DATED 26 December 2013 PT HUMPUSS INTERMODA TRANSPORTASI, TBK (“First Party”) and ATHENS INVESTMENT FUND S.A (‘Second Party”) AMENDMENT AGREEMENT Relating to Settlement Agreement dated 26 November 2013 in conjunction with the Court Decision number 664/Pat.G/2013/PN. JKT Sel dated 4 December 2013‘THIS AMENDMENT AGREEMENT (hereinafter referred to as the “Amendment” is made on 26 December 2013 by and between: 1 PT HUMPUSS INTERMODA TRANSPORTASI, TBK, « publicly limited liability company duly established under the laws of the Republic of Indonesia, having its registered addsess at Granadi Building, 5th, 7th and 8th Floor, Jl. H.R. Rasuna Said Kay. X-1, No. 8 ~ 9, Jakarta Selatan, Indonesia (hereinafter referred toas the “First Party” or the “Company”) and ATHENS INVESTMENT FUND S.A, a company duly incorporated under the laws of Republic of Panama, having its registered address at 53rd E Street, Urbanizacion Marbella, MMG Tower, 16th floor, Panama, Republic of Panama (hereinafter referred to as the “Second Party”); (the Fitst Party and the Second Party shall hereinafter collectively referred to as the “Parties”, and individually as a “Party”) RECITALS: @) © ©) ® ®) © “The Parties have entered into the Settlement Agreement dated 26 November 2013 (together with its amendment, addendum and/or supplement shall be tefetted to as the “Settlement Agreement”) bound by and/or in conjunction with Court Decision number 664/PdtG/2013/PN. JKT Sel dated 4 December 2013 (‘Court Decision 664”). ‘The Parties agreed that one of the payment instruments to settle the indebtedness of USD 140,945,586 has been unable to be executed, “The Parties have agreed to enter into this Amendment to modify of the Settlement Agreement as set out in this Amendment. ‘This Amendment shall be construed as an integral and inseparable part of the Settlement Agreement and the Court Decision 664. Except as expressly modified by this Amendment, all other terms of the Settlement Agreement shall remain in full force and effect. ‘This Amendment shall be effective and binding the Parties since the date of the Settlement Agreement. ‘This Amendment constitutes entire tights and obligations of the Parties and supersedes all and any previous expressions of intent or understanding in relation to this transaction and/or in respect of the Settlement Agreement in conjuction with the Court Decision 664.‘THE PARTIES AGREE AS FOLLOWS: PERJANJIAN PENYELESAIAN/ SETTLEMENT AGREEMENT PERJANJIAN INI (“Perjanjian”) dibuat dan ditandatangani oleh dan antara: 1, PT Humpuss Intermoda. ‘Transportasi, Tbk suatu Perseroan ‘Terbatas Terbuka yang didivikan berdasarkan hukum Republik Indonesia, berkantor di Gedung Granadi, Lantai 8, ‘Ji. ELR. Rasuna Said Kav. X-1, No. 8 — 9, Jakarta Selatan, Indonesia Gelanjutnya disebut “Pihak Pertama atau Perseroan”); Y ATHENS INVESTMENT FUND S.A, sebuah perusahaan yang didirikan berdasarkan_hukum Republik Panama, berkantor di53"! E Street, Urbanizacion Marbella, MMG Tower, 16% floor, Panama, Republic of Panama elanjutnya disebut “Pihak Kedua”); (Pihak Pertama dan Pihak Kedua selanjutnya secara bersama-sama disebut sebagai “Para Pihak” dan secara senditi-sendisi disebut sebagai “Pihak”). LATAR BELAKANG: BAHWA, Pihak Kedua memilikitagihan kepada Pihak Pertama sebesar_ USD 140,945,586 berdasarkan Assignment Agreement tanggal 11 Oktober 2013 (“Perjanjian Pengalihan”) junc» Surat Konfirmasi Piutang tertanggal 4 Oktober 2013 (“Surat Konfirmasi Piutang”); BAHWA, dalam pelaksanaan Perjanjian Pengalihan tersebut telah _terjadi ketidaksepabaman antara_ Para Pihak sehingga Pihak Kedua_telah_mengajukan THIS AGREEMENT (the “Agreement” is made and entered into by and between: 1. PT —- Humpuss Intermoda ‘Transportasi, Tbk, a publicly limited liability company duly established under the laws of the Republic of Indonesia, having its registered address at Granadi Building, 8 Floor, Jl. H.R. Rasuna Said Kav. X-1, No. 8 - 9, Jakarta Selatan, Indonesia (hereinafter referred to as the “First Party or the Company’); 2. ATHENS INVESTMENT FUND S.A, a company duly incorporated under the laws of Republic of Panama, having its registered address at 53° E