Declaration of Trust

Scope and Content

(i) Emanuel Chilcott of Bristol, esq. Thomas Bythesea Mortimer of Bayswater, a Colonel in the Army, and Edward Hilton of Horsmonden, Kent, esq.

(ii) The Wye Valley Lead Mining Company Limited.

(i) agree to stand possessed of a lease of mines in Llangurig, co Montgomery, for the benefit of the shareholders in (ii).