C D 

### 1 3 • L U Q rr:>"'-,. - rn^l m 

## Qpc ^ '/".. i 70 0 SW3 4 STREE TSUIT E 10 0 FT . LAUDERDALE , FLORID A3331 5 PHON E - 954-359-826 6 FA X - 954-862-890 2 Decembe r18 , 201 1 Ms . Lauraly n J . Rem o Chie f Ai rCarrie rFitnes s Divisio n 120 0 Ne wJerse yAvenue , S E Washingto n D

C 2059 0 Response s regardin g informatio n reques t - Twi n Ai rCalyps o Limite d Inc . a ~

Re : Docke t DO

T- OS T- 201 1 - 0143 , Applicatio n o fTwi n Ai rCalyps o Limite d Inc . fo rCommute rAi rCarrie rAuthorit y Dea rMs . Remo : Pleas e fin d belo wou rresponse s t o you rreques t fo radditiona l an d clarifyin g informatio n fo rfitnes s t o conduc t schedule d servic e ai rtransportatio n as a commute rai rcarrier . GENERA L INFORMATIO N Respons e t o Ite m la.regardin g Chec k Rid e Violatio n Th e settlemen t amoun t agree d t o i s $9,000.0 0 payabl e ove rnin e month s beginnin g Decembe r15,2011 . Th e Decembe rpaymen t ha s bee n tendered . Th e actio n wa s brough t agains t Twi n Ai rCalyps o Limited , inc . fo racceptin g a curren t 135.29 9 check-rid e as par t o fpreviousl yapprove d trainin g for m anothe r operator . Ou rFA

Aapprove d trainin g progra m allow s u s t o accep t trainin g fro m anothe roperato ras "previousl yapprove d training " fo ra new-hir e pilot . Th e acceptanc e o f"previousl yapprove d training " wa s include d i n ou rtrainin g progra m pursuan t t o a lette rfro m ou rFligh t Standard s Distric t Offic e date d i n 199 5 whic h include d al l require d check-ride s includin g th e 135.299 . Sometim e subsequen t t o 199 5 i t wa s determine d tha t th e 135.29 9 check-rid e woul d n o longe rb e accepte d as "previousl yapprove d training" . W e wer e no t mad e awar e o fthi s change . T o avoi d excessiv e lega l expense s an d t o clos e thi s matte rprio rt o th e commute rapplicatio n I accepte d th e settlemen t a s bein g i n th e company' s bes t interest . Respons e t o Ite m lb . - Check-Rid e Violatio n T o avoi d th e futur e possibilit yo fth e sam e typ e o finciden t for m occurrin g w e hav e amende d ou rtrainin g progra m t o reflec t th e revise d FA Apolicie s regardin g "previousl yapprove d training" . Respons e t o Ite m 2 a an d 2b . - Employee s Pleas e se e "Twi n Ai rCalyps o Limited , Inc . Employe e Roster " followin g thi s narrativ e fo rth e informatio n requeste d i n thi s item . Respons e t o Ite m 3a. , b. , c , d . - Aircraf t Pleas e se e "Twi n Ai rCalyps o Limited , Inc . Aircraf t Listing " followin g thi s narrativ e fo rth e informatio n requeste d i n thi s item .70 0 S W3 4 STREE TSUIT E 10 0 FT . LAUDERDALE , FLORID A3331 5 PHON E - 954-359-826 6 FA X - 954-862-890 2

CORPORAT E STRUCTUR E AN D OWNERSHI P la.- l Stoc k

Ownershi p As allowe d b yColorad o law , th e Boar d o fDirector s amende d th e by-law s o fAvsta rAviatio n Group , In ct o creat e a "Foreig n Stoc k Registry" . Pleas e se e articl e I I Sectio n 1 3 an d Articl e X I o fth e amende d by-law s attached . la.- 2 Stoc k

Type s Commo n Stoc k

- 500,000,00 0 share s authorized , al l issued , n o conversio n right s t o anothe rclas s o r series , n o Boar d o fDirecto rrights , on e vot e pe rshare , n o righ t t o automati co rminimu m dividend , n o consequence s t o failur e t o pa ydividend , las t i n liquidatio n preferenc e Preferre d Stoc k

-100,000,00 0 share s authorized , non e issued, , n o conversio n right s t o anothe rclas s o r series , n o Boar d o fDirecto rrights , on e vot e pe rshare , n o righ t t o automati co rminimu m dividend , n o consequence s t o failur e t o pa ydividend , firs t i n liquidatio n preferenc e l b . Base d upo n th e lis t o fstockholder s provide d b you rtransfe ragen t a s o f9/30/201 1 ther e i s n o individual , o rcorporatio n tha t ow n o rcontrol s 5 percen t o rmor e o fth e o fth e votin g stoc k o fAvstar . Fo r an ystoc k

hel d b yon e individual , o rgroup , includin g tha t hel d i n "stree t name " i t i s incumben t o n th e owne ro rbeneficia l owne rt o file notic e o fsuc h ownershi p unde rRul e 1 3 o fth e SEC
. A s o fthi s tim e n o suc h notice s hav e bee n filed. Ic . Stoc k Option s As o fthi s tim e ther e i s n o individua l o rorganizatio n holdin g a n exercisabl e optio n t o conver t deb t fo r commo n stoc k

sinc e ther e i s n o commo n stoc k availabl e fo rissuance . N o option s hav e bee n issue d fo r th e conversio n o fdeb t t o preferre d stock . 2a , b , c . Officer s an d Manager s Pleas e se e "Corporat e Structur e an d Ownership " followin g thi s narrativ e fo rth e requeste d information
. OPERATIN G PLAN-STATU S O F APPLICATIO N FO R OPERATIO N T O CUBA Twi n Ai rCalyps o Limited , Inc . wa s aske d t o clarif ysevera l point s o n ou rapplicatio n a s a Servic e Provide r t o Cub a i n a lette rdate d Novembe r30 , 201 1 fro m th e Offic e o fForeig n Asset s Contro l (OFAC)
. Thes e point s wer e addresse d i n a respons e lette rfro m th e compan ydate d Decembe r12,2011 . Th e applicatio n i s continuin g t o b e processe d b yOFA C an d w e expec t approva l i n January . B yla wal l flights t o Cub a ar e operate d o n a n ad-ho ccharte rbasis . W e wil l no t requir e an yadditiona l equipment , facilities o rpersonne l t o provid e th e anticipate d Cub a service .70 0 SW3 4 STREE TSUIT E 10 0 FT . LAUDERDALE , FLORID A3331 5 PHON E - 954-359-826 6 FA X - 954-862-890 2

FINANCIA L POSITIO N l a . Financia l Statement s Pleas e find attache d th e Balanc e Shee t date d 9/30/201 1 an d th e Profi t an d Loss Statemen t fo rth e perio d o fJanuary1 , 201 1 thr u Septembe r30 , 2011 . Avsta rpurchase d th e Twi n Ai rCalyps o Limite d o n Augus t 19,2011 . Prio rt o tha t tim e Twi n Ai rCalyps o Limited , Inc . ha d operate d as a n "S " corporatio n unde rIR S rules . Upo n th e purchas e b yAvsta rth e corporatio n becam e a " C corporation . Becaus e o fth e differen t method s o faccountin g betwee n a n "S " an d "C " corporatio n th e financial statement s prio rt o January1 , 201 1 ar e no t a fai rrepresentatio n o fth e company' s financial positio n fo rth e purpos e o fthi s application . 2a . Projecte d Pre-Operatin g Costs Dow n paymen t fo rincrease d insuranc e limit s $ 7,500.0 0 Initia l Operatin g Experienc e Flight s 1 0 hour s @ $400.00/h r$ 4,000.0 0 N44L P Refurbishmen t $40,000.0 0 2b . Aircraf t Refurbishmen t N44L P $40,000.0 0 N528FA$5O,(W0.0 O 2c . Source s o fFundin g Thes e cost s wil l b e provide d fro m curren t cas h an d operations . 3.a , b . Projecte d Profi t an d Loss Pleas e se e 'Twi n Ai rCalyps o Limited , Inc . Projecte d Profi t an d Loss Fisca l yea r2012 " followin g thi s narrative . 4 . Avsta rContinuin g Losse s An ycontinuin g losse s du e t o th e l^ac ydeb t o fAvsta rwil l no t b e funde d fro m th e operation s o fTwi n Ai rcalyps o Limited , Inc .70 0 S W3 4 STREE

