KITA ULUSTIRMA HIZMETLERI A.S. BAGLAR MAH KOCMAN CAD. NO: GUNESLI ISTANBUL, TURKEY

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1 POLICY NUMBER 1788/0004/2014/0000 Terms and Conditions of Insurance: This Policy Schedule is subject to the Terms and Conditions of the PIMS 2013 Wording ORIGINAL INSURED KITA ULUSTIRMA HIZMETLERI A.S. BAGLAR MAH KOCMAN CAD. NO: GUNESLI ISTANBUL, TURKEY COINSURED TORK ENDUSTRIYEL COZUMLER VE TIC A.S. TAVSANLI KOYO KOMURCUOGLU CADDESI TASOCAKLARI KEVKII NO. 16 GEBZE, ISTANBUL, TURKEY REINSURED SOMPO JAPAN A.S. CUMHURIYET CD. NO: 10 ACARLAR IS MERKEZI C BLOK KAVACIK BEYKOZ ISTANBUL, TURKEY POLICY PERIOD From 21 st January 2014, 0:00hrs up to and including 20 th January 2015, 23:59hrs local standard time. TYPE Freight Services Liability Insurance. INSURED SERVICES Freight Forwarder trading under Standard Trading Conditions to be seen and agreed by PIMS in writing within 30 days of attachment of Insurance. NVOCC trading under House Bill of Lading to be seen and agreed by PIMS in writing within 30 days of attachment of Insurance. Road Transport Operator trading under Standard Trading Conditions to be seen and agreed by PIMS in writing within 30 days of attachment of Insurance. WORDING PIMS Multimodal Wording PIMS 2013 COVERAGE SECTIONS CARGO LIABILITY INSURANCE as per Section 1 of PIMS 2013 THIRD PARTY LIABILITY INSURANCE as per Section 2 of PIMS 2013 PROFESSIONAL LIABILITY INSURANCE as per Section 3 of PIMS 2013 FINES AND DUTIES INSURANCE as per Section 4 of PIMS 2013 COSTS AND EXPENSES INSURANCE as per Section 5 of PIMS 2013 EQUIPMENT INSURANCE NOT APPLICABLE

2 LIMITS OF INDEMNITY CARGO LIABILITY INSURANCE: EUR 2,500,000 any one occurrence but limited to a maximum of EUR 500,000 any one occurrence in respect of loss and liabilities arising from Dangerous Goods, Pharmaceuticals, Temperature Controlled Cargo & Theft Attractive Goods as defined in the PIMS 2013 Wording. THIRD PARTY LIABILITY INSURANCE: EUR 2,500,000 any one occurrence but limited to a maximum of EUR 500,000 any one occurrence in respect of loss and liabilities arising from Dangerous Goods, Pharmaceuticals, Temperature Controlled Cargo & Theft Attractive Goods as defined in the PIMS 2013 Wording. PROFESSIONAL LIABILITY INSURANCE: EUR 1,250,000 any one occurrence and in all during the policy year but limited to a maximum of EUR 250,000 any one occurrence in respect of loss and liabilities arising from Dangerous Goods, Pharmaceuticals, Temperature Controlled Cargo & Theft Attractive Goods as defined in the PIMS 2013 Wording. FINES AND DUTIES INSURANCE: EUR 1,250,000 any one occurrence and in all during the policy year. COSTS AND EXPENSES INSURANCE: EUR 250,000 any one occurrence and in all during the policy year. OVERALL LIMIT OF INDEMNITY DEDUCTIBLES TERRITORIAL LIMITS EUR 2,500,000 any one occurrence. CARGO LIABILITY INSURANCE: EUR 2,000 any one occurrence but increasing to 10% of the value of the claim with a minimum of EUR 2,000 in respect of Dangerous Goods, Pharmaceuticals, Project Cargo, Temperature Controlled Cargo & Theft Attractive Goods as defined in the PIMS 2013 Wording. THIRD PARTY LIABILITY INSURANCE: EUR 2,000 any one occurrence but increasing to 10% of the value of the claim with a minimum of EUR 2,000 in respect of Dangerous Goods, Pharmaceuticals, Project Cargo, Temperature Controlled Cargo & Theft Attractive Goods as defined in the PIMS 2013 Wording. PROFESSIONAL LIABILITY INSURANCE: EUR 2,000 any one occurrence. FINES AND DUTIES INSURANCE: EUR 2,000 any one occurrence. COSTS AND EXPENSES INSURANCE: Nil Worldwide

