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. " According to Articles 11 and 141 of the Companies Na osnovu clanova 11 i 141. Zakona o Act ("Official Gazette of the Republic of Serbia", privrednim drustvima ("Siuzbeni glasnik no. 36/2011 and 99/2011, 83/2014 - other law Republike Srbije", broj 36/2011, 99/2011, and 05/2015), Mr. BASHEER A ALGHANEM 83/2014 - dr. zakon i 05/2015), BASHEER A (hereinafter referred to as the "Founder"), on ALGHANEM (u daljem tekstu: "Osnivac"), dana this 09.01.2016. adopted the following: 09.01.2016. godine, usvaja sledecu: INCORPORATION RESOLUTION ODLUKU 0 OSNIVANJU DRUSTVA SUBJECT OF THE INCORPORATION PREDMET ODLUKE 0 OSNIVANJU RESOLUTION Article 1 CLAN 1. This Incorporation Resolution of the Company Ovom odlukom o osnivanju Drustva ("Odluka") (hereinafter referred to as the "Resolution") shall se ureduje: regulate: business name and the seat of the Company, poslovno ime i sediste Drustva, core business activity of the Company, pretezna delatnost Drustva, business name and the seat of the Shareholder, poslovno ime i sediste Clana Drustva, total amount of share capital of the Company, ukupan iznos osnovnog kapitala Drustva, amount of cash contribution, i.e. monetary value and description of the Shareholder's contribution in kind, iznos novcanog uloga, odnosno novcana vrednost i opis nenovcanog uloga Clana Drustva, time of payment of cash contributions, and vreme uplate odnosno unosenja uloga u time of bringing in kind contributions to the osnovni kapital Drustva, share capital of the Company, Shareholder's share in the total amount of the udeo Clana Drustva u ukupnom osnovnom Company's share capital expressed in a kapitalu Drustva izrazen u procentima, 1

, I. /.,; : _. ~ #-~,... <>-" ~~.: ;:.:..~:.. -:,...... ~ percentage, types and competences of the Company's vrsta i nadleznosti organa Drustva, corporate bodies, representation of the Company, zastupanje Drustva, other issues of relevance for the Company. ostala pitanja od znacaja za rad Drustva. BUSINESS NAME OF THE COMPANY Article 2 POSLOVNO IME DRUSTVA Clan 2. The full business name of the Company is: FINANCIAL MANAGEMENT ALGHANIM LLC NOVI SAD. Puno poslovno ime Drustva je: FINANSIJSKI MENADZMENT ALGHANIM DOO NOVI SAD. The business name of the Company may be changed pursuant to a resolution passed by the Shareholder, without amending this Resolution. Poslovno ime Drustva moze biti promenjeno odlukom Clana Drustva, bez izmena i dopuna ove Odluke. SEAT OF THE COMPANY SEDISTE DRUSTVA Article 3 Clan 3. The seat of the Company is in Novi Sad, str. Doza Djerdja 2, floor I, apartment 6. 2, sprat I, stan 6. Sediste Drustva je u Novom Sadu, Doza Derda The seat of the Company may be changed Sediste Drustva moze biti promenjeno odlukom pursuant to a resolution passed by the Clana Drustva, bez izmena i dopuna ove Odluke. Shareholder, without amending this Resolution. CORE BUSINESS ACTIVITY OF THE COMPANY PRETEZNA DELATNOST DRUSTVA Article 4 Clan 4. The core business activity of the Company is Pretezna delatnost kojom ce se Drustvo baviti je 71.12 engineering activities and technical 71.12 inzenjerske delatnosti tehnicko consultancy, in accordance with the Act on savetovanje, u skladu sa Uredbom o klasifikaciji Classification of Business Activities ("Official delatnosti ("Siuzbeni glasnik Republike Srbije", Gazette of the Republic of Serbia", no. 54/2010). broj 54/2010). In addition to the core business activity, the Pored pretezne delatnosti, Drustvo moze 2

