SD Europe, international business, financial advisor and consulting group for United States and European Community

This is the official website of SDWORLDWIDE on the internet. All copyrights and similar rights in the design and contents of this website are reserved. This web site is protected by the laws of the State of Nevada, U.S.A. and international law and you may only use it as SDWORLDWIDE permits and only if you are a person who is entitled to access and use it under the laws of the country in which you are located when making access.

You are permitted to access the remainder of the website for the purposes of your own use and you may download and store data on your hard disk for your personal use. The owners of Internet sites may link to the home page of this Internet site or include the home page of this Internet site within a frame of another website. No other use is permitted without SDWORLDWIDE's prior written permission.

SDWORLDWIDE accepts no responsibility or liability for enabling you to link to another website, or the contents of any other site, whether one from which you may have been linked or to which you may link from our website, or any consequence of acting upon the contents of another website.

About SDWORLDWIDE

"Services & Development Worldwide", "SDWORLDWIDE" and "Group" means the multi-jurisdictional marketing insignia of a worldwide group of companies offering company formation, financial consulting and related services. Participating companies are independent of one another and have no authority with regard to any group member, express or implied, to represent, bind or act directly or indirectly as a statutory, managing or general agent for any purpose whatsoever, nor to be based in any jurisdiction outside that in which they are incorporated.

Need for Advice

Clients are specifically advised and warned that they should seek appropriate tax and legal advice from a qualified professional licensed to offer such advice before acquiring any offshore structure or a company or trust. Clients must also ensure that they have received professional advise on the restrictions and reporting requirements that the acquisition of a company or trust may involve.

Availability of Services

Warning - You may not be entitled to register and use the services and products available!

We reserve the right not to accept clients and all clients must accept the Terms of Business of the Member of SDWORLDWIDE with which they do business. SDWORLDWIDE llc (Nevada Corporation) Terms of Business are available on this website.

Information contained in this Internet site does not constitute an offer of products or services in any jurisdiction in which such distribution is not authorised or which are not available for distribution in the jurisdiction of the reader of this information.

As SDWORLDWIDE 's products and services may be restricted by law in certain jurisdictions you should inform yourself as to such restrictions in your country of residence. If you are a resident of a country where the service is not available or you are otherwise restricted in any manner whatsoever, do not attempt to register as a client with us.

Disclaimer

The information contained in this Internet Site is for guidance only and should not be relied upon without obtaining appropriate advice.

No responsibility for loss occasioned directly or indirectly to any person acting or refraining from acting wholly or partially upon or as a result of the material in this Internet Site or for any error in or omission from this publication can be accepted by the publisher or any author, editor, contributor or consultant or any company referred to herein.

Nothing in this Internet Site is intended nor should it be interpreted as in any way sanctioning, advocating or condoning directly or indirectly the commission of any unlawful act or omission by any person or company in any jurisdiction or the use of offshore structures for any illegal or fraudulent purpose.

This Internet Site is made available on the understanding that neither the publisher nor any author, editor, contributor or consultant or Internet service provider or any company referred to herein is engaged in rendering legal, accounting or other professional advice or services.

Notification of Changes

If we decide to change these Legal Warnings, we will post any such changes on our website.

Copyright

Copyright 2003 SDWORLDWIDE llc,. All rights reserved. Except as permitted herein, no part of this publication may be reproduced, stored in a retrieval system or any computer network, or transmitted, in any form or by any means, electronic, mechanical, electro-optical or otherwise without the prior written permission of the copyright holder for which written application should be made.

PRIVACY POLICY AND USE OF THIS WEBSITE

General

SDWORLDWIDE collects personal information and personal data from users of this Internet Site, communicates with them and uses this personal data and information to facilitate supplying services and from time to time to provide information, reference notes, guidelines, advice and for marketing such products and other services and providing such other information as SDWORLDWIDE may from time to time make available.

SDWORLDWIDE protects personal information and personal data from unauthorised access, use or disclosure.

