.101</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Stamp Duty Documents</font> means:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z61eae4c9a84b4229a7c48d63a93e4aaa">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a working sheet computing the net asset value per Share and, in circumstances where the First Option is exercised by the Buyer prior to the First Option Exercise Date, per Option Share in the form prescribed by the Stamp Duty Branch
                    of the Inland Revenue Authority of Singapore and signed by a director or the secretary of the Company or, where applicable, the Option Company; and/or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a54aaa1960f4cde932701ef5dc72b06">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>such other documents as may be prescribed from time to time by the Stamp Duty Branch of the Inland Revenue Authority of Singapore for the purpose of assessing the stamp duty payable on a transfer of shares.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8e3fbb7cc0054c04852905710ce97259">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.102</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Surviving Terms</font> means Clause 1 (Definitions), Clause 10 (Termination), Clause 11 (US Securities Law), Clause 14 (Guarantee), Clause 15.2 (Claim for damages) 15.3 (Limitations) and Clause 16
                    (Miscellaneous).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbbcf378948474747ac4590fc8cb56dd3">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.103</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Tax</font> or <font style="font-weight: bold;">Taxation</font> means all taxes, duties, levies, social security contributions (including National Insurance contributions) and imposts and any charges,
                    surcharges, deductions and withholdings of a fiscal nature, whether direct or indirect, at whatever time and in whichever jurisdiction created or imposed, including any incidental or supplemental interest, penalties, surcharges and
                    levies.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze7dfef99151d4788be76f2da3c329aa7">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.104</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Tax Indemnity Claim</font> means any liability to Taxation of the Company or, in circumstances where the First Option is exercised by the Buyer prior to the First Option Exercise Expiry Date, the
                    Option Company incurred or otherwise existing prior to, or which relates to the period prior to, the Closing Date including, without limitation, all penalties, charges and interest and reasonable costs and expenses including, without
                    limitation, external advisors&#8217; and/or consultants&#8217; fees incurred in connection with any claim or liability for Taxation as is mentioned below:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zace8ed487d714c00aefb696200e509d2">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in respect of or arising from any transaction effected or deemed to have been effected on or before Closing;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc2f549bf65e1426794063f2e5b660e83">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>by reference to any profits earned, accrued or received on or before Closing; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1841bcc06fd14e77934e115504ddeb73">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>any claim or liability for Taxation from the date of such company&#8217;s incorporation up to Closing, regardless of when such claim was, is or will be commenced.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">For the purposes of this definition, the term &#8220;transaction&#8221; includes any transaction, circumstance, act, event or omission of whatever nature, and the term &#8220;profits&#8221; includes,
        income, profits or gains of any description or from any source and include profits deemed to have been or treated as earned, accrued or received for Taxation purposes.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbdbb862fb4114f1cb5e75c35b9bfca37">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.105</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Total Loss</font> means, in relation to a Vessel or (where applicable) Option Vessel, its:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z14c47098269b4abeb13e75c99049dc12">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>actual, constructive, compromised or arranged total loss;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd431757e277e4f1c9d2d35aa6c3bb80e">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Compulsory Acquisition unless the Vessel is released and returned to the possession of the relevant Vessel Owner or the Company within six months after the Compulsory Acquisition in question;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za65af3ad882447479ffae979327fedd9">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the capture, seizure, arrest of a nature covered by the Vessels&#8217; and (where applicable) Option Vessels&#8217; insurances, detention, condemnation as prize, confiscation or forfeiture of the Vessel (not falling within paragraph (b) of this
                    definition), unless the Vessel is released and returned to the possession of the relevant Vessel Owner or the relevant Company within 60 days after the capture, seizure, arrest, detention, condemnation as prize, confiscation or
                    forfeiture in question; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3839a65a036d4f78a90b3bc428d56f2c">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the hijacking or theft of the Vessel which results in the loss of possession thereof by the relevant Vessel Owner or the relevant Company, unless the Vessel is released from such hijacking or theft and returned to those possession of
                    the relevant Vessel Owner or the relevant Company within six months after the hijacking or theft in question.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z65bba1ca0bf447fba299c4304b83b609">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.106</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Trading Day</font> means a day on which trading in the common stock generally occurs on the NYSE.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z02564c1357344dfb88dea66807186061">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.107</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Trafigura Time Charter</font> means a time charter substantially in the form set out in Schedule 5 to be entered into in respect of the Trafigura Time Charter Vessels and (where applicable) the
                    Trafigura Time Charter First Option Vessel and the Trafigura Time Charter Second Option Vessel, in each case in accordance with Clause 2.7.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd017ec35ba8b4e0e89f9214e9e38a260">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.108</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Trafigura Time Charter Vessels</font> means each of the Vessels identified in Part A of Schedule 6.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7bcd5615778f4d4aaa14f4c21b30f4c2">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.109</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Trafigura Time Charter First Option Vessel</font> means the First Option Vessel identified in Part B of Schedule 6.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z11156c5c1d80458791c1e539d646822b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.110</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Trafigura Time Charter Second Option Vessel</font> means the Second Option Vessel identified in Part C of Schedule 6.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5eecae9d9b694cf8bf1112e3318ca3a9">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.111</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Transaction</font> has the meaning ascribed to such term in Clause 2.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb204b804c2ae4950b332df03004dedc3">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.112</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Transaction Documents</font> means this Agreement, the Escrow Agreement, the Escrow Account Pledge Agreement, each Interim Time Charter, each Trafigura Time Charter and the Registration Rights
                    Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf510c33539854c1e8f8d5ac66f72747e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.113</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Transfer Agent</font> has the meaning ascribed to such term in Clause 3.5.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd7fa98671a974d68b516f60aed10b132">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.114</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Transfer Agent Instruction Letter</font> means the irrevocable instruction letter to be delivered to the Transfer Agent pursuant to, as applicable, Clause 6.4.1, Clause 7.4.1 and/or Clause 8.4.1, in
                    the form set out in Schedule 14.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd7202f1a5d8b433d92f2c222ea7345be">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.115</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Vessels</font> means each of the vessels detailed in Part A of Schedule 3.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z334a322aa0c4496780701c0bf7ad89cd">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.116</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">Vessel Owner</font> means, in relation to a Vessel, the registered owner of such Vessel.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z78fdbddae9ee4bbe9a7ea999e3df2d16">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.117</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">WFV XXVII</font> has the meaning ascribed to it in Recital (A).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6861d0b85d2a42acb27c6f8abd81846c">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">1.118</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-weight: bold;">WFV XXVIII</font> has the meaning ascribed to it in Recital (A).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z339293d7fe264bceb5570345a7788dfd">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">The transaction</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcae5fe1f8fdf4d688d360d6870b19b61">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">2.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Sale and purchase of the Shares and the Option Shares</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaf1ea14891f6416695601e59ad9748b6">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">2.1.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Upon the terms and subject to the conditions set out in this Agreement, the Seller agrees to sell and deliver and the Buyer agrees to purchase:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57b79d44a5214e86a56194bcde60dc3d">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the Shares; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za4b970469a614112859b5ec1356e1e00">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in circumstances where the Buyer exercises the First Option prior to the First Option Exercise Expiry Date, the Option Shares,</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">in each case free and clear from any Encumbrances (the <font style="font-weight: bold;">Transaction</font>).</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdb4c6ddb3f394142a9650747a1f99b9d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">2.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">The Vessels, the Option Vessels, the Bareboat Charters and the Option Bareboat Charters</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd854669ea91443ecbcf06acc821df445">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">2.2.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Buyer has agreed to acquire the Shares and, in circumstances where the Buyer exercises the First Option prior to the First Option Exercise Expiry Date, the Option Shares, in each case on the Closing Date on the basis that, at the
                    same time as the purchase of the Shares and (where applicable) the Option Shares, the nominated SPVs complete the acquisition of the Vessels and (where applicable) the relevant Option Vessels pursuant to the terms of, respectively, the
                    Bareboat Charters and the Option Bareboat Charters.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcd99dd1edc244d3982f4443bfc51822f">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">2.2.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Accordingly, upon the terms and subject to the conditions set out in this Agreement including, without limitation, the payment by the Buyer of the Closing Payment, the Seller agrees to procure that:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c92d8ed1c1a48a7ada60b8cb1cc1aa7">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the Company exercises the Interim Purchase Option in respect of each of the Vessels and the nominated SPVs acquire the Vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3238b7d06e2749378c545f8dddf20a30">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in circumstances where the Buyer exercises the First Option prior to the First Option Exercise Expiry Date, the Option Company exercises the Interim Purchase Option in</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">respect of both of the First Option Vessels and the nominated SPVs acquire the First Option Vessels; and</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z834b614a35ed4158b69ac4ff2877c434">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in circumstances where the Buyer has exercised the First Option and subsequently exercises the Second Option prior to the Second Option Exercise Expiry Date, the Option Company exercises the Interim Purchase Option in respect of both
                    of the Second Option Vessels and the nominated SPVs acquire the Second Option Vessels,</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">in each case on or immediately in advance of Closing on the Closing Date.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c29a7a5db894cfdb5f299fbfecd34d7">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">2.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Options</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z51c557b4ce1f4953ba5fcb56454c4c1e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">2.3.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller grants to the Buyer the right, exercisable by notice in writing to the Buyer to be received by not later than 5:00 pm (London time) on the relevant Option Exercise Expiry Date, to acquire the respective Option Vessels in
                    accordance with the terms of this Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z557a1fa2ba75480390ff157a99cef797">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">2.3.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>If the Buyer does not exercise the First Option prior to the First Option Exercise Expiry Date, the Buyer shall not acquire the Option Company on Closing and the Option Company shall fall outside the terms of this Agreement
                    accordingly and the provisions of this Agreement shall be read and interpreted by the Parties on that basis.&#160; The Buyer shall not be entitled to exercise the Second Option if it has not exercised the First Option prior to the First
                    Option Exercise Date in accordance with the terms of this Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf71bc16433a04740a3cc2742e66d4727">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">2.3.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>In circumstances where the Buyer has exercised the First Option but does not subsequently exercise the Second Option prior to the Second Option Exercise Expiry Date, the Seller shall undertake such steps as may be necessary prior to
                    Closing to move the Option Bareboat Charters for the Second Option Vessels together with related agreements out of the Option Company with the intention that on Closing the only vessels that the Option Company will hold will be the
                    First Option Vessels and the provisions of this Agreement shall be read and interpreted by the Parties accordingly.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z59dfe7b9af1b480fba137964a5f70ca4">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">2.3.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Upon the written request of the Buyer to be received by the Seller not later than seven (7) Business Days prior to:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z699a726d105541f5959c0ca0d572dbf0">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the First Option Exercise Date, the Seller shall within&#160; five (5) Business Days provide to the Buyer: (i) a declaration of class or (depending on the classification society) a class maintenance certificate dated not earlier than
                    three (3) Business Days prior to the First Option Exercise Date in respect of both of the First Option Vessels; and (ii) information on any matters that would caveat the Seller Warranties set out in Clause 13.3 with respect to the First
                    Option Vessels if those Seller Warranties were to be repeated at 5.00 p.m. (London time) on the date falling two (2) Business Days prior to the First Option Exercise Date; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z42269395e9b2472887808a0e39228638">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the Second Option Exercise Date, the Seller shall within five (5) Business Days provide to the Buyer: (i) a declaration of class or (depending on the classification society) a class maintenance certificate dated not earlier than
                    three (3) Business Days prior to the Second Option Exercise Date in respect of both of the Second Option Vessels; and (ii) information on any matters that would caveat the Seller Warranties set out in Clause 13.3 with respect to the
                    Second Option Vessels if those</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">Seller Warranties were to be repeated at 5.00 p.m. (London time) on the date falling two (2) Business Days prior to the Second Option Exercise Date.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z201df165b2aa4e85bafb1a9ec138701b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">2.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Exercise of Interim Purchase Option</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1f1126ef85df4dd3be37d09946ec6826">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">2.4.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Subject to the receipt of an Early Interim Purchase Option Exercise Notice in which event Clause 2.4.2 shall apply, the Seller shall procure that (as applicable) the Company and, in circumstances where the First Option has been
                    exercised by the Buyer prior to the First Option Exercise Expiry Date, the Option Company shall:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5c551a22499d40dc8f32407f6e221056">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>exercise the Interim Purchase Option in respect of each of the Vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd053a0252f304c45960acb5b0f05dfd4">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>(where applicable) exercise the Interim Purchase Option in respect of both of the First Option Vessels; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z96065901414645c8a5a5c5fdaa0d6665">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>(where applicable) exercise the Interim Purchase Option in respect of both of the Second Option Vessels,</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">in each case on the latest 45 days before the Closing Date (the <font style="font-weight: bold;">Interim Purchase Option Exercise Date</font>) with the intention that the
        Vessels and (where applicable) the relevant Option Vessels are transferred to, respectively, the Company and the Option Company immediately in advance of Closing on the Closing Date.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zce0ca4d153ce46238e62349da02507b2">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">2.4.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Buyer shall have the right, exercisable by notice in writing served after the earlier of: (i) the First Option Exercise Expiry Date if the Buyer has not exercised the First Option by such date; (ii) the Second Option Exercise
                    Date; and (iii) the Second Option Exercise Expiry Date, and&#160; on or before 27 December 2019, to require that the Seller trigger an earlier exercise of:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z06b6cef16b7f4581aec09fa4786f866a">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the Interim Purchase Option in respect of each of the Vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfbbf52f3931d49ea81bd8b5b86a0e040">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>(where applicable) the Interim Purchase Option in respect of both of the First Option Vessels; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb8010ac3421c464db9c25c9724e79fe4">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>(where applicable) the Interim Purchase Option in respect of both of the Second Option Vessels,</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">(an <font style="font-weight: bold;">Early Interim Purchase Option Exercise Notice</font>), in which case the Closing Date shall be set to the 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> of such month as
        is specified in the Early Interim Purchase Option Exercise Notice, provided that where the 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> of the month specified in the Early Interim Purchase Option Exercise Notice is less than 50 days (or such shorter time period the Parties
        shall agree in writing having regard to the notice requirements of BoComm under the Bareboat Charters and, as applicable, Option Bareboat Charter in relation to the exercise of the Interim Purchase Options) after the date of deemed receipt by the
        Seller of such Early Interim Purchase Option Exercise Notice, such date shall be deemed for all purposes to be the 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of the next following month. In circumstances where the 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of the month set out in, or deemed in
        accordance with this Clause 2.4.2 to be set out in, an Early Interim Purchase Option Exercise Notice is not a Business Day, such date shall be deemed for all purposes to be the next following Business Day.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z511924ef39224c389ebb0e28759aefdc">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">2.4.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Once exercised an Early Interim Purchase Option Exercise Notice shall be irrevocable and such notice may only be provided on an en bloc basis in respect of: (i) all of the Vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">(ii) in circumstances where the First Option has been exercised by the Buyer prior to the First Option Exercise Expiry Date, both of the First Option Vessels; and (iii) in
        circumstances where the Buyer has exercised the First Option and subsequently exercises the Second Option prior to the Second Option Exercise Expiry Date, both of the Second Option Vessels.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6c62e84f52d7451eaec9f009d98ebdcd">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">2.4.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller shall keep the Buyer updated from time to time and upon the reasonable request of the Seller on the current status of its financing of the Transaction and, on the earlier of the Interim Purchase Option Exercise Date and
                    the date of the Early Interim Purchase Option Exercise Notice, the Buyer shall give to the Seller a copy of a binding or non-binding equity term sheet, equity funding letter or equivalent document from third party or related party
                    lenders (which may include Seatankers) demonstrating support for and willingness to finance the Closing Payment.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z844a07f40a564be999072241547ac4ee">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">2.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Lubricating and hydraulic oils and greases</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcc6a67da69214dac9b69958574698c0a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">2.5.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Buyer shall compensate the Seller for unused lubricating and hydraulic oils and greases in storage tanks and unopened drums belonging to and paid for by:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z82d9e762df794fb596dc30f5ac90c4ad">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>each Company as at the Signing Date; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z54421542f35c4e4d86093f5d51691089">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in circumstances where the Buyer exercises the First Option prior to the First Option Exercise Expiry Date, the Option Company in respect of the First Option Vessel as at the First Option Exercise Date; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0898fc1b52984780bd2f5ee37c83f829">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in circumstances where the Buyer has exercised the First Option and subsequently exercises the Second Option prior to the Second Option Exercise Expiry Date, the Option Company in respect of the Second Option Vessel as at the Second
                    Option Exercise Date,</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">and shall pay the actual net price (excluding barging expenses) as evidenced by invoices or vouchers for the quantities as per the Signing Date or relevant Option Exercise Date
        (as applicable).</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb0a7cac0d8464a3e94909b188b03b64a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">2.5.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Master of each Vessel and (where applicable) Option Vessel shall, together with any Buyer&#8217;s representatives on board, take soundings and agree quantities on: (i) the Signing Date in respect of each of the Vessels; (ii) the First
                    Option Signing Date in respect of both of the First Option Vessels; and (iii) the Second Option Signing Date in respect of both of the Second Option Vessels.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zea428e199d5b4dac8ad727d733bd532a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">2.5.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The amount to be paid for the unused lubricating and hydraulic oils and greases shall be calculated:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z11f9594b70224829b442e6bcfcd2e54f">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>within fifteen (15) Business Days of the Signing Date in respect of each of the Vessels and paid in cash by the Buyer to the Seller (in US$) to such account as the Seller shall notify to the Buyer for such purpose as soon as
                    reasonably practicable thereafter but in any event by no later than the date falling twenty (20) Business Days of the Signing Date;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7fac7bc5c75c4545a10a12c16d15e9f8">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>within fifteen (15) Business Days of the First Option Signing Date in respect of both of the First Option Vessels and paid in cash by the Buyer to the Seller (in US$) to such account as the Seller shall notify to the Buyer for such
                    purpose as soon as reasonably</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">practicable thereafter but in any event by no later than the date falling twenty (20) Business Days of the First Option Signing Date; and</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zab7d4a1d5b3c46bb8052a43cf0cec1c9">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>within fifteen (15) Business Days of the Second Option Signing Date in respect of both of the Second Option Vessels and paid in cash by the Buyer to the Seller (in US$) to such account as the Seller shall notify to the Buyer for such
                    purpose as soon as reasonably practicable thereafter but in any event by no later than the date falling twenty (20) Business Days of the Second Option Signing Date.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2c4a41603f6e40a5bc5bfd3d8cc39e88">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">2.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Interim Time Charters</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">The Seller shall procure that, as applicable, the Company and the Option Company enter into the Interim Time Charters as follows:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9541316c009d4a098c3528829eedab1b">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in respect of each Vessel, on the Signing Date; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3c8c06eeb4db4545a161e637427a188e">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in respect of both First Option Vessels in circumstances where the Buyer has exercised the First Option prior to the First Option Exercise Expiry Date, on the First Option Exercise Date; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z07964029447c4665974be347f53985ef">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in respect of both second Option Vessels in circumstances where the Buyer has exercised the First Option and subsequently exercises the Second Option prior to the Second Option Exercise Expiry Date, on the Second Option Exercise
                    Date.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z91cac906b8ee48db9d8cf769d4255387">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">2.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Trafigura Time Charters</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9007b3e2394d42d59bf8de4384b4f076">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">2.7.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller shall enter into a Trafigura Time Charter in respect of:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zee59834c161f428bb6a0b0dac492ba6e">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>each Trafigura Time Charter Vessel on the Signing Date;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4ece7eb1fd6c463caf9c361def7de0a5">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in circumstances where the Buyer exercises the First Option prior to the First Option Exercise Expiry Date, the Trafigura Time Charter First Option Vessel on the First Option Exercise Date; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z63d92c40ad6f477f8b69895fe47f6944">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in circumstances where the Buyer has exercised the First Option and subsequently exercises the Second Option prior to the Second Option Exercise Expiry Date, the Trafigura Time Charter Second Option Vessel on the Second Option
                    Exercise Date.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6316c2f4adc044a3a9eb60a3225a9fa0">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">3.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Consideration</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zee7678cf09334d2eb029d46c8f114564">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">3.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Consideration</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c69ed880557487da99d66e67a2abe7b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.1.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The consideration for the Shares and (where applicable) the Option Shares shall comprise: (i) the Initial Consideration; and (ii) the Closing Payment.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z19b96ff4776f48ca865951e57e09c0fb">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">3.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Consideration Shares and Option Consideration Shares</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf108a166b16b4168b1510624adc541d4">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.2.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Buyer Guarantor shall issue and allot, and the Seller Nominee shall receive, in accordance with the escrow arrangements set forth in Clause 3.5, 16,035,856 Consideration Shares on the Signing Date.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcce3a9e7ae0b4c849500c23864b30dd6">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.2.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>In circumstances where the First Option is exercised by the Buyer prior to the First Option Exercise Expiry Date, the Buyer Guarantor shall issue and allot, and the Seller Nominee shall receive, in accordance with the escrow
                    arrangements set forth in Clause 3.5, on the First Option Exercise Date such number of First Option Consideration Shares as shall be</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">required to satisfy in full the First Option Signing Consideration based on a price per First Option Consideration Share equal to the volume weighted average price of a Buyer
        Guarantor Share on NYSE in the twenty (20) days prior to the First Option Exercise Date.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbad5011c6bcb447688afd84e7615c13a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.2.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>In circumstances where the Second Option is exercised by the Buyer prior to the Second Option Exercise Expiry Date, the Buyer Guarantor shall issue and allot, and the Seller Nominee shall receive, in accordance with the escrow
                    arrangements set forth in Clause 3.5, on the Second Option Exercise Date such number of Second Option Consideration Shares as shall be required to satisfy in full the Second Option Signing Consideration based on a price per Second
                    Option Consideration Share equal to the volume weighted average price of a Buyer Guarantor Share on NYSE in the twenty (20) days prior to the Second Option Exercise Date.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfb7b71b7e1d948f0b0e090c3edb78035">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.2.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Buyer Guarantor shall submit a supplemental listing application to the NYSE covering the listing of the Consideration Shares, promptly after the Signing Date and the Buyer Guarantor shall use its reasonable best efforts to cause
                    the Consideration Shares to be listed on the NYSE as soon as reasonably practicable thereafter but in any event prior to the expiration of the Lock-up Period.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd48ce376a07f447092e9a65bd9ffd553">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.2.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>In circumstances where an Option is exercised by the Buyer prior to an Option Exercise Expiry Date, the Buyer Guarantor shall submit a supplemental listing application to the NYSE covering the listing of the relevant Option
                    Consideration Shares (to the extent such shares are not covered in the supplemental listing application for the Consideration Shares), promptly after the relevant&#160; Option Exercise Date and the Buyer Guarantor shall use its reasonable
                    best efforts to cause the relevant Option Consideration Shares to be listed on the NYSE as soon as reasonably practicable thereafter but in any event within 5 calendar days.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdbdf7c20c41447c7bb2d866ca3d86c4e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">3.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Repurchase of Consideration Shares / Option Consideration Shares</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">It shall be a condition of issue of each of the Consideration Shares and Option Consideration Shares issued pursuant to this Agreement that:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z93dac010f64a4a09a9eeb048b44def17">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the Consideration Shares and Option Consideration Shares shall be able to be repurchased by the Buyer Guarantor in accordance with the terms of this Agreement;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9bb27caef95d46598f06f26e6389ddf1">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in the event that Clause 10.1.1 (a) applies, the Seller and/or the Seller Nominee (as applicable) shall sell and the Buyer Guarantor shall purchase all of the Consideration Shares and (where applicable) Option Consideration Shares
                    for a nominal consideration of US$1.00, to be held as treasury shares of the Buyer Guarantor, in accordance with the provisions of section 42B of the Bermuda Companies Act or to be returned for cancellation by the Buyer Guarantor in
                    accordance with the provisions of section 42A of the Bermuda Companies Act and the Seller shall execute, and/or procure that the Seller Nominee shall execute, all such instruments of transfer and instructions to the Escrow Agent as may
                    be necessary to transfer the Consideration Shares and (where applicable) Option Consideration Shares to the Buyer Guarantor; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z80fb883283b54da9b2108808afa8043c">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in the event that paragraph 19 of Schedule 12 applies, the Seller and/or the Seller Nominee (as applicable) shall sell and the Buyer Guarantor shall purchase such number of Consideration Shares and/or Option Consideration Shares (at
                    the same</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">price as such Consideration Shares and/or Option Consideration Shares were issued to the Seller or the Seller Nominee in accordance with the terms of this Agreement) as shall
        be required to satisfy such successful Claim against the Seller in full and such repurchased Consideration Shares and/or Option Consideration Shares shall be held as treasury shares of the Buyer Guarantor in accordance with the provisions of
        section 42B of the Bermuda Companies Act or be returned for cancellation by the Buyer Guarantor in accordance with the provisions of section 42A of the Bermuda Companies Act and the Seller shall execute, and/or procure that the Seller Nominee shall
        execute, all such instruments of transfer and instructions to the Escrow Agent as may be necessary to transfer the relevant Consideration Shares and/or (where applicable) Option Consideration Shares to the Buyer Guarantor.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za045d23dd0b6441fa708bd9f3e404a63">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">3.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Lock-up</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z907c4f3e64264197b0e707f624b74992">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.4.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller Group, including the Seller and the Seller Nominee, shall be restricted from selling, transferring, disposing or entering into any swap, hedge or similar arrangement or agreement that transfers, in whole or in part, the
                    economic risk of ownership of all or any part of the Consideration Shares and (where applicable) the Option Consideration Shares owned either of record or beneficially (as defined in Rule 13d-3 under the 1934 Act) by the Seller or the
                    Seller Nominee regardless of whether any such transaction is to be settled in securities, in cash or otherwise during the period commencing on the Signing Date and ending on the earlier of: (i) 30 November 2019; and (ii) the date
                    falling seven (7) calendar days after completion of any equity issuance of US$100 million or more by the Buyer Guarantor undertaken in connection with the Transaction (excluding for such purpose any At-the-Market Offering) (the <font style="font-weight: bold;">Lock-up Period</font>).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze1fb7551a0804541a81bbcadf180496e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.4.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>During the Escrow Period, the Seller Guarantor, the Seller and the Seller Nominee will not, and will not permit any of their respective subsidiaries or affiliates to, create, incur, assume or suffer to exist any lien, pledge, claim,
                    security interest or other encumbrance on the Consideration Shares or the Option Consideration Shares as applicable not otherwise contemplated in this Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1775fdad09cb410a96d59be94643fca3">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.4.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>At the end of the Lock-up Period the restrictions on the Consideration Shares and (where applicable) Option Consideration Shares set out in Clause 3.4.1 shall automatically and irrevocably fall away and cease to have any further
                    force or effect.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z517d52c72b0346ce96342242cb0d1de6">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.4.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>If the Lock-up Period ends earlier than 30 November 2019 in accordance with Clause 3.4.1, the Parties shall promptly serve a joint notice on the Escrow Agent notifying them that the Lock-up Period has terminated in accordance with
                    the terms of the Escrow Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze8f0be8a16224f4aaf162a662f98ecbf">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">3.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Escrow</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z711d64b010684afea19be43f3e1dd6ef">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.5.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Consideration Shares and (where applicable) the Option Consideration Shares shall be held in escrow pursuant to the terms of the Escrow Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z17c7881f416f4ce9a38638017be106f0">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.5.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Consideration Shares bearing the Restrictive Legend and (where applicable) the Option Consideration Shares bearing the Restrictive Legend shall be initially registered in the name of the Escrow Agent and the Escrow Agent shall
                    indicate on its books that the Seller Nominee is the beneficial owner of the Consideration Shares and (where applicable) the Option Consideration Shares.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6692d71c66a042f5971779d2d10b16fd">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.5.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>During the Escrow Period but after the expiry of the Lock-up Period, the Seller and/or Seller Nominee (as applicable) shall be entitled to, in one or more transactions, sell or otherwise transfer the Consideration Shares and (where
                    applicable) the Option Consideration Shares for cash to unaffiliated third parties provided that any such sale or transfer referenced in this Clause shall be a bona fide transaction conducted at arm&#8217;s length, in good faith and at fair
                    market value; provided further that any proceeds arising out of the sale or transfer of the Consideration Shares and/or (where applicable) the Option Consideration Shares are promptly deposited and retained in the Escrow Account;
                    provided further that the Buyer Guarantor shall upon request by the Seller and/or Seller Nominee (as applicable) instruct the Escrow Agent to release the relevant shares in connection with a sale or transfer of shares following the
                    Lock-Up Period consistent with Clause 11.1.2.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z32a7dca664a44a58bfea740fdba7406e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.5.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller and/or the Seller Nominee (as applicable) shall promptly upon the completion of a sale or transfer of Consideration Shares and/or (where applicable) Option Consideration Shares during the Escrow Period provide the Buyer
                    with written notice of such transfer along with such reasonable evidence as the Seller, the Seller Nominee and the Escrow Agent are able to provide to evidence the payment of the cash proceeds of such transfer into the Escrow Account.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z78f905287fa54e729ff6a198ec14e554">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.5.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Any cash dividends or other distributions on the Consideration Shares and (where applicable) the Option Consideration Shares shall be transferred to the separate cash Escrow Account. Any stock dividends or other distributions on the
                    Consideration Shares and (where applicable) the Option Consideration Shares shall be transferred to the Escrow Account.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z91b2b254626842da9805ca4991cdbb8f">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.5.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Escrow Account shall be pledged in favour of the Buyer Guarantor as of the Signing Date until immediately after Closing on the Closing Date. The Buyer Guarantor shall instruct the Escrow Agent to release the pledges on the Escrow
                    Account immediately following Closing on the Closing Date.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf9267e2c81fd410e9534b4b854717720">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">3.5.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Immediately after Closing on the Closing Date any monies held by the Escrow Agent in the Escrow Account shall be irrevocably released to the Seller Nominee and the Buyer Guarantor shall, with the cooperation of the Seller and the
                    Seller Nominee and the Escrow Agent, cause the Buyer Guarantor Shares in the Escrow Account to be registered directly in the Seller Nominee&#8217;s name on the Buyer Guarantor&#8217;s share register maintained by the Buyer Guarantor&#8217;s transfer
                    agent, Computershare Trust Company N.A. or such other duly appointed transfer agent from time to time (the <font style="font-weight: bold;">Transfer Agent</font>) and to bear the Restrictive Legend and the Buyer Guarantor will instruct
                    the Transfer Agent to place a stop order on such Buyer Guarantor Shares, which will be represented in electronic book-entry format, provided that the Restrictive Legend may be removed as set forth in Clause 11.1.2.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z76f572c1a55347e6988f4d57495164ed">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">3.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Closing Payment</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">The Closing Payment shall be paid in cash by the Buyer to the Seller (in US$) on the Closing Date to such account as the Seller shall notify to the Buyer for such purpose five
        (5) Business Days in advance of the Closing Date.</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5c4d57fb9a8f46b8b6b0be65d81b1386">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">4.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Buyer&#8217;s representatives</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">The Buyer has the right, with effect from:</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z386def8e859349b7b679e0a5d8ad7578">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the Signing Date in connection with each of the Vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf09978278d004254aef48b27234d2750">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in circumstances where the Buyer exercises the First Option prior to the First Option Exercise Expiry Date, the First Option Exercise Date in connection with both of the First Option Vessels; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z457e5297c24b4c1e84869abd9c4dd886">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in circumstances where the Buyer exercises the First Option and subsequently exercises the Second Option prior to the Second Option Exercise Expiry Date, the Second Option Exercise Date in connection with both of the Second Option
                    Vessels,</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">to place two (2) representatives on board (as appropriate) the Vessels and the Option Vessels, at their sole risk and expense. These representatives are on board for the
        purpose of familiarisation and in the capacity as observers only, and they shall not interfere in any respect with the operation of (as appropriate) the Vessels or the Option Vessels. The Buyer and the Buyer&#8217;s representatives shall sign the
        relevant P&amp;I Club&#8217;s standard letter of indemnity prior to their embarkation.</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z931d698f96bc47ccbd5070a24594eddf">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">5.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Period between Signing and Closing</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbfe1984ef7f04b7c8150fef2de1b3310">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">5.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Obligations prior to Closing</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z89652828241a43f89d466dc817e56149">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">5.1.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>In circumstances where the Buyer exercises the First Option prior to the First Option Exercise Expiry Date but does not then subsequently exercise the Second Option prior to the Second Option Exercise Expiry Date (but not, for the
                    avoidance of doubt, in any other circumstances), the Seller shall procure that any Option Bareboat Charters entered into by the Option Company for the Second Option Vessels, together with any related agreements, are novated and
                    transferred to a nominee of the Seller on or prior to the Closing Date.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd674b48d0f654d7aa3177775fd8a32b9">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">5.1.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Parties acknowledge and agree that prior to Closing the Seller shall remove all working capital and cash balances in, and shall settle all inter-company balances of: (i) the Company; and (ii) in circumstances where the Buyer
                    exercises the First Option prior to the First Option Exercise Expiry Date, the Option Company, in each case with the intention that the Company and, as applicable, the Option Compay are left with such nominal amount of cash in them as
                    shall be agreed between the Seller and the Buyer (for the purposes of this Clause 5.1, the <font style="font-weight: bold;">Cash Clean Up Exercise</font>).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z94c7702e0af94333b8a3a633465a4e67">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">5.1.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Parties acknowledge and agree that following the conclusion of the Cash Clean Up Exercise (or each Cash Clean Up Exercise where they are undertaken separately in relation to the Company and the Option Company), the Seller shall,
                    on or after the Closing Date, invoice the Buyer for the agreed cash balance retained in the Company and/or, as applicable, the Option Company and the Buyer shall transfer the full amount of such retained cash balance(s) (in US$) to the
                    Seller by same day electronic transfer, to such account as the Seller shall notify to the Buyer for such purpose.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb11f4733d7134d83a2e5c595735ef1b5">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">5.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Position pending Closing</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z85c748226c67425c9d9995bdd3915353">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">5.2.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller hereby covenants with and undertakes to the Buyer to comply, so far as it is legally able, with the provisions of Schedule 8.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50d8d6b1801b4c5b96e0e745ff9a266a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">5.2.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller and the Buyer hereby undertake and agree to comply with their respective obligations under paragraphs 1 and 2 of Schedule 13.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z687342097429499c9ed050740f3c6e82">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">5.2.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Parties hereby undertake and agree to work together in good faith prior to Closing to agree any necessary amendments to the Closing Steps Plan, taking into account the reasonable requirements of each of BoComm, the lenders to the
                    Buyer and (where relevant) the relevant Vessel Owners and Option Vessel Owners, acknowledging that the Closing Payment is required for the payment of the Interim Purchase Option Price.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6f218e8ce6ea431cb54bbb380c8c107d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">5.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Issuance of Consideration Shares and Option Consideration Shares</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zff59ba63cac848be90ba04b41573ec82">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">5.3.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Buyer Guarantor will issue the Consideration Shares, in book entry form, to the Seller Nominee on Signing in accordance with Clause 3.2.1 and Clause 3.5.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z63fcc10db1874a3cb0de4fea69dea261">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">5.3.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>In circumstances where the Buyer exercises the First Option prior to the First Option Exercise Expiry Date, the Buyer Guarantor will issue the First Option Consideration Shares to the Seller Nominee on the First Option Exercise Date
                    in accordance with Clause 3.2.2 and Clause 3.5.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3c4f2d127a884e4b82b6b4e243975a2d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">5.3.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>In circumstances where the Buyer has exercised the First Option prior to the First Option Exercise Expiry Date and subsequently exercises the Second Option prior to the Second Option Exercise Expiry Date, the Buyer Guarantor will
                    issue the Second Option Consideration Shares in book entry form to the Seller Nominee on the Second Option Exercise Date in accordance with Clause 3.2.3 and Clause 3.5.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z621e68f1f265408a92cfb173590b410a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">5.3.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Upon issuance, the Consideration Shares and (where applicable) the Option Consideration Shares will initially be registered in the name of the Escrow Agent for the benefit of the Seller Nominee as set forth in Clause 3.5.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb0599100bd494c4d86c5798ec83d774c">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">5.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Total loss of a Vessel</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z37a5a3ad91ab4679a6fee05fc11bd0ba">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">5.4.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>If, at any time between:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zac8984ed3074425d990c2a5f040c4c52">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the Signing Date and the Closing Date in respect of any of the Vessels, a Vessel; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zec6b3ed9b8b94233bcb4f91468cc4453">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in circumstances where the First Option is exercised by the Buyer prior to the First Option Exercise Expiry Date, the First Option Exercise Expiry Date and the Closing Date in respect of any of the First Option Vessels, a First
                    Option Vessel; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zec52ed667c9e4d888eac8b00817783a0">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in circumstances where the Buyer exercises the First Option and subsequently exercises the Second Option prior to the Second Option Exercise Expiry Date, the Second Option Exercise Expiry Date and the Closing Date in respect of any
                    of the Second Option Vessels, a Second Option Vessel,</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">suffers damage or becomes a Total Loss, or is subject to claims or causes of action with respect to or arising in connection with such Vessel or, as applicable, Option Vessel
        (such vessel an <font style="font-weight: bold;">Acquired Damaged Vessel</font>), the Seller shall promptly notify the Buyer in writing of that event and provide the Buyer with reasonable detail thereof.&#160; With respect to any Acquired Damaged
        Vessel for which the Seller, the Company or, where applicable, the Option Company would be entitled to assert, or cause any other person to assert, a claim for recovery under any policy of insurance, the Seller shall, or shall cause the Company or,
        where applicable, the Option Company to, at the request of the Buyer, assert, or cause to be asserted, one or more claims under such policy of insurance covering such loss, liability or damage. The Buyer shall be able to review and provide input in
        advance with respect to any correspondence with the respective insurance provider, and at the Buyer&#8217;s request,</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">assume and control any such claim process. All amounts received from any such insurance policy in respect of such claims (less an amount equal to any Tax payable on such
        amount) (<font style="font-weight: bold;">Insurance Proceeds</font>) will be distributed as follows:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <p style="margin-left:2.0in;text-indent:-.5in;line-height:normal; tab-stops:2.0in" class="MsoNormal"><font lang="EN-GB" style="color:#333333;mso-themecolor:text1; mso-fareast-language:EN-GB;mso-bidi-font-weight:bold;mso-bidi-font-style:italic">(i)<font style="mso-tab-count:1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Insurance Proceeds received in respect of a Total Loss will be applied:</font></p>
        <p style="margin-left:2.5in;text-indent:-.5in;line-height:normal; tab-stops:2.5in" class="MsoNormal"><font lang="EN-GB">(A)<font style="mso-tab-count:1">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>first, to discharge any indebtedness or liabilities in respect to such Acquired
            Damaged Vessel; and</font></p>
        <p style="margin-left:2.5in;text-indent:-.5in;line-height:normal; tab-stops:2.5in" class="MsoNormal"><font lang="EN-GB">(B)<font style="mso-tab-count:1">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>second, to the Buyer or, as applicable, to relevant SPV (whether such amounts
            are received prior to or after the Closing);</font></p>
        <p style="margin-left:2.0in;text-indent:-.5in;line-height:normal; tab-stops:2.0in" class="MsoNormal"><font lang="EN-GB" style="color:#333333;mso-themecolor:text1; mso-fareast-language:EN-GB;mso-bidi-font-weight:bold;mso-bidi-font-style:italic">(ii)<font style="mso-tab-count:1">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Insurance Proceeds received in respect of damage that is not a Total Loss will be applied: </font></p>
        <p style="margin-left:2.5in;text-indent:-.5in;line-height:normal; tab-stops:2.5in" class="MsoNormal"><font lang="EN-GB">(A)<font style="mso-tab-count:1">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>first, to repair the relevant damage to such Acquired Damaged Vessel or portion
            thereof; and </font></p>
        <p style="margin-left:2.5in;text-indent:-.5in;line-height:normal; tab-stops:2.5in" class="MsoNormal"><font lang="EN-GB" style="mso-bidi-font-style:italic">(B)<font style="mso-tab-count:1">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font lang="EN-GB">second, in payment
            to the Buyer or, as applicable, to the relevant SPV (whether such amounts are received prior to or after the Closing).</font></p>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z198e1cd703be4e24bd5bad8afdc9c9b6">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">6.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Signing</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0c58ca55726d48629476c4301d04e8e0">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">6.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Time and Place</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Signing shall take place at the offices of Reed Smith LLP, The Broadgate Tower, 20 Primrose Street, London, EC2A 2RS, or at such other place as the Parties may agree in
        writing.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z351202af82044be09a741b66e7ef284e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">6.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Payment of the Signing Consideration</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za5e0760fa8eb47c08b1cc4e70d742710">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">6.2.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Immediately following the execution of this Agreement, which shall occur on the date hereof (<font style="font-weight: bold;">Signing</font>), the Buyer shall pay to the Seller the Signing Consideration.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze7e169b37a6f4119beaa7e5466cacbe5">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">6.2.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Signing Consideration shall be satisfied in full by the allotment and issue, credited as fully paid, of 16,035,856 Consideration Shares, ranking in full for all dividends to be paid by the Buyer Guarantor on its ordinary shares
                    after the Signing Date, in accordance with Clause 3.2.1 and Clause 3.5.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z775b69909ff24b2d80c9676d35ce4c4d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">6.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">The Buyer&#8217;s Signing obligations</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Immediately upon Signing, the Buyer shall:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z34f63dbbcbc54b128626a3e79e78eac0">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">6.3.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>procure the issue and allotment by the Buyer Guarantor of the Consideration Shares, in book entry form, to the Seller Nominee in accordance with Clause 3.2.1 and Clause 3.5;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z59eee46460a74c18904280ad534a3246">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">6.3.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>deliver to the Seller:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze0dac21f720e451cac950c60df102420">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a counterpart of the Disclosure Letter duly executed by the Buyer;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc61c52d26f2242ac99db8be0b9b600ec">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a copy of the resolutions of the board of directors of the Buyer at which this Agreement and each of the other Transaction Documents to which the Buyer is a party and the transactions contemplated thereby, were approved and the
                    execution of this Agreement and each of the other Transaction Documents to which the Buyer</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">22</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">is a party by the person or persons executing them on behalf of the Buyer was authorised;</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1b989a0d9ee0443983c98d7b419e5f19">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a counterpart of the Escrow Agreement duly executed by the Escrow Agent;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3a6b1a7f198c493abf2cf10d2ab5a2cd">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a counterpart Interim Time Charter in relation to each of the Vessels duly executed by the Frontline Interim Time Charterer; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z14d675f98e4c40929799c89726c3db2b">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>duly executed Trafigura Time Charters in relation to each of the Trafigura Time Charter Vessels.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zef05d86fa3e641c7a44f57efe76645f6">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">6.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">The Buyer Guarantor&#8217;s Signing obligations</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Immediately upon Signing, the Buyer Guarantor shall:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z12afced0dd224e3fa6b5032a8f5a6d9e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">6.4.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>deliver to the Transfer Agent the Transfer Agent Instruction Letter instructing the Transfer Agent to issue and allot the Consideration Shares to the Seller Nominee, in book entry form, in accordance with Clause 3.2.1 and Clause 3.5;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd27c3c9bb217407bbd0f48cdf534d6ec">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">6.4.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>deliver to the Seller:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z45540247f7ec4804ad652d178e1ad46a">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a copy of the Transfer Agent Instruction Letter delivered to the Transfer Agent with respect to the Consideration Shares pursuant to Clause 6.4.1;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z610317a98b684ac7b8afe77f95c7d276">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the legal opinion in the agreed form duly executed by Buyer Guarantor's overseas counsel and addressing the capacity and authority of the Buyer Guarantor to enter into this Agreement and each of the other Transaction Documents to
                    which it is a party and to issue and allot the Consideration Shares and, in circumstances where the First Option is exercised by the Buyer prior to the First Option Exercise Expiry Date and the Second Option is exercised by the Buyer
                    prior to the Second Option Exercise Expiry Date, the Option Consideration Shares, in each case to the Seller in accordance with the terms of this Agreement;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7ddac5e9114d4e6b82b730e251747e13">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a copy of the resolution of the board of directors of the Buyer Guarantor at which this Agreement and each of the other Transaction Documents to which the Buyer Guarantor is a party and the transactions contemplated thereby
                    including, without limitation, the issue and allotment of the Consideration Shares and the Option Consideration Shares, were approved and the execution of this Agreement and each of the other Transaction Documents to which the Buyer
                    Guarantor is a party by the person or persons executing them on behalf of the Buyer Guarantor was authorised;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7fb3f3cb6726414d884429b7d866418f">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a counterpart of the Escrow Agreement duly executed by the Buyer Guarantor;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze7cc2f284c0a4bb3872e97d9735c0299">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a counterpart of the Escrow Account Pledge Agreement duly executed by the Buyer Guarantor; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z316dc0ffd619405bb647eedf7afcbebf">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a counterpart of the Registration Rights Agreement duly executed by the Buyer Guarantor.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9db9d3efd86a44d4a2315d1d018fd650">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">6.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">The Seller&#8217;s Signing obligations</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Immediately upon Signing, the Seller shall:</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3982537b0a8c44fc8d24f3b7f8653e38">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">6.5.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>deliver to the Buyer:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8afd162229234267b78b76b9d4a8f174">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the Disclosure Letter duly executed by the Seller;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6b6d9882b860461d8060974e9120d18a">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>counterparts of the Escrow Agreement duly executed by the Seller and the Seller Nominee;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z47913ba008694355b817fd39126e0e49">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a counterpart of the Escrow Account Pledge Agreement duly executed by the Seller Nominee;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z411491a65d7946cd8caf2f398fafe96c">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>counterparts of the Registration Rights Agreement duly executed by the Seller and the Seller Nominee;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdcde2903376e423683f85f33c4379636">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a copy of the minutes of the meeting of the board of directors of the Seller, the minutes of the meeting of the board of directors of the Seller Guarantor and the minutes of the board of directors of the Seller Nominee at which this
                    Agreement and each of the other Transaction Documents to which the Seller, the Seller Guarantor and the Seller Nominee are respectively a party and the transactions contemplated by them were approved and the execution of this Agreement
                    and each of the other Transaction Documents to which the Seller, the Seller Guarantor and the Seller Nominee are respectively a party by the person or persons executing them on behalf of the Seller, the Seller Guarantor and the Seller
                    Nominee (as applicable) was authorised;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f04e716206140538b95efb5854df808">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a copy of the minutes of meeting of the Company at which the transactions contemplated by this Agreement were approved;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf7f5b328ef034200a4841004beb240e2">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a counterpart Interim Time Charter in relation to each of the Vessels duly executed by the Company;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z86c741a6086b4a129dad57e222619506">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>duly executed Trafigura Time Charters in relation to each of the Trafigura Time Charter Vessels; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6042b92f79aa407486ee5211415831ed">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a declaration of class or (depending on the classification society) a class maintenance certificate dated no earlier than three (3) Business Days prior to the Signing Date confirming that the Vessels, are in class free of overdue
                    condition/recommendation together with such other documents as are relevant and set out in Saleform 2012 clause 8.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6fea6f37d58e4a48aa743bbd654238d8">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">7.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">First Option Signing</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc8e8ed6fec3841bf967c7166883e0c74">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">7.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Time and Place</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">First Option Signing shall take place at Reed Smith LLP, The Broadgate Tower, 20 Primrose Street, London, EC2A 2RS, or at such other place as the Parties may agree in writing.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z13d2e550033d41ccbfa0741a8117e234">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">7.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Payment of the Option Signing Consideration</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2d479927a746426087e485ade158e399">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">7.2.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Immediately following the exercise by the Buyer of the First Option, which shall occur on the First Option Exercise Date (<font style="font-weight: bold;">First</font>&#160;<font style="font-weight: bold;">Option</font>&#160;<font style="font-weight: bold;">Signing</font>), the Buyer shall pay to the Seller the First Option Signing Consideration.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">24</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3aaed37bd5d14137bc0ce85e4f439308">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">7.2.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The First Option Signing Consideration shall be satisfied in full by the allotment and issue, credited as fully paid, of the First Option Consideration Shares, ranking in full for all dividends to be paid by the Buyer Guarantor on
                    its ordinary shares after the First Option Exercise Date, in accordance with Clause 3.2.2.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z05dead99f64143d89abb86a9ea96d513">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">7.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">The Buyer&#8217;s First Option Signing obligations</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Immediately upon First Option Signing, the Buyer shall:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7033c588526142c38154e0edc92da9ed">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">7.3.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>procure the issue and allotment by the Buyer Guarantor of the First Option Consideration Shares to the Seller Nominee, in book entry form, in accordance with Clause 3.2.2 and Clause 3.5;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z36770630b59f476089b908bfbdf06984">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">7.3.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>deliver to the Seller:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z33175ac662494fb69b5d097956eb8859">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a counterpart Interim Time Charter in relation to both of the First Option Vessels duly executed by the Frontline Interim Time Charterer; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc5e3f6fa3b8543ddb0f4eb359e06de57">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a duly executed Trafigura Time Charter for the Trafigura Time Charter First Option Vessel.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2d9c02e071b64e3b92fce49eaa5e1715">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">7.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">The Buyer Guarantor&#8217;s First Option Signing obligations</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Immediately upon First Option Signing, the Buyer Guarantor shall:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9b1e212806994ee99e1f21e6e9c608d0">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">7.4.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>deliver to the Transfer Agent the Transfer Agent Instruction Letter instructing the Transfer Agent to issue and allot the First Option Consideration Shares to the Seller Nominee, in book entry form, in accordance with Clause 3.2.2
                    and Clause 3.5; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbcbfc91f3e76416dbd3a2dd25a49c5aa">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">7.4.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>deliver to the Seller a copy of the Transfer Agent Instruction Letter delivered to the Transfer Agent with respect to the First Option Consideration Shares pursuant to Clause 7.4.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4d3cf461d4f3451ea8c607bf58e9aace">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">7.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">The Seller&#8217;s First Option Signing obligations</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Immediately upon First Option Signing, the Seller shall:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfb3d4b10f6d044eead9c9143d6a9d64d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">7.5.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>deliver to the Buyer:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z28080b88ff224a9484d13ae8eb9359b1">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a counterpart Interim Time Charter in relation to both of the First Option Vessels duly executed by the Option Company;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z35bffcac216f4ceda727c75723a4fa15">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a duly executed Trafigura Time Charter for the Trafigura Time Charter First Option Vessel; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z632383954fcb4608bd3d5babf6b03833">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>to the extent requested by the Buyer in accordance with Clause 2.3.4, a declaration of class or (depending on the classification society) a class maintenance certificate dated no earlier than three (3) Business Days prior to the
                    First Option Signing Date confirming that the First Option Vessels are in class free of overdue condition/recommendation together with such other documents as are relevant and set out in Saleform 2012 clause 8.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z72a2d28b8df64fc38126b75199c330a5">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">8.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Second Option Signing</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcc6bb51c66f34c4f85ec0b8f3f9ab066">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">8.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Time and Place</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Second Option Signing shall take place at Reed Smith LLP, The Broadgate Tower, 20 Primrose Street, London, EC2A 2RS, or at such other place as the Parties may agree in writing.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z96b290234b014afda917cc3278e3d87f">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">8.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Payment of the Second Option Signing Consideration</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3c2c857aac30493b96c986e790c5f4af">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">8.2.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Immediately following the exercise by the Buyer of the Second Option, which shall occur on the Second Option Exercise Date (<font style="font-weight: bold;">Second</font>&#160;<font style="font-weight: bold;">Option</font>&#160;<font style="font-weight: bold;">Signing</font>), the Buyer shall pay to the Seller the Second Option Signing Consideration.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7375e99a32e649bd8b14248ea901911d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">8.2.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Second Option Signing Consideration shall be satisfied in full by the allotment and issue, credited as fully paid, of the Second Option Consideration Shares, ranking in full for all dividends to be paid by the Buyer Guarantor on
                    its ordinary shares after the relevant Second Option Exercise Date, in accordance with Clause 3.2.3.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3200de8a334c4c7eb1304d7f6c20f1b0">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">8.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">The Buyer&#8217;s Second Option Signing obligations</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Immediately upon Second Option Signing, the Buyer shall:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3ae0485d9b2048e0abfd45f78d7ec5d9">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">8.3.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>procure the issue and allotment by the Buyer Guarantor of the Second Option Consideration Shares, in book entry form, to the Seller Nominee in accordance with Clause 3.2.3 and Clause 3.5; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z553373ee93434ee193c124c71a186830">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">8.3.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>deliver to the Seller:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z211f0c2ab3f548f7afe7a5ecc7a438ac">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a counterpart Interim Time Charter in relation to both of the Second Option Vessels duly executed by the Frontline Interim Time Charterer; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0435a8e864344d129a7ddcb8b842b034">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a duly executed Trafigura Time Charter for the Trafigura Time Charter Second Option Vessel.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zca86645452f84891adf774577dd609d6">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">8.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">The Buyer Guarantor&#8217;s Second Option Signing obligations</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Immediately upon Second Option Signing, the Buyer Guarantor shall:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3475db173f734d9b8c9d200c66890d71">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">8.4.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>deliver to the Transfer Agent the Transfer Agent Instruction Letter instructing the Transfer Agent to issue and allot the Second Option Consideration Shares to the Seller Nominee, in book entry form, in accordance with Clause 3.2.3
                    and Clause 3.5;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z97f60243e32849678e1cfcfd4b89c7ce">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">8.4.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>deliver to the Seller a copy of the Transfer Agent Instruction Letter delivered to the Transfer Agent with respect to the Second Option Consideration Shares pursuant to Clause 8.4.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zceb0fa4339b646f0a0c0dd56465014ad">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">8.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">The Seller&#8217;s Second Option Signing obligations</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Immediately upon Second Option Signing, the Seller shall:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfa78aba79bd04f738ad725aed69edc68">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">8.5.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>deliver to the Buyer:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z401b40728e5c41cbb822fcf4615a4749">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a counterpart Interim Time Charter in relation to both of the Second Option Vessels duly executed by the Option Company;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">26</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5479ce1220674c7fa0ac6075d0c29be4">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>a duly executed Trafigura Time Charter for the Trafigura Time Charter Second Option Vessel; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0cc2da95c01844afad906d89f461069d">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>to the extent requested by the Buyer in accordance with Clause 2.3.4, a declaration of class or (depending on the classification society) a class maintenance certificate dated no earlier than three (3) Business Days prior to the
                    Second Option Signing Date confirming that the Second Option Vessels are in class free of overdue condition/recommendation together with such other documents as are relevant and set out in Saleform 2012 clause 8.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zac92e8f4a6e84cefa6f709f343216124">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">9.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Closing</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z89e2cbdb620c4a91aa4338b436a7bb00">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">9.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Time and place</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf73ec890ebe54c3d9de8144394903786">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">9.1.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The consummation of the sale and purchase of the Shares and (where applicable) the Option Shares hereunder (the <font style="font-weight: bold;">Closing</font>) shall take place:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z821fe6174303447094f6e3891033b1cf">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>on the Closing Date, or on such earlier date as shall be determined in accordance with Clause 2.4.2 following the service, by the Buyer on the Seller, of an Early Interim Purchase Option Exercise Notice; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf63db6c51b7647e78744ba9388114c5f">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>at Reed Smith LLP, The Broadgate Tower, 20 Primrose Street, London, EC2A 2RS, or at such other date and/or place as the Parties may agree in writing.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbba33fd855084ad6a6afb96c542eb1f4">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">9.1.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>All proceedings to take place at the Closing in accordance with Clauses 9.2.1 and 9.2.2 shall take place simultaneously, and no transfer shall be deemed complete until all such proceedings have been completed.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaf3ad0ff8fe742939c846d9b105a569a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">9.1.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Parties agree that the Closing shall take place in accordance with, and the Parties shall do, or procure to be done, the things set out in, the Closing Steps Plan on Closing.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z497193ab4db147338204019253a2b3c9">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">9.1.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller and the Buyer hereby undertake and agree to comply with their respective obligations under paragraphs 3 to 8 inclusive) of Schedule 13.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z68f87b62f64e48aa8b3b987d20447899">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">9.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">The Seller&#8217;s Closing obligations</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za76920d6be984b46b2260dde62bb0496">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">9.2.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>At Closing the Seller shall:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za89c93b13964481e8298f61e3866c593">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>pay to BoComm such top-up amount in United States dollars as may be required under the Interim Purchase Options over and above the Closing Payment (which shall be paid by the Buyer in accordance with Clause 3.6) to satisfy in full
                    the Interim Purchase Option Price in respect of each Vessel and, in circumstances where the First Option and/or the Second Option is exercised by the Buyer prior to the relevant Option Exercise Expiry Date, the relevant Option Vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc74926f7eec24ba0b1352dbea18c9c30">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>deliver to the Buyer of such documentation as shall be reasonably agreed between the Buyer and the Seller evidencing the fact that: (i) the relevant Holdco(s) (as applicable) are the legal owners of the relevant SPVs; and (ii) the
                    transfer of the shares in the relevant Holdco to the Company and (where applicable) the Option Company has taken place in accordance with the provisions of Schedule 13;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za0ff7e0f767e480891825d515dc2edee">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>to the extent not previously provided pursuant to Clause 5.1.2, delivery to the Buyer documentation evidencing the settlement of any intra group liabilities between the Company and (where applicable) the Option Company on the one
                    side and the Seller</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">27</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">or any affiliated company of the Seller on the other side without any further obligations of the Company and (where applicable) the Option Company;</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0f75f641d8444ebfa2058fbc00f6d268">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>deliver to the Buyer instruments of transfer duly executed by the Seller in respect of the Shares and (where applicable) the Option Shares being sold in favour of the Buyer free of Encumbrances, accompanied by the relevant share
                    certificates (or an indemnity in a form satisfactory to the Buyer in the case of any share certificate found to be missing);</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb414f295c9fc4e4a9c77116251296299">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>deliver to the Buyer the Stamp Duty Documents in respect of the Shares and (where applicable) the Option Shares being sold by the Seller, duly executed on behalf of each of the Company and (where applicable) the Option Company;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c958f2c04364eb4b10b81305c7c95ef">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>deliver a copy of the board resolutions of the Company and (where applicable) the Option Company:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z92a1710427744fcc9e1f8a4cef5184e2">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>approving the lodgement of the transfer of the Shares and (where applicable) the Option Shares (subject, in each case, only to their being duly stamped) with the Accounting and Corporate Regulatory Authority (for the purposes of this
