Exemptions conferred

Notwithstanding anything to the contrary contained in the Income and Business Tax Act, the Exchange Control Regulations Act and Regulations made there under, the Stamp Duties Act or any other law, rule, regulation, order or instrument whatsoever, the exemptions from taxes, duties, fees and imposts and exchange control requirements set out in the Schedule I hereto shall vest in the Fortis Companies and shall have effect in Belize commencing from the date of the Deed of Settlement and continuing for so long as the Fortis Shareholder (or its transferee) remains a shareholder in BEL.