Street, Urbanizacion Marbella, MMG ‘Tower, 16% floor, Panama, Republic of Panama (hereinafter referred to as the “Second Party”); (First Party and Second Party are hereinafter collectively referred to as the “Parties” and individually a “Party”. BACKGROUND: WHEREAS, Second Party has Receivables from the First Party in the amount of USD USD 140,945,586 as stipulated under the Assignment Agreement dated 11 October 2013 (“Assigment Agreement”) in conjunction with the Confirmation Letter of Indebtedness dated 4 October 2013 (the “Confirmation Letter”); WHEREAS, in the implementation of the Assignment Agreement as occurred lack of understanding between the Parties, which gave a result that the Second Party has filed a saath tgugatan wanprestasi_ tethadap _ Pihak Pertama kepada Pengadilan Negeri Jakarta Selatan yang telah terdaftar dengan ‘nomor perkara 664/Pat.G/2013/PN JktSel tertanggal 13 November 2013; BAHWA, Pihak —Pertama _—_ telah menyampaikan usulan penyelesaian kepada Pihak Kedua sebagaimana dimaksud di dalam Proposal Penyelesaian tertanggal 25 November 2013 (“Proposal Penyelesaian’); OLEH KARENA ITU, pada pokoknya para pihak telah menerima dan menyetujui hal-hal yang dituangkan dalam Proposal Penyelesaian dan karenanya Para Pihale telah sepakat untuk menegaskan pokok- pokok pernyelesaian yang akan diatur dalam perjanjian ini, yaitu sebagai berikut: PASAL 1 PENGAKUAN BERUTANG Pihak Pertama dengan ini menyatakan bahwa sejak tanggal_ Perjanjian ini ditandatangani Pihak Pertama _memiliki utang sebesar USD 140,945,586 (“Total Utang Perseroan”) kepada Pihak Kedua dan harus menyelesaikan Total Utang Perseroan berdasarkan syarat dan ketentuan yang diarar dalam Pesjanjian ini. PASAL 2 PENYELESAIAN TOTAL UTANG PERSEROAN 21 Para Pihak setuju bahwa Pihak Pertama harus menyelesaikan ‘Total Utang Perseroan berdasarkan tata cara berikut: a. Konversi__Sebagian _Utang Menjadi___Ekuiti__(Saham) reach of contract lawsuit against the First Party through the Secretariat of South Jakarta District Coust that has been registered with the case. number 664/Pdt.G/2013/PNJktSel dated 13, ‘November 2013; WHEREAS, the First Party has submitted a proposal for settlement to the Second Party as referred to in the Settlement Proposal dated 25 November 2013 (“Settlement Proposal”); NOW, THEREFORE, the Parties basically have accepted and agreed to the terms and conditions set forth in the Settlement Proposal and therefore the Parties have agreed to affirm the accepted and agreed terms and conditions which set forth in the Settlement Proposal in this agreement, as follows: ARTICLE 1 ACKNOWLEDGMENT OF INDEBTEDNESS “The First Party, hereby acknowledges that as of the date of this Agreement it has indebtedness of USD 140,945,586 (“Company Total Debt”) to the Second Party and shall settle the Company Total Debt pursuant to the term and conditions set out in this Agreement. ARTICLE 2 SETTLEMENT OF THE COMPANY ‘TOTAL DEBT 21 The Parties hereby agree that the First Party shall settle “the Company Debt by way of: a. Debt_to_E mverti (Shares) in the following manners: salt rb. dengan cara sebagai berikut: i. 5% (ima persen) dari ‘Total Utang Perseroan yaitu senilai USD 7,047,279 akan disclesaikan oleh Petseroan dengan -konversi_ tang menjadi saham-saham _biasa dalam Persezoan dengan cara pengeluaran sham — bara (dalam portepel) oleh Perseroan yang akan diambil agian oleh Pihak Kedua atau pihak Iain yang ditunjuk oleh Pihak Kedua yaitu PT Joyo Agung Permata sebanyak 108.349.0586 saham dengan harga Rp. 700, (tajuh ratus Rupiah) per lembar sahamnya yang mewakili kurang lebih 227% (dua koma dua puluh tujuh persen) dari seluruh modal yang telah ditempatkan dan disetor di dalam Perseroan. ii Pelaksanaan —_penyelesaian dengan cara konversi utang menjadi saham scbagaimana disebutkan di atas akan dilakukan setelah Perseroan mendapatkan —_persetujuan Rapat Umum — Pemegang Saham (RUPS) Perseroan yang, akan diselenggarakan oleh Perseroan selambat-lambatnya pada tanggal 18 Desember 2013. 