TSUIT E 10 0 FT . LAUDERDALE , FLORID A3331 5 PHON E - 954-359-826 6 FA X - 954-862-890 2

COMPUANC E DISPOSITIO N Th e content s o fthi s applicatio n an d th e attache d enclosure s (exhibits ) are tru e an d correc t t o th e bes

t o f myknowledg e an d belief
. Pursuan t t o Titl e 1 8 Unite d State s Code Sectio n 1001, 1 Clayto n I . Gamber , i n myindividua l capacit

yan d th e authorize d representativ e o fth e applicant , hav e no t i n anymanne r knowingl yan d willfull yfalsified , conceale d o rfaile d t o disclos e an ymateria l fact o rmad e an yfalse , fictitious o rfraudulen t statemen t o rknowingl yused an ydocuments whic h contai n suc h statement s i n connectio n wit h th e preparation , filing o rprosecutio n o fth e application . I understan d tha t a n individua l wh o i s foun d t o hav

e violate d th e provision s o f1 8 U.S.C
. sectio n 100 1 shal l b e fined o rimprisone d no t more tha n five year

s o rboth .
Claytpr i I . Gambe r Presiden t an d Directo ro fOperation s Cc: Docke

t DO T- OS T- 201 1 - 014 3 Mr . Sergi o Lope

z Sout h Florid a Fligh t Standard s District Offic e 1 9 289 5 S W 145t h Avenu e Miramar , F

L 3302 7 Mr . Ken t Georg e Airport Directo r For t Lauderdal e - Hollywoo d Internationa l Airport 100 Aviatio n Boulevar

d For t Lauderdale , Florid a 3331 5TWI N AI R CALYPS O LIMITED , IN C EMPLOYE E ROSTE R EMPLOYE E CLAYTO N GAMBE R XXXXXXXXXXXXXXXXXXXXXXXXX > ARTHU R STEVENSO N XXXXXXXXXXXXXXXXXXXXXXXXX > LUCIAN O HORN A XXXXXXXXXXXXXXXXXXXXXXXXX > WALTE R LEBLAN C KENNET H KOLHEI M FERNAND O BOCANEGR A BERNDSENNHEN N NAKEREE M SEEPERSA D WILLIA M PARR A BRUN O CONSTANTIN I OSCA R LUTI N GRETCHE N MCNAUG H TRISHMARE E THOMPSO N KARE N SHERMAN-JOHNSO N HELEN AHAVME R KWAM E SMIT H GEORG E INGRAHA M ROBERT O SMIT H RENAT ANIXON * GEORGETT E ADDERLY * DIXI E CALIXTE * KARE N ROLLE * JANIC E MEADOWS * POSITIO N PRESIDEN T DIRECTO R O F MAINTENANC E DIRECTO R O F OPERATION S PILO T CHIE F PILO T PILO T PILO T PILO T PILO T PILO T MECHANI C MECHANI C MECHANI C MECHANI C CUSTOME R SERVIC E RE P CUSTOME R SERVIC E RE P CUSTOME R SERVIC E RE P CUSTOME R SERVIC E RE P RAM P AGEN T RAM P AGEN T CUSTOME R SERVIC E RE P CUSTOME R SERVIC E RE P CUSTOME R SERVIC E RE P CUSTOME R SERVIC E RE P CUSTOME R SERVIC E RE P CUSTOME R SERVIC E RE P LOCATIO N US A XXXXXXXXXXXXXXXXXXX

US A XXXXXXXXXXXXXXXXXXX

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US A US A US A US A US A US A US A US A US A US A US A US A US A US A BAHAMAS-ABAC O BAHAMAS-ABAC O BAHAMAS-ABAC O BAHAMAS-ELEUTHER A BAHAMAS-ELEUTHER A BAHAMA S -ELEUTHER A CITIZENSHI P US A XXXXXXXXXXXX SOUT H AFRICA N XXXXXXXXXXXXX US A XXXXXXXXXXXXX US A US A COLOMBIA N GERMA N TRINIDA D US A PER U BAHAMA S US A US A US A BAHAMA S US A BAHAMA S BAHAMA S BAHAMA S BAHAMA S BAHAMA S BAHAMA S BAHAMA S ^CONTRAC TAGENT S I N BAHAMA S TOTA L EMPLOYEE S US A TOTA L EMPLOYEE S BAHAMA S 1 7 6z



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- • • «11:1 6 A M

12/17/1 1 Accrua l Basi s 

### Twi n Ai rCalyps o Limited , inc . Profi t & Los s Januar ythroug h Septembe r201 1 Ja n - Se p 1 1 Incom e 400 0 • FHgh t Revenu e 401 0 • Charte rRevenu e 402 0 • Passenge rRevenu e 404 0 • Othe rRevenu e 400 0 • Fligh t Revenu e - Othe r Tota l 400 0 • Fligh t Revenu e Tota l Incom e Cos t o fGood s Sol d 500 0 Cos t o fGood s Sol d 5100-Aircraf t Cost s 511 0 •l.«as e Cost s 512 0 • Insuranc e Cost s 513 0 • Fue l an d OH 515 0 • Maintenanc e - Recurrin g Part s 516 0 • Maintenanc e - Overhau l Part s 517 0 • Cre wl.abo r 518 0 • Sul>Contrac t Aircraf t Cost s 510 0 • Aircraf t Cost s - Othe r Tota l 510 0 • Aircraf t Cost s 520 0 Statio n Cost s S21 0 - Abac o 521 4 • Labo r- Agen t 521 6 Labor-Handle r 521 8 • Ren t Tota l 521 0 • Abac o 522 0 • Eleuther a 5224-Labor-Agen t 522 6 Labor-Handler s 5228 - Ren t Tota l 522 0 Eleuther a 523 0 • F t Lauderdal e 5234-Labor-Agen t 5236-Labor-Handle r Tota l 623 0 • F t Lauderdal e ~ " 520 0 - Statio n Cost s • Othe r Tota l 5200-Statio n Cost s 530 0 - Transien t Fee s 531 0 - Custom s Charge s 533 0 - Landin g Fee s 534 0 - Baggag e Handler s 5350-Othe rFee s 530 0 • Transien t Fee s - Othe r Tota l 530 0 - Transien t Fee s Tota l 500 0 • Cos t o fGood s Sol d Tota l COG S Gros s Prcrfi t 137,389.6 1 1,440,436.1 6 136,108.74 22,112.6 8 445.0 0 1,736,492.1 9 1,736,492.1 9
58,507.0 0 76,566.2 0 634,170.6 2 128,173.2 0 63,522.2 8 5,906.02 95,329.5 0 50,659.5 3 1,095.00 1,113,929.35 12,100.0 0 0.0 0 5,897.6 0 17,997.6 0 6,420.0 0 1,030.0 0 2,690.0 0 10,140.0 0 62,407.3 2 57,268.0 0 119,675.32 0.0 0 147,812.9 2 33,374.7 9 18,046.32 12,994.9 5 12,359.7 0 225. M 77,000.7 6 1,338,743.03 1,338,743.0 3 397,749.1 6

Page l

### 11:1 6 A M Twi n Ai rCalyps o Limited , Inc .

12/17/1 1 Profi t & Los s Accrua l Basi s Januar ythroug h Septembe r201 1 Jan-Se p 1 1 Expens e 600 0 • Operatin g Expense s 601 0 • Administrativ e Labo r 602 0 - Advertisin g an d Promotio n 603 0 - Automobil e Expens e 604 0 - Ban k

Servic e Charge s 605 0 Ba d Deb t Expens e 606 0 • Credi t Car d Processin g Fee s 607 0 • Communication s 611 0 • Due s 612 0 - Equipmen t 612 4 - Renta l 612 8 - Repair s 612 0 - Equipmen t - Othe r Tota l 612 0 • Equipmen t 613 0 • FacHll y 613 2 - Ren t 613 4 - Repair s 6136Jamitoria l ToUI6130-Facilil y 614 0 • Insuranc e 614 4 • Othe r Tota l 614 0 - Insuranc e 615 0 - Interes t 615 2 - Loa n Interes t Tota l 615 0 - interes t 616 0 - License s an d Permit s 617 0 - Postag e an d Deiivei y 618 0 - Printin g 619 0 Offic e Supplie s 620 0 - Professiona l Fee s 620 1 • Accountin g 6203-Lega l Tota l 620 0 - Professiona l Fee s 621 0 - Subscription s 623 0 - Trave l an d Entertainmen t 623 1 - Trave l 623 2 - Entertainmen t an d Meal s Tota l 623 0 - Trave l an d Entertainmen t 624 0 - Utilitie s 624 1 - Electal c Tota l 6240-Utilitie s 625 0 - Payrol l Expense s 6252-Medica l Allowanc e 625 0 • Payn M Expense s - Othe r Tota l 625 0 - Payrol l Expense s Tota l 600 0 - Operatin g Expense s Tota l Expens e Ne t incom e 107,792.3 7 4.358.4 0 3,824.5 1 10,079.02 900.0 0 92,896.3 1 18,686.5 3 650.0 0 999.5 0 2,832.9 4 210.9 9 4,043.4 3 48,9//.6 0 7,262.9 0 3,107.9 5 59,348.4 5 1,000.00 1,000.0 0 1,500.00 1,500.00 1,037.00 2,045.2 8 3,433.8 7 6,868.0 3 1,000.0 0 2,007.0 0 3,007.0 0 8,761.2 5 3,474.3 7 729.4 9 4,203.8 6 711.7 9 711.7 9 1,000.00 1,323.00 10,071.2 0 12,394.2 0 347,541.3 0 347,541.3 0 50,207.8 6

Pag e 212:1 7 P M

12/17/1 1 Accrua l Basi s 

### Twi n Ai rCalyps o Limited , Inc . 

## Balanc e Shee t A s o fSeptembe r30 , 201 1 Se p 30,1 1

Tota l Fixe d Asset s Othe rAsset s AVSTA R Stoci cAccoun t 1900 0 - Intercompan yTAC S Tota l (Nhe rAsset s TOTA L ASSET S UABIUTIE S S

> EQUIT Y LiaUHtle s Curren t LiaMitie s Account s Payabl e 20000 - Account s Payabl e ASSET S Curren t Asset s Checking/Saving s Kenn yB&T Offic e Ban k Pilo t Fund s TACLCom m Tota l Checking/Saving s Account s Receivabl e 1100 0 • Account s Recehrabl e Tota l Account s Receivabl e SheHai rRen t Deposi t 18000-Prepai d Insuranc e Tota l Othe rCurren t Asset s Tota l Curren t Asset s FbcedAss^ s 1400 0 - Commute rAuthorit yLicens e 1500 0 • Furnitur e an d Equipmen t 1600 0 - Componen t Part s Purchase d 7,922.9 8 450.1 1 1,173.36 23.039.6 3 32,586.0 8 68.880.4 2 68,880.4 2 4,007.0 0 18.250.0 0 22,257.0 0 123,723.5 0 24,500.0 0 18,040.0 0 34,098.1 2 15,713.7 0 92,351.8 2 20,186.1 8 31.943.74 52.129.9 2 268,205.2 4
70,500.0 0 Tota l Account s Payabl e Othe rCurren t Liabilitie s 24000-Payrol l Liabilitie s 2410 0 - Sale s TaxPayment s 2920 0 - Cas h Merchan t Loa n Tota l Othe rCurren t UabHttie s Tota l Curren t Liabilitie s Lon g Ter m LUbHitie s DueA.Schull e DueFLL-Air.In c DueH-LSchuH e Du e MA S 2900 0 - Du e Prio rStockhoMei s 2910 0 • Du e ClaytonGambe r 29500-Loa n fro m SDA Tota l Lon g Ter m Liabilitie s 70,500.0 0 63,085.2 8 -200.0 0 22,082.5 9 84,967.8 7 155,467.8 7 4,475.5 0 -6,000.0 0 27,000.0 0 -16,620.9 5 95,605.5 2 30,529.0 4 12,000.0 0 146,989.1 1 Tota l Liabilitie s 302,456.9 8

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## 12:1 7 P M Twi n Ai rCalyps o Limited , Inc .

.,2/17,1 1 Balanc e Shee t Accrua l Basi s A s o fSeptembe r30 , 201 1 Se p 30,1 1 Equit y 3000 0 - Openin g Balanc e Equit y16.0 0 3020 0 - Dividend s Pai d -443,000.0 0 3200 0 • Retaine d Earning s 358,524.4 0 Ne t Incom e 50,207.8 6 Tota l Equit y-34,251.7 4 TOTA L UABILITIE S & EQUIT Y268,205.2 4

Pag e 211:1 7 A M

12/17/1 1 Accrua l Basi s 

### Twri n Ai rCalyps o Limited , Inc . Profi t & Los s Augus t 1 9 throug h Decembe r31 , 201 0 Au g 19-De c31,1 0 incom e 400 0 Fligh t Revenu e 401 0 • Charte rRevenu e 402 0 - Passenge rRevenu e 403 0 • Freigh t Revenu e Tota l 400 0 - Fligh t Revenu e Tota l Incom e Cos t o fGood s Sol d 500 0 • Cos t o fGood s Sol d 5100-Aircraf t Cost s 5110-LeaseCost s 512 0 - Insuranc e Cost s 513 0 Fue l an d Oi l 5170-Cre wUbo r 518 0 - Sub-Contrac t Aircraf t Cost s Tota l 5100-Aircraf t Cost s 520 0 • Statio n Cost s 521 0 - Abac o 5214-Labor-Agen t Tota l 5210-Abac o 44,899.0 0 414,271.0 2 91.483.1 7 550,653.1 9 550.653.1 9
22,000.0 0 29,950.0 0 170,204.42 16.801.2 5 9,098.9 6 2,314.4 5 32,530.0 0 101,448.84 393,347.9 2 2.600.0 0 2.600.0 0 522 0 • Eleuther a S224-Labor-Agen t Tota l 522 0 - Eleuther a 623 0 - F t Lauderdal e 5234-Labor-Agen t 5236-Labor-Handle r Tota l 523 0 - F t Lauderdal e Tota l 520 0 - Statio n Cost s 530 0 - Transien t Fee s 531 0 - Custom s Charge s Tota l 530 0 - Transien t Fee s Tota l 500 0 - Cos t o fGood s Sol d Tota l COG S Gros s Profi t Expens e 600 0 - Operatin g Expense s 601 0 - Adrrrinlsinrtlv e Labo r 602 0 - Advertisin g an d Promotio n 603 0 - Automobil e Expens e 604 0 - Ban k

Servic e Charge s 606 0 - Credi t Car d Processin g Fee s 607 0 - Communication s 612 0 - Equipmen t 612 8 - Repair s Tota l 612 0 - Equipmen t 813 0 - Facilit y 613 2 - Ren t 613 4 - Repair s 613 6 - Jamitoria i 6130-FacHHy-Othe r Tota l 6130-FacHM y 1.590.0 0 1,590.00 22,810.0 0 28,550.0 0 51.360.0 0 55.550.0 0 18.641.0 0 18,641.0 0 467.538.9 2 467.538.9 2 83,114.2 7 55.950.0 0 209.9 0 1,578.1 0 3,075.3 0 33,605.2 5 5,655.4 7 300.0 0 300.0 0 7,900.0 0 548.2 0 1,017.00 119.0 0 9,584.2 0 Page l11:1 7 A M Twi n Ai rCalyps o Limited , Inc .

12/17/1 1 

## Profi t & Los s Accrual Basis Augus t 1 9 throug h Decembe r31 , 201 0
617 0 - Postag e an d Delhrei y 618 0 • Printin g 619 0 Offic e Supplie s 6200-Professiona l Fee s 620 1 • Accountin g Tota l 620 0 • Professiona l Fee s 621 0 - Subscription s 625 0 - Payrol l Expense s 6252-Medica l AHowanc e 6254-Payrol l Taxe s 625 0 - Payrol l Expense s - Ottie r Au g 19-De c31,1 0 224.9 7 449.7 6 1,266.40 0.0 0 0.0 0 6.496.0 0 1,785.00 0.0 0 5.700.9 4 Tota l 625 0 - Payrol l Expense s 7.485.9 4 Tota l 600 0 - Operatin g Expense s 125.861.2 9 Tota l Expens e 125.881.2 9 Ne t incom e -42,767.0 2

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# 5 > oBYLAW S O F AVSTA R AVIATIO N GROUP , INC
.

