By Laws

of the

Foundation

The undersigned Members of the Board of Foundation resolve in accordance with the statutes and articles of incorporation to pass and implement these by-laws with regard to the beneficiaries and their beneficial interest in the foundation:

I. First beneficiary

As first beneficiary for his lifetime is appointed:
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His beneficial interest includes the right to claim at any time alle the net assets as well as the net proceeds of the foundation's assets.

II. Second beneficiary

After the death of the first beneficiary, second beneficiary in remainder to all the net assets and net proceeds of the foundation's assets shall be:
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III. Third beneficiaries

After the death of the first and the second beneficiary third beneficiaries in equal parts in remeinder to all the net assets and net proceeds of the foundation's assets shall be:
-
-

In case of either one of the these beneficiaries being predeceased his/her descendants in equal parts per stirpes and, if there are none, the surviving beneficiaries in equal parts will take over his/her beneficial interest.


IV. Minority beneficiaries

All beneficial rights are valid under the reservation that all the beneficiaries, untill they reach the age of twentyfive years, only receive such disbursements as is deemed necessary by the Board of Foundation to maintain an adequate standard of living and provide well for their good education and maintenance.

V. Transfer of beneficial right

All beneficial rights are valid during the life time of the respective beneficiaries only. None of the beneficiaries shall have the right or title to assign, sell, transfer, charge or dispose by will of this beneficial interest.
If a beneficiary does not make use of, or claim his beneficial interest during his lifetime, the remaining undistributed assets as well as the accumulated proceeds hereof will accrue to the next following beneficiary or beneficiaries as designated by these by-laws.

VI. Distributions

The Board of Foundation is responsible for distributions to the beneficiaries upon their rightfull demand at such place and date and in such form as indicated by them unless the foundation itself or other beneficiaries are put into jeopardy by such distribution.
In such a case the Board of Foundation can at any time be discharged of ist obligations towards the beneficiaries by consigning the assets corresponding to their part in a Swiss bank to be held at the free disposal of such beneficiaries.
The Board of Foundation will, however, follow the wishes of the beneficiaries, if these wishes are usual and reasonable and will do so at the sole risk of these beneficiaries.

VII. Modification

These by-laws are subject to amendment, modification or revocation upon the prior written consent of the first beneficiary. After his decease these by-laws shall be irrevocable and unamendable.