RESOLUTION OF THE BOARD OF DIRECTORS

Str. Gr. Ureche nr. 1 -3, B1. W.

RESOLUTION OF THE BOARD OF DIRECTORS

DATE : Monday, March 23, 2015FROM : S.C. PANGIRAN BUDI SERVICE S.R.LTO : Compliance Officer THROUGH : SIR DR IR FEROZ

A quorum of directors of S.C. PANGIRAN BUDI SERVICE S.R.L"Company") with its address at telephone/video conference a Board of Directors meeting which was duly noticed and held on this Monday, 23 March 2015aspects of this transaction was held to the full satisfaction of the Board members and the following resolutions were unanimously adopted: RESOLUTION: It is resolved that SIR DR IR FEROZ25895236 as OWNER/CHAIRMAN company, to enter into this transaction involving the assignment of Bank Financial Instruments to be applied to a Non Recourse Loan (NRL) RESOLUTION: It is resolved that SIR DR IR FEROZthe company, to arrange the issuance and assignment of a Bank Financial Instruments be applied to a Non Recourse Loan (NRL) RESOLUTION:

Clients Initials __

3, B1. W. Maracineanu – mezanin IASI Romania European Union

Email :[email protected]


Monday, March 23, 2015 S.C. PANGIRAN BUDI SERVICE S.R.L Compliance Officer – Trading Platform SIR DR IR FEROZ

S.C. PANGIRAN BUDI SERVICE S.R.L (Hereinafter called the "Company") with its address at IASI, ROMANIA,EU UNION attended in person or by telephone/video conference a Board of Directors meeting which was duly noticed and held

Monday, 23 March 2015. A detailed discussion regarding various issues and n was held to the full satisfaction of the Board members and the

following resolutions were unanimously adopted:

SIR DR IR FEROZ holder of the MALAYSIAN passport number OWNER/CHAIRMAN and authorized Representative/Signatory

company, to enter into this transaction involving the assignment of Bank Financial Non Recourse Loan (NRL),

SIR DR IR FEROZ as OWNER/CHAIRMAN and authorized , to arrange the issuance and assignment of a Bank Financial Instruments Non Recourse Loan (NRL) with rolls and extensions,

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IASI Romania European Union

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(Hereinafter called the attended in person or by

telephone/video conference a Board of Directors meeting which was duly noticed and held . A detailed discussion regarding various issues and

n was held to the full satisfaction of the Board members and the

passport number A Representative/Signatory of the

company, to enter into this transaction involving the assignment of Bank Financial

authorized Signatory of , to arrange the issuance and assignment of a Bank Financial Instruments to


It is resolved thatSIR DR IR FEROZ S.C. PANGIRAN BUDI SERVICE S.R.Lmonitor, execute, manage and sign all paperwork, agreements, contracts and all documentation as may be necessary with third parties, pertinent to this transactions involving the the issuance and assignment of Bank Financial Instruments Non Recourse Loan (NRL) with rolls and extensions, RESOLUTION: It is further resolved at this meeting of the Board of Directors that OWNER/CHAIRMAN and authorized signatory ofPANGIRAN BUDI SERVICE S.R.Lany banks, trading entities, program managers, facilitators, lawyers and other involved persons and companies of his choice, as he may deem appropriate and at his absolute discretion, on behalf S.C. PANGIRAN BUDI SERVICE S.R.L RESOLUTION: That SIR DR IR FEROZ as PANGIRAN BUDI SERVICE S.R.Lresolutions and provisions thereof are in conformity with the charter, bylaws and articles of incorporation of the company, and that the foregoing resolution and the authority thereby conveyed shall remain in full foaccomplished. It is further certified that the foregoing resolutions have never been modified or amended and are now in full force and effect. The above named representative of the company has been duly elected and appointed to hold office, the representative is presently holding office, and is empowered to act for and on behalf of the company. This fax or email copy of the

Clients Initials __



SIR DR IR FEROZ as OWNER/CHAIRMAN and authorized signaS.C. PANGIRAN BUDI SERVICE S.R.L be assigned full authority to instruct, arrange, monitor, execute, manage and sign all paperwork, agreements, contracts and all documentation as may be necessary with third parties, pertinent to this transactions volving the the issuance and assignment of Bank Financial Instruments to be applied to a

with rolls and extensions,

It is further resolved at this meeting of the Board of Directors that SIR DR IR FEROZand authorized signatory of ALL FINANCE RELATED FOR S.C.

PANGIRAN BUDI SERVICE S.R.L any and all transaction related fees and entitlements to any banks, trading entities, program managers, facilitators, lawyers and other involved

companies of his choice, as he may deem appropriate and at his absolute S.C. PANGIRAN BUDI SERVICE S.R.L.

as OWNER/CHAIRMAN and authorized signatory ofPANGIRAN BUDI SERVICE S.R.L, is hereby authorized to certify that the foregoing resolutions and provisions thereof are in conformity with the charter, bylaws and articles of incorporation of the company, and that the foregoing resolution and the authority thereby conveyed shall remain in full force and effect until the purposes set forth herein are

It is further certified that the foregoing resolutions have never been modified or amended and are now in full force and effect. The above named representative of the company has

ly elected and appointed to hold office, the representative is presently holding office, and is empowered to act for and on behalf of the company. This fax or email copy of the

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and authorized signatory of be assigned full authority to instruct, arrange,

monitor, execute, manage and sign all paperwork, agreements, contracts and all documentation as may be necessary with third parties, pertinent to this transactions

to be applied to a

SIR DR IR FEROZ as ALL FINANCE RELATED FOR S.C.

any and all transaction related fees and entitlements to any banks, trading entities, program managers, facilitators, lawyers and other involved

companies of his choice, as he may deem appropriate and at his absolute

and authorized signatory of S.C. uthorized to certify that the foregoing

resolutions and provisions thereof are in conformity with the charter, bylaws and articles of incorporation of the company, and that the foregoing resolution and the authority thereby

rce and effect until the purposes set forth herein are

It is further certified that the foregoing resolutions have never been modified or amended and are now in full force and effect. The above named representative of the company has

ly elected and appointed to hold office, the representative is presently holding office, and is empowered to act for and on behalf of the company. This fax or email copy of the


Board Resolution shall be of equal value and effect to the original, and shall such by everyone, for all purposes, everywhere. The above motions and resolutions were duly made, seconded and unanimously passed and carried out at the completion of this meeting. In witness whereof, I have hereunto set our hand and seal of the company in our own free will and act, in certification of the above resolutions and provisions on this March 2015. Signed for and on behalf of S.C

______________________________________Name : SIR DR IR FEROZTitle : CHAIRMANPassport No. : A25895236Country of Issue : MALAYSIA

Clients Initials __



Board Resolution shall be of equal value and effect to the original, and shall such by everyone, for all purposes, everywhere.

The above motions and resolutions were duly made, seconded and unanimously passed and carried out at the completion of this meeting.

In witness whereof, I have hereunto set our hand and seal of the company in our own free will and act, in certification of the above resolutions and provisions on this

S.C. PANGIRAN BUI SERVICE S.R.L

______________________________________

SIR DR IR FEROZ CHAIRMAN A25895236

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Board Resolution shall be of equal value and effect to the original, and shall be accepted as

The above motions and resolutions were duly made, seconded and unanimously passed

In witness whereof, I have hereunto set our hand and seal of the company in our own free will and act, in certification of the above resolutions and provisions on this Monday, 23

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RESOLUTION OF THE BOARD OF DIRECTORS