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GTC 2016 – Crude Oildates and or cargo from original loading port is already loaded and or floating prior to the Seller’sdeclaration of original loading port, loading dates, performing vessel, acceptance of mutually agreedInspector and issuance of the Buyer’s document instruction, and such delivery is acceptable to theBuyer, the maximum tolerance for net B/L quantity against net shore tank actual received quantityshall be 0.3 percent. The Buyer reserves all right (without prejudice) to claim for any discrepancies inexcess of the maximum tolerance if the discrepancies between net B/L quantity and net shore tankactual received quantity is more than 0.3 percent.5Delay of Delivery5.1In the event that the Seller fails to deliver the cargo(es) within the 2-day ADD for any reasonswhatsoever except Force Majeure, the Seller shall pay the Buyer a delayed delivery charge based onthe vessel CP rate per day pro rata and calculation for such delayed delivery charge shall commenceon the next day at 0000 hours from the last day of ADD (i.e. ADD 1st to 2nd, delayed delivery chargeshall commence from the 3rd) up to the date of valid Notice of Readiness (“NOR”) tendered or whenthe vessel all fast, whichever is earlier:5.1.1 If the date of valid NOR tendered or when the vessel all fast, whichever is earlier, is between the firstday until the third day of the last day of ADD (i.e. ADD 1st to 2nd, valid NOR tendered or vessel allfast on 3th or 4th or 5th) such delayed delivery charge shall be basis 100 percent (“100%”) of thevessel CP rate per day pro rata multiply the total demurrage (i.e. ADD 1st to 2nd April, vessel all faston 5th April, then delayed delivery charge shall commence from the 3rd April until 5th April multiply by100% of demurrage rate).5.1.2 If the date of valid NOR tendered or when the vessel all fast, whichever is earlier, is between thefourth day until the sixth day of the last day of ADD (i.e. ADD 1st to 2nd, valid NOR tendered or vesselall fast on 6th or 7th or 8th), such delayed delivery charge shall be basis 200 percent (“200%”) of thevessel CP rate per day pro rata multiply the total demurrage (i.e. ADD 1st to 2nd April, valid NORtendered on 7th April, then delayed delivery charge shall commence from the 3rd April until 7th Aprilmultiply by 200% of demurrage rate).5.1.3 If the date of valid NOR tendered or when the vessel all fast, whichever is earlier, is after the sixth dayof the last day of ADD (i.e. ADD 1st to 2nd, valid NOR tendered or vessel all fast on or after 9th), suchdelayed delivery charge shall be basis 300 percent (“300%”) of the vessel CP rate per day pro ratamultiply the total demurrage (i.e. ADD 1st to 2nd April, vessel all fast on 10th April, then delayeddelivery charge shall commence from the 3rd April until 10th April multiply by 300% of demurragerate).5.2NOR tender shall be valid only when the vessel is (a) geographically ready (i.e. arrival in anchoragearea and anchored at discharge port), (b) legally ready (i.e. all port authority requirement for thevessel and cargo have been fulfilled, e.g. free practique granted) and (c) physically ready (i.e.substantially equipped and prepared for Oil to be discharged). The Seller shall provide the Buyer withthe performing CP or fixture recap to compute the delayed delivery charge within seven (7) calendardays upon receipt of such delayed delivery notice from the Buyer. Time shall be of the essence,otherwise, the Buyer shall use the demurrage rate quoted by London Tanker Broker Panel (“LTBP”)rate (and all associated costs incurred shall be entirely on the Seller’s account) should the Seller failsto provide the CP or fixture recap for any reasons whatsoever within the stipulated timeframe.5.3The Buyer shall submit such delay of delivery claim (if any) on a best endeavour basis uponcompletion of discharge; Nevertheless all such delay delivery claim shall not be time-barred by theSeller.Page 4 of 4

