OWNING COMPANY

To Whom It May Concern

M/Y EXAMPLE

The undersigned, the owning company , a company having its principal place
of business at Wherever and the (the “Company”) owner of the yacht
“EXAMPLE” registered under official number ……….. in the port of St Peters
Port, has appointed Mr. XXXXXXXX, a XXXX citizen holding Passport No
XXXXXXXXX and Mr. XXXXXXXXX, a XXXXXXXX citizen holding passport
number XXXXXX as the Users of the Yacht Motor Yacht “EXAMPLE”.

This letter of authorization shall be in effect from XX/XX/XXXX and valid for
12 months.

(Signed by)

For and on behalf of

The Owning Company

( and to be notarized)

PLACE OF REGISTRY OF COMPANY