95% (sembilan persen) dari Total Utang Perseroan —sebesar_ == USD 140,945,586 yairu senilai USD 133,898,307 atau setara dengan Rp. 1.440.871.112.000,- akan diselesaikan oleh _—_Perseroan dengan koaversi_utang menjadi puluh lima i 5% (Give percent) of the Company Total Debt, which is worth of USD 7,047,279 will be settled by the Company by a conversion of debt into ordinary shares in the Company by way of issuance of new shares (Authorized Capital Stock) by the Company to be taken part by Second Party or any appointed third "party by Second Party, which is PT Joyo Agung Permata as much as 108,349,056 shares at a price of IDR 700 (seven hundred Rupiah) per share representing approximately 2.27% (two point twenty seven percent) of the total capital subscribed and paid up in the Company, ii, ‘The settlement in the manner of Debt to Equity Conversion as described above will be performed after the Company has obtained the approval from the General Meeting of Shareholders (AGM) of the Company which to be held by the Company at the latest on December 18, 2013. b. 95% (ainety five petcent) of the Company Total Debt of USD 140,945,586 which is worth of USD 133,898,307 or equivalent to IDR 1,440,871,112,000 will be settled by the Company by conversion of debt into ordinary shares hereinafter, shall be referred to asthe 5 Bak22 215% dalam cara baru, Diasa dengan saham sabam-saham| Perseroan pengeluaran Gelanjutnya disebut “Saham Konversi 95% Utang”) oleh Perseroan yang akan diambil bagian oleh Pihak Kedua dengan cara sebagai berikut: i, Jumlah saham baru dan harga penawaran akan ditentukan berdasarkan penilaian dari penilai independen yang ditunjuk oleh Para Pihak ii, Penerbitan saham baru tersebut akan tunduk pada persetujuan yang diperlukan dan prosedur sesuai dengan hukum yang berlaku di Republik Indonesia, Khususnya di bidang pasar ‘modal; iii, Ketentuan sebagaimana diarur pada pasal ini tetap tunduk pada peraturan perundang- undangan yang berlaku di Republik Indonesia, khususnya di bidang pasar modal; iv. Konversi ini akan dilaksanakan dalam jangka waktu 1 (satu) tahun dan dapat diperpanjang secara tertulis oleh Para Pibak. Pelaksanaan atas masing-masing teansaksi scbagaimana dimaksud di dalam Pasal 2.1. huruf a dan Pasal 2.1. huruf b di atas akan dituangkan secara sendiri-sendiri ke dalam Perjanjian Konversi Utang Menjadi Saham yang akan dibuat dan ditandatangani oleh Pata Pihak. Perjanjian ini berlaku sebagai bukti penyelesaian Total Utang Perseroan. 22 “Conversion Shares of 95% Debt”) in the Company by way of issuance of new shares by the Company to be taken part by Second Party, in the following manner: i, The number of new shares and the offering price will be determined based on the valuation of an. independent appraiser appointed by the Parties; ii, ‘The issuance of such new shares will be subject to required approvals and procedures pursuant to the prevailing laws and regulations of the Republic of Indonesia particularly in the field of capital market; iii, ‘The provisions as set out under this Article shall be subject to the prevailing laws and regulations of the Republic of Indonesia, particularly in the field of capital market; iv. The conversion will be executed within a period of 1 (one) year and may be extended in writing by the Parties. ‘The performance of the respective transactions as set out under Article 21. paragcaph a and Article 2.1. paragraph b shall be individually stipulated into Debt to Equity Conversion Agreement to be entered into by and between the Parties 2.3 This Agreement constitutes as a valid settlement of the Company 6 aaDalam hal Pibak Periama tidak dapat menyelesaikan Total Utang Perseroan kepada Pihak Kedua melalui konversi Total Utang Perseroan menjadi saham-saham biasa dalam Perseroan dengan cara pengeluaran saham baru oleh Perseroan, maka Pihak Pertama akan tetap berutang kepada Pihak Kedua sebesar sisa Total Utang Perseroan yang tidak diselesaikan melalui konversi saham sebagaimana dimaksud dalam Pasal 2 Perjanjian ii PASAL 3 PERNYATAAN DAN JAMINAN Para pihak dengan ini menyatakan dan menjamin kepada pihak lain, sebagai berikut: 3.1 Kekuasaan dan wewenang. Para Pihak memiliki kekuasaan untuk membuat dan melaksanakan setiap kewajiban sesuai dengan Perjanjian ini, _ masing-masing merupakan kewajiban yang sah