Emiri Decree No. (11) of 1978 We, Saqr Bin Mohamed Bin Salim Al Qasimi Ruler of Ras Al Khaimah Emirate & Dependencies Thereof After perusal of Memorandum and Articles of Association of (Ras Al Khaimah National Navigation Lines) Company; have promulgated the following: Article 1 We approve establishing )Ras Al Khaimah National Navigation Lines Company(. Article 2 The Company's Headquarter shall be Ras Al Khaimah or in any other location in Ras Al Khaimah Emirate. Article 3 Company’s Objectives: 1- Engage in trading, business, owning and managing ships. 2- Act as ships brokers and agents. 3- Work in maritime business, shipping, and transportation. 4- Any other business related to navigation and ships. Article 4 The Company's capital shall be two million dirhams divided into two thousand shares, the value of each share shall be one thousand dirhams, one thousand shares shall be ordinary ones and one thousand shares shall be preferred ones and the ordinary shares were subscribed as follows: Sheikh Ahmed Bin Humaid Al Qasimi 510 shares in value of AED 510.000. Harry Haran - Indian National 150 shares in value of AED 150.000. Walter Maneur – Irish National 170 shares in value of AED 170.000. Kristopher Akoteishfer 170 shares in value of AED 170.000. Article 5 The Company may not change or amend the Memorandum of Association without the Government written approval. Article 6 No amendment to Memorandum of Association shall come into effect except after filing this amendment with the office of Ras Al Khaimah Government Legal Counsel. Article 7 The Company shall be subject to applicable laws and systems in Ras Al Khaimah. Article 8 This Decree shall come into force as of date. Saqr Bin Mohamed Bin Salim Al Qasimi Ruler of Ras Al Khaimah Emirate & Dependencies Thereof Promulgated by us on this day, seventh of March 1978G. Corresponding to twenty seventh of Rabi Al Awal 1438H.