V01/Dec2016

Credit no.: Issue date:

Application for Commercial Letter of CreditTo: Sumitomo Mitsui Banking Corporation Singapore Branch Date:

The purpose of this credit: please also indicate goods origin

Any bank in

By Negotiation Payment AcceptanceExpiry date: Place of expiry: Tenor at sight

for full invoice value if accompanied by the documents detailed herein.

Covering shipment of:

Term: FOB CFR CIF

From:

Allowed Not allowed

To:

Allowed Not allowed

.

.Airfreight acceptable, airway bi lls consigned to Sumitomo Mitsui Banking Corporation, Singapore.

Usance interest, if any, to be borne by Beneficiary Applicant

All charges outside Singapore including reimbursing bank’s charges are for account of Beneficiary Applicant

days after the date of shipment, but within the expiry date.The documents must be presented for negotiation not later than

Credit available with:

I/We hereby request you to issue and transmit this irrevocable unconfirmed documentary Letter of Credit under the herein mentioned terms andconditions which is available by beneficiary's draft(s) drawn on you or your correspondent.

Ship

men

t

In consideration of your opening at my/our above request your Commercial Letter of Credit (including subsequent amendments if any ) I/we hereby agree and undertake to hold myself/ourselves liable to you as per conditions set forth in the Commercial Letter of Credit Agreement signed by me/us (if applicable)/the Terms and Conditions for Commercial Letter of Credit attached hereto.

I/We also agree that the Letter of Credit hereby issued is subject to the Uniform Customs and Practice for Documentary Credits (2007 revision), International Chamber of Commerce publication no. 600 or such later revision as may be adopted by the ICC "(UCP600)".

Advising Bank

Beneficiary (Name and Address) Applicant (Name and Address)

Amount (Figures and Words)

For bank's use:

Rate

Opening comm @ %

Postage/cable charge

Total:

PreparedDGM ApprovedDept Mgr Sign. VerifiedJGMGM

Applicant’s Signature

L/C amount

amount

1/4

Original

Sumitomo Mitsui Banking Corporation Singapore Branch (Incorporated in Japan with limited liability) Reg. No. (UEN) T03FC6366F

Doc

umen

ts

requ

ired

By Airmail Full Cable Brief Cable (mail confirmation to follow)

Docum

ents required

Additional

Conditions

tolerance(%)

Other instructions, if any,

Latest shipment date: Partial shipments: Transhipment:

Signed commercial invoice(s) in original(s) copy(ies).

Insurance policy / certificate in duplicate, endorsed in blank, for 110 percent of the invoice value. Insurance must include: institute war clauses, institute cargo clauses (All risks), institute st rikes, riots and c ivil commotions clauses.Insurance claims payable in in the currency of the drafts. Insurance covered by buyer.

Full set (3/3) of clean on board ocean bills of lading made out to order of shipper and blank endorsed, marked

freight Prepaid Collect and notify

Other documents required and special instructions:-

TERMS AND CONDITIONS FOR COMMERCIAL LETTER OF CREDIT

In consideration of the Bank issuing Letters of Credit (each a “Credit”) at our request or on our behalf, we irrevocably and unconditionally agree as follows:- 1. We hereby authorize the Bank to pay or accept for our account

all bills of exchange, drafts, demands and other instruments (each a “Bill”) drawn or made or purporting to be drawn or made under any Credit. We irrevocably and unconditionally agree (i) in the case of sight Bills, to reimburse the Bank on demand the amount paid on such Bill or, if so required by the Bank, to pay the Bank in advance the amount which is or may be payable on such Bill; and (ii) in the case of each acceptance or deferred payment obligation, pay to the Bank or as the Bank may direct on demand, but in any event no later than one business day before maturity at the place for payment, the amount payable by reason of such acceptance or deferred payment obligation. We shall make payment in the currency in which the relevant Bill is denominated or in such other currency as the Bank may specify. If payment is to be made in another currency, the Bank shall determine the amount to be paid based on its prevailing exchange rate for value on the date when such payment is required to be made or, at the Bank’s option, when the relevant Bill will be payable. We shall indemnify the Bank in full against any exchange loss and any difference between the amount paid by us and the amount payable on or with respect to the relevant Bill.

2. Without limiting the provisions of Clause 1 above, we shall irrevocably and unconditionally indemnify the Bank and its correspondents and agents from and against all claims, demands, actions, damages, liabilities, costs, losses, expenses (including legal fees on a full indemnity basis) and other sums which the Bank may incur or pay by reason of or in connection with these Terms and Conditions or any Credit or Bill, including but not limited to (i) any liability or sum of whatever nature which the Bank may incur or pay to any confirming, advising, negotiating or reimbursing bank, any correspondent or agent and any other person with whom the Bank or any of its correspondents or agents may have dealings in connection with the Credit; (ii) all freight, landing, warehousing, insurance and storage charges incurred in connection with any goods which are the subject of a Credit; and (iii) those arising out of or in connection with termination or revocation by us of any Credit. We shall provide the Bank on demand with funds to meet any liability or sum as aforesaid.

3. We shall pay to the Bank on demand or as from time to time notified by the Bank when otherwise due the Bank’s and each correspondent’s and agent’s commissions and other charges in connection with or arising out of each Credit, at the rates then prevailing. We shall also pay interest at such rate and for such period as from time to time specified by the Bank or its correspondents or agents (as the case may be) on any amount payable under a Bill or in relation to a Credit or pursuant to these Terms and Conditions. We acknowledge that a higher rate of interest may be charged on amounts in default and that such interest will be payable both before and after judgment and, in the absence of any agreement to the contrary, may be compounded at such intervals as the Bank may from time to time select. We shall also pay to the Bank the cost (as determined by the Bank) of compliance with any reserve, capital or similar requirement which may be imposed on or in connection with any Credit or any Bill related thereto.

