BITODAX MANAGEMENT LTD

(the “Corporation”)

BYLAWS

As adopted on: _______________

ARTICLE I

OFFICES
The principal place of business of the Corporation shall be at such place or places as
the Directors shall from time to time determine. The Corporation may also have an office or
offices at such other places within or outside of the Marshall Islands as the Board of Directors
may from time to time appoint or the business of the Corporation may require.

ARTICLE II
SHAREHOLDERS
Section 1. Annual Meeting: The annual meeting of shareholders of the Corporation
shall be held on such day and at such time and place within or outside of the Marshall Islands
as the Board of Directors may determine for the purpose of electing Directors and transacting
such other business as may properly be brought before the meeting.
Section 2. Special Meeting: Special meetings of shareholders, unless otherwise
prescribed by law, may be called for any purpose or purposes at any time by the order of the
Board of Directors or by the Secretary or any other designated officer whenever required in
writing to do so by shareholders owning not less than one-tenth of all the outstanding shares
of the Corporation entitled to vote at such meeting. Such request shall state the purpose or
purposes of the proposed special meeting. Such meeting shall be held at such place and on
such date and at such time as may be designated in the notice thereof by the officer of the
Corporation calling any such meeting. The business transacted at any special meeting shall be
limited to the purposes stated in the notice.
Section 3. Notice of Meetings: Notice of every annual and special meeting of
shareholders, other than any meeting for which giving of notice is otherwise prescribed by
law, stating the date, time, place and purpose thereof, and in the case of special meetings, the
name of the person or persons at whose direction the notice is being issued, shall be given
personally or sent by mail, telefax, telegraph, cablegram, telex, or teleprinter at least fifteen
(15) but not more than sixty (60) days before such meeting, to each shareholder of record
entitled to vote thereat and to each shareholder of record who, by reason of any action
proposed at such meeting would be entitled to have his/her/its shares appraised if such action
was taken, and the notice shall include a statement of that purpose and to that effect. If
mailed, notice shall be deemed to have been given when deposited in the mail, directed to the
shareholder at his/her/its address as the same appears on the record of shareholders of the
Corporation or at such address as to which the shareholder has given notice to the Secretary.
Notice of a meeting need not be given to any shareholder who submits a signed waiver
without protesting prior to the conclusion thereof the lack of notice to him/her/it. If the
Corporation shall issue any class of bearer shares, then notice for all meetings shall be given
in the manner provided in the Articles of Incorporation.
 Section 4. Quorum: At all meetings of shareholders, except as otherwise expressly
provided by law, there must be present either in person or by proxy shareholders holding at
least a majority of the shares issued and outstanding and entitled to vote at such meeting in
order to constitute a quorum, but if less than a quorum is present, a majority of those shares
present either in person or by proxy shall have power to adjourn any meeting until a quorum
is present.
Section 5. Voting: If a quorum is present, and except as otherwise expressly provided
by law, the affirmative vote of a majority of the shares of stock represented at the meeting
shall be the act of the shareholders. At any meeting of shareholders each shareholder entitled
to vote any shares on any matter to be voted upon at such meeting shall be entitled to one vote
on such matter for each such share, and may exercise such voting right whether in person or
by proxy. Any action required or permitted to be taken at a meeting, may be taken without a
meeting if a consent in writing, setting forth the action so taken, is signed by all of the
shareholders entitled to vote with respect to the subject matter thereof.
Section 6. Fixing of Record Date: The Board of Directors may fix a time not more
than sixty (60) nor less than fifteen (15) days prior to the date of any meeting of shareholders,
or more than sixty (60) days prior to the last day on which the consent or dissent of
shareholders may be expressed for any purpose without a meeting, as the time as of which
shareholders entitled to notice of and to vote at such a meeting or whose consent or dissent is
required or may be expressed for any purpose, as the case may be, shall be determined, and all
persons who were holders of record of voting shares at such time and no others shall be
entitled to notice of and to vote at such meeting or to express their consent or dissent, as the
case may be. The Board of Directors may fix time not exceeding sixty (60) days preceding
the date fixed for the payment of any dividend, making of any distribution, allotment of any
rights or taking any other action, as a record time for the determination of the shareholders
entitled to receive any such dividend, distribution, or allotment or for the purpose of such
other action.

