ATTORNEYS AT LAW LTD RECHTSANWÄLTE AG REGISTERED

ATTORNEYS AT LAW LTD RECHTSANWÄLTE AG REGISTERED

ATTORNEYS AT LAW LTD RECHTSANWÄLTE AG WALCH & SCHURTI was founded by Dr. Ernst Walch and Dr. Andreas Schurti in 1991. Since 2005 Dr. Alexander Appel, Marina Haase-Saidani, Dr. Andreas Vogel and Dr. Moritz Blasy have become additional partners. Walch & Schurti is an international commercial practice with strong links to the USA, Great Britain, Switzerland and Germany. The team's lawyers were trained in several jurisdictions (Austria, California, Germany, England and Wales, Liechtenstein, New York, Switzerland). During the past decade, the firm became one of Liechtenstein's leading law firms and developed a strong litigation department. Focus on the highest quality standards and the resulting ability to meet client demand for comprehensive advice in times of increasing regulatory requirements in the financial sector and other areas, such as telecommunication, tax and international legal assistance have contributed further to the success of the firm. Walch & Schurti's legal team regularly advises major banks, insurers, investment funds, industrial companies and private individuals. In close cooperation with WalPart Trust reg., the firm meets the needs of the international client in Liechtenstein. It advises, prepares agreements, opines and conducts litigation primarily in the following areas: contract law, corporate and commercial law, banking and finance, foundation and trust law, estate planning, asset protection, insurance, mergers and acquisitions, bankruptcy, company formation, intellectual property, white collar crime. All lawyers are fluent in English and German. Some speak French and Spanish. Since 2015 Walch & Schurti is registered as a company limited by shares (Aktiengesellschaft). Page 2

REGISTERED WALPART TRUST REG. is a medium-sized governmentally licensed trust company based in Vaduz. Founded in 1990, the firm continues to grow steadily. It cultivates a highly individual approach and focuses on offering tailor-made structures for companies and private individuals. The directors Dr. Ernst Walch, Dr. Andreas Schurti and Urs Hanselmann leading a highly qualified team strive to achieve comprehensive solutions for quality conscious clients. Fields of particular interest and expertise are estate planning, asset protection as well as the set-up and management of corporate, foundation and trust structures. LIECHTENSTEIN AND FOREIGN TRUSTS AND FOUNDATIONS creation, administration and dissolution of domestic and foreign trusts and Liechtenstein foundations (Stiftungen) other types of fiduciary services COMPANY ADMINISTRATION AND COMMERCIAL DEALINGS formation, management and day-to-day administration of establishments, foundations, limited companies, and other types of entities provision of directors and officers of companies facilitation of international business transactions advice and assistance on customs and monetary issues provision of secretarial services, staff and offices ACCOUNTING SERVICES organization and management of accounts for foreign and domestic companies preparation of full financial statements trust accounting TAX ADVICE advising individuals and legal entities on tax issues checking tax assessments and representing commercial trading companies vis-à-vis tax authorities tax planning in connection with trusts and companies Page 3

DR. ERNST WALCH studied law at the University of Innsbruck, Austria, and obtained his Doctorate in 1980. He further earned a postgraduate Master of Comparative Jurisprudence in 1981 from the New York University School of Law. He was admitted to the New York Bar in 1983 and to the Liechtenstein Bar in 1984. He started his professional career with a New York law firm and also practised several years in Liechtenstein before cofounding WalPart Trust reg. and Walch & Schurti in 1990/91. Dr. Ernst Walch has been distinctively involved in Liechtenstein public life and served in various high political offices, notably as Minister of Foreign Affairs of the Principality of Liechtenstein and President of the Liechtenstein Parliament. He focuses on estate planning, asset protection, corporate law, foundations and trusts as well as complex litigation and arbitration. DR. ANDREAS SCHURTI studied at the University of St. Gallen, Switzerland, (Dr. iur. HSG, 1989) and the University of Konstanz, Germany, before earning two postgraduate degrees, one of the University of San Diego School of Law (Master of Comparative Law, 1990), one of the College of Europe, Bruges, Belgium (Diploma of Advanced European Legal Studies, 1991). In 1989 he was admitted to the Liechtenstein and in 1991 to the New York Bar. Dr. Andreas Schurti started his professional career in a Liechtenstein law firm's litigation department and cofounded WalPart Trust reg. and Walch & Schurti in 1990/91. Since then he provides legal advice in commercial, corporate and financial matters, including cases involving trusts and foundations. He is a well known litigator and active trustee. URS HANSELMANN started his career as an accountant with a Liechtenstein trust and audit company and continued to work in the field in various positions. After obtaining the Swiss diploma as certified accountant in 1989 he took over the accounting department of a large Liechtenstein trust company as managing director. He has been admitted as licensed Liechtenstein Professional Trustee since 1989. In 1991 he joined WalPart Trust reg. and has acted as director since then. Mr. Urs Hanselmann looks back on over 25 years experience in the Liechtenstein trust business. He is active as professional trustee, tax consultant, supervising accountant and auditor. Page 4