ARTICL E I OFFICE S 

## :-ARTMEN TO F :^^•^!SPORTATIO N 

# ;'::.KF ! OPERATION S :i i "iF C 2 0 P 5 O

b

Th e registere d offic e o fAvSta rAviatio n Group , Inc . (tii e "Corporation") , shal l b e locate d i n th e Stat e o fColorado
. Th e Corporatio n ma yhav e it s principa l offic e an d suc h othe roffice s eithe rwithi n o r withou t th e Stat e o fColorad o a s th e Boar d o fDirector s o fth e Corporatio n (th e "Board" ) ma ydesignat e o ra s th e busines s o fth e Corporatio n ma yrequire . Th e registere d offic e o fth e Corporatio n i n th e Article s o fIncorporatio n (th e "Articles" ) nee d no t b e Identica l wit h th e principa l office
.
ARTICL E I I SHAREHOLDER S Sectio n 1 . Annua l Meeting . Th e annua l meetin g o fth e shareholder s shal l b e hel d eac h yea ro n a dat e an d a t a tim e an d plac e t o b e determine d b yresolutio n o fth e Board , fo rth e purpos e o felectin g director s an d fo rth e transactio n o fsuc h othe rbusines s a s ma ycom e befor e th e meeting . I fth e electio n o fdirector s shal l no t b e hel d o n th e da ydesignate d fo rth e annua l meetin g o fth e shareholders , o ra t an yadjournmen t thereof , th e Boar d shal l caus e th e electio n t o b e hel d a t a specia l meetin g o fth e shareholders . Sectio n 2 . Specia l Meetings . Specia l meeting s o fth e shareholder s fo ran ypurpose , unles s otherwis e provide d fo rb ystatute , ma yb e calle d b yth e president , th e Boar d o rb yth e presiden t a t th e reques t o f th e holder s o fno t les s tha n one-tent h o fal l th e share s o fth e Corporatio n entitle d t o vot e a t th e meeting . Sectio n 3 . Plac e o fMeeting . Th e Boar d ma ydesignat e an yplace , eithe rwithi n o rwithou t th e Stat e O fColorado , as th e plac e o fmeetin g fo ran yannua l o rspecia l meeting . I fn o designatio n i s made , th e plac e o fmeetin g shal l b e th e registere d offic e o fth e Corporatio n i n th e Stat e o fColorado
. Sectio n 4 . Notic e o fMeeting . Writte n notice , statin g th e place , da yan d hou ro fth e meetin g and , i n cas e o fa specia l meeting , th e purpos e o rpurpose s fo rwhic h th e meetin g i s called , shal l b e delivere d a s th e law s o fth e Stat e o fColorad o shal l provide .

### Sectio n 5 . I=ixin g o fRecor d Date . Fo rth e purpos e o fdeterminin g shareholder s entitle d t o notic e o f o rt o vot e a t an ymeetin g o fshareholder s o ran yadjournmen t thereof , or , shareholder s entitle d t o receive paymen t o fan ydividend , o ri n orde rt o mak e a determinatio n o fshareholder s fo ran yothe r prope rpurpose , th e Boar d ma yfi xi n advanc

e a dat e (th e "Recor

d Date" ) fo ran ysuc h determinatio n o f shareholders , whic h dat e shal l be no t more tha n 5 0 day s prio rt o th e dat e o n whic h th e particula ractio n requirin g suc h determinatio n o fshareholder s i s t o be taken . I fn o Recor d o fDate i s fixe d b

yth e Board , th e Recor

d Date fo rna

ysuch purpos e shal l be te n day s before th e dat e o fsuc h meetin g o raction . Th e Recor d Date determine d fo rth e purpos e o fascertainin g th e numbe ro fshareholder s entitle d t o notic e o fo rt o vot e a t a meetin g ma yno t b e les

s tha n te n day

s prio rt o th e meeting . Whe n a Recor d Date ha s bee n determine d fo rth e purpos e o fa meeting , th e determinatio n shal l appl yt o an yadjournmen t thereof
. Sectio n 6 . Quorum
. I fles s tha n a quoru m o fth e outstandin g shares a s provide d fo ri n th e Article s ar e represente d at a meeting , suc h meetin g ma ybe adjourne d withou t furthe rnotic e fo ra perio d whic h shal l no t excee d 6 0 days . At suc h adjourne d meeting , a t whic h a quoru m shal l b e present , an ybusiness ma yb e transacte d whic h migh t hav e bee n transacte d a t th e origina l meeting . Onc e a quoru m i s presen t a t a dull yorganize d meeting , th e shareholder s presen t ma

ycontinu e t o transac

t business unti l adjournment , notwithstandin g an ydeparture s o fshareholder s durin g th e meetin g whic h leav e less tha n a quorum . Sectio n 7 . Votin g Shares
. Eac h outstandin g shar

e entitle d t o vot e shal l b e entitle d t o on e vot e upo n eac h matte rsubmitte d t o a vot e a t a meetin g o fshareholders . Sectio n 8 . Proxies . A t al l meeting s o fshareholders , a shareholde rma yvot e b yprox yexecute d i n writin g b yth e shareholde ro rb

yhi s dul yauthorize d attorney-in-fact
. Suc h prox yshal l be file d wit h th e Secretar yo fth e Corporatio n before o ra t th e tim e o fth e meeting . N o prox yshal l b e vali d afte r1 1 month s fro m th e dat e o fit s execution , unless otherwis e provide d i n th e proxy . Proxies shal l be i n such for m a s shal l be require d b

yth e Boar

d o fDirector

s an d a s set fort h i n th e notic e o fmeetin g and/o r prox yo rinformatio n statemen t concernin g suc h meeting . Sectio n 9 . Votin g o fShare s byCertai n Holder . Share s standin g i n th e nam e o fanothe rcorporatio n ma ybe vote d b

yagen t o rprox

ya s th e bylaws o fsuch corporatio n ma yprescrib e or , i n th e absenc e o f suc h provision , a

s th e Boar

d o fDirector

s o fsuc h corporatio n ma ydetermin e a

s evidence d b

ya dul y certifie d copyo feithe rth e bylaws o rcorporat e resolution . Neithe rtreasur

yshares no rshare s hel d b yanothe rcorporation , i fth e majorityo fth e shares entitle d t o vot e fo rth e electio n o fdirectors o fsuch othe rcorporatio n i s hel d b yth e Corporation , shal l b e vote d a t anymeetin g o rcounte d i n determinin g th e tota l numbe ro foutstandin g shares a t anygive n time . Share s hel d b ya n administrator , executor , guardia n o rconservato rma ybe vote d b

ysuc h fiduciary , eithe ri n perso n o rb

yproxy , withou t a transfe ro fsuch shares int o th e nam e o fsuc h fiduciary
. Shares

### standin g i n th e nam e o fa truste e ma ybe vote d b

ysuc h trustee , eithe ri n perso n o rb yproxy , bu t n o truste e shal l be entitle d t o vot e shares hel d b ya truste e withou t a transfe ro fth e shares int o suc h trust . Share s standin g i n th e nam e o fa receive rma ybe vote d b

ysuc h receive ran d shares hel d unti l th e shares hav

e bee n transferre d o n th e book s o fth e Corporatio n int o th e nam e o fth e pledgee , an d thereafte rth e pledge e shal l be entitle d t o vot e th e shares transferred
. Sectio n 10 . Actio n o fConsen t o fal l Shareholders
. An yactio n require d t o be take n o rwhic h ma y b e take n a t a meetin g o fth e shareholder s ma yb e take n withou t a meeting , i fa consen t i n writing , settin g fort h th e actio n s o taken , shal l b e signe d b yal l th e shareholder

s entitle d t o vot e wit h respec t t o th e subjec

t matte rthereof
. Such writte n consen t o fconsents shal l b e filed wit h th e minute s o fth e Corporation
. Suc

h actio n b ywritte n consen t o fal l entitle d t o vot e shal l hav e th e sam e forc e an d effect a s a unanimou s vot e o fsuch shareholders . Sectio n 11 . Action s withou t Shareholder s Meeting . An yactio n fo rwhic h th e law s o fth e State o f Colorad o require th e approva l o ftwo-third s o fth e shares o fan yclas s o rseries entitle d t o vot e wit h respec t thereto , unless otherwis e provide d i n th e Article s o fIncorporation , shal l requir e fo rapprova l th e affirmativ e vot e o fa majorityo fth e shares o fan yclas s o rserie s outstandin g an d entitle d t o vot e thereon . An yactio n require d b

yth e Colorad o Corporatio n Cod e t o be take n a t an yannua l o rspecia l meetin g o fshareholders , o ran yactio n whic h ma yb e take n a t an yannua l meetin g o rspecia l meetin g o fth e shareholders , ma

yb e take n withou t a meeting , withou t prio rnotice , an d withou t a vote , i fshareholders , holdin g shares havin g no t les s tha n th e minimu m numbe ro fvote s tha t woul d b e necessar yt o authoriz e o rtake suc h actio n a t a meetin g a t whic h al l o fth e shares entitle d t o vot e thereo n were presen t an d voted , consen t t o suc h actio n i n writing . Sectio n 12 . Inspectors . Th e Boar d may , i n advanc