This personal information and personal data is used only for these purposes and it is never sold, lent, leased or otherwise distributed outside SDWORLDWIDE . Users must accept that this may mean that personal information and personal data may be transferred to countries that do not provide adequate protection of data in accordance with Article 26 (1) of the EU Directive 95/46/EC on the protection of individuals with regard to the processing of personal data and on the free movement of such data.

SDWORLDWIDE reserves the right to treat these obligations of privacy as not applicable when obliged by law.

Cookies

A cookie is a piece of data placed on a user's hard drive containing information about the user. Usage of a cookie is in no way linked to any personally identifiable information while on our site.

Log Files

We use IP addresses to analyse trends, administer the site, track user's movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

Notification of Changes

If we decide to change this Privacy Policy, we will post any such changes on our website.

TERMS OF BUSINESS

1. Definitions

1.1 "SDWORLDWIDE " means the multi-jurisdictional marketing insignia of a worldwide group of companies offering company formation and related services. Participating companies are independent of one another and have no authority with regard to any group member, express or implied, to represent, bind or act directly or indirectly as a statutory, managing or general agent for any purpose whatsoever, nor to be based in any jurisdiction outside that in which they are incorporated.

1.2 "SDWORLDWIDE" means SERVICES & DEVELOPMENT WORLDWIDE LLC a Nevada U.S.A. corporation which expression shall include its successors in title and assigns on its own behalf and as agent for the SDWORLDWIDE Officers (as hereinafter defined) and the employees thereof and any company under their direct or indirect control and any director or employee thereof.

1.3 "SDWORLDWIDE Officers" means any person or company nominated by SDWORLDWIDE who may from time to time be appointed as director, alternate director, secretary, assistant secretary, manager, partner, accountant, trustee, protector, bank signatory, other officer, administrator, registered agent, provider of a registered office or address for legal service or registered shareholder of the Company and the employees thereof and any company under their direct or indirect control and any director or employee thereof (which expression shall include any of them).

1.4 "Company" means the company, trust, partnership or other structure established and / or administered by SDWORLDWIDE at the request of the Owners (as hereinafter defined).

1.5 "Services" means the provision by SDWORLDWIDE and / or the SDWORLDWIDE Officers of management, administration and other services requested by the Owners or the Owners Appointees (as hereinafter defined) or such other activities required to maintain the Company in good standing including where appropriate on the statutory registers of the country of establishment / incorporation of the Company.

1.6 "Owners" means the beneficial owners or owner of the Company which expression shall in the case of an individual include their heirs, personal representatives and assigns and shall in the case of more than one person mean such persons jointly and severally and shall include the survivor or survivors of them and their respective heirs, personal representatives and assigns of the other part.

1.7 "Managing Agent" means a person who may be authorised by all the Owners of the Company to issue requests to SDWORLDWIDE relating to the Company.

1.8 "Owners Appointees" means any person who is not an SDWORLDWIDE Officer and who may from time to time be nominated, appointed or act as Managing Agent, director, alternate director, secretary, assistant secretary, manager, partner, trustee, protector, bank signatory, other officer, grantee of a power of attorney, administrator, registered agent, provider of a registered office or address for legal service or registered shareholder of the Company (which expression shall include any of them).

1.9 "Terms of Business" means these Terms of Business or such other new Terms of Business as may from time to time be published on SDWORLDWIDE's website (www.sd-europe.com) or about which the Owners Appointees may from time to time be informed.

1.10 "Illegal Activities" means all illegal activities which, without prejudice to the generality of the foregoing, include activities relating to terrorism; drug trafficking; money laundering; receiving the proceeds of criminal activities or trading with such countries as might from time to time be subject to any embargo imposed by the Security Council of the United Nations, the European Union, the United States of America.

1.11 "Prohibited Persons" means persons:

1.11.1 prohibited under the laws of any country by reason of being a minor or having no legal capacity (for whatever reason) or otherwise unqualified to be a party to a contract.