DR. ALEXANDER APPEL studied law at the Universities of Zurich, Switzerland, and Innsbruck, Austria, and obtained his Doctorate at the latter in 1995. In 1997 he obtained the postgraduate Degree of Master of Laws (LL.M.) in international business law from the London School of Economics. Dr. Appel passed the Liechtenstein Attorney s Examination in 1999 and practised subsequently at a well-known law firm in Zurich specializing in business law. He commenced practice with Walch & Schurti in 2001, and is mainly involved in advisory work in particular in the fields of contract, corporate, business and employment law. DR. MORITZ BLASY studied law at the University of Innsbruck, Austria, and obtained his Doctorate in 2003. He earned a postgraduate Master of International Business Law (LL.M.) in 2005 from the University of Exeter, England. Dr. Blasy worked as a trainee at the Higher Regional Court of Vienna and at the District Court of Liechtenstein. Before joining Walch & Schurti in 2006 he worked with a leading Austrian law firm in Vienna. Dr. Blasy was admitted as a Liechtenstein attorney in 2008 and qualified as an Austrian attorney in 2009 and as a Solicitor of the Senior Courts of England and Wales in 2011. He focuses on inheritance, company, trust, finance and contract law. Further, Dr. Blasy represents our clients before ordinary civil courts and arbitral tribunals. MARINA HAASE-SAIDANI successfully undertook an extensive bank traineeship with a major bank in Lübeck, Germany, before she studied law at the University of Hamburg, Germany. She completed her education as a German Lawyer in 1989 and subsequently worked for several years in England, inter alia with a renowned insurance company in Cheltenham. After her return to Germany in 1992 she worked for four years as in-house counsel for a well-known private bank in Frankfurt. In 1995 she was admitted to the Bar in Hanau, Germany. She commenced practice with Walch & Schurti in 1996, where her specialist practice areas are international company and trust law as well as banking and insurance matters. DR. ANDREAS VOGEL studied law at the University of Innsbruck, Austria, and obtained his Doctorate in jurisprudence in 1999. After a training period at Austrian Courts he practised at prestigious law firms in Liechtenstein and Austria and also with the District Court and the State Prosecutor's Office in Vaduz. Dr. Vogel was admitted to the Liechtenstein Bar in 2004 and the Austrian Bar in 2005. In 2008 he passed the examination for a licensed Liechtenstein professional trustee. He commenced working for Walch & Schurti in 2004 and today is engaged as litigator in civil and criminal matters as well as advisor in the fields of finance and insurance. Page 5

ABOUT LIECHTENSTEIN I. Liechtenstein Having been a sovereign country for more than 200 years, Liechtenstein today presents itself as a modern state which is situated geographically at the heart of Europe. Liechtenstein is proud of its long-standing tradition of maintaining memberships in supranational organizations. Today, the country actively participates in the United Nations, the Council of Europe, the European Free Trade Association (EFTA) and the WTO. Since 1995, Liechtenstein has also been a member state of the Treaty on the European Economic Area (EEA). Located in the picturesque Rhine Valley between Switzerland and Austria, Liechtenstein's economy is technologically advanced and innovative. With its industry today employing the largest part of the working population, Liechtenstein has developed from a country whose population mainly worked in the agricultural sector to the highest industrialized country with a most diversified economy. The financial services sector plays a significant role within the Liechtenstein economy. Liechtenstein maintains the highest international standards in the regulation of its financial sector. As a result of its favorable legislative framework, Liechtenstein today is not only an important financial center but has attracted many industrial and commercial undertakings, a great number of which represent foreign groups of companies which are internationally acknowledged leaders in their fields. Some of these undertakings pursue highly specialized activities and also maintain key niche positions in their markets. II. The Liechtenstein Legal System To a greater extent than its neighbors, Liechtenstein needs to harmonize the rapid pace of international legislative developments with its slim bureaucracy and legislative resources. Set against this background, the Liechtenstein legislator has always striven to pursue, to the greatest extent possible, a liberal approach to the regulation of business activities. In a nutshell, the Liechtenstein legal system is based on four very influential pillars: The Austrian Influence For centuries, but particularly during the 19th century, the key areas of civil and criminal law (including the respective procedural rules) were gradually taken over from Austrian law. This process is ongoing. The structure and practice of the Liechtenstein court system is a prime example of the long standing influence which Austrian law has had on the Liechtenstein legal system. Page 6

