普华永道——Chrysanthemum EL - 281102.docVIP

REF Client \h \* MERGEFORMAT Singapore Technologies Kinetics Ltd REF a13Date \h \* MERGEFORMAT 28 November 2002 Page PAGE 4 of NUMPAGES 11 ( PAGE \* MERGEFORMAT 9) 11F China World Tower 1 1 Jian Guo Men Wai Avenue Beijing 100004 Peoples Republic of China Telephone +86 (10) 6505 3333 Facsimile +86 (10) 8529 9000 Business is undertaken in the registered name of 普 华 永 道 咨 询 (深 圳) 有 限 公 司 北 京 分 公 司,whose registered address is 19th Floor, Beijing Kerry Centre, 1 Guanghua Lu, Chao Yang District, Beijing 100020, Peoples Republic of China. PRIVATE CONFIDENTIAL Singapore Technologies Kinetics Ltd (“STK”) 249 Jalan Boon Lay Singapore 619523 Attn: Mr Laurence Ong 28 November 2002 Dear Sirs, Proposed joint venture with Beijing Heavy Duty Truck Plant (“BHDTP”) Thank you for appointing PricewaterhouseCoopers to assist you with your market research and financial projection review in connection with your proposed joint venture with Beijing Heavy Duty Truck Plant (“the Target”) (the “Transaction”). This Engagement Letter sets out the Services that we have agreed to provide and the terms of our engagement. 1. The Services to be provided Market research We will prepare a market research report (the “Report”) on the market conditions of the products to be manufactured and sold by the Target. The areas our work will cover and the main procedures we will carry out are set out in Attachment A to this letter. We will not provide a copy of our report to the management of the Target or ask them to comment on a draft of our report. Financial projection review With the benefit of the knowledge derived from the market research, we will perform a review of the financial projection prepared by STK. The areas our work will cover are set out in Attachment A to this letter. Timetable 2.1 We will be able to commence our work on 30 November 2002 and we expect our report to be completed by within 20 to 30 working days. The team 3.1 We currently envisage that our team will be