Company may also carry out all other business obavljati i sve druge delatnosti koje nisu activities which are not forbidden by law, zakonom zabranjene, nezavisno od toga da li su regardless of whether they have been specified by odredene ovom Odlukom. this Resolution. The Company may perform foreign trade activities and foreign trade services. Drustvo ima pravo obavljanja spoljnotrgovinske delatnosti i vrsenja usluga u spoljnotrgovinskom prometu. The registered core business activity may be Pretezna delatnost Drustva moze biti changed pursuant to a resolution passed by the promenjena odlukom Clana Drustva, bez izmena Shareholder, without amendments to this i dopuna ove Odluke. Resolution. SHAREHOLDER OF THE COMPANY Article 5 CLAN DRUSTV A Clan 5. The Shareholder of the Company is: BASHEER A ALGHANEM from Kuwait passport no. 000149403. Clan Drustva je: BASHEER A ALGHANEM iz Kuvajta pasos br. 000149403. SHARE CAPITAL AND THE SHARE OF THE SHAREHOLDER Article 6 OSNOVNI KAPITAL DRUSTVA I UDEO CLANA DRUSTVA Clan 6. The total subscribed capital of the Company is RSD 120.000,00 in cash. Ukupan upisan osnovni kapital Drustva iznosi RSD 120.000,00 u novcu. The total subscribed share capital of the Company shall be paid-in within 2 years starting from the date of enactment of the Resolution. Ukupan upisani novcani kapital Drustva bice uplacen u roku od 2 godine od dana donosenja Odluke. The subscribed Shareholder's contribution is RSD 120.000,00 in cash. Upisani novcani ulog Clana Drustva je RSD 120.000,00 u novcu. The Shareholder shall pay-in the total amount of Clan Drustva ce uplatiti celokupan upisani the subscribed cash contribution to the share novcani osnovni kapital Drustva, i to u roku od 2 capital of the Company within 2 years starting godine od dana donosenja donosenja Odluke. from the date of enactment of the Resolution. 3

._. /'. _;_~.. /'.,. The Shareholder has 100% of the shares in the share capital of the Company. Clan Drustva ima 100% udela u osnovnom kapitalu Drustva. INCREASE AND DECREASE OF THE SHARE POVECANJE I SMANJENJE CAPITAL OF THE COMPANY OSNOVNOG KAPITALA DRUSTVA Article 7 Clan 7. The Shareholder, in its capacity of the General Clan Drustva, u funkciji skupstine Drustva, Meeting, shall adopt decision on increase of the donosi odluku o povecanju osnovnog kapitala share capital of the Company. The share capital Drustva. Osnovni kapital Drustva povecava se: shall be increased by: new contributions of the existing Shareholder novim ulozima postojeceg Clana Drustva iii or of a shareholder joining the Company; clana koji pristupa Drustvu, conversion of the reserves or profit of the pretvaranjem rezervi iii dobiti Drustva u Company into the share capital; osnovni kapital Drustva, conversion of receivables towards the konverzijom potrazivanja prema Drustvu u Company into the share capital; osnovni kapital Drustva, status changes that result in the increase of statusnim promenama koje imaju za the share capital; posledicu povecanje osnovnog kapitala Drustva, conversion of additional payments into the konverzijom dodatnih up lata u osnovni share capital. kapital. The share capital may be decreased by the Osnovni kapital Drustva moze se smanjiti Resolution of the Shareholder, but not below the odlukom Clana Drustva, ali ne ispod zakonom statutory minimum share capital. The share propisanog minimalnog iznosa osnovnog capital may be decreased in a manner and under kapitala. Osnovni kapital Drustva moze se conditions specified by the Companies Act. smanjiti na nacin i pod uslovima predvidenim Zakonom o privrednim drustvima. 4

