AGREEMENT Number: -On this day, . . -Appeared before me, Bachelor of Law, Notary practicing in .......

, at the presence of the witnesses whom the Notary knows whose names shall be mentioned at the end of this deed: 1. - iss . . -according to her statement in this case is acting in her capacity as the !irector and therefore for and on behalf of and lawf"lly "nder representing $.%. the

Limited

#artnership

......... drawn "p

established "nder deed n"mber & dated, before me, the Notary'

-and to take legal meas"res as mentioned abo(e as appro(ed by the Limited #artner of the said

#artnership $ompany as e(idenced from the written appro(al made "nofficially, affi)ed with a

s"fficient d"ty stamp dated-of which its to original agreement is *photo to copy the

according

the

original+

attached

min"te of this deed. -who shall be hereinafter referred to as the FIRST PARTY' ,. r.

--ho shall be hereinafter be referred to as the SECOND PARTY' -., the Notary know the Appearers' -/he appearers first of all declare' -/hat the Limited #artnership "nder $.%. $01.2/O 3A4A A5 61 ABA!. is engaged in bea"ty salon and the

e)cl"si(e trademark holder of CHRISTOPHER SALON. -/hat in the frame of new some f"rther b"siness new de(eloping partners the will into said be the

$01.2/O#071 re8"ired company. to

2ALON, in9ect

in(estment

-/hat the 2econd #arty is the b"siness partner who will 9ointly manage the :irst #arty;s company by opening a $01.2/O#071 2ALON o"tlet and herewith declares to ha(e entered into the agreement with the following

definitions< terminology: -O"tlets refer to the branches of the limited

partnership of $.%. $01.2/O 3A4A trademark of $01.2/O#071 2ALON.

A5 61 bearing the

-$hristopher 2alon refers to trademark of the salon b"siness belonging to the limited partnership $.%.

$01.2/O 3A4A

A5 61, a company established "nder the

laws pre(ailing in .ndonesia, along with its f"t"re amendments. -O"tside town refers to the areas o"tside 3akarta,

Bogor, /angerang, Bekasi and !epok. -.nside the city refers to within 3akarta, Bogor,

/angerang, Bekasi and !epok.

-/he appearers are acting as referred to the abo(e and herewith declare that they ha(e agreed to enter into an agreement "nder the following terms and agreement: Article 1 CAPITAL INJECTION AND USE 1. /hat the 2econd #arty has in9ected some capital to the company of the :irst #arty amo"nting to =B# 1>>,>>> *one h"ndred tho"sand po"nds+ or e8"i(alent to 1# 1,,?1,,@,,A11 *one billion two h"ndred and se(enty one million two h"ndred and eighty two

tho"sand three h"ndred and ele(en r"piah+ for the opening e)penses of $01.2/O#071 2ALON;s o"tlet. ,. 2"ch capital m"st and shall be "sed by the :irst #arty for initial opening e)penses of the salon

being the 9oint operation ob9ect of this agreement. Article IN!ESTMENT COST AND "OR#ING CAPITAL 1. /he whole disb"rsement of initial opening e)penses shall become the responsibility of the 2econd #arty and they comprise: a. 7)penses for the (en"e preparation and interior' b. 7)penses for p"rchasing e8"ipment' c. 7)penses for proc"ring all licenses,

ad(ertisement and banner ta) ,. 2pecial e)penses apart from the o(erhead costs as agreed, m"st be first appro(ed by the 2econd #arty. Article $ %OO##EEPING AND %OO# YEAR

1. /he

:irst

#arty

m"st

maintain

bookkeeping

with

regard to the b"siness according to the acco"nting principles' ,. /he :irst #arty shall s"bmit weekly and monthly

reports on the operation of the salon o"tlet' A. -hen appropriate, the financial records m"st be

a"dited by an p"blic acco"ntant at any time' &. /he Book 4ear shall commence on the first of

3an"ary and end or is closed on the thirty first of !ecember of the rele(ant year. Article & TYPES OF SER!ICES 1. /he :irst #arty m"st pro(ide bea"ty salon ser(ices and s"pporting e8"ipment to s"pport the b"siness' ,. All the ser(ices rendered by the :irst #arty m"st be acknowledged and appro(ed by the 2econd #arty' A. -hen right appropriate, to the 2econd #arty reser(es or the new

recommend

additional

prod"cts

ser(ices to s"it the market demand. Article ' MANAGEMENT AND MANPO"ER 1. /he :irst #arty shall be responsible for the

o(erall management of the bea"ty salon. ,. All the manpower re8"ired for the b"siness ser(ices as mentioned abo(e, shall be pro(ided, enhanced and reg"lated by the :irst #arty incl"ding their

"niforms and internal working mechanism. A. -ith regard to the cashier, he<she may be pro(ided by the 2econd #arty "pon the appro(al from the

:irst #arty.

