The decision of the first meeting of the Board of Directors of Ilabila Gas to Liquid Ltd in Tanzania

March 9, 2017 in Tanzania hosted the first meeting of the Board of Directors Ilabila Gas to Liquid Ltd.

The Board of the Ilabila Gas to Liquid Ltd(IGTL) on the 9th March 2017 sat at Coral Beach Hotel in Masaki Dar es Salaam, andresolved as follows:

1) The President of GTL JSC Mr. Rafiz Kadyrov requested and It was resolved that 10% of the shares in IGTL (ILABILA GAS TO LIQUID LIMITED) belonging to GTL JSC be transferred to 3 scientists who are the authors of the patent, property of GTL JSC, which will be used by IGTL plant for processing of natural gas into GTL products in United Republic of Tanzania.

2) That, GTL JSC is obliged to provide to IGTL, during one (1) year, the licence for the rights of the patent to be used by IGTL processing plant in Tanzania.

3) That, IGTL will open a Bank account in NMB Osterbay Branch or any other bank branch and Hon. John Momose Cheyo will be sole signatory to the account

4) That, IGTL should acquire land at Mkuranga at the place identified during the site visit of the directors of IGTL on 8th march 2017.

5) That, IGTL should commence the negotiations with TPDC (Tanzania Petroleum Development corporation) for procurement of natural gas and condensate.

6) That, IGTL shall apply and obtain the Tanzania Investment center certificate for investors.

7) That, IGTL apply and comply with all Legal requirements leading to obtaining a NEMC certificate for Environmental Impact assessment.

8) That, the project capacity of the IGTL plant per year shall be 40 thousand tonnes GTL products and it is further agreed that the capital costs per unit of GTL products (Dollars/ tons/ per year) is 300 US. On this cost base, the directors agreed on the need of investment of the project as 12 million USD

9) That, as IGTL have no employees as yet, the IGTL board resolved that the interim office of the company shall be at 7 off Rufiji street, Masaki Dar es Salaam and shall use the staff and office space of ILABILA GROUP LIMITED (IGL) at a management fee of 4500 USD per month. This charges will be paid by IGTL.

10) That Hon. John Momose Cheyo shall be the chairman and managing director of IGTL and is authorized to sign all contracts and other documents on behalf of IGTL.