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<SEC-DOCUMENT>0000950144-06-007600.txt : 20060809
<SEC-HEADER>0000950144-06-007600.hdr.sgml : 20060809
<ACCEPTANCE-DATETIME>20060809105553
ACCESSION NUMBER:		0000950144-06-007600
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20060804
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060809
DATE AS OF CHANGE:		20060809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSOLIDATED WATER CO LTD
		CENTRAL INDEX KEY:			0000928340
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25248
		FILM NUMBER:		061015672

	BUSINESS ADDRESS:	
		STREET 1:		TRAFALGAR PL
		STREET 2:		WEST BAY RD
		CITY:			GRAND CAYMAN BWI CAY
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		8099474277

	MAIL ADDRESS:	
		STREET 1:		TRAFALGAR PLACE, WEST BAY ROAD, P.O. BOX
		STREET 2:		GRAND CAYMAN, CAYMAN ISLANDS, BWI

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAYMAN WATER CO LTD
		DATE OF NAME CHANGE:	19941212
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>g02807e8vk.htm
<DESCRIPTION>CONSOLIDATED WATER CO. LTD.
<TEXT>
<HTML>
<HEAD>
<TITLE>Consolidated Water Co. Ltd.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 10pt">CURRENT REPORT</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">August&nbsp;4, 2006<BR>
(Date of earliest event reported)
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>CONSOLIDATED WATER CO. LTD.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Cayman Islands, B.W.I.<BR>
(State or Other Jurisdiction of<BR>
Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0-25248<BR>
(Commission File No.)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not Applicable<BR>
(IRS Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The Regatta Office Park<BR>
Windward Three, 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<BR>
West Bay Road, P.O Box 1114 GT<BR>
Grand Cayman, Cayman Islands<BR>
(Address of Principal Executive Offices)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(345)&nbsp;945-4277<BR>
(Registrant&#146;s telephone number, including area code)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Not Applicable<BR>
(Former Name or Former Address, if Changed Since Last Report)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instructions A.2. below):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;4, 2006, the Company issued secured fixed rate bonds in the aggregate principal amount
of U.S.$15,771,997.15 to Scotiatrust and Merchant Bank Trinidad and Tobago Limited (&#147;Scotia&#148;) in
exchange for U.S.$15&nbsp;million in cash. Scotia intends to sell the bonds or participation interests
therein solely to non-U.S. persons (as such term is defined in Regulation&nbsp;S promulgated under the
Securities Act of 1933). The Company will use the net proceeds from the issuance of the bonds to
repay a short-term bank line of credit in the amount of approximately $4&nbsp;million and to assist the
Company in other capital expenditure projects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The bonds have a fixed interest rate of 5.95% and the principal and accrued interest on the bonds
is payable quarterly from the closing date in 40 equal amortized installments. The Company has
the right to redeem the bonds in full at any time three years after August&nbsp;4, 2006 by paying a
premium of 1.5% of the outstanding principal and accrued interest on the bonds on the date of
redemption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s obligations under the bonds are secured by fixed and floating charges (i)&nbsp;on all of
the Company&#146;s assets, including an equitable charge of all of the shares of Cayman Water Company
Limited, a wholly-owned subsidiary of the Company, and (ii)&nbsp;on all of Cayman Water Company
Limited&#146;s assets including its real estate. Cayman Water Company Limited has also guaranteed the
Company&#146;s payment obligations under the bonds. All these charges rank <I>pari passu </I>(equally)&nbsp;with
earlier charges granted to Scotiabank &#038; Trust (Cayman) Ltd to secure financial facilities to the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The trust deed for the bonds restricts the Company&#146;s ability to enter into new borrowing agreements
or any new guarantees without the prior approval of the trustee and limits the Company&#146;s capital
expenditures, with the exception of capital expenditures to be incurred on certain defined
projects, to $2,000,000 annually. The trust deed also contains financial covenants that require
the Company to maintain a debt service coverage ratio of not less than 1.25 to 1, a ratio of long
term debt to EBITDA (i.e., earnings before interest, taxes, depreciation and amortization for the
12&nbsp;months preceding the ratio calculation) not greater than 2.5 to 1 and a ratio of long term debt
to equity of not less than 60:40.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing description of the bond transaction does not purport to be complete and is qualified
in its entirety by reference to the documents (the &#147;Documents&#148;) attached hereto as Exhibits, which
are incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Documents are provided to give investors information regarding the Documents&#146; respective terms.
They are not provided to give investors factual information about the Company or any other parties
thereto. In addition, the representations, warranties and covenants contained in the Documents
were made only for purposes of those Documents and as of specific dates, were solely for the
benefit of the parties to those Documents, and may be subject to limitations agreed by the
contracting parties, including being qualified by disclosures exchanged between the parties in
connection with the execution of the Documents. The representations and warranties may have been
made for the purposes of allocating contractual risk between the parties to the Documents instead
of establishing these matters as facts, and may be subject to standards of materiality applicable
to the contracting parties that differ from those applicable to investors. Investors are not
third-party beneficiaries under these Documents and should not view the representations, warranties
and covenants or any descriptions thereof as characterizations of the actual state of facts or
conditions of the Company.
</DIV>


<P align="center" style="font-size: 10pt">-2-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c) <U>Exhibits.</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;No.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Description</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Deed dated August&nbsp;4, 2006 between Consolidated Water Co. Ltd. and Dextra
Bank &#038; Trust Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subscription Agreement dated August&nbsp;4, 2006 between Consolidated Water Co. Ltd.
and Scotiatrust and Merchant Bank Trinidad &#038; Tobago Limited.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Paying Agency Agreement dated August&nbsp;4, 2006 between Consolidated Water Co.
Ltd. and Scotiatrust and Merchant Bank Trinidad &#038; Tobago Limited.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee dated August&nbsp;4, 2006 by Cayman Water Company Limited in favor of
Dextra Bank &#038; Trust Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deed of Second Debenture dated August&nbsp;4, 2006 between Consolidated Water Co.
Ltd. and Dextra Bank &#038; Trust Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deed of Second Collateral Debenture dated August&nbsp;4, 2006 between Cayman Water
Company Limited and Dextra Bank &#038; Trust Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Equitable Charge of Shares dated August&nbsp;4, 2006 between Consolidated Water Co.
Ltd. and Dextra Bank &#038; Trust Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Intercreditor Deed dated August&nbsp;4, 2006 among Scotiabank &#038; Trust (Cayman) Ltd.,
Dextra Bank &#038; Trust Co. Ltd., Consolidated Water Co. Ltd. and Cayman Water Company
Limited.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cayman Islands Collateral Charge, West Bay Beach South Property, Block 12D,
Parcel 79REM1/2.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cayman Islands Collateral Charge, West Bay Beach North, Block 11D, Parcel 40.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cayman Islands Collateral Charge, West Bay Beach North, Block 11D, Parcel 8.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cayman Islands Collateral Charge, West Bay North East, Block 9A, Parcel 8.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cayman Islands Collateral Charge, West Bay North East, Block 9A, Parcel 469.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-3-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CONSOLIDATED WATER CO. LTD.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Frederick W. McTaggart
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Frederick W. McTaggart&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: August 9, 2006
</DIV>


<P align="center" style="font-size: 10pt">-4-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;No.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Description</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Deed dated August&nbsp;4, 2006 between Consolidated Water Co. Ltd. and Dextra
Bank &#038; Trust Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subscription Agreement dated August&nbsp;4, 2006 between Consolidated Water Co. Ltd.
and Scotiatrust and Merchant Bank Trinidad &#038; Tobago Limited.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Paying Agency Agreement dated August&nbsp;4, 2006 between Consolidated Water Co.
Ltd. and Scotiatrust and Merchant Bank Trinidad &#038; Tobago Limited.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee dated August&nbsp;4, 2006 by Cayman Water Company Limited in favor of
Dextra Bank &#038; Trust Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deed of Second Debenture dated August&nbsp;4, 2006 between Consolidated Water Co.
Ltd. and Dextra Bank &#038; Trust Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deed of Second Collateral Debenture dated August&nbsp;4, 2006 between Cayman Water
Company Limited and Dextra Bank &#038; Trust Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Equitable Charge of Shares dated August&nbsp;4, 2006 between Consolidated Water Co.
Ltd. and Dextra Bank &#038; Trust Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Intercreditor Deed dated August&nbsp;4, 2006 among Scotiabank &#038; Trust (Cayman) Ltd.,
Dextra Bank &#038; Trust Co. Ltd., Consolidated Water Co. Ltd. and Cayman Water Company
Limited.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cayman Islands Collateral Charge, West Bay Beach South Property, Block 12D,
Parcel 79REM1/2.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cayman Islands Collateral Charge, West Bay Beach North, Block 11D, Parcel 40.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cayman Islands Collateral Charge, West Bay Beach North, Block 11D, Parcel 8.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cayman Islands Collateral Charge, West Bay North East, Block 9A, Parcel 8.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cayman Islands Collateral Charge, West Bay North East, Block 9A, Parcel 469.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">-5-
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>g02807exv10w1.htm
<DESCRIPTION>EX-10.1 TRUST DEED DATED AUGUST 4, 2006
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.1 Trust Deed dated August 4, 2006</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT
10.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TRUST DEED</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Index to Clauses</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interpretation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Covenant to repay and to pay interest</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of the Certificates</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal Amount of the Bonds</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Negative Pledge</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Events of Default</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Security</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Enforcement by the Trustee</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Application of Money</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investment by the Trustee</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">11.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice to Bondholders regarding application of money</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment to Bondholders following an event of default</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Surrender, cancellation and re-issue of Bonds</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Failure by Bondholder to make claim after date of redemption</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">15.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manner of Investment by Trustee</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">16.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Register of Bonds</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">17.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&#146;s Remuneration</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">18.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Covenants by the Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">19.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&#146;s Powers</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">20.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&#146;s Power to Delegate</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">21.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointment of Agents by Trustee</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">22.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee not precluded from entering into contracts</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&#146;s consents</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Modification of Trust Deed</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">25.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Waiver by Trustee</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">26.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointment of New Trustee</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">27.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Retirement by Trustee</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">28.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Company&#146;s warranty and performance covenant and Conditions Precedent</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">29.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deemed inclusion of conditions</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">30.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee may assume compliance by the Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">31.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Auditor&#146;s Certificates</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">32.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transfer of Bonds</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">33.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cancellation of Bonds</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">34.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Further Assurance</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">35.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">36.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Miscellaneous</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">37.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">38.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Governing Law</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">39.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Submission to Jurisdiction</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">40.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Waiver of Objection</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">41.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Service of Process</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Index to Schedules</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">First Schedule:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate and Terms and Conditions of the Bonds<BR></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Second Schedule:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Provisions for Meetings of Bondholders</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>T H
I S D E E D</B></U> is made this 4th day of August, Two Thousand and Six
Between Consolidated Water Co. Ltd. a company incorporated under the laws of the Cayman Islands
with its registered office at Regatta Office Park, Windward Three, 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
Floor, West Bay Road, P.O. Box 1114 GT, Grand Cayman, Cayman Islands
(hereinafter called &#147;the Company&#148;) of the One Part and Dextra Bank &#038; Trust Co. Ltd. a company
incorporated under the Laws of the Cayman Islands with its registered office at Sagicor House, 198
North Church Street, P.O. Box 472 GT, Grand Cayman, Cayman Islands, B.W.I. (hereinafter called &#147;the
Trustee&#148;) of the Other Part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>W H E R E A S</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A. By a
Resolution of the Company passed on the 28th day of July 2006 the Company resolved to
borrow with the approval of its Board of Directors in accordance with its Articles of Association a
sum not exceeding Fifteen Million Seven Hundred and Seventy-One Thousand Nine Hundred and
Ninety-Seven United States Dollars and Sixteen Cents <B>(US$15,771,997.16) </B>by the issue and sale of
Secured Fixed Rate Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B. It has been agreed and determined between the Company and the Trustee that the Bonds shall be
constituted and secured in the manner and upon the terms and conditions contained in this Trust
Deed and subject to and with the benefit of the Conditions contained in Part&nbsp;B of the First
Schedule which shall be deemed to be part of this Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C. The net proceeds from the issue of the Bonds are to be applied towards partial funding of the
construction of the reverse osmosis water plant in the Bahamas and assist to in other capital
expenditure projects and such use of the proceeds is legitimate and in accordance with applicable
law.
</DIV>


<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">D. The Trustee has agreed to act as trustee of this Trust Deed for the benefit of the Bondholders
on and subject to the terms and conditions set out in this Trust Deed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NOW THIS TRUST DEED WITNESSETH AND IT IS HEREBY AGREED AND DECLARED </B>as follows:-
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">1.00 <B>INTERPRETATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.01 In this Trust Deed:-
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;AFFILIATES&#148; </B>means with respect to the Company, a
subsidiary or holding company of the Company or any other
subsidiary of that holding Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;ARRANGER</B>&#148; means Scotiatrust and Merchant Bank Trinidad and
Tobago Limited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>AUDITORS</B>&#148; means the auditor or auditors for the time being of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>BONDS</B>&#148; means the registered bonds of the Company issued on the Closing Date in the
aggregate value of not more than Fifteen Million Seven Hundred and Seventy-One
Thousand Nine Hundred and Ninety-Seven United States <B>Dollars </B>and Sixteen Cents
<B>(US$15,771,997.16) </B>comprising 5.95% Secured Fixed Rate Bonds 2006-2016 denominated
in Dollars constituted by this Trust Deed or the nominal amount thereof for the
time being outstanding or (as the context so requires) a specific number thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>BONDHOLDER</B>&#148; means the registered holder(s) of any Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>BUSINESS DAY</B>&#148; means a day on which commercial banks are open for business in the
Cayman Islands.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>CALCULATION DATE&#148; </B>means the last day of each fiscal quarter of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>CERTIFICATES</B>&#148; means any certificate for the Bonds in the form or substantially in
the form set out in Part&nbsp;A of the First Schedule
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;CHARGE OF SHARES&#148; </B>means the Equitable Charge of Shares of even date herewith in
which the Company charged its shares in Cayman Water Company Limited to the
Trustee.
</DIV>

<P align="center" style="font-size: 10pt">3
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;CHARGED PROPERTY&#148; </B>means all the fixed and floating assets of the Company and its
subsidiary, Cayman Water Company Limited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>CLOSING
DATE</B>&#148; means the 4th day of August, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;COLLATERAL MORTGAGES&#148; </B>means the charges of even date herewith made between Cayman
Water Company Limited and the Trustee whereby the Cayman Water Company Limited
charged the following parcels of land: (i)&nbsp;West Bay Beach North East Block 9A
Parcel 8; (ii)&nbsp;West Bay Beach North Block 11D Parcel 40; (iii)&nbsp;West Bay Beach North
Block 11D Parcel 8; (iv) West Bay Beach South Block 12D Parcel 79REM1/2; and (v)
West Bay Beach North East Block 9A Parcel 469.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>CONDITIONS</B>&#148; means the Terms and Conditions endorsed on the Certificates in the
form or substantially in the form set out in Part&nbsp;B of the First Schedule hereto,
as the same may from time to time be modified in accordance with the provisions of
this Trust Deed and any reference in this Trust Deed to a particular numbered
Condition shall be construed accordingly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;CPLTD&#148; </B>means the portion of the long term debt payable in the current
financial year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;DEBENTURE&#148; </B>means the Debenture of even date herewith and made by Cayman Water
Company Limited in favour of the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;DEBT SERVICE COVERAGE RATIO&#148; </B>means the ratio of EBITDA for the 12&nbsp;month period
ending on the Calculation Date to the sum of (i)&nbsp;interest expense for the 12&nbsp;month
period ending on the Calculation Date and (ii)&nbsp;the principal amount of long term
debt scheduled for repayment during the 12&nbsp;month period following the Calculation
Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>DIRECTORS</B>&#148; mean the directors for the time being of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;DISCLOSURE
LETTER&#148; </B>means the letter set out in the Third Schedule dated
the 28th day
of July, 2006 issued by the Company containing the disclosures in respect to the
representations and warranties contained in clause s 5.01.04, 18.04 and 28.01.
</DIV>

<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>DOLLARS</B>&#148;, &#147;<B>UNITED STATES DOLLARS</B>&#148; and <B>&#147;US$&#148; </B>mean the lawful currency from time to
time of the United States of America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;DUE DATE&#148; </B>means the day on which any payment under the Bonds is due.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;EBITDA&#148; </B>means net income plus interest expense, tax expense, depreciation and
amortization and adjusted for any exceptional or extraordinary items included in
calculating net income.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;EQUITY&#148; </B>means total assets minus total liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>EVENT OF DEFAULT</B>&#146; means any event of default referred to in clause 6 of this Trust
Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>EXTRAORDINARY RESOLUTION</B>&#148; means an Extraordinary Resolution of the
Bondholders passed in accordance with the provisions of paragraph 19 of the Second
Schedule.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;GOVERNMENTAL APPROVALS&#148; </B>means such approvals as are required by the Company for
the issue of the Bonds in Trinidad and Tobago and any other territory in the
Caribbean in which the Bonds are offered for sale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;GUARANTEE&#148; </B>means the Guarantee of even date herewith made by Cayman Water Company
Limited in favour of the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>INSURANCE POLICIES&#148; </B>means the Company&#146;s insurance policies as follows: (i)
Commercial &#147;All Risks&#148; Insurance; (ii)&nbsp;Plant and Equipment &#147;All Risks&#148; Insurance;
(iii)&nbsp;Business Interruption Insurance which includes loss of profit endorsement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;INSURANCE PROCEEDS ACCOUNT&#148; </B>means the account established by the Company under the
control of the Trustee into which the insurance proceeds of the Insurance Policies are to be paid in accordance with
Clause 18.01.17.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;INTER-CREDITOR AGREEMENT&#148; </B>means the agreement of even date herewith made among
Scotiabank &#038; Trust (Cayman) Ltd., the Trustee, the Company and Cayman Water Company
Limited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;INTEREST RATE&#148; </B>means the rate set out in Condition 6.03.01.
</DIV>

<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;ISSUE PRICE&#148; </B>means 95.11% of the principal amount of the Bonds such that the
proceeds of the Bonds payable by the Bondholders to the Company shall be equivalent
to the principal amount of the Bonds in the amount of US$15,771,997.16 multiplied
by 95.11% which equals US$15,000,000.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>MONTH</B>&#148; means calendar month.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>OUTSTANDING BONDS</B>&#148; means all the Bonds other than:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;those in respect of which the repayment money (including all
arrears of interest (if any) accrued thereon have been duly paid to the
relevant Bondholders or have been duly paid to the Trustee or to the Paying
Agent in the manner provided in the Paying Agency Agreement or this Trust Deed
(and where appropriate notice to that effect has been given to the relevant
Bondholders in accordance with Condition 15.00) for payment against
presentation of the relevant Certificates;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;those which have been purchased beneficially by or for the
account of the Company and cancelled;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Provided that for each of the following purposes, namely:-
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;the right to attend and vote at any meeting of the
Bondholders or any of them;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii)&nbsp;the determination of the number of Outstanding Bonds for the
purposes of clause 8.00 hereof, Condition 10.00 and paragraphs 2, 5, 6, 7, 9
and 10 of the Second Schedule hereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iii)&nbsp;any discretion, power or authority contained in this Trust
Deed which the Trustee is required, expressly or impliedly, to exercise in or
by reference to the interests of the Bondholders or any of them; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iv)&nbsp;the determination by the Trustee whether in its opinion any
circumstances, matters or things are or would be materially prejudicial to the
interests of the Bondholders or any of them;
</DIV>

<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">those Bonds if any, which are beneficially held by or for the account of the
Company, but are not yet cancelled under Condition 7.06 shall (unless and until
ceasing to be so held by or for the account of the Company) be deemed not to be
Outstanding Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;PARI-PASSU DEBENTURE&#148; </B>means the Debenture of even date herewith and made by the
Company in favour of the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>PAYING AGENCY AGREEMENT</B>&#148; means the Agreement of even date herewith appointing the
Paying Agent for the Bonds or any other agreement for the time being in force
appointing the Paying Agent for the Bonds, or concerning its duties, the terms of
which have been previously approved in writing by the Trustee, together with any
agreement for the time being in force amending or modifying with the prior written
approval of the Trustee any of the aforesaid agreements in relation to the Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>PAYING AGENT</B>&#148; means Scotiatrust and Merchant Bank Trinidad and Tobago Limited or
other person appointed by the Company as such.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>PAYMENT DATE</B>&#148; has the meaning ascribed to it in Condition 1.01.04.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;PAYMENT PERIOD&#148; </B>means the period described in Condition 1.01.05.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>PAYMENT, REDEMPTION AND REPAYMENT</B>&#148; shall where the context admits each include
both the others and the words &#145;pay&#146;, &#145;paid&#146;, and &#145;payable&#146;, &#145;redeem&#146;, &#145;redeemed&#146;
and &#145;redeemable&#146;, &#145;repay&#146;, &#145;repaid&#146; and &#145;repayable&#146; shall be construed accordingly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;PERMITTED INVESTORS&#148; </B>means up to no more that 34 or such other applicable
aggregate amount of such Permitted Investors at anytime who acquire bonds or
interests in bonds for their own account or for the account of another Permitted
Investor to the extent that such Permitted Investors are not prohibited by the
Securities Act from acquiring securities in private placements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>REGISTER</B>&#148; means the register of the Bonds and Bondholders to be maintained in
accordance with the provisions of this Trust Deed.
</DIV>

<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>REGISTRAR</B>&#148; means Scotiatrust and Merchant Bank Trinidad and Tobago Limited or
other person appointed by the Company as such.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;REGULATORY APPROVALS&#148; </B>means all permits, licences, and consents as are required
under the laws of the Cayman Islands and the Bahamas for the proper and effective
carrying out of the Company&#146;s business and that of its Affiliates.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;SECURITIES ACT&#148; </B>means the applicable securities legislation in the territories the
Bonds are offered for sale.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;SECURITY DOCUMENTS&#148; </B>means the Trust Deed, the Paying Agency Agreement, the
Subscription Agreement, the Debenture, the Pari-Passu Debenture, the Collateral
Mortgages, the Guarantee, the Charge of Shares and the Inter-Creditor Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>SPECIFIED OFFICE</B>&#148; means in relation to any Paying Agent, either the office
identified with its name at the end of the Conditions or in the relevant Paying
Agency Agreement under which it is appointed as such or such other office as shall
have been notified to the holders of the Bonds in accordance with the Conditions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;SUBSCRIPTION AGREEMENT&#148; </B>means the Agreement even date herewith whereby the
Arranger agrees to underwrite and arrange for subscription of the Bonds.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;TAXES&#148; </B>means and includes any present or future taxes, levies, duties, imposts,
deductions, charges, fees or withholdings of any nature.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>TRUST CORPORATION</B>&#148; means a corporation entitled under the laws of the Cayman
Islands or Trinidad and Tobago to carry out, or not prohibited from carrying out,
the functions of a trustee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>TRUST DEED</B>&#148; means this Trust Deed and the Schedules (as from time to time modified
in accordance with the provisions of this Trust Deed) and shall include any deed or
instrument supplemental to this Trust Deed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>TRUSTEE</B>&#148; means Dextra Bank &#038; Trust Co. Ltd. or any other trustee or trustees for
the time being of this Trust Deed and includes the successors and assigns of the
Trustee whether immediate or derivative.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.02 Unless the context requires otherwise words or expressions in this Trust Deed
shall bear the same meanings as in the Companies Law of the Cayman Islands or any
statutory modification or re-enactment thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.03 Words denoting the singular shall include the plural number and vice versa.
Words denoting masculine feminine or neuter gender shall include both of the other
genders. Words denoting natural persons shall include corporations and firms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.04 The headings and sub-headings to clauses and Conditions are for convenience
only and have no legal effect and references to Schedules, clauses, sub-clauses,
Conditions, paragraphs and sub-paragraphs shall be references to the Schedules to this
Trust Deed, to the clauses and sub-clauses of this Trust Deed, to the Conditions set
out in Part&nbsp;C of the First Schedule and to the paragraphs and sub-paragraphs set out
in the Second Schedule.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.05 References to statutes orders regulations or statutory instruments shall be
construed as references to them as respectively replaced, amended, modified or
re-enacted from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.06 References to costs, charges or expenses shall unless stated to the contrary
include any value added tax or similar tax or duty charged or chargeable on them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">2.00 <B>COVENANT TO REPAY AND TO PAY INTEREST</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.01 The Company hereby covenants with the Trustee to pay the principal sum of
Fifteen Million Seven Hundred and Seventy-One Thousand Nine Hundred and Ninety-Seven
United States Dollars and Sixteen Cents <B>(US$15,771,997.16) </B>due on the Bonds to the
Bondholders and/or the Trustee as Trustee for the Bondholders together with interest
thereon and all other sums from time to time due to the Trustee or the Bondholders
under this Trust Deed in accordance with the provisions of this Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.02 As and when the Bonds or any of them become due to be repaid in accordance
with the Conditions, the Company shall pay to or to the order
</DIV>

<P align="center" style="font-size: 10pt">9
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of the Trustee in
Dollars in immediately available funds the principal amount of the Bonds on the Due
Date for repayment and shall (subject as aforesaid and to the other provisions of the
Conditions) until such payment (as well after as before any judgment or other order of
any competent court) unconditionally pay to or to the order of the Trustee as
aforesaid, as and when the same becomes due in accordance with the Conditions,
interest on the principal amount of the Bonds at the rate per annum specified in
Condition 6.03;</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.03 Any principal sum which is not paid on the due date will attract interest
from and after the Due Date at the rate of 2.5% per annum above the Interest Rate on
the issue, payable by the Company.
</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AND PROVIDED </B>that:-
</div>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.03.01 in any case where the Payment Date is a non-Business Day, then payment of principal
or interest shall be made on the last preceding day which is a Business Day, but
interest shall only accrue for the period up to the date for payment or the date fixed
for repayment of principal or interest;
</div>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.03.02 every payment of principal or interest in respect of the Bonds made to the Paying
Agent in the manner provided in the Paying Agency
Agreement or this Trust Deed shall be in satisfaction pro tanto of the
covenant by the Company in this clause contained;
</div>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.03.03 If the Company pays any amount in respect of the Bonds to the Trustee or Paying
Agent after the relevant Due Date, interest will continue to accrue on the principal
included in the amount of the payment that is overdue at the rate specified in clause
2.03; that interest will be calculated from the Due Date to the date (being not later
than thirty (30)&nbsp;days after the date on which the Trustee or the Paying Agent actually
receives the whole of that payment together with an amount, equal to the interest
which has accrued and is to accrue up to and including that date) which the trustee
determines will be the date on which payment will be made to the Bondholder;
</DIV>

<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and the
Trustee must state that date in a notice (given in accordance with Condition 15) which
the Trustee must give to the Company and to the Bondholders as the date that the full
amount payable in respect of the Bonds will be paid; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.03.04 In any case where the Company improperly withholds or refuses to pay the whole or
any part of the principal of any Bond (otherwise than in circumstances contemplated by
clause 2.03.03), interest will accrue on the principal balance of that Bond at the
rate specified in clause 2.03, calculated from the date of the withholding or refusal
up to and including the date (being not later than thirty (30)&nbsp;days after the day on
which the Trustee or the Paying Agent actually receives the whole of that principal
balance, together with an amount equal to the interest which has accrued and which is
to accrue up to and including the date which the Trustee determines will be the date
on which payment is to be made to the Bondholders, and the Trustee must state that
date in a notice which the Trustee must give to the Company and to the Bondholders as
the date that the full amount payable in respect of the Bonds will be paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.04 At any time after all the money hereby secured shall become due and payable
or the Trustee shall have instituted proceedings against the Company in accordance
with clause 8.00 the Trustee may:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.04.01 by notice in writing to the Company and the Paying Agent and the Registrar require
the Paying Agent pursuant to the Paying Agency Agreement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;to act thereafter as Paying Agent and
Registrar of the Trustee in relation to payments to be made by or on
behalf of the Trustee under the provisions of this Trust Deed on the
terms provided in the Paying Agency Agreement mutatis mutandis (save
that the Trustee&#146;s liability under any of the provisions thereof for
the indemnification of the
</DIV>

<P align="center" style="font-size: 10pt">11
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Paying Agent shall be limited to the
amounts for the time being held by the Trustee upon the trust of this
Trust Deed and available for distribution to Bondholders) and
thereafter to hold all such sums, documents and records held by it in
respect of the Bonds on behalf of the Trustee; and/or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;to deliver up all Bonds and all sums,
documents and records held by it in respect of such Bonds to the
Trustee or as the Trustee shall direct in such notice provided that
such notice shall be deemed not to apply to any documents or records
which the Paying Agent is obliged not to release by any law or
regulation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.04.02 by notice in writing to the Company require it to make all subsequent payments in
respect of Bonds to the order of the Trustee and not to the Paying Agent with effect
from the issue of any such notice to the Company and until such notice is withdrawn
sub-clause 2.03.02 hereof shall cease to have effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.05 Payment of the principal for the time being owing on the Bonds or any part of
the Bonds, and interest may be made by cheque or wire transfer made payable to the Bondholders (or, in the case of joint holders, to all such
Bondholders) or to such person or persons as the Bondholders or all the joint
Bondholders may in writing direct, and sent to the Bondholder at his registered
address or in the case of joint Bondholders the Bondholder who is first named on
the Register at his registered address or to such address as the Bondholder or all
the joint Bondholders may direct in writing. Every cheque may be sent through the
post at the risk of the Bondholders or joint Bondholders. Due payment of the cheque
or instruction for the wire transfer of funds to the address provided by the
Bondholder shall be a satisfaction of the principal or interest it represents
unless the cheque is returned by the bank on which it is drawn for any legitimate
reason.
</DIV>

<P align="center" style="font-size: 10pt">12
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.06 All payments by the Company in respect of the Bonds will be made in Dollars
without withholding of, or deduction for or on account of, any present or future Taxes
of the Cayman Islands, unless the Company is required by Cayman Islands law to
withhold or deduct amounts for, or on account of, any such Taxes whereupon the
provisions of Condition 4.00 shall apply.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.00 <B>FORM OF THE CERTIFICATES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.01 The Certificates shall be in the form or substantially in the form set out in
Part&nbsp;A of the First Schedule or in such other form as the Trustee may approve and
shall have endorsed on them Conditions in the form, or substantially in the form, set
out in Part&nbsp;B of the First Schedule.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.02 Without unnecessary delay but in any event not more than fourteen days after
the Closing Date the Company shall execute and have available for delivery to the
Paying Agent for distribution to the initial purchasers of the Bonds the Certificates
in respect thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.03 The Bond Certificates are valid and obligatory only when they have been
countersigned for the purpose of authentication and delivered by the Paying Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.04 The Company shall comply with the terms and provisions of the Certificates
issued in respect of the Bonds and the Conditions. The Bonds
shall be held subject to and with the benefit of the
Conditions, all of which shall be deemed to be
incorporated in this Trust Deed and shall be binding
on the Company, the Bondholders and all persons
claiming through or under them. Every Bondholder shall
be entitled to receive one Certificate for the Bonds
held by him, but joint Bondholders shall be entitled
to one Certificate only for the Bonds jointly held by
them. Each Certificate for a joint bondholding shall
be delivered to that one of the joint Bondholders
whose name stands first in the Register in respect of
the joint bondholding. Where a Bondholder has
transferred or has redeemed a part only of his holding
of Bonds he shall be entitled to a Certificate for the
balance of such holding, without charge.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.00 <B>PRINCIPAL AMOUNT OF THE BONDS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.01 The principal amount of the Bonds shall be limited to <B>Fifteen Million Seven
Hundred and Seventy-One Thousand Nine Hundred and Ninety-Seven United States Dollars
and Sixteen Cents (US$15,771,997.16)</B>. The whole of the Bonds shall constitute secured
obligations of the Company and shall rank pari passu equally and rateably without
discrimination or preference among themselves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.02 The amount of the Issue Price shall be received by the Company and shall be
applied for the purposes set out in Recital C of this Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.00 <B>NEGATIVE PLEDGE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.01 So long as any Bonds remain outstanding, neither the Company nor any of its
Affiliates shall without the consent in writing of the Trustee:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.01.01 make any assignment for the benefit of its creditors or consent to the appointment
of a trustee or receiver over its property or any part thereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.01.02 do or cause or permit to be done anything which may in any way materially
depreciate, jeopardise or otherwise prejudice this Trust Deed;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.01.03 enter into a merger, acquisition or change the nature of its business;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.01.04 enter into (a)&nbsp;any new borrowing agreements in amounts aggregating more than
$250,000.00 or (b)&nbsp;any new guarantees or new contingent liabilities in amounts
aggregating more than $250,000.00, (save and except for guarantees and contingent
liabilities associated with current and future projects of the Company, which have
been presented to and accepted by the Arranger as part of its due diligence exercise
and disclosed to the Trustee prior to the execution of this Deed) or (c)&nbsp;any
arrangements to further encumber its assets to secure amounts other than those amounts
specified in (a)&nbsp;and (b)&nbsp;above; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.01.05 make any advances to any of the Company&#146;s shareholders.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.00 <B>EVENTS OF DEFAULT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01 The Bonds shall become immediately due and payable together with accrued
interest, if any of the following events occur and either (a)&nbsp;the Trustee so
determines or (b)&nbsp;the Trustee is requested in writing by Bondholders together holding
at least one-quarter in principal amount of the Outstanding Bonds or is requested by
an Extraordinary Resolution to demand repayment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01.01 If the Company fails to pay for a period of ten (10)&nbsp;days after the Due
Date any payment due on the Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01.02 If a receiver is appointed or if a bona fide petition is presented or an
order made or a resolution passed or analogous proceedings are taken for
appointing an administrator or liquidator of or winding up of the Company or
if a notice is issued convening a meeting for the purpose of passing any such
resolution or a resolution to purchase or redeem or reduce issued share
capital of the Company (save for the purpose of and followed within four
months by an amalgamation or reconstruction not involving or arising out of
insolvency on terms previously approved in writing by the Trustee).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01.03 If the Company threatens the Trustee verbally or in writing to stop payment
of its obligations generally or ceases or threatens to cease to carry on
business or a substantial part of its business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01.04 If an encumbrancer takes possession or a receiver is appointed of the whole
or any part of the assets, property, revenues or undertaking of the Company or
if any final judgment or order made against the Company is not complied with
within fourteen days or if a distress, sequestration, execution or other
process is levied or enforced on or sued out against any of the undertaking,
property, assets, revenues, chattels or property of the Company and is not
discharged within fourteen days.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01.05 If the Company is deemed to be insolvent or unable to pay its debts within
the meaning of Section&nbsp;95 of the Companies Law or if the Company shall enter
into discussions or arrangements with any of its creditors with a view to
avoiding insolvency, or an application for an administration order is
presented to a court or such an order is made by a court, or if a notice is
issued convening any meeting of the Company for the purpose of considering
such an application.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01.06 If the Company defaults under any trust deed, loan agreement, debenture or
other agreement or obligation relating to its borrowing (which expression
includes all liabilities in respect of any type of credit and accepting,
endorsing or discounting any notes or bills all unpaid rental and other
liabilities, present and future under hire-purchase, credit sale, conditional
sale, leasing and similar agreements the purchase price or charge for all
acquisitions or services, payment of which is deferred for three months or
more and all liabilities under debt purchase factoring and like agreements
contingent on non-payment of any debt) or if any borrowing or other money
payable under any of the foregoing becomes or is capable of being declared payable
prior to its stated maturity or is not paid when due or if any
debenture, mortgage, charge or other security now or hereafter created
by the Company becomes enforceable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01.07 If this Trust Deed or any of the Security Documents fails or ceases to be
continuing or is terminated (other than by the resignation or removal of the
Paying Agent followed by the appointment of a substitute).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01.08 If any Regulatory Approval, licence, authorization, consent or registration
at any time necessary or desirable to enable the Company to comply with its
obligations to the Trustee or to carry on its business in the normal course
shall be revoked, withheld or materially modified or shall fail to be granted
or perfected or shall cease to remain in full force and effect.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01.09 If default is made by the Company in the performance of its obligations or
covenants under or as incorporated by reference into this Trust Deed other
than any covenant for the payment of principal and interest in respect of the
Bonds or if the Company breaches any representation or warranty made under
this Trust Deed and (except where, in the opinion of the Trustee, such default
is not capable of remedy when no such continuation or notice as is referred to
below will be required) such default continues for more than fourteen days
after written notice requiring such default to be remedied has been given to
the Company by the Trustee and the Trustee shall have certified in writing
that such event is in its opinion prejudicial to the interests of the
Bondholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01.10 If any event or series of events or any circumstances whether related or
not occur(s) or arise(s) which, in the reasonable opinion of the Trustee has a
material adverse effect on the
Company which affects the ability of the Company to meet its
obligations under this Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01.11 Any representation or warranty made by the Company in or pursuant to this
Trust Deed is, or proves to be, untrue or incorrect in any respect when made
or would be untrue or incorrect if repeated at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01.12 Any material indebtedness of the Company is not paid when due and payable
and remains unpaid for fifteen (15)&nbsp;Business Days thereafter unless it is
disputed by the Company in good faith or is lawfully declared to be or is
capable of being rendered due and payable before its normal maturity or any
security interest over any assets of the Company securing indebtedness becomes
enforceable.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01.13 Any event occurs which renders it unlawful or impossible for the Company to
perform or observe, or to procure the performance or observance of, any of its
obligations or undertakings contained in this Trust Deed or for the Trustee to
exercise any of its rights and remedies under this Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01.14 If the Company defaults in the performance of its obligations under any of
the Security Documents or any of its Regulatory Approvals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.00 <B>SECURITY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.01 The Company shall pursuant to the Pari-Passu Debenture charge to the Trustee
all of the fixed and floating assets of the Company by way of security for the
repayment of the principal and interest in respect of the Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.02 The
Company shall pursuant to Charge of Shares charge to the Trustee its shares in Cayman Water Company Limited by way of security for the repayment of the
principal and interest in respect of the Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.03 The Company shall procure the issue of the Guarantee by way of security for
the repayment of the principal and interest in respect of the Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.05 The Company shall procure that Cayman Water Company Limited pursuant to the
Debenture charge to the Trustee all of its fixed and floating assets by way of
security for the repayment of the principal and interest in respect of the Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.06 The Company shall procure that Cayman Water Company Limited pursuant to the
Collateral Mortgages charge to the Trustee the parcels of land described therein by
way of security for the repayment of the principal and interest in respect of the
Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.07 The security created by clauses 7.01, 7.02, 7.03, 7.04, 7.05 and 7.06 shall:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.07.01 be without prejudice and in addition to any other security for the payment of all
money from time to time payable under this Trust Deed and the Conditions which the
Trustee may hold now or hereafter on all or any part of the property, assets and
undertaking of the Company;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.07.02 be in addition to any rights, powers and remedies at law or in equity or otherwise;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.07.03 not merge with or otherwise prejudice or affect any contractual or other right or
remedy or any guarantee, lien, pledge, bill, note, mortgage or other security (whether
created by the deposit of documents or otherwise) now or hereafter held by or
available to the Trustee and shall not in any way be prejudiced or affected thereby or
by the invalidity thereof or by the Trustee now or hereafter dealing with exchanging,
releasing, varying or abstaining from perfecting or enforcing any of the same or any
rights which it may now or hereafter have or giving time for payment or indulgence or
compounding with any other person liable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.00 <B>ENFORCEMENT BY THE TRUSTEE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.01 At any time after the Bonds shall have become immediately due and repayable,
the Trustee (to the exclusion of the Bondholders) may, at its discretion, and shall,
on the request in writing of Bondholders holding not less than one-quarter of the
principal amount of the Outstanding Bonds or,
if so requested by Extraordinary Resolution (but, in either case, subject to the
Trustee being indemnified to its satisfaction against all proceedings, claims and
demands to which the Trustee may be liable and all costs, charges and expenses
which may be incurred by the Trustee in connection therewith), and without notice
take such proceedings against the Company as it may deem fit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.02 The Trustee shall be entitled to prove in any winding-up of the Company in
respect of principal and/or interest payable in relation to the Bonds or other money
payable under any provision of this Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.03 No Bondholders shall in any circumstances be entitled to any remedy (whether
by way of action, petition or otherwise howsoever) for the recovery of any Bond or any
part thereof or any interest therein, unless the Trustee, having become bound to take
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">proceedings in accordance with this Trust Deed, fails to do so within a reasonable
time and such failure shall be continuing. In that case any Bondholder may, on giving
the Trustee an indemnity satisfactory to the Trustee against all proceedings claims
and demands to which it may be liable and all costs charges and expenses which may be
incurred by it in connection therewith, in the name of the Trustee (but not otherwise)
himself either take such proceedings against the Company or prove in the winding-up of
the Company. The Trustee shall apply any money so received in the manner provided in
this Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.04 Should the Trustee institute proceedings against the Company to enforce any
obligation under this Trust Deed or under the Bonds, proof therein that the Company
has made default in paying any principal or interest due in respect of any specified
Bond, shall (unless the contrary be proved) be sufficient evidence that the Company
has made the like default as regards all other Bonds in respect of which the relevant
payment is then due.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.05 The Company hereby covenants with the Trustee on demand to pay all costs
charges and expenses incurred by the Trustee or which it shall
properly incur in or about the enforcement preservation or attempted preservation
of this security on a full indemnity basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.06 The Company hereby agrees to indemnify the Trustee against all losses,
actions, claims, expenses, demands and liabilities whether in contract, tort or
otherwise now or hereafter incurred by it or by any manager, agent, officer or
employee for whose liability, act or omission it may be answerable for anything done
or omitted in the exercise or purported exercise of the powers herein contained or
occasioned by any breach by the Company of any of its covenants or other obligations
to the Trustee. The Company shall so indemnify the Trustee on demand and shall pay
interest on the sums demanded at the rate specified in Condition 6.03.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.07 In case the Trustee shall have proceeded to enforce any right under this
Trust Deed by the appointment of a receiver or otherwise, and such proceedings shall
have been discontinued or abandoned for any reason, or shall have been determined
adversely, then and in every such case, the Company, the Trustee and the Bondholders
shall be restored to their former positions and rights hereunder, and all rights,
remedies and powers of the Trustee shall continue as if no such proceedings had been
taken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.00 <B>APPLICATION OF MONEY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.01 In respect of clause 8, all amounts payable to and received by the Trustee in
respect of the Bonds by way of principal and/or interest or otherwise under any of the
provisions of this Trust Deed will be received by it on trust for application:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.01.01 first, in payment or satisfaction of the costs, charges, expenses and liabilities
incurred by the Trustee (including any unpaid remuneration) in or about the execution
of the trusts of this Trust Deed;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.01.02 secondly, in payment pari passu and rateably of interest outstanding owing on or in
respect of the Bonds; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.01.03 thirdly, as to the balance (if any) in or towards payment pari passu and rateably
of principal outstanding and owing on or in respect of the Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.00 <B>INVESTMENT BY THE TRUSTEE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.01 If the amount of the money at any time applicable under clause 9.01.03 shall
be less than an amount sufficient to repay at least <B>$1,000.00 </B>on each Bond rateably
among the Bondholders, the Trustee may at its discretion invest such money in some or
one of the investments authorised by this Trust Deed. The Trustee shall have power
from time to time at the like discretion to vary such investments and such investments
with the income yielded by them may be accumulated, until the accumulations (together
with any other funds for the time being under the control of the Trustee and
applicable for the purpose) shall amount to a sum sufficient to repay at least
<B>$1,000.00 </B>on each Bond rateably among the Bondholders. Such funds and accumulations
shall then be applied as set out in clause 9.00<B>.</B>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.00 <B>NOTICE TO BONDHOLDERS REGARDING APPLICATION OF MONEY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.01 The Trustee shall give not less than fourteen days&#146; notice to the
Bondholders of the day and place fixed for any payment to them under either of clauses
9.00 and 10.00. After payment by the Trustee, the Bondholders shall be entitled to
interest on the balance only (if any) of the principal owing on the Bonds held by
them, after deducting the amount which the Trustee had paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.00 <B>PAYMENT TO BONDHOLDERS FOLLOWING AN EVENT OF DEFAULT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.01 Payment of the principal money or interest payable by the Trustee under
clauses 9.00 and 10.00 in respect of the Bonds may be made to Bondholders in manner
provided by clause 2.02 for payment on the Bonds. Any payment so made shall be a good
discharge to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.00 <B>SURRENDER, CANCELLATION AND RE-ISSUE OF BONDS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.01 Final payment under the Bonds or payment under the provisions of Condition
7.03 on account of the whole or any part of the principal owing on the Bonds will only
be made if the Certificates for which such payment is to be made are surrendered to
the Paying Agent by or through whom such payment is payable, who shall cause the
Certificate to be cancelled and a new Certificate re-issued for the remaining
principal amount due on the Bond and in the case of payment in full, cause such
Certificates to be cancelled in full. The Trustee may with the Company&#146;s consent,
instruct the Paying Agent to dispense with the production of a Certificate in any
particular case, on such indemnity being given as the Trustee and the Company shall
think sufficient.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.00 <B>FAILURE BY BONDHOLDER TO MAKE CLAIM AFTER DATE OF REDEMPTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.01 If a holder of any of the Bonds which the Company is ready to repay or
satisfy in whole or in part, fails to claim or accept the amount due to him within
thirty days after the Due Date, the Company may or (if so requested by the Trustee)
shall deposit with a bank in the name of the Trustee an amount equal to the amount due
to such Bondholder. On such deposit being made, the Bonds which the Company is ready
to repay or satisfy in whole or in part shall be deemed to have been repaid or
satisfied to that extent in accordance with the provisions of this Trust Deed. After
provision for repayment or satisfaction of the Bonds is made by such deposit of the
funds required for the purpose, the Trustee shall not be responsible for the safe
custody of such money or for interest on it. The Trustee shall be entitled to deduct
the expenses incurred by it in arranging such deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15.00 <B>MANNER OF INVESTMENT BY TRUSTEE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15.01 Any money which under this Trust Deed ought to or may be invested by the
Trustee may be invested in the name or under the control of the Trustee in any of the
investments for the time being authorised by the law
for the investment by trustees of trust
money or in any other investments whether
similar to the aforesaid or not which may
be selected by the Company and approved by
the Trustee or by placing the money on
deposit in the name or under the control
of the Trustee as the Trustee may think
fit. The Trustee may at any time or times
vary any such investments for or into
other investments and shall not be
responsible for any loss due to
depreciation in value of or otherwise
resulting from any such investments unless
such loss results from the negligence of
the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.00 <B>REGISTER OF BONDS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.01 The Register shall, in the absence of wilful default, bad faith or manifest
error, at all times be conclusive evidence of the amount of the Bonds held by each
Bondholder.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.00 <B>TRUSTEE&#146;S REMUNERATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.01 Until the trusts hereunder are finally wound up, the Company shall pay to
the Trustee for its services as trustee of this Trust Deed <B>$10,000.00 </B>per annum
annually in advance. Remuneration shall continue to be payable until the payment by
the Company in full of the principal amount of the Bonds and interest and all other
money payable under this Trust Deed and the Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.02 If the Bonds become immediately due and repayable, and the Trustee considers
it expedient or necessary or if the Trustee is requested by the Company to undertake
duties which the Trustee and the Company agree to be of an exceptional nature or
otherwise outside the scope of the normal duties of the Trustee under this Trust Deed,
the Company shall pay to the Trustee such additional remuneration as may be agreed
between them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.03 Remuneration under clauses 17.01 and 17.02 shall be exclusive of any value
added tax (or analogous duty), which shall be added at the applicable rate and paid by
the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.04 The Company shall also pay or discharge all legal costs, stamp duties and
disbursement costs incurred in the preparation of the Security Documents other than
any Trinidad and Tobago stamp duty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.05 All reasonable costs, charges, liabilities and expenses properly incurred
and payments properly made by the Trustee in the lawful exercise of its powers under
this Trust Deed and all remuneration payable to the Trustee shall be payable by the
Company on demand. Payments required to be made and actually made by the Trustee prior
to the demand shall (if not paid within five Business Days after demand and if the
Trustee so requires) carry interest at the rate specified in Condition 6.03 from the
date of demand (and whether before or after any judgment). In all other cases,
interest shall accrue at such rate from the date thirty days after the date of demand
or (where the demand specifies that payment be made on an earlier date) from such
earlier date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.06 Upon the occurrence of an Event of Default, but only upon the occurrence of
an Event of Default, the Trustee shall have a first lien with right of payment prior
to payment on account of principal and interest on any Bond for the foregoing fees,
charges and expenses of the Trustee.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.00 <B>COVENANTS BY THE COMPANY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01 The Company hereby covenants with the Trustee that so long as there are any
Outstanding Bonds it shall:-
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.01 give to the Trustee or any person appointed by the Trustee to whom the Company
does not reasonably object such information and evidence as it or he shall reasonably
require for the purpose of the discharge by the Trustee of the duties or discretions
vested in it under this Trust Deed or by operation of law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.02 at all times carry on and conduct its affairs in a proper and efficient manner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.03 procure the Auditors to furnish the Trustee with such opinions, certificates or
other information as the Trustee may from time to
time reasonably require in connection with any matter arising under this Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.04 at all times keep proper books of account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.05 give notice in writing to the Trustee of the occurrence of any of the events
referred to in clause 6.00 forthwith upon it becoming aware thereof without waiting
for the Trustee to take any of the actions mentioned therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.06 require the Paying Agent to notify the Trustee forthwith in the event that it does
not, on or before any Due Date, receive unconditionally pursuant to the Paying Agency
Agreement or this Trust Deed the full amount in Dollars of the money payable on such
Due Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.07 in the event of the unconditional payment to the Paying Agent of any sum due in
respect of the Bonds being made after the Due Date, forthwith give notice to the
relevant Bondholders in accordance with Condition 15.00 that such payment has been
made.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.08 comply with, observe and perform all its obligations under, and use all reasonable
endeavours to procure the Paying Agent and the Registrar to comply with, observe and
perform all their obligations under the Paying Agency Agreement, and not make any
amendment or modification to any such agreement without the prior written approval of
the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.09 at all times maintain a Paying Agent or Paying Agents, in accordance with the
applicable Conditions and at all times procure there to be a Registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.10 on each occasion when notice is given of a partial repayment of Bonds made
pursuant to Condition 7.03 specify or procure to be specified separately in such
notice the date and amount of each repayment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.11 give not less than 60&nbsp;days&#146; notice to the Bondholders in accordance with Condition
15.00 of the proposed resignation or removal of any Paying Agent or Registrar or the
change of any Paying Agent&#146;s or Registrar&#146;s specified office and give notice to the
Bondholders in accordance with Condition 15.00 of any appointment of any Paying Agent
or Registrar within 14&nbsp;days thereafter <B>PROVIDED ALWAYS </B>that in the case of the
termination by the Company of the appointment of the Paying Agent or the Registrar it
must ensure that no such termination takes effect until a new Paying Agent or
Registrar has been appointed on terms approved by the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.12 send or procure to be sent to the Trustee not later than the date of publication a
copy of all notices given to Bondholders in accordance with Condition 15.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.13 if it shall have given notice in accordance with the applicable Conditions of its
intention to redeem the Bonds duly proceed to redeem the Bonds accordingly.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.14 at all times execute and do all such further documents, acts and things as may be
necessary at any time or times in the reasonable opinion of the Trustee to give effect
to the provisions of this Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.15 furnish to the Trustee within one hundred and twenty (120)&nbsp;days after the close of
each financial year of the Company, a duly audited balance sheet and profit and loss
account as at the end of the relevant financial year prepared in accordance with United
States generally accepted accounting principles consistently applied giving a true and
fair view of the state of the consolidated financial affairs of the Company as at the
end of the financial year and complying with the requirements of the companies
legislation for the time being in force that is applicable to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.16 furnish to the Trustee, within forty-five (45)&nbsp;days after the close of each
quarter of the Company&#146;s financial year, quarterly un-audited consolidated financial
statements prepared as stated in clause 18.01.15 giving a true and fair view of the
Company&#146;s affairs during such quarterly period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.01.17 pay or procure the payment of all insurance proceeds in respect of the Insurance
Policies to the Insurance Proceeds Account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.02 So long as there are any Outstanding Bonds the Company shall, in order to
enable the Trustee to ascertain the principal amount of the Outstanding Bonds for any
of the purposes referred to in the proviso to the definition of &#147;Outstanding Bonds&#148;
contained in Clause 1.00 hereof, deliver to the Trustee forthwith upon being so
requested in writing by the Trustee, a certificate in writing signed by the Chairman
and Secretary on behalf of the Company setting out the total principal amount of the
Bonds which up to and including the date of such certificate have been purchased
beneficially by or for the account of the Company and cancelled.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.03 So long as there are any Outstanding Bonds the Company shall at all times
maintain Registrars having their specified office in the English speaking Caribbean.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.04 Save and except for capital expenditure on current projects and on other
future projects of the Company, which have been presented to and accepted by the
Arranger as part of its due diligence exercise and disclosed to the Trustee in writing
prior to the execution of this Deed, so long as any Bonds remain outstanding, the
Company shall obtain the prior written consent of the Trustee for the capital
expenditure of any sum in excess of $2,000,000.00 per annum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.05 So long as any Bonds remain outstanding the Company shall maintain the
following financial ratios which shall be calculated as of the Calculation Date:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.05.01 Debt Service Coverage Ratio (EBITDA/Interest Expenses &#043; CPLTD) is to be equal to
or greater than 1.25:1;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.05.02 a ratio of Long-term Debt to EBITDA for the 12&nbsp;month period ending on the
Calculation Date equal to or less than 2.5:1; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.05.03 a ratio of Long-term Debt to Equity equal to or less than 60:40.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.00 <B>TRUSTEE&#146;S POWERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.01 The Trustee shall have all the powers conferred on trustees by the Trustee
Law and by way of supplement thereto it is expressly declared as follows:-
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.01.01 the Trustee may in relation to this Trust Deed act on the opinion or advice of or
information obtained from the Registrar or any lawyer, valuer, surveyor, banker,
broker, auctioneer, accountant or other expert whether obtained by the Company or by
the Trustee or otherwise and shall not be responsible for any loss occasioned by so
acting. Any such opinion, advice or information may be sent or obtained by letter,
telex, facsimile, electronic mail or cablegram and the Trustee shall not be liable for
acting on any opinion, advice or information purporting to be conveyed by any such
letter, telex, facsimile or cablegram, even if it shall contain some error or shall
not be authentic;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.01.02 the Trustee shall not be bound to take any steps to ascertain whether any event
listed in clause 6.00 has happened and, until it shall have actual knowledge or shall
have express notice to the contrary, the Trustee shall be entitled to assume that no
such event has happened and that the Company is performing all the obligations on its
part contained in this Trust Deed;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.01.03 save as otherwise expressly provided in this Trust Deed, the Trustee shall, as
regards all trust, powers, authorities and discretions vested in it by this Trust
Deed, have absolute discretion as to their exercise and, provided it shall not have
acted
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">fraudulently or negligently, it shall not be responsible for any loss,
costs, damages or expenses that may result from the exercise or
non-exercise thereof. In particular, it shall not be bound to act (whether
at the request or direction of the Bondholders or otherwise) under any of
the provisions of this Trust Deed unless the Trustee shall first be
indemnified to its satisfaction against all proceedings, claims and
demands to which the Trustee may so become liable and all costs, charges
and expenses which may be so incurred by the Trustee;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.01.04 the Trustee shall not be responsible for having acted upon any resolution
purporting to have been passed at any meeting of the Bondholders of which minutes have
been made and signed, even though it may subsequently be found that there was some
defect in the constitution of the meeting or the passing of the resolution or that,
for any reason, the resolution was not valid or binding on the Bondholders;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.01.05 without prejudice to the right of indemnity by law given to trustees the Trustee
and every attorney, manager, agent, delegate or other person appointed by it under
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">this Trust Deed the Company must, and agrees with the Trustee, acting in this instance
for itself and as agent for every such attorney, manager, agent, delegate or other
person appointed by it as aforesaid, to indemnify each of them against all liabilities
and expenses properly incurred by it or him in the execution of the powers and trusts
of this Trust Deed or of any powers, authorities or discretions vested in it or him
pursuant to this Trust Deed, and this indemnity shall extend to all actions,
proceedings, costs, claims and demands in respect of any matter or thing done or
omitted in relation to this Trust Deed; and the Trustee may in priority to any payment
to the Bondholders retain and pay out of any money in its hands on the trusts of this
Trust Deed the amount of any such liabilities and expenses and also the
remuneration of the Trustee as provided in this Trust Deed;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.01.06 the Trustee shall be at liberty to hold or to deposit this Trust Deed and any
deeds or documents relating to it or to the Bonds with any banker or banking company
or company whose business includes undertaking the safe custody of deeds and documents
or with any lawyer or firm of lawyers of good repute, and the Trustee shall not be
responsible for any loss incurred in connection with any such holding or deposit and
may pay all sums required to be paid on account or in respect of any such deposit;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.01.07 the Trustee may call for and shall be at liberty to accept a certificate signed by
any director of the Company and the Company&#146;s Secretary as sufficient evidence of any
fact or matter relating to the Company on which the Trustee may require to be
satisfied or to have information or to the effect that, in the opinion of the person
so certifying, any particular dealing, transaction, step or thing relating as
aforesaid is expedient. The Trustee shall not be bound to call for further evidence
and shall not be responsible for any loss occasioned by acting on any such
certificate;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.01.08 as between itself and the Bondholders, the Trustee shall have full power to
determine all questions and doubts arising in relation to any of the provisions of
this Trust Deed; and every such determination made in good faith (whether or not it
relates in whole or in part to the acts or proceedings of the Trustee under this Trust
Deed) shall be conclusive and binding on the Trustee and the Bondholders;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.01.09 the Trustee shall not be responsible for the receipt or application by the Company
of the proceeds of the issue of any of the Bonds or for the delivery of the
Certificates to the persons entitled thereto;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.01.10 the Trustee shall not be liable to the Company or any Bondholder by reason of
having accepted as valid or not having rejected any
Certificate purporting to be such and subsequently found to be forged or
not authentic;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.01.11 the Trustee shall not (unless ordered so to do by a court of competent
jurisdiction or with the Company&#146;s consent) disclose to any Bondholder or any other
person or authority any confidential financial or other information made available to
the Trustee by the Company in connection with the trusts of this Trust Deed and no
Bondholder shall be entitled to take any action to obtain from the Trustee any such
information;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.01.12 whenever there shall be more than two trustees of this Trust Deed the majority of
such trustees shall be competent to execute and exercise all the powers, trusts,
authorities and discretions vested in the Trustee by this Trust Deed provided that a
Trust Corporation shall be included in such majority;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.01.13 the Trustee shall be protected in acting upon any notice, request, consent,
certificate, order, affidavit, letter, telegram, electronic mail or other paper or
document which it believes to be genuine and correct and to have been signed or sent
by the proper person or persons; and any action taken by the Trustee pursuant to this
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Trust Deed upon the request or authority or consent of any person who at the time of
making such request or giving such authority or consent is a Bondholder shall be
conclusive and binding upon all future Bondholders of the same Bond and upon Bonds
issued in exchange therefor or in place thereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.01.14 at any and all reasonable times the Trustee, and its duly authorized agents,
attorneys, experts, engineers, accountants and representatives, shall have the right
fully to inspect all books and records of the Company pertaining to the Bonds, and to
make such copies and memoranda from and with regard thereto as may be desired;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.01.15 no provision of this Trust Deed shall require the Trustee to expend or risk the
Trustee&#146;s own funds or otherwise incur any financial liability in the performance of
any of the Trustee&#146;s duties hereunder, or in the exercise of any of the Trustee&#146;s
rights or powers, unless it is first indemnified or given security to its satisfaction
against such risk or liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.02 Nothing in this clause 19.00 shall exempt the Trustee from or indemnify it
against any liability for breach of trust or any liability which by virtue of any rule
of law would otherwise attach to it in respect of any gross negligence, default,
breach of duty or breach of trust of which it may be guilty in relation to its duties
under this Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">20.00 <B>TRUSTEE&#146;S POWER TO DELEGATE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">20.01 Whenever it thinks fit, the Trustee upon giving seven days prior written
notice to the Company may delegate by power of attorney or otherwise, to any person or
persons or fluctuating body of persons (whether being a trustee of this Trust Deed or
not) all or any of the trusts, powers and discretions vested in it by this Trust Deed.
Delegation may be made on such terms and subject to such conditions including, (but
not limited to), power to sub-delegate and subject to such regulations as the Trustee
may think fit but the Trustee shall remain responsible to the Company and the
Bondholders for the acts or omissions of the delegate.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">21.00 <B>APPOINTMENT OF AGENTS BY TRUSTEE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">21.01 In the conduct of the trust business, instead of acting personally, the
Trustee may employ and pay an agent to transact or concur in transacting any business
and to do or concur in doing all acts required to be done by the Trustee, including
the receipt and payment of money.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">22.00 <B>TRUSTEE NOT PRECLUDED FROM ENTERING INTO CONTRACTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">22.01 The Trustee (or any director or officer of a corporation acting as trustee
of this Trust Deed) shall not be precluded from:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">22.01.01 holding any office or employment with the Company or any subsidiary or any person
associated with the Company or any subsidiary; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">22.01.02 underwriting or guaranteeing the subscription of or subscribing for or otherwise
acquiring, holding or dealing with substantially the whole or any part of the Bonds
either with or without commission or other remuneration; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">22.01.03 otherwise at any time contracting or entering into or being interested in any
contract or any financial or other transaction with the Company or any subsidiary or
any person so associated with it; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">22.01.04 accepting or holding the trusteeship of any other trust deed constituting or
securing any securities issued by the Company or any subsidiary or any person so
associated or not so associated and shall not be liable to account whether to the
Company or any subsidiary or any person so associated or the Bondholders, for any fee
or profit made or customary share of brokerage or commission received by them as a
result.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">23.00 <B>TRUSTEE&#146;S CONSENTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">23.01 Any consent granted by the Trustee pursuant to this Trust Deed may be
granted on such terms and subject to such conditions (if any) as the Trustee may in
its absolute discretion determine and may be given retrospectively and shall be given
or refused as the case may be with reasonable promptness. Any breach of or failure to
comply with any of such terms and conditions by the Company shall constitute a breach
of this Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">23.02 All such consents shall be given by the Trustee in writing under the hand of
a Manager or Assistant Manager of the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">24.00 <B>MODIFICATION OF TRUST DEED</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">24.01 At any time and without the consent or sanction of the Bondholders, the
Trustee may concur with the Company in making any modification to this Trust Deed
which, (a)&nbsp;in the opinion of the Trustee, will not be materially prejudicial to the
interests of the Bondholders; or (b)&nbsp;which is to correct a manifest error; in which
case the Company shall promptly take all such reasonable steps as the Trustee may
require to achieve such modification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">24.02 Any modification to this Trust Deed pursuant to clause 24.01 or Condition
11.00 shall, unless the Trustee otherwise agrees, as soon as practicable thereafter be
notified to the Bondholders in accordance with Condition 15.00 and shall be binding
upon them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">25.00 <B>WAIVER BY TRUSTEE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">25.01 The Trustee may, whenever it thinks fit, unless otherwise previously
directed by an Extraordinary Resolution, and on such terms and subject to such
conditions as to it shall seem fit:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">25.01.01 authorise or waive any proposed breach or any breach by the Company of any of the
terms of this Trust Deed or the Conditions other than those which prescribe the
amounts in which and the times at which payments are to be made by the Company
thereunder without prejudice to the rights of the Trustee in respect of any subsequent
breach of any such terms; and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">25.01.02 determine that any event which constitutes (or which, with the giving of notice
and/or the lapse of time or any other matter would constitute) an event on the
happening of which the Bonds shall have or may become immediately due and repayable
shall not be treated as such for the purposes of this Trust Deed, without prejudice to
the rights of the Trustee in respect of any subsequent such event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">26.00 <B>APPOINTMENT OF NEW TRUSTEE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">26.01 The statutory power to appoint new trustees of this Trust Deed shall be
vested in the Company, but no trustee shall be appointed who shall
not previously have been approved by an
Extraordinary Resolution. A Trust Corporation
may be appointed as sole trustee of this Trust
Deed. If there shall be more than one trustee
of this Trust Deed one trustee must be a trust
corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">27.00 <B>RETIREMENT BY TRUSTEE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">27.01 A trustee may retire at any time, on giving to the Company not less than
three months&#146; written notice, without assigning any reason and without being
responsible for any costs occasioned by such retirement. The Company undertakes to use
its best endeavours, if the only trustee of this Trust Deed being a Trust Corporation,
gives notice under this clause or is removed from office, to procure that a new
trustee (being a Trust Corporation) of this Trust Deed be appointed in accordance with
clause 26.00. The retirement or removal of a sole trustee shall not become effective
until a successor trustee (being a Trust Corporation) is appointed in accordance with
clause 26.00;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">27.02 Any corporation or association into which the Trustee may be converted or
merged, or with which the Trustee may be consolidated, or to which the Trustee may
sell or transfer the Trustee&#146;s trust business and assets as a whole or substantially
as a whole, or any corporation or association resulting from any such conversion,
sale, merger, consolidation or transfer to which the Trustee is a party, shall be and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">become successor trustee hereunder and vested with all of the trusts, powers,
discretions, immunities, privileges and other matters as was the Trustee&#146;s
predecessor, without the execution or filing of any instrument or any further act,
deed or conveyance on the part of any of the parties hereto anything herein to the
contrary notwithstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">27.03 Every successor trustee appointed hereunder shall execute, acknowledge and
deliver to the Trustee or the Trustee&#146;s predecessor and also to the Company an
instrument in writing accepting such appointment hereunder and thereupon such
successor, without any further act, deed or
conveyance, shall become fully vested with all the estates, properties, rights,
powers, trusts, duties and obligations of the Trustee&#146;s predecessor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.00 <B>COMPANY&#146;S WARRANTY AND PERFORMANCE COVENANT AND CONDITIONS PRECEDENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.01 Except as stated in the Disclosure Letter, the Company hereby represents and
warrants:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.01.01 that it has the necessary corporate power and authority to issue the Bonds
on the terms and conditions set out herein and to perform and observe its
obligations hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.01.02 except for cases in which the necessary consents have been obtained prior
to the date of this Trust Deed there is no law, decree or similar enactment
binding on the Company and no provision in any corporate document, mortgage,
indenture, trust, deed, contract or agreement binding on the Company or
affecting its property which would conflict with or prevent the Company from
issuing the Bonds on the terms and conditions set out herein, or which would
prevent the Company from observing any of its obligations hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.01.03 there are no legal or other proceedings pending or threatened before any
tribunal, commission or other regulatory authority and involving the Company.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.01.04 the Company is not in breach of any of the limits or restrictions or
obligations imposed by any other agreement or instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.01.05 there has been no material adverse change in the financial condition of
the Company since
the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;&nbsp; 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.01.06 the Company is a company with limited liability duly incorporated and
validly existing under the laws of Cayman Islands with its own legal
personality and with power to own its assets and carry on business as now
conducted;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.01.07 the Company has taken all necessary action to authorise the issue of the
Bonds and the execution and delivery of this
Trust Deed, and this Trust Deed constitutes the Company&#146;s legal,
valid and binding obligations enforceable against the Company in
accordance with its terms, except as such enforcement may be limited
by general equitable principles or by any relevant bankruptcy,
insolvency, administration or similar laws affecting creditors&#146;
rights generally;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.01.08 the entry into and performance by the Company of its obligations under
this Trust Deed does not and will not violate in any material respect any law
or regulation of any governmental or official authority or body, or the
constitutional documents of the Company, or any agreement, contract or other
undertaking to which the Company is a party or which is binding on the Company
or any of its assets;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.01.09 all consents, licences, approvals and authorisations on the part of the
Company required in connection with the entry into, performance, validity and
enforceability of this Trust Deed necessary for the Company&#146;s business have
been obtained and are in full force and effect to the extent that they are
still relevant and required by applicable law or by any of the Security
Documents;
</DIV>