                    Clause 9.2.1, <font style="font-weight: bold;">ACRA</font>);</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfaee944c1fad465db5c4aa697344ac72">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>approving the cancellation of the share certificates issued in the name of the Seller in respect of the Shares and (where applicable) the Option Shares and the issue of the new share certificates in respect of the Shares and (where
                    applicable) the Option Shares in the name of the Buyer;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z191f0ed5212a43b69400f44341baf056">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>authorising the company secretary of the Company and (where applicable) the Option Company to make all necessary filings with ACRA in respect of the transfer of the Shares and (where applicable) the Option Shares; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z588f86a591ef4256a8ede1bef01d1105">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>accepting the resignations of those directors resigning from their positions at the Company and, where applicable, the Option Company and appointing such persons as the Buyer shall nominate to such office in their places, in each
                    case in accordance with sub Clause (k) below;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z819f6c8470df46aa91c612e4e3fb70f3">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in relation to each Vessel or, as applicable, Option Vessel, provide a copy of the bill of sale transferring title to that Vessel or, as applicable, Option Vessel from the relevant Vessel Owner or Option Vessel Owner to the nominated
                    SPV;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3ad2d718baa543059e937c4647f784d1">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in relation to each Vessel or, as applicable, Option Vessel, provide a faxed copy of a certificate or Transcript of Registry issued by the competent authorities of the flag state or other evidence of registration from the flag state,
                    in either case on the date of closing evidencing the ownership of that Vessel or, as applicable, Option Vessel by the nominated SPVs and that the Vessel or, as applicable, Option Vessel is free from registered encumbrances and
                    mortgages;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za8507fe46698415c93614145c89fa568">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>only in circumstances where the Buyer exercises the First Option prior to the First Option Exercise Expiry Date but does not then subsequently exercise the Second Option prior to the Second Option Exercise Expiry Date, provide
                    evidence that any Option Bareboat Charters entered into by the Option Company for a Second Option</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">28</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">Vessel, together with any related agreements, have been transferred / novated out of the Option Company in accordance with Clause 5.1.1;</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z02c77ea34fb04759b4626431f5ce1dbd">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(j)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in relation to the Company and, as applicable, the Option Company provide a copy of a Deed of Release and Reassignment discharging, releasing and reassigning any and all security and Encumbrances granted by the Seller, Company and,
                    as applicable, the Option Company in relation to, respectively, each Bareboat Charter and Option Bareboat Charter (together with notices of reassignment required to be delivered thereunder) with the result that there are no further
                    securities or Encumbrances over the Shares or, as applicable the Option Shares or any assets of the Company or, as applicable the Option Company when the Shares and, as applicable, the Option Shares are transferred to the Buyer;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z191edf3987174777adc2578efc1471c7">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(k)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>procure that all of the directors of the Company and (where applicable) the Option Company resign and enter into an acknowledgement in the agreed form that they have no claims against, as applicable, the Company or the Option Company
                    and are replaced by such alternative directors nominated by the Buyer as the Buyer shall notify to the Seller in writing not later than ten (10) Business Days prior to the Closing Date;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb365dedb302a4aab924ef291cd75fe26">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(l)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>procure that all of the directors of the Holdco(s) and each of the SPVs resign and enter into an acknowledgement in the agreed form that they have no claims against, as applicable, the Seller (or relevant affiliate of the Seller) or
                    the Holdco(s) and are replaced by such alternative directors nominated by the Buyer as the Buyer shall notify to the Seller in writing not later than ten (10) Business Days prior to the Closing Date; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z191fbb96b73e408e9f59d2f9b41518f1">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(m)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>give a joint written instruction to the Escrow Agent in accordance with the Escrow Agreement to release the cash on the cash Escrow Account and any Buyer Guarantor Shares held in escrow for the benefit of the Seller Nominee.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za00fc50e293b42519e6e0618005ad7f6">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">9.2.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Parties acknowledge and agree that the obligation to deliver items relating to the Vessels and/or the Option Vessels on Closing shall not extend to any Vessels or Option Vessels (as appropriate) that are subject to a Total Loss
                    at any time on or prior to the Closing Date.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zca68769bfdf2436bbf56da7dc94cdfc8">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">9.2.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller shall bear and arrange for the payment of all stamp duty in connection with the transfer of the Shares to the Buyer and, in circumstances where the First Option is exercised by the Buyer prior to the First Option Exercise
                    Expiry Date, the transfer of the Option Shares to the Buyer, in each case in accordance with the terms of this Agreement.&#160; The Seller shall ensure that all such stamp duty shall be properly computed and paid, and shall indemnify the
                    Buyer for any stamp duty and penalties thereon that may be charged or levied on the Buyer in connection with the transfer of the Shares and (where applicable) the Option Shares from the Seller to the Buyer in accordance with the terms
                    of this Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6cc3745a586245e48385fc6cad506fa7">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">9.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">The Buyer&#8217;s Closing obligations</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z53818e7f1dfb4eadbea2cacdfa304a75">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">9.3.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>At Closing the Buyer shall:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze7cdb13d368e4869a73859aee9a983da">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>pay to the Seller in cash by same day electronic transfer to such account as the Seller shall notify to the Buyer for such purpose an amount in United States dollars that is equal to the Closing Payment; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">29</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9fa641203e664b13bd1166a0d6f8f20d">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>pay to the Seller in cash by same day electronic transfer to such account as the Seller shall notify to the Buyer for such purpose an amount in United States dollars that is equal to cash amounts agreed in accordance with Clause
                    5.1.3.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0c1ea1c6f5364fa1a0fffc66742c8401">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">9.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">The Buyer Guarantor&#8217;s Closing obligations</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zede0183dd0d84b9ba64f50cd6fd742f9">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">9.4.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>At Closing the Buyer Guarantor shall give a joint written instruction to the Escrow Agent in accordance with the Escrow Agreement to release the cash on the cash Escrow Account and any Buyer Guarantor Shares held in escrow for the
                    benefit of the Seller Nominee.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3b77d2bd86744cffac6c7fe8f051395c">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">9.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Postponement to Closing</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8561fa25f1a64ff1a408e56e93735c34">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">9.5.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>If either of the Seller or the Buyer (for the purposes of this Clause 9.4, the <font style="font-weight: bold;">defaulting party</font>) fails to comply with its obligations under Clauses 9.1.3, 9.2.1 and/or 9.3.1 on or before the
                    Closing Date, the non-defaulting Party may, without prejudice to any other rights or remedies which it may have under this Agreement by written notice to the defaulting party, defer closing to a place, time and date, being a Business
                    Day not more than fifteen (15) Business Days after the original date intended for closing, and the provisions of this Agreement, including, without limitation, Clauses 9.1.3, 9.2.1 and 9.3.1, shall apply to Closing as so deferred.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z79c3b12d8af64e7ca5f3b17c6b252dd5">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">9.5.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>If a Vessel or, as applicable, Option Vessel is subject to an incident listed in Clause 1.105 (Total Loss) which with the passage of time would result in a Total Loss but which will not constitute a Total Loss at the Closing Date
                    (for the purposes of this Clause 9.4.2, a <font style="font-weight: bold;">Closing Delay Event</font>), the Closing Date shall be postponed to the earlier of the date falling three (3) Business Days after: (i) the date on which the
                    relevant Vessel or Option Vessel becomes a Total Loss; and (ii) the expiry of the applicable time period for the relevant Total Loss event as set out in Clause 1.105, whereupon the Closing shall occur.&#160; If a Closing Delay Event occurs
                    after the earlier to occur of the Interim Purchase Option Exercise Date and the service on the Seller by the Buyer of an Early Interim Purchase Option Exercise Notice and notification for exercise of the Interim Option has already been
                    sent to the relevant Vessel Owner and (where relevant) Option Vessel Owner, the Closing Date shall only be postponed if the relevant Vessel Owner and (where applicable) Option Vessel Owner consents to such postponement. In circumstances
                    where the relevant Vessel Owner or (where relevant) Option Vessel Owner does not consent to a postponement of the Closing Date, the Parties shall discuss and agree in good faith such amendments to the Closing Steps Plan as shall be
                    required to achieve Closing in accordance with the terms of this Agreement on the Closing Date whereupon the Closing shall occur on the Closing Date. Save for such amendments as shall be required to be made to the Closing Steps Plan in
                    accordance with the terms of this Clause 9.4.2, no other changes shall be made to the terms of this Agreement which shall continue in full force and effect.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc40944cb18374908bb21d774ea3a4556">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">10.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Termination</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd69e4821dbf14fc7bfa2e18615fd5b23">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">10.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Termination</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z29598255fec843f7871d2d456288685d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">10.1.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Subject to Clause 10.1.4, in the event that Closing does not occur on the Closing Date in accordance with the terms of this Agreement (a <font style="font-weight: bold;">Failure to Close</font>), this Agreement shall automatically
                    and irrevocably terminate and cease to have any further force and effect provided that:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z56122a2bbbf2403caf622dfe1dc2ed39">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>where the Failure to Close is caused by, or is a result of, a default of the Seller (including as a result of the Seller not fulfilling the Seller&#8217;s Closing obligations set</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">30</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">out in Clause 9.2 (a <font style="font-weight: bold;">Seller Default</font>)), the Consideration Shares and, where applicable, Option Consideration Shares, shall (to the
        extent legally possible) be repurchased by the Buyer Guarantor in accordance with Clause 3.3 and any cash amount on the Escrow Account shall be returned to the Buyer Guarantor; and</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c9b8eb45c964f9e8bea93e087929798">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>where the Failure to Close is caused by, or is a result of, a default of the Buyer or the Buyer Guarantor (including as a result of the Buyer and/or the Buyer Guarantor not fulfilling their respective Closing obligations set out in
                    Clause 9.3.1 and Clause 9.4.1 (a <font style="font-weight: bold;">Buyer Default</font>)), the Consideration Shares and, where applicable, Option Consideration Shares along with any cash amount on the Escrow Account shall be retained by
                    the Seller Nominee absolutely.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdead0d9ba12b412e8bbca93ccf974312">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">10.1.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The remedies set out in Clause 10.1.1(b) are for the protection of a legitimate business interest and the Parties agree is not extravagant, exorbitant or unconscionable. In the event that the value of the Consideration Shares and,
                    where applicable, the Option Consideration Shares (or, where applicable, any cash amount standing to the credit of the Escrow Account) does not cover the Seller&#8217;s loss, the Seller is entitled to claim further compensation for its losses
                    and all expenses incurred together with interest in accordance with the terms of this Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1830788b256d464490d827cbfc5bfc49">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">10.1.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>In circumstances where the remedies set out in Clause 10.1.1(a) do not cover the Buyer&#8217;s loss, the Buyer is entitled to claim further compensation for its losses and all expenses incurred together with interest in accordance with the
                    terms of this Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2438ea42353d43abacb99c9765a96286">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">10.1.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>In circumstances where Claims are settled pursuant to paragraph 19 of Schedule 13, and the value of the Consideration Shares and, where applicable, the Option Consideration Shares (or, where applicable, any cash amount standing to
                    the credit of the Escrow Account) does not cover the Buyer&#8217;s loss, the Buyer is entitled to claim further compensation for its losses and all expenses incurred together with interest in accordance with the terms of this Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdc070dde06cf446e9fbca45c5ad45314">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">10.1.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Upon termination of this Agreement, all rights and obligations of the Parties shall cease to have effect immediately except that termination shall not affect:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za2c9e6d3e9f546f4b4f6e0eadd153f26">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the accrued rights and obligations of the Parties at the date of termination; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z25ee0077a5454d9faedba735b1771015">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the continued existence and validity of this Agreement and the rights and obligations of the Parties set out in the Surviving Terms.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd0c8b9ee1d70453dbc46ccf72ac55817">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">11.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">US Securities Laws</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5d2aa38af1d34b56bc87d2fbab5ebcc6">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">11.1.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>As soon as reasonably practicable after Signing and in no event later than two (2) Business Days following the Second Option Exercise Expiry Date, the Buyer Guarantor agrees to prepare and file with the SEC either: (a) a prospectus
                    supplement to the automatic shelf registration statement on Form F-3ASR filed with the SEC on 5 July 2019 (the <font style="font-weight: bold;">Existing Registration Statement</font>) if the Existing Registration Statement is available
                    for use by the Buyer Guarantor to register secondary shares for resale; or (b) if the Existing Registration Statement is not available to register secondary shares for resale, a new registration statement, in either case, covering the
                    resale of all Consideration Shares and Option Consideration Shares (as applicable) issued and outstanding as of such date of registration, provided that if Option Consideration Shares are issued after the prospectus supplement to</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">31</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">the Existing Registration Statement or the new registration statement, as applicable, is filed with the SEC, and such prospectus supplement or new registration statement, as
        applicable, does not include the Option Consideration Shares, then the Buyer Guarantor shall&#160; prepare and file with the SEC either: (i) if the Existing Registration Statement is available to register secondary shares for resale, a new prospectus
        supplement to the Existing Registration Statement; or (ii) if the Existing Registration Statement is not available to register secondary shares for resale, and a new registration statement has been filed with the SEC, a prospectus supplement or
        amendment to the new registration statement; or (iii) if the registration statement referred to in part (ii) of this Clause is not available to register secondary shares for resale, a new registration statement, in any case, covering the resale of
        the Option Consideration Shares promptly following their issuance, on the terms and subject to the conditions set forth in the Registration Rights Agreement.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2b366efbe8d34c4db1850d1038669289">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">11.1.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Buyer Guarantor agrees to promptly remove or cause the Transfer Agent to remove, with the cooperation of the Seller, the Seller Nominee and, if applicable, the Escrow Agent, not to be unreasonably withheld or delayed, the
                    Restrictive Legend from the Consideration Shares and the Option Consideration Shares (as applicable) upon the earlier of: (i) the settlement date in connection with a valid sale, transfer or other disposition pursuant to (x) an
                    effective registration statement or (y) an exemption from the registration requirements of the 1933 Act; and (ii) such date that all of the Consideration Shares and the Option Consideration Shares (as applicable) may be sold without
                    restriction, including the volume, manner of sale requirements and current public information requirements, under Rule 144 of the 1933 Act; provided that the Consideration Shares and the Option Consideration Shares (as applicable) may
                    not be sold, transferred or otherwise disposed of and the Restrictive Legend and the stop transfer order may not be removed during the Lock-up Period; and provided further that Seller and Seller Nominee shall provide the Buyer Guarantor
                    with (a) such information and documentation reasonably requested in connection with such Restrictive Legend removal no later than the trade date and (b) in the case of (i)(y) above, an opinion of counsel reasonably acceptable to the
                    Buyer Guarantor that the Restrictive Legends may be removed in connection with such transactions or otherwise; provided that no such opinion shall be required to sell, assign or otherwise transfer the Consideration Shares and/or Option
                    Consideration Shares (as applicable) to any member of the Seller Group unless such opinion is required by the Transfer Agent.&#160; Notwithstanding the foregoing, provided that there is an effective registration statement covering the resale
                    of the Consideration Shares and, where applicable, the Option Consideration Shares, in the event that the Seller Nominee requests the Buyer Guarantor to remove the Restrictive Legend from a specified number of shares that the Seller
                    Nominee has a bona fide intention of selling within a 30-day period, the Buyer Guarantor agrees to promptly, and in no event later than the second Trading Day after receipt of such notice in the agreed form, provide any legal opinion or
                    other documentation reasonably requested by the Transfer Agent and the Buyer Guarantor required to remove the Restrictive Legend from such specified number of Consideration Shares or, where applicable, Option Consideration Shares on the
                    basis that the shares to be sold are covered by an effective registration statement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze88e6036000847bfa7515d8f8714b67a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">11.1.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller and/or the Seller Nominee (as applicable) agrees to comply with the U.S. securities laws, including any applicable filing requirements under the 1934 Act, relating to its beneficial ownership of or resale or other transfer
                    of any Consideration Shares and, where applicable, Option Consideration Shares.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">32</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z66ca4f6a75654a4ea05d5ab6e7c1e022">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">11.1.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Upon the Buyer Guarantor&#8217;s request, the Seller and/or the Seller Nominee (as applicable) will cooperate and use reasonable efforts to assist in a timely fashion by providing information concerning the Seller Group (including the
                    Seller Nominee) as may be reasonably requested to complete any filing or application required to be made in connection with the preparation for or implementation of the Transaction (or any part thereof) or any time thereafter, including
                    in connection with or as a result of the Buyer Guarantor&#8217;s issuance of the Consideration Shares and the Option Consideration Shares (as applicable).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Without limiting the generality of the foregoing, it is understood and agreed that after Closing, the Buyer Guarantor may be required from time to time to prepare and file with
        the SEC forms, statements (including registration statements), and reports as may be required under the United States federal securities laws (for the purposes of this Clause 11.1.4, <font style="font-weight: bold;">SEC Filings</font>).</div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">The Seller and/or the Seller Nominee (as applicable) shall, upon reasonable request, deliver to Buyer Guarantor all information concerning the Seller Group, each member of the
        Seller Group (including the Seller Nominee) and the Vessels and Option Vessels (if applicable) reasonably determined by the Buyer Guarantor to be required by law, rule or regulation, or as otherwise may be requested by the SEC, in connection with
        the Buyer Guarantor&#8217;s preparation and filing of the SEC Filings, including all financial statements and information in such form as they have available, whether audited and/or unaudited (Financial Statements), and the Seller shall use its
        commercially reasonable best efforts to cause its accountants to deliver to the Buyer Guarantor all reports on such financial statements and consents as may be required in connection with any SEC Filings.</div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">If Financial Statements have not been prepared under such accounting principles or for such periods as required by the forms, rules and regulations of the SEC (for the purposes
        of this Clause 11.1.4, <font style="font-weight: bold;">SEC Financial Requirements</font>), the Seller and/or the Seller Nominee (as applicable) shall, to the extent practicable, give the Buyer Guarantor and its auditors access to the offices,
        properties, books and records of the Seller Group, as such auditors shall reasonably request in order to perform accounting procedures and work necessary to bring the Financial Statements into conformity with SEC Financial Requirements.</div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">The reasonable costs of providing any information, consents, access or other requests made in accordance with this clause shall be borne by the Buyer Guarantor, provided that
        the&#160; Buyer Guarantor has received reasonable and documented estimates and invoices for same.</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4d3bf1d8d9bc47238f2556dd6e499165">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">12.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Warranties of the Buyer</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">The Buyer warrants to the Seller that each Buyer Warranty is true, accurate and not misleading as at the date of this Agreement. The Fundamental Buyer Warranties are deemed to
        be repeated immediately prior to Closing on the Closing Date. Any reference to the date of this Agreement in a Buyer Warranty shall, for the purposes of the repetition of that Buyer Warranty, be deemed to be a reference to the date of repetition.
        The Buyer Warranties are given subject to matters Disclosed and are subject to the limitations and qualifications set out in this Agreement, in particular the provisions set out in Schedule 12 to the extent provided in that Schedule.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">33</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za63204c34b4c477dbd3046faf60e1cb4">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">12.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Capacity of the Buyer and the Buyer Guarantor</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc4b674e2d1af442ea0e16473c2ede448">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.1.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Each of the Buyer and the Buyer Guarantor are companies limited by shares incorporated by registration under the Bermuda Companies Act and duly organised and validly existing under the laws of Bermuda.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za8e4c5be90c54275bc3d0b978bff48d7">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.1.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Each of the Buyer and the Buyer Guarantor have full power and authority and have each respectively taken all necessary action to enable it to enter into and perform its obligations under this Agreement and all other Transaction
                    Documents entered into, or to be entered into, by it, including the issue and allotment of the Consideration Shares and the Option Consideration Shares, and each of such Transaction Document, when executed and assuming the due
                    authorisation, execution and delivery of the counterparties thereto, will constitute valid, binding and enforceable obligations of the Buyer and the Buyer Guarantor respectively in accordance with its terms.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z586bb87b9b1342118e688b59e5ea94fc">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.1.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Neither the Buyer nor the Buyer Guarantor requires the consent of any other person (including shareholders of the Buyer Group) or governmental authority other than the NYSE supplemental listing application to enter into or perform
                    their respective obligations under this Agreement or any other Transaction Document entered into, or to be entered into, by it, including with respect to the issuance of the Consideration Shares and the Option Consideration Shares, and
                    their respective entry into and performance of such agreements will not breach or constitute a default under its constitutional documents, any material contract, agreement, instrument or Law, or any undertaking to or judgment, order,
                    injunction or decree of any court or Competent Authority.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfeb446e2889c426180a0e74f5e667c32">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.1.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>There are no written contracts, agreements or understandings between the Buyer Guarantor and any person granting such person the right (other than rights which have been waived in writing or otherwise satisfied) to require the Buyer
                    Guarantor to include any securities of the Buyer Guarantor in any prospectus supplement to the Existing Registration Statement or any new registration statement to be filed by the Buyer Guarantor pursuant to the Registration Rights
                    Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z69e57f85728f4c629c4cce550a3c0f8f">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.1.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Neither the Buyer nor the Buyer Guarantor is engaged in any litigation or arbitration proceedings which might have an effect upon its capacity or ability to execute or perform its respective obligations under this Agreement or any
                    other Transaction Document entered into, or to be entered into, by it, including with respect to the issuance of the Consideration Shares and the Option Consideration Shares, and no such legal or arbitration proceedings have been
                    threatened against either of them.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1256d35b8cd14a17a4432697512eacae">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">12.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Share capital</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb9113f84a5314c9c89210a7531e8112f">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.2.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The authorised share capital of the Buyer Guarantor consists of 500,000,000 shares of par value US$1.00 each. All shares of the Buyer Guarantor to be issued to the Seller Nominee pursuant to this Agreement have been duly authorised
                    by the Buyer Guarantor. All shares of the Buyer Guarantor to be issued to the Seller Nominee pursuant to this Agreement will be validly issued and fully paid and non-assessable, and free of pre-emptive or similar rights under any
                    provision of the Bermuda Companies Act and the memorandum of association or bye-laws of the Buyer Guarantor or any agreement to which the Buyer Guarantor is a party or otherwise bound.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">34</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zad686d2bb07e40a6b07e7b33f3ad84b3">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.2.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>No registration under the 1933 Act is required for the offer and sale of the Consideration Shares or the Option Consideration Shares by the Buyer Guarantor to the Seller Nominee pursuant to the terms of this Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z42e2da5021a24ee9a4a3b64e81734226">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">12.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">SEC filings</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0a06122adf744992a36d02277788515d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.3.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>As of the date of this Agreement, the Buyer Guarantor is subject to, and is in full compliance in all material respects with, the reporting requirements of Section 13 and Section 15(d), as applicable, of the Exchange Act and has
                    timely filed all reports, schedules, forms, statements, prospectuses, registration statements and other documents, as such documents may be amended or supplemented, required to be filed with or furnished to the SEC by the Buyer since
                    January 1, 2018 (together with any exhibits and schedules thereto and other information incorporated therein, the <font style="font-weight: bold;">Buyer Guarantor SEC Filings</font>).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4805a46ef3e34ad4a68eaa7bdcc4e233">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.3.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>As of its filing date (or, if amended, by a filing prior to the date hereof, on the date of such filing), each Buyer Guarantor SEC Filing complied, and each Buyer Guarantor SEC Filing filed subsequent to the date hereof and prior to
                    the earlier of the Closing Date and the termination of this Agreement will comply, as to form, in all material respects, with the applicable requirements of the 1933 Act and the 1934 Act, as applicable.&#160; As of the date of this
                    Agreement, there are no outstanding unresolved comments received from the staff of the SEC with respect to any of the Buyer Guarantor SEC Filings. To the Buyer&#8217;s knowledge, the Buyer Guarantor is not the subject of an SEC investigation.
                    No member of the Buyer Group other than the Buyer Guarantor is subject to the periodic reporting requirements of Section 13(a) and Section 15(d) of the 1934 Act.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za1ec1689deed4fef8d4e8ad8ed8e2fc4">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.3.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>As of the date of the filing of the Existing Registration Statement and as of the date of this Agreement, the Buyer Guarantor was and is eligible to use the Form F-3 under the 1933 Act. As of the date of the filing of the Existing
                    Registration Statement, the Buyer Guarantor was a &#8220;well known seasoned issuer,&#8221; as defined in Rule 405 of the 1933 Act. The Existing Registration Statement is an &#8220;automatic registration statement,&#8221; as defined in Rule 405 of the 1933
                    Act, that initially became effective within three years of the date hereof. The Buyer Guarantor has not, as of the date of this Agreement, received from the SEC any notice pursuant to Rule 401(g)(2) of the 1933 Act objecting to use of
                    the Existing Registration Statement. As of the date of this Agreement, no order suspending the effectiveness of the Existing Registration Statement has been issued by the SEC and no proceeding for that purpose or pursuant to Section 8A
                    of the 1933 Act against the Buyer Guarantor has been initiated or, to the Buyer Guarantor&#8217;s knowledge, threatened by the SEC.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za1b446d88fc4493ca1fdda4c4fae4ea1">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.3.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>As of its filing date (or, if amended or superseded by a filing prior to the date hereof, on the date of such filing), each Buyer Guarantor SEC Filing filed pursuant to the 1934 Act did not, and each Buyer Guarantor SEC Filing filed
                    subsequent to the date hereof and prior to the earlier of the Closing Date and the date of termination of this Agreement will not, contain any untrue statement of a material fact or omit to state any material fact required to be stated
                    therein or necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading, provided, however, that the Buyer Guarantor shall have no such obligations or liabilities
                    with respect to any written information pertaining to the Seller or Seller Nominee furnished in writing to the Buyer Guarantor by or on behalf of the Seller or Seller Nominee specifically for inclusion therein.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">35</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf64065e0d0ac4c3e9cbd347fbc78c117">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.3.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Existing Registration Statement at the time it became effective, including the prospectus contained therein and any documents incorporated by reference therein, did not, and any prospectus supplement filed under the Existing
                    Registration Statement or new registration statement related to the Consideration Shares and, where applicable, the Option Consideration Shares, will not, contain any untrue statement of a material fact or omit to state any material
                    fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, provided, however, that the Buyer Guarantor shall have no such obligations or
                    liabilities with respect to any written information pertaining to the Seller or Seller Nominee furnished in writing to the Buyer Guarantor by or on behalf of the Seller or Seller Nominee specifically for inclusion therein.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10d9e623f39f4ac69707b56c332481fc">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.3.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>As of the date of this Agreement, the Buyer Guarantor and each of its officers are in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act.&#160; The Buyer Guarantor maintains &#8220;internal control over
                    financial reporting&#8221; (as defined in Rule 13a-15(f) of the 1934 Act) that have been designed by, or under the supervision of, the Buyer Guarantor&#8217;s principal executive and principal financial officers, or persons performing similar
                    functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Buyer
                    Guarantor maintains &#8220;disclosure controls and procedures&#8221; (as defined in Rules 13a-15(e) and 15d-15(e) of the 1934 Act) that have been designed to ensure that all material information (both financial and non-financial) required to be
                    disclosed by the Buyer Guarantor in the reports that it files or submits under the 1934 Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that all such material
                    information is accumulated and communicated to the Buyer&#8217;s management as appropriate to allow timely decisions regarding required disclosure and to make the certifications of the chief executive officer and chief financial officer of
                    the Buyer Guarantor required under the 1934 Act with respect to such reports.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z72ffb113b19f48e6895c9ec601058e0f">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.3.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>As of the date of this Agreement, the Buyer Guarantor is in compliance with in all material respects the applicable listing and other rules and regulations of NYSE, and has not received any notice asserting any non-compliance with
                    the listing requirements of NYSE.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze56be8cbfbb843e994681508e24d0a76">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">12.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Financial statements</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd52cca9fbd1b469d878bae9fb19955e9">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.4.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The audited consolidated balance sheets of the Buyer as of 31 December 2018 and the related consolidated statements of operations, stockholders&#8217; equity and cash flows for each of the two years in the period ended 31 December 2017 and
                    31 December 2018 (including the related notes and schedules), included in the Buyer&#8217;s Annual Report filed on Form 20-F for the fiscal year ended 31 December 2018 complied in all material respects with applicable accounting requirements
                    and the published regulations of the SEC, have been prepared in all material respects in accordance with US GAAP applied on a consistent basis throughout the periods involved (except as may be indicated in the notes thereto), and fairly
                    present, in all material respects, the consolidated financial conditions, results of operations and cash flows of the Buyer Group as of the indicated dates for the indicated periods.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z76f788cf7eb14174a712034ba3845272">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">12.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Compliance with laws</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2545107fa4724286b6f3f3e5b70a9e68">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.5.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>To the Buyer&#8217;s knowledge, the Buyer and each member of the Buyer&#8217;s Group are, and since 31 December 2018 have been, in all material respects, in compliance with all Laws and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">36</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Governmental Authorizations to which the Buyer and such member of the Buyer&#8217;s Group, or their respective material assets, is subject, except for such consents of which would
        not, individually or in the aggregate, reasonably be expected to have a have a material adverse effect on: (A) the properties, business, prospects, operations, earnings, assets, liabilities or condition (financial or otherwise) of the Buyer or the
        Buyer Guarantor, taken as a whole; (B) the ability of the Buyer or the Buyer Guarantor to perform its obligations in all material respects under any Transaction Document; (C) the validity or enforceability of any of the Transaction Documents; or
        (D) the consummation of the Transaction (for the purposes of this Clause 12.5, each a <font style="font-weight: bold;">Material Adverse Effect</font>)).</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3cc22b5700234052a2a6c24a4dc29b71">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">12.5.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>All necessary licences, consents, permits and authorisations (Licenses) have in all material respects been obtained by the Buyer and each member of the Buyer&#8217;s Group to enable the Buyer and each member of the Buyer&#8217;s Group to carry
                    on its business in the places and in the manner in which such business is currently carried on and all such Licenses are valid and subsisting and have been complied with in all material respects, except where the failure to possess such
                    Licences would not, individually or in the aggregate, have a Material Adverse Effect.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z07bf40162b274cd6b9a794586c6d1a33">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">12.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">No Brokers</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">No person will have, as a result of the transactions contemplated by this Agreement, any valid right, interest or claim against any member of the Buyer Group for any
        commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of any member of the Buyer Group.</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3f2c4190c2e648acb2709e17eeb9717b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">13.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Warranties of the Seller</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">The Seller warrants to the Buyer that each Seller Warranty is true, accurate and not misleading as at the date of this Agreement. The Fundamental Seller Warranties as well as
        the Seller Warranties set out in Clauses 13.2.1, 13.2.2, 13.2.3, 13.2.4, 13.2.8 and 13.5 are deemed to be repeated immediately prior to Closing on the Closing Date. Any reference to the date of this Agreement in a Seller Warranty shall, for the
        purposes of the repetition of that Seller Warranty, be deemed to be a reference to the date of repetition.&#160; The Seller Warranties are given subject to matters Disclosed and are subject to the limitations and qualifications set out in this
        Agreement, in particular the provisions set out in Schedule 12 to the extent provided in that Schedule.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z732be1633f674fe3b8730fca9d5c8c18">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">13.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Capacity of the Seller, the Seller Guarantor and the Seller Nominee</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbc628a560022400db2faddc700f1b76a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.1.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Each of the Seller, the Seller Guarantor and the Seller Nominee are corporations duly incorporated and validly existing under the laws of their respective country of incorporation.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za794d923a3454bf784cccdf222745a97">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.1.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Each of the Seller, the Seller Guarantor and the Seller Nominee have full power and authority and have each respectively taken all necessary action to enable it to enter into and perform its obligations under this Agreement and all
                    other Transaction Documents entered into, or to be entered into, by it, and each of such Transaction Documents, when executed and assuming the due authorisation, execution and delivery of the counterparties thereto, will constitute
                    valid, binding and enforceable obligations of the Seller, the Seller Guarantor and the Seller Nominee respectively in accordance with its terms.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z35011d72e5ab41cf82113fb79edf5ad9">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.1.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Neither&#160; the Seller, the Seller Guarantor nor the Seller Nominee requires the consent of any other person or governmental authority to enter into or perform their respective</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">37</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">obligations under this Agreement or any other Transaction Document entered into, or to be entered into, by it, and their respective entry into and performance of such
        agreements will not breach or constitute a default under its constitutional documents, any material contract, agreement, instrument or Law, or any undertaking to or judgment, order, injunction or decree of any court or Competent Authority.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaa6b2c710de8407da4027767dbc2adc4">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.1.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Neither the Seller, the Seller Guarantor nor the Seller Nominee is engaged in any litigation or arbitration proceedings which might have an effect upon its capacity or ability to execute or perform its respective obligations under
                    this Agreement or any other Transaction Document entered into, or to be entered into, by it and no such legal or arbitration proceedings have been threatened against either of them.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7317a992fc6b43a88f78c5a33fbe7c07">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.1.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Each of the Company and the Option Company is duly incorporated and validly existing under the laws of the jurisdiction of its respective incorporation.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z58215a3b0bea4ae797eff98af3edfd9f">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.1.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller is the legal and beneficial owner of the Shares and the Option Shares. At the Signing Date, the Shares and the Option Shares are subject to the Existing Share Pledges and free and clear of any other Encumbrances.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb21001489fee4d7f871e9ea1d719ed26">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.1.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>No right has been granted to any person nor are there any securities outstanding that require either of the Company or the Option Company to allot, issue, sell, transfer or convert any share capital under any option or other
                    agreement (including conversion rights and rights of pre-emption).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9166b5743c8c48d9bdb4e0132f0edb0a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">13.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Contracts of the Company and the Option Company</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z93ed4afda5474ca3bae3317a9991c6a5">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.2.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Company and the Option Company have been incorporated for the sole purpose of chartering the Vessels and/or the Option Vessels, as applicable.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z220db990f10d4493a34d10e438ed5e5f">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.2.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>As of the Signing Date the Company and the Option Company are party to the Contracts, provided that where repeated on the Closing Date, this Seller Warranty shall be caveated by any Contracts that have been terminated and/or any
                    additional contracts as may have been entered into, in each case with the agreement in writing of the Buyer in accordance with Clause 5.2.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zde3a90e4de2242149ff5322d2030f796">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.2.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>As of the Signing Date, neither the Company nor the Option Company are party to any contracts other than the Contracts and nor do they have any liabilities or obligations other than as set out in the Contracts, except for short term
                    spot contracts for the employment of the Vessels and Option Vessels (as applicable), provided that where repeated on the Closing Date this Seller Warranty shall be caveated by any additional contracts and liabilities as may have been
                    entered into or incurred (as appropriate) with the agreement in writing of the Buyer in accordance with Clause 5.2.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdd7786e21ce44b2db9a54215e3ecf2ce">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.2.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Contracts are valid and binding, in full force and effect and enforceable in accordance with their written terms, provided that where repeated on the Closing Date, this Seller Warranty shall be caveated by any Contracts which
                    have been terminated with the agreement in writing of the Buyer in accordance with Clause 5.2.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z570489897f1a4a278b34cf2405327187">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.2.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Neither the Seller, the Company nor the Option Company has received any notice that the Company or Option Company is in default under a provision of any Contract, and neither the Company nor the Option Company has received or given
                    notice of termination of any Contract.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">38</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaf0cc6e9b5414ab584de933d696e909d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.2.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Neither the Company nor the Option Company is in default under or has committed any breach of any provision of any Contract (and no event has occurred which would constitute such a default), and to the Seller&#8217;s knowledge, no
                    counterparty to a Contract is in default under any provision of any Contract or intends to terminate such Contract.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z91295d776ad6411a97d6d64b76fd8c9b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.2.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>No &#8220;Termination Event&#8221; has occurred under the Bareboat Charters or the Option Bareboat Charters.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z55dda52842ca4a45a632134941e528b0">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.2.8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>There are no Encumbrances over any assets of the Company or the Option Company other than such Encumbrances as are granted pursuant to the Bareboat Charters or Option Bareboat Charters, provided that where repeated on the Closing
                    Date, this Seller Warranty shall be caveated by any additional Encumbrances created with the agreement in writing of the Buyer in accordance with Clause 5.2.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c46bab8400c4e858d93829098b0a82f">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">13.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Vessel / Option Vessels</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6e47100af9da4aaab44e39fd2fca47b7">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.3.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Each Vessel and Option Vessel has her class maintained without overdue condition/recommendation, free of average damage affecting the vessel&#8217;s class, and with her classification certificates and national certificates, as well as all
                    other required certificates, valid and unextended without condition/recommendation by the classification society or the relevant authorities.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb99f947e64984696aaf79e1cf619e854">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.3.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Vessels and Option Vessels are duly registered in the ship registry applicable for each Vessel and Option Vessel as a registered ship under the laws and flag of the relevant flag state as set out in Schedule 3.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf0145b8f24b849cabbb2945dea851fb9">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.3.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Vessels and Option Vessels are: (i) safely afloat, anchored, moored or underway; (ii) seaworthy in all material respects for hull and machinery insurance warranty purposes; (iii) in good condition, fair wear and tear excepted;
                    (iv) free and clear of arrest and detention; (v) free of any governmental or other restrictions; and (vi) in compliance with maritime laws and regulations, including, but not limited to ISM and ISPS codes.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z644d97d7b954414b889db78ef03de94d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.3.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>To the Seller's knowledge, no claims have been received from any governmental body regarding any environmental pollution caused in the course of the use of any of the Vessels or Option Vessel for which the Company or, as applicable,
                    the Option Company may be held liable or in respect of which any action may be taken against the Company, the Option Company, a Vessel or an Option Vessel.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z89fbb23595004f1fb0087127b170814a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.3.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Insurance:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z74f97d18a69d4b0f96d98088fde59bc8">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>All premiums in respect of all insurance policies covering the Vessels and the Option Vessels have been duly paid when due and neither the Company or the Option Company has received a formal notice that any such insurances are
                    invalid or unenforceable.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze3fc466525a844258a9fc52bba410a12">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>No material claims which remain outstanding have been made under any such insurances.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf745e764f5d3475aa3f9d17857a7f1e4">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The insurances cover the full value of the Vessels and the Option Vessels and the insurance amount is in compliance with the requirements under the Contracts for the Vessels and Option Vessels.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">39</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd6b9ed00da574a6db9947ed597296327">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">13.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Litigation</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">There are no claims, actions, lawsuits, administrative, governmental, arbitration or other legal proceedings pending or, to the Seller&#8217;s knowledge, threatened against or
        involving the Company or the Option Company.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3af7d8292d0e4f478a04babf82a056ef">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">13.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Compliance with law</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ebc252759cc4944b61ddbf30589b05a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.5.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Company and the Option Company have at all times conducted their respective businesses in accordance with and have complied with applicable Law, regulations, directives and orders in all material respects.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbf63a60842e24d0391aeafef3175005b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">13.5.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>All necessary licences, consents, permits and authorisations have been obtained by the Company and the Option Company to enable it to carry on its business in the places and in the manner in which such business is currently carried
                    on and all such licences, consents, permits and authorisations are valid and subsisting and have been complied with in all material respects.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdd7375ce92c84e11ac6e0bf47cdb1c5b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">13.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Investment Intent</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">The Seller and the Seller Nominee understand that the Consideration Shares and the Option Consideration Shares (as applicable) are &#8220;restricted securities&#8221; and have not been
        registered under the 1933 Act or any applicable U.S. state securities law. The Seller Nominee is acquiring the Consideration Shares, and where applicable, the Option Consideration Shares as principal for its own account and do not presently have
        any agreement, plan or understanding, directly or indirectly, with any person to distribute or effect any distribution of any of the Consideration Shares and the Option Consideration Shares (as applicable) (or any securities which are derivatives
        thereof) to or through any person or entity. The Seller Nominee has not been formed for the specific purpose of acquiring the Consideration Shares and/or, where applicable, the Option Consideration Shares.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zff1993c0b76f4852845649d8a76a454b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">13.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Seller Status</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">At the time the Seller was offered the Consideration Shares and the Option Consideration Shares (as applicable), it was and the Seller Nominee was, and at the date hereof it is
        and the Seller Nominee is, an &#8220;accredited investor&#8221; as defined in Rule 501(a) under the 1933 Act. The Seller Nominee is able to bear the economic risk of an investment in the Consideration Shares and the Option Consideration Shares (as applicable)
        and, at the present time, is able to afford a complete loss of such investment.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7c3ed119bc0a4434b3bed97acbb604ed">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">13.8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">General Solicitation</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">The Seller Nominee is not acquiring the Consideration Shares and the Option Consideration Shares (as applicable) as a result of any advertisement, article, notice or other
        communication regarding the Consideration Shares and the Option Consideration Shares (as applicable) published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general
        advertisement.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z848f464554ed4f1b89ad1215a4a23a90">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">13.9</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Access to Information</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">The Seller and the Seller Nominee have had an opportunity to ask questions and receive answers from the Buyer Group regarding the terms and conditions of the offering of the
        Consideration Shares and, where applicable, the Option Consideration Shares and the business, properties, prospects and financial condition of the Buyer Group. The foregoing,</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">40</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">however, does not limit or modify the representations and warranties of the Buyer Guarantor in Clause 12 or the right of the Seller and the Seller Guarantor to rely thereon.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0ae02f1c04894ca197b01c47dbb9ed8b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">13.10</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">No Brokers</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">No person will have, as a result of the transactions contemplated by this Agreement, any valid right, interest or claim against any member of the Buyer Group, the Company or
        the Option Company for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of any member of the Seller Group.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1e578f5b12c44fa99165a071770da78e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">13.11</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Reliance</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">The Seller and the Seller Nominee understand that the Consideration Shares and the Option Consideration Shares (as applicable) are being offered and sold to the Seller Nominee
        in reliance on specific exemptions from the registration requirements of United States federal and state securities laws and that the Buyer Group is relying in part upon the truth and accuracy of, and the Seller&#8217;s and the Seller Nominee&#8217;s
        compliance with, the representations, warranties, agreements, acknowledgements and understandings of the Seller and the Seller Nominee set forth herein in order to determine the availability of such exemptions and the eligibility of the Seller
        Nominee to acquire the Consideration Shares and the Option Consideration Shares (as applicable).</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zba279d10067145ce823e0085d111c402">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">13.12</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Regulation M</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">The Seller and the Seller Nominee are aware that the anti-manipulation rules of Regulation M under the 1934 Act may apply to transactions in the ordinary shares of the Buyer
        Guarantor and other activities with respect to such ordinary shares by the Seller and the Seller Nominee.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z22287aaebca0429281cea845d8d95391">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">13.13</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Information</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">There are no agreements or other binding obligations entered into by the Company or the Option Company that in the opinion of the Seller are of importance for the Buyer which
        have not been Disclosed.</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3adae4b0c0464a9d972d6ca3dd9833d7">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">14.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Guarantee</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9cc1ca490ec34cfb83d4f0481bd009ad">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">14.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Guarantee of Buyer&#8217;s obligations</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5bb9de5ab3684480ada1e439a0d5432e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">14.1.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Buyer Guarantor irrevocably and unconditionally:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z127cd20c4d0f4066a2284dcfdd0efbde">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>guarantees to the Seller punctual performance by the Buyer of all the Buyer's obligations under this Agreement and each other Transaction Document to which it is a party;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2dc52279d35e4e60b0595a85dd1e5885">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>undertakes with the Seller that whenever the Buyer does not pay any amount or perform any obligation when due under or in connection with this Agreement or other Transaction Document (as applicable), the Buyer Guarantor shall
                    immediately on demand pay that amount or perform or procure the performance of that obligation as if it were the principal obligor; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5e39b85d8c8e46bba57467b72e664306">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>undertakes to indemnify the Seller immediately on demand against any cost, loss or liability suffered by the Seller if any obligation guaranteed by the Buyer Guarantor is or becomes unenforceable, invalid or illegal; and the amount
                    of the cost, loss or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">41</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">liability shall be equal to the amount that the Seller would otherwise have been entitled to recover.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z29f28cef2c8948e9894af76eff19c54b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">14.1.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by the Buyer under this Agreement or other Transaction Document (as applicable), regardless of any intermediate payment or discharge in
                    whole or in part.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3b80b273f2f74765a0a8c9a2357b9f75">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">14.1.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by the Seller.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zab60d2a097ff499f83647b9eb017c50e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">14.1.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>If any payment or performance by the Buyer or the Buyer Guarantor or any discharge given by the Seller (whether in respect of the obligations of the Buyer or the Buyer Guarantor or any security for those obligations or otherwise) is
                    avoided or reduced as a result of insolvency or any similar event:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z45315a00b899450481190b6ffeb317f9">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the liability of the Buyer and the Buyer Guarantor shall continue as if the payment, performance, discharge, avoidance or reduction had not occurred; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc58950684c714cb9bac1c34b51d4f1bc">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the Seller shall be entitled to recover the value or amount of that security or payment from the Buyer or the Buyer Guarantor, as if the payment, performance, discharge, avoidance or reduction had not occurred.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeef9e136bf2e4ab0b1f7d39627ef556e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">14.1.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The obligations of the Buyer Guarantor under this Clause 14.1 will not be affected by any act, omission, matter or thing which, but for this Clause 14.1, would reduce, release or prejudice any of its obligations under this Clause
                    14.1 (without limitation and whether or not known to it or the Seller) including:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze555a66802364e62ab587fcddad4ae65">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>any release, time, waiver or consent granted to, or composition with, the Buyer or the Buyer Guarantor or other person;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z99a5321153084ceb8c7fa0d48d251f01">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, the Buyer or the Buyer Guarantor or other person or any
                    non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaf325b55cb48416eb34a8997b48cdaea">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the Buyer or the Buyer Guarantor or any other person;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb42bba19850740d998b4a5edd6e5837f">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>any amendment (however fundamental) to or replacement of this Agreement or other Transaction Document (as applicable) or any other document or security;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb1652803474f41e1ae8ffcd52251f0da">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>any unenforceability, illegality or invalidity of any obligation of any person under this Agreement or other Transaction Document (as applicable) or any other document or security; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z13e4e4808626479c8b5c0f2ab603221f">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>any insolvency or similar proceedings.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">42</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4cb262e3af8a405e9c5f7f5f1b4a185c">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">14.1.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Buyer Guarantor waives any right it may have of first requiring the Seller to proceed against or enforce any other rights or security or claim payment from any person before claiming from the Buyer Guarantor under this Clause
                    14.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za586329ff7624436958810fba673048c">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">14.1.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Until all amounts which may be or become payable by the Buyer or the Buyer Guarantor under or in connection with this Agreement or other Transaction Document (as applicable) have been irrevocably paid in full, the Seller may:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb87c334964614081a5f6dd339594c0ad">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>refrain from applying or enforcing any other monies, security or rights held or received by it in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or
                    otherwise) and the Buyer Guarantor shall not be entitled to the benefit of the same; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc649aedd177346a08c9bebcf95572725">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>hold in an interest-bearing suspense account any monies received from the Buyer Guarantor or on account of the Buyer Guarantor's liability under this Clause 14.1.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9249a68e4fa646e69db822e1ad09bc50">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">14.1.8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Until all amounts which may be or become payable by the Buyer or the Buyer Guarantor under or in connection with this Agreement or other Transaction Document (as applicable) have been irrevocably paid in full and unless the Seller
                    otherwise directs, the Buyer Guarantor will not exercise any rights which it may have because of performance by it of its obligations under this Agreement or other Transaction Document (as applicable) to:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z66b6db90f36f42cabe3dbf20834d8fd7">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>be indemnified by the Buyer;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b298c6efa9b4dcfa63101500c859fef">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>claim any contribution from any other guarantor of the Buyer's obligations under this Agreement or other Transaction Document (as applicable); or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeca833cd4c274dc5984c085e3a4f32a5">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Buyer under this Agreement or other Transaction Document (as applicable) or of any other guarantee or security taken under, or
                    in connection with, this Agreement or other Transaction Document (as applicable) by the Buyer.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd594643c9d3e4cc0b9b0773750b8dc1b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">14.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Guarantee of Seller&#8217;s obligations</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb26c5d118afb4550bbb4ea3e30a84e0d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">14.2.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller Guarantor irrevocably and unconditionally:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf0c9ad83fcc4433ebf222debe05df598">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>guarantees to the Buyer punctual performance by the Seller and the Seller Nominee of all the Seller's and the Seller Nominee&#8217;s obligations under this Agreement and each other Transaction Document to which it is a party;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc2664880e9904078bb098a72ccecc570">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>undertakes with the Buyer that whenever the Seller and/or the Seller Nominee does not pay any amount or perform any obligation when due under or in connection with this Agreement or other Transaction Document (as applicable), the
                    Seller Guarantor shall immediately on demand pay that amount or perform or procure the performance of that obligation as if it were the principal obligor; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za1773cf343e143ea8517cc181d47d7d7">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>undertakes to indemnify the Buyer immediately on demand against any cost, loss or liability suffered by the Buyer if any obligation guaranteed by the Seller Guarantor is or becomes unenforceable, invalid or illegal; and the amount of
                    the cost, loss or liability shall be equal to the amount that the Seller and/or the Seller Nominee would otherwise have been entitled to recover.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">43</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9e6cfb2b72ce4ee38432dea0c8080e2b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">14.2.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable or obligations to be fulfilled by the Seller and the Seller Nominee under this Agreement or other Transaction Document (as applicable),
                    regardless of any intermediate payment, fulfilment or discharge in whole or in part.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9b3a0dcc1aa84c44822e6e202ec890da">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">14.2.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by the Buyer.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zae2799d0c6194987b9f94278329147b5">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">14.2.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>If any payment or performance by the Seller, the Seller Nominee or the Seller Guarantor or any discharge given by the Buyer (whether in respect of the obligations of the Seller, the Seller Nominee or the Seller Guarantor or any
                    security for those obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5487df302fae473cb59b878e5b80b8b6">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the liability of the Seller, the Seller Nominee and the Seller Guarantor shall continue as if the payment, performance, discharge, avoidance or reduction had not occurred; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf01b7101964b4c53818157b23fa22ef8">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the Buyer shall be entitled to recover the value or amount of that security or payment from the Seller, the Seller Nominee or the Seller Guarantor, as if the payment, performance, discharge, avoidance or reduction had not occurred.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc27d4ad79f804324b367d95412c0c27b">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">14.2.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The obligations of the Seller Guarantor under this Clause 14.2 will not be affected by any act, omission, matter or thing which, but for this Clause 14.2, would reduce, release or prejudice any of its obligations under this Clause
                    14.2 (without limitation and whether or not known to it or the Buyer) including:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb2ffad2b8eaf4fcf88c6513617b6b478">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>any release, time, waiver or consent granted to, or composition with, the Seller, the Seller Nominee or the Seller Guarantor or other person;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb1bd33810a864c1393a5517a8f946252">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, the Seller, the Seller Nominee or the Seller Guarantor or other
                    person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zadf908569e9c4758bf4b14f1abd4f458">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the Seller, the Seller Nominee or the Seller Guarantor or any other person;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z04e926637f63425e86b5ce03cc2b87dd">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>any amendment (however fundamental) to or replacement of this Agreement or other Transaction Document (as applicable) or any other document or security;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z79dc14e8f1644fd3aaf7d684ffd6838b">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>any unenforceability, illegality or invalidity of any obligation of any person under this Agreement or other Transaction Document (as applicable) or any other document or security; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2d609c82e1284b25a9490e79403e5620">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>any insolvency or similar proceedings.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9b87b3802ef24b929d710b671e534672">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">14.2.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller Guarantor waives any right it may have of first requiring the Buyer to proceed against or enforce any other rights or security or claim payment from any person before claiming from the Seller Guarantor under this Clause
                    14.2.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">44</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zda1f05bebde745229b552e1d1aee1860">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">14.2.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Until all amounts which may be or become payable by the Seller, the Seller Nominee or the Seller Guarantor under or in connection with this Agreement or other Transaction Document (as applicable) have been irrevocably paid in full,
                    the Buyer may:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3c398f16a7e94e37a9fd558e834d3e06">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>refrain from applying or enforcing any other monies, security or rights held or received by it in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or
                    otherwise) and the Seller Guarantor shall not be entitled to the benefit of the same; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcf03d06542ff44b3a33c877c27600860">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>hold in an interest-bearing suspense account any monies received from the Seller Guarantor or on account of the Seller Guarantor's liability under this Clause 14.2.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z45cc13b3b0a248acb5bf8701b8761324">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">14.2.8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Until all amounts which may be or become payable by the Seller, the Seller Nominee or the Seller Guarantor under or in connection with this Agreement or other Transaction Document (as applicable) have been irrevocably paid in full
                    and unless the Buyer otherwise directs, the Seller Guarantor will not exercise any rights which it may have because of performance by it of its obligations under this Agreement or other Transaction Document (as applicable) to:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd2fdd716bb0e457cb50b5c5a2b0d6b61">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>be indemnified by the Seller or the Seller Nominee;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc7d5425512b34f0ea925966ee80564d8">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>claim any contribution from any other guarantor of the Seller's or Seller Nominee&#8217;s obligations under this Agreement or other Transaction Document (as applicable); or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0992a7e913ad470aa2936cf8bbd0bca1">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Seller or the Seller Nominee under this Agreement or other Transaction Document (as applicable) or of any other guarantee or
                    security taken under, or in connection with, this Agreement or other Transaction Document (as applicable) by the Seller or the Seller Nominee.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zea67392eaf514e12b6dab59589bca1f9">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">15.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Indemnification and claim for damages</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za12f8eba21ae4fd294b77f7be844eb4a">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">15.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Indemnification</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b6501060371419583050dab4266cf83">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">15.1.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller shall indemnify and hold the Buyer and the Buyer Guarantor harmless from and against any and all losses, costs and expenses incurred by the Buyer arising out of or resulting from any and all Indemnity Claims and Tax
                    Indemnity Claims.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zff3a0cda9f80464d8aa602925969ab6d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">15.1.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Provided that: (i) the Reorganisation is implemented in full in accordance with the terms of the Reorganisation Steps Plan within two years of the Closing Date; and (ii) the Buyer commences the liquidation of the Company and, in
                    circumstances where the Buyer has exercised the First Option prior to the First Option Exercise Expiry Date, the Option Company by initiating the liquidation process for the Company and, where applicable, the Option Company under
                    Singapore law within 14 Business Days of the Closing Date and appointing liquidators within six (6) months of the Closing Date, the Seller shall indemnify and hold the Buyer and the Buyer Guarantor harmless in respect of any
                    Reorganisation Tax Indemnity Claim. The Buyer may make changes to the Reorganisation Steps Plan, provided: (i) such changes are minor and do not increase any Tax in Singapore; or (ii) such changes are accepted in writing by the Seller.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">45</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2f676d03d57a4a26a914e69d893de663">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">15.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Claim for damages</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z20866aac01914dbfb5e3e0eb69a3a87d">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">15.2.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Seller shall compensate in damages the Buyer and the Buyer Guarantor for any loss which the Buyer or the Buyer Guarantor incurs as a result of a breach of the Seller Warranties or any breach or non-fulfilment of any covenant,
                    agreement or obligation to be performed by the Seller or the Seller Nominee or the Seller Guarantor pursuant to this Agreement or any other Transaction Document.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z88c9aa07020144b4a2bea525b7e1793c">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">15.2.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Buyer shall compensate in damages the Seller, the Seller Guarantor and the Seller Nominee for any loss which the Seller, the Seller Guarantor or the Seller Nominee incurs as a result of a breach of the Buyer Warranties or any
                    breach or non-fulfilment of any covenant, agreement or obligation to be performed by the Buyer or the Buyer Guarantor pursuant to this Agreement or any other Transaction Document.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za3840b6cf7a841e1b674660a52c100e1">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">15.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Limitations</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Clauses 15.1 and 15.2 are given subject to the limitations and qualifications set out in this Agreement, in particular the provisions set out in Schedule 12 to the extent
        provided in that Schedule.</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0bd60634628846ee959fdf2136ab9fca">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">16.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Miscellaneous</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zab5cc5dfeb45410c9df103597f2b67b6">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">16.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Confidentiality</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Except as set forth in Clause&#160;16.2, each of the Parties agrees that the content of this Agreement shall be confidential, except when disclosure is required by law, listing
        rules or by any order of any administrative or judicial authority.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
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          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z39d6002cb5844f0b9239c8c52d6dd59e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">16.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Public announcements</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">The Parties hereby agree that no press releases or other public or official announcements will, in any circumstances other than required by any applicable law, rule,
        regulation, court order or stock exchange regulations or SEC rules and regulations, be made with respect to the execution and delivery of this Agreement or the Transaction or any other matters set out herein unless mutually discussed and agreed
        upon in writing by the Parties (the agreement of each Party not to be unreasonably withheld); provided, however, that the Parties hereby agree to mutually agree the content of a press release to be issued respectively by them on the Signing Date.&#160;
        After publication of an agreed press release or other public announcement hereunder, the Parties are free to discuss the contents of such announcement with any other person.</div>
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              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">16.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">No right of rescission, termination or reversal</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Save as expressly provided in this Agreement, no Party will have any right to rescind or terminate this Agreement or otherwise require the reversal of the Transaction after the
        Signing Date.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za9ecd3cb68f24cef872cc082677ad430">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">16.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Notices</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Unless otherwise specified herein, any notice required to be given hereunder by any Party shall be deemed to have been given if mailed by prepaid registered mail or sent by
        e-mail to the other Parties as hereinafter set forth:</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za52ae5d85485451eaf25a811a06a743e">

