12 10258 Titan 5 Magnum _September 11 2012 GRUPO SIMSA MEXICO

Quotation for TITAN5 MAGNUM™

CNG Transportation Trailers

Silvana Cusati

Business Development Manager

+1 402 613 8396

[email protected]

Lincoln Composites, Inc. | 5117 NW 40th St. Lincoln, NE 68524 USA I Phone: 402-470-5000

Fax: 402-470-0019 | E-mail: [email protected] | www.lincolncomposites.com

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Quotation Basics Proposal Number 12-10258

Date September 11-2012

Scope

TITAN5™ MAGNUM trailer for transportation of compressed

natural gas

ABS approval

Customer

GRUPO SIMSA

Gas Industrial Natural

MEXICO

Responsible

Jaime Navarrete y Valenzuela

Director de Desarrollo de Negocios

CC

Lincoln Composites is a leading developer and

manufacturer of complete storage systems for fuels.

The product range includes lightweight and easy-to-

install systems for storing CNG and compressed

hydrogen. Lincoln Composites offer products

with proven market-record & safe design for reliable

operation.

Lincoln Composites is a member of Norwegian

Hexagon Composites group. With its affiliates Raufoss Fuel Systems & Ragasco Hexagon is the leading

manufacturer of composite high pressure storage

products for NGVs & gas transportation.

www.hexagon.no www.rafs.no

www.lincolncomposites.com

http://www.hexagon.no/

http://www.rafs.no/

http://www.lincolncomposites.com/



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PRODUCT OVERVIEW

• Large capacity and low weight equal transporting gas, not steel.

• Large manifolds & large line diameters equal quick fill and discharge rates

• Composite technology allows end user to transport up to three times as much

natural gas as traditional solutions, reducing the number of trips.

• Lower weight gross vehicle weights and low inspection cost mean reduced

operating costs and a quicker return on investment.

The following table gives the technical description for Lincoln Composites TITAN5™ bulk-transportation storage trailers.



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TITAN™ CYLINDER DESIGN

The TITAN™ cylinder is an all-composite structure based on over forty years of filament-winding heritage in the aerospace and defense market. This same all-composite design has been successfully employed in over 140,000 Lincoln Composites cylinders around the world. No other all-composites manufacturer can state this amount of product experience in the market.

Currently, over 300 TITAN™ cylinders are operating in countries such as Vietnam, Colombia, Thailand, Malaysia, Peru and the Dominican Republic.

The TITAN™ cylinder has been designed for a working pressure of 250 bar at 15 degrees Celsius and a maximum fill pressure of 325 bar.



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The plumbing components of the fuel system are integrated directly into the frame and cylinders. The cylinders are mounted to allow for axial and diametric growth during the pressurization cycle. Each cylinder will have a fixed end where the interconnect plumbing will reside and a sliding end using a proven Lincoln Composites radial bearing design. The fuel management plumbing has been designed in a manner to allow for a singular fueling and de-fueling port location.

FIGURE 1, BASE TRAILER PROFILE

The TITAN5 MAGNUM™ trailer consisting of the TITAN5™ base with an additional eight cylinders with 450 L. water capacity each. The resulting overall water volume for the trailer is 43 750 L.

FIGURE 2, TITAN MAGNUM™ TRAILER



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Item CNG Storage Trailer Type TITAN MAGNUM™ Number of cylinders/trailer 13 Trailer height (m) 4.25 Trailer width (m) 2.5 Trailer length (m) 12.33 Service pressure (bar) 250 (@ 15 deg C) Total trailer volume at 250 bar (L) 43750 Total gas mass per trailer (0.72 specific gravity) 8858 kg/13125 scm Total empty trailer mass (@ 1 bar) 21,642 kg Total loaded trailer mass (@ 250 bar) 30,500 kg

TABLE 1, TITAN MAGNUM™ TRAILER DETAILS



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FIGURE 3, BASE TRAILER PLUMBING



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FIGURE 4, BASE TRAILER COVERS



