1. The validity of this License shall expire on the date specified or on the date the licensee ceases to remain incorporated in the UNION OF THE COMOROS whichever is earlier, unless the license is revoked earlier by the Anjouan Offshore Finance Authority

2. This License authorizes the Company to offer financial services to non-residents of the Union of the Comoros; The company name CANNOT include the word “BANK” in any correspondence, web site or other material. The company can carry on all or any of the business of a finance institution 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:

• Company services

• Issuing of own deposit products.

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

• To carry out currency and exchange transactions.

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

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

• Current Account to Corporate and Individual clients

• Fixed term deposit accounts.

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

• Multi-Currency Accounts.

• Asset Management like products.

• Investment Consultancy Services.

• To act as intermediary in securities trading.

• To provide other permitted financial services.

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

1. 1. The financial institution engages in any activity that is prohibited by internationally accepted standards or regulations regarding Know your customer, anti-money laundering or anti-terrorist legislation published by either the World Bank, United Nations or other authority recognized by The Union of the Comoros or acts in contravention to any enactment or rule of law in force in the Union of the Comoros;

1. 2. The financial institution shall not, except as may be permitted by Anjouan Offshore Finance Authority

1. 1. • Carry on business in the Union of the Comoros (other than Financial and company services) or own an interest in immovable property situation in the Union of the Comoros other than a lease of premises from which to carry on its business.
      • Carry on insurance, sea or air transport or gambling or any other business without a specific license.
      • At any time have less than one member.

4. For the purposes of subparagraph (3) the financial institution shall not be treated as carrying on a business in the Union of the Comoros by reason only that it:

4. • Carry on business with another company incorporated under the Act or in furtherance of the business of the bank carried on outside the Union of the Comoros.
   • 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 the Union of the Comoros.
   • 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 the Union of the Comoros.
   • Prepares or maintains its books or records within the Union of the Comoros.
   • Holds meetings within the Union of the Comoros 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

5. The persons conducting the business of the Finance company shall be held personally, jointly and severally liable for all the acts or commissions, irregularities, costs incurred, and violations committed by them after the cancellation of this license for whatever reason and further shall hold the Comoros International Banking Authority and its appointed agents harmless from all acts done in good faith.

6 The persons conducting business of the Company shall at each annual anniversary have a qualified accountant to audit their books under IFRS, UK GAAP, US GAAP or similar standards. and provide a clean audit certificate.

7. Non-payment of any renewal on the due date will result in the immediate suspension of the license.

7. This license is issued exclusively to the company and cannot be sub-licensed, used or sold to any other company or entity.

7. It is a fundamental condition of this license that all and every condition laid out in these conditions and the regulations shall be adhered to without exception. The penalty for non-compliance shall be set at the sole discretion of the AOFA

7. This license contains the entire provisions relating to the subject matter hereof and supersedes all negotiations, representations, warranties, conditions and agreements, collateral or otherwise, oral or written, relating thereto made prior to the execution hereof. All additions or modifications to this License must be made in writing.

7. This License shall be governed, construed, and enforced in accordance with the laws of the Union of the Comoros.

8. All resignation of directors and shareholders must be notified to the AOFA or its appointed Service Provider together with a resolution. All new Directors who are to be appointed must first obtain all the required due diligence information and submit together with a signed confirmation to act as a director, together with the fee as advised (for each director) Any change of shareholding must be notified in writing to the AOFA or its appointed Service Provider.