          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify;">If to the Seller:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">TRAFIGURA</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Branch Office Geneva</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">1 rue de Jargonnant</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">46</font></div>
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z050e18980f9c46208fa64b10459bd31e">

          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">1207 Geneva Switzerland</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Attn: Geneva Lawyers</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">E-mail: <font style="font-style: italic;">Genevalawyers@trafigura.com</font></div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify;">With a copy to:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Reed Smith LLP</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Attn: Robert Wilkins</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">The Broadgate Tower</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">20 Primrose Street</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">London</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">EC2A 2RS</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">E-mail: rwilkins@reedsmith.com</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify;">If to the Buyer:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Frontfleet Ltd.</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Attn.: Robert Hvide Macleod</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Bryggegata 3</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">P.O. Box 1327-Vika,</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">0112 Oslo, Norway</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">E-mail: <font style="font-style: italic;">robert.macleod@frontmgt.no</font></div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify;">With a copy to:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Advokatfirmaet BAHR AS</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Attn: Anne Dahl Frisak</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Tjuvholmen all&#233; 16</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">P.O. Box 1524 Vika</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">NO-0117 Oslo</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">E-mail: andfr@bahr.no</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify;">With a copy to:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Seward &amp; Kissel LLP</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">One Battery Park Plaza</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">New York, New York 10004</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Attention: Keith J. Billotti, Esq.</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Facsimile: 212-480-8421</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify;">If to the Buyer Guarantor:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Frontline Ltd.</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Attn.: Robert Hvide Macleod</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Bryggegata 3</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">P.O. Box 1327-Vika,</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">0112 Oslo, Norway</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">E-mail: <font style="font-style: italic;">robert.macleod@frontmgt.no</font></div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify;">With a copy to:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Advokatfirmaet BAHR AS</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Attn: Anne Dahl Frisak</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Tjuvholmen all&#233; 16</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">P.O. Box 1524 Vika</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">NO-0117 Oslo</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">E-mail: andfr@bahr.no</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify;">With a copy to:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Seward &amp; Kissel LLP</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">One Battery Park Plaza</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
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            <td style="width: 15%; vertical-align: top;">&#160;</td>
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      <div style="margin-bottom: 12pt;"><br>
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          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Attention: Keith J. Billotti, Esq.</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Facsimile: 212-480-8421</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify;">If to the Seller Guarantor:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">TRAFIGURA</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Branch Office Geneva</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">1 rue de Jargonnant</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">1207 Geneva Switzerland</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Attn: Geneva Lawyers</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">E-mail: Genevalawyers@trafigura.com</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify;">With a copy to:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Robert Wilkins</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">The Broadgate Tower</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">20 Primrose Street</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">London</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">EC2A 2RS</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">E-mail: <u>rwilkins@reedsmith.com</u></div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify;">If to the Seller Nominee:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">TRAFIGURA</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Branch Office Geneva</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">1 rue de Jargonnant</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">1207 Geneva Switzerland</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Attn: Geneva Lawyers</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">E-mail: Genevalawyers@trafigura.com</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify;">With a copy to:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">Robert Wilkins</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">The Broadgate Tower</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">20 Primrose Street</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">London</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">EC2A 2RS</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;">E-mail: rwilkins@reedsmith.com</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z442ccf53448c4500bed966d84b938876">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">16.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Expenses</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Save as expressly provided in this Agreement or any other Transaction Document, the Parties shall cover their respective expenses in connection with this Agreement, each of the
        other Transaction Documents to which they are respectively a&#160; party and the consummation of the transactions contemplated therein, including professional fees and costs of attorneys, accountants and advisors. The Seller is responsible for any
        payment to the Escrow Agent in connection with the Transaction. The Buyer is responsible for: (i) any costs and expenses incurred in connection with the Holdco&#8217;s and the SPVs including, without limitation, with respect to their incorporation; and
        (ii) any payment in connection with the registration of the Consideration Shares and, where applicable, the Option Consideration Shares. No costs or expenses relating to the Transaction will be charged to the Company or, as applicable, the Option
        Company.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z43ad245204ce4d8a90cfe0645c99a1cc">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">16.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Assignment</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">This Agreement shall be binding upon and inure to the benefit of the successors of the Parties, but shall not be assignable by any of the Parties without the prior written
        consent of the other Parties. The benefit of this Agreement may, however, be assigned by a Party</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">48</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">to any of its affiliates, provided that the assigning Party shall remain liable as for its own debt for all of its obligations under this Agreement.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z52938efbd8e7401aa6087ab7b8c3ea03">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">16.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Further assurances</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">The Parties shall take all actions as may be required to implement the terms of this Agreement and to cooperate with one another to effect these terms.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9eed7ca9ba124d68ac9c7c62dc834a15">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">16.8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">No Third Party Rights</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">No person who is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4e785ee3abc347aab376ddeeb7efca53">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">16.9</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Waiver of claims</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">No failure to exercise, or delay in exercising, any right under this Agreement or provided by law shall affect that right or operate as a waiver of the right. The single or
        partial exercise of any right under this Agreement or provided by law shall not preclude any further exercise of it.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6c0b17e742d84c00a2f780482a28e48e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">16.10</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Entire agreement; amendment</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1768019ae8b449c1bc7d6edbe07804cc">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">16.10.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>This Agreement and each of the other Transaction Documents constitutes the entire agreement between the Parties and shall supersede all previous expectations, understandings, communications, representations and agreements whether
                    verbal or written between the Parties with respect to the subject matter hereof.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z506a16ef1ecd4856891ee830cf600d50">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">16.10.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>This Agreement shall not be amended, supplemented or otherwise modified except by written agreement of the Parties.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
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              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">16.11</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Counterparts</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">This Agreement may be executed in any number of counterparts, and by the Parties to it on separate counterparts, but shall not be effective until each Party has executed at
        least one counterpart. Each counterpart shall constitute an original of this Agreement, but all the counterparts shall together constitute one and the same instrument.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z92ed8e14481e443fabb01aa837821329">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">16.12</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Governing law and jurisdiction</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze1926aab2df0466aaef988e3e12790d0">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">16.12.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>This Agreement and any dispute or claim (whether contractual or otherwise) arising out of or in connection with it or its subject matter shall be governed by and construed in accordance with English law.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
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              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">16.12.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Parties irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim which may arise out of or in connection with this Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt;">* * *</div>
      <div style="text-align: center; margin-bottom: 12pt;">[<font style="font-style: italic;">signature page to follow</font>]</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">49</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7e622e683dc04b3bbff2b622c47a4082">