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CYLINDER DESIGN DETAILS

Working Pressure, Pw 250 bar @ 15 deg C Approved Gases1 Natural Gas (49 CFR 173.115 Division 2.1, UN1971) Maximum Fill Pressure, Pmax 325 bar Service Life 20 years, 15,000 cycles Operating Temperature Limits (settled) -40 deg C to 65 deg C Peak Fill and Discharge Gas Temperature -40 deg to 82 deg C Cylinder Test Pressure, Pt (3/2 of Pw) 375 bar Minimum Rupture Pressure 587.5 bar Vessel Diameter (unpressurized) 1068 mm Vessel Length (unpressurized) 11.6 m Empty Vessel Weight 2300 kg Vessel Volume (unpressurized) 8384 L Vessel Volume (at Pw) 8500 L

TABLE 2, 40’ TITAN™ TANK DETAILS

Working Pressure, Pw 250 bar @ 15 deg C Approved Gases Natural Gas (49 CFR 173.115 Division 2.1, UN1971) Maximum Fill Pressure, Pmax 325 bar Service Life 20 years, 15,000 cycles Operating Temperature Limits (settled) -40 deg C to 65 deg C Peak Fill and Discharge Gas Temperature -40 deg to 82 deg C Cylinder Test Pressure, Pt (3/2 of Pw) 375 bar Minimum Rupture Pressure 587.5 bar Vessel Diameter (unpressurized) 1068 mm Vessel Length (unpressurized) 8.66 m Empty Vessel Weight 1700 kg Vessel Volume (unpressurized) 6070 L Vessel Volume (at Pw) 6150 L

TABLE 3, 30’ TITAN™ TANK DETAILS

Working Pressure, Pw 250 bar @ 15 deg C Approved Gases Natural Gas (49 CFR 173.115 Division 2.1, UN1971) Maximum Fill Pressure, Pmax 325 bar Service Life 20 years, 15,000 cycles Operating Temperature Limits (settled) -40 deg C to 65 deg C Peak Fill and Discharge Gas Temperature -40 deg to 82 deg C Cylinder Test Pressure, Pt (3/2 of Pw) 375 bar Minimum Rupture Pressure 587.5 bar Vessel Diameter (unpressurized) 450 mm Vessel Volume (at Pw) 450 L

TABLE 4, 450 L CYLINDER DETAILS

1 Other Division 2.1 flammable gases (e.g. Hydrogen) and inert Division 2.2 (e.g. Argon, Helium, Neon, and Nitrogen) are also approved gases for this vessel.



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The LINCOLN COMPOSITES TITAN5™cylinders are designed for 20 years of lifetime in accordance with

the ABS standard. The TITAN5™ trailers will have 4 each of the 40’ cylinders and 1 each of the 30’

cylinders. The (8) 450 l cylinders are designed to ISO 11439 and 20 years lifetime.

PLUMBING DESCRIPTIONS:

The TITAN5™ Magnum plumbing design takes advantage of all the benefits that large tanks provide

the end user.

Quarter-turn manual shut-off valves at each TITAN™ cylinder. No welded plumbing connections. Single point fill/discharge manifold with two receptacles 25 mm outside diameter stainless steel lines from decanting port to tank valves allow for maximum flow rates; Fire protection system that will vent the pressurized gas in the event that the module becomes engulfed in excessive heat/flames. The system will activate when the ambient temperature surrounding the tanks reaches approximately 150 deg C. When the system is activated, the contents of all tanks will be vented to the atmosphere.

TITAN5™ Magnum CHASSIS: The TITAN5™ Magnum trailer comes with a two axle light weight chassis meeting Mexican road regulations. The supply includes the following items: Tanks are firmly mounted to chassis by means of bulkheads ensuring safe mounting and maximum prevention of damage during accidents Cover for the tanks Electrical equipment according to standards Air ride suspension ABS brake system Dual tire axles with tire rim size 22, 5”, tire size 39, 5 “



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PROPOSAL OPTION DIMENSIONS

TITAN5™ Magnum Trailer capacity: 43750 liter @ 250 bar

Based on a 95% trailer fills and gas capacity (@ 0.72 kg per scm density): 8858 kg

Empty trailer weight: 21,642kg Loaded trailer weight: approx. 30,500kg Total trailer height: 4.25 m Total trailer width: 2.5 m Total trailer length: 12.33 m



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PROPOSAL PRICING BREAKDOWN

TERMS & CONDITIONS OF SALE • Prices are CIF Torreon, Mexico

• Delivery dates EXW Lincoln Nebraska are:

o 2 modules for February 11-2013,

o 2 Modules by 18-2013 and

o 2 Modules by February 25-2013

• Terms of payment are 30% down payment and 70% by irrevocable, divisible letter of

credit issued by a first class Mexican bank LC.

