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SALE AND PURCHASE AGREEMENT OF

(CONTRACT REFERENCE

NO: 001/ETALIA-GTJSC/IX/2023)

STEAM COAL (NON -COKING)

(GROSS CALORIFIC VALUE (GAR): 3400Kcal /Kg - 3200 Kcal/kg)

GACTA JOINT STOCK COMPANY

(H ereinafter ca ll ed "BUYER")

AND

PT. ENERGY UTAMA ALAM

MULIA (ETALIA) AS JV
PATHNERSHIP VI ETINDO GROUP

(H ereinafter ca ll ed " SE LLER")

 INDEX
CLAUSES DESCRIPTION PAGE
1 Definitions& Interpretation 3
2 Terms of Agreement 5
3 Commodity 5
4 Port of Loading 5
5 Quantity 6
6 Delivery 6
7 Specificat ion 6
8 Price 6
9 Price Adjustments - Penalties/Bonus on Coa l Quality 7
10 Quality Det ermination 8
11 W eight Determination 9
12 Payment Term s 9-10
13 Shippin g Terms 11
14 Cargo Ri sk 15
15 Title 15
16 Taxes, Duties, ETC. 15
17 NOTICES 15-16
18 Force Maj eure 16
19 Govern in g Law and Arbitration 17
20 Frame of Co-operation/ Confidentiality 17
21 No Waiver 18
22 Insuran ce 18
23 Am endments 18
24 Assignments 18
25 Event of Default 18
26 Entire Agre em ent 19

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 ;,

AGREEMENT FOR THE PURCHASE AND SALE OF COAL

THIS AGREEMENT is made on 07th September 2023, by and betw ee n:

Se ll er PT. ENERGY UTAMA ALAM MULIA (ETALIA}

Address St reet Boulevard Selatan, Tuby Commercial Estate No. TD-09
Summ arecon Bekasi, Marga mulya North Bekasi, Indon esia
Qq/Behalf of PT. VIETINDO ENERGY RESOURCES (VIETINDO GROUP)
Tel +62 21 39732030
Mobil e +62 811-862-962, +62 812 83580534
Person In Charge Mr. Teguh Susanto - President Director
E-Mail etal ia@energl'.'.-utama.com; vietindoresources@gmail.com
Country INDONESIA

AND

Buyer GACTA JOINT STOCK COMPANY

Address 339/ 5 To Hi en Thanh Str, Ward 13, Dist 10, HCM City, Vi etnam
Tel +84-028-3863-1888
Mobile +84 968959883
Perso n In Charge Mr. Phan Thanh Long- Chairman
E-Mail victordin79@gmail.com; longQt kiev@gmai l. com
Country VI ETNAM

The Se ller (ETALIA) AS JV PATHNERSHIP VIETINDO GROUP and the Buyer (G T J S C) may
individually be ref erred to as "Party" or collectively as the "Parti es" . This Agreement is made on
this day of 07 th Septembe r 2023 by the parti es as follow.

NOW THEREFORE th e Parties have agreed as follows:

1. DEFINITIONS
1.1 DEFINITION

a. "ASTM" mea ns th e Am eri ca n Society for Testing and M ate rial s.

b. "B/L" means Bill of Lading.

c. "Coal" mea ns the commodity set out in Clause 3 complying with the specifi cat ion in Clause
7 or which is ot herwi se accepted by the Buyer.

d. "Dollars", "U S Dollars", "USO", "US$", 11 $11 , "Cents" wh ere used shall refer to the
cu rrency of the United States of America.

e. "ETA" means expected time & date of arrival.

f. "CFR" mea ns Cost and Freight according to lncoterm s 2020.

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g. Gross Calorific Valu e (ARB) mea ns GCV{ GAR) or Gro ss As Rece ived or as rece ived basis
and it should be rea d in th e sa me context in thi s agree ment.

h. "Lo ading Port" or ,, Port of loadin g "m ea ns th e on e (1) sa f e berth point at EWF Tal ang
duku, Jambi, Sumatra or Any Port in Jambi, Sumatra.

i. " Ba rge" mea ns Ocea n Go in g by Ba rge

j. "Pri ce" shall m ea n th e pri ce for invoicing purp oses expresse d in US Do ll ars with any
ca lculated pri ce round ed up or down t o th e nea rest ce nt.

k. "kcal" mean s Kil oca lori e (s) as defin ed in th e "Intern ati onal Syst em of Units ".

I. " kg" m ea ns Kil ogram (s) as defin ed in "Intern ati onal Syst em of Units " .

m. " Layt im e" mea ns tim e allow ed t o load th e ca rgo on th e vesse l.

n. "mm" mea ns Millim et er as defin ed in "Inte rn ati onal Syst em of Units".

o. "M aj o r Ind ones ian Holid ays" mea ns 2 days of ldul Fitri, 1 day of ldul Adha, 1 day of
Ind epend ence Day, 1 Day of Christm as Day, 1 Day of New Yea r' s Day

p. "Pratiqu e" mea ns permi ss ion t o do bu sin ess at a port by a ship th at has co mpli ed with all
app li ca bl e loca l hea lth regul ati ons.

q. "Sta t ement of Fact s" mea ns a st at em ent prepared by t he ship's age nt at th e port of
loa ding whi ch show s th e date and t im e of arr ival of th e vesse l and th e co mm ence m ent
and co mpl etion of loa din g. It det ail s th e qu ant ity of cargo loade d each day, th e hours
w orked, and t he hours stoppe d w ith th e reasons of st opp ages.

r. "Tim e Sheet" mea ns a docum ent wh ich reco rd s all dai ly part icul ars re latin g to th e loa ding
or dischargin g of ca rgo as w ell as th e durat ion of and reason fo r any sto pp age of w ork
and is use d as a basis for th e ca lcul ation of demurrage/di spat ch.

s. " W orkin g Da y" m ea ns a day upon whi ch bu sin ess is regul arly transact ed and unl ess
express ly st ate d, th e t erm " day" shall be dee med t o m ea n " ca lend ar day" .

t. "Weat her W orking Day" m ea ns any peri od of 24 co nsecutive hours during whi ch w ea th er
permits shi p-load ing operati ons.

u. " WWDSH IN C" W ea th er W orking Day Sun day and Holi day in cluded (n ot inclu ded M aj or
Ind onesian holidays) mea ns day of 24 co nsecut ive hours in cl ud in g Sunday and Holiday on
whi ch w ork in loa din g coa l on boa rd a vesse l may be ca rri ed out wit hout loss of tim e du e
t oth e w ea th er.

v. "Surveyor "m ea ns PT. SGS In do nes ia for Load in g Port

1.2 INTERPRETATI ON

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 In thi s Agree ment, unl ess th e cont ext oth erwi se requires :
(a) A fraction of a ce nt in any calculati on shall be round ed up to th e nearest ce nt
- if such fraction is on e half of a cent or more and shall be round ed down wh en
oth erwi se.

