EMAIL DETAILS

Roger

Devon D. Archer
646 436 3745

On Apr 17, 2015, at 7:07 PM, Hunter Biden <hbiden@rosemontseneca.com<mailto:hbiden@rosemontseneca.com>> wrote:

See below

RHB
202.333.1880

Begin forwarded message:

From: "Jim Biden" <jbiden@lionhallgp.com<mailto:jbiden@lionhallgp.com>>
Date: April 17, 2015 at 8:46:08 AM EDT
To: <rhb@rspdc.com<mailto:rhb@rspdc.com>>
Cc: "Jim Biden" <jbiden@lionhallgp.com<mailto:jbiden@lionhallgp.com>>
Subject: The summary is above, more detail is below.

Hunter,

I highlighted the relevant points below and added the approximate return on investment. Obviously if she is interested we will drill down on the details.

For the first lift, the capital outlay is approx. $25.5 miillion and we are proposing a 1/3 profit return on the gross which equates to about $1 per barrel or $400,000.00 profit in the first month (possibly days) allocated to the principal investor along with the return of initial capital. Annualized that is about a 20% return.

The principal investor’s risk is mitigated because they essentially have ownership of the product which is purchased below market price and will be sold literally within days. (The buyer broker and the investor have joint ownership and the investor takes the product as collateral on the investment until the principal is repaid).

For the remainder of the term (a one year contract) we have been allocated a contract of up to 5 million barrels per month for 12 months which requires a monthly letter of credit of $63.9 million per 1 million barrels to be taken each month. Obviously this will be lifted on a weekly basis. The total outlay of actual cash will be predicated on the amount taken on each weekly shipment. The idea is you put it out, you get it back with return and then you put it out again. The letter of credit posted, however, will be for the total amount to be purchased per month.

While this is also estimated to give the principal investor the same approximate 20% return on an annualized basis, in actuality, it is only the initial $63.9 million that is used and returned each week for each lift of a million barrels so on an annualized basis the return is a projected $52 - $60 million per year for their capital outlay of $63.9 million (plus the return of that initial capital).

So each month if 5 million barrels were purchased the investor would get $5 million in return along with the return of the principal capital. This contract has the option of being continued for up to 5 years.

This summary is strictly for talking purposes only to see if your investor is interested and if so, we need to put her in touch with the real experts.

To state the obvious, we have end buyers that we are confident will purchase our product. The transaction is tiered in order to prove this out.

The product is very highly sought after product and we have obtained very favorable terms.


From: Peter Indovina [mailto:PIndovina@corriboiltrading.com]
Sent: Thursday, April 16, 2015 6:12 PM
To: Jim Biden
Cc: Peter Indovina
Subject: transaction summary

Jim, nice catching up with you today. Regards to an overview on the current jet fuel transaction at hand I will provide to you in bullet point summary transactional highlights for your perusal. I have also incorporated within some contract excerpts which will help clarify the process and pertinent details. Hope this helps out, call with any questions.

Peter

Trial Lift

Product : JetA1
Quantity : 400,000 bbls
Delivery: FOB Rotterdam
Price : Platt’s FOB NWE Rotterdam Index (PJAAV00) minus 6% off three day Platt avg.
Verification: BCL SWIFT MT199
Payment: Wire transfer approx. value $25,568,000

Term Contract

Product : JetA1
Quantity: up to 5,000,000 bbls per month x12
Delivery: FOB Rotterdam
Price: Platt’s FOB NEW Rotterdam Index (PJAAV00) minus 6% off three day Platt avg.
Verification: Documentary Letter of Credit full value each month delivery against 2% seller Performance Guarantee
Payment: Wire transfer approx. value $63,920,000 for each 1,000,000 bbls per month purchased


CLAUSE 6 – PRICE

6.1 The agreed price between SELLER and BUYER shall be the Platt’s FOB NWE Rotterdam Index (PJAAV00) minus six percent (6%) per barrel for the shipment of five million barrels (5,000,000) per month, on FOB Rotterdam. The reference price shall be the average of the high and low quotation of (PJAAV00) Platt’s index corresponding to the 3 days prior to the day of delivery/load (Annex B) less the discount per barrel to BUYER