• Signed Purchase Order by September 12-2012

• Payment Terms for the 30% DP: $100,000 by September 12-2012 and 4 equal

consecutives payments each week after for $234,650 until the full down payment of

$1,038,600 is completed.

• The Letter of Credit for the remaining 70% will be issued within 45 days after September

12-2012

• Warranty is as per terms and conditions

Description Units Purchase Price (USD) per

Module

TITAN5 MAGNUM™ trailer 6 577,000.00



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REGULATIONS AND STANDARDS

TITAN™ tanks are designed and tested in accordance with American Bureau of Shipping standard

ABSHOU557163 and fulfill the requirements of DOT by a special permit. For periodic reinspection

national regulations may apply. If no national regulations apply LINCOLN COMPOSITES

recommends performing periodic reinspection according to ISO 11439:2000 with visual inspection

every 36 months according to ISO 19078 where applicable and in line with our inspection manual.

INSPECTION & SERVICE

Our systems are designed & build to be maintenance free over their service life. They may be

subject to periodic inspection according to national regulations in the country of operation or

inspection or service after accidents or other unscheduled occasions. LINCOLN COMPOSITES can

offer the following services as an option:

training courses for inspection procedures periodic inspection in countries when no regulations for reinspection apply individual inspection on special customer request

CONFIDENTIALITY

All technical and commercial information exchanged between GRUPO SIMSA and LINCOLN COMPOSATES shall be treated confidentially and shall not be released by one party to any third parties without the prior written consent of the other party.

We are looking forward to the further discussions of our quotation.

With best regards,

Silvana Cusati

Business Development Manager



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Terms and Conditions

This Agreement is effective as of the date of purchase order issuance.

This Agreement sets forth the terms and conditions pertaining to the sale by Seller to Buyer of TUFFSHELL® cylinders, TITAN™ cylinders and related accessories for use in transporting compressed natural gas. It applies to all orders placed by Buyer and accepted by Seller on or after the date hereof until this Agreement is amended or replaced by a mutual agreement of the parties. This agreement takes precedent over any other agreement, express or implied, between the Parties with respect to the purchase and sale of TUFFSHELL® cylinders, TITAN™ cylinders and related accessories. Except as specifically provided elsewhere in this Agreement, this Agreement can be amended only by a written statement signed by authorized representatives of both parties.

ORDERS:

All orders must either be placed by Buyer with a written order signed by Buyer or placed orally and confirmed by Buyer in writing by signature of Seller’s written order acceptance form. All orders must specify configuration, quantity, unit price and delivery requirements.

All orders will be subject to Seller’s acceptance. Order acceptance will be in writing and must be signed by Seller’s authorized representative.

The terms and conditions of this Agreement shall apply to all orders for TUFFSHELL® cylinders and/or TITAN™ cylinders and/or related accessories placed by Buyer and accepted by Seller on or after the effective date of this Agreement. Any terms or conditions submitted by Buyer, in any form, which are different from or in addition to the provisions of this Agreement, shall not apply unless set forth in a written agreement, signed by authorized representatives of both Parties, which identifies the specific provisions in this Agreement which are affected.

TERMS OF SALE:

Shipment: Legal and equitable title to, and risk of loss of, the goods covered by this Agreement shall pass to Buyer and shall conclusively be deemed to be delivered to Buyer upon transfer of the goods to a carrier for shipment to Buyer. All shipment terms will be F.O.B. Seller's dock in Lincoln, Nebraska. Unless Buyer's order specifies a particular carrier, carrier selection will be at Seller's discretion. Packing and packaging will be in accordance with good commercial practice. Any claim that Buyer may have against the carrier for goods lost or damaged in shipment will be made directly to the carrier, and Seller shall in no case have any liability to Buyer for such loss or damage. Seller may make deliveries up to ten days in advance of scheduled delivery dates. In the event that Seller fails to deliver within 45 days of the delivery date on a purchase order placed under this Agreement, Buyer may cancel that order upon written notice given to Seller prior to Seller's delivery to the carrier. Cancellation as provided herein shall be Buyer's sole remedy in case of delay in delivery.

