CV TAWAKKAL SUKSES BERSAMA (TSB)

Coal and Gold Mining, Property Development & General Trading

Jl. Hang Lekir X, No. 2,

Kebayoran Baru, Jakarta Selatan Indonesia
ph. +628111866088, email : benemayba@gmail.com

DEED OF AGREEMENT (DOA) ON

SBLC FINANCING
==============================================================

________, 2021
 CV TAWAKKAL SUKSES BERSAMA (TSB)
Coal and Gold Mining & General Trading

DOA ON SBLC FINANCING

This AGREEMENT (hereinafter referred to as “Agreement”) is made effective as of the _______,

2021 by and between:

Party A (BENEFICIARY/GRANTEE):

Company Name CV Tawakkal Sukses Bersama

Company Address Jl. Hang Lekir X no. 2, Kebayoran Baru, South Jakarta, Indonesia
Represented by Benemay
Passport No. C2289054
Date of Issue 5 December 2018
Date of Expiry 5 December 2023
Officer E-mail benemayba@gmail.com
Place of Issue South Jakarta, Indonesia

and

Party B (APPLICANT/GRANTOR):

Company Name
Company Address
Represented by
Passport No.
Date of Issue
Date of Expiry
Place of Issue

NOW THIS AGREEMENT WITNESS IS THAT:

1. WHEREAS, both parties hereto have decided to pursue business activities related to
Standby Letter of Credit (SBLC) / DOA financing, in order to satisfy the parties
requirements.

2. WHEREAS, both Parties hereby enter into this Agreement based on mutual cooperation
in Business and agree to abide by the Terms, Conditions and Procedures set forth

■DESCRIPTION OF BANK INSTRUMENT：

TYPE OF INSTRUMENT STANDBY LETTER OF CREDIT / VIA SWIFT MT 799 MT760

FROM RATING A BANK, STANDARD AND POOR, OR RATING AAA
ISSUING BANK
BANK MOODY’S
BANK SWIFT CODE
TERM ONE YEAR AND ONE DAY CALLABLE UPON MATURITY
GUARANTEE MODE FULLY CASH – BACKED
CURRENCY US DOLLARS
CONTRACT AMOUNT US$ 200,000,000.00(TWO HUNDRED MILLION US DOLLARS)

Party A’s Initial: Party B's Initial:

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OR ANY AGREED AMOUNT

CONFIRMATION/DELIVERY VIA BANK TO BANK SWIFT MT799 AND MT760
VERIFICATION MODE VIA BANK TO BANK SWIFT MT799 TO VERIFY AND REPLY
PAYMENT MODE AS PER CLOSING PROCEDURE SET OUT ON THIS AGREEMENT
MAXIMUM 90%, DEPENDS ON THE BANK RATING, FRESH CUT 50 :
LTV (LOAN TO VALUE)
50 , OR ANY AGREED AMOUNT, 2% INTERMEDIARY

■CLOSING PROCEDURES

1. PARTY A AND PARTY B AGREE EACH OTHER FOR SIGNING THIS AGREEMENT WHERE
PARTY A WILL FINANCE THE SBLC ISSUED BY PARTY B THROUGH HIS FACILITY IN
UOB KAYHIAN SECURITIES COMPANY (A SECURITIES COMPANY RESIDES IN
SINGAPORE AND JAKARTA HEREINAFTER CALLED AS “CREDITOR” AND OR
“RECEIVER”). SBLC/ FINANCING FOR PROJECT’S OF THE PARTIES.

2. UPON READYNESS THE PROVIDER’S / APPLICANT’S BANK ISSUE THE MT799 PROOF
OF FUND (EXHIBIT A) TO BENEFICIARY’S BANK COORDINATE FOR DUE DILLIGENCE
AND KYC, COMMITTEE CREDIT APPROVAL. A MEETING BETWEEN
APPLICANT/GRANTOR OR HIS REPRESENTATIVE WILL BE HELD IN THE
BENEFICIARY’S BANK OFFICE IN JAKARTA, INDONESIA. IF CANNOT PASS THE DUE
DILLIGENCE AND KYC PROCESS IN THE BENEFICIARY’S BANK THIS AGREEMENT ENDS
AUTOMATICALLY. NO PENALTY FOR THE PROVIDER, APPLICANT AND BENEFICIARY.

