English Oro de HSBC HONG KONG Dear Luis Fernando:

Regarding fees -

The discount is 8% gross / 6% net to the Buyer.

The 2% differential is payable by the Seller as fees, and is split equally between the buy
side and sell side Consultants.

The 1% sell side fees are closed, as is customary in bullion deals. The 1% fee covers the
Seller's full-time staff - his financial advisors and directors and ground crew who work
exclusively for the Seller on a full-time basis.

This includes our Company who are Directors in the Seller's organization and work full-
time for the Seller and have been for the past seven years.

The 1% buy side fees start with you and your group and cover you and everyone
between you and the Buyer. The 1% fees are payable to the buy-side Consultants after
each and every Lift completion.

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Our preference is that the Seller disburse the full 2% fees to all Consultants, 1% to each
side's Group Paymasters. The Seller is very honest and responsible and, of course, the
2% fees come out of the Seller's pocket (not the Buyer's pocket) so the Seller takes this
responsibility very seriously.
Alternatively, if the buy-side Consultants prefer, the Buyer and Seller can each disburse
1% to their own sides Consultants via their designated Group Paymasters. In which case
we will require two IMFPA's attached to the contract - a Seller IMFPA and a Buyer
IMFPA.

Just let me know how everyone wishes to proceed.

Buy-side Consultants can designate their own Group Paymaster to receive and disburse
their commissions. A professional Paymaster please. Typically a law firm or accounting
firm that offers Paymaster Services to the public.

Alternatively, buy-side Consultants are welcome to engage the sell-side's Group

Paymaster - a UK national and licensed CPA, living in Singapore - to serve as their Group
Paymaster. The sell-side's Group Paymaster's holds accounts in various Banks including
HSBC, Hong Kong, HSBC, Singapore and HSBC, Jersey - as well as Barclays, Jersey.
Importantly, his compliance requirements are relatively modest compared to what
other professional Paymasters will require, in large part, because he is knowledgeable
about the Seller and our bullion transaction.

An NCND is available upon request.

Note: It is improper for the Buyer or ANYONE to claim that the "buy-side" fees are
closed. The full 2% fees come out of the Seller's pocket. NOT the Buyer's pocket. And
the Seller is providing 1% fees to cover everyone between you and the Buyer. The
Buyer, of course, is welcome to pay an additional sum to his Consultants if he wishes via
private agreement. That is strictly between buy-side Consultants and the Buyer.

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Re the IMFPA -

The IMFPA will be signed at the contract-signing stage. At the end of the contract
discussions process.

It will be signed by the Seller (or by the Buyer if Consultants prefer that the Buyer
disburse the 1% buy side fees). It is an agreement between the Seller and the Group
Paymasters nominated by each sides' Consultants.

The IMFPA will be attached to the contract as an Exhibit and will provide that the Seller
pay the 1% fees to the buy side's Consultants' nominated Group Paymaster. The
Paymaster's contact and banking information and passport will be included in the
contract.

With regard to the disbursal of the percentage amounts amongst the various buy side
Consultants, that is between Consultants and their nominated Group Paymaster.
Consultants typically will enter into a written sub-fee agreement with their Group
Paymaster to allocate the 1% between everyone in accordance with their instructions.

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Re protecting your fees -

You start the 1% buy side which is 100% open to you and your group thru to the Buyer.

How the 1% fees are allocated amongst the various buy side Consultants is left to you
and your group to decide.
Once you have reached an agreement on the fee breakdown, you can protect this
arrangement be entering into a formal written agreement with the involved buy side
Consultants. Or leave it as a verbal understanding. That is entirely up to you.

I can provide a Commission Disbursement Agreement form, if you wish. It's a simple
document I prepared - you can use it to confirm your fee-splitting arrangements
amongst the various buy side people. You can adapt it as you see fit. You can also have
everyone sign an NCND, which I can provide.

Ultimately, you need to ensure that the agreed fee arrangements are incorporated into
the Sub-Fee Agreement signed by your group Paymaster. That is how you protect your
fees on the buy side. Our obligation as Sellers is to pay the 1% fees to your nominated
Group Paymaster at the time of each and every Lift completion. We have no
involvement beyond that.

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I hope this assists your understanding.

With kind regards