(b) A fracti on of a t onn e in any cal cul ation shall be round ed up to th e nea rest t onne
if such fracti on is on e half of a tonn e or more and shall be round ed down wh en
oth erwi se.

(c) recital s, headin gs and und erlining are for conveni ence only and do not affect
th e interpretati on of thi s Agree ment.

(d) W ord s importing th e singular includ e th e plural and vi ce-versa.

(e) Word s importin g a ge nd er includ e any ge nd er.

(f) An express ion importin g a natural perso n includ es any co rporati on or oth er
body co rporat e, partn ership, assoc iati on, publi c authority, tw o or more
perso ns havin g a j oint or co mm on interest, or any oth er lega l or co mm ercial
entity or und ertakin g.

(g) A ref erence to a Party to a docum ent includ es th at Party' s successo rs and
permitt ed ass igns.
-=
43
(h) Ref erence t o any st atute or st atutory provi sion includ es a ref erence t o that
st atute or st atutory provi sion as from tim e to tim e amend ed, ext end ed or re-
enact ed and shall includ e all by-law s, in strum ents, ord ers rul es and reg ulati on
made th ere und er .

(i) All sched ul e, att achm ents and ann exure heret o fo rm part of thi s Agree ment.

(j) Any ref erence t o a dat e or tim e is a ref erence t o t hat dat e or tim e in w est ern
Ind onesia.

2. TERMS OF AGR EEMENT

Th e parti es hereby agree th at th e t erm of thi s agree ment shall co mmence from th e
dat e of signin g of t his Agree ment unt il th e sa le and delivery of th e co nt ract ed qu antity
und er thi s agree ment has bee n fully perfo rm ed by th e parti es or until both parti es
mutu ally agree t o te rmin at e thi s Agree ment, whi chever co m es ea rli er . Buyer shall
purchase th e coa l fro m Sell er on FOBT bas is {ln cot erm s 2020).

3. COMMODITY
St ea m Coa l of Ind onesian Ori gin

4. PLACE OF LOADING
The pl ace of loa ding fo r each delivery und er this Agree ment shall be th e one (1) saf e
berth at EWF Talang duku, Jambi,Sumatra or Any Jetty in Jambi, Sum atra in
Ind onesia.
5. QUANTITY
The total quantity of coa l agreed to be sold by the Se ll er to the Buyer hereunder 1 (one)
shipments of 8,000 Metric Tonne ("M T") +/-10%.

6. DELIVERY
6.1 SELLER shall deliver the quantity of Coal mentioned in Clause 5 herein to the BUYER in
accordance with the following schedule:

(a) pt Shipment/ Delivery laycan : 25 - 30 Sept 2023 or on sooner agreed by

both Parties .

7. SPECIFICATION
7.1 The typical specification of the Coal to be delivered under this Agreement for shipment
stated in Clause 6 above as per ASTM standards is as follows:

GAR 3400 Kcal/Kg

S/N Parameter Basis Unit Typical Rejection
1 Gross Calorific Value ARB Kcal/Kg 3,400 <3,200
2 Gross Calorific Value DB Kcal/kg - None
3 Total M oisture ARB % 40-44 None
4 Inherent Moisture ADB % 20 - 22 approx None
5 Ash Content ADB % 8-10 >10 .0
6 Volatile Matter ADB % 35-40 approx. > 45.0
7 Fixed Carbon ADB % By difference None
8 Total Sulphur ADB % 0.6 > 1.0
9 Size O - 50mm % 90 minimum None
10 Hard Grove Index In dex - 55 -60 approx None
(HGI)

7.2 Seller and Buyer agree and accepts all parameter specification as above, especially for
GCVba sed on GAR basis. The Buyer is aware of the cargo condition and quality and
has done physical in spection prior to the shipment.

8 PRICE
8.1 The ba se price ofthe Shipment/Delivery is based on CFR to Go Gia, Vung Tau, Vietnam
at one (1) safe loading point at EWF Talang duku, Jambi,Sumatra,lndonesia or a Seller
appointed Any Jetty in Sumatra, Indonesia to be nominated later, as per follows :

pt Shipment/ Delivery: 25 - 30 Sept 2023or on sooner agreed by both Parties.

The price:
CFR GAR 3400 is USD 40,50/MT- fixed (Fourty point fifty United States Dollarsper
Metric Ton). In which FOB 28.00/MT + Freight 12.50/MT

8.2 The above-mentioned price is valid only if the coal is delivered and taken by the BUYER
according to the delivery schedule mentioned in Clause 6.1, unless otherwise agreed
by both PARTIES .
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9 PRICE ADJUSTM ENTS - PENALTI ES/BONUS ON COAL QUALITY
9. 1 Penalti es / Bo nu ses fo r qu alit y will be base d on Ce rtifi cate of An alysis at th e Loading
Port iss ued by an Ind epend ent Surveyor to be agree d by all parti es at th e tim e of
execution of thi s Agree ment for th e fo ll owin g items:

(a) Gross Ca lorifi c Valu e (GAR)

If t he GCV (ARB ) is below 3,400 Kca l/Kg, th en th e FOB pri ce will be adjust ed pro
rata with th e fo ll owin g fo rmul a:

Adju st ed CFR Price= [Act ual GROSS CALORI FIC VALU E (A RB)/3,400] * CF R base
pri ce

Th e fin al unit pri ce is ca lculat ed as foll ow s:

FINAL CFR PRI CE = EQUAL TO ADJU STM ENT FO B PRI CE+ FREIGHT

If th e Ce rtifi ed GCV supplied is be low th e rej ection limit , th e Buyer shall have th e
right to rej ect t he ca rgo or renegoti ate th e pri ce base d on multi ple rates of penalt y
t o be mut ually agree d.

