Memorandum of Association of

The New Zealand Titanic Steel and Iron Company, Limited

1st. The name of the Company is "The New Zealand Titanic Steel and Iron Company Limited."

2nd. The registered office of the Company is to he established at the city of Wellington, in the Province of Wellington.

3rd. The objects for which the Company is established are "The smelting and manufacture of Iron Sands and Iron Stone into Iron and Steel, and the sale thereof; the manufacture of Charcoal; and the acquisition of Lands by purchase, lease, or license, and also of certain Letters Patent and Patent Eights for the above purposes."

4th. The liability of the Shareholders is "Limited."

5th. The nominal capital of the Company is £50,000 in five thousand shares of Ten Pounds each, with power to increase the capital to £100,000 by additional shares of Ten Pounds each.

We, the undersigned, who names and addresses are subscribed, are desirous of being formed into a Company in pursuance of this memorandum of association, and we respectively agree to take the number of shares in the capital of the Company set opposite our respective names.