PT.

BARRACUDA TOPCOAL FERNANDO

Jakarta, April 17, 2017

Ref. No. 058/FCO-BTF /2017

Messrs.
ZHOUSHAN WU ZHOU HAO DE ENERGY CO., LTD
via Pak Edi / Ibu Yulita

FULL CORPORATE OFFER

We, hereby on behalf of Seller, Miner, and Concession holder of IUP-OP, would
like to offer you the steam coal as follows:

Product: East Kalimantan origin Steam Coal, Single Mine.

Quantity Allocation: 2 x 50,000 MT (+/10%) per month --- Geared and

Grabbed basis.

Loading:
The 1st cargo within 45 days after effectively receiving payment in our bank.
The 2nd cargo onwards with 20 days interval.

Loading Port: Muara Berau, East Kalimantan.

Coal Specification:

Quality: As per ASTM standard:

SARINAH BUILDING 12th Floor, Jl.M.H.Thamrin 11, Jakarta Pusat 10350 – Indonesia
 Crushed coal:

Specification Typical Rejection Limits

Indicative Total Moisture (ARB) 14% max Above 16%

Inherent Moisture (ADB) 10% max -

Ash (ADB) 7% max Above 9%

Volatile Matter (ADB) 35 – 50% -

Fixed Carbon By difference -

Total Sulphur (ADB) 0.9% max Above 1.0%

HGI (index) 40 – 55 -

Net Calorific Value (As Received Basis) 5500 Kcal/Kg Below 5300 Kcal/Kg

Size (0-50mm) 90% minimum -

Price: USD 67.48/MT FOBMV. Muara Berau, East Kalimantan.

The above price is based on formula: the latest ICI index MINUS 10%.
NAR 5500 is equivalent to GAR 5800. The latest ICI index as of April 13, 2017 is
74.98.

Terms of Payment:

By an irrevocable AT SIGHT Letter of Credit covering 100% cargo value issued

by a first class international bank acceptable by Seller.

No PB.

L/C is issued within 3 calendar days after contract signing.

SARINAH BUILDING 12th Floor, Jl.M.H.Thamrin 11, Jakarta Pusat 10350 – Indonesia
Quantity and Quality Determination: Quantity shall be determined as per result
of draught survey report issued by any independent marine surveyor in the loading
port. Quantity shall be determined as per certificate of sampling analysis issued by
any independent third party laboratory in the loading port. Result of those loading
port’s draught survey report and certificate of sampling analysis is final and
binding for our invoicing purpose.

Other terms and conditions are to be mutually agreed in the contract.

Thank you for your kind attention and looking forward to hearing from you. This
offer is valid until April 20, 2017 at 1700 hours Jakarta time.

Best Regards,

Yohanes
Marketing Director

SARINAH BUILDING 12th Floor, Jl.M.H.Thamrin 11, Jakarta Pusat 10350 – Indonesia