, complete and true and does not cause any misunderstanding or not missing any material information. 16 Qualification of Independent Advisor Not applicable 17 Financial Forecast for the Current Year None 18

fund rating business which can be shown that the rules used in the mutual fund rating are based on academic principle and reflects the purpose of mutual fund rating without causing misunderstanding to

. It contains no misleading information which may cause misunderstanding or conceal any material fact that should have been informed The Company hereby certifies that the information contained in this

cause misunderstanding or conceal any material fact that should have been informed The Company hereby certifies that the information contained in this Information Memorandum is accurate and complete, in

Memorandum have been omitted; and the Information Memorandum does not contain any misleading information which may cause misunderstanding. 14. Financial Projections in the Present Year (if any), including

of mutual fund rating without causing misunderstanding to the essential issues of the information of such mutual fund rating; (2) having reliable shares holding structure, organization structure, scope

is expected to be slow growth driven by tariff barriers of international trade such as an increasing of the tax on refined palm oil by India government, attributed to continuously pressure on crude

misunderstanding; In preparing the prospectus according to the first paragraph, the management company can use diagrams or other methods instead of written communication, except when there are provisions in this

oils that were further refined to add more value to the product. Since the market has begun trading Low Sulphur Fuel Oil adhering to the IMO standards that would take effect on the 1st January 2020

%). Mainly, from the increase in trade of crude oil and Low Sulphur Fuel Oil products that has been refined to add more value to the product ( IMO Low Sulfur Fuel Oil) . Furthermore, the company earned