Th ere is no bonu s fo r any actu al GCV (GAR) above 3,450 Kcal/kg. If actu al
GCV( GAR) is above 3,45 0 Kca l/kg, th en it shall be treated as 3,450 Kca l/kg.

(b) Ash (ADB )

Ash co nte nt w ould be guarantee d at 8 % over whi ch, a penalty of US$0.15

w ould be app lied per 1% (fractions pro- rata ) t ill rej ection limit, on whi ch
rej ection or renegoti at ion shall fo ll ow t he prin cip les set out in ca lori f ic valu e
po int (a) above.

(c) Tota l Sul phur (ADB )

Tota l Sul phur w ould be guaranteed at 0.6 % over whi ch, a pe nalt y of US$0.15
w oul d be app lie d per 0.1% (fractions pro-rata ) t ill rej ection lim it, on whi ch
rej ection or renegotiation shall fo ll ow th e prin ciples set out in ca lorifi c valu e
point (a) above.

(d) The Net Invoice Price shall be t he adj usted pri ce as reduced by pe nalt ies or
in creased by bonu ses, if any

9.2 Rejection

(a) In case the qua lity of any shi pme nt of t he Coa l determ ined by PT. SGS Indonesia
Surveyor at Loading Po rt fa ils to meet any one or more of the specifi cat ions set
fo rth in Art icle 7.1, th e BU YER shall have t he right to reject such shi pment by
deliverin g a writte n notice to t hat effect wit hin 2 (t w o) W orkin g Da ys of rece ipt
by th e BU YER of t he Ce rtificate of Ana lysis.

(b) If t he BU YER elects or dete rmin e t o accept t he shipm ent t hat may be rej ecte d
pursuant t o Article 7.2 . (a) above, t he Pa rt ies shall in good fait h negot iate to
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 agree t o a fa ir and reaso nabl e adjust ed pri ce in res pect of th e Coa l. If th e Pa rti es
are un abl e to agree on th e new pricin g of th e Coa l within a reaso nabl e tim e
frame, in any event not lat er th an 14 (fourtee n) days from co mm ence ment of
negoti ati ons, th e Parti es agree t o medi ati on by an ind epend ent t echnical expert
suitably experi enced and qu alified in th e fi eld of Coal qu ality app ointed by
mutu al agreem ent of th e Pa rt ies . Wh ere no reso lution ca n be reached by th e
Parti es, th e matter may be ref erred t o arbitrati on fo r a fin al and bindin g decision.

10. QUALITY AND W EIGHT DETERMINATION

10.1 Th e sa mplin g and an alysis of th e coa l shipments shall be co ndu ct ed at th e
Loa ding Port by PT. S G S I n d o n e s i a S u r v e y o r wh o shall provid e th e
co rresponding Ce rtifi ca t e of Samplin g and An alysis fo r shipm ent by Vesse l, as w ell
as th e t estin g results of th e entire ca rgo loa ded on BUY ER' s nomin at ed vesse l at
Loa ding Po rt. Ce rtifi cat e of Sa mpling and An alysis shall det ail th e results fo r
Proximat e An alysis and/ or th e paramet ers as m enti oned in Clause 7.1. Such coa l
qu alit y det ermin ati on at Loa ding Port shall be fin al and bindin g upon SE LLER and
Buyer fo r th e purpose of thi s Agree ment and shall fo rm th e basis of settl ement
unl ess adju stm ent is required in acco rda nce with Articl e 7 hereof.

BUYER ca n se nd th eir represe ntative t o th e Loa din g Port t o witn ess th e loa ding
operati on, sa mpling and analysis of ca rgo, if required. BUY ER also ha s th e right
t o appoint th eir own in spect ion age ncy in co nsultati on with SE LLER at Loa ding
Po rt, how ever, th e result of such inspecti on shall be use d fo r ref erence purpose
only and shall not be use d fo r negotiati on. The BUYER and/ or its representatives
are not t o interfere wit h th e load ing operati ons and are req uired t o always
fo ll ow all sa f ety procedures. Ente rin g Sell er' s Faci lities are stri ctly at BU YER' s
own ri sk and expense. Se ll er shall not be held res ponsibl e fo r accide nts and/or
losses of any nature.

The sa mpl e shall be ext ract ed and analyze d in acco rd ance wit h ASTM sta nda rd s. The
ca rgo co m pos ite sa m ple shall be divided into 3 pa rts to provi de:

1 (one) sa m ple of ca rgo analysis.

1 (one) sa mple fo r BUYER' s retention, if req uest ed; This sa mple may be t est ed by
PT. SGS Ind onesi a Surveyor at load ing port, at Buyer' s cost and Buyer' s requ est
1 (one) um pire sa m ple whi ch shall be reta in ed by PT. SGS In donesia Surveyor
One sa mples t o be kept on vessel with sea l by Surveyor.

.
The costs fo r sa mpling and analysis shall be fo r th e account of SELLER .

10.2 UM PIRE AN ALYSIS

(a) In depende nt Surveyor shall ensu re to keep th e "Ump ire Sample" clearly sea led
and labelled (i nclu ding w it hout limitatio n, " Umpire sa mple" and contain er w eight )
and kept in airtight sea led containers.

In t he event th at eit her Pa rt y w ishes to chall enge t he resu lt of any anal'ysis made
at th e Load ing Po rt, it shall do so wit hin 30 (th irty) days from date of Bill of Lading.
In such event th e Umpire Sa mpl e t aken at th e Loadin g Po rt shall be se nt to
mut ually acceptab le intern ationa lly recogn ized indepe nde nt comm ercial
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 laborat ory (th e " Umpire Laborat ory"). Laborat ory shall perfo rm analysis of th e
specifi cati ons fo r th e param et ers requ est ed by th e Party ca ll ed for umpire
analysis and iss ue a ce rtifi ca t e (th e "Umpire Certificate") ce rtifyin g th e res ult of
such ana lysis. Umpire Sa mpl e from loading port shall be co uri ered, acco mpani ed
by Se ll er, t o be chall enge d by Ind epend ent Surveyor in a third co untry t o be
mutu ally agree d. Th e um pire analysis shall be fin al and bindin g on both Pa rti es.

