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Section 5.2 INSPECTION OF CORPORATE RECORDS. (b) By Shareholders. The accounting books and records, the record of shareholders, and minutes of proceedings of the shareholders and the Board and committees of the Board of this Corporation and any subsidiary of this Corporation shall be open to inspection upon the written demand on the Corporation of any shareholder or holder of a voting trust certificate at any reasonable time during usual business hours, for a purpose reasonably related to such holder's interests as a shareholder or as the holder of such voting trust certificate, subject to any .applicable limitation of law regarding right to privacy. Such inspection by a shareholder or holder of 'a voting trust certificate may be made in person or by agent or attorney, and the right to inspection includes the right to copy and make extracts. A shareholder or shareholders holding at least five percent (5%) in the aggregate of the outstanding voting shares of the Corporation shall have (in person or by agent or attorney) the absolute right: (1) to inspect and copy the record of shareholders' names and addresses and shareholdings during usual business hours upon five (5) business days' prior written demand upon the Corporation and; (2) to obtain from the transfer agent for the Corporation, upon written demand and upon the tender of its usual charges, a list of the shareholders' names and addresses, who are entitled to vote for the election of directors, and their shareholdings, as of the most recent record date for which it has been compiled or as of a date specified by the shareholder subsequent to the date of demand. The list shall be made available on or before the later of five (5) business days after the demand is received or the date specified therein as the date as of which the list is to be compiled. (b) By Directors. Every director shall have the absolute right at any reasonable time to inspect and copy all books, records and documents of every kind and to inspect the physical properties of the Corporation. Such inspection by a director may be made in person or by agent or attorney and the right of inspection includes the right to copy and make extracts. Section 5.3 MAINTENANCE AND INSPECTION OF BYLAWS. The Corporation shall keep at its Head Office the original or a copy of the Bylaws as amended to date, which shall be open to inspection by the shareholders at all reasonable times during office hours. • Section 5.4 ANNUAL AND OTHER REPORTS. For so long as this Corporation shall have less than 100 shareholders, the annual report to shareholders, referred to in Section 1502 of the I - General Corporation Law, is expressly dispensed with, but nothing herein shall be interpreted as prohibiting the Board of Directors 1 from issuing annual or other periodic reports to the shareholders of the Corporation as they consider appropriate. 18