The Swiss Element Following the implementation of the customs and currency arrangements with Switzerland in the 20th century, an increased assumption of Swiss law has occurred. However, the areas of Swiss law of relevance (adopted either by amendment and embodiment in Liechtenstein statute or by direct appliance by the Liechtenstein courts of Swiss law and court decisions) have mostly been confined to laws of a typically economic background. As a result, the Swiss element has influenced areas such as Liechtenstein's general company law, property law, labour law (including healthcare and pensions/social security) and a number of business statutes of regulatory nature including those relating to banking. European Passporting by Membership to the EEA As a member of the EEA since 1995, Liechtenstein today implements all EU-directives which have an EEA-relevance. EU-directives relating to judicial issues and tax harmonization do not fall within the scope of the EEA. This process has on the one hand not only brought many regulatory Liechtenstein laws (such as the Insurance Act, the Banking Act, the Law on Investment Enterprises etc.) into line with EU law, but today also permits increased passporting opportunities for Liechtenstein banks, insurers, investment undertakings and other companies. As Liechtenstein's approach to European integration was different and more directly receptive, as opposed to the restrictive ''à la carte'' approach adopted by its important partner Switzerland, the bilateral relationship between the two countries had to be adjusted. Today, the principle of ''parallel marketability'' ensures that Liechtenstein benefits from a two-fold symbiosis: with Switzerland on the one hand and with the EEA on the other. As a result, goods conforming to Swiss standards as well as those conforming to EEA standards may be traded in Liechtenstein. A Unique Heritage Notwithstanding these foreign influences, Liechtenstein law also rests on a broad autonomous pillar which underpins most of Liechtenstein's public laws and also one of the country's core pieces of legislation, the Persons and Companies Act. The latter has been a key factor in the meteoric and highly successful economic development of the country. The Persons and Companies Act also constitutes the basis for Liechtenstein trusts which play a significant role in the international estate planning and asset protection market. Liechtenstein trust law was modelled along the lines of both the Anglo-Saxon common law trust, with the pertinent legislation having similar features to the English codifying legislation including the Trustee Act of 1925, and with a variant based on the Massachusetts business trust. Thus, the Liechtenstein trust today both reflects and benefits from the influence of Anglo-American Common law and its worthy traditions. In conclusion because of the above influences, the Liechtenstein courts have tended to take into account foreign authorities when dealing with cases of cross-border dimension. Such cases are widespread in everyday Liechtenstein legal practice, due to the country's diversified population and economy, with many international links, and the large number of foreign-controlled legal entities based here. Page 7

Heiligkreuz to Vaduz Center / Schaan Austr. to Triesen 2 Zollstr. Zollstr. to St. Gallen / Munich Exit Vaduz RHINE to Sargans / Chur / Zurich For detailed information please contact our website. WALCH & SCHURTI ATTORNEYS AT LAW LTD COMMERCIAL REGISTER NO. FL-0002.490.382-4 ZOLLSTRASSE 2 P.O.B. 1611 FL-9490 VADUZ LIECHTENSTEIN TELEPHONE +423 237 2000 / +41 81 750 1190 TELEFAX +423 237 2100 / +41 81 750 1191 WWW.WALCHSCHURTI.NET WALPART TRUST REG. COMMERCIAL REGISTER NO. FL-0001.121.947-4 ZOLLSTRASSE 2 P.O.B. 1611 FL-9490 VADUZ LIECHTENSTEIN TELEPHONE +423 237 2200 TELEFAX +423 237 2300 WWW.WALPART.NET