Th e cost s and expe nses of such furth er analysis shall be born e by t he Pa rty requ estin g such
analysis. Both pa rt ies agree th at only th e pa ramete r( s) in dispu te shall be ret ested

10.3 At port of discharging (for first of shipm ents)

Th e Se ll er shall arrange SGS Vi etn am Ltd agree d by th e Pa rti es, to t ake sa mpl es and perform
an average analysis in acco rd ance with th e res pective ASTM st andard s for th e t ot al qu ant ity
of th e coa l discharged out of vesse l at discharge port . Th e ce rtifi cat e of analysis shall det ail
th e results as defin ed in Articl e 7 and shall be basis for det ermin e penalt y amount as defin ed
in Articl e 9. Cost fo r t he Se ll er' s account

Th e average qu ality result fo r Gross Ca lorifi c Valu e (ARB ) betw ee n ce rt ifi ca t e of sa mpling and
analysis issued by SGS IN DO NES IA and SGS Vi et na m shall be fin al and bin ding fo r th e pa ym ent
of t he fin al invoice.

Any adju stm ent amount shall be settl ed outsid e L/C and th ro ugh TT.
11. W EIGHT DETERMINATION
11.1 The Se ll er shall app oint at th eir cost an PT. SGS Ind ones ia Surveyor mutu ally
agree d by both t he part ies, to perfo rm th e w eight det ermin ation at t he Loa ding
Po rt fo r th e barge in acco rd ance with this cl ause.

11.2 Th e w eight of each shipm ent of Coa l shall be det ermin ed to th e nea rest to ns of
w eight (m ass) by draft survey of ca rryin g ocea n ca rri er at th e Load in g Po rt co ndu ct ed
by ind epe nd ent surveyor. Se ll er shall pay t he cost of th e draft survey.

11.3 The PT. SGS Ind ones ia Surveyor appo inted as above shall issue a Ce rtifi cate of Weight
based on t he Load ing Port. Such w eight dete rmin atio n shall be fin al and binding upon
Se ll er and Buyer and it shall be th e bas is fo r set t lement und er t his Agreement,
un lessa n adju st ment is req uired pursuant t o Clause 9.

11.4 The Se ll er is responsible to loa d Buyer' s vesse l t o t he maximum saf e loa dabl e ca pac it y
of th e vesse l.

11.5 Should Se ll er lqad less t han t he minimum quantit y previ ously ag reed to l;> e loa ded as
advised by Buyer upo n vesse l nomin ation, t he Se ll er shall be liab le fo r vesse l dead
fre ight, if any, result ing from t he shortfa ll of load ing; how ever, shoul d t his short
qu ant ity be ca used by reaso ns beyond Se ll er's contro l, such as but not lim it ed to, t ide
co ndit ion, w eather co nditi on, w at er level, sa f ety reaso n, requ est of th e po rt or barge
maste r, th en Se ll er shall not be responsible fo r t he dea d freight

12 PAYM ENT TERM S

12.1 Th e pa ym ent in respect of th e shipm ents shall be affected by th e Buyer by mea ns of
an Irrevocabl e Docum entary Letter of Credit to be issued from a first - c I ass

9 I P:ige
 bank .
acce ptabl e t o t he Se ll er and payabl e at sight at th e Se ller' s Bank counters aga in st
prese ntati on of th e doc um ents complyin g with th e Lett er of Credit and thi s
Agree ment.

12.2 Th e Buyer shall est ablish th e Irrevocabl e Documentary Letter of Credit in favor of
th e Sell er in United Stat es Dollars for total shipment value for each shipment,
including a plu s/minu s 10% loading tol erance within t en {10) working days before
th e fir st dayof layca n, unl ess ot herwise agreed.

12.3 All bank charges outsid e th e Buyer' s bank shall be bo rn e by th e Se ll er, and all charges
within th e Buyer' s bank are for th e Buyer' s acco unt.

12.4 Th e Se ll er shall prese nt th e foll owin g docum ents, t o Se ll er' s Ba nk, within 21 w orkin g
days from th e Bill(s) of Loa ding dat e t o th e Se ll er' s nomin at ed negoti ating bank for
paym ent of 100% of ca rgo valu e after pri ce adjustm ent, if any
(i) Se ll ers signed and st amped co mm erci al invoice in 1 ori gin al + 3 co pi es showin g
deta ils of ca lcul ation of GCV (ADB) and Ash and Tot al Sul phur paramet ers are below
or above as pe r specifi cat ion.

(ii) Full set of three (3) origin als and three (3) co pi es of cl ea n on boa rd Charter Party Bill
of Ladin g of th e vesse l, m ade out t o ord er, mark ed " Freight Pa yabl e as Per Chart er
Pa rty" and notify party advise d by th e Buyer

(iii) Ce rt ifi cat e of Sa m plin g and An alysis in 1 origin al + 3 cop ies iss ued by an ind epe nd ent
surveyor at loa ding port .

(iv) Ce rtifi ca t e of W eight in 1 ori gin al + 3 co pi es iss ued by an in de pend ent surveyor at
loa ding port .

(v) Draft Survey Repo rt in 1 ori gin al + 3 cop ies iss ued by th e ind epende nt surveyor at
loa ding port .

(vi) Ce rtifi ca t e of Hold clea nlin ess issued by th e ind epend ent surveyor at loa ding port .

(vii) Benefi ciary ce rt ifi cate t o ce rtify th at non-negoti ab le shi pp in g docum ents has been

se nt, by email of fax, t o t he buyer fo r revi ew within 5 workin g days afte r BL dat e.

12.7 Befo re th e com mence ment dat e of Coa l load ing t o vessel, SELLER shall iss ue to th e
BUYER Proform a Invo ice with th e fo ll owin g esse nt ial in fo rm ati on to be spec ified in
th e Profo rm a Invoice:

(a) Quantit y, whi ch shall ment ion as per Art icl e 6.1
(b) Unit Pri ce, whi ch shall be th e FOBT Pri ce as specified in Articl e 8 herein .

12.8 Wit hin 5 (five) W orking Day afte r th e co mplet ion dat e of Coa l Loa ding, SE LLE R shall
deliver to th e BUY ER by co uri er a co py of followin g docum ents:

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 Certificate of Origin (COO) issued by the relevant Indonesian governmental.
authorityl (one) original and 2 (two) copies of Certificate of Origin)
All bank charges, fees and costs outside Vietnam in connection with the Letter of
Credit shall be for the account of SELLER. All bank charges, fees and costs in curred
at SELLER's negotiating Bank sha ll be for the account of SELLER.