1.11.2 who are undischarged bankrupts or are otherwise disqualified from acting as a director or who have been imprisoned or found guilty of any criminal offence (other than a motoring offence carrying a non-custodial sentence).

1.11.3 who have been proven to act in a fraudulent or dishonest manner in any civil proceedings.

1.11.4 who are resident in a country subject to any international restriction or embargo including, but without prejudice to the generality of the foregoing those imposed by the Security Council of the United Nations, the European Union, the United States of America.

1.12 "Prohibited Activities" means:

1.12.1 Activities currently not approved by SDWORLDWIDE which are activities involving: arms, weapons or munitions; mercenary or contract soldiering; security and riot control equipment such as stun guns, electronic restraining devices, CS gas or other similar materials, pepper sprays or any other device that could lead to the abuse of human rights or be utilised for torture; technical surveillance or bugging equipment; industrial espionage; dangerous or hazardous biological, chemical or nuclear materials including equipment or machinery to manufacture or handle such materials and the transportation, handling, disposal or dumping of such materials; human or animal organs; the abuse of animals, genetic material; adoption agencies including surrogate motherhood; the abuse of refugees or human rights; pornography; drug paraphernalia, the provision of degrees or qualifications; the provision of pyramid sales, time share, religions, religious cults and charities.

1.12.2 Financial business involving: soliciting funds from the public; offering investment advice to the public; the management of investments other than where the assets so managed comprise the property of the Company or the operation and administration of collective investment schemes.

1.12.3 Unless otherwise agreed in writing any activity relating to the provision of financial services which requires a licence in any jurisdiction.

1.12.4 Any activity whatsoever that may damage the good reputation of SDWORLDWIDE, the State of Nevada or the country of establishment / incorporation of the Company.

2. Unacceptable Business

If any Owners or Owners Appointees are or become Prohibited Persons or engage in any Illegal Activities or the Company engages in any Illegal Activities or Prohibited Activities SDWORLDWIDE may at its discretion immediately terminate the Services or take all or any actions as are authorised in Clause 8.4 of these Terms of Business.

3. Warranties

3.1 The Owners confirm, undertake, warrant and covenant with SDWORLDWIDE and the SDWORLDWIDE Officers that they are the ultimate beneficial owners of the Company and that they are not and will not act in a fiduciary capacity for any other person, firm or company in relation to the Company.

3.2 The Owners confirm and warrant that they, and shall procure that the Owners Appointees:

3.2.1 will comply with these Terms of Business.

3.2.2 will consent to act if appointed as Owners Appointees and that such Owners Appointees understand their legal duties and obligations.

3.2.3 have taken appropriate tax and legal advice with regard to the establishment and operation of the Company.

3.2.4 agree that SDWORLDWIDE and the SDWORLDWIDE Officers can (but shall not in any event be obliged to) rely on communications received from the Owners or the Managing Agent in determining what steps it is required to take in administering the Company and providing the Services.

4. Indemnity The Owners (for themselves and on behalf of the Owners Appointees) covenant with SDWORLDWIDE and with the SDWORLDWIDE Officers and with the Company and where appropriate shall procure that the Company covenants with SDWORLDWIDE and the SDWORLDWIDE Officers that they will at all times INDEMNIFY and KEEP INDEMNIFIED SDWORLDWIDE and the SDWORLDWIDE Officers

4.1 against all actions, suits, proceedings, claims, demands, costs, expenses and liabilities which may arise or occur or be taken, commenced, made or sought from or against SDWORLDWIDE or the SDWORLDWIDE Officers in connection with or arising from the use or actions of the Company or the provision of the Services;

4.2 in respect of anything done or omitted to be done by SDWORLDWIDE or the SDWORLDWIDE Officers provided that this provision shall have no application to any liability for death or personal injury arising from the negligence of SDWORLDWIDE or the SDWORLDWIDE Officers or to any liability arising as a result of fraud on the part of SDWORLDWIDE or the SDWORLDWIDE Officers;

4.3 in respect of any failure of SDWORLDWIDE and the SDWORLDWIDE Officers to comply wholly or partially with any instruction or request made by the Owners, Owners Appointees or the Company and that SDWORLDWIDE and the SDWORLDWIDE Officers shall not be responsible for non-receipt thereof or any errors or ambiguity therein;

4.4 in respect of any loss or damage arising from the use of facsimile or email, including the use of unencrypted email, failed or incomplete transmission, distortion and loss of privacy arising from viruses or otherwise;

4.5 in respect of any penalties, fines, fees or other liabilities incurred by the Owners and / or the Owners Appointees and/or the Company in relation to the Company and/or the Services.

5. No Liability for loss

SDWORLDWIDE and the SDWORLDWIDE Officers expressly disclaim any liability to the Owners, the Owners Appointees, the Company and any third parties for any damage or loss to the Owners, the Owners Appointees, the Company or any other person arising out of the acquisition or operation of the Company and/or the Services by the Owners, Owners Appointees, the Company or any other person.

6. Owners Obligation

6.1 The Owners must give SDWORLDWIDE 90 days' advance written notice of their intention to discontinue the Services.

6.2 The Owners must obtain from SDWORLDWIDE its written consent before seeking to change the beneficial ownership of the Company or seeking to appoint new Owners Appointees and such applications must be accompanied by details of such proposed changes or appointments which shall without prejudice to the generality of the foregoing include an appropriately certified copy of the passport and proof of residential address of such persons and SDWORLDWIDE reserves rights to request further information concerning such proposed changes and to decline to accept such applications.

6.3 The Owners shall and shall procure that the Owners Appointees shall:

6.3.1 undertake forthwith to inform SDWORLDWIDE of any matters which might affect the Company and/or SDWORLDWIDE's willingness or ability to provide, or continue to provide, the Services.

6.3.2 inform SDWORLDWIDE of the nature of the activities of the Company and seek SDWORLDWIDE's consent in writing before making any material changes in those activities.

6.3.3 seek SDWORLDWIDE's consent in writing prior to placing any advertisement or public announcement relating to a Company or any activities that may be undertaken by it.

6.3.4 at all times guarantee the due payment and reimbursement to SDWORLDWIDE of all fees, disbursements and expenses incurred by SDWORLDWIDE in connection with the Company and in providing the Services.

7. Additional Owners Obligations When SDWORLDWIDE provides SDWORLDWIDE Officers

7.1 If SDWORLDWIDE provides SDWORLDWIDE Officers, the Owners must, at all times, keep the Company in funds sufficient to discharge its liabilities as and when they become due and at the request of SDWORLDWIDE or the SDWORLDWIDE Officers shall pay to the Company such sums as may be required to enable the Company to discharge in full such liabilities.

7.2 If SDWORLDWIDE provides SDWORLDWIDE Officers, the Owners shall and shall procure that the Owners Appointees shall:

7.2.1 forthwith to inform SDWORLDWIDE of any matters that might affect the Company or any matter that is material to the management or affairs of the Company.

7.2.2 at the request of SDWORLDWIDE or the SDWORLDWIDE Officers, immediately provide all information so requested by SDWORLDWIDE to assist SDWORLDWIDE to prepare financial statements for the Company.

7.2.3 at the request of SDWORLDWIDE or the SDWORLDWIDE Officers disclose to SDWORLDWIDE or the SDWORLDWIDE Officers of any and all information concerning any corporate asset, transaction or business of the Company.

7.2.4 apply to SDWORLDWIDE in writing for consent before seeking to alienate, assign, sell, pledge or otherwise dispose of or encumber the Owners or the Owners Appointees interests in the Company or any part thereof. SDWORLDWIDE reserves rights to request further information concerning such proposed changes and to decline to accept such applications.

