Bahrain • British Virgin Islands • Cayman Islands • Guernsey Hong Kong • Ireland • Jersey • London • Tokyo

www.ogier.com

Investment Fund Management - Jersey AdvantagesAn introduction to working with us

Ogier is one of the world’s leading providers of offshore legal and fiduciary services employing over 800 professional and support staff.

The Group has a presence in nine jurisdictions around the world, namely Jersey, Bahrain, the British Virgin Islands, the Cayman Islands, Guernsey, Hong Kong, Ireland, London and Tokyo.

Ogier provides advice on all aspects of Jersey, BVI, Cayman, and Guernsey law and associated fiduciary services through a global network of offices that covers all time zones and key financial markets.

We are instructed by 80% of the top 50 global law firms and 60% of the top 50 banks.

IntroductionJersey benefits from a highly developed investment fund industry with a +30 year track record of success. The Island is recognised by the International Monetary Fund (“IMF”) as being in the “top division” of global financial centres (both onshore and offshore) (September 2009) and is one of the leading European jurisdictions for the investment fund industry.

Policy developments in relation to the fund management industry both internationally and

locally in Jersey have resulted in the current trend of an increasing number of investment fund managers seeking to establish a physical business presence in Jersey.

In deciding whether to establish a fund management business in Jersey, a number of personal, family and business questions will be of key importance. In our experience, many fund management professionals have found Jersey’s answers to these questions extremely positive.

“...in the top division...”

(International Monetary Fund - September 2009)

Personal and family factors

4 www.ogier.com

The largest of the Channel Islands, Jersey is the most southerly island of the British Isles and has a sophisticated and diverse society. The economy is structured around professional financial services, a boutique hospitality industry and premium quality maritime production and agriculture. It has a population of around 87,000 and is known for its outstanding natural beauty.

Self-governed by the States of Jersey in all matters of local law and taxation, its social infrastructure mirrors the best of the United Kingdom. Jersey has a highly regarded health service, which works closely with its UK counterparts.

In education, Jersey has a range of excellent states-funded and private sector schools whose students regularly achieve very highly at A Level or international baccalaureate in relation to UK league tables and proceed to study at the top UK universities.

Jersey has excellent transport connections to France, the UK, Switzerland and elsewhere in Europe with regular daily flights and ferry services offering a wide number of routes and reflecting Jersey’s Anglo-French heritage. Flights to Gatwick take 40 minutes.

Jersey has a dramatic and beautiful coastline and has recently been recognised as a RAMSAR world heritage site.

The varied landscape and maritime setting provide the perfect environment for a wide range of leisure pursuits. From sailing and surfing to golf, and from petanque to rugby, Jersey is a regular competitor on the British and international stage and hosts numerous local events from the Jersey Marathon to stages of cycling’s Tour de Bretagne.

Jersey also stages a variety of musical and cultural events and benefits from a number of spa hotels and Michelin-starred restaurants.

Jersey’s buoyant industries, outdoor lifestyle and very high standard of living make it a unique and remarkable place for professionals and their families to live.

Ogier can introduce fund manager principals, professionals and their respective families to specialists in personal relocation services.

“excellent schools... world heritage site...Michelin-starred restaurants...outdoor lifestyle”

“a remarkable place to live”

Business framework

Investment Fund Management - Jersey Advantages 5

Jersey provides a particularly constructive business and regulatory environment for the establishment of investment fund management businesses. This mirrors Jersey’s policy commitment to welcome high value financial services industry businesses establishing a physical presence on the Island. In the business planning stage of establishing fund management operations, Ogier is delighted to facilitate the introduction of the principals to key executives in the Jersey Financial Services Commission, Population Office, Tax Office and other relevant government departments.

In relation to financial services regulation, an investment fund manager will be authorised and subject to the ongoing regulatory supervision of the Jersey Financial Services Commission (“JFSC”) for the purposes of providing funds services business under the Financial Services (Jersey) Law 1998. Jersey’s financial sector regulation and JFSC supervision were commended by the IMF of being of a “high standard” and complying well with international standards (September 2009). Within that internationally commended framework the JFSC adopts a responsive, pragmatic and user-friendly approach. Ogier has excellent relations with the JFSC and a demonstrable track record of achieving tailored, client-specific solutions to regulatory questions in expedited timescales.

Whilst a fund manager is building up its physical presence in Jersey, Ogier Funds Services can provide full operational support to meet the regulatory compliance requirements of the relevant JFSC codes of practice. Ogier is also able to arrange the provision of dedicated, fully furnished serviced office accommodation to ensure operational continuity for the fund manager whilst it establishes its own fully functioning office. From mid 2010, these fully serviced offices will be available in Ogier House, a bespoke, state-of-the-art newly built premises in the heart of St Helier’s Esplanade district which will form the largest single occupancy building in the Channel Islands. Ogier House will provide circa 100,000 square feet of office accommodation in which space has been reserved for fully serviced offices for Ogier investment funds clients.