GTC 2016 – Crude Oil6Vessel Nomination and Terminal Restriction6.1The Seller shall declare the performing vessel in writing at least seven (7) Indonesia business daysprior to the first day of loading, giving full particulars of the vessel (including last three (3) cargoes);the Estimated Time of Arrival (“ETA”) of the vessel at discharging port and the applicable demurragerate. Any vessels chartered shall have a minimum coverage under P&I Club insurance for oil pollution.6.1.1 The Seller’s performing vessel shall always be subject to written acceptance from the Buyer and / orthe discharge terminal. Notwithstanding any prior acceptance of a vessel or rule of law to the contrary,the Buyer shall have the right to reject the vessel in question on any reasonable ground. The Buyershall not be liable for any loss or damage, directly or indirectly, which the Seller may suffer from as aresult of the Buyer exercising such right.6.1.2 Time shall be of the essence in this respect and without prejudice, the Buyer shall be absolved of allresponsibilities including but not limited to the Buyer’s delayed acceptance of the Seller’s performingvessel, and or any delay in berthing and any demurrage incurred that may result from the Buyer’s latereceipt or non-receipt of the Seller’s declaration of performing vessel for any reasons whatsoeverwithin the stipulated time.6.2Single hull vessel shall not be permitted and double hull vessel shall not be more than twenty (20)years old.6.3The vessel owner and the independent loading port Inspector shall certify that slop tank is clean andfit for loading as with Tank Cleanliness Certificate(s) and Certificate(s) of Slop/Slop Report(s) and anyother relevant records the Buyer considers appropriate for such usage.6.3.1 The vessel owner shall evident designated compartment/tank(s) (i.e. stowage plan and ullage report)use for slop (if any) and any other relevant records the Buyer considers appropriate for such usage,with a minimum capacity of three percent (“3%”) of the Oil carrying capacity of the ship for suchusage.6.3.2 Without prejudice, in the event that the vessel owner and the independent loading port Inspector isunable to provide such documented evidence, the Buyer reserves all rights to reject the entire cargo,and or elect not to discharge the entire cargo in the slop tank. And consequently, all related cost thatmight arise due to such circumstances (i.e. slop tank cargo not discharged and or entire cargorejected) shall be entirely for the account of the Seller and in no event shall the Buyer be liable for anysuch losses or damages that the Seller may incur.6.3.3 For STS loading operation, cargo(es) from Slop Oil Tank shall be prohibited to be loaded into theBuyer’s vessel unless the vessel owner and the independent Inspector for STS operation providecertification that the slop tank was clean and fit for such grounds prior loading including but notlimited to Tank Cleanliness Certificate(s) and Certificate(s) of Slop/Slop Report(s) and any otherrelevant records the Buyer considers appropriate. The vessel owner shall provide documentedevidence that the designated compartment/tank(s) (i.e. stowage plan and ullage report) use for slop(if any) and any other relevant records the Buyer considers appropriate for such usage.6.3.3.1Without prejudice, in the event that the vessel owner and the independent Inspector for STS loadingoperation is unable to provide such documented evidence, the Buyer reserves all rights to reject theentire cargo, and or elect not to discharge the entire cargo in the slop tank. And consequently, allrelated cost that might arise due to such circumstances (i.e. slop tank cargo not discharged and orentire cargo rejected) shall be entirely for the account of the Seller and in no event shall the Buyer beliable for any such losses or damages that the Seller may incur. Such STS loading operation shall notbe allowed in Indonesian water.6.4The vessel shall be accommodated during day light local time from 0600 hour until 1600 hour (exceptfor SPM RU IV Cilacap the daylight local time from 0600 hour until 1500) subject to weather conditionsPage 5 of 5

GTC 2016 – Crude Oiland visibility, provided Master of the performing vessel reports ETA for preparation of pilot, tug boatand mooring boat facilities under condition that the Seller arrange Master of the performing vessel toreport directly to the Buyer immediately upon completion of loading daily notices of ETA, and notlimited to 168, 120, 72, 48, 24, 12, 6, 5. 4, 3, 2, 1 hours notice of ETA before vessel actual arrival andotherwise in accordance with the standard reporting procedure applicable from time to time at thedischarging port. For the avoidance of doubt, ETA notices provided directly by the Seller (in anyformat) shall not be constituted as receipt of ETA notice by the Buyer. Further notice for any changesto ETA in excess of two (2) hours shall be reported immediately to the Buyer. Such ETA notices shallbe based on reasonable belief. All such ETA notices (for authentication) must be provided by theMaster of the performing vessel and shall include the following information: Average noon to noon position / Average speed on voyage; ETA discharge port (date/time/local time/GMT) Distance to go Speed (last 24 hours) Weather condition (sea/swell, direction/force) Geographical