ARTICLE III
DIRECTORS
Section 1. Number: The affairs, business, and property of the Corporation shall be
managed by a Board of Directors to consist of at least one (1) Director. Within the limits
fixed by these Bylaws, the number of Directors may be determined either by the vote of a
majority of the entire Board of Directors or by vote of the shareholders. The Directors need
not be residents of the Marshall Islands or shareholders of the Corporation. To the extent
permitted by law, the Corporate may elect and appoint Directors.
Section 2. How Elected: Except as otherwise provided by law or Section 4 of this
Article, the Directors of the Corporation (other than the first Board of Directors if named in
the Articles of Incorporation or designated by the Incorporator) shall be elected at the annual
meeting of shareholders. Each Director shall be elected to serve until the next annual meeting
of shareholders and until his/her/its successor shall be duly elected and qualified, except in the
event of his/her/its death, resignation, removal, or the earlier termination of his/her/its term of
office.
Section 3. Removal: Any or all of the Directors may be removed, with or without
cause, by vote of the shareholders. Any Director may be removed for cause by action of the
Board of Directors.
Section 4. Vacancies: Vacancies in the Board of Directors occurring by death,
resignation, creation of new directorship, failure of the shareholders to elect the whole Board
of Directors at any annual election of Directors, or for any other reason including removal of
Directors for cause, may be filled either by the affirmative vote of a majority of the remaining
Directors then in office, although less than a quorum, at any special meeting called for that
purpose or at any regular meeting of the Board of Directors, except as otherwise prescribed by
law or unless the Articles of Incorporation provide that such vacancies or newly created
directorships shall be filled by vote of the shareholders. Vacancies occurring by removal of
Directors without cause may be filled only by vote of the shareholders.
Section 5. Regular Meeting: Regular meetings of the Board of Directors may be held
at such time and place as may be determined by resolution of the Board of Directors and no
notice shall be required for any regular meeting. Except as otherwise provided by law, any
business may be transacted at any regular meeting.
Section 6. Special Meeting: Special meetings of the Board of Directors may, unless
otherwise prescribed by law, be called from time to time by the Secretary, or any officer of the
Corporation who is also a Director. The Secretary or any other designated officer shall call a
special meeting of the Board upon written request directed by any two (2) Directors stating
the time, place, and purpose of such special meeting. Special meetings of the Board of
Directors shall be held on a date and at such time and at such place as may be designated in
the notice thereof by the officer calling the meeting.
Section 7. Notice of Special Meeting: Notice of the date, time and place of each
special meeting of the Board of Directors shall be given to each Director at least forty-eight
(48) hours prior to such meeting, unless the notice is given orally or delivered in person, in
which case it shall be given at least twenty-four (24) hours prior to such meeting. For the
purpose of this section, notice shall be deemed to be duly given to a Director if given
personally (including by telephone) or if such notice is delivered to such Director by mail,
telegraph, telefax, cablegram, telex, or teleprinter to his/her/its last known address. Notice of a
meeting need not be given to any Director who submits a signed waiver of notice, whether
before or after the meeting, or who attends the meeting without protesting, prior to the
conclusion thereof, the lack of notice to him/her/it.
Section 8. Quorum: A majority of the Directors at the time in office, present in
person or by proxy or by communication equipment, shall constitute a quorum for the
transaction of business.
Section 9. Voting: The vote of the majority of the Directors, present in person or by
proxy, in communication by telefax or conference telephone, at a meeting at which a quorum
is present shall be the act of the Directors. Any action required or permitted to be taken at a
meeting may be taken without a meeting if all members of the Board of Directors consent
thereto in writing.
Section 10. Compensation of Directors and Members of Committees: The Board of
Directors may from time to time, in its discretion, fix the amounts which shall be payable to
members of the Board of Directors and to members of any committee, for attendance at the
meetings of the Board of Directors or of such committee and for services rendered to the
Corporation.
Section 11. Notwithstanding the provisions of the Sections 1-10 of the Article III, no
election or removal of the directors of the Corporation will not have effect until the
appropriate Resolution of the Shareholders has been duly notarized.
That all Directors of the Corporation, at any given time during the Corporation's
existence, are individually, without the presence of the rest of the Board, able to conduct any
business on behalf of the Corporation, are empowered and authorized to execute any
documents for and on behalf of the Corporation, to enter into contracts, to affix the seal of the
Corporation to any documents and be involved with any other activities & matters connected
thereto.
That any Director of the Corporation has the right to individually sign any of the
documents concerning the activity of the Corporation.
 ARTICLE IV
COMMITTEES
Section 1. Executive Committee and Other Committees: The Board of Directors may,
by resolution or resolutions passed by a majority of the entire Board of Directors, designate
from among its members an Executive Committee to consist of one (1) or more of the
directors of the Corporation, which to the extent provided in said resolution or resolutions, or
in these Bylaws, shall have and may exercise, to the extent permitted by law, the powers of
the Board of Directors in the management of the business and affairs of the Corporation, and
may have power to authorize the seal of the Corporation to be affixed to all papers which may
require it. In addition, the Board of Directors may, by resolution or resolutions passed by a
majority of the entire Board of Directors designate from among its members other committees
to consist of one (1) or more of the directors of the Corporation, each of which shall perform
such action and have such authority and powers as shall be delegated to it by said resolution
or resolutions or as provided for in these Bylaws, except that only the Executive Committee
may have and exercise the powers of the Board of Directors. Members of the Executive
Committee and any other committee shall hold office for such period as may be prescribed by
the vote of a majority of the entire Board of Directors. Vacancies in membership of such
committees shall be filled by vote of the Board of Directors. Committees may adopt their
own rules of procedure and may meet at stated times or on such notice as they may determine.
Each Committee shall keep a record of its proceedings and report the same to the Board when
requested.