“particularly constructive business and regulatory environment”

“internationally commended”

“full operational support”

6 www.ogier.com

Moving the team Jersey is not a member of the European Union, but applies equivalent principles of freedom of establishment and free movement of employees, subject to some local licensing requirements in relation to housing and businesses with a local physical presence.

In relation to personal accommodation, authorisation to establish residency will be obtained from the Population Office in respect of persons on the fund management team who do not have a prior relevant connection to Jersey. The Jersey government policy to encourage appropriate inward investment by including high net worth principals of fund management businesses guide the approach of the Population Office.

For the high net worth individual principals of the business, approval for residency proceeds according to the following criteria:

• likely contribution to Jersey tax revenues (at present this would be in the region of £100,000 per annum although the Population Office is also willing to take account of related employment creation opportunities);

• relevant business and social background;

• the number of dependants and the extent to which these persons may in time acquire local housing qualifications;

• the total net worth of the application;

• any other non-economic benefits for Jersey; and

• the associated establishment of a business in Jersey generating local tax revenues and providing employment whilst not adversely impacting upon local resources.

The successful principal would generally be expected to purchase a Jersey property of at least £1,000,000 in value, although there are some houses and apartments available below this level.

In employing the professionals required for the fund management operations, where the required skill-set cannot be readily found in Jersey, an application is made for the post to be filled by “essentially employed” individuals, which permits the business to recruit the necessary professionals from outside Jersey who have the required skill-set.

Such essentially employed professionals will also benefit from access to a wider range of quality personal accommodation than would otherwise be the case.

Individual employees residing in Jersey as a result of being “essentially employed” do not have to satisfy a minimum local income tax contribution. The factors taken into account in granting “essentially employed” status include the expected economic contribution of the employer and the qualifications of the employee. In a significant policy development, the Jersey authorities have demonstrated an increased willingness to grant “essentially employed” status to new businesses that meet the criteria for establishing a presence in the Island. These individuals are subject to local tax on their worldwide income at a headline rate of 20%.

“government policy to encourage appropriate inward investment”

Local TaxCorporate tax The income profits of a Jersey investment fund management company are taxed at a rate of 0%, provided it is regulated for the conduct of fund services business as an investment fund manager. There is no corporate taxation of capital gains in Jersey.

In contrast to other jurisdictions, Jersey social security contributions are capped for both employer and employee. Employer contributions are levied at 6½ % on the first £43,000 (approximately) of salary and employee contributions are levied at 6% to the same salary level.

Personal Tax Jersey has a straight-forward personal tax regime. Generally only income is subject to taxation in Jersey and therefore there are:

• no wealth taxes; • no capital gains taxes; • no gift taxes; and • no inheritance taxes.

Stamp duty is payable on the acquisition and financing of Jersey property and a capped probate duty is payable on the registration of Jersey wills.

Jersey’s fiscal stability and tax certainty for resident fund managers is demonstrated by the headline rate of income tax having remained at 20% since circa 1940.

Whilst the general headline rate of Jersey income tax is 20%, banded headline rates apply for fund management principals who are high net worth individuals under the high value residency rules, as follows:-

• all Jersey source income is taxed at 20%; • for non-Jersey source income: • the first £1m is taxed at 20%; • the next £500k is taxed at 10%; and • the balance is taxed at 1%.

Deemed distribution rules may also apply in respect of Jersey resident owners of the fund management company.

Principals may wish to obtain specialist tax advice for detailed worldwide tax planning.

Employee incentives

Local laws

A key advantage of operating offshore is that investment fund managers are able to incentivise and retain key local and onshore employees using offshore employee benefit trusts or international pension structures. These methods of providing employee benefits to staff

are often easier to implement in an offshore environment where the complex employment and tax legislation of other jurisdictions is not applicable. Ogier has a leading employee benefits administration offering.

Jersey business laws such as the companies law, limited partnerships law and employment law are based on the equivalent English laws but benefit from additional, business-focused innovations and operational flexibility. Investment fund

managers establish in Jersey for its political and economic stability, judicial independence and competence and robust and familiar laws. Ogier’s award winning, full service Jersey legal offering can advise on all these areas.