          <tr>
            <td style="width: 44.66%; vertical-align: top;">
              <div>Trafigura Maritime Logistics Pte. Ltd.</div>
            </td>
            <td style="width: 12.32%; vertical-align: top;">&#160;</td>
            <td style="width: 43.02%; vertical-align: top;">
              <div>Frontfleet Ltd.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 44.66%; vertical-align: top;">
              <div>&#160;</div>
              <div>By: /s/ <u>Patrick Burke</u><br>
              </div>
            </td>
            <td style="width: 12.32%; vertical-align: top;">&#160;</td>
            <td style="width: 43.02%; vertical-align: top;">
              <div>&#160;</div>
              <div>By: <u>/s/ Anne Dahl Frisak</u><br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 44.66%; vertical-align: top;">
              <div>Name: Patrick Burke</div>
            </td>
            <td style="width: 12.32%; vertical-align: top;">&#160;</td>
            <td style="width: 43.02%; vertical-align: top;">
              <div>Name: Anne Dahl Frisak</div>
            </td>
          </tr>
          <tr>
            <td style="width: 44.66%; vertical-align: top;">&#160;</td>
            <td style="width: 12.32%; vertical-align: top;">&#160;</td>
            <td style="width: 43.02%; vertical-align: top;">Title: Attorney-In-Fact <br>
            </td>
          </tr>
          <tr>
            <td style="width: 44.66%; vertical-align: top;">&#160;</td>
            <td style="width: 12.32%; vertical-align: top;">&#160;</td>
            <td style="width: 43.02%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 44.66%; vertical-align: top;">
              <div>Trafigura Group Pte. Ltd.</div>
            </td>
            <td style="width: 12.32%; vertical-align: top;">&#160;</td>
            <td style="width: 43.02%; vertical-align: top;">
              <div>Frontline Ltd.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 44.66%; vertical-align: top;">
              <div>&#160;</div>
              <div>By: <u>/s/ Patrick Burke</u></div>
            </td>
            <td style="width: 12.32%; vertical-align: top;">&#160;</td>
            <td style="width: 43.02%; vertical-align: top;">
              <div>&#160;</div>
              <div>By: <u>/s/ Anne Dahl Frisak</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 44.66%; vertical-align: top;">
              <div>Name: Patrick Burke</div>
            </td>
            <td style="width: 12.32%; vertical-align: top;">&#160;</td>
            <td style="width: 43.02%; vertical-align: top;">
              <div>Name: Anne Dahl Frisak</div>
              <div>Title: Attorney-In-Fact </div>
            </td>
          </tr>