ADDITIONAL PAYMENTS Article 8 DODATNE UPLATE Clan 8. The Shareholder may, pursuant to its resolution, make additional payments which do not increase the share capital of the Company. Clan Drustva moze, na osnovu svoje odluke, izvrsiti dodatne uplate kojima se ne povecava osnovni kapital Drustva. Additional payments may be made in proportion to Shareholder's shares in the total share capital of the Company or in any other proportion. Dodatne uplate mogu se vrsiti srazmerno visini udela Clana Drustva u ukupnom osnovnom kapitalu Drustva iii u drugacijoj srazmeri. Instead of specifying the exact amount of additional payments, the Shareholder may define the maximum amount of any additional payment. Umesto odredivanja tacnog iznosa dodatne uplate, Clan Drustva moze odrediti maksimalni iznos dodatne uplate. PROFIT DISTRIBUTION Article 9 ISPLATA DOBITI Clan 9. The Shareholder shall be entitled to a distribution of the profit in accordance with the law. Clan Drustva ima pravo na isplatu dobiti u skladu sa zakonom. LIABILITIES OF THE COMPANY AND THE SHAREHOLDER Article 10 ODGOVORNOST DRUSTVA I CLAN A DRUSTV A Clan 10. The Company acts in legal transactions with third parties in its own name and on its own behalf. U pravnom prometu sa trecim licima, Drustvo istupa u svoje ime i za svoj racun. For obligations towards the third parties in carrying out its business activities, the Company shall be liable up to the full value of its assets. Za obaveze prema trecim licima nastale u poslovanju Drustva, Drustvo odgovara svojom celokupnom imovinom. The Shareholder is not liable for the Company obligations, except as otherwise provided by the Companies Act. Clan Drustva ne odgovara za obaveze Drustva, osim u slucajevima predvidenim Zakonom o privrednim drustvima. KEEPING RECORDS OF THE SHAREHOLDERS Article 11 EVIDENCIJA PODATAKA 0 CLANOVIMA DRUSTVA Clan 11. 5

,,',; The Company shall be obliged to keep records of Drustvo je duzno da vodi evidenciju o adresi the addresses specified by the Shareholder(s) as koju svaki od Clanova Drustva odredi kao svoju their mailing addresses for service of process from adresu za prijem poste od Drustva i o kojoj the Company, and of which the Company is obavesti Drustvo. notified. The director shall be liable to the Company and Direktor Drustva odgovara Drustvu i Clanu the Company's Shareholder for accurate and Drustva za tacnost i blagovremenost unosa u timely recording of the information about the evidenciju podataka o Clanovima Drustva, a o Shareholder(s), and shall issue a certificate of izvrsenom unosu iii stanju te evidencije izdaje recording or of the status of the record upon potvrdu na zahtev tog lica. request of such person. The Shareholder shall be obliged to notify the Company of his/her mailing address and of each change of such address without delay, but not later than 8 (eight) days from the date of any such change. Clan Drustva je duzan da o svojoj adresi za prijem poste, kao i o svakoj promeni te adrese obavesti Drustvo bez odlaganja, a najkasnije u roku od 8 (osam) dana od dana nastupanja promene. CORPORATE BODIES ORGANI DRUSTVA Article 12 Clan 12. The Company governance is organized as a one- Upravljanje Drustvom je organizovano kao tier system. jednodomno. Corporate bodies are: Organi Drustva su: (i) General Meeting, whose functions are (i) skupstina Drustva, ciju funkciju vrsi Clan discharged by the Shareholder (bearing in mind that the Company is organized as a Drustva (imajuci u vidu da je Drustvo organizovano kao jednoclano drustvo) i single-member company), and (ii) One director. (ii) Direktor Drustva. GENERAL MEETING Article 13 SKUPSTINA DRUSTVA Clan 13. 6

