THIS APPLICATION IS Subject to the TERMS and Conditions Set out Overleaf

THIS APPLICATION IS subject to the TERMS AND conditions set out overleaf.

TERMS AND CONDITIONS (the “Terms”)

This application is subject to the Uniform Customs and Practice for Documentary Credits (“UCP600”) [and Uniform Rules of Collections (“URC522”)]of the International Chamber of Commerce or any replacement thereof as may be in force at the time of this application and the General Letter of Hypothecation. In case of conflict, the Terms shall prevail.

In consideration of an advance or advances or other financial accommodation given or to be given or renewed to or at therequest of the undersigned by THE SHANGHAI COMMERCIAL & SAVINGS BANK, LTD. SINGAPORE BRANCH (the “Bank”) the undersigned does hereby sell, assign, transfer, charge andpledge to the Bank all right, title and interest in and to the above described draft and/or documentsand/or merchandise covered hereby (the “Items”) and/or proceeds of sale thereof as continuing security for all sums in which the undersigned may from time to time be actually or contingently indebted or liable to the Bank on any account. The undersigned agrees to do such acts as may be necessary to perfect the Bank’s security in the Items.

The Bank is irrevocably authorised by the undersigned to negotiate the Items under LC, irrespective of discrepancies that may appear on the Items. The undersigned agrees and undertakes to indemnify the Bank against any liabilities, losses, payments, damages, demands, claims, costs (including but not limited legal fees) and expenses, proceedings or actions that may be incurred by the Bank arising therefrom.

In the event of any advance by the Bank, the undersigned hereby guarantees to the Bank that the Items will be promptly honoured on presentation for acceptance or paid on sight or on the due date thereof according to the original tenor and the terms thereof, failing which theundersigned will make immediate payment on demand to the Bank for the amount of the draft orinvoice plus interest, allcharges and expenses incurred at the current prevailing rate for the respective currency as determined at the sole discretion of the Bank from the date of the financing to the undersigned till the date the Bank receives reimbursement. If collection charges are to be paid by the buyer/drawee, the undersigned undertakes to pay the Bank the same if the buyer/drawee fails to do so.The Bank is hereby authorised to chargeback and recover from the undersigned accordingly.

Without prejudice to the Bank’s other rights herein, the undersigned undertakes and agrees that in case the undersigned should fail to reimburse the Bankimmediately on demand according to the preceding paragraph hereof, the Bank and/or itscorrespondent or agent is hereby authorised and empowered with full authority, without notice to the undersigned, to (but not obliged to) (i) sell any part or all of the Items at any place and at any price and upon such terms and conditions as the Bank or its correspondent or agent may deem advisable; and (ii) to apply the proceeds of such sale or sales as far as needed towards the paymentof any or all indebtedness or liabilities of the undersigned to the Bank rendering the overplus, if any,to the undersigned, who shall remain liable to the Bank for any deficiency remaining unpaid aftersuch application, with interest. The undersigned also empowers the Bank and/or its correspondentor agent with the right to transfer the Items to any other place, at the discretion ofthe Bank and/or its correspondent or agent, for sale or otherwise, and all expenses of reconditioning,repacking, transferring, shipping, customs charges and all other expenses and charges incidental thereto are for account of theundersigned.The pledge conferred herein shall be in addition to and shall not be in any way prejudiced or affected by any collateral or other security now or hereafter held by the Bank nor shall such collateral or other security or any lien to which the Bank may be otherwise entitled or the liability of any person or persons nor parties hereto for all or any part of this indemnity be in any way prejudiced or affected by the pledge.

In case of dishonour the goods may in the Bank’s discretion (but not as part of the Bank’s obligations including the obligation to procure the return of the Items) or that of the Bank’s correspondent or agent be landed cleared through the customs, warehouse and insured at the expense of the undersigned, the Bank is authorised at its absolute discretion:

a.To insure the goodsin respect of which the Bank holds documents against all risks and to add the premiums and expenses of such insurance to the amount chargeable to the undersigned.

b.To exercise the Bank’s right of recourse upon the goodsin priority to any other claims thereon and to sell such goods or part thereof as may be necessary for payment of freight, insurance, warehouse, dock and other charges, without prejudice to the undersigned’s duty to repay any outstanding amount due to the Bank from such proceeds of sale.

c.To land and store the goodsat any wharf or warehouse selected by the Bank and/or reship the same to any other port.

d.To accept full or proportionate payment before maturity from the drawees and/or acceptors of any bills, or the consignees of the goods, against delivery of the Items(or a proportionate part thereof).

e.To debit the undersigned’s account with all money due from the undersigned hereunder and with the amount of unaccepted or unpaid drafts or of financing against documents of title or other documents for which the undersignedis liable to the Bank or any deficiency arising after realisation.

