SECU RING YOUR PEACE OF MIND

SECU RING YOUR PEACE OF MIND

INSURANCE POLICY N. AMT52470000 MARINE CARGO FORM: ASSURED: MAR 91 - Slip Policy if required, with reference to English jurisdiction deleted. Italian jurisdiction agreed PICARDI SHIPPING SRL gt/or Associated &/ or Affiliated and/or Subsidiary Companies existing, or may exist hereafter and/or for whom they have instructions to insure. Loss Payee: The Assured or order MULTIPLE ASSUREDS CLAUSE For a loss under this contract, such loss can only be settled once and the Underwriters liability will not be increased by multiple Assureds being noted on this insurance. PERIOD: From: 29th March 2016 To: 28th March 2017 Both days inclusive beginning and ending in Local Standard Time at the Assured's address. CANCELLATION CLAUSE This insurance may be cancelled by either Underwriters' or the Assured, giving the following notice: SRCC Risks All Other Risks 7 days but 48 hours for sendings to/ from U.S.A. 45 days Such cancellation shall however only become effective on the expiration of the appropriate number of days from midnight of the day on which notice of the cancellation is issued by or to Underwriters', but shall not apply to any transit risk which may have been declared or attached in accordance with cover terrns and conditions before the cancellation becomes effective. CONVEYANCE: Per any means of Land, Water or Air conveyances, as required, howsoever carried and connecting conveyances.

INTEREST : Goods &/ or Merchandise of every description being the property of the Assured, or for which they are responsible, or have instruciions, or authority to insure. Excluding: C - urrency/negotiable Securities or Bonds Jewellery and similar; Celi Phones, memory Chips, Hard drives, Electrical Storage Devices, PDA Handheld Devices and similar; Vehicles under own power except during loading/unioading; Dangerous Goods (Red Label); Livestock/Bloodstock Nuciear Fuels; Ocean tows; Physical damage to containers, but goods within containers are Covered hereon; Rejection Risks. Ali of the above interests to be agreed by Underwriters prior to shipment. EXCLUDED COVERAGES: Rust, oxidisation, discolouration uniess caused by a perii no wider than under Institute Cargo Clauses (A) CL.252. Guaranteed Chitturn (GOT) - (Shortage and/ or Loss in weight howsoever arising) unless agreed prior to attachment by Underwriters hereon. Contamination uniess caused by a perii no wider than under Institute Cargo Clauses (A) CL.252 uniess agreed prior to attachment Underwriters hereon. Wet Damage to Bulk Cargo in Vessels Hold unless Vessel is entered into an International Group P&I member and under 15 years of age. If vessel is over 15 years of age and entered as an International Group P&I member then such shipments accepted subject to Hatches and Holds Approvai Survey at Assureds expense Electronic, Electrical and Medianica! Derangement unless caused by an insured Perii Frozen / Chilled Interests on conditions wider that Institute Frozen Food Clauses (A) CL. 263. LIMIT OF LIABILITY: 2.000.000 any one vessel and/or location or equivalent in other currencies 250.000 any one airtruck and/or location or equivalent in other currencies 250.000 any one truck and/or railway carriage or equivalent in other currencies 250.000 any one declaration and/or risk and/or location and/or conveyance in respect of Consumer Electronics (deemed to be Personnel Computers, laptops, DVD's, Televisions, Hi-fi and similar)

VOYAGE: Worldwide via any route and including transhipment if required, excluding Embargo Nations and countries rated VERY HIGH, SEVERE and EXTREME as per the JCC Global Cargo Watch List JC2004 030 dated 6/9/04 which are held covered at rates to be agreed by Insurers. This list, and future revisions, is posted and available to download from http:/ /exclusive-analysis.com/cargo/ Including the risks of loading &/ or unloading and consolidai:ioni deconsolidation. CONDITIONS: Institute Cargo Clauses (A) CL. 382. dated 1/1/2009 Insfitute War Clauses (Cargo) CL. 385. dated 1/1/2009 Institute Strikes Clauses (Cargo) CL. 386. dated 1/1/2009 Insfitute Strikes Clauses (Frozen Food) CL. 265. dated 1/1/86 Insfitute Classification Clause CL. 354. dated 1/1/01 Institute Radioacfive Contamination, Chemical, Biological, Biochemical and Electromagnetic Weapons Exclusion Clause CL. 370. dated 10/11/03. Institute Cyber Attack Exclusion Clause CL. 380. dated 10/11/03 Termination of Transit Clause (Terrorism) 2009 (JC2009/056) Sanction Limitation and Exclusion Clause JC2010/014 SANCTION LIMITATION AND EXCLUSION CLAUSE No insurer shall be deemed to provide cover and no insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose that insurer to any sanction, prohibition or estriction under United Nations resolutions or e trad economic sanctions, laws or regulations of Eur Union, United Kingdom or United States of America. BASIS OF VALUATION Cost Insurance and Freight plus up to 20% or as may be required to comply with the Letter of Credit or sales contract.