dan mengikat yang dapat dipaksakan terhadap Pihak lain sesuai dengan ketentuan, dan melakukan seluruh tindakan yang diperlukan untuk membuat dan melaksanakan Perjanjian. Non-konflik. Pembuatan dan pelaksanaan dari, dan transaksi yang dimaksud oleh, Perjanjian yang sedang atau akan dilaksanakan para pibak tidak akan menimbulkan masalah dengan: 3.2.1 hukum atau peraturan yang betlaku untuk itu; 3.2.2 perusahaan atau__dokumen Each Party hereby represents and warrants to the other Party, as follows: 3A. 32, Total Debi. In case the First Party fail to issue of the Company ‘Total Debt to the Second Party through conversion of Company Total Debt into ordinary shares in Company by way of issueance of new shares by the Company, then the First Party will remain indebted to the Second Party as much as the portion of Company Total Debt that are not settled through share conversion as stipulated under the Article 2 of this Agreement. ARTICLE 3 REPRESENTATIONS AND. WARRANTIES Powers and authority. It has the power to enter into and perform each of its obligations under this Agreement, each of which constitutes a valid and binding obligation enforceable against that Party in accordance with its terms, and has taken all necessary action 10 authorize the entry into and performance of the Agreement, Non-conflict. The entry into and performance by it of, and the transactions contemplated by, the Agecement to which it is ot will be a party do not and will not conflict with: 3.21 any prevailing laws ot segulations applicable to it; | 3.2.2 _ its or any of its constitutional33 34 Konstitusional lainnya; atau 3.2.3 setiap dokumen yang mengikat atau aset perusahaan; 3.24 setiap perintah, pertimbangan, putusan, ordonansi_— atau peraturan atau pembatasan Jain dalam bentuk apapun atau tokoh dimana para _pihak dan atau asetnya terikat. Persetujuan. Seluruh persetujuan, persetujuan bukum dan persetujuan pihak ketiga sehubungan dengan penandatangan tas, pelaksanaan, keabsahan, dan keberlakuan dari dan seluruh transaksi yang dimaksud oleh, —perjanjian dimana _pihak tersebut merupakan pihak telah diperoleh atau _—_—diiberlakukan (sebagaimana —diperlukan) dan Derlaku secasa penuh. Setiap perwakilan dan jaminan yang diberikan oleh Pihak dalam Perjanjian ini harus _ditafsirkan sebagai bagian yang terpisab, berdiri senditi dan tidak dibatasi oleh perwakilan Iainnya atau jaminan yang diberikan oleh Pihak. PASAL 4 PELAKSANAAN DAN SANKSI a. Para Pihak sepakat bahwa Pibak Pertama —berkewajiban untuk melaksanakan kewajiban-kewajiban hukumaya sebagaimana dimaksud dalam ketentuan Pasal 2.1. huruf a Perjanjian ini pada tanggal 26 Desember 2013 atau pada tangal lain yang akan ditetapkan oleh Pihak Kedua kepada Pihak Pertama melalui__pemberitahuan _secara 34 documents; or 3.2.3 any document which is binding upon it or any of its assets; 3.2.4 any ordes, judgment, award, injunction, decree, ordinance or regulation or any other restriction of any kind or character by which that Pasty and/or any of its assets is bound. Authorizations. All authorizations, regulatory approvals and third party consents required by it or advisable in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by, the Agreement to which itis a party have been obtained or effected (as appropriate) and are in full force and effect: Each representation and waranty given by a Party in this Agreement shall be construed as separate, independent and not limited by any of the other representations or warranties given by that Party. ARTICLE 4 ENFORCEMENT AND PENALTY ‘The Pasties agree that the First Party is obligated to perform its legal obligations as stipulated under the Article 21 paragraph a of this Agreement in 26 December 2013 or on any other date as determined later by the Second Party with prior written noticetertulis b. Para Pihak sepakat bahwa Pihak Pertama akan dikenakan sanksi atau denda ketetlambatan dengan cata melakukan pembayaran uang denda Keterlambatan —sebesar_—Rp. 1.000.000.000,- (satu miliar Rupiah) per hai dalam hal terjadi keterlambatan pelaksanaan kewajiban sebagaimana dimaksud dalam Pasal 2.1. huruf a dan huruf b Perjanjian ini. . Untuk tujuan tersebut, maka Pibak Kedua wajib-memberitahukan secara textulis suatu surat peringatan yang ditujukan kepada Pihak Pestama tentang adanya keterlambatan tersebut, yang disertai dengan —informasi_ — mengenai rekening penampungan dana sanksi keterlambatan. 