4. Neither the Bank nor any of its correspondents or agents shall be responsible for, and the Bank’s rights and our obligations hereunder shall not be affected by (i) the existence, character, quality, quantity, condition, weight, packing or value of any goods purporting to be represented by documents, or any difference in description, character, quality, quantity, condition, weight, packing or value of any goods from that expressed in documents or the form, legal effect, validity, sufficiency, correctness, genuineness or authenticity of documents or any endorsements thereon even if such documents prove to be invalid, forged or fraudulent; (ii) the time, place, manner or order in which shipping is made, partial or incomplete shipping, or omission to ship any or all of the goods referred to in any Credit

or in any document relating thereto, delay or failure of any goods and/or documents to arrive, or any deviation from instructions, delay, default or fraud by any shipper or any other person in connection with the goods or the carriage thereof; (iii) the character, adequacy, validity or genuineness of any insurance, the solvency or responsibility of any insurer, or any other risk connected with insurance; (iv) the solvency, responsibility or relationship to the goods of any person issuing any documents relating thereto; (v) any breach of contract between us or our agents or representatives and any shipper, seller or other person; (vi) the compliance with any circumstances resulting from any laws, regulations, customs or usages which may apply in countries of negotiation or payment under any Credit; (vii) failure of any Bill to bear any or adequate reference to the related Credit, or failure of any person to note the amount of any Bill on the reverse of the related Credit or to surrender such Credit or to submit documents together with Bills or to forward documents apart from Bills, as may be required by the relevant Credit, and Bank may, in its absolute discretion, agree to waive any such requirement contained in any Credit;(viii) any delay or omission in connection with the acceptance or payment of any Bill; (ix) any error, omission, interruption or delay in transmission or delivery of any message by mail, telex, cable, facsimile or otherwise; (x) any ambiguity in instructions from any other party or (xi) any act, omission, error, neglect, default, insolvency or failure in business of any of the Bank’s correspondents or agents, or any refusal by the Bank or any of its correspondents or agents to pay or honour Bills drawn or purportedly drawn under any Credit because of any applicable law or regulation of any governmental or regulatory authority or for any reason beyond the Bank’s or its correspondents’ or agents’ control.

5. Subject to any written instructions from us to the contrary prior to the opening of a Credit, the Bank and/or any of its correspondents and/or agents may, at their sole discretion, (i) receive and accept as bills of lading, or as the case may be, other transport documents, any document signed or otherwise authenticated by or on behalf of any carrier, master or owner which acknowledge receipt of goods for shipment or otherwise, regardless of the capacity in which the carrier, master or owner signs the transport documents; (ii) receive and accept as documents of insurance either insurance policies or insurance certificates or cover notes; (iii) accept as sufficient and conclusive the description of goods contained in the invoice relating thereto and receive and accept transport, insurance and other documents, however variant in description they are from that contained in the relevant invoice; (iv) receive and accept transport documents containing stamped, written or typewritten provisions whether or not signed or initialled and assume conclusively that same were placed with authority on any transport document at the time of issuance; and (v) accept documents of any character which comply with the laws and regulations or the customs or usages of the place of shipment, negotiation or payment, as the case may be. Notwithstanding the foregoing, the Bank may at any time decline to open Credits requiring transport documents which, in its sole discretion, it deems unacceptable.

6. Subject to any written instructions from us to the contrary prior to the opening of a Credit, (i) part shipment may be made under any Credit and the Bank and any of its correspondents and agents may accept or pay any Bills in respect thereof; (ii) the Bank and any of its correspondents and agents may accept or pay any Bill dated on or before the expiration of any time limit expressed in the Credit, regardless of when drawn and whether or when negotiated provided that the other required documents are dated on or before the expiration date of such Credit; and (iii) if any Credit specifies shipments in instalments within stated periods and if the shipper fails to ship in any such designated period, shipment of subsequent instalments may nevertheless be made in their respective designated periods and the Bank and its correspondents and agents may accept or pay the relevant Bills. The Bank may terminate any Credit other than an

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irrevocable Credit at any time before the expiration date of such Credit.

7. If the Bank receives some but not all of the documents required under any Credit and delivers such documents to us before presentation of the relevant Bills, whether against trust receipt or otherwise, we shall indemnify the Bank in full and hold it harmless against any and all claims, demands, actions, damages, liabilities, costs, losses, expenses (including legal fees on a full indemnity basis) incurred by or made against the Bank by reason thereof and the Bank is authorized to pay or accept such Bills.

8. We will comply with all applicable exchange control regulations and will promptly procure, or cause to be procured, any necessary import or export license or other permit, and will indemnify the Bank in full against any delay or failure to do so and against any defect in or absence of any such license or other permit. We warrant that no shipments will be made or other transactions undertaken in connection with any Credit in contravention of the laws and regulations of any applicable jurisdiction.

9. As security for any and all our obligations and liabilities hereunder and in connection with any Credit, whether absolute or contingent and which are now or may at any time hereafter be owing to the Bank, we acknowledge and agree that the Bank shall have ownership in and unqualified rights to the possession and disposal of any and all shipping documents, warehouse receipts, policies, certificates and cover notes of insurance and any other documents accompanying or relating to the Credit and in any and all goods shipped pursuant to or in connection with the Credit and to any Bills drawn thereunder (regardless of whether any of such documents, goods or Bills have been released to or to our order on trust, bailee receipt or otherwise), and in and to the proceeds of each of the foregoing, until such time as all such obligations and liabilities are discharged in full. Any and all such documents, goods or proceeds coming into the possession of the Bank, its correspondents or agents may be held or disposed of as provided herein. We agree that the receipt by the Bank, its correspondents or its agents of any other security shall not prejudice the Bank’s rights, powers and remedies hereunder or at law. We shall sign and deliver to the Bank all such documents and instruments that the Bank may require (including, without limitation, trust receipts), and pay all fees, costs and charges, in relation to the release of any such documents, goods and/or proceeds held as security by the Bank to us or to our order. We shall indemnify the Bank and the Bank correspondents and agents in full and hold them harmless against any and all claims, demands, actions, damages, liabilities, costs, losses, expenses (including legal fees on a full indemnity basis) and other sums which the Bank, its correspondents or agents may incur or pay by reason of the Bank, its correspondents or agents transferring, selling, delivering, endorsing or surrendering any bill of lading, warehouse receipt or other document relating to Bills accepted by the Bank, its correspondents or agents pursuant to these Terms and Conditions and/or a Credit.

