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STRICTLY CONFIDENTIAL

STRICTLY CONFIDENTIAL. Overview of ESS Presentation for Intertanko Council 18 Nov 08. AGENDA. ESS Legal Approvals Benefits (i.e., risk, cost, operational, etc.) Current Rollout Status Demo (sign eDocs) Q&A. MOTIVATION. “Our Age of Anxiety is, in great part,

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STRICTLY CONFIDENTIAL

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  1. STRICTLY CONFIDENTIAL Overview of ESS Presentation for Intertanko Council 18 Nov 08

  2. AGENDA ESS Legal Approvals Benefits (i.e., risk, cost, operational, etc.) Current Rollout Status Demo (sign eDocs) Q&A

  3. MOTIVATION “Our Age of Anxiety is, in great part, the result of trying to do today's jobs with yesterday's tools....” - Marshall McLuhan

  4. ESS

  5. OVERVIEW

  6. eDOCS USER NETWORK: CRUDE OIL Refineries Oil Majors Shipowners Equity Holders Ship Managers Ship Agents Oil Traders Banks

  7. ESS-DATABRIDGE™ EXCHANGE ESS provides eDocs Services through the ESS-Databridge™, its shipping eDocs Exchange • The Exchange establishes the rights and obligations that a trading party would have under the equivalent paper documentation • Processes (‘Best eDocs Practices’) built into the Exchange have been developed with users over the last 4 years • Legal Framework (DSUA) was developed with the assistance of key stakeholder groups over last 4 years • The Exchange is implemented to provide high availability • The Exchange supports B2B data interchange

  8. eDOCS SERVICES EXAMPLE: CRUDE OIL Terminal Services Carrier Services Exchange Services For Terminals and Refineries For ship operators and ship managers For Importers, Exporters, Traders, Banks and End Receivers • Enable users to: • Draft or upload documents and review online • Sign / issue documents electronically • Enable users to: • Review and sign /issue documents online • Manage requests for amendments • Accept production of eB/L and accomplish eB/L • Enable users to: • Receive eB/Ls and accompanying eDocs • Endorse to another Exchange user • Present to bank(s) • Request amendments, if required • Produce to carrier at discharge port to receive the goods

  9. LEGAL APPROVALS

  10. APPROVALS ESS’ Users Agreement has been vetted by key stakeholders • Reviewed and approved by: • IG representing all shipowners (obtained April 2007) – comprehensive review by US (Holland & Knight) and UK (Michael Collett) Counsel for IG • IG are currently examining mutualising the incremental risks of using eB/Ls • ITIC representing leading ship agents (obtained April 2007) • LEAP representing oil majors, trading houses & banks (obtained Jan 2008) • Legal Workshops • ESS has conducted Legal Workshops which have been attended by, inter alia, BP, STASCO, ExxonMobil, LEAP and the IG

  11. BENEFITS

  12. CARRIER BENEFITS Carriers can significantly reduce risk, improve visibility and improve operational efficiencies by adopting eDocs • Eliminates need to accept LOIs at discharge port – enabling shipowners to remain within their P&I cover • Improves transparency as all eB/Ls, even drafts, can be seen across the fleet • Enables faster turnaround at ports where paper documentation causes delay, due to faster creation, review, transmission and signing • Eliminates pain of managing amendments to documents • Allows for convergence of processes that are otherwise duplicated such as creating shipping documents and Customs/Government required information such as AMS manifests

  13. ROLLOUT STATUS

  14. ROADMAP 2H 2009 1H 2009 Today Geographical expansion Product expansion Trade finance capability Leading commodity trading houses Leading banks North Sea rollout - Statoil offshore - Teesside - Hound Point - Sullom Voe - Sture - Mongstad 2007-2008 Proof-of-Concept Pilots Run with several oil majors

  15. DEMO

  16. EVOLUTION “The telephone is an interesting device – I predict that one day every city will have one” Mayor of Chicago, 1891

  17. Q&A

  18. APPENDIX: WHY NOW Homeland Security and eCustomsRequirements Compliance (SOX)Requirements Adoption of worldwideeSignature Acts & eUCP Drive to be more Green Cost Savings through Outsourcing Drive for OperationalEfficiencies

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