4. Para Pihak sepakat bahwa Pihak Kedua memiliki hak sepenuhnya untuk —mengajukan permohonan eksckusi atas pemenuhan Perjanjian ini melalui Kepaniteraan Pengadilan Negeri Jakarta Selatan dalam hal telah texjadi_—_keterlambatan pelaksanaan —kewajiban—Pihak Pestama selama lebih dari 3 (tiga) bulansejak —terjadinya waktu keterlambatan. Karenanya, Para Pihak sepakat untuk mematuhi semua penetapan eksckusi yang dilakukan melalui Kepaniteraan Pengadilan Negeri Jakarta Selatan. PASAL 5 KESELURUHAN PERJANJIAN Perjanjian ini merupakan keseluruhan perjanjian antara Para Pihak berkenaan dengan pokok persoalan dalam Perjanjian ini, dan_menggantikan setiap kesepakatan b. The Parties agree that the First Party will be penalized or late penalties by way of pay IDR 1,000,000,000 (one billion Rupiah) per day in case of delay in performing of the Obligations stipulated under the Article 2.1. paragraphs a and b of this Agreement. c. For the above puxpose, the Second Party shall notify in writing a warning letter addressed to the First Party regarding the delay, along with written information regarding the escrow account to accommodate such late penalty. . ‘The Parties agree that the Second Party has the full sight to submit the execution petition for the fulfilment of this ‘Agreement to the South Jakarta District Court in the event there has been a delay in the performance of the obligations from the First Party for more than three (3) months from the time delay. ‘Therefore, the Parties agree 10 comply with all regulations of executions carried out by the Registrar of the South Jakarta District Court. ARTICLE 5 ENTIRE AGREEMENT ‘This Agreement constitutes the entire agreement between the Parties regarding the subject matter of this Agreement, and supersedes any prior agreements and. 9 Aa .Ydan perjanjian sebelumnya antara Para Pihak —berkenaan dengan Perjanjian tersebut. Semua dokumen, kesepakatan dan petjanjian sebelumnya termasuk Proposal Penyelesaian, baik lisan, tertulis maupun dengan cara lain, antara Para Pihak yang menyangkut pokok —persoalan dari Perjanjian ini dibatalkan dan tidak mempengaruhi atau merubah syarat-syarat atau kewajiban-kewajiban yang tertuang dalam Perjanjian ini, kecuali_pokok petsoalan tersebut merupakan bagian dari Perjanjian ini sesuai dengan —syarat- syaratnya PASAL6 BAHASA Perjanjian ini ditandatangani dalam Bahasa Inggris dan Bahasa Indonesia. Sctiap terjemahan tethadap bahasa lainnya hanya dirujukan sebagai acuan, Dalam hal terjadi ketidaksesuaian atau pertentangan antara Bahasa Inggris dan Bahasa Indonesia atau bahasa lainya, Bahasa Indonesia yang mengatur dan berlaku. DEMIKIAN, Para Pihak menandatangani Perjanjian ini pada tanggel yang tercantum diatas agreements between the Parties with respect to the Agreement. All documents, agreements and previous agreements including the Settlement Proposal, either orally, in writing or by other means, between the Parties concerning the subject matter of this Agreement is cancelled and does not affect or alter the terms or obligations contained in this Agreement, except the issue is part of this Agreement in accordance with its terms. ARTICLE 6 LANGUAGE ‘This Agreement is executed in English language and Indonesian Language. Any translation hereof to any other language shall, be for reference purposes only. In the event of inconsistency or conflicts between the English language and Indonesian Language, or any other language, the Indonesian language shall prevail and govern. IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above. Execution Page FollowsIN WITNESS WHEREOF the Parties have caused this Amendment to be duly executed and delivered by their duly authorized officers or other representatives on the day and year first written above First Party, PT Humpuss Intermoda ‘Transportasi, Tbk L Second Party, Athens Investment Fund S.A For and on behalf of aL Name a Title Name Title ir