Payment Terms: Payment terms and credit limits shall be as determined by Seller. Seller shall advise Buyer in writing of the payment terms and credit limits applicable to any orders that may be placed by Buyer. At any time, Seller, at its sole discretion, by giving written notice to Buyer, has the right to amend payment terms and/or credit limits that will be applicable to orders not yet accepted. Seller shall not be obligated to deliver units if such delivery would increase Buyer’s outstanding credit balance to an amount greater than the applicable credit limit. In no event will Seller be obligated to make delivery to Buyer under any order if Buyer is delinquent in making payments for prior deliveries. Buyer shall pay Seller a service charge equal to the lower of 1.5% per month or the highest amount permitted by laws on delinquent payment balances. Payment of service charges in no way relieves Buyer of the responsibility for promptly making full payment of all due or past due balances. Buyer agrees to reimburse Seller for all reasonable attorneys fees and any other cost associated with collecting delinquent payments.

Security Interest: Seller retains a purchase money security interest in the products delivered to Buyer under the terms of this Agreement until such time as the price for such products has been paid in full.

Inspection and Claim for Damages: Buyer shall inspect the goods promptly upon receipt for damage, shortage or defects. Any claim that Buyer may have against the carrier for goods lost or damaged in shipment will be made directly to the carrier, and Seller shall in no case have any liability to Buyer for such loss or damage.

Cancellations: Termination for convenience by the Buyer, can only be accepted 45 days prior to the shipment date for TUFFSHELL® and 90 days prior to shipment date for TITAN™. Seller shall be reimbursed for actual, reasonable, substantiated, and allocable costs, plus a reasonable profit for work performed to date of the termination. Returns: Seller is not obligated to accept returns. No goods will be returned to Seller by Buyer without Seller's prior written agreement and only under the terms of any such agreement. Buyer shall permit Seller, or its designated representative, to inspect any goods that Buyer has rejected as nonconforming or which Buyer has identified as defective under Section 9 below at Buyer's facility at any time during normal business hours within 30 days of the date of Buyer's written notice of nonconformance or defect.

Taxes: Unless Buyer provides Seller with a proper tax exemption certificate prior to the date of delivery, the price due to Seller for such goods will be increased to include any sales, use or similar tax, fee or charge that Seller is required to pay in the absence of such certificate.

Use and Installation: Buyer, at its sole risk and responsibility, shall assure that product ordered and delivered hereunder is mounted and installed in accordance with the regulatory standard of record in country of use, current as of the date of installation, Lincoln Composites written installation instructions, and any other requirements that maybe be imposed by local, state, federal or foreign agencies having authority over the installation in question, and that such installation or mounting is nevertheless proper and safe, taking into account any



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reasonably foreseeable conditions of use. Unless Seller otherwise agrees in writing, product ordered and delivered hereunder is for use only as installed equipment on CNG fuel vehicles and/or CNG bulk transportation. If Buyer elects not to follow the recommendations of Seller with regard to mounting instructions and design and/or fire protection system designs, Buyer will proceed at sole risk and responsibility, with Seller absolved of any and all liability. Buyer further agrees not to sell TUFFSHELL® cylinders and/or TITAN™ cylinders obtained hereunder to any third party that will install or resell the cylinder unless such third party has agreed in writing to be bound by Buyer obligation under this paragraph.

Periodic Inspection: TUFFSHELL® cylinders delivered hereunder have been designed in accordance with the requirements of ISO 11439:2000. The TUFFSHELL® cylinders have a limited life as designated by the testing standard to which it is certified against. Once installed, TUFFSHELL® cylinders must be inspected for external damage or deterioration at least once every three years by a qualified person in accordance with the exterior inspection procedures set forth in the inspection criteria issued by the Seller. TUFFSHELL® cylinders that have been subjected to the stress of a vehicular accident should be inspected in the same way prior to being returned to service. TUFFSHELL® cylinders that exhibit damage or deterioration exceeding Seller’s recommended limits or that have been subjected to flame or high temperatures associated with a fire or that have exceeded the terms of the service life are to be immediately depressurized and permanently removed from service. Buyer agrees that it will inspect all TUFFSHELL® cylinders it purchases from Seller prior to installation and that it will not sell or install any cylinder that is in a damaged condition. Buyer further agrees that it will deliver the Seller’s product inspection requirements and service life limitations to the owner of each vehicle in which it installs a cylinder purchased from Seller and that it will not sell any such cylinders for resale to anyone who has not agreed in writing to comply with Buyer’s obligations under this paragraph.