3 Additional Conditions, Warranties and Exclusions: These conditions override anything contained within the policy wording U.S. Security Clause (a) If loading cargo destined for the US or passing through US ports in transit, the Merchant/Shipper shall: (i) Provide all necessary information, upon request by the Carrier, to the Carrier and/or their agents to enable them to submit a timely and accurate cargo declaration directly to the US Customs; or (ii) If permitted by US Customs Regulations (19 CFR 4.7) or any subsequent amendments thereto, submit a cargo declaration directly to the US Customs and provide the Carrier with a copy thereof. In all circumstances, the cargo declaration must be submitted to the US Customs latest 24 hours in advance of loading. (b) The Merchant/Shipper assumes liability for and shall indemnify, defend and hold harmless the Carrier against any loss and/or damage whatsoever (including consequential loss and/or damage) and any expenses, fines, penalties and all other claims of whatsoever nature, including but not limited to legal costs, arising from the Merchant/Shipper s failure to comply with the provisions of sub-clause (a). (c) If the Vessel is detained, attached, seized or arrested as a result of the Merchant/Shipper s failure to comply with the provisions of sub-clause (a), the Merchant/Shipper shall provide a bond or other security equal in value to ensure the prompt release of the Vessel. All time used or lost until the Vessel is free to leave any port of call shall count as laytime or, if the Vessel is already on demurrage, time on demurrage. Project Cargo and/or Oversized Cargo If the Insured should undertake services for the transportation of Project Cargo and/or Oversized Cargo it is a condition precedent to insurance cover hereunder that such transportation must be agreed in writing by PIMS. Sub-contracting The Insured will use his best endeavours not to sub contract any part of the insured services other than on conditions that are back to back with liabilities accepted by the Insured or as may be imposed under National or International Law or Convention. Claims caused by a sub-contractor whose contractual liabilities are more restrictive than the Insured s, will be subject to a deductible of 10% of the damage or loss with a minimum of EUR 5,000 any one occurrence or the equivalent in other currencies. Dangerous Cargo It is warranted that the Insured should comply with international and national regulations in respect of the transport and handling of dangerous goods. In addition it is noted and agreed no cover whatsoever is provided under this policy for movement and/or storage of explosives and/or firearms.

4 Law and Jurisdiction This Policy Schedule is subject to English Law and Jurisdiction. This Policy Schedule is not assignable. If at any time during the currency of this Insurance there occurs any alteration to the information given above, this fact must be reported immediately to PIMS, together with full details of this alteration. This Policy Schedule is not valid unless signed by PIMS. In the event of loss, damage or occurrence which may result in a claim under this Insurance, notice should be given to PIMS promptly. This Policy Schedule is evidence only of the contract of insurance between the above named Insured/Co-insured and Insurers, and shall not be construed as evidence of any undertaking, financial or otherwise, on the part of Insurers to any other party. In the event that an Insured or Co-insured tenders this Policy Schedule as evidence of Insurance under any applicable law relating to financial responsibility, or otherwise shows or offers it to any other party as evidence of Insurance, such use of this Policy Schedule by the Insured or Co-Insured is not to be taken as any indication that Insurers thereby consent to act as guarantor or to be sued directly in any jurisdiction whatsoever; Insurers do not so consent. All enquiries in relation to this Insurance should be addressed to Alexander Brewster or Christopher Else at Portside Insurance Management Services, 65 Leadenhall Street, London, EC3A 2AD ( Tel: ) Financial Conduct Authority clause This clause only applies if this Insurance is regulated by the United Kingdom Financial Conduct Authority. Without prejudice to the Terms and Conditions, including but not limited to clauses 29 and 31 therein and all parts of this Certificate of Insurance, which shall remain in full force and effect, all complaints by the Assured in relation to this Insurance must be referred in writing in the first instance to Richard Bokszczanin at Michael Else and Company Limited. The Managers are authorised and regulated by the Financial Conduct Authority, whose address is 25 The North Colonnade, Canary Wharf, London, E14 5HS. Binding Authority and Lloyd s Reference This Certificate of Insurance is issued by Michael Else and Company Limited as Managers for and on behalf of the Underwriters pursuant to the Binding Authority Agreement whose Reference number is B1179B in respect of Sections 1-5 and in respect of Section 6 the Lloyd s Reference Number is: B1179A

5 The Insured must keep an accurate record of the criteria on basis of which the premium is calculated. Within three months from end of the Policy Year, the Insured must send PIMS a note confirming the final figures on the Insured s headed paper, signed by a director. The premium for the Policy Year will be adjusted and any additional premium paid by the Insured. If no such declaration is made, an additional charge of 15% of the above mentioned Minimum and Deposit Premium will be made. SECURITY 100% Lloyd s of London London, 24 January 2014 Alexander J Brewster Class Underwriter PIMS Multimodal Michael Else & Company Ltd. (FCA No ) For and on behalf of Lloyd s Underwriters