Common use of PREFACE Clause in Contracts

PREFACE. This volume of documents contains Ownership Agreements between the Cabinet and each Statutory Authority and Government Company. Although Statutory Authorities and Government Companies are legally separate from the Government, they are all owned by the Government on behalf of the people of the Cayman Islands. This ownership relationship exists regardless of whether ownership is reflected in the form of shares or a formal capital holding. Like any owner, the Government expects the organisations it owns to perform within agreed boundaries. The purpose of the Ownership Agreement is to specify the ownership performance that the Cabinet and the Board of each Statutory Authority or Government Company have agreed the Authority or Company will seek to achieve during the 2009/10 financial year. Ownership performance is the performance that an owner of an organisation expects and can be categorised into five areas: • Nature and Scope of Activities • Strategic Goals and Objectives • Financial Performance • Maintenance of Human and Physical Capability • Risk Management Each of these five dimensions of performance is specified in the Ownership Agreement. In addition, the Ownership Agreement specifies any ownership financial flows between the Authority or Company and the Government namely: • Equity Investments • Capital Withdrawals • Dividend or Profit Distributions • Government Loans • Government Guarantees In addition to its ownership relationship, the Government also has a purchase relationship with some Statutory Authorities and Government Companies. This performance is specified in a separate document: a Purchase Agreement. BUDGET 2009/10 Ownership Agreement Between The Cabinet of the Cayman Islands Government and Cayman Airways Limited For the year ending 30 June 2010 Contents

PREFACE. This volume of documents contains Ownership Agreements between the Cabinet and each Statutory Authority and Government Company. Although Statutory Authorities and Government Companies are legally separate from the Government, they are all owned by the Government on behalf of the people of the Cayman Islands. This ownership relationship exists regardless of whether ownership is reflected in the form of shares or a formal capital holding. Like any owner, the Government expects the organisations it owns to perform within agreed boundaries. The purpose of the Ownership Agreement is to specify the ownership performance that the Cabinet and the Board of each Statutory Authority or Government Company have agreed the Authority or Company will seek to achieve during the 2009/10 2004/5 financial year. Ownership performance is the performance that an owner of an organisation expects and can be categorised into five areas: • Nature and Scope of Activities Activities; • Strategic Goals and Objectives Objectives; • Financial Performance Performance; • Maintenance of Human and Physical Capability Capability; and • Risk Management Management. Each of these five dimensions of performance is specified in the Ownership Agreement. In addition, the Ownership Agreement specifies any ownership financial flows between the Authority or Company and the Government namely: • Equity Investments Investments; • Capital Withdrawals Withdrawals; • Dividend or Profit Distributions Distributions; • Government Loans Loans; • Government Guarantees Guarantees. In addition to its ownership relationship, the Government also has a purchase relationship with some Statutory Authorities and Government Companies. This performance is specified in a separate document: a Purchase Agreement. BUDGET 2009/10 Ownership Agreement Between The Cabinet of the Cayman Islands Government and Cayman Airways Limited For the year ending 30 June 2010 2005 Contents

PREFACE. This volume of documents contains Ownership Agreements between the Cabinet and each Statutory Authority and Government Company. Although Statutory Authorities and Government Companies are legally separate from the Government, they are all owned by the Government on behalf of the people of the Cayman Islands. This ownership relationship exists regardless of whether ownership is reflected in the form of shares or a formal capital holding. Like any owner, the Government expects the organisations it owns to perform within agreed boundaries. The purpose of the Ownership Agreement is to specify the ownership performance that the Cabinet and the Board of each Statutory Authority or Government Company have agreed the Authority or Company will seek to achieve during the 2009/10 2011/12 financial year. Ownership performance is the performance that an owner of an organisation expects and can be categorised into five areas: • Nature and Scope of Activities • Strategic Goals and Objectives • Financial Performance • Maintenance of Human and Physical Capability • Risk Management Each of these five dimensions of performance is specified in the Ownership Agreement. In addition, the Ownership Agreement specifies any ownership financial flows between the Authority or Company and the Government namely: • Equity Investments • Capital Withdrawals • Dividend or Profit Distributions • Government Loans • Government Guarantees In addition to its ownership relationship, the Government also has a purchase relationship with some Statutory Authorities and Government Companies. This performance is specified in a separate document: a Purchase Agreement. 3 2011/12 Ownership Agreements 2011/12 Ownership Agreements BUDGET 2009/10 2011/12 Ownership Agreement Between The Cabinet of the Cayman Islands Government and Cayman Airways Limited For the year ending 30 June 2010 2012 2011/12 Ownership Agreements 5 Contents