CLAUSE 7 - PAYMENT
7.1 The SELLER shall send to the BUYER a Commercial Invoice (CI) for each delivery/load taking as a reference price the average quotation of Platts index (PJAAV00) corresponding to the 3 days prior to the day of delivery/load (Annex B). All the deliveries/loads will be paid with a wire transfer.
7.2 Seller’s invoice will be based on the independent international surveyor’s certificate of quantity and by buyer´s surveyors at port of destination. If there is any difference on quantity or quality against the SGS survey report provided by the buyer, the difference will be settled in accordance with clause 4.1.3
7.3 All invoices shall be paid without counterclaim or deduction at sight after completion of discharge, upon presentation of the document listed in Clause 7.5.
7.4 If payment due date falls on a banking holiday then payment shall be made on or after the nearest preceding business day to the due date.
7.5 Settlement for any shipment shall be made against presentation of the following documents:
7.5.1 Beneficiary’s signed commercial invoice in triplicate covering the Commodity cost based on the weight/tonnage indicated in the Bill of Lading.
7.5.2 Full set of 3/3 original and 4 non-negotiable copies “Clean on Board” marine Bill of Lading, endorsed “FREIGHT PAYABLE AS PER CHARTER PARTY”, issued or endorsed to the order of BUYER, signed by Captain or shipping agent and indicating the following:
7.5.2.1 Quantity in metric ton and/or Cubic Meter (M3).
7.5.2.2 Product Specifications, as per “Annex A”
7.5.3 Certificate of Quality, issued or signed by the independent international surveyor (“SGS” or equivalent) at the port of loading, quality conformity to specifications, as per stipulated in “Annex A” hereto.
7.5.4 Certificate of Quantity issued or signed by independent international surveyor (“SGS” or equivalent) at the port of loading and unloading, indicating the quantity in metric tons and/or cubic meters.
7.5.5 Certificate of Origin, issued or signed by the Chamber of Commerce or Customs Authorities specifying the country of origin of the Commodity.

CLAUSE 8: PROCEDURE

8. 1. SELLER sends draft contract to buyer
8. 2. BUYER makes his amendments signs and sends back to SELLER
8.3. If SELLER agrees with the amendments of the BUYER, SELLER makes HARD COPIES of the CONTRACT and signs and seals. SELLER and BUYER lodge the contract to their RESPECTIVES BANKS
8.4. BUYER Bank sends BCL (Bank Letter Confirmation of Funds), in accordance with FORMAT and Verbiage previously provided and accepted by SELLER, to SELLER Bank via SWIFT Message MT199.
8.5. SELLER will send the documents for the TRIAL cargo to the BUYER in accordance with BUYER´S instructions
8.6. SELLER sends DTA to BUYER
8.7. BUYER perform Q & Q test on the tank and after successful results pay to the Seller’s bank account via MT 103/72 (wire transfer) Conditional payment against transfer of title.
8.8. Seller’s bank will transfer title to buyer’s bank at payment reception
8.9. BUYER transfer fuel to their tanks/vessel
8.10. First load will be considered a test or trial (DIP & PAY, minimum quantity to deliver will be 400.000 barrels) and will be paid with a MT 103/72 /wire transfer. The Conditional payment shall be against transfer of title.

8.11. SELLER sends full POP documents to the BUYER as listed below:

FULL POP to Buyer shall specifically include but not limited to :
A: SGS report of quality and quantity.
B: Dip Test Authorization letter.
C: Tank Receipt for immediate lift able quantity.
D: Copy of license to export, issued by the department of the ministry of energy.
E: Copy of approval to export, issued by the department of the ministry of justice.
F: Copy of statement of availability of the product. RESOURCES CERTIFICATE.
G: Copy of the refinery commitment to produce the product.
H: Copy of refinery contract to transport the product to the port.
I: Copy of the port storage agreement.
J: Copy of charter party agreement(s) to transport the product to discharge port.
K. Certificate of Origin
L. Bill of Lading.

Buyer opens Banking INSTRUMENT equal to 1 month value (not to exceed the value of five million barrels). Upon BUYER’s opening of BANKING INSTRUMENT SELLER issues a 2% performance guarantee to activate BANKING INSTRUMENT


Peter R. Indovina
Corrib Oil Trading
3601 Algonquin Road
Suite 726
Rolling Meadows, IL 60008
Direct: 847-757-6633
Fax: 847-303-1325
pindovina@corriboiltrading.com<mailto:pindovina@corriboiltrading.com>
Skype: peter.indovina

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