PRE-CONDITIONAL PARTIAL OFFER PRIMEPARTNERS CORPORATE FINANCE PTE. LTD. SUGIH ENERGY PTE. LTD. PT SUGIH ENERGY TBK RAMBA ENERGY LIMITED

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PRE-CONDITIONAL PARTIAL OFFER by PRIMEPARTNERS CORPORATE FINANCE PTE. LTD. (Company Registration No. 200207389D) for and on behalf of SUGIH ENERGY PTE. LTD. (Company Registration No. 201320106K) a direct wholly-owned subsidiary of PT SUGIH ENERGY TBK (Company Registration No.

200301668R) UPDATE ON THE PRE-CONDITIONS OF THE PARTIAL OFFER AND EXTENSION OF LONG-STOP DATE 1. INTRODUCTION PrimePartners Corporate Finance Pte. Ltd.

1 PRE-CONDITIONAL PARTIAL OFFER by PRIMEPARTNERS CORPORATE FINANCE PTE. LTD. (Company Registration No D) for and on behalf of SUGIH ENERGY PTE. LTD. (Company Registration No K) a direct wholly-owned subsidiary of PT SUGIH ENERGY TBK (Company Registration No.T13UF3016H) (Incorporated in the Republic of Indonesia) to acquire 51% of the issued ordinary shares in the capital of RAMBA ENERGY LIMITED (Company Registration No R) UPDATE ON THE PRE-CONDITIONS OF THE PARTIAL OFFER AND EXTENSION OF LONG-STOP DATE 1. INTRODUCTION PrimePartners Corporate Finance Pte. Ltd. ("PPCF") refers to the pre-conditional offer announcement dated 6 September 2013 ("Pre-Conditional Offer Announcement") in relation to the proposed voluntary conditional cash partial offer (the "Partial Offer") by Sugih Energy Pte. Ltd. (the "Offeror") to acquire 51% of the issued ordinary shares ("Shares") in the capital of Ramba Energy Limited (the "Company"), subject to and contingent upon the satisfaction of the Pre-Conditions. Unless otherwise defined, capitalised terms in this Announcement shall bear the same meaning as set out in the Pre-Conditional Offer Announcement. 1

2 2. UPDATES ON THE PRE-CONDITIONS OF THE PARTIAL OFFER 2.1 Pre-Conditions As set out in Section 2.1 of the Pre-Conditional Offer Announcement, the making of the Partial Offer and the posting of the Offer Document to Offer Shareholders will be subject to and contingent upon, and will only take place following the satisfaction or waiver of the following Pre-Conditions: (a) (b) (c) approval of the Partial Offer by the shareholders of Sugih at an extraordinary general meeting to be convened ("Sugih's Shareholders' Approval"); compliance with requirements of the Financial Services Authority (Otoritas Jasa Keuangan) of Indonesia ("OJK"); and approval of the government of the Republic of Indonesia through Directorate General of Oil and Gas (Direktorat Jenderal Minyak dan Gas) and SKK Migas (Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas) or Work Unit Specific Implementation Upstream Activities of Oil and Gas in relation to the joint venture interests that each of Sugih and the Company hold in the Lemang PSC block ("SKK Migas Approval"). Pursuant to Section 2.2 of the Pre-Conditional Offer Announcement, if the Pre-Conditions are not satisfied or waived by the Offeror on or before 31 December 2013 or such later date as the Offeror may determine in consultation with the SIC (the "Long-Stop Date"), the Partial Offer will not be made and PPCF will issue an announcement, for and on behalf of the Offeror, confirming that fact as soon as reasonably practicable. 2.2 Updates on the Pre-Conditions (a) SKK Migas Approval As mentioned in Section 2.1(c) and Section 2.4 of the Pre-Conditional Offer Announcement, a change in control of shareholding interests in respect of the joint venture interests that each of Sugih and the Company hold in the Lemang PSC block may require the prior written consent of SKK Migas and the Government of the Republic of Indonesia. Sugih currently holds a 49% equity interest in the Lemang PSC block, whereby the other 51% equity interest is indirectly held by the Company through the Company's subsidiary, PT Hexindo Gemilang Jaya ("Hexindo"), which is the operator of the Lemang PSC block. After the Pre-Conditional Offer Announcement was released, the Offeror approached Hexindo to seek the consent of SKK Migas for the Partial Offer, as Hexindo would be the appropriate party to apply to SKK Migas for consent under the laws of Indonesia as the operator and concession holder of the Lemang PSC block. However, Hexindo's view was that SKK Migas Approval would not be required for the Partial Offer as there is no change in the direct shareholders of Hexindo but SKK Migas would need to be informed of the change in beneficial interests in the Lemang PSC block upon completion of the Partial Offer. 2

