The operation of a Panama Private Fund is governed by Decree-Law No.1 of July 8, 1999 (the “Securities Act”) together with Regulation No.5 of July 23, 2004 (the “Regulations”) issued by the Superintendency of the Securities Market (the “SSM”), which is the government body responsible for regulating funds in Panama.

The name of a Panama Private Fund may be in any language and must include one of the following legal endings:
Incorporated, Corporation, Sociedad Anonima, Inc., Corp., S.A. Note the name must include the word “Fund” before the
legal ending.

The name must be different from any existing or reserved corporate name in Panama.

Each Panama Private Fund must have a Panama registered office address and agent, who is an attorney or a law
firm.

Principal office address (business address) of the corporation may be in any country.

Our incorporation fee includes a Panama registered offices address and registered agent for the first year.

The shares of a private fund are to be offered on a private basis rather than to the general public, there may be up
to 20 shareholders/investors.

It is essential that the corporate documents of the fund state that there will be no more than 20
shareholders/investors.

Every Panama Private Fund shall be managed by the Board of Directors. A minimum of 3 directors is required. Corporate
directors are not permitted. All directors must be individuals of full age (at least 18 years old). Residents of any
country may be appointed as directors.

The Board of Directors appoints officers (President, Secretary and Treasurer). Officers must be individuals. Officers
may be residents of any country. One person may hold more than one officer position. No officer needs to be a
director.

If you do not have 3 directors or need an extra layer of privacy protection, our company is able to provide nominees .

The authorized capital of a private fund is the sum of US$10,000.00, divided into: 10,000,000 common, registered
shares with a par value of five one-hundredths of a cent (US$0.0005) each. 10,000,000 preferred, registered shares
with a par value of five one-hundredths of a cent (US$0.0005) each. The capital may be modified by the issuance of
additional shares and also by varying the par value, class and rights of said shares. It is expressly prohibited to
issue bearer shares.

Each Panama Corporation must pay the annual renewal fee starting from the
second year. Our annual fees are listed in the Fee Schedule.

Information about shareholders and beneficial owners is not filed with the Public Registry Office and not available
to the public.

Names and addresses of directors and officers are included in the Articles of Incorporation. Therefore, such
information is available to the public.

Our company assists clients with protection of their privacy by offering nominee services .

A private fund that has 20 investors does not need an auditor, a custodian or investment manager.

There are no statutory requirements of audit for Panama international companies. Accounting records are required and
may be kept in any country. Directors of the private fund are required to provide the address of accounting records
to their Panama Registered Agent.

Annual meetings are not required. Board of directors may decide to conduct an annual meeting of shareholders. Such
meeting shall be held within Panama unless otherwise stated in the Articles of Incorporation or By-Laws.

Incorporation of Panamanian Fund takes 10 to 13 business days. Preparation of all internal documents takes an
additional 3 to 5 business days.

Our company offers Panamanian mail forwarding services and other tailored office services.