After the approved Oil POD by the Department of Energy in the Philippines, on 12 March 2018, CIMP entered into a sales and purchase agreement (the “Crude Oil SPA”) with Tom's Power Petroleum Distributor Inc. (“TPPDI”).

TPPDI is a company incorporated under the laws of the Philippines and is a trading company which engages in the sales of petroleum products in the Philippines.

Pursuant to the Crude Oil SPA, CIMP shall sell crude oil to TPPDI according to the increasing production quantity but actual quantity shall be determined upon loading. The purchase price shall be determined with reference to the international oil prices pursuant to the terms of the Crude Oil SPA. The Crude Oil SPA shall last for a period of one year from the date of the Crude Oil SPA, and the term shall automatically extend yearly unless otherwise specified under the Crude Oil SPA.

To satisfy the increasing production of CIMP in future, TPPDI agreed after signing of the Crude Oil SPA to increase the oil container storage capacity in its pier facility.

Dated: March 15th, 2018