Documents containing third pa rty shipper name other than the SELLER is acceptab le.

12.9 PERFORMANCE BOND - ON FULL QUANTITY

Within 3 - 5 working days from the signing date of this Contract but always before
the Buyer's LC issuance, the Sel ler's bank shall issue the irrevocable unconditional
performance bond with the value of 2% (two percent) of the Contract value to the
Buyer's bank with the validity of 45 (forty-five) days.

Performance Bond issue to.

Buyer Name : GAC TA JOINT STOCK COMPANY
Account Number : USD 255587978 (
Bank Name : VIETNAM PROSPERITY JOINT STOCK COMMERCIAL BANK
HANOI VIETNAM
Bank Address : 165-167 Ham Nghi Street, Nguyen Thai Binh Ward, District 1,
HCMC, Vietnam
Swift Code : VPBKVNVXAXXX

Advising Bank Issue to.

Bank Name : CTBC BANK,, LTD ., SINGAPORE
Bank Address : SINGAPORE BRANCH
Swift Code : CTCBSGSG

The Seller's bank shall irrevocably and unconditionally undertake to pay the Buyer
upon the Buyer's first written demand for payment by authenticated Swift message
from the Buyer's bank to the Seller's bank without protest and declaring that:

"The Seller is in breach of their obligations and responsibilities under this

contract." Including penalty from vessel owner for delay offloading on board
within OS days after laycan. Vessel arrived but sellers cannot arrange for loading.
Shipment canceled.

The draft Performance bond shall be confirmed by the Buyer before official
issuance.

Should the Seller fail to open the Performance Bond and produce its certified copy to the
Buyer by the deadline mentioned above, the Buyer shall have the right to suspend further
performance of its obligations and undertakings under the Contract: extend
deadline/stop/not to issue LC.

13 SHIPPING TERMS

13.1 Nomination of Vessel

lll P a g e
 {i) The Buyer and Se ller shall nomin at e and charter suita bl e barge, in acco rd ance.
to Highest -cl ass to Se ll er and/or th eir represe ntative for vettin g and
· acce ptance t en {10) days pri or to ETA of th e barge . ETA to be within th e
agree d layca n dat es. Th e Se ll er will reply within one {1) w orkin g day intimating
acce pta nce of th e nomin ated vesse l by fax / email, whi ch acceptance shall not
be unduly wit hh eld .

{ii) De murrage rate t o be inform ed by th e Buyer t o th e Se ll er or contrary according

t o th e relevant Chart er Pa rt y upon barge 's nomin at ion.

{iii) A shipping age nt at Loa ding Port shall be app ointed by barge own er and
nomin at ed by se ll er. The BUYER or its age nt shall se nd noti ce in writin g t o th e
SE LLER on th e ETA of th e barge at th e Loa din g Port 7, 5, 3, 2, and 1 day{s) befo re
t he barge is exp ect ed t o arrive.

13.2 Loa ding Rat e

a. Both Pa rt ies agreed to set load ing rate at a minimum of 2,000MT PWWDS HIN C
(excl uding maj or In dones ian holi days such as 2 days of ldul Fitri, 1 day of ldul Adha,
1 day of Ind epend ence Da y, 1 day of New Yea r' s Da y and 1 day of Christmas day).

b. This rat e shall be th e base rat e fo r ca lcul ation of ba rge demurrage.

c. Th e SE LLER shall loa d th e barge at th e Load ing Po rt in compli ance all appli ca ble
law s, regulat ions and st anda rds from tim e to tim e issued and amended by any
relevant governm ental or other st atutory body or auth ority. Imm ed iately afte r th e
shipm ent has been loa ded t he SE LLER shall notify th e BUY ER. How ever, if th e ba rge
nomin ate d by BUYER, decl ared by Aut horit y not suitab le fo r load ing coa l, th en
BUY ER shall reimburse all cost s relat ed to ba rge loa ding.

13.3 Estim ated Time of Arrival (ETA) Notice

{i) Once t he vesse l nomination has been granted, lay-days and t ot al ca rgo
est ablished, th e fo ll owin g proced ures should be applied.
• Upon signing of this Agree ment, t he Buyer will advise t he ETA of th e barge at
load ing port to t he Se ll er, approxim ate ca rgo qua ntity. How ever, t he stow age
plan and actual loadab le quant ity is subj ect to fina l confi rmat ion from shi p' s
mast er at latest as pe r ment ioned on 48 (fo rt y eight) hours ETA Notice.
• The Buyer shall give 7, 5, 3, 2 and 1 day{ s) act ua l ship' s not ice of arrival to t he
Sell er.

13.4 Not ice of Read iness (N OR)

{i) NOR m ay be t ende red M onday t hro ugh Sunday, maj or In do nesian holidays
stat ed in cla use 13.2 exclu ded, provi ded t hat vesse l is in all respects rea dy to
loa d t he inte nded ca rgo. NOR may be tendered by cab le, te lex or fa£

(ii) laytim e shall st art t o co unt 12 hours aft er NOR t end ered in free pratiqu e, unl ess
load ing is sooner co mm enced in w hich case actu al time used t o co unt.
12 IP il ge
 J\
(iii) Unl ess oth erwi se agree d th e Se ll er shall be und er no obli gati on to acce pt
Notice of Rea din ess and to load th e vesse l pri or to comm ence ment of th e
· laycan. Only tim e actu ally use d for loading sh all count as laytim e until th e
comm ence ment of th e layca n. Actu al tim e use d for loadin g durin g turn tim e
shall co unt as laytim e.

(iv) If Noti ce of Rea din ess is given for th e barge after th e agree d layca n, or if th e
barge fa ils t o report to th e Se ll er, th e Se ll er' s obli gati on to loa d th e barge shall
be subj ect t o th e avail ability of berth and coa l. Th e Se ll er may be at its
discretion give priority to oth er barge for which Notice of Rea din ess to load
have bee n given within th eir res pective layca n, and whi ch have compli ed with
th e appli ca bl e reportin g provi sions. Laytim e and demurrage shall not run for
th e duration of any delay attribute to th e barge giving Notice of R_ea din ess after
expiry of its layca n or failin g to report in acco rd ance with th e declared ETA
not ices, t o th e Se ll er or its nomin at ed age nt. If Noti ce of Rea din ess is t end ered
and acce pted afte r th e agr ee d layca n has expired, th en only actu al tim e use d
for loadin g th e vesse l shall co unt as laytim e.

(v) If th e barge un abl e t o berth du e t o co ngesti on j etty/anchorage th en barge may

t end er NOR on arrival at w aitin g pl ace, wh eth er in berth/anchorage or not,
wh eth er cust oms cl ea red or not, wh eth er in free pratiqu e or not

13.5 Shift in g

Th e Se ll er and th e Buyer may mutu ally agree t o shift th e barge t o a seco nd port of
loa din g. Shifting expenses, if any, shall be fo r th e Party' s account wh o requ est s th e
shiftin g. Th e tim e use d for shiftin g will be co unted as lay tim e if th e shiftin g is done at
th e in st ance of th e Se ll er.

13.6 Det ention

In th e event th e barge is prevented from or delayed in berthin g or sa ilin g at/from th e

loa ding port as a res ult of Se ll er' s failure t o co mpl et e all form aliti es and process
necessa ry docum entati on and Buyer has provid ed necessa ry Letter of Credit including
its amendm ent, if any, before shipm ent, th en Sell er will be res ponsibl e for th e cost
associa t ed with th e dete nt ion of th e barge over and above demurrages.

De murrage/ Det ent ion f ee is m aximum USD 2,500.00 per day pro-rat a/no despat ch,
in lin e wit h th e charte r part y agree ment wit h th e barge operat ors/ own ers. •

13.7 Dea d Freight

The own er/M ast er/age nt of th e barge nomin ated t o Se ller by Buyer shall declare th e
stow age pl an t o Sell er/ th eir age nt by e-m ail/fax, pri or t o 48 (fo rty eight) hours of
barge' s arrival at loa ding port . Once th e st ow age pl an is decl ared, th e Se ll er ,shall loa d
coa l as pe r th e quantity decl ared in th e stow age plan. Fo r any shortage . qu antit y
loa ded, th e Se ll er shall pay dea d freight whi ch shall be ca lcul at ed by mult iplying th e
short quantity by th e freight of th e barge nominat ed t o th e Se ll er. How ever, should
13 1Pagc
 thi s short quantity is caus ed by reason s beyond Se ll er' s control, such as but not
limited to, tid e conditi on, w eath er condition, wat er level, safety reas on, requ est of
th e port or barge m ast er, th en Se ll er shall not be res pon sibl e for th e dead freight

13.8 Lo ading fa ciliti es/ Termin al Damage

a) Th e Se ll er t o provid e st evedores, free of charge to th e Buyer, to load th e Coa l. Th e

St evedores at loa d port are t o be app ointed at th e Sell ers ri sk and exp ense.

b) Should any damage be cause d to th e barge or her fittin gs by th e st evedores, mast er

has to try and let th e st evedores repair th e damage and will try to settl e the matter
directly with th em. SE LLER is to ass ist, in good faith, in resolving such iss ue.

13 .9 Laytim e Ca lcul ati on

{i) Laytim e ca lcul ati on will be made by th e Sell er/Buyer base d on St at ement of
Fact s {SO F} iss ued by th e nomin at ed age nts in th e loa din g port and th e t erm s
in Charter Party for th e barge. Th e demurrage / dea d freight t o be settl ed wit hin
20 days aft er co mpl eti on of loa ding by bot h th e Buyer and th e Sell er.

{ii) Th e Buyer ca n se nd th eir represe ntative to th e loa ding port to witn ess th e
loadin g operati on, Sa mpling and analysis of ca rgo, if required at th e Buyer' s
own cost and ri sk

{iii) Laytim e shall be cease d t o co unt upon co mpl eti on of loa ding whi ch providin g
th at free tim e at maximum of 12 hours of t ot al export docum ents co mpl eti on
of loa ding.

13.10 Ot hers

a) Subst ituti on of a nomin at ed barge is all ow ed, subj ect t o approval by th e Se ll er whi ch
should not unreaso nabl e withh eld, with co mpl et e det ails t o be provid ed t o t he sell er
not less th an five {05 } days pri o r to ETA of origin ally nomin at ed vesse l, how ever such
ETA mu st not be ea rli er or lat er th an ori gin al ETA decl ared. Quantity whi ch ca n be
t aken by th e substitut ed vesse l t o be equivalent +/- 10% of ori gin ally nomin at ed
barge . th e substituti on is t o be simil ar t o th at of th e origin ally nomin ate d vesse l and
barge 's pa rt icul ars shall not devi at e from th e origin ally nominate d vesse l.

• b) Shoul d t he perfo rmin g barge be with drawn with out .substit ution or rep lace d beyond
t he layca n dat e or delayed du e t o reaso ns in co ntro l of Buyer beyond th e layca n dat es
th en t he BUYER will co mpensat e all lost, in cl uding, bu t not limite d th e loss fo r
storage expenses, in surance premium, and any oth er costs sust ain ed at th e loa din g
port. Paym ent of expenses shall be affect ed aga inst presentati on of th e ori gin al
shi pp in g docum ents.

13.11 Tim e Loss Due t o Reaso ns Beyond Sell er' s Contro l

Any tim e lost by reaso n of any of foll owin g {wh eth er or not th e vesse l is alrea dy on

14 Ip
 demurrage ) shall not be co unted as laytim e or for demurrage :
a) Restri ction s impose d by Own er, Charterer or M ast er of th e barge.

b) Tim e spent in co ndu ctin g a draft survey of th e vesse l if it is requ est ed by th e

shipma st er, if appli cabl e pri or to or during th e loadin g of th e coa l.
c) Brea kd own o r failure of th e vesse l t o comply with th e requirem ents or regul ati ons of
th e loa ding port ca usin g delay or restri cti on t o loa d operati ons.

d) Un -permittin g w eat her, tid e, and or other natural co nditions, subj ect t o barge not
bein g on demurrage . Laytim e shall co mm ence aga in wh en w eath er is fin e, and
co ndition s are sa f e and permittin g.

e) Cleanin g and in specti on of th e barge if requ est ed by th e ship ma st er.

f) Any oth er delay attributabl e t o th e barge or th e age nts, se rvants or ind epend ent
co nt ract ors of th e Buyer.

Shore Labour Overtim e at loa ding port and relat ed extra expenses shall be t o th e acco unt of th e
Se ll er unl ess ord ered by Buyer or durin g down tim e. barge's offi ce rs and crew overt im e shall
alwaysbe born e by t he barge.