e o fan ymeetin g o fshareholders , appoin t on e o rmore inspector

s t o ac t a suc h meetin g o ran yadjournmen t thereof
. I fth e inspector s shal l no t b e s

o appointe d o ri fanyo fthe m shal l fai l t o appea ro ract , th e chairma n o fth e meetin g ma yappoin t inspectors . Eac

h inspector , before enterin g upo n th e discharg e o fhi s duties , shal l take an d sig n a n oat h ftilthfullyt o execut e th e dutie s o finspecto ra t suc h meetin g wit h stric t impartialit yan d accordin g t o th e best o fhi s ability . Th e inspector s shal l determin e th e numbe ro fshares outstandin g an d th e votin g powe ro feach , th e numbe ro fshares represente d a t th e meeting , th e existence o fa quorum , th e validit yan d effect o fproxie s an d shal l receive votes , ballot s o rconsents , hea ran d determin e al l challenge s an d question s arisin g i n connectio n wit h th e righ t t o vote , coun t an d tabulat e al l votes , ballot s o rconsents , determin e th e resul t an d d o suc h acts a s ar e prope rt o conduc

t th e electio n o rvot e wit h fairnes s t o al l shareholders . O n request o fth e chairma n o fth e meetin g o ran yshareholde rentitle d t o vot e thereat , th e inspector s shal l mak

e a repor

t i n writin g o fan ychallenge , request o rmatte r determine d b

ythe m an d shal l execut e a certificat e o fan yfact foun d b ythem .Sectio n 13 . Foreig n Shar e Ownership
.

(a ) Ownership
. Aseparat e stoc k record , "Foreig n Stoc k Record" , shal l b e designate d fo rth e registratio n o fVotin g Share s tha t ar e beneficiall yowne d b ycitizens , companie s o rcorporation s fro m countrie s othe rtha n th e Unite d State s o fAmeric a (non-U.S
. owners)
. Th e beneficia l ownershi p o fVotin g Share s b ynon-U.S
. owner s shal l b e i n accordanc e wit h regulation s prescribe d b yth e Boar d o fDirectors . (b ) Maximu m Ownershi p Percentage . Non-U.S
. owner s ar e limite d t o holdin g a "Maximu m Percentage " o fth e company' s Votin g Share s a s define d below . "Maximu m Percentage " mean s th e maximu m numbe ro fVotin g Share s a non-U.S
. owne rma yhol d a t an ygive n tim e i n accordanc e wit h Foreig n Ownershi p Restriction s o radversel yaffectin g th e Corporation' s operatin g certificate s o r authorities . Thi s "Maximu m Percentage " i s equa l t o n o mor e tha n a tota l o f5 % (Fiv e Percent ) o fth e tota l Outstandin g Share s liste d i n th e record s o fth e Corporation' s Transfe rAgen t o frecord . I fa t an ytim e th e Corporatio n shal l find tha t th e combine d numbe ro fVotin g Share s hel d b ya non-U.S
. owner s and/o rrecorde d i n th e Foreig n Stoc k Recor d exceed s th e "Maximu m Percentage" , th e Corporatio n shal l remov e suc h numbe ro fshare s s o hel d and/o rregistere d a s i s sufficien t t o reduc e th e combine d votin g powe ro fsai d share s t o a n amoun t no t t o excee d th e "Maximu m Percentage" . Share s remove d shal l b e returne d t o th e Corporatio n i n th e for m o fTreasuryShares
. Sai d non-U.S
. owner s whos e share s wher e remove d shal l b e reimburse d th e purchas e pric e o fsai d share s minu s 20 % fo r Corporatio n expenses . ARTICL E II I BOAR D O F DIRECTOR S Sectio n 1 . Genera l Powers . Th e Boar d shal l hav e th e powe rt o manag e th e busines s an d affair s o f th e Corporatio n i n suc h manne ra s i t see s fit. I n additio n t o th e power s an d authoritie s expressl y conferre d upo n it , th e Boar d ma yd o al l lawfu l act s whic h ar e no t directe d t o b e don e b yth e shareholder s b ystatute , b yth e Article s o rb ythes e Bylaws . Sectio n 2 . Number . Tenure , an d Qualifications
. Th e numbe ro fdirector s o fth e Corporatio n shal l no t b e les s tha n one . Eac h directo rshal l hol d offic e unti l th e nex t annua l meetin g o fshareholder s an d unti l a successo rdirecto rha s bee n electe d an d qualified , o runti l th e death , resignatio n o rremova l o f suc h director . Director s nee d no t b e resident s o fth e Stat e o fNevad a o rshareholder s o fth e Corporation
. Sectio n 3 . Regula rMeetings . Aregula rmeetin g o fth e Boar d shal l b e held , withou t othe rnotic e tha n i s Bylaw , immediatel yafte ran d a t th e sam e plac e a s th e annua l meetin g o fshareholders . Th e Boar d ma yprovide , b yresolution , th e tim e an d plac e eithe rwithi n o rwithou t th e Stat e o fColorado , fo r th e holdin g o fadditiona l regula rmeetings , withou t othe rnotic e tha n suc h resolution .Sectio n 4 . Specia l Meetings . Specia l meeting s o fth e Boar d ma yb e calle d b yo ra t th e reques t o f

th e Chairma n o fth e Board , th e Chie fExecutiv e Office ro ran ytw o directors . Th e perso n o rperson s authorize d t o cal l specia l meeting s o fth e Boar d ma yfixan d place , eithe rwithi n o rwithou t th e Stat e o f Colorado , as th e plac e fo rholdin g an yspecia l meetin g o fth e Boar d calle d b ythem . Sectio n 5 . Telephoni cMeetings . Member s o fth e Boar d an d committee s thereo fma yparticipat e an d b e deeme d presen t a t a meetin g b ymean s o fconferenc e telephon e o rsimila rcommunication s equipmen t b ywhic h al l person s participatin g i n th e meetin g ca n hea reac h othe ra t th e sam e time . Sectio n 6 . Notice . Notic e o fspecia l meetin g o fth e Boar d shal l b e give n b ytelephone , telegrap h o rwritte n notic e sen t b ymail . Notic e shal l b e delivere d a t leas t on e da yprio rt o th e meetin g (fiv e day s befor e th e meetin g i fth e meetin g i s hel d outsid e th e Stat e o fColorado ) i fgive n b ytelephon e o r telegra m o ri fdelivere d personally . I fnotic e i s give n b ytelegram , suc h notic e shal l b e deeme d t o b e delivere d whe n th e telegra m i s delivere d b yth e telegrap h company . Writte n notic e ma yb e delivere d b ymai l t o eac h directo ra t suc h director' s busines s o rhom e addres s and , i fmailed , shal l b e delivere d a t leas t five day s prio rt o th e meeting . I fmailed , suc h notic e shal l b e deeme d t o b e delivere d whe n deposite d i n th e Unite d State s mai l s o addresse d wit h postag e thereo n prepaid . An ydirecto rma ywaiv e notic e o fmeeting . Th e attendanc e o fa directo ra t a meetin g shal l constitut e a waive ro fnotic e o fsuc h meeting , excep t wher e a directo rattend s a meetin g fo rth e expres s purpos e o fobjectin g t o th e transactio n o fan ybusines s becaus e th e meetin g i s no t lawfull ycalle d o rconvened . Neithe rth e busines s t o b e transacte d at , no rth e purpos e of , an yregula rmeetin g o fth e Boar d nee d b e specifie d i n th e notic e o fwaive ro fnotic e o fsuc h meeting . Sectio n 7 . Quorum
. Amajorit yo fth e tota l membershi p o fth e Boar d shal l constitut e a quoru m fo rth e transactio n o fbusines s a t an ymeetin g o fth e Board , bu t i fa quoru m shal l no t b e presen t a t an y meetin g o radjournmen t thereof , a majorit yo fth e director s presen t ma yadjour n th e meetin g withou t furthe rnotice . Sectio n 8 . Actio n b yConsen t o fAl l Directors . An yactio n require d t o b e taken , o rwhic h ma yb e take n a t a meetin g o fth e Boar d ma yb e take n withou t a meeting , i fa consen t i n writing , settin g fort h th e actio n s o taken , shal l b e signe d b yal l o fth e director s entitle d t o vot e wit h respec t t o th e subjec t matte rthereof
. Suc h writte n consen t o rconsent s shal l b e filed wit h th e minute s o fth e Corporation
. Suc h actio n b ywritte n consen t o fal l entitle d t o vot e shal l hav e th e sam e forc e an d effec t a s a unanimou s vot e o fsuc h director s a t a meetin g o fdirector s a t whic h a quoru m i s present . Sectio n 9 . Manne ro fActing . Th e ac t o fa majorit yo fth e director s presen t a t a meetin g a t whic h a quoru m i s presen t shal l b e a n ac t o fth e Board . Th e orde ro fbusines s a t an yregula ro rspecia l meetin g o fth e Boar d shal l be :

