Options for discussion following 14.11.11 call Geneva rt Lantlan ,LiA Katie Graves & Philip Munro withersworldwide EFTA01083341 Foundation Monies from Families A, B & C Foundation is the settlor HK Trustee HK Trustee Basic option - multiple trusts Choice of jurisdiction for Foundation: - Foundation not found in Hong Kong law -Liechtenstein, Panama - reputational? -Jersey, Isle of Man, Bahamas -Labuan as an Asian option HK Trustee EFTA01083342 Trustee Trust Option - sub-trusts Choice of governing law for trust(s) : -Hong Kong's trust law can achieve trusts for succession and investment purposes although it is less flexible than modern 'offshore' trust laws -In practice, Hong Kong is not a popular choice of governing law; even in Hong Kong, BVI and Cayman trusts are more often created Sub-Fund Sub-Fund Sub-Fund A EFTA01083343 Rather than use institutional trustee, this model uses one or more private trust companies ('PTC's) for each trust; the foundation is settlor of the trusts and owns the PTCs Trustee Foundation Trustee Private Trust Company model Trustee Trust B Trust C EFTA01083344 Regulated fund option Trustee Trustee Trustee Trust A Trust C Regulated fund (with Segregated cells) sluaw4sanu! V sluawisanu! g sivawisanu! J Fund established in light-touch regulatory jurisdiction - regulated status limited 'KYC' requirements on investments EFTA01083345