7.2.5 where the Owners Appointees are grantees of a power of attorney from the Company, act with the utmost good faith to the Company, maintain accurate records, disclose in writing any relevant facts relating to potential conflicts of interest with the Company to the Company and the SDWORLDWIDE Officers and inform the Company and the SDWORLDWIDE Officers in writing each time a power is exercised and the details of such acts and must acknowledge that if the Company is fraudulently induced to execute a power of attorney or any grantees act illegally or in bad faith any transactions benefiting those grantees can be set aside and those grantees will be held liable on a full indemnity basis to the grantor.

8. Instructions and Requests

8.1 The Owners, the Owners Appointees and the Company agree to provide all requests to SDWORLDWIDE and the SDWORLDWIDE Officers in writing by letter or facsimile and SDWORLDWIDE shall only consider such requests if they are signed by all the Owners or the Managing Agent.

8.2 The Owners acknowledge that SDWORLDWIDE is bound by regulatory and other obligations under laws and regulations of the jurisdiction in which the Services are provided and the jurisdiction of incorporation / establishment of the Company and agree that any action undertaken by SDWORLDWIDE or the SDWORLDWIDE Officers to comply with those laws or regulations shall not constitute a breach of SDWORLDWIDE's obligations hereunder.

8.3 SDWORLDWIDE and the SDWORLDWIDE Officers shall not in any event be required to take any action which they consider unlawful or improper or which may cause SDWORLDWIDE or any of the SDWORLDWIDE Officers to incur any personal liability and the Owners, Owners Appointees and the Company agree that SDWORLDWIDE shall not be liable to them for refusing to take any such action.

8.4 Where permitted under these Terms of Business or if instructions are requested by SDWORLDWIDE or the SDWORLDWIDE Officers and no instructions have been received by SDWORLDWIDE within 30 days, or where the urgency of the matter requires action within such lesser period as may be stated in the request, SDWORLDWIDE or the SDWORLDWIDE Officers may immediately and with no liability to the Owner, the Owners Appointees or the Company take no further action on a particular matter; or take no further action at all in relation to the Company and/or the Owners and/or the Owners Appointees; or take such other action as they shall in their absolute discretion consider appropriate or as it may be advised by its legal advisers. and The Owners irrevocably agree and consent that, if the Company is a company and the SDWORLDWIDE Officers are directors or managers of that company, or the Company is a Partnership and the SDWORLDWIDE Officers are members or managers of that partnership, or the Company is a trust and the SDWORLDWIDE Officers are trustees or protectors of that trust, SDWORLDWIDE or the SDWORLDWIDE Officers may, without further notice to the Owners take such steps as they shall in their absolute discretion consider appropriate which shall without prejudice to the generality of the foregoing include having the Company struck off, dissolved or liquidated; or effecting a resignation of all or any of the SDWORLDWIDE Officers; or transferring all or any of the shares, capital or interest of the Company into the name of the Owners; or appointing the Owners as a director, officer, trustee or protector of the Company; or take such other action as they shall in their absolute discretion consider appropriate or as it may be advised by its legal advisers.

9. Payment of Fees

9.1 The Ownership of a Company shall not pass to the Owners until payment in full has been received by SDWORLDWIDE, no refunds are given after an order has been processed and no refunds will be made where SDWORLDWIDE cease to provide Services.

9.2 SDWORLDWIDE will not provide Services unless SDWORLDWIDE has received in full and in advance all fees and disbursements due to it in relation to the Company or the provision of the Services.

9.3 The Owners hereby irrevocably authorise SDWORLDWIDE to withdraw moneys from any funds held by it on behalf of, or on any account managed by it, on behalf of the Owners and/or the Company in order to discharge all and any fees and expenses payable to or by SDWORLDWIDE or the Company.

9.4 Should SDWORLDWIDE cease to provide Services or should the Owners advise SDWORLDWIDE that they no longer require a Company the Company or the Owners must reimburse SDWORLDWIDE for any fees or costs which may be incurred and pay SDWORLDWIDE's fees in relation to the strike off, dissolution, liquidation or transfer of the Company or otherwise to replace SDWORLDWIDE or the SDWORLDWIDE Officers.

