On 10th of July of 2015, Polyard Petroleum International Group signed a Subscription Agreement with Haitong International Securities Company Limited pursuant to which Haitong will subscribe for the convertible bonds with the principle amount of HKD 100,000,000 at a conversion price of HKD 0.40 per share. The proceeds from the subscription will be used for the development and production of SC49 oil field in the Philippines and the general working capital.

Dated: 16 July, 2015