EDITION. Retail. Comprehensive, practical and solution-oriented advice from a single source

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1 EDITION 2013 Retail Comprehensive, practical and solution-oriented advice from a single source

2 Contents Cooperation across practice groups one team 1 Our retail practice in Germany 1 Our advisory services 2 Our clients 4 Our retail expertise 5 Real Estate Law 5 Commercial and Distribution Law 5 Corporate Law/M&A 6 Employment Law 7 Restructuring and Insolvency Law 7 Antitrust Law 8 Tax Law 8 Capital Markets Law 8 Intellectual Property 10 Online Trading 10 Data Protection Law 10 Payment Services Law 10 Your key contacts in Germany 12 Our offices in Germany 14 Hogan Lovells the international law firm 15 Notes 17

3 Retail Edition Cooperation across practice groups one team Our retail practice in Germany For many years now, Hogan Lovells has been recognised as a leading legal advisor in the areas relevant to the retail sector, such as employment, real estate law or trade mark law, both in Germany and internationally. Hogan Lovells is firmly established as one of the most important advisors in the retail sector due to the quality of our services and our full-scale client support. At all German offices, we advise clients who operate in many ways in the various areas of the retail industry. These clients include traditional retail businesses, institutional investors investing in retail businesses and retail-related commercial real estate, project developers and banks operating in the retail sector. Working with such a large and diversified number of clients means that our lawyers have a deep insight into the market conditions and needs of the retail sector. Our advice encompasses all matters which might arise with respect to the retail sector: From advice on the employment law aspects of the acquisition or sale of retail-related commercial real estate, tax or competition questions to the design of procurement and distribution models, to advice on marketing concepts and campaigns. We offer tailored solutions to meet our clients' needs. In close cooperation with our experts from the areas of commercial and distribution law, intellectual property, real estate, corporate, tax, banking, finance, building law, antitrust law, restructuring and insolvency law, litigation and arbitration and employment law, we are able to provide our retail clients with comprehensive one-stop advisory services on all relevant matters, both in Germany and internationally. Our clients' success and satisfaction are our top priorities. The firm has an excellent reputation for its depth of activity in sectors like insurance and healthcare, which is often emulated, but rarely achieved by competitors.

4 2 Retail Edition 2013 Our advisory services include: Real Estate Law: Comprehensive legal advice on planning, construction, revitalisation, renting out, financing and sale of retail properties Drafting of lease agreements and continuous advice in the field of commercial tenancy law Sale-and-lease-back transactions Comprehensive advice during drafting and ongoing implementation of asset, property and facility management agreements Drafting and advising on construction and general contractor agreements Mediation, arbitration and litigation before all courts, extrajudicial dispute resolution Employment Law: Comprehensive advice to employers on collective and individual employment law (e.g. disputes under the Works Constitution Act, prevention of strikes, advice on employees working abroad, training of managers) Litigation Company pension schemes IP Law: Advice on trademark and unfair competition law, copyright and data protection law Representation in disputes Legal assistance for advertising and corporate brand strategies Corporate Law: Advising institutional investors and private equity firms on the acquisition or sale of equity interests in companies and property portfolios Ongoing advice on corporate law matters Restructuring including cross-border mergers Commercial and Distribution Law: Drafting and negotiating commercial contracts of all kinds, such as contracts relating to purchase and sales including framework and cooperation agreements and central settlements Drafting and restructuring of distribution systems, including franchising, marketing, logistics, transportation and warehousing as well as cooperations, central processing and outsourcing Regulatory requirements for the purchase and sale of products, consumer protection law (including online trade), and international trade legislation IT Law: Design of online sales platforms (back end, front end, Standard Terms of Business) Advice on hosting, project and licensing agreements Restructuring and Insolvency Law: Advice on investments in crisis and investorcontrolled restructurings prior to insolvency Restructuring of existing financing Protection against the risk of insolvency, emergency measures in insolvency proceedings, liability for wrongful delay in filing an insolvency petition, special avoidance in insolvency, and equity substitution Analysis of insolvency scenarios; insolvency plan proceedings and transferred reorganization Asset-tracked financing, sale of stocks of merchandise in exchange for guaranteed proceeds

