Samsung Insurance Bldg.

29 Euljiro 1ga, Jung-gu,

Claim, if any, ORIGINAL
Please visit our website :
Seoul, Korea 100-782 http://globalportal.samsungfire.com DUPLICATE UNPAID
Policy No. 91590116001906 MARINE CARGO INSURANCE POLICY
Assured(s), etc.
KWANG STEEL CO., LTD

Claim, if any, payable at : ( Website: http://globalportal.samsungfire.com ) Ref. No INVOICE NO. : KSC-SEHC-150624-003

Paulsen & Bayes-Davy Ltd.
6/F., Garment Centre, 576 Castle Peak Rd., Kowloon, Hong Kong
Amount insured
TEL : 852 21971600 EXCH:@ 1,119.2000
FAX : 852 23104350 USA DOLLAR ************53,592.00
Claims are payable in the USA DOLLAR CARGO: USD ************53,592.00
Survey should be approved by : <USD *********48,720.00 X 110.00%>
Paulsen & Bayes-Davy Ltd.
6/F., Garment Centre, 576 Castle Peak Rd., Kowloon, Hong Kong
Conditions : Subject to the following Clauses as per back hereof
TEL : 852 21971600 INSTITUTE CARGO CLAUSES(A)
FAX : 852 23104350 SUBJECT TO WAIVER OF SUBROGATION RIGHT AGAINST CARRIER
Local Vessel or Conveyance EXCLUDING THE RISKS OF RUST,OXIDATION AND
Ship or Vessel called the SAWASDEE SINGAPORE 0045S DISCOLORATION UNLESS DIRECTLY CAUSED BY S.S.B.C
AND/OR HEAVY WEATHER
Sailing on or about 2015-06-25
at and from BUSAN, KOREA
transhipped at
arrived at HOCHIMINH, VIETNAM
thence to
Goods and Merchandises
UNCOILER MACHINE
STEEL HOIST SUPPORT
WIRE ROPE
SDS BOLT

- TRANSIT TERMINATION CLAUSE (30 DAYS) (A)/(B)

applicable only for cargoes imported to Korea
- Institute Classification Clause
- On-Deck Clause (A) / (B)
- Special Replacement Clause (applying to machinery)
※ The Korea Deposit Insurance Corporation does not protect this insurance product under the Depositor Protection Act. 대한민국정부 - Replacement Clause for Secondhand Machinery (applying to used machinery)
In the event that this insurance company is declared bankrupt after a suspension of payments of its depository claims,
인지세 - Label Clause (applying to labeled goods)
the insured policyholder＇ s cancellation refund (or maturity refunds or accident insurance proceeds) plus other 100원 - Other Inusurance Clause (Cargo)
outstanding claims will be covered by the Korea Deposit Insurance Corporation ("KDIC") up to 50 million won.
남대문세무서장 - Institute Extended Radioactive Contamination Exclusion Clause
The above policy is subject to change upon amendment of the relevant laws. For more information, please refer to
- Institute Chemical, Biological, Bio-Chemical, Electromagnetic
the "Depositor Protection Guide" booklet, available at financial institutions or contact the KDIC.
후납승인 2002년 8호 Weapons and Cyer Attack Exclusion Clause
(☎ 1588-0037, www.kdic.or.kr)
- Termination of Transit Clause (Terrorism)
- Currency Clause
- Sanction Limitation and Exclusion Clause

Place and Date signed in SEOUL, KOREA ON 25 JUN. 2015 Numbers of Policies issued TWO
For the use only with the New Marine Policy Form For the use only with the Old Marine Policy Form detainment, The desciptions to be inserted in the following closes are shown as above Be it known that Assured, as specified above

