CONTRACT. Contract No 58/3-/ Moscow 23 December, 2007

Contract No 58/3-/ Moscow 23 December, 2007

Messrs Brown and Co., London, England hereinafter referred to as "Sellers" on the one part, and Russian Ital­ian Joint Venture Loco, hereinafter referred to as "Buy­ers" on the other part, have concluded the present Con­tract whereby it is agreed as follows:

1.Subject of the Contract

According to the present Contract the Sellers have sold and the Buyers have bought the goods which de­scription, quantity and prices are indicated in Specifica­tion No 1.

The Specification is considered an integral part of the Contract.

2.Prices and Total Value of the Contract

Prices for the goods to be delivered under the present Contract are understood ex- warehouse, Moscow, in US Dollars, including packing, marking, freight and insurance.

The total value of the Contract is USD 141,000.00 (one hundred and forty-one thousand American Dollars).

3.Time of Delivery

Time of Delivery of the goods is determined and indi­cated in Specification No 1 of the present Contract. The date of the Air waybill issued in the name of the Buyers is considered to be the date of delivery. The goods shall be shipped by lots indicated in Specification No 1. Partial shipments are not allowed.

4.Quality of the goods

The quality of the goods delivered under the present Contract shall conform to the quality of the samples se­lected by the Buyers for the purchase.

5.Packing and Marking

Packing and marking of the goods to be delivered un­der the present Contract are made in accordance with the Rules for Air Transportation. Packing shall provide the full safety of the goods during transportation as well as their storage.

6. Notification of Shipment

The Sellers are obliged to notify the Buyers of the shipment by telex or by e-mail not later than 2 hours after shipment indicating the following:

number of the Contract description of goods date and time of shipment number of the Air waybill quantity of goods weight in Kgs total value of goods

The address of the Buyers is indicated in Specification No 1.

7. Terms of Payment

The Buyers shall transfer 50 per cent of the total value of the Contract, i. e. USD 70,500.00 (seventy thousand five hundred American Dollars), within 5 banking days of the date of the present Contract, to the Sellers' account:

Messrs. Brown and Co. No 0092 —3... Barclays Bank, Branch... London, England.

The balance of 50 percent shall be transferred by the Buyers within 5 days upon receipt of the following ship­ping documents: 1. Commercial invoice

2. Air waybill

3. Insurance policy

4. Packing list

5. Acceptance Report signed by the Sellers

6. Acceptance Report signed by the Sellers and Buyers.

8.Arbitration

Any dispute which may arise out of, or in connection with, the present Contract shall be settled by the Sellers and Buyers amicably, without recourse to any Court of Law.

In case the parties cannot settle the dispute in an ami­cable way the matter is referred to the Arbitration Com­mission in... The Arbitration Award shall be final and binding upon both parties.

9.Legal Addresses of the Parties The Sellers: Messrs. Brown and Co.

London England

The Buyers: Russian — Italian Joint Venture Loco

Moscow Russia

Signatures:..

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