BANGIO INVEST S.A.
(the ?Cornpany?)

MINUTES OF A MEETING OF THE BOARD OF DIRECTORS
held on February 271", 2007.

 

NOTICE: Notice to this meeting was waived by all persons entitled thereto.

PRESENT: Mrs. Francis Perez
Mrs. Yvette Rogers
Mrs. Leticia Montoya

A quorum being present, Mrs. Francis Perez was elected Chairman of the Meeting and Mrs.
Leticia Montoya acted as Secretary and kept the minutes thereof.

The following resolutions were unanimously adopted:

RESOLVED: That the Company Open an account at DRESDNER BANK
(SWITZERLAND) LTD., Geneva, Switzerland.

RESOLVED: That the necessary documents for the opening of the bank account shall be
signed by Mr. Mihran POGHOSYAN with individual signature right.

RESOLVED: hat the authorised signatories to mana the Com an ?3 account shall be Mr.
Mihran POGHOSYAN and Mr. each of them

with individual signature right.

There being no further business to be transacted at this meeting it was declared closed, and in
witness thereof these Minutes have been issued on the date ?rst above written.

a ism/welt

. . 
Francis Perez, Chairman Leticia Montty'a, Se?cretary