&. /he

2econd

#arty,

when

deemed

necessary,

may

pro(ide s"ggestions, ad(ice or criticism for the sake of the b"siness progress. B. /he monthly administrati(e e)penses shall amo"nt to 1p 1,B>>,>>> *one million fi(e h"ndred r"piah+. ARTICLE ( PRODUCT AND SER!ICE PRICE 1. /he :irst #arty shall determine the prices of the ser(ices and other prod"cts incl"ding their changes with the acknowledgment of the 2econd #arty' ,. #rice disco"nts to the c"stomers may be offered

only when they are appro(ed by both parties and s"ch disco"nts shall be 9ointly borne by the :irst #arty and the 2econd #arty. ARTICLE ) %USINESS PROMOTION -Both parties ha(e agreed for the to the types periodically progress of the cond"ct of both

promotional parties;

acti(ities and

b"siness

promotional

acti(ities shall be disc"ssed together' -All e)penses for the abo(e promotional acti(ities as referred to the abo(e shall be allocated from the

operational e)penses of the salon o"tlet. ARTICLE * PROFIT AND LOSS DISTRI%UTION

1. /he 2econd #arty shall be entitled to net profit amo"nting ded"cted to with C>D *si)ty percent+ e)penses after that ta) m"st and be

operational

disb"rsed by the :irst #arty' and the :irst #arty shall be entitled to the remaining &>D *forty

percent+' ,. .n the e(ent of b"siness losses of the o"tlet being the ob9ect of this 9oint operation, s"ch losses

shall be 9ointly borne by the :irst #arty and the 2econd #arty, namely B>D *fifty+ shall be borne by the :irst #arty and B>D *si)ty percent+ by the

2econd #arty' A. /he :irst #arty m"st render the monthly b"siness profit not later than by the 1>th *tenth+ of the following month. &. .n the e(ent of losses, both parties shall directly compensate s"ch losses not later than on the 1>th *tenth+ of the following month. Article + TRANSFER OF COMPANY 1. .n the e(ent that in the f"t"re the :irst #arty;s company is sold to another party, it price shall be calc"lated based on the space siEe per meter s8"are and its proceeds shall be e8"ally di(ided to both parties. ,. .n case a new o"tlet is relocated to another

location, the reno(ation e)penses of the new places shall be calc"lated with the remaining lease period of the former location. ARTICLE 1,

PERIOD OF THE AGREEMENT 1. /his 9oint operation agreement shall be (alid

indefinitely since it is signed. After B *fi(e+ years, the 2econd #arty m"st pay for the reno(ation e)penses of which its amo"nt shall be decided later "pon disco(ering any damage. ,. /he :irst #arty may cancel the local branch in case the 2econd #arty re9ects to allocate the reno(ation e)penses ten"re. A. /his 9oint working agreement may be re(oked "pon the agreement of both parties as e(idenced thro"gh an a"thentic ann"lment deed. ARTICLE 11 LEGAL INTERPRETATION /his agreement shall be interpreted p"rs"ant to the Laws pre(ailing in the 1ep"blic of .ndonesia. ARTICLE 1 SUPPLEMENTARY AGREEMENT Any matters that are not go(erned in this agreement or arise in the f"t"re shall be go(erned by both parties in an a"thentic s"pplementary agreement in the f"t"re constit"ting inseparable part of this agreement. ARTICLE 1$ SETTLEMENT OF DISPUTES 1. .n case of a disp"te between it the shall parties be with of the salon for the ne)t agreement

regard

of

this

agreement,

resol(ed

amicably.

,. .n case an amicable settlement cannot be reached, and s"ch disp"te cannot be resol(ed by both parties themsel(es, s"ch disp"te shall be settled at the highest le(el by the .ndonesian Arbitration Agency *BAN.+ in 3akarta. A. /he 9"dgment of this Arbitration Agency shall ser(e as the highest le(el ad9"dication and no appeal is possible and shall bind both parties. ARTICLE 1& MISCELLANEOUS 1. /he parties ha(e hereby agreed to wai(e articles 1,CC and 1,C? of the .ndonesian $i(il $ode as long as a $o"rt 9"dgment is re8"ired to ann"l this

agreement and or claim for compensation from the other party' ,. Any notice, offer, petition, payment, re8"est or other comm"nication that m"st be made or informed by one party to the other party as mentioned below shall be made in writing and may be s"bmitted

directly or thro"gh a co"rier or transmitted (ia facsimile to the following address: -:or /he :irst #arty: in #er"mahan 5ota 5embang

2ektor Anggrek Blok $<1B, 1"k"n /etanga >,, 1"k"n -arga >&, 5el"rahan /irta9aya, 5ecamatan 2"kma9aya, !epok' -:or the 2econd #arty: -.n the e(ent of address changes, the parties shall immediately notify it to one another no later than 1 *one+ week after s"ch changes.

-2"ch notice shall be deemed ha(ing been carried o"t or informed if it is sent by registered with or if recei(ed clearly and completely *by fa) if

necessary+. ARTICLE 1' DOMICILE -/he parties ha(e chosen their permanent legal domicile at the Office of the #"blic $o"rt of $ibinong in

$ibinong. IN "ITNESS THEREOF -/his deed was made and legaliEed in !epok on the day and date as mentioned in the preamble of this deed at the presence of by $andidate Notary, and iss ------- , Bachelor of Law, r. --------, both residing in

!epok and employees of the Notary Office as witnesses. -.mmediately after this deed was read o"t by me, the Notary to the appearers and witnesses, it was d"ly signed by the appearers, witnesses and me, the Notary. -7)ec"ted with