3. UPON SATISFACTORY THE BENEFICIARY’S BANK WILL REPLY BY SWIFT. THE

PROVIDER’S / GRANTOR'S BANK WILL SEND MT760 (EXHIBIT B) TO BENEFICIARY’S
BANK. UPON RECEIPT OF SWIFT MT 760 THE APPLICANT WILL PAY 2,5% BANK
CHARGES AND 6% BANK INTEREST (OR CURRENT RATE) FOR LOAN FACILITY AND
WITHIN 10 (TEN) DAYS THE BENEFICIARY’S BANK SHALL TRANSFER THE PAYMENT
AMOUNTING :
A. ……..% TO PROVIDER/APPLICANT/GRANTOR AND
B. ………% TO BENEFICIARY / GRANTEE
OR ANY AGREED AMOUNT.
FROM THE LTV OF SBLC THROUGH SWIFT TT.

4. UPON THE MATURITY THE SBLC SHALL BE COLLECTED/NON RECOURSE BY THE

BENEFICIARY’S BANK AND WILL BE SETTLED BY PARTY A AND PARTY B BANKER’S
COMMUNICATION THROUGH SWIFT.

5. THE PROCEDURE ABOVE SHALL BE ONLY A GUIDELINE; THE FINAL PROCEDURE

SHALL BE AGREED UPON BY BOTH PROVIDER AND CLIENT BANKERS MUTUALLY.

6. IN THE IMPLEMENTATION OF THIS AGREEMENT THERE ARE THINGS THAT HAVE NOT
BEEN ADEQUATELY REGULATED, AND OR CHANGES IN CIRCUMSTANCES /
CONDITIONS OCCUR, THIS AGREEMENT CAN BE AMENDED BY ADDING TERMS AND
CONDITIONS MADE IN WRITING IN AN ADDENDUM DOCUMENT AND / OR
AMENDMENT WHICH CONSTITUTE AN INSEPARABLE UNITY OF THIS AGREEMENT;

Party A’s Initial: Party B's Initial:

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■ BANK COORDINATES

 PARTY A’S BANK COORDINATES: TO RECEIVE SWIFT MT799 AND MT760 SBLC.

Bank Name United Overseas Bank Limited (UOB)

Bank Address UOB Plaza 80 Raffles Place, SINGAPORE
Account Holder UOB Kay Hian Credit PTE. LTD
SWIFT Code UOVBSGSG
Account Number 301-901-348-9
Account Signatory Name UOB KAY HIAN CREDIT PTE LTD
Person in Charge Julian Lee
Bank Oficer Mr. JULIAN LEE (REGIONAL CREDIT)

 PARTY B’S BANK COORDINATES: TO ISSUE SWIFT MT 799 and MT760 SBLC

Bank Name
Bank Address
Account Name
Iban No
SWIFT Code
Bank Officer1
Bank Officer2
Bank Tel. No
Bank Officer E-mail

 PARTY B’S BANK COORDINATES: TO RECEIVE PAYMENT 50% LTV OF SBLC

Bank Name
Bank Address
Account No
Account Name
SWIFT Code
Bank Officer
Bank Tel
Bank Officer E-Mail

THE COMMISSION AMOUNT, AS HEREIN STATED, SHALL BE TRANSFERRED INTO THE

ACCOUNTS OF THE INTERMEDIARY AS FOLLOWS;

COMMISSION PAID BY PAYER: 1% of SBLC LTV

Consultant 1
NAME BANK NAME

Party A’s Initial: Party B's Initial:

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ADDRESS BANK ADDRESS

MOBILE ACCOUNT NAME
ACCOUNT
E-MAIL
NUMBER
PASSPORT No. SWIFT CODE
NATIONALITY BANK TEL

SIGN & SEAL DATE

COMMISSION PAID BY PAYER : 1% of SBLC LTV (INDONESIA)

Consultant 2
NAME BANK NAME
ADDRESS BANK ADDRESS
MOBILE ACCOUNT NAME
E-MAIL ACCOUNT NUMBER
PASSPORT No. SWIFT CODE
NATIONALITY

SIGN & SEAL DATE

REMARKS:

Facsimile or e-mail copies of this document, when fully executed, are to be considered original and
binding. This Letter of Intent is binding to the parties upon acceptance.