5 Retail Edition Antitrust Law: Advice on distribution cartels and contract drafting Advice on proper conduct where a company has a superior market power National and European merger control and antitrust penalty proceedings Tax Law: Tax structuring and advice on corporate and real estate transactions (incl. tax due diligence) Advice on tax and accounting law for open and closed real estate funds Capital Markets Law: Advising banks, financial services institutions and capital markets-oriented companies on complying with special statutory requirements for protecting investors within the scope of drafting and updating the documentation for their capital markets products in the retail sector Advising investment service companies and security issuers on complying with their behaviour and transparency obligations under capital market law with regard to their customers and investors in the retail sector Advising issuing houses and fund initiators on structuring closed-end funds (with regard to all asset classes, such as real estate, aircraft and private equity) Some practice groups capitalized impressively quickly on the global network. A pronounced sector focus is one of HL's major strengths. JUVE Handbook 2012

6 4 Retail Edition 2013 Our clients include: On the investing, banking and consulting side: Advent International on the acquisition of Takko, etc. AEW Europe aik Immobilien-Kapitalanlagegesellschaft mbh Alcove Ariston Balmain Asset Management Bank of Scotland Barclays Bank Berenberg Bank Gordon Brothers Hahn Gruppe Henderson Global Investors Hesco Holding IVG Immobilien in conclusion of lease agreements with retailers, etc. in The Squaire Jones Lang LaSalle LaSalle Investment Management Le Masurier Marcol Group Merchant Place Morgan Stanley Permira Prudential Roland Berger Singleton Estates SISU Capital The real estate subsidiary of a textile company Well-known institutional investors and funds in the acquisition and sale and lease-back of Edeka, Aldi and Lidl markets Grocery stores and other retailers: A leading online mail order company Lego Plus Rewe Project developers: ECE ING Real Estate Numerous project developers in the development of individual sites, specialty markets, and shopping centres Sonae Sierra Vivico Real Estate Retailers of fashion and luxury goods: Bottega Veneta Douglas Ecco Görtz Group Gucci Jil Sander Navyboot Peek & Cloppenburg Group, Hamburg Prada TK Maxx Ulla Popken Warnaco (including Calvin Klein)

7 Retail Edition Our retail expertise Real Estate Law For years, the real estate practice group has provided advice to investors and numerous retail sector tenants, landlords, and project developers at all our German offices. Our advice encompasses all matters relating to retail sector real estate of all types (outlets, shopping centres and specialty market centres, department stores, shops, etc.): from the planning, construction and financing phase, to tax optimization and acquisition of real property, to renting and sale. In addition, we have experienced trial attorneys on staff, who represent clients in arbitration proceedings and court trials involving construction and real estate law. Moreover, we also advise our clients on drafting and implementing real estate-related contracts, such as project development contracts, asset, property and facility management contracts, and sale-and-lease-back arrangements for individual properties or portfolios of properties. Our range of services includes advising both borrowers and banks on financing retail sector real estate and on restructuring of existing financing. In this field too, we have extensive experience in conducting litigation and extrajudicial arbitration. Commercial and Distribution Law With the commercial practice group Hogan Lovells holds a highly-specialised team for commercial and distribution law. By bundling our commercial and distribution law expertise in a practice group of its own we have taken a leadership role amongst the major international law firms. Concentrating our commercial skills in one team has enabled us to not only provide even better expertise, ( ) one of the most compact teams. Many years of experience in the entire spectrum of real estate advice, also private construction. This leading distribution law practice had a good year. More so than for competitors, work centered on advice to notable clients on major projects.

8 6 Retail Edition 2013 but also to focus on key industries such as consumer goods and retail. Moreover, our international network of commercial lawyers in all main European jurisdictions as well as our close cooperation with other practice groups ensures that our clients receive comprehensive one-stop legal advice also when it comes to complex cross-border issues. The commercial team handles every type of commercial agreement (e.g. purchase and sale, distribution including franchising, marketing, logistics, transport and warehousing as well as cooperations, central processing and outsourcing), consumer protection law (including online trade), European and national regulatory requirements for the purchase and sale of products as well as international trade legislation (including import and export control). Furthermore, the commercial team frequently advises on transactions in the retail sector. of companies and restructurings. As part of our specialization in the retail and wholesale businesses, we regularly advise domestic and foreign clients on private equity and M&A transactions (particularly with respect to real estate portfolio transactions) and on general corporate law (including joint venture agreements and restructurings). Our attorneys are very familiar with the working environment and challenges of the retail industry and always provide the highest level of service to our clients. Due to our many years of experience and specialized knowledge, our team holds a leading position on national and international levels. We provide our clients with optimal assistance with the aid of our closelymeshed network and cross-border specialized knowledge. Through our specializations in various industries, we are able to provide our clients with teams that take their economic environments into account. Corporate Law/M&A Advising clients on matters involving corporate law and M&A is our core business. We advise on national and international transactions of listed and unlisted companies and successfully support our clients in company mergers and joint ventures, restructurings and management buy-outs. In addition, we advise on corporate law matters in connection with the integration This highly recommended corporate practice finally saw stability return to its ranks (...).

