General UAE Legal Questions LawDecree No. (24) of 2007

Article (1) A permanent committee named the “Supreme Fiscal Committee in the Emirate of Dubai” (the “Supreme Committee”), is hereby formed in the Emirate of Dubai under the chairmanship of His Highness Sheikh Ahmed bin Saeed Al Maktoum and with the membership of: 1. H.E. Mohammed Abdullah Al Gergawi, as member; 2. Mr. Sultan Ahmed bin Sulayem, as member; 3. Mr. Mohammed Ibrahim Al Shaibani, as member; 4. Mr. Ahmed Abdullah bin Bayat, as member; and 5. Mr. Sami Dhaen Al Qamzi, as member. ©2015 The Supreme Legislation Committee in the Emirate of Dubai 1 Every effort has been made to produce an accurate and complete English version of this legislation. However, for the purpose of its interpretation and application, reference must be made to the original Arabic text. In case of conflict the Arabic text will prevail.

-- 1 of 3 --

Decree No. (24) of 2007 Forming the Supreme Fiscal Committee in the Emirate of Dubai Page 2 of 3

Article (2) The Supreme Committee will have the duties to: 1. discuss and approve the financial policy of the Emirate of Dubai, and submit it to the Executive Council for final approval; 2. approve the appropriate methods for financing major Government projects; 3. set priorities for public development projects in terms of the objectives, financing methods, and completion dates, in accordance with the approved financial policy and the Dubai Strategic Plan; 4. determine the ceiling for public debt and public expenditure; 5. study and issue recommendations related to key economic issues, and submit such recommendations to His Highness the Ruler for approval; For the purposes of this item (5), key economic issues will include the following: a. increasing or reducing public expenditure; b. stimulating the economy or controlling economic growth; c. imposing taxes and fees that are not related to services; d. internal and external borrowing; e. providing, or ceasing to provide, Government support for certain sectors or economic activities; and f. approving the appropriate methods to finance the Government general budget deficit, if any.