1 . Record o fthos e present . 2 . Secretary' s proo fo fnotic e o fmeeting , i fnotic e i s no t waived .3 . Readin g an d disposa l o funapprove d minutes , i fany . 4 . Report s o fofficers , i fany . 5 . Unfinishe d business , i fany . 6 . Ne wbusiness . 7 . Adjournmen t Sectio n 10 . Vacancies . An yvacancyoccurrin g i n th e Boar d b yreaso n o fa n increas e i n th e numbe rspecifie d i n thes e Bylaws , o rfo ran yothe rreason , ma yb e filled b yth e affirmativ e vot e o fa majorit yo fth e remainin g directors , thoug h les s tha n a quoru m o fth e Boar d ma yremai n a t th e tim e suc h meetin g considerin g filling suc h vacancie s i s held . Sectio n 11 . Compensation
. B yresolutio n o fth e Board , th e director s ma yb e pai d thei rexpenses , i fany , fo rattendanc e a t eac h meetin g o fth e Boar d an d ma yb e pai d a fixed su m fo rattendanc e a t eac h meetin g o fth e Boar d an d a state d salarya s director . N o suc h paymen t shal l preclud e an ydirecto rfro m servin g th e Corporatio n i n an yothe rcapacit yan d receivin g compensatio n therefor e o rfro m receivin g compensatio n fo ran yextraordinar yo runusua l service s a s a director . Sectio n 12 . Presumptio n o fAssent . Adirecto ro fth e Corporatio n wh o i s presen t a t a meetin g o f th e Boar d a t whic h actio n o n an ycorporat e matte ri s take n shal l b e presume d t o hav e assente d t o th e actio n take n unles s th e dissen t o fsuc h directo rshal l b e entere d i n th e minute s o fth e meeting , filed i n writin g wit h th e perso n actin g a s th e secretaryo fth e meetin g befor e th e adjournmen t thereo fo r forwarde d b yregistere d mai l t o th e Secretaryo fth e Corporatio n immediatel yafte rth e meeting . Suc h righ t t o dissen t shal l no t appl yt o a directo rwh o vote d i n favo ro fsuc h action . Sectio n 13 . Executiv e o rOthe rCommittees
. Th e Board , b yresolutio n adopte d b ya majorit yo f th e entir e Board , ma ydesignat e amon g it s member s a n executiv e committe e an d on e o rmor e othe r co9mmittees , eac h o fwhich , t o th e exten t provide d i n th e resolution , shal l hav e al l o fth e authorit yo f th e Board , bu t n o suc h committe e shal l hav e th e authorit yo fth e Boar d i n referenc e t o amendin g Articles , adoptin g a pla n o fmerge ro rconsolidation , recommendin g t o th e shareholder s th e sale , lease , exchang e o rothe rdispositio n o fal l o rsubstantiall yal l o fth e propert yan d asset s o fth e Corporatio n otherwis e tha n i n th e usua l an d regula rcours e o fit s business , recommendin g t o th e shareholder s a voluntar ydissolutio n o fth e Corporatio n o ra revocatio n thereof , o ramendin g th e Bylaws . Th e designatio n o fsuc h committee s an d th e delegatio n theret o o fauthorit yshal l no t operat e t o reliev e th e Board , o ran ymembe rthereof , o fan yresponsibilit yimpose d b ylaw . An yactio n require d t o b e taken , o rwhic h ma yb e take n a t a meetin g o fa committe e designate d i n accordanc e wit h thi s Sectio n o fth e Bylaws , ma yb e take n withou t a meeting , i fa consen t i n writin g settin g fort h th e actio n s o take n shal l b e signe d b yal l thos e entitle d t o vot e wit h respec t t o th e subjec t matte rthereof
. Suc h writte n consen t o rconsent s shal l b e filed wit h th e minute s o fth e Corporation
. Suc h actio n b ywritte n consen t o fal l entitle d t o vot e shal l hav e th e sam e forc e an d effec t a s a unanimou s vot e o fsuc h persons .Sectio n 14 . Resignatio n o fOfficer s o rDirectors . An ydirecto ro roffice rma yresig n a t an ytim e b y

submittin g a resignatio n i n writing . Suc h resignatio n takes effec t fro m th e tim e o fit s receip t b yth e Corporatio n unles s a dat e o rtim e i s fixed i n th e resignation , i n whic h cas e i t wil l tak e effec t fro m tha t time . Acceptanc e o fth e resignatio n shal l no t b e require d t o mak e i t effective
. Sectio n 15 . Notic e Requirement s fo rDirecto rNominations . An ynominatio n fo relectio n t o th e Boar d o fDirector s b yth e stockholder s otherwis e tha n pursuan t t o Boar d resolutio n mus t b e submitte d t o th e Corporation' s secretaryn o later S tha n 2 5 day s an d n o mor e tha n 6 0 day s prio rt o th e meetin g o f stockholder s a t whic h suc h nomination s ar e t o b e submitted . I n th e even t notic e o fth e meetin g a t whic h suc h nominatio n i s desire d t o b e submitte d i s no t maile d o rotherwis e sen t t o th e stockholder s o f th e Corporatio n a t leas t 3 0 day s prio rt o th e meeting , th e Corporatio n mus t receiv e th e notic e o finten t t o nominat e n o late rtha n seve n day s afte rnotic e o fth e meetin g i s maile d o rsen t t o th e stockholder s b y th e Corporation.
. Notice s t o th e Corporation' s Secretaryo finten t t o nominat e a candidat e fo relectio n as a directo rmus t giv e th e name , age , busines s addres s an d principa l occupatio n o fsuc h nomine e an d th e numbe ro fshare s o fstoc k o fth e Corporatio n hel d b ysuc h nominee . Withi n seve n day s afte rfiling o fth e notice , a signe d an d complete d questionnair e relatin g t o th e propose d nomine e (whic h questionnair e wil l b e supplie d b yth e Corporatio n t o th e perso n submittin g th e notice ) mus t b e filed wit h th e Secretaryo fth e Corporation
. Unles s th e notic e procedur e i s followed , th e chairma n o fa stockholders ' meetin g ma ydeclar e th e nominatio n defectiv e an d i t ma yb e disregarded .
ARTICL E I V OFFICER S Sectio n 1 . Number . Th e officer s o fth e Corporatio n shal l b e a president , a secretaryan d a treasurer , al l o fwho m shal l b e executiv e officer s an d eac h o fwho m shal l b e electe d b yth e Board , an d suc h othe rofficer s a s th e Boar d ma ydesignat e fro m tim e t o time . AChairma n o fth e Board , Vic e Chairma n o fth e Boar d an d on e o rmor e Vic e President s shal l b e executiv e officers , a s ma yb e deeme d necessary , shal l b e designate d administrativ e assistan t officer s an d ma yb e appointe d an d remove d as th e Chie fExecutiv e Office rdecides . An ytw o o rmor e office s ma yb e hel d b yth e sam e person , excep t th e office s o fPresiden t an d Secretary
. Sectio n 2 . Electio n an d Ter m o fOffice
. Th e executiv e officer s o fth e Corporation , t o b e electe d b yth e Board , shal l b e electe d annuall yb yth e Boar d a t it s first meetin g hel d afte reac h annua l meetin g o fth e shareholder s o ra t a convenien t tim e soo n thereafter
. Eac h executiv e office rshal l hol d offic e unti l th e resignatio n o fsuc h office ro runti l a successo rshal l b dul yelecte d an d qualified , unti l th e deat h o f suc h executiv e officer , o runti l remova l o fsuc h office ri n th e manne rherei n provided . Sectio n 3 . Removal . An yoffice ro ragen t electe d o rappointe d b yth e Boar d ma yb e remove d b y th e Boar d whenever , i n it s judgement , th e bes t interest s o fth e Corporatio n woul d b e serve d thereby , bu t suc h remova l shal l b e withou t prejudic e t o th e contrac t rights , i fany , o fth e perso n s o removed .Sectio n 4 . Vacancies . Avacancyi n an yexecutiv e offic e becaus e o fdeath , resignation , removal ,