      </table>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z44db69b0f4194ce9be4675099d925ae4">

          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: justify;">Urion Holdings (Malta) Limited</div>
            </td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div>&#160;</div>
              <div>By: <u>/s/ Patrick Burke</u></div>
            </td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div>Name: Patrick Burke</div>
            </td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <br>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 1</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">EXISTING SHARE PLEDGES</div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4850078e131140b6bee437c81ca9c5c3">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Deed of pledge of shares in WFV XXVII dated 26 May 2017 given by the Seller to (i) Xiang T14 SG International Ship Lease Pte. Limited (for the purposes of the Schedules to this Agreement, <font style="font-weight: bold;">T14</font>),




















                    (ii) Xiang T15 SG International Ship Lease Pte. Limited (for the purposes of the Schedules to this Agreement, <font style="font-weight: bold;">T15</font>), (iii) Xiang T16 SG International Ship Lease Pte. Limited (for the purposes of
                    the Schedules to this Agreement, <font style="font-weight: bold;">T16</font>), (iv) Xiang T17 SG International Ship Lease Pte. Limited (for the purposes of the Schedules to this Agreement, <font style="font-weight: bold;">T17</font>),
                    (v) Xiang T18 SG International Ship Lease Pte. Limited (for the purposes of the Schedules to this Agreement, <font style="font-weight: bold;">T18</font>), (vi) Xiang T19 SG International Ship Lease Pte. Limited (for the purposes of the
                    Schedules to this Agreement, <font style="font-weight: bold;">T19</font>), (vii) Xiang T20 SG International Ship Lease Pte. Limited (for the purposes of the Schedules to this Agreement, <font style="font-weight: bold;">T20</font>) and
                    (viii) Xiang T21 SG International Ship Lease Pte. Limited (for the purposes of the Schedules to this Agreement, <font style="font-weight: bold;">T21</font>).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z46e7eaf736a949edb00995f55a475125">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Deed of pledge of shares in WFV XXVIII dated 1 June 2017 given by the Seller to (i) Xiang T22 SG International Ship Lease Pte. Limited (for the purposes of the Schedules to this Agreement, <font style="font-weight: bold;">T22</font>),




















                    (ii) Xiang T23 SG International Ship Lease Pte. Limited (for the purposes of the Schedules to this Agreement, <font style="font-weight: bold;">T23</font>), (iii) Xiang T24 SG International Ship Lease Pte. Limited (for the purposes of
                    the Schedules to this Agreement, <font style="font-weight: bold;">T24</font>) and (iv) Xiang T25 SG International Ship Lease Pte. Limited (for the purposes of the Schedules to this Agreement, <font style="font-weight: bold;">T25</font>).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z176dd724791a4c089af96262037f651f">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Deed of pledge of shares in WFV XXVIII dated 15 December 2017 given by the Seller to (i) Xiang T45 SG International Ship Lease Pte. Limited (for the purposes of the Schedules to this Agreement, <font style="font-weight: bold;">T45</font>),






















                    and (ii) Xiang T46 SG International Ship Lease Pte. Limited (for the purposes of the Schedules to this Agreement, <font style="font-weight: bold;">T46</font>).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 2</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">BAREBOAT CHARTERS AND OPTION BAREBOAT CHARTERS</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3c78adc2f9d840e097cfa63304342e82">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Bareboat charter agreement dated 1 June 2017 between WFW XXVIII and T22 in respect of the MT Marlin Santorini.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z24f8507f4ad44e41af315f39319f595f">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Bareboat charter agreement dated 1 June 2017 between WFV XXVIII and T25 in respect of the MT Marlin Sardinia.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za4e002492f824fd8ac0083e60733e869">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Bareboat charter agreement dated 26 May 2017 between WFV XXVII and T14 in respect of the MT Marlin Savannah.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zca1698ebe62a42bfa3d788b82c4c6930">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Bareboat charter agreement dated 26 May 2017 between WFV XXVII and T15 in respect of the MT Marlin Suez.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc559cdffa73c4af8ae8d95e00925cc04">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(5)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Bareboat charter agreement dated 26 May 2017 between WFV XXVII and T18 in respect of the MT Marlin Singapore.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z909e6302a07a4515894ff2710da18e7c">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(6)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Bareboat charter agreement dated 26 May 2017 between WFV XXVII and T19 in respect of the MT Marlin Siena.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zab32e888310d49908d5f80bf94cbc570">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(7)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Bareboat charter agreement dated 26 May 2017 between WFV XXVII and T16 in respect of the MT Marlin Santiago.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb87a9850967f40c98ae485ec3acc8d48">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(8)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Bareboat charter agreement dated 26 May 2017 between WFV XXVII and T21 in respect of the MT Marlin Silkeborg.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb1f4827be67644e4bbbdbcd4afb76269">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(9)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Bareboat charter agreement dated 26 May 2017 between WFW XXVII and T20 in respect of the Marlin Shanghai.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9d22a4d90bf44511ada28f31cd0bc50d">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(10)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Bareboat charter agreement dated 26 May 2017 between WFW XXVII and T17 in respect of the Marlin Seoul.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd2c2eae8ed3b43d6b6bd7541315663ee">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(11)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Bareboat charter agreement dated 1 June 2017 between WFV XXVIII and T24 in respect of the MT Marlin Somerset.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6097550982b74adc90ee43c4da2ee4fe">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(12)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Bareboat charter agreement dated 1 June 2017 between WFV XXVIII and T23 in respect of the MT Marlin Sicily.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z15c48ca83a6b45bb94ff8a9f2d926d70">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(13)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Bareboat charter agreement dated 15 December 2017 between WFV XXVII and T45 in respect of the MT Marlin Samara.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50a14eae7c784bb28ba98a0be1950187">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(14)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Bareboat charter agreement dated 15 December 2017 between WFV XXVII and T46 in respect of the MT Marlin Sparta.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 3</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">THE VESSELS, THE FIRST OPTION VESSELS AND THE SECOND OPTION VESSELS</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Part A: THE VESSELS</div>
      <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z08883b01d0bc4e62a9dc6e1710d5bbad">

          <tr>
            <td style="width: 15.39%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Name</div>
            </td>
            <td style="width: 8.09%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">IMO</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>Shipyard / Hull No</div>
            </td>
            <td style="width: 7.9%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Year Built</div>
            </td>
            <td style="width: 13.69%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">BB Charterer</div>
            </td>
            <td style="width: 15.62%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Owner</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Flag</div>
            </td>
            <td style="width: 10.53%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">GT/NT</div>
            </td>
            <td style="width: 11.06%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Management</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.39%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">MT Marlin Savannah</div>
            </td>
            <td style="width: 8.09%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">9831828</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">HHI</div>
              <div style="text-align: justify;">2976</div>
            </td>
            <td style="width: 7.9%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">2019</div>
            </td>
            <td style="width: 13.69%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">WFV XXVII</div>
            </td>
            <td style="width: 15.62%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Xiang T14 SG International Ship Lease Pte Limited</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Singapore</div>
            </td>
            <td style="width: 10.53%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">82305/47612</div>
            </td>
            <td style="width: 11.06%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">CSM</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.39%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">MT Marlin Suez</div>
            </td>
            <td style="width: 8.09%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">9831830</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">HHI</div>
              <div style="text-align: justify;">2977</div>
            </td>
            <td style="width: 7.9%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">2019</div>
            </td>
            <td style="width: 13.69%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">WFV XXVII</div>
            </td>
            <td style="width: 15.62%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Xiang T15 SG International Ship Lease Pte Limited</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Singapore</div>
            </td>
            <td style="width: 10.53%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">82305/47612</div>
            </td>
            <td style="width: 11.06%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">ESM</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.39%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">MT Marlin Singapore</div>
            </td>
            <td style="width: 8.09%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">9832248</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">HSHI</div>
              <div style="text-align: justify;">S964</div>
            </td>
            <td style="width: 7.9%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">2019</div>
            </td>
            <td style="width: 13.69%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">WFV XXVII</div>
            </td>
            <td style="width: 15.62%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Xiang T18 SG International Ship Lease Pte Limited</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Singapore</div>
            </td>
            <td style="width: 10.53%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">82305/47612</div>
            </td>
            <td style="width: 11.06%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">CSM</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.39%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">MT Marlin Siena</div>
            </td>
            <td style="width: 8.09%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">9832250</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">HSHI</div>
              <div style="text-align: justify;">S965</div>
            </td>
            <td style="width: 7.9%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">2019</div>
            </td>
            <td style="width: 13.69%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">WFV XXVII</div>
            </td>
            <td style="width: 15.62%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Xiang T19 SG International Ship Lease Pte Limited</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Singapore</div>
            </td>
            <td style="width: 10.53%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">82305/47612</div>
            </td>
            <td style="width: 11.06%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">CSM</div>
              <div>&#160;</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.39%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">MT Marlin Santiago</div>
            </td>
            <td style="width: 8.09%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">9831842</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">HHI</div>
              <div style="text-align: justify;">2978</div>
            </td>
            <td style="width: 7.9%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">2019</div>
            </td>
            <td style="width: 13.69%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">WFV XXVII</div>
            </td>
            <td style="width: 15.62%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Xiang T16 SG International Ship Lease Pte Limited</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Singapore</div>
            </td>
            <td style="width: 10.53%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">82305/47612</div>
            </td>
            <td style="width: 11.06%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">ESM</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0f07fbc666b84431a4f009fbb550dc00">