Date: JUNE 2020

Agreed and accepted as of the last date indicated below by all Parties to this Agreement

Signed for and on behalf of Party A

Party A :

Company Name CV Tawakkal Sukses Bersama

Company Address Jl. Hang Lekir X no. 2, Kebayoran Baru, South Jakarta, Indonesia

Party A’s Initial: Party B's Initial:

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Coal and Gold Mining & General Trading

Represented by Benemay
Passport No. C2289054
Date of Issue 5 December 2018
Date of Expiry 5 December 2023
Officer E-mail benemayba@gmail.com
Place of Issue South Jakarta, Indonesia

and

Signed for and on behalf of Party B

Party B:

Company Name
Company Address
Represented by
Passport No.
Date of Issue
Date of Expiry
Place of Issue

Party A’s Initial: Party B's Initial:

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CLIENT INFORMATION SHEET

IN ACCORDANCE WITH ARTICLES TWO (2) THROUGH FIVE (5) OF THE DUE DILIGENCE CONVENTION AND THE FEDERAL BANKING COMMISSION CIRCULAR OF DECEMBER 1998, CONCERNING THE

PREVENTION OF MONEY LAUNDERING, AND ARTICLE 305 OF THE SWISS CRIMINAL CODE, THE FOLLOWING INFORMATION MAY BE SUPPLIED TO BANKS AND/OR OTHER FINANCIAL INSTITUTIONS

FOR THE PURPOSE OF VERIFICATION OF IDENTITY AND ACTIVITIES OF THE INVESTING MEMBER, AND THE NATURE AND ORIGIN OF THE FUNDS THAT ARE TO BE UTILIZED. ALL PARTIES HAVE AN

OBLIGATION TO RESPECT PROFESSIONAL SECRECY AND TO TAKE ALL APPROPRIATE PRECAUTIONS TO PROTECT THE CONFIDENTIALITY OF THE INFORMATION EACH HOLDS IN RESPECT OF THE

OTHERS’ ACTIVITIES. THIS LEGAL OBLIGATION SHALL REMAIN IN FULL FORCE AND EFFECT AT ALL TIMES.

1 NAME OF COMPANY : CV TAWAKKAL SUKSES BERSAMA

2 MANAGING DIRECTOR : BENEMAY BUSRO AMALI

3 PASSPORT NUMBER : C2289054

4 COUNTRY OF RESIDENCE : INDONESIA

5 PAASSPORT ISSUE DATE/PLACE : 5 DECEMBER 2018, SOUTH JAKARTA IMMIGRATION OFFICE

6 PASSPORT EXPIRE DATE : 5 DECEMBER 2023

7 DATE AND PLACE OF BIRTH : MAY 23, 1973, JAKARTA, INDONESIA

8 OFFICE ADDRESS : Jl A. Yani, Km 5,5, Komp. Karunia no. 42, Banjarmasin, Kalimantan
Selatan, Indonesia.
9 COMPANY ADDRESS : Jakarta: Jl. Hang Lekir X, No. 2, Kebayoran Baru, Jakarta Selatan, Indonesia

10 COMPANY REG NO : AHU-0002695-AH.1.15 TAHUN 2018

11 REGISTERED OFFICE DOMICILE : BANJARMASIN, SOUTH KALIMANTAN

12 BUSINESS NAME : CV TAWAKKAL SUKSES BERSAMA

13 COUNTRY OF INCORPORATION : INDONESIA

14 LEGAL ADVISER (LAW FIRM) :

15 LEGAL ADVISER PHONE AND EMAIL :

16 BANK NAME : PT BANK UOB INDONESIA

17 BRANCH AND ADDRESS : UOB PLAZA / JL. MH THAMRIN NO. 8-11, CENTRAL JAKARTA, INDONESIA

18 S.W.I.F.T CODE : BBIJIDJA

19 BANK OFFICER : TBA

20 BANK OFFICER EMAIL : TBA

21 BANK OFFICER NUMBER : TBA

22 ACCOUNT NAME : CV TAWAKKAL SUKSES BERSAMA

23 ACCOUNT NUMBER : 327 305 290 7

24 ACCOUNT SIGNATORY : MR. BENEMAY / BENEMAY BUSRO AMALI

THE COMPANY FOCUSES ON COAL TRADING, COAL AND GOLD MINING DEVELOPMENT, AND FOR BUSINESS DEVELOPMENT WILL ALSO INVOLVE IN APARTMENT AND MALL, CIVIL, CONSTRUCTION,

PROPERTY DEVELOPMENT, PLANTATION AND AGRO INDUSTRIES, AND GENERAL TRADING. ATTACHED HERETO AS EVIDENCE OF THE COMPANIES REGISTRATION IS COPY OF THE COMPANIES BUSI -

NESS LICENSE.