3 Due to the differing views held by Hexindo, each of Hexindo and the Offeror then sought the advice of their respective Indonesia legal counsel on the necessity of SKK Migas Approval and engaged in a series of discussions. The Indonesia legal counsels acting for the two parties also could not reach a common legal position on the necessity of SKK Migas Approval as the regulation in this respect is unclear. Given that it is necessary for SKK Migas to be informed of the change in interests in the Lemang PSC block upon completion of the Partial Offer and that the Offeror is not prepared to take the risk of SKK Migas raising queries after the completion of the Partial Offer, the parties agreed to submit an application to SKK Migas to seek confirmation as to whether SKK Migas Approval would be required for the Partial Offer, which Hexindo did so on 12 December If SKK Migas confirms that its approval is not required for the Partial Offer, the Offeror will waive SKK Migas Approval as a Pre-Condition of the Partial Offer. If SKK Migas takes the view that its approval is required, Hexindo will immediately engage SKK Migas to obtain the necessary approval and target to achieve it before end of February As at the date of this Announcement, SKK Migas has yet to confirm whether its approval is required in relation to the Partial Offer. (b) Sugih's Shareholders' Approval and Compliance with Requirements of OJK It is stated in Section 2.3 of the Pre-Conditional Offer Announcement that based on the regulations of the Capital Market and Financial Institution Supervisory Agency of the Republic of Indonesia No. IX.E.2, the Partial Offer may constitute a "Major Transaction", after taking into consideration the transaction value of the Partial Offer and how the transaction may be funded by Sugih, for which Sugih's shareholders' approval is required to be obtained in relation to the Partial Offer. Sugih will proceed to convene its shareholders' meeting and notify OJK about the proposed Partial Offer after (i) SKK Migas confirms that its approval is not required in relation to the Partial Offer or (ii) obtaining SKK Migas Approval. The regulatory process to obtain Sugih's shareholders' approval and notify OJK in relation to the Partial Offer is expected to take approximately a month from the above-mentioned date. 3. EXTENSION OF LONG-STOP DATE In view of the above, the Offeror has consulted with the SIC and the SIC has granted an extension of the Long-Stop Date to 31 March If the Pre-Conditions are not satisfied or waived by the Offeror by 31 March 2014, the Partial Offer will lapse and the Offeror will not be seeking a further extension of the Long-Stop Date beyond 31 March

4 4. INDICATIVE TIMETABLE If and when the Pre-Conditions of the Partial Offer are satisfied or waived (as the case may be), PPCF will, for and on behalf of the Offeror, announce the firm intention on the part of the Offeror to make the Partial Offer ("Formal Offer Announcement"). The Offer Document will thereafter be despatched to Shareholders not earlier than 14 days and not later than 21 days from the date of the Formal Offer Announcement, if any. Assuming that all the Pre-Conditions are satisfied or waived (as the case may be) on 31 March 2014, an indicative timetable relating to the Partial Offer (if made) is set out below: Date on which all the Pre-Conditions are satisfied or waived (as the case may be) : 31 March 2014 Date of release of Formal Offer Announcement : 31 March 2014 Date of despatch of Offer Document (date on which the Partial Offer is open for acceptance) Date of despatch of offeree circular to Shareholders (including the opinion of the independent financial adviser to be appointed) : Between 14 April 2014 to 21 April 2014 : Between 28 April 2014 to 5 May 2014 First Closing Date : Between 12 May 2014 to 19 May 2014 Shareholders should note that the above timetable is indicative only and may be subject to change. Further announcements will be released by PPCF, for and on behalf of the Offeror, on the website of the SGX-ST to update Shareholders on the above-mentioned key dates and events as and when appropriate. In the meantime, Shareholders are advised to exercise caution in trading their Shares and to refrain from taking any action in relation to their Shares which may be prejudicial to their interests. 5. TERMS AND CONDITIONS OF THE PARTIAL OFFER Please refer to the Pre-Conditional Offer Announcement for further details relating to, inter alia, the terms and conditions of the Partial Offer. 6. RESPONSIBILITY STATEMENT The directors of the Offeror and the directors of Sugih (including those who may have delegated detailed supervision of this Announcement) have taken all reasonable care to ensure that the facts stated and all opinions expressed in this Announcement are fair and accurate and that no material facts have been omitted from this Announcement, and they jointly and severally accept responsibility accordingly. 4

5 Where any information has been extracted or reproduced from published or otherwise publicly available sources (including, without limitation, information relating to the Ramba Group), the sole responsibility of the directors of the Offeror and the directors of Sugih has been to ensure, through reasonable enquiries, that such information is accurately and correctly extracted from such sources or, as the case may be, accurately reflected or reproduced in this Announcement. Issued by PRIMEPARTNERS CORPORATE FINANCE PTE. LTD. For and on behalf of SUGIH ENERGY PTE. LTD. 31 December 2013 Singapore IMPORTANT NOTICE All statements other than statements of historical facts included in this Announcement are or may be forwardlooking statements. Forward-looking statements include but are not limited to those using words such as expect, anticipate, believe, intend, project, plan, strategy, forecast and similar expressions or future or conditional verbs such as will, would, should, could, may and might. These statements reflect the Offeror s and/or Sugih s current expectations, beliefs, hopes, intentions or strategies regarding the future and assumptions in light of currently available information. Such forward-looking statements are not guarantees of future performance or events and involve known and unknown risks and uncertainties. Accordingly, actual results or outcomes may differ materially from those described in such forward-looking statements. Shareholders and investors should not place undue reliance on such forward-looking statements, and none of the Offeror, Sugih or PPCF undertakes any obligation to update publicly or revise any forward-looking statements, subject to compliance with all applicable laws and regulations and/or rules of the SGX-ST and/or any other regulatory or supervisory body or agency. 5

EXIT OFFER by. CITIGROUP GLOBAL MARKETS SINGAPORE PTE. LTD. (Incorporated in Singapore) (Company Registration No.: E) for and on behalf of

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