9 Retail Edition ( ) the global network led increasingly to new instructions, particularly in connection with transatlantic transactions. On the other hand the [employment] practice acted extensively in new matters on key topics. Restructuring remains a growth market for HL, a highly recommended firm in this field. Employment Law The spectrum of our advice on employment law encompasses support for employers during the entire life cycle of an employment relationship. Whether it be a reorganization project, making working conditions more flexible, co-determination in all its facets, or questions relating to company pension schemes, we are very familiar with the structuring possibilities under employment law for these retail-related HR matters. Our regular contributions to the industry magazine "Der Handel" attest to this. We are as familiar with the peculiarities of the retail industry from the relevant wage agreements to the employment law consequences of typical retail company branch structures as we are with the local peculiarities of the various federal and state labour courts. With more than 25 employment lawyers at the firm s German offices, Hogan Lovells is a leader in employment law consulting for national and international companies. Hogan Lovells German employment law practice group publishes the "Beck'sches Formularbuch Arbeitsrecht" (C.H. Beck- Verlag), a standard reference book. Restructuring and Insolvency Law In light of the increasing level of globalisation, crossborder interests often need to be protected in international turnaround and insolvency scenarios. Our international network provides the perfect platform for this. Based on our many years of restructuring experience, we have a broad professional network of turnaround contacts, including (investment) banks, private equity firms, M&A consultants, interim management agencies, corporate consultants, insolvency administrators, and accountants. We are therefore able to fully support a restructuring in ways that go beyond legal services. We have experience in almost all sectors of industry, particularly the telecommunications and media, automotive, aviation, retail, and real estate industries. We not only represent international clients but also small and medium-sized German companies.

10 8 Retail Edition 2013 Advising on restructuring is not a fad for Hogan Lovells but has been a tradition for over five decades. As one of the international market leaders in restructuring and insolvency law, we advise in all the important markets in Europe, Asia and the US. The practice group comprises 25 partners and 44 associates and is thus one of the largest practice groups of restructuring and insolvency law experts worldwide. Antitrust Law Hogan Lovells advises throughout Europe on all matters related to antitrust law. Our activities in the retail sector are focused on providing advice with respect to distribution cartels, drafting contracts, and advising companies with superior market power on their conduct. We support the development of operating concepts and strategies on the national and international levels. Our spectrum of consulting services also includes advice on preventive measures and the development of compliance programs. In addition, we represent our clients before the European Commission and national antitrust authorities in merger control and antitrust penalty proceedings. We are familiar with the peculiarities of the retail industry and all the facets of the relationship between retailers and suppliers. Our attorneys, who have demonstrated expertise in their fields of law, are among the leading antitrust law advisors to national and international companies. Tax Law Our tax law practice group specialises in tax structuring and providing advice in corporate and real estate transactions. We can draw on a large store of experience, particularly with respect to transactions in the retail sector, such as the acquisition or sale of shopping centres. Our special expertise in real estate tax law was recognized when we were honoured as the "Law Firm of the Year for Tax" in The expert knowledge and excellent worldwide network of our tax team permit us to support our clients' crossborder business activities and develop or optimise the appropriate transaction structures from a tax perspective. Capital Markets Law Our experience in the field of capital markets law comprises legal advice with regard to national and international capital market transactions, in particular public offers and private placements of certificates, shares in closed-end funds, bonds, structured products, stock and equity-linked instruments as well as admission of securities to German and international stock markets in the regulated and in the over-thecounter market. Issuers, banks and capital market-oriented companies have complete confidence in us and show great appreciation for our capital market related advice. As an official Deutsche Börse AG listing partner we offer banks, shareholders and issuers capital market related advice on a highly professional level. As an official capital markets partner at the Dusseldorf stock market, we advise issuers during capital raising in the SME segment strongly influenced by retail-investors. Our global network that positions us well both professionally and geographically, gives us the opportunity to attend to international capital market transactions as a single source. We offer extensive and seamless advice by networking with other practice groups and by an advisory approach applying internationally. For example, the German capital markets law team works particularly close together with the lawyers of our US-Capital Markets Group. We have an excellent team of US-qualified lawyers who specialise in US capital markets law that also includes German-speaking colleagues working in our offices in Germany, London and New York. This global network that also comprises different practice groups is beneficial to our clients also with regard to investor protection aspects of an international issue in the respective jurisdiction. In both real estate and other transactions, our tax consulting services include advice on and structuring of the appropriate financing. Moreover, we regularly advise open and closed real estate funds and clients from other industries on all aspects of tax and accounting law.

