MEMORANDUM OF UNDERSTANDING This Memorandum of Understanding ("MOU") is effective as of the 28" day of November 2017 and is executed between the following parties; 0. mm. ‘THE PARTIES SUMBAWABARAT(KSB) —_BSR CO., LTD. PT. Sinar Energi Indonesia (DPM-PTSP) #305, STX-V Tower (KORINDO Group) J. Bung Karno Gasandigitalt-r0, Geumcheon-gu, Wisma Korindo Building Komplek KTC Taitwang Seoul, Korea Jl. MT, Haryono Kav. 62 ‘Sumbawa Barat, Indonesia Jakarta 12780, indonesia RECITALS Kabupaten Sumbawa barat ("KSB") is local statement duly incorporated under the laws of Indonesia and conducting a business related to IPP( Independent Power Provider) for Small Hydro Power Plant("SHP") in Indonesia BSR Co. Ltd. (‘BSR’) is a company duly incorporated under the laws of Korea and conducting a business related to Hydro power engineering and construction PT. Sinar Energi Indonesia (‘KORINDO’) is a company duly incorporated under the laws of Indonesia and conducting a business related to investment, permit and operating to SHP. The Parties wish to record their anticipated business relationship whereby BSR intends to provide Feasibility Study (Economic Analysis, Engineering, Procurement, Construction, Funding) ‘of 10 MW Hydro Power Plant to KSB, and Nusa intends to provide information about Feasibility Study to BSR. The Patties further agree and confirm whether this project will be executed or not in accordance with Feasibility Study ("F/S") Results, and if will proceed, KSB intends to carry out this project with BSR, 5aTERMS OF FEASIBILITY STUDY ‘The FS service shall be carried out between Kabupaten Sumbawa Barat and BSR with terms and conditions reasonably satisfactory to both Parties and that are consistent with this MOU, Role of each parties are as follows. 1. TARGET PROJECT - Kabupaten Sumbawa Barat Hydro 10MW Hydro Power Project 2. ROLES of BSR - Economic Feasibility : Cost benefit analysis, Project financing = Technical Feasibility : Engineering, Procurement, Construction, Maintenance, Local regulation and law review - Operational Feasibility : Performance, Yield, Guarantee - Schedule Feasibility : Estimation of timelines - EPC Contractor after F/S 3. ROLES of Kabupaten Sumbawa Barat - Project Development (PPA) - Investment & Funding - SPC Main Holder 4. ROLES of KORINDO ~ Investment Operation = Permit = Share holder 5. COOPERATION ‘The parties shall make diligent effort to execute F/S within a reasonable time each other. x.Nusa shall strongly support to execute for BSR. B, TERMS OF THE INVESTMENT AGREEMENT Ifthis project will be proceed to invest after FS, Sumbawa Barat preferentially agrees to consider BSR as EPC Contractor. This MOU is intended to be a statement of the mutual interest of the Parties with respect to the possible F/S service of 10MW Hydro Power Plant. Nothing herein shall constitute a binding ‘commitment or obligation of either Party. Kabupaten Sumbawa Barat BSR CO., LTD. PT.Sinar Energi Indonesia (KORINDO Group) Signature: 4/4lee Name : Drs. Hajamuddin, MM Name : Young-Bok, Lee Name : Geunhyo An Title Title : CEO Title : Director Kepala Dinas Penanaman Model dan Pelayana Terpadu Satu Pintu (DPM-PTSP) Kabupaten Sumbawa Barat