<P align="center" style="font-size: 10pt">38
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.01.10 no action, suit, proceeding, litigation or dispute against the Company is
currently taking place or pending or, to the Company&#146;s knowledge, threatened
nor is there subsisting any judgment or award given against the Company before
any court, board of arbitration or other body;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.01.11 no Event of Default or potential Event of Default has occurred and is
continuing or will result from the issuing of the Bonds; and no other event
has occurred and is continuing, which constitutes (or with the giving of
notice, lapse of time, and/or other applicable condition, would constitute) a
default under any document which is binding on the Company;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.01.12 the Company&#146;s audited accounts and consolidated financial statements to
31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> December&nbsp;2005 which have been prepared in accordance with
United States generally accepted accounting principles consistently applied,
are true and accurate in every respect and represent a true and fair view of
the consolidated financial position of the Company at the date of such
accounts and financial statements and the results of its operations for the
year ended on the date to which such accounts and consolidated financial
statements were prepared and no significant liabilities (contingent or
otherwise) exist which have not been fully disclosed or reserved against in
such accounts and consolidated financial statements and that there has been no
material adverse change in its financial condition from that set forth in such
accounts and consolidated financial statements;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.01.13 the Company did not knowingly omit to supply to the Trustee or the
Arranger, prior to the execution of this Trust Deed, any information which, if
disclosed, might adversely affect in either the Trustee&#146;s or the Arranger&#146;s
reasonable opinion the decision of a person considering whether to enter into
this Trust Deed, and nothing has occurred since the date on which any such
other material was supplied to the Trustee or the Arranger which renders the
information contained or any such other material supplied untrue or misleading
in any respect and which, if disclosed, might materially adversely affect the
decision of a person considering whether to enter into this Trust Deed.
</DIV>

<P align="center" style="font-size: 10pt">39
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.02 The representations and warranties of the Company set out in clause 28.01
shall survive the execution of this Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.03 The Company hereby covenants with the Trustee that it will duly perform and
observe the obligations imposed on it by this Trust Deed and the Conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.04 The following Conditions Precedent must be fulfilled to the satisfaction of
the Arranger prior to the disbursement of the principal amount of the Bonds:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.04.01 The Insurance Policies are in full force and effect and the interest of
the Trustee has been noted thereon as first loss payee;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.04.02 Historical consolidated financial statements of the Company for each of
the years in the five year period ended 31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> December&nbsp;2005 have
been delivered to the Trustee prior to the Closing Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.04.03 A legal opinion issued by the Company&#146;s Counsel approved by the Arranger
and the Trustee that confirms inter alia that the Security Documents do not
violate in any material respect any law or regulation of any governmental or
regulatory authority in Cayman Islands is delivered to the Trustee;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.04.04 The Company shall consent to the Arranger having the right to offer
participation in the security to other investors in a form and substance
acceptable solely to the Arranger;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.04.05 Receipt by the Trustee of copies of up to date Regulatory Approvals;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.04.06 There has not been any material adverse change in the financial,
political, regulatory, economic or other conditions in the countries of
operation of the Company, including but not limited to the Cayman Islands,
the Bahamas and Barbados, that could, in the reasonable opinion of the
Arranger affect the successful offer and sale of the Bonds as at the Closing
Date;
</DIV>

<P align="center" style="font-size: 10pt">40
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28.04.07 There having been no occurrence of any material changes in the financial
condition or prospects of the Company between 31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> December&nbsp;2005 and
the Closing Date, that may be expected, in the reasonable opinion of the
Arranger, to have an adverse impact on the capacity of the Company to meet its
repayment obligations in respect of the Bonds;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">29.00 <B>DEEMED INCLUSION OF CONDITIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">29.01 The Conditions to be endorsed on the Certificates set out in the First
Schedule and the provisions and descriptions in the Second Schedule shall have effect
as if such Conditions descriptions and provisions were set out in full in this Trust
Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">30.00 <B>TRUSTEE MAY ASSUME COMPLIANCE BY THE COMPANY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">30.01 Except as expressly provided in this Trust Deed, the Trustee shall be and is
authorised to assume without enquiry, in the absence of actual knowledge by, or an
express notice to it, to the contrary, that the Company is duly performing and
observing all the terms of this Trust Deed to be performed and observed by the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">30.02 Notwithstanding knowledge by, or notice to the Trustee of any breach of any
such term it shall be in the discretion of the Trustee whether to take any action or
proceedings or to enforce performance until in any such case the Trustee is required
to do so by an Extraordinary Resolution or a request in writing by the holders of not
less than one-quarter of the principal amount of the Outstanding Bonds and then only
if the Trustee shall be indemnified to its satisfaction against all actions,
proceedings and claims to which it may render itself liable and all costs, charges,
damages and expenses which it may incur by so doing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">31.00 <B>AUDITOR&#146;S CERTIFICATES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">31.01 The Trustee may accept without further enquiry a certificate given by the
Auditor under clause 18.01.03 that, at any particular time or throughout any specified
period, all or any of the covenants or provisions of clause 5.00 have been duly complied with as conclusive evidence of such compliance.
</DIV>


<P align="center" style="font-size: 10pt">41
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">32.00 <B>TRANSFER OF BONDS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">32.01 The Company will recognise the registered holder of any Bond as the absolute
owner and shall not be bound to take notice of, recognise or comply with any trust,
whether express, implied or constructive to which any Bond may be subject. The receipt
of the Bondholders or in the case of joint Bondholders the receipt of any of them, for
the interest from time to time accruing in respect of it or for any other money
payable on the Bond shall be a good discharge to the Company, notwithstanding any
notice it may have, whether express or otherwise, of the right, title, interest or
claim of any other person to or in such Bond, interest or money. No notice of any
trust, express, implied or constructive shall be entered on the Register in respect of
any Bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">32.02 Every Bondholder will be recognised by the Company as entitled to his Bond
free from any equity, set-off or counter-claim on the part of the Company against the
original or any intermediate holder of the Bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">32.03 Except for the Bond issued for less than $10,000.00, the Bonds may only be
transferred in multiples of $10,000.00 nominal value as the case may be, by instrument
in writing in the usual common form or such other form as the Trustee may approve.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">32.04 Every instrument of transfer must be signed by the transferor (or where the
transferor is a corporation, given under its common seal, if it has one) and the
transferor shall be deemed to remain the owner of the Bond to be transferred until the
name of the transferee is entered in the Register in respect of that Bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">32.05 Every instrument of transfer must be left for registration at the place
where the Register shall for the time being be kept, accompanied by the Certificate
for the Bond to be transferred and such other evidence as the Registrar may reasonably
require to prove the title of the transferor or his
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">right to transfer the Bond and, if the instrument is executed by some other person
on his behalf, the authority of the person to do so.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">32.06 All instruments of transfer which shall be registered will be retained by
the Registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">32.07 Any person becoming entitled to Bonds in consequence of bankruptcy of the
holder of such Bonds may, on producing such evidence of his title as the Trustee shall
think sufficient, be registered himself as the holder of such Bonds, or subject to the
preceding provisions relating to the transfer may transfer such Bonds. The Trustee may
retain the interest payable upon any Bond which any person under this paragraph is
entitled to transfer until such person shall either be so registered or shall duly
transfer the Bond. In the meantime the Trustee shall deposit such interest with a
commercial bank in the name of the Trustee but shall not be responsible for the safe
custody of such money or for interest thereon and the Trustee shall be entitled to
deduct the expenses incurred by it in arranging such deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">33.00 <B>CANCELLATION OF BONDS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">33.01 All Bonds repaid by the Company and all Bonds purchased beneficially by or
for the account of the Company and all Bonds surrendered for replacement or replaced
by the Company in accordance with Condition 12 shall be cancelled forthwith by or on
behalf of the Company and the Company shall procure that a certificate stating:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;the amounts paid in respect of such Bonds so repaid,
purchased and so cancelled; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;the serial numbers of the Certificates relating to such
Bonds; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;the serial numbers of the Certificates relating to the Bonds
so surrendered and replaced;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall be given to the Trustee by the Company or the
Paying Agent as soon as reasonably possible after the
date of such repayment, replacement or purchase, (as
the case may be) and in any event not more than
fourteen days thereafter. Such certificate may be
accepted by the Trustee as
conclusive evidence of repayment or replacement or such purchase and
cancellation pro tanto of the Bonds.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">34.00 <B>FURTHER ASSURANCE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">34.01 The Company shall at any time if and when required by the Trustee execute
such further instruments as are required from time to time to perfect the Trustee&#146;s
security over all or any of the Charged Property to secure all money obligations and
liabilities hereby covenanted to be paid or otherwise hereby secured or to facilitate
the realisation of the Security Documents or the exercise of the powers conferred on
the Trustee such further instruments to be prepared by or on behalf of the Trustee at
the cost of the Company and to include such provisions for the benefit of the Trustee
as the Trustee may reasonably require.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">35.00 <B>POWER OF ATTORNEY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">35.01 The Company by way of security hereby irrevocably appoints the Trustee and
the persons deriving title under it severally to be its Attorney in its name and on
its behalf and as its act and deed or otherwise to execute and complete any documents
which the Trustee may require for perfecting its title to or for vesting the Charged
Property in the Trustee or its nominees or in any purchaser or to otherwise deal with
the Charged Property in accordance with this Trust Deed and otherwise generally to
sign seal deliver and otherwise perfect any such instrument referred to in clause
34.00 and all such deeds and documents and to do all such acts and things as may be
required for the full exercise of the powers hereby conferred including any sale lease
disposition realisation or getting in of the Charged Property or any part thereof in
connection with any other exercise of any power hereunder and this appointment shall
operate as a power of attorney made under the laws of the Cayman Islands to the extent
permissible under such laws. The Company hereby covenants with the Trustee to ratify
and confirm any deed document act and thing and all transactions which any such
attorney may lawfully execute or do.
</DIV>

<P align="center" style="font-size: 10pt">44
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">36.00 <B>MISCELLANEOUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">36.01 No failure or delay by the Trustee in exercising any right or remedy shall
operate as a waiver thereof nor shall any single or any partial exercise or waiver of
any right or remedy preclude its further exercise or the exercise of any other right
or remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">36.02 Each of the provisions of this Trust Deed is severable and distinct from the
others and if at any time one or more of such provisions is or becomes invalid illegal
or unenforceable the validity legality and enforceability of the remaining provisions
hereof shall not in any way be affected or impaired thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">36.03 This Trust Deed shall be enforceable notwithstanding any change in the
constitution of the Trustee or its absorption in or amalgamation with or the
acquisition of all or part of its undertaking by any other person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">36.04 Any liability or power which may be exercised or any determination which may
be made hereunder by the Trustee may be exercised or made in its absolute and
unfettered discretion and it shall not be obliged to give reasons therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">36.05 The Company hereby certifies that neither the execution of this Trust Deed
nor the creation of any charge or security herein mentioned contravenes any of the
provisions of the Memorandum or Articles of Association of the Company or any of its
subsidiaries or any agreement binding on any of them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">36.06 This Trust Deed may be simultaneously executed in several counterparts, each
of which shall be an original and all of such shall constitute but one and the same
instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">36.07 Any amendment of any provision of this Trust Deed shall be in writing and
signed by the parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">36.08 This Trust Deed contains the entire agreement of the parties with respect to
the subject matter hereof and supersedes all other prior agreements and undertakings,
both written and oral, between the parties with respect to the subject matter hereof.
</DIV>

<P align="center" style="font-size: 10pt">45
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">36.09 Except as otherwise provided herein, this Trust Deed and all of the terms
and provisions hereof shall be binding upon and inure to the benefit of the parties
and their respective heirs, executors, administrators, successors, trustees and legal
representatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">36.10 The Company confirms to the Trustee for the benefit of itself and the
Arranger that neither the Trustee nor the Arranger have acted as financial adviser to
the Company and that the Company should not and has not relied on the Arranger&#146;s or
the Trustee&#146;s advice to enter into the transaction including the issue of the Bonds.
The Company hereby covenants to hold the Trustee and the Arranger blameless and
without liability for any loss or expenses that may result at any time as a result of
the issue of the Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">36.11 The Trustee and the Company hereby agree and confirm that the Arranger may
act as paying agent, registrar or underwriter of the Bonds and as registrar and paying
agent of any securitised instruments derived from the Bonds and the Company may not
claim any conflict of interest arising from the Arranger action in any of the above
mentioned capacities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">36.12 The Bonds shall only be offered to Permitted Investors
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">36.13 No Bondholder may distribute or offer to sell any Bonds if such distribution
or offer for sale will result in the purchaser of the Bonds not being a Permitted
Investor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">37.00 <B>NOTICES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">37.01 Except as otherwise provided for in this Trust Deed, all notices or other
communications under or in respect of this Trust Deed to any party to this Trust Deed
shall be in writing. A written notice shall include a notice by facsimile.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">37.02 All notices or other communications under or in respect of this Trust Deed
must be given by delivery, by facsimile or by registered post and will be deemed to be
duly given or made when delivered, in the case of personal delivery, or four business
days after the date of posting by registered post,
</DIV>

<P align="center" style="font-size: 10pt">46
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or when despatched in the case of facsimile, (save that in the case of any notice
or communication sent by facsimile that notice or communication will not be deemed
to be given or made if the addressee has promptly notified the party dispatching
the notice or communication that it has not received a legible copy of the notice
or communication). All such notices or other communications must be sent to either
party addressed to it at the address stated below (or at such other address as such
party may specify for such purpose to the other by notice in writing):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">37.02.01 in the case of the <B>Company</B>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consolidated Water Co. Ltd.<br>
P.O. Box 1114 GT<br>
Regatta Office Park<br>
Windward Three, 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<br>
West Bay Road<br>
Grand Cayman, Cayman Islands<br>
Attention: Frederick McTaggart<br>
Facsimile No: 345-949-2957<br></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">And a copy to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Myers &#038; Alberga, Attorneys-at-Law<br>
P.O. Box 472 GT<br>
Harbour Place<br>
103 South Church Street<br>
Grand Cayman, Cayman Islands<br>
Attention: Bryan L. Ashenheim Esq.<br>
Facsimile No. 345-949-8171<br></TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">37.02.02 in the case of the <B>Trustee</B>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dextra Bank &#038; Trust Co. Ltd.<br>
P.O. Box 2004 GT<br>
Sagicor House,<br>
198 North Church Street,<br>
George Town, Grand Cayman,<br>
Cayman Islands<br>
Attention: Mr.&nbsp;S. Alexander Wood<br>
Facsimile No: 345-949-2795</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">37.03 A notice or other communication received on a non-Business Day or after 4.00
p.m. in the place of receipt shall be deemed to be served on the next following Business
Day in such place.
</DIV>

<P align="center" style="font-size: 10pt">47
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">38.00 <B>GOVERNING LAW</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">38.01 The Trust Deed and the Bonds are governed by and shall be construed in
accordance with the laws of the Cayman Islands.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">39.00 <B>SUBMISSION TO JURISDICTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">39.01 The courts of the Cayman Islands shall have non-exclusive jurisdiction in
connection with any legal action, suit or proceeding arising out of or relating to
this Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">40.00 <B>WAIVER OF OBJECTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">40.01 The Company waives any objection on the ground of inconvenient forum to any
proceedings which relate to this Trust Deed and the Bonds being brought in the courts
of the Cayman Islands.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">41.00 <B>SERVICE OF PROCESS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">41.01 The Company agrees that any process or other document connected with
proceedings in the Cayman Islands&#146; courts which relate to this Trust Deed and the
Bonds shall be treated for all purposes as having been duly served on the Company if
it is delivered at its registered office for the time being.
</DIV>

<P align="center" style="font-size: 10pt">48
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IN WITNESS WHEREOF </B>the Seal of the Company was hereunto affixed the day and year first
hereinabove written and the Common Seal of the Trustee was hereunto affixed the
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day of August, 2006.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Common Seal of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>CONSOLIDATED</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>WATER CO. LTD.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">was hereunto affixed by
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frederick W. McTaggart
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">and Gerrard Pereira
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Directors of the Company by order and
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">authority of the Board of Directors and in
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">conformity with its Articles of Association
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">and signed by them in the presence of:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Notary Public</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Common Seal <B>of DEXTRA BANK &#038;</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TRUST CO. LTD. </B>was hereunto affixed by
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alex Wood&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">and Alitsia Finlayson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Directors of the Company by order and
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">authority of the Board of Directors and in
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">conformity with its by laws and signed by
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">them in the presence of:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Notary Public</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">49
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>THE FIRST SCHEDULE PART A</B></U><BR>
<U><B>FORM OF SECURED FIXED RATE BOND CERTIFICATE</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certificate
No. __________<BR>
Nominal Amount of Bonds $ ___________
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSOLIDATED WATER CO. LTD.</B><BR>
(A company incorporated under the laws of the Cayman Islands)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Secured Fixed Rate Bonds 2006 &#151; 2016
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THIS IS
TO CERTIFY </B>that ................. is/are the registered holder(s) of the above mentioned Secured Fixed
Rate Bonds in the principal amount of $........... which are constituted and secured by a Trust Deed dated
the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of 2006 (the &#147;Trust Deed&#148;) and made between <B>CONSOLIDATED WATER CO.
LTD. </B>(the &#147;Company&#148;) of the One Part and <B>DEXTRA BANK &#038; TRUST CO. LTD. </B>of the Other Part as Trustee
for the Bondholders. The Bonds are issued with the benefit of and subject to the provisions
contained in the Trust Deed and the Conditions endorsed hereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Principal and interest are payable on the Bonds represented by this Certificate in accordance with
the Conditions endorsed hereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IN WITNESS WHEREOF </B>the Seal of the Company was affixed in accordance with a Resolution of the
Company and in conformity with the Articles of Association of the Company and has been signed on
behalf of the Company by the Director and the Secretary thereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DATED
</B>this..................day of......2006
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">..................................<BR>
<B>DIRECTOR</B><BR>
<BR>
<BR>
..........................................<BR>
<B>SECRETARY</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Countersigned for the purpose of authentication only:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">..................................<BR>
<B>as Paying Agent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Registered...................
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated..........................
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NOTE</B>: This Certificate must be surrendered before any transfer of the whole or any portion of the
Bond to which it relates can be registered or a new Certificate issued in exchange. No
fraction of $10,000.00 of Bonds can be transferred.
</DIV>

<P align="center" style="font-size: 10pt">50
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>THE FIRST SCHEDULE PART B</B></U><BR>
<U><B>TERMS AND CONDITIONS OF THE BONDS</B></U><BR>
<U><B>(being part of the First Schedule above referred to)</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A.&nbsp;The Secured Fixed Rate Bonds 2006-2016 (the &#147;Bonds&#148;) of <B>CONSOLIDATED WATER CO. LTD. </B>(the
&#147;Company&#148;) are issued in one maturity 2016 and are in registered transferable form without interest
coupons attached.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B.&nbsp;The Bonds are constituted by a Trust Deed (the &#147;Trust Deed&#148;) between the Company and <B>DEXTRA BANK
&#038; TRUST CO. LTD. </B>(the &#147;Trustee&#148;) as trustee for the holders of the Bonds (the &#147;Bondholders&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C.&nbsp;<B>SCOTIATRUST AND MERCHANT BANK TRINIDAD AND TOBAGO LIMITED </B>is the Paying Agent (the &#147;Paying
Agent&#148;) and Registrar (the &#147;Registrar&#148;) for the Bonds. Copies of the following documents are
available for inspection at the office of operations for the time being of the Trustee (being at
the date hereof Sagicor House, 198 North Church Street, George Town Grand Cayman) namely:-
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;The Trust Deed;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii)&nbsp;The Paying Agency Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iii)&nbsp;Subscription Agreement
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">D.&nbsp;The statements set out in these Conditions include summaries of, and are subject to, the
provisions of the Trust Deed. The Bondholders are entitled to the benefit of, and are deemed to
have notice of all the provisions of the Trust Deed, the Paying Agency Agreement and the Bonds, all
of which are binding on them.<BR>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.00 <B>DEFINITIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.01 In these Conditions expressions defined in the Trust Deed shall have the same
meaning whenever they appear herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.01.02 &#147;Business Day&#148; means a day on which Commercial Banks are open for all
banking business in the Cayman Islands.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.01.03 &#147;Event of Default&#148; means any event of default referred to in clause 6.00 of
the Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.01.04 &#147;Payment Date&#148; in respect of the Bonds means the same day of the month as
the Closing Date in the third month
</DIV>

<P align="center" style="font-size: 10pt">51
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">thereafter and thereafter the same days of each succeeding third
month in each and every year until maturity or repayment,
whichever comes first. If a Payment Date falls on a day which is
not a Business Day (as defined above) it shall be the preceding
day which is a Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.01.05 &#147;Payment Period&#148; means in respect of the Bonds the period from
the Closing Date to the first Payment Date and thereafter from the day after a
Payment Date until the next Payment Date representing 40 quarterly payments
until the Bonds are fully repaid
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.00 TITLE AND DENOMINATION
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.01 Title to the Bonds will pass upon registration of a proper instrument of
transfer accompanied by the relative Certificate delivered to the Registrar. The
Company, the Trustee, the Paying Agent and the Registrar may treat the registered
Bondholder(s) of any Bond as the absolute owner thereof (whether or not such Bond
shall be overdue and notwithstanding any notice of ownership or writing on the
Certificate thereof or any notice of previous loss or theft or of trust or other
interest therein) and the Register of Bondholders shall (in the absence of fraud,
wilful default, bad faith and manifest error) at all times be conclusive evidence of
the amount of Bonds held by each Bondholder for the purpose of making payment and for
all other purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.02 All except one of the Bonds, which are serially numbered, are issued in the
denominations of <B>$10,000.00 </B>or integral multiples thereof without interest coupons.
One Bond will be issued in the denomination of $1,997.16.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.00 <B>STATUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.01 The Bonds are direct unconditional and secured obligations of the Company and
will rank pari passu without any preference among themselves.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.00
<B>CURRENCY INDEMNITY AND TAXES INDEMNIFICATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.01 If under any applicable law or regulations or pursuant to a judgment or order
made or registered against the Company or without limitation for any other reason any
payment under or in connection with the Bonds is made or forced to be satisfied in a
currency other than US Dollars then to the extent that the amount of such payment
actually received by the Bondholders (&#147;the payment currency&#148;) when converted on the
date of payment at the rate of exchange falls short of the amount payable under the
Bonds the Company as a separate and independent obligation shall pay as an additional
payment such shortfall. For the purpose of this Clause &#147;rate of exchange&#148; means the
rate at which US Dollars may be lawfully purchased on the date of such payment with
the payment currency and shall take into account any premium and other costs of
exchange with respect to such transaction and the Company shall be liable for any
premium and other cost of exchange including any Taxes incurred by reason of any such
exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.02 All payments to be made by the Company shall be made free and clear of and
without deduction for or on account of Taxes in the Cayman Islands unless the Company
is required by the laws of the Cayman Islands to make such a payment subject to the
deduction or withholding of Taxes, in which case the amount payable by the Company in
respect of which such deduction or withholding is required to be made shall be
increased to the extent necessary to ensure that, after the making of such deduction
or withholding, the Paying Agent receives (free from any liability in respect of any
such deduction or withholding) a net amount equal to the sum which it would have
received had no such deduction or withholding been made or required to be made;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.03 If at any time the Company is required by Cayman Islands law to make any
deduction or withholding from any sum payable by it under this Bond (or if
subsequently there is any change in the rates at which or the manner in which such
deductions or withholdings are calculated), it shall promptly notify the Trustee upon
becoming aware of the same.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.04 If the Company is required by Cayman Islands law to make any deduction or
withholding from any payment hereunder, it shall pay the full amount required to be
deducted or withheld to the relevant taxation or other authority within the time
allowed for such payment under applicable law and shall deliver to the Trustee within
30&nbsp;days after it has made such payment to the applicable authority an original
official receipt issued by such authority and any other appropriate evidence of the
payment to such authority of all amounts so required to be deducted or withheld;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.05 The Company shall indemnify and hold harmless the Trustee against, and
reimburse it on demand, the amount of any Taxes so deducted withheld or accounted for
and paid by the Company whether or not such Taxes were correctly or legally assessed
or demanded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.00 <B>SECURITY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.01 The due payment of the principal and interest in respect of the Bonds (and
all money payable by the Company under the Trust Deed) is secured in manner set out in
clause 7.00 of the Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.00 <B>INTEREST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01 Accrual of Interest
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01.01 The Bonds will bear interest from and including the Closing Date. Interest
in respect of each Bond will accrue from day to day on the basis of a 360&nbsp;day
year of twelve 30&nbsp;day months and will cease to accrue on the amount of
principal repaid on a Due Date unless, the amortised payment then due is
improperly withheld or refused.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.02 Payment Dates and Payment Periods
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.02.01 Interest and principal in respect of the Bonds are payable by equal amortised
payments in arrears on each Payment Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.03 Rate of Interest
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.03.01 The Rate of Interest in respect of the Fixed Rate Bonds 2006-2016 is 5.95% per
annum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.04 Default Interest
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.04.01 A default interest rate of two and a half percent (2.5%) per annum above the Rate
of Interest is payable on the principal portion of any Payment that is not paid by the
Company on its Due Date calculated from the Due Date to the date of actual payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.05 Notification of Payment Date
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.05.01 The Paying Agent shall cause notice of each Payment Date, to be given to the
Company and the Trustee as soon as practicable after their determination but in no
event later than the fourth Business Day after the end of the preceding Payment
Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.05.02 The Payment Date so notified may subsequently be amended in the case of manifest
error.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.05.03 The Paying Agent shall provide to all Bondholders upon request notification of the
Payment Date in respect of each Payment Period but shall not be required to give
notice thereof in manner provided in Condition 15.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.06 Notification etc to be final.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.06.01 All notifications, opinions, determinations, certificates, calculations, quotations
and decisions given, expressed, made or obtained for the purposes of this Condition
6.00, shall (in the absence of wilful default, bad faith or manifest error) be binding
on the Company, the Trustee the Paying Agent and all Bondholders and (in the absence
aforesaid) no liability to the Bondholders shall attach to the Paying Agent or the
Trustee in connection with the exercise or non-exercise by them of their powers,
duties and discretions under this Condition 6.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.07 Interest ceasing to accrue
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.07.01 Interest on any Bond becoming liable to redemption shall cease to accrue
immediately after the Due Date for redemption of such Bond unless on the Bondholder
demanding on or after the date and at the place fixed for redemption of such Bond
payment of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">redemption money payable on that Bond and tendering the Certificate for
that Bond and a receipt for or form of authority as to payment of the
redemption money, duly signed and authenticated in such manner as the
Paying Agent may reasonably require, payment of the redemption money shall
be refused.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.07.02 The interest portion of any amortised payment in respect of the Bonds not paid on a
Payment Date, together with any other interest in respect thereof not paid on any
other Payment Date, shall so long as the same remains unpaid, constitute &#147;Arrears of
Interest&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.07.03 Arrears of Interest may at the option of the Company be paid in whole or (subject
as provided in the Trust Deed) in part at any time upon the expiration of not less
than seven (7)&nbsp;days&#146; notice to such effect given to the Trustee and to the Bondholders
in accordance with Condition 15.00 below, but all Arrears of Interest in respect of
all Bonds for the time being outstanding (as defined in the Trust Deed) shall become
due in full on the next Payment Date or on the maturity of the Bonds whichever is the
earlier. The provisions of this Condition 6.07.03 is without prejudice to the right of
the Trustee to enforce the provisions of the Trust Deed and the Security Documents in
accordance with Clause 8 of the Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.07.04 If notice is given by the Company of its intention to pay the whole or any part of
Arrears of Interest, the Company shall be obliged to do so upon the expiration of such
notice. Arrears of Interest shall not themselves bear interest. Where Arrears of
Interest are paid in part, each part payment shall be in respect of the full amount of
the Arrears of Interest accrued due to the Payment Date or consecutive Payment Date
furthest from the date of payment.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.00 <B>REPAYMENT PURCHASE AND CANCELLATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.01 Unless previously redeemed pursuant to these conditions or purchased and
cancelled, the Company will redeem the Bonds by forty (40)&nbsp;equal quarterly amortised
payments of $526,009.97 the first of which quarterly payments shall be made on the
same day of the month as the Closing Date in the third month thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.02 If a Payment Date falls on a date which is not a Business Day it shall
occur on the preceding day which is a Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.03 The Company may on any Payment Date occurring on or after the third
anniversary of the Closing Date repay all and not part only of the principal amount
then owing under the Bonds as specified in the notice at par on the following
conditions:-
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.03.01 that the Company shall give to the Trustee, the Paying Agent and the Bondholders
forty-five (45)&nbsp;days prior written notice in accordance with Condition 15.00 of the
Company&#146;s intention to repay the balance of the principal amount then owing under the
Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.03.02 that that notice shall expire on the next succeeding Payment Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.03.03 that where the Company gives notice in accordance with paragraphs 7.03.01 and
7.03.02 of this Condition 7.03 of repayment, then upon expiration of the notice, the
Company shall pay to the Paying Agent the principal amount stated in the notice and
shall also pay to the Paying Agent interest accrued due up to the date of repayment
and all Arrears of Interest together with a call premium, equal to 1.5% of the
prepayment amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.04 The Company may at any time purchase beneficially or procure others to
purchase beneficially for its account Bonds by tender or by private treaty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.05 Payment of principal under this clause will only be made against presentation
and surrender of the Bond Certificate at the Specified Office of the Paying Agent but
the Trustee with the Company&#146;s consent may dispense with the production of a
Certificate in any particular case on such indemnity being given as the Trustee and
the Company shall think fit.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.06 All bonds which are redeemed or purchased by or on behalf of the Company will
forthwith be cancelled and, accordingly, may not be re-issued or re-sold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.00 <B>METHOD OF PAYMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.01 Cheques for payments under the Bonds will be mailed to Bondholders at the
address appearing in the register of Bondholders, or the said sums may be transferred
by wire to an account as advised by the Bondholder to the Paying Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.02 All payments in respect of the Bonds will be subject to any applicable fiscal
and other laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.03 On payment under any of the provisions of clauses 9.00 and 10.00 of the Trust
Deed the Paying Agent shall cause the Certificate to be cancelled and a new
Certificate to be issued for the remaining principal amount due on the Bond if any and
in the case of payment in full shall cause such Certificate to be cancelled in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.00 <B>TERMINATION AND APPOINTMENT OF NEW PAYING AGENT(S)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.01 The Company may, with the prior approval of the Trustee and in accordance
with the Paying Agency Agreement vary or terminate the appointment of the Paying Agent
and/or appoint additional Paying Agent(s) and/or approve any change in the Specified
Office of any Paying Agent, provided that so long as any of the Bonds remain
outstanding the Company will maintain a Paying Agent with a Specified Office in
Trinidad and Tobago or Cayman Islands.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.02 In the event of any such variation, termination, appointment or change in
Specified Office, notice thereof will be given by the Company to the Bondholders in
accordance with Condition 15.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.00 <B>DEFAULT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.01 The Bonds shall become immediately due and payable together with accrued
interest, if any Event of Default occurs and either (a)&nbsp;the Trustee
so determines or (b)&nbsp;the Trustee is requested in writing by Bondholders together
holding at least one-quarter in principal amount of the Bonds outstanding or is
requested by an Extraordinary Resolution to demand repayment.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.02 At any time after the Bonds shall have become immediately due and repayable,
the Trustee (to the exclusion of the Bondholders) may without notice to the Company,
at its discretion, and shall, on the request in writing of the Bondholders holding not
less than at least one-quarter of the principal amount of the Outstanding Bonds or, if
so requested by Extraordinary Resolution (but, in either case, subject to the Trustee
being indemnified to its satisfaction against all proceedings, claims and demands to
which the Trustee may be liable and all costs, charges and expenses which may be
incurred by the Trustee in connection therewith), take such proceedings against the
Company as it may deem fit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.03 No Bondholders shall in any circumstances be entitled to any remedy (whether
by way of action, petition or otherwise howsoever) for the recovery of any Bond or any
part thereof or any interest thereon, unless the Trustee, having become bound to take
proceedings in accordance with this Trust Deed, fails to do so within a reasonable
time and such failure shall be continuing. In that case any Bondholder may, on giving
the Trustee an indemnity satisfactory to the Trustee against all proceedings claims
and demands to which it may be liable and all costs charges and expenses which may be
incurred by it in connection therewith, in the name of the Trustee (but not otherwise)
himself either take such proceedings against the Company or prove in the winding-up of
the Company. The Trustee shall apply any money so received in the manner provided in
the Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.00 <B>MODIFICATION OF TERMS AND CONDITIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.01 The provisions in the Second Schedule of the Trust Deed for convening
meetings of the Bondholders to consider any matters affecting their interest,
including the modification by Extraordinary Resolution of these
Conditions or the provisions of the Trust Deed are binding on the Bondholders.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.02 Any resolution duly passed at any such meeting shall be binding on all the
Bondholders, whether present or not.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.03 The Trustee may agree, without the consent of the Bondholders, to any
modification of, or to any waiver or authorisation of any breach or proposed breach of
any provision of, the Trust Deed which, in the opinion of the Trustee, is not
materially prejudicial to the interest of the Bondholders and which does not affect
the obligation of the Company to make payments of interest and of principal in the
amounts and at the times specified in the Trust Deed or in the Conditions or to any
modification which is of a formal or technical nature or which is made to correct a
manifest error.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.04 Any such modification, waiver or authorisation shall be binding on the
Bondholders and, unless the Trustee agrees otherwise, any such modification shall be
notified to the Bondholders as soon as practicable thereafter in accordance with
Condition 15.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.00. <B>REPLACEMENT OF BOND CERTIFICATES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.01 If a Bond Certificate is mutilated, defaced, destroyed, stolen or lost it
may, and shall in the case of mutilation or defacement, upon the surrender of the
mutilated or defaced Certificate, be replaced at the Specified Office of the Registrar
on payment of such costs as may be incurred in connection therewith and, in the case
of destruction, theft or loss, on such terms as to evidence and indemnity as the
Company may reasonably require.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.00 <B>INDEMNIFICATION OF THE TRUSTEE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.01 The Trust Deed contains provisions for the indemnification of the Trustee
and for its relief from responsibility. The Trustee is entitled to enter into business
transactions with the Company, without accounting for any profit resulting therefrom
or disclosing to the Bondholders any confidential information which is thereby
obtained.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.00 <B>FURTHER ISSUES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.01 The Company is at liberty from time to time without the consent of the
Bondholders to create and issue further bonds or notes upon such terms as to interest,
conversion, repayment, security and otherwise as the Company may at the time of issue
thereof determine so long as any such security to the extent that it is over assets
that secure the Bonds, is subject and subsequent to the security for the Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15.00 <B>NOTICES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15.01 All notices to the Bondholders will be valid if published in a daily
newspaper published in the jurisdiction of the address of each Bondholder appearing in
the Register. Such notice shall be deemed to have been given on the date of such
publication or, if published more than once, on the date of the first such
publication.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15.02 Any notice to the Paying Agent and Registrar shall be addressed to:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PAYING AGENT AND REGISTRAR</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCOTIATRUST AND MERCHANT BANK TRINIDAD AND<BR>
TOBAGO LIMITED</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>56-58 Richmond Street<BR>
Port of Spain<BR>
Trinidad</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and/or such other or further Paying Agent(s) or Registrar(s) for
the Bonds as may from time to time be appointed by the Company with
the approval of the Trustee and notice of whose appointment is
given to the Bondholders within 14&nbsp;days thereafter in accordance
with Condition 15.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.00. <B>GOVERNING LAW</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.01 The Trust Deed and the Bonds are governed by and shall be construed in
accordance with the laws of the Cayman Islands.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>THE SECOND SCHEDULE ABOVE REFERRED TO</B></U><BR>
<U><B>Provisions for Meetings of Bondholders</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.&nbsp;(i)&nbsp;A Bondholder may by an instrument in writing in the English language (hereinafter called
a &#147;form of proxy&#148;) signed by the Bondholder or, in the case of a corporation, executed under
its common seal (if it has one) or signed on its behalf by an attorney or a duly authorised
officer of the corporation, appoint any person (hereinafter called a &#147;proxy&#148;) his or its proxy
to act on his or its behalf in connection with any meeting or proposed meeting of the
Bondholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii)&nbsp;Any Bondholder which is a corporation may by resolution of its directors or
other governing body authorise any person to act as its representative (hereinafter
called a &#147;Representative&#148;) in connection with any meeting or proposed meeting of the
Bondholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iii)&nbsp;Any proxy appointed pursuant to sub-paragraph (i)&nbsp;above or Representative
appointed pursuant to sub-paragraph (ii)&nbsp;above shall so long as such appointment
remains in force be deemed, for all purposes in connection with any meeting or
proposed meeting of the Bondholders specified in such appointment, to be the holder of
the Bonds to which such appointment relates and the holder of the Bonds shall be
deemed for such purposes not to be the Bondholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.&nbsp;The Trustee or the Company at any time may, and the Trustee (subject to its being indemnified
to its satisfaction against all costs and expenses thereby occasioned) upon a request in
writing of Bondholders holding not less than one-tenth of the principal amount of the
Outstanding Bonds shall, convene a meeting of Bondholders. Whenever the Company is about to
convene any such meeting it shall forthwith give notice in writing to the Trustee of the day,
time and place thereof and of the nature of the business to be transacted thereat. Every
meeting shall be held at such place as the
Trustee may agree, provided that it is a place that one or more Bondholders resided
at the time of issue of the Bonds.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.&nbsp;At least twenty-one days&#146; notice (exclusive of the day on which the notice is given and the
day on which the meeting is held) specifying the day, time and place of meeting shall be given
to the Bondholders. A copy of the notice shall be given to the Trustee unless the meeting
shall be convened by the Trustee and a copy shall be given to the Company unless the meeting
shall be convened by the Company. Such notice shall specify the general nature of business to
be transacted at the meeting thereby convened and shall be given in the manner provided in
this Trust Deed but (except in the case of an Extraordinary Resolution) it shall not be
necessary to specify in such notice the form of any resolution to be proposed. Such notice
shall also include a statement to the effect that the Bondholders may appoint proxies by
executing and delivering a form of proxy to the Specified Office of the Registrar not later
than 48 hours before the time fixed for the meeting or, in the case of corporations, may
appoint representatives by resolution of their directors or governing body.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.&nbsp;A person nominated in writing by the Trustee shall be entitled to take the chair at every
such meeting but if no such nomination is made or if at any meeting the person nominated shall
not be present within fifteen minutes after the time appointed for the holding of such meeting
the Bondholders present shall choose one of their number to be Chairman and failing such
choice the Company may appoint a Chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.&nbsp;At any such meeting two or more persons present holding Bonds being proxies or
representatives and holding or representing in the aggregate one-fiftieth of the principal
amount of the Outstanding Bonds shall (except for the purpose of passing an Extraordinary
Resolution) form a quorum for the transaction of business and no business (other than the
choosing of a chairman) shall be transacted at any meeting unless the requisite quorum be
present at the commencement of business. The quorum at any such meeting for the passing of any
Extraordinary Resolution shall, (subject as
</DIV>

<P align="center" style="font-size: 10pt">63
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided below), be two or more persons present holding Bonds or being proxies or
representatives and holding or representing in the aggregate not less than a clear
majority in principal amount of the Outstanding Bonds for the time being except
that for the following matters (each of which shall only be capable of being
effected after having been approved by Extraordinary Resolution) namely:-<BR>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;modification of the date fixed for repayment of the Bonds;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii)&nbsp;reduction or cancellation of any part of the amount of
principal payable on the Bonds;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iii)&nbsp;modification of the dates of payment or the amounts payable
in respect of interest or the method of determining the amounts payable in
respect of interest on the Bonds;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iv)&nbsp;alteration of the majority required to pass an Extraordinary
Resolution; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(v)&nbsp;alteration of this proviso or the proviso to paragraph 6
below,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the quorum shall be two or more persons present holding Bonds or being proxies or
representatives and holding or representing in the aggregate not less than
two-thirds of the principal amount of the Outstanding Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.&nbsp;If within fifteen minutes from the time appointed for any meeting of Bondholders a quorum is
not present, the meeting shall, if convened upon the request of Bondholders, be dissolved. In
any other case it shall stand adjourned to such day, time and place, being not less than
twenty-eight nor more than forty-two days thereafter, as may be appointed by the chairman and
at such adjourned meeting two or more persons present holding Bonds or being proxies or
representatives (whatever the principal amount of the Bonds held or represented by them) shall
(subject as provided below) form a quorum and have power to pass any Extraordinary Resolution
or other resolution and to decide upon all matters which, had there been a quorum, could
properly have been dealt with at the meeting from which the adjournment took place. Provided
that at any adjourned meeting the business of which includes any of the matters specified in
the proviso to
paragraph 5 above, the quorum shall be two or more persons present holding Bonds or
being proxies or representatives and holding or representing in the aggregate not
less than one-third of the principal amount of the Outstanding Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.&nbsp;At least twenty-one days&#146; notice exclusive of the day on which the notice is given and the
day on which the meeting is held of any adjourned meeting at which an Extraordinary Resolution
is to be submitted shall be given in manner provided by this Trust Deed and such notice shall
(except in cases where the proviso to paragraph 6 above shall apply when it shall state the
relevant quorum) state that two or more persons present holding Bonds or being proxies or
representatives at the adjourned meeting will form a quorum for all purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.&nbsp;The chairman may with the consent of (and shall if directed by) any such meeting adjourn the
meeting from time to time and from place to place but no business shall be transacted at any
adjourned meeting except business which might lawfully have been transacted at the meeting
from which the adjournment took place. Subject as provided in paragraph 7 above it shall not
be necessary to give to the Bondholders notice of an adjourned meeting unless the meeting has
been adjourned sine die.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.&nbsp;Every question submitted to a meeting of Bondholders shall be decided in the first instance
by a show of hands and in the case of an equality of votes the chairman shall both on a show
of hands and on a poll have a casting vote in addition to the vote or votes (if any) to which
he may be entitled as the holder of a Bond or as a proxy or as a representative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.&nbsp;At any meeting of Bondholders, unless (before or on the declaration of the result of the show
of hands) a poll is demanded by the chairman or by one or more persons present holding Bonds
or being proxies or representatives and holding or representing not less than one-hundredth
part of the principal amount of the Outstanding Bonds, a declaration by the chairman that a
resolution has been carried or carried by a particular majority or lost
or not carried by any particular majority shall be conclusive evidence of such
fact.
</DIV>

<P align="center" style="font-size: 10pt">64
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.&nbsp;If at any such meeting a poll is so demanded, it shall be taken in such manner and either at
once or after an adjournment as the chairman shall direct and the result of such poll shall be
deemed to be the resolution of the meeting at which the poll was demanded. The demand for a
poll shall not prevent the continuance of the meeting for the transaction of any business
other than the question on which the poll has been demanded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.&nbsp;Any poll demanded at any such meeting on the election of a chairman or any question of
adjournment shall be taken at the meeting without adjournment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.&nbsp;(A)&nbsp;The Trustee and its legal advisers and any director or duly authorised representative of
a corporation being a trustee of this Trust Deed and any Director and legal adviser of the
Company and any other person authorised in that behalf by the Trustee or the Company may
attend and speak at any such meeting. Without prejudice to paragraph (ii)&nbsp;of the proviso to
the definition of &#147;Outstanding Bonds&#148; in Clause 1.00 of the Trust Deed no person shall be
entitled to attend (except as provided above) and vote at any meeting of the Bondholders or
join with others in requesting the convening of such a meeting or to exercise the rights
conferred on the Bondholders by Clause 8 of the Trust Deed or Condition 10.00 unless he is a
proxy or a representative or is the holder of a Registered Bond or Registered Bonds. Nothing
herein contained shall prevent any of the proxies named in any form or proxy or representative
from being an officer or representative of or otherwise connected with the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(B)&nbsp;Subject as provided in sub-paragraph (A)&nbsp;above at any such
meeting (a)&nbsp;on a show of hands every person who is present in person and is a
holder of Registered Bonds or is a proxy or representative shall have one vote
and (b)&nbsp;on a poll every such
person shall have one vote in respect of each $10,000.00 principal amount
of Bonds in respect of which he is a proxy or representative or of which
he is the holder. Without prejudice to the obligations of the proxies
named in any form of proxy any person who is entitled to more than one
vote need not use all his votes or cast all the votes to which he is
entitled in the same way. In the case of joint holders of a Bond the vote
of the senior who tenders a vote shall be accepted to the exclusion of the
votes of the other joint holders and for this purpose, seniority shall be
determined by the order in which the names stand in the Register in
respect of the joint holding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(C)&nbsp;Fractions of votes will not be counted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.&nbsp;The proxies named in any form of proxy and representatives need not be holders of Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15.&nbsp;Each form of proxy shall be deposited at such place as the Trustee shall approve not less
than 48 hours before the time appointed for holding the meeting or adjourned meeting at which
the proxies named propose to vote and in default the form of proxy shall not be treated as
valid unless the chairman of the meeting decides otherwise before such meeting or adjourned
meeting proceeds to business. A notarially certified copy of each such form of proxy shall be
deposited with the Trustee (if so required by the Trustee) before the commencement of the
meeting or adjourned meeting but the Trustee shall not thereby be obliged to investigate or be
concerned with the validity of or the authority of the proxies named in any such form of
proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.&nbsp;Any vote given in accordance with the terms of a form of proxy shall be valid notwithstanding
the previous revocation or amendment of the form of proxy or of any of the Bondholders&#146;
instructions pursuant to which it was executed provided that no intimation in writing of such
revocation or amendment shall have been received by the Trustee at its Registered Office for
the time being (or such other place as may have been approved
by the Trustee for the purpose) 48 hours before the time appointed for holding the
meeting or adjourned meeting at which the form of proxy is to be used.
</DIV>

<P align="center" style="font-size: 10pt">65
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.&nbsp;The Bondholders shall in addition to all other powers have the following powers exercisable
by Extraordinary Resolution only, namely:-
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(A)&nbsp;Power to sanction any modification, variation, abrogation or
compromise of, or any arrangement in respect of, the rights of the Bondholders
against the Company whether such rights shall arise under this Trust Deed or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(B)&nbsp;Power to assent to any modification of the provisions
contained in this Trust Deed, or the Bonds which shall be proposed by the
Company or the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(C)&nbsp;Power to approve any person proposed to be appointed as a new
trustee and power to remove any trustee or trustees of this Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(D)&nbsp;Power to authorise and empower the Trustee to concur in and
execute and do all such deeds, instruments, acts and things as may be
necessary to carry out and give effect to any Extraordinary Resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(E)&nbsp;Power to agree to the release or exoneration of any Trustee
from any liability in respect of anything done or omitted to be done by such
Trustee before the giving of such release or exoneration and for which such
Trustee may have become responsible under this Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(F)&nbsp;Power to give any sanction, direction or request which under
the provisions of this Trust Deed or the Bonds is required to be given by
Extraordinary Resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(G)&nbsp;Power to appoint any person (whether Bondholders or not) as a
committee or committees to represent the interests of the Bondholders and to
confer upon such committee or committees
any powers or discretions which the Bondholders could themselves exercise
by Extraordinary Resolution.
</DIV>

<P align="center" style="font-size: 10pt">66
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(H)&nbsp;Power to sanction any scheme for the reconstruction of the
Company or for the amalgamation of the Company with any other company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Provided that the provisions contained in Clauses 6.00, 7.00 and 9.00 of the Trust
Deed and in this proviso shall not be capable of modification by Extraordinary
Resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.&nbsp;An Extraordinary Resolution passed at a meeting of the Bondholders duly convened and held in
accordance with this Trust Deed shall be binding upon all the Bondholders whether present or
not at such meeting and each of the Bondholders shall be bound to give effect thereto
accordingly. The passing of any such resolution shall be conclusive evidence that the
circumstances justify the passing thereof, the intention being that it shall rest with the
meeting to determine without appeal whether or not the circumstances justify the passing of
such resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.&nbsp;The expression &#147;Extraordinary Resolution&#148; when used in this Trust Deed means a resolution
passed at a meeting of the Bondholders duly convened and held in accordance with the
provisions contained in this Schedule by the majority consisting of not less than
three-quarters of the votes cast thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">20.&nbsp;Minutes of all resolutions and proceedings at every such meeting as aforesaid shall be made
and duly entered in books to be from time to time provided for that purpose by the Company and
any such minutes, if purporting to be signed by the chairman of the meeting at which such
resolutions were passed or matters transacted or by the chairman of the next succeeding
meeting of the Bondholders, shall be conclusive evidence of the matters therein contained and
until the contrary is proved every such meeting in respect of the proceedings of which minutes
have been made shall be deemed to have been duly convened and held and all resolutions
passed or matters transacted thereat to have been duly passed and transacted.
</DIV>

<P align="center" style="font-size: 10pt">67
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">21.&nbsp;A resolution in writing signed by or on behalf of all the Bondholders shall for all purposes
of this Trust Deed be as valid and effective as an Extraordinary Resolution passed at a
meeting of the Bondholders duly convened and held. The resolution in writing may be contained
in one document or in several documents in or substantially in like form each signed by or on
behalf of one or more of the Bondholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">22.&nbsp;Subject to the provisions contained in this Schedule, the Trustee may without the consent of
the Bondholders prescribe such further regulations regarding the holding of meetings of
Bondholders and attendance and voting thereat as it may in its discretion determine.
</DIV>

<P align="center" style="font-size: 10pt">68
</DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>g02807exv10w2.htm
<DESCRIPTION>EX-10.2 SUBSCRIPTION AGREEMENT DATED AUGUST 4, 2006
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.2 Subscription Agreement dated August 4, 200</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 10.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSOLIDATED WATER CO. LTD.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SUBSCRIPTION AGREEMENT</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>US$15,771,997.16</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPRISING</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Fixed Rate Bonds 2006 &#151; 2016</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DATE:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>TO: SCOTIATRUST AND MERCHANT BANK TRINIDAD AND TOBAGO LIMITED</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CONSOLIDATED WATER CO. LTD. (&#147;the Company&#148;) </B>proposes to issue Bonds in the aggregate value of not
more than <B>US$15,771,997.16 </B>(hereinafter referred to as the &#147;Transaction&#148;) comprising Fixed Rate
Bonds 2006&#151; 2016 (the &#147;Bonds&#148;). The Bonds except for one will be issued in registered transferable
form in the denomination of <B>US$10,000.00 </B>or integral multiples thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bonds are to be constituted by a Trust Deed (the &#147;Trust Deed&#148;) between the Company of the one
part and Dextra Bank &#038; Trust Co. Ltd. (the &#147;Trustee&#148;) as trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company wishes to record the arrangements agreed between it and Scotiatrust and Merchant Bank
Trinidad and Tobago Limited (&#147;the Arranger&#148;) for the subscription and issue of the Bonds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">1. <B>SUBSCRIPTION OF BONDS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject as provided below, the Company agrees with the Arranger to issue the
Bonds and the Arranger agrees to underwrite the issue of the Bonds to the full extent
of <B>US$15,771,997.16 </B>at the Issue Price and to subscribe and pay for the Bonds at the
Issue Price on the Closing Date provided however that the Arranger shall be at liberty
to offer to investors its right to subscribe for the whole or any part of the Bonds
and to be issued with Bonds therefor in manner described in paragraph 1(B) hereafter
on the terms of this Subscription Agreement and the Trust Deed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company hereby confirms that it has authorized and agreed for the
Arranger:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on or after the Closing Date to transfer and assign the Bonds
into a separate trust; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to cause such separate trust to issue certificates of
interest in the Bonds of varying terms to investors at market rates, which may</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>result in a gain or a loss to the Arranger. Any loss resulting from the
issue of such certificates will be borne, and any profit arising therefrom
shall be retained by the Arranger.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">2. <B>ANNOUNCEMENTS AND AUTHORISATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company confirms that it has authorised the Arranger to arrange for announcements in connection
with the issue of the Bonds to be circulated privately to investors (except to investors in
jurisdictions where such circulation would violate any applicable law); and that it has authorised
the issue by the Arranger on behalf of the Company of a document in a form approved by the Company
containing an offer to subscribers in jurisdictions where such circulation would not violate any
applicable law (the &#147;Term Sheet&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">3. <B>TRUST DEED</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company undertakes with the Arranger that the Bonds will be constituted by the Trust Deed to be
made between the Company and the Trustee and to be substantially in the agreed form (subject to
such amendments as may be agreed between the Company and the Trustee prior to execution thereof)
and will be further secured in the manner described in Clause 7 of the Trust Deed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">4. <B>REPRESENTATIONS AND WARRANTIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(A)&nbsp;As a condition of the agreement by the Arranger to subscribe and pay for or procure the
subscription and payment for the Bonds and in consideration thereof, the Company hereby warrants to
and agrees with the Arranger (for the benefit of themselves and the other subscribers of the Bonds
and as agents for such subscribers) as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the information contained in the Term Sheet is true and accurate in all
material respects and is not misleading that there are no other facts, the omission of
which would make any of such information misleading and that the Company has made all
reasonable enquiries to ascertain all facts material for the purposes aforesaid;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the authorisation of the Bonds, the offering of the Bonds under the
terms and conditions of this Subscription Agreement, the issue of the Bonds, the
execution and delivery of this Subscription Agreement, the Trust Deed and the Paying
Agency Agreement (the &#147;Paying Agency Agreement&#148;) all substantially in the agreed form
and the compliance by the Company with the terms thereof and of the Bonds;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>do not and will not contravene any law or statute; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>do not, and on the Closing Date will not infringe the terms
of, or constitute a default under any trust deed, agreement or other
instrument or obligation to which the Company is a party or by which it or
its property is bound.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the execution and delivery by the Company of this Subscription
Agreement, the Trust Deed and the Paying Agency Agreement, the execution, issue and
delivery of the Bonds and the performance of the obligations to be assumed thereunder
have been duly authorised so that upon due execution or in the case of the Trust Deed
and Bonds, due execution and delivery, the same will constitute valid and legally
binding obligations of the Company in accordance with their respective terms;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the execution, delivery and performance by the Company of the Security
Documents will not conflict, contravene or result in a breach or violation of (i)&nbsp;the
Company&#146;s constitutional documents (ii)&nbsp;any statute, order (including administrative
or judicial orders), award, rule or regulation applicable to the Company (iii)&nbsp;any
agreement trust deed, negative pledge or other arrangement to which the Company or its property is bound.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">2
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the Security Documents are in proper legal form and in accordance with
the laws of the Cayman Islands.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the selection by the Company to appoint the Arranger as subscriber of
the Bonds and to pursue the Transaction is legal, valid and has been made by the
Company in accordance with its applicable laws and regulations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the proceeds of the Transaction would be used by the Company for the
purpose outlined in Recital C of the Trust Deed and such use of proceeds is legitimate
and in accordance with applicable law and the Company&#146;s Memorandum and Articles of
Association.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that based on the information given to the Company by the Arranger, as an
expert in the field in Trinidad and Tobago, as to the requirements of the law in that
jurisdiction, all consents, approvals, authorisations or other orders of all
governmental and regulatory authorities in Trinidad and Tobago and the Cayman Islands
required for or in connection with the issue and offering of the Bonds and compliance
with the terms of the Bonds, the Subscription Agreement, the Trust Deed and the Paying
Agency Agreement have been obtained and are in force and effect and that the Company
has complied with all legal and other requirements necessary to ensure that upon due
execution issue and delivery in the manner aforesaid the Bonds will represent valid
and legally binding obligations of the Company in accordance with their terms, that
this Subscription Agreement, the Trust Deed and the Paying Agency Agreement will
constitute valid and legally binding obligations of the Company in accordance with
their respective terms and that due payment of the principal and interest in respect
of the Bonds and compliance with their terms and with the terms of this Subscription
Agreement, the Trust Deed and the Paying Agency Agreement will not infringe the terms
of any such consent, approval, authorisation or order.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the Company shall refrain from launching any loan or other capital
raising exercise in the international syndicated loan or capital markets before the
signing of the Security Documents without first having obtained the written consent of
the Arranger.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that all information that has been or will hereafter be made available to the
Arranger in relation to the Transaction will be to the best of the Company&#146;s knowledge
complete and correct in all material respects and does not and will not to the best of
the Company&#146;s knowledge contain any untrue statement of a material fact or omit to
state a material fact or omit to state a material fact necessary in order to make a
statement (or the information) contained therein not misleading in light of the
circumstances under which such statement was made (or such information was given).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the representations and warranties contained in the Trust Deed are true
and correct in all material respects.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that it has sought and received all necessary independent advice including
but not limited to legal, accounting and tax advice in relation to the issue of the
Bonds and that the Company fully understands the transaction and that the Company will
derive a corporate benefit as a result of the issuance of the Bonds.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(B)&nbsp;The Company undertakes with the Arranger that it will notify it of any material change
affecting any of the aforesaid representations, warranties and agreements at any time prior to
payment being made to the Company on the Closing Date and will take such steps as may be reasonably
requested by the Arranger to remedy and/or