11 Retail Edition This recommended antitrust practice recently succeeded in strengthening its connections to its international offices. ( ) Within Germany, the antitrust lawyers are involved in numerous cartel cases, incl. some high profile ones. Three years after the transatlantic merger, this highly recommended tax practice is one of the most international in the German market. A recommended firm for equity capital markets with solid ( ).

12 10 Retail Edition 2013 Intellectual Property Hogan Lovells offers comprehensive advice on all matters of intellectual property law. We can draw on the broad expertise of attorneys experienced in fair competition, trademark, patent, utility model, and data protection law. In particular, Hogan Lovells international network enables us to support cross-border advertising strategies and the effective management of worldwide trademark portfolios. Our consulting focuses on structuring effective marketing concepts and campaigns, including strategic advice on the acquisition of industrial property rights. In addition, we have many years of experience in giving advice in the areas of data security, data protection, and IT outsourcing. Moreover, our attorneys in the IPMT practice group regularly evaluate the relevant IP aspects of transactions, such as know-how, and the trademark and patent portfolios of the companies involved. Hogan Lovells further represents clients in legal disputes regarding brand, design and copyright infringements as well as regarding breaches of the German Act against unfair Practices [UWG]. With our office presence in all relevant locations where respective proceedings are led (Hamburg, Frankfurt, Dusseldorf, Munich) we have an ideal network to represent our clients in the best possible way. Online Trading Experts from our IPMT practice group support you in all issues concerning online trading. Our advice covers the setting up of the internet site on which you want to trade; if necessary by securing the domain you would like to use. We support you in the drafting and negotiating of all contracts relating to the setting-up and the operation of the online shop (e.g. IT-project agreements for the construction of the trading platform, agreements for the design of the online shop, IToutsourcing and IT-service agreements for the operation of the trading platform). We advise you on all consumer protection and relevant regulatory issues in connection with the setting-up and the operation of your online shop and ensure compliance therewith by legally auditing the online shop before it goes live. In this context we prepare General Terms and Conditions that are particularly suited for online trading as well as templates for information and notifications to be provided to consumers during contract performance and in connection with the handling of product returns. experienced not only in servicing national online shops but also in the conceptualizing and creation of international online shops that are subject to diverging legal requirements. Data Protection Law Hogan Lovells data protection, privacy and information management (PIM) practice is one of the globally leading practices in the key markets Europe, Asia and the U.S. For many years, our attorneys have been advising clients in relation to all domestic and international privacy and data protection requirements for local and global data protection projects. Our advice covers data protection issues in IT projects, advertisements, sales and purchases of address lists, the use of service providers and data security. We often advise on the interface of areas like the protection of business secrets, employment law, tax law or general commercial law. For the Retail market, data protection advice is focused on how to deal with customer data, in particular for advertising purposes. New means of communication like social media are of particular sensitivity. Even in the worst case, if your data are lost or stolen, we are at your side, by advising on the different international notification obligations and by representing you in your dealings with the data protection authorities. Payment Services Law Our practice group banking and finance in Frankfurt has a team specialised in banking regulatory law. This includes payment services, which covers the issues of payment services, money laundering and data protection laws. In this realm, we advise not only banks and payment services providers but also retail and wholesale companies as well as mineral oil companies. In the past, one of the main concerns was avoiding payment services which are subject to authorisation. In numerous cases, we were able to negotiate with Bundesanstalt für Finanzdienstleistung (BaFin) that an authorisation is not required under the payment services supervisory law. Advising trade companies also includes drafting of acceptance agreements with acquirers or network operators and structuring of payment processes. Data protection matters also play a major role; this applies also to traders in particular regarding the use of electronic debit payments. The Hogan Lovells team that specializes in online trading has a well-established international network. It is