10. Without limiting the provisions of Clause 9, we agree to pledge to the Bank, and to create in favour of the Bank a first priority security interest over, as continuing security for our obligations and liabilities hereunder and in connection with each Credit, whether absolute or contingent and which are now or may at any time hereafter be owing to the Bank, any and all our goods or property now or at any time hereafter in the possession or control of the Bank or any third party acting on the Bank’s behalf, whether such goods or property are being used by the Bank as security, for safe-keeping or for any other purpose and including such goods and property as are in transit by whatever mode to or from the Bank, a lien being hereby conferred on the Bank upon any and all such goods or property for the aggregate amount of any and all such obligation and liabilities. We further hereby authorize the Bank, at its option and at any time and whether the property and goods then held as security are deemed by the Bank to be adequate, to appropriate and apply against any of the said obligations and liabilities (whether or not then due) any moneys now or hereafter with the Bank on deposit or otherwise to our credit or belonging to us and/or to hold any such moneys as security for any such obligations and

liabilities until the Bank has determined the exact amount thereof. The Bank’s rights hereunder shall be continuing and shall not be affected by any act or matter including, without limitation, the release or substitution of any goods or property held as collateral hereunder, any delay, extension of time, renewal, compromise or other indulgence granted by the Bank, the release or substitution of the Bank in relation to any of the obligations or liabilities or under any Bill given to the Bank in connection therewith. We hereby waive any notice of any such delay, extension, renewal, compromise, other indulgence, release and substitution.

11. We shall, (i) obtain or procure (where necessary) the blank or special endorsement of any bill of lading presented under or in connection with any Credit, (ii) not create, except with the Bank’s prior written consent, any encumbrance over the goods which are the subject matter of any Credit, and (ii) at the Bank’s request, provide the Bank with such additional security as the Bank may deem necessary or advisable for any of our liabilities or obligations hereunder, whether absolute or contingent.

12. The Bank is hereby irrevocably and unconditionally authorized without prior notice to us and may, at its absolute discretion, transfer and/or register in the name of its nominees all or any part of the property and goods held by it as security for our obligations or liabilities hereunder.

13. If: (i) we fail to perform or comply with any of terms and conditions or any of our obligations or liabilities hereunder, or (ii) we are unable to pay our debts as they fall due, commence negotiations or take proceedings for a readjustment, rescheduling or deferment of any indebtedness or enter into a composition with any creditor; or (iii) any steps are taken for our bankruptcy, liquidation, winding-up or dissolution or for the appointment of a receiver, judicial manager, trustee or similar officer over us or any of our assets or revenues; or (iv) any execution, distress or attachment is levied or enforced against any goods or property provided to the Bank as security hereunder or any such security is nationalized or expropriated; or (v) we suspend or cease or threaten to cease to carry on our main business; or (vi) any event should occur which gives the Bank reasonable grounds for believing that we may not be able to perform or comply with our obligations and/or liabilities hereunder, then our obligations and/or liabilities shall, at the Bank’s option, become immediately due and payable without demand or notice. The Bank is hereby authorized in its absolute discretion to sell or otherwise transfer or dispose of any or all security provided by us pursuant to these Terms and Conditions at any broker’s board or at a public or private sale and on such terms and conditions as the Bank may in its absolute discretion decide. We hereby irrevocably and unconditionally waive any requirement for demand, notice or advertisement. The Bank may in its absolute discretion, at any sale of the security, purchase the whole or any part of such security free from any right of redemption on our part, all such rights being hereby irrevocably and unconditionally waived and released. The proceeds of any such sale (after payment of costs and expenses associated with the enforcement of the Bank’s right hereunder) may be utilized by the Bank in any order it deems fit towards payment of all or any of our obligations or liabilities. We will pay the Bank immediately for any shortfall between the proceeds of the sale and amount of our obligations and liabilities. Without limiting the foregoing or any other right or remedy available to the Bank, the Bank shall also be entitled at any time and without notice to us to combine, consolidate or merge all or any of our accounts with the Bank (regardless of where they are situated (including but not limited to those accounts at Sumitomo Mitsui Banking Corporation’s head office and/or its branches (including its overseas branches))), and liabilities to, the Bank and may set off or transfer any sum standing to the credit of any such accounts (whether matured or not) in or towards the satisfaction of any of our obligations or liabilities (actual or contingent, primary or otherwise, or several or joint), and may do so notwithstanding that the balances on such accounts and the liabilities may not be expressed in the same currency and the Bank is hereby authorized to effect any necessary conversion at the Bank’s then prevailing exchange rate provided that the Bank shall not be obliged to exercise any such aforesaid rights.

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14. We authorize the Bank to collect any insurance proceeds on the goods or other security directly from the insurers and to apply the same in the manner specified in Clause 13 above.

15. If at our request, amendments or modifications are made with respect to (i) the amount or tenor of a Credit; (ii) the time or place of shipment; (iii) the drawing, negotiation, presentation, acceptance or maturity of any Bill; or (iv) any other terms of the Credit; these Terms & Conditions shall apply and be binding on us in relation to the Credit as so amended or modified.

16. We shall indemnify the Bank in full and hold the Bank harmless against any and all claims, demands, actions, damages, liabilities, costs, losses, expenses (including legal fees on a full indemnity basis) incurred by the Bank in connection with the issuance of a new Credit in the event a Credit is believed to be lost in transmission. Should the Credit believed to have been lost come into our possession, we undertake to return it to the Bank immediately for cancellation.