<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">publicise the same. Upon any material breach of any of the said warranties or representations,
material failure to perform any of the said agreements or any change rendering any of the said
warranties representations or agreements inaccurate in a material respect coming to the notice of
the Arranger prior to payment being made to the Company on the Closing Date, the Arranger shall be
entitled (but not bound) by notice to the Company to treat such breach, failure or change as
releasing and discharging the Arranger from its obligations hereunder except to the extent that the
Arranger shall have caused damage to the Company through failure to comply with its obligations
under paragraph 9(A) below, and provided that such release or discharge shall be without prejudice
to the liability of the Company for the payment of the expenses referred to in paragraph 6 below
which are incurred prior to, or in connection with such release and discharge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(C)&nbsp;The agreement of the Arranger with the Company to procure subscribers for the Bonds is entered
into on the basis of the aforesaid representations, warranties and agreements with the intention
that the same shall remain true and accurate in all material respects up to and including the
Closing Date and the Company undertakes with the Arranger (for the benefit of itself and the other
subscribers for the Bonds and as agents for such subscribers) that it will hold the Arranger fully
and effectually indemnified from and against any and all losses, liabilities, costs, claims,
charges, actions, proceedings, damages, expenses or demands which it may incur or which may be made
against it as a result of or arising out of, or in relation to any misrepresentation or alleged
misrepresentation by the Company in connection with the issue of the Bonds or any breach or alleged
breach of any of the warranties or agreements contained in sub-paragraph (A)&nbsp;and/or (B)&nbsp;above. Such
indemnity shall extend to include all costs, charges and expenses which the Arranger may reasonably
pay or incur in disputing or defending any claim or action or other proceedings in respect of which
indemnity may be sought against the Company under this sub-paragraph (C). If any action, proceeding
claim or demand shall be brought or asserted against the Arranger in respect of which indemnity may
be sought from the Company as herein provided, the Arranger shall promptly notify the Company in
writing, and the Company shall have the option to assume the defence thereof, including the
employment of legal advisers approved by the Arranger (such approval not to be unreasonably
withheld), and shall pay all expenses relating thereto. The Arranger shall have the right to employ
its own legal adviser in any such action and defend or participate in the defence thereof but the
fees and expenses of such legal adviser shall be borne by the Arranger, unless the employment
thereof has been specifically authorised by the Company and/or the Company has failed to assume
such defence and employ legal advisers for such purpose. The Company shall not be liable to
indemnify the Arranger for any settlement of any such action, proceedings, claim or demand effected
without the consent of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(D)&nbsp;The Company will pay and hold harmless the Arranger against any documentary, stamp, issue or
other tax or duty, without limitation including any interest and penalties on the creation,
offering, allocation, issue or allotment of the Bonds in accordance with the terms of this
Subscription Agreement and on the execution and delivery of the Trust Deed, the Paying Agency
Agreement and this Subscription Agreement which are or may be required to be paid under the laws of
the Cayman Islands, as well as any other territory in which the Bonds are offered for sale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(E)&nbsp;The rights and remedies conferred upon The Arranger by the aforesaid representations,
warranties, agreements and indemnities shall continue in full force and effect notwithstanding any
investigation by or on behalf of The Arranger or completion of the arrangements herein set out for
the subscription and issue of the Bonds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">5. <B>COMMISSION</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In consideration of the agreement by the Arranger to subscribe for Bonds or to procure
subscribers for the Bonds in manner described in paragraph 1 hereof and to act as the agent of
the Company in relation to the issue of Bonds pursuant to the arrangements referred to in
sub-paragraph (b)&nbsp;of this paragraph, the Company shall pay to the Arranger a commission of
zero
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">4
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>point six percent (0.60%) of the aggregate principal amount of the Bonds in the
amount of US$15,771,997.16 subscribed on the Closing Date in US Currency (the
&#147;Arrangement Fee&#148;) which shall cover the underwriting fees of the Arranger.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition to 5(A) above, the Company hereby confirms that it has authorized and agreed for
the Arranger:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to subscribe for the Bonds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on or after the Closing Dates to transfer and assign the
Bonds into a separate trust; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for its own account to issue or cause the trustee for such
separate trust to issue transferable certificates of interest or participation
in the bonds and/or in monies to be paid under the Bonds of varying terms to
the Arranger and/or investors at market rates. Any loss resulting from the
issue or transfer of such certificates shall be borne, and any profits arising
therefrom shall be retained by the Arranger.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company hereby confirms that it has authorised the Arranger to offer Bonds on behalf of
the Company privately to potential subscribers.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Arranger shall be entitled to deduct the Underwriting Commission from the subscription
money as provided in paragraph 7 below.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">6. <B>COSTS AND EXPENSES</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company agrees to bear and pay all costs and expenses of the legal and other advisers to
the Arranger including all costs related to the subscription incurred in connection with the
preparation and/or review, execution and printing of the Bonds, the Trust Deed, the Paying
Agency Agreement and this Subscription Agreement (in preliminary and in final form)
(collectively called the &#147;Bond Documents&#148;), along with any amendment, supplement, registration
or modification to, or waiver under the Bond Documents and all other documents relating to the
issue and subscription and sale of the Bonds and in connection with the initial delivery and
distribution of the Bonds and the fees and disbursements, excluding stamp duty in Trinidad and
Tobago.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition to the commission costs, expenses and fees referred to in paragraph 5(A) above
and in sub-paragraph (A)&nbsp;of this paragraph the Company agrees to reimburse to the Arranger all
its reasonable expenses in connection with the issue and subscription and sale of the Bonds
(including reasonable legal, advertising, telecopier, telephone, travelling and other
out-of-pocket expenses).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All costs and expenses referred to in this paragraph shall be payable notwithstanding that
the Arranger is released or discharged pursuant to the terms of this Subscription Agreement
and the Arranger shall be entitled to deduct such costs and expenses from the subscription
money as provided in paragraph 7 below.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Arranger shall be entitled to deduct the said costs, expenses, fees and disbursements
referred to in sub-paragraph (A)&nbsp;of this paragraph from the subscription monies as provided in
paragraph 7 below.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">7. <B>CLOSING</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of the net subscription money for the Bonds (namely the sum of US$15,771,997.16 less the
Arrangement Fee costs and expenses referred to in paragraph
</DIV>


<P align="center" style="font-size: 10pt">5
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6 above) shall be made by the Arranger to the Company in immediately available funds on the Closing
Date. The Company undertakes to deliver to the Arranger the Bonds duly executed on its behalf not
later than 14&nbsp;days after the Closing Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">8. <B>CONDITIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Subscription Agreement and the respective obligations of the parties hereto are conditional
upon:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there not having been as at the Closing Date, any adverse changes or developments reasonably
likely to involve a prospective adverse change in the market conditions (financial or
otherwise) of Trinidad and Tobago, the Cayman Islands, or any other jurisdiction in which the
Bonds are sold which is material in the context of the issue of the Bonds and there not having
occurred any event rendering untrue or incorrect to an extent which is material as aforesaid
any of the representations and warranties contained in sub-paragraph 4 (A)&nbsp;above as though the
said representations and warranties had been given on the Closing Date;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there having been as at the Closing Date no material adverse change in the financial
circumstances of the Company or the prospects of the Company that could in the reasonable
opinion of the Trustee affect the Company&#146;s ability to meet it&#146;s obligations under the Trust
Deed or the Bonds;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the execution of the Trust Deed and the Paying Agency Agreement on or prior to the Closing
Date by or on behalf of all parties thereto;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the delivery of legal opinions from the Company&#146;s counsel in a form satisfactory to the
Arranger;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(E)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the undertaking of the Company not to engage in activities leading to a new capital markets
issue before 28<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> August&nbsp;2006, being ninety (90)&nbsp;days immediately following the
mandate letter from the Company to the Arranger dated 29<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> May&nbsp;2006; and</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">if any of the foregoing conditions is not satisfied, this Subscription Agreement shall, except as
specifically provided herein, thereupon terminate and (except for the liability of the Company for
the payment of the costs and expenses mentioned in paragraph 6 above which were incurred prior to
or are incurred in connection with such termination) the parties hereto shall be released and
discharged from their respective obligations hereunder and provided that the Arranger may at its
discretion waive compliance with any of the provisions of this paragraph.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">9. <B>UNDERTAKINGS AND WARRANTIES OF THE ARRANGER</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Arranger undertakes that Bonds offered by it on behalf of the Company pursuant to the
terms of this Subscription Agreement will be offered by it as the case may be on the terms as
set forth in the Trust Deed.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Arranger further agrees to use all reasonable endeavours to ensure that the date of
completion of the distribution of the Bonds is in accordance with this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Arranger warrants that the Company is exempt from registration as a reporting issuer
under the Securities Act as the Bonds will not be offered to the public.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Arranger warrants that the Bonds are exempt from registration under the Securities Act as
the Bonds will not be offered to the public.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(E)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Arranger warrants that the distribution of the Bonds shall not be accompanied by an
advertisement other than an announcement of its</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">6
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
</div>

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>completion as prescribed by the Commission and no selling or promotional expenses
shall be paid or incurred in connection with the distribution except for
professional services or services performed by the Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(F)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Arranger warrants that pursuant to section 75(2) of the Securities Act, the Company is
exempt from filing a prospectus or a block distribution circular with the Commission.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">10. <B>REPRESENTATIONS TO THIRD PARTIES</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">The Company has not authorised any person to make any representations or supply any
information in connection with the formal offering of the Bonds other than as
contained in the Term Sheet. No other document has been prepared in connection with
the offering of the Bonds and delivered to the Arranger or any other person by the
Company and no other document has been approved in such connection by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">11. <B>CANCELLATION</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything herein contained, the Arranger may by notice to the Company
terminate this Subscription Agreement at any time before payment for the Bonds is made to the
Company on the Closing Date if in the opinion of the Arranger there shall have been such a
change in national or international monetary, financial, political or economic conditions or
exchange controls or currency exchange rate as would in its view be likely to prejudice
materially the success of the proposed issue, distribution or sale of the Bonds (whether in
the primary market or in respect of dealings in the secondary market) or there is a breach of
any representation, warranty or covenant by the Company and upon such notice being given the
parties hereto shall (except for the liability of the Company for the payment of the costs and
expenses mentioned in paragraph 6 above and the indemnity provision mentioned in paragraph 12
below which were incurred prior to or in connection with such termination) be released and
discharged from their respective obligations under this Subscription Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Arranger may terminate this Subscription Agreement at any time before payment for the
Bonds is made to the Company if there is any material breach of the representations and
warranties given under this Subscription Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">12. <B>INDEMNITY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Whether or not the Security Documents are executed or the transaction contemplated hereby is
consummated the Company shall indemnify and hold harmless the Arranger and each of its affiliates
and each of its respective officers, directors, employees, agents, advisors and representatives
(each, an &#147;Indemnified Party&#148;) from and against any and all claims, damages, losses, liabilities
and expenses (including without limitation fees and disbursements of counsel), that may be incurred
by or asserted or awarded against any Indemnified Party (including without limitation those
incurred in connection with any pending or threatened investigation, litigation or proceeding or
the preparation of any defence in connection therewith), in each case arising out of or in
connection with or by reason of this Subscription Agreement or the issue or sale of the Bonds <B>Save
and Except </B>to the extent such claim, damage, loss, liability or expense is found in a final, non
appealable judgment by a court of competent jurisdiction to have resulted primarily from an
Indemnified Party&#146;s fraud, gross negligence or wilful misconduct. Such indemnity shall extend to
include all costs, charges and expenses which the Indemnified Party may reasonably pay or incur on
an attorney and own client basis in disputing or defending any claim or action or other proceedings
in respect of which indemnity may be sought against the Company under this sub-paragraph 12. If
any action, proceeding claim or demand

<P align="center" style="font-size: 10pt">7
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall be brought or asserted against the Indemnified Party in respect of which indemnity may be
sought from the Company as herein provided, the Indemnified Party shall promptly notify the Company
in writing, and the Company shall have the option to assume the defence thereof, including the
employment of legal advisers approved by the Indemnified Party (such approval not to be
unreasonably withheld), and shall pay all expenses relating thereto. The Indemnified Party shall
have the right to employ its own legal adviser in any such action and defend or participate in the
defence thereof but the fees and expenses of such legal adviser shall be borne by the Indemnified
Party, unless the employment thereof has been specifically authorized by the Company and/or the
Company has failed to assume such defence and employ legal advisers for such purpose. The Company
shall not be liable to indemnify the Indemnified Party for any settlement of any such action
proceeding, claim or demand effected without the consent of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">13. <B>UNDERTAKINGS BY THE COMPANY</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company undertakes with the Arranger and each of them agrees as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Withholding</U>.  All payments to be made by the Company to the Arranger
under this Agreement shall be made free and clear of, and without withholding or
deduction for, any taxes, duties, assessments or governmental charges of whatever
nature imposed, levied, collected, withheld or assessed by or within the Cayman
Islands or any authority therein or thereof having power to tax, unless such
withholding or deduction is required by law. In the event of any such withholdings,
the Company shall pay such additional amounts as will result in receipt by the
Arranger of such amounts as would have been received by it had no such withholding or
deduction been required, except that no such additional amounts shall be payable by
the Arranger if the Arranger is liable for such taxes, duties, assessments or
governmental charges by reason of it having had some connection with the relevant
jurisdiction other than the entering into, performing its obligations under, taking of
any action contemplated by or enforcing this Agreement and except that the Company
shall not be obligated to pay such additional amounts to the extent they exceed the
amounts that would have been withheld or deducted but for a delay or failure by the
Arranger in filing or producing any form or document required to be filed or produced
to avoid or reduce such amount.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Notification</U>. The Company shall promptly notify the Arranger of any
material adverse change which occurs prior to payment being made to the Company on the
Closing Date and which may affect any of its representations, warranties, agreements
and indemnities herein, and will promptly take such steps as may be reasonably
requested by the Arranger to remedy and/or publicise the same.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">14. <B>NOTICES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ALL </B>notices hereunder shall be either delivered to the party or parties to which they are addressed
by hand or shall be sent by facsimile. Any notice sent by facsimile shall be deemed to have been
given, made or served at the time of dispatch. All notices shall be sent to the parties at their
respective addresses as follows, or any other addresses in Trinidad and Tobago and the Cayman
Islands as the case may be of which any of the foregoing shall have notified the others in writing
in accordance with this Subscription Agreement;
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Company:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consolidated Water Co. Ltd.<br>
P.O. Box 1114 GT<br>
Regatta Office Park<br>
Windward Three, 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<br>
West Bay Road</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">8

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grand Cayman, Cayman Islands<br>
Attention: Mr.&nbsp;Frederick McTaggart- President &#038; C.E.O.<br>
Facsimile: 345-949-2957<br></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">And a copy to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Myers &#038; Alberga, Attorneys-at-Law<br>
P.O. Box 472 GT<br>
Harbour Place<br>
103 South Church Street<br>
Grand Cayman, Cayman Islands<br>
Attention: Bryan L. Ashenheim Esq.<br>
Facsimile No. 345-949-8171<br></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Arranger:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Scotiatrust and Merchant Bank Trinidad and Tobago Limited<br>
56-58 Richmond Street<br>
Port of Spain<br>
Trinidad, W.I.<br>
Attention: Ms.&nbsp;Alicia Taylor- Assistant General Manager<br>
Facsimile:868-625-4405</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">15. <B>DESCRIPTIVE HEADINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Descriptive Headings in this Subscription Agreement are for convenience of reference only and
shall not define or limit the provisions hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">16. <B>GOVERNING LAW</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Subscription Agreement shall be governed by and construed in accordance with the laws of the
Cayman Islands, and the Cayman Islands&#146; courts will have non-exclusive jurisdiction in connection
with any legal action, suit or proceeding arising out of or relating to this Subscription
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">17. <B>SOVEREIGN IMMUNITY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company represents and warrants that it has no right to immunity, on the grounds of sovereignty
or otherwise, from the execution of any judgment in the Cayman Islands or from the execution of
enforcement in the Cayman Islands of any arbitral award (except, in each case, for the limitation
on alienation of public property) in respect of any proceeding or any other matter arising out of
or relating to its obligations contained in this Subscription Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">18. <B>REMEDIES AND WAIVERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No failure or delay by the Arranger in exercising any power, remedy, discretion, authority or other
right under this Agreement shall waive or impair that or any other right of the Arranger. No
single or partial exercise of any right shall preclude its additional or future exercise. No such
waiver shall waive any other right under this Agreement. All waivers or consents given under this
Agreement shall be in writing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">19. <B>AMENDMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any amendment of any provision of this Agreement shall be in writing and signed by the parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">20. <B>COUNTERPARTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Agreement may be executed in several counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same agreement.
</DIV>


<P align="center" style="font-size: 10pt">9
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">21. <B>ENTIRE AGREEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Subscription Agreement contains the entire agreement of the parties with respect to the
subject matter hereof and supersedes all other prior agreements and undertakings, both written and
oral, between the parties with respect to the subject matter hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">22. <B>SUCCESSORS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except as otherwise provided herein, this Subscription Agreement and all of the terms and
provisions hereof shall be binding upon and inure to the benefit of the parties and their
respective heirs, executors, administrators, successors, trustees and legal representatives.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">23. <B>CHANGE IN CIRCUMSTANCES</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If by reason of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any change in applicable law, regulation or regulatory
requirements of the Cayman Islands or Trinidad and Tobago, or the
interpretation or application or administration thereof by a competent court,
(including the imposition of Taxes on payments hereunder, other than Taxes on
the overall net income of the Arranger); and/or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compliance with any changes in applicable and binding law,
regulation, treaty, official directive or requirement (providing it has the
force of law) of any central bank or any governmental, monetary or other
authority of the Cayman Islands or Trinidad and Tobago with respect to
solvency requirements, provision requirements, mandatory deposits, mandatory
conversion or measures having similar effect including any type of liquidity
or capital adequacy controls or other banking or monetary controls or
requirements which affects the manner in which the Arranger allocates capital
to its obligations under this Agreement:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Arranger incurs a cost as a result of
its having entered into and/or performing any of its respective
obligations under this Agreement; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Arranger becomes liable to make any
payment on or calculated by reference to any sum received or
receivable by it hereunder; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Arranger&#146;s Return on Solvency is
decreased (Return on Solvency means the Arranger&#146;s fee and income on
the Transaction divided by statutory capital requirements applicable
to the Arranger for the transaction);</TD>
</TR>
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall from time to time on demand by the Arranger promptly pay
to the Arranger amounts sufficient to indemnify the Arranger against, as
the case may be, such cost, increased cost or liability or reduction in
the rate of Return on Solvency.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company will not bear any increased costs or liability by reason of
the Arranger&#146;s inefficiency or poor performance of its operations.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Arranger shall promptly notify the Company of the circumstances giving
rise to the Company&#146;s obligation to make any such payment, giving reasonable details
of how such cost, increased cost, reduction or liability has been calculated and
attributed to the advance of the principal amount of the Bonds, such calculation and
attribution by the Arranger being conclusive in the absence of manifest error.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">24. <B>INTERPRETATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In this Subscription Agreement unless the context otherwise requires or unless otherwise defined in
this Subscription Agreement, words and expressions defined in the Trust Deed shall have the same
meanings when used in this Subscription Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please confirm that this letter correctly sets out the arrangements agreed between us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yours faithfully,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For and on behalf of Consolidated Water Co. Ltd.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt">
Frederick W. McTaggart<DIV style="font-size: 3pt; margin-top: 3pt; width: 26%; border-top: 1px solid #000000">
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 0pt">Director</DIV>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby confirm that the terms of the above written letter agreement correctly set out the
arrangements agreed between us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yours faithfully,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For and on behalf of Scotiatrust and Merchant Bank Trinidad and Tobago Limited
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt">
Richard P. Young<DIV style="font-size: 3pt; margin-top: 3pt; width: 26%; border-top: 1px solid #000000">
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 0pt">Director</DIV>

</DIV>

</DIV>


<P align="center" style="font-size: 10pt">11



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>g02807exv10w3.htm
<DESCRIPTION>EX-10.3 PAYING AGENCY AGREEMENT DATED AUGUST 4, 2006
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.3 Paying Agency Agreement dated August 4, 20</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 10.3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSOLIDATED WATER CO. LTD.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>PAYING AGENCY AGREEMENT</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>US$15,771,997.16</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPRISING</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>US$15,771,997.16 Fixed Rate Bonds 2006 &#151; 2016</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">P.O. Box 1114 GT<BR>
Regatta Office Park<BR>
Windward Three, 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<BR>
West Bay Road<BR>
Grand Cayman, Cayman Islands
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DATE</B>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>TO: SCOTIATRUST AND MERCHANT BANK TRINIDAD AND TOBAGO LIMITED</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>CONSOLIDATED WATER CO. LTD. </B>(&#147;the Company&#148;) is issuing Bonds in the aggregate value of not
more than <B>US$15,771,997.16 </B>comprising Fixed Rate Bonds 2006-2016 (the &#147;Bonds&#148;). These Bonds will be
constituted and secured by a Trust Deed of even date herewith made between the Company and <B>DEXTRA
BANK &#038; TRUST CO. LTD. </B>(&#147;the Trustee&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby appoints <B>SCOTIATRUST AND MERCHANT BANK TRINIDAD AND TOBAGO LIMITED </B>the
Paying Agent (&#147;the Paying Agent&#148;) upon the terms and conditions set out below, for the payment of
principal and interest in respect of the Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Paying Agent appointed under the terms and conditions of this Agreement shall also
undertake the duties and responsibilities of Registrar on behalf of the Company in respect of the
Bonds. These duties shall include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintenance of the Register of Bondholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>dealing with transfers of Bonds and other registrations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>providing information required by the Company and the Trustee from time to
time relative to the register of Bondholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expression &#147;Paying Agent&#148; and &#147;Specified Office&#148; as used herein shall be deemed to mean
and include the Paying Agent and the offices respectively specified in the Trust Deed (as
hereinafter defined) or such other Paying Agents or Specified Offices from time to time duly
appointed by the Company in accordance with Condition 9.00 of the Bonds. The Bonds will be issued
in registered transferable form in accordance with Condition 2.00 of the Bonds. The Bonds are to be
issued substantially in the form set out in Part&nbsp;A of the First Schedule to the Trust Deed.
Expressions used
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">herein shall, unless the context otherwise requires, have the meanings ascribed thereto in the
Trust Deed and the Schedules thereto.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="3%">(A)&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At least one business day (being a day on which banks are open for business in Trinidad
and Tobago) before the Due Date, the Company will deliver its cheque or wire transfer the
funds to the Paying Agent for the full amount in United States Dollars of the money payable on
such Due Date in respect of all such Bonds.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that, upon the business day before the Due Date the Company does not
have available for payment and has not delivered its cheque or wire transferred the funds
referred to in (A)&nbsp;above for the full amount of the money payable on such Due Date in
respect of all such Bonds, the Company will give notice by telephone to the Trustee for
the time being for the Bondholders (the &#147;Trustee&#148;) and to the Paying Agent that it does
not have such money available and has not delivered such cheque.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Rate of Interest from time to time payable in respect of the Fixed Rate Bonds
2006-2016 is 5.95% per annum.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Paying Agent shall at all times keep at its registered office (or at such other
place as the Trustee may agree) a register showing the nominal amount of the Bonds and the
date of issue and of all subsequent transfers and changes of ownership thereof and the
names and addresses of the Bondholders and the persons deriving title under them and of
their repayment, purchase and cancellation and of all replacement Certificates issued in
substitution for mutilated, defaced, lost, stolen or destroyed Certificates. The Trustee,
the Company and the Bondholders or any of them and any person authorised by any such
person may at all reasonable times during office hours, inspect the Register and take
copies of or extracts from it. If the Trustee requires the convening of a meeting or the
giving of any notice to the Bondholders, the Paying Agent shall promptly furnish the
Trustee free of charge with such copies of or extracts from the Register as it shall
require. The Register may be closed by the Company for such periods and at such times (not
exceeding in the whole thirty Business Days in any one year) as it may think fit.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">2.</TD>
    <TD width="3%">(A)&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SUBJECT </B>to the Company having paid the requisite money pursuant to paragraph 1(A) hereof,
the Paying Agent will act as agent of the Company for the Bonds and pay or cause to be paid on
behalf of the Company on and after each Due Date the amounts due to be paid as principal
and/or interest in respect of the Bonds in accordance with the conditions and the terms of the
Trust Deed. All payments made by the Paying Agent hereunder shall be made without charging any
commission or fee to the Bondholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At any time after any of the events described in Condition 10.00 of the Bonds has
occurred the Trustee may by notice in writing to the Company and the Paying Agent require:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Paying Agent to act thereafter as Paying Agent of the
Trustee in relation to payments to be made by or on behalf of the Trustee under
the provisions of the Trust Deed mutatis mutandis on the terms provided herein
(save that the Trustee&#146;s liability under any of the provisions hereof for the
indemnification of the Paying Agent shall be limited to the amounts for the
time being held by the Trustee upon the trusts of the Trust Deed and available
for distribution to holders of Bonds) and thereafter to hold all Bonds and all
sums documents and records held by them in respect of the Bonds and interest
thereon on behalf of the Trustee; and/or</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Paying Agent to deliver up all Bonds and all sums documents
and records held by them in respect of Bonds and interest thereon to the
Trustee or as the Trustee shall direct in such notice provided that such notice
shall be deemed not to apply to any documents or records which the relative
Paying Agent is obliged not to release by any law or regulation.</TD>
</TR>
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Paying Agent shall treat a certificate of the Trustee that any of the events
described in the said Condition 10.00 has occurred as conclusive evidence of that
fact.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. ALL Bonds which are repaid or purchased by or on behalf of the Company and required to be
cancelled shall be cancelled forthwith by the Paying Agent. The Paying Agent shall give all
relevant details and forward the cancelled Bonds to the Company which shall as soon as reasonably
possible after the date of such repayment or purchase (as the case may be) furnish the Trustee with
a certificate or certificates signed by a duly authorised officer stating the amounts paid in
respect of such Bonds so repaid or purchased or paid and so cancelled, and the serial numbers of
such Bonds.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="3%">(A)&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company will pay to the Paying Agent a fee of US$2,500.00 per annum payable annually
in advance for its services under this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Additionally, the Company will be responsible for all out of pocket expenses
(including computer costs, stationery printing, postages, insurances, issuing duplicates
etc.) for which the Paying Agent shall be reimbursed at the end of each quarter in which
such expenses have been incurred.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5. The Company will indemnify and hold harmless the Paying Agent against any losses, liabilities,
costs, claims, actions or demands which the Paying Agent may incur or which may be made against the
Paying Agent as a result of or in connection with its appointment or the exercise of its power,
discretions, authorities and duties under this Agreement (including reasonable fees and expenses of
legal advisers) as well as the costs and expenses of defending any claim, action or demand except
such as may result from its own willful default, negligence or bad faith or that of its officers or
employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. <B>WITHOUT PREJUDICE </B>to the provisions of paragraph 2 (B)&nbsp;hereof in acting hereunder and in
connection with the Bonds the Paying Agent shall act solely as agent of the Company and will not
thereby assume any obligations towards or relationship of agency or trust for any of the
Bondholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7. <B>EXCEPT </B>as ordered by a court of competent jurisdiction or as required by law, the Paying Agent
shall (notwithstanding any notice to the contrary) be entitled to treat the registered holder of
any Bonds as the absolute owner thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8. The Paying Agent will procure that, so long as any of the Bonds are outstanding, copies of the
Trust Deed, and this Agreement together with copies of the latest audited accounts of the Company
as produced by the Company will be available for inspection by Bondholders at its office specified
herein during normal business hours.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="3%">(A)&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company with the prior written approval of the Trustee may terminate the appointment
of the Paying Agent at any time by giving to the Trustee, and to such Paying Agent, at least
thirty (30)&nbsp;days&#146; written notice to that effect <B>provided always </B>that so long as any of the
Bonds remains outstanding (i)&nbsp;no such notice shall expire between thirty (30)&nbsp;days prior to a
Payment Date and fifteen (15)&nbsp;days after a Payment Date; and (ii)&nbsp;the Company shall procure
that there will at all times be at least one Paying Agent with a specified office in Trinidad
and Tobago.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Paying Agent may resign its appointment hereunder at any time by giving to the
Company and the Trustee at least thirty (30)&nbsp;days&#146; written</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>notice to that effect and the Company shall thereupon forthwith appoint a
replacement <B>provided </B>that so long as any of the Bonds remains outstanding no such
notice shall expire between thirty (30)&nbsp;days prior to a Payment Date and fifteen
(15)&nbsp;days after a Payment Date. In the event that the Company fails to appoint a
new Paying Agent within the notice period given by the Paying Agent as provided
above then upon expiration of the notice period the Paying Agent shall continue to
hold the office of Paying Agent only to the extent that it be responsible for the
Register of Bondholders, the safe custody of the Bonds and all sums, documents or
records held by it in respect of the Bonds and interest thereon on behalf of the
Trustee and may thereupon appoint a new Paying Agent to take over all of the
responsibilities under this Agreement with immediate effect and shall advise the
Trustee and the Company in writing of such appointment. The new Paying Agent shall
upon such appointment be responsible for and may be requested to indemnify the
Paying Agent against any claims of whatsoever nature that may arise out of the
discharge of the duties under this Agreement by the new Paying Agent and all other
provisions of this Agreement shall be applicable to the new Paying Agent as if the
new Paying Agent was an original signatory to this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As soon as practicable, and in any event at least 60&nbsp;days prior to the effective date
of the resignation or removal of any Paying Agent, the Company shall give, or cause to be
given notice thereof to the Bondholders in accordance with Condition 16.00 of the Bonds.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Before the Paying Agent changes its Specified Office it shall give to the Company and
the Trustee not less than 65&nbsp;days&#146; prior written notice to that effect giving the address
of the changed Specified Office. The Company shall (unless the appointment of the relative
Paying Agent is to terminate pursuant to sub-paragraph (A)&nbsp;or (B)&nbsp;above on or prior to the
date of such change) give to the Bondholders and the Trustee at least 14&nbsp;days&#146; notice of
such change and of the address of the changed Specified Office.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(E)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall give notice to the Bondholders in accordance with the said
Condition 16.00 of any appointment of a Paying Agent hereunder within 14&nbsp;days of such
appointment.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10. The Paying Agent shall be deemed to have notice of, and in so far as the terms of the Trust
Deed affect the duties of the Paying Agent herein, shall not act in a manner inconsistent with the
terms of the Trust Deed including the Conditions of the Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11. <B>SUBJECT </B>to the Conditions of the Bonds the Paying Agent and any of its respective officers and
employees in its or his individual or any other capacity, may become the owner of, or acquire any
interest in any Bonds with the same rights that it or he would have if it or he were not the Paying
Agent hereunder or an officer or employee thereof, and the Paying Agent may engage or be interested
in any financial or other transaction with the Company, or may act on, or as a depository, trustee
or agent for, any committee or body of Bondholders or other obligations of or lenders to the
Company as freely as if it were not the Paying Agent hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12. <B>ALL </B>notices hereunder shall be either delivered to the party or parties to which they are
addressed by hand or shall be sent by telecopy, or facsimile. Any notice sent by telecopy,
or facsimile shall be deemed to have been given, made or served at the time of dispatch. All
notices shall be sent to the parties at their respective addresses as follows, or any other
addresses in Trinidad and Tobago or the Cayman Islands of which any of the foregoing shall
have notified the others in writing in accordance with this Agreement.
</DIV>


<P align="center" style="font-size: 10pt">4
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">
</div>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>COMPANY</B>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consolidated Water Co. Ltd.<br>
P.O. Box 1114 GT<br>
Regatta Office Park<br>
Windward Three, 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<br>
West Bay Road<br>
Grand Cayman, Cayman Islands<br>
Attention: Mr.&nbsp;Frederick McTaggart<br>
Facsimile: 345-949-2957<br></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">And a copy to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Myers &#038; Alberga, Attorneys-at-Law<br>
P.O. Box 472 GT<br>
Harbour Place<br>
103 South Church Street<br>
Grand Cayman B.W.I.<br>
Attention: Bryan L. Ashenheim Esq.<br>
Facsimile No. 345-949-8171</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>THE TRUSTEE</B>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dextra Bank &#038; Trust Co. Ltd.<br>
P.O. Box 2004 GT<br>
Sagicor House<br>
198 North Church Street<br>
Grand Cayman B.W.I.<br>
Attention S. Alexander Wood<br>
Facsimile No. 345-949-2795</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>THE PAYING AGENT</B>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Scotiatrust and Merchant Bank Trinidad and<br>
Tobago Limited<br>
56-58 Richmond Street<br>
Port of Spain<br>
Trinidad<br>
Attention:<br>
Facsimile: 868-625-4405<br></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13. Neither the Paying Agent nor any of its officers, directors, employees, agents,
attorneys-in-fact or affiliates shall (a)&nbsp;be liable for any action taken or to be taken by it or
any person under or in connection with this Agreement or any other Transaction Documents or the
transactions contemplated hereby (except for its or such person&#146;s own gross negligence or willful
misconduct), or (b)&nbsp;be responsible in any manner to any person for any recital, statement,
representation or warranty made by the Company or any officer thereof, contained in this Agreement
or in any other Transaction Documents, or in any certificate, report, statement or other document
referred to or provided for in, or received by the Paying Agent under or in connection with this
Agreement, or for the validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement or for any failure of the Company or any other party to the Transaction Documents to
perform its obligations hereunder or thereunder. Except as otherwise expressly stated herein or in
any other Transaction Documents, the Paying Agent shall not be under any obligation to any holders
of Bonds to ascertain or to inquire as to the observance and performance of any of the agreements
contained, or conditions of, this Agreement or any other Transaction Documents, or to inspect the
properties, books or records of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14. The Paying Agent shall be entitled to rely, and shall be fully protected in relying, upon any
writing, resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or
e-mail message, statement, order or other document or telephone conversation believed by it in good
faith to be genuine and correct and to have been signed, sent or made by the proper person or
persons, and upon advice and statements of legal counsel (including counsel to the Company)
independent accountants and other experts selected by the Paying Agent. The Paying Agent shall be
fully justified in failing or refusing to take any action under this Agreement or any other
Transaction Documents unless it shall first receive such advice or concurrence of the holders of
the Bonds as it deems appropriate and, if it so requests, it shall first be indemnified to its
satisfaction by the holders of the Bonds or the Company as the case may be against any and all
liability and expense which may be incurred by it by reason of failing to take, taking or
continuing to take any such action. The Paying Agent shall in all cases be fully

<P align="center" style="font-size: 10pt">5
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">protected in acting, or in refraining from acting, under this Agreement or any other Transaction
Documents in accordance with a request or consent of the holders of the Bonds (or when expressly
required hereby, all of the holders of the Bonds) and such request and any action taken or failure
to act pursuant thereto shall be binding upon the holders of the Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15. Any amendment of any provision of this Agreement shall be in writing and signed by the parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16. This Agreement may be executed in several counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17. This Paying Agency Agreement contains the entire agreement of the parties with respect to the
subject matter hereof and supersedes all other prior agreements and undertakings, both written and
oral, between the parties with respect to the subject matter hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18. Except as otherwise provided herein, this Paying Agency Agreement and all of the terms and
provisions hereof shall be binding upon and inure to the benefit of the parties and their
respective heirs, executors, administrators, successors, trustees and legal representatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19. The provisions of this Agreement shall be governed by and construed in accordance with the Laws
of the Cayman Islands and the Cayman Islands&#146; courts will have non-exclusive jurisdiction in
connection with any legal action, suit or proceeding arising out of or relating to this Paying
Agency Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please confirm by signing and returning to us the enclosed duplicate of this letter that you
accept the appointment as Paying Agent and Registrar upon the terms and subject to the conditions
set out above, whereupon the same will become a binding agreement as between the Company, the
Trustee and the Paying Agent.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Yours faithfully,<BR>
<BR>
<BR>
For and behalf of Consolidated Water Co.<BR>
Ltd.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Frederick W. McTaggart
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby confirm our acceptance of your appointment of the Paying Agent on the above terms
and conditions.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">For and on behalf of Scotiatrust and<BR>
Merchant Bank Trinidad and Tobago Limited<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Richard P. Young
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">For and on behalf of Dextra Bank &#038; Trust<BR>
Co. Ltd.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Alex Wood
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">6


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>g02807exv10w4.htm
<DESCRIPTION>EX-10.4 GUARANTEE DATED AUGUST 4, 2006
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.4 Guarantee dated August 4, 2006</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 10.4</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GUARANTEE</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">by
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CAYMAN WATER COMPANY LIMITED
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">IN FAVOUR OF
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">DEXTRA BANK &#038; TRUST CO. LTD.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Dated the 4th day of August, 2006<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1. DEFINITIONS AND INTERPRETATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.1 General Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 2. GUARANTEE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.1 Guarantor Guaranteed Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.2 Continuing Guarantee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.3 Payment of Guaranteed Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.4 No Set-off</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.5 Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.6 Application of Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 3. SAVING PROVISIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.1 Change in Guaranteed Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.2 Waiver of Defenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.3 Immediate Recourse</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.4 Non-Competition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.5 Bankruptcy or Liquidation of the Borrower</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.6 Appropriaton of Moneys</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.7 Reinstatement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.8 Additional Security</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 4. INDEMNITY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.1 Indemnity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5. REPRESENTATIONS AND WARRANTIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.1 Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.2 Trustee&#146;s Reliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.3 Rights and Remedies not Limited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6. COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.1 Guarantor Covenants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 7. MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.1 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.2 English Language</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.3 No Waiver; Remedies Cumulative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.4 Governing Law and Jurisdiction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.5 Submission</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.6 Judgments and Immunity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.7 Benefit of Guarantee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.8 Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.9 Amendment or Waiver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.10 Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.11 Set-off</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.12 Currency Indemnity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS
GUARANTEE </B>(&#147;<B>Guarantee</B>&#148;), dated the &#95;&#95;&#95; day of July, 2006, is made as a deed by:
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(1)&nbsp;CAYMAN WATER COMPANY LIMITED, a company organized and existing under the laws of the Cayman
Islands (&#147;<B>Guarantor</B>&#148;);</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">in favour of</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(2)&nbsp;DEXTRA BANK &#038; TRUST CO. LTD. of Sagicor House, 198 North Church Street, George Town,
Grand Cayman, Cayman Islands (the &#147;<B>Trustee</B>&#148;).</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Defined terms used herein shall have the meanings specified in Section&nbsp;1.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consolidated Water Co. Ltd. (the &#147;Borrower&#148;) has entered into a trust deed (the &#147;Trust
Deed&#148;) with the Trustee pursuant to which, inter alia, the Borrower agreed to secure the
repayment of certain bonds (the &#147;Bonds&#148;) issued by it by granting to the Trustee a
debenture and other security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Guarantor is a one hundred percent (100%) wholly owned subsidiary of the Borrower.
To better secure the repayment of the Bonds by the Borrower the Trustee requires that the
Guarantor execute this Guarantee and to grant certain other security to the Trustee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>C.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Guarantor will obtain benefits as a result of the above mentioned Bond issue and,
accordingly, desires to execute and deliver this Guarantee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>NOW, THEREFORE, the parties agree as follows:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 1. DEFINITIONS AND INTERPRETATION.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>1.1 General Definitions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Unless the context otherwise requires, capitalized terms used in this Guarantee without
definition have the meanings specified in the Trust Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In addition, wherever used in this Guarantee, unless the context otherwise requires, the
following terms have the meaning opposite it:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Financing Documents&#148; </B>collectively, the Trust Deed and any security documents issued pursuant
or collateral thereto;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Guaranteed Obligations</B>&#148; all liabilities and obligations of the Borrower to the Trustee under
or in respect of the Financing Documents, and in any capacity, irrespective of whether such
liabilities and obligations:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are present or future;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are actual, contingent or otherwise;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are at any time ascertained or unascertained;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are owed or incurred as principal, interest, fees, charges, taxes, duties or
other imposts, damages (whether for breach of contract or tort or incurred on any
other ground), losses, costs or expenses, or on any other account; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>comprise any combination of the above.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>provided that</U> the Guaranteed Obligations shall be limited to the lesser of: (i)&nbsp;the
total amount outstanding under the Financing Documents; and (ii)&nbsp;the maximum amount of
indebtedness and liability of the Borrower that the Guarantor is able to guarantee without causing
the Guarantor to contravene any applicable legislation restricting the giving of guarantees or
which would otherwise render this Guarantee unenforceable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2. GUARANTEE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Guarantor Guaranteed Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantor irrevocably and absolutely, as principal obligor and not merely as surety,
guarantees and promises to pay, upon demand of the Trustee, the Guaranteed Obligations not paid or
performed by the Borrower when due in the same manner in all respects as the Guaranteed Obligations
are required to be paid or performed by the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Continuing Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The guarantee and the indemnity of the Guarantor contained in this Guarantee is a
continuing obligation of the Guarantor (and all liabilities to which it applies or may apply under
the terms of this Guarantee shall be conclusively presumed to have been created in reliance on such
guarantee), notwithstanding any settlement of account or the occurrence of any other thing, and
shall remain in full force and effect until:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Guaranteed Obligations have been fully paid or performed
strictly in accordance with the provisions of the Financing Documents,
regardless of any intermediate payment or discharge in whole or in part; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all of the obligations of the Guarantor under this Guarantee
have been fully performed in accordance with this Guarantee.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The guarantee and the indemnity of the Guarantor contained in this Guarantee shall be
additional, separate and independent obligations of the Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The guarantee and the indemnity of the Guarantor contained in this Guarantee shall survive
the termination of the Financing Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Guarantor&#146;s obligations under this Guarantee can be discharged only by performance and
then only to the extent of such performance. Those obligations are not subject to any prior notice
to, demand upon or action against the Borrower or any other Person or to any prior notice to the
Guarantor of any default by the Borrower.
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Payment of Guaranteed Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantor shall make payment of the Guaranteed Obligations under Section&nbsp;2.1 (<I>Guarantor
Guaranteed Obligations</I>) as provided in the relevant Financing Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 No Set-off.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All payments which the Guarantor is required to make under this Guarantee shall be without any
set-off, counterclaim or condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Guarantor shall pay or cause to be paid all present and future taxes, duties, fees and
other charges of whatsoever nature (excluding income taxes), if any, now or in the future levied or
imposed by any Governmental Authority or similar body in the jurisdiction in which the Guarantor is
located or out of which a payment is made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;All payments due under this Guarantee shall be made without deduction for or on account of
any such taxes, duties, fees or other charges.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If the Guarantor is prevented by operation of Cayman Islands law or otherwise from making
or causing to be made such payments without deduction, the amounts due under this Guarantee shall
be increased to such amount as may be necessary so that the Trustee receives the full amount it
would have received (taking into account any such taxes, duties, fees or other charges payable on
amounts payable by the Guarantor under this subsection) had such payments been made without such
deduction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If subsection (c)&nbsp;above applies and the Trustee so requires, the Guarantor shall deliver
to the Trustee official tax receipts evidencing payment (or certified copies of them) within thirty
(30)&nbsp;days of the date of payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Application of Payments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may apply any amounts received by it or recovered under:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;any Financing Document; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any other document or agreement which is a security for any of the Guaranteed Obligations
and any other moneys,
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">in such manner as it determines in its absolute discretion in accordance with the Financing
Documents.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3. SAVING PROVISIONS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Change in Guaranteed Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Guarantor under this Guarantee shall extend to any change in the
Guaranteed Obligations:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;as a result of any amendment, supplement, renewal or replacement of any Financing Document
or the occurrence of any other thing; and
</DIV>

<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;regardless of whether the Guarantor is aware of, has consented to or is given notice of
any alteration, variation, amendment, supplement, renewal or replacement of any Financing Document
or the occurrence of such other thing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Waiver of Defences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except for payment or performance in full of the Guaranteed Obligations, the payment in full
by the Guarantor of its obligations under this Guarantee or otherwise as provided in this
Guarantee, the Guarantor&#146;s obligations under this Guarantee shall not be discharged, impaired or
otherwise adversely affected by any act, omission, circumstance, matter or thing which, but for
this provision, would reduce, release or prejudice any of its obligations under this Guarantee or
which might otherwise constitute a legal or equitable discharge or defence of a surety or a
guarantor, including (whether or not known to the Guarantor or the Borrower):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;any time, waiver, composition, forbearance or concession given to the Borrower or any
other person;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any assertion of, or failure to assert, or delay in asserting, any right, power or remedy
against the Borrower or any other person, or in respect of any security for the Loans;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;any amplification, amendment (however fundamental), variation or replacement of the
provisions of any Financing Document or of any other agreement or security between the Trustee and
the Borrower;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;any failure of the Borrower or the Guarantor to comply with any requirement of any law,
regulation or order;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the dissolution, liquidation, reorganization or other alteration of the legal status or
structure of the Borrower or the Guarantor;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;any purported or actual assignment, transfer, novation or disposal of, or granting any
participation in, any of the Bonds to any other party;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;any Financing Document being in whole or in part illegal, void, voidable, avoided,
invalid, unenforceable or otherwise of limited force and effect; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;any total or partial failure to realize the value of, or any release, discharge, exchange
or substitution of, any security held by the Trustee in respect of the Guaranteed Obligations or
any of them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Immediate Recourse.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantor waives any right it may have of first requiring the Trustee (or any trustee,
agent or other person acting on its behalf) to proceed against or enforce any other rights or
security or claim payment from any person before claiming from the Guarantor under this Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Non-Competition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If any amounts have become payable or have been paid by the Guarantor under this
Guarantee, the Guarantor shall not, in respect of such moneys, seek to enforce repayment, obtain
the benefit of any security or exercise any other rights or legal remedies of any kind
</DIV>

<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which may accrue to the Guarantor against the Borrower, whether by way of subrogation, offset,
counterclaim or otherwise, in respect of the amount so payable or so paid (or in respect of any
other moneys for the time being due to the Guarantor from the Borrower), if and for so long as any
moneys remain outstanding to the Trustee under the Financing Documents. The Guarantor shall hold
in trust for, and forthwith pay or transfer to, the Trustee any payment or distribution or benefit
of security received by it contrary to this Section&nbsp;3.4(a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Upon the payment and satisfaction in full of all Guaranteed Obligations and provided that
no amounts (actual or contingent) remain outstanding to the Trustee under the Loan Agreement, the
Guarantor, if it has made a payment under this Guarantee, shall be entitled to exercise its rights
of subrogation to its proportion of all relevant rights of the Trustee against the Borrower
pursuant to the Financing Documents. The Trustee shall promptly execute, at the expense of the
Guarantor, an assignment and such other documents in such form as the Guarantor may reasonably
request to transfer such proportion of such rights of the Trustee against the Borrower to the
Guarantor as are required for the Guarantor to obtain the full benefit of such subrogation. The
Guarantor shall enforce such rights directly against the Borrower in its own name and not in the
name of the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Bankruptcy or Liquidation of the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Borrower becomes bankrupt, enters into a composition or makes any arrangement with its
creditors, or is dissolved, liquidated or wound up, the Guarantor shall not claim, rank, prove or
vote as a creditor of the Borrower or its estate in competition with the Trustee in respect of any
amounts owing to the Guarantor by the Borrower on any account whatsoever, but instead shall give
the Trustee the benefit of any such proof and of all amounts to be received in respect of that
proof until all Guaranteed Obligations have been fully paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Appropriation of Moneys(a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until all of the Guaranteed Obligations have been irrevocably paid in full, the Trustee (or
any trustee, agent or other person acting on its behalf) may refrain from enforcing any other
security or rights held or received by the Trustee (or such trustee, agent or other person) in
respect of the Guaranteed Obligations, or apply and enforce the same in such manner and order as it
sees fit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 Reinstatement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Where any discharge (whether in respect of the obligations of the Borrower, the Guarantor
or any security for those obligations or otherwise) is made in whole or in part or any arrangement
is made on the faith of any payment, security or other disposition which is avoided or must be
restored on insolvency, liquidation or otherwise without limitation, the liability of the Guarantor
under this Guarantee shall continue or shall be reinstated (as the case may be) as if such
discharge or arrangement had not occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Trustee (or any trustee, agent or other person acting on its behalf) may concede or
compromise any claim that any payment, security or other disposition is liable to avoidance or
restoration.
</DIV>

<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 Additional Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Guarantee is in addition to and is not in any way prejudiced by any collateral or other
security now or hereafter held by the Trustee, nor shall such collateral or other security held by
the Trustee or the liability of any person for all or any part of the Guaranteed Obligations be in
any manner prejudiced or affected by this Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4. INDEMNITY.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Indemnity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantor agrees as a primary obligor and not merely as a surety, to indemnify and hold
harmless the Trustee from and against any loss, cost or damage incurred by the Trustee as a result
of any obligation of the Guarantor hereunder as guarantor being or becoming void, voidable,
unenforceable or otherwise ineffective against the Guarantor for any reason whatsoever (whether or
not known to the Trustee or any other Person), the amount of such loss being limited to the amount
that the Trustee would have been entitled to recover from the Guarantor as guarantor pursuant to
this Guarantee had such obligations not become void, voidable, unenforceable or otherwise
ineffective against the Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5. REPRESENTATIONS AND WARRANTIES.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Representations and Warranties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantor represents and warrants to the Trustee that as of the date of this Guarantee:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;it is a company duly incorporated under the laws of the jurisdiction of its incorporation
and has the corporate power to enter into and deliver and to perform its obligations under this
Guarantee;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the execution and delivery by it of this Guarantee and the performance by it of its
obligations hereunder have been duly authorized;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;this Guarantee constitutes its valid and legally binding obligations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;neither the execution and delivery by it of this Guarantee nor the performance by it of
its obligations under this Guarantee:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conflicts with or will conflict with or result in any breach of
any of the terms, conditions or provisions of, or violate or constitute a
default or require any consent under, any indenture, mortgage, agreement or
other instrument or arrangement to which it is a party or which binds or
purports to be binding upon it other than the documents referred to in the
InterCreditor Deed (being one of the Financing Documents) as the &#147;bank
Security&#148;; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>violates or will violate any judgment, decree or order or any
statute, rule or regulation or any of the terms or provisions of its Memorandum
and Articles of Association;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">6
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;all authorizations required for the execution and delivery of this Guarantee by it and the
performance by it of its obligations hereunder have been duly obtained or granted and are in full
force and effect;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;it has not requested or taken any security from the Borrower for any obligation (whether
present or future, actual or contingent) of the Borrower to it; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the representations and warranties set out in this Section&nbsp;5.1 (<I>Representations and
Warranties</I>) will survive the execution of each Financing Document and each Disbursement under the
Financing Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Trustee&#146;s Reliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantor acknowledges that it makes the representations in Section&nbsp;5.1 (<I>Representations
and Warranties</I>) with the intention of inducing the Trustee to enter into this Guarantee and the
Financing Documents and that the Trustee enters into this Guarantee and the Financing Documents on
the basis of, and in full reliance on, each of such representations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Rights and Remedies not Limited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee&#146;s rights and remedies in relation to any misrepresentation or breach of warranty
on the part of the Guarantor are not prejudiced:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;by any investigation by or on behalf of the Trustee into the affairs of the Guarantor;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;by the execution or the performance of this Guarantee; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;by any other act or thing which may be done by or on behalf of the Trustee in connection
with this Guarantee and which might, apart from this Section, prejudice such rights or remedies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6. COVENANTS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Guarantor Covenants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantor shall:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;when requested by the Trustee, do or cause to be done anything which aids the exercise of
any power, right or remedy of the Trustee under this Guarantee including, but not limited to, the
execution of any document or agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;obtain, maintain and renew when necessary all authorizations required under any law or
document or agreement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to enable it to perform its obligations under this Guarantee;
or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for the validity or enforceability of the guarantee;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;not take any action which may impair the ability of the Borrower to observe and perform
all of its covenants, agreements and obligations under or pursuant to the Financing Documents;
</DIV>

<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;take such action as may be necessary or as the Trustee may reasonably request in order to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>comply with its obligations under this Guarantee; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cause the Borrower to the extent possible to take such
corporate action as may be necessary to comply with its respective obligations
under the Financing Documents;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the Guarantor shall not take any action which would cause any of the representations made
in Section&nbsp;5.1 (<I>Representations and Warranties</I>) to be untrue at any time during the continuation of
this Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7. MISCELLANEOUS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Notices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;All notices, requests, approvals, consents and other communications provided for hereunder
shall be in writing (including, unless the context expressly otherwise provides, by facsimile
transmission, <U>provided</U> that any matter transmitted by the Guarantor by facsimile (i)&nbsp;shall
be promptly confirmed by a telephone call to the recipient at the number specified on the
applicable signature page hereof, and (ii)&nbsp;shall be followed promptly by a hard copy original
thereof by express courier) and faxed or delivered, to the address or facsimile number specified
for notices on the applicable signature page hereof or to such other address as shall be designated
by such party in a written notice to the other parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;All such notices, requests, approvals, consents and communications (i)&nbsp;sent by express
courier will be effective upon delivery to or refusal to accept delivery by the addressee, and (ii)
transmitted by facsimile will be effective when sent and facsimile confirmation received.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Both parties acknowledge and agree that any agreement of the Trustee to receive certain
notices by telephone and facsimile is solely for the convenience and at the request of the other.
The receiving party shall be entitled to rely on the authority of any Person purporting to be a
Person authorized by the sending party to give such notice and the receiving party shall not have
any liability to the sending party or other Person on account of any action taken or not taken by
the receiving party in reliance upon such telephonic or facsimile notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;All notices, requests and other communications hereunder and under the other Financing
Documents shall be in the English language.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 English Language.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Guarantee and all other Financing Documents shall be in the English language. Except as
otherwise agreed by the parties hereto, all documents, certificates, reports or notices to be
delivered or communications to be given or made by any party hereto pursuant to the terms of this
Guarantee or any other Financing Document shall be in the English language.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 No Waiver; Remedies Cumulative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No failure or delay on the part of the Trustee in exercising any right, power or privilege
hereunder or under any other Financing Document and no course of dealing between the
</DIV>

<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Guarantor and the Trustee shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, power or privilege hereunder or under any other Financing Document preclude
any other or further exercise thereof or the exercise of any other right, power or privilege
hereunder or thereunder. No notice to or demand on the Guarantor in any case shall entitle the
Guarantor to any other or further notice or demand in similar or other circumstances or constitute
a waiver of the rights of the Trustee to take any other or further action in any circumstances
without notice or demand. All remedies, either under this Guarantee or any other Financing
Document or pursuant to any applicable Law or otherwise afforded to the Trustee shall be cumulative
and not alternative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Governing Law and Jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS GUARANTEE IS GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE CAYMAN ISLANDS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 Submission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;For the exclusive benefit of the Trustee, the Guarantor irrevocably agrees that the courts
of the Cayman Islands are to have jurisdiction to settle any claims or disputes arising under, out
of or in connection with this Guarantee (including without limitation any claim or dispute relating
to the validity, interpretation, performance, termination or enforcement of this Guarantee) and
that accordingly any suit, action or proceedings in that respect (together in this Section&nbsp;7
referred to as &#147;<B>Proceedings</B>&#148;) may be brought in such courts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Guarantor irrevocably waives and agrees not to raise any objection which it may have
now or hereafter to the laying of the venue of any Proceedings in the courts of the Cayman Islands
and any claim that any such Proceedings have been brought in an inconvenient or inappropriate
forum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Guarantor irrevocably agrees not to take Proceedings in any court of competent
jurisdiction other than the courts of the Cayman Islands, save with respect to any counterclaim
asserted by the Guarantor in the course of proceedings previously commenced by the Trustee.
Nothing contained in this Section&nbsp;7 shall limit the right of the Trustee to take Proceedings
against the Guarantor in any other court of competent jurisdiction, nor shall the taking of
Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other
jurisdiction, whether concurrently or not.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 Judgments and Immunity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Guarantor recognizes and acknowledges that this Guarantee constitutes a commercial
transaction and accordingly it acknowledges and agrees that it is not entitled to plead, and hereby
waives to the fullest extent permitted by law any right to claim, sovereign immunity for any
purpose whatsoever, including, but not limited to, any right to plead sovereign immunity in respect
of any Proceedings pursuant to this Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Guarantor consents generally, in respect of any Proceedings pursuant to this Guarantee
for the purpose of enforcing any order, judgment or award, to the giving of any relief or the
issuing of any process in connection with such order, judgment or award including, without
limitation, the making, enforcement or execution against any property of any order, judgment or
award and to the extent that the Guarantor may be entitled in any jurisdiction to claim for itself
or its property immunity in respect of its obligations under this
</DIV>

<P align="center" style="font-size: 10pt">9
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Guarantee from any suit, execution, attachment (whether in aid of execution, before judgment
or otherwise) or legal process or to the extent that in any jurisdiction there may be attributed to
itself or its property such immunity, the Guarantor agrees not to claim and hereby irrevocably
waives such immunity to the fullest extent permitted by the laws of such jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 Benefit of Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Guarantee shall be binding upon and inure to the benefit of and be enforceable by the
respective successors and permitted assigns of the parties hereto. The Guarantor may not assign or
otherwise transfer any of its rights under this Guarantee or any of the other Financing Documents.
The benefit of this Guarantee may be freely and unconditionally assigned, transferred or otherwise
disposed of, in whole or in part, by the Trustee to any other person, corporate or otherwise, to
whom the Trustee has assigned all or part of its rights under the Loan Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 Expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantor shall be liable to pay to the Trustee the costs and expenses incurred by the
Trustee in relation to the enforcement or protection or attempted enforcement or protection of its
rights under this Guarantee, including legal and other professional consultants&#146; fees on a full
indemnity basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment or Waiver.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Guarantee may be amended, supplemented, modified or waived, except by a
written instrument signed by the Trustee and the Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 Counterparts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Guarantee may be executed in any number of counterparts and by the different parties
hereto on separate counterparts, each of which when so executed and delivered shall be an original,
but all of which shall together constitute one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 Set-off.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantor authorizes the Trustee or any of its subsidiaries and affiliates (which shall
not be obliged to exercise this right) to apply any credit balance to which the Guarantor is
entitled on any account of the Guarantor with the Trustee or any of its subsidiaries and affiliates
in satisfaction of any sum which is due and payable from the Guarantor to the Trustee under this
Guarantee and remains unpaid; for this purpose, the Trustee is authorized to purchase with the
monies standing to the credit of any such account such other currencies as may be necessary to
effect such application.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 Currency Indemnity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any sum due under this Guarantee or any order or judgment given or made in relation to this
Guarantee has to be converted from the currency (the &#147;<B>first currency</B>&#148;) in which the same is payable
under this Guarantee or under such order or judgment into another currency (the &#147;<B>second currency</B>&#148;)
for the purpose of (a)&nbsp;making or filing a claim or proof against the Guarantor, (b)&nbsp;obtaining an
order or judgment in any court or other tribunal or (c)&nbsp;enforcing any order or judgment given or
made in relation to this Guarantee, the Guarantor shall indemnify and hold harmless the Trustee
from and against any loss it suffers or incurs as a
</DIV>

<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">result of any discrepancy between (i)&nbsp;the rate of exchange used for such purpose to convert the sum
in question from the first currency into the second currency, and (ii)&nbsp;the rate or rates of
exchange at which the Trustee may in the ordinary course of business purchase the first currency
with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of
any such order, judgment, claim or proof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">IN WITNESS WHEREOF, this Guarantee has been executed as a deed by the parties hereto and is<BR>
delivered on the date stated at the beginning of this Guarantee.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED by the Guarantor in the
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CAYMAN WATER COMPANY LIMITED</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frederick W. McTaggart</DIV>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald Miller&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gregory McTaggart
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED by the Trustee in the
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DEXTRA BANK &#038; TRUST CO. LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alex
Wood</DIV>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald Miller
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alitia Finlayson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</TR>
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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">11


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>g02807exv10w5.htm
<DESCRIPTION>EX-10.5 DEED OF SECOND DEBENTURE DATED AUGUST 4, 2006
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.5 Deed of Second Debenture dated August 4, 2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 10.5</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 18pt">DEED OF SECOND DEBENTURE
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">BETWEEN:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CONSOLIDATED WATER CO. LTD.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">and
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">DEXTRA BANK &#038; TRUST CO. LTD.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Dated:
August 4, 2006
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV align="center" style="font-size: 9pt; margin-top: 18pt"><B><I>Charles Adams Ritchie &#038; Duckworth<BR>
PO Box 709GT, Zephyr House, Mary Street<BR>
Grand Cayman, Cayman Islands<BR>
British West Indies<BR>
Tel: 345 949 4544<BR>
Fax: 345 949 8460<BR>
Email: card@card.com.ky</I></B>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Clauses
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>DEFINITIONS AND INTERPRETATION</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>MONIES SECURED</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monies</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Costs</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interest</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>THE CHARGES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Charging provision</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Immovable Property</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Specifically Charged Plant</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Trading Debts</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Non-Trading Debts</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Specifically Charged Securities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Goodwill and uncalled capital</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intellectual Property</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ancillary assets</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Trustee Accounts</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other assets</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Crystallisation of floating charge</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Negative pledge</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Land Charges</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(ii)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REPRESENTATIONS &#038; WARRANTIES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>COVENANTS</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Documents of title to Immoveable<BR>
Property and Specifically Charged<BR>
Plant and Securities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Further charges</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Future Immoveable Property and<BR>
Specifically Charged Plant and<BR>
Securities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maintenance</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insurance</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Registration under The Registered Land Law</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notices affecting Immoveable<BR>
Property or Specifically Charged<BR>
Plant</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Planning Legislation</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other compliance with law</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compliance with contracts</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Leases or licences of Immoveable<BR>
Property and Intellectual Property:<BR>
As Lessee or Licensee</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(12)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Leases of licences of Immoveable<BR>
Property and Intellectual Property;<BR>
as lessor or licensor</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(13)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Removal and severance</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(14)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Specifically Charged Plant</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(15)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debts and Trustee Accounts</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(iii)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(16)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Specifically Charged Securities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(17)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Uncalled capital</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(18)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Secured loan capital</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(19)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intellectual Property</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(20)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Information, inspection and remedy</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(21)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Disposal of Specifically Charged<BR>
Assets and other Charged Assets</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(22)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Conduct of business</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(23)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insolvency</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>EVENTS OF DEFAULT</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>APPOINTMENT OF RECEIVER AND POWER OF SALE</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Time</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Sale and Enforcement</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Removal of Receiver</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Receiver&#146;s Powers</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Immoveable Property</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>RESPONSIBILITY FOR RECEIVER</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liability of Trustee</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Remuneration</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>ADDITIONAL POWERS OF THE TRUSTEE</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As Mortgagee</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As Receiver</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Delegation of Powers of the Trustee</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(iv)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>APPROPRIATION</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>LIABILITY OF THE TRUSTEE AND RECEIVER</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>General</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exclusion of the Trustee&#146;s Liability</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exclusion of Receiver&#146;s liability</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indemnity</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>POWER OF ATTORNEY</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Appointment</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ratification</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>FURTHER ASSURANCE</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>PROTECTION FOR THIRD PARTY PURCHASERS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>15.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CONTINUING SECURITY AND AVOIDANCE OF PAYMENTS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>ADDITIONAL SECURITY, SUSPENSE ACCOUNT AND</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CONSOLIDATION</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>17.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>NEW ACCOUNT</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>18.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SET-OFF</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>19.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>AMALGAMATION OF TRUSTEE</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>20.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>NOTICES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>21.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>RIGHTS AND REMEDIES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>22.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SEVERANCE</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>23.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>GOVERNING LAW</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>24.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>JURISDICTION</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>25.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>FURTHER ADVANCES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>26.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>STAMPING</B></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(v)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>SCHEDULE 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>Description of the Immovable
Property charged under Clause
3.1(1)(a)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>SCHEDULE 2</B></TD>
    <TD>&nbsp;</TD>
    <TD>Description and location
of Specifically Charged Plant</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>SCHEDULE 3</B></TD>
    <TD>&nbsp;</TD>
    <TD>Description of certain
Specifically Charged Securities
Charged under Clause 3.1(3)(f)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>SCHEDULE 4</B></TD>
    <TD>&nbsp;</TD>
    <TD>Description of the Trustee Accounts charged under Clause
3.1(3)(p)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>SCHEDULE 5</B></TD>
    <TD>&nbsp;</TD>
    <TD>Name and address of person (if
any) to accept service of process
on behalf of Company
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>THIS
DEED OF SECOND DEBENTURE </B></U>made on the 4th day of August, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BETWEEN:-</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CONSOLIDATED WATER CO. LTD. incorporated under the laws of the Cayman Islands of P.O. Box
1114 GT, Grand Cayman (the &#147;Company&#148;, which expression shall include its successors and
assigns); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DEXTRA BANK &#038; TRUST CO. LTD. (the &#147;Trustee&#148;), which expression shall include its successors,
transferees and assigns);</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>WHEREAS</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company and Scotiabank &#038; Trust (Cayman) Ltd. (the &#147;Bank&#148;) entered into a Deed of
Substituted Debenture dated February&nbsp;7, 2003 whereby the Company granted to the Bank a fixed
and floating charge over all of the assets of the Company (the &#147;First Debenture&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to the Trust Deed the Company has issued bonds and received consideration therefor
from the Trustee on behalf of the Bondholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is indebted to the Trustee as trustee for the Bondholders in the sum of
US$15,771,997.16 (the &#147;Indebtedness&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To further secure the Indebtedness and all other obligations of the Company under the Trust
Deed the Company hereby grants to the Trustee this Second Debenture which, by agreement
between the Trustee and the Bank, shall rank in all respects <I>pari passu </I>with the First
Debenture.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>WITNESSES </B></U>as follows:-
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>DEFINITIONS AND INTERPRETATION</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In this Deed of Second Debenture, unless the contrary shall be expressed or the context shall
otherwise require:-</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the following words and expressions shall have the following meanings, that is to say:-</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Account Bank&#148; </B></U> means any bank or financial institution for the time being and from time to
time approved by the Trustee in writing as a bank or other financial institution with whom the
Company may have an account or accounts into which the Company may pay its Trading Debts. Such
approval may be given as well before as on or after the date hereof, provided that it shall
expressly refer to this Debenture.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Agreement&#148; </B></U>means the Trust Deed and all other (if any) agreements (other than these</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">presents) for the time being and from time to time in force between the Trustee and the Company
(and whether entered into before or after this Debenture) regulating any business relationship
between the Company and the Trustee.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;assets&#148; </B></U>means assets of every kind, including, but without limitation, the benefit of any
agreement, a building or other fixture, a business, goods, goodwill, immovable property, money plan
or other equipment, stock-in-trade, the uncalled capital of a body corporate, an undertaking and
work-in-progress and any interest therein and, as the contest shall require or admit, any part of
such assets.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Bank
Accounts&#148;</B></U> means all the Charged Assets in Clauses 3.1(3)(p) and (q)&nbsp;and <U>&#147;Bank
Account&#148;</U> shall be construed accordingly.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Charged Assets&#148;</B></U> means all the assets of the Company for the time being and from time to
time the subject of or expressed to the subject of any interest by way of security created by the
Company in favour of the Trustee under or pursuant to these presents or a Land Charge and, as the
context shall require or admit, any part of such assets. A reference to Charged Assets in a
particular Sub-clause or Sub-clauses or Clause 3.1 is a reference to the assets becoming or being
express to become the subject of such an interest by way of security as a result of a reference to
them being made in that Sub-clause or those Sub-clauses, respectively.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Delegate&#148;</B></U> means a delegate or sub delegate of the Trustee described in Clause 9(3).</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;this Debenture&#148; </B></U>means this Deed of Second Debenture.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;finance lease&#148;</B></U> shall have the meaning given in the Statement of Standard Accounting
Practice number 21 issued by the Institute of Chartered Accountants in England and Whales.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Guarantor&#148; </B></U>means any person who shall for the time being and from time to time guarantee
to the Trustee the payment of discharge of the Indebtedness, and referenced to the <U>&#147;relevant
Guarantee</U>&#148; shall be construed accordingly.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;immovable property&#148;</B></U> means all the Charged Assets in Clauses 3.1(1) and 3.1(2) and, as the
context shall require or admit, any part of such Charged Assets.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>Indebtedness&#148; </B></U>means all monies, liabilities and other sums of whatsoever nature covenanted
to be paid and discharged by the Company to the Trustee under Clause 2 and, as the context shall
require or admit, any part of such monies, liabilities and other sums.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Intellectual Property&#148; </B></U>means all the Charged Assets in Clauses 3.1(3), (j)&nbsp;and (k)&nbsp;and, as
the context shall require or admit, any part of such Charged Assets.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;interest by way of security&#148;</B></U> means any mortgage, pledge, lien, charge, assignment by way
of security, hypothecation, title retention, finance lease, factoring or discounting of</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">debts or any other agreement or arrangement for or by way of security, including such as arises or
is imposed by operation or implication of applicable law and including any account with bankers
earmarked or designated for the use of making preferential payments pursuant to Section&nbsp;162 of the
Companies Law (2004 Revision) or any other provision of applicable law having similar or
substantially similar effect.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Land Charge&#148; </B></U>means a collateral land charge of Immoveable Property, if any, executed by
the Company in favour of the Trustee pursuant to Clause 3.4 and &#147;<U>Land Charges&#148; </U>shall be
construed accordingly.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Non-Realty Charged Assets&#148; </B></U>means the Charged Assets excluding Immoveable Property.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Non-Trading Debts&#148; </B></U>means all the Charged Assets in Clause 3.1(3)(d) and, as the context
shall require or admit, any part of such Charged Assets.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U> <B>&#147;person&#148; </B></U>means an individual, a firm, a partnership (whether or not having separate
legal personality), an unincorporated body, a body corporate, a corporation and a national or local
government or governmental agency or body, and, in each case, wheresoever resident, incorporated or
formed.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Planning Legislation&#148; </B></U>means all applicable statutes for the time being and from time to
time in force in relation to the use of development of immoveable property and all regulations then
made or taking effect as if made thereunder.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Prohibited Security Interest&#148;</B></U> means any interest by way of security other than:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such security granted by the Company as is in existence as of the date hereof in favour of
the Bank;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such as arises or is imposed by operation or implication of
law and is not intended to arise for that purpose;</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any agreement or arrangement for the retention of title to goods which is not entered into
for the purpose of raising finance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such as arises as a result of normal banking arrangements of the company with an Account Bank
in respect of the collection of cheques (including cheques expressed in a foreign currency) in
respect of the collection of Trading Debts; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the security hereby constituted.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;receiver</B></U><B>&#148; </B>includes any receiver or receiver and manager<B>.</B></DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Receiver&#148; </B></U>means any individual or individuals (who maybe an employee or employees of</DIV>

