Domestic Rules and Regulations of the STICHTING UNITED PROPERTIES

domiciled in Curacao
founded on the 01.01.2000.

These rules and regulations have been laid down according to article 11 of the deed of foundation of the above mentioned foundation.

1.Mr …………………..( his legal heirs, his legal successors), residing ……………………..
has been appointed to be the only beneficiary of the foundations assets.

2. T.W.M. Trust N.V., the manager of the foundation, is under the obligation to obey all the instructions given by the above mentioned beneficiary, provided these instructions are not in violation with the law or the deed of foundation.

3. T.W.M. Trust N.V. will receive an annual management/domicile-fee of Euro 1.100,00 payable in advance before the first of January. For extra services T.W.M. Trust will receive a fee of Euro 75,00 per hour, chargeable at the first day of each quarter of the year.
The beneficiary, his legal heirs and his legal successors, are next to the foundation, in person responsible for the payments to the manager.

4. These domestic rules and regulations apply to the Netherlands Antilles law. In case of differences between the parties, the Court of First Instance in Curacao, Netherlands Antilles is competent.
Thus drawn up in two-fold and signed in Curacao and ………, the first of January 200X,

The Manager, The Beneficiary,