17. Any action taken or omitted by the Bank or any of its correspondents or agents under or in connection with any Credit, any Bill or any goods, if taken or omitted in good faith, shall be binding on us and shall not place the Bank, its correspondents or agents under liability to us. Neither the Bank nor its correspondents or agents shall be liable or responsible for any acts or omissions of any users or beneficiaries of a Credit. No failure to exercise, nor any delay in exercising, on the part of the Bank, any right or remedy hereunder and/or in relation to any Credit, Bill or goods shall operate as waiver thereof.

18. We agree that the Bank may, in its absolute discretion, receive payment under a Credit in a currency other than the currency in which it is drawn, at such exchange rate as determined conclusively by the Bank in its absolute discretion, in the event any form of exchange control, restriction or prohibition is imposed which affects the availability, convertibility or transfer of currencies or any debt, or other moratorium is imposed on jurisdictions, entities and/or individuals or any devaluation, re-denomination or de-monetisation (“foreign exchange controls”) takes place. We shall indemnify the Bank in full against any loss, costs and expenses it may suffer or incur arising from or relating to such foreign exchange controls.

19. The Bank may assign its rights and/or transfer its obligations hereunder or any instruments evidencing our obligations or liabilities hereunder and may deliver all or any security held by it to such assignees or transferees, who shall thereupon become vested with all rights and powers in respect thereto. The Bank shall be discharged from all liability and responsibility in relation to any security so assigned or transferred. We may not assign our rights and/or transfer our obligations hereunder.

20. We hereby irrevocably consent to the disclosure by the Bank of such information about us as has been made available to the Bank to (i) its holding company, any of its head, representative and branch offices and any of its related corporations in any jurisdiction (ii) any authority including without limitation any central bank or other fiscal or monetary authority in any jurisdiction (iii) any potential assignee or transferee or purchaser in respect of its rights and/or obligations under or in connection with this agreement or any instrument evidencing our obligations or liabilities or any security or credit support for our obligations under this agreement or the transactions contemplated therein (iv) any party that has provided or will provide security or credit support for our obligations (v) its correspondents and/or agents and any other party for the purpose of giving effect to the transactions requested by us (vi) any financial institution for the purpose of any securitisation of our assets or the Bank’s assets and (vii) any insurer, insurance broker or rating agency. Nothing herein shall limit or restrict any other consent to disclosure of information provided by us including pursuant to the Bank’s Terms and Conditions Governing Accounts or otherwise.

21. These Terms and Conditions shall be binding upon each party and its successors, assigns and permitted transferees and shall ensure to the benefit of the Bank’s successors, assigns and transferees.

22. Where the Application for Commercial Letter of Credit is executed by more than one party, each party shall be jointly and severally liable hereunder.

23. These Terms and Conditions shall be governed and construed in accordance with the laws of Singapore. The Uniform Customs and Practice for Documentary Credits 2007 Revision, ICC Publication no. 600 or such later revision as may be adopted by the ICC “(UCP 600)” shall apply to each Credit issued hereunder, to the extent not inconsistent with the terms herein. In the event of inconsistency in the terms herein with those in the Agreement on Banking Transactions or such other agreement by which the Bank offers a Letter of Credit opening facility to us, the terms herein shall prevail.

24. We understand that the US and other government and/or regulatory authorities impose, from time to time, specific sanctions against certain countries, entities and individuals and the Bank may be unable to process a transaction that involves a breach of sanctions and authorities may require the disclosure of information. We confirm (unless otherwise informed to the Bank) that no Credit or Bill is/shall be connected with any sanctioned countries (including without limitation, Iran, Myanmar, Sudan, Cuba, Syria, Iraq and any others notified by the US authorities). We agree that if the Bank is required to disclose any information or if any payment/transfer of fund in connection with any Credit or Bill is blocked, frozen, delayed, refused or cancelled because it is claimed to be sanctioned-related, the Bank shall not be liable any information disclosed or for any losses, liabilities, penalties, costs or expenses (“Liabilities”) we may incur and we shall indemnify the Bank against any Liabilities the Bank may incur.

25. In relation to each Credit and/or Bill, we confirm it does/shall not involve (i) financing imports or the trade through intermediaries of goods which country of origin is North Korea or which are shipped from North Korea, or for funding activities which may contribute to nuclear-related plans or preparation of North Korea, or (ii) any goods, transaction or business relationship directly or indirectly relating to Iran or, (iii) goods which are regulated by the Strategic Goods (Control) Act or similar laws in other jurisdictions for which we have not obtained the necessary approvals or permits from all relevant authorities including but not limited to Singapore Customs.

26. Save for any of the Bank’s correspondents or agents and any person appointed by the Bank or save as expressly provided in this agreement, a person who is not a party to this agreement has no right under the Contracts (Right of Third Parties) Act, Chapter 53B of Singapore, to enforce or enjoy the benefit of any term of this agreement. Notwithstanding any term of this agreement, the consent of any person who is not a party to this agreement is not required to rescind or vary this agreement.

27. The Bank reserves the right at any time and from time to time to add to, amend, modify, supplement or vary any of these Terms and Conditions and such additions, amendments, modifications, supplements and variations shall be deemed to have effect as soon as notified to us. We agree that we shall be deemed to have agreed to such additions, amendments, modifications, supplements and variations without reservation in relation to any transaction requested by us after such notification.

28. We confirm that we (a) have obtained (and shall maintain) the consent from our directors, officers, employees, shareholders, beneficial owners, representatives, agents and principals (if acting on behalf of another), and (b) are authorised to deliver the same to the Bank for collection, use, disclosure, transfer and retention of personal data in connection with the compliance by the Bank with laws and regulations or regulatory requests (including “know your customer” or other similar procedures), the promotion and provision of any service or product to us (including evaluation on eligibility or suitability), as permitted by laws or regulations and for such other purposes as in accordance with the personal data protection policy of the Bank ( a copy of which shall be available upon request) and purposes incidental to any purpose stated in the personal data protection policy, or otherwise in connection herewith.