14. CARGO RI SK
Th e ri sk of loss or damage t o coa l shall pass from t he Se ll er t o th e Buyer from th e tim e
th e coa l passes th e vessel' s sid eboa rd at th e Loa ding Po rt .

15. TITLE

15. 1 Th e Se ll ers represents and w arrants th at it has good titl e t o all th e coa l t o be sold
und er t his Agree ment, free and cl ea r of all cl aims and encum brances.

15.2 Titl e t o t he coa l shall pass fr om t he Se ll er to th e Buyer wh en t he Se ll er rece ived full

paym ent from th e Buyer fo r th e coa l.

16. TAX ES, DUTI ES, ETC. NOTICES

All im port dut ies, levi es, du es etc. on th e im po rted mat eri al from th e vesse l if any at
discharge port shall be t o Buyer's acco unt. All t axes, dut ies, export t ax, levi es, et c. on
load ing goods in th e co untry of ori gin/ load in g !o be at Se ll er's account.

17. NOTICES

17.1 Any noti ces, decl arations, invoices and oth er co mmuni cat ions whi ch eit her Pa rty may
be required to give or make t o th e oth er Part y, unl ess oth erwi se specifi ca lly provi ded
herein, shall be in writ ing and shall be suffi ciently given or made if delivered by hand
or se nt by post, post age paid or by facs imil e, t o t he address specifi ed below .'

17.2 Any notices, declaration s and oth er co mmuni cation s given or made by post shall be

15 IPa g c
 dee med to have bee n given or mad e on th e 7th (seventh) bu sin ess day aft er th e day
of po sta ge and if given or mad e by facsimil e shall be dee med to have bee n given or
made · on th e bu sin ess day followin g th at on which th e fa cs imil e w as se nt. Th e
addresses of th e parti es are" -

Sell er PT. EN ERGY UTAMA ALAM MULIA (ETALIA)

Address Street Boul evard Se lata n, Tuby Comm erci al Est at e No. TD-09
Summ arecon Be kas i, M argamulya North Bekas i, Ind ones ia
Qq/B ehalf of PT. VI ETINDO EN ERGY RES OURCES (VI ETINDO GROUP)
Te l +62 21 39732030
M obil e +62 811-862-962, +62 812 8358053 4
Person In Charge Mr. Teguh Susa nto- Presid ent Director
E- M ail eta lia@energy-utama.com; globalcoa lasia@gmai l_.com
Country IN DO NES IA

AND

Buyer GACTA JOINT STO CK COMPANY

Ad dress 339/ 5 To Hi en Thanh Str, W ard 13, Dist 10, HCM City
Tel +84-02 8-3 8 63-1888
M obil e +84 968959883
Pe rso n In Charge Mr. Phan Thanh Long/ Direct or
Eit Mr- ll\11aU,, heret o m a~id'.l(Z!nge 1'ai@gdmts::b~gl~~rtllotiu~t.lncBffect t o th e oth er
Pa tlI'tountry VI ETNAM

18. FORCE MAJ EURE

18. 1 Neith er t he Se ll er nor th e Purchase r shall be li abl e t o th e oth er for any delay or fa ilure
t o perfo rm any of its obligati ons hereun de r by reason of th e occurrence of so me
mat te r, event o r st at e of affa irs or some deed or act wh ere t he matt er, event, st ate of
affairs, dee d or act is beyond th e reasonabl e co ntro l or with out th e fa ult or neglige nce
of th e part y cl aiming relief ("event of Fo rce M aj eure") including, but not limited t o:

(a) Act s of God.

(b) Act s of Publi c Enemi es
(c) Act s of any Governm ent, Prin ce or Rul er in its Sovereign ca pacity.
(d) Governm ent rest ri ct ions or co nt rol s on expo rts, im po rts, mini ng or fo reign
exchange, imposit ion of export t ax.
(e) W ars, ri ot s, fires, fl oods in cl uding rise in river w ate rs, wind s, ea rt hquakes,
ts un amis or in cle ment w eather.
(f ) Epid emi cs or qu arant in e restri cti ons.
(g) St rikes, locko uts, indust ri al disputes, short age of labo ur and emba rgoes.
(h) Breakdown or embargoes at th e Min e, loa ding faci lit ies, ro ad t ransport, barge
transpo rt , ocea n transport or port fac ilities other th an such breakdown s or
embargoes be ing ca used or resulting from any willful act or omission by or on
t he pa rt of th e pa rt y in the co nduct or m anage m ent of its bu sin ess.
18.2 The party wh ose pe rforma nce is so prevented or delayed shall prom ptly after'rece iving
noti ce of th e oc currence of th e event of Force M aj eure give noti ce t o th e oth er party
stating th e nature of th e event of Force M aj eure and its effect upon th at party' s
16 Ip a )l. C
 perform ance with, if poss ibl e, supportin g evid ence and shall t ake reaso nabl e st eps to
m ake good and resum e its perform ance with least poss ibl e delays and losses.
18.3 Provid ed th at th e affect ed party had given noti ce pursuant t o Clause 16.2 above: -
(a) Th e affect ed party may suspend perform ance of its obli gati ons und er thi s
Agreement t o th e ext ent of a for th e durati on t hat th e event of Force M aj eure
de lays or prevents perfo rm ance .

(b) Neith er pa rt y shall be liabl e fo r any fa ilure to co mply wit h its obligat ions und er
t his Agree m ent t o th e exte nt of and fo r t he durati on th at t he event of Fo rce
M aj eure delays or prevents perform ance; and

(c) Unl ess ot herwi se ag ree d in writin g, neith er party shall be obliged t o m ake up
any defi ciencies in de liveri es to th e extent any deliveri es w ere pr evente d.

18.4 If any event of Force M aj eure shall have co nt inu ed for a peri od of t hirt y (30) days
beyond t he origin al shipping pe ri od fo r th e qu ant it y co nce rn ed, t he pa rt ies shall meet
and discuss th e desirab ilit y of ca nce lling t he shi pments co nce rn ed or likely t o be
co nce rn ed and fa iling any ag ree ment rega rding t he sa m e, th e pa rty not im pe ded by
t he event of Force M aj eure m ay ca nce l such non-s hip ped quant ity by dispatching
noti ce of ca nce llation by e-mail or facs imile and co nfirm ed by registered mail within fiftee n
(15) days after t he t ermin ation of th e period of th e sa id t hirty (30) days herein referred to.

