Nordea Trust Corporation Trust and Company Services

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1 Nordea Trust Corporation Trust and Company Services

2 Although the information in this brochure is believed to be correct at the time of printing, Nordea Trust Corporation (Isle of Man) Limited cannot accept liability for any consequences arising from reliance on the information contained therein. However, we shall be pleased to provide potential clients with any further information desired on specific matters.

3 Contents Nordea Trust Corporation 5 Trustee services About trusts Using trusts Trust services Company services About companies Using companies Company services Attached: General terms and conditions Schedule of fees

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5 Nordea Trust Corporation Nordea Trust Corporation is a wholly owned subsidiary of Nordea Bank S.A., Luxembourg, which is part of the Nordea Group. The Nordea Group is the largest financial services group in the Nordic and Baltic area with 9.7 million private customers and approximately EUR 253 billion in total assets. Nordea Trust Corporation offers a full range of fiduciary services including the formation and administration of trust and company structures tailored principally to Nordic expatriates and international investors. The Trust Corporation was established in 1991 and has developed a broad expertise in fiduciary services to complement the banking and investment management services provided by Nordea Bank S.A., Luxembourg. Nordea Trust Corporation is licensed by the Isle of Man Financial Supervision Commission as a Corporate Service Provider. Although the Trust Corporation is based in the Isle of Man, advice and assistance with the establishment of trusts or companies can also be provided for other offshore jurisdictions. Isle of Man The Isle of Man has enjoyed the stability of over 1000 years of independent government and is recognised worldwide as a financial centre blessed with security and political stability. To further strengthen its appeal to international investors, the Isle of Man Government has enacted legislation to closely control financial institutions and to ensure sound and professional management of those institutions. This investor security has not been achieved at the cost of high taxation allowing investors in Isle of Man financial institutions to receive the growth on their investments virtually tax free. 5

6 Trustee Services About trusts Trusts have their origins in medieval English Law and have long been associated with the protection of assets. A trust enables an individual (the "settlor") to donate assets to a neutral third party or guardian (the "trustee"), who holds the assets and administers them for the benefit of other individuals nominated by the settlor and in many cases the settlor himself (the "beneficiaries"). The effect of creating a trust is to shift the burden of property ownership onto a trustee, while retaining the benefit of the property for the settlor and his family. The sources of trust law in the Isle of Man are, like England, long established and represent a combination of judicial precedent and statute. Most trusts fall into four broad categories: Private: including discretionary, accumulation and maintenance, life interest and fixed interest trusts Corporate: including pension and employee benefit trusts Charitable: solely for the benefit of charitable organisations Purpose: trusts with no beneficiaries that are established for purposes that are certain, reasonable and possible Modern trust deeds can be tailored to meet individual client requirements. Generally they are worded in the widest possible terms to allow a trustee scope to respond to changing circumstances and requirements. A trust arrangement is normally recorded in a written document (the "trust deed"). Using trusts Since the trustee and not the beneficiary, is the legal owner of the trust property, it is normally the trustee who would be liable to be taxed on the trust property. If the trustee is resident in a low tax area, it will often be possible for the trust fund to obtain exemption from local taxes. Of course consideration should also be given to the countries of residence of the beneficiaries and to the specific tax legislation in those countries. Clearly, with careful planning, establishing a trust can lead to mitigation of international taxes. Other benefits associated with trusts are: The mitigation of death or estate duties and inflexible local inheritance laws - for example forced heirship provisions The protection of assets from adverse factors such as political upheaval and unascertained creditors Ensuring the continued and stable ownership of family assets Assisting in cross border financial planning Achieving efficient international investment Making adequate provision for family and dependants Providing lifetime estate planning Flexibility in providing for family needs Anonymity and confidentiality 6

7 Trust services Nordea Trust Corporation can provide an extensive range of professional trust services. These include: Establishment of settlements or trusts including pre-formation liaison with professional advisors Acting as sole, joint or successor trustee Provision of personal, comprehensive and professional administration including tailored client reporting and liaison Compliance with all aspects of a trust's governing law Continuing liaison with professional advisors Retention and maintenance of all original documents and relevant records Preparation of appropriate financial statements Implementation of controls to ensure that confidentiality and protection of assets are maintained at all times

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9 Company Services About companies Nordea Trust Corporation can establish and administer Isle of Man legal entities as follows: Private companies having a share capital Private companies limited by guarantee Private companies both limited by guarantee and having a share capital ("hybrids") Public limited companies Limited liability companies Limited partnerships In addition we can, through our extensive network of agents, establish and administer legal entities such as companies, limited liability partnerships and foundations in most jurisdictions. Non-Isle of Man companies can be registered as foreign corporations in the Isle of Man and may apply for tax exempt status or international status in the same way as an Isle of Man company. In some cases legal entities such as hybrids can be structured as trusts. This can be attractive to clients from civil law jurisdictions where the trust concept is not recognised. Nordea Trust Corporation is committed to providing corporate administration services to the highest possible standards. Using companies Companies, by virtue of the fact that they are separate legal entities, can help mitigate international taxes. For example, offshore companies are often used to hold UK assets such as property and shares on behalf of non-uk resident individuals with a view to protecting those individuals against UK inheritance tax. Companies may also be used for the following: To hold investment portfolios To own tangible assets such as land and buildings, marine vessels, works of art and physical commodities To hold patents and/or intellectual property To receive royalties, commissions and other international earnings To act as an employer for those working internationally To provide a vehicle for international trading To provide a mechanism for converting immovable assets such as land into movable assets such as shares To undertake joint ventures To hold or do any activity not suited to a trust structure While the directors are responsible for the management of the company, the beneficial owner retains ultimate control. Our role is purely to ensure that the company administration is conducted to the highest possible standard within the confines of the law, thus ensuring that corporate integrity is maintained. 9

10 Company services Nordea Trust Corporation can provide an extensive range of professional company administration services: Incorporation facilities through our international network of agents Arrangements for nominee share holders, provision of directors, secretary and other relevant officers Provision of a registered office Compliance with all statutory requirements Day to day administration Comprehensive and tailored client reporting Retention and maintenance of all legal documents and relevant records Preparation of financial statements Continuing liaison with the client and his/her advisors 10

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12 Nordea Trust Corporation (Isle of Man) Limited P.O. Box 203 St Georges' Court Upper Church Street Douglas Isle of Man, British Isles Tel Fax Nordea Trust Corporation (Isle of Man) Limited, Douglas, Isle of Man, Incorporation no C, printed by Imprimerie Centrale s.a., Luxembourg,