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V01/Dec2016

Credit no.: Issue date:

Application for Commercial Letter of CreditTo: Sumitomo Mitsui Banking Corporation Singapore Branch Date:

The purpose of this credit: please also indicate goods origin

Any bank in

By Negotiation Payment AcceptanceExpiry date: Place of expiry: Tenor at sight

for full invoice value if accompanied by the documents detailed herein.

Covering shipment of:

Term: FOB CFR CIF

From:

Allowed Not allowed

To:

Allowed Not allowed

.

.Airfreight acceptable, airway bi lls consigned to Sumitomo Mitsui Banking Corporation, Singapore.

Usance interest, if any, to be borne by Beneficiary Applicant

All charges outside Singapore including reimbursing bank’s charges are for account of Beneficiary Applicant

days after the date of shipment, but within the expiry date.The documents must be presented for negotiation not later than

Credit available with:

I/We hereby request you to issue and transmit this irrevocable unconfirmed documentary Letter of Credit under the herein mentioned terms andconditions which is available by beneficiary's draft(s) drawn on you or your correspondent.

Ship

men

t

In consideration of your opening at my/our above request your Commercial Letter of Credit (including subsequent amendments if any ) I/we hereby agree and undertake to hold myself/ourselves liable to you as per conditions set forth in the Commercial Letter of Credit Agreement signed by me/us (if applicable)/the Terms and Conditions for Commercial Letter of Credit attached hereto.

I/We also agree that the Letter of Credit hereby issued is subject to the Uniform Customs and Practice for Documentary Credits (2007 revision), International Chamber of Commerce publication no. 600 or such later revision as may be adopted by the ICC "(UCP600)".

Advising Bank

Beneficiary (Name and Address) Applicant (Name and Address)

Amount (Figures and Words)

For bank's use:

Rate

Opening comm @ %

Postage/cable charge

Total:

PreparedDGM ApprovedDept Mgr Sign. VerifiedJGMGM

Applicant’s Signature

L/C amount

amount

1/4

Duplicate

Sumitomo Mitsui Banking Corporation Singapore Branch (Incorporated in Japan with limited liability) Reg. No. (UEN) T03FC6366F

By Airmail Full Cable Brief Cable (mail confirmation to follow)

Docum

ents required

Additional

Conditions

tolerance(%)

Other instructions, if any,

Latest shipment date: Partial shipments: Transhipment:

Signed commercial invoice(s) in original(s) copy(ies).

Insurance policy / certificate in duplicate, endorsed in blank, for 110 percent of the invoice value. Insurance must include: institute war clauses, institute cargo clauses (All risks), institute st rikes, riots and c ivil commotions clauses.Insurance claims payable in in the currency of the drafts. Insurance covered by buyer.

Full set (3/3) of clean on board ocean bills of lading made out to order of shipper and blank endorsed, marked

freight Prepaid Collect and notify

Other documents required and special instructions:-

TERMS AND CONDITIONS FOR COMMERCIAL LETTER OF CREDIT

In consideration of the Bank issuing Letters of Credit (each a “Credit”) at our request or on our behalf, we irrevocably and unconditionally agree as follows:- 1. We hereby authorize the Bank to pay or accept for our account

all bills of exchange, drafts, demands and other instruments (each a “Bill”) drawn or made or purporting to be drawn or made under any Credit. We irrevocably and unconditionally agree (i) in the case of sight Bills, to reimburse the Bank on demand the amount paid on such Bill or, if so required by the Bank, to pay the Bank in advance the amount which is or may be payable on such Bill; and (ii) in the case of each acceptance or deferred payment obligation, pay to the Bank or as the Bank may direct on demand, but in any event no later than one business day before maturity at the place for payment, the amount payable by reason of such acceptance or deferred payment obligation. We shall make payment in the currency in which the relevant Bill is denominated or in such other currency as the Bank may specify. If payment is to be made in another currency, the Bank shall determine the amount to be paid based on its prevailing exchange rate for value on the date when such payment is required to be made or, at the Bank’s option, when the relevant Bill will be payable. We shall indemnify the Bank in full against any exchange loss and any difference between the amount paid by us and the amount payable on or with respect to the relevant Bill.

2. Without limiting the provisions of Clause 1 above, we shall irrevocably and unconditionally indemnify the Bank and its correspondents and agents from and against all claims, demands, actions, damages, liabilities, costs, losses, expenses (including legal fees on a full indemnity basis) and other sums which the Bank may incur or pay by reason of or in connection with these Terms and Conditions or any Credit or Bill, including but not limited to (i) any liability or sum of whatever nature which the Bank may incur or pay to any confirming, advising, negotiating or reimbursing bank, any correspondent or agent and any other person with whom the Bank or any of its correspondents or agents may have dealings in connection with the Credit; (ii) all freight, landing, warehousing, insurance and storage charges incurred in connection with any goods which are the subject of a Credit; and (iii) those arising out of or in connection with termination or revocation by us of any Credit. We shall provide the Bank on demand with funds to meet any liability or sum as aforesaid.

3. We shall pay to the Bank on demand or as from time to time notified by the Bank when otherwise due the Bank’s and each correspondent’s and agent’s commissions and other charges in connection with or arising out of each Credit, at the rates then prevailing. We shall also pay interest at such rate and for such period as from time to time specified by the Bank or its correspondents or agents (as the case may be) on any amount payable under a Bill or in relation to a Credit or pursuant to these Terms and Conditions. We acknowledge that a higher rate of interest may be charged on amounts in default and that such interest will be payable both before and after judgment and, in the absence of any agreement to the contrary, may be compounded at such intervals as the Bank may from time to time select. We shall also pay to the Bank the cost (as determined by the Bank) of compliance with any reserve, capital or similar requirement which may be imposed on or in connection with any Credit or any Bill related thereto.