IT IS AGREED THAT FACSIMILE OR ELECTRONIC COPIES OF THIS CLIENT INFORMATION SHEET, OR ANY OTHER ASSOCIATED DOCUMENTS TO THIS TRANSACTION, ARE AS VALID AND LEGAL AS

DELIVERED ORIGINALS.

I, BENEMAY BUSRO AMALI, HEREBY SWEAR, UNDER PENALTY OF PERJURY, THE INFORMATION GIVEN ABOVE IS ACCURATE AND TRUE.

BENEMAY B.A.

ACCOUNT SIGNATORY NAME : BENEMAY B.A.

PASSPORT NO. : C2289054
COUNTRY OF ISSUE : INDONESIA
DATE OF ISSUE : 5 December 2018
DATE OF EXPIRY : 5 December 2023
TITLE : PRESIDENT DIRECTOR
COMPANY NAME : CV TAWAKKAL SUKSES BERSAMA
COMPANY ADDRESS : Jl. Hang Lekir X no. 2, Kebayoran Baru, South Jakarta, Indonesia

EDT (ELECTRONIC DOCUMENT TRANSMISSIONS)

Party A’s Initial: Party B's Initial:

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1. EDT (Electronic document transmissions) shall be deemed valid and enforceable in respect
of any provisions of this Contract. As applicable,this agreement shall be:-Incorporate U.S.
Public Law 106-229, ‘‘Electronic Signatures in Global & National Commerce Act’’ or such
other applicable law conforming to the UNCITRAL Model Law on Electronic Signatures
(2001)

2. ELECTRONIC COMMERCE AGREEMENT (ECE/TRADE/257, Geneva, May 2000) adopted by

theUnited Nations Centre for Trade Facilitation andElectronic Business (UN/CEFACT).

3. EDT documents shall be subject to European Community Directive No. 95/46/EEC, as

applicable. Either Party may request hard copy of any document that has been previously
transmitted by electronic means provided however, that any such request shall in no
manner delay the parties from performing their respective obligations and duties under
EDT instruments.

NON-CIRCUMVENTION AND NON-DISCLOSURE

All parties do herein agree that the non-circumvention and non-disclosure rules (NCND) of all
issues from the ICC 458 apply to this transaction for a period of five (5) years from date of
execution of this agreement by the undersigned, his or her assigns, agents and/or heirs.

This NCND also applies to any and all other transactions direct or indirect initiated by these
intermediaries.

The undersigned agrees that this fee protection is assignable and transferable to the
beneficiaries, designs, heirs & assigns upon written notice of all parties and shall not be
amended without the express written consent of the parties. If no contract is consummated,
this fee protection agreement is null and void in its entirety.

All disclosed banking information shall be strictly confidential. No communication between

banking officers. Other than transmission by SWIFT wire transfer and any other transmission
specifically authorized by the beneficiaries, is permitted. All communications shall clearly
reference the transaction code, the PROVIDER’s code and the Client’s code referred to herein.

Should a contract be signed between the PROVIDER and the CLIENT, a bank endorsed corporate
pay order will be issued to the paymaster of each group, followed by a SWIFT wire transfer to
the paymaster’s account, when payment for the bank instrument is completed.

An executed facsimile or email copy shall be deemed to be as an ORIGINAL.

