SIGTEM REAL ESTATES INCORPORATED Minutes of a meeting of the Board of Directors of the Company, held at Mossfon Building, East 54Eh Street, Panama, the Republic ofPanama, on 51h October, 201 1. NOTICE Notice to this meeting was waived by all persons entitled thereto. PRESENT: Mrs. Elba Mrs. Giselle OCAMPO and Mrs. Katia SOLANO, being the majority ofthe members ofthe Board of Directors. CHAIRMAN: Mrs. Elba was elected Chairman of the meeting. SECRETARY: Mrs. Giselle OCAMPO, was elected Secretary of the meeting and kept the minutes thereof. RESOLVED THAT the Company shall open a bank account with LGT Bank (Suisse) SA, 10 rue de Saint? Leger, 1205 Geneva, Switzerland. RESOLVED all the necessary documents for the Opening of the aforesaid bank account shall be signed by Mr. Mihran POGHOSYAN with single signature right RESOLVED THAT the authorised signatories to manage the Company?s bank account shall be: Mr. Mihran with single signature right Signed and dated this 5?h October, 201 l. Elba Bethancourt, Chairman Giselle Mtpo, Secretary