          <tr>
            <td style="width: 15.39%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Name</div>
            </td>
            <td style="width: 8.09%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">IMO</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>Shipyard / Hull No</div>
            </td>
            <td style="width: 7.9%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Year Built</div>
            </td>
            <td style="width: 13.69%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">BB Charterer</div>
            </td>
            <td style="width: 15.62%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Owner</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Flag</div>
            </td>
            <td style="width: 10.53%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">GT/NT</div>
            </td>
            <td style="width: 11.06%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Management</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.39%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">MT Marlin Silkeborg</div>
            </td>
            <td style="width: 8.09%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">9832274</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">HSHI</div>
              <div style="text-align: justify;">S967</div>
            </td>
            <td style="width: 7.9%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">2019</div>
            </td>
            <td style="width: 13.69%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">WFV XXVII</div>
            </td>
            <td style="width: 15.62%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Xiang T21 SG International Ship Lease Pte Limited</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Singapore</div>
            </td>
            <td style="width: 10.53%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">82305/47612</div>
            </td>
            <td style="width: 11.06%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">CSM</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.39%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">MT Marlin Samara</div>
            </td>
            <td style="width: 8.09%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">9845130</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">HSHI</div>
              <div style="text-align: justify;">S968</div>
            </td>
            <td style="width: 7.9%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">2019</div>
            </td>
            <td style="width: 13.69%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">WFV XXVII</div>
            </td>
            <td style="width: 15.62%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Xiang T45 SG International Ship Lease Pte Limited</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Singapore</div>
            </td>
            <td style="width: 10.53%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">81000/47612</div>
            </td>
            <td style="width: 11.06%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">CSM</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.39%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">MT Marlin Sparta</div>
            </td>
            <td style="width: 8.09%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">9847114</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">HSHI</div>
              <div style="text-align: justify;">S969</div>
            </td>
            <td style="width: 7.9%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">2019</div>
            </td>
            <td style="width: 13.69%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">WFV XXVII</div>
            </td>
            <td style="width: 15.62%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Xiang T46 SG International Ship Lease Pte Limited</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Singapore</div>
            </td>
            <td style="width: 10.53%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">81000/47612</div>
            </td>
            <td style="width: 11.06%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">CSM</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.39%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">MT Marlin Seoul</div>
            </td>
            <td style="width: 8.09%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">9831854</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">HSHI</div>
              <div style="text-align: justify;">2979</div>
            </td>
            <td style="width: 7.9%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">2019</div>
            </td>
            <td style="width: 13.69%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">WFV XXVII</div>
            </td>
            <td style="width: 15.62%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Xiang T17 SG International Ship Lease Pte Limited</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Singapore</div>
            </td>
            <td style="width: 10.53%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">82305/51195</div>
            </td>
            <td style="width: 11.06%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">CSM</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.39%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">MT Marlin Shanghai</div>
            </td>
            <td style="width: 8.09%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">9832262</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">HSHI</div>
              <div style="text-align: justify;">S966</div>
            </td>
            <td style="width: 7.9%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">2019</div>
            </td>
            <td style="width: 13.69%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">WFV XXVII</div>
            </td>
            <td style="width: 15.62%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Xiang T20 SG International Ship Lease Pte Limited</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Singapore</div>
            </td>
            <td style="width: 10.53%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">82305/47612</div>
            </td>
            <td style="width: 11.06%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">CSM</div>
            </td>
          </tr>

      </table>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Part B: THE FIRST OPTION VESSELS</div>
      <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z44e3b3de468944efb092b1ab4b94bc5d">

          <tr>
            <td style="width: 15.39%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Name</div>
            </td>
            <td style="width: 8.11%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">IMO</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>Shipyard / Hull No</div>
            </td>
            <td style="width: 7.89%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Year Built</div>
            </td>
            <td style="width: 13.69%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">BB Charterer</div>
            </td>
            <td style="width: 15.61%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Owner</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Flag</div>
            </td>
            <td style="width: 10.55%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">GT/NT</div>
            </td>
            <td style="width: 11.03%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Management</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.39%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">MT Marlin Santorini</div>
            </td>
            <td style="width: 8.11%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">9835836</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">NTS</div>
              <div style="text-align: justify;">315827</div>
            </td>
            <td style="width: 7.89%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">2019</div>
            </td>
            <td style="width: 13.69%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">WFV XXVIII</div>
            </td>
            <td style="width: 15.61%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Xiang T22 SG International Ship Lease Pte Limited</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Singapore</div>
            </td>
            <td style="width: 10.55%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">82839/52005</div>
            </td>
            <td style="width: 11.03%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">PST</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.39%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">MT Marlin Sicily</div>
            </td>
            <td style="width: 8.11%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">9835848</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">NTS</div>
              <div style="text-align: justify;">315828</div>
            </td>
            <td style="width: 7.89%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">2019</div>
            </td>
            <td style="width: 13.69%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">WFV XXVIII</div>
              <div>&#160;</div>
            </td>
            <td style="width: 15.61%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Xiang T23 SG International Ship Lease Pte Limited</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Singapore</div>
            </td>
            <td style="width: 10.55%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">82000/51500</div>
            </td>
            <td style="width: 11.03%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">PST</div>
            </td>
          </tr>

      </table>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;"> </font><br>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Part C: THE SECOND OPTION VESSELS</div>
      <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z93098bfc697c42588bb2fab602f4228b">

          <tr>
            <td style="width: 15.1%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Name</div>
            </td>
            <td style="width: 7.94%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">IMO</div>
            </td>
            <td style="width: 8.7%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>Shipyard / Hull No</div>
            </td>
            <td style="width: 7.75%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Year Built</div>
            </td>
            <td style="width: 9.64%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">BB Charterer</div>
            </td>
            <td style="width: 12.48%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Owner</div>
            </td>
            <td style="width: 9.64%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Class</div>
            </td>
            <td style="width: 8.7%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Flag</div>
            </td>
            <td style="width: 9.65%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">GT/NT</div>
            </td>
            <td style="width: 10.38%; vertical-align: top; background-color: #CFCAC0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Management</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.1%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">MT Marlin Somerset</div>
            </td>
            <td style="width: 7.94%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">9835850</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.7%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">NTS</div>
              <div style="text-align: justify;">315829</div>
            </td>
            <td style="width: 7.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">2019</div>
            </td>
            <td style="width: 9.64%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">WFV XXVIII</div>
            </td>
            <td style="width: 12.48%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Xiang T24 SG International Ship Lease Pte Limited</div>
              <div>&#160;</div>
            </td>
            <td style="width: 9.64%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">American Bureau</div>
            </td>
            <td style="width: 8.7%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Singapore</div>
            </td>
            <td style="width: 9.65%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">82839/52005</div>
            </td>
            <td style="width: 10.38%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">PST</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.1%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">MV Marlin Sardinia</div>
            </td>
            <td style="width: 7.94%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">9835862</div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.7%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">NTS</div>
              <div style="text-align: justify;">315830</div>
            </td>
            <td style="width: 7.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">2019</div>
            </td>
            <td style="width: 9.64%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">WFV XXVIII</div>
            </td>
            <td style="width: 12.48%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Xiang T25 SG International Ship Lease Pte Limited</div>
              <div>&#160;</div>
            </td>
            <td style="width: 9.64%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;"><br>
              </div>
            </td>
            <td style="width: 8.7%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Singapore</div>
            </td>
            <td style="width: 9.65%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">82839/48758</div>
            </td>
            <td style="width: 10.38%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">PST</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 4</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">INTERIM TIME CHARTER AND INTERIM UMBRELLA AGREEMENT</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Part A: AGREED FORM OF INTERIM TIME CHARTER</div>
      <div style="text-align: center;"> </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Part B: AGREED FORM OF INTERIM UMBRELLA AGREEMENT</div>
      <div><br>
      </div>
      <div style="text-align: center;"> </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 5</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">TRAFIGURA TIME CHARTER</div>
      <div style="margin-bottom: 12pt; text-align: center;"> </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 6</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">TRAFIGURA TIME CHARTER VESSELS AND OPTION VESSELS</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Part A: TRAFIGURA TIME CHARTER VESSELS</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z967cc51186844fe08e27c3a81ed48946">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">1.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Marlin Savannah</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za69b8b8ea4e84c9c9f3d03cf41ecdfd0">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">2.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Marlin Singapore</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9aad92ac7fd24d179a4989fd30a6bc47">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">3.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Marlin Shanghai</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z33482aff69ad4bc3a9e000d5ef8876f5">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">4.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Marlin Samara</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf1a2ae8be48a47a8853201b27dae426e">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">5.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Marlin Santiago</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Part B: TRAFIGURA TIME CHARTER FIRST OPTION VESSEL</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Marlin Sicily</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Part C: TRAFIGURA TIME CHARTER SECOND OPTION VESSEL</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdcc91d090c57497dbb66244524e9b9db">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">1.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Marlin Sardinia</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 7</div>
      <div style="text-align: center; text-transform: uppercase; font-weight: bold;">
        <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Closing Payment</div>
      </div>
      <div style="text-align: center;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <br>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 8</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">POSITION PENDING CLOSING</div>
      <div style="text-align: justify; margin-bottom: 12pt;">Except as contemplated by this Agreement or as approved by the Buyer in writing, the Seller shall procure that the Company and, in circumstances only where the First Option is exercised by the
        Buyer prior to the First Option Exercise Expiry Date, the Option Company shall between the Signing Date and the Closing Date (it being acknowledged and agreed between the Parties that if the Buyer does not exercise the First Option prior to the
        First Option Exercise Expiry Date the obligation in this Schedule 8 shall cease to apply to the Option Company with effect from the First Option Exercise Expiry Date):</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z8231bd400ba04eb18194b9b666844902" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>refrain from:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7da2268203034f8089950ca60a18d771" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>amending its organisational documents or from otherwise changing the number of authorised or issued shares;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z96003eb346dc4de59e4f5fc9637b0543" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>issuing new shares, or options, warrants or other similar rights to acquire shares; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z32e8604d798a4f78b548dbf81655591b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>adopting any change in its certificate of incorporation, articles of association or by-laws.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zeaf960487e9b4476bbec5e6546ea3997" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>not incur indebtedness for borrowed money or assume any other interest bearing liabilities;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z952238e9246b47e3b80d1de15408a026" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>not amend or terminate any of the Contracts and not enter into any new contracts;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1e01d2dc53174c34bf5e5cb229f4fa34" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>not pass any resolution (whether in general meeting or by written resolution);</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7b6b5521f9f241568a9dbf4a5cd3360d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>not make any change in its business as carried on at the date of this Agreement;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z081d181e27cb4b209c3faa2d6187646b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>not incur any capital expenditure, other than in accordance with the ordinary course of its business of operating and maintaining the Vessels or, where applicable, Option Vessels chartered by it;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z16037eb7c9b547b6a00e330fdc9a9e6a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>not waive, release, assign, settle or compromise any claim or legal action;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z43c3810d05cc4f919a902a496a3b57d4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>maintain the insurances Disclosed in the Data Room;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z95ca282f97794d76a675d9c9b68b3864" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>comply with applicable laws and maintain all material licenses, permits and authorisations required to carry on the business as presently conducted;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1764332039554058a19970464c3a7423" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(j)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>use reasonable commercial endeavours to comply with all terms and obligations of any Contract except for such obligations that are to be indirectly undertaken by the Buyer through the transfer of risk and reward to, as appropriate,
                    the Vessels and Option Vessels in accordance with the terms of the Interim Time Charters;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1c3f5d2e808441dfa3fbf602afd7f1aa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(k)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>not terminate any technical management agreement or otherwise agree any changes to the terms of such technical management agreement;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zd515cc0595de44b488d9ae6474d66a8b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(l)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>manage its business in connection with the operation, maintenance and insurance of the Vessels or, as applicable, the Option Vessels chartered by it under the terms of the relevant Bareboat Charter or Option Bareboat Charter;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zae498461898740b6a577e9271ad7c046" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(m)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>not enter into any commitment for the employment or use of the Vessels or, as applicable, the Option Vessels, other than an Interim Time Charter;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb6fdcd31a9c24220ad62dbb1b1d9175d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(n)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>not create or allow to subsist any new Encumbrances over any of its assets (including the Vessels or, as applicable, the Option Vessels) or undertaking except for liens arising in the ordinary course of business;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z5e5def3fb2fe41b0ada1fcb6db8066aa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(o)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>not make any change in its business as carried on at the date of this Agreement;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z5ada7736df8c4c9b9824f24eaadfa308" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(p)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>not permit or suffer any of its insurances in respect of any of its assets or its business to lapse or do anything which would make any policy of insurance void or voidable;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z0c73c1dc3a06456ca3eff26237e8aaa6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(q)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>not enter into any agreement or obligation to do anything prohibited by paragraph (a) to (p) inclusive; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z3b53d331931d45e0bc6be7729c9f9c83" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(r)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>consult with, and promptly give the Buyer full details of, any material corporate or financial matter of the Company or, as applicable, the Option Company.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 9</div>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-weight: bold;">RESTRICTIVE LEGEND</div>
      <div style="text-align: justify; margin-bottom: 12pt;">&#8220;THE SHARES EVIDENCED BY THIS ENTRY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;SECURITIES ACT&#8221;) OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE
        SHARES MAY NOT BE OFFERED, SOLD, LOANED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE
        IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT
        THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.&#8221;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 10</div>
      <div style="text-align: center; margin-bottom: 12pt; text-transform: uppercase; font-weight: bold;">
        <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Closing Steps Plan</div>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 11</div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold; text-transform: uppercase;">
        <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Contracts</div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 12</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SELLER&#8217;S / BUYER&#8217;S PROTECTION</div>
      <br>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 13</div>
      <div style="text-align: center; margin-bottom: 12pt; text-transform: uppercase; font-weight: bold;">
        <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Reorganisation Plan</div>
        <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"> <br>
        </div>
      </div>
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 14</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">TRANSFER AGENT INSTRUCTION LETTER</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt;"><font style="font-weight: bold;">FRONTLINE LTD.</font><br>
        Par-la-Ville Place, 14 Par-la-Ville Road, 4th Floor<br>
        Hamilton, Bermuda</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdc6b39fe7b814dfd99c1b5d7ac3c8346">

          <tr>
            <td style="width: 78.4%; vertical-align: top;">&#160;</td>
            <td style="width: 21.6%; vertical-align: top;">
              <div>August 22, 2019</div>
            </td>
          </tr>

      </table>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="margin-bottom: 12pt;">Computershare Trust Company N.A.<br>
        480 Washington Blvd.<br>
        Jersey City, NJ 07310<br>
        Attention:&#160; Kerri Shenkin<br>
        <u>Kerri.Shenkin@computershare.com</u></div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z66bc92553b6c471ea86902b8ad887ad6">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">Re:</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;"><u>Frontline Ltd. (the &#8220;Company&#8221;)</u></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">COY FRLN /CLASS C02</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In connection with that certain Sale and Purchase Agreement, dated as of August 22, 2019, between Trafigura Maritime Logistics Pte. Ltd., Trafigura Group Pte. Ltd., Urion
        Holdings (Malta) Limited, Frontfleet Ltd. and the Company, you are hereby authorized to issue, register and deliver an aggregate of 16,035,856 restricted ordinary shares, par value $1.00 per share, of the Company (the &#8220;<u>Shares</u>&#8221;)
        electronically in book-entry form to the person and in the amount set forth on <u>Schedule I</u> hereto, through the Direct Registration System, with an effective date of August 22, 2019. The purchase price per Share is $8.00.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following legend should be attached to the Shares:</div>
      <div style="text-align: justify; margin-right: 49.5pt; margin-left: 72pt; margin-bottom: 12pt;">&#8220;THE SHARES EVIDENCED BY THIS ENTRY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;SECURITIES ACT&#8221;) OR THE SECURITIES LAWS OF
        ANY STATE OR OTHER JURISDICTION. THE SHARES MAY NOT BE OFFERED, SOLD, LOANED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
        UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF
        COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-right: 49.5pt; margin-left: 72pt; margin-bottom: 12pt;">NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.&#8221;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">You are further instructed to place a stop transfer order on the Shares as so issued.</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: center; margin-right: 36pt; margin-bottom: 12pt; font-style: italic;">[Signature Page Follows]</div>
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      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z71c6a5390835444b85d421cc4fdaa4bc">

          <tr>
            <td colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td style="width: 5.33%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom;">
              <div style="text-align: justify;">Very truly yours,</div>
              <div>&#160;</div>
              <div style="text-align: justify; font-weight: bold;">FRONTLINE LTD.</div>
              <div style="text-align: justify; font-weight: bold;"> <br>
              </div>
            </td>
            <td colspan="1" style="width: 13%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td style="width: 5.33%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td colspan="1" style="width: 13%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 9%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td style="width: 38%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5.33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 9%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: justify;">By:</div>
            </td>
            <td style="width: 30%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div><br>
              </div>
            </td>
            <td style="width: 13%; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 9%; vertical-align: bottom;">&#160;</td>
            <td style="width: 38%; vertical-align: bottom;">&#160;</td>
            <td style="width: 5.33%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: bottom;">
              <div style="text-align: justify;">Name:</div>
            </td>
            <td style="width: 30%; vertical-align: bottom;">
              <div><br>
              </div>
            </td>
            <td style="width: 13%; vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 9%; vertical-align: bottom;">&#160;</td>
            <td style="width: 38%; vertical-align: bottom;">&#160;</td>
            <td style="width: 5.33%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: bottom;">
              <div style="text-align: justify;">Title:</div>
            </td>
            <td style="width: 30%; vertical-align: bottom;">
              <div><br>
              </div>
            </td>
            <td style="width: 13%; vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>

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      <div style="margin-bottom: 12pt;"><br>
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      <div style="margin-bottom: 12pt;"><br>
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      </div>
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      </div>
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      </div>
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      <div><br>
      </div>
      <div style="text-align: center; font-style: italic;">[Signature Page to Instruction Letter]</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: right; margin-bottom: 12pt; font-weight: bold;">Schedule I</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd185e1a8962e4ff4a4c9569889296c18">

          <tr>
            <td style="width: 25.65%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;"><br>
                Name of Recipient</div>
            </td>
            <td style="width: 25.46%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;"><br>
                Number of Shares</div>
            </td>
            <td style="width: 23.65%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;">
              <div style="font-weight: bold;">Computershare Account No.</div>
            </td>
            <td style="width: 25.23%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;"><br>
                Address of Record</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25.65%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">DnB Bank ASA</div>
            </td>
            <td style="width: 25.46%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">16,035,856</div>
            </td>
            <td style="width: 23.65%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">[&#9679;]</div>
            </td>
            <td style="width: 25.23%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">Dronning Eufemias</div>
              <div style="text-align: justify;">gate 30</div>
              <div style="text-align: justify;">NO-0191</div>
              <div style="text-align: justify;">Oslo, Norway</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25.65%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; font-style: italic; font-weight: bold;">Total</div>
            </td>
            <td style="width: 25.46%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; font-style: italic; font-weight: bold;">16,035,856</div>
            </td>
            <td style="width: 23.65%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 25.23%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          </tr>

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      <div style="text-align: center;">I-1<br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
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    </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>d8362951_ex-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Sewatd & Kissel LLP
         Document created using EDGARfilings PROfile 6.3.0.0
         Copyright 1995 - 2019 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
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      <div> <br>
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      <div style="text-align: right;">
        <div style="background-color: #FFFFFF;">
          <div style="margin-top: 3pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">EXHIBIT 2</div>
          <div><br>
          </div>
        </div>
      </div>
      <div style="text-align: right;"><br>
        <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">EXECUTION VERSION</div>
      </div>
      <div><font style="font-weight: bold;"> <br>
        </font></div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <br>
      <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">REGISTRATION RIGHTS AGREEMENT</div>
      <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">BY AND AMONG</div>
      <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">FRONTLINE LTD.</div>
      <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">AND</div>
      <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">THE OTHER PARTIES LISTED</div>
      <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">ON SCHEDULE I HERETO</div>
      <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">Dated as of August 23, 2019</div>
      <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"> <br>
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          <tr>
            <td style="vertical-align: top;" colspan="3">
              <div style="text-align: center; font-size: 12pt; font-weight: bold;">TABLE OF CONTENTS</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt; font-weight: bold;">Page</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="text-align: justify; font-size: 12pt;">ARTICLE I DEFINITIONS</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 1.01.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Defined Terms</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 1.02.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Other Interpretive Provisions.</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">5</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="text-align: justify; font-size: 12pt;">ARTICLE II REGISTRATION RIGHTS</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 2.01.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Shelf Registration.</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 2.02.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Registration Procedures.</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 2.03.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Registration Expenses</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">13</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 2.04.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Rules 144 and 144A and Regulation S</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">13</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 2.05.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">In-Kind Distributions</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">13</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 2.06.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Restrictive Legend</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">14</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="text-align: justify; font-size: 12pt;">ARTICLE III INDEMNITY</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">15</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 3.01.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Indemnification.</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">15</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="text-align: justify; font-size: 12pt;">ARTICLE IV MISCELLANEOUS</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">18</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 4.01.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Term</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">18</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 4.02.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Injunctive Relief</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">18</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 4.03.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Notices</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">18</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 4.04.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Recapitalization</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">19</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 4.05.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Amendment</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">19</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 4.06.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Successors, Assigns and Transferees</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">19</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 4.07.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Binding Effect</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">20</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 4.08.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Third Party Beneficiaries</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">20</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 4.09.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="font-size: 12pt;">Governing Law; Jurisdiction; Agent For Service</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">20</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 4.10.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Waiver of Jury Trial</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">20</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 4.11.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Immunity Waiver</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 4.12.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Entire Agreement</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 4.13.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Severability</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 4.14.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Counterparts</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Section 4.15.</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Joinder</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">SCHEDULE I <br>
              </div>
            </td>
            <td style="width: 70%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top; text-align: right;">&#160;I-1</td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt; font-weight: bold;">Annex A</div>
            </td>
            <td style="width: 70%; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;"><br>
              </div>
            </td>
            <td style="width: 15%; vertical-align: top; text-align: right;">&#160;A-1</td>
          </tr>

      </table>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>REGISTRATION RIGHTS AGREEMENT</u></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">This Registration Rights Agreement (this &#8220;<u>Agreement</u>&#8221;) is made, entered into and effective August&#160; &#160; &#160;&#160; , 2019 by and among Frontline Ltd., a Bermuda
        exempted company (including any of its successors by merger, acquisition, reorganization, conversion or otherwise, the &#8220;<u>Company</u>&#8221;), Trafigura Maritime Logistics Pte. Ltd. (the &#8220;<u>Trafigura Seller</u>&#8221;) and the Persons set forth on <u>Schedule