RESOLUTION OF THE BOARD OF DIRECTORS

THIS IS TO CERTIFY THAT THE BOARD OF DIRECTORS OF CV TAWAKKAL SUKSES BERSAMA

HAVING IT’S CONTACT ADDRESS AT: JL. HANG LEKIR X. NO. 2 , KEBAYORAN BARU,
JAKARTA SELATAN HAVING A BOARD OF DIRECTORS MEETING WHICH WAS DULY AND
REGULARLY CALLED, NOTICED AND HELD ON MAY 24 TH AT THE COMPANY’S ABOVE
REFERENCED CONTACT ADDRESS AT WHICH THERE WAS PRESENT A QUORUM THEREOF,
WHEREIN THE FOLLOWING RESOLUTIONS WERE UNANIMOUSLY ADOPTED, TO WIT:

RESOLVED: THAT MR. BENEMAY BUSRO AMALI HOLDER OF INDONESIAN PASSPORT

NUMBER C2289054 CEO AND AUTHORIZED SIGNATORY FOR AND ON BEHALF OF THE

Party A’s Initial: Party B's Initial:

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COMPANY, WAS FULLY AUTHORIZED TO ACT INDIVIDUALLY AS THE SOLE REPRESENTATIVE

OF THE COMPANY TO EXECUTE ALL NECESSARY DOCUMENTS ON BEHALF OF THE COMPANY
IN CONNECTION WITH BANK INSTRUMENTS TRANSACTIONS AND TO EFFECT THE OPENING
AND OPERATION OF BANK ACCOUNTS ON BEHALF OF AND FOR THE BENEFIT OF THE
COMPANY AT ANY BANK(S) HE SHALL SELECT, AND BE A SIGNATORY THEREON, TO ACCEPT
AND DISBURSE FUNDS THERE FROM, AT HIS DISCRETION AND DETERMINATION, AND TO
EXECUTE CONTRACTS WITH HIS SELECTED SOURCES AND BANKS THEREIN, AT HIS
DISCRETION, FOR AND IN THE BEST INTEREST OF THE COMPANY.

FURTHER RESOLVED: THAT MR BENEMAY BUSRO AMALI, DIRECTOR OF THE COMPANY, BE

AND HEREBY ISAUTHORIZED AND DIRECTED TO CERTIFY THAT THE FOREGOING
RESOLUTIONS AND THE PROVISIONS THEREOF ARE IN CONFORMITY WITH THE CHARTER,
BYLAWS AND ARTICLES OF INCORPORATION OF THE COMPANY, AND THAT THE FOREGOING
RESOLUTION AND THE AUTHORITY THEREBY CONVEYED SHALL REMAIN IN FULL FORCE
AND EFFECT UNTIL THE PURPOSE SET FORTH HEREIN ARE ACCOMPLISHED.

IT IS FURTHER CERTIFIED THAT THIS CORPORATE RESOLUTION’S FAX OR PHOTOCOPIES

SHALL BE OF EQUAL VALUE TO THEIR ORIGINAL AND SHALL BE ACCEPTED AS SUCH BY
EVERYONE, FOR ALL PURPOSES, EVERYWHERE.

Signed for and on behalf of Party A

Party A :

Company Name CV Tawakkal Sukses Bersama

Company Address Jl. Hang Lekir X no. 2, Kebayoran Baru, South Jakarta, Indonesia
Represented by Benemay Busro Amali
Passport No. C2289054
Date of Issue 5 December 2018
Date of Expiry 5 December 2023
Officer E-mail benemayba@gmail.com
Place of Issue South Jakarta, Indonesia

Party A COMPANY REGISTRATION

Party A’s Initial: Party B's Initial:

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Party A’s Initial: Party B's Initial:

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Party A’s Initial: Party B's Initial:

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Party A COPY OF PASSPORT

Party A’s Initial: Party B's Initial:

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Party B COPY OF PASSPORT

Party B COMPANY REGISTRATION

Party A’s Initial: Party B's Initial:

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“EXHIBIT A”

MT799 PROOF OF FUND (CANNOT BE CHANGED)

Party A’s Initial: Party B's Initial:

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S.W.I.F.T. – WIRE FORMAT MT799:

NOTIFICATION :
DELIVERY STATUS :
PRIORITY / DELIVERY :
MESSAGE INPUT REFERENCE :
------------------------------------------MESSAGE HEADER------------------------------------------ SWIFT
INPUT : MT799 PROOF OF FUNDS
SENDER :
BANK NAME :
BANK ADDRESS :
SWIFT CODE : BANK
OFFICER : AMOUNT :
ACCOUNT NAME :
ACCOUNT NUMBER :