Without prejudice to the other provisions in the Terms, the Bank may sell all or part of the goods represented by the abovementioned documents or to which they relate in such manner (whether by public auction, private treaty or otherwise) as the Bank thinks fit if any one of the following events occurs:

a.in the event that the Bankhas financed or agreed to finance this Collection on default of acceptance on presentation or of payment on due date or at sight of any draft (depending on its tenor) or on default of payment of any other sums due hereunder on due date.

b.in the event that the Bank has financed or agreed to finance this Collection on the drawee or acceptor of any bills or consignee of the goods suspending payment, becoming bankrupt or insolvent, being put under receivership or taking any steps for liquidation or arrangement with creditors.

c.in the event that the Bankhas financed or agreed to finance this Collection if and whenever the Bank considers it desirable having regard to the market value of the goods that the goods should be sold whether or not any contingent or other liability of the undersigned to the Bank shall have actually matured.

d.on the undersigned’s failure to repay on demand any payment made by the Bank or other indebtedness of the undersigned to the Bank (whether or not connected with or arising from this application) together with all interest, commissions and other charges in respect thereof.

After deduction of any commission to which the Bank is entitled and expenses incurred by the sale, the Bank may apply the net proceeds in payment of such advances and/or bills and/or indebtedness or liability of theundersigned to the Bank, with interest, and re-exchange expenses. The balance, if any, is to be used at the Bank’s option to discharge any other outstanding liability which the undersigned may have against the Bank and subject thereto to be accounted for to the undersigned.

Should any claim arise under any insurance, the Bank is authorised to recover the full amount thereof and the undersigned agrees to assign to the Bank the policy or policies for that purpose. The Bank may charge the same commission on the proceeds payable under such insurance as upon a sale of goods and apply the proceeds in the manner provided above and/or to satisfy all sums, indebtedness, interest, charges, commissions and other sums due to the Bank in connection with the abovementioned Collection.

The Bank’s holding of additional securities and/or the receipt of goods and/or documents by the Bank shall not prejudice its rights on any bills in case of dishonour nor shall any recourse or proceedings taken thereon. It is also agreed that the Bank’s rights against the undersigned shall not be prejudiced owing to any such bills not having been noted and/or protested in the event of dishonour by non-acceptance and/or non-payment.

The undersigned agrees that the Bank in undertaking the collection of the Items bears noresponsibility beyond the exercise of due care and that the Bank shall not be responsible or liable for any act, omission, default, negligence, suspension, insolvency or bankruptcy of its correspondent or agent nor for any loss or delay of the Items in transit or in the possession of any correspondent or agent of the Bank. The undersigned further agrees that (i) the Bank, its correspondent or agent may send the Items, directly or indirectly, to any bank, including the drawee if being a bank, andaccept a draft or credit in lieu of cash; (ii) that any payment or credit made to or for account of the undersigned for the proceeds ofthis item shall be subject to final payment in cash or solvent credits; and (iii) that the Bank may chargeback and recover from the undersigned the proceeds of the Items or any part thereof at any time if final payment in cash or solventcredits is not received and whether or not the Items may be returned.

