Article 1: The name & type of the company: Khorasan Razavi Tourism Development Corporation (private joint stock co.)

Article 2: Object clause:

The object of the company is:

1. To take possession and construct and manage the hotels and services welfare, camping and tourism complexes.

2. Any type of partnerships, contracts and operations which are directly and indirectly in relation to the object of the corporation with domestic and foreign legal and natural entities.

3. To take loans and credits from domestic and foreign banks and financial and credit institutes along with the activities of the corporation.

Article 3: Duration:

It is determined for an unlimited period from the date of corporation's registration

Article 4: The Corporation's central office and its branches:

The Corporation's central office of Tehran:

No.516, 68th street, Seyed Jamal-eddin Asadabadi Ave, Tehran, Iran

The branch of Khorasan Razavi: No. 11-13, 1st floor, 1st Sepah St., 16th Enghelab Islami Ave, Mashhad, Iran