AMENDMENT NO. 1 TO AGREEMENT AND PLAN OF MERGER
 
JANUARY 23, 2008
 
Reference is made to the AGREEMENT AND PLAN OF MERGER (the “Agreement”), dated
as of December 4, 2007, by and among Pure Biofuels Corp., a Nevada corporation
(“Parent”), Pure Biofuels del Peru S.A.C, a Peruvian corporation and a 99.9%
owned subsidiary of Parent (“Acquirer”), Interpacific Oil S.A.C., a Peruvian
corporation (“Target” (which term shall include any subsidiaries of Target as
applicable)), Luis Goyzueta Angobaldo, Peruvian citizen, identified with DNI No.
10609920; Alberto Pinto Rocha, Peruvian citizen, identified with DNI No.
08249574; and Patrick Orlando Panizo, Peruvian citizen, identified with Peruvian
Passport No. 0552726 (collectively, the “Target Stockholders”).
 
W I T N E S S E T H:
 
WHEREAS, the parties hereto have entered into the Agreement where the parties
set forth certain terms and conditions of the merger of Target with and into
Acquirer, and the parties intend that this Amendment No. 1 to the Agreement
(this “Amendment”) shall amend the relevant provisions of the Agreement;
 
WHEREAS, capitalized terms used herein and not defined shall have the respective
meanings ascribed to such terms in the Agreement; and
 
WHEREAS, except as set forth in this Amendment, the terms of the Agreement shall
remain in full force and effect.
 
NOW, THEREFORE, in consideration of the premises and of the mutual covenants of
the parties hereto, as herein contained, it is mutually agreed among them:
 
1. Timing of Payment of Initial Merger Consideration. Schedule 2.7(a) - Merger
Consideration of the Agreement provides that “None of the Merger Consideration
shall be payable as of the date of the Closing, but the Parent shall be required
to pay the $700,000 cash consideration and 2,166,667 shares of the stock
consideration 90 days after the Closing.” The parties hereby agree that,
notwithstanding the foregoing sentence, the Parent shall be required to pay the
$700,000 cash consideration and 2,166,667 shares of the stock consideration
within three business days of the execution of this Amendment and approval of
this Amendment by the Parent’s board of directors. All other terms and
conditions of Schedule 2.7(a) - Merger Consideration of the Agreement shall
remain the same as set forth in the Agreement.
 
2. Miscellaneous. The parties hereto agree that all of the provisions of Article
10 - General Provisions of the Agreement are hereby incorporated by reference
into this Amendment and shall fully apply to this Amendment as if such
provisions were set forth in this Amendment.
 
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IN WITNESS WHEREOF, Acquirer, Parent, Target and Target Stockholders have caused
this Amendment No. 1 to Agreement and Plan of Merger to be executed and
delivered by each of them or their respective officers thereunto duly
authorized, all as of the date first written above.
 
PURE BIOFUELS CORP.
   
By:
/s/ Steven Magami
 

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Steven Magami
President
 
PURE BIOFUELS DEL PERU S.A.C.
   
By:
/s/ Luis Goyzueta
 

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Luis Goyzueta
Managing Director
 
INTERPACIFIC OIL S.A.C.
   
By:
/s/ Luis goyzueta
 

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Luis Goyzueta
Managing Director
 
INTERPACIFIC OIL S.A.C.
   
By:
/s/ Alberto Pinto
 

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Alberto Pinto
Managing Director

 
TARGET STOCKHOLDERS
 
/s/ Luis Goyzueta

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LUIS GOYZUETA, shareholder of Interpacific
Oil S.A.C.
 
/s/ Alberto Pinto

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ALBERTO PINTO, shareholder of Interpacific
Oil S.A.C.
 
/s/ Patrick Orlando

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PATRICK ORLANDO, shareholder of
Interpacific Oil S.A.C.

 
[Signature Page - Amendment No. 1 to Agreement and Plan of Merger among Pure
Biofuels Corp., Pure Biofuels del Peru S.A.C., Interpacific Oil S.A.C. and the
Interpacific Stockholders]
 
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