Notwithstanding anything contained herein or
attached hereto to the contrary，this insurance is
understood and agreed to be subject to English law
and practice only as to liability for and settlement
of any and all claims.
This insurance does not cover any loss or
damage to the property which at the time of the
happening of. such loss or damage is insured by
or would but for the existence of this Policy be
insured by any fie or other insurance policy or
policies except in respect of any excess beyond
the amount which would have been payable under
the fire or other insurance policy or policies had
this insurance not been effected.
We, SAMSUNG FIRE & MARINE INSURANCE
CO., LTD., hereby agree，in consideration of the
payment to us by or on behalf of the Assured or
the premium as arranged, to insure against loss
damage liability or expense to the extent and in
the manner herein provided.
In witness whereof, I the Undersigned of
SAMSUNG FIRE & MARINE INSURANCE CO.,
LTD.,on behalf of the said Company have subscribed
My Name in the place specified as below to the
policies, the issued numbers there of being specified as
above, of the same tenor and date, one of which being
accomplished, the others to be void, as of the date
specified as above.
1. W arranted free of capture, seizure, arrest restraint or detainment
and the consequences thereof or of any attempt thereat ; also from the
consequences of hostilities or warlike operations，whether there be a
declaration of war or not: but this warranty shall not exclude collision,
contact with any fixed or floating object (other than a mine or torpedo),
stranding，heavy weather or fire unless caused directly (and
independently of the mature of the voyage or service which the vessel
concerned or, in the case if a collision, any other vessel involved therein,
is performing) by a hostile act by or against a belligerent power ; and
for the purpose of this warranty "power" includes any authority
maintaining naval, military or air forces in association with a power.
Further warranted free from the consequences of civil war, revolution,
rebellion, insurrection, or civil strife arising there from, or piracy.
2. W arranted free of loss or damage
(a) caused by strikers, locked-out workmen, or persons taking part
in labour disturbances, riots or civil commotions;
(b) resulting from strikes, lick-outs, labour disturbances, riots or
civil commotions.
3. (a) Should the risks excluded by Clause (F.C.&S.Clause) be
reinstated in this Policy by deletion of the said Clause, or should the
risks or any of them mentioned in that clause or the risks of mines,
torpedoes, bombs or other engines of war be insured under this Policy,
Clause (b) below shall become operative and anything contained in this
contract which is inconsistent with Clause (b) or which affords more
extensive protection against the aforesaid risks than that afforded by
the Institute W ar Clauses relevant to the particular form of transit
covered by this insurance is null and void.
(b) This Policy is warranted free of any claim based upon loss of, or
frustration of，the insured voyage or adventure caused by arrests
restraints or detainments of Kings Princes People Usurpers or persons
attempting to usurp power.
as well in his or their own Name，as for and in the Name and Names of all and every other Person or Persons to whom the same
doth, may, or shall appertain, in part or in all, doth make Assurance, and cause himself or themselves and them and every of
them，to be Assured，lost or not lost，at and from as specified above upon any kind of Goods and Merchandises
in the good Ship or Vessel called the as specified above whereof is Master，for this present Voyage，or whosoever
else shall go for Master in the said Ship，or by whatsoever other Name or Names the said Ship，or the Master thereof，is or shall
be named or called，beginning the Adventure upon the said Goods and Merchandises from the loading thereof aboard the said Ship
as above，and shall so continue and endure during her abode there，upon the said Ship，&c.，; and further，until the said Ship
with all her Goods and Merchandises whatsoever，shall be arrived at as specified above and upon the Goods and Merchandises
until the same be there discharged and safely landed; and it shall be lawful for the said Ship，&c.，in this Voyage to proceed
and sail to and touch and stay at any Ports or Places whatsoever without Prejudice to this Assurance. The said Goods and Merchandises,
&s.，for so much as concerns the Assured by Agreement between the Assured and Assurers in this Policy，are and shall be valued at
TOUCHING the Adventures and Perils which the said Company are contented to bear and do take upon themselves in this Voyage，they
are，of the Seas Men-of-War，Fire，Enemies，Pirates，Rovers，Thieves，Jettisons，Letters of Mart and Countermart, Surprisals,
Takings at Sea Arrests, Restraints and Detainments of all Kings, Princes and People, of What Nation, Condition,
or Quality soever, Barratry of the Master and Mariners, and of all other Perils, Losses and Misfortunes that have or shall come to the
Hurt, Detriment or Damage of the said Goods and Merchandises, or any Part thereof; and in case of any Loss or Misfortune, it shall
be lawful to the Assured，his or their Factors, Servants and Assigns，to sue，labour and travel for，in and about the Defence，
Safeguard and Recovery of the said Goods and Merchandises，or any part thereof，without Prejudice to this Assurance : to the Charges
whereof the said Company will contribute. And it is especially declared and agreed that no acts of the Assurer or Assured in recovering
saving，or preserving the property assured，shall be considered as a waiver or acceptance of abandonment. And it is agreed that this
writing or Policy of Assurance shall be of as much Force and Effect as the surest Writing or Policy of Assurance made in London.
And so the said Company are contented，and do hereby promise and bind themselves to the Assured, his or their Executors,
Administrators, or Assigns，for the true Performance of the Premises ; confessing themselves paid the Consideration due unto them for
this Assurance，at and after the rate of as arranged Per Cent.
N.B.-Corn，Fish，Salt，Fruit，Flour and Seed are warranted free from Average, unless general, or the Ship be stranded : Sugar,
Tobacco, Nemp, Flax, Hides and Skins are warranted free from Average, under Five Pounds per cent. : and all other Goods, also
the Ship are warranted free from Average, under Three Pounds per cent.，unless general，or the Ship be stranded，sunk or burnt.
All questions of liability arising under this policy are to be governed by the laws and customs of England.
IN WITNESS whereof，I the Undersigned of SAMSUNG FIRE & MARINE INSURANCE CO.,LTD.,on behalf of the said Company,
have subscribed my Name in the place specified as below to Policies of the same tenor date，one of which being
accomplished, the others to be void as of the date specified as above.

☞ In the event of loss or damage arising under this Policy，no claims will be admitted unless a survey
has been held with the approval of this Company's office or Agents specified in this policy.
For SAMSUNG FIRE & MARINE INSURANCE CO., LTD
In case of loss or damage, please follow the "IMPORTANT" clause printed on the back hereof.

AUTHORIZED SIGNATORY