4. Neither the Bank nor any of its correspondents or agents shall be responsible for, and the Bank’s rights and our obligations hereunder shall not be affected by (i) the existence, character, quality, quantity, condition, weight, packing or value of any goods purporting to be represented by documents, or any difference in description, character, quality, quantity, condition, weight, packing or value of any goods from that expressed in documents or the form, legal effect, validity, sufficiency, correctness, genuineness or authenticity of documents or any endorsements thereon even if such documents prove to be invalid, forged or fraudulent; (ii) the time, place, manner or order in which shipping is made, partial or incomplete shipping, or omission to ship any or all of the goods referred to in any Credit

or in any document relating thereto, delay or failure of any goods and/or documents to arrive, or any deviation from instructions, delay, default or fraud by any shipper or any other person in connection with the goods or the carriage thereof; (iii) the character, adequacy, validity or genuineness of any insurance, the solvency or responsibility of any insurer, or any other risk connected with insurance; (iv) the solvency, responsibility or relationship to the goods of any person issuing any documents relating thereto; (v) any breach of contract between us or our agents or representatives and any shipper, seller or other person; (vi) the compliance with any circumstances resulting from any laws, regulations, customs or usages which may apply in countries of negotiation or payment under any Credit; (vii) failure of any Bill to bear any or adequate reference to the related Credit, or failure of any person to note the amount of any Bill on the reverse of the related Credit or to surrender such Credit or to submit documents together with Bills or to forward documents apart from Bills, as may be required by the relevant Credit, and Bank may, in its absolute discretion, agree to waive any such requirement contained in any Credit;(viii) any delay or omission in connection with the acceptance or payment of any Bill; (ix) any error, omission, interruption or delay in transmission or delivery of any message by mail, telex, cable, facsimile or otherwise; (x) any ambiguity in instructions from any other party or (xi) any act, omission, error, neglect, default, insolvency or failure in business of any of the Bank’s correspondents or agents, or any refusal by the Bank or any of its correspondents or agents to pay or honour Bills drawn or purportedly drawn under any Credit because of any applicable law or regulation of any governmental or regulatory authority or for any reason beyond the Bank’s or its correspondents’ or agents’ control.

5. Subject to any written instructions from us to the contrary prior to the opening of a Credit, the Bank and/or any of its correspondents and/or agents may, at their sole discretion, (i) receive and accept as bills of lading, or as the case may be, other transport documents, any document signed or otherwise authenticated by or on behalf of any carrier, master or owner which acknowledge receipt of goods for shipment or otherwise, regardless of the capacity in which the carrier, master or owner signs the transport documents; (ii) receive and accept as documents of insurance either insurance policies or insurance certificates or cover notes; (iii) accept as sufficient and conclusive the description of goods contained in the invoice relating thereto and receive and accept transport, insurance and other documents, however variant in description they are from that contained in the relevant invoice; (iv) receive and accept transport documents containing stamped, written or typewritten provisions whether or not signed or initialled and assume conclusively that same were placed with authority on any transport document at the time of issuance; and (v) accept documents of any character which comply with the laws and regulations or the customs or usages of the place of shipment, negotiation or payment, as the case may be. Notwithstanding the foregoing, the Bank may at any time decline to open Credits requiring transport documents which, in its sole discretion, it deems unacceptable.

6. Subject to any written instructions from us to the contrary prior to the opening of a Credit, (i) part shipment may be made under any Credit and the Bank and any of its correspondents and agents may accept or pay any Bills in respect thereof; (ii) the Bank and any of its correspondents and agents may accept or pay any Bill dated on or before the expiration of any time limit expressed in the Credit, regardless of when drawn and whether or when negotiated provided that the other required documents are dated on or before the expiration date of such Credit; and (iii) if any Credit specifies shipments in instalments within stated periods and if the shipper fails to ship in any such designated period, shipment of subsequent instalments may nevertheless be made in their respective designated periods and the Bank and its correspondents and agents may accept or pay the relevant Bills. The Bank may terminate any Credit other than an

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irrevocable Credit at any time before the expiration date of such Credit.

7. If the Bank receives some but not all of the documents required under any Credit and delivers such documents to us before presentation of the relevant Bills, whether against trust receipt or otherwise, we shall indemnify the Bank in full and hold it harmless against any and all claims, demands, actions, damages, liabilities, costs, losses, expenses (including legal fees on a full indemnity basis) incurred by or made against the Bank by reason thereof and the Bank is authorized to pay or accept such Bills.

8. We will comply with all applicable exchange control regulations and will promptly procure, or cause to be procured, any necessary import or export license or other permit, and will indemnify the Bank in full against any delay or failure to do so and against any defect in or absence of any such license or other permit. We warrant that no shipments will be made or other transactions undertaken in connection with any Credit in contravention of the laws and regulations of any applicable jurisdiction.

9. As security for any and all our obligations and liabilities hereunder and in connection with any Credit, whether absolute or contingent and which are now or may at any time hereafter be owing to the Bank, we acknowledge and agree that the Bank shall have ownership in and unqualified rights to the possession and disposal of any and all shipping documents, warehouse receipts, policies, certificates and cover notes of insurance and any other documents accompanying or relating to the Credit and in any and all goods shipped pursuant to or in connection with the Credit and to any Bills drawn thereunder (regardless of whether any of such documents, goods or Bills have been released to or to our order on trust, bailee receipt or otherwise), and in and to the proceeds of each of the foregoing, until such time as all such obligations and liabilities are discharged in full. Any and all such documents, goods or proceeds coming into the possession of the Bank, its correspondents or agents may be held or disposed of as provided herein. We agree that the receipt by the Bank, its correspondents or its agents of any other security shall not prejudice the Bank’s rights, powers and remedies hereunder or at law. We shall sign and deliver to the Bank all such documents and instruments that the Bank may require (including, without limitation, trust receipts), and pay all fees, costs and charges, in relation to the release of any such documents, goods and/or proceeds held as security by the Bank to us or to our order. We shall indemnify the Bank and the Bank correspondents and agents in full and hold them harmless against any and all claims, demands, actions, damages, liabilities, costs, losses, expenses (including legal fees on a full indemnity basis) and other sums which the Bank, its correspondents or agents may incur or pay by reason of the Bank, its correspondents or agents transferring, selling, delivering, endorsing or surrendering any bill of lading, warehouse receipt or other document relating to Bills accepted by the Bank, its correspondents or agents pursuant to these Terms and Conditions and/or a Credit.