TITAN™ cylinders delivered hereunder have been designed in accordance with the American Bureau of Shipping (ABS) design certificate. That certificate establishes a maximum service life, beginning on the date of manufacture for TITAN™ cylinders and requires that, once installed, TITAN™ cylinders be inspected for external damage or deterioration at least once every three years by a qualified person in accordance with the exterior inspection procedures set forth in the inspection criteria issued by the Seller. TITAN™ cylinders that have been subjected to the stress of a vehicular accident should be inspected in the same way prior to being returned to service. TITAN™ cylinders that exhibit damage or deterioration exceeding Seller’s recommended limits or that have been subjected to flame or high temperatures associated with a fire or that have exceeded the service life are to be immediately depressurized and permanently removed from service. Buyer agrees that it will inspect all TITAN™ cylinders it purchases from Seller prior to installation and that it will not sell or install any cylinder that is in a damaged condition. Buyer further agrees that it will deliver the Seller’s product inspection requirements and service life limitations to the owner of each vehicle in which it installs a cylinder purchased from Seller and that it will not sell any such cylinders for resale to anyone who has not agreed in writing to comply with Buyer’s obligations under this paragraph.

TUFFSHELL® Cylinder Warranties: Seller warrants that at the time of delivery to Buyer the TUFFSHELL® Cylinders and associated accessories delivered under this Agreement shall be free from defects in materials and workmanship. SELLER MAKES NO OTHER WARRANTY, EXPRESS OR IMPLIED, AND SPECIFICALLY DISCLAIMS ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR USE. This warranty shall remain in effect for 180 days from the date of delivery to Buyer. Buyer will advise Seller in writing of any warranted defects within that period and in any case within 10 days of the date that the defects are discovered. Defective product shall not be returned to Seller without Seller’s prior written authorization. Any TUFFSHELL® cylinder or associated accessories that, within the warranty period, is discovered to have warranted defects, shall, at Seller’s option, either be repaired or replaced by Seller. The expense of such repair or replacement, including freight cost between Seller and Buyer’s facility, will be borne by Seller. Seller’s liability for repair or replacement of any valve or temperature relief device that, within the warranty period, is discovered to have a warranted defect, is limited to the repair or replacement provisions of the warranty extended to Seller by the manufacturer of the device. This warranty is non-transferrable and applies only to defects that adversely affect function of product.

TITAN™ Cylinder Warranties: Seller warrants that at the time of delivery to Buyer the TITAN™ Cylinders delivered under this Agreement shall be free from defects in materials and workmanship. SELLER MAKES NO OTHER WARRANTY, EXPRESS OR IMPLIED, AND SPECIFICALLY DISCLAIMS ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR USE. This warranty shall remain in effect for twenty-four months from the date of delivery to Buyer. Buyer will advise Seller in writing of any warranted defects within that period and in any case within 10 days of the date that the defects are discovered. Defective product shall not be returned to Seller without Seller’s prior written authorization. Any TITANTM cylinder that, within the warranty period, is discovered to have warranted defects, shall, at Seller’s option, either be repaired or replaced by Seller. The expense of such repair or replacement, including freight cost between Seller and Buyer’s facility, will be borne by Seller. This warranty is non-transferrable and applies only to defects that adversely affect function of product.

ISO Frame Warranties: Seller warrants that at the time of delivery to Buyer the ISO Frame delivered under this Agreement shall be free from defects in materials and workmanship. SELLER MAKES NO OTHER WARRANTY, EXPRESS OR IMPLIED, AND SPECIFICALLY DISCLAIMS ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR USE. This warranty shall remain in effect for twenty-four months from the date of delivery to Buyer. Buyer will advise Seller in writing of any warranted defects within that period and in any case within 10 days of the date that the defects are discovered. Defective product shall not be returned to Seller without Seller’s prior written authorization. Any ISO Frame that, within the warranty period, is discovered to have warranted defects, shall, at Seller’s option, either be repaired or replaced by Seller. The expense of such repair or replacement, including freight cost between Seller and Buyer’s facility, will be borne by Seller. This warranty is non-transferrable and applies only to defects that adversely affect function of product.