<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">the Trustee) for the time being and from time to time appointed by the Trustee to be a receiver or
receivers (and, where more than one individual is appointed jointly, they shall have the power to
act severally, unless the Trustee shall specify to the contrary in their appointment) under these
presents and, where the context shall admit, any individual or individuals for the time being and
from time to time so appointed in substitution.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;security
hereby constituted&#148;</B></U> means the interests by way of security for the time being
and from time to time constituted by or in pursuance of these presents and includes interests by
way of collateral security and, as the context shall require or admit, any such interests, but does
not include Land Charges.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Specifically Charged Plant&#148; </B></U>means all the Charged Assets in Clauses 3.1(3)(a) and (b)&nbsp;and,
as the context shall require or admit, any part of such Charged Assets.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Specifically Charged Securities&#148; </B></U> means all the Charged Assets in Clauses 3.1(3)(e), (f)
and (g)&nbsp;and, as the context shall require or admit, any part of such Charged Assets.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;these presents&#148; </B></U>means this Debenture and any deed for the time being and from time to time
expressed to be supplemental hereto and any other deed or documents for the time being from time to
time conferring rights upon the Trustee or to which it may be a party executed or entered into
pursuant to this Debenture or any deed for the time being and from time to time supplemental
thereto, but does not include Land Charges.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Trading Debts&#148; </B></U>means all the Charged Assets in Clause 3.1(3)(c) and , as the context
shall require or admit, any part of such Charged Assets.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>&#147;Trust Deed&#148; </B></U>means the trust deed entered into between CWCO and Dextra Bank &#038; Trust Co.
Ltd. of even date herewith setting out the terms and conditions of the bond issue thereunder as the
same may for the time being and from time to time be modified amended or supplemented.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>words and expressions (including defined words and expressions) importing the singular number
include the plural and vice versa and those importing the masculine gender include and
feminine.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any reference to:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any law or legal provisions is to that law or provision as for the time being and from
time to time amended, extended or substantially replaced or re-enacted, and shall include a
reference to any regulations made under the law or provision.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fees, costs, charges and expenses shall be include a reference to any transactional tax
or duty for the time being and from time to time applicable to or chargeable in respect of
those fees, costs, charges and expenses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Clause or Schedule is a clause in, or a schedule to, this Debenture.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">4
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Sub-clause is to a sub-clause in the clause or sub-clause in this Debenture in which
that reference is made.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Underlinings, headings and descriptions of provisions of this Debenture are inserted for
convenience only and shall be ignored in construing or interpreting this Debenture.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reference to a &#147;Law&#148; shall include a reference to such Law and/or any provision thereof as
from time to time re-enacted, amended, extended or replaced.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>MONIES SECURED</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Company will, on demand, pay and discharge to the Trustee subject in all cases to the terms of
the Agreement -</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Monies</U>: all monies and other liabilities, whether principal, interest, commission,
charges, costs, expenses or otherwise, which now are, or at any time hereafter may become, due
to the Trustee by CWCO pursuant to the Agreement either alone or jointly with any other person
whether actual or contingent and whether as principal debtor, guarantor, surety or otherwise;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Costs:</U> on a full and unlimited indemnity basis, all costs, stamp duties, recording
fees, commission, charges, expenses and other sums for the time being and from time to time
incurred by the Trustee or by or through any Receiver or by or through any attorney, delegate,
sub-delegate, substitute, agent or employee of the Trustee or a Receiver, for any purposes
described in these presents or a Land Charge or in about the exercise of any power, authority
or discretion conferred on the Trustee or any Receiver by or pursuant to these presents or a
Land Charge or by law or in relation to the security hereby constituted or a Land Charge or in
or about the protection, realisation, enforcement, collection or recovery of monies for the
time being and from time to time arising under the security hereby constituted or a Land
Charge and all remuneration of any Receiver and any attorney, delegate, sub-delegate,
substitute or agent of the Trustee or a Receiver; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Interest: </U> Interest, as well before as after judgment, on each amount due under
Sub-clauses (1)&nbsp;and (2)&nbsp;until the same shall have been fully discharged at such rate as shall
for the time being and from time to time be prescribed by the Agreement for that amount and,
in the case of each such amount due under sub-clause (2), such interest to accrue on a daily
basis as from the date on which that amount was incurred (and whether or not that date shall
have occurred prior to a demand for that amount under this Clause (2).</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">5
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>THE CHARGES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Charging Provision</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Company, as beneficial owner and as continuing security for the Indebtedness, hereby charges to
the Trustee:-</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Immoveable Property </U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by way of first specific equitable charge:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all (if any) of the immovable property described in Schedule&nbsp;1;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all other immoveable property belonging to the Company at the date hereof;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all fixtures (including trade fixtures) and fixed plant and machinery for the
time being and from time to time on or in any of the Immoveable Property in Sub-clause
(a)&nbsp;and (b);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By way of first specific equitable charge:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all immoveable property (other than that (if any) described in Schedule&nbsp;1)
now or at any time hereafter belonging to the Company or in which the Company does now
or shall at anytime hereafter have any interest by way of security; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all fixtures (including trade fixtures) and fixed plant and machinery for the
time being and from time to time on or in any of the Immoveable Property in Sub-clause
(a);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by way of first specific charge:-</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Specifically Charged Plant</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all (if any) the plant, machinery, chattels and other equipment described in
Schedule&nbsp;2 and any part or parts thereof or thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all additions, alterations, accessories, replacements and renewals for the
time being and from time to time to or of any of the Charged Assets in Sub-clause (a);</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Specifically Charged Securities</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all the stocks, shares, bonds, debentures, loan stocks, notes, warrants and
other securities now or hereafter belonging to the Company in the capital of, or
issued by, Cayman Water Company Limited;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">6
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all stocks, shares, bonds, debentures, loan stocks, notes, warrants and other
securities now or hereafter belonging to the Company (other than in any of its
subsidiaries),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all stocks, shares, bonds, debentures, loan stocks, notes, warrants and other
securities and other assets now or hereafter accruing or offered by way of rights,
bonus, option or otherwise in respect of any of the Charged Assets in Sub-clauses (e)
and (f)&nbsp;or in this Sub-clause (g)&nbsp;but so that nothing in these presents shall be
construed as imposing on the Trustee any liability whatsoever in respect of any calls,
instalments or other payments or contributions in respect of or relating to any of the
Charged Assets in Sub-clauses (e)&nbsp;and (f)&nbsp;or in this Sub-clause (g);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all dividends, interest and other distributions for the time being and from
time to time declared, payable paid or made in respect of any of the Charged Assets in
Sub-clauses (e), (f)&nbsp;or (g), including any of the same for the time being and from
time to time placed to the credit of an account of the Company with, and owed to the
Company by a bank or other financial institution and/or being cash at bank belonging
to the Company;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Goodwill and uncalled capital </U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all the goodwill and uncalled capital of the Company, both present and
future;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Intellectual Property</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all the knowhow (and rights therein) and other confidential information (and
rights therein) and all the copyrights, patents (including, applications,
improvements, prolongations, extensions and rights to apply therefor), registered
designs, trade marks (and rights therein), service marks (and rights therein) and
other intellectual property of the property of the Company, acquired or developed up
to the date of the bond execution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the benefit of all licences for the time being and from time to time granted
to or acquired by the Company in respect of assets of the kind described in Sub-clause
(j);</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Ancillary assets</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the benefit of all agreements for the time being and from time to time
entered into by the Company for the maintenance and/or improvement of any of the
Charged Assets in any of the foregoing Sub-clauses in this Clause 3.1;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the benefit of all obligations and representations and warranties for the
time</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>being and from time to time undertaken or given to the Company (and whether by law,
contract or otherwise howsoever) by any person in relation to any of the Charged
Assets in any of the foregoing Sub-clauses of this Clause 3.1;</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the benefit for the time being and from time to time of any insurance for the
time being and from time to time effected by the Company in respect of, and the
benefit and proceeds for the time being and from time to time of any guarantees or
interests by way of security for the time being and from time to time given, granted
or arising in favour of the Company in relation to any of the Charged Assets in any of
the foregoing Sub-clauses of this clause 3.1;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the proceeds including cash at bank for the time being and from time to time
received by the Company of a payment in respect of, or a disposal, collection or other
realisation of, any of the Charged Assets in any of the foregoing Sub-clauses of this
Clause 3.1;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Other assets</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by way of the first floating charge:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the undertaking and all the other assets of the Company (other than the
assets described in Clause 3.1(1) to 3.1(3) hereof (the &#147;Specifically Charged Assets&#148;)
and any Intellectual Property or interest in it acquired by the Company after the date
of bond execution), both present and future; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all the Specifically Charged Assets if and to the extent that any of the
interests by way of security constituted by these presents over the Specifically
Charged Assets shall be or become ineffective as specific charges.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Trading Debts</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all debts, other than Non-Trading Debts, now or hereafter due or owing or to
become due or owing to the Company on any account whatsoever and whether actual or
contingent and including cash at the bank, as have arisen or shall arise in the
ordinary and usual course of trading of the Company and whether or not the same would
or shall be entered into the books of the Company;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Trading Debts</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all debts now or hereafter due or owing or to become due or owing to the
Company on any account whatsoever and whether actual or contingent as have arisen or
shall arise (and whether or not entered into the books of the Company):-</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">8
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as an amount for the time being and from time to time payable
(including, but without limitation, any consideration, premium, rent, royalty
or fee) in respect of any sale, lease, licence or other disposal by the
Company of any of the Immoveable Property, the Specifically Charged Plant ,
the Specifically Charged Securities, the goodwill of the Company both present
and future and the Intellectual Property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as a dividend, interest or other distribution for the time
being and from time to time declared and/or payable in relation to the
Specifically Charged Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as an amount for the time being and from time to time
payable in respect of any obligation or representation or a warranty described
in Sub-clause (m)&nbsp;or insurance or guarantee or interest by way of security
described in Sub-clause (n); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as an amount for the time being and from time to time payable
in respect of any other transaction or matter outside the ordinary and usual
course of trading of the Company;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Bank Accounts</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the full benefit for the time being and from time to time of, and the
Company&#146;s rights, title and interest in and to, all (if any) the bank accounts
described in schedule 4, and the debts constituted and represented by the credit
balances for the time being and from time to time on such accounts, together with all
interest for the time being and from time to time accrued thereon;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the full benefit for the time being and from time to time of, and all the
Company&#146;s rights, title and interest in and to, all other bank accounts of the Company
at the date hereof, and the debts constituted and represented by the credit balances
for the time being and from time to time on such accounts, together with all interest
for the time being and from time to time accrued thereon.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Crystallisation of floating charge </U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The floating charge created by Clause 3.1(4) shall become a specific charge:-</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as regards any assets subject thereto as may from time to time be specified
in a notice from the Trustee to the Company if the Trustee shall, in its absolute
discretion, consider that those assets shall be in danger of being seized or sold
under any form of distress or execution</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">9
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>levied or threatened or to be otherwise in jeopardy, forthwith upon the service
of such notice;</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as regards any assets subject thereto which shall become subject to specific
charges in favour of any person other than the Trustee or subject to disposition or an
agreement to make a disposition contrary to Clause 5(21) (Disposal of Specifically
Charged Assets), forthwith upon such charge or disposition; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in accordance with Clause 6 (Events of Default).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Negative pledge</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Save with the prior written consent of the Trustee (which may be given as well before as after the
date hereof, provided it shall expressly refer to this Debenture), the Company shall not and shall
not agree to create, give, grant or permit to arise or subsist over any of its assets present and
future any Prohibited Security Interest ranking in point or security in priority to, pari passu
with or subsequent to any security constituted by these presents or any Land Charge.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Land Charges </U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Without prejudice to Clause 5(2) (Further Charges), the Company shall forthwith execute in favour
of the Trustee collateral land charges in such form and on such terms as the Trustee shall require
of all the immoveable property described in Schedule&nbsp;1, if any, and of any other Immoveable
Property as the Trustee may for the time being and from time to time require.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REPRESENTATIONS</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Company hereby represents and warrants to the Trustee as follows:-</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has the power to enter into and perform its obligations as expressed in this
Debenture and each Land Charge and has taken all necessary action to authorize the granting of
interests by way of security upon the terms and conditions of this Debenture and each Land
Charge and to authorize the execution, delivery and performance of its obligations as
expressed in this Debenture and each Land Charge in accordance with their respective terms.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The execution, delivery and performance by the Company of the terms of this Debenture and
each Land Charge does and will not violate, conflict with or result in a breach of, in any
respect:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any provisions of any law or regulation or any order, decree, permit or licence of
any authority, agency or court binding on the Company or on any of its assets;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">10
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the constitutional documents or resolution of the Company or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any subsisting loan stock or debenture or other deed, contract or other undertaking
or instrument to which the Company is a party or which is binding upon it or any of its
assets.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is the sole and absolute beneficial owner of all the Charged Assets free from all
Prohibited Security Interests other than those permitted or consented to by the Trustee in
accordance with Clause 3.3 (Negative pledge).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has not created, given, granted or permitted to arise or subsist any Prohibited
Security Interest over any of its assets present and future other than those permitted or
consented to by the Trustee in accordance with Clause 3.3. and has not agreed so to do.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In connection with any consent given by the Trustee in accordance with Clause 3.3 on or prior
to the date hereof, the Company did furnish to the Trustee true, complete and up to date
written details of the existing interest(s) by way of security to which such consent relates.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The details of (if any) the immoveable property and the other assets in Schedules 1,2,3 and
4, the interests of the Company (in that immovable property) in Schedule&nbsp;1, and the location
of the Specifically Charged Plant in Schedule&nbsp;2, and the details of the bank accounts in
Schedule&nbsp;4 are true and correct in every material particular.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>COVENANTS</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Company hereby covenants and agrees with the Trustee, until the discharge and release of this
Debenture, as follows:-</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Documents of title to Immoveable Property and Specifically Charged Plant Securities </U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Subject to the rights of any prior mortgagee, the Company shall deposit with the Trustee<BR>
and the Trustee shall be entitled to hold and retain all deeds and documents of title for the time
being and from time to time relating to the Immovable Property, all invoices and documents of title
for the time being and from time to time relating to the Specifically Charged Plant, and all
certificates, deed and documents of title for the time being and from time to time relating to the
Specifically Charged Securities.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Further Charges </U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Company shall forthwith from time to time, if and when called upon by the Trustee so to do,
execute in favour of the Trustee or as the Trustee shall direct such further interests by</DIV>

<P align="center" style="font-size: 10pt">11
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">way of security (including, but without limitation, assignments by way of security and collateral
security) as the Trustee shall require (but with covenants no more onerous than already contained
in the security hereby constituted) over the Charged Assets as further and continuing security for
the Indebtedness, such further interest by way of security to be prepared by or on behalf of the
Trustee at the cost of the Company and, in the event of any consent thereto being required from any
other person, the Company shall use its best endeavours to obtain the same.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Future Immoveable Property, Specifically Charged Plant and Securities</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Company shall notify the Trustee forthwith upon any proposal or contract for the time being and
from time to time being made by the Company to acquire any immoveable property or other assets
which, following their acquisition would become Immoveable Property, Specifically Charged Plant or
Specifically Charged Securities (as the case may be) and, in the case of any such immoveable
property the Company shall notify the Trustee of the title number(s) thereof and shall apply to The
Registrar of Lands for the registration of the Company as the registered proprietor thereof.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Maintenance </U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The Company shall:-
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>keep all buildings, fixtures (including trade fixtures) and fixed plant and machinery for the
time being and from time to time on or in any of the Immoveable Property and all plant,
machinery, other fixtures and fittings, implements, tools and other effects thereon and
therein in a good state of repair and good working order and condition and shall, as
necessary, renew and replace the same to a similar quality, as and when the same shall be
worked out or destroyed; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Keep the Specifically Charged Plant in good state of repair and condition and perfect working
order and replace any part or parts thereof as may for the time being and from time to time be
or become worn out, damaged or destroyed with new parts of similar quality.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Insurance </U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The Company shall:-
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>insure and keep insured such of its assets as are of an insurable nature against loss
or damage by fire, aircraft, things dropping from aircraft, explosion, tropical storm,
storm, tempest, flood, burst pips, hurricane, windstorm, riot and impact and such other
risks and the Trustee may, for the time being from time to time, consider necessary, to
the full reinstatement value thereof, together with additional amounts sufficient to cover
architects&#146; and surveyors&#146; fees and the costs of demolition, site</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">12
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>clearance and shoring up or in such other amount as the Trustee may in writing from time to
time approve, with such reputable insurers and generally in such manner as the Trustee
shall from time to time approve in writing. The Company shall cause notice of the interest
of the Trustee to be noted on the policies of such insurance which (subject to the rights
of any prior mortgagee) shall, unless otherwise from time to time agreed by the Trustee in
writing, be delivered to and retained by the Trustee. The Company shall duly pay the
premiums on such insurance and, immediately after every such payment, produce the receipt
for the same to the Trustee. All monies which may at any time hereafter be received or
receivable under any insurance of the time being and from time to time effected in respect
of the Immoveable Property or the Specifically Charged Plant (and whether or not effected
pursuant to the foregoing provisions of this Sub-clause (a)&nbsp;shall be applied in replacing,
restoring or reinstating the assets destroyed or damaged or (subject to the rights of the
prior mortgagee) in such other manner as the Trustee shall require;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>effect and maintain or cause to be effected and maintained such other insurances as are
normally for the time being and from time to time maintained by prudent companies carrying on
business similar or approximately similar to those for the time being and from time to time
carried on by the Company including but not limited to consequential loss and loss of profits;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not in any manner or by any means cause any such insurance to be avoided or vitiated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Registration under the Registered Land Law</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Company shall not, without the prior written consent of the Trustee, register any person or
cause any person to be registered under The Registered Land Law (2004 Revision) and any subsequent
Registered Land Laws as the proprietor of the Company&#146;s interest in any of the Immoveable Property
or any part thereof.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Notices affecting Immovable Property or Specifically Charged Plant </U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Company shall, in the event of a notice, order, direction, requisition or permission or
proposal for any of the foregoing being served, affecting or likely to affect the Immoveable
Property or the Specifically Charged Plant or in the event of any proceedings being commenced
affecting or likely to affect the same, immediately give full particulars thereof to the Trustee
and without delay and at the Company&#146;s own cost take all reasonable or necessary steps to comply
with the same and/or, if so requested by the Trustee, at the Company&#146;s own cost make or join with
the Trustee in making such objections or representations against or in respect of any of the same
as the Trustee shall deem expedient.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Planning Legislation </U></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">13
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Company shall not carry out any development in or upon the Immoveable Property within the
meaning of the Planning Legislation without first obtaining such permission as may be required
under or by virtue of Planning Legislation and the Company shall use the Immoveable Property only
for such purpose or purposes as may be for the time being and from time to time be authorised as
the permitted use or user thereof under or by virtue of the Planning Legislation.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Other compliance with law</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Company shall, in relation to its business and other assets for the time being and from time to
time, comply with all obligations under any present or future statute, regulation, order or
instrument or under any bye-law, regulation or requirement of any competent authority and shall not
use or permit any of its assets for the time being and from time to time to be used in
contravention of any legislation or otherwise or in any way contrary to law and shall as and when
the same shall become payable pay all taxes, rates, duties, charges, assessments and other outgoing
whatsoever (whether governmental, parochial, local or of any other description)which shall be
assessed , charged or imposed upon or payable in respect of its business and other assets for the
time being and from time to time.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Compliance with Contracts</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall duly and punctually perform and observe all the covenants, agreements and
other stipulations whatsoever as are not inconsistent with its obligations under these
presents and as shall for the time being and from time to time be binding upon it, its
business or other assets for the time being and from time to time and shall not do or suffer
to be done any act or thing whereby any lease or licence for the time being and from time to
time granted to or held by the Company may become liable to forfeiture or otherwise be
determined.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall indemnify and hold harmless the Trustee in respect of any breach of any
covenants, agreements or stipulations for the time being and from time to time affecting the
Immoveable Property.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Leases or licences of Immoveable Property and Intellectual Property: as lessee or
licensee</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Company shall not agree, accept, suffer or permit any alteration, variation or addition to the
terms of any lease or licence under which it is for the time being and from time to time a lessee
or licensee and which is for the time being and from time to time part of the Immoveable Property
or the Intellectual Property, without the prior consent of the Trustee.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(12)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Leases or licenses of Immovable Property and Intellectual Property </U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless otherwise agreed from time to time in writing by the Trustee, the Company shall
enforce the due observance and performance of all the obligations on the part of the lessee or
licensee under any lease or licence under which it is for the time</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">14
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>being and from time to time the lessor or licensor and which is for the time being and from
time to time part of the Immoveable Property or the Intellectual Property, shall not waive,
release or vary to agree to waive, release or vary any of the terms of any such lease or
licence, shall not exercise any power to determine or extend any such lease or licence and
shall not grant any consents or licences as lessor or licensor under any such lease or
licence.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall not, without the prior written consent of the Trustee, grant or agree to
grant any lease or licence of, or other right or interest to occupy, the Immoveable Property
or the Intellectual Property.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(13)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Removal and severance</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not, without the prior consent of the Trustee, pull down or remove or permit
to be pulled down or removed any building or erection for the time being and from time to time
include in the Immoveable Property or pull down, remove or sever or permit to be pulled down,
removed or severed any fixtures (including trade fixtures) and fixed plant and machinery for the
time being and from time to time thereon or therein, except in pursuance of any obligation imposed
on the Company under these presents or Land Charge.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(14)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Specifically Charged Plant</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as may be agreed in writing from time to time by the Trustee, the Company shall keep the
Specifically Charged Plant in its sole and exclusive possession and at the location (if any)
specified in Schedule&nbsp;2 and shall not, in any event, take them out of Cayman Islands and shall not
use or permit them to be used for any purpose for which they are not designed or reasonably
suitable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall affix to or engrave on the Specifically Charged Plant such labels, plates or
markings as the Trustee shall from time to time require and shall not allow to be disturbed any
labels, plates or markings which maybe affixed to or engraved on the Specifically Charged Plant as
a means of identification by the manufactures or suppliers thereof or by any other person and shall
not obliterate, obscure or cover up the same.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall not at any time without the prior written consent of the Trustee make or
suffer to be made any alteration or addition of a substantial nature in or to the Specifically
Charged Plant other than for the purpose of effecting repairs as required by Sub-clause (4)(b)
(Maintenance).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall not, without the prior consent of the Trustee, hire, lease or part with or
share possession of or suffer any distress or execution to be levied or lien to be created upon the
Specifically Charged Plant.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Company has created, given, granted or permitted to arise or subsist, or shall</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">15
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at any time create, give, grant or permit to arise or subsist, an interest by way of security on
any premises where the Specifically Charged Plant are located, the Company shall forthwith notify
the Trustee of the same and, if called upon to do so by the Trustee, shall forthwith procure from
any person for the time being and from time to time being and from time to time enjoying such
interest by way of security or being interested in such premises a waiver in such form as the
Trustee may from time to time require of all rights to which such person might otherwise be
entitled to claim in the Specifically Charged Plant.</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall not annex the Specifically Charged Plant to the premises where the same are
located if the results of such annexure would be that Specifically Charged Plant might become a
fixture or fixtures.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall indemnify and hold harmless the Trustee against all claims made or all
proceedings brought in respect of any loss or damage or injury whatsoever arising out of or in
connection with the Specifically Charged Plant, their manufacture, selection, delivery, possession,
use or operation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(15)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Debts and Bank Accounts</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall, if called upon from time to time by the Trustee pursuant to any provision of
these presents, execute a legal assignment if favour of the Trustee and any of the Trading Debts or
the Non-Trading Debts and shall, if the Trustee shall for the time being and form time to time
require, give notice thereof to the debtors from whom such Trading Debts or Non-Trading Debts are
for the time being owing or incurred and take such other steps as the Trustee may from time to time
require to perfect such legal assignment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall forthwith join with the Trustee in giving notice of these presents to each
bank or other financial institution specified in Schedule&nbsp;4 at or with which a Bank Account is kept
or maintained, and if the bank shall for the time being and from time to time require, the Company
shall join with the Trustee in giving notice of these presents to all other banks or other
financial institutions at or with which a Trustee Account is kept or maintained.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(16)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Specifically Charged Securities</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall, if called upon to do so by the Trustee from time to time, execute all such
transfers and other documents as may be necessary to enable the Trustee or its nominee or
nominees to be registered as the owners of, or otherwise obtain legal title to, any of the
Specifically Charged Securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall, promptly upon receipt of any communications sent to it in its capacity as
a holder of any Specifically Charged Security, deliver the original or a copy thereof to the
Trustee, and shall consult with the Trustee, prior to the exercise of all voting and other
rights and powers attached or relating to the Specifically</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">16
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Charged Securities (other than the shares in Cayman Water Company Limited) and, if the
Trustee shall not for the time before, during or after such consultation, shall exercise
all such rights and powers for all purposes not inconsistent with the terms of these
presents.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that the Trustee shall for time being and from time to time notify the Company
in writing to the following effect, the Trustee and any nominee of the Trustee for the time
being and from time to time registered as the holder of the Specifically Charged Security
shall thereafter have the immediate and sole and exclusive right to exercise all voting and
other rights and powers attaching or relating thereto and may exercise such rights and powers
in such manner as it shall in its sole discretion think fit, and the Company shall execute and
deliver to the Trustee or such nominee to exercise such rights and powers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall not be under any liability to the Company in respect of any failure to
present any certificate of or coupon on the Specifically Charged Securities which maybe called
or drawn for repayment or redemption or for any failure to pay any call or instalment which
may be payable on, or to accept any offer relating to, the Specifically Charged Securities or
for any failure to notify the Company of any such matters whether or not any such failure is
caused or contributed to by any negligence on the part of the Trustee or any servant or agent
of the Trustee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the discharge of this Debenture, the Company shall, if the Trustee so requires, accept,
in place of any Specifically Charged Security, a security of the same class and denomination
in the capital of, issued by, the same person.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(17)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Uncalled capital </U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall, upon the written request of the Trustee for the time being and from time to
time, call up any uncalled capital for the time being and from time to time of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(18)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Secured Loan Capital </U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall not, without prior written consent of the Trustee, issue or re-issue any bonds,
debentures, loan stocks, notes or other debt securities for the time being and from time to time
secured by any interest by way of security for the time being and from time to time ranking in
point of priority to the security hereby constituted or any Land Charge.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(19)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Intellectual Property</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall make, effect and renew all such filings and registrations and pay all such fees
as for the time being and from time to time may be necessary or advisable or as for the time being
and from time to time shall be required by the Trustee to create, perfect or preserve the
Intellectual Property and/or the security hereby constituted thereover.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">17
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(20)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Information, inspection and remedy</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall furnish to the Trustee forthwith upon the same becoming available
(and, in the case of audited accounts, in any event within 120&nbsp;days of the end of each of
its financial years) a copy of the audited accounts of the Company and of each of its
subsidiaries for the time being and from time to time certified by a Chartered Accountant
approved by the Trustee together with the trading accounts and the directors&#146; and
auditors&#146; reports thereon and each other document for the time being and from time to time
despatched to the members of the Company and each such subsidiary and the Company shall
also furnish to the Trustee within 45&nbsp;days of the end of each quarter unaudited financial
statements of the Company and of each of its subsidiaries for the time being and from time
to time and the Company shall also furnish to the Trustee, as the Trustee may from time to
time request, such other financial statement, information, valuations, and certificates
regarding the Company and/or such subsidiaries and their respective affairs, financial
conditions, assets and liabilities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall keep, and procure that its subsidiaries for the time being and from
time to time shall keep, proper books and records at all times.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall, upon request from time to time by the Trustee or its agents,
permit the Trustee and/or its agents and/or their respective advisers and employees to
enter into and/or inspect the Charged Assets and to carry out, at the Company&#146;s cost, any
obligation of the Company to the Trustee under these presents which the Trustee, in its
absolute discretion, considers necessary or advisable for the purpose of preserving the
value of the security hereby constituted without the Trustee or any other such person
becoming liable as mortgagee in possession and provided that the Trustee shall not be
obliged under these presents to have any such inspection or obligation carried out.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company hereby permits any Account Bank and any other bank or financial
institution with whom the Company may for the time being and from time to time have a
banker customer relationship to furnish directly to the Trustee and from time to time upon
the request full statements and particulars of all the Company&#146;s accounts with that
Account Bank and such other information regarding the Company, its affairs, financial
condition, assets and liabilities as may for the time being and from time to time be
available to that Account Bank or such other bank or financial institution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(21)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Disposal of Specifically Charged Assets and other Charged Assets</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall not and shall not agree to, save with the prior written consent of the Trustee or
in pursuance of any other obligation under or pursuant to these presents, sell, transfer or
otherwise dispose of any of the Specifically Charged Assets, or, save in the ordinary and usual
course of its trade, the whole or any material part of its business,</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">18
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>undertaking or any of the other Charged Assets (other than the Specifically Charged Assets).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(22)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Conduct of business </U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall carry on and conduct and procure that its subsidiaries for the time being and
from time to time shall carry on and conduct its and their respective businesses and affairs in a
proper and efficient manner and shall not, without the prior written consent of the Trustee, make
any substantial alteration in the nature of such business.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(23)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Insolvency</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall give at least seven days&#146; prior written notice to the Trustee of:-</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any steps for the time being and from time to time to be taken by the Company with regard to
a proposal for a composition or scheme of arrangement in respect of the Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any invitation for the time being and from time to time to be made by the Company to any
other mortgagee or chargee of the Charged Assets to appoint a receiver;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any steps for the time being and from time to time to be taken by the Company with regard to
the winding up of the Company; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any event or circumstance analogous to or having substantially similar effect to any of the
events and circumstances described in the foregoing Sub-clauses of this Sub-clause (a)&nbsp;under
the laws of any applicable jurisdictions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall forthwith notify the Trustee in writing of and supply the Trustee with copies
of all documentation and other details relating to:-</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any proposal or application described in Sub-clause (a)(i);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any demand for the time being and from time to time made for payment or the appointment of a
receiver by any other mortgagee or chargee for the time being and from time to time of the
Charged Assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any petition for the time being and from time to time made for the winding-up of the
Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any demand for the time being and from time to time made on the Company under Section&nbsp;95 of
The Companies Law (2004 Revision); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any event or circumstances analogous to or having substantially similar effect to any of the
events and circumstances described in the foregoing Sub-clauses of the Sub-clause (b)&nbsp;under
the laws of any applicable jurisdiction.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">19
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>EVENTS OF DEFAULT </B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In respect of any Indebtedness by virtue of the Trust Deed to be paid or discharged otherwise
than on demand, the Trustee shall nevertheless be entitled by notice to the Company to demand
the immediate payment and discharge thereof (or any part thereof) together with all interest
then accrued thereon forthwith (or otherwise as the Trustee may require) at any time after the
happening of an Event of Default as such term is defined in the Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon any demand being made for payment of the Indebtedness pursuant to Sub-clause (1), such
Indebtedness shall become payable immediately and all rights of the Company to deal for any
purpose whatsoever with the Charged Assets shall forthwith cease and any floating charge for
the time being and from time to time included in the security hereby constituted shall
forthwith crystallize and become a specific charge.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>APPOINTMENT OF RECEIVER AND POWER OF SALE</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Time </U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In the circumstances described in Clause 3.2(1) (assets in jeopardy) or at any time after the
Indebtedness shall have become payable in accordance with the Agreement or these presents or at the
request of the Company, the Trustee may without further notice (and whether or not the Company
shall have been accorded sufficient or any time in which to satisfy such Indebtedness) from time to
time appoint in writing (under the hand of any manager of the Trustee) a Receiver of the Non-Realty
Charged Assets (but, in the circumstances described in Clause 3.2(1), only the Charged Assets
specified in the notice referred to in that Clause) upon such terms as the Trustee may from time to
time think fit.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Power of sale and Enforcement </U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">At any time after the Indebtedness shall have become payable in accordance with the Agreement or
these presents or the Trustee shall have appointed a Receiver (otherwise than in the circumstances
described in Clause 3.2(1) (assets in jeopardy), the security hereby constituted shall become
immediately enforceable and the power of sale and other powers conferred by law as varied or
extended by these presents and all other powers conferred on the Trustee by these presents shall
become immediately exercisable.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Removal of Receiver</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Trustee may remove any Receiver for the time being appointed by it from the Charged Assets in
respect of which that Receiver shall have been appointed and may from time to</DIV>

<P align="center" style="font-size: 10pt">20
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">time appoint a new Receiver over those Charged Assets.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Receiver&#146;s Powers</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Every Receiver shall be the agent of the Company (which shall be solely responsible for his
contracts engagements, acts, defaults, omissions and losses, for liabilities incurred by him, for
his misconduct and for his remuneration) unless and until a liquidator shall be appointed of the
Company, whereafter such Receiver shall act as principal but shall not become the agent of the
Trustee, and, at all times such Receiver shall have and be entitled to exercise in relation to the
Company all the powers conferred on receivers by law and also (but without thereby limited those
powers by law and without prejudice to the Receiver&#146;s powers, authorities and discretions conferred
by these presents) such Receiver may, without further notice, exercise all or any of the following
powers:-</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to take immediate possession of, get in, and/or collect the Non-Realty
Charged Assets and, for that purpose, to enter upon the Immoveable Property or any
other premises at which the Non-Realty Charged Assets are for the time being and from
time to time located and sever, dismantle or remove the same or any fixtures for the
time being and from time to time therefrom without being liable for any loss or damage
thereby occasioned;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to carry on, manage or concur in the carrying on or managing of, the business
for the time being and from time to time of the Company in such manner as he may think
fit, including (but without limitation) power to perform, repudiate, rescind,
compromise, amend or vary any contract, instrument or agreement to which the Company
shall for the time being and from time to time be a party;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to sell, exchange or concur in the sale or exchange of the Non-Realty Charged
Assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to grant, or concur in the grant of, any leases or licences of the Non-realty
Charged Assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to grant, or concur in the granting of, any renewals or surrenders of, or to
accept, or concur in the accepting of, any surrenders of, any leases or licences for
the time being and from time to time of the Non-Realty Charged Assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to promote or concur in the promotion of, the formation of a subsidiary
and/or subsidiaries of the Company with a view to the same purchasing, leasing,
licensing or otherwise acquiring all or any of the assets for the time being or from
time to time of the Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to make and effect, and concur in the making and effecting of, all such</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">21
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>repairs, maintenance, decoration, provision of all services (including but without
limitation, lighting, heating and cleansing) structural and other alterations,
improvements, additions and development in or to the Non-Realty Charged Assets and
to anything else in connection with the Non-Realty Charged Assets which he may
think fit or which he may deem proper for the efficient use or management of the
Non-Realty Charged Assets, as well as for the protection or for the improvement of
the Non-Realty Charged Assets or for the protection or for the improvement of the
Non-Realty Charged Assets or for the protection of the security hereby constituted.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to exercise or permit the Company or any nominee of the Company to exercise
any powers or right incidental to the ownership of the Non-Realty Charged Assets in
such manner as the Receiver may think fit and, in particular (as regards any shares,
stock or other securities for the time being and from time to time included in the
Non-Realty Charged Assets) any rights for the time being and from time to time
attached hereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to call up all or any portion of any uncalled capital for the time being and
from time to time of the Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to redeem any interest by way of security for the time being and from time to
time ranking in point of security in priority to any of the security hereby
constituted and to settle and prove the accounts of the holder of any such interest
and any monies paid by way of such redemption shall be an expense of the Receiver&#146;s
receivership;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to settle, adjust, refer to arbitration and compromise any claims, accounts,
disputes, questions and demands for the time being and from time to time with or by
any person who for the time being and from time to time is, or claims to be, a
creditor of the Company or relating in any way to the Non-Realty Charged Assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to bring, prosecute, enforce, defend and abandon any actions, suits and
proceedings in relation to the Company or the Non-Realty Charged Assets, suits, and
proceedings in relation to the Company or the Non-Realty Charged Assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to appoint, hire or employ and to remunerate managers, officers, agents,
accountants, clerks, servants workmen and others on such terms and generally in such
manner as the Receiver shall think fit, either in connection with any exercise by the
Receiver of his powers or by or pursuant to these presents or otherwise for any
purpose connected with the Non-Realty Charged Assets, and to discharge any such
person.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to appoint a solicitor or accountant or other professionally qualified person</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">22
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to advise or assist it in the exercise of any of the powers, authorities and
discretions by or pursuant to these presents or otherwise for any purpose connected
with the Non-Realty Charged Assets, and to discharge any such person;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for the purpose of exercising any of the powers, authorities and discretions
conferred on the Receiver by or pursuant to these presents and/or defraying any costs,
charges losses or expenses (including his remuneration) which shall for the time being
and from time to time be incurred by him in the exercise thereof or for any other
purpose, to make advances or to raise to borrow money either unsecured or secured on
the Non-Realty Charged Assets ranking in point of security in priority to, pari passu
with, or subsequent to, the security hereby constituted or otherwise and at such rate
or rates of interest and generally on such terms and conditions as the Receiver may,
in his absolute discretion, think fit;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to give valid receipts for all monies and to execute all deeds or documents
(including, but without limitation, with full power to convey any assets sold in the
name of the Company) as may be necessary or appropriate in the name of, or on behalf
of he Company for the purpose of exercising any of the powers, authorities and
discretions conferred on the Receiver by or pursuant to these presents and to use the
name of the Company for all or any such powers, authorities and discretions, for which
purpose the Company hereby irrevocably appoints every such Receiver to be its
attorney; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to do all such other acts, deeds and things as the Receiver may consider
necessary or desirable for the realisation of the Non-Realty Charged Assets or as the
Receiver may consider incidental or conducive to any of the powers, authorities and
discretions conferred on him by or pursuant to these presents, and to do and exercise,
in relation to the Non-Realty Charged Assets, all such acts, deeds and things and all
such powers, authorities and discretions as the Receiver would be capable of doing and
exercising if he were the absolute beneficial owner of the Non-Realty Charged Assets.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exercise of Receiver&#146;s powers</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In the exercise of any of the powers, authorities and discretions conferred on a Receiver
by or pursuant to these presents in relation to any dealing whatsoever with the Non-Realty
Charged Assets, the Receiver:-</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may agree such terms and conditions relating thereto and such consideration
therefor; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may dispose of the Non-Realty Charged Assets in such manner (including, but
without limitation, by public auction, tender or private treaty) and with</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">23
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or without such advertisement and in such lot or lots together or separately;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">as the Receiver shall, in his absolute discretion, think fit.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The enforcement of the security constituted by a Land Charge shall be governed by the
Registered Land Law (2004 Revision) as varied and/or added to by the Land Charge.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>RESPONSIBILITY FOR RECEIVER</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Liability of Trustee</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Trustee shall not incur any liability, either to the Company or to any other person
whomsoever, in respect of any contracts, engagements, acts, omissions, defaults or losses
of any Receiver or for any liabilities incurred by him, for any misconduct by him or for
his remuneration, by reason of the Trustee having appointed him or of the Trustee having
made or given any direction, either generally or specifically, to him or having concurred
in any such contract, engagement, act, omission, default, loss or liability for any other
reason whatsoever.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Remuneration</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Trustee may, from time to time, fix the remuneration of any Receiver and direct payment
of the same out of monies accruing to him in the exercise of his powers, authorities and
discretions by or pursuant to these presents, but the Company alone shall be liable for the
payment of that remuneration.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>ADDITIONAL POWERS OF THE TRUSTEE</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>As Mortgagee</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The powers, authorities and discretions conferred by or pursuant to these presents in
relation to the Non-Realty Charged Assets on the Trustee or any Receiver shall be in
addition to, and not in substitution for, the powers conferred on Mortgagees or receivers
by law and, where there is any ambiguity or conflict between the powers, authorities and
discretions conferred by law and those conferred by or pursuant to these presents, the
terms of these presents shall prevail.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(2)&nbsp;<U>As Receiver</U>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">All or any of the powers, authorities and discretions conferred by or pursuant to these
presents, either expressly or impliedly, upon a Receiver, may be exercised by the Trustee
in relation to the Non-Realty Charged Assets without the Trustee having to first appoint a
Receiver.</DIV>


<P align="center" style="font-size: 10pt">24
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Delegation of Powers of the Trustee</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Trustee may, for the time being and from time to time, delegate by power of attorney or
in any other manner (including but without limitation, under the hand of any manager of the
Trustee) to any person all or any of the powers, authorities and discretions which are, for
the time being, exercisable by the Trustee under or pursuant to these presents or by law in
relation to the Charged Assets and any such delegation under or pursuant to these presents
or by law in relation to the Charged Assets and any such delegation may be made upon and
subject to such terms and conditions (including, but without limitation, the power to
sub-delegate) as the Trustee may in its absolute discretion, think fit and the Trustee
shall not be liable or responsible to the Company or any other person from any loss or
damage arising from any act, default or omission on the part of any such delegate (or
sub-delegate).</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>APPROPRIATION</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Any monies received by the Trustee or a Receiver under or pursuant to these presents shall,
subject to payment of any claims for the time being having priority to these presents, be
applied for the following purposes and in the following order of priority:-</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><U>FIRST</U>:</TD>
    <TD>&nbsp;</TD>
    <TD>in or towards satisfaction of all the Indebtedness described in Clause 2(2)
together with interest on the same as described in Clause 2(3), in such order as the
Trustee in its absolute discretion shall decide;</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><U>SECOND</U>:</TD>
    <TD>&nbsp;</TD>
    <TD>in or towards satisfaction of all the Indebtedness described in Clause
2(1), together with interest on the same as described in Clause 2(3), in such order as
the Trustee in its absolute discretion shall decide; and</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><U>LAST</U>:</TD>
    <TD>&nbsp;</TD>
    <TD>the surplus (if any) shall be paid to the person or persons for the time
being entitled thereto.</TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>LIABILITY OF THE TRUSTEE AND RECEIVER</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>General</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">If the Trustee or any Receiver or Delegate shall enter into possession of the Charged
Assets, any of them may, from time to time at will, go out of such possession.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exclusion of the Trustee&#146;s Liability</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Trustee shall not, in any circumstances, either by reason of any entry by it in, or
taking by it of possession of, the Charged Assets or for any other reason whatsoever</DIV>


</DIV>
<P align="center" style="font-size: 10pt">25


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">and whether as mortgagee in possession or on any other basis whatsoever, be liable to
account to the Company for anything except the Trustee&#146;s or its Delegate&#146;s or agent&#146;s own
actual receipts or be liable to the Company or any other person for any other loss or
damage arising from any realisation by the Trustee of the Charged Assets or from any act,
default or omission of the Trustee of any power, authority or discretion conferred upon it
by or pursuant to these presents, any Land Charge or by law.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exclusion of Receiver&#146;s Liability</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">All the provisions of Sub-clause (2)&nbsp;shall apply in respect of the liability of any
Receiver or Delegate in all respects as though every reference in that Sub-clause to the
Trustee was also a reference to such Receiver or, as the case may be, such Delegate.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Indemnity</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Trustee and every Receiver and Delegate shall be entitled to be indemnified out of the
Non-Realty Charged Assets in respect of all liabilities and expenses for the time being and
from time to time incurred by any of them in or the execution or purported execution of any
of the powers, authorities and discretions conferred on them by or pursuant to these
presents or by law and against all actions, proceedings, costs, claims and demands in
respect of any matter or thing done or omitted in any way relating to the Charged Assets
and the Trustee and every Receiver may retain an pay all sums in respect of same out of any
monies received under such powers, authorities and discretions.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>POWER OF ATTORNEY</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Appointment</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Company hereby, by way of security, irrevocably appoints the Trustee and every Receiver
and Delegate severally to be its attorney and on its behalf and in its name or otherwise to
execute and do all such acts, deeds and things which the Company ought to do under these
presents and generally, on its behalf and in its name, to exercise all of any of the
powers, authorities and discretions conferred by or pursuant to these presents or by law on
the Trustee or any Receiver or Delegate.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Ratification</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Company hereby ratifies and confirms and agrees to ratify and confirm whatever any
attorney of the Company appointed by these presents shall do or purport to do in the
exercise or purported exercise of all or any of the powers, authorities and discretions
granted to such attorney by these presents.</DIV>


<P align="center" style="font-size: 10pt">26
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>FURTHER ASSURANCE</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Company shall from time to time execute and do all such acts, deeds and things as the
Trustee may reasonably require for perfecting or better perfecting or protecting or better
protecting the security hereby constituted or constituted by any Land Charge and, after the
Indebtedness shall have become payable, for facilitating the realisation of the Charged
Assets and for exercising all powers, authorities and discretions conferred by or pursuant
to these presents, any Land Charges or by law on the Trustee or any Receiver or Delegate or
any receiver under the Land Charge and shall, in particular (but without limitation)
execute and deliver all interests by way of security, transfers, conveyances, assignments
and assurances and give all notices and other communications which the Trustee shall for
the time being, think expedient.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>PROTECTION FOR THIRD PARTY PURCHASERS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No purchaser, mortgagee or other person dealing with the Trustee or any
Receiver or Delegate shall be concerned to enquire whether the Indebtedness shall have
become payable or where any power, authority or discretion which the Trustee or a
Receiver or Delegate is purporting to exercise shall have become exercisable or shall
be being properly exercised or to see to the application of any monies paid to the
Trustee or a Receiver or Delegate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without prejudice to Sub-clause (1)&nbsp;and in addition to all other protection
for the time being afforded by law, any purchaser, mortgagee or other person dealing
with the Trustee or any Receiver or Delegate shall be entitled and bound to assume
without enquiry that the security hereby constituted shall have become enforceable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>15.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CONTINUING SECURITY AND AVOIDANCE OF PAYMENTS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Security hereby constituted shall be a continuing security and shall not
be satisfied or discharged by any intermediate payment or satisfaction of the
Indebtedness.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No assurance, security or payment which may be avoided under any enactment
relating to bankruptcy or insolvency or under The Fraudulent Dispositions Law, (1996
Revision) (or similar legislation binding on the Company in a jurisdiction other than
the Cayman Islands), and no release, settlement or discharge given or made by the
Trustee on the faith of any such assurance, security or payment, shall prejudice or
affect the right of such persons to enforce the security hereby constituted or any
Land Charge.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">27
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>ADDITIONAL SECURITY, SUSPENSE ACCOUNT AND CONSOLIDATION</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The security hereby constituted shall be in addition to, and shall not prejudice, or be
prejudiced by, any other interest by way of security, right or remedy which the Trustee may
for the time being and from time to time enjoy in respect of the Indebtedness.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may, in its absolute discretion, grant time or other indulgence or make or grant
any other arrangement, variation or release to or with any person (and whether or not such
person is jointly and/or severally liable to the Trustee with the Company) in respect of the
Indebtedness or in respect of any other interest by way of security or guarantee therefor,
without prejudice either to the security hereby constituted or to the liability of the Company
for the Indebtedness.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any monies received under or pursuant to these presents may subject to the Agreement be
placed and kept to the credit of one or more than one suspense accounts with the Trustee for
so long as the Trustee may think fit and, notwithstanding the other provisions of these
presents, without any obligation in the meantime to apply the same or any part thereof or
interest accruing thereon in or towards discharge of any of the Indebtedness and,
notwithstanding any such payment, in the event of any liquidation or winding-up of the
Company, the Trustee may prove for and agree to accept any dividend or composition in respect
of the whole or any part of the Indebtedness as if this Debenture had not been executed and
delivered.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall have the right (but not the obligation) exercisable in its sole and
absolute discretion to consolidate this Debenture with any collateral, additional or
supplemental interests by way of security hereto notwithstanding any provision of any law to
the contrary.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>17.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>AMALGAMATION OF TRUSTEE</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">These presents shall remain enforceable, valid and binding for all purposes notwithstanding any
change in the name of the Trustee or its absorption of or by, or its amalgamation or consolidation
with, any other person or any change in its constitution or that its successors or assigns or the
person by which the business of the Trustee may, for the time being and from time to time, be
carried on and shall be available to all such successors, assigns and persons.</DIV>


<P align="center" style="font-size: 10pt">28
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>18.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>NOTICES</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Any notice, demand or other communication by the Trustee shall be in writing signed by any manager
of the Trustee and may be served by delivering the same to the Company or by post addressed to the
Company at the Company&#146;s address last known to the Trustee or to the registered office for the time
being and from time to time of the Company and any such notice, demand or other communication so
addressed and posted shall be deemed to have been served at the expiration of forty-eight hours
after it has been posted and shall be effective notwithstanding that it be returned as being
undelivered.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>20.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>RIGHTS AND REMEDIES</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The rights of the Trustee under these presents are cumulative, may be exercised as often as
considered appropriate and are in addition but subject to the general law and the terms and
conditions of the Agreement. Such rights (whether arising hereunder or under the general law or the
Agreement) shall not be capable of being waived or varied otherwise than by an express waiver or
variation in writing and, in particular, any failure to exercise or delay in exercising any of such
rights shall not operate as a waiver or variation of that or any other such right, any defective or
partial exercise of any such rights shall not preclude any other or further exercise of that or any
other such right, and no act or course of conduct or negotiation by the Trustee or on its behalf
shall in any way preclude it from exercising any such right or constitute a suspension or any
variation of any such right. In the event that there is a conflict between the terms and conditions
of the Agreement and the provisions of this Debenture, the terms and conditions of the Agreement
shall prevail.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>21.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SEVERANCE</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">If at any time any one or more provisions of this Debenture are or become invalid, illegal or
unenforceable in any respect under any applicable law, the validity, legality and enforceability of
the remaining provisions hereof shall not in any way be affected or impaired thereby.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>22.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>GOVERNING LAW</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">These presents shall be governed by, and construed in accordance with, the laws of the Cayman
Islands.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>23.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>JURISDICTION</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Company hereby irrevocably agrees that the courts of the Cayman Islands are to have
jurisdiction to settle any disputes which arise out of or in connection with this Debenture</DIV>

<P align="center" style="font-size: 10pt">29
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">and that, accordingly, any suit, action or other legal proceedings so arising may be brought in
such courts. The Company hereby irrevocably waives any objection which it may now or hereafter have
to the laying of the venue of any such legal proceedings in such courts and any claim that any such
legal proceedings have been brought in an inconvenient forum, and further hereby irrevocably agrees
that a judgment in any such legal proceedings brought in such courts shall be conclusive and
binding upon it and may be enforced in the Courts of any other jurisdiction without re-examination
of the merits.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Nothing contained in this provision shall limit the right of the Trustee to take any such legal
proceedings in any other court of competent jurisdiction; nor shall the taking of any legal
proceedings in one jurisdiction preclude the taking of legal proceedings in another, whether
concurrently or not. The Company hereby agrees that the process by which any such legal proceedings
are begun in the Cayman Islands may be served on it by being delivered to the person (if any)
specified in Schedule&nbsp;5<I>.</I></DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>24.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>STAMPING</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">This Debenture shall at the Company&#146;s expense be impressed with stamp duty initially to cover
US$15,771,997.16 of the Indebtedness and the Trustee shall be at liberty and is hereby empowered at
any time or times hereafter (without any such licence or consent on the part of the Company) to
impress such additional stamp duty hereon or on any collateral, supplemental or additional
interests by way of security to this Debenture all at the Company&#146;s own cost and expense as is
necessary to cover the Indebtedness.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>IN WITNESS</B></U> whereof this document has been executed as a deed and delivered the day and year
first above written.</DIV>


<P align="center" style="font-size: 10pt">30
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SCHEDULE 1</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Description of the Immoveable Property</U><BR>
<U>Charged under Clause 3.1(1)(a)</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SCHEDULE 2</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Description and location of the Specifically </U><BR>
<U>Charged Plant</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SCHEDULE 3</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Description of certain Specifically Charged Securities</U><BR>
<U>Charged under Clause 3.1(3)(f)</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SCHEDULE 4</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Description of Bank Accounts charged under Clause 3.1(3)(p)</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SCHEDULE 5</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Name and address of person (if any) to accept service</U><BR>
<U>of process on behalf of the Company </U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signed as a Deed by
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consolidated Water Co. Ltd.<BR>
Was hereunto affixed
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consolidated Water Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: Frederick W. McTaggart</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">And by:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In the presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">And By: Gerrard Pereira</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald Miller&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signed as a Deed by
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dextra Bank &#038; Trust Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dextra Bank &#038; Trust Co. Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: Alex Wood</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">And by:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">And By: Alitsia Finlayson</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In the presence of:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD>Donald Miller&nbsp;</TD></TR>
<TR>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
Witness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>



<P align="center" style="font-size: 10pt">31
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>7
<FILENAME>g02807exv10w6.htm
<DESCRIPTION>EX-10.6 DEED OF SECOND COLLATERAL DEBENTURE DATED AUGUST 4, 2006
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.6 Deed of Second Collateral Debenture dated</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EXHIBIT 10.6
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 16pt; margin-top: 18pt">DEED OF SECOND COLLATERAL DEBENTURE
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BETWEEN:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CAYMAN WATER COMPANY LIMITED
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">and
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">DEXTRA BANK &#038; TRUST CO. LTD.
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt">Dated:
August 4, 2006
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 18pt"><B><I>Charles Adams Ritchie &#038; Duckworth<BR>
PO Box 709GT, Zephyr House, Mary Street<BR>
Grand Cayman, Cayman Islands<BR>
British West Indies<BR>
Tel: 345 949 4544<BR>
Fax: 345 949 8460<BR>
Email: card@card.com.ky</I></B>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Clauses
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. DEFINITIONS AND INTERPRETATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. MONIES SECURED</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Monies
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Costs
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;Interest
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. THE CHARGES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Charging provision
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immovable Property
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specifically Charged Plant
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading Debts
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Trading Debts
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specifically Charged Securities
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill and uncalled capital
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intellectual Property
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ancillary assets
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee Accounts
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Crystallisation of floating charge
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Negative pledge
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Land Charges
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. REPRESENTATIONS &#038; WARRANTIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>5. COVENANTS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Documents of title to Immoveable<br>
Property and Specifically Charged<BR>
Plant and Securities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Further charges</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Future Immoveable Property and<br>
Specifically Charged Plant and<BR>
Securities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maintenance</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insurance</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Registration under The Registered Land Law</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notices affecting Immoveable<br>
Property or Specifically Charged<BR>
Plant</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Planning Legislation</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other compliance with law</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compliance with contracts</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Leases or licences of Immoveable<br>
Property and Intellectual Property:<BR>
As Lessee or Licensee</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(12)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Leases of licences of Immoveable<br>
Property and Intellectual Property;<BR>
as lessor or licensor</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(13)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Removal and severance</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(14)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Specifically Charged Plant</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(15)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debts and Trustee Accounts</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">(ii)
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(16)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Specifically Charged Securities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(17)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Uncalled capital</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(18)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Secured loan capital</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(19)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intellectual Property</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(20)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Information, inspection and remedy</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(21)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Disposal of Specifically Charged<br>
Assets and other Charged Assets</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(22)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Conduct of business</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(23)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insolvency</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6. EVENTS OF DEFAULT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>7. APPOINTMENT OF RECEIVER AND POWER OF SALE</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Time</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Sale and Enforcement</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Removal of Receiver</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Receiver&#146;s Powers</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Immoveable Property</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8. RESPONSIBILITY FOR RECEIVER</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liability of Trustee</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Remuneration</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. ADDITIONAL POWERS OF THE TRUSTEE</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As Mortgagee</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As Receiver</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Delegation of Powers of the Trustee</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">(iii)
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10. APPROPRIATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>11. LIABILITY OF THE TRUSTEE AND RECEIVER</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>General</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exclusion of the Trustee&#146;s Liability</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exclusion of Receiver&#146;s liability</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indemnity</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. POWER OF ATTORNEY</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Appointment</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ratification</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. FURTHER ASSURANCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>14. PROTECTION FOR THIRD PARTY PURCHASERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>15. CONTINUING SECURITY AND AVOIDANCE OF PAYMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>16. ADDITIONAL SECURITY, SUSPENSE ACCOUNT AND CONSOLIDATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>17. NEW ACCOUNT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>18. SET-OFF</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>19. AMALGAMATION OF TRUSTEE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>20. NOTICES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>21. RIGHTS AND REMEDIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>22. SEVERANCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>23. GOVERNING LAW</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>24. JURISDICTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>25. FURTHER ADVANCES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>26. STAMPING</B>
</DIV>


