Subject: RE: BoD resolutions on unprofitable assets
From: "Sebastian Momtazi" <[email-masked]>
To: "Vadim Pozharskyi" <[email-masked]>, "Hunter Biden" <[email-masked]>, "Devon Archer" <[email-masked]>
Date: Fri, 3 Oct 2014 15:38:16 +0000

Please find the pages signed by hunter and Devon attached.

Best,

Seb

From: Vadim Pozharskyi [mailto:[email-masked]]
Sent: Friday, October 3, 2014 10:47 AM
To: Hunter Biden; Devon Archer; Sebastian Momtazi
Subject: BoD resolutions on unprofitable assets

Dear Hunter and Devon,

I would like to inform you that in the process of preparing IFRS 2013 for BHL, it was revealed two BHL's assets, namely Kefard and Fiber Pipes companies, were estimated as unprofitable. Kefard (UK) is the company with zero profit. It was acquired for the project, but has never been used, since the project failed. The Fiber Pipes (Ukraine) is  the company with activity that goes out of group's frame and has a low profit.

Thus, the Management has takne a decision to withdraw both assets. In the attachment you will find the correspondent SPAs and resolutions.

This decision is purely technical and do not affect our key operations.

Therefore i kindly ask you to  sign these resolutions and forward them back to me.

Dear Sebastian,

Could you arrange the signature by both shareholders?

Best,

Vadym