KAJE/LEGAL/GIGWORLD/0001

5th August 2023

GIG WORLD PTE LTD

1 Marne Road, The Citron, #01-
10, Singapore 208380

Attention to: Albert Fan Chee Keong,PBM

Dear Sirs,

RE: LETTER OF APPOINTMENT AS BUYER MANDATE

Reference is made to the Non-Circumvention, Non-Disclosure Agreement

(“NCNDA”) dated 5TH August 2023 and our recent discussion on the collaboration
between KAJ ENERGY GATEWAY SDN BHD (“KAJE”) and GIG WORLD PTE LTD
(“GIG World”).

We are pleased to inform you that KAJE has agreed to appoint GIG World as our
Buyer Mandate to represent KAJE and its associated and affiliated companies and to
undertake various tasks in pursuit of trading business interests in commodities,
including but not limited to coal, sand, others except oil related products. This
appointment letter between both parties which is mutually agreed served to fully
authorize GIG World for the sourcing, procurement, discussion, and negotiation of all
trading needs of KAJE on the matter, in order for you to be able to commence work
immediately on particular aspects of that collaboration, we hereby confirm the
following: -

(A) As of the date of this letter, you can immediately act on our behalf to source,
recommend, and secure for the following commodities, so that we in turn can
secure our arrangement with our end buyers on CFR terms with respect of the
same: -
a. Heavy crude oil at the estimated initial amount of up to 9 million barrels
at the price of minus US$18.00 per barrel from Brent; and

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 b. Heavy fuel oil, MFO380 cst (RMG) Grade with maximum of 3.50%
sulphur for the amount of up to 200,000 MT at the price of minus US$
30.00 per MT from Mean of Platts Singapore (MOPS).

(B) With regard to the profit-sharing for each successful transaction in relation to
the above, it is hereby agreed as follows: -
a. If GIG World provide KAJE the above-mentioned commodities at the
price stated in (A), the profit-sharing basis shall be 70%-30% in KAJE’s
favour; and
b. If GIG World is able to secure the above-mentioned oil at a better price,
the profit-sharing shall be 65%-35% in KAJE’s favour.

(C) KAJE will be able to immediately sell these products and the above-
mentioned volume to their existing and new end buyers with a target price as
defined below:
a. Heavy crude oil at the estimated amount of up 9 million barrels at the
price of minus US$14.00 per barrel from Brent; and
b. Heavy fuel oil, MFO380 cst (RMG) Grade with maximum of 3.50%
sulphur for the amount of up to 200,000 MT at the price of minus
US$15.00 per MT from Mean of Platts Singapore (MOPS).
c. If there is any fluctuation of the market conditions that will adversely
affect both KAJE and GIG World commercial interests, the new selling
price shall then be mutually agreed between KAJE and GIG World.
d. The Sales and Purchase Agreement between KAJE and its buyer will
be disclosed to GIG World to ensure transparency of every transaction.

In the meanwhile, whilst you can begin your task, we hope that the collaboration
agreement can be finalized within fourteen (14) days from the date of this letter.

Please confirm your understanding and concurrence to the above by signing below.

Thank you.

Yours faithfully,
for MAHARANI ENERGY GATEWAY SDN BHD

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MUHAMMAD RAZIF BIN AHMAD
EXECUTIVE DIRECTOR

ACCEPTANCE AND ACKNOWLEDGEMENT

RE: LETTER OF APPOINTMENT AS COLLABORATION PARTNER

Reference is made to your letter [Ref No.: KAJE/KLO/LEGAL/WISMA/0002] dated

1st June 2023 in relation to the abovementioned matter.

I hereby accept and agree to be bound by the terms of the offer.

Yours faithfully,
for GIG WORLD PTE LTD

ABDUL MALIK HASSAN MEERICAR

DESIGNATION:

ALBERT FAN CHEE KEONG

DESIGNATION: DIRECTOR

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