<P align="center" style="font-size: 10pt">(iv)
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>SCHEDULE 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>Description of the Immovable<br>
Property charged under Clause<br>
3.1(1)(a)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>SCHEDULE 2</B></TD>
    <TD>&nbsp;</TD>
    <TD>Description and location<br>
of Specifically Charged Plant</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>SCHEDULE 3</B></TD>
    <TD>&nbsp;</TD>
    <TD>Description of certain<br>
Specifically Charged Securities<br>
Charged under Clause 3.1(3)(f)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>SCHEDULE 4</B></TD>
    <TD>&nbsp;</TD>
    <TD>Description of the Trustee Accounts charged under Clause 3.1(3)(p)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>SCHEDULE 5</B></TD>
    <TD>&nbsp;</TD>
    <TD>Name and address of person (if<br>
any) to accept service of process<br>
on behalf of Company
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">(v)
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>THIS
DEED OF SECOND COLLATERAL DEBENTURE </B></U> is made on the 4th day
of August, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BETWEEN:-</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CAYMAN WATER CO. LTD. incorporated under the laws of the Cayman Islands of P.O. Box 1114 GT,
Grand Cayman (the &#147;Company&#148;, which expression shall include its successors and assigns); and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DEXTRA BANK &#038; TRUST CO. LTD. (the &#147;Trustee&#148;), which expression shall include its successors,
transferees and assigns);</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>WHEREAS</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is a wholly owned subsidiary of Consolidated Water Co. Ltd.
(&#147;CWCO&#148;). CWCO and Scotiabank &#038; Trust (Cayman) Ltd. (the &#147;Bank&#148;) entered into certain
loan facilities dated February&nbsp;7, 2003 and to secure the repayment of those facilties
CWCO granted to the Bank a debenture over all of its assets. Subsequent to that date
CWCO requested the Bank&#146;s consent to transfer certain of its assets to the Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank granted its consent to the transfer of assets to the Company on the
condition that the Company and the Bank enter into a Collateral Deed of Debenture
which was executed whereby the Company granted to the Bank a fixed and floating charge
over all of the assets of the Company (the &#147;First Debenture&#148;).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Trust Deed CWCO has issued bonds and received consideration
therefor from the Trustee on behalf of the Bondholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CWCO is indebted to the Trustee as trustee for the Bondholders in the sum of
US$15,771,997.16 (the &#147;Indebtedness&#148;). CWCO has granted to the Trustee a debenture to
secure repayment of the Indebtedness.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>E&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To further secure the Indebtedness and all other obligations of CWCO under
the Trust Deed the Company hereby grants to the Trustee this Second Debenture which,
by agreement between the Trustee and the Bank, shall rank in all respects <I>pari passu</I>
with the First Debenture.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>WITNESSES </B></U>as follows:-
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. DEFINITIONS AND INTERPRETATION</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In this Deed of Second Debenture, unless the contrary shall be expressed or the context shall
otherwise require:-</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(1)&nbsp;the following words and expressions shall have the following meanings, that is to say:-
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Account Bank&#148; </B></U> means any bank or financial institution for the time being and from time to
time approved by the Trustee in writing as a bank or other financial institution with whom the
Company may have an account or accounts into which the Company may pay its Trading Debts. Such
approval may be given as well before as on or after the date hereof, provided that it shall
expressly refer to this Debenture.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Agreement&#148; </B></U>means the Trust Deed and all other (if any) agreements (other than these
presents) for the time being and from time to time in force between the Trustee and the Company or
CWCO (and whether entered into before or after this Debenture) regulating any business relationship
between the Company or CWCO and the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;assets&#148; </B></U>means assets of every kind, including, but without limitation, the benefit of any
agreement, a building or other fixture, a business, goods, goodwill, immovable property, money plan
or other equipment, stock-in-trade, the uncalled capital of a body corporate, an undertaking and
work-in-progress and any interest therein and, as the contest shall require or admit, any part of
such assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Bank Accounts"</B></U> means all the Charged Assets in Clauses 3.1(3)(p) and (q)&nbsp;and <U>&#147;Bank
Account&#148;</U> shall be construed accordingly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Charged Assets"</B></U> means all the assets of the Company for the time being and from time to
time the subject of or expressed to the subject of any interest by way of security created by the
Company in favour of the Trustee under or pursuant to these presents or a Land Charge and, as the
context shall require or admit, any part of such assets. A reference to Charged Assets in a
particular Sub-clause or Sub-clauses or Clause 3.1 is a reference to the assets becoming or being
express to become the subject of such an interest by way of security as a result of a reference to
them being made in that Sub-clause or those Sub-clauses, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Delegate"</B></U> means a delegate or sub delegate of the Trustee described in Clause 9(3).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;this Debenture&#148; </B></U>means this Deed of Second Collateral Debenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;finance lease"</B></U> shall have the meaning given in the Statement of Standard Accounting
Practice number 21 issued by the Institute of Chartered Accountants in England and Whales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Guarantor&#148; </B></U>means any person who shall for the time being and from time to time guarantee
to the Trustee the payment of discharge of the Indebtedness, and referenced to the <U>&#147;relevant
Guarantee</U>&#148; shall be construed accordingly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;immovable property"</B></U> means all the Charged Assets in Clauses 3.1(1) and 3.1(2) and, as the
context shall require or admit, any part of such Charged Assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Indebtedness&#148; </B></U>means all monies, liabilities and other sums of whatsoever nature covenanted
to be paid and discharged by the Company to the Trustee under Clause 2 and, as the context shall
require or admit, any part of such monies, liabilities and other sums.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Intellectual Property&#148; </B></U>means all the Charged Assets in Clauses 3.1(3), (j)&nbsp;and (k)&nbsp;and, as
the context shall require or admit, any part of such Charged Assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;interest by way of security"</B></U> means any mortgage, pledge, lien, charge, assignment by way
of security, hypothecation, title retention, finance lease, factoring or discounting of
</DIV>


<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">debts or any other agreement or arrangement for or by way of security, including such as arises or is
imposed by operation or implication of applicable law and including any account with bankers
earmarked or designated for the use of making preferential payments pursuant to Section&nbsp;162 of the
Companies Law (2004 Revision) or any other provision of applicable law having similar or
substantially similar effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Land Charge&#148; </B></U>means a collateral land charge of Immoveable Property, if any, executed by
the Company in favour of the Trustee pursuant to Clause 3.4 and &#147;<U>Land Charges&#148; </U>shall be
construed accordingly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Non-Realty Charged Assets&#148; </B></U>means the Charged Assets excluding Immoveable Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Non-Trading Debts&#148; </B></U>means all the Charged Assets in Clause 3.1(3)(d) and, as the context
shall require or admit, any part of such Charged Assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U> <B>&#147;person&#148; </B></U>means an individual, a firm, a partnership (whether or not having separate
legal personality), an unincorporated body, a body corporate, a corporation and a national or local
government or governmental agency or body, and, in each case, wheresoever resident, incorporated or
formed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Planning Legislation&#148; </B></U>means all applicable statutes for the time being and from time to
time in force in relation to the use of development of immoveable property and all regulations then
made or taking effect as if made thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Prohibited Security Interest"</B></U> means any interest by way of security other than:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such security granted by the Company as is in existence as of the date hereof in favour of
the Bank;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such as arises or is imposed by operation or implication of law and is not
intended to arise for that purpose;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any agreement or arrangement for the retention of title to goods which is not entered into
for the purpose of raising finance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such as arises as a result of normal banking arrangements of the company with an Account Bank
in respect of the collection of cheques (including cheques expressed in a foreign currency) in
respect of the collection of Trading Debts; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the security hereby constituted.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;receiver</B></U><B>&#148; </B>includes any receiver or receiver and manager<B>.</B>
</DIV>


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Receiver&#148; </B></U>means any individual or individuals (who maybe an employee or employees of the
Trustee) for the time being and from time to time appointed by the Trustee to be a receiver or
receivers (and, where more than one individual is appointed jointly, they shall have the power to
act severally, unless the Trustee shall specify to the contrary in their appointment) under these
presents and, where the context shall admit, any individual or individuals for the time being and
from time to time so appointed in substitution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;security hereby constituted"</B></U> means the interests by way of security for the time being
and from time to time constituted by or in pursuance of these presents and includes interests by
way of collateral security and, as the context shall require or admit, any such interests, but does
not include Land Charges.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Specifically Charged Plant&#148; </B></U>means all the Charged Assets in Clauses 3.1(3)(a) and (b)&nbsp;and,
as the context shall require or admit, any part of such Charged Assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Specifically Charged Securities&#148; </B></U> means all the Charged Assets in Clauses 3.1(3)(e), (f)
and (g)&nbsp;and, as the context shall require or admit, any part of such Charged Assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;these presents&#148; </B></U>means this Debenture and any deed for the time being and from time to time
expressed to be supplemental hereto and any other deed or documents for the time being from time to
time conferring rights upon the Trustee or to which it may be a party executed or entered into
pursuant to this Debenture or any deed for the time being and from time to time supplemental
thereto, but does not include Land Charges.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Trading Debts&#148; </B></U>means all the Charged Assets in Clause 3.1(3)(c) and , as the context
shall require or admit, any part of such Charged Assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>&#147;Trust Deed&#148; </B></U>means the trust deed entered into between CWCO and Dextra Bank &#038; Trust Co.
Ltd. of even date herewith setting out the terms and conditions of the bond issue thereunder as the
same may for the time being and from time to time be modified amended or supplemented.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>words and expressions (including defined words and expressions) importing the singular number
include the plural and vice versa and those importing the masculine gender include and
feminine.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any reference to:-</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">(a)&nbsp;any law or legal provisions is to that law or provision as for the time being and from
time to time amended, extended or substantially replaced or re-enacted, and shall include a
reference to any regulations made under the law or provision.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">(b)&nbsp;fees, costs, charges and expenses shall be include a reference to any transactional tax
or duty for the time being and from time to time applicable to or chargeable in respect of
those fees, costs, charges and expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">(c)&nbsp;a Clause or Schedule is a clause in, or a schedule to, this Debenture.
</DIV>

<P align="center" style="font-size: 10pt">4
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">(d)&nbsp;a Sub-clause is to a sub-clause in the clause or sub-clause in this Debenture in which
that reference is made.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Underlinings, headings and descriptions of provisions of this Debenture are inserted for
convenience only and shall be ignored in construing or interpreting this Debenture.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reference to a &#147;Law&#148; shall include a reference to such Law and/or any provision thereof as
from time to time re-enacted, amended, extended or replaced.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. MONIES SECURED</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will, on demand, pay and discharge to the Trustee subject in all cases to the terms of
the Agreement -
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Monies</U>: all monies and other liabilities, whether principal, interest, commission,
charges, costs, expenses or otherwise, which now are, or at any time hereafter may become, due
to the Trustee by CWCO pursuant to the Agreement either alone or jointly with any other person
whether actual or contingent and whether as principal debtor, guarantor, surety or otherwise;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Costs:</U> on a full and unlimited indemnity basis, all costs, stamp duties, recording
fees, commission, charges, expenses and other sums for the time being and from time to time
incurred by the Trustee or by or through any Receiver or by or through any attorney, delegate,
sub-delegate, substitute, agent or employee of the Trustee or a Receiver, for any purposes
described in these presents or a Land Charge or in about the exercise of any power, authority
or discretion conferred on the Trustee or any Receiver by or pursuant to these presents or a
Land Charge or by law or in relation to the security hereby constituted or a Land Charge or in
or about the protection, realisation, enforcement, collection or recovery of monies for the
time being and from time to time arising under the security hereby constituted or a Land
Charge and all remuneration of any Receiver and any attorney, delegate, sub-delegate,
substitute or agent of the Trustee or a Receiver; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Interest: </U> Interest, as well before as after judgment, on each amount due under
Sub-clauses (1)&nbsp;and (2)&nbsp;until the same shall have been fully discharged at such rate as shall
for the time being and from time to time be prescribed by the Agreement for that amount and,
in the case of each such amount due under sub-clause (2), such interest to accrue on a daily
basis as from the date on which that amount was incurred (and whether or not that date shall
have occurred prior to a demand for that amount under this Clause (2).</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">5
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. THE CHARGES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.1 <U>Charging Provision</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company, as beneficial owner and as continuing security for the Indebtedness, hereby charges to
the Trustee:-
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Immoveable Property </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(1)&nbsp;by way of first specific equitable charge:-
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all (if any) of the immovable property described in Schedule&nbsp;1;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all other immoveable property belonging to the Company at the date hereof;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all fixtures (including trade fixtures) and fixed plant and machinery for the
time being and from time to time on or in any of the Immoveable Property in Sub-clause
(a)&nbsp;and (b);</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(2)&nbsp;By way of first specific equitable charge:-
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all immoveable property (other than that (if any) described in Schedule&nbsp;1)
now or at any time hereafter belonging to the Company or in which the Company does now
or shall at anytime hereafter have any interest by way of security; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all fixtures (including trade fixtures) and fixed plant and machinery for the
time being and from time to time on or in any of the Immoveable Property in Sub-clause
(a);</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(3)&nbsp;by way of first specific charge:-
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Specifically Charged Plant</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all (if any) the plant, machinery, chattels and other equipment described in
Schedule&nbsp;2 and any part or parts thereof or thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all additions, alterations, accessories, replacements and renewals for the
time being and from time to time to or of any of the Charged Assets in Sub-clause
(a);</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Specifically Charged Securities</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all the stocks, shares, bonds, debentures, loan stocks, notes, warrants and
other securities now or hereafter belonging to the Company in the capital of, or
issued by, any of the Company&#146;s subsidiaries for the time being and from time to time;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">6
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all stocks, shares, bonds, debentures, loan stocks, notes, warrants and other
securities now or hereafter belonging to the Company (other than in any of its
subsidiaries),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all stocks, shares, bonds, debentures, loan stocks, notes, warrants and other
securities and other assets now or hereafter accruing or offered by way of rights,
bonus, option or otherwise in respect of any of the Charged Assets in Sub-clauses (e)
and (f)&nbsp;or in this Sub-clause (g)&nbsp;but so that nothing in these presents shall be
construed as imposing on the Trustee any liability whatsoever in respect of any calls,
instalments or other payments or contributions in respect of or relating to any of the
Charged Assets in Sub-clauses (e)&nbsp;and (f)&nbsp;or in this Sub-clause (g);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all dividends, interest and other distributions for the time being and from
time to time declared, payable paid or made in respect of any of the Charged Assets in
Sub-clauses (e), (f)&nbsp;or (g), including any of the same for the time being and from
time to time placed to the credit of an account of the Company with, and owed to the
Company by a bank or other financial institution and/or being cash at bank belonging
to the Company;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Goodwill and uncalled capital </U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all the goodwill and uncalled capital of the Company, both present and
future;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Intellectual Property</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all the knowhow (and rights therein) and other confidential information (and
rights therein) and all the copyrights, patents (including, applications,
improvements, prolongations, extensions and rights to apply therefor), registered
designs, trade marks (and rights therein), service marks (and rights therein) and
other intellectual property of the property of the Company, acquired or developed up
to the date of the bond execution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the benefit of all licences for the time being and from time to time granted
to or acquired by the Company in respect of assets of the kind described in Sub-clause
(j);</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Ancillary assets</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the benefit of all agreements for the time being and from time to time
entered into by the Company for the maintenance and/or improvement of any of the
Charged Assets in any of the foregoing Sub-clauses in this Clause 3.1;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the benefit of all obligations and representations and warranties for the
time being and from time to time undertaken or given to the Company (and whether by
law, contract or otherwise howsoever) by any person in relation to any of the Charged
Assets in any of the foregoing Sub-clauses of this Clause 3.1;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">7
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the benefit for the time being and from time to time of any insurance for the
time being and from time to time effected by the Company in respect of, and the
benefit and proceeds for the time being and from time to time of any guarantees or
interests by way of security for the time being and from time to time given, granted
or arising in favour of the Company in relation to any of the Charged Assets in any of
the foregoing Sub-clauses of this clause 3.1;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the proceeds including cash at bank for the time being and from time to time
received by the Company of a payment in respect of, or a disposal, collection or other
realisation of, any of the Charged Assets in any of the foregoing Sub-clauses of this
Clause 3.1;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Other assets</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(4)&nbsp;by way of the first floating charge:-
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the undertaking and all the other assets of the Company (other than the
assets described in Clause 3.1(1) to 3.1(3) hereof (the &#147;Specifically Charged Assets&#148;)
and any Intellectual Property or interest in it acquired by the Company after the date
of bond execution), both present and future; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all the Specifically Charged Assets if and to the extent that any of the
interests by way of security constituted by these presents over the Specifically
Charged Assets shall be or become ineffective as specific charges.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Trading Debts</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all debts, other than Non-Trading Debts, now or hereafter due or owing or to
become due or owing to the Company on any account whatsoever and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether actual or contingent and including cash at the bank, as have arisen or
shall arise in the ordinary and usual course of trading of the Company and whether
or not the same would or shall be entered into the books of the Company;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Trading Debts</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all debts now or hereafter due or owing or to become due or owing to the
Company on any account whatsoever and whether actual or contingent as have arisen or
shall arise (and whether or not entered into the books of the Company):-</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">8
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as an amount for the time being and from time to time payable
(including, but without limitation, any consideration, premium, rent, royalty
or fee) in respect of any sale, lease, licence or other disposal by the
Company of any of the Immoveable Property, the Specifically Charged Plant ,
the Specifically Charged Securities, the goodwill of the Company both present
and future and the Intellectual Property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as a dividend, interest or other distribution for the time
being and from time to time declared and/or payable in relation to the
Specifically Charged Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as an amount for the time being and from time to time
payable in respect of any obligation or representation or a warranty described
in Sub-clause (m)&nbsp;or insurance or guarantee or interest by way of security
described in Sub-clause (n); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as an amount for the time being and from time to time payable
in respect of any other transaction or matter outside the ordinary and usual
course of trading of the Company;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Bank Accounts</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the full benefit for the time being and from time to time of, and the
Company&#146;s rights, title and interest in and to, all (if any) the bank accounts
described in schedule 4, and the debts constituted and represented by the credit
balances for the time being and from time to time on such accounts, together with all
interest for the time being and from time to time accrued thereon;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the full benefit for the time being and from time to time of, and all the
Company&#146;s rights, title and interest in and to, all other bank accounts of the Company
at the date hereof, and the debts constituted and represented by the credit balances
for the time being and from time to time on such accounts, together with all interest
for the time being and from time to time accrued thereon.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">3.2 <U>Crystallisation of floating charge </U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The floating charge created by Clause 3.1(4) shall become a specific charge:-
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as regards any assets subject thereto as may from time to time be specified
in a notice from the Trustee to the Company if the Trustee shall, in its absolute
discretion, consider that those assets shall be in danger of being seized or sold
under any form of distress or execution levied or threatened or to be otherwise in
jeopardy, forthwith upon the service of such notice;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">9
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as regards any assets subject thereto which shall become subject to specific
charges in favour of any person other than the Trustee or subject to disposition or an
agreement to make a disposition contrary to Clause 5(21) (Disposal of Specifically
Charged Assets), forthwith upon such charge or disposition; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in accordance with Clause 6 (Events of Default).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">3.3 <U>Negative pledge</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Save with the prior written consent of the Trustee (which may be given as well before as after the
date hereof, provided it shall expressly refer to this Debenture), the Company shall not and shall
not agree to create, give, grant or permit to arise or subsist over any of its assets present and
future any Prohibited Security Interest ranking in point or security in priority to, pari passu
with or subsequent to any security constituted by these presents or any Land Charge.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">3.4 <U>Land Charges </U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Without prejudice to Clause 5(2) (Further Charges), the Company shall forthwith execute in favour
of the Trustee collateral land charges in such form and on such terms as the Trustee shall require
of all the immoveable property described in Schedule&nbsp;1, if any, and of any other Immoveable
Property as the Trustee may for the time being and from time to time require.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. REPRESENTATIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company hereby represents and warrants to the Trustee as follows:-
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has the power to enter into and perform its obligations as expressed in this
Debenture and each Land Charge and has taken all necessary action to
authorize the granting of interests by way of security upon the terms and conditions of
this Debenture and each Land Charge and to authorize the execution, delivery and
performance of its obligations as expressed in this Debenture and each Land Charge in
accordance with their respective terms.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The execution, delivery and performance by the Company of the terms of this Debenture and
each Land Charge does and will not violate, conflict with or result in a breach of, in any
respect:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any provisions of any law or regulation or any order, decree, permit or licence of
any authority, agency or court binding on the Company or on any of its assets;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">or
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the constitutional documents or resolution of the Company or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any subsisting loan stock or debenture or other deed, contract or other undertaking
or instrument to which the Company is a party or which is binding upon it or any of its
assets.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is the sole and absolute beneficial owner of all the Charged Assets free from all
Prohibited Security Interests other than those permitted or consented to by the Trustee in
accordance with Clause 3.3 (Negative pledge).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has not created, given, granted or permitted to arise or subsist any Prohibited
Security Interest over any of its assets present and future other than those permitted or
consented to by the Trustee in accordance with Clause 3.3. and has not agreed so to do.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In connection with any consent given by the Trustee in accordance with Clause 3.3 on or prior
to the date hereof, the Company did furnish to the Trustee true, complete and up to date
written details of the existing interest(s) by way of security to which such consent relates.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The details of (if any) the immoveable property and the other assets in Schedules 1,2,3 and
4, the interests of the Company (in that immovable property) in Schedule&nbsp;1, and the location
of the Specifically Charged Plant in Schedule&nbsp;2, and the details of the bank accounts in
Schedule&nbsp;4 are true and correct in every material particular.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5. COVENANTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby covenants and agrees with the Trustee, until the discharge and release of this
Debenture, as follows:-
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Documents of title to Immoveable Property and Specifically Charged Plant Securities </U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the rights of any prior mortgagee, the Company shall deposit with the Trustee<BR>
and the Trustee shall be entitled to hold and retain all deeds and documents of title for the time
being and from time to time relating to the Immovable Property, all invoices and documents of title
for the time being and from time to time relating to the Specifically Charged Plant, and all
certificates, deed and documents of title for the time being and from time to time relating to the
Specifically Charged Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(2) <U>Further Charges </U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall forthwith from time to time, if and when called upon by the Trustee so to do,
execute in favour of the Trustee or as the Trustee shall direct such further interests by
</DIV>



<P align="center" style="font-size: 10pt">11
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">way of security (including, but without limitation, assignments by way of security and collateral
security) as the Trustee shall require (but with covenants no more onerous than already contained
in the security hereby constituted) over the Charged Assets as further and continuing security for
the Indebtedness, such further interest by way of security to be prepared by or on behalf of the
Trustee at the cost of the Company and, in the event of any consent thereto being required from any
other person, the Company shall use its best endeavours to obtain the same.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(3) <U>Future Immoveable Property, Specifically Charged Plant and Securities</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall notify the Trustee forthwith upon any proposal or contract for the time being and
from time to time being made by the Company to acquire any immoveable property or other assets
which, following their acquisition would become Immoveable Property, Specifically Charged Plant or
Specifically Charged Securities (as the case may be) and, in the case of any such immoveable
property the Company shall notify the Trustee of the title number(s) thereof and shall apply to The
Registrar of Lands for the registration of the Company as the registered proprietor thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(4) <U>Maintenance </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall:-
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>keep all buildings, fixtures (including trade fixtures) and fixed plant and machinery for the
time being and from time to time on or in any of the Immoveable Property and all plant,
machinery, other fixtures and fittings, implements, tools and other effects thereon and
therein in a good state of repair and good working order and condition and shall, as
necessary, renew and replace the same to a similar quality, as and when the same shall be
worked out or destroyed; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Keep the Specifically Charged Plant in good state of repair and condition and perfect working
order and replace any part or parts thereof as may for the time being and from time to time be
or become worn out, damaged or destroyed with new parts of similar quality.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(5) <U>Insurance </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall:-
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>insure and keep insured such of its assets as are of an insurable nature against loss
or damage by fire, aircraft, things dropping from aircraft, explosion, tropical storm,
storm, tempest, flood, burst pips, hurricane, windstorm, riot and impact and such other
risks and the Trustee may, for the time being from time to time, consider necessary, to
the full reinstatement value thereof, together with additional amounts sufficient to cover
architects&#146; and surveyors&#146; fees and the costs of demolition, site</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">12
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>clearance and shoring up
or in such other amount as the Trustee may in writing from time to time approve, with such
reputable insurers and generally in such manner as the Trustee shall from time to time
approve in writing. The Company shall cause notice of the interest of the Trustee to be
noted on the policies of such insurance which (subject to the rights of any prior
mortgagee) shall, unless otherwise from time to time agreed by the Trustee in writing, be
delivered to and retained by the Trustee. The Company shall duly pay the premiums on such
insurance and, immediately after every such payment, produce the receipt for the same to
the Trustee. All monies which may at any time hereafter be received or receivable under
any insurance of the time being and from time to time effected in respect of the
Immoveable Property or the Specifically Charged Plant (and whether or not effected
pursuant to the foregoing provisions of this Sub-clause (a)&nbsp;shall be applied in replacing,
restoring or reinstating the assets destroyed or damaged or (subject to the rights of the
prior mortgagee) in such other manner as the Trustee shall require;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>effect and maintain or cause to be effected and maintained such other insurances as are
normally for the time being and from time to time maintained by prudent companies carrying on
business similar or approximately similar to those for the time being and from time to time
carried on by the Company including but not limited to consequential loss and loss of profits;
and</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;not in any manner or by any means cause any such insurance to be avoided or vitiated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(6) <U>Registration under the Registered Land Law</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall not, without the prior written consent of the Trustee, register any person or
cause any person to be registered under The Registered Land Law (2004 Revision) and any subsequent
Registered Land Laws as the proprietor of the Company&#146;s interest in any of the Immoveable Property
or any part thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(7) <U>Notices affecting Immovable Property or Specifically Charged Plant </U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall, in the event of a notice, order, direction, requisition or permission or
proposal for any of the foregoing being served, affecting or likely to affect the Immoveable
Property or the Specifically Charged Plant or in the event of any proceedings being commenced
affecting or likely to affect the same, immediately give full particulars thereof to the Trustee
and without delay and at the Company&#146;s own cost take all reasonable or necessary steps to comply
with the same and/or, if so requested by the Trustee, at the Company&#146;s own cost make or join with
the Trustee in making such objections or representations against or in respect of any of the same
as the Trustee shall deem expedient.
</DIV>


<P align="center" style="font-size: 10pt">13
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(8) <U>Planning Legislation </U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall not carry out any development in or upon the Immoveable Property within the
meaning of the Planning Legislation without first obtaining such permission as may be required
under or by virtue of Planning Legislation and the Company shall use the Immoveable Property only
for such purpose or purposes as may be for the time being and from time to time be authorised as
the permitted use or user thereof under or by virtue of the Planning Legislation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(9) <U>Other compliance with law</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall, in relation to its business and other assets for the time being and from time to
time, comply with all obligations under any present or future statute, regulation, order or
instrument or under any bye-law, regulation or requirement of any competent authority and shall not
use or permit any of its assets for the time being and from time to time to be used in
contravention of any legislation or otherwise or in any way contrary to law and shall as and when
the same shall become payable pay all taxes, rates, duties, charges, assessments and other outgoing
whatsoever (whether governmental, parochial, local or of any other description)which shall be
assessed , charged or imposed upon or payable in respect of its business and other assets for the
time being and from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(10) <U>Compliance with Contracts</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall duly and punctually perform and observe all the covenants, agreements and
other stipulations whatsoever as are not inconsistent with its obligations under these
presents and as shall for the time being and from time to time be binding upon it, its
business or other assets for the time being and from time to time and shall not do or suffer
to be done any act or thing whereby any lease or licence for the time being and from time to
time granted to or held by the Company may become liable to forfeiture or otherwise be
determined.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall indemnify and hold harmless the Trustee in respect of any breach of any
covenants, agreements or stipulations for the time being and from time to time affecting the
Immoveable Property.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(11) <U>Leases or licences of Immoveable Property and Intellectual Property: as lessee or licensee</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall not agree, accept, suffer or permit any alteration, variation or addition to the
terms of any lease or licence under which it is for the time being and from time to time a lessee
or licensee and which is for the time being and from time to time part of the Immoveable Property
or the Intellectual Property, without the prior consent of the Trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(12) <U>Leases or licenses of Immovable Property and Intellectual Property </U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless otherwise agreed from time to time in writing by the Trustee, the Company shall
enforce the due observance and performance of all the obligations on the part of the lessee or
licensee under any lease or licence under which it is for the time</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">14
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>being and from time to time the lessor or licensor and which is for the time being and from time to time part of the
Immoveable Property or the Intellectual Property, shall not waive, release or vary to agree to
waive, release or vary any of the terms of any such lease or licence, shall not exercise any
power to determine or extend any such lease or licence and shall not grant any consents or
licences as lessor or licensor under any such lease or licence.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall not, without the prior written consent of the Trustee, grant or agree to
grant any lease or licence of, or other right or interest to occupy, the Immoveable Property
or the Intellectual Property.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(13) <U>Removal and severance</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not, without the prior consent of the Trustee, pull down or remove or permit
to be pulled down or removed any building or erection for the time being and from time to time
include in the Immoveable Property or pull down, remove or sever or permit to be pulled down,
removed or severed any fixtures (including trade fixtures) and fixed plant and machinery for the
time being and from time to time thereon or therein, except in pursuance of any obligation imposed
on the Company under these presents or Land Charge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(14) <U>Specifically Charged Plant</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;Except as may be agreed in writing from time to time by the Trustee, the Company shall keep the
Specifically Charged Plant in its sole and exclusive possession and at the location (if any)
specified in Schedule&nbsp;2 and shall not, in any event, take them out of Cayman Islands and shall not
use or permit them to be used for any purpose for which they are not designed or reasonably
suitable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;The Company shall affix to or engrave on the Specifically Charged Plant such labels, plates or
markings as the Trustee shall from time to time require and shall not allow to be disturbed any
labels, plates or markings which maybe affixed to or engraved on the Specifically Charged Plant as
a means of identification by the manufactures or suppliers thereof or by any other person and shall
not obliterate, obscure or cover up the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;The Company shall not at any time without the prior written consent of the Trustee make or
suffer to be made any alteration or addition of a substantial nature in or to the Specifically
Charged Plant other than for the purpose of effecting repairs as required by Sub-clause (4)(b)
(Maintenance).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;The Company shall not, without the prior consent of the Trustee, hire, lease or part with or
share possession of or suffer any distress or execution to be levied or lien to be created upon the
Specifically Charged Plant.
</DIV>


<P align="center" style="font-size: 10pt">15
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(e)&nbsp;If the Company has created, given, granted or permitted to arise or subsist, or shall at any
time create, give, grant or permit to arise or subsist, an interest by way of security on any
premises where the Specifically Charged Plant are located, the Company shall forthwith notify the
Trustee of the same and, if called upon to do so by the Trustee, shall forthwith procure from any
person for the time being and from time to time being and from time to time enjoying such interest
by way of security or being interested in such premises a waiver in such form as the Trustee may
from time to time require of all rights to which such person might otherwise be entitled to claim
in the Specifically Charged Plant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(f)&nbsp;The Company shall not annex the Specifically Charged Plant to the premises where the same are
located if the results of such annexure would be that Specifically Charged Plant might become a
fixture or fixtures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(g)&nbsp;The Company shall indemnify and hold harmless the Trustee against all claims made or all
proceedings brought in respect of any loss or damage or injury whatsoever arising out of or in
connection with the Specifically Charged Plant, their manufacture, selection, delivery, possession,
use or operation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(15) <U>Debts and Bank Accounts</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The Company shall, if called upon from time to time by the Trustee pursuant to any provision of
these presents, execute a legal assignment if favour of the Trustee and any of the Trading Debts or
the Non-Trading Debts and shall, if the Trustee shall for the time being and form time to time
require, give notice thereof to the debtors from whom such Trading Debts or Non-Trading Debts are
for the time being owing or incurred and take such other steps as the Trustee may from time to time
require to perfect such legal assignment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;The Company shall forthwith join with the Trustee in giving notice of these presents to each
bank or other financial institution specified in Schedule&nbsp;4 at or with which a Bank Account is kept
or maintained, and if the bank shall for the time being and from time to time require, the Company
shall join with the Trustee in giving notice of these presents to all other banks or other
financial institutions at or with which<BR>
a Trustee Account is kept or maintained.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(16) <U>Specifically Charged Securities</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall, if called upon to do so by the Trustee from time to time, execute all such
transfers and other documents as may be necessary to enable the Trustee or its nominee or
nominees to be registered as the owners of, or otherwise obtain legal title to, any of the
Specifically Charged Securities.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall, promptly upon receipt of any communications sent to it in its capacity as
a holder of any Specifically Charged Security, deliver the original or a copy thereof to the
Trustee, and shall consult with the Trustee, prior to the exercise of all voting and other
rights and powers attached or relating to the Specifically</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">16
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Charged Securities and, if the
Trustee shall not for the time before , during or after such consultation), shall exercise all
such rights and powers for all purposes not inconsistent with the terms of these presents.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that the Trustee shall for time being and from time to time notify the Company
in writing to the following effect, the Trustee and any nominee of the Trustee for the time
being and from time to time registered as the holder of the Specifically Charged Security
shall thereafter have the immediate and sole and exclusive right to exercise all voting and
other rights and powers attaching or relating thereto and may exercise such rights and powers
in such manner as it shall in its sole discretion think fit, and the Company shall execute and
deliver to the Trustee or such nominee to exercise such rights and powers.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall not be under any liability to the Company in respect of any failure to
present any certificate of or coupon on the Specifically Charged Securities which maybe called
or drawn for repayment or redemption or for any failure to pay any call or instalment which
may be payable on, or to accept any offer relating to, the Specifically Charged Securities or
for any failure to notify the Company of any such matters whether or not any such failure is
caused or contributed to by any negligence on the part of the Trustee or any servant or agent
of the Trustee.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the discharge of this Debenture, the Company shall, if the Trustee so requires, accept,
in place of any Specifically Charged Security, a security of the same class and denomination
in the capital of, issued by, the same person.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(17) <U>Uncalled capital </U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall, upon the written request of the Trustee for the time being and from time to
time, call up any uncalled capital for the time being and from time to time of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(18) <U>Secured Loan Capital </U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall not, without prior written consent of the Trustee, issue or re-issue any bonds,
debentures, loan stocks, notes or other debt securities for the time being and from
time to time secured by any interest by way of security for the time being and from time to time
ranking in point of priority to the security hereby constituted or any Land Charge.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(19) <U>Intellectual Property</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall make, effect and renew all such filings and registrations and pay all such fees
as for the time being and from time to time may be necessary or advisable or as for the time being
and from time to time shall be required by the Trustee to create, perfect or preserve the
Intellectual Property and/or the security hereby constituted thereover.
</DIV>


<P align="center" style="font-size: 10pt">17
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(20) <U>Information, inspection and remedy</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall furnish to the Trustee forthwith upon the same becoming available
(and, in the case of audited accounts, in any event within 120&nbsp;days of the end of each of
its financial years) a copy of the audited accounts of the Company and of each of its
subsidiaries for the time being and from time to time certified by a Chartered Accountant
approved by the Trustee together with the trading accounts and the directors&#146; and
auditors&#146; reports thereon and each other document for the time being and from time to time
despatched to the members of the Company and each such subsidiary and the Company shall
also furnish to the Trustee within 45&nbsp;days of the end of each quarter unaudited financial
statements of the Company and of each of its subsidiaries for the time being and from time
to time and the Company shall also furnish to the Trustee, as the Trustee may from time to
time request, such other financial statement, information, valuations, and certificates
regarding the Company and/or such subsidiaries and their respective affairs, financial
conditions, assets and liabilities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall keep, and procure that its subsidiaries for the time being and from
time to time shall keep, proper books and records at all times.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall, upon request from time to time by the Trustee or its agents,
permit the Trustee and/or its agents and/or their respective advisers and employees to
enter into and/or inspect the Charged Assets and to carry out, at the Company&#146;s cost, any
obligation of the Company to the Trustee under these presents which the Trustee, in its
absolute discretion, considers necessary or advisable for the purpose of preserving the
value of the security hereby constituted without the Trustee or any other such person
becoming liable as mortgagee in possession and provided that the Trustee shall not be
obliged under these presents to have any such inspection or obligation carried out.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company hereby permits any Account Bank and any other bank or financial
institution with whom the Company may for the time being and from time to time have a
banker customer relationship to furnish directly to the Trustee and from time to time upon
the request full statements and particulars of all the Company&#146;s accounts with that
Account Bank and such other information regarding the Company, its affairs, financial condition, assets and
liabilities as may for the time being and from time to time be available to that
Account Bank or such other bank or financial institution.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(21) <U>Disposal of Specifically Charged Assets and other Charged Assets</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall not and shall not agree to, save with the prior written consent of the Trustee or
in pursuance of any other obligation under or pursuant to these presents, sell, transfer or
otherwise dispose of any of the Specifically Charged Assets, or, save in the ordinary and usual
course of its trade, the whole or any material part of its business, undertaking or any of the
other Charged Assets (other than the Specifically Charged Assets).
</DIV>


<P align="center" style="font-size: 10pt">18
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(22) <U>Conduct of business </U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall carry on and conduct and procure that its subsidiaries for the time being and
from time to time shall carry on and conduct its and their respective businesses and affairs in a
proper and efficient manner and shall not, without the prior written consent of the Trustee, make
any substantial alteration in the nature of such business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(23) <U>Insolvency</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall give at least seven days&#146; prior written notice to the Trustee of:-</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any steps for the time being and from time to time to be taken by the Company with regard to
a proposal for a composition or scheme of arrangement in respect of the Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any invitation for the time being and from time to time to be made by the Company to any
other mortgagee or chargee of the Charged Assets to appoint a receiver;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any steps for the time being and from time to time to be taken by the Company with regard to
the winding up of the Company; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any event or circumstance analogous to or having substantially similar effect to any of the
events and circumstances described in the foregoing Sub-clauses of this Sub-clause (a)&nbsp;under
the laws of any applicable jurisdictions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall forthwith notify the Trustee in writing of and supply the Trustee with copies
of all documentation and other details relating to:-</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any proposal or application described in Sub-clause (a)(i);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any demand for the time being and from time to time made for payment or the appointment of a
receiver by any other mortgagee or chargee for the time being and from time to time of the
Charged Assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any petition for the time being and from time to time made for the winding-up of the
Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any demand for the time being and from time to time made on the Company under Section&nbsp;95 of
The Companies Law (2004 Revision); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any event or circumstances analogous to or having substantially similar effect to any of the
events and circumstances described in the foregoing Sub-clauses of the Sub-clause (b)&nbsp;under
the laws of any applicable jurisdiction.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">19
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6. </B><U><B>EVENTS OF DEFAULT </B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In respect of any Indebtedness by virtue of the Trust Deed to be paid or discharged otherwise
than on demand, the Trustee shall nevertheless be entitled by notice to the Company to demand
the immediate payment and discharge thereof (or any part thereof) together with all interest
then accrued thereon forthwith (or otherwise as the Trustee may require) at any time after the
happening of an Event of Default as such term is defined in the Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon any demand being made for payment of the Indebtedness pursuant to Sub-clause (1), such
Indebtedness shall become payable immediately and all rights of the Company to deal for any
purpose whatsoever with the Charged Assets shall forthwith cease and any floating charge for
the time being and from time to time included in the security hereby constituted shall
forthwith crystallize and become a specific charge.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7. APPOINTMENT OF RECEIVER AND POWER OF SALE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(1) <U>Time </U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the circumstances described in Clause 3.2(1) (assets in jeopardy) or at any time after the
Indebtedness shall have become payable in accordance with the Agreement or these presents or at the
request of the Company, the Trustee may without further notice (and whether or not the Company
shall have been accorded sufficient or any time in which to satisfy such Indebtedness) from time to
time appoint in writing (under the hand of any manager of the Trustee) a Receiver of the Non-Realty
Charged Assets (but, in the circumstances described in Clause 3.2(1), only the Charged Assets
specified in the notice referred to in that Clause) upon such terms as the Trustee may from time to
time think fit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(2) <U>Power of sale and Enforcement </U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At any time after the Indebtedness shall have become payable in accordance with the Agreement or
these presents or the Trustee shall have appointed a Receiver (otherwise than
in the circumstances described in Clause 3.2(1) (assets in jeopardy), the security hereby
constituted shall become immediately enforceable and the power of sale and other powers conferred
by law as varied or extended by these presents and all other powers conferred on the Trustee by
these presents shall become immediately exercisable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(3) <U>Removal of Receiver</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee may remove any Receiver for the time being appointed by it from the Charged Assets in
respect of which that Receiver shall have been appointed and may from time to time appoint a new
Receiver over those Charged Assets.
</DIV>


<P align="center" style="font-size: 10pt">20
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(4) <U>Receiver&#146;s Powers</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every Receiver shall be the agent of the Company (which shall be solely responsible for his
contracts engagements, acts, defaults, omissions and losses, for liabilities incurred by him, for
his misconduct and for his remuneration) unless and until a liquidator shall be appointed of the
Company, whereafter such Receiver shall act as principal but shall not become the agent of the
Trustee, and, at all times such Receiver shall have and be entitled to exercise in relation to the
Company all the powers conferred on receivers by law and also (but without thereby limited those
powers by law and without prejudice to the Receiver&#146;s powers, authorities and discretions conferred
by these presents) such Receiver may, without further notice, exercise all or any of the following
powers:-
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to take immediate possession of, get in, and/or collect the Non-Realty
Charged Assets and, for that purpose, to enter upon the Immoveable Property or any
other premises at which the Non-Realty Charged Assets are for the time being and from
time to time located and sever, dismantle or remove the same or any fixtures for the
time being and from time to time therefrom without being liable for any loss or damage
thereby occasioned;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to carry on, manage or concur in the carrying on or managing of, the business
for the time being and from time to time of the Company in such manner as he may think
fit, including (but without limitation) power to perform, repudiate, rescind,
compromise, amend or vary any contract, instrument or agreement to which the Company
shall for the time being and from time to time be a party;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to sell, exchange or concur in the sale or exchange of the Non-Realty Charged
Assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to grant, or concur in the grant of, any leases or licences of the Non-realty
Charged Assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to grant, or concur in the granting of, any renewals or surrenders of, or to
accept, or concur in the accepting of, any surrenders of, any leases or licences
for the time being and from time to time of the Non-Realty Charged Assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to promote or concur in the promotion of, the formation of a subsidiary
and/or subsidiaries of the Company with a view to the same purchasing, leasing,
licensing or otherwise acquiring all or any of the assets for the time being or from
time to time of the Company;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">21
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to make and effect, and concur in the making and effecting of, all such
repairs, maintenance, decoration, provision of all services (including but without
limitation, lighting, heating and cleansing) structural and other alterations,
improvements, additions and development in or to the Non-Realty Charged Assets and to
anything else in connection with the Non-Realty Charged Assets which he may think fit
or which he may deem proper for the efficient use or management of the Non-Realty
Charged Assets, as well as for the protection or for the improvement of the Non-Realty
Charged Assets or for the protection or for the improvement of the Non-Realty Charged
Assets or for the protection of the security hereby constituted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to exercise or permit the Company or any nominee of the Company to exercise
any powers or right incidental to the ownership of the Non-Realty Charged Assets in
such manner as the Receiver may think fit and, in particular (as regards any shares,
stock or other securities for the time being and from time to time included in the
Non-Realty Charged Assets) any rights for the time being and from time to time
attached hereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to call up all or any portion of any uncalled capital for the time being and
from time to time of the Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to redeem any interest by way of security for the time being and from time to
time ranking in point of security in priority to any of the security hereby
constituted and to settle and prove the accounts of the holder of any such interest
and any monies paid by way of such redemption shall be an expense of the Receiver&#146;s
receivership;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to settle, adjust, refer to arbitration and compromise any claims, accounts,
disputes, questions and demands for the time being and from time to time with or by
any person who for the time being and from time to time is, or claims to be, a
creditor of the Company or relating in any way to the Non-Realty Charged Assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to bring, prosecute, enforce, defend and abandon any actions, suits and
proceedings in relation to the Company or the Non-Realty Charged Assets, suits, and
proceedings in relation to the Company or the Non-Realty Charged Assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to appoint, hire or employ and to remunerate managers, officers, agents,
accountants, clerks, servants workmen and others on such terms and generally in such
manner as the Receiver shall think fit, either in connection with any exercise by the
Receiver of his powers or by or pursuant to these presents or otherwise for any
purpose connected with the Non-Realty Charged Assets, and to discharge any such
person.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">22
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to appoint a solicitor or accountant or other professionally qualified person
to advise or assist it in the exercise of any of the powers, authorities and
discretions by or pursuant to these presents or otherwise for any purpose connected
with the Non-Realty Charged Assets, and to discharge any such person;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for the purpose of exercising any of the powers, authorities and discretions
conferred on the Receiver by or pursuant to these presents and/or defraying any costs,
charges losses or expenses (including his remuneration) which shall for the time being
and from time to time be incurred by him in the exercise thereof or for any other
purpose, to make advances or to raise to borrow money either unsecured or secured on
the Non-Realty Charged Assets ranking in point of security in priority to, pari passu
with, or subsequent to, the security hereby constituted or otherwise and at such rate
or rates of interest and generally on such terms and conditions as the Receiver may,
in his absolute discretion, think fit;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to give valid receipts for all monies and to execute all deeds or documents
(including, but without limitation, with full power to convey any assets sold in the
name of the Company) as may be necessary or appropriate in the name of, or on behalf
of he Company for the purpose of exercising any of the powers, authorities and
discretions conferred on the Receiver by or pursuant to these presents and to use the
name of the Company for all or any such powers, authorities and discretions, for which
purpose the Company hereby irrevocably appoints every such Receiver to be its
attorney; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to do all such other acts, deeds and things as the Receiver may consider
necessary or desirable for the realisation of the Non-Realty Charged Assets or as the
Receiver may consider incidental or conducive to any of the powers, authorities and
discretions conferred on him by or pursuant to these presents, and to do and exercise,
in relation to the Non-Realty Charged Assets, all such acts, deeds and things and all
such powers, authorities and discretions as the Receiver would be capable of doing and
exercising if he were the absolute beneficial owner of the Non-Realty Charged Assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exercise of Receiver&#146;s powers</U></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">In the exercise of any of the powers, authorities and discretions conferred on a Receiver
by or pursuant to these presents in relation to any dealing whatsoever with the Non-Realty
Charged Assets, the Receiver:-
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may agree such terms and conditions relating thereto and such consideration
therefor; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may dispose of the Non-Realty Charged Assets in such manner (including, but
without limitation, by public auction, tender or private treaty) and with or without
such advertisement and in such lot or lots together or separately;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">23
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">as the Receiver shall, in his absolute discretion, think fit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The enforcement of the security constituted by a Land Charge shall be governed by the
Registered Land Law (2004 Revision) as varied and/or added to by the Land Charge.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8. RESPONSIBILITY FOR RECEIVER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(1) <U>Liability of Trustee</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee shall not incur any liability, either to the Company or to any other person
whomsoever, in respect of any contracts, engagements, acts, omissions, defaults or losses
of any Receiver or for any liabilities incurred by him, for any misconduct by him or for
his remuneration, by reason of the Trustee having appointed him or of the Trustee having
made or given any direction, either generally or specifically, to him or having concurred
in any such contract, engagement, act, omission, default, loss or liability for any other
reason whatsoever.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(2) <U>Remuneration</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee may, from time to time, fix the remuneration of any Receiver and direct payment
of the same out of monies accruing to him in the exercise of his powers, authorities and
discretions by or pursuant to these presents, but the Company alone shall be liable for the
payment of that remuneration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. ADDITIONAL POWERS OF THE TRUSTEE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(1) <U>As Mortgagee</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The powers, authorities and discretions conferred by or pursuant to these presents in
relation to the Non-Realty Charged Assets on the Trustee or any Receiver shall be in
addition to, and not in substitution for, the powers conferred on Mortgagees or receivers
by law and, where there is any ambiguity or conflict between the powers,
authorities and discretions conferred by law and those conferred by or pursuant to these
presents, the terms of these presents shall prevail.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(2) <U>As Receiver</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All or any of the powers, authorities and discretions conferred by or pursuant to these
presents, either expressly or impliedly, upon a Receiver, may be exercised by the Trustee
in relation to the Non-Realty Charged Assets without the Trustee having to first appoint a
Receiver.
</DIV>


<P align="center" style="font-size: 10pt">24
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(3) <U>Delegation of Powers of the Trustee</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee may, for the time being and from time to time, delegate by power of attorney or
in any other manner (including but without limitation, under the hand of any manager of the
Trustee) to any person all or any of the powers, authorities and discretions which are, for
the time being, exercisable by the Trustee under or pursuant to these presents or by law in
relation to the Charged Assets and any such delegation under or pursuant to these presents
or by law in relation to the Charged Assets and any such delegation may be made upon and
subject to such terms and conditions (including, but without limitation, the power to
sub-delegate) as the Trustee may in its absolute discretion, think fit and the Trustee
shall not be liable or responsible to the Company or any other person from any loss or
damage arising from any act, default or omission on the part of any such delegate (or
sub-delegate).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10. APPROPRIATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any monies received by the Trustee or a Receiver under or pursuant to these presents shall,
subject to payment of any claims for the time being having priority to these presents, be
applied for the following purposes and in the following order of priority:-
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>FIRST</U>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">in or towards satisfaction of all the Indebtedness described in Clause 2(2)
together with interest on the same as described in Clause 2(3), in such order as the
Trustee in its absolute discretion shall decide;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>SECOND</U>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">in or towards satisfaction of all the Indebtedness described in Clause
2(1), together with interest on the same as described in Clause 2(3), in such order as
the Trustee in its absolute discretion shall decide; and</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>LAST</U>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the surplus (if any) shall be paid to the person or persons for the time
being entitled thereto.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11. LIABILITY OF THE TRUSTEE AND RECEIVER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(1) <U>General</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Trustee or any Receiver or Delegate shall enter into possession of the Charged
Assets, any of them may, from time to time at will, go out of such possession.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(2) <U>Exclusion of the Trustee&#146;s Liability</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee shall not, in any circumstances, either by reason of any entry by it in, or
taking by it of possession of, the Charged Assets or for any other reason whatsoever
</DIV>



<P align="center" style="font-size: 10pt">25
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and whether as mortgagee in possession or on any other basis whatsoever, be liable to account
to the Company for anything except the Trustee&#146;s or its Delegate&#146;s or agent&#146;s own actual
receipts or be liable to the Company or any other person for any other loss or damage
arising from any realisation by the Trustee of the Charged Assets or from any act, default
or omission of the Trustee of any power, authority or discretion conferred upon it by or
pursuant to these presents, any Land Charge or by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(3) <U>Exclusion of Receiver&#146;s Liability</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All the provisions of Sub-clause (2)&nbsp;shall apply in respect of the liability of any
Receiver or Delegate in all respects as though every reference in that Sub-clause to the
Trustee was also a reference to such Receiver or, as the case may be, such Delegate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(4) <U>Indemnity</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee and every Receiver and Delegate shall be entitled to be indemnified out of the
Non-Realty Charged Assets in respect of all liabilities and expenses for the time being and
from time to time incurred by any of them in or the execution or purported execution of any
of the powers, authorities and discretions conferred on them by or pursuant to these
presents or by law and against all actions, proceedings, costs, claims and demands in
respect of any matter or thing done or omitted in any way relating to the Charged Assets
and the Trustee and every Receiver may retain an pay all sums in respect of same out of any
monies received under such powers, authorities and discretions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. POWER OF ATTORNEY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(1) <U>Appointment</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company hereby, by way of security, irrevocably appoints the Trustee and every Receiver
and Delegate severally to be its attorney and on its behalf and in its name or otherwise to
execute and do all such acts, deeds and things which the Company ought to do under these
presents and generally, on its behalf and in its name, to exercise all of any of the
powers, authorities and discretions conferred by
or pursuant to these presents or by law on the Trustee or any Receiver or Delegate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(2) <U>Ratification</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company hereby ratifies and confirms and agrees to ratify and confirm whatever any
attorney of the Company appointed by these presents shall do or purport to do in the
exercise or purported exercise of all or any of the powers, authorities and discretions
granted to such attorney by these presents.
</DIV>


<P align="center" style="font-size: 10pt">26
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. FURTHER ASSURANCE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall from time to time execute and do all such acts, deeds and things as the
Trustee may reasonably require for perfecting or better perfecting or protecting or better
protecting the security hereby constituted or constituted by any Land Charge and, after the
Indebtedness shall have become payable, for facilitating the realisation of the Charged
Assets and for exercising all powers, authorities and discretions conferred by or pursuant
to these presents, any Land Charges or by law on the Trustee or any Receiver or Delegate or
any receiver under the Land Charge and shall, in particular (but without limitation)
execute and deliver all interests by way of security, transfers, conveyances, assignments
and assurances and give all notices and other communications which the Trustee shall for
the time being, think expedient.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14. PROTECTION FOR THIRD PARTY PURCHASERS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No purchaser, mortgagee or other person dealing with the Trustee or any
Receiver or Delegate shall be concerned to enquire whether the Indebtedness shall have
become payable or where any power, authority or discretion which the Trustee or a
Receiver or Delegate is purporting to exercise shall have become exercisable or shall
be being properly exercised or to see to the application of any monies paid to the
Trustee or a Receiver or Delegate.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without prejudice to Sub-clause (1)&nbsp;and in addition to all other protection
for the time being afforded by law, any purchaser, mortgagee or other person dealing
with the Trustee or any Receiver or Delegate shall be entitled and bound to assume
without enquiry that the security hereby constituted shall have become enforceable.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15. CONTINUING SECURITY AND AVOIDANCE OF PAYMENTS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Security hereby constituted shall be a continuing security and shall not
be satisfied or discharged by any intermediate payment or satisfaction of the
Indebtedness.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No assurance, security or payment which may be avoided under any
enactment relating to bankruptcy or insolvency or under The Fraudulent Dispositions
Law, (1996 Revision) (or similar legislation binding on the Company in a
jurisdiction other than the Cayman Islands), and no release, settlement or
discharge given or made by the Trustee on the faith of any such assurance, security
or payment, shall prejudice or affect the right of such persons to enforce the
security hereby constituted or any Land Charge.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">27
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>16. ADDITIONAL SECURITY, SUSPENSE ACCOUNT AND CONSOLIDATION</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The security hereby constituted shall be in addition to, and shall not prejudice, or be
prejudiced by, any other interest by way of security, right or remedy which the Trustee may
for the time being and from time to time enjoy in respect of the Indebtedness.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may, in its absolute discretion, grant time or other indulgence or make or grant
any other arrangement, variation or release to or with any person (and whether or not such
person is jointly and/or severally liable to the Trustee with the Company) in respect of the
Indebtedness or in respect of any other interest by way of security or guarantee therefor,
without prejudice either to the security hereby constituted or to the liability of the Company
for the Indebtedness.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any monies received under or pursuant to these presents may subject to the Agreement be
placed and kept to the credit of one or more than one suspense accounts with the Trustee for
so long as the Trustee may think fit and, notwithstanding the other provisions of these
presents, without any obligation in the meantime to apply the same or any part thereof or
interest accruing thereon in or towards discharge of any of the Indebtedness and,
notwithstanding any such payment, in the event of any liquidation or winding-up of the
Company, the Trustee may prove for and agree to accept any dividend or composition in respect
of the whole or any part of the Indebtedness as if this Debenture had not been executed and
delivered.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall have the right (but not the obligation) exercisable in its sole and
absolute discretion to consolidate this Debenture with any collateral, additional or
supplemental interests by way of security hereto notwithstanding any provision of any law to
the contrary.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>17. AMALGAMATION OF TRUSTEE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These presents shall remain enforceable, valid and binding for all purposes notwithstanding any
change in the name of the Trustee or its absorption of or by, or its
amalgamation or consolidation with, any other person or any change in its constitution or that its
successors or assigns or the person by which the business of the Trustee may, for the time being
and from time to time, be carried on and shall be available to all such successors, assigns and
persons.
</DIV>


<P align="center" style="font-size: 10pt">28
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>18. NOTICES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any notice, demand or other communication by the Trustee shall be in writing signed by any manager
of the Trustee and may be served by delivering the same to the Company or by post addressed to the
Company at the Company&#146;s address last known to the Trustee or to the registered office for the time
being and from time to time of the Company and any such notice, demand or other communication so
addressed and posted shall be deemed to have been served at the expiration of forty-eight hours
after it has been posted and shall be effective notwithstanding that it be returned as being
undelivered.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>19. RIGHTS AND REMEDIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The rights of the Trustee under these presents are cumulative, may be exercised as often as
considered appropriate and are in addition but subject to the general law and the terms and
conditions of the Agreement. Such rights (whether arising hereunder or under the general law or the
Agreement) shall not be capable of being waived or varied otherwise than by an express waiver or
variation in writing and, in particular, any failure to exercise or delay in exercising any of such
rights shall not operate as a waiver or variation of that or any other such right, any defective or
partial exercise of any such rights shall not preclude any other or further exercise of that or any
other such right, and no act or course of conduct or negotiation by the Trustee or on its behalf
shall in any way preclude it from exercising any such right or constitute a suspension or any
variation of any such right. In the event that there is a conflict between the terms and conditions
of the Agreement and the provisions of this Debenture, the terms and conditions of the Agreement
shall prevail.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>20. SEVERANCE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If at any time any one or more provisions of this Debenture are or become invalid, illegal or
unenforceable in any respect under any applicable law, the validity, legality and enforceability of
the remaining provisions hereof shall not in any way be affected or impaired thereby.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>21</B>.&nbsp;<B>GOVERNING LAW</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These presents shall be governed by, and construed in accordance with, the laws of the Cayman
Islands.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>22. JURISDICTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company hereby irrevocably agrees that the courts of the Cayman Islands are to have
jurisdiction to settle any disputes which arise out of or in connection with this Debenture
</DIV>


<P align="center" style="font-size: 10pt">29
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and that, accordingly, any suit, action or other legal proceedings so arising may be brought in such
courts. The Company hereby irrevocably waives any objection which it may now or hereafter have to
the laying of the venue of any such legal proceedings in such courts and any claim that any such
legal proceedings have been brought in an inconvenient forum, and further hereby irrevocably agrees
that a judgment in any such legal proceedings brought in such courts shall be conclusive and
binding upon it and may be enforced in the Courts of any other jurisdiction without re-examination
of the merits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing contained in this provision shall limit the right of the Trustee to take any such legal
proceedings in any other court of competent jurisdiction; nor shall the taking of any legal
proceedings in one jurisdiction preclude the taking of legal proceedings in another, whether
concurrently or not. The Company hereby agrees that the process by which any such legal proceedings
are begun in the Cayman Islands may be served on it by being delivered to the person (if any)
specified in Schedule <I>5.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>23. STAMPING</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Debenture shall at the Company&#146;s expense be impressed with stamp duty initially to cover
US$15,771,997.16 of the Indebtedness and the Trustee shall be at liberty and is hereby empowered at
any time or times hereafter (without any such licence or consent on the part of the Company) to
impress such additional stamp duty hereon or on any collateral, supplemental or additional
interests by way of security to this Debenture all at the Company&#146;s own cost and expense as is
necessary to cover the Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>IN WITNESS</B></U> whereof this document has been executed as a deed and delivered the day and year
first above written.
</DIV>


<P align="center" style="font-size: 10pt">30
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SCHEDULE 1</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Description of the Immoveable Property</U><BR>
<U>Charged under Clause 3.1(1)(a)</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SCHEDULE 2</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Description and location of the Specifically </U><BR>
<U>Charged Plant</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SCHEDULE 3</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Description of certain Specifically Charged Securities</U><BR>
<U>Charged under Clause 3.1(3)(f)</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SCHEDULE 4</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Description of Bank Accounts charged under Clause 3.1(3)(p)</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SCHEDULE 5</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Name and address of person (if any) to accept service</U><BR>
<U>of process on behalf of the Company </U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signed as a Deed by
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cayman Water Company Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cayman Water Company Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left">By: Frederick W. McTaggart</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">And by:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In the presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left">And By: Greg McTaggart</TD>
</TR>
<TR valign="bottom">

    <TD style="border-bottom: 1px solid #000000" align="left">Donald Miller</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signed as a Deed by
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dextra Bank &#038; Trust Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dextra Bank &#038; Trust Co. Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD><TD style="border-bottom: 1px solid #000000" align="left">By: Alex Wood</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">And by:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000" align="left">And By: Alitsia Finlayson</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In the presence of:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD style="border-bottom: 1px solid #000000" align="left">Donald Miller</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">31
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>8
<FILENAME>g02807exv10w7.htm
<DESCRIPTION>EX-10.7 EQUITABLE CHARGE OF SHARES DATED AUGUST 4, 2006
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.7 Equitable Charge of Shares dated August 4,</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>