PREFACE. This volume of documents contains Ownership Agreements between the Cabinet and each Statutory Authority and Government Company. Although Statutory Authorities and Government Companies are legally separate from the Government, they are all owned by the Government on behalf of the people of the Cayman Islands. This ownership relationship exists regardless of whether ownership is reflected in the form of shares or a formal capital holding. Like any owner, the Government expects the organisations it owns to perform within agreed boundaries. The purpose of the Ownership Agreement is to specify the ownership performance that the Cabinet and the Board of each Statutory Authority or Government Company have agreed the Authority or Company will seek to achieve during the 2009/10 2005/6 financial year. Ownership performance is the performance that an owner of an organisation expects and can be categorised into five areas: • Nature and Scope of Activities Activities; • Strategic Goals and Objectives Objectives; • Financial Performance Performance; • Maintenance of Human and Physical Capability • Risk Management Management. Each of these five dimensions of performance is specified in the Ownership Agreement. In addition, the Ownership Agreement specifies any ownership financial flows between the Authority or Company and the Government namely: • Equity Investments Investments; • Capital Withdrawals Withdrawals; • Dividend or Profit Distributions Distributions; • Government Loans Loans; • Government Guarantees Guarantees. In addition to its ownership relationship, the Government also has a purchase relationship with some Statutory Authorities and Government Companies. This performance is specified in a separate document: a Purchase Agreement. 2005/6 Ownership Agreements 5 2005/6 Ownership Agreements 6 BUDGET 2009/10 2005/6 Ownership Agreement Between The Cabinet of the Cayman Islands Government and Cayman Airways Limited For the year ending 30 June 2010 2006 Contents

PREFACE. ‌ This volume of documents contains Ownership Agreements between the Cabinet and each Statutory Authority and Government Company. Although Statutory Authorities and Government Companies are legally separate from the Government, they are all owned by the Government on behalf of the people of the Cayman Islands. This ownership relationship exists regardless of whether ownership is reflected in the form of shares or a formal capital holding. Like any owner, the Government expects the organisations it owns to perform within agreed boundaries. The purpose of the Ownership Agreement is to specify the ownership performance that the Cabinet and the Board of each Statutory Authority or Government Company have agreed the Authority or Company will seek to achieve during the 2009/10 2014/15 financial year. Ownership performance is the performance that an owner of an organisation expects and can be categorised into five areas: • Nature and Scope of Activities • Strategic Goals and Objectives • Financial Performance • Maintenance of Human and Physical Capability • Risk Management Each of these five dimensions of performance is specified in the Ownership Agreement. In addition, the Ownership Agreement specifies any ownership financial flows between the Authority or Company and the Government namely: • Equity Investments • Capital Withdrawals • Dividend or Profit Distributions • Government Loans • Government Guarantees In addition to its ownership relationship, the The Government also has a purchase relationship with some Statutory Authorities and Government Companies. This performance is specified in a separate document: a document Purchase Agreement. BUDGET 2009/10 Ownership Agreement Between The Cabinet of the Cayman Islands Government and Cayman Airways Limited For the year ending OWNERSHIP AGREEMENT BETWEEN THE CAYMAN ISLANDS GOVERNMENT AND AUDITORS OVERSIGHT AUTHORITY‌ FOR THE FINANCIAL YEAR ENDING 30 June 2010 ContentsJUNE 2015 CONTENTS

PREFACE. This volume of documents contains Ownership Agreements between the Cabinet and each Statutory Authority and Government Company. Although Statutory Authorities and Government Companies are legally separate from the Government, they are all owned by the Government on behalf of the people of the Cayman Islands. This ownership relationship exists regardless of whether ownership is reflected in the form of shares or a formal capital holding. Like any owner, the Government expects the organisations it owns to perform within agreed boundaries. The purpose of the Ownership Agreement is to specify the ownership performance that the Cabinet and the Board of each Statutory Authority or Government Company have agreed the Authority or Company will seek to achieve during the 2009/10 2007/8 financial year. Ownership performance is the performance that an owner of an organisation expects and can be categorised into five areas: • x Nature and Scope of Activities • Activities; x Strategic Goals and Objectives • Objectives; x Financial Performance • Performance; x Maintenance of Human and Physical Capability • x Risk Management Management. Each of these five dimensions of performance is specified in the Ownership Agreement. In addition, the Ownership Agreement specifies any ownership financial flows between the Authority or Company and the Government namely: • x Equity Investments • Investments; x Capital Withdrawals • Withdrawals; x Dividend or Profit Distributions • Distributions; x Government Loans • Loans; x Government Guarantees Guarantees. In addition to its ownership relationship, the Government also has a purchase relationship with some Statutory Authorities and Government Companies. This performance is specified in a separate document: a Purchase Agreement. BUDGET 2009/10 2007/8 Ownership Agreement Between The Cabinet of the Cayman Islands Government and Cayman Airways Limited For the year ending 30 June 2010 2008 Contents

