MMMMMMM LIMITED

DIRECTORS’ RESOLUTION

AT A MEETING OF THE BOARD OF DIRECTORS HELD AT ……………………..

ON THE … … … DAY OF … … … … … 2002 AT … … … A.M/P.M.

PRESENT WERE:

1. The Chairman, there being a quorum present, reported that MMMMMMM Limited (“the
Company”) had made arrangements with VVVVVVVVVVVVVVVVV Limited, ,,,,,,,,House,
Kimathi Street, Nairobi, to borrow credit facilities not exceeding the sum of Kenya Shillings
Ten Million (K.Shs.10,000,000.00) (“the Facilities”).

2. The meeting noted that it was (inter alia) a condition of the granting of the Facilities that
MMMMMMM Limited (“the Company”) should create and deliver to the Bank a legal charge
over the properties known as L.R. No. 209/…….(I.R. ………/1), L.R. No. ………./512 (I…..)
and L.R. No. ,,,,,,,,,,,,,,,/512 (I.R.,,,,,,,,,,,,,,,,,,, registered in the name of the Company, as security
for the Facilities granted to the Company.

3. The meeting carefully considered the terms and conditions of the proposed arrangements
and IT WAS UNANIMOUSLY RESOLVED THAT:

(a) The granting of the Facilities was in the best interests of the Company.

(b) The Directors be and are hereby authorised to create a legal charge for Kenya
Shillings Ten Million (K.Shs.10,000,000.00) over the properties known as L.R. No.
………. ……... No. 7158/512 ……… and L.R. No. ,,,,,,,,,,, (I.R.859) registered in the
name of the Company in favour of the Bank as security for the Facilities to the
Company and to execute the necessary documents as may be required by the Bank in
that connection.

(c) The Directors be and are hereby authorised to execute on behalf of the Company all
documents (without limitation) as may be required by the Bank in connection with
the proposed arrangements.

The above is certified a true copy of

the Resolution of the Board of Directors

_______________________ ______________________
DIRECTOR DIRECTOR/SECRETARY