10. Without limiting the provisions of Clause 9, we agree to pledge to the Bank, and to create in favour of the Bank a first priority security interest over, as continuing security for our obligations and liabilities hereunder and in connection with each Credit, whether absolute or contingent and which are now or may at any time hereafter be owing to the Bank, any and all our goods or property now or at any time hereafter in the possession or control of the Bank or any third party acting on the Bank’s behalf, whether such goods or property are being used by the Bank as security, for safe-keeping or for any other purpose and including such goods and property as are in transit by whatever mode to or from the Bank, a lien being hereby conferred on the Bank upon any and all such goods or property for the aggregate amount of any and all such obligation and liabilities. We further hereby authorize the Bank, at its option and at any time and whether the property and goods then held as security are deemed by the Bank to be adequate, to appropriate and apply against any of the said obligations and liabilities (whether or not then due) any moneys now or hereafter with the Bank on deposit or otherwise to our credit or belonging to us and/or to hold any such moneys as security for any such obligations and

liabilities until the Bank has determined the exact amount thereof. The Bank’s rights hereunder shall be continuing and shall not be affected by any act or matter including, without limitation, the release or substitution of any goods or property held as collateral hereunder, any delay, extension of time, renewal, compromise or other indulgence granted by the Bank, the release or substitution of the Bank in relation to any of the obligations or liabilities or under any Bill given to the Bank in connection therewith. We hereby waive any notice of any such delay, extension, renewal, compromise, other indulgence, release and substitution.

11. We shall, (i) obtain or procure (where necessary) the blank or special endorsement of any bill of lading presented under or in connection with any Credit, (ii) not create, except with the Bank’s prior written consent, any encumbrance over the goods which are the subject matter of any Credit, and (ii) at the Bank’s request, provide the Bank with such additional security as the Bank may deem necessary or advisable for any of our liabilities or obligations hereunder, whether absolute or contingent.

12. The Bank is hereby irrevocably and unconditionally authorized without prior notice to us and may, at its absolute discretion, transfer and/or register in the name of its nominees all or any part of the property and goods held by it as security for our obligations or liabilities hereunder.

13. If: (i) we fail to perform or comply with any of terms and conditions or any of our obligations or liabilities hereunder, or (ii) we are unable to pay our debts as they fall due, commence negotiations or take proceedings for a readjustment, rescheduling or deferment of any indebtedness or enter into a composition with any creditor; or (iii) any steps are taken for our bankruptcy, liquidation, winding-up or dissolution or for the appointment of a receiver, judicial manager, trustee or similar officer over us or any of our assets or revenues; or (iv) any execution, distress or attachment is levied or enforced against any goods or property provided to the Bank as security hereunder or any such security is nationalized or expropriated; or (v) we suspend or cease or threaten to cease to carry on our main business; or (vi) any event should occur which gives the Bank reasonable grounds for believing that we may not be able to perform or comply with our obligations and/or liabilities hereunder, then our obligations and/or liabilities shall, at the Bank’s option, become immediately due and payable without demand or notice. The Bank is hereby authorized in its absolute discretion to sell or otherwise transfer or dispose of any or all security provided by us pursuant to these Terms and Conditions at any broker’s board or at a public or private sale and on such terms and conditions as the Bank may in its absolute discretion decide. We hereby irrevocably and unconditionally waive any requirement for demand, notice or advertisement. The Bank may in its absolute discretion, at any sale of the security, purchase the whole or any part of such security free from any right of redemption on our part, all such rights being hereby irrevocably and unconditionally waived and released. The proceeds of any such sale (after payment of costs and expenses associated with the enforcement of the Bank’s right hereunder) may be utilized by the Bank in any order it deems fit towards payment of all or any of our obligations or liabilities. We will pay the Bank immediately for any shortfall between the proceeds of the sale and amount of our obligations and liabilities. Without limiting the foregoing or any other right or remedy available to the Bank, the Bank shall also be entitled at any time and without notice to us to combine, consolidate or merge all or any of our accounts with the Bank (regardless of where they are situated (including but not limited to those accounts at Sumitomo Mitsui Banking Corporation’s head office and/or its branches (including its overseas branches))), and liabilities to, the Bank and may set off or transfer any sum standing to the credit of any such accounts (whether matured or not) in or towards the satisfaction of any of our obligations or liabilities (actual or contingent, primary or otherwise, or several or joint), and may do so notwithstanding that the balances on such accounts and the liabilities may not be expressed in the same currency and the Bank is hereby authorized to effect any necessary conversion at the Bank’s then prevailing exchange rate provided that the Bank shall not be obliged to exercise any such aforesaid rights.

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14. We authorize the Bank to collect any insurance proceeds on the goods or other security directly from the insurers and to apply the same in the manner specified in Clause 13 above.

15. If at our request, amendments or modifications are made with respect to (i) the amount or tenor of a Credit; (ii) the time or place of shipment; (iii) the drawing, negotiation, presentation, acceptance or maturity of any Bill; or (iv) any other terms of the Credit; these Terms & Conditions shall apply and be binding on us in relation to the Credit as so amended or modified.

16. We shall indemnify the Bank in full and hold the Bank harmless against any and all claims, demands, actions, damages, liabilities, costs, losses, expenses (including legal fees on a full indemnity basis) incurred by the Bank in connection with the issuance of a new Credit in the event a Credit is believed to be lost in transmission. Should the Credit believed to have been lost come into our possession, we undertake to return it to the Bank immediately for cancellation.