disqualificatio n o rotherwis e ma yb e filled b yth e Boar d fo rth e unexpire d portio n o fth e term . Sectio n 5 . Th e Chairma n o fth e Board . I fa Chairma n o fth e Boar d (th e "Chairman" ) shal l b e electe d b yth e Board , th e Chairma n shal l presid e a t al l meeting s o fth e shareholder s an d o fth e Board . Th e Chairma n ma ysign , wit h th e officer s authorize d b yth e Chie fExecutiv e Office ro rth e Board , certificate s fo rth e share s o fth e Corporatio n an d shal l perfor m suc h othe rdutie s a s fro m tim e t o tim e ar e assigne d th e Chie fExecutiv e Office ro rth e Board . Th e Chairma n o fth e Boar d ma yb e electe d a s th e Chie fExecutiv e Officer , i n whic h cas e th e Chairma n shal l perfor m th e dutie s hereinafte rse t fort h i n Articl e IV , Sectio n 7 , o fthes e Bylaws . Sectio n 6 . Th e President . Th e Presiden t ma ysign , wit h th e officer s authorize d b yth e Chie f Executiv e Office ro rth e Board , certificate s fo rshare s o fth e Corporatio n an d shal l perfor m suc h othe r dutie s a s fro m tim e t o tim e ar e assigne d b yth e Chie fExecutiv e Office ro fth e Corporation , i n whic h case , th e Presiden t shal l perfor m th e dutie s hereinafte rse t fort h i n Articl e IV , Sectio n 7 , o fthes e Bylaws . Sectio n 7 . Th e Chie fExecutiv e Officer
. I fn o Chairma n shal l b e electe d b yth e Board , th e Presiden t shal l b e th e Chie fExecutiv e Office ro fth e Corporation
. I fa Chairma n i s electe d b yth e Board , th e Boar d shal l designate , as betwee n th e Chairma n an d th e President , wh o shal l b e th e Chie fExecutiv e Officer
. Th e Chie fExecutiv e Office rshal l be , subjec t t o th e contro l o fth e Board , i n genera l charg e o fth e affair s o fth e Corporation
. Th e Chie fExecutiv e Office rma ysign , wit h th e othe rofficer s o fth e Corporatio n authorize d b yth e deeds , mortgages , bonds , contract s o rothe rinstrument s whos e executio n th e Boar d ha s authorized , excep t i n th e cas e wher e th e signin g an d executio n thereo fshal l b e expressl ydelegate d b yth e Boar d o rthes e Bylaw s t o som e othe roffice ro ragen t o fth e Corporation , o r shal l b e require d b yla wt o b e otherwis e signe d o rexecuted . Sectio n 8 . Th e Vice-Chairma n o fth e Board . I fa Chairma n shal l b e electe d b yth e Board , th e Boar d ma yals o elec t a Vic e Chairma n o fth e Boar d (th e "Vic e Chairman")
. I n th e absenc e o fth e Chairma n o ri n th e even t o fth e deat h o rinabilit yo rrefusa l t o ac t o fth e Chairman , th e Vic e Chairma n shal l perfor m th e dutie s o fth e Chairma n an d whe n s o actin g shal l hav e al l o fth e power s o fan d b e subjec t t o al l o fth e restriction s upo n th e Chairman
. Th e Vic e Chairma n ma ysign , wit h th e othe rofficer s authorize d b yth e Chie fExecutiv e Office ro rth e Board , certificate s fo rshare s o fth e Corporatio n an d shal l perfor m suc h othe rdutie s a s fro m tim e t o tim e ma yb e assigne d b yth e Chie fExecutiv e Office ro r Board . Sectio n 9. Th e Vic e President . I n th e absenc e o fth e Presiden t o ri n th e even t o fth e deat h o r inabilit yo rrefusa l t o ac t o fth e President , th e Vic e Presiden t shal l perfor m th e dutie s o fth e President , an d whe n s o actin g shal l hav e al l th e power s o fan d b e subjec t t o al l th e restriction s upo n th e President . I n th e even t ther e i s mor e tha n on e Vic e President , th e Vic e President s i n th e orde rdesignate d a t th e tim e o fthei relection , o ri n th e absenc e o fan ydesignation , the n i n th e orde ro fthei relection , shal l perfor m th e dutie s o fth e Presiden t and , whe n s o acting , shal l hav e al l th e power s o fan d shal l b e subjec t

### t o al l th e restriction s upo n th e President . An yVic e Presiden t ma

ysign , wit h th e othe rofficers authorize d b

yth e ChiefExecutiv

e Office ro rth e Board , certificate s fo rshares o fth e Corporatio n an d shal l perfor m suc h othe rdutie s a s fro m tim e t o tim e ma

ybe assigne d b

yth e ChiefExecutiv

e Office ro r th e Board . Sectio n 10 . Th e Secretary
. Unles s th e Boar

d otherwis e directs , th e Secretar yshal l kee p th e minute s o fth e shareholder s an d directors ' meeting s i n on e o rmore book s provide d fo rtha t purpose . Th e Secretar

yshal l als o see tha t al l notice s ar e dul ygive n i n accordanc e wit h th e lawan d th e provision s o fth e Bylaws ; be custodia n o fth e corporat e record s an d th e sea l o fth e Corporation ; affi xth e sea l o r direct it s affixatio n t o al l documents , th e executio n o fwhic h o n behal fo fth e Corporatio n i s dul y authorize d byth e ChiefExecutiv e Office ro rth e Board , certificate s fo rshares o fth e Corporation ; hav e charg e o fth e stoc k

transfe rbook

s o fth e Corporatio n an d perfor m al l dutie s inciden t t o th e offic e o f Secretar yan d suc h othe rdutie s a s ma yb e assigned b

yth e ChiefExecutiv

e Office ro rb

yth e Board . Sectio n 11 . Th e Treasurer . I frequire d b yth e Board , th e Treasure rshal l give a bon d fo rth e faithfu l discharg e o fhi s dutie s i n such su m an d wit h such suretyo rsuretie s a s th e Boar

d shal l determine . H

e shal l hav

e charg e an d custod yo fan d be responsibl e fo ral l fund s an d securitie s o fth e Corporation , receive an d give receipt s fo rmonie s du e an d payabl e t o th e Corporatio n fro m anysource whatsoeve ran d deposi t al l such monie s i n th e nam e o fth e Corporatio n i n such banks , trust , companie s o rothe rdepositorie s a

s shal l b e selecte d i n accordance wit h th e provision s o fth e Bylaws . Th e Treasure r ma ysign , wit h th e othe rofficers authorize d b yth e ChiefExecutiv

e Office ro rth e Board , certificate s fo r shares o fth e Corporatio n an d shal l perfor m al l dutie s inciden t t o th e offic e o fTreasure ran d suc h othe r dutie s a s fro m tim e t o tim e ma

ybe assigned b

yth e ChiefExecutiv

e Office ro rth e Board . Sectio n 12 . Assistan t Officers
. Th e ChiefExecuth/ e Office rma

yappoin t suc h othe rofficers an d agents a s ma yb e necessar

yo rdesirabl e fo rth e business o fth e Corporation
. Suc h othe rofficers shal l includ e on e o rmore assistan t secretarie s an d treasurers wh o shal l hav e th e powe ran d authorit yt o ac t i n plac e o fth e office rfo rwho m the yar e electe d o rappointe d a

s a n assistan t i n th e even t o fth e officer' s inabilit yo runavailabilityt o ac t i n hi s capacity . Th e assistan t secretar yo rsecretarie s o rassistan t treasure ro rtreasurers ma ysign , wit h th e othe rofficers authorize d b yth e ChiefExecutiv

e Office ro rth e Board , certificate s fo rshares o fth e Corporation
. Th e assistan t treasure ro rtreasurers shall , i frequire d b yth e Board , give bond s fo rth e faithfu l discharg e o fthei rdutie s i n such sum s an d wit h suc h suretie s a s th e Boar d shal l determine . Th e assistan t secretarie s an d assistan t treasurers , i n general , shal l perfor m suc h dutie s a

s shal l be assigned t o the m b yth e Secretar

yo rth e Treasurer , respectively , o rb yth e Chief Executiv e Office ro rth e Board . Sectio n 13 . Salaries
. Th e salarie s o fth e executive officers shal l be fixed b yth e Boar

