Costa Norte Trust Company S.A. understands that investors may have concerns about the security of their investment in an overseas venture. In order to address these concerns, Costa Norte Trust Company S.A. is able to offer corporate clients a unique approach to providing their investors with complete peace of mind that is more investor friendly than traditional investment securities. The corporate client establishes or settles a special trust called a Project Management Trust with Costa Norte Trust Company S.A. as the Trustee. Costa Norte Trust Company S.A. becomes the escrow agent and trustee, mandated to administer the PMT and any business plan or project plan referenced therein. The corporate client acts as the project manager. This procedure insures that all investment funds are spent exactly as set out in the proposed business or project plan. The PMT expends and accounts for all investor funds and controls the project finances until the objectives for which investment funds are required have been achieved. This page sets out the procedure to be used. If you have any additional questions, please feel free to contact Dexter B. Dombro, one of our trust officers.

Developers using the Project Management Trust process can provide unparalleled security and accountability to their investors. The Project Management Trust sets out executive team guidelines for project management, thereby contributing to a successful outcome. Costa Norte Trust Company S.A.'s Project Management Trust procedure is as follows:

• The Developer or Business seeking investors forms a special trust administered by Costa Norte Trust Company S.A., a recognized trust and escrow service provider in Costa Rica. The special trust is called a Project Management Trust. The cost will depend on the complexity of the project, but may be as little as $10,000.
• The Project Management Trust is administered by Costa Norte Trust Company S.A., or may be managed by a committee consisting of the principals of the corporate client, representatives of Costa Norte Trust Company S.A., and a representative of the lender, private equity investor or financial institution supplying the funding.
• The investor's funds are deposited in trust to the account of the Project Management Trust.
• Costa Norte Trust Company S.A., as the Trustee, then exercises its mandate, which may include completing the purchase of a targeted property, and then allocating funds for the construction, upgrade, initial operation or expansion of the proposed business venture. Funds may be released as required by any business plan or project plan, much the way a bank releases a construction mortgage in tranches.
• Title to the purchased property related to the project is placed in trust and held by Costa Norte Trust Company S.A.. Title held in trust is a real asset providing security for the investor, and is held in trust until project completion.
• 100% of the common voting shares of the corporate client are placed in trust and held by Costa Norte Trust Company S.A. as additional security for the investor, until project completion.
• The Developer or corporate client is still free to market, promote and operate the project as per the corporate strategy and the pre-determined cash flow guidelines set out in the business plan or project plan, for the duration of the project.
• Costa Norte Trust Company S.A., as administrator of the Project Management Trust, may arrange payment for all acquisitions, for all construction and development costs, for any upgrade or expansion costs, for the disbursement of any working capital requirements, for any legal, accounting, tax or interest payments, and will do so until such time as the project is completed and post-development day to day operations commence.
• All accounting procedures are handled through the Project Management Trust, and if required, may be verified by an independent accounting firm retained by either the corporate client or the investor or the principals of the funding entity.

Private Investors can rest assured that the project they invested in is actually being built, and that funds are not being spent on fancy offices, Hawaiian holidays or other non-project expenditures. Using a Project Management Trust, with Costa Norte Trust Company S.A. acting as an arm's length third party provides those seeking investment and those interested in investing with unparalleled flexibility and security in a very cost effective manner. As for Costa Norte Trust Company S.A., we simply do what we are mandated to do, in the best interests of the corporate client and the beneficial owners and investors.

Trustees like Costa Norte Trust Company S.A. are held to the highest standard. We understand that the project needs to be completed to generate business cash flow and to satisfy the expectations of both the developer and the investor. Using a trustee or escrow agent's trust service creates an optimal transaction infrastructure. Trustees have achieved up to a 75% reduction in administrative activities for developers, as well as speeding up deal transaction time and improving the management of complex transactions. For corporate clients, they have managed complex flow of funds transactions during construction projects. They have obtained title guaranties and insurance so that valuable property is not at risk. They have made sure no business venture is delayed or aborted, because of the misuse of funds. Costa Norte Trust Company S.A. is able to provide the full suite of escrow and trust services, and closing services.

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