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1. The validity of this Licence shall expire on the date specified overleaf or on the date the licensee ceases to remain incorporated in ANJOUAN whichever is earlier unless the licence is revoked earlier by the Anjouan offshore Finance Authority.

2. This Licence is subject to any variations of the “Government Notice No 004 or 005 OF 2005”.

3. The objects and purposes of the Company is to offer different banking services for corporate, private banking both resident and non-resident of the State of Anjouan; to carry on all or any of the business of a company and, without prejudice to the generality of the foregoing, to carry on, in conjunction with each other or as separate and distinct undertakings, all or any of the following businesses:

3.1 To accept cash deposits of any type (depositary transactions).

3.2 To provide loans and borrow funds (loan transactions).

3.3 To carry out currency and exchange transactions.

3.4 To issue securities and credit cards processing.

3.5 To provide securities safekeeping, manage securities and accomplish securities purchase or sale.

3.6 To act as intermediary in securities trading.

3.7 To provide guarantees of any type (guarantee business).

3.8 To effect payments (opening of accounts for legal entities and individuals).

3.9 To hold assets, capital, precision metals, bonds, shares or another financial instruments for third parties.

3.10 To undertake electronic commerce (e-commerce).

3.11 To provide other financial services.

and to carry on business as capitalists, financiers, promoters, and concessionaires and participate in, undertake, carry on and execute all kinds of financial, commercial, industrial, trading, exploitation, development, agency and other operations and to advance or provide money, with or without security, to concessionaires, inventors, patentees and others, for the purpose of improving and developing or assisting to improve and develop any concessions, lands or otherwise, or of experimenting, improving, testing or developing any invention, design or process industrial or otherwise.

4. The Licence shall ipso facto and without any prior notice stand cancelled, if any of the following events take place:

(a) The Company shall engage in any activity that is prohibited by or contrary to any enactment or rule of law for the time being in force in Anjouan;

(b) The Company is an International Company and accordingly shall not, except as may be permitted by its approved Constitution:

• Carry on business in Anjouan (other than banking) or own an interest in immovable property situation in Anjouan other than a lease of premises from which to carry on its business;

• Carry on insurance, sea or air transport, gambling without a specific licence;

• At any time have less than one member;

• Make any invitation to the public to subscribe for any shares or debentures in the Company.

(c) For the purposes of subparagraph (2) (a) the Company shall not be treated as carrying a business in Anjouan by reason only that it:

• Carries on business with another company incorporated under the Act or in furtherance of the business of the Company carried on outside Anjouan;

• Leases premises from which to carry on its business as permitted by the Act;

• Makes or maintains deposits with a person licensed to carry on banking business in Anjouan;

• Obtains professional services from its registered agent, counsel, attorneys, accountants, bookkeepers, trust companies, management companies, investment advisers, insurance brokers or agents or other similar persons carrying on business within Anjouan;

• Prepares or maintains its books or records within Anjouan;

• Holds meetings within Anjouan of its directors or members;

• Holds shares, debt obligations or other securities, in a company incorporated under the Act;

• Issues shares, debt obligations or other securities in a company incorporated under the Act or under the Companies Act.

5. The persons conducting the business of the Bank shall hold themselves personally, jointly and severally liable for all the acts or commissions, irregularities and violations committed by them after such cancellation.

6. The persons conducting the business of Bank shall produce at each anniversary of the date of incorporation from the police of the area in which the principal place of business of the Bank is situated, certificates of absence of their involvement in criminal proceedings.