Regulation 2

Cosco Investments Limited in respect of a loan amount of US$181,560,000 under a loan agreement dated 28 May 2015 (called in this paragraph the Cosco loan agreement); and

China Shipping Development (HK) Marine Co., Ltd in respect of a loan amount of US$174,440,000 under a loan agreement dated 28 May 2015 (called in this paragraph the China Shipping loan agreement),for the purposes of acquiring the vessels “Yuan Zhen Hai”, “Yuan Jian Hai”, “Yuan Shi Hai” and “Yuan Zhuo Hai”, is exempt from tax.

is subject to the conditions specified in the letter of approval dated 7 July 2016 issued by the Ministry of Finance and addressed to the Maritime Port Authority of Singapore and the Inland Revenue Authority of Singapore; and

does not apply —

in the case of the Cosco loan agreement, to interest payable after the earliest of the following:

29 September 2015;

the date of termination of the Cosco loan agreement;

the date on which China Ore Shipping Pte Ltd transfers or disposes of any of the vessels;

the date immediately before the date of deregistration of any of the vessels from the Singapore Registry of Ships; and

in the case of the China Shipping loan agreement, to interest payable after the earliest of the following:

29 September 2015;

the date of termination of the China Shipping loan agreement;

the date on which China Ore Shipping Pte Ltd transfers or disposes of any of the vessels;

the date immediately before the date of deregistration of any of the vessels from the Singapore Registry of Ships.