<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 10.7</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The
4th day of August, 2006</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EQUITABLE CHARGE OF SHARES</B><BR>
(Collateral to a Debenture of even date and<BR>
entered into between the Borrower and the Trustee)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>between</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSOLIDATED WATER CO. LTD.</B><BR>
as Borrower
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>and</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">DEXTRA BANK &#038; TRUST CO. LTD.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 0pt">as Trustee
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">with respect to the shares in
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAYMAN WATER COMPANY LIMITED</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>(the &#147;Company&#148;)</B>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THIS COLLATERAL CHARGE (&#147;CHARGE&#148;) </B>is made on the &#95;&#95;&#95;day of July, 2006 between the following
parties:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(1)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CONSOLIDATED WATER CO. LTD., </B>a company incorporated in the Cayman Islands, with its
registered office located at P.O. Box 1114 GT, Trafalgar Place, George Town, Grand Cayman,
Cayman Islands, (the &#147;<B>Borrower</B>&#148;); and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(2)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DEXTRA BANK &#038; TRUST CO. LTD. of Sagicor House, 198 North Church Street, George Town,
Grand Cayman, Cayman Islands (the &#147;<B>Trustee</B>&#148;).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>RECITALS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower has entered into a trust deed of even date herewith (the &#147;Trust Deed&#148;)
with the Trustee pursuant to which, inter alia, the Borrower agreed to secure the repayment
of certain bonds (the &#147;Bonds&#148;) issued by it by granting to the Trustee a debenture and
other security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is a one hundred percent (100%) wholly owned subsidiary of the Borrower.
To better secure the repayment of the Bonds by the Borrower the Trustee requires that the
Borrower execute this Charge and to grant certain other security to the Trustee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>C.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower and the Trustee intend this Charge to take effect as a deed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>D.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Collateral Charge is intended to be collateral to a Debenture of even date
entered into between the Borrower and the Trustee and shall be stamped as such.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. INTERPRETATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.1 Definitions</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Capitalized terms used in this Charge without definition have the meanings specified in the
Trust Deed.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition the following terms in this Charge have the meanings given to them in this
Clause.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Charged Shares</B>&#148; means any shares from time to time forming part of the Secured Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Financing Documents&#148; </B>collectively, the Trust Deed and any security documents issued pursuant or
collateral thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Initially Charged Shares</B>&#148; means all the shares in the Company of which the Borrower is the
beneficial or registered owner on the date of this Charge, as described and identified in that
Schedule.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
</div>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Obligations</B>&#148; shall mean, collectively, all loans, advances, debts, liabilities, and
obligations, howsoever arising, owed by the Borrower under a Financing Document or otherwise to the
Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Receiver</B>&#148; means an administrative receiver, a receiver and manager or any other receiver (whether
appointed pursuant to this Charge, pursuant to any statute, by a court or otherwise) of the Secured
Property or any part of it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Secured Obligations</B>&#148; means all present and future Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Secured Property</B>&#148; means the Initially Charged Shares and any other shares in the Company of which
the Borrower is or becomes the beneficial or registered owner together with all dividends, stocks,
shares, warrants, securities, rights, monies or other property accruing on or derived from such
shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Security</B>&#148; means the security created by this Charge.
</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Security Period</B>&#148; means the period beginning on the date of
this Charge and ending on the date upon which all Secured
Obligations have been unconditionally and irrevocably paid
and discharged in full.
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.2 Interpretation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The principles of interpretation set forth in Section&nbsp;1 of the Trust Deed shall apply to this
Charge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.3 Continuing Events of Default</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An event which constitutes an Event of Default shall be regarded as continuing if (a)&nbsp;the
circumstances constituting such event continue and (b)&nbsp;the Trustee has not waived such of its
rights under the Financing Documents as arise as a result of the occurrence of that event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.4 Certificates</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A certificate of the Trustee as to the amount of any Secured Obligation owed to it shall be <I>prima
facie </I>evidence of the existence and amount of such Secured Obligation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.5 Statutes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any reference in this Charge to a statute or statutory provision shall, unless the contrary is
indicated, be construed as a reference to such statute or statutory provision as the same shall
have been or may be amended or re-enacted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.6 Nominees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Trustee causes or requires the Charged Shares to be registered in the name of a nominee for
the Trustee, any reference in this Charge to the Trustee shall, if the context so permits or
requires, be construed as a reference to the Trustee and such nominee.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.7 Clause and Schedule&nbsp;Headings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Clause and Schedule headings are for ease of reference only and shall not affect the construction
of this Charge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. EQUITABLE CHARGE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.1 Charge</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower hereby charges the Secured Property to the Trustee to hold the same on trust as
security for the payment and discharge of the Secured Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.2 Further Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon its becoming the beneficial or registered owner of any Charged Shares (other than the
Initially Charged Shares) the Borrower shall ensure that such Charged Shares (unless already so
registered) are registered in the name of the Borrower and shall promptly notify the Trustee of
such circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower shall pay when due all calls or other requests for payments due in respect of any of
the Secured Property, but if the Borrower fails to make any such payment the Trustee may (but shall
not be obliged to) make such payment on behalf of the Borrower and if the Trustee does so the
Borrower shall promptly on demand of the Trustee pay to the Trustee an amount equal to such
payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. DIVIDENDS, VOTING AND INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3.1 Security not Enforceable</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless and until the Security has become enforceable pursuant to Clause 8.1 <I>(Security Enforceable)</I>,
the Borrower shall continue to be entitled to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receive and retain all dividends, interest and other monies arising from the Secured
Property; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise all voting rights in relation to the Charged Shares;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided that the Borrower shall not exercise such voting rights, or otherwise permit or agree to
(i)&nbsp;any variation of the rights attaching to or conferred by the Secured Property or any part of
it, (ii)&nbsp;any increase in the issued share capital of the Company in any manner which, in the
opinion of the Trustee, would, or would be reasonably likely to, impair the value of, or prejudice
the ability of the Trustee to realise, the Security or (iii)&nbsp;in violation of any provision of the
Financing Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.2 Security Enforceable</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At any time after the Security has become enforceable pursuant to Clause 8.1, the Trustee shall be
entitled to cause the Charged Shares to be registered in its name and may at its discretion (in
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the name of the Borrower or otherwise and without any further consent or authority from the
Borrower):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise or refrain from exercising any voting rights in respect of the Charged Shares and
revoke, or cause to be revoked, any proxies given pursuant to Clause 3.1 (<I>Security not
Enforceable</I>);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>apply all dividends, interest and other monies arising from the Secured Property as if they
were proceeds of sale under this Charge;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise or refrain from exercising the rights of a legal owner of the Secured Property,
including the right, in relation to any company whose shares or other securities are included
in the Secured Property, to concur or participate in:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the reconstruction, amalgamation, sale or other disposal of such company or any
of its assets or undertaking (including the exchange, conversion or
reissue of any shares or securities as a consequence thereof),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(ii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the realisation, modification or variation of any rights or liabilities
attaching to any such shares or securities, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(iii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the exercise, renunciation or assignment of any right to subscribe for any
such shares or securities,</TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in each case in such manner and on such terms as the Trustee may think fit, and all rights
resulting from any such action shall form part of the Secured Property.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.3 Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Borrower receives a balance sheet, profit and loss account or any notice, report, statement
or circular sent or delivered by the issuer of any Charged Share to its members, it shall promptly
deliver a copy to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. CONTINUING SECURITY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4.1 Continuing and Independent Security</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Charge shall constitute and be continuing security which shall not be released or discharged
by any intermediate payment or settlement of any but not all of the Secured Obligations, shall
continue in full force and effect until the end of the Security Period and is in addition to and
independent of, and shall not prejudice or merge with, any other security (or any right of set-off)
which the Trustee may hold at any time for the Secured Obligations or any of them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.2 Avoidance of Payments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Where any release, discharge or other arrangement in respect of any Secured Obligation or any
Security that the Trustee may hold for such Secured Obligation is given or made in reliance on any
payment or other disposition which is avoided or must be repaid in an insolvency, liquidation
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or otherwise, and whether or not such Trustee has conceded or compromised any claim that any
such payment or other disposition will or should be avoided or repaid, this Charge and the Security
shall continue as if such release, discharge or other arrangement had not been given or made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.3 Immediate Recourse</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee shall not be obliged before exercising any of the rights conferred on it by this Charge
or by law to seek to recover amounts due from the Borrower or to exercise or enforce any other
rights or security it may have or hold in respect of the Secured Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.4 Waiver of Defences</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Neither the obligations of the Borrower under this Charge nor the Security Documents and the
rights, powers and remedies conferred on the Trustee by this Charge or by law shall be discharged,
impaired or otherwise affected by:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the winding-up, dissolution, administration or re-organisation of the Borrower, the Company
or any other person or any change in the status, function, control or ownership of the
Borrower, the Company or any such person;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any of the Secured Obligations or any other security held by the Trustee in respect thereof
being or becoming illegal, invalid, unenforceable or ineffective in any respect;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any time or other indulgence being granted or agreed to with the Borrower, the Company or any
other person in respect of the Secured Obligations or any of them or in respect of any other
security held by the Trustee in respect thereof;</TD>
</TR>


</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any amendment to, or any variation, waiver or release of, the Secured Obligations or any of
them or any other security held by the Trustee in respect thereof;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(e)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any total or partial failure to take or perfect any security proposed to be taken in respect
of the Secured Obligations or any of them;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(f)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any total or partial failure to realise the value of, or any release, discharge, exchange or
substitution of, any other security held by the Trustee in respect of the Secured Obligations
or any of them; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(g)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other act, event or omission which might operate to discharge, impair or otherwise affect
the obligations of the Borrower or the Company hereunder, the Security or any of the rights,
powers and remedies conferred on the Trustee by this Charge or by law.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.5 No Competition</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any right which the Borrower or the Company may have (a)&nbsp;by way of contribution or indemnity in
relation to the Secured Obligations or (b)&nbsp;otherwise to claim or prove as a creditor of the Company
or any other person or its estate in competition whether a right of subrogation or otherwise with
the Trustee, shall be exercised by the Borrower and/or the Company only if and
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to the extent that the Trustee so requires and in such manner and upon such terms as the Trustee
may specify and the Borrower and/or the Company shall hold any moneys, rights or security held or
received by it as a result of the exercise of any such rights on trust for the Trustee for
application in accordance with the terms of this Charge as if such moneys, rights or security were
held or received by the Trustee under this Charge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.6 Appropriation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee shall not be obliged to apply any sums held or received by it in respect of the Secured
Obligations in or towards payment of the Secured Obligations and any such sum shall be held by or
paid to the Trustee for application pursuant to the terms of this Charge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.7 Subrogation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower shall have no right of subrogation in respect of the performance of any of its
obligations under this Agreement and the Charge until all of the Secured Obligations have been paid
in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5. REPRESENTATIONS AND WARRANTIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower makes the representations and warranties set out in Clauses 5.1 (<I>Status and Due
Authorisation</I>) to 5.12 (<I>No Security from the Company</I>) and acknowledges that the Trustee has entered
into this Charge in reliance on those representations and warranties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.1 Status and Due Authorisation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is a company duly incorporated with limited liability under the laws of the Cayman Islands with
power to enter into this Charge and to exercise its rights and perform its obligations under this
Charge and all corporate and other action required to authorise its execution of this Charge and
its performance of its obligations hereunder has been duly taken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.2 Binding Obligations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The obligations expressed to be assumed by it in this Charge are legal and valid obligations
binding on it in accordance with the terms of this Charge which constitutes a first priority fixed
charge over the Charged Shares subject to any general principles of law limiting its obligations
which are referred to in any legal opinion delivered pursuant to the Trust Deed or any amendment
thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.3 All Actions Taken</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All acts, conditions and things required to be done, fulfilled and performed in order (a)&nbsp;to enable
it lawfully to enter into, exercise its rights under and perform and comply with the obligations
expressed to be assumed by it in this Charge, (b)&nbsp;to ensure that the obligations expressed to be
assumed by it in this Charge are legal, valid and binding and (c)&nbsp;to make this Charge admissible in
evidence in its jurisdiction of incorporation have been done, fulfilled and performed.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>5.4 No Deductions or Withholdings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is not required by the laws of the Cayman Islands to make any deduction or withholding from any
payment it may make under this Charge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.5 No Filing or Stamp Taxes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the laws of its jurisdiction of incorporation, it is not necessary that this Charge be filed,
recorded or enrolled with any court or other authority in the Cayman Islands or that any <I>ad valorem</I>
stamp, registration or similar tax be paid on or in relation to this Charge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.6 No Winding-up</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It has not taken any corporate action nor have any other steps been taken or legal proceedings been
started or (to the best of its knowledge and belief) threatened against it for its winding-up,
dissolution, administration or re-organisation or for the appointment of a receiver, administrator,
administrative receiver, trustee or similar officer of it or of any or all of its assets or
revenues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.7 No Adverse Interests</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject only to the Security, no person other than the Borrower has any legal or beneficial
interest (or any right to claim any such interest) in the Secured Property and the Borrower has not
received notice of any such claim.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.8 No Disposals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Save as contemplated in this Charge and by the InterCreditor Deed (one of the Financing Documents),
it has not transferred, mortgaged, charged or otherwise disposed of (or agreed to transfer,
mortgage, charge or otherwise dispose of), whether by way of security or otherwise, the benefit of
all or any of its right, title and interest in and to the Secured Property or any part of it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.9 No Conflicts</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Its execution of this Charge and its exercise of its rights and performance of its obligations
hereunder do not and will not (a)&nbsp;conflict with the provisions of (i)&nbsp;any agreement, mortgage, bond
or other instrument or treaty to which it is a party or which is binding upon it or any of its
assets (other than the documents referred to in the InterCreditor Deed as the &#147;Bank Security&#148;),
(ii)&nbsp;its constitutive documents or any rules and regulations made thereunder or (iii)&nbsp;any
applicable law, regulation or official or judicial order or (b)&nbsp;cause any of the foregoing
representations to be untrue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.10 The Charged Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each Charged Share is fully paid or credited as fully paid, no calls have been made in respect
thereof and remain unpaid and no calls can be made in respect of such Charged Share in the future.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.11 Choice of Law</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In any proceedings taken in its jurisdiction of incorporation in relation to this Charge, the
choice of Cayman law as the governing law of this Charge and any judgment obtained in the Cayman
Islands will be recognised and enforced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.12 No Security from the Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It has not requested or taken any security from the Company for any obligations or liabilities of
the Company to it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.13 Repetition</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The representations and warranties set out in Clauses 5.1 (<I>Status and Due Authorisation</I>) to 5.12
(<I>No Security from the Company</I>):
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shall survive the execution of each Financing Document; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are made on the date hereof and, save in respect of clauses 5.4 to 5.6, are deemed to be
applicable during the Security Period with reference to the facts and circumstances then
existing.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6. UNDERTAKINGS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>6.1 Authorisations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower shall obtain, comply with the terms of and do all that is necessary to maintain in
full force and effect all authorisations, approvals, licences and consents required in or by the
laws and regulations of its jurisdiction of incorporation to enable it lawfully to enter into and
perform its obligations under this Charge and to ensure the legality, validity, enforceability or
admissibility in evidence in its jurisdiction of incorporation of this Charge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.2 No Action</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower shall not take any action which would cause any of the representations made in Clause
5 (<I>Representations and Warranties</I>) to be untrue at any time during the Security Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.3 Notification of Misrepresentation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower shall notify the Trustee of the occurrence of any event which results in or may
reasonably be expected to result in any of the representations made in Clause 5 (<I>Representations
and Warranties</I>) being untrue when made or when deemed to be repeated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.4 No Variation or Release</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower shall not, without the prior written consent of the Trustee, purport to vary or revoke
any notice or instruction relating to this Charge which it has given or may later give to any
person.
</DIV>

<P align="center" style="font-size: 10pt">-9-
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.5 No Action to Jeopardise Security Constituted Hereby</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower shall not do or fail to do or cause or permit another person to do or omit to do
anything which is liable to jeopardise the effectiveness or priority, in relation to the Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7. FURTHER ASSURANCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower shall from time to time and at its own expense give all such assurances and do all
such things as the Trustee may require in order to enable the Trustee to perfect or protect the
security created or intended to be created by this Charge or to exercise any of the rights
conferred on it by this Charge or by law and to that intent the Borrower shall execute all such
instruments, deeds and agreements and give all such notices and directions as the Trustee may
require.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8. ENFORCEMENT OF SECURITY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>8.1 Security Enforceable</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Security shall become immediately enforceable if an Event of Default has occurred and is
continuing as defined above in Clause 1.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8.2 Enforcement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At any time after the Security has become enforceable, the Trustee may in its absolute discretion
enforce all or any part of the Security and exercise any of the rights conferred on it by this
Charge or by law at such times and in such manner as it thinks fit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8.3 Power of Sale</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At any time after the Security has become enforceable pursuant to Clause 8.1 <I>(Security
Enforceable)</I>, the Trustee may (without notice to the Borrower) sell or otherwise dispose of the
Secured Property or any part of it and shall be entitled to apply the proceeds of such sale or
other disposal in paying the costs of such sale or disposal and thereafter in or towards the
discharge of the Secured Obligations or otherwise as provided for in this Charge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8.4 Registration of Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee shall be entitled at any time after the Security has become enforceable pursuant to
Clause 8.1 <I>(Security Enforceable) </I>to complete any stock transfer forms then held by the Trustee
pursuant to this Charge in the name of the Trustee and thereupon the Borrower shall do whatever the
Trustee requires in order to procure:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The prompt registration of such transfer or transfers and the prompt issue of a new
certificate or certificates for the relevant Charged Shares in the name of the Trustee; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">-10-
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compliance by the Company with all requirements of the Land Holding Companies Share
Transfer Tax Law (2002 Revision), as the same may be amended from time to time, or any
legislation in substitution or in addition thereto and the Borrower and the Company shall
provide all assistance as may be needed or required by the Company to enable it to meet such
compliance whether financial or otherwise.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. APPLICATION OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any moneys held or received by the Trustee under or pursuant to this Charge shall be applied by the
Trustee in reduction of the amounts due to the Trustee under the terms of the Trust Deed as amended
from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10. POWER OF ATTORNEY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>10.1 Appointment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By way of security for the performance of its obligations hereunder, the Borrower hereby
irrevocably appoints the Trustee, any Receiver of the Secured Property or any part of it and its
delegates and sub-delegates to be its attorney acting severally (or jointly with any other such
attorney or attorneys) and on its behalf and in its name or otherwise to do any and every thing
which the Borrower is obliged to do under the terms of this Charge or which such attorney considers
necessary in order to enable the Trustee or such attorney to exercise the rights conferred on it by
this Charge or by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.2 Ratification</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower hereby ratifies and confirms and agrees to ratify and confirm whatever any attorney
appointed under this Charge shall do in its capacity as such.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11. RELEASE OF THE SECURITY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After the end of the Security Period, the Trustee shall, at the request and cost of the Borrower,
execute all such documents and do all such other things as may be required to release the Security,
in each case without recourse to or any representation or warranty by or from the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. COSTS AND EXPENSES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>12.1 Transaction Costs</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower agrees with the Trustee that it shall on demand of the Trustee reimburse the Trustee
on a full indemnity basis all costs and expenses (including legal fees), incurred by, or any
remuneration payable to the Trustee in connection with the preparation, negotiation, execution and
perfection of this Charge and the implementation of the arrangements contemplated herein.
</DIV>

<P align="center" style="font-size: 10pt">-11-
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>12.2 Stamp Tax</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower shall pay any and all stamp, registration and other taxes to which this Charge or any
judgment given in connection herewith is or at any time may be subject and shall on demand
indemnify the Trustee against any liabilities, costs, claims and expenses (including legal fees)
resulting from any failure to pay or delay in paying any such tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.3 Indemnity</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower shall indemnify and hold harmless the Trustee from and against any and all costs,
claims losses, expenses (including legal fees) and liabilities, which the Trustee may incur as a
result of the occurrence of any Event of Default, the enforcement of the Security or the exercise
or enforcement by the Trustee of any of the rights conferred on it by this Charge or by law unless
incurred by the Trustee as a result of its own fraud, misconduct or negligence or the fraud,
negligence or misconduct of its delegates and sub-delegates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. NO WAIVER; REMEDIES CUMULATIVE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No failure or delay on the part of the Trustee in exercising any right, power or privilege
hereunder or under any other Financing Document and no course of dealing between the Borrower and
the Trustee shall operate as a waiver thereof, nor shall any single or partial exercise of any
right, power or privilege hereunder or under any other Financing Document preclude any other or
further exercise thereof or the exercise of any other right, power or privilege hereunder or
thereunder. No notice to or demand on the Borrower in any case shall entitle the Borrower to any
other or further notice or demand in similar or other circumstances or constitute a waiver of the
rights of the Trustee to take any other or further action in any circumstances without notice or
demand. All remedies, either under this Agreement or any other Financing Document or pursuant to
any applicable law or otherwise afforded to the Trustee shall be cumulative and not alternative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14. ADDITIONAL PROVISIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>14.1 Severability</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any provision hereof which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof and without affecting the validity or enforceability
of any provision in any other jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.2 Currency Conversion</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In order to apply any sum held or received by the Trustee in or towards payment of the Secured
Obligations, the Trustee may purchase an amount in another currency and the rate of exchange to be
used shall be that at which, at such time as it considers appropriate, the Trustee is able to
effect such purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.3 Judgment Currency</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This is an international transaction in which the specification of Dollars and payment in Trinidad
and Tobago is of the essence, and the obligations of the Borrower under this Charge and under
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the other Financing Documents to make payment to (or for the account of) the Trustee in Dollars
shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed
in or converted into any other currency or in another place except to the extent that such tender
or recovery results in the effective receipt by the Trustee in Trinidad and Tobago of the full
amount of Dollars payable to the Trustee under this Charge.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any sum due from the Borrower under this Charge (a &#147;<B>Sum</B>&#148;), or any order, judgment or award
given or made in relation to a Sum, has to be converted from the currency (the &#147;<B>First
Currency</B>&#148;) in which that Sum is payable into another currency (the &#147;<B>Second Currency</B>&#148;) for the
purpose of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>making or filing a claim or proof against the Company or the Borrower;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(ii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtaining or enforcing an order, judgment or award in relation to any
litigation or arbitration proceedings,</TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Borrower shall as an independent obligation, within three (3)&nbsp;Business Days of demand,
indemnify the Trustee against any cost, loss or liability arising out of or as a result of
the conversion including any discrepancy between (A)&nbsp;the rate of exchange used to convert
that Sum from the First Currency into the Second Currency and (B)&nbsp;the rate or rates of
exchange available to the Trustee at the time of its receipt of that Sum.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower waives any right it may have in any jurisdiction to pay any amount under this
Charge in a currency or currency unit other than that in which it is expressed to be payable.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.4 Rights Cumulative</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The rights and remedies provided by this Charge are cumulative and not exclusive of any rights or
remedies provided by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.5 Mortgagee in Possession</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Neither the Trustee nor any Receiver shall by reason of its taking any action permitted by this
Charge or its taking possession of the Secured Property or any part of it be liable to account as
mortgagee in possession or be liable for any loss on realisation or for any default or omission for
which a mortgagee in possession might be liable other than for its own fraud, negligence and
misconduct, or the fraud, negligence or misconduct of its delegates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15. ASSIGNMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>15.1 The Borrower&#146;s Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The rights of the Borrower under this Charge are not assignable or transferable and the Borrower
agrees that it will not purport to assign all or any such rights.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>15.2 The Trustee&#146;s Rights</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The rights of the Trustee under this Charge are assignable in whole or in part and the Trustee may
assign all or any such rights without the consent of the Borrower. The Trustee shall provide
written notice to the Borrower of any such assignment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>16. NOTICES</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All notices, requests, approvals, consents and other communications provided for hereunder
shall be in writing (including, unless the context expressly otherwise provides, by facsimile
transmission, <U>provided</U> that any matter transmitted by the Borrower by facsimile (i)
shall be promptly confirmed by a telephone call to the recipient at the number specified on
the applicable signature page hereof, and (ii)&nbsp;shall be followed promptly by a hard copy
original thereof by express courier) and faxed or delivered, to the address or facsimile
number specified for notices on the applicable signature page hereof or to such other address
as shall be designated by such party in a written notice to the other parties hereto.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All such notices, requests, approvals, consents and communications (i)&nbsp;sent by express
courier will be effective upon delivery to or refusal to accept delivery by the addressee, and
(ii)&nbsp;transmitted by facsimile will be effective when sent and facsimile confirmation received.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Both parties acknowledge and agree that any agreement of the one party to receive certain
notices by telephone and facsimile is solely for the convenience and at the request of the
other. The receiving party shall be entitled to rely on the authority of any Person
purporting to be a Person authorized by the sending party to give such notice and the
receiving party shall not have any liability to the sending party or other Person on account
of any action taken or not taken by the receiving party in reliance upon such telephonic or
facsimile notice.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All notices, requests and other communications hereunder and under the other Financing
Documents shall be in the English language unless otherwise agreed by the parties hereto.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>17. GOVERNING LAW AND JURISDICTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS CHARGE IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAW OF THE CAYMAN ISLANDS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>18. SUBMISSION</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the exclusive benefit of the Trustee, the Borrower irrevocably agrees that the courts of
the Cayman Islands are to have jurisdiction to settle any claims or disputes arising under,
out of or in connection with this Charge (including without limitation any claim or dispute
relating to the validity, interpretation, performance, termination or enforcement of this
Charge) and that accordingly any suit, action or proceedings in that respect (together in
Clauses 19 and 20 referred to as &#147;<B>Proceedings</B>&#148;) may be brought in such courts.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower irrevocably waives and agrees not to raise any objection which it may have now
or hereafter to the laying of the venue of any Proceedings in the courts of the
Cayman Islands and any claim that any such Proceedings have been brought in an inconvenient
or inappropriate forum.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">-14-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower irrevocably agrees not to take Proceedings in any court of competent
jurisdiction other than the courts of the Cayman Islands, save with respect to any
counterclaim asserted by the Borrower in the course of proceedings previously commenced by the
Trustee. Nothing contained in this Clause 19 shall limit the right of the Trustee to take
Proceedings against the Borrower in any other court of competent jurisdiction, nor shall the
taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any
other jurisdiction, whether concurrently or not.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>19. JUDGMENTS AND IMMUNITY</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower recognizes and acknowledges that this Charge constitutes a commercial
transaction and accordingly it acknowledges and agrees that it is not entitled to plead, and
pursuant to this Clause 20 hereby waives to the fullest extent permitted by law any right to
claim, sovereign immunity for any purpose whatsoever, including, but not limited to, any right
to plead sovereign immunity in respect of any Proceedings pursuant to this Charge.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower consents generally, in respect of any Proceedings pursuant to this Charge for
the purpose of enforcing any order, judgment or award, to the giving of any relief or the
issuing of any process in connection with such order, judgment or award including, without
limitation, the making, enforcement or execution against any property of any order, judgment
or award and to the extent that the Borrower may be entitled in any jurisdiction to claim for
itself or its property immunity in respect of its obligations under this Charge from any suit,
execution, attachment (whether in aid of execution, before judgment or otherwise) or legal
process or to the extent that in any jurisdiction there may be attributed to itself or its
property such immunity, the Borrower agrees not to claim and hereby irrevocably waive such
immunity to the fullest extent permitted by the laws of such jurisdiction.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>20. COUNTERPARTS AND EFFECTIVENESS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>20.1 Counterparts</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Charge may be executed in any number of counterparts and by the different parties hereto on
separate counterparts, each of which when so executed and delivered shall be an original, but all
of which shall together constitute one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>20.2 Effectiveness</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Charge shall take effect and be delivered as a deed on the date on which it is stated to be
made.
</DIV>

<P align="center" style="font-size: 10pt">-15-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>21. AMENDMENT OR WAIVER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No provision of this Agreement may be amended, supplemented, modified or waived, except by written
instrument signed by each of the parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IN WITNESS WHEREOF </B>this Charge has been executed as a deed by the parties hereto and has been
delivered on date stated at the beginning of this Deed.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED by the Borrower in the
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CONSOLIDATED WATER CO. LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000" align="left">Frederick W. McTaggart</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald Miller&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gerrard Pereira
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED by the Trustee in the
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DEXTRA BANK &#038; TRUST CO. LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000" align="left">Alex Wood</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald Miller&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alitsia Finlayson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By its execution of this Equitable Charge of Shares, <B>CAYMAN WATER COMPANY LIMITED</B>, hereby
acknowledges the terms and conditions hereof, and irrevocably undertakes that should the Trustee
exercise its rights under this Equitable Charge of Shares, Cayman Water Company Limited shall make
all reasonable efforts to ensure that Consolidated Water Co. Ltd. takes no action, or commits no
failure to take any required action, which would have the effect of frustrating the Trustee&#146;s
ability to be recorded in the Registrar of Members as the registered legal and beneficial owner of
the Shares.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED by the Company in the
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CAYMAN WATER COMPANY LIMITED</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000" align="left">Frederick W. McTaggart&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-bottom: 1px solid #000000" align="left">Donald Miller</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000" align="left">Greg McTaggart</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">-16-
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.8
<SEQUENCE>9
<FILENAME>g02807exv10w8.htm
<DESCRIPTION>EX-10.8 INTERCREDITOR DEED DATED AUGUST 4, 2006
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.8 Intercreditor Deed dated August 4, 2006</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 10.8</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>INTERCREDITOR DEED</B></U>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">This
InterCreditor Deed is made on the 4th day of August, 2006</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BETWEEN:-</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SCOTIABANK &#038; TRUST (CAYMAN)&nbsp;LTD</B>. (the &#147;Bank&#148;) incorporated under the laws of and licensed to
carry on banking business in the Cayman Islands of P.O. Box 689 GT, Grand Cayman;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>DEXTRA BANK &#038; TRUST CO. LTD. </B>(the &#147;Trustee&#148;) incorporated under the laws of and licensed to
carry on trust business in the Cayman Islands of P.O. Box 2004 GT, Grand Cayman;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CONSOLIDATED WATER CO. LTD. </B>(&#147;CWCO&#148;) incorporated under the laws of the Cayman Islands of
P.O. Box 1114 GT, Grand Cayman; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CAYMAN WATER COMPANY LIMITED </B>(&#147;Cayman Water&#148;) incorporated under the laws of the Cayman
Islands of P.O. Box 1114 GT, Grand Cayman.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>WHEREAS</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank and CWCO entered into a loan agreement dated February&nbsp;7, 2003 (the &#147;Loan
Agreement&#148;) under which the Bank agreed to make certain loan facilities available to CWCO.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to the Loan Agreement the Bank and CWCO entered into a Deed of Substituted
Debenture dated February&nbsp;7, 2003 and other collateral security whereby CWCO granted to the
Bank a fixed and floating Charge over all the assets of CWCO.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the terms of a trust deed of even date (the &#147;Trust Deed&#148;) made between the</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Trustee and CWCO, CWCO issued to the bondholders bonds repayable over a 10&nbsp;year period and
CWCO agreed to secure the repayment to the bondholders by way of a second debenture and
other collateral security granted to the Trustee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to an amendment to the Loan Agreement and as a condition to the consent of
the Bank to the transfer of certain assets from CWCO to Cayman Water, Cayman Water granted
to the Bank a collateral debenture and other security to better secure the repayment by
CWCO of its obligations under the Loan Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It was a condition of the Trustee entering into the Trust Deed that the security
granted to the Trustee rank <I>pari passu </I>in all respects with the security granted to the
Bank.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The parties have agreed to enter into this InterCreditor Deed to set out the terms
upon which they have agreed that the Trustee Security shall rank <I>pari passu </I>with the Bank
Security.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NOW THIS DEED WITNESSETH </B>as follows:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&#147;Bank
Debt&#148; means such sums currently outstanding, or to be advanced,
on a revolving or non-revolving basis, but
subject to a maximum of US$22&nbsp;million, and owing to the Bank by CWCO pursuant to the Loan
Agreement as same may be or has been amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&#147;Bank Security&#148; means any and all security granted by CWCO and/or Cayman Water to the Bank
pursuant to the Loan Agreement, including but not limited to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Deed of Substituted Debenture dated February&nbsp;7, 2003 between CWCO and the
Bank.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Collateral Deed of Debenture between Cayman Water and the Bank dated &#091;<B>date</B>&#093;.
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Equitable Charge of Shares of Cayman Water Company Limited between CWCO and the
Bank dated &#091;<B>date</B>&#093;.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Guarantee dated &#091;<B>date</B>&#093; granted by Cayman Water to the Bank.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Collateral spread charges granted by Cayman Water to the Bank over:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>West Bay Beach South, Block 12D, Parcel 79REM1/2;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>West Bay Beach North, Block 11D, Parcel 8;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>West Bay Beach North, Block 11D, Parcel 40;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>West Bay North East, Block 9A, Parcel 8; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>West Bay North East, Block 9A, Parcel 469.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&#147;Bondholder Debt&#148; means all sums outstanding and owing by CWCO to the bondholders pursuant to the
Trust Deed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&#147;Bondholders&#148; means the registered holder of any bonds issued pursuant to the Trust Deed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&#147;Event of Default&#148; means an event of default as defined in the Trust Deed or the Loan Agreement,
but does not include any default that would arise solely as a result of CWCO or Cayman Water
entering or having entered into any of the Loan Agreement, Bank Security, Trust Deed or Trustee
Security documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&#147;Insurance Proceeds&#148; means any amount paid or payable to the Trustee or the Bank pursuant to the
terms of any of the Loan Agreement, the Bank Security, the Trust Deed or the Trustee Security, and
not otherwise utilised to effect repair or reinstatement of the relevant insured property in
accordance with Clause 15.6 of the Loan Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&#147;Secured Party&#148; means either of the Bank or the Trustee and Secured Parties shall mean the Bank and
the Trustee.
</DIV>

<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&#147;Trustee Security&#148; means any and all security granted by CWCO and/or Cayman Water to the
Trustee for the benefit of the Bondholders to secure the repayment of all sums repayable pursuant
to the Trust Deed, including but not limited to the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deed of Second Debenture between CWCO and the Trustee of even
date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deed of Second Collateral Debenture between Cayman Water and
the Trustee of even date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Equitable Charge of Shares of Cayman Water Company Limited
between CWCO and the Trustee of even date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Guarantee of even date granted by Cayman Water to the
Trustee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Collateral spread charges granted by Cayman Water to the
Trustee over:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>West Bay Beach South, Block 12D, Parcel 79REM1/2.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>West Bay Beach North, Block 11D, Parcel 8.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>West Bay Beach North, Block 11D, Parcel 40.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>West Bay North East, Block 9A, Parcel 8.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>West Bay North East, Block 9A, Parcel 469.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The primary purpose of this Deed is to provide that the Trustee Security shall rank
equally in all respects with the Bank Security upon and in the event of enforcement by
either Secured Party of its rights under its security. For so long as the Bank Debt and
the Bondholder Debt are in existence, the terms of this Deed shall govern in all respects
in relation to the enforcement of security against CWCO or Cayman Water and the
distribution of any proceeds therefrom, notwithstanding any other regime of priority
established by any rule of law otherwise.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank and the Trustee agree that, notwithstanding anything contained in the Loan
Agreement, the Trust Deed, any Bank Security document or any Trustee</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security document, upon the occurrence of an Event of Default, as such term is defined or
incorporated in any such relevant document, that the following provisions will apply:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On either Secured Party becoming aware of an Event of Default, that Secured
Party shall forthwith notify in writing the other Secured Party and such notice shall
contain all relevant facts surrounding the occurrence of an Event of Default as are
known to the notifying Secured Party (&#147;Notice of Event of Default&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Secured Party shall forthwith provide written advice to the other as to
the then current outstanding balance of the liabilities owed by CWCO to that Secured
Party.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Within thirty days of the serving of a Notice of Event of Default pursuant to
Clause 2.1 hereof, each Secured Party shall advise the other as to what actions, if
any, it intends to take with respect to the enforcement of any security (&#147;Enforcement
Notice&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Secured Parties shall each use its best efforts to agree with the other
as to the appropriate action to take to enforce the security, but failing such
agreement within thirty days of the exchange of Enforcement Notices referred to in
Clause 2.3, either Secured Party shall be entitled to notify the other of its
intention to appoint a receiver under the relevant debenture or other security
instrument, and in the event that both Secured Parties have each named a different
receiver within seventy-two hours of being so entitled, then the two so named
receivers shall within a further seven days&#146; name a third party as receiver, who shall
thereafter act as the sole receiver under both the Bank Security and the Trustee
Security and the first 2 parties so named as receivers shall have no further
involvement. In the event that both Secured Parties do name the same receiver, that
receiver shall act as receiver under both the Bank Security and the Trustee Security.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the provisions contained in Clause 2.4, both the Bank and the
Trustee reserve the right at any time to apply to the Grand Court of the Cayman
Islands under the Companies Law (as revised) for an order appointing an official
liquidator or liquidators of CWCO. The provisions of Clause 3 shall, as between the
Bank and Trustee, apply to all distributions made by such court appointed liquidator
or liquidators.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All proceeds of enforcement of any Bank Security and/or Trustee Security hereunder in
the Event of Default, and all Insurance Proceeds, shall be applied as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>First, to the payment of all costs, charges, expenses and liabilities
properly incurred by or on behalf of any receiver appointed pursuant to the Bank
Security and the Trustee Security, including such attorney or other expert fees
necessarily expended in discharge of the receiver&#146;s duties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Secondly, to the discharge of the Bank Debt and the Bondholder Debt, payable
to the Bank or the Trustee, as the case may be, in proportion to the relative value of
the Bank Debt and Bondholder Debt as notified pursuant to Clause 2.2 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Thirdly, to satisfy any Bank Debt and Bondholder Debt in excess of any amount
notified pursuant to Clause 2.2.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon satisfaction in full of all amounts payable in respect of Clause 3.1,
3.2 and 3.3 hereof, the balance to CWCO, or Cayman Water, as the case may be.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any receiver appointed pursuant to Clause 2 shall take instructions from the
Secured Parties acting jointly. In the event that the Secured Parties are unable to
come to an agreement with respect of any action to be taken hereunder or instructions
to be given to any receiver within a reasonable time under the circumstances, then the
matter in dispute shall be decided upon by the receiver, who shall choose between the
two courses of action put forth by the Secured Parties, and the receiver&#146;s decision
shall be final</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and binding on the Secured Parties, save and except for the provisions and rights
provided for in Section&nbsp;2.5.</TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the scheme of distribution herein, for so long as the Bank Debt
shall exist, the provisions contained in the Loan Agreement in Clause 15.6 thereof
relating to insurance matters shall apply.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything contained herein, if either Secured Party acting reasonably
determines that any delay in taking enforcement action is likely to diminish the value of
the security held by that party or in any other way such a delay is likely to reduce the
ability of CWCO or Cayman Water to satisfy the Bank Debt and the Bondholder Debt, then
such Secured Party shall be entitled to unilaterally take such enforcement action as it
deems necessary in the circumstances.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that either Secured Party takes action pursuant to Clause 4 hereof, then
that Secured Party shall forthwith notify the other of such action taken or to be taken.
The provisions of Clause 3 hereof with respect to the costs and division of proceeds of
any such action shall apply, provided however that the Secured Party taking action under
Clause 4 shall be solely liable for any and all costs and expenses deemed by a court of
competent jurisdiction to have been an improper exercise of such secured party&#146;s rights
and unenforceable against and not recoverable from CWCO or Cayman Water.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of CWCO and Cayman Water consent to the priority and distribution of proceeds
regime set out herein and all parties agree that, where the terms hereof conflict in any
way with the terms of the Loan Agreement, the Trust Deed, any Bank Security document or
any Trustee Security document, then the terms hereof shall supersede and govern in such
circumstance.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither Secured Party shall take any further security from CWCO or Cayman Water after
the date hereof without the express written consent of the other Secured Party. Except as
expressly permitted by the Loan Agreement or the Trust Deed, CWCO shall not grant security
over any of its assets after the date hereof without the express written consent of both
the Bank and the Trustee.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cayman Water shall not, and CWCO covenants that it shall take any steps within its
power to ensure that any subsidiary of it shall not, at any time be a Bondholder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither Secured Party shall transfer or assign any interest in this agreement, the
Bank Security or the Bondholder Security unless the prospective transferee or assignee
agrees to be bound by the terms hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Deed may be executed in any number of counterparts, and all such counterparts
shall together be construed as a single Deed.</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No amendment variation or waiver of any provision of this
Deed shall be of any force or effect unless such amendment variation
or waiver shall be in writing and executed by all parties hereto or
their successors or permitted assigns.</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Deed shall be governed by, and construed in accordance with, the laws of the
Cayman Islands.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If at any time any one or more provisions of this Deed is or becomes invalid, illegal
or unenforceable in any respect under any applicable law, the validity, legality and
enforceability of the remaining provisions hereof and any Bank Security document or
Trustee Security document shall not in any way be affected or impaired thereby.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><B>IN WITNESS WHEREOF </B>the parties hereto have executed this document as a deed the day and year first
above written.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" NOWRAP><DIV style="margin-left:0px; text-indent:-0px">SIGNED by the Bank in the
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SCOTIABANK &#038; TRUST (CAYMAN)&nbsp;LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">presence of:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000" align="left">Roy Purcell</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald Miller&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED by the Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DEXTRA BANK &#038; TRUST CO. LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">in the presence of:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000" align="left">Alex Wood</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-bottom: 1px solid #000000" align="left">Donald Miller
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000" align="left">Alitsia Finlayson</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED by CWCO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CONSOLIDATED WATER CO. LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">in the presence of:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000" align="left">Frederick W. McTaggart</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-bottom: 1px solid #000000" align="left">Donald Miller&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000" align="left">Gerrard Pereira</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED by Cayman Water
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CAYMAN WATER</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">in the presence of:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">COMPANY LIMITED</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000" align="left">Frederick W. McTaggart&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-bottom: 1px solid #000000" align="left">Donald
Miller&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000" align="left">Greg McTaggart</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">8
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>10
<FILENAME>g02807exv10w9.htm
<DESCRIPTION>EX-10.9 CAYMAN ISLANDS COLLATERAL CHARGE
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.9 Cayman Islands Collateral Charge</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT
10.9</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="75%"></TD>
    <TD width="15%"></TD>
    <TD width="15%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">FORM RL9
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap><B>INSTRUMENT NO.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><DIV style="border: 1px solid #000000">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>CAYMAN ISLANDS</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 0pt"><B>The Registered Land Law (2004 Revision)<BR>
THIRD SCHEDULE<BR>
COLLATERAL CHARGE<BR>
(Collateral to A Debenture)</B>
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">REGISTRATION SECTION
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BLOCK
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">PARCEL
</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WEST
BAY BEACH SOUTH
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12D
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">79REM&#189;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">I/WE, CAYMAN WATER COMPANY LIMITED<BR>
HEREBY CHARGE my/our interest in the above mentioned title to secure the payment<BR>
to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEXTRA BANK &#038; TRUST CO. LTD.<BR>
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 North Church Street, George Town, Grand Cayman, Cayman Islands</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">of the principal sum of FIFTEEN MILLION SEVEN HUNDRED SEVENTY-ONE THOUSAND NINE HUNDRED
NINETY-SEVEN UNITED STATES DOLLARS (US$15,771,997.00)<BR>
with interest at the rate as set out in Schedules A and B attached hereto, payable in accordance
with the
terms of Schedule&nbsp;A and B attached, subject to section 67 of the above law, unless hereby
negatived,
modified or added to. (Here set forth any variation, or make reference to an attached document).</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;&nbsp;&nbsp;Requests to Registrar<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;&nbsp;&nbsp;Schedule&nbsp;A<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;&nbsp;&nbsp;Schedule&nbsp;B

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal sum shall be repaid on demand and otherwise in accordance with Schedules A and B
attached hereto together with any interest then due.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And I/WE the above named Chargor(s) hereby acknowledge that we understand the effect of
section 72 of the Registered Land Law, (2004 Revision).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Dated
this 4th day of August 2006
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CAYMAN WATER COMPANY LIMITED
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Signed by the Chargor
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frederick
W.
McTaggart&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greg
McTaggart<BR>
director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; director/secretary</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">in the presence of:-&nbsp;
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald
Miller<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEXTRA BANK &#038; TRUST CO. LTD.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Signed by the Chargee
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alex
Wood&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alitsia
Finlayson<BR>
director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; director/secretary</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">in the presence of:-
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald
Miller<BR></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FOR OFFICIAL USE ONLY</B>
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I, the Registrar of Lands in the Cayman Islands hereby certify that this document was
received by me for registration on the
.......................................... day of
...............200......
and that stamp duty assessed/adjudicated by me/Treasury at
C.I.$..........and
Land Registry fees at C.I.$......................................... relating thereto have been paid.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">REGISTERED this &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">.........................................
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">REGISTRAR OF LANDS, CAYMAN ISLANDS
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE
OF IDENTIFICATION<BR><br>
CAYMAN WATER COMPANY LIMITED
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 35%">By:<BR>
By:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Name................................................................................. .
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I HEREBY CERTIFY that the above named person..................................................................................<BR>
appeared before me on the ........ day of July 2006 and<BR>
being identified by*......................................... (or being known to me)<BR>
acknowledged the above signature or mark to be his/theirs and that he/they had freely and<BR>
voluntarily executed this instrument and understood its contents.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">..................................................................................<BR>
Signature and designation of the person certifying
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE OF IDENTIFICATION<BR>
DEXTRA BANK &#038; TRUST CO. LTD.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 35%">By:<BR>
By:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Name................................................................................. .
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I HEREBY CERTIFY that the above named ..................................................................................<BR>
appeared before me on the ........ day of July 2006 and<BR>
being identified by*......................................... (or being known to me)<BR>
acknowledged the above signature or mark to be his/theirs and that he/they had freely and<BR>
voluntarily executed this instrument and understood its contents.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">..................................................................................<BR>
Signature and designation of the person certifying
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE OF IDENTIFICATION
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Name................................................................................. .
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I HEREBY CERTIFY that the above named ..................................................................................<BR>
appeared before me on the ........ day of ........................
200 ........ and<BR>
being identified by*......................................... (or being known to me)<BR>
acknowledged the above signature or mark to be his/theirs and that he/they had freely and<BR>
voluntarily executed this instrument and understood its contents.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">..................................................................................<BR>
Signature and designation of the person certifying
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*NOTE:</TD>
    <TD>&nbsp;</TD>
    <TD>Please ensure that the appropriate insertions and/or deletions are made<BR>
so that the method of identification is clear.</TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>THE REGISTRAR OF LANDS IS HEREBY REQUESTED</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to register this Charge in favour of the Chargee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the attached schedule contains an agreement by the Chargor with
the Chargee that the Chargor will not without first obtaining the prior written consent of the
Chargee, sell, lease or sub-lease or agree to lease or sub-lease, charge, let or assign or
transfer or otherwise part with the possession of the charged premises or any part thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the right to tack and rank in priority to any subsequent charge
is expressly reserved to the Chargee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the attached Schedule reserved to the Chargee the right to
consolidate this Charge with any other charge;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the attached Schedule contains an agreement by the Chargor with
the Chargee that the Chargor will not without first obtaining the prior written consent of the
Chargee create or purport or attempt to create any charge, incumbrance or mortgage which by
virtue of any law or regulation will rank pari passu with or in priority to this Charge or
second or subsidiary to this Charge.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE &#147;A&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">NOW THIS INSTRUMENT WITNESSETH as follows:-
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>INTERPRETATION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Throughout this instrument unless the context otherwise requires the following expressions<BR>
have the following meanings:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Chargor&#148;, &#147;the Guarantor&#148; (if any) and &#147;the Chargee&#148; includes besides the
parties hereto their respective personal representatives, successors in title and
transferees.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Principal&#148; means the principal sum hereby advanced and secured and set out
in Item&nbsp;Two (2)&nbsp;of the Schedule &#147;B&#148; hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Statute&#148; means the Registered Land Law or any re-enactment thereof or any
enactment amending the same.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Board of Directors&#148; means the Directors of DEXTRA BANK &#038; TRUST CO.
LTD. from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Charged Premises&#148; means the land the subject of this Charge as set out in
Item&nbsp;Five (5)&nbsp;of the Schedule &#147;B&#148; hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Building&#148; or &#147;Buildings&#148; means any building or erection erected on the
Charged Premises whether or not permanently attached thereto and includes all fixtures
and fittings and any chattels owned by the Chargor and used in or about the Charged
Premises.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>COVENANTS BY THE CHARGOR</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In consideration of the Principal lent and advanced by the Chargee to the Chargor at the
request of the Chargor (the receipt whereof is hereby acknowledged), the Chargor HEREBY
COVENANTS with the Chargee during the continuance of this security as follows:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY PRINCIPAL</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To pay to the Chargee on the date specified in Item&nbsp;One (1)&nbsp;of the Schedule &#147;B&#148; in
accordance with the terms of a Trust Deed made between the Chargee and Consolidated
Water Co. Ltd., the Principal or such part thereof as shall then remain unpaid
together with all interest at the rate set out in Item&nbsp;Three (3)&nbsp;of the Schedule &#147;B&#148;
(subject as hereinafter provided) and all other monies hereby secured then remaining
unpaid: and the Chargor HEREBY CHARGES the Charged Premises with the payment of such
Principal and interest and all other monies hereby secured; and the Chargor shall
on demand lawfully being made in writing by the Chargee requiring payment of the
Principal or the balance thereof then outstanding and all interest and other monies
hereby secured and signed on behalf of the Chargee by any of its officers thereunto
authorized or by its Attorneys-at-Law, pay to the Chargee at the place aforesaid the
Principal or the
entire balance then outstanding and all interest and other monies hereby secured
then outstanding.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY INSTALLMENTS</U></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Until payment in full of the Principal and of all such other
monies hereby secured, to pay to the Chargee at the place aforesaid the sums on
the dates specified in Item&nbsp;Four (4)&nbsp;of Schedule &#147;B&#148; hereto. Such monthly
payments shall be applied FIRSTLY in satisfaction or on account of interest
accrued on the Principal or such part thereof as shall for the time remain
unpaid, which interest shall be computed at the rate specified in Item&nbsp;Three
(3)&nbsp;of the said Schedule &#147;B&#148; from the date of payment of the Principal or any
part thereof to the Chargor and SECONDLY in reduction of the Principal.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All payments made under and pursuant to this Charge on account
of Principal or interest or otherwise shall be made without set-off or
counter-claim and free and clear of and without future taxes levies, rates,
imposts, duties, deductions, withholdings or other charges of whatsoever
nature.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY RATES, TAXES AND OUTGOINGS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At all times duly and regularly to pay all rates, taxes, assessments and outgoings
now or hereafter to become due and payable in respect of the Charged Premises and to
produce on demand all receipts and vouchers in proof of such payments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>REPAIRS ETC.</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sub-Section (c)&nbsp;of Section&nbsp;67 of the Statute shall not apply to this Charge nor to
any instrument of variation executed pursuant to this Charge and instead thereof the
Chargor shall so long as any money remains owing on this Charge or any variation
thereof keep the Buildings on the Charged Premises in good and substantial repair
and condition to the satisfaction of the Chargee and to permit the Chargee or its
agents with or without workmen and others at all reasonable times to enter into or
upon the Charged Premises and examine the state and condition thereof and of the
Building and to forthwith repair and make good all defects and wants of reparation
of which notice in writing shall have been given to the Chargor by the Chargee AND
IN CASE OF DEFAULT to permit the Chargee with or without workmen to enter on the
Charged Premises and effect such repairs to the Building as the Chargee may consider
necessary and on demand to pay to the Chargee all reasonable costs and expenses
incurred in relation to any such inspection and or the effecting of such repairs and
until payment by the Chargor such costs and expenses shall be treated as a further
advance repayable with interest in manner herein provided and in such event the
Chargor shall execute an instrument of variation pursuant to Section&nbsp;69 of the above
Statute upon such terms as the Chargee shall then require.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>RESTRICTIVE AGREEMENTS AND CONDITIONS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At all times to comply with the restrictive covenants (if any) endorsed on the Land
Register for the Charged Premises or any Buildings thereon and not to use the
Charged Premises or any Buildings thereon for any purpose other than that permitted
by such restrictive covenants and not to alter or add to or cause to be altered or
added to any Building structure or erection on the Charged Premises without the
written consent of the Chargee first had and obtained.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>INSURANCE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sub-Section (d)&nbsp;of Section&nbsp;67 of the above Statute (and Sub-Section (j)&nbsp;thereof only
so far as it relates to the said Sub-Section (d)&nbsp;shall not apply to this Charge or
to any instrument of variation executed pursuant to this Charge and instead thereof
the Chargor shall so long as any money shall remain owing on the security of this
Charge or any variation thereof insure and keep insured in the joint names of the
Chargor and Chargee any buildings or erections from time to time erected or in the
course of erection of an insurable nature upon being or forming part of the Charged
Premises (whether affixed to the freehold or not) with an insurance office of repute
approved from time to time by the Chargee against loss or damage occasioned by fire
(including fire occasioned by any of the undermentioned perils), lightning, (whether
accompanied by fire or not), earthquake, hurricane, cyclone, tornado, windstorm,
flood (including overflow of the sea), riot, strike, public liabilities and such
other perils and on such other terms and conditions as the Chargee may from time to
time deem fit for a sum not less than the full insurable value of the said
buildings. The interest of the Chargee under the policy or policies of insurance to
be effected on the buildings as hereinbefore provided shall for all purposes be
deemed the primary interest in the said policies the subject matter thereof and the
moneys payable thereunder shall be payable to the Chargee in priority to all other
moneys that may from time to time become payable under any other policy of insurance
of whatsoever class and wheresoever the same may be effected in any name or names
whatsoever, other than that of the Chargee AND it is hereby agreed and declared that
all monies received under or by virtue of any insurance as aforesaid whether
received by the Chargor the Chargee or any receivers appointed by the Chargee
(notwithstanding the provisions of Section&nbsp;73(7) of the Statute) shall at the
option of the Chargee either be forthwith applied in or towards substantially
rebuilding reinstating or repairing the buildings or erections destroyed or damaged
or in or towards payment of the moneys for the time being secured by these presents
including any premiums paid under the aforesaid power and the Chargor DOTH HEREBY
IRREVOCABLY APPOINT the Chargee the attorney for the Chargor during the subsistence
of this security to collect and receive and give valid receipts and discharges for
all moneys that may be or may become payable to the Chargor under any policies of
insurance with full powers to adjust compromise and submit to arbitration and give
receipts and acquittances for and compound all or any claims under every such policy
of insurance and the said policy shall be deposited at the offices of the Chargee
during the continuance of this security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">G.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY INSURANCE PREMIUMS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At all times to punctually pay every sum from time to time payable for keeping on
foot every such insurance or within seven (7)&nbsp;days after the first day upon which it
becomes payable and on demand deliver to the Chargee the policy or policies of</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such insurance duly endorsed as aforesaid or other proper evidence of the
subsistence thereof and also on demand to deliver to the Chargee the receipts for or
other sufficient evidence of repayment of every sum payable as aforesaid AND it is
hereby agreed and declared that if the Chargor shall make default in any of the
above matters the Chargee may insure and keep insured all or any of the
Buildings in manner aforesaid and that the expense of so doing shall be paid by the
Chargor to the Chargee on demand and in the meantime shall be added to the Principal
sum and bear interest accordingly in manner herein provided and in such event the
Chargor shall execute an instrument of variation pursuant to Section&nbsp;69 of the
Statute upon such terms as the Chargee shall then require.</TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">H.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO SELL LEASE CHARGE ETC.</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sub-Sections (f)&nbsp;and (g)&nbsp;of Section&nbsp;67 of the Statute shall not apply to this
Charge nor to any instrument of variation executed pursuant to this Charge and
instead thereof the Chargor shall not during the continuance of this security
without prior consent in writing of the Chargee which consent shall not be
unreasonably withheld sell lease charge let or otherwise part with the possession of
the Charged Premises or the Buildings whether by license trust or otherwise and in
the event of the Chargee giving consent to lease or let the said Charged Premises or
the buildings and effects thereon to require the proposed lessee or tenant to enter
into a covenant direct with the Chargee to pay the rent so accruing direct to the
Chargee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO ASSIGN CHARGE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to assign or transfer this Charge to any purchaser, assignee, or other successor
in title to the Charged Premises without the Chargee&#146;s express consent in writing.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">J.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO RANK PARI PASSU</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to apply for or accept any loan which by virtue of any law or regulation will
rank pari passu with or in priority to this security in respect of the Charged
Premises the subject of this Charge nor to do any act which shall have the effect of
diminishing or decreasing the value of the security hereby charged without first
obtaining the written consent of the Chargee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">K.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO MAKE ALTERATIONS OR ADDITIONS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to without the written consent of the Chargee first had and obtained which
consent shall not be unreasonably withheld make or permit or suffer to be made any
material change or additions whatsoever in or to the Charged Premises or the
Buildings the subject of this security or the use hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">L.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGOR&#146;S COSTS AND FEES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To pay the examination of the title herein and preparation of this Charge together
with the Stamp Duty and registration fees now or hereafter payable on this Charge or
any instrument of variation or discharge or partial discharge or power of attorney
executed pursuant to this Charge and any such monies as aforesaid shall be
recoverable from the Chargor as a debt, shall bear interest at the rate hereinbefore
mentioned and shall be charged upon the property hereby charged.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">7
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">M.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>WHERE CHARGOR IS A COMPANY (ONLY)</U></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Chargor&#146;s Warranty</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor hereby represents and warrants to the Chargee that it is duly
incorporated and existing in good standing under the laws of the Cayman
Islands (or under the laws of some other jurisdiction and duly registered to
carry on business in the Cayman Islands) and that it is qualified to do
business wherever necessary to carry on its present operations and that the
making and performance of this Charge is within its corporate powers having
been properly authorised by all necessary governmental and corporate
approvals and does not contravene any law or any contractual restrictions
binding on the Chargor and that the Charge is a legal valid and binding
obligation of the Chargor enforceable against the Chargor in accordance with
its terms and that there are not now any pending or threatened actions or
proceedings before any court or administrative agency which may materially
adversely affect the Chargor&#146;s financial conditions and operations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Not to Change Corporate Structure</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to reorganize, consolidate, merge or amalgamate with any other
corporation or corporations or make or cause any change in the existing
shareholdings without the prior written consent of the Chargee.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">N.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGOR&#146;S POWER OF ATTORNEY</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor further hereby covenants that the Chargor will on demand at the
Chargor&#146;s own cost and expense during the continuance of this Charge do and execute
or cause to be done and executed all such instruments acts deed and things to
perfect this security and to preserve and protect the rights and privileges of the
Chargee granted by this Charge or by operation of law and to this end the Chargor
hereby undertakes and agrees on demand to execute cause to be verified and deliver
to the Chargee a power of attorney, in favour of the Chargee in form required by the
Chargee to enable the Chargee to enter the same in the register of powers of
attorney or with the consent of the Registrar of Lands to file a copy thereof
certified by the Registrar of Lands in the file of powers of attorney.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGEE&#146;S EXPENSES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without prejudice to and in addition to any other remedy of the Chargee in respect thereof
the Chargor HEREBY COVENANTS with the Chargee that on demand the Chargor will pay to the
Chargee the amount of all the Chargee&#146;s expenses incurred by the Chargee in relation to the
security hereby constituted with interest thereon from the date when the Chargor becomes
liable therefor until payment thereof at the rate for the time being payable hereunder in
the manner hereby provided with regard to the payment of interest and the Chargor HEREBY
CHARGES the Charged Premises with the payment of such expenses and the interest thereon and
for the avoidance of doubt it is hereby declared that the expression &#147;Chargee&#146;s expense&#148;
includes not only all such expenses as would otherwise be allowable on the taking of an
account between the Chargor and a Chargee but also (and in so far as they are not so
allowable) includes all</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>moneys, costs, charges and expenses paid and all liabilities incurred by the Chargee
(including legal costs, charges and expenses ascertained as between Attorney-at-Law and own
client) on or in connection with or incidental to the Charged Premises and security and
without prejudice to the generality of the foregoing shall include all moneys, costs,
charges and expenses paid and all liabilities incurred by the Chargee in
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or in connection with or incidental to, amongst other things:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effecting any insurance whatever on or in connection with the Charged Premises
or any part thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inspecting surveying or obtaining any report of any nature or kind whatsoever
on or in relation to the Charged Premises or any building or other erection or
engineering work thereon or any part or parts thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Considering or enforcing or attempting to enforce any of the rights and powers
hereby or by Law vested in the Chargee in relation to the Charged Premises or this
security;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Doing or considering any other matter or thing whatsoever which the Chargee may
consider to be for the benefit, preservation or improvement of this security.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>VARIATION OF RATE OF INTEREST</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intentionally deleted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>RIGHT TO PREPAY PRINCIPAL</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intentionally deleted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>SERVICE OF NOTICE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any demand or notice hereunder shall be properly and effectually made given and served on
the Chargor at any time by letter or other instrument in writing signed by the Chargee or on
its behalf by its Attorney-at-Law, agent, clerk or other person authorized either in writing
or orally by the Directors and addressed to the Chargor and left in some conspicuous place
on the Charged Premises or sent by registered post to his address appearing in the Land
Register or to his address appearing in this Instrument or the address subsequently
furnished by the Chargor to the Chargee and every such demand or notice sent by post as
aforesaid shall be deemed to have been given and served on the fifth (5th) day following the
posting thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>WAIVER</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That no neglect or omission on the part of the Chargee to take advantage of or enforce any
right or remedy arising out of any breach non-observance or non-performance of any covenant
or condition herein contained or by law implied, shall be deemed to be or operate as a
general waiver of such covenant or condition or prejudice the right of the Chargee in
enforcing or taking advantage thereof either original or recurring.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">9
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>LOSS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee shall not be answerable for any loss happening in or about the exercise or
execution of any powers conferred on the Chargee howsoever or by Law implied or of any
trusts connected thereto nor shall be deemed a Chargee in possession when entering in to
inspect or to effect repairs or remedy breaches.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>MERGER</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The taking of a judgment or judgments or any covenant or covenants herein contained shall
not operate as a merger of the said covenant or covenants or affect the Chargee&#146;s rights to
interest at the rate and times herein set forth.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>SAFEKEEPING OF DOCUMENTS (IF ANY)</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee shall be entitled to keep and retain all relevant documents referred to herein
for the Charged Premises during the continuance of this security subject to production to
the Registrar of Lands and any person or company approved by the Chargee from time to time
at the request and cost of the Chargor to enable endorsements thereon of any transaction
affecting the Charged Premises which may be subject or subsequent to this security PROVIDED
HOWEVER that if the said documents held by the Chargee in relation to the said Charged
Premises or these presents is and/or are destroyed or suffer damage as the result of any
fire, Act of God, civil commotion or the Queen&#146;s enemies the Chargee shall not be held
liable for such loss or destruction nor shall the Chargee be called upon to obtain another
original document or copy or copies of any of the said documents in place of those lost
and/or destroyed as aforesaid. The Chargee however shall be entitled but not obliged to
obtain another original document and/or certified copy or copies of the said documents and
the costs and expenses if any incidental thereto shall be payable by the Chargor under the
Chargor&#146;s covenants herein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>EVENTS OF DEFAULT</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions of Sections&nbsp;72 and 75 of the Statute shall apply to this Charge subject to
such modifications and additions and varied events as are herein contained if any other
creditors of the Chargor shall proceed against the Charged Premises or any part thereof or
if the Chargor shall commit a breach of any of the agreements and covenants on its behalf
herein contained or implied and on the part of the Chargor to be kept observed and performed
or if the Chargor shall become bankrupt or makes assignment of any composition for the
benefit of the Chargor&#146;s creditors or being a company goes into liquidation (other than a
voluntary liquidation for the purposes of a reconstruction only the terms of which have been
previously approved by the Chargee) or suffers the appointment of a receiver over any part
of the Chargor&#146;s assets and in addition to all other rights conferred on the Chargee it
shall be lawful for the Chargee to enter into and upon the premises the subject of this
security and to receive the rents and profits thereof to or for the Chargee&#146;s own use and
benefit or to make use of all or any of the Chargee&#146;s present or future securities in such
order and lawful or equitable manner as the Chargee may be advised.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGEE&#146;S REMEDIES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sections&nbsp;72 and 75 of the Statute shall be varied in respect of this Charge and of any
instrument of variation executed pursuant to this Charge so as to entitle the Chargee</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately upon default by the Chargor in payment of the whole or any part of any sum
payable specified in Item&nbsp;Four (4)&nbsp;of the Schedule &#147;B&#148; or whenever there shall be any breach
or non-observance of any covenants or conditions expressed or implied herein to serve on the
Chargor notice in writing to pay the money owing or to perform and observe the agreement as
the case may be and further so as to provide that if the Chargor does not comply within one
month of the date of service of such notice the Chargee may thereupon without further notice
either:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>appoint a receiver of the income of the Charged Premises; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell the Charged Premises without further notice by private treaty as well as by public
auction; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into possession of the charged property; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the event that the Chargee does appoint a receiver or enter into possession
of
the charged property, exercise its powers of sale or appointment of a receiver
at any time thereafter without further notice;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PROVIDED ALWAYS and it is hereby expressly declared and agreed that in any case where any
such modification of the Statute (or any other modification provided for in this Charge)
shall require the sanction of the Court the Chargee shall have the right at its option to
waive any modification where it is in favour of the Chargee or to seek the sanction of the
Court thereto and should the Chargee fail to obtain the sanction of the Court to any
particular modification or should the Chargee elect to waive its rights under any
modification then the original provisions of the Statute shall apply without modification.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>FURTHER ADVANCES AND CONSOLIDATION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The right contained in Section&nbsp;81(1) of the Statute to make further advances and to give
credit to the Chargor on a current or continuing account and the right contained in Section
82 of the Statute to consolidate charges are expressly reserved to the Chargee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>POWER TO TRANSFER CHARGE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee may at any time transfer assign or charge the benefit of this Charge and the
transferee shall have the benefit of all the covenants by the Chargor and the provisions
herein contained and may at any time thereafter exercise all rights and remedies of the
Chargee for securing the said sum and interest and every statement of fact contained in
such transfer shall as against the Chargor be deemed to be conclusive and binding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>THE GIVING OF TIME</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The giving of time to the Chargor or the neglect or forbearance of the Chargee in requiring
or enforcing payment of the Principal and interest hereby secured or any other variation of
the provisions of this instrument or other dealing between the Chargor and the Chargee shall
not in any way prejudice or affect this security or the joint and several covenants of the
Chargor hereinbefore contained or the continuing liability of the Chargor by virtue thereof.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">11
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>RIGHT OF REDEMPTION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This security is a continuing security to the Chargee and shall avail the Chargee in
respect of all present and future indebtedness of the Chargor to the Chargee which may arise
hereunder and shall continue notwithstanding any payments from time to time made by the
Chargor or other settlement of account or other thing whatsoever, but it is hereby agreed
that upon performance of all the Chargor&#146;s obligations hereunder and upon payment to the
Chargee of all moneys secured or payable hereunder the Chargee will at any time thereafter
at the request and costs of the Chargor discharge this Charge.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>ORDER OF REALIZING SECURITY</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This security shall not be affected by nor affect any other security which the Chargee may
now or hereafter hold from the Chargor or any other person and the Chargee shall be at
liberty to realize its securities in such order and manner and to apply and appropriate any
monies at any time or times paid by or on behalf of the Chargor or resulting from a
realization of this or any other security or any part thereof to such account or item of
indebtedness and in such sequence, priority and order as the Chargee may in its absolute
discretion from time to time determine, any direction from the Chargor to the contrary
notwithstanding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGEE&#146;S EXERCISE OF REMEDIES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee shall be entitled to exercise its remedies under this Charge concurrently,
consecutively or in such order as the Chargee in its discretion may from time to time
decide and without exercising or exhausting any one remedy before proceeding with another.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>THE WORDS &#147;CHARGOR&#148;, &#147;CHARGEE&#148;, ETC.</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The words &#147;Chargor&#148;, &#147;Chargee&#148;, and &#147;Attorney&#148; herein used importing the singular number
only shall where the context so requires or admits be deemed also to include the plural
number and the words &#147;he&#148;, &#147;his&#148;, &#147;him&#148; and &#147;himself&#148; referring to the Chargor appearing
herein importing the masculine gender and singular number shall where the context so
requires or admits be deemed to include also the feminine and neuter genders and the plural
number and if there be more than one Chargor and Guarantor (if any) covenants and
agreements expressed to be made by the Chargor and Guarantor shall be deemed to be made by
such persons jointly and severally.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">21.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGE AS CONTINUING SECURITY</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intentionally deleted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">22.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TREATMENT OF WOODEN CONSTRUCTION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where a building on the charged property is, in the opinion of the Chargee or any Quantity
Surveyor employed by the Chargee, of lumber or part lumber construction, the Chargor
covenants that he will, at his expense, have a pest control agency inspect and, where
necessary, eradicate termites in the structure and render written confirmation to</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">12
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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Chargor that the building is termite free, such written confirmation to be rendered once
in every 12&nbsp;months that any bond remains outstanding. Should the chargor omit or otherwise
fail to have these inspections made, the Chargee will then have the right to have any such
inspections and treatments undertaken and the Chargor hereby covenants that the cost of such
inspection and treatment will be payable by the Chargor on demand of the Chargee together
with the cost of any surveyor or other professional who the Chargee deems necessary to
employ to ascertain the extent of any termite or other wood boring organism infestation and
to eradicate the same together with interest on such costs at the rate payable under the
principal sum as hereinbefore provided.</TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>DIRECTIONS TO REGISTRAR OF LANDS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>AND the Registrar of Lands is hereby requested and directed pursuant to Section&nbsp;64 (3), 68,
69, 81 and 82 of the said Law:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to register the Statutory Charge and this schedule in favour of the Chargee;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the Register that the Statutory Charge and this schedule:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contain an agreement by the Chargor with the Chargee that the
Chargor may not without the prior written consent of the Chargee lease, charge,
let or otherwise part with possession of the charged property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contain an agreement by the Chargor with the Chargee that the
Chargor may not sell or transfer the charged property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>include provision for the Chargee to make further advances, to
tack and to rank in priority to any subsequent charge;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>give to the Chargee the right to consolidate the Statutory
Charge and this schedule with any other charge;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contain an agreement by the Chargor with the Chargee that the
Chargor will not without first obtaining the prior written consent of the
Chargee create or purport or attempt to create any charge, encumbrance or
mortgage which by virtue of any law or regulation will rank pari passu with or
in priority to the Statutory Charge.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">24.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CAPTIONS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The captions appearing at the head of each clause and sub-clause of this Schedule to the
Charge have been inserted as a matter of convenience and for reference only and shall not
define limit or enlarge the scope or meaning of this Schedule or Charge or any provision
hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">25.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CAYMAN LAW</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Schedule shall be governed and construed solely according to the Laws of the Cayman
Islands.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">13
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">AND FOR BETTER SECURING to the Chargee the payment of the moneys intended to be hereby secured and
every part thereof for Principal, interest, costs, expenses or otherwise the Chargor HEREBY CHARGES
to the Chargee all his estate and interest and all the estate and interest which he is entitled or
able to transfer and dispose of in ALL THAT parcel of land described in Item&nbsp;Five (5)&nbsp;of the
Schedule &#147;B&#148; hereto.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED by the Chargors in the
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CAYMAN WATER COMPANY LIMITED</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000" align="left">Frederick W. McTaggart</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald Miller&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greg
McTaggart
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</TR>