-. -....,.,._.,... #,... " The Shareholder, in its role of the General Meeting shall: Clan Drustva, u funkciji skupstine Drustva: 1. amend this Resolution; 1. donosi izmene ove Odluke, 2. adopt financial statements and audit reports (if 2. usvaja finansijske izvestaje, kao i izvestaje financial statements have been subject to revizora (ako su finansijski izvestaji bili auditing); predmet revizije), 3. supervise the work of director and adopt the 3. nadzire rad direktora Drustva usvaja reports of the director; izvestaje direktora Drustva, 4. decide on the increase and decrease of the 4. odlucuje o povecanju i smanjenju osnovnog share capital of the Company, and on any kapitala Drustva, kao i o svakoj emisiji issue of securities; hartija od vrednosti, 5. decide on profit distribution and on the method of covering of losses, and determine the date of acquisition of the right to participate in the profits, and the date of payment thereof to Company Shareholder; 5. odlucuje o raspodeli dobiti i nacinu pokrica gubitaka, ukljucujuci i odredivanje dana sticanja prava na ucesce u dobiti i dana isplate ucesca u dobiti clanu Drustva, 6. appoint and remove the directors and determine the remuneration for their work or the principles for determining the remuneration; 6. imenuje razresava direktore Drustva i utvrduje naknadu za njihov rad odnosno nacela za utvrdivanje te naknade, 7. appoint an auditor and remuneration for his/her work; determine 7. imenuje revizora njegov rad, utvrduje naknadu za 8. decide on initiation of the liquidation 8. odlucuje o pokretanju postupka likvidacije, procedure, as well as on filing the request for initiation of the bankruptcy procedure by the kao i o podnosenju predloga za pokretanje stecajnog postupka od strane Drustva, Company; 9. appoint a liquidation manager and adopt liquidation balance sheets and reports of the liquidation manager; 9. imenuje likvidacionog upravnika i usvaja likvidacione bilanse i izvestaje likvidacionog upravnika, 10. grant and withdraw procuration; 10. daje i opoziva prokuru, 7

11. decide on initiating proceedings and granting 11. odlucuje o pokretanju postupka i davanju authorisations for representing the Company punomocja za zastupanje drustva u sporu in disputes with procurators, as well as in sa prokuristom, kao i u sporu sa direktorom disputes with the director; Drustva, 12. decide on status changes and changes of the 12. odlucuje o statusnim promenama legal form of the Company; promenama pravne forme Drustva, 13. decide on change of the business name, seat 13. odlucuje o promeni poslovnog imena, and core business activity of the Company; sedista i pretezne delatnosti Drustva, 14. give approval of legal transactions involving 14. daje odobrenje na pravne poslove u kojima personal interest, in accordance with Article 66 postoji licni interes, u skladu sa clanom 66. of the Companies Act; Zakona o privrednim drustvima, 15. grant consent to acquisition, sale, lease, pledge or other disposal of high value assets of the Company within the meaning of Article 470 of the Companies Act; 15. daje saglasnost na sticanje, prodaju, davanje u zakup, zalaganje iii drugo raspolaganje imovinom velike vrednosti, u smislu clana 470. Zakona o privrednim drustvima, 16. perform other activities and decide on other 16. vrsi druge poslove i odlucuje o drugim matters in accordance with the Companies Act pitanjima u skladu sa Zakonom o and the Resolution. privrednim drustvima i ovom Odlukom. DIRECTOR DIREKTOR DRUSTVA Article 14 Clan 14. The Company shall have one director who shall be Drustvo ima direktora koga imenuje Clan appointed by the Shareholder of the Company for Drustva svojom odlukom na neogranicen unlimited period of time. vremenski period. The director shall be removed by the resolution passed by the Shareholder without specifying the reasons for the removal. Direktor Drustva moze biti razresen ove duznosti odlukom Clana Drustva, a bez navodenja razloga za razresenje. 8