          I</u> hereto. Unless otherwise indicated, capitalized terms used herein shall have the meanings ascribed to such terms in <u>Section 1.01</u>.</div>
      <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">WITNESSETH:</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, the Company has proposed to conduct a series of transactions in which Frontfleet Ltd., a wholly-owned subsidiary of the Company (the &#8220;<u>Frontline
          Buyer</u>&#8221;) has agreed to purchase all of the outstanding shares (the &#8220;<u>Shares</u>&#8221;) of a wholly-owned subsidiary of the Trafigura Seller, which is wholly owned by Trafigura Pte. Ltd. (&#8220;<u>Trafigura</u>&#8221;), and the Frontline Buyer has the option
        to purchase all of the outstanding shares (the &#8220;<u>Option Shares</u>&#8221;) of another wholly-owned subsidiary of the Trafigura Seller, pursuant to the Sale and Purchase Agreement between the Frontline Buyer, the Company, Trafigura and the Trafigura
        Seller, dated August&#160; &#160; &#160;&#160; , 2019 (the &#8220;<u>SPA</u>&#8221;);</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, in order to facilitate, and as consideration for, the transactions contemplated by the SPA (collectively, the &#8220;<u>Transactions</u>&#8221;), pursuant to
        which and subject to the satisfaction or waiver of the conditions set forth therein, the Company has agreed to issue to the Trafigura Seller (or its designee as set forth on Schedule I hereto) (such designee, the &#8220;<u>Trafigura Seller Nominee</u>&#8221;)
        an aggregate of 16,035,856 of the Company&#8217;s ordinary shares, par value $1.00 per share (the &#8220;<u>Ordinary Shares</u>&#8221;) in consideration for the Shares and such number of Ordinary Shares that may be issued pursuant to the terms and conditions of the
        SPA in consideration for the Option Shares; and</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, the Company has committed to prepare and file one or more prospectus supplements to the Existing Registration Statement or, if the Existing Shelf
        Registration Statement is not available to register secondary shares for resale, a new Registration Statement (as defined below), covering the resale of the Ordinary Shares to be issued to the Trafigura Seller and/or the Trafigura Seller Nominee,
        as applicable, under the SPA, pursuant to Rule 415 under the Securities Act.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable
        consideration the receipt and sufficiency of which are hereby acknowledged, and subject to the satisfaction or waiver of the conditions hereof, the parties hereto agree as follows:</div>
      <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-size: 12pt; font-weight: bold;">ARTICLE I<br>
        <br>
        DEFINITIONS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 1.01.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>Defined Terms</u></font>.&#160; As used
          in this Agreement, the following terms shall have the following meanings:</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Adverse Disclosure</u>&#8221; means public disclosure of material non-public information that, in the Board of Directors&#8217; good faith judgment, after consultation
        with independent outside counsel to the Company, would be required to be made in any Registration Statement filed with the Commission by the Company so that such Registration Statement would not be materially misleading and would not be required to
        be made at such time but for the filing of such Registration Statement, but which information the Company has a <u>bona</u>&#160;<u>fide</u> business purpose for not disclosing publicly.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Affiliate</u>&#8221; has the meaning specified in Rule 12b-2 under the Exchange Act. The term &#8220;<u>Affiliated</u>&#8221; has a correlative meaning.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Agreement</u>&#8221; has the meaning set forth in the preamble.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Authorized Agent</u>&#8221; has the meaning set forth in <u>Section 4.09</u>.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Board of Directors</u>&#8221; means the board of directors of the Company.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Business Day</u>&#8221; means any day other than a Saturday, Sunday or a day on which commercial banks located in New York, New York are required or authorized
        by law or executive order to be closed.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Commission</u>&#8221; means the United States Securities and Exchange Commission.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Company</u>&#8221; has the meaning set forth in the preamble.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Consideration Shares</u>&#8221; means the Ordinary Shares to be issued to the Trafigura Seller Nominee in connection with the signing of the SPA as partial
        consideration for the Shares.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Exchange Act</u>&#8221; means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations promulgated thereunder,
        all as the same shall be in effect from time to time.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Existing Registration Statement</u>&#8221; means the automatic shelf registration statement filed with the Commission on July 5, 2019.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>FINRA</u>&#8221; means the Financial Industry Regulatory Authority, Inc.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Foreign Private Issuer</u>&#8221; means a &#8220;foreign private issuer,&#8221; as defined in Rule 405 under the Securities Act.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Form F-1</u>&#8221; means a registration statement on Form F-1 under the Securities Act.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Form F-3</u>&#8221; means a registration statement on Form F-3 under the Securities Act.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Frontline Buyer</u>&#8221; has the meaning set forth in the recitals.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Governmental Authority</u>&#8221; means any United States federal, state, local (including county or municipal) or foreign governmental, regulatory or
        administrative authority, agency, division,</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">instrumentality, commission, court, judicial or arbitral body or any securities exchange or similar self-regulatory organization.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Holder</u>&#8221; means any holder of Registrable Securities that is a party hereto or that succeeds to rights hereunder pursuant to <u>Section 4.06</u>.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Issuer Free Writing Prospectus</u>&#8221; means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating to an offer of
        Registrable Securities.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Loss</u>&#8221; or &#8220;<u>Losses</u>&#8221; has the meaning set forth in <u>Section 3.01(a)</u>.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Material Adverse Effect</u>&#8221; means any event, occurrence, development or state of circumstances or facts that, individually or in the aggregate, would
        reasonably be expected to (i) materially impair or delay the ability of the Company to consummate the transactions contemplated by this Agreement or (ii) have a material adverse effect on the condition (financial or otherwise), business, assets or
        results of operations of the Company.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Misstatement</u>&#8221; has the meaning set forth in <u>Section 2.01(e)</u>.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Option Consideration Shares</u>&#8221; means the Ordinary Shares to be issued and allotted to the Trafigura Seller or the Trafigura Seller Nominee, as
        applicable, by the Company on or as soon as possible after the option to purchase the Option Shares is validly exercised in accordance with the SPA.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Option Shares</u>&#8221; has the meaning set forth in the recitals.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Ordinary Shares</u>&#8221; has the meaning set forth in the recitals.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Participating Holder</u>&#8221; means, with respect to any Registration, any Holder of Registrable Securities covered by the applicable Registration Statement.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#160;&#8220;<u>Person</u>&#8221; means any individual, partnership, corporation, limited liability company, unincorporated organization, trust or joint venture, or a
        Governmental Authority or political subdivision thereof or any other entity.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Prospectus</u>&#8221; means the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including pre- and
        post-effective amendments to such Registration Statement, and all other material incorporated by reference in such prospectus.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#160;&#8220;<u>Registrable Securities</u>&#8221; means any Consideration Shares or Option Consideration Shares (as applicable) or any other securities that may be issued or
        distributed or be issuable or distributable in respect of, or in substitution for, any Consideration Shares or Option Consideration Shares (as applicable) by way of conversion, exercise, dividend, stock split or other distribution, merger,
        consolidation, exchange, recapitalization or reclassification or similar transaction, in each case whether now owned or hereafter acquired by the Holder; <u>provided</u>,<u> however</u>, that any such Registrable Securities shall cease to be
        Registrable Securities (and deemed no longer outstanding for purposes of Sections 2.01(b) and 4.01) to the extent (i) a Registration Statement with respect to the sale of such Registrable Securities has been declared effective under the Securities
        Act and</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">such Registrable Securities have been sold, transferred, disposed of or exchanged in accordance with the plan of distribution set forth in such Registration Statement, (ii) such
        Registrable Securities have been distributed pursuant to Rule 144 or Rule 145 of the Securities Act (or any successor rule), (iii) such Registrable Securities may be sold without registration pursuant to Rule 144 of the Securities Act without
        volume or manner-of-sale restrictions or the current public information requirement of Rule 144 or (iv) such Registrable Securities are otherwise transferred, assigned, sold, conveyed or otherwise disposed of and thereafter such securities may be
        resold without subsequent Registration under the Securities Act.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Registration</u>&#8221; means a registration with the Commission of securities of the Company under a Registration Statement.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Registration Expenses</u>&#8221; has the meaning set forth in <u>Section 2.03</u>.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Registration Statement</u>&#8221; means a registration statement of the Company, including the Existing Registration Statement, that covers the offer and sale of
        Registrable Securities pursuant to the provisions of this Agreement filed with, or to be filed with, the Commission under the rules and regulations promulgated under the Securities Act, including the related Prospectus, amendments and supplements
        to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by reference into such registration statement.&#160; &#8220;<u>Representatives</u>&#8221; means, with respect to any Person, any of such
        Person&#8217;s officers, directors, employees, agents, attorneys, accountants, actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Restrictive Legend</u>&#8221; has the meaning set forth in <u>Section 2.06</u>.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Rule 144</u>&#8221; means Rule 144 (or any successor provisions) under the Securities Act.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Rule 415 Limitation</u>&#8221; has the meaning set forth in <u>Section 2.01(a)</u>.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Securities Act</u>&#8221; means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as
        the same shall be in effect from time to time. </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Shares</u>&#8221; has the meaning set forth in the recitals.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Shareholder Parties</u>&#8221; has the meaning set forth in <u>Section 3.01(a)</u>.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Shelf Period</u>&#8221; has the meaning set forth in <u>Section 2.01(b)</u>.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Shelf Registration</u>&#8221; has the meaning set forth in <u>Section 2.01(a)</u>.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Shelf Registration Statement</u>&#8221; means a Registration Statement filed with the Commission on either (i) Form F-3 (or any successor form), which shall be
        an automatic shelf registration statement if the Company is then eligible to use an automatic shelf registration statement, or (ii) solely if the Company is not permitted to file or use a Registration Statement on Form F-3 or register all
        Registrable Securities on such form, an evergreen Registration Statement on Form F-1 (or any successor form), which, in the case the Company is not permitted to register all Registrable</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Securities on Form F-3, shall register any such shares not registered on Form F-3, in each case for an offering to be made on a continuous basis pursuant to Rule 415 under the
        Securities Act (or any successor provision) covering the resale of all or any portion of the Registrable Securities, as applicable, including the related Prospectus, and all amendments and supplements to such Shelf Registration Statement, including
        pre- and post-effective amendments, and all exhibits and all material incorporated by reference into such Shelf Registration Statement and to the extent the forms described in (i) and (ii) above are not available to the Company, such other form the
        Company is eligible to use (if any).</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Shelf Suspension</u>&#8221; has the meaning set forth in <u>Section 2.01(d)</u>.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Specified Courts</u>&#8221; has the meaning set forth in <u>Section 4.09</u>.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Subsidiary</u>&#8221; means, with respect to any Person, any entity of which (i) a majority of the total voting power of shares of stock or equivalent ownership
        interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, trustees or other members of the applicable governing body thereof is at the time owned or controlled, directly or indirectly,
        by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if no such governing body exists at such entity, a majority of the total voting power of shares of stock or equivalent ownership interests of
        the entity is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership
        interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or
        shall be or control the managing member or general partner of such limited liability company, partnership, association or other business entity.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Trafigura</u>&#8221; has the meaning set forth in the recitals.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Trafigura Seller</u>&#8221; has the meaning set forth in the recitals.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Trafigura Seller Nominee</u>&#8221; has the meaning set forth in the recitals.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Transactions</u>&#8221; has the meaning set forth in the recitals.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Transfer Agent</u>&#8221; means Computershare Trust Company N.A. or such other duly appointed transfer agent from time to time.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 1.02.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;"><u>Other Interpretive Provisions</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">In this Agreement, except as otherwise provided:</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">A reference to an Article, Section or
          Schedule is a reference to an Article or Section of, or Schedule to, this Agreement, and references to this Agreement include any recital in or Schedule to this Agreement.</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">The Schedules form an integral part of and
          are hereby incorporated by reference into this Agreement.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">Headings and the Table of Contents are
          inserted for convenience only and shall not affect the construction or interpretation of this Agreement.</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">Unless the context otherwise requires,
          words importing the singular include the plural and vice versa, words importing the masculine include the feminine and vice versa, and words importing persons include corporations, associations, partnerships, joint ventures and limited liability
          companies and vice versa.</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">Unless the context otherwise requires, the
          words &#8220;hereof&#8221; and &#8220;herein,&#8221; and words of similar meaning refer to this Agreement as a whole and not to any particular Article, Section or clause. The words &#8220;include,&#8221; &#8220;includes&#8221; and &#8220;including&#8221; shall be deemed to be followed by the words
          &#8220;without limitation.&#8221;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(vi)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">A reference to any legislation or to any
          provision of or form or rule promulgated under any legislation shall include any amendment, modification, substitution or re-enactment thereof.</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(vii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">At any time the Company is not a Foreign
          Private Issuer, any references in this Agreement to a form or filing that may be made by a Foreign Private Issuer shall be deemed to be references to the corresponding form or filing that may be made by an entity that is not a Foreign Private
          Issuer.</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">The parties hereto have participated jointly in the
          negotiation and drafting of this Agreement. In the event an ambiguity or question of intention or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall
          arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement.</font></div>
      <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-size: 12pt; font-weight: bold;">ARTICLE II<br>
        <br>
        REGISTRATION RIGHTS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 2.01.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;"><u>Shelf Registration</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;"><u>Filing</u>.&#160; As soon as reasonably practicable after
          Signing (as defined in the SPA) and in no event later than two (2) business days following the Second Option Exercise Expiry Date (as defined in the SPA) the Company shall prepare and file with the Commission either (i) if the Existing
          Registration Statement is available to register secondary shares for resale, a prospectus supplement to the Existing Registration Statement or (ii) if the Existing Registration Statement is not available to register secondary shares for resale, a
          new Shelf Registration Statement, in either case, covering the resale of all Registrable Securities issued and outstanding as of such date of registration, provided that if Option Consideration Shares are issued after the prospectus supplement to
          the Existing Registration Statement or the new Shelf Registration Statement, as applicable, is filed with the Commission, and such prospectus supplement or new Shelf Registration Statement, as applicable, does not include the Option Consideration
          Shares, then the Company shall&#160; prepare and file with the Commission either (i) if the Existing Registration Statement is available to register secondary shares for resale, a new prospectus supplement to the Existing Registration Statement or
          (ii) if the Existing Registration Statement is not available to</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-size: 12pt;">register secondary shares for resale, and a new Shelf Registration Statement has been filed with the Commission, a prospectus supplement or amendment to the new
        Shelf Registration Statement, or (iii) if the Shelf Registration Statement referred to in clause (ii) is not available to register secondary shares for resale, a new Shelf Registration Statement, in any case, covering the resale of the Option
        Consideration Shares promptly following their issuance. The Shelf Registration Statement described in this <u>Section 2.01(a)</u> shall relate to the offer and sale of Registrable Securities by the Holders thereof from time to time in accordance
        with the methods of distribution set forth in the Shelf Registration Statement (including any plan of distribution that the Trafigura Seller Nominee, reasonably approves prior to the filing of such Shelf Registration Statement) and Rule 415 under
        the Securities Act (such Registration Statement, together with any Registration Statement to replace such Registration Statement upon expiration thereof, if any, is referred to hereinafter as the &#8220;<u>Shelf Registration</u>&#8221;). Subject to the terms
        of this Agreement, the Company shall use its reasonable best efforts to cause such Shelf Registration Statement to become effective under the Securities Act as promptly as practicable after the filing thereof; provided that if the Shelf
        Registration filed with the Commission is subject to review by the Commission, the Company shall use its reasonable best efforts to cause such Shelf Registration Statement to become effective no later than the date that is the earlier of (x) the
        ninetieth (90) calendar day after the Shelf Registration Statement is filed with the Commission and (y) the fifth (5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) Business Day after the date the Company is notified by the Commission that the Shelf Registration Statement will not
        be reviewed or will not be subject to further review. The Company shall use its reasonable best efforts to address any comments from the Commission regarding such Shelf Registration Statement and to advocate with the Commission for the Registration
        of all Registrable Securities in accordance with applicable Commission rules and regulations. Notwithstanding the foregoing, if the Commission prevents the Company from including any or all Registrable Securities on the Shelf Registration Statement
        due to limitations on the use of Rule 415 of the Securities Act for the resale of the Registrable Securities by the Holders (a &#8220;<u>Rule 415 Limitation</u>&#8221;) or otherwise, such Shelf Registration Statement shall register the resale of a number of
        Registrable Securities that is equal to the maximum number of shares as is permitted by the Commission and the number of Registrable Securities registered for each Holder shall be reduced pro rata among all holders. In the event of a Rule 415
        Limitation, subject to the provisions of this <u>Section 2.01</u>, the Company shall use its reasonable best efforts to register all remaining Registrable Securities as set forth in this <u>Article II</u> as promptly as practicable, whether by
        way of amending such Shelf Registration Statement or filing a new Registration Statement. If, at the time of the filing of such Shelf Registration Statement, the Company is eligible to use an automatic shelf registration statement, then such Shelf
        Registration Statement shall be filed as an automatic shelf registration statement, or as a prospectus supplement to an existing Shelf Registration Statement, if available to register secondary shares for resale. The Company shall bear all
        Registration Expenses in connection with the Shelf Registration pursuant to this <u>Section 2.01</u>, whether or not such Shelf Registration becomes effective.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;"><u>Continued Effectiveness</u>. Except as provided herein, the
          Company shall use its reasonable best efforts to keep the Shelf Registration Statement filed pursuant to <u>Section 2.01(a)</u> continuously effective under the Securities Act until the earliest of (i) the date on which there are no Registrable
          Securities outstanding and (ii) such shorter period as the Holders of a majority of the Registrable Securities then outstanding shall agree in writing (such period of effectiveness, the &#8220;<u>Shelf Period</u>&#8221;). Subject to <u>Section 2.01(d)</u>,
          the Company shall not be deemed to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the Shelf Period</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-size: 12pt;">for purposes of this <u>Section 2.01(b)</u> if the Company voluntarily and intentionally takes any action or omits to take any action that would result in
        Holders not being able to offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period in accordance with the terms of this Agreement, unless such action or omission is (x) a Shelf Suspension
        permitted pursuant to <u>Section 2.01(d)</u> or (y) required by applicable law, rule or regulation.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;"><u>Certain Undertakings</u>. Notwithstanding any other
          provisions of this Agreement to the contrary, the Company shall cause (i) the Shelf Registration Statement (as of the effective date of such Shelf Registration Statement), any amendment thereof (as of the effective date thereof) or supplement
          thereto (as of its date), (A) to comply in all material respects with applicable Commission form requirements and Commission rules and regulations and (B) not to contain any untrue statement of a material fact or omit to state a material fact
          required to be stated therein or necessary in order to make the statements therein not misleading, and (ii) any related Prospectus (including any preliminary Prospectus) or Issuer Free Writing Prospectus and any amendment thereof or supplement
          thereto, as of its date, (A) to comply in all material respects with applicable Commission rules and regulations and (B) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
          necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; <u>provided</u>,<u> however</u>, the Company shall have no such obligations or liabilities with respect to any written
          information pertaining to any Holder furnished in writing to the Company by or on behalf of such Holder specifically for inclusion therein.</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;"><u>Suspension of Registration</u>. If the Company shall
          furnish to the Holders a certificate signed by the Chief Executive Officer or equivalent senior executive officer of the Company stating that the filing (including the filing of any amendment or supplement to the Shelf Registration Statement) or
          the continued use of a Shelf Registration Statement filed pursuant to Section 2.01(a) would require the Company to make an Adverse Disclosure, then the Company may postpone the filing, amendment or supplement (but not the preparation thereof)
          and/or suspend use, of such Shelf Registration Statement (a &#8220;<u>Shelf Suspension</u>&#8221;); <u>provided</u>,<u> however</u>, that no such postponement or suspension shall be for more than sixty (60) consecutive days on any one occasion and the
          Company shall not be permitted to exercise a Shelf Suspension more than two (2) times, or for more than an aggregate of ninety (90) days; <u>provided</u>,<u> further</u>, that in the event of a Shelf Suspension, such Shelf Suspension shall
          terminate at such earlier time as the Company would no longer be required to make any Adverse Disclosure. Each Holder agrees that, upon delivery of any certificate by the Company set forth in the first sentence of this <u>Section 2.01(d)</u>,
          such Holder will forthwith discontinue disposition of Registrable Securities pursuant to the Shelf Registration Statement until the Company informs such Holder in accordance with this <u>Section 2.01(d)</u> that the Shelf Suspension has been
          terminated. Each Holder shall keep confidential the fact that a Shelf Suspension is in effect, the certificate referred to above and its contents unless and until otherwise notified by the Company, except (A) for disclosure to such Holder&#8217;s
          employees, agents and professional advisers who reasonably need to know such information for purposes of assisting the Holder with respect to its investment in the Consideration Shares and Option Consideration Shares (as applicable) and agree to
          keep it confidential, (B) for disclosures to the extent required in order to comply with reporting obligations to its limited partners or other direct or indirect investors who have agreed to keep such information confidential, (C) if and to the
          extent such matters are publicly disclosed by the Company or any of its Subsidiaries or any other Person</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-size: 12pt;">that, to the actual knowledge of such Holder, was not subject to an obligation or duty of confidentiality to the Company and its Subsidiaries, (D) as required by
        law, rule or regulation (and in which case such Holder, to the extent not prohibited by law, shall provide advance written notice of such requirement and the contents of the proposed disclosure to the Company to the extent that it is permitted to
        do so under applicable law) and (E) for disclosure to any other Holder. In the case of a Shelf Suspension, the Holders agree to suspend use of the applicable Prospectus and any Issuer Free Writing Prospectus in connection with any sale or purchase
        of, or offer to sell or purchase, Registrable Securities, upon delivery of the notice referred to above. The Company shall promptly notify the Holders upon the termination of any Shelf Suspension, amend or supplement the Prospectus and any Issuer
        Free Writing Prospectus, if necessary, so it does not contain a material misstatement of fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they
        were made, not misleading and furnish to the Holders such numbers of copies of the Prospectus and any Issuer Free Writing Prospectus as so amended or supplemented as the Holders may reasonably request. The Company agrees, if necessary, to
        supplement or make amendments to the Shelf Registration Statement if required by the registration form used by the Company for the Registration or by Commission rules and regulations, or as may reasonably be requested by any Holder.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>Suspension of Sales.</u></font><font style="color: #1F497D;">&#160;</font><font style="color: #000000;">Upon receipt of written notice from the Company that the Registration Statement or a Prospectus contains an untrue statement of a material fact or omits to state a material fact
            required to be stated therein or necessary to make the statements therein not misleading (a &#8220;</font><font style="color: #000000;"><u>Misstatement</u></font><font style="color: #000000;">&#8221;), each Holder of Registrable Securities shall forthwith
            discontinue disposition of Registrable Securities until such Holder has received copies of the supplemented or amended Prospectus that corrects such Misstatement, or until such Holder is advised in writing by the Company that the use of the
            Prospectus may be resumed, and, if so directed by the Company, such Holder shall deliver to the Company all copies, other than permanent file copies then in such Holder&#8217;s possession, of the Prospectus covering such Registrable Securities
            current at the time of receipt of such notice. Except during a Shelf Suspension pursuant to </font><font style="color: #000000;"><u>Section 2.01(d)</u></font><font style="color: #000000;">, the Company shall promptly amend or supplement any
            such Prospectus (including, if applicable, by filing a report under the Exchange Act) as promptly as possible to remedy any such Misstatement.</font></font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 2.02.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;"><u>Registration Procedures</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">In connection with the Company&#8217;s Registration obligations
          under <u>Section 2.01</u> and subject to the applicable terms and conditions set forth therein, the Company shall use its reasonable best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with
          the plan of distribution set forth in the Registration Statement as expeditiously as reasonably practicable, and in connection therewith the Company shall:</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">prepare the required Registration
          Statement, including all exhibits and financial statements required under the Securities Act to be filed therewith, and before filing a Registration Statement, Prospectus or any Issuer Free Writing Prospectus, or any amendments or supplements
          thereto, (x) furnish to the Trafigura Seller and the Participating Holder, copies of all documents prepared to be filed, and provide the Participating Holder and its counsel at least three (3) Business Days to review and comment on such documents
          prior to their filing and (y) not file any Registration Statement or<br>
        </font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
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      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-size: 12pt;">Prospectus or amendments or supplements thereto to which the Participating Holder shall reasonably object;</div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">prepare and file with the Commission such
          pre- and post-effective amendments to such Registration Statement, supplements to the Prospectus and such amendments or supplements to any Issuer Free Writing Prospectus as may be (x) reasonably requested by the Trafigura Seller or the Trafigura
          Seller Nominee, (y) reasonably requested by any other Participating Holder (to the extent such request relates to information relating to such Holder), or (z) necessary to keep such Registration effective for the period of time required by this
          Agreement, and use its reasonable best efforts to comply with provisions of the applicable securities laws and Commission rules and regulations with respect to the sale or other disposition of all securities covered by such Registration Statement
          during such period in accordance with the intended method or methods of disposition by the sellers thereof set forth in such Registration Statement, and prior to the filing of such amendments and supplements, furnish such amendments and
          supplements to the Trafigura Seller and the Participating Holder, and provide the Participating Holder and its counsel at least three (3) Business Days to review and comment on such amendments and supplements prior to their filing and not file
          any such amendments or supplements to which the Participating Holder shall reasonably object;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">promptly notify the Participating Holders
          and (if requested) confirm such advice in writing and provide copies of the relevant documents upon the request of a Holder, as soon as reasonably practicable after notice thereof is received by the Company (A) when the Registration Statement or
          any amendment thereto has been filed or becomes effective, and when the applicable Prospectus or Issuer Free Writing Prospectus or any amendment or supplement thereto has been filed, (B) of any written comments by the Commission or any request by
          the Commission or any other Governmental Authority for amendments or supplements to such Registration Statement, Prospectus or Issuer Free Writing Prospectus or for additional information, (C) of the issuance or threatened issuance by the
          Commission of any stop order suspending or threatening to suspend the effectiveness of such Registration Statement or any order by the Commission or any other regulatory authority preventing or suspending the use of any preliminary or final
          Prospectus or any Issuer Free Writing Prospectus or the initiation or threatening of any proceedings for such purposes, (D) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable
          Securities for offering or sale in any jurisdiction and (E) of the receipt by the Company of any notification with respect to the initiation or threatening of any proceeding for the suspension of the qualification of the Registrable Securities
          for offering or sale in any jurisdiction;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">promptly notify the Participating Holders
          when the Company becomes aware of the happening of any event as a result of which the Registration Statement, the Prospectus included in such Registration Statement (as then in effect) or any Issuer Free Writing Prospectus contains any untrue
          statement of a material fact or omits to state a material fact necessary to make the statements therein (in the case of such Prospectus, any preliminary Prospectus or any Issuer Free Writing Prospectus, in light of the circumstances under which
          they were made) not misleading, when any Issuer Free Writing Prospectus includes information that may conflict with the information contained</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-size: 12pt;">in the Registration Statement, or, if for any other reason it shall be necessary during such time period to amend or supplement such
        Registration Statement, Prospectus or Issuer Free Writing Prospectus in order to comply with the Securities Act and, in either case as promptly as reasonably practicable thereafter, prepare and file with the Commission, and furnish without charge
        to the Participating Holders an amendment or supplement to such Registration Statement, Prospectus or Issuer Free Writing Prospectus which shall correct such misstatement or omission or effect such compliance;</div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">use its reasonable best efforts to prevent,
          or obtain the withdrawal of, any stop order or other order suspending the use of any preliminary or final Prospectus or any Issuer Free Writing Prospectus;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(vi)</font>&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt; color: #000000;">promptly incorporate in a Prospectus
          supplement, Issuer Free Writing Prospectus or post-effective amendment to the Registration Statement such additional information as the Participating Holder shall reasonably request to be included therein relating to the plan of distribution with
          respect to such Registrable Securities, and make all required filings of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified of the matters to be
          incorporated in such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(vii)</font>&#160;&#160;&#160;&#160; <font style="font-size: 12pt; color: #000000;">furnish to each Participating Holder, without
          charge, as many conformed copies as such Holder may reasonably request of the Registration Statement and any amendment, post-effective amendment or supplement thereto, including financial statements and schedules, all documents incorporated
          therein by reference and all exhibits (including any incorporated by reference);</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(viii)</font>&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt; color: #000000;">deliver to each Participating Holder,
          without charge, as many copies of the applicable Prospectus (including each preliminary Prospectus), any Issuer Free Writing Prospectus and any amendment or supplement thereto as such Holder may reasonably request (it being understood that the
          Company consents to the use of such Prospectus, any Issuer Free Writing Prospectus and any amendment or supplement thereto by such Holder, in connection with the offering and sale of the Registrable Securities thereby) and such other documents as
          such Holder may reasonably request in order to facilitate the disposition of the Registrable Securities by such Holder;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(ix)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt; color: #000000;">on or prior to the date on which the
          Registration Statement is declared effective, use its reasonable best efforts to register or qualify, and cooperate with the Participating Holders, and their respective counsel, in connection with the registration or qualification of such
          Registrable Securities for offer and sale under the securities or &#8220;Blue Sky&#8221; laws of each state and other jurisdiction of the United States as any Participating Holder, or their respective counsel reasonably request in writing and do any and all
          other acts or things reasonably necessary or advisable to keep such registration or qualification in effect for such period as required by <u>Section 2.01(b)</u>, whichever is applicable, <u>provided </u>that the Company shall not be required
          to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">13</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-size: 12pt;">would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject;</div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(x)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">use its reasonable best efforts to cause
          the Registrable Securities covered by the Registration Statement to be registered with or approved by such other Governmental Authorities as may be necessary to enable the seller or sellers thereof to consummate the disposition of such
          Registrable Securities;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(xi)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt; color: #000000;">cooperate with each Participating Holder
          and their respective counsel in connection with any filings required to be made with the FINRA;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(xii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt; color: #000000;">use its reasonable best efforts to comply
          with all applicable securities laws and make available to its security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated
          thereunder;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(xiii)</font>&#160;&#160;&#160;&#160; <font style="font-size: 12pt; color: #000000;">provide and cause to be maintained a
          transfer agent and registrar for all Registrable Securities covered by the applicable Registration Statement from and after a date not later than the effective date of such Registration Statement;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(xiv)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt; color: #000000;">use its reasonable best efforts to cause
          all Registrable Securities covered by the Registration Statement to be listed on each securities exchange on which any of the Ordinary Shares are then listed or quoted and on each inter-dealer quotation system on which any of the Ordinary Shares
          are then quoted;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">It shall be a condition precedent to the obligations of the
          Company to take any action pursuant to Section 2.01 that the Participating Holders shall furnish to the Company such information regarding the distribution of such securities and such other information relating to such Holder and its ownership
          and method of distribution of Registrable Securities as the Company or its counsel may from time to time reasonably request in writing. Each Participating Holder agrees to furnish such information to the Company and to cooperate with the Company
          as reasonably necessary to enable the Company to comply with the provisions of this Agreement.</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;">Each Participating Holder agrees that, upon delivery of any
          notice by the Company of the happening of any event of the kind described in <u>Section 2.02(a)(iii)(C)</u>, <u>(D)</u>, or <u>(E)</u> or <u>Section 2.02(a)(iv)</u>, such Holder will forthwith discontinue disposition of Registrable Securities
          pursuant to such Registration Statement until (i) such Holder&#8217;s receipt of the copies of the supplemented or amended Prospectus or Issuer Free Writing Prospectus contemplated by <u>Section 2.02(a)(iv)</u>, (ii) such Holder is advised in writing
          by the Company that the use of the Prospectus or Issuer Free Writing Prospectus, as the case may be, may be resumed or (iii) such Holder is advised in writing by the Company of the termination, expiration or cessation of such order or suspension
          referenced in <u>Section 2.02(a)(iii)(C)</u> or <u>(E)</u>. If so directed by the Company, such Holder shall deliver to the Company (at the Company&#8217;s expense) all copies, other than permanent file copies then in such Holder&#8217;s possession, of the
          Prospectus or any Issuer Free Writing Prospectus covering the offer and sale of such Registrable Securities current at the time of delivery of such notice. In the event the Company shall give any such notice, the period during which the
          Registration Statement is required to be maintained effective shall be extended by the</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">14</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-size: 12pt;">number of days during the period from and including the date of the giving of such notice to and including the date when each seller of Registrable Securities
        covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus or Issuer Free Writing Prospectus contemplated by <u>Section 2.02(a)(iv)</u> or is advised in writing by the Company that the use of the
        Prospectus or Issuer Free Writing Prospectus may be resumed.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 2.03.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>Registration Expenses</u></font>.&#160;
          All expenses incident to the Company&#8217;s performance of or compliance with this Agreement and incurred by or on behalf of the Company shall be paid by the Company, including (i) all registration and filing fees, and any other fees and expenses
          associated with filings required to be made with the Commission or FINRA, (ii) all fees and expenses in connection with compliance with any securities or &#8220;Blue Sky&#8221; laws, (iii) all printing, duplicating, word processing, messenger, telephone,
          facsimile and delivery expenses (including expenses of printing any required certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing Prospectuses and Issuer Free Writing
          Prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants of the Company (including the expenses of any special audits incidental to or required by any registration), (v)
          Securities Act liability insurance or similar insurance if the Company so desires, (vi) all fees and expenses incurred in connection with the listing of Registrable Securities on any securities exchange or quotation of the Registrable Securities
          on any inter-dealer quotation system, (vii) all fees and expenses of any special experts or other Persons retained by the Company in connection with any Registration, (viii) all of the Company&#8217;s internal expenses (including all salaries and
          expenses of its officers and employees performing legal or accounting duties), (ix) transfer agents&#8217; and registrars&#8217; fees and expenses and the fees and expenses of any other agent or trustee appointed by the Company in connection with such
          offering and (x) any other fees and disbursements customarily paid by the issuers of securities. All such fees and expenses are referred to herein as &#8220;<u>Registration Expenses.</u>&#8221;&#160; &#160; Notwithstanding anything to the contrary contained herein,
          the Company shall not be obligated to pay, including among others, any of the fees and expenses of brokers or dealers engaged by any Participating Holder, any fees or expenses relating to the transfer of the Registrable Securities, including any
          applicable taxes, or any legal fees and expenses or other costs of such Participating Holder.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 2.04.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>Rules 144 and 144A and Regulation S</u></font><u>.</u>&#160;
          The Company covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder (or, if the Company is not required to file such
          reports, it will, upon the reasonable request of a Holder, make publicly available such necessary information for so long as necessary to permit sales pursuant to Rules 144, 144A or Regulation S under the Securities Act), and it will take such
          further action as such Holder may reasonably request, all to the extent required from time to time to enable the Holders, to sell Registrable Securities without Registration under the Securities Act within the limitation of the exemptions
          provided by (i) Rules 144, 144A or Regulation S under the Securities Act, as such Rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the Commission. Upon the reasonable request of a Holder, the
          Company will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 2.05.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>In-Kind Distributions</u></font>.&#160;
          If any Holder seeks to effectuate an in-kind distribution of all or part of its Consideration Shares or Option Consideration Shares (as</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">applicable) to its direct or indirect equityholders, the Company will reasonably cooperate with and assist such Holder, such equityholders and the Company&#8217;s transfer agent to
        facilitate such in-kind distribution in the manner reasonably requested by such Holder (including the delivery of instruction letters by the Company or its counsel to the Company&#8217;s transfer agent, the delivery of customary legal opinions by counsel
        to the Company and the delivery of Consideration Shares and Option Consideration Shares (as applicable) without restrictive legends, to the extent no longer applicable).</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 2.06.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>Restrictive Legend</u></font><u>.</u>&#160;
          The Holder understands that, until such time as the Registration Statement becomes effective or the Registrable Securities may be sold pursuant to Rule 144 under the Securities Act without any restrictions, the Registrable Securities shall be
          evidenced by certificates or by book-entry accounts maintained by the Company&#8217;s transfer agent and shall bear restrictive legends in substantially the following forms (such a restrictive legend, a &#8220;<u>Restrictive Legend</u>&#8221;) which shall only be
          removed pursuant to the terms of the SPA:</font></div>
      <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;THE SHARES EVIDENCED BY THIS ENTRY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;SECURITIES ACT&#8221;) OR THE
        SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SHARES MAY NOT BE OFFERED, SOLD, LOANED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE
        REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS
        RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.&#8221;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The Company agrees to promptly remove or cause the Transfer Agent to remove, with the cooperation of the Holder and if applicable the Escrow Agent (as defined
        in the SPA), not to be unreasonably withheld or delayed, the Restrictive Legend from the Registrable Securities upon the earlier of (i) the settlement date in connection with a valid sale, transfer or other disposition pursuant to (x) an effective
        Registration Statement or (y) an exemption from the registration requirements of the Securities Act and (ii) such date that all of the Registrable Securities may be sold without restriction, including the volume, manner of sale requirements and
        current public information requirements, under Rule 144 of the Securities Act; provided that the Registrable Securities may not be sold, transferred or otherwise disposed of and the Restrictive Legend and the stop transfer order may not be removed
        during the Lock-up Period (as defined in the SPA); and provided further that the Holder shall provide the Company with (a) such information and documentation reasonably requested in connection with such Restrictive Legend removal no later than the
        trade date and (b) in the case of (i)(y) above, an opinion of counsel reasonably acceptable to the Company that the Restrictive Legends may be removed in connection with such transactions or otherwise; provided that no such opinion shall be
        required to sell, assign or otherwise transfer the Consideration Shares and/or the Option Consideration Shares (as applicable) to any member</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">16</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">of the Seller Group (as defined in the SPA) unless such opinion is required by the Transfer Agent.&#160; Notwithstanding the foregoing, provided that there is an effective
        Registration Statement covering the resale of the Registrable Securities, in the event that the Holder requests the Company to remove the Restrictive Legend from a specified number of Registrable Securities that the Holder has a bona fide intention
        of selling within a 30-day period, the Company shall promptly, and in no event later than the second Business Day after receipt of such notice in the agreed form, provide any legal opinion or other documentation reasonably requested by the Transfer
        Agent required to remove the Restrictive Legend from such specified number of Registrable Securities on the basis that the Registrable Securities to be sold are covered by an effective Registration Statement.</div>
      <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-size: 12pt; font-weight: bold;">ARTICLE III<br>
        <br>
        INDEMNITY</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 3.01.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;"><u>Indemnification</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;"><u>Indemnification by the Company</u>. The Company agrees to
          indemnify and hold harmless, to the fullest extent permitted by law, each of the Holders, each of their respective partners, members or shareholders and each of such partner&#8217;s, member&#8217;s or shareholder&#8217;s partners, members or shareholders and, with
          respect to all of the foregoing Persons, each of their respective Affiliates, employees, directors, officers, trustees or agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of
          their respective Representatives (collectively, the &#8220;<u>Shareholder Parties</u>&#8221;) from and against any and all losses, penalties, judgments, suits, costs, claims, damages, liabilities and expenses, joint or several (including reasonable costs and
          expenses of investigation and attorneys&#8217;, accountants&#8217; and experts&#8217; fees and expenses) (each, a &#8220;<u>Loss</u>&#8221; and collectively &#8220;<u>Losses</u>&#8221;) insofar as such Losses arise out of or are relating to (i) any untrue or alleged untrue statement of a
          material fact contained in the Registration Statement under which such Registrable Securities were registered under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment or supplement
          thereto or any documents incorporated by reference therein, which shall include any information that has been deemed to be a part of any Prospectus under Rule 159 under the Securities Act), any Issuer Free Writing Prospectus or amendment or
          supplement thereto, (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or Issuer Free Writing
          Prospectus, in light of the circumstances under which they were made) not misleading, (iii) any violation or alleged violation by the Company of any federal, state or common law rule or regulation applicable to the Company or any of its
          Subsidiaries in connection with such registration, qualification, compliance or sale of Registrable Securities or (iv) any failure to register or qualify Registrable Securities in any state where the Company or its agents have affirmatively
          undertaken or agreed in writing that the Company will undertake such registration or qualification on behalf of the Holders of such Registrable Securities (<u>provided </u>that in such instance the Company shall not be so liable if it has
          undertaken its reasonable best efforts to so register or qualify such Registrable Securities). This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of
          any investigation made by or on behalf of such Holder or any Shareholder Party and shall survive the transfer of such securities by such Holder.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">17</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;"><u>Indemnification by the Participating Holders</u>. Each
          Participating Holder agrees (severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities
          Act or the Exchange Act), and each other Holder, each of such other Holder&#8217;s respective direct or indirect partners, members or shareholders and each of such partner&#8217;s, member&#8217;s or shareholder&#8217;s partners, members or shareholders and, with respect
          to all of the foregoing Persons, each of their respective Affiliates, employees, directors, officers, trustees or agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their
          respective Representatives from and against any Losses resulting from (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement under which such Participating Holder&#8217;s Registrable Securities
          were registered under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment or supplement thereto or any documents incorporated by reference therein, which shall include any information that
          has been deemed to be a part of any Prospectus under Rule 159 under the Securities Act) or any Issuer Free Writing Prospectus or amendment or supplement thereto, or (ii) any omission or alleged omission to state therein a material fact required
          to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or Issuer Free Writing Prospectus, in light of the circumstances under which they were made) not misleading, in each case to the
          extent, but only to the extent, that such untrue statement or omission is contained in any information furnished in writing by such Participating Holder to the Company specifically for inclusion in such Registration Statement (including, without
          limitation, any written information provided for inclusion in the Registration Statement pursuant to <u>Section 2.02(a)(i)</u>) that has not been corrected in a subsequent writing prior to or concurrently with the sale of the Registrable
          Securities to the Person asserting the claim, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) was made in such Registration Statement, Prospectus,
          offering circular, Issuer Free Writing Prospectus or other document, in reliance upon and in conformity with written information furnished to the Company by such Holder expressly for use therein.</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;"><u>Conduct of Indemnification Proceedings</u>. Any Person
          entitled to indemnification under this <u>Section 3.01</u> shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (<u>provided </u>that any failure to so notify the
          indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that it is materially prejudiced by reason of such failure) and (ii) permit such indemnifying party to assume the defense of such
          claim with counsel reasonably satisfactory to the indemnified party; <u>provided </u>that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such
          claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (A) the indemnifying party has agreed in writing to pay such fees or expenses, (B) the indemnifying party shall have failed to assume the defense of
          such claim within a reasonable time after delivery of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (C) the indemnified party has reasonably concluded (based
          upon advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (D) in the reasonable judgment of any such
          indemnified party (based upon advice of its counsel), an actual or potential conflict of interest exists between such Person and the indemnifying party with</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">18</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-size: 12pt;">respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense
        of the indemnifying party for the reasonable fees and expenses of such counsel, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If the indemnifying party assumes the defense, the
        indemnifying party shall not have the right to settle such action, consent to entry of any judgment or enter into any settlement, in each case without the prior written consent of the indemnified party, unless the entry of such judgment or
        settlement (i) includes as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability of such indemnified party in respect to such claim or litigation and (ii) does
        not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of such indemnified party, and <u>provided </u>that any sums payable in connection with such settlement are paid in full by the indemnifying
        party. If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld. It is
        understood that the indemnifying party or parties shall not, except as specifically set forth in this <u>Section 3.01</u>, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees,
        disbursements or other charges of more than one separate firm admitted to practice in such jurisdiction at any one time with respect to all indemnified parties unless (x) the employment of more than one counsel has been authorized in writing by the
        indemnifying party or parties, (y) an indemnified party has reasonably concluded (based on the advice of counsel) that there may be legal defenses available to it that are different from or in addition to those available to the other indemnified
        parties, or (z) a conflict or potential conflict exists or may exist (based upon advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the indemnifying party shall be
        obligated to pay the reasonable fees and expenses of such additional counsel or counsels.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;"><u>Contribution</u>. If for any reason the indemnification
          provided for in paragraphs (a) and (b) of this <u>Section 3.01</u> is unavailable to an indemnified party or insufficient in respect of any Losses referred to therein (other than as a result of any limitations set forth in the express terms of
          this <u>Section 3.01</u>), including as a result of an order by a court or government agency of competent jurisdiction, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss
          in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party or parties on the other hand in connection with the acts, statements or omissions that resulted in such losses,
          as well as any other relevant equitable considerations. In connection with the Registration Statement filed with the Commission by the Company, the relative fault of the indemnifying party on the one hand and the indemnified party on the other
          hand shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party
          or by the indemnified party and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if contribution
          pursuant to this <u>Section 3.01(d)</u> were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this <u>Section 3.01(d)</u>. No Person guilty of
          fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified party
          as a result of the Losses referred to in <u>Sections</u></font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">19</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-size: 12pt;"><u>3.01(a)</u> and <u>3.01(b)</u> shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such
        indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this <u>Section 3.01(d)</u>, in connection with the Registration Statement filed by the Company, a Participating Holder
        shall not be required to contribute any amount in excess of the dollar amount of the net proceeds received by such Holder under the sale of Registrable Securities giving rise to such contribution obligation less any amount paid by such Holders
        pursuant to <u>Section 3.01(b)</u>. Each Participating Shareholder&#8217;s obligation to contribute pursuant to this <u>Section 3.01</u> is several in the proportion that the proceeds of the offering received by such Participating Shareholder bears to
        the total proceeds of the offering received by all such Participating Shareholders and not joint. If indemnification is available under this <u>Section 3.01</u>, the indemnifying parties shall indemnify each indemnified party to the full extent
        provided in <u>Sections 3.01(a)</u> and <u>3.01(b)</u> hereof without regard to the provisions of this <u>Section 3.01(d)</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt; color: #000000;"><u>No Exclusivity</u>. The remedies provided for in this <u>Section