<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED
for and on behalf of Chargee in<BR>
the presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<BR>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DEXTRA BANK &#038; TRUST CO. LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000" align="left">Alex Wood</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald Miller&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alitisia
Finlayson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">14
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE &#147;B&#148;</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DATE BONDS REPAYABLE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On demand upon occurrence of an event of default.</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PRINCIPAL SUM:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US$15,771,997.00</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">INTEREST RATE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payable in accordance with a
Trust Deed made between the
Chargee and Consolidated
Water Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">AMOUNT OF MONTHLY PAYMENT<BR>
OF PRINCIPAL AND INTEREST:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payable in accordance with the terms
of a Trust Deed made between the Chargee
and Consolidated Water Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THE CHARGED PREMISES:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WEST BAY BEACH SOUTH BLOCK 12D
PARCEL 79REM&#189;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">15
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>11
<FILENAME>g02807exv10w10.htm
<DESCRIPTION>EX-10.10 CAYMAN ISLANDS COLLATERAL CHARGE
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.10 Cayman Islands Collateral Charge</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT
10.10</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="75%"></TD>
    <TD width="15%"></TD>
    <TD width="15%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">FORM RL9
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap><B>INSTRUMENT NO.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><DIV style="border: 1px solid #000000">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>CAYMAN ISLANDS</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 0pt"><B>The Registered Land Law (2004 Revision)<BR>
THIRD SCHEDULE<BR>
COLLATERAL CHARGE<BR>
(Collateral to A Debenture)</B>
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">REGISTRATION SECTION
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BLOCK
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">PARCEL
</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WEST
BAY BEACH NORTH
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11D
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">40</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">I/WE, CAYMAN WATER COMPANY LIMITED<BR>
HEREBY CHARGE my/our interest in the above mentioned title to secure the payment<BR>
to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEXTRA BANK &#038; TRUST CO. LTD.<BR>
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 North Church Street, George Town, Grand Cayman, Cayman Islands</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">of the principal sum of FIFTEEN MILLION SEVEN HUNDRED SEVENTY-ONE THOUSAND NINE HUNDRED
NINETY-SEVEN UNITED STATES DOLLARS (US$15,771,997.00)<BR>
with interest at the rate as set out in Schedules A and B attached hereto, payable in accordance
with the
terms of Schedule&nbsp;A and B attached, subject to section 67 of the above law, unless hereby
negatived,
modified or added to. (Here set forth any variation, or make reference to an attached document).</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;&nbsp;&nbsp;Requests to Registrar<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;&nbsp;&nbsp;Schedule&nbsp;A<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;&nbsp;&nbsp;Schedule&nbsp;B

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal sum shall be repaid on demand and otherwise in accordance with Schedules A and B
attached hereto together with any interest then due.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And I/WE the above named Chargor(s) hereby acknowledge that we understand the effect of
section 72 of the Registered Land Law, (2004 Revision).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Dated
this 4th day of August 2006
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CAYMAN WATER COMPANY LIMITED
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Signed by the Chargor
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frederick
W.
McTaggart&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greg
McTaggart<BR>
director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; director/secretary</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">in the presence of:-&nbsp;
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald
Miller<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEXTRA BANK &#038; TRUST CO. LTD.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Signed by the Chargee
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alex
Wood&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alitsia
Finlayson<BR>
director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; director/secretary</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">in the presence of:-
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald
Miller<BR></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FOR OFFICIAL USE ONLY</B>
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I, the Registrar of Lands in the Cayman Islands hereby certify that this document was
received by me for registration on the
.......................................... day of
...............200......
and that stamp duty assessed/adjudicated by me/Treasury at
C.I.$..........and
Land Registry fees at C.I.$......................................... relating thereto have been paid.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">REGISTERED this &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">.........................................
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">REGISTRAR OF LANDS, CAYMAN ISLANDS
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE
OF IDENTIFICATION<BR><br>
CAYMAN WATER COMPANY LIMITED
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 35%">By:<BR>
By:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Name................................................................................. .
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I HEREBY CERTIFY that the above named person..................................................................................<BR>
appeared before me on the ........ day of July 2006 and<BR>
being identified by*......................................... (or being known to me)<BR>
acknowledged the above signature or mark to be his/theirs and that he/they had freely and<BR>
voluntarily executed this instrument and understood its contents.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">..................................................................................<BR>
Signature and designation of the person certifying
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE OF IDENTIFICATION<BR>
DEXTRA BANK &#038; TRUST CO. LTD.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 35%">By:<BR>
By:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Name................................................................................. .
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I HEREBY CERTIFY that the above named ..................................................................................<BR>
appeared before me on the ........ day of July 2006 and<BR>
being identified by*......................................... (or being known to me)<BR>
acknowledged the above signature or mark to be his/theirs and that he/they had freely and<BR>
voluntarily executed this instrument and understood its contents.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">..................................................................................<BR>
Signature and designation of the person certifying
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE OF IDENTIFICATION
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Name................................................................................. .
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I HEREBY CERTIFY that the above named ..................................................................................<BR>
appeared before me on the ........ day of ........................
200 ........ and<BR>
being identified by*......................................... (or being known to me)<BR>
acknowledged the above signature or mark to be his/theirs and that he/they had freely and<BR>
voluntarily executed this instrument and understood its contents.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">..................................................................................<BR>
Signature and designation of the person certifying
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*NOTE:</TD>
    <TD>&nbsp;</TD>
    <TD>Please ensure that the appropriate insertions and/or deletions are made<BR>
so that the method of identification is clear.</TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>THE REGISTRAR OF LANDS IS HEREBY REQUESTED</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to register this Charge in favour of the Chargee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the attached schedule contains an agreement by the Chargor with
the Chargee that the Chargor will not without first obtaining the prior written consent of the
Chargee, sell, lease or sub-lease or agree to lease or sub-lease, charge, let or assign or
transfer or otherwise part with the possession of the charged premises or any part thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the right to tack and rank in priority to any subsequent charge
is expressly reserved to the Chargee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the attached Schedule reserved to the Chargee the right to
consolidate this Charge with any other charge;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the attached Schedule contains an agreement by the Chargor with
the Chargee that the Chargor will not without first obtaining the prior written consent of the
Chargee create or purport or attempt to create any charge, incumbrance or mortgage which by
virtue of any law or regulation will rank pari passu with or in priority to this Charge or
second or subsidiary to this Charge.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE &#147;A&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">NOW THIS INSTRUMENT WITNESSETH as follows:-
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>INTERPRETATION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Throughout this instrument unless the context otherwise requires the following expressions<BR>
have the following meanings:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Chargor&#148;, &#147;the Guarantor&#148; (if any) and &#147;the Chargee&#148; includes besides the
parties hereto their respective personal representatives, successors in title and
transferees.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Principal&#148; means the principal sum hereby advanced and secured and set out
in Item&nbsp;Two (2)&nbsp;of the Schedule &#147;B&#148; hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Statute&#148; means the Registered Land Law or any re-enactment thereof or any
enactment amending the same.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Board of Directors&#148; means the Directors of DEXTRA BANK &#038; TRUST CO.
LTD. from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Charged Premises&#148; means the land the subject of this Charge as set out in
Item&nbsp;Five (5)&nbsp;of the Schedule &#147;B&#148; hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Building&#148; or &#147;Buildings&#148; means any building or erection erected on the
Charged Premises whether or not permanently attached thereto and includes all fixtures
and fittings and any chattels owned by the Chargor and used in or about the Charged
Premises.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>COVENANTS BY THE CHARGOR</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In consideration of the Principal lent and advanced by the Chargee to the Chargor at the
request of the Chargor (the receipt whereof is hereby acknowledged), the Chargor HEREBY
COVENANTS with the Chargee during the continuance of this security as follows:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY PRINCIPAL</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To pay to the Chargee on the date specified in Item&nbsp;One (1)&nbsp;of the Schedule &#147;B&#148; in
accordance with the terms of a Trust Deed made between the Chargee and Consolidated
Water Co. Ltd., the Principal or such part thereof as shall then remain unpaid
together with all interest at the rate set out in Item&nbsp;Three (3)&nbsp;of the Schedule &#147;B&#148;
(subject as hereinafter provided) and all other monies hereby secured then remaining
unpaid: and the Chargor HEREBY CHARGES the Charged Premises with the payment of such
Principal and interest and all other monies hereby secured; and the Chargor shall
on demand lawfully being made in writing by the Chargee requiring payment of the
Principal or the balance thereof then outstanding and all interest and other monies
hereby secured and signed on behalf of the Chargee by any of its officers thereunto
authorized or by its Attorneys-at-Law, pay to the Chargee at the place aforesaid the
Principal or the
entire balance then outstanding and all interest and other monies hereby secured
then outstanding.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">4
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY INSTALLMENTS</U></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Until payment in full of the Principal and of all such other
monies hereby secured, to pay to the Chargee at the place aforesaid the sums on
the dates specified in Item&nbsp;Four (4)&nbsp;of Schedule &#147;B&#148; hereto. Such monthly
payments shall be applied FIRSTLY in satisfaction or on account of interest
accrued on the Principal or such part thereof as shall for the time remain
unpaid, which interest shall be computed at the rate specified in Item&nbsp;Three
(3)&nbsp;of the said Schedule &#147;B&#148; from the date of payment of the Principal or any
part thereof to the Chargor and SECONDLY in reduction of the Principal.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All payments made under and pursuant to this Charge on account
of Principal or interest or otherwise shall be made without set-off or
counter-claim and free and clear of and without future taxes levies, rates,
imposts, duties, deductions, withholdings or other charges of whatsoever
nature.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY RATES, TAXES AND OUTGOINGS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At all times duly and regularly to pay all rates, taxes, assessments and outgoings
now or hereafter to become due and payable in respect of the Charged Premises and to
produce on demand all receipts and vouchers in proof of such payments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>REPAIRS ETC.</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sub-Section (c)&nbsp;of Section&nbsp;67 of the Statute shall not apply to this Charge nor to
any instrument of variation executed pursuant to this Charge and instead thereof the
Chargor shall so long as any money remains owing on this Charge or any variation
thereof keep the Buildings on the Charged Premises in good and substantial repair
and condition to the satisfaction of the Chargee and to permit the Chargee or its
agents with or without workmen and others at all reasonable times to enter into or
upon the Charged Premises and examine the state and condition thereof and of the
Building and to forthwith repair and make good all defects and wants of reparation
of which notice in writing shall have been given to the Chargor by the Chargee AND
IN CASE OF DEFAULT to permit the Chargee with or without workmen to enter on the
Charged Premises and effect such repairs to the Building as the Chargee may consider
necessary and on demand to pay to the Chargee all reasonable costs and expenses
incurred in relation to any such inspection and or the effecting of such repairs and
until payment by the Chargor such costs and expenses shall be treated as a further
advance repayable with interest in manner herein provided and in such event the
Chargor shall execute an instrument of variation pursuant to Section&nbsp;69 of the above
Statute upon such terms as the Chargee shall then require.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>RESTRICTIVE AGREEMENTS AND CONDITIONS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At all times to comply with the restrictive covenants (if any) endorsed on the Land
Register for the Charged Premises or any Buildings thereon and not to use the
Charged Premises or any Buildings thereon for any purpose other than that permitted
by such restrictive covenants and not to alter or add to or cause to be altered or
added to any Building structure or erection on the Charged Premises without the
written consent of the Chargee first had and obtained.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>INSURANCE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sub-Section (d)&nbsp;of Section&nbsp;67 of the above Statute (and Sub-Section (j)&nbsp;thereof only
so far as it relates to the said Sub-Section (d)&nbsp;shall not apply to this Charge or
to any instrument of variation executed pursuant to this Charge and instead thereof
the Chargor shall so long as any money shall remain owing on the security of this
Charge or any variation thereof insure and keep insured in the joint names of the
Chargor and Chargee any buildings or erections from time to time erected or in the
course of erection of an insurable nature upon being or forming part of the Charged
Premises (whether affixed to the freehold or not) with an insurance office of repute
approved from time to time by the Chargee against loss or damage occasioned by fire
(including fire occasioned by any of the undermentioned perils), lightning, (whether
accompanied by fire or not), earthquake, hurricane, cyclone, tornado, windstorm,
flood (including overflow of the sea), riot, strike, public liabilities and such
other perils and on such other terms and conditions as the Chargee may from time to
time deem fit for a sum not less than the full insurable value of the said
buildings. The interest of the Chargee under the policy or policies of insurance to
be effected on the buildings as hereinbefore provided shall for all purposes be
deemed the primary interest in the said policies the subject matter thereof and the
moneys payable thereunder shall be payable to the Chargee in priority to all other
moneys that may from time to time become payable under any other policy of insurance
of whatsoever class and wheresoever the same may be effected in any name or names
whatsoever, other than that of the Chargee AND it is hereby agreed and declared that
all monies received under or by virtue of any insurance as aforesaid whether
received by the Chargor the Chargee or any receivers appointed by the Chargee
(notwithstanding the provisions of Section&nbsp;73(7) of the Statute) shall at the
option of the Chargee either be forthwith applied in or towards substantially
rebuilding reinstating or repairing the buildings or erections destroyed or damaged
or in or towards payment of the moneys for the time being secured by these presents
including any premiums paid under the aforesaid power and the Chargor DOTH HEREBY
IRREVOCABLY APPOINT the Chargee the attorney for the Chargor during the subsistence
of this security to collect and receive and give valid receipts and discharges for
all moneys that may be or may become payable to the Chargor under any policies of
insurance with full powers to adjust compromise and submit to arbitration and give
receipts and acquittances for and compound all or any claims under every such policy
of insurance and the said policy shall be deposited at the offices of the Chargee
during the continuance of this security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">G.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY INSURANCE PREMIUMS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At all times to punctually pay every sum from time to time payable for keeping on
foot every such insurance or within seven (7)&nbsp;days after the first day upon which it
becomes payable and on demand deliver to the Chargee the policy or policies of</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such insurance duly endorsed as aforesaid or other proper evidence of the
subsistence thereof and also on demand to deliver to the Chargee the receipts for or
other sufficient evidence of repayment of every sum payable as aforesaid AND it is
hereby agreed and declared that if the Chargor shall make default in any of the
above matters the Chargee may insure and keep insured all or any of the
Buildings in manner aforesaid and that the expense of so doing shall be paid by the
Chargor to the Chargee on demand and in the meantime shall be added to the Principal
sum and bear interest accordingly in manner herein provided and in such event the
Chargor shall execute an instrument of variation pursuant to Section&nbsp;69 of the
Statute upon such terms as the Chargee shall then require.</TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">H.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO SELL LEASE CHARGE ETC.</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sub-Sections (f)&nbsp;and (g)&nbsp;of Section&nbsp;67 of the Statute shall not apply to this
Charge nor to any instrument of variation executed pursuant to this Charge and
instead thereof the Chargor shall not during the continuance of this security
without prior consent in writing of the Chargee which consent shall not be
unreasonably withheld sell lease charge let or otherwise part with the possession of
the Charged Premises or the Buildings whether by license trust or otherwise and in
the event of the Chargee giving consent to lease or let the said Charged Premises or
the buildings and effects thereon to require the proposed lessee or tenant to enter
into a covenant direct with the Chargee to pay the rent so accruing direct to the
Chargee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO ASSIGN CHARGE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to assign or transfer this Charge to any purchaser, assignee, or other successor
in title to the Charged Premises without the Chargee&#146;s express consent in writing.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">J.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO RANK PARI PASSU</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to apply for or accept any loan which by virtue of any law or regulation will
rank pari passu with or in priority to this security in respect of the Charged
Premises the subject of this Charge nor to do any act which shall have the effect of
diminishing or decreasing the value of the security hereby charged without first
obtaining the written consent of the Chargee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">K.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO MAKE ALTERATIONS OR ADDITIONS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to without the written consent of the Chargee first had and obtained which
consent shall not be unreasonably withheld make or permit or suffer to be made any
material change or additions whatsoever in or to the Charged Premises or the
Buildings the subject of this security or the use hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">L.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGOR&#146;S COSTS AND FEES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To pay the examination of the title herein and preparation of this Charge together
with the Stamp Duty and registration fees now or hereafter payable on this Charge or
any instrument of variation or discharge or partial discharge or power of attorney
executed pursuant to this Charge and any such monies as aforesaid shall be
recoverable from the Chargor as a debt, shall bear interest at the rate hereinbefore
mentioned and shall be charged upon the property hereby charged.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">7
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">M.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>WHERE CHARGOR IS A COMPANY (ONLY)</U></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Chargor&#146;s Warranty</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor hereby represents and warrants to the Chargee that it is duly
incorporated and existing in good standing under the laws of the Cayman
Islands (or under the laws of some other jurisdiction and duly registered to
carry on business in the Cayman Islands) and that it is qualified to do
business wherever necessary to carry on its present operations and that the
making and performance of this Charge is within its corporate powers having
been properly authorised by all necessary governmental and corporate
approvals and does not contravene any law or any contractual restrictions
binding on the Chargor and that the Charge is a legal valid and binding
obligation of the Chargor enforceable against the Chargor in accordance with
its terms and that there are not now any pending or threatened actions or
proceedings before any court or administrative agency which may materially
adversely affect the Chargor&#146;s financial conditions and operations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Not to Change Corporate Structure</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to reorganize, consolidate, merge or amalgamate with any other
corporation or corporations or make or cause any change in the existing
shareholdings without the prior written consent of the Chargee.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">N.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGOR&#146;S POWER OF ATTORNEY</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor further hereby covenants that the Chargor will on demand at the
Chargor&#146;s own cost and expense during the continuance of this Charge do and execute
or cause to be done and executed all such instruments acts deed and things to
perfect this security and to preserve and protect the rights and privileges of the
Chargee granted by this Charge or by operation of law and to this end the Chargor
hereby undertakes and agrees on demand to execute cause to be verified and deliver
to the Chargee a power of attorney, in favour of the Chargee in form required by the
Chargee to enable the Chargee to enter the same in the register of powers of
attorney or with the consent of the Registrar of Lands to file a copy thereof
certified by the Registrar of Lands in the file of powers of attorney.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGEE&#146;S EXPENSES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without prejudice to and in addition to any other remedy of the Chargee in respect thereof
the Chargor HEREBY COVENANTS with the Chargee that on demand the Chargor will pay to the
Chargee the amount of all the Chargee&#146;s expenses incurred by the Chargee in relation to the
security hereby constituted with interest thereon from the date when the Chargor becomes
liable therefor until payment thereof at the rate for the time being payable hereunder in
the manner hereby provided with regard to the payment of interest and the Chargor HEREBY
CHARGES the Charged Premises with the payment of such expenses and the interest thereon and
for the avoidance of doubt it is hereby declared that the expression &#147;Chargee&#146;s expense&#148;
includes not only all such expenses as would otherwise be allowable on the taking of an
account between the Chargor and a Chargee but also (and in so far as they are not so
allowable) includes all</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>moneys, costs, charges and expenses paid and all liabilities incurred by the Chargee
(including legal costs, charges and expenses ascertained as between Attorney-at-Law and own
client) on or in connection with or incidental to the Charged Premises and security and
without prejudice to the generality of the foregoing shall include all moneys, costs,
charges and expenses paid and all liabilities incurred by the Chargee in
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or in connection with or incidental to, amongst other things:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effecting any insurance whatever on or in connection with the Charged Premises
or any part thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inspecting surveying or obtaining any report of any nature or kind whatsoever
on or in relation to the Charged Premises or any building or other erection or
engineering work thereon or any part or parts thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Considering or enforcing or attempting to enforce any of the rights and powers
hereby or by Law vested in the Chargee in relation to the Charged Premises or this
security;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Doing or considering any other matter or thing whatsoever which the Chargee may
consider to be for the benefit, preservation or improvement of this security.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>VARIATION OF RATE OF INTEREST</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intentionally deleted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>RIGHT TO PREPAY PRINCIPAL</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intentionally deleted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>SERVICE OF NOTICE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any demand or notice hereunder shall be properly and effectually made given and served on
the Chargor at any time by letter or other instrument in writing signed by the Chargee or on
its behalf by its Attorney-at-Law, agent, clerk or other person authorized either in writing
or orally by the Directors and addressed to the Chargor and left in some conspicuous place
on the Charged Premises or sent by registered post to his address appearing in the Land
Register or to his address appearing in this Instrument or the address subsequently
furnished by the Chargor to the Chargee and every such demand or notice sent by post as
aforesaid shall be deemed to have been given and served on the fifth (5th) day following the
posting thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>WAIVER</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That no neglect or omission on the part of the Chargee to take advantage of or enforce any
right or remedy arising out of any breach non-observance or non-performance of any covenant
or condition herein contained or by law implied, shall be deemed to be or operate as a
general waiver of such covenant or condition or prejudice the right of the Chargee in
enforcing or taking advantage thereof either original or recurring.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">9
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>LOSS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee shall not be answerable for any loss happening in or about the exercise or
execution of any powers conferred on the Chargee howsoever or by Law implied or of any
trusts connected thereto nor shall be deemed a Chargee in possession when entering in to
inspect or to effect repairs or remedy breaches.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>MERGER</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The taking of a judgment or judgments or any covenant or covenants herein contained shall
not operate as a merger of the said covenant or covenants or affect the Chargee&#146;s rights to
interest at the rate and times herein set forth.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>SAFEKEEPING OF DOCUMENTS (IF ANY)</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee shall be entitled to keep and retain all relevant documents referred to herein
for the Charged Premises during the continuance of this security subject to production to
the Registrar of Lands and any person or company approved by the Chargee from time to time
at the request and cost of the Chargor to enable endorsements thereon of any transaction
affecting the Charged Premises which may be subject or subsequent to this security PROVIDED
HOWEVER that if the said documents held by the Chargee in relation to the said Charged
Premises or these presents is and/or are destroyed or suffer damage as the result of any
fire, Act of God, civil commotion or the Queen&#146;s enemies the Chargee shall not be held
liable for such loss or destruction nor shall the Chargee be called upon to obtain another
original document or copy or copies of any of the said documents in place of those lost
and/or destroyed as aforesaid. The Chargee however shall be entitled but not obliged to
obtain another original document and/or certified copy or copies of the said documents and
the costs and expenses if any incidental thereto shall be payable by the Chargor under the
Chargor&#146;s covenants herein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>EVENTS OF DEFAULT</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions of Sections&nbsp;72 and 75 of the Statute shall apply to this Charge subject to
such modifications and additions and varied events as are herein contained if any other
creditors of the Chargor shall proceed against the Charged Premises or any part thereof or
if the Chargor shall commit a breach of any of the agreements and covenants on its behalf
herein contained or implied and on the part of the Chargor to be kept observed and performed
or if the Chargor shall become bankrupt or makes assignment of any composition for the
benefit of the Chargor&#146;s creditors or being a company goes into liquidation (other than a
voluntary liquidation for the purposes of a reconstruction only the terms of which have been
previously approved by the Chargee) or suffers the appointment of a receiver over any part
of the Chargor&#146;s assets and in addition to all other rights conferred on the Chargee it
shall be lawful for the Chargee to enter into and upon the premises the subject of this
security and to receive the rents and profits thereof to or for the Chargee&#146;s own use and
benefit or to make use of all or any of the Chargee&#146;s present or future securities in such
order and lawful or equitable manner as the Chargee may be advised.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGEE&#146;S REMEDIES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sections&nbsp;72 and 75 of the Statute shall be varied in respect of this Charge and of any
instrument of variation executed pursuant to this Charge so as to entitle the Chargee</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately upon default by the Chargor in payment of the whole or any part of any sum
payable specified in Item&nbsp;Four (4)&nbsp;of the Schedule &#147;B&#148; or whenever there shall be any breach
or non-observance of any covenants or conditions expressed or implied herein to serve on the
Chargor notice in writing to pay the money owing or to perform and observe the agreement as
the case may be and further so as to provide that if the Chargor does not comply within one
month of the date of service of such notice the Chargee may thereupon without further notice
either:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>appoint a receiver of the income of the Charged Premises; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell the Charged Premises without further notice by private treaty as well as by public
auction; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into possession of the charged property; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the event that the Chargee does appoint a receiver or enter into possession
of
the charged property, exercise its powers of sale or appointment of a receiver
at any time thereafter without further notice;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PROVIDED ALWAYS and it is hereby expressly declared and agreed that in any case where any
such modification of the Statute (or any other modification provided for in this Charge)
shall require the sanction of the Court the Chargee shall have the right at its option to
waive any modification where it is in favour of the Chargee or to seek the sanction of the
Court thereto and should the Chargee fail to obtain the sanction of the Court to any
particular modification or should the Chargee elect to waive its rights under any
modification then the original provisions of the Statute shall apply without modification.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>FURTHER ADVANCES AND CONSOLIDATION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The right contained in Section&nbsp;81(1) of the Statute to make further advances and to give
credit to the Chargor on a current or continuing account and the right contained in Section
82 of the Statute to consolidate charges are expressly reserved to the Chargee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>POWER TO TRANSFER CHARGE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee may at any time transfer assign or charge the benefit of this Charge and the
transferee shall have the benefit of all the covenants by the Chargor and the provisions
herein contained and may at any time thereafter exercise all rights and remedies of the
Chargee for securing the said sum and interest and every statement of fact contained in
such transfer shall as against the Chargor be deemed to be conclusive and binding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>THE GIVING OF TIME</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The giving of time to the Chargor or the neglect or forbearance of the Chargee in requiring
or enforcing payment of the Principal and interest hereby secured or any other variation of
the provisions of this instrument or other dealing between the Chargor and the Chargee shall
not in any way prejudice or affect this security or the joint and several covenants of the
Chargor hereinbefore contained or the continuing liability of the Chargor by virtue thereof.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">11
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>RIGHT OF REDEMPTION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This security is a continuing security to the Chargee and shall avail the Chargee in
respect of all present and future indebtedness of the Chargor to the Chargee which may arise
hereunder and shall continue notwithstanding any payments from time to time made by the
Chargor or other settlement of account or other thing whatsoever, but it is hereby agreed
that upon performance of all the Chargor&#146;s obligations hereunder and upon payment to the
Chargee of all moneys secured or payable hereunder the Chargee will at any time thereafter
at the request and costs of the Chargor discharge this Charge.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>ORDER OF REALIZING SECURITY</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This security shall not be affected by nor affect any other security which the Chargee may
now or hereafter hold from the Chargor or any other person and the Chargee shall be at
liberty to realize its securities in such order and manner and to apply and appropriate any
monies at any time or times paid by or on behalf of the Chargor or resulting from a
realization of this or any other security or any part thereof to such account or item of
indebtedness and in such sequence, priority and order as the Chargee may in its absolute
discretion from time to time determine, any direction from the Chargor to the contrary
notwithstanding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGEE&#146;S EXERCISE OF REMEDIES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee shall be entitled to exercise its remedies under this Charge concurrently,
consecutively or in such order as the Chargee in its discretion may from time to time
decide and without exercising or exhausting any one remedy before proceeding with another.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>THE WORDS &#147;CHARGOR&#148;, &#147;CHARGEE&#148;, ETC.</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The words &#147;Chargor&#148;, &#147;Chargee&#148;, and &#147;Attorney&#148; herein used importing the singular number
only shall where the context so requires or admits be deemed also to include the plural
number and the words &#147;he&#148;, &#147;his&#148;, &#147;him&#148; and &#147;himself&#148; referring to the Chargor appearing
herein importing the masculine gender and singular number shall where the context so
requires or admits be deemed to include also the feminine and neuter genders and the plural
number and if there be more than one Chargor and Guarantor (if any) covenants and
agreements expressed to be made by the Chargor and Guarantor shall be deemed to be made by
such persons jointly and severally.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">21.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGE AS CONTINUING SECURITY</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intentionally deleted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">22.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TREATMENT OF WOODEN CONSTRUCTION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where a building on the charged property is, in the opinion of the Chargee or any Quantity
Surveyor employed by the Chargee, of lumber or part lumber construction, the Chargor
covenants that he will, at his expense, have a pest control agency inspect and, where
necessary, eradicate termites in the structure and render written confirmation to</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">12
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Chargor that the building is termite free, such written confirmation to be rendered once
in every 12&nbsp;months that any bond remains outstanding. Should the chargor omit or otherwise
fail to have these inspections made, the Chargee will then have the right to have any such
inspections and treatments undertaken and the Chargor hereby covenants that the cost of such
inspection and treatment will be payable by the Chargor on demand of the Chargee together
with the cost of any surveyor or other professional who the Chargee deems necessary to
employ to ascertain the extent of any termite or other wood boring organism infestation and
to eradicate the same together with interest on such costs at the rate payable under the
principal sum as hereinbefore provided.</TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>DIRECTIONS TO REGISTRAR OF LANDS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>AND the Registrar of Lands is hereby requested and directed pursuant to Section&nbsp;64 (3), 68,
69, 81 and 82 of the said Law:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to register the Statutory Charge and this schedule in favour of the Chargee;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the Register that the Statutory Charge and this schedule:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contain an agreement by the Chargor with the Chargee that the
Chargor may not without the prior written consent of the Chargee lease, charge,
let or otherwise part with possession of the charged property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contain an agreement by the Chargor with the Chargee that the
Chargor may not sell or transfer the charged property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>include provision for the Chargee to make further advances, to
tack and to rank in priority to any subsequent charge;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>give to the Chargee the right to consolidate the Statutory
Charge and this schedule with any other charge;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contain an agreement by the Chargor with the Chargee that the
Chargor will not without first obtaining the prior written consent of the
Chargee create or purport or attempt to create any charge, encumbrance or
mortgage which by virtue of any law or regulation will rank pari passu with or
in priority to the Statutory Charge.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">24.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CAPTIONS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The captions appearing at the head of each clause and sub-clause of this Schedule to the
Charge have been inserted as a matter of convenience and for reference only and shall not
define limit or enlarge the scope or meaning of this Schedule or Charge or any provision
hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">25.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CAYMAN LAW</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Schedule shall be governed and construed solely according to the Laws of the Cayman
Islands.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">13
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">AND FOR BETTER SECURING to the Chargee the payment of the moneys intended to be hereby secured and
every part thereof for Principal, interest, costs, expenses or otherwise the Chargor HEREBY CHARGES
to the Chargee all his estate and interest and all the estate and interest which he is entitled or
able to transfer and dispose of in ALL THAT parcel of land described in Item&nbsp;Five (5)&nbsp;of the
Schedule &#147;B&#148; hereto.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED by the Chargors in the
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CAYMAN WATER COMPANY LIMITED</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD style="border-bottom: 1px solid #000000" align="left">Frederick
W. McTaggart</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald Miller&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greg
McTaggart
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</TR>



<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED
for and on behalf of Chargee<BR>
in the presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DEXTRA BANK &#038; TRUST CO. LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left">Alex
Wood</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald Miller&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alitsia
Finlayson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</TR>



<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">14
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE &#147;B&#148;</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DATE BONDS REPAYABLE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On demand upon occurrence of an event of default.</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PRINCIPAL SUM:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US$15,771,997.00</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">INTEREST RATE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payable in accordance with a
Trust Deed made between the
Chargee and Consolidated
Water Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">AMOUNT OF MONTHLY PAYMENT<BR>
OF PRINCIPAL AND INTEREST:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payable in accordance with the terms
of a Trust Deed made between the Chargee
and Consolidated Water Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THE CHARGED PREMISES:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WEST BAY BEACH NORTH BLOCK 11D
PARCEL 40</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">15
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>12
<FILENAME>g02807exv10w11.htm
<DESCRIPTION>EX-10.11 CAYMAN ISLANDS COLLATERAL CHARGE
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.11 Cayman Islands Collateral Charge</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT
10.11</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="75%"></TD>
    <TD width="15%"></TD>
    <TD width="15%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">FORM RL9
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap><B>INSTRUMENT NO.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><DIV style="border: 1px solid #000000">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>CAYMAN ISLANDS</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 0pt"><B>The Registered Land Law (2004 Revision)<BR>
THIRD SCHEDULE<BR>
COLLATERAL CHARGE<BR>
(Collateral to A Debenture)</B>
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">REGISTRATION SECTION
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BLOCK
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">PARCEL
</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WEST
BAY BEACH NORTH
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11D
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">I/WE, CAYMAN WATER COMPANY LIMITED<BR>
HEREBY CHARGE my/our interest in the above mentioned title to secure the payment<BR>
to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEXTRA BANK &#038; TRUST CO. LTD.<BR>
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 North Church Street, George Town, Grand Cayman, Cayman Islands</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">of the principal sum of FIFTEEN MILLION SEVEN HUNDRED SEVENTY-ONE THOUSAND NINE HUNDRED
NINETY-SEVEN UNITED STATES DOLLARS (US$15,771,997.00)<BR>
with interest at the rate as set out in Schedules A and B attached hereto, payable in accordance
with the
terms of Schedule&nbsp;A and B attached, subject to section 67 of the above law, unless hereby
negatived,
modified or added to. (Here set forth any variation, or make reference to an attached document).</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;&nbsp;&nbsp;Requests to Registrar<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;&nbsp;&nbsp;Schedule&nbsp;A<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;&nbsp;&nbsp;Schedule&nbsp;B

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal sum shall be repaid on demand and otherwise in accordance with Schedules A and B
attached hereto together with any interest then due.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And I/WE the above named Chargor(s) hereby acknowledge that we understand the effect of
section 72 of the Registered Land Law, (2004 Revision).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Dated
this 4th day of August 2006
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CAYMAN WATER COMPANY LIMITED
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Signed by the Chargor
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frederick
W.
McTaggart&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greg
McTaggart<BR>
director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; director/secretary</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">in the presence of:-&nbsp;
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald
Miller<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEXTRA BANK &#038; TRUST CO. LTD.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Signed by the Chargee
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alex
Wood&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alitsia
Finlayson<BR>
director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; director/secretary</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">in the presence of:-
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald
Miller<BR></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FOR OFFICIAL USE ONLY</B>
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I, the Registrar of Lands in the Cayman Islands hereby certify that this document was
received by me for registration on the
.......................................... day of
...............200......
and that stamp duty assessed/adjudicated by me/Treasury at
C.I.$..........and
Land Registry fees at C.I.$......................................... relating thereto have been paid.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">REGISTERED this &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">.........................................
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">REGISTRAR OF LANDS, CAYMAN ISLANDS
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE
OF IDENTIFICATION<BR><br>
CAYMAN WATER COMPANY LIMITED
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 35%">By:<BR>
By:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Name................................................................................. .
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I HEREBY CERTIFY that the above named person..................................................................................<BR>
appeared before me on the ........ day of July 2006 and<BR>
being identified by*......................................... (or being known to me)<BR>
acknowledged the above signature or mark to be his/theirs and that he/they had freely and<BR>
voluntarily executed this instrument and understood its contents.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">..................................................................................<BR>
Signature and designation of the person certifying
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE OF IDENTIFICATION<BR>
DEXTRA BANK &#038; TRUST CO. LTD.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 35%">By:<BR>
By:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Name................................................................................. .
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I HEREBY CERTIFY that the above named ..................................................................................<BR>
appeared before me on the ........ day of July 2006 and<BR>
being identified by*......................................... (or being known to me)<BR>
acknowledged the above signature or mark to be his/theirs and that he/they had freely and<BR>
voluntarily executed this instrument and understood its contents.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">..................................................................................<BR>
Signature and designation of the person certifying
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE OF IDENTIFICATION
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Name................................................................................. .
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I HEREBY CERTIFY that the above named ..................................................................................<BR>
appeared before me on the ........ day of ........................
200 ........ and<BR>
being identified by*......................................... (or being known to me)<BR>
acknowledged the above signature or mark to be his/theirs and that he/they had freely and<BR>
voluntarily executed this instrument and understood its contents.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">..................................................................................<BR>
Signature and designation of the person certifying
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*NOTE:</TD>
    <TD>&nbsp;</TD>
    <TD>Please ensure that the appropriate insertions and/or deletions are made<BR>
so that the method of identification is clear.</TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>THE REGISTRAR OF LANDS IS HEREBY REQUESTED</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to register this Charge in favour of the Chargee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the attached schedule contains an agreement by the Chargor with
the Chargee that the Chargor will not without first obtaining the prior written consent of the
Chargee, sell, lease or sub-lease or agree to lease or sub-lease, charge, let or assign or
transfer or otherwise part with the possession of the charged premises or any part thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the right to tack and rank in priority to any subsequent charge
is expressly reserved to the Chargee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the attached Schedule reserved to the Chargee the right to
consolidate this Charge with any other charge;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the attached Schedule contains an agreement by the Chargor with
the Chargee that the Chargor will not without first obtaining the prior written consent of the
Chargee create or purport or attempt to create any charge, incumbrance or mortgage which by
virtue of any law or regulation will rank pari passu with or in priority to this Charge or
second or subsidiary to this Charge.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE &#147;A&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">NOW THIS INSTRUMENT WITNESSETH as follows:-
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>INTERPRETATION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Throughout this instrument unless the context otherwise requires the following expressions<BR>
have the following meanings:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Chargor&#148;, &#147;the Guarantor&#148; (if any) and &#147;the Chargee&#148; includes besides the
parties hereto their respective personal representatives, successors in title and
transferees.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Principal&#148; means the principal sum hereby advanced and secured and set out
in Item&nbsp;Two (2)&nbsp;of the Schedule &#147;B&#148; hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Statute&#148; means the Registered Land Law or any re-enactment thereof or any
enactment amending the same.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Board of Directors&#148; means the Directors of DEXTRA BANK &#038; TRUST CO.
LTD. from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Charged Premises&#148; means the land the subject of this Charge as set out in
Item&nbsp;Five (5)&nbsp;of the Schedule &#147;B&#148; hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Building&#148; or &#147;Buildings&#148; means any building or erection erected on the
Charged Premises whether or not permanently attached thereto and includes all fixtures
and fittings and any chattels owned by the Chargor and used in or about the Charged
Premises.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>COVENANTS BY THE CHARGOR</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In consideration of the Principal lent and advanced by the Chargee to the Chargor at the
request of the Chargor (the receipt whereof is hereby acknowledged), the Chargor HEREBY
COVENANTS with the Chargee during the continuance of this security as follows:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY PRINCIPAL</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To pay to the Chargee on the date specified in Item&nbsp;One (1)&nbsp;of the Schedule &#147;B&#148; in
accordance with the terms of a Trust Deed made between the Chargee and Consolidated
Water Co. Ltd., the Principal or such part thereof as shall then remain unpaid
together with all interest at the rate set out in Item&nbsp;Three (3)&nbsp;of the Schedule &#147;B&#148;
(subject as hereinafter provided) and all other monies hereby secured then remaining
unpaid: and the Chargor HEREBY CHARGES the Charged Premises with the payment of such
Principal and interest and all other monies hereby secured; and the Chargor shall
on demand lawfully being made in writing by the Chargee requiring payment of the
Principal or the balance thereof then outstanding and all interest and other monies
hereby secured and signed on behalf of the Chargee by any of its officers thereunto
authorized or by its Attorneys-at-Law, pay to the Chargee at the place aforesaid the
Principal or the
entire balance then outstanding and all interest and other monies hereby secured
then outstanding.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY INSTALLMENTS</U></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Until payment in full of the Principal and of all such other
monies hereby secured, to pay to the Chargee at the place aforesaid the sums on
the dates specified in Item&nbsp;Four (4)&nbsp;of Schedule &#147;B&#148; hereto. Such monthly
payments shall be applied FIRSTLY in satisfaction or on account of interest
accrued on the Principal or such part thereof as shall for the time remain
unpaid, which interest shall be computed at the rate specified in Item&nbsp;Three
(3)&nbsp;of the said Schedule &#147;B&#148; from the date of payment of the Principal or any
part thereof to the Chargor and SECONDLY in reduction of the Principal.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All payments made under and pursuant to this Charge on account
of Principal or interest or otherwise shall be made without set-off or
counter-claim and free and clear of and without future taxes levies, rates,
imposts, duties, deductions, withholdings or other charges of whatsoever
nature.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY RATES, TAXES AND OUTGOINGS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At all times duly and regularly to pay all rates, taxes, assessments and outgoings
now or hereafter to become due and payable in respect of the Charged Premises and to
produce on demand all receipts and vouchers in proof of such payments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>REPAIRS ETC.</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sub-Section (c)&nbsp;of Section&nbsp;67 of the Statute shall not apply to this Charge nor to
any instrument of variation executed pursuant to this Charge and instead thereof the
Chargor shall so long as any money remains owing on this Charge or any variation
thereof keep the Buildings on the Charged Premises in good and substantial repair
and condition to the satisfaction of the Chargee and to permit the Chargee or its
agents with or without workmen and others at all reasonable times to enter into or
upon the Charged Premises and examine the state and condition thereof and of the
Building and to forthwith repair and make good all defects and wants of reparation
of which notice in writing shall have been given to the Chargor by the Chargee AND
IN CASE OF DEFAULT to permit the Chargee with or without workmen to enter on the
Charged Premises and effect such repairs to the Building as the Chargee may consider
necessary and on demand to pay to the Chargee all reasonable costs and expenses
incurred in relation to any such inspection and or the effecting of such repairs and
until payment by the Chargor such costs and expenses shall be treated as a further
advance repayable with interest in manner herein provided and in such event the
Chargor shall execute an instrument of variation pursuant to Section&nbsp;69 of the above
Statute upon such terms as the Chargee shall then require.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>RESTRICTIVE AGREEMENTS AND CONDITIONS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At all times to comply with the restrictive covenants (if any) endorsed on the Land
Register for the Charged Premises or any Buildings thereon and not to use the
Charged Premises or any Buildings thereon for any purpose other than that permitted
by such restrictive covenants and not to alter or add to or cause to be altered or
added to any Building structure or erection on the Charged Premises without the
written consent of the Chargee first had and obtained.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>INSURANCE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sub-Section (d)&nbsp;of Section&nbsp;67 of the above Statute (and Sub-Section (j)&nbsp;thereof only
so far as it relates to the said Sub-Section (d)&nbsp;shall not apply to this Charge or
to any instrument of variation executed pursuant to this Charge and instead thereof
the Chargor shall so long as any money shall remain owing on the security of this
Charge or any variation thereof insure and keep insured in the joint names of the
Chargor and Chargee any buildings or erections from time to time erected or in the
course of erection of an insurable nature upon being or forming part of the Charged
Premises (whether affixed to the freehold or not) with an insurance office of repute
approved from time to time by the Chargee against loss or damage occasioned by fire
(including fire occasioned by any of the undermentioned perils), lightning, (whether
accompanied by fire or not), earthquake, hurricane, cyclone, tornado, windstorm,
flood (including overflow of the sea), riot, strike, public liabilities and such
other perils and on such other terms and conditions as the Chargee may from time to
time deem fit for a sum not less than the full insurable value of the said
buildings. The interest of the Chargee under the policy or policies of insurance to
be effected on the buildings as hereinbefore provided shall for all purposes be
deemed the primary interest in the said policies the subject matter thereof and the
moneys payable thereunder shall be payable to the Chargee in priority to all other
moneys that may from time to time become payable under any other policy of insurance
of whatsoever class and wheresoever the same may be effected in any name or names
whatsoever, other than that of the Chargee AND it is hereby agreed and declared that
all monies received under or by virtue of any insurance as aforesaid whether
received by the Chargor the Chargee or any receivers appointed by the Chargee
(notwithstanding the provisions of Section&nbsp;73(7) of the Statute) shall at the
option of the Chargee either be forthwith applied in or towards substantially
rebuilding reinstating or repairing the buildings or erections destroyed or damaged
or in or towards payment of the moneys for the time being secured by these presents
including any premiums paid under the aforesaid power and the Chargor DOTH HEREBY
IRREVOCABLY APPOINT the Chargee the attorney for the Chargor during the subsistence
of this security to collect and receive and give valid receipts and discharges for
all moneys that may be or may become payable to the Chargor under any policies of
insurance with full powers to adjust compromise and submit to arbitration and give
receipts and acquittances for and compound all or any claims under every such policy
of insurance and the said policy shall be deposited at the offices of the Chargee
during the continuance of this security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">G.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY INSURANCE PREMIUMS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At all times to punctually pay every sum from time to time payable for keeping on
foot every such insurance or within seven (7)&nbsp;days after the first day upon which it
becomes payable and on demand deliver to the Chargee the policy or policies of</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such insurance duly endorsed as aforesaid or other proper evidence of the
subsistence thereof and also on demand to deliver to the Chargee the receipts for or
other sufficient evidence of repayment of every sum payable as aforesaid AND it is
hereby agreed and declared that if the Chargor shall make default in any of the
above matters the Chargee may insure and keep insured all or any of the
Buildings in manner aforesaid and that the expense of so doing shall be paid by the
Chargor to the Chargee on demand and in the meantime shall be added to the Principal
sum and bear interest accordingly in manner herein provided and in such event the
Chargor shall execute an instrument of variation pursuant to Section&nbsp;69 of the
Statute upon such terms as the Chargee shall then require.</TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">H.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO SELL LEASE CHARGE ETC.</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sub-Sections (f)&nbsp;and (g)&nbsp;of Section&nbsp;67 of the Statute shall not apply to this
Charge nor to any instrument of variation executed pursuant to this Charge and
instead thereof the Chargor shall not during the continuance of this security
without prior consent in writing of the Chargee which consent shall not be
unreasonably withheld sell lease charge let or otherwise part with the possession of
the Charged Premises or the Buildings whether by license trust or otherwise and in
the event of the Chargee giving consent to lease or let the said Charged Premises or
the buildings and effects thereon to require the proposed lessee or tenant to enter
into a covenant direct with the Chargee to pay the rent so accruing direct to the
Chargee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO ASSIGN CHARGE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to assign or transfer this Charge to any purchaser, assignee, or other successor
in title to the Charged Premises without the Chargee&#146;s express consent in writing.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">J.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO RANK PARI PASSU</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to apply for or accept any loan which by virtue of any law or regulation will
rank pari passu with or in priority to this security in respect of the Charged
Premises the subject of this Charge nor to do any act which shall have the effect of
diminishing or decreasing the value of the security hereby charged without first
obtaining the written consent of the Chargee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">K.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO MAKE ALTERATIONS OR ADDITIONS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to without the written consent of the Chargee first had and obtained which
consent shall not be unreasonably withheld make or permit or suffer to be made any
material change or additions whatsoever in or to the Charged Premises or the
Buildings the subject of this security or the use hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">L.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGOR&#146;S COSTS AND FEES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To pay the examination of the title herein and preparation of this Charge together
with the Stamp Duty and registration fees now or hereafter payable on this Charge or
any instrument of variation or discharge or partial discharge or power of attorney
executed pursuant to this Charge and any such monies as aforesaid shall be
recoverable from the Chargor as a debt, shall bear interest at the rate hereinbefore
mentioned and shall be charged upon the property hereby charged.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">M.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>WHERE CHARGOR IS A COMPANY (ONLY)</U></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Chargor&#146;s Warranty</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor hereby represents and warrants to the Chargee that it is duly
incorporated and existing in good standing under the laws of the Cayman
Islands (or under the laws of some other jurisdiction and duly registered to
carry on business in the Cayman Islands) and that it is qualified to do
business wherever necessary to carry on its present operations and that the
making and performance of this Charge is within its corporate powers having
been properly authorised by all necessary governmental and corporate
approvals and does not contravene any law or any contractual restrictions
binding on the Chargor and that the Charge is a legal valid and binding
obligation of the Chargor enforceable against the Chargor in accordance with
its terms and that there are not now any pending or threatened actions or
proceedings before any court or administrative agency which may materially
adversely affect the Chargor&#146;s financial conditions and operations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Not to Change Corporate Structure</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to reorganize, consolidate, merge or amalgamate with any other
corporation or corporations or make or cause any change in the existing
shareholdings without the prior written consent of the Chargee.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">N.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGOR&#146;S POWER OF ATTORNEY</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor further hereby covenants that the Chargor will on demand at the
Chargor&#146;s own cost and expense during the continuance of this Charge do and execute
or cause to be done and executed all such instruments acts deed and things to
perfect this security and to preserve and protect the rights and privileges of the
Chargee granted by this Charge or by operation of law and to this end the Chargor
hereby undertakes and agrees on demand to execute cause to be verified and deliver
to the Chargee a power of attorney, in favour of the Chargee in form required by the
Chargee to enable the Chargee to enter the same in the register of powers of
attorney or with the consent of the Registrar of Lands to file a copy thereof
certified by the Registrar of Lands in the file of powers of attorney.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGEE&#146;S EXPENSES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without prejudice to and in addition to any other remedy of the Chargee in respect thereof
the Chargor HEREBY COVENANTS with the Chargee that on demand the Chargor will pay to the
Chargee the amount of all the Chargee&#146;s expenses incurred by the Chargee in relation to the
security hereby constituted with interest thereon from the date when the Chargor becomes
liable therefor until payment thereof at the rate for the time being payable hereunder in
the manner hereby provided with regard to the payment of interest and the Chargor HEREBY
CHARGES the Charged Premises with the payment of such expenses and the interest thereon and
for the avoidance of doubt it is hereby declared that the expression &#147;Chargee&#146;s expense&#148;
includes not only all such expenses as would otherwise be allowable on the taking of an
account between the Chargor and a Chargee but also (and in so far as they are not so
allowable) includes all</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">8
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>moneys, costs, charges and expenses paid and all liabilities incurred by the Chargee
(including legal costs, charges and expenses ascertained as between Attorney-at-Law and own
client) on or in connection with or incidental to the Charged Premises and security and
without prejudice to the generality of the foregoing shall include all moneys, costs,
charges and expenses paid and all liabilities incurred by the Chargee in
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or in connection with or incidental to, amongst other things:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effecting any insurance whatever on or in connection with the Charged Premises
or any part thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inspecting surveying or obtaining any report of any nature or kind whatsoever
on or in relation to the Charged Premises or any building or other erection or
engineering work thereon or any part or parts thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Considering or enforcing or attempting to enforce any of the rights and powers
hereby or by Law vested in the Chargee in relation to the Charged Premises or this
security;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Doing or considering any other matter or thing whatsoever which the Chargee may
consider to be for the benefit, preservation or improvement of this security.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>VARIATION OF RATE OF INTEREST</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intentionally deleted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>RIGHT TO PREPAY PRINCIPAL</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intentionally deleted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>SERVICE OF NOTICE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any demand or notice hereunder shall be properly and effectually made given and served on
the Chargor at any time by letter or other instrument in writing signed by the Chargee or on
its behalf by its Attorney-at-Law, agent, clerk or other person authorized either in writing
or orally by the Directors and addressed to the Chargor and left in some conspicuous place
on the Charged Premises or sent by registered post to his address appearing in the Land
Register or to his address appearing in this Instrument or the address subsequently
furnished by the Chargor to the Chargee and every such demand or notice sent by post as
aforesaid shall be deemed to have been given and served on the fifth (5th) day following the
posting thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>WAIVER</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That no neglect or omission on the part of the Chargee to take advantage of or enforce any
right or remedy arising out of any breach non-observance or non-performance of any covenant
or condition herein contained or by law implied, shall be deemed to be or operate as a
general waiver of such covenant or condition or prejudice the right of the Chargee in
enforcing or taking advantage thereof either original or recurring.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">9
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>LOSS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee shall not be answerable for any loss happening in or about the exercise or
execution of any powers conferred on the Chargee howsoever or by Law implied or of any
trusts connected thereto nor shall be deemed a Chargee in possession when entering in to
inspect or to effect repairs or remedy breaches.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>MERGER</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The taking of a judgment or judgments or any covenant or covenants herein contained shall
not operate as a merger of the said covenant or covenants or affect the Chargee&#146;s rights to
interest at the rate and times herein set forth.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>SAFEKEEPING OF DOCUMENTS (IF ANY)</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee shall be entitled to keep and retain all relevant documents referred to herein
for the Charged Premises during the continuance of this security subject to production to
the Registrar of Lands and any person or company approved by the Chargee from time to time
at the request and cost of the Chargor to enable endorsements thereon of any transaction
affecting the Charged Premises which may be subject or subsequent to this security PROVIDED
HOWEVER that if the said documents held by the Chargee in relation to the said Charged
Premises or these presents is and/or are destroyed or suffer damage as the result of any
fire, Act of God, civil commotion or the Queen&#146;s enemies the Chargee shall not be held
liable for such loss or destruction nor shall the Chargee be called upon to obtain another
original document or copy or copies of any of the said documents in place of those lost
and/or destroyed as aforesaid. The Chargee however shall be entitled but not obliged to
obtain another original document and/or certified copy or copies of the said documents and
the costs and expenses if any incidental thereto shall be payable by the Chargor under the
Chargor&#146;s covenants herein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>EVENTS OF DEFAULT</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions of Sections&nbsp;72 and 75 of the Statute shall apply to this Charge subject to
such modifications and additions and varied events as are herein contained if any other
creditors of the Chargor shall proceed against the Charged Premises or any part thereof or
if the Chargor shall commit a breach of any of the agreements and covenants on its behalf
herein contained or implied and on the part of the Chargor to be kept observed and performed
or if the Chargor shall become bankrupt or makes assignment of any composition for the
benefit of the Chargor&#146;s creditors or being a company goes into liquidation (other than a
voluntary liquidation for the purposes of a reconstruction only the terms of which have been
previously approved by the Chargee) or suffers the appointment of a receiver over any part
of the Chargor&#146;s assets and in addition to all other rights conferred on the Chargee it
shall be lawful for the Chargee to enter into and upon the premises the subject of this
security and to receive the rents and profits thereof to or for the Chargee&#146;s own use and
benefit or to make use of all or any of the Chargee&#146;s present or future securities in such
order and lawful or equitable manner as the Chargee may be advised.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGEE&#146;S REMEDIES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sections&nbsp;72 and 75 of the Statute shall be varied in respect of this Charge and of any
instrument of variation executed pursuant to this Charge so as to entitle the Chargee</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">10
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately upon default by the Chargor in payment of the whole or any part of any sum
payable specified in Item&nbsp;Four (4)&nbsp;of the Schedule &#147;B&#148; or whenever there shall be any breach
or non-observance of any covenants or conditions expressed or implied herein to serve on the
Chargor notice in writing to pay the money owing or to perform and observe the agreement as
the case may be and further so as to provide that if the Chargor does not comply within one
month of the date of service of such notice the Chargee may thereupon without further notice
either:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>appoint a receiver of the income of the Charged Premises; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell the Charged Premises without further notice by private treaty as well as by public
auction; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into possession of the charged property; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the event that the Chargee does appoint a receiver or enter into possession
of
the charged property, exercise its powers of sale or appointment of a receiver
at any time thereafter without further notice;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PROVIDED ALWAYS and it is hereby expressly declared and agreed that in any case where any
such modification of the Statute (or any other modification provided for in this Charge)
shall require the sanction of the Court the Chargee shall have the right at its option to
waive any modification where it is in favour of the Chargee or to seek the sanction of the
Court thereto and should the Chargee fail to obtain the sanction of the Court to any
particular modification or should the Chargee elect to waive its rights under any
modification then the original provisions of the Statute shall apply without modification.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>FURTHER ADVANCES AND CONSOLIDATION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The right contained in Section&nbsp;81(1) of the Statute to make further advances and to give
credit to the Chargor on a current or continuing account and the right contained in Section
82 of the Statute to consolidate charges are expressly reserved to the Chargee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>POWER TO TRANSFER CHARGE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee may at any time transfer assign or charge the benefit of this Charge and the
transferee shall have the benefit of all the covenants by the Chargor and the provisions
herein contained and may at any time thereafter exercise all rights and remedies of the
Chargee for securing the said sum and interest and every statement of fact contained in
such transfer shall as against the Chargor be deemed to be conclusive and binding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>THE GIVING OF TIME</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The giving of time to the Chargor or the neglect or forbearance of the Chargee in requiring
or enforcing payment of the Principal and interest hereby secured or any other variation of
the provisions of this instrument or other dealing between the Chargor and the Chargee shall
not in any way prejudice or affect this security or the joint and several covenants of the
Chargor hereinbefore contained or the continuing liability of the Chargor by virtue thereof.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">11
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>RIGHT OF REDEMPTION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This security is a continuing security to the Chargee and shall avail the Chargee in
respect of all present and future indebtedness of the Chargor to the Chargee which may arise
hereunder and shall continue notwithstanding any payments from time to time made by the
Chargor or other settlement of account or other thing whatsoever, but it is hereby agreed
that upon performance of all the Chargor&#146;s obligations hereunder and upon payment to the
Chargee of all moneys secured or payable hereunder the Chargee will at any time thereafter
at the request and costs of the Chargor discharge this Charge.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>ORDER OF REALIZING SECURITY</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This security shall not be affected by nor affect any other security which the Chargee may
now or hereafter hold from the Chargor or any other person and the Chargee shall be at
liberty to realize its securities in such order and manner and to apply and appropriate any
monies at any time or times paid by or on behalf of the Chargor or resulting from a
realization of this or any other security or any part thereof to such account or item of
indebtedness and in such sequence, priority and order as the Chargee may in its absolute
discretion from time to time determine, any direction from the Chargor to the contrary
notwithstanding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGEE&#146;S EXERCISE OF REMEDIES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee shall be entitled to exercise its remedies under this Charge concurrently,
consecutively or in such order as the Chargee in its discretion may from time to time
decide and without exercising or exhausting any one remedy before proceeding with another.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>THE WORDS &#147;CHARGOR&#148;, &#147;CHARGEE&#148;, ETC.</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The words &#147;Chargor&#148;, &#147;Chargee&#148;, and &#147;Attorney&#148; herein used importing the singular number
only shall where the context so requires or admits be deemed also to include the plural
number and the words &#147;he&#148;, &#147;his&#148;, &#147;him&#148; and &#147;himself&#148; referring to the Chargor appearing
herein importing the masculine gender and singular number shall where the context so
requires or admits be deemed to include also the feminine and neuter genders and the plural
number and if there be more than one Chargor and Guarantor (if any) covenants and
agreements expressed to be made by the Chargor and Guarantor shall be deemed to be made by
such persons jointly and severally.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">21.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGE AS CONTINUING SECURITY</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intentionally deleted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">22.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TREATMENT OF WOODEN CONSTRUCTION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where a building on the charged property is, in the opinion of the Chargee or any Quantity
Surveyor employed by the Chargee, of lumber or part lumber construction, the Chargor
covenants that he will, at his expense, have a pest control agency inspect and, where
necessary, eradicate termites in the structure and render written confirmation to</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">12
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Chargor that the building is termite free, such written confirmation to be rendered once
in every 12&nbsp;months that any bond remains outstanding. Should the chargor omit or otherwise
fail to have these inspections made, the Chargee will then have the right to have any such
inspections and treatments undertaken and the Chargor hereby covenants that the cost of such
inspection and treatment will be payable by the Chargor on demand of the Chargee together
with the cost of any surveyor or other professional who the Chargee deems necessary to
employ to ascertain the extent of any termite or other wood boring organism infestation and
to eradicate the same together with interest on such costs at the rate payable under the
principal sum as hereinbefore provided.</TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>DIRECTIONS TO REGISTRAR OF LANDS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>AND the Registrar of Lands is hereby requested and directed pursuant to Section&nbsp;64 (3), 68,
69, 81 and 82 of the said Law:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to register the Statutory Charge and this schedule in favour of the Chargee;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the Register that the Statutory Charge and this schedule:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contain an agreement by the Chargor with the Chargee that the
Chargor may not without the prior written consent of the Chargee lease, charge,
let or otherwise part with possession of the charged property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contain an agreement by the Chargor with the Chargee that the
Chargor may not sell or transfer the charged property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>include provision for the Chargee to make further advances, to
tack and to rank in priority to any subsequent charge;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>give to the Chargee the right to consolidate the Statutory
Charge and this schedule with any other charge;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contain an agreement by the Chargor with the Chargee that the
Chargor will not without first obtaining the prior written consent of the
Chargee create or purport or attempt to create any charge, encumbrance or
mortgage which by virtue of any law or regulation will rank pari passu with or
in priority to the Statutory Charge.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">24.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CAPTIONS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The captions appearing at the head of each clause and sub-clause of this Schedule to the
Charge have been inserted as a matter of convenience and for reference only and shall not
define limit or enlarge the scope or meaning of this Schedule or Charge or any provision
hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">25.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CAYMAN LAW</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Schedule shall be governed and construed solely according to the Laws of the Cayman
Islands.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">13
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">AND FOR BETTER SECURING to the Chargee the payment of the moneys intended to be hereby secured and
every part thereof for Principal, interest, costs, expenses or otherwise the Chargor HEREBY CHARGES
to the Chargee all his estate and interest and all the estate and interest which he is entitled or
able to transfer and dispose of in ALL THAT parcel of land described in Item&nbsp;Five (5)&nbsp;of the
Schedule &#147;B&#148; hereto.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED by the Chargors in the
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CAYMAN WATER COMPANY LIMITED</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD style="border-bottom: 1px solid #000000" align="left">Frederick
W. McTaggart</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald Miller&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greg
McTaggart
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</TR>