ARTICLE V
OFFICERS
Section 1. Number and Designation: The Board of Directors shall appoint a
Secretary. In addition, the Board of Directors may appoint such other officers as it may deem
necessary. Officers may be of any nationality, need not be residents of the Marshall Islands
and may be, but are not required to be, Directors. Officers may be natural persons,
corporations or other business entities. Any two (2) or more offices may be held by the same
person, corporation or business entity.
Officers shall be appointed annually by the Board of Directors at its first meeting
following the annual election of Directors, but in the event of the failure of the Board of
Directors to so appoint any officer, such officer(s) may be appointed at any subsequent
meeting of the Board of Directors. The salaries of the officers and any other compensation
paid to them shall be fixed from time to time by the Board of Directors. The Board of
Directors may at any meeting appoint additional officers. Each officer shall hold office until
the first meeting of the Board of Directors following the next annual election of Directors and
until his/her/its successor shall be duly appointed and qualified, except in the event of the
earlier termination of his/her/its term of office, through death, resignation, removal or
otherwise. Any officer may be removed by the Board of Directors at any time with or without
cause. Any vacancy in an office may be filled for the unexpired portion of the term of such
office by the Board of Directors at any regular or special meeting.
Section 2. President or Managing Director (if applicable): The President or Managing
Director shall be the Chief Executive Officer of the Corporation and shall have general
management of the affairs of the Corporation together with the powers and duties usually
incident to the office of President or Managing Director, except as specifically limited by
appropriate written resolution of the Board of Directors and shall have such other powers and
perform such other duties as may be assigned to him/her/it by the Board of Directors. The
President or Managing Director shall preside at all meetings of shareholders at which he/she/it
is present and, if he/she/it is a Director, at all meetings of the Directors.
Section 3. Treasurer or Managing Director (if applicable): The Managing Director or,
if there shall be no Managing Director, the Treasurer shall have general supervision over the
care and custody of the funds, securities, and other valuable effects of the Corporation and
shall deposit the same or cause the same to be deposited in the name of the Corporation in
such depositories as the Board of Directors may designate, shall disburse the funds of the
Corporation as may be ordered by the Board of Directors, shall have supervision over the
accounts of all receipts and disbursements of the Corporation, shall, whenever required by the
Board of Directors, render or cause to be rendered financial statements of the Corporation,
shall have the power and perform the duties usually incident to the office of Treasurer, and
shall have such powers and perform such other duties as may be assigned to him/her/it by the
Board of Directors.
Section 4. Secretary: The Secretary shall act as Secretary of all meetings of the
shareholders and of the Board of Directors at which he/she/it is present, shall have supervision
over giving and serving of notices of the Corporation, shall be the custodian of the corporate
records and of the corporate seal, if any, of the Corporation, shall be empowered to affix the
corporate seal to those documents, the execution of which, on behalf of the Corporation under
its seal, is duly authorized and when so affixed may attest the same, and shall exercise the
powers and perform such other duties as may be assigned to him/her/it by the Board of
Directors or an authorized officer.
Section 5. Other Officers: Officers other than those described in Sections 2 through 4
of this Article shall exercise such powers and perform such duties as may be assigned to them
by the Board of Directors.
Section 6. Bond: The Board of Directors shall have power, to the extent permitted by
law, to require any officer, agent or employee of the Corporation to give bond for the faithful
discharge of his/her/its duties in such form and with such surety or sureties as the Board of
Directors may deem advisable.