19. GOVERNIN G LAW AND AR BITRATION

19.1 This Agree ment shall be govern ed by and co nstru ed in acco rda nce wit h th e law of
Singapore.

19.2 Any co ntroversy or cl aim arisin g out of or relatin g to t his Agree ment shall be sett led
ami cab ly by t he Pa rt ies. If t he Pa rti es are un ab le to settle am icab ly, t hen it shall be
sett led under t he SIAC Rul es by one arb it rator appo inted in acco rda nce wit h t he sa id
rul es. The proceed in gs shall t ake place in Singapore and shall be cond uct ed in
Singapo re. Th e decision of t he Tri bun al of arbit ration shall be fin al and bind ing.

19.3 The pa rt ies are t o agree t o th e choice of one arbit rato r wit hin seven (7) days of th e
co mm ence ment of arbit ration proceed ings fa iling whi ch th e Chairm an of t he SIAC
shall procee d to appo int one arbit rator solely.

19.4 The los in g pa rt y shall bea r all cost and expenses of arbitratio n procee dings inclu ding
lega l fees.

19.5 The language to be used in the arbitratio n shall be English.

20. FRAM E OF CO-OPERATION / CONFIDENTIALITY

20 .1 In pe rfo rm ing th is Ag ree ment, the Pa rt ies shall act in good fa it h and fa ir dea ling, in
accordance wit h best t ra ding practices. The Pa rti es shall absta in from any activitywhi ch
vio lates stand ing law, t rade regu lations, anti-trust rules.

20.2 This Agree ment is to remain co nfid ent ial betwee n th e Parti es wh o shall not disclose
171 P a ge
 any pa rt of thi s Agree m ent to any third parti es unl ess auth ori ze d by th e Parti es . Each
Pa rty ag rees not t o discl ose t o t hird parti es all co nfid ent ial info rm ati on rece ived fro m
th e oth er Party. Th e above obligati ons shall rem ain in force during th e t erm of thi s
Agree ment and for a peri od of one (1) yea r from th e dat e, of its expiry ortermin ati on.

21. NO WAIVER
Except as herein otherwi se specifi ca lly provid ed t he fa ilure of eith er part y t o in sist on
stri ct pe rfo rm ance of any provi sions of t his Agreement or t o take advantage of any
ri ght hereun de r, shall not be co nstru ed as a w aiver of such provi sions or ri ght of
subse qu ent perform ance th ereof .

22. INSURAN CE
22. 1 The Se ll er shall be responsible fo r all insurances from de livery loa ding port of barge unt il
to destin ation load ing point (i .e., th e mother vesse l) .

22.2 Th e Buyer bea rs t he expense to procure a policy wi t h a first -class M arin e Insurance
In st it ute to cover ONE HUN DRED and TE N PERCE NT (110%) of t he valu e of ca rgo. The
insurance po licy will cover all ri sk or loss or da mage to the sa id ca rgo, inclu ding w ar,
hij ackin g, exp los ion, etc., fro m t he tim e t he coa l passed at t he load ing port. (i .e., t he
mother vesse l)

23 . AM ENDM ENTS
Any m odifi cat ion, am endm ent of or sup plement t o thi s Ag ree ment shall not be vali d
and bin din g unl ess made in writ ing and duly executed by t he Pa rti es.

24 . ASSIGM ENTS
Neit her Pa rt y shall assign any ri ghts or ob ligat ion un der thi s agree ment wit hout the
pri or writ t en co nse nt of the other Pa rt y.

25. EV ENTS OF DEFAULT

The occurre nce at an y t ime wit h respect to a party to t his Agreeme nt (t he ;'Defa ult ing
Pa rt y " ) of any of t he fo ll owin g events is an event of defau lt an "Event of Defa ult "

25.1 Non-Payment
Fa ilure by t he Defa ulti ng Pa rty to pay on th e due date any amount pa yable pursuant
to t his Agreement whi ch is not rectified withi n five (5) w orking days of such fa il ure
bein g notifi ed to t he Defa ult in g Party by t he other pa rty to t his Agreement.

25.2 ' Non - Performance

Fa ilure by the Defau lt ing Party to perform any of its ob ligations under this Agreeme nt
wh ich is not rect ified w ithin fi ve (5) w orking days of such fa ilu re being notified to t he
Defa ulti ng Party by t he other pa rt y to this Agreement .

25.3 If at any t ime an Event of Defa ult with res~ect to th e Defau lt ing Pa rt y has occurred ,

18I Pa gc
 t he oth er party m ay, in its so le discreti on and with out prejudice t o all oth er ri ghts
und er thi s Agree ment, by noti ce in writin g t o t he Defaultin g Party: -

(a) forthwith suspend and/or t ermin at e thi s Agree ment; and / or

(b) withh old any paym ent du e t o th e Defa ulting Pa rty until such Event of Defa ult
is cured; and / or

(c) suspe nd pe rfo rm ance of its obligations under this Agree ment until such Event
of Default is cured; and/ o r

(d) Dec lare th at all amounts accru ed or outst anding und er thi s Agree ment be
imm ed iat ely du e and payabl e, with out any set -off, dedu ct ions or
co untercl aims, includin g any costs and lega l or oth er expenses, wh ereupon
th eyshall become imm ediat ely du e and payabl e in United St at es Do ll ars

26. ENTIRE AGREE M ENT AND AMENDM ENT

This co ntract inclu des all ag reements, pro mises and un de rsta ndings of th e pa rt ies
co nce rnin g t he subj ect Articl es, and shall and does sup erse de any and all pri or discussions,
agree ments and un de rst andin gs betwee n th e parti es.

IN WITNESS WH EREOF, th e Pa rti es heret o have executed thi s Agreement in 2 cop ies as of th e
dat e first writte n above.

THE SELLE R TH E BUYER

Au t hori zed Aut hori ze d
Pe rso n Name : Teguh Susa nto ~ :::!=!ii~n Name: Phan Thanh Long
~~~El i President Directo r : Chairm an

I ""''·~ aiAM o6c

Co m pa ny Sea l/St amp :

-~ / ~ ~ Pu,~
:"'fi,;.::,,,,.m:s1"'-wsea l/St am p:
Date: 07st5septem be r 2023 - i;;;;:,;l~~:· (57 5t5Sept ember 2023

19 1P ugc