position (longitude/latitude). Average slip (state where positive or negative current) Stoppages (if any), at sea – it is essential that this information be advised detailing all stoppagesat sea, including explanation of such stoppages6.4.1 Time shall be of the essence in this respect and without prejudice, the Buyer shall be absolved of allresponsibilities including but not limited to any delay in berthing and any demurrage incurred that mayresult from the Buyer’s late receipt or non-receipt from the Master of the performing vessel’s ETAnotices for any reasons whatsoever within the stipulated time.6.5The vessel shall tender NOR within the ADD upon arrival at the discharge port or the customaryanchorage but always in accordance with the terminal restriction (if any). In the event that the vesselarrives at the discharge port outside ADD, the vessel shall be berth on best endeavour basis. Andwithout prejudice, the Buyer is absolved of all responsibilities for any additional costs, damages orexpenses incurred by the Seller in the event that the vessel arrives at the discharge port outside ADD,including but not limited to demurrage, related commercial issue, any issue with the custom orauthority in the event the vessel so chose to remain in the inner port, and / or any drifting bunkerscharged by the owners in the event the vessel needs to drift off port limits and / or open sea.6.6Terminal restriction:6.6.1 Balikpapan terminal can only accommodate the vessel up to 150,000 DWT (no remeasurement) withmaximum safety draft of 18 metres, and maximum cargo quantity shall be approximately 950,000barrels ( /- 5% operational tolerance);6.6.2 Balongan terminal can only accommodate the vessel up to 150,000 DWT (no remeasurement) withmaximum safety draft of 22 metres, maximum cargo quantity shall be approximately 600,000 barrels( /- 10% operational tolerance), and can not accommodate Suez Max vessel;.6.6.3 Cilacap terminal (CIB I and CIB II) can only accommodate the vessel up to 135,000 DWT (noremeasurement) with maximum safety draft of 11.5 metres and maximum cargo quantity shall beapproximately 600,000 barrels ( /- 5% operational tolerance); and for discharge via Single PointMooring (“SPM”) operation, can only accommodate the vessel up to 300,000 DWT (noremeasurement) with maximum cargo quantity of approximately 950,000 barrels. And vessel above250,000 to 300,000 DWT can only be accommodated with the conditions of maximum wind speed 32knots per hour; wave height 2.8 metres; and sea current 1.6 knots. Otherwise, the required criterionshall be maximum wind speed 40 knots per hour; wave height 3.5 metres; and sea current 2 knots.Page 6 of 6

GTC 2016 – Crude OilDelays in berthing for discharging and any delays after berthing, due to the non compliance of suchconditions shall not be counted as laytime or included in calculating the time taken by non partyprocuring vessel to discharge the shipment in question hereunder or the time in respect of which nonparty procuring vessel is liable for demurrage.6.6.4 Other vessel particulars shall be as per each terminal and or port regulation.6.7The Buyer shall not be responsible to vessel owners for the issuance of any LOI to discharge the cargowithout the original B/L being available at the point of discharge and all direct or indirect cost incurredsuch as demurrage caused by the delay of discharging due to delay in the issuance such LOI shallentirely be for the Seller’s account.7Price7.1(A) The price shall be the arithmetic average of the mean(s) of the assessment for Brent (Dated) aspublished in Platts Crude Oil Marketwire, for the period from and including the first day of the monthof ADD up to and including the last day of the month of ADD (i.e. ADD 25th to 26th January, pricingfrom 1st to 31st January) plus a premium or minus a discount Alpha in United States Dollars (“USD”)per barrel.7.1.1 For pricing based on (A), in the event that the valid NOR tendered date, the NOR accepted date and /or the date of vessel berthed, are on and or prior to the month of ADD for any reasons whatsoever,the pricing period shall be calculated based on the month of ADD.7.1.1.1In the event that the valid NOR tendered date is after the ADD, and the delivery slips into thefollowing month, for any reasons whatsoever, the pricing period shall be calculated basis (a) if validNOR is tendered within seven (7) days after the last day of ADD (i.e. ADD 25th to 26th August, validNOR tendered on or before 2nd September), then pricing period shall be based on month of ADD (i.e.month of August) and (b) if valid NOR is tendered seven (7) days after the last day of ADD (i.e. 2-dayADD 25th