Article 15 Clan 15. The director shall have the following powers: Direktor Drustva je ovlascen da: (i) representing the Company and managing the (i) zastupa Drustvo i vodi poslove Drustva u Company in accordance with resolutions skladu sa odlukama Clana Drustva, ovom passed by the Shareholder, this Resolution Odlukom i zakonom, and law; (ii) drafting business plans, and revising, (ii) utvrduje predloge poslovnog plana, kao amending, adding and updating the business revidiranje, menjanje, dopunjavanje plan; osavremenjavanje poslovnog plana, (iii) implementation of the resolutions passed by the Shareholder; (iii) sprovodi odluke Clana Drustva, (iv) executing loan agreements; (iv) zakljucuje ugovore o kreditu, (v) the selection of the financing bank or other (v) vrsi izbor banke iii finansijske institucije i financing party and the terms of the uslova gradevinskog zajma i/ili construction loan and/or refinancing for the refinansiranje Drustva, Company; (vi) the sale of all or materially all of the assets (vi) vrsi prodaju celokupne iii sustinski of the Company (except high-value assets); celokupne imovine Drustva (osim imovine velike vrednosti), (vii) deciding on transferring of shares or (vii) odlucuje o prenosu udela iii hartija od securities convertible into shares of the Company to any third parties; vrednosti koje se mogu zameniti udelima Drustva bilo kojim trecim licima, (viii)the pledge of assets (except high-value (viii) uspostavlja zalogu na imovini (osim assets) or procuring of guarantees in favour imovine velike vrednosti) pribavlja of a bank or other parties providing financing garancije u korist banke iii drugih strana for a project; koje finansiraju projekat, (ix) deciding on any other issue not falling within (ix) odlucuje o svim ostalim pitanjima i vodi sve 9

.,. i the competence of the Shareholder of the poslove koji nisu u nadleznosti Clana Company. Drustva. The director shall manage the business of the Direktor Drustva ce voditi poslove Drustva Company independently. samostalno. The director of the Company shall be obliged to deliver reports to the Shareholder about: Clanu Drustva o: Direktor Drustva je duzan da podnosi izvestaje (i) accounting and financial reporting practices (i) racunovodstvenoj praksi praksi of the Company and its related companies, if any; finansijskog izvestavanja Drustva i njegovih povezanih drustava, ako postoje, (ii) compliance of the business operations of the (ii) uskladenosti poslovanja Drustva sa Company with the law and other regulations; zakonom i drugim propisima, (iii) qualifications of the Company's auditor and (iii) kvalifikovanosti nezavisnosti revizora the auditor's independence from the Drustva u odnosu na Drustvo, ako su Company, if the financial statements of the Company have been subject to audit; (iv) agreements concluded between the Company and director, as well as with persons related finansijski izvestaji Drustva bili predmet revizije, (iv) ugovorima zakljucenim izmedu Drustva i direktora Drustva, kao i sa licima koja su sa to them within the meaning of the njima povezana, u smislu Zakona o Companies Act. privrednim drustvima. The director shall be responsible for proper Direktor Drustva odgovara za uredno vodenje keeping of the business books of the Company, poslovnih knjiga Drustva i za tacnost finansijskih and for the accuracy of the financial statements of izvestaja. the Company. The director shall keep record of all resolutions Direktor Drustva je u obavezi da vodi evidenciju passed by the Shareholder in its role of the o svim odlukama donetim od strane Clana General Meeting, which shall be made available Drustva, u funkciji Skupstine Drustva, u koju for inspection to every Shareholder of the Clan Drustva moze izvrsiti uvid tokom radnog Company during the working hours of the vremena Drustva. Company. REPRESENTATION OF THE COMPANY Article 16 ZASTUPANJE DRUSTVA Clan 16. In domestic and foreign trade operations, the U unutrasnjem spoljnotrgovinskom prometu, 10

