chapter  7
4 Pages

DECLARATION OF TIME OF DIVISION, TRUSTS, AND

APPOINTMENTS

WHEREAS pursuant to a Trust Agreement (the "Trust Agreement") made on the (date), between XXX as Settlor and XXX as Trustee, a trust was established for the benefit of the Beneficiaries named therein, which trust is known as the XXX Family Trust (the "Trust"); AND WHEREAS XXX Limited (the "Trustee") is the sole Trustee of the Trust; AND WHEREAS pursuant to its terms, the Trust Agreement was amended by Deed of Amendment of Trust Deed (1st Amendment) made the (date); Deed of Appointment of Trustee, Retirement of Trustee and Indemnity (2nd Amendment) made the (date); and Deed of Appointment of Trustee, Retirement of Trustee and Indemnity (3rd Amendment) made the (date), and was restated by an instrument in writing dated (date) and the document as so amended and restated is hereafter referred to as the "Restated Trust Deed"; AND WHEREAS paragraph 3 of the Restated Trust Deed provides that the Time of Division shall be the earliest of October I, 2013 or such date as the Trustee may in its absolute discretion determine by an instrument in writing signed by it and delivered in counterparts to every adult Beneficiary living at the time of signing such instrument; AND WHEREAS paragraph 5 of the Restated Trust Deed provides for distribution at the Time of Division to (1) XXX, or her estate, as to one half of the Trust Fund and (2) as to such of XXX, XXX, XXX and XXX, in such shares as the Trustee may determine in its uncontrolled discretion, as to the remaining half of the Trust Fund; AND WHEREAS XXX died on (date); AND WHEREAS XXX, XXX, XXX and XXX are alive at the time of the Declaration herein and it is anticipated that they will be alive at the Time of Division; AND WHEREAS paragraph 6 of the Restated Trust Deed provides for appointment by the Trustee, at the Time of Division, of any share in the Trust Fund to another trust on such further conditions as appear therein; AND WHEREAS the Trustee is desirous of determining the Time of Division, declaring two new Trusts for the Beneficiaries at Time of Division on

substantially the same terms as the Restated Trust Deed, and appointing and distributing the Assets of the Trust Fund to such trusts: NOW THEREFORE witnesseth as follows: 1. All capitalized terms shall have the meaning defined in the Restated Trust

Deed. 2. The Trustee hereby declares that the Time of Division is determined as

(time) on (date). 3. Pursuant to paragraph 6 of the Restated Trust Deed, the Trustee hereby

establishes by declaration a trust for the benefit of the Estate of XXX (the "XXX Estate Trust"), as a domestic trust under the laws of [__], to which one-half of the Assets of the Trust Fund shall be appointed at Time of Division, on the terms as set forth in the Trust Declaration, as signed and initialed by the Trustee in identification thereof, the Trustee being of the opinion that the XXX Estate Trust is the sole person beneficially interested in such share, and that the terms of the XXX Estate Trust are substantially the same mutatis mutandis as the terms of the Restated Trust Deed applicable to the Trust Fund prior to the time of such appointment.