d an d n o office rshal l b e prevente d fro m receivin g suc h salar yb yreaso n o fth e fact tha t suc h office ri s also a directo ro fth e Corporation
. Th e salarie s o fth e administrativ e assistan t officers shal l be fixed b yth e Chie fExecutiv e Officer
.ARTICL E V CONTRACTS
. LOANS
. CHECK S AN D DEPOSIT S Sectio n 1 . Contracts
. Th e Boar d ma yauthoriz e an yoffice ro rofficers , agen t o ragents , t o ente r int o an ycontrac t o n behal fo fth e Corporatio n an d suc h authorit yma yb e genera l o rconfine d t o specifi c instances . Sectio n 2 . Checks
. Drafts
. Etc. . Al l checks , draft s o rothe rorder s fo rth e paymen t o fmoney , note s o rothe revidenc e o findebtedness , issue d i n th e nam e o fth e Corporation , shal l b e signe d b ysuc h office ro rofficers , agen t o ragents , o fth e Corporatio n an d i n suc h manne ras shal l fro m tim e t o tim e b e determine d b yresolutio n o fth e Board . Sectio n 3 . Deposits . Al l fund s o fth e Corporatio n no t otherwis e employe d shal l b e deposite d fro m tim e t o tim e t o th e credi t o fth e Corporatio n i n suc h banks , trus t companie s o rothe rdepositorie s as Boar d ma yselect .
ARTiaEV I CERTIFICATE S FO R SECURITIE S AN D THEI R TRANSFE R Sectio n 1 . Certificate s fo rSecurities
. Certificate s representin g securitie s o fth e Corporatio n (th e "Securities" ) shal l b e i n suc h for m as shal l b e determine d b yth e Board . T o b e effective , suc h certificate s fo rSecuritie s (th e "Certificate" ) shal l b e signe d b y(i ) th e Chairma n o rVic e Chairma n o rb yth e Presiden t o ra Vic e President ; an d (ii ) th e Secretaryo ra n assistan t Secretaryo rb yth e Treasure ro ra n assistan t treasure ro fth e Corporation
. An yo fal l o fsignature s ma yb e facsimile s i fth e Certificat e i s eithe r countersigne d b yth e transfe ragent , o rcountersigne d b yth e facsimil e signatur e o fth e transfe ragen t an d registere d b yth e writte n signatur e o fa n office ro fan ycompan ydesignate d b yth e Boar d as registra ro ftransfer s s o lon g as tha t office ri s no t a n employe e o fth e Corporation
. ACertificate d signe d o rimpresse d wit h th e facsimil e signatur e o fa n officer , wh o cease s b ydeath , resignatio n o rotherwis e t o b e a n office ro fth e Corporatio n befor e th e Certificat e i s delivere d b yth e Corporation , i s vali d thoug h signe d b ydul yelected , qualifie d an d authorize d officer , provide d tha t suc h Certificat e i s countersigne d b yth e signatur e o fth e transfe ragen t o rfacsimil e signatur e o fth e transfe r agen t o fth e Corporatio n an d registere d as aforesaid
. Al l Certificate s shal l b e consecutivel ynumbere d o rotherwis e identified
. Certificate s shal l stat e th e jurisdictio n i n whic h th e Corporatio n i s organized , th e nam e o fth e perso n t o who m th e Securitie s ar e issued , th e designatio n o fth e series , i fany , an d th e pa rvalu e o feac h shar e represente d b yth e Certificate , o ra statemen t tha t th e share s ar e withou t pa rvalue . Th e nam e an d addres s o fth e perso n t o who m th e Securitie s represente d hereb yar e issued , th e numbe ro fSecurities , an d dat e o fissue , shal l b e entere d o n th e Securit ytransfe rbook s o fth e Corporation
. Al l Certificate s surrendere d t o th e Corporatio n fo rtransfe rshal l b e cancelle d an d n o ne wCertificat e shal l b e issue d unti l th e forme rCertificat e fo ra lik e numbe ro fshare s shal l hav e bee n surrendere d an d cancelled , excep t that , i n cas e o f

lost , destroye d o rmutilate d Certificate , a ne won e ma yb e issue d therefor e upo n suc h term s an d indemnit yt o th e Corporatio n a s th e Boar d ma yprescribe . Sectio n 2 . Transfe ro fSecurities
. Transfe ro fSecuritie s shal l b e mad e onl yo n th e securit y transfe rbook s o fth e Corporatio n b yth e holde ro frecor d thereof , b yth e lega l representativ e o fth e holde rwh o shal l furnis h prope revidence o fauthorit yt o transfer , o rb ya n attorne yauthorize d b ya powe ro fattorne ywhic h wa s dul yexecute d an d filed wit h th e Secretaryo fth e Corporatio n an d a surrende rfo rcancellatio n o fth e certificat e fo rsuc h shares . Th e perso n i n whos e nam e Securitie s stan d o n th e book s o fth e Corporatio n shal l b e deeme d b yth e Corporatio n t o b e th e owne rthereo ffo ral l purposes .
ARTICL E VI I FISCA L YEA R Th e fiscal yea ro fth e Corporatio n shal l b e determine d b yresolutio n o fth e Board .
ARTICL E VII I DIVIDEND S Th e Boar d ma ydeclare , an d th e Corporatio n ma ypa yi n cash , stoc k o rothe rproperty , dividend s o n it s outstandin g share s i n th e manne ran d upo n th e term s an d condition s provide d b yla wan d Articles .
ARTICL E I X SEA L Th e Boar d shal l provid e a corporat e seal , circula ri n form , havin g inscribe d thereo n th e corporat e name , th e stat e o fincorporatio n an d th e wor d "Seal. " Th e sea l o n Securities , an ycorporat e obligatio n t o paymone yo ran yothe rdocumen t ma yb e fecsimile, o rengraved , embosse d o rprinted .
ARTICL E X WAIVE R O F NOTIC E
Wheneve ran ynotic e i s require d t o b e give n t o an yshareholde ro rdirecto ro fth e Corporatio n unde r th e provision s o fthes e Bylaw s o runde rth e provision s o fth e Article s o runde rth e provision s o fth e applicabl e law s o fth e Stat e o fColorado , a waive rthereo fi n writing , signe d b yth e perso n o rperson sentitle d t o suc h notice , whethe rbefore , a t o rafte rth e tim e stat e therein , shal l b e deeme d equivalen t t o

th e givin g o fsuc h notice . ARTiaEX I FOREIG N SHAR E OWNERSHI P Sectio n 1 . Ownershi p Aseparat e stoc k

record , "Foreig n Stoc k Record" , shal l b e designate d fo rth e registratio n o fVotin g Share s tha t ar e beneficiall yowne d b ycitizens , companie s o rcorporation s fro m countrie s othe rtha n th e Unite d State s o fAmeric a (non-U.S
. owners)
. Th e beneficia l ownershi p o fVotin g Share s b ynon-U.S
. owner s shal l b e i n accordanc e wit h regulation s prescribe d b yth e Boar d o fDirectors . Sectio n 2 . Maximu m Ownershi p Percentag e (a ) Non-U.S
. owner s ar e limite d t o holdin g a "Maximu m Percentage " o fth e company' s Votin g Share s as define d below . "Maximu m Percentage " mean s th e maximu m numbe ro fVotin g Share s a non-U.S
. owne rma yhol d a t an ygive n tim e i n accordanc e wit h Foreig n Ownershi p Restriction s o radversel y affectin g th e Corporation' s operatin g certificate s o rauthorities . Thi s "Maximu m Percentage " i s equa l t o n o mor e tha n a tota l o f5 % (Fiv e Percent ) o fth e tota l Outstandin g Share s liste d i n th e record s o fth e Corporation' s Transfe rAgen t o frecord . (b ) I fa t an ytim e th e Corporatio n shal l find tha t th e combine d numbe ro fVotin g Share s hel d b ya non-U.S
. owner s and/o rrecorde d i n th e Foreig n Stoc k Recor d exceed s th e "Maximu m Percentage" , th e Corporatio n shal l remov e suc h numbe ro fshare s s o hel d and/o rregistere d as i s sufficien t t o reduc e th e combine d votin g powe ro fsai d share s t o a n amoun t no t t o excee d th e "Maximu m Percentage" . Share s remove d shal l b e returne d t o th e Corporatio n i n th e for m o fTreasuryShares
. Sai d non-U.S
. owner s whos e share s wher e remove d shal l b e reimburse d th e purchas e pric e o fsai d share s minu s 20 % fo r Corporatio n expenses .