9.5 Fees are as stated in SDWORLDWIDE's Fee Schedule, as published from time to time, or as may be agreed with the Owner. Any changes will be published on SDWORLDWIDE Worldwide's website, (www.sd-europe.com), or as from time to time may be notified to the Owner.

9.6 Where any fees for Services remain unpaid for more than 60 days SDWORLDWIDE and the SDWORLDWIDE Officers may thereupon at their discretion immediately terminate the Services, and/or obtain payment direct from any assets of the Company and/or the Owners and in such circumstances SDWORLDWIDE reserves the right to treat these Terms of Business as terminated without further obligation and to act in accordance with Clause 8.4 of these Terms of Business.

9.7 Unless otherwise agreed in writing with the Owners, SDWORLDWIDE will not pay any interest on any money held by SDWORLDWIDE for the benefit of the Company and/or the Owners and/or the Owners Appointees.

9.8 SDWORLDWIDE and its associated companies and their officers, agents and employees shall be entitled to retain any commission or fee which is paid or may become payable to it notwithstanding that such commission or fee is payable as a direct or indirect result of SDWORLDWIDE or the SDWORLDWIDE Officers acting for the Owners and/or the Owners Appointees.

9.9 In the event that the Owner requests SDWORLDWIDE to transfer the management of the Company to another agent or Corporate Service Provider, SDWORLDWIDE will not transfer the Company until all outstanding fees (including government fees, duties, taxes and other third party disbursements together with SDWORLDWIDE's professional and transfer fees) have been paid in full.

10. Confidentiality and Privacy

10.1 SDWORLDWIDE and the SDWORLDWIDE Officers agree that where the Owners, the Owners Appointees or the Company deliver to them confidential information they shall use all reasonable endeavours to keep it confidential.

10.2 SDWORLDWIDE and the SDWORLDWIDE Officers collect personal information and personal data when the Owners, Owners Appointees and the Company communicate with them and use this personal data and information to facilitate supplying the Services and from time to time to provide information, reference notes, guidelines, advice and for marketing such products and other services and providing such other information as SDWORLDWIDE Worldwide may from time to time make available to them. SDWORLDWIDE protects personal information and personal data from unauthorised access, use or disclosure. Except where permitted in these Terms of Business the personal information and personal data collected is used only for these purposes and it is never sold, lent, leased or otherwise distributed outside SDWORLDWIDE Worldwide. The Owners and the Owners Appointees ACCEPT that this may mean that personal information and personal data may be transferred to countries that do not provide adequate protection of data in accordance with Article 26 (1) of the EU Directive 95/46/EC on the protection of individuals with regard to the processing of personal data and on the free movement of such data.

10.3 SDWORLDWIDE and the SDWORLDWIDE Officers reserve the right to treat the obligations of confidentiality and privacy in Clause 10.1 and 10.2 as not applicable and may divulge confidential information, personal information and personal data when they are obliged by law, or when required by third parties in order for SDWORLDWIDE or the SDWORLDWIDE Offices to provide the Services or when SDWORLDWIDE has been unable to obtain the Owners or Managing Agents instructions and it appears to SDWORLDWIDE to be in the best interests of the Owners and/or the Owners Appointees and/or the Company to provide such confidential information, personal information or personal data.

10.4 Without prejudice to the said duty of confidentiality, SDWORLDWIDE and the SDWORLDWIDE Officers reserve the right to act for other clients (including competitors of the Company, the Owners or the Owners Appointees).

10.5 Any report, letter, information or advice SDWORLDWIDE or the SDWORLDWIDE Officers give to the Owners, Owners Appointees or the Company is given in confidence solely for the purposes of providing the Services and is provided on condition that they undertake not to disclose the same or any other confidential information made available by SDWORLDWIDE or the SDWORLDWIDE Officers without SDWORLDWIDE's prior written consent.

10.6 Notwithstanding any provision hereof, SDWORLDWIDE and the SDWORLDWIDE Officers shall be entitled and are irrevocably authorised to open, read and copy all and any correspondence, letter, fax or other communication received by the Company and/or it on behalf of the Company, the Owners or the Owners Appointees.