17. Any action taken or omitted by the Bank or any of its correspondents or agents under or in connection with any Credit, any Bill or any goods, if taken or omitted in good faith, shall be binding on us and shall not place the Bank, its correspondents or agents under liability to us. Neither the Bank nor its correspondents or agents shall be liable or responsible for any acts or omissions of any users or beneficiaries of a Credit. No failure to exercise, nor any delay in exercising, on the part of the Bank, any right or remedy hereunder and/or in relation to any Credit, Bill or goods shall operate as waiver thereof.

18. We agree that the Bank may, in its absolute discretion, receive payment under a Credit in a currency other than the currency in which it is drawn, at such exchange rate as determined conclusively by the Bank in its absolute discretion, in the event any form of exchange control, restriction or prohibition is imposed which affects the availability, convertibility or transfer of currencies or any debt, or other moratorium is imposed on jurisdictions, entities and/or individuals or any devaluation, re-denomination or de-monetisation (“foreign exchange controls”) takes place. We shall indemnify the Bank in full against any loss, costs and expenses it may suffer or incur arising from or relating to such foreign exchange controls.

19. The Bank may assign its rights and/or transfer its obligations hereunder or any instruments evidencing our obligations or liabilities hereunder and may deliver all or any security held by it to such assignees or transferees, who shall thereupon become vested with all rights and powers in respect thereto. The Bank shall be discharged from all liability and responsibility in relation to any security so assigned or transferred. We may not assign our rights and/or transfer our obligations hereunder.

20. We hereby irrevocably consent to the disclosure by the Bank of such information about us as has been made available to the Bank to (i) its holding company, any of its head, representative and branch offices and any of its related corporations in any jurisdiction (ii) any authority including without limitation any central bank or other fiscal or monetary authority in any jurisdiction (iii) any potential assignee or transferee or purchaser in respect of its rights and/or obligations under or in connection with this agreement or any instrument evidencing our obligations or liabilities or any security or credit support for our obligations under this agreement or the transactions contemplated therein (iv) any party that has provided or will provide security or credit support for our obligations (v) its correspondents and/or agents and any other party for the purpose of giving effect to the transactions requested by us (vi) any financial institution for the purpose of any securitisation of our assets or the Bank’s assets and (vii) any insurer, insurance broker or rating agency. Nothing herein shall limit or restrict any other consent to disclosure of information provided by us including pursuant to the Bank’s Terms and Conditions Governing Accounts or otherwise.

21. These Terms and Conditions shall be binding upon each party and its successors, assigns and permitted transferees and shall ensure to the benefit of the Bank’s successors, assigns and transferees.

22. Where the Application for Commercial Letter of Credit is executed by more than one party, each party shall be jointly and severally liable hereunder.

23. These Terms and Conditions shall be governed and construed in accordance with the laws of Singapore. The Uniform Customs and Practice for Documentary Credits 2007 Revision, ICC Publication no. 600 or such later revision as may be adopted by the ICC “(UCP 600)” shall apply to each Credit issued hereunder, to the extent not inconsistent with the terms herein. In the event of inconsistency in the terms herein with those in the Agreement on Banking Transactions or such other agreement by which the Bank offers a Letter of Credit opening facility to us, the terms herein shall prevail.

24. We understand that the US and other government and/or regulatory authorities impose, from time to time, specific sanctions against certain countries, entities and individuals and the Bank may be unable to process a transaction that involves a breach of sanctions and authorities may require the disclosure of information. We confirm (unless otherwise informed to the Bank) that no Credit or Bill is/shall be connected with any sanctioned countries (including without limitation, Iran, Myanmar, Sudan, Cuba, Syria, Iraq and any others notified by the US authorities). We agree that if the Bank is required to disclose any information or if any payment/transfer of fund in connection with any Credit or Bill is blocked, frozen, delayed, refused or cancelled because it is claimed to be sanctioned-related, the Bank shall not be liable any information disclosed or for any losses, liabilities, penalties, costs or expenses (“Liabilities”) we may incur and we shall indemnify the Bank against any Liabilities the Bank may incur.

25. In relation to each Credit and/or Bill, we confirm it does/shall not involve (i) financing imports or the trade through intermediaries of goods which country of origin is North Korea or which are shipped from North Korea, or for funding activities which may contribute to nuclear-related plans or preparation of North Korea, or (ii) any goods, transaction or business relationship directly or indirectly relating to Iran or, (iii) goods which are regulated by the Strategic Goods (Control) Act or similar laws in other jurisdictions for which we have not obtained the necessary approvals or permits from all relevant authorities including but not limited to Singapore Customs.

26. Save for any of the Bank’s correspondents or agents and any person appointed by the Bank or save as expressly provided in this agreement, a person who is not a party to this agreement has no right under the Contracts (Right of Third Parties) Act, Chapter 53B of Singapore, to enforce or enjoy the benefit of any term of this agreement. Notwithstanding any term of this agreement, the consent of any person who is not a party to this agreement is not required to rescind or vary this agreement.

27. The Bank reserves the right at any time and from time to time to add to, amend, modify, supplement or vary any of these Terms and Conditions and such additions, amendments, modifications, supplements and variations shall be deemed to have effect as soon as notified to us. We agree that we shall be deemed to have agreed to such additions, amendments, modifications, supplements and variations without reservation in relation to any transaction requested by us after such notification.

28. We confirm that we (a) have obtained (and shall maintain) the consent from our directors, officers, employees, shareholders, beneficial owners, representatives, agents and principals (if acting on behalf of another), and (b) are authorised to deliver the same to the Bank for collection, use, disclosure, transfer and retention of personal data in connection with the compliance by the Bank with laws and regulations or regulatory requests (including “know your customer” or other similar procedures), the promotion and provision of any service or product to us (including evaluation on eligibility or suitability), as permitted by laws or regulations and for such other purposes as in accordance with the personal data protection policy of the Bank ( a copy of which shall be available upon request) and purposes incidental to any purpose stated in the personal data protection policy, or otherwise in connection herewith.

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