Company shall be represented Director, unlimited. Drustvo zastupa direktor, neograniceno. The director may grant a written power of Direktor Drustva moze dati drugom lieu pisano attorney to another person(s) to conclude specific punomocje za zakljucivanje odredenih vrsta contracts or represent the Company in specific ugovora iii zastupanje Drustva u odredenim legal transactions, as well as to represent it in the pravnim poslovima, kao i za zastupanje Drustva court proceedings and proceedings before other u postupcima pred sudom iii drugim nadleznim relevant bodies. organima. The Company may grant and withdraw a Drustvo moze dati prokuru jednom iii vecem procuration to one or to several persons by a broju lica na osnovu odluke Clana Drustva, u resolution passed by the Shareholder, in skladu sa zakonom. accordance with the law. Direktor drustva je BASHEER A ALGHANEM Director is BASHEER A ALGHANEM iz Kuvajta br. pasosa 000149403. from Kuwait passport no. 000149403. DURATION OF THE COMPANY Article 17 TRAJANJE DRUSTVA Clan 17. The Company was incorporated for an indefinite period of time. Drustvo je osnovano na neodredeno vreme. The Company is dissolved by a resolution passed by the Shareholder and as provided by the law. Drustvo prestaje odlukom Clana Drustva iii u drugim slucajevima predvidenim zakonom. THE COMPANY'S SEAL PECAT DRUSTVA Article 18 Clan 18. The Company shall not be obliged to use its seal Drustvo nije duzno da upotrebljava pecat u in business letters and other documents of the poslovnim pismima i drugim dokumentima Company, unless prescribed otherwise by law. Drustva, ako zakonom nije drugacije propisano. APPLICATION OF THE LAW SHODNA PRIMENA ZAKONA Article 19 Clan 19. Any issue that is not covered by this Resolution shall be governed by the Companies Act. Na sva pitanja koja nisu uredena ovom Odlukom, primenjuju se odredbe Zakona o 11

privrednim drustvima. LANGUAGE Article 20 JEZIK Clan 20. This Resolution has been made in Serbian and English. In case of any discrepancy between the two versions, the Serbian version shall prevail. Ova Odluka je sacinjena na srpskom engleskom jeziku. U slucaju nesaglasnosti izmedu srpske i engleske verzije, merodavna je verzija na srpskom jeziku. AMENDMENTS TO THE RESOLUTION Article 21 IZMENE I DOPUNE ODLUKE Clan 21. Any amendments and/or alterations to this Sve izmene i/ili dopune ove Odluke moraju biti Resolution shall be executed in writing and shall sacinjene u pisanoj formi i potpisane od strane be signed by the Shareholder. Authentication of Clana Drustva. Overa bilo kakvih izmena ove any amendments to this Resolution before the Odluke od strane nadleznog organa nije competent authority shall not be required, unless potrebna, ukoliko nije drugacije predvideno otherwise provided by the law. zakonom. The legal representative of the Company needs to Zakonski zastupnik Drustva je duzan da nakon make and sign the revised text after any svake izmene ove Odluke sacini i potpise njen amendments of this Resolution. precisceni tekst. All amendments of this Resolution, as well as the revised texts, shall be registered with the Serbian Business Registers Agency, in accordance with the law. Sve izmene i dopune ove Odluke, kao i njeni precisceni tekstovi, se registruju kod Agencije za privredne registre Republike Srbije, u skladu sa zakonom. NUMBER OF COPIES BROJ PRIMERAKA ODLUKE Article 22 Clan 22. This Resolution has been made in 5 (five) identical Ova Odluka je sacinjena u 5 (pet) istovetnih copies, of which one shall be kept with the primeraka, od kojih jedan primerak zadrzava Serbian Business Registers Agency, one by the Agencija za privredne registre Republike Srbije, Shareholder, and three copies shall be kept at the jedan primerak zadrzava Clan Drustva, dok ce seat of the Company. se tri primerka cuvati u sedistu Drustva. 12

COMING INTO FORCE Article 23 STUPANJE NA SNAGU Clan 23. This Resolution shall come into force on the date of its adoption. Ova Odluka stupa na snagu dana donosenja. primenjuje se od Shareholder I Clan Drustva: Vladimir Galic po Spec. Punomocju 586/2015 od 02.12.2015. godine 13

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