Appraiser: KJPP Suwendho Rinaldy Partners

170 163 Penilai Indonesia, KEPI Appointment Letter: No. 140325.002SRRSPN-ASLOR dated 25 March 2014 The principal duties and responsibilities of the Appraiser in the Initial Public Offering are to calculate the market value of the vessels owned by the Company as of 30 June 2014. In performing the assessment to form the opinion on market value, the Appraiser shall always refer to the Indonesian Appraisal Standard SPI-2007 and Rule No. VIII.C.4.

4. Share Administration Bureau:

PT Sirca Datapro Perdana Jl. Johar No. 18, Menteng Jakarta 10340 – Indonesia Phone: 62 21 390 0645; 390 5920; 314 0032 Facsimile: 62 21 390 0652; 315 0845; 390 0671 Business License No. : Kep-92KMK.0101990 dated 29 January 1990 SAB Association Membership: ABI Asosiasi Biro Administrasi Efek, Securities Administration Bureau Association Association Membership No. : ABIIX2014-001 Appointment Letter : No. 007PHSDPVIII2014 dated 22 August 2014. In accordance with the prevailing Professional Standards and Capital Market Law, the principal duties of the Securities Administration Bureau ―SAB‖ include: acceptance of shares subscriptions in the form of Shares Subscription List ―SSL‖ and Shares Subscription Form ―SSF‖ that are supplemented by documents required in the shares subscription and approved by the Joint Lead Underwriters as the submitted subscription for share allotmentand performing the administering of shares subscription in accordance with the available application in the SAB. Together with the Joint Lead Underwriters, SAB reserves the right to reject subscriptions that are not in conformity with the subscription requirements, subject to the prevailing regulations. In the event of oversubscription, the SAB carries out the allotment process based on the allotment formula set by the Joint Lead Underwriters, prints out the allotment confirmation form and prepares the allotment report. SAB is also responsible for issuing the Allotment Confirmation Form under the name of the subscriber entitled to allotment and preparing the IPO report in accordance with the prevailing capital market regulations.

5. Notary: Irma Bonita, S.H.

Jl. Suryopranoto No. 11 C Central Jakarta, Indonesia Phone: 62 21 38900720-21 Facsimile: 62 21 38900722 STTD No.: 38BLSTTD-N2007 STTD Date : 11 January 2007 Association Membership : Indonesian Notary Association Ikatan Notaris Indonesia Association No: 011.002.132.300462 Framework : Law No. 30 Year 2004 regarding Notary Office and Indonesian Notary Association Code of Ethics. Appointment Letter: No 008SLLGLVIII2014, dated 11 August 2014 The scope of work of the Notary as the supporting professional in relation to the Initial Public Offering includes, among others, preparing and drafting notarial deeds in relation to the Initial Public Offering, among others, the amendment of the Company’s Articles of Association in its entirety, the Underwriting Agreement and the Share Administration Agreements by referring to the Notary Regulations and Code of Ethics. THE CAPITAL MARKET SUPPORTING INSTITUTION AND PROFESSIONALS EXPRESSLY STATE THAT THEY ARE NOT AFFILIATED PARTIES OF THE COMPANY, EITHER DIRECTLY OR INDIRECTLY, AS DEFINED IN THE CAPITAL MARKET LAW. 171 163 stration 9 January TE THAT 164

XVI. LEGAL OPINION

This page intentionally blank