11. Actions to protect the company

When SDWORLDWIDE provides SDWORLDWIDE Officers, SDWORLDWIDE and the SDWORLDWIDE Officers shall be entitled to take any steps which they may in their absolute discretion think fit to protect the interests and/or assets of the Company and to take such professional advice in the interests of and at the expense of the Company as SDWORLDWIDE or the SDWORLDWIDE Officers may consider necessary.

12. Cessation of Services

12.1 SDWORLDWIDE and the SDWORLDWIDE Officers shall be entitled without notice to cease to provide the Services, if:

12.1.1 The Owners or the Owners Appointees fail to observe these Terms of Business;

12.1.2 It comes to the attention of SDWORLDWIDE or the SDWORLDWIDE Officers that the Company is being used for activities which were not included in the application form provided by the Owners to SDWORLDWIDE or as subsequently advised and accepted in writing by SDWORLDWIDE;

12.1.3 In the event of the death of any the Owners or the Owners Appointees, the Owners do not provide SDWORLDWIDE, within a reasonable time, with the name of an appropriate substitute;

12.1.4 In the event of the death of an Owner, including in the case of joint persons acting as the Owners, the death of any one such person, the Owners fail to make provision for the disposition of the affairs and the Ownership of the Company;

12.1.5 When SDWORLDWIDE provides SDWORLDWIDE Officers, any of the SDWORLDWIDE Officers resigns or in the event that any legal proceedings are commenced against the Company (including any injunction or investigation proceedings).

12.2 In any of the circumstances described in Clauses 12.1 above, SDWORLDWIDE reserves the right to take action as authorised in Clause 8.4 of these Terms of Business and reserves the right to treat these Terms of Business as automatically terminated without obligation on the part of SDWORLDWIDE.

12.3 SDWORLDWIDE may cease to provide Services at its discretion if it provides 30 days notice to the Owners or the Managing Agent of its intention so to do.

12.4 The Company, the Owners and the Owners Appointees acknowledge that SDWORLDWIDE and the SDWORLDWIDE Officers may have continuing regulatory/fiduciary duties under applicable law. Accordingly, without prejudice to SDWORLDWIDE's and the SDWORLDWIDE Officers rights, it is agreed that SDWORLDWIDE and the SDWORLDWIDE Officers shall be entitled (but not obliged) to continue to provide Services so as to discharge such duties and SDWORLDWIDE shall be entitled to charge at its applicable rate for the provision thereof.

13. Interpretation

In offering and providing the Company and/or the Services, SDWORLDWIDE and the SDWORLDWIDE Officers do not, nor is it to be interpreted as though they do in any way sanction, advocate or condone directly or indirectly the commission of any unlawful act or omission by any person or company in any jurisdiction or the use of the Company or Services for any illegal or fraudulent purpose.

14. Notice

Any notice, given by the Owners, the Owners Appointees, the Company, the Managing Agent, SDWORLDWIDE or the SDWORLDWIDE Officers which is delivered personally shall be deemed to have been given at the time of such delivery; sent by letter post in the Isle of Man shall be deemed to have been given 3 days after posting; sent by courier shall be deemed to have been given 5 days after despatch, sent by airmail letter shall be deemed to have been given 8 days after posting; by letter post outside Spain shall be deemed to have been given 15 days after posting or sent by facsimile shall be deemed to have been given at the time of despatch.

15. Miscellaneous

15.1 These Terms of Business supersede all prior Terms of Business and agreements whether oral or written with respect to such subject matter.

15.2 No exercise or failure to exercise or delay in exercising any right power or remedy vested in any party under or pursuant to these Terms of Business shall constitute a waiver by that party of that or any other right power or remedy.

16. Law

These Terms of Business shall be governed by and construed in accordance with the laws of the United States, Spain and the Owners and the Owners Appointees and where appropriate they shall procure that the Company irrevocably submit to the exclusive jurisdiction of the Courts in Spain.