ARTICLE VI
CERTIFICATES FOR SHARES
Section 1. Form and Issuance: The shares of the Corporation shall be represented by
certificates in a form meeting the requirements of law and approved by the Board of Directors.
Certificates shall be signed by the Secretary or other designated officer(s). These signatures
may be facsimiles if the certificate is countersigned by a transfer agent other than the
Corporation itself or its employees.
Section 2. Transfer: The Board of Directors shall have power and authority to make
such rules and regulations as they may deem expedient concerning the issuance, registration
and transfer of certificates representing shares of the Corporation’s stock, and may appoint
transfer agents thereof.
Section 3. Lost, Stolen or Destroyed Stock Certificates: The Board of Directors may
direct a new certificate or certificates of stock to be issued in place of any certificate or
certificates theretofore issued by the Corporation alleged to have been lost, stolen or
destroyed, upon the making of an affidavit of the fact by the person claiming the certificate or
certificates of stock to be lost, stolen or destroyed. When authorizing such issue of a new
certificate or certificates, the Board of Directors may, in its discretion and as a condition
precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate
or certificates to provide a bond to indemnify the Corporation against any claim that may be
made against it on account of the alleged loss, theft or destruction of any such certificate or
certificates.
Section 4. Notwithstanding the provisions of the Sections 1-3 of the Article IV, no
transfer of the Shares of the Corporation will not have effect until the Instrument of transfer
has been duly notarized.

ARTICLE VII
DIVIDENDS
Section 1. Declaration and Form: Dividends may be declared in conformity with law
by, and at the discretion of, the Board of Directors at any regular or special meeting.
Dividends may be declared and paid in cash, stock, or other property of the Corporation.

ARTICLE VIII
CORPORATE SEAL
Section 1. Corporate Seal: The seal of the Corporation, if any, shall be circular in
form with the name of the Corporation in the circumference and such other appropriate legend
as the Board of Directors may from time to time determine.

ARTICLE IX
FISCAL YEAR
Section 1. Fiscal Year: The fiscal year of the Corporation shall be such period of
twelve (12) consecutive months as the Board of Directors may by resolution designate.

ARTICLE X
AMENDMENTS
Section 1. By the Shareholders: These Bylaws may be amended, added to, altered or
repealed or new bylaws may be adopted, at any regular or special meeting of the shareholders
by the affirmative vote of the holders of a majority of the stock present and voting at such
meeting provided notice that an amendment is to be considered and acted upon is inserted in
the notice or waiver of notice of said meeting.
Section 2. By the Directors: If the Articles of Incorporation so provide, these Bylaws
may be amended, added to, altered or repealed or new bylaws may be adopted, at any regular
or special meeting of the Board of Directors, by the affirmative vote of a majority of the entire
Board of Directors, subject, however, to the power of the shareholders to alter, amend or
repeal any bylaws as adopted.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

_________________Petros Constantinou Paleologou, Director