            3.01</u> are not exclusive and shall not limit any rights or remedies which may be available to any indemnified party at law or in equity or pursuant to any other agreement.</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; color: #000000;"><u>Survival</u>. The indemnities provided in this <u>Section
            3.01</u> shall survive the transfer of any Registrable Securities by such Holder.</font></div>
      <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-size: 12pt; font-weight: bold;">ARTICLE IV<br>
        <br>
        MISCELLANEOUS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 4.01.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>Term</u></font>.&#160; This Agreement
          shall terminate and be of no further force on the date when there shall no longer be any Registrable Securities outstanding.&#160; Notwithstanding the foregoing, Section 2.03 and Article 3 shall survive the termination of this Agreement.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 4.02.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>Injunctive Relief</u></font>.&#160; It
          is hereby agreed and acknowledged that it may be impossible to measure in money the damage that would be suffered if the parties fail to comply with any of the obligations herein imposed on them and that in the event of any such failure, an
          aggrieved Person may be irreparably damaged and may not have an adequate remedy at law. Any such Person shall, therefore, be entitled (in addition to any other remedy to which it may be entitled in law or in equity) to seek injunctive relief,
          including specific performance, to enforce such obligations, and if any action should be brought&#160; in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an adequate remedy at
          law.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 4.03.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>Notices</u></font>.&#160; Unless
          otherwise specified herein, all notices, consents, approvals, reports, designations, requests, waivers, elections and other communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be deemed to
          have been given (a) when personally delivered, (b) when transmitted via facsimile to the number set out below or on <u>Schedule I</u>, as applicable, if the sender on the same day sends a confirming copy of such notice by a recognized overnight
          delivery service (charges prepaid), (c) the day following the day (except if not a Business Day then the next Business Day) on which the same has been delivered prepaid to a reputable national overnight air courier service, (d) when transmitted
          via</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">20</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">email (including via attached pdf document) to the email address set out below or on <u>Schedule I</u>, as applicable, if the sender on the same day sends a confirming copy of
        such notice by a recognized overnight delivery service (charges prepaid) or (e) the third Business Day following the day on which the same is sent by certified or registered mail, postage prepaid, in each case to the respective parties as
        applicable, at the address, facsimile number or email address set forth on <u>Schedule I</u> (or such other address, facsimile number or email address as such Holder may specify by notice to the Company in accordance with this <u>Section 4.03</u>)
        and the Company at the following addresses:</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">To the Company:</div>
      <div style="margin-left: 36pt; font-size: 12pt;">Frontline Ltd.<br>
        P.O. Box HM 1593,</div>
      <div style="margin-left: 36pt; font-size: 12pt;">Par-la-Ville Place</div>
      <div style="margin-left: 36pt; font-size: 12pt;">14 Par-la-Ville Road,</div>
      <div style="margin-left: 36pt; font-size: 12pt;">Hamilton, HM 08, Bermuda<br>
        Attention: Corporate Secretary<br>
        Facsimile: +1 441-295-3494</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">with copies (which shall not constitute notice) to:</div>
      <div style="margin-left: 36pt; font-size: 12pt;">Seward &amp; Kissel LLP</div>
      <div style="margin-left: 36pt; font-size: 12pt;">One Battery Park Plaza</div>
      <div style="margin-left: 36pt; font-size: 12pt;">New York, New York 10004</div>
      <div style="margin-left: 36pt; font-size: 12pt;">Attention: Keith J. Billotti, Esq.</div>
      <div style="margin-left: 36pt; font-size: 12pt;">Facsimile: 212-480-8421</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 4.04.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>Recapitalization</u></font>.&#160; The
          provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all equity securities of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise)
          which may be issued in respect of, in conversion of, in exchange for or in substitution of, the Registrable Securities and shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, recapitalizations and the
          like occurring after the date hereof.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 4.05.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>Amendment</u></font>.&#160; The terms
          and provisions of this Agreement may only be amended, modified or waived at any time and from time to time by a writing executed by the Company and the Trafigura Seller Nominee (for so long as the Trafigura Seller Nominee holds any Registrable
          Securities).</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 4.06.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>Successors, Assigns and Transferees</u></font>.&#160;






          The rights and obligations of each party hereto may not be assigned, in whole or in part, without the written consent of the Company, on the one hand, and the Trafigura Seller or the Trafigura Seller Nominee, as applicable, on the other hand; <u>provided</u>&#160;<u>that</u>
          the Trafigura Seller or Trafigura Seller Nominee may assign its respective rights and obligations under this Agreement to their respective Affiliates without the written consent of the Company so long as such Affiliate transferee executes a
          joinder agreement, a form of which is included in Annex A.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">21</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 4.07.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>Binding Effect</u></font>.&#160; Except
          as otherwise provided in this Agreement, the terms and provisions of this Agreement shall be binding on and inure to the benefit of each of the parties hereto and their respective successors and permitted assigns.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 4.08.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>Third Party Beneficiaries</u></font>.&#160;






          Nothing in this Agreement, express or implied, is intended or shall be construed to confer upon any Person not a party hereto (other than those Persons entitled to indemnity or contribution under <u>Article III</u>,<u>&#160;</u>each of whom shall be
          a third party beneficiary thereof) any right, remedy or claim under or by virtue of this Agreement.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 4.09.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>Governing Law; Jurisdiction; Agent
              For Service</u></font>.&#160; THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. EACH OF THE PARTIES HERETO IRREVOCABLY AND
          UNCONDITIONALLY (I) AGREES THAT ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA
          LOCATED IN THE CITY AND COUNTY OF NEW YORK OR THE COURTS OF THE STATE OF NEW YORK IN EACH CASE LOCATED IN THE CITY AND COUNTY OF NEW YORK (COLLECTIVELY, THE &#8220;<u>SPECIFIED COURTS</u>&#8221;), (II) WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO,
          ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR OTHER PROCEEDING IN THE SPECIFIED COURTS AND IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH
          SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM AND (III) SUBMITS TO THE EXCLUSIVE JURISDICTION (EXCEPT FOR PROCEEDINGS INSTITUTED IN REGARD TO THE ENFORCEMENT OF A JUDGMENT OF ANY SUCH COURT,
          AS TO WHICH SUCH JURISDICTION IS NON-EXCLUSIVE) OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. THE COMPANY HAS APPOINTED SEWARD &amp; KISSEL LLP, ONE BATTERY PARK PLAZA, NEW YORK, NEW YORK 10004, AS ITS AUTHORIZED AGENT (THE &#8220;<u>AUTHORIZED




            AGENT</u>&#8221;) UPON WHOM PROCESS MAY BE SERVED IN ANY SUCH ACTION ARISING OUT OF OR BASED ON THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY WHICH MAY BE INSTITUTED IN ANY SPECIFIED COURT AND HEREBY WAIVES ANY REQUIREMENTS OF OR OBJECTIONS
          TO PERSONAL JURISDICTION WITH RESPECT THERETO. SUCH APPOINTMENT SHALL BE IRREVOCABLE. THE COMPANY REPRESENTS AND WARRANTS THAT THE AUTHORIZED AGENT HAS AGREED TO ACT AS SUCH AGENT FOR SERVICE OF PROCESS AND AGREES TO TAKE ANY AND ALL ACTION,
          INCLUDING THE FILING OF ANY AND ALL DOCUMENTS AND INSTRUMENTS, THAT MAY BE NECESSARY TO CONTINUE SUCH APPOINTMENT IN FULL FORCE AND EFFECT AS AFORESAID. SERVICE OF PROCESS UPON THE AUTHORIZED AGENT AND WRITTEN NOTICE OF SUCH SERVICE TO THE
          COMPANY SHALL BE DEEMED, IN EVERY RESPECT, EFFECTIVE SERVICE OF PROCESS UPON THE COMPANY.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 4.10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>Waiver of Jury Trial</u></font>.&#160;
          EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">22</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS
        CONTEMPLATED HEREBY. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
        FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 4.10</u>.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 4.11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;"><font style="color: #000000;"><u>Immunity Waiver</u></font>.&#160; The
          Company hereby irrevocably waives, to the extent permitted by law, any immunity to jurisdiction to which it may otherwise be entitled (including, without limitation, immunity to pre-judgment attachment, post-judgment attachment and execution) in
          any legal suit, action or proceeding against it arising out of or based on this Agreement.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 4.12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="color: #000000;"><u>Entire Agreement</u></font>.&#160; This
          Agreement sets forth the entire agreement among the parties hereto with respect to the subject matter hereof. Any prior agreements or understandings among the parties hereto regarding the subject matter hereof, whether written or oral, are
          superseded by this Agreement.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; color: #000000;">SECTION 4.13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;"><font style="color: #000000;"><u>Severability</u></font>.&#160; If any
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          agreement, in substantially in the form attached hereto as Annex A, agreeing to be bound by the terms and conditions of this Agreement as if such Person were a party hereto (together with any other documents the parties determine are necessary to
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      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.</div>
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              <div style="text-align: justify; font-size: 12pt; font-weight: bold;">FRONTLINE LTD.</div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
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              <div style="font-weight: bold;">TRAFIGURA MARITIME LOGISTICS PTE. LTD.</div>
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              <div style="font-weight: bold;">URION HOLDINGS (MALTA) LIMITED</div>
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      <div style="text-align: right; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>SCHEDULE I</u></div>
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      <div style="text-align: center; margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">With respect to the Consideration Shares</div>
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              <div style="color: #010101; font-size: 12pt;">Urion Holdings (Malta) Limited</div>
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              <div style="text-align: center; font-size: 12pt; font-weight: bold;">16,035,856</div>
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              <div style="font-size: 12pt;">Urion Holdings (Malta) Limited</div>
              <div style="font-size: 12pt;">Blue Harbour Business Centre Level 1, Ta&#8217; Xbiex Yacht Marina</div>
              <div style="font-size: 12pt;">Ta&#8217; Xbiex XBX 1027, Malta, C53369</div>
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      <div style="text-align: center; margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">With respect to the Option Consideration Shares</div>
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              <div style="font-size: 12pt;">Urion Holdings (Malta) Limited</div>
              <div style="font-size: 12pt;">Blue Harbour Business Centre Level 1, Ta&#8217; Xbiex Yacht Marina</div>
              <div style="font-size: 12pt;">Ta&#8217; Xbiex XBX 1027, Malta, C53369</div>
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      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">*To be updated pursuant to the terms and conditions of the SPA.</div>
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      <div style="text-align: right; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>ANNEX A</u></div>
      <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>FORM OF JOINDER AGREEMENT</u></div>
      <div style="text-indent: 24.5pt; margin-top: 12pt; font-size: 12pt;">This Joinder Agreement (this &#8220;<u>Joinder Agreement</u>&#8221;) is executed by the undersigned pursuant to the Registration Rights Agreement, dated as of August&#160; &#160; &#160;&#160; , 2019 (the &#8220;<u>Agreement</u>&#8221;)






        among Frontline Ltd. (the &#8220;<u>Company</u>&#8221;) and the persons set forth on Schedule I thereto, which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meaning given to such terms in the Agreement. By
        the execution of this Joinder Agreement, the undersigned agrees as follows:</div>
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              <div style="font-size: 12pt; font-weight: bold;">FRONTLINE LTD.</div>
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            <td style="width: 32.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <div style="font-size: 12pt; font-weight: bold;">[JOINING PARTY]</div>
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            <td style="width: 32.04%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
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            <td style="width: 32.04%; vertical-align: top;">&#160;</td>
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            <td style="width: 10.68%; vertical-align: top;">&#160;</td>
            <td style="width: 32.04%; vertical-align: top;">&#160;</td>
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            <td style="width: 46.6%; vertical-align: top;">&#160;</td>
            <td style="width: 20.39%; vertical-align: top;">
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            <td style="width: 46.6%; vertical-align: top;">&#160;</td>
            <td style="width: 53.4%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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            <td style="width: 46.6%; vertical-align: top;">&#160;</td>
            <td style="width: 53.4%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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            <td style="width: 46.6%; vertical-align: top;">&#160;</td>
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      <div style="margin-bottom: 12pt;"><br>
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">27</font></div>
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