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1 LawCentral Legal Documents Steven Morrisey ( Trustee ) Declaration of Bare Trust Copyright LawCentral Co Ltd ABN Reference: 10821

2 Page 1 of 5 This Declaration of Bare Trust is made by the bare trustee being: Steven Morrisey of 66 Fretley Street, Sydney, New South Wales 2000 Australia Introduction A. Under a yet to be signed agreement ( Contract ) to be potentially signed by Steven Morrisey to be made between Francis Lowe Rogers of 23 Wealthy Terrace, Homebush, New South Wales 2140 Australia as vendor and Steven Morrisey as purchaser, Steven Morrisey will agree to purchase from the vendor the Trust Asset. B. Steven Morrisey signs the Contract in the capacity of bare trustee for and on behalf of the Beneficiary. This Deed states: 1. What do these words mean? In this Deed: 1.1 words importing persons include corporations; 1.2 a reference to a person includes that person s personal representatives, successors in title, transferees and assigns; 1.3 a reference to any Act or Statute (State or Federal) includes all amendments and reenactments for the time being in force; 1.4 the headings used in this Deed are for ease of reference only and do not affect its construction of interpretation; 1.5 any agreement in favour of two or more persons binds them jointly and severally. 1.6 Beneficiary Michael Kevin Jones of 21 Wealthy Terrace, Homebush, New South Wales 2140 Australia 1.7 Deed this Declaration of Bare Trust. 1.8 Trust Asset 23 Wealthy Terrace, Homebush, New South Wales 2140, Australia and further described as Lot 278, Plan 657, Certificate of Title Volume 901 Folio 5467

3 Page 2 of 5 2. How does the declaration of trust operate? Steven Morrisey acknowledges that Steven Morrisey will sign the Contract in the capacity of bare trustee for the sole benefit of the Beneficiary. 3. What beneficial interest does Steven Morrisey have? 3.1 Steven Morrisey also declares and acknowledges that Steven Morrisey has no beneficial interest in the Trust Asset. 3.2 Steven Morrisey must at the request and cost of the Beneficiary transfer the Trust Asset to the Beneficiary or otherwise deal with the Trust Asset as the Beneficiary directs. 3.3 Steven Morrisey must at the request and cost of the Beneficiary sign any transfers or forms transferring the Trust Asset from Steven Morrisey as bare trustee to the Beneficiary. Steven Morrisey must hand the transfer or form and this Deed to the Beneficiary. Unless there is evidence to the contrary, if there is more than one beneficiary then the beneficiaries hold the beneficial interest in the Trust Asset equally as tenants in common. 3.4 Nothing in this Deed entitles Steven Morrisey to beneficial ownership of the Trust Asset or to deprive the Beneficiary of the rights of beneficial ownership (including the right of possession) of the Trust Asset and all the evidence of title. 3.5 Steven Morrisey must notify the Beneficiary of all notices, assessments, claims or demands which Steven Morrisey receives for the Trust Asset and promptly pay all outgoings including rates, taxes and charges of all kinds from funds provided by the Beneficiary. 4. Beneficiary s instructions 4.1 Steven Morrisey may accept any instruction or direction from the Beneficiary verbally or in writing. This can be either from the Beneficiary personally or from any person, firm or company which Steven Morrisey may have reason to believe is giving such direction or instruction on behalf of or with the authority of the Beneficiary. 4.2 Steven Morrisey will not incur liability or be responsible by reason of Steven Morrisey acting on or carrying out any such instruction or direction. 4.3 If there is more than one beneficiary, Steven Morrisey may accept the instruction or direction of any one or more of the beneficiaries. 4.4 In the absence of instructions from the Beneficiary Steven Morrisey may act as Steven Morrisey sees fit for the sole benefit of the Beneficiary. The Beneficiary is bound by the acts of Steven Morrisey in this regard. 4.5 If Steven Morrisey holds the Trust Asset for a family trust, superannuation fund or other trust in which Steven Morrisey is a beneficiary then Steven Morrisey may benefit from that trust as would any other beneficiary.

4 Page 3 of As required and as relevant Steven Morrisey exercises any voting rights or other rights as directed by the Beneficiary. Steven Morrisey does everything as instructed by the Beneficiary. Steven Morrisey acts in the best interests of the Beneficiary at all times. 4.7 On obtaining any evidence of ownership Steven Morrisey hands such evidence to the Beneficiary, e.g. certificates and titles. 5. Trustee s discretion Steven Morrisey may, without prior reference to or authority from the Beneficiary, make such decisions and take such action or refrain from taking such action, as Steven Morrisey may in its discretion decide, over the Trust Asset. The Beneficiary is bound by all such actions or decisions of Steven Morrisey without having any recourse against Steven Morrisey. The provisions of this clause do not operate to protect Steven Morrisey for dishonesty or wilful neglect of Steven Morrisey in carrying out such duties or delegations under this Deed. 6. Obligations of the Beneficiary 6.1 Beneficiary to provide funds. The Beneficiary must provide Steven Morrisey with all moneys which may be required by Steven Morrisey to enable Steven Morrisey to: a. hold and to continue to hold and maintain the Trust Asset on trust for the Beneficiary; b. perform and comply with the terms of any mortgage, charge or other encumbrance which Steven Morrisey may, at the request of the Beneficiary either alone or together with the Beneficiary, enter for the Trust Asset; as and when such moneys are due to be, or in the opinion of Steven Morrisey should be, paid. Nothing in this clause is to be taken as requiring Steven Morrisey to enter into any mortgage, charge or lease in respect of the Trust Asset. 6.2 Indemnity. 7. Who pays for this Deed? a. The Beneficiary indemnifies Steven Morrisey as against any loss suffered as a result of any actions or claims arising out of Steven Morrisey acting as trustee over the Trust Asset. b. The Trust Asset is charged with and is security for the performance of Steven Morrisey for all rights of reimbursement and indemnity arising under this Deed Michael Kevin Jones of 21 Wealthy Terrace, Homebush, New South Wales 2140 Australia pays the costs of and incidental to the instructions for and the preparing signing and stamping of this Deed and the counterparts of this Deed and all stamp duties payable on this Deed. 8. What happens if part of this Deed becomes unenforceable?

5 Page 4 of 5 If any part of this Deed is or becomes void or unenforceable then that part is severed from this Deed so that all parts that are now or after valid or enforceable remain in full force and effect and be unaffected by any severance. 9. What law applies to this Deed? This Deed is governed by the laws of the State of the Commonwealth of Australia which Steven Morrisey resides as evidenced by the address of Steven Morrisey in this Deed. The parties consent to that jurisdiction. THIS CONCLUDES THE DECLARATION OF BARE TRUST

6 Page 5 of 5 Signed as a Deed on...day of SIGNED by Steven Morrisey in front of the person below being over 18 years of age and not involved with the contents of this document or related to any of the parties to this document Witness signature: (Australian citizen) Witness name: (please print) Witness address: Witness occupation: