ENTERPRISE CO., LTD.

DAERUNG TECHNOTOWN, 12TH B/D 809, 327-32,

GASAN-DONG, GEUMCHEON-GU, SEOUL, 153-802, KOREA
TEL : 82-2-2029-8393 FAX : 82-2-2029-8399

Seoul, May 09, 2018.

Messrs.
PT. Aneka Tiagatiga Makmur
Jl. Pejagalan Raya No. 62 blok C10
Jakarta Barat, 112450, Indonesia
Attn: Mr. Andrew S. Kaley

Subject: Our Suggestion for MOU of Pangkep33

Dear Mr. Kaley,

Firstly we would like to thank you for taking your time and for the hearty hospitality you showed
us during our meeting in Pangkep33.

As we have explained during the meeting, we have tremendously enjoyed your food since 2005
and have a feeling that Pangkep33’s food would be very welcomed by many Koreans.

However as you may know, the economy of Korea is currently facing a long-term recession
condition and is suffering greatly from the rapid growth of the minimum wage, a low employment
rate and many other negative economic factors. And recently due to the ageing population of the
baby boomer’s generation, many retired workers rushed into the F&B franchising business area
and many of them ended up with bad results & debt. Considering all these things, it does seems
that it is not a good time to launch a new F&B business into the already saturated market in
Korea.

However, despite of this current gloomy economic conditions in Korea, we believe that
Pangkep33 offers something different and has a great chance to seize a different outcome, a
successful one for both parties, only if both parties, Dhow Enterprise and Pangkep33, are willing
to cooperate together with full understanding and trust on each side. We believe that if managed
carefully, Pangkep33 has a great business potential in Korea for the up-coming future.

We have studied and reviewed your suggested MOU and also have done some research about
Franchise Fee (Brand License Fee) conditions in Korea, we would like to share the information as
shown below;

Franchise Brand Brand License No. of Outlet in Korea

(Franchise Fee)

PARIS BAGAUETTE USD 8,000.0 3,422

TOUS LES JOURS BAKERY USD 8,000.0 1,332

 BBQ Chicken USD 10,000.0 1,676

Pizza Maru USD 5,000.0 627

Mapo Galmegi (Ma Gal) USD 8,000.0 208

And if we also consider that according to many research / data, the average Net Profit of Korean
Franchise Business is shown to be around 7~8% from the Gross Revenue, therefore we humbly
would like suggest you to readjust some of the proposed conditions on the draft of MOU in order
to approach the common goals that we both share.

Attached is the revised MOU with our proposed changes. We surely believe that you would see
our careful approach and serious intention of bringing Pangkep33 to Korea and also how much
we genuinely respect the Pangkep33 brand.

We are looking forward to hearing back from you about our reply.

Yours sincerely,

YOUNG JOON, LEE

President
DHOW Enterprise Co., Ltd.