to 26th August, valid NOR tendered from 3rd September), then pricing period shall becalculated based on whichever lower priced between the pricing period based on month of ADD andthe pricing based on month of valid NOR tendered date (i.e. Between August and September,whichever lower priced month). For the avoidance of doubt, the dates and months quoted are solelyfor ease of references only7.2Alternatively, the Seller may opt to offer (B) the price shall be the arithmetic average of the mean(s) ofthe assessment for Brent (Dated) as published in Platts Crude Oil Marketwire, for the period from andincluding the first day of the month of Bill of Lading up to and including the last day of the month ofBill of Lading (i.e. ADD 25th to 26th February, pricing from 1st to 31st January) plus a premium orminus a discount Alpha in USD per barrel.7.2.1 For pricing based on (B), in the event that the valid NOR tendered date is seven (7) days after the lastday of ADD, and the delivery slips into the following month (i.e. ADD 25th to 26th June, pricing from1st to 31st May, valid NOR tendered on or after 4th July) for any reasons whatsoever, then pricingperiod shall be calculated based on whichever lower priced between the whole month prior to themonth of ADD and the pricing based on month of valid NOR tendered date (i.e. Between May and July,whichever lower priced month). For the avoidance of doubt, the dates and months quoted are solelyfor ease of references only.7.3In the event that the final price is not known prior to the payment due date, a provisional price basedon the arithmetic average quotations for Brent (Dated) as published in Platts Oil Marketwire, to bemutually agreed between the Parties (and if unable to mutually agree, provisional price shall beconfirmed by the Buyer), either (a) for as many quotations as possible to be mutually agreed betweenthe Parties before invoicing date, or (b) based on the previous whole month quotations, plus thePage 7 of 7

GTC 2016 – Crude Oilpremium or minus the discount Alpha in USD per barrel agreed between the Parties.7.4The final price shall be rounded to two (2) decimal places. The arithmetic rules of rounding shall be ifthe third decimal place is five (5) or greater than five (5), then the second decimal place shall berounded up to the next digit, and if the third decimal place is less than five (5), then the seconddecimal place shall be unchanged.7.5Published correction to any of the relevant quotations shall be taken into account.8Payment8.1The payment shall be made in USD to the Seller’s nominated bank account, and shall be due andpayable only (without prejudice) on whichever is the latest payment due date:8.1.1 Thirty (30) calendar days after the B/L date or;8.1.2 Thirty (30) calendar days after the Deemed B/L date or;8.1.3 Seven (7) New York banking days after the date of valid NOR accepted or seven (7) New York bankingdays after the first day of ADD, whichever is earlier, if vessel arrives before the ADD and valid NOR istendered before the ADD at discharge port or;8.1.4 Seven (7) New York banking days after the date of valid NOR tendered within ADD at discharge portor;8.1.5 Seven (7) New York banking days after the date of valid NOR accepted if valid NOR is tendered afterADD at discharge port.8.2The B/L date or Deemed B/L date or valid NOR tendered date or valid NOR accepted date to count asday zero. For payment due date computation, the Buyer shall apply the latest payment due date ifthere is more than one (1) B/L date per cargo lot and the Buyer shall apply the latest NORT date atdischarge port if there is more than one (1) NORT date at discharge port per cargo lot.8.3For CFR delivery, the Seller’s Sales / the Buyer’s Purchase agreement (the “Agreement”) must bereceived by the Buyer at least thirty five (35) Indonesia business days prior to the first day of loading.8.3.1 The payment mode, via either (a) telegraphic transfer (“T/T”) for open account payment basis or (b)Documentary Letter of Credit (“L/C”), must be declared by the Seller in writing at least ten (10)Indonesia business days prior to the first day of loading.8.3.2 For payment mode via L/C, the Buyer shall start to process L/C issuance through Indonesian stateowned bank, i.e Bank Mandiri, Bank BNI, Bank BRI (preferable) or first class internationa

the net B/L quantity. For the avoidance of doubt, such deduction of any free water quantity reported in the loading port and discharge port shall exclude the free water quantity that has been deducted in the B/L quantity. 4.2 The loading port terminal and or Inspector shall evidence the free water quantity deduction from net B/L quantity.