RECEIVER
BANK NAME : UNITED OVERSEAS BANK LIMITED (UOB)
BANK ADDRESS : UOB PLAZA, 80 RAFFLES PLACE, SINGAPORE
SWIFT CODE : UOVBSGSG
ACCOUNT NAME: UOB KAY HIAN CREDIT PTE. LTD
BANK OFFICER : JULIAN LEE (REGIONAL CREDIT)
ACCOUNT NAME : UOB KAY HIAN CREDIT PTE. LTD
ACCOUNT NUMBER : 301 – 901 – 348 – 9
IN FAVOR OF : UOB KAY HIAN CREDIT PTE. LTD

-------------------------------------------SWIFT MESSAGE TEXT-------------------------------------

TRANSACTION CODE :
TRANSACTION NUMBER :
WE, ---INSERT NAME & LOCATION OF SENDING BANK--- REPRESENTED BY
THE UNDERSIGNED OFFICERS, HERBY CONFIRM, WITH FULL BANK RESPONSIBILITY
AND LIABILITY ON BEHALF OF OUR ACCOUNTHOLDER ---INSERT NAME OF
ACCOUNT HOLDER/SIGNATORY---, CASH FUNDS IN THE AMOUNT OF ONE
BILLIONS UNITED STATES OF DOLLAR AMERICA (USD 1.000.000.000.-) IN ACCOUNT
NUMBER AS OF THE DATE OF THIS TRANSMISSION.
DATE RECORDED :
BANK OFFICER:
PIN:
------------------------------------------MESSAGE TRAILER-----------------------------------------

EXHIBIT B

SWIFT MT760 SBLC/ FORMAT

CANNOT BE CHANGED

Party A’s Initial: Party B's Initial:

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TO: UOB KAY HIAN CREDIT PTE. LTD. AS BENEFICIARY Date :______________

1. By order of and for the account of ___________________________ ("the Applicant"), and in consideration of
you having granted and/or agreeing at our request to grant and/or continue to grant to CV
TAWAKKAL SUKSES BERSAMA / MR. BENEMAY BUSRO AMALI ("the Borrower") from time to
time credit facilities and/or any other financing whatsoever ("the Facilities") in such manner and to
such an extent and for so long as you may deem fit, we hereby establish our irrevocable and
transferable Standby Letter of Credit No:__________ in favour of yourselves, your assigns and your
successors-in-law for an amount of ________________( ) ("the Principal Sum”) and interest on the
Principal Sum or any part thereof and other usual banking charges as may be certified by you in a
demand made by authenticated SWIFT, which certificate shall be final and conclusive.

2. This Letter of Credit expires at 12:00 P.M. on [date] in Singapore (‘the Expiry Date”).

3. We hereby agree that amounts payable hereunder which are not paid by the close of business on the
date of your demand or such other date for payment as you may stipulate shall bear interest for the
period beginning on such date and ending on the date of its receipt by yourselves. Such interest shall
be calculated from time to time at the rate per annum equal to the sum of ……% and the rate certified
by yourselves as being applicable for that overdue sum for such period(s) as you may from time to
time select, and will be payable on demand. All interest payable which is not paid when due shall be
added to the overdue sum and itself bear interest accordingly.

4. We hereby undertake that immediately upon receipt on or before the Expiry Date of your demand by
authenticated SWIFT as aforesaid certifying that the sum or sums demanded are required by you in
respect of the Borrower's liabilities to you which certificate shall be final and conclusive, we will pay
to you in immediately payable funds such amount(s) as demanded and certified by you, and in the
manner instructed by you.

5. All payments under this Standby Letter of Credit shall be made free and clear of any deduction or
withholding whatsoever, and shall be paid in the currency as specified above. Where such deduction
or withholding is required by law, we shall pay such additional amounts as shall be necessary to
ensure that the payment to you equals that which you would have received has no such deduction or
withholding been made.

6. Partial and multiple drawings are permitted provided that the total shall not in aggregate exceed the
Principal Sum.

7. All banking charges and commission except issuing bank’s charges are for the account of the
Borrower.

8. This SWIFT is the operative instrument and no mail confirmation will follow. This Letter of Credit is
subject to the Uniform Customs and Practice for Documentary Credits, 2007 Revision, International
Chamber of Commerce Publication No. 600 and shall be governed by and construed in accordance
with the laws of Singapore. In the event of any inconsistency, the laws of Singapore shall prevail. We
hereby irrevocably submit to the non-exclusive jurisdiction of the courts of Singapore.

==========END==============

Party A’s Initial: Party B's Initial:

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