PREFACE. This volume of documents contains Ownership Agreements between the Cabinet and each Statutory Authority and Government Company. Although Statutory Authorities and Government Companies are legally separate from the Government, they are all owned by the Government on behalf of the people of the Cayman Islands. This ownership relationship exists regardless of whether ownership is reflected in the form of shares or a formal capital holding. Like any owner, the Government expects the organisations it owns to perform within agreed boundaries. The purpose of the Ownership Agreement is to specify the ownership performance that the Cabinet and the Board of each Statutory Authority or Government Company have agreed the Authority or Company will seek to achieve during the 2009/10 2008/9 financial year. Ownership performance is the performance that an owner of an organisation expects and can be categorised into five areas: • Nature and Scope of Activities • Strategic Goals and Objectives • Financial Performance • Maintenance of Human and Physical Capability • Risk Management Each of these five dimensions of performance is specified in the Ownership Agreement. In addition, the Ownership Agreement specifies any ownership financial flows between the Authority or Company and the Government namely: • Equity Investments • Capital Withdrawals Withdrawls • Dividend or Profit Distributions • Government Loans • Government Guarantees In addition to its ownership relationship, the Government also has a purchase relationship with some Statutory Authorities and Government Companies. This performance is specified in a separate document: a Purchase Agreement. BUDGET 2009/10 2008/9 Ownership Agreement Between The Cabinet of the Cayman Islands Government and Cayman Airways Limited For the year ending 30 June 2010 2009 Contents

PREFACE. This volume of documents contains Ownership Agreements between the Cabinet and each Statutory Authority and Government Company. Although Statutory Authorities and Government Companies are legally separate from the Government, they are all owned by the Government on behalf of the people of the Cayman Islands. This ownership relationship exists regardless of whether ownership is reflected in the form of shares or a formal capital holding. Like any owner, the Government expects the organisations it owns to perform within agreed boundaries. The purpose of the Ownership Agreement is to specify the ownership performance that the Cabinet and the Board of each Statutory Authority or Government Company have agreed the Authority or Company will seek to achieve during the 2009/10 2006/7 financial year. Ownership performance is the performance that an owner of an organisation expects and can be categorised into five areas: •  Nature and Scope of Activities • Activities;  Strategic Goals and Objectives • Objectives;  Financial Performance • Performance;  Maintenance of Human and Physical Capability •  Risk Management Management. Each of these five dimensions of performance is specified in the Ownership Agreement. In addition, the Ownership Agreement specifies any ownership financial flows between the Authority or Company and the Government namely: •  Equity Investments • Investments;  Capital Withdrawals • Withdrawals;  Dividend or Profit Distributions • Distributions;  Government Loans • Loans;  Government Guarantees Guarantees. In addition to its ownership relationship, the Government also has a purchase relationship with some Statutory Authorities and Government Companies. This performance is specified in a separate document: a Purchase Agreement. BUDGET 2009/10 2005/6 Ownership Agreement Between The Cabinet of the Cayman Islands Government and Cayman Airways Limited For the year ending 30 June 2010 2007 Contents

PREFACE. This volume of documents contains Ownership Agreements between the Cabinet and each Statutory Authority and Government Company. Although Statutory Authorities and Government Companies are legally separate from the Government, they are all owned by the Government on behalf of the people of the Cayman Islands. This ownership relationship exists regardless of whether ownership is reflected in the form of shares or a formal capital holding. Like any owner, the Government expects the organisations it owns to perform within agreed boundaries. The purpose of the Ownership Agreement is to specify the ownership performance that the Cabinet and the Board of each Statutory Authority or Government Company have agreed the Authority or Company will seek to achieve during the 2009/10 2014/15 financial year. Ownership performance is the performance that an owner of an organisation expects and can be categorised into five areas: •  Nature and Scope of Activities •  Strategic Goals and Objectives •  Financial Performance •  Maintenance of Human and Physical Capability •  Risk Management Each of these five dimensions of performance is specified in the Ownership Agreement. In addition, the Ownership Agreement specifies any ownership financial flows between the Authority or Company and the Government namely: •  Equity Investments •  Capital Withdrawals •  Dividend or Profit Distributions •  Government Loans •  Government Guarantees In addition to its ownership relationship, the The Government also has a purchase relationship with some Statutory Authorities and Government Companies. This performance is specified in a separate document: a document Purchase Agreement. BUDGET 2009/10 Ownership Agreement Between The Cabinet of the Cayman Islands Government and Cayman Airways Limited For the year ending OWNERSHIP AGREEMENT BETWEEN THE CAYMAN ISLANDS GOVERNMENT AND AUDITORS OVERSIGHT AUTHORITY FOR THE FINANCIAL YEAR ENDING 30 June 2010 ContentsJUNE 2015 CONTENTS