SPECIAL CONDITIONS: GENERAL AVERAGE AND SALVAGE CHARGES. Generai Average and Salvage Charges payable as provided in the contract of affreightment. For the purpose of claims for Generai Average contribution and Salvage Charges recoverable hereunder the subject-matter insured shall be deemed to be insured for its full contributory value. Generai Average deposits payable on production of Generai Average deposit receipts. GOODS PURCHASED BY THE ASSURED ON F.O.B., F.A.S., OR SIMILAR TERMS. It is hereby understood and agreed that the goods are at the Underwriters' risk and that their liability to the Assured commences from the time the goods leave the Suppliers' Factory, Warehouse, Store or Mill as if the Contract of Sale was "ex Suppliers' premises" notwithstanding that the goods &/ or interest may have been purchased on "F.O.B.", "F.A.S." or similar terms. Underwriters being subrogated to the Assured's rights of recourse against the Suppliers. SURVEYS. No survey is required for claims which likely to exceed EURO 2,000 Underwriters to pay costs of all survey fees where a possible claim may materialise. INCREASED VALUE ON ARRIVAL. Increased Value of Cargo by reason of liability for &/ or payment of Freight &/or Duty &/or any charges on arrivai at the piace where these or any of them become due. This policy covers ali the risks and embodies all the liberties clauses and conditions of the insurance on the cargo described above and is to be for the duration or such insurance on such cargo. This policy is to pay the same proportion of the amount of insurance hereunder as the sum paid on the cargo insurance referred to above bears to the amount of such cargo insurance except that until the liability to pay Freight &/ or Duty &/ or Charges arises this policy only covers particular &/ or generai average loss (other than liability for generai average expenditure) of the cargo described above. Should the liability to pay Freight &/or Duty &/ or Charges be extinguished or diminished, then this insurance in the proportion of such extinction or diminution shall be deemed to be reduced. FUMIGATION. In the event of the vessel being finnigated and direct loss or damage to Assured's merchandise results therefrom, to include such loss or damage, and the Assured agrees to subrogate to Underwriters any recourse that they may have for recovery of such loss or damage from others.

RETURNED GOODS. Returned Goods to be covered on Institute Cargo Clauses B CL2531.1.82, but where Retumed Goods have been insured hereunder for outward voyage Open Cover conditions and terms to apply. merchandise results therefrom, to include such loss or damage, and the Assured agrees to subrogate to Underwriters any recourse that they may have for recovery of such loss or damage from others. BRAND CLAUSE. In case of damage to property bearing a brand, trademark or label, the sale of which in any way carries or implies a guarantee of the Assured, the salvage value of such darnaged property shall be determined after the removal in the customary manner of all brands, trademarks or labels. The cost of such removal to be bome by Underwriters. RELEASED BILL-OF-LADING CLAUSE. Privilege is hereby given to the Assured to ship merchandise covered by this policy under released or limited Bills-of-Lading, Charters, or Shipping Receipts without prejudice to this insurance, unless otherwise endorsed herein. DROP SHIPMENT CLAUSE. It is understood and agreed that this Policy is extended to cover property insured hereunder contained in its original import packing shipped at time of discharge from overseas transporting conveyance directly to Assured's customers in Canada and ille U.S.A. LABELS CLAUSE. In the event of loss or damage to labels, the loss to be limited to an amount sufficient to pay the cost of reconditioning, cost of new labels and the relabelling of the goods. PACKING CLAUSE In the event of a claim being made for loss or damage which is alleged to be caused by insufficiency or unsuitability of packing or preparation of the subject matter insured, the Underwriters hereby agree that they will not use such alleged insufficiency or unsuitability as a defence against the claim in any case where packing or preparation was carried out by a party other than the Named Assured and the insufficiency or unsuitability arose entirely without the Named Assureds' privity or knowledge. For the purpose of this clause "packing" shall be deemed to include stowage in a container and/or other similar inter-modal methods of unit load. The Assured agrees to assist the Underwriters' in all respects to pursue rights of recovery against sellers and/or other responsible third parties. DELAYS, DEVIATIONS ETC, BEYOND ASSURED'S CONTROL To cover without additional premiurn the insured interest herein during delays deviations, changes of voyage, transhipments and storage which are either beyond the control of the assured &t/or their agents or where the insured interest is in the ordinary course of transit.

CONTAINER CLAUSE Notwithstanding anything contained herein to the contrary where Cargo, insured hereunder, is carried in Containers, it is agreed, as between the Assured and Underwriters, that the seaworthiness of the Container is hereby admitted. ERRORS AND OMISSIONS CLAUSE It is hereby noted and agree that this insurance shall not be prejudiced by any unintentional delay or omission in reporting hereunder or any unintentional error in the arnount or the description of the interest, vessel and/ or aircraft and/ or conveyance or voyage or if the subject matter of the insurance be shipped on a vessel and/ or aircraft and/or conveyance other than that originally advised by the Assured. CARGO ISM ENDORSEMENT gc 98/019) 1.5.98. Applicable to shipments on board Ro-Ro passenger ferries. Applicable with effect from 1 July 1998 to shipments on board: 1. Passenger vessels transporting more than 12 passengers and 2. Oil tankers, chemical tankers, gas carriers, bulk carriers and cargo high speed craft of 500gt or more. Applicable with effect from 1 July 2002 to shipments on board all other cargo ships and mobile offshore drilling units of 500gt or more. In no case shall this insurance cover loss, damage or expense where the subject-matter insured is carried by a vessel that is not ISM Code certified or whose owners or operators do not hold an ISM Code Document of Compliance when, at the time of loading of the subjectmatter insured on board the vessel, the Assured were aware, or in the ordinary course of business should have been aware:- a. Either that such vessel was not certified in accordance with the ISM Code. b. Or that a current Document of Compliance was not held by her owners or operators. as required under the SOLAS Convention 1974 as amended. This exclusion shall not apply where this insurance has been assigned to the party claiming hereunder who has bought or agreed to buy the subject- matter insured in good faith under a binding contract

CARGO ISM FORWARDING CHARGES CLAUSE JC 98/023 4.6.98 (For use only with the JCC Cargo ISM Endorsement JC 98/019 This insurance is extended to reimburse the Assured, up to the limit of the sum insured for the voyage, for any extra charges properly and reasonably incurred in unioading, storing and forwarding the subject- matter to the destination to which it is insured hereunder following the release of cargo from a vessel arrested or detained at or diverted to any other port or place (other than the intended port of destination) where the voyage is terminated due either; a) to such vessel not being certified in accordance with the ISM Code or b) to a current Document of CompIiance not being held by her owners or operators. as required under SOLAS Convention 1974 as amended. This clause, which does not apply to General Average or Salvage Charges, is subject to all other terms conditions and exclusions contained in the policy and to JCC Cargo ISM Endorsement JC98/019. ISSUANCE OF CERTIFICATES It is agreed to issue electronic Claims Payable Abroad and/ or Claims Payable London, Underwriters' paying the fee and cost thereof subject to the following:- "The Institute Clauses referred to herein are those current at the inception of this Open Cover, but should such clauses be revised during the period of this Open Cover and provided that Underwriters' shall have given at least 30 days notice thereof, then the revised Institute Clauses shall apply to risks attaching subsequent to the expiry of the said notice." CONDITIONS: TERMINATION OF TRANSIT CLAUSE (TERRORISM) This clause shall be paramount and shall override anything contained in this insurance inconsistent therewith. 1. Notwithstanding any provision to the contrary contained in this Policy or the Clauses referred Io therein, it is agreed that in so far as this Policy covers loss of or damage to the subjectmatter insured caused by any terrorist or any person acting from a political motive, such cover is conditional upon the subject-matter insured being in the ordinary course of transit and, in any event, SHALL TERMINATE: either 1.1 As per the transit clauses contained within the Policy, or 1.2 on delivery to the Consignee's or other final warehouse Or piace of storage at the destination named herein,

1.3 on delivery to any other warehouse or piace of storage, whether prior to or at the destination named herein, which the Assured elect to use either for storage other than in the ordinary course of transit or for allocation or distribution, or 1.4 in respect of marine transits, on expiry of 60 days after compietion of discharge of the goods hereby insured from the overseas vessel at the final port of discharge, 1.5 in respect of air transits, on the expiry of 30 days after unioading the subject-matter insured from the aircraft at the final piace of discharge, whichever shall first occur. 2. If this insurance or the Clauses referred to therein specificaliy provide cover for inland or other further transits following on from storage, or termination as provided for above, cover will re-attach, and continues during the ordinary course of that transit terminating again in accordance with clause 1. 3. This ciause is subject to English Law and practice. SEVERAL LIABILITY: CHOICE OF LAW & JURISDICTION: LSW 1001 (Insurance) The subscribing insurers' obligations under contracts of insurance to which they subscribe are several and not joint and are limited solely to the extent of their individuai subscriptions. The subscribing insurers' are not responsibie for subseription of any co-subscribing insurer who for any reason does not satisfy all or part of its obiigations. This insurance shall be govemed by and construed in accordance with the laws of Italy. Each party agrees to submit to the exclusive jurisdiction of the courts of Italy. PREMIO MINIMO TASSABILE EURO 85,00 per certificato. FRANCHIGIE e SCOPERTI: 10 % scoperto minimo euro 250,00 su tutti i danni di furto /rapina/mancata consegna per tutte le merci. 20 % scoperto minimo euro 500,00 su tutti i danni di mancato freddo FRANCHIGIA FISSA su tutti i danni di euro 250,00 per i trasporti fino a Porto FRANCHIGIA FISSA su tutti i danni di euro 500,00 per i trasporti con inoltro fino a destinazione finale. The above rate is inclusive of tax, war and strikes riots & civil commotions @ 0.05%.