13 Retail Edition Another focus is money laundering and terrorism financing. In this field, the requirements for retail and wholesale companies are constantly being increased. Thus, in May 2011 the government draft law for improving money laundering prevention was published. Under the planned law, it is absolutely necessary for a trade company to employ a person in charge of money laundering prevention. Hogan Lovells assists its clients regarding the implementation of money laundering requirements, such as drafting risk analysis, internal guidelines and employee trainings. HL continues to enjoy a position at the top of the market as one of the leading firms in trademarks and unfair competition. A highly recommended bank regulatory practice ( ). HL stepped up activity in payment services; ( ).

14 12 Retail Edition 2013 Your key contacts in Germany Dusseldorf Dr. Thomas Dünchheim Public Law Partner, Dusseldorf T thomas.duenchheim@hoganlovells.com Dr. Heiko Gemmel Tax Partner, Dusseldorf T heiko.gemmel@hoganlovells.com Dr. Erhard Keller Intellectual Property Partner, Dusseldorf T erhard.keller@hoganlovells.com Dr. Michael Leistikow Banking and Finance Partner, Dusseldorf T michael.leistikow@hoganlovells.com Sabine Reimann Real Estate Partner, Dusseldorf T sabine.reimann@hoganlovells.com Dr. Marcus Schreibauer E-Commerce/Data Protection Partner, Dusseldorf T marcus.schreibauer@hoganlovells.com Jens Uhlendorf Corporate/M&A Partner, Dusseldorf T jens.uhlendorf@hoganlovells.com Dr. Kerstin Pallinger EU and Competition Law Counsel, Dusseldorf T kerstin.pallinger@hoganlovells.com Frankfurt am Main Dr. Tim Oliver Brandi, LL.M. (Columbia) Corporate/M&A Partner, Frankfurt am Main T tim.brandi@hoganlovells.com Bernhard Kuhn Public Law/Environmental Law Partner/Notary, Frankfurt am Main T bernhard.kuhn@hoganlovells.com Dr. Kerstin Neighbour Employment Partner, Frankfurt am Main T kerstin.neighbour@hoganlovells.com Dr. Nils Rauer, MJI (Gießen) Intellectual Property/Data Protection Partner, Frankfurt am Main T nils.rauer@hoganlovells.com

15 Retail Edition Frankfurt am Main Dr. Richard Reimer Banking and Finance Partner, Frankfurt am Main T richard.reimer@hoganlovells.com Prof. Dr. Michael Schlitt Capital Markets Partner, Frankfurt am Main T michael.schlitt@hoganlovells.com Marc P. Werner, LL.M. (Miami) Real Estate Partner, Frankfurt am Main T marc.werner@hoganlovells.com Dr. Julian Fischer Capital Markets Counsel, Frankfurt am Main T julian.fischer@hoganlovells.com Hamburg Dr. Dirk Debald Real Estate Partner, Hamburg T dirk.debald@hoganlovells.com Dr. Morten Petersenn Intellectual Property/E-Commerce Partner, Hamburg T morten.petersenn@hoganlovells.com Dr. Eckard Schwarz Employment Partner, Hamburg T eckard.schwarz@hoganlovells.com Dr. Marc Schweda Competition Law/Public Procurement Law and EU State Aid Law Partner, Hamburg T marc.schweda@hoganlovells.com Munich Dr. Patrick Ayad, M.Jur. (Oxford) Commercial and Distribution Law Partner, Munich T patrick.ayad@hoganlovells.com Dr. Detlef Haß Litigation and Arbitration Partner, Munich T detlef.hass@hoganlovells.com Dr. Christian Herweg, LL.M. (Cambridge) Banking and Finance, Restructuring Partner, Munich T christian.herweg@hoganlovells.com Dr. Stefan Schuppert, LL.M. (Harvard) Intellectual Property/Data Protection Partner, Munich T stefan.schuppert@hoganlovells.com Dr. Christoph Wünschmann Competition and Regulation Partner, Munich T christoph.wuenschmann@hoganlovells.com

16 14 Retail Edition 2013 Our offices in Germany Dusseldorf Hogan Lovells International LLP Kennedydamm Dusseldorf T Frankfurt am Main Hogan Lovells International LLP Untermainanlage Frankfurt am Main T Hamburg Hogan Lovells International LLP Alstertor Hamburg T Munich Hogan Lovells International LLP Karl-Scharnagl-Ring Munich T