ISO Frame Associated Plumbing Components Warranties: Seller warrants that at the time of delivery to Buyer the ISO Frame Associated Plumbing Components delivered under this Agreement shall be free from defects in materials and workmanship. SELLER MAKES NO OTHER WARRANTY, EXPRESS OR IMPLIED, AND SPECIFICALLY DISCLAIMS ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR USE. This warranty shall remain in effect for twenty-four months from the date of delivery to Buyer. Buyer will advise Seller in writing of any warranted defects within that period and in any case within 10 days of the date that the defects



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are discovered. Defective product shall not be returned to Seller without Seller’s prior written authorization. Any ISO Frame that, within the warranty period, is discovered to have warranted defects, shall, at Seller’s option, either be repaired or replaced by Seller. The expense of such repair or replacement, including freight cost between Seller and Buyer’s facility, will be borne by Seller. Seller’s liability for repair or replacement of any valve or temperature relief device that, within the warranty period, is discovered to have a warranted defect, is limited to the repair or replacement provisions of the warranty extended to Seller by the manufacturer of the device. This warranty is non-transferrable and applies only to defects that adversely affect function of product.

Assignment: Buyer may not assign this agreement without prior written consent of the Seller and such consent shall not be unreasonably withheld.

Limitation of Liability: Buyer expressly agrees that, notwithstanding any other provisions of this Agreement, under no circumstances shall Seller have any liability resulting from the performance, failure to perform or breach of any of Seller’s obligations hereunder or from any activity undertaken with respect to the goods covered by this Agreement, except as expressly set forth herein. In particular, SELLER SHALL NOT BE LIABLE TO BUYER OR ANY THIRD PARTY FOR INCIDENTAL, CONSEQUENTIAL, INDIRECT, OR SPECIAL COST OR DAMAGES OR LOST PROFITS, SAVINGS OR REVENUES OF ANY KIND THAT MAY ARISE AS A RESULT OF SELLER’S PERFORMANCE OR FAILURE TO PERFORM UNDER THE TERMS OF THIS AGREEMENT, WHETHER OR NOT SELLER WAS OR SHOULD HAVE BEEN AWARE OF THE POSSIBILITY OF SUCH COSTS OR DAMAGES. Any action arising directly or indirectly from an order placed under this Agreement, whether based on contract, negligence or otherwise, must be commenced within one year after the date of delivery of the goods covered by that order.

Indemnification: Buyer shall indemnify and hold Seller harmless against any and all legal actions, claims, and judgments resulting from property damage, death or personal injury caused, directly or indirectly, from Buyer’s installation of a damaged cylinder, Buyer’s alteration of any cylinder or accessory item or Buyer’s breach of any of its obligations under this Agreement, regardless of whether such actions, claims or judgments are based on causes of action in product liability, strict liability, negligence or warranty.

Force Majeure: Neither party shall be liable in damages or have the right to terminate this Agreement for any delay or default in performing hereunder if such delay or default is caused by conditions beyond its control including, but not limited to Acts of God, Government restrictions (including but not limited to denial or cancellation of any export or other necessary license, changes in country trade status, a changes to Buyer’s status of Excluded or Denied Party listing), wars, insurrections and/or any other cause beyond the reasonable control of the party whose performance is affected. As a condition to the claim of nonliability, the party experiencing the difficulty shall give the other prompt written notice, with full details following the occurrence of the cause relied upon. Dates by which performance obligations are scheduled to be met will be extended for a period of time equal to the time lost due to any delay so caused.

Choice of Law: This Agreement shall be construed in accordance with and be governed by the laws of the State of Nebraska.

Severability: If any portion of this Agreement is found to be invalid or unenforceable, the Parties agree that the remaining provisions shall remain in full force and effect. And, if the invalid or unenforceable portion is an essential part of this Agreement, the parties will immediately begin negotiations to establish a mutually agreeable replacement provision.

Failure to Enforce: If either party fails to enforce any right or remedy available to it under the terms of this Agreement, such failure shall not be construed as a waiver or relinquishment of any such right or remedy.

Section Headings: The section headings in this Agreement are inserted for convenience only and are not intended to affect the meaning or interpretation of this Agreement.

Title Transfer: Transfer of title with CIF shipments is effected with equipment being handed over to shipper at LINCOLN COMPOSITES dock.

Entire Agreement: This is the entire agreement between the parties with respect to the subject matter hereof and supersedes any and all prior agreements or understandings. It may not be amended except by a written agreement signed by both Seller and Buyer.

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12 10258 Titan 5 Magnum _September 11 2012 GRUPO SIMSA MEXICO

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