<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED for and on behalf of Chargee<BR>
in the presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DEXTRA BANK &#038; TRUST CO. LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left">Alex
Wood</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald Miller&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alitsia
Finlayson

<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</TR>



<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">14
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE &#147;B&#148;</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DATE BONDS REPAYABLE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On demand upon occurrence of an event of default.</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PRINCIPAL SUM:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US$15,771,997.00</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">INTEREST RATE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payable in accordance with a
Trust Deed made between the
Chargee and Consolidated
Water Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">AMOUNT OF MONTHLY PAYMENT<BR>
OF PRINCIPAL AND INTEREST:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payable in accordance with the terms
of a Trust Deed made between the Chargee
and Consolidated Water Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THE CHARGED PREMISES:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WEST BAY BEACH NORTH BLOCK 11D
PARCEL 8</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">15
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>13
<FILENAME>g02807exv10w12.htm
<DESCRIPTION>EX-10.12 CAYMAN ISLANDS COLLATERAL CHARGE
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.12 Cayman Islands Collateral Charge</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT
10.12</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="75%"></TD>
    <TD width="15%"></TD>
    <TD width="15%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">FORM RL9
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap><B>INSTRUMENT NO.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><DIV style="border: 1px solid #000000">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>CAYMAN ISLANDS</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 0pt"><B>The Registered Land Law (2004 Revision)<BR>
THIRD SCHEDULE<BR>
COLLATERAL CHARGE<BR>
(Collateral to A Debenture)</B>
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">REGISTRATION SECTION
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BLOCK
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">PARCEL
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WEST BAY NORTH EAST
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9A
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">I/WE, CAYMAN WATER COMPANY LIMITED<BR>
HEREBY CHARGE my/our interest in the above mentioned title to secure the payment<BR>
to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEXTRA BANK &#038; TRUST CO. LTD.<BR>
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 North Church Street, George Town, Grand Cayman, Cayman Islands</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">of the principal sum of FIFTEEN MILLION SEVEN HUNDRED SEVENTY-ONE THOUSAND NINE HUNDRED
NINETY-SEVEN UNITED STATES DOLLARS (US$15,771,997.00)<BR>
with interest at the rate as set out in Schedules A and B attached hereto, payable in accordance
with the
terms of Schedule&nbsp;A and B attached, subject to section 67 of the above law, unless hereby
negatived,
modified or added to. (Here set forth any variation, or make reference to an attached document).</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;&nbsp;&nbsp;Requests to Registrar<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;&nbsp;&nbsp;Schedule&nbsp;A<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;&nbsp;&nbsp;Schedule&nbsp;B

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal sum shall be repaid on demand and otherwise in accordance with Schedules A and B
attached hereto together with any interest then due.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And I/WE the above named Chargor(s) hereby acknowledge that we understand the effect of
section 72 of the Registered Land Law, (2004 Revision).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Dated
this 4th day of August 2006
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CAYMAN WATER COMPANY LIMITED
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Signed by the Chargor
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frederick
W.
McTaggart&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greg
McTaggart<BR>
director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; director/secretary</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">in the presence of:-&nbsp;
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald
Miller<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEXTRA BANK &#038; TRUST CO. LTD.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Signed by the Chargee
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alex
Wood&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alitsia
Finlayson<BR>
director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; director/secretary</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">in the presence of:-
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald
Miller<BR></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FOR OFFICIAL USE ONLY</B>
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I, the Registrar of Lands in the Cayman Islands hereby certify that this document was
received by me for registration on the
.......................................... day of
...............200......
and that stamp duty assessed/adjudicated by me/Treasury at
C.I.$..........and
Land Registry fees at C.I.$......................................... relating thereto have been paid.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">REGISTERED this &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">.........................................
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">REGISTRAR OF LANDS, CAYMAN ISLANDS
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE
OF IDENTIFICATION<BR><br>
CAYMAN WATER COMPANY LIMITED
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 35%">By:<BR>
By:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Name................................................................................. .
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I HEREBY CERTIFY that the above named person..................................................................................<BR>
appeared before me on the ........ day of July 2006 and<BR>
being identified by*......................................... (or being known to me)<BR>
acknowledged the above signature or mark to be his/theirs and that he/they had freely and<BR>
voluntarily executed this instrument and understood its contents.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">..................................................................................<BR>
Signature and designation of the person certifying
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE OF IDENTIFICATION<BR>
DEXTRA BANK &#038; TRUST CO. LTD.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 35%">By:<BR>
By:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Name................................................................................. .
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I HEREBY CERTIFY that the above named ..................................................................................<BR>
appeared before me on the ........ day of July 2006 and<BR>
being identified by*......................................... (or being known to me)<BR>
acknowledged the above signature or mark to be his/theirs and that he/they had freely and<BR>
voluntarily executed this instrument and understood its contents.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">..................................................................................<BR>
Signature and designation of the person certifying
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE OF IDENTIFICATION
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Name................................................................................. .
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I HEREBY CERTIFY that the above named ..................................................................................<BR>
appeared before me on the ........ day of ........................
200 ........ and<BR>
being identified by*......................................... (or being known to me)<BR>
acknowledged the above signature or mark to be his/theirs and that he/they had freely and<BR>
voluntarily executed this instrument and understood its contents.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">..................................................................................<BR>
Signature and designation of the person certifying
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*NOTE:</TD>
    <TD>&nbsp;</TD>
    <TD>Please ensure that the appropriate insertions and/or deletions are made<BR>
so that the method of identification is clear.</TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>THE REGISTRAR OF LANDS IS HEREBY REQUESTED</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to register this Charge in favour of the Chargee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the attached schedule contains an agreement by the Chargor with
the Chargee that the Chargor will not without first obtaining the prior written consent of the
Chargee, sell, lease or sub-lease or agree to lease or sub-lease, charge, let or assign or
transfer or otherwise part with the possession of the charged premises or any part thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the right to tack and rank in priority to any subsequent charge
is expressly reserved to the Chargee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the attached Schedule reserved to the Chargee the right to
consolidate this Charge with any other charge;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the attached Schedule contains an agreement by the Chargor with
the Chargee that the Chargor will not without first obtaining the prior written consent of the
Chargee create or purport or attempt to create any charge, incumbrance or mortgage which by
virtue of any law or regulation will rank pari passu with or in priority to this Charge or
second or subsidiary to this Charge.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">3
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE &#147;A&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">NOW THIS INSTRUMENT WITNESSETH as follows:-
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>INTERPRETATION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Throughout this instrument unless the context otherwise requires the following expressions<BR>
have the following meanings:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Chargor&#148;, &#147;the Guarantor&#148; (if any) and &#147;the Chargee&#148; includes besides the
parties hereto their respective personal representatives, successors in title and
transferees.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Principal&#148; means the principal sum hereby advanced and secured and set out
in Item&nbsp;Two (2)&nbsp;of the Schedule &#147;B&#148; hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Statute&#148; means the Registered Land Law or any re-enactment thereof or any
enactment amending the same.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Board of Directors&#148; means the Directors of DEXTRA BANK &#038; TRUST CO.
LTD. from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Charged Premises&#148; means the land the subject of this Charge as set out in
Item&nbsp;Five (5)&nbsp;of the Schedule &#147;B&#148; hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Building&#148; or &#147;Buildings&#148; means any building or erection erected on the
Charged Premises whether or not permanently attached thereto and includes all fixtures
and fittings and any chattels owned by the Chargor and used in or about the Charged
Premises.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>COVENANTS BY THE CHARGOR</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In consideration of the Principal lent and advanced by the Chargee to the Chargor at the
request of the Chargor (the receipt whereof is hereby acknowledged), the Chargor HEREBY
COVENANTS with the Chargee during the continuance of this security as follows:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY PRINCIPAL</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To pay to the Chargee on the date specified in Item&nbsp;One (1)&nbsp;of the Schedule &#147;B&#148; in
accordance with the terms of a Trust Deed made between the Chargee and Consolidated
Water Co. Ltd., the Principal or such part thereof as shall then remain unpaid
together with all interest at the rate set out in Item&nbsp;Three (3)&nbsp;of the Schedule &#147;B&#148;
(subject as hereinafter provided) and all other monies hereby secured then remaining
unpaid: and the Chargor HEREBY CHARGES the Charged Premises with the payment of such
Principal and interest and all other monies hereby secured; and the Chargor shall
on demand lawfully being made in writing by the Chargee requiring payment of the
Principal or the balance thereof then outstanding and all interest and other monies
hereby secured and signed on behalf of the Chargee by any of its officers thereunto
authorized or by its Attorneys-at-Law, pay to the Chargee at the place aforesaid the
Principal or the
entire balance then outstanding and all interest and other monies hereby secured
then outstanding.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY INSTALLMENTS</U></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Until payment in full of the Principal and of all such other
monies hereby secured, to pay to the Chargee at the place aforesaid the sums on
the dates specified in Item&nbsp;Four (4)&nbsp;of Schedule &#147;B&#148; hereto. Such monthly
payments shall be applied FIRSTLY in satisfaction or on account of interest
accrued on the Principal or such part thereof as shall for the time remain
unpaid, which interest shall be computed at the rate specified in Item&nbsp;Three
(3)&nbsp;of the said Schedule &#147;B&#148; from the date of payment of the Principal or any
part thereof to the Chargor and SECONDLY in reduction of the Principal.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All payments made under and pursuant to this Charge on account
of Principal or interest or otherwise shall be made without set-off or
counter-claim and free and clear of and without future taxes levies, rates,
imposts, duties, deductions, withholdings or other charges of whatsoever
nature.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY RATES, TAXES AND OUTGOINGS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At all times duly and regularly to pay all rates, taxes, assessments and outgoings
now or hereafter to become due and payable in respect of the Charged Premises and to
produce on demand all receipts and vouchers in proof of such payments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>REPAIRS ETC.</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sub-Section (c)&nbsp;of Section&nbsp;67 of the Statute shall not apply to this Charge nor to
any instrument of variation executed pursuant to this Charge and instead thereof the
Chargor shall so long as any money remains owing on this Charge or any variation
thereof keep the Buildings on the Charged Premises in good and substantial repair
and condition to the satisfaction of the Chargee and to permit the Chargee or its
agents with or without workmen and others at all reasonable times to enter into or
upon the Charged Premises and examine the state and condition thereof and of the
Building and to forthwith repair and make good all defects and wants of reparation
of which notice in writing shall have been given to the Chargor by the Chargee AND
IN CASE OF DEFAULT to permit the Chargee with or without workmen to enter on the
Charged Premises and effect such repairs to the Building as the Chargee may consider
necessary and on demand to pay to the Chargee all reasonable costs and expenses
incurred in relation to any such inspection and or the effecting of such repairs and
until payment by the Chargor such costs and expenses shall be treated as a further
advance repayable with interest in manner herein provided and in such event the
Chargor shall execute an instrument of variation pursuant to Section&nbsp;69 of the above
Statute upon such terms as the Chargee shall then require.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>RESTRICTIVE AGREEMENTS AND CONDITIONS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At all times to comply with the restrictive covenants (if any) endorsed on the Land
Register for the Charged Premises or any Buildings thereon and not to use the
Charged Premises or any Buildings thereon for any purpose other than that permitted
by such restrictive covenants and not to alter or add to or cause to be altered or
added to any Building structure or erection on the Charged Premises without the
written consent of the Chargee first had and obtained.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>INSURANCE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sub-Section (d)&nbsp;of Section&nbsp;67 of the above Statute (and Sub-Section (j)&nbsp;thereof only
so far as it relates to the said Sub-Section (d)&nbsp;shall not apply to this Charge or
to any instrument of variation executed pursuant to this Charge and instead thereof
the Chargor shall so long as any money shall remain owing on the security of this
Charge or any variation thereof insure and keep insured in the joint names of the
Chargor and Chargee any buildings or erections from time to time erected or in the
course of erection of an insurable nature upon being or forming part of the Charged
Premises (whether affixed to the freehold or not) with an insurance office of repute
approved from time to time by the Chargee against loss or damage occasioned by fire
(including fire occasioned by any of the undermentioned perils), lightning, (whether
accompanied by fire or not), earthquake, hurricane, cyclone, tornado, windstorm,
flood (including overflow of the sea), riot, strike, public liabilities and such
other perils and on such other terms and conditions as the Chargee may from time to
time deem fit for a sum not less than the full insurable value of the said
buildings. The interest of the Chargee under the policy or policies of insurance to
be effected on the buildings as hereinbefore provided shall for all purposes be
deemed the primary interest in the said policies the subject matter thereof and the
moneys payable thereunder shall be payable to the Chargee in priority to all other
moneys that may from time to time become payable under any other policy of insurance
of whatsoever class and wheresoever the same may be effected in any name or names
whatsoever, other than that of the Chargee AND it is hereby agreed and declared that
all monies received under or by virtue of any insurance as aforesaid whether
received by the Chargor the Chargee or any receivers appointed by the Chargee
(notwithstanding the provisions of Section&nbsp;73(7) of the Statute) shall at the
option of the Chargee either be forthwith applied in or towards substantially
rebuilding reinstating or repairing the buildings or erections destroyed or damaged
or in or towards payment of the moneys for the time being secured by these presents
including any premiums paid under the aforesaid power and the Chargor DOTH HEREBY
IRREVOCABLY APPOINT the Chargee the attorney for the Chargor during the subsistence
of this security to collect and receive and give valid receipts and discharges for
all moneys that may be or may become payable to the Chargor under any policies of
insurance with full powers to adjust compromise and submit to arbitration and give
receipts and acquittances for and compound all or any claims under every such policy
of insurance and the said policy shall be deposited at the offices of the Chargee
during the continuance of this security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">G.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY INSURANCE PREMIUMS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At all times to punctually pay every sum from time to time payable for keeping on
foot every such insurance or within seven (7)&nbsp;days after the first day upon which it
becomes payable and on demand deliver to the Chargee the policy or policies of</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such insurance duly endorsed as aforesaid or other proper evidence of the
subsistence thereof and also on demand to deliver to the Chargee the receipts for or
other sufficient evidence of repayment of every sum payable as aforesaid AND it is
hereby agreed and declared that if the Chargor shall make default in any of the
above matters the Chargee may insure and keep insured all or any of the
Buildings in manner aforesaid and that the expense of so doing shall be paid by the
Chargor to the Chargee on demand and in the meantime shall be added to the Principal
sum and bear interest accordingly in manner herein provided and in such event the
Chargor shall execute an instrument of variation pursuant to Section&nbsp;69 of the
Statute upon such terms as the Chargee shall then require.</TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">H.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO SELL LEASE CHARGE ETC.</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sub-Sections (f)&nbsp;and (g)&nbsp;of Section&nbsp;67 of the Statute shall not apply to this
Charge nor to any instrument of variation executed pursuant to this Charge and
instead thereof the Chargor shall not during the continuance of this security
without prior consent in writing of the Chargee which consent shall not be
unreasonably withheld sell lease charge let or otherwise part with the possession of
the Charged Premises or the Buildings whether by license trust or otherwise and in
the event of the Chargee giving consent to lease or let the said Charged Premises or
the buildings and effects thereon to require the proposed lessee or tenant to enter
into a covenant direct with the Chargee to pay the rent so accruing direct to the
Chargee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO ASSIGN CHARGE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to assign or transfer this Charge to any purchaser, assignee, or other successor
in title to the Charged Premises without the Chargee&#146;s express consent in writing.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">J.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO RANK PARI PASSU</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to apply for or accept any loan which by virtue of any law or regulation will
rank pari passu with or in priority to this security in respect of the Charged
Premises the subject of this Charge nor to do any act which shall have the effect of
diminishing or decreasing the value of the security hereby charged without first
obtaining the written consent of the Chargee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">K.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO MAKE ALTERATIONS OR ADDITIONS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to without the written consent of the Chargee first had and obtained which
consent shall not be unreasonably withheld make or permit or suffer to be made any
material change or additions whatsoever in or to the Charged Premises or the
Buildings the subject of this security or the use hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">L.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGOR&#146;S COSTS AND FEES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To pay the examination of the title herein and preparation of this Charge together
with the Stamp Duty and registration fees now or hereafter payable on this Charge or
any instrument of variation or discharge or partial discharge or power of attorney
executed pursuant to this Charge and any such monies as aforesaid shall be
recoverable from the Chargor as a debt, shall bear interest at the rate hereinbefore
mentioned and shall be charged upon the property hereby charged.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">7
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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">M.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>WHERE CHARGOR IS A COMPANY (ONLY)</U></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Chargor&#146;s Warranty</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor hereby represents and warrants to the Chargee that it is duly
incorporated and existing in good standing under the laws of the Cayman
Islands (or under the laws of some other jurisdiction and duly registered to
carry on business in the Cayman Islands) and that it is qualified to do
business wherever necessary to carry on its present operations and that the
making and performance of this Charge is within its corporate powers having
been properly authorised by all necessary governmental and corporate
approvals and does not contravene any law or any contractual restrictions
binding on the Chargor and that the Charge is a legal valid and binding
obligation of the Chargor enforceable against the Chargor in accordance with
its terms and that there are not now any pending or threatened actions or
proceedings before any court or administrative agency which may materially
adversely affect the Chargor&#146;s financial conditions and operations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Not to Change Corporate Structure</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to reorganize, consolidate, merge or amalgamate with any other
corporation or corporations or make or cause any change in the existing
shareholdings without the prior written consent of the Chargee.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">N.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGOR&#146;S POWER OF ATTORNEY</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor further hereby covenants that the Chargor will on demand at the
Chargor&#146;s own cost and expense during the continuance of this Charge do and execute
or cause to be done and executed all such instruments acts deed and things to
perfect this security and to preserve and protect the rights and privileges of the
Chargee granted by this Charge or by operation of law and to this end the Chargor
hereby undertakes and agrees on demand to execute cause to be verified and deliver
to the Chargee a power of attorney, in favour of the Chargee in form required by the
Chargee to enable the Chargee to enter the same in the register of powers of
attorney or with the consent of the Registrar of Lands to file a copy thereof
certified by the Registrar of Lands in the file of powers of attorney.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGEE&#146;S EXPENSES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without prejudice to and in addition to any other remedy of the Chargee in respect thereof
the Chargor HEREBY COVENANTS with the Chargee that on demand the Chargor will pay to the
Chargee the amount of all the Chargee&#146;s expenses incurred by the Chargee in relation to the
security hereby constituted with interest thereon from the date when the Chargor becomes
liable therefor until payment thereof at the rate for the time being payable hereunder in
the manner hereby provided with regard to the payment of interest and the Chargor HEREBY
CHARGES the Charged Premises with the payment of such expenses and the interest thereon and
for the avoidance of doubt it is hereby declared that the expression &#147;Chargee&#146;s expense&#148;
includes not only all such expenses as would otherwise be allowable on the taking of an
account between the Chargor and a Chargee but also (and in so far as they are not so
allowable) includes all</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>moneys, costs, charges and expenses paid and all liabilities incurred by the Chargee
(including legal costs, charges and expenses ascertained as between Attorney-at-Law and own
client) on or in connection with or incidental to the Charged Premises and security and
without prejudice to the generality of the foregoing shall include all moneys, costs,
charges and expenses paid and all liabilities incurred by the Chargee in
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or in connection with or incidental to, amongst other things:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effecting any insurance whatever on or in connection with the Charged Premises
or any part thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inspecting surveying or obtaining any report of any nature or kind whatsoever
on or in relation to the Charged Premises or any building or other erection or
engineering work thereon or any part or parts thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Considering or enforcing or attempting to enforce any of the rights and powers
hereby or by Law vested in the Chargee in relation to the Charged Premises or this
security;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Doing or considering any other matter or thing whatsoever which the Chargee may
consider to be for the benefit, preservation or improvement of this security.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>VARIATION OF RATE OF INTEREST</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intentionally deleted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>RIGHT TO PREPAY PRINCIPAL</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intentionally deleted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>SERVICE OF NOTICE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any demand or notice hereunder shall be properly and effectually made given and served on
the Chargor at any time by letter or other instrument in writing signed by the Chargee or on
its behalf by its Attorney-at-Law, agent, clerk or other person authorized either in writing
or orally by the Directors and addressed to the Chargor and left in some conspicuous place
on the Charged Premises or sent by registered post to his address appearing in the Land
Register or to his address appearing in this Instrument or the address subsequently
furnished by the Chargor to the Chargee and every such demand or notice sent by post as
aforesaid shall be deemed to have been given and served on the fifth (5th) day following the
posting thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>WAIVER</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That no neglect or omission on the part of the Chargee to take advantage of or enforce any
right or remedy arising out of any breach non-observance or non-performance of any covenant
or condition herein contained or by law implied, shall be deemed to be or operate as a
general waiver of such covenant or condition or prejudice the right of the Chargee in
enforcing or taking advantage thereof either original or recurring.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">9
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>LOSS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee shall not be answerable for any loss happening in or about the exercise or
execution of any powers conferred on the Chargee howsoever or by Law implied or of any
trusts connected thereto nor shall be deemed a Chargee in possession when entering in to
inspect or to effect repairs or remedy breaches.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>MERGER</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The taking of a judgment or judgments or any covenant or covenants herein contained shall
not operate as a merger of the said covenant or covenants or affect the Chargee&#146;s rights to
interest at the rate and times herein set forth.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>SAFEKEEPING OF DOCUMENTS (IF ANY)</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee shall be entitled to keep and retain all relevant documents referred to herein
for the Charged Premises during the continuance of this security subject to production to
the Registrar of Lands and any person or company approved by the Chargee from time to time
at the request and cost of the Chargor to enable endorsements thereon of any transaction
affecting the Charged Premises which may be subject or subsequent to this security PROVIDED
HOWEVER that if the said documents held by the Chargee in relation to the said Charged
Premises or these presents is and/or are destroyed or suffer damage as the result of any
fire, Act of God, civil commotion or the Queen&#146;s enemies the Chargee shall not be held
liable for such loss or destruction nor shall the Chargee be called upon to obtain another
original document or copy or copies of any of the said documents in place of those lost
and/or destroyed as aforesaid. The Chargee however shall be entitled but not obliged to
obtain another original document and/or certified copy or copies of the said documents and
the costs and expenses if any incidental thereto shall be payable by the Chargor under the
Chargor&#146;s covenants herein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>EVENTS OF DEFAULT</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions of Sections&nbsp;72 and 75 of the Statute shall apply to this Charge subject to
such modifications and additions and varied events as are herein contained if any other
creditors of the Chargor shall proceed against the Charged Premises or any part thereof or
if the Chargor shall commit a breach of any of the agreements and covenants on its behalf
herein contained or implied and on the part of the Chargor to be kept observed and performed
or if the Chargor shall become bankrupt or makes assignment of any composition for the
benefit of the Chargor&#146;s creditors or being a company goes into liquidation (other than a
voluntary liquidation for the purposes of a reconstruction only the terms of which have been
previously approved by the Chargee) or suffers the appointment of a receiver over any part
of the Chargor&#146;s assets and in addition to all other rights conferred on the Chargee it
shall be lawful for the Chargee to enter into and upon the premises the subject of this
security and to receive the rents and profits thereof to or for the Chargee&#146;s own use and
benefit or to make use of all or any of the Chargee&#146;s present or future securities in such
order and lawful or equitable manner as the Chargee may be advised.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGEE&#146;S REMEDIES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sections&nbsp;72 and 75 of the Statute shall be varied in respect of this Charge and of any
instrument of variation executed pursuant to this Charge so as to entitle the Chargee</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">10
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately upon default by the Chargor in payment of the whole or any part of any sum
payable specified in Item&nbsp;Four (4)&nbsp;of the Schedule &#147;B&#148; or whenever there shall be any breach
or non-observance of any covenants or conditions expressed or implied herein to serve on the
Chargor notice in writing to pay the money owing or to perform and observe the agreement as
the case may be and further so as to provide that if the Chargor does not comply within one
month of the date of service of such notice the Chargee may thereupon without further notice
either:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>appoint a receiver of the income of the Charged Premises; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell the Charged Premises without further notice by private treaty as well as by public
auction; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into possession of the charged property; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the event that the Chargee does appoint a receiver or enter into possession
of
the charged property, exercise its powers of sale or appointment of a receiver
at any time thereafter without further notice;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PROVIDED ALWAYS and it is hereby expressly declared and agreed that in any case where any
such modification of the Statute (or any other modification provided for in this Charge)
shall require the sanction of the Court the Chargee shall have the right at its option to
waive any modification where it is in favour of the Chargee or to seek the sanction of the
Court thereto and should the Chargee fail to obtain the sanction of the Court to any
particular modification or should the Chargee elect to waive its rights under any
modification then the original provisions of the Statute shall apply without modification.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>FURTHER ADVANCES AND CONSOLIDATION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The right contained in Section&nbsp;81(1) of the Statute to make further advances and to give
credit to the Chargor on a current or continuing account and the right contained in Section
82 of the Statute to consolidate charges are expressly reserved to the Chargee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>POWER TO TRANSFER CHARGE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee may at any time transfer assign or charge the benefit of this Charge and the
transferee shall have the benefit of all the covenants by the Chargor and the provisions
herein contained and may at any time thereafter exercise all rights and remedies of the
Chargee for securing the said sum and interest and every statement of fact contained in
such transfer shall as against the Chargor be deemed to be conclusive and binding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>THE GIVING OF TIME</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The giving of time to the Chargor or the neglect or forbearance of the Chargee in requiring
or enforcing payment of the Principal and interest hereby secured or any other variation of
the provisions of this instrument or other dealing between the Chargor and the Chargee shall
not in any way prejudice or affect this security or the joint and several covenants of the
Chargor hereinbefore contained or the continuing liability of the Chargor by virtue thereof.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">11
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>RIGHT OF REDEMPTION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This security is a continuing security to the Chargee and shall avail the Chargee in
respect of all present and future indebtedness of the Chargor to the Chargee which may arise
hereunder and shall continue notwithstanding any payments from time to time made by the
Chargor or other settlement of account or other thing whatsoever, but it is hereby agreed
that upon performance of all the Chargor&#146;s obligations hereunder and upon payment to the
Chargee of all moneys secured or payable hereunder the Chargee will at any time thereafter
at the request and costs of the Chargor discharge this Charge.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>ORDER OF REALIZING SECURITY</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This security shall not be affected by nor affect any other security which the Chargee may
now or hereafter hold from the Chargor or any other person and the Chargee shall be at
liberty to realize its securities in such order and manner and to apply and appropriate any
monies at any time or times paid by or on behalf of the Chargor or resulting from a
realization of this or any other security or any part thereof to such account or item of
indebtedness and in such sequence, priority and order as the Chargee may in its absolute
discretion from time to time determine, any direction from the Chargor to the contrary
notwithstanding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGEE&#146;S EXERCISE OF REMEDIES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee shall be entitled to exercise its remedies under this Charge concurrently,
consecutively or in such order as the Chargee in its discretion may from time to time
decide and without exercising or exhausting any one remedy before proceeding with another.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>THE WORDS &#147;CHARGOR&#148;, &#147;CHARGEE&#148;, ETC.</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The words &#147;Chargor&#148;, &#147;Chargee&#148;, and &#147;Attorney&#148; herein used importing the singular number
only shall where the context so requires or admits be deemed also to include the plural
number and the words &#147;he&#148;, &#147;his&#148;, &#147;him&#148; and &#147;himself&#148; referring to the Chargor appearing
herein importing the masculine gender and singular number shall where the context so
requires or admits be deemed to include also the feminine and neuter genders and the plural
number and if there be more than one Chargor and Guarantor (if any) covenants and
agreements expressed to be made by the Chargor and Guarantor shall be deemed to be made by
such persons jointly and severally.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">21.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGE AS CONTINUING SECURITY</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intentionally deleted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">22.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TREATMENT OF WOODEN CONSTRUCTION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where a building on the charged property is, in the opinion of the Chargee or any Quantity
Surveyor employed by the Chargee, of lumber or part lumber construction, the Chargor
covenants that he will, at his expense, have a pest control agency inspect and, where
necessary, eradicate termites in the structure and render written confirmation to</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">12
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Chargor that the building is termite free, such written confirmation to be rendered once
in every 12&nbsp;months that any bond remains outstanding. Should the chargor omit or otherwise
fail to have these inspections made, the Chargee will then have the right to have any such
inspections and treatments undertaken and the Chargor hereby covenants that the cost of such
inspection and treatment will be payable by the Chargor on demand of the Chargee together
with the cost of any surveyor or other professional who the Chargee deems necessary to
employ to ascertain the extent of any termite or other wood boring organism infestation and
to eradicate the same together with interest on such costs at the rate payable under the
principal sum as hereinbefore provided.</TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>DIRECTIONS TO REGISTRAR OF LANDS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>AND the Registrar of Lands is hereby requested and directed pursuant to Section&nbsp;64 (3), 68,
69, 81 and 82 of the said Law:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to register the Statutory Charge and this schedule in favour of the Chargee;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the Register that the Statutory Charge and this schedule:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contain an agreement by the Chargor with the Chargee that the
Chargor may not without the prior written consent of the Chargee lease, charge,
let or otherwise part with possession of the charged property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contain an agreement by the Chargor with the Chargee that the
Chargor may not sell or transfer the charged property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>include provision for the Chargee to make further advances, to
tack and to rank in priority to any subsequent charge;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>give to the Chargee the right to consolidate the Statutory
Charge and this schedule with any other charge;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contain an agreement by the Chargor with the Chargee that the
Chargor will not without first obtaining the prior written consent of the
Chargee create or purport or attempt to create any charge, encumbrance or
mortgage which by virtue of any law or regulation will rank pari passu with or
in priority to the Statutory Charge.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">24.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CAPTIONS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The captions appearing at the head of each clause and sub-clause of this Schedule to the
Charge have been inserted as a matter of convenience and for reference only and shall not
define limit or enlarge the scope or meaning of this Schedule or Charge or any provision
hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">25.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CAYMAN LAW</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Schedule shall be governed and construed solely according to the Laws of the Cayman
Islands.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">13
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">AND FOR BETTER SECURING to the Chargee the payment of the moneys intended to be hereby secured and
every part thereof for Principal, interest, costs, expenses or otherwise the Chargor HEREBY CHARGES
to the Chargee all his estate and interest and all the estate and interest which he is entitled or
able to transfer and dispose of in ALL THAT parcel of land described in Item&nbsp;Five (5)&nbsp;of the
Schedule &#147;B&#148; hereto.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED by the Chargors in the
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CAYMAN WATER COMPANY LIMITED</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD style="border-bottom: 1px solid #000000" align="left">Frederick
W. McTaggart</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald Miller&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greg
McTaggart
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</TR>




<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED for and on behalf of Chargee<BR>
in the presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DEXTRA BANK &#038; TRUST CO. LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left">Alex
Wood</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald Miller&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alitsia
Finlayson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">14
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE &#147;B&#148;</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DATE BONDS REPAYABLE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On demand upon occurrence of an event of default.</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PRINCIPAL SUM:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US$15,771,997.00</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">INTEREST RATE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payable in accordance with a
Trust Deed made between the
Chargee and Consolidated
Water Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">AMOUNT OF MONTHLY PAYMENT<BR>
OF PRINCIPAL AND INTEREST:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payable in accordance with the terms
of a Trust Deed made between the Chargee
and Consolidated Water Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THE CHARGED PREMISES:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WEST BAY NORTH EAST BLOCK 9A PARCEL
8</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">15
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>14
<FILENAME>g02807exv10w13.htm
<DESCRIPTION>EX-10.13 CAYMAN ISLANDS COLLATERAL CHARGE
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.13 Cayman Islands Collateral Charge</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 10.13</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="75%"></TD>
    <TD width="15%"></TD>
    <TD width="15%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">FORM RL9
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap><B>INSTRUMENT NO.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><DIV style="border: 1px solid #000000">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>CAYMAN ISLANDS</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 0pt"><B>The Registered Land Law (2004 Revision)<BR>
THIRD SCHEDULE<BR>
COLLATERAL CHARGE<BR>
(Collateral to A Debenture)</B>
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">REGISTRATION SECTION
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BLOCK
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">PARCEL
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WEST BAY NORTH EAST
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9A
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">469</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">I/WE, CAYMAN WATER COMPANY LIMITED<BR>
HEREBY CHARGE my/our interest in the above mentioned title to secure the payment<BR>
to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEXTRA BANK &#038; TRUST CO. LTD.<BR>
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 North Church Street, George Town, Grand Cayman, Cayman Islands</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">of the principal sum of FIFTEEN MILLION SEVEN HUNDRED SEVENTY-ONE THOUSAND NINE HUNDRED
NINETY-SEVEN UNITED STATES DOLLARS (US$15,771,997.00)<BR>
with interest at the rate as set out in Schedules A and B attached hereto, payable in accordance
with the
terms of Schedule&nbsp;A and B attached, subject to section 67 of the above law, unless hereby
negatived,
modified or added to. (Here set forth any variation, or make reference to an attached document).</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;&nbsp;&nbsp;Requests to Registrar<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;&nbsp;&nbsp;Schedule&nbsp;A<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;&nbsp;&nbsp;Schedule&nbsp;B

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal sum shall be repaid on demand and otherwise in accordance with Schedules A and B
attached hereto together with any interest then due.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And I/WE the above named Chargor(s) hereby acknowledge that we understand the effect of
section 72 of the Registered Land Law, (2004 Revision).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Dated
this 4th day of August 2006
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CAYMAN WATER COMPANY LIMITED
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Signed by the Chargor
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frederick
W.
McTaggart&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greg
McTaggart<BR>
director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; director/secretary</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">in the presence of:-&nbsp;
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald
Miller<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEXTRA BANK &#038; TRUST CO. LTD.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Signed by the Chargee
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alex
Wood&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alitsia
Finlayson<BR>
director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; director/secretary</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">in the presence of:-
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald
Miller<BR></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FOR OFFICIAL USE ONLY</B>
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I, the Registrar of Lands in the Cayman Islands hereby certify that this document was
received by me for registration on the
.......................................... day of
...............200......
and that stamp duty assessed/adjudicated by me/Treasury at
C.I.$..........and
Land Registry fees at C.I.$......................................... relating thereto have been paid.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">REGISTERED this &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">.........................................
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">REGISTRAR OF LANDS, CAYMAN ISLANDS
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE
OF IDENTIFICATION<BR><br>
CAYMAN WATER COMPANY LIMITED
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 35%">By:<BR>
By:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Name................................................................................. .
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I HEREBY CERTIFY that the above named person..................................................................................<BR>
appeared before me on the ........ day of July 2006 and<BR>
being identified by*......................................... (or being known to me)<BR>
acknowledged the above signature or mark to be his/theirs and that he/they had freely and<BR>
voluntarily executed this instrument and understood its contents.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">..................................................................................<BR>
Signature and designation of the person certifying
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE OF IDENTIFICATION<BR>
DEXTRA BANK &#038; TRUST CO. LTD.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 35%">By:<BR>
By:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Name................................................................................. .
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I HEREBY CERTIFY that the above named ..................................................................................<BR>
appeared before me on the ........ day of July 2006 and<BR>
being identified by*......................................... (or being known to me)<BR>
acknowledged the above signature or mark to be his/theirs and that he/they had freely and<BR>
voluntarily executed this instrument and understood its contents.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">..................................................................................<BR>
Signature and designation of the person certifying
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE OF IDENTIFICATION
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Name................................................................................. .
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 6%; font-size: 10pt; margin-top: 6pt">I HEREBY CERTIFY that the above named ..................................................................................<BR>
appeared before me on the ........ day of ........................
200 ........ and<BR>
being identified by*......................................... (or being known to me)<BR>
acknowledged the above signature or mark to be his/theirs and that he/they had freely and<BR>
voluntarily executed this instrument and understood its contents.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">..................................................................................<BR>
Signature and designation of the person certifying
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*NOTE:</TD>
    <TD>&nbsp;</TD>
    <TD>Please ensure that the appropriate insertions and/or deletions are made<BR>
so that the method of identification is clear.</TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>THE REGISTRAR OF LANDS IS HEREBY REQUESTED</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to register this Charge in favour of the Chargee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the attached schedule contains an agreement by the Chargor with
the Chargee that the Chargor will not without first obtaining the prior written consent of the
Chargee, sell, lease or sub-lease or agree to lease or sub-lease, charge, let or assign or
transfer or otherwise part with the possession of the charged premises or any part thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the right to tack and rank in priority to any subsequent charge
is expressly reserved to the Chargee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the attached Schedule reserved to the Chargee the right to
consolidate this Charge with any other charge;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the register that the attached Schedule contains an agreement by the Chargor with
the Chargee that the Chargor will not without first obtaining the prior written consent of the
Chargee create or purport or attempt to create any charge, incumbrance or mortgage which by
virtue of any law or regulation will rank pari passu with or in priority to this Charge or
second or subsidiary to this Charge.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE &#147;A&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">NOW THIS INSTRUMENT WITNESSETH as follows:-
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>INTERPRETATION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Throughout this instrument unless the context otherwise requires the following expressions<BR>
have the following meanings:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Chargor&#148;, &#147;the Guarantor&#148; (if any) and &#147;the Chargee&#148; includes besides the
parties hereto their respective personal representatives, successors in title and
transferees.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Principal&#148; means the principal sum hereby advanced and secured and set out
in Item&nbsp;Two (2)&nbsp;of the Schedule &#147;B&#148; hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Statute&#148; means the Registered Land Law or any re-enactment thereof or any
enactment amending the same.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Board of Directors&#148; means the Directors of DEXTRA BANK &#038; TRUST CO.
LTD. from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Charged Premises&#148; means the land the subject of this Charge as set out in
Item&nbsp;Five (5)&nbsp;of the Schedule &#147;B&#148; hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Building&#148; or &#147;Buildings&#148; means any building or erection erected on the
Charged Premises whether or not permanently attached thereto and includes all fixtures
and fittings and any chattels owned by the Chargor and used in or about the Charged
Premises.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>COVENANTS BY THE CHARGOR</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In consideration of the Principal lent and advanced by the Chargee to the Chargor at the
request of the Chargor (the receipt whereof is hereby acknowledged), the Chargor HEREBY
COVENANTS with the Chargee during the continuance of this security as follows:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY PRINCIPAL</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To pay to the Chargee on the date specified in Item&nbsp;One (1)&nbsp;of the Schedule &#147;B&#148; in
accordance with the terms of a Trust Deed made between the Chargee and Consolidated
Water Co. Ltd., the Principal or such part thereof as shall then remain unpaid
together with all interest at the rate set out in Item&nbsp;Three (3)&nbsp;of the Schedule &#147;B&#148;
(subject as hereinafter provided) and all other monies hereby secured then remaining
unpaid: and the Chargor HEREBY CHARGES the Charged Premises with the payment of such
Principal and interest and all other monies hereby secured; and the Chargor shall
on demand lawfully being made in writing by the Chargee requiring payment of the
Principal or the balance thereof then outstanding and all interest and other monies
hereby secured and signed on behalf of the Chargee by any of its officers thereunto
authorized or by its Attorneys-at-Law, pay to the Chargee at the place aforesaid the
Principal or the
entire balance then outstanding and all interest and other monies hereby secured
then outstanding.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY INSTALLMENTS</U></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Until payment in full of the Principal and of all such other
monies hereby secured, to pay to the Chargee at the place aforesaid the sums on
the dates specified in Item&nbsp;Four (4)&nbsp;of Schedule &#147;B&#148; hereto. Such monthly
payments shall be applied FIRSTLY in satisfaction or on account of interest
accrued on the Principal or such part thereof as shall for the time remain
unpaid, which interest shall be computed at the rate specified in Item&nbsp;Three
(3)&nbsp;of the said Schedule &#147;B&#148; from the date of payment of the Principal or any
part thereof to the Chargor and SECONDLY in reduction of the Principal.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All payments made under and pursuant to this Charge on account
of Principal or interest or otherwise shall be made without set-off or
counter-claim and free and clear of and without future taxes levies, rates,
imposts, duties, deductions, withholdings or other charges of whatsoever
nature.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY RATES, TAXES AND OUTGOINGS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At all times duly and regularly to pay all rates, taxes, assessments and outgoings
now or hereafter to become due and payable in respect of the Charged Premises and to
produce on demand all receipts and vouchers in proof of such payments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>REPAIRS ETC.</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sub-Section (c)&nbsp;of Section&nbsp;67 of the Statute shall not apply to this Charge nor to
any instrument of variation executed pursuant to this Charge and instead thereof the
Chargor shall so long as any money remains owing on this Charge or any variation
thereof keep the Buildings on the Charged Premises in good and substantial repair
and condition to the satisfaction of the Chargee and to permit the Chargee or its
agents with or without workmen and others at all reasonable times to enter into or
upon the Charged Premises and examine the state and condition thereof and of the
Building and to forthwith repair and make good all defects and wants of reparation
of which notice in writing shall have been given to the Chargor by the Chargee AND
IN CASE OF DEFAULT to permit the Chargee with or without workmen to enter on the
Charged Premises and effect such repairs to the Building as the Chargee may consider
necessary and on demand to pay to the Chargee all reasonable costs and expenses
incurred in relation to any such inspection and or the effecting of such repairs and
until payment by the Chargor such costs and expenses shall be treated as a further
advance repayable with interest in manner herein provided and in such event the
Chargor shall execute an instrument of variation pursuant to Section&nbsp;69 of the above
Statute upon such terms as the Chargee shall then require.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>RESTRICTIVE AGREEMENTS AND CONDITIONS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At all times to comply with the restrictive covenants (if any) endorsed on the Land
Register for the Charged Premises or any Buildings thereon and not to use the
Charged Premises or any Buildings thereon for any purpose other than that permitted
by such restrictive covenants and not to alter or add to or cause to be altered or
added to any Building structure or erection on the Charged Premises without the
written consent of the Chargee first had and obtained.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>INSURANCE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sub-Section (d)&nbsp;of Section&nbsp;67 of the above Statute (and Sub-Section (j)&nbsp;thereof only
so far as it relates to the said Sub-Section (d)&nbsp;shall not apply to this Charge or
to any instrument of variation executed pursuant to this Charge and instead thereof
the Chargor shall so long as any money shall remain owing on the security of this
Charge or any variation thereof insure and keep insured in the joint names of the
Chargor and Chargee any buildings or erections from time to time erected or in the
course of erection of an insurable nature upon being or forming part of the Charged
Premises (whether affixed to the freehold or not) with an insurance office of repute
approved from time to time by the Chargee against loss or damage occasioned by fire
(including fire occasioned by any of the undermentioned perils), lightning, (whether
accompanied by fire or not), earthquake, hurricane, cyclone, tornado, windstorm,
flood (including overflow of the sea), riot, strike, public liabilities and such
other perils and on such other terms and conditions as the Chargee may from time to
time deem fit for a sum not less than the full insurable value of the said
buildings. The interest of the Chargee under the policy or policies of insurance to
be effected on the buildings as hereinbefore provided shall for all purposes be
deemed the primary interest in the said policies the subject matter thereof and the
moneys payable thereunder shall be payable to the Chargee in priority to all other
moneys that may from time to time become payable under any other policy of insurance
of whatsoever class and wheresoever the same may be effected in any name or names
whatsoever, other than that of the Chargee AND it is hereby agreed and declared that
all monies received under or by virtue of any insurance as aforesaid whether
received by the Chargor the Chargee or any receivers appointed by the Chargee
(notwithstanding the provisions of Section&nbsp;73(7) of the Statute) shall at the
option of the Chargee either be forthwith applied in or towards substantially
rebuilding reinstating or repairing the buildings or erections destroyed or damaged
or in or towards payment of the moneys for the time being secured by these presents
including any premiums paid under the aforesaid power and the Chargor DOTH HEREBY
IRREVOCABLY APPOINT the Chargee the attorney for the Chargor during the subsistence
of this security to collect and receive and give valid receipts and discharges for
all moneys that may be or may become payable to the Chargor under any policies of
insurance with full powers to adjust compromise and submit to arbitration and give
receipts and acquittances for and compound all or any claims under every such policy
of insurance and the said policy shall be deposited at the offices of the Chargee
during the continuance of this security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">G.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TO PAY INSURANCE PREMIUMS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At all times to punctually pay every sum from time to time payable for keeping on
foot every such insurance or within seven (7)&nbsp;days after the first day upon which it
becomes payable and on demand deliver to the Chargee the policy or policies of</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such insurance duly endorsed as aforesaid or other proper evidence of the
subsistence thereof and also on demand to deliver to the Chargee the receipts for or
other sufficient evidence of repayment of every sum payable as aforesaid AND it is
hereby agreed and declared that if the Chargor shall make default in any of the
above matters the Chargee may insure and keep insured all or any of the
Buildings in manner aforesaid and that the expense of so doing shall be paid by the
Chargor to the Chargee on demand and in the meantime shall be added to the Principal
sum and bear interest accordingly in manner herein provided and in such event the
Chargor shall execute an instrument of variation pursuant to Section&nbsp;69 of the
Statute upon such terms as the Chargee shall then require.</TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">H.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO SELL LEASE CHARGE ETC.</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sub-Sections (f)&nbsp;and (g)&nbsp;of Section&nbsp;67 of the Statute shall not apply to this
Charge nor to any instrument of variation executed pursuant to this Charge and
instead thereof the Chargor shall not during the continuance of this security
without prior consent in writing of the Chargee which consent shall not be
unreasonably withheld sell lease charge let or otherwise part with the possession of
the Charged Premises or the Buildings whether by license trust or otherwise and in
the event of the Chargee giving consent to lease or let the said Charged Premises or
the buildings and effects thereon to require the proposed lessee or tenant to enter
into a covenant direct with the Chargee to pay the rent so accruing direct to the
Chargee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO ASSIGN CHARGE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to assign or transfer this Charge to any purchaser, assignee, or other successor
in title to the Charged Premises without the Chargee&#146;s express consent in writing.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">J.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO RANK PARI PASSU</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to apply for or accept any loan which by virtue of any law or regulation will
rank pari passu with or in priority to this security in respect of the Charged
Premises the subject of this Charge nor to do any act which shall have the effect of
diminishing or decreasing the value of the security hereby charged without first
obtaining the written consent of the Chargee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">K.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>NOT TO MAKE ALTERATIONS OR ADDITIONS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to without the written consent of the Chargee first had and obtained which
consent shall not be unreasonably withheld make or permit or suffer to be made any
material change or additions whatsoever in or to the Charged Premises or the
Buildings the subject of this security or the use hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">L.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGOR&#146;S COSTS AND FEES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To pay the examination of the title herein and preparation of this Charge together
with the Stamp Duty and registration fees now or hereafter payable on this Charge or
any instrument of variation or discharge or partial discharge or power of attorney
executed pursuant to this Charge and any such monies as aforesaid shall be
recoverable from the Chargor as a debt, shall bear interest at the rate hereinbefore
mentioned and shall be charged upon the property hereby charged.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">M.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>WHERE CHARGOR IS A COMPANY (ONLY)</U></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Chargor&#146;s Warranty</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor hereby represents and warrants to the Chargee that it is duly
incorporated and existing in good standing under the laws of the Cayman
Islands (or under the laws of some other jurisdiction and duly registered to
carry on business in the Cayman Islands) and that it is qualified to do
business wherever necessary to carry on its present operations and that the
making and performance of this Charge is within its corporate powers having
been properly authorised by all necessary governmental and corporate
approvals and does not contravene any law or any contractual restrictions
binding on the Chargor and that the Charge is a legal valid and binding
obligation of the Chargor enforceable against the Chargor in accordance with
its terms and that there are not now any pending or threatened actions or
proceedings before any court or administrative agency which may materially
adversely affect the Chargor&#146;s financial conditions and operations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Not to Change Corporate Structure</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to reorganize, consolidate, merge or amalgamate with any other
corporation or corporations or make or cause any change in the existing
shareholdings without the prior written consent of the Chargee.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">N.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGOR&#146;S POWER OF ATTORNEY</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor further hereby covenants that the Chargor will on demand at the
Chargor&#146;s own cost and expense during the continuance of this Charge do and execute
or cause to be done and executed all such instruments acts deed and things to
perfect this security and to preserve and protect the rights and privileges of the
Chargee granted by this Charge or by operation of law and to this end the Chargor
hereby undertakes and agrees on demand to execute cause to be verified and deliver
to the Chargee a power of attorney, in favour of the Chargee in form required by the
Chargee to enable the Chargee to enter the same in the register of powers of
attorney or with the consent of the Registrar of Lands to file a copy thereof
certified by the Registrar of Lands in the file of powers of attorney.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGEE&#146;S EXPENSES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without prejudice to and in addition to any other remedy of the Chargee in respect thereof
the Chargor HEREBY COVENANTS with the Chargee that on demand the Chargor will pay to the
Chargee the amount of all the Chargee&#146;s expenses incurred by the Chargee in relation to the
security hereby constituted with interest thereon from the date when the Chargor becomes
liable therefor until payment thereof at the rate for the time being payable hereunder in
the manner hereby provided with regard to the payment of interest and the Chargor HEREBY
CHARGES the Charged Premises with the payment of such expenses and the interest thereon and
for the avoidance of doubt it is hereby declared that the expression &#147;Chargee&#146;s expense&#148;
includes not only all such expenses as would otherwise be allowable on the taking of an
account between the Chargor and a Chargee but also (and in so far as they are not so
allowable) includes all</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>moneys, costs, charges and expenses paid and all liabilities incurred by the Chargee
(including legal costs, charges and expenses ascertained as between Attorney-at-Law and own
client) on or in connection with or incidental to the Charged Premises and security and
without prejudice to the generality of the foregoing shall include all moneys, costs,
charges and expenses paid and all liabilities incurred by the Chargee in
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or in connection with or incidental to, amongst other things:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effecting any insurance whatever on or in connection with the Charged Premises
or any part thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inspecting surveying or obtaining any report of any nature or kind whatsoever
on or in relation to the Charged Premises or any building or other erection or
engineering work thereon or any part or parts thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Considering or enforcing or attempting to enforce any of the rights and powers
hereby or by Law vested in the Chargee in relation to the Charged Premises or this
security;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Doing or considering any other matter or thing whatsoever which the Chargee may
consider to be for the benefit, preservation or improvement of this security.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>VARIATION OF RATE OF INTEREST</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intentionally deleted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>RIGHT TO PREPAY PRINCIPAL</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intentionally deleted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>SERVICE OF NOTICE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any demand or notice hereunder shall be properly and effectually made given and served on
the Chargor at any time by letter or other instrument in writing signed by the Chargee or on
its behalf by its Attorney-at-Law, agent, clerk or other person authorized either in writing
or orally by the Directors and addressed to the Chargor and left in some conspicuous place
on the Charged Premises or sent by registered post to his address appearing in the Land
Register or to his address appearing in this Instrument or the address subsequently
furnished by the Chargor to the Chargee and every such demand or notice sent by post as
aforesaid shall be deemed to have been given and served on the fifth (5th) day following the
posting thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>WAIVER</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That no neglect or omission on the part of the Chargee to take advantage of or enforce any
right or remedy arising out of any breach non-observance or non-performance of any covenant
or condition herein contained or by law implied, shall be deemed to be or operate as a
general waiver of such covenant or condition or prejudice the right of the Chargee in
enforcing or taking advantage thereof either original or recurring.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">9
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>LOSS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee shall not be answerable for any loss happening in or about the exercise or
execution of any powers conferred on the Chargee howsoever or by Law implied or of any
trusts connected thereto nor shall be deemed a Chargee in possession when entering in to
inspect or to effect repairs or remedy breaches.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>MERGER</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The taking of a judgment or judgments or any covenant or covenants herein contained shall
not operate as a merger of the said covenant or covenants or affect the Chargee&#146;s rights to
interest at the rate and times herein set forth.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>SAFEKEEPING OF DOCUMENTS (IF ANY)</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee shall be entitled to keep and retain all relevant documents referred to herein
for the Charged Premises during the continuance of this security subject to production to
the Registrar of Lands and any person or company approved by the Chargee from time to time
at the request and cost of the Chargor to enable endorsements thereon of any transaction
affecting the Charged Premises which may be subject or subsequent to this security PROVIDED
HOWEVER that if the said documents held by the Chargee in relation to the said Charged
Premises or these presents is and/or are destroyed or suffer damage as the result of any
fire, Act of God, civil commotion or the Queen&#146;s enemies the Chargee shall not be held
liable for such loss or destruction nor shall the Chargee be called upon to obtain another
original document or copy or copies of any of the said documents in place of those lost
and/or destroyed as aforesaid. The Chargee however shall be entitled but not obliged to
obtain another original document and/or certified copy or copies of the said documents and
the costs and expenses if any incidental thereto shall be payable by the Chargor under the
Chargor&#146;s covenants herein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>EVENTS OF DEFAULT</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions of Sections&nbsp;72 and 75 of the Statute shall apply to this Charge subject to
such modifications and additions and varied events as are herein contained if any other
creditors of the Chargor shall proceed against the Charged Premises or any part thereof or
if the Chargor shall commit a breach of any of the agreements and covenants on its behalf
herein contained or implied and on the part of the Chargor to be kept observed and performed
or if the Chargor shall become bankrupt or makes assignment of any composition for the
benefit of the Chargor&#146;s creditors or being a company goes into liquidation (other than a
voluntary liquidation for the purposes of a reconstruction only the terms of which have been
previously approved by the Chargee) or suffers the appointment of a receiver over any part
of the Chargor&#146;s assets and in addition to all other rights conferred on the Chargee it
shall be lawful for the Chargee to enter into and upon the premises the subject of this
security and to receive the rents and profits thereof to or for the Chargee&#146;s own use and
benefit or to make use of all or any of the Chargee&#146;s present or future securities in such
order and lawful or equitable manner as the Chargee may be advised.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGEE&#146;S REMEDIES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sections&nbsp;72 and 75 of the Statute shall be varied in respect of this Charge and of any
instrument of variation executed pursuant to this Charge so as to entitle the Chargee</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">10
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately upon default by the Chargor in payment of the whole or any part of any sum
payable specified in Item&nbsp;Four (4)&nbsp;of the Schedule &#147;B&#148; or whenever there shall be any breach
or non-observance of any covenants or conditions expressed or implied herein to serve on the
Chargor notice in writing to pay the money owing or to perform and observe the agreement as
the case may be and further so as to provide that if the Chargor does not comply within one
month of the date of service of such notice the Chargee may thereupon without further notice
either:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>appoint a receiver of the income of the Charged Premises; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell the Charged Premises without further notice by private treaty as well as by public
auction; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into possession of the charged property; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the event that the Chargee does appoint a receiver or enter into possession
of
the charged property, exercise its powers of sale or appointment of a receiver
at any time thereafter without further notice;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PROVIDED ALWAYS and it is hereby expressly declared and agreed that in any case where any
such modification of the Statute (or any other modification provided for in this Charge)
shall require the sanction of the Court the Chargee shall have the right at its option to
waive any modification where it is in favour of the Chargee or to seek the sanction of the
Court thereto and should the Chargee fail to obtain the sanction of the Court to any
particular modification or should the Chargee elect to waive its rights under any
modification then the original provisions of the Statute shall apply without modification.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>FURTHER ADVANCES AND CONSOLIDATION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The right contained in Section&nbsp;81(1) of the Statute to make further advances and to give
credit to the Chargor on a current or continuing account and the right contained in Section
82 of the Statute to consolidate charges are expressly reserved to the Chargee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>POWER TO TRANSFER CHARGE</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee may at any time transfer assign or charge the benefit of this Charge and the
transferee shall have the benefit of all the covenants by the Chargor and the provisions
herein contained and may at any time thereafter exercise all rights and remedies of the
Chargee for securing the said sum and interest and every statement of fact contained in
such transfer shall as against the Chargor be deemed to be conclusive and binding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>THE GIVING OF TIME</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The giving of time to the Chargor or the neglect or forbearance of the Chargee in requiring
or enforcing payment of the Principal and interest hereby secured or any other variation of
the provisions of this instrument or other dealing between the Chargor and the Chargee shall
not in any way prejudice or affect this security or the joint and several covenants of the
Chargor hereinbefore contained or the continuing liability of the Chargor by virtue thereof.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">11
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>RIGHT OF REDEMPTION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This security is a continuing security to the Chargee and shall avail the Chargee in
respect of all present and future indebtedness of the Chargor to the Chargee which may arise
hereunder and shall continue notwithstanding any payments from time to time made by the
Chargor or other settlement of account or other thing whatsoever, but it is hereby agreed
that upon performance of all the Chargor&#146;s obligations hereunder and upon payment to the
Chargee of all moneys secured or payable hereunder the Chargee will at any time thereafter
at the request and costs of the Chargor discharge this Charge.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>ORDER OF REALIZING SECURITY</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This security shall not be affected by nor affect any other security which the Chargee may
now or hereafter hold from the Chargor or any other person and the Chargee shall be at
liberty to realize its securities in such order and manner and to apply and appropriate any
monies at any time or times paid by or on behalf of the Chargor or resulting from a
realization of this or any other security or any part thereof to such account or item of
indebtedness and in such sequence, priority and order as the Chargee may in its absolute
discretion from time to time determine, any direction from the Chargor to the contrary
notwithstanding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGEE&#146;S EXERCISE OF REMEDIES</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargee shall be entitled to exercise its remedies under this Charge concurrently,
consecutively or in such order as the Chargee in its discretion may from time to time
decide and without exercising or exhausting any one remedy before proceeding with another.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>THE WORDS &#147;CHARGOR&#148;, &#147;CHARGEE&#148;, ETC.</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The words &#147;Chargor&#148;, &#147;Chargee&#148;, and &#147;Attorney&#148; herein used importing the singular number
only shall where the context so requires or admits be deemed also to include the plural
number and the words &#147;he&#148;, &#147;his&#148;, &#147;him&#148; and &#147;himself&#148; referring to the Chargor appearing
herein importing the masculine gender and singular number shall where the context so
requires or admits be deemed to include also the feminine and neuter genders and the plural
number and if there be more than one Chargor and Guarantor (if any) covenants and
agreements expressed to be made by the Chargor and Guarantor shall be deemed to be made by
such persons jointly and severally.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">21.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CHARGE AS CONTINUING SECURITY</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intentionally deleted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">22.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>TREATMENT OF WOODEN CONSTRUCTION</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where a building on the charged property is, in the opinion of the Chargee or any Quantity
Surveyor employed by the Chargee, of lumber or part lumber construction, the Chargor
covenants that he will, at his expense, have a pest control agency inspect and, where
necessary, eradicate termites in the structure and render written confirmation to</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">12
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Chargor that the building is termite free, such written confirmation to be rendered once
in every 12&nbsp;months that any bond remains outstanding. Should the chargor omit or otherwise
fail to have these inspections made, the Chargee will then have the right to have any such
inspections and treatments undertaken and the Chargor hereby covenants that the cost of such
inspection and treatment will be payable by the Chargor on demand of the Chargee together
with the cost of any surveyor or other professional who the Chargee deems necessary to
employ to ascertain the extent of any termite or other wood boring organism infestation and
to eradicate the same together with interest on such costs at the rate payable under the
principal sum as hereinbefore provided.</TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>DIRECTIONS TO REGISTRAR OF LANDS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>AND the Registrar of Lands is hereby requested and directed pursuant to Section&nbsp;64 (3), 68,
69, 81 and 82 of the said Law:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to register the Statutory Charge and this schedule in favour of the Chargee;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to note on the Register that the Statutory Charge and this schedule:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contain an agreement by the Chargor with the Chargee that the
Chargor may not without the prior written consent of the Chargee lease, charge,
let or otherwise part with possession of the charged property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contain an agreement by the Chargor with the Chargee that the
Chargor may not sell or transfer the charged property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>include provision for the Chargee to make further advances, to
tack and to rank in priority to any subsequent charge;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>give to the Chargee the right to consolidate the Statutory
Charge and this schedule with any other charge;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contain an agreement by the Chargor with the Chargee that the
Chargor will not without first obtaining the prior written consent of the
Chargee create or purport or attempt to create any charge, encumbrance or
mortgage which by virtue of any law or regulation will rank pari passu with or
in priority to the Statutory Charge.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">24.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CAPTIONS</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The captions appearing at the head of each clause and sub-clause of this Schedule to the
Charge have been inserted as a matter of convenience and for reference only and shall not
define limit or enlarge the scope or meaning of this Schedule or Charge or any provision
hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">25.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>CAYMAN LAW</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Schedule shall be governed and construed solely according to the Laws of the Cayman
Islands.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">13
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">AND FOR BETTER SECURING to the Chargee the payment of the moneys intended to be hereby secured and
every part thereof for Principal, interest, costs, expenses or otherwise the Chargor HEREBY CHARGES
to the Chargee all his estate and interest and all the estate and interest which he is entitled or
able to transfer and dispose of in ALL THAT parcel of land described in Item&nbsp;Five (5)&nbsp;of the
Schedule &#147;B&#148; hereto.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED by the Chargors in the
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CAYMAN WATER COMPANY LIMITED</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD style="border-bottom: 1px solid #000000" align="left">Frederick
W. McTaggart</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald Miller&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greg
McTaggart
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</TR>


<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED for and on behalf of Chargee<BR>
in the presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DEXTRA BANK &#038; TRUST CO. LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left">Alex Wood</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald Miller&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alitsia Finlayson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">14
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE &#147;B&#148;</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DATE BONDS REPAYABLE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On demand upon occurrence of an event of default.</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PRINCIPAL SUM:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US$15,771,997.00</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">INTEREST RATE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payable in accordance with a
Trust Deed made between the
Chargee and Consolidated
Water Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">AMOUNT OF MONTHLY PAYMENT<BR>
OF PRINCIPAL AND INTEREST:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payable in accordance with the terms
of a Trust Deed made between the Chargee
and Consolidated Water Co. Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THE CHARGED PREMISES:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WEST BAY NORTH EAST BLOCK 9A PARCEL 469</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">15
</DIV>

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