17 Retail Edition Hogan Lovells the international law firm Hogan Lovells in Germany In Germany, we have about 350 attorneys at our five offices in Dusseldorf, Frankfurt am Main, Hamburg and Munich. We have developed specialisations at the individual offices that reflect the local needs of our clients and the market conditions. What all offices have in common is a uniform quality to our consulting services and practice-oriented legal counsel with solutions that make sense economically. Hogan Lovells worldwide Hogan Lovells offers companies, financial institutions and public bodies comprehensive advice in all areas of national and international business law. Our 2,500 attorneys operate from more than 40 locations in the most important business and financial centres of the US, Europe, Asia, the Middle East and Latin America. The success and satisfaction of our clients are our primary concerns. We wish to provide genuine added value for their companies through our legal advice. A number of factors contribute to this. The main one is building an enduring partnership. The better we know you and your company, the more efficiently we can develop the optimal legal and economic solution for you. Practice groups Hogan Lovells is a true full-service law firm and offers legal advice of the highest quality in all relevant areas of business law. Each practice group makes an independent contribution and is closely integrated into our national and international network. Within the individual practice groups, our attorneys specialise in defined areas of expertise. Banking and Finance Banking and Banking Regulatory Capital Markets Infrastructure and Project Financing Restructuring and Insolvency Law Corporate Capital Markets Commercial and Distribution Law Company Pension Schemes M&A Private Equity Real Estate Law Tax Law IP Data Protection and Information Management Internet and E-Commerce IP, Media & Technology Government and Regulatory Antitrust Law and Regulation Data Protection and Security Energy Healthcare Pharmaceuticals and Agriculture Litigation, Arbitration and Employment Compliance and Investigations in the Life Sciences Industries Industry and Projects Investigations and Compliance Administrative and Public Law

18 16 Retail Edition 2013 Hogan Lovells our values We have formulated and published the values on which our corporate culture is based. They also express our strengths for which our clients hold us in esteem and which make us a law firm that attracts the best attorneys and offers them an outstanding working environment. Clients come first Our aim is to satisfy our clients through a deep understanding of their needs, their businesses and their industries, and by providing excellent, responsive and innovative service. Excellence in all we do We combine technical excellence in our work with a business-oriented approach, the highest level of integrity and a focus on solutions. One team worldwide We act as an integrated team across our entire firm worldwide, working together in an atmosphere of mutual respect, collegiality and friendliness. Commitment to our firm's success We put intense effort into our work and actively look for ways to deliver the best results for our clients and so for our firm. Good citizenship We embrace our responsibility to give back to our communities through pro bono and community service work and we are committed to a diverse workforce that is inclusive and welcoming. Hogan Lovells distinguishes itself through its corporate culture based on cooperation, which fosters and values the contribution of each individual inside and outside the firm. We place great value on quality, efficiency, service-orientation and team work to provide successful advice to our clients over the years.

19 Retail Edition Notes

20 Hogan Lovells has offices in: Alicante Amsterdam Baltimore Beijing Brussels Budapest* Caracas Colorado Springs Denver Dubai Dusseldorf Frankfurt Hamburg Hanoi Ho Chi Minh City Hong Kong Houston Jakarta* Jeddah* London Los Angeles Luxembourg Madrid Miami Milan Moscow Munich New York Northern Virginia Paris Philadelphia Prague Rio de Janeiro Riyadh* Rome San Francisco Shanghai Silicon Valley Singapore Tokyo Ulaanbaatar Warsaw Washington DC Zagreb* "Hogan Lovells" or the "firm" is an international legal practice that includes Hogan Lovells International LLP, Hogan Lovells US LLP and their affiliated businesses. The word "partner" is used to describe a partner or member of Hogan Lovells International LLP, Hogan Lovells US LLP or any of their affiliated entities or any employee or consultant with equivalent standing. Certain individuals, who are designated as partners, but who are not members of Hogan Lovells International LLP, do not hold qualifications equivalent to members. For more information about Hogan Lovells, the partners and their qualifications, see Where case studies are included, results achieved do not guarantee similar outcomes for other clients. Attorney Advertising. Hogan Lovells All rights reserved.fralib# *Associated offices

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