The undersigned further agrees to the following:

a.any financing is with recourse to the undersignedunder all circumstances and notwithstanding that all the Terms have not been complied with, or that the Bank may not have complied with to the undersigned’sinstructions;

b.in the event of financing, to pay the Bankfor any shortfall in amount received by the Bank;

c.to meet all charges incurred by the Bankor its correspondent or agent;

d.to reimburse the Bankfor all interest incurred from the date of any payment by the Bankto the date of the receipt of proceeds by the Banksufficient to cover the credit extended to the undersigned;

e.not to hold the Bankor its correspondent bank or agents liable in the event that the documents or some of the documents are lost, destroyed or delivered wrongly by the courier service company selected by the Bank or wrongly delivered by the postal office;

In consideration of the Bank discounting our draft(s) or taking it/them for collection from time to time through a bank or banksdesignated by the undersigned as the Bank’s correspondent or agent, such not being the Bank’s choice of correspondent, the undersigned herebyguarantees due payment by such correspondent to the Bank of all monies and other things of value received by such correspondent inconnection therewith. The Bank is hereby authorised to debit the account of the undersigned in respect of all such monies or thingsof value, should the correspondent fail to reimburse the Bank such monies or things of value. The undersigned further agrees that any correspondent bank instructed to act on this application shall be its agent.

The undersigned irrevocably and unconditionally agrees and undertakes to indemnify the Bankand its correspondent or agent in full on demand against all liabilities, losses, payments, damages, demands, claims, costs (including legal fees) and expenses, proceedings or actions that may be incurred by the Bank or its correspondent or agent in connection with this application, any actions arising from this application or the export transaction of the Items.

The undersigned does also undertake and agree to pay to the Bank and hereby authorisesthe Bank to reimburse itself from the undersigned for all commission, collection charges and interestas well as all expenses incurred in the handling of the Items if such charges and expenses are not paid by the drawee.

Without prejudice to the generality of the other terms and conditions herein, where financing is provided to the undersigned pursuant to this application, the undersigned shall and do hereby assign unconditionally and irrevocably to the Bank all rights, interests, benefits, entitlements, debts, suits and choses in action as are due under or in connection with the underlying contract of sale between the undersigned and the drawee and/or bill of exchange and the undersigned irrevocably authorisesthe Bank to give notice of such assignment to the drawee and his banker.

The undersigned agrees that the Bank may commence any legal action or proceedings in the undersigned’s name if necessary and that the undersigned would provide the Bank with full and diligent co-operation, including the execution of any documents, affidavits and powers of attorney, in any action or proceedings commenced (whether in the undersigned’s name or not) to enforce the Bank’s rights against or obtain payment from the buyer or any other party.

For avoidance of doubt and subject to the provison appearing below, it is the intention of the parties that any terms, interests, rights, benefits, defences, exemptions or limitations in this application shall not be enforceable by a third party (save and except for a third party as defined below) pursuant to the Contracts (Rights of Third Parties) Act of Singapore (“the Act”), provided always that nothing herein operates to prevent or limit the Bank’s right to assign, novate, otherwise confer any benefit or interest in favour of any other party, apart from the Act. The terms, interests, rights and benefits referred to above shall include but are not confined to any banking facilities, advances, loans, financing or any other form of financial accommodation that the Bank provide or may provide under this application.Provided always that it shall be the intention of the parties that all defences and limitations in this application shall be enforceable by all of the Bank’s subsidiaries (whether wholly or partly owned), parents, branches, any other bank within TheShanghai Commercial & Savings Bank, Ltd., whether carrying on business in Singapore or not, successors in title or assigns of the Bank, entities into or with which the Bank may merge or consolidate, any entities formed as a result of acquisition, by or of the Bank as well as its employees, sub-contractors and agents, all of whom or which shall be deemed as third parties for the purposes of the Act. For the purposes of this Act, consent of any of these third parties is not required for any variation, rescission or termination of this application.

The undersigned authorisesthe Bank to debit any or all of our accounts with the Bank by way of payment in advance of all costs, charges, commissions, expenses and liabilities which the Bank, its agents or its correspondents may incur in relation to or in respect of the Collection. The aforesaid advance payment is an absolute and unconditional payment and the Bank shall not be obliged, under any circumstances whatsoever, to refund the same to the undersigned. The Bank shall be at liberty to utilise or otherwise deal with the advance payment in any manner as it deems fit and the undersigned confirms that it has no further title, interests, rights or benefits to the moneys comprising the advance payment. The abovementioned advance payment shall not discharge or otherwise affect any other claims for reimbursement, repayment, interest, expenses and/or costs that the Bank has or will have against the undersigned in respect of any instrument which the Bank has issued or will issue at the undersigned’s request, or in respect of any credit or banking facilities or other accommodation which the Bank has granted or will grant to the undersigned.