“a leading offering”

“political and economic stability... robust and familiar laws... award winning legal offering”

“income (corporate)... taxed at...0%”

“fiscal stability and tax certainty”

“straight-forward personal tax”

Investment Fund Management - Jersey Advantages 7

8 www.ogier.com

Ogier - Who We AreOgier is one of the world’s leading providers of cross-border legal and fund administration services. Headquartered in Jersey, the firm currently employs over 830 professional and support staff located in nine international offices including Jersey, BVI, London, Dublin, Hong Kong, Tokyo, Bahrain and Cayman.

We provide a full range of specialist legal services in relation to Jersey and other offshore funds and managers and have developed a multi-jurisdictional investment funds practice comprising over 80 investment fund lawyers. We are one of the largest independent professional and back-office service providers who are not affiliated with a bank or financial institution and have strength in depth to handle the largest, most demanding and complex offshore fund transactions across all time zones.

We are the only full service, integrated legal and fund administration provider in Jersey.

Our StrategyOur investment funds strategy has been to develop a model which is capable of providing fund promoters with a single outsource provider for full service investment fund offshore legal advice and specialist administration requirements in each of the key offshore jurisdictions for investment funds of Jersey, Guernsey, BVI and Cayman.

In the last four years we have acted in relation to over 1,500 offshore investment vehicles and have significant experience with listed and non-listed funds and their managers investing in all asset classes. Ogier has established in aggregate in excess of 5000 investment structures which in total have attributable funds under management exceeding US$200 billion.

Who We Act ForOgier acts for many of the world’s leading investment fund houses and we include the following as representative clients:

Aladdin HSBC Investment Funds

Aberdeen Property UK Index Ventures

Aegon Active Value Intermediate Capital Group

Arminius Kapital Investindustrial

Ashburton JP Morgan Asset Management

Aviva Investors Kleinwort Benson

Axa Institutional Legal & General

Barclays Investment Funds

Liquid Realty Partners

Beacon Capital Partners

Lloyds Banking Group

BlackRock UK Macquarie

Capital & Regional Man Investments

CB Richard Ellis Marathon Asset Management

Challenger Management Services

Merrill Lynch

China Real Estate Opportunities Plc

Mezzvest

Cinven Moorfield Group

Coller Capital RREEF UK Industrial

Credit Suisse Schroders

Dexion Capital Société Générale

Duke Street Capital Standard Life Investments

EQT Swiss Re

Goldman Sachs Asset Management

The Lend Lease Company

Henderson Central London

UBS

Hermes Property

“one of the world’s leading providers of cross-border legal and fund administration services”

Ogier - Client Service PropositionWe are committed to providing the best available integrated offshore legal and administration services. Our combined offering distinguishes itself for its commercially minded and client-focused approach which is based on the following:

• Partner led, dedicated client teams • First class lawyers and professional

administrators with high staff continuity

• Customised, client specific operating procedures

• Flexibility and transparency in relation to fee charging arrangements

• Significant investment in fund administration systems

“committed to providing the best”

This briefing provides a general summary only of this area based on the current law and practice in Jersey at the date of writing and is subject to changes therein. It does not purport to be comprehensive and does not constitute legal or tax advice that may be relied on. Specific, professional advice should be sought on each occasion.

Investment Fund Management - Jersey Advantages 9

Location of choice

Jersey has world-wide appeal as jurisdiction of choice for investment funds and managers. Long established as a leading international finance centre, particularly for investment funds, the Island has developed a specific expertise in relation to institutional investor and complex asset structures. As an international finance centre Jersey offers:

• Long-term economic and political stability

• Flexible, independently endorsed regulatory framework

• Tax neutral location for fund and manager vehicles

• Mature and well respected commercial legal system based on English law principles

• Skilled and responsive workforce

• Track record of product and service innovation

• White-list approved jurisdiction by G20 and an associate member of OECD

• Competitive position: Jersey’s the only offshore jurisdiction ranked in the top 20 Financial Centres by the 2010 Global Financial Centres Index

• Many of the leading global names in investment funds and financial services have a substantive presence in the Island

• International Monetary Fund endorsement as a global finance centre in the “top division” of both offshore and onshore centres (September 2009)

Jersey is located in the Channel Islands some 15 miles off the north-west coast of France and is a British crown dependency with a unique constitutional position. It has an allegiance to the British monarchy which dates back 800 years and has its own courts and legal system. Jersey has one of Europe’s oldest parliaments which has responsibility for its own domestic and fiscal affairs.

The Island possesses a centuries old tradition of political stability, yet with sufficient autonomy to fine-tune a modern and evolving financial services industry.

Jersey is a leader among the offshore jurisdictions offering significant advantages over other centres in terms of service delivery and economic substance and its proximity to and same time-zone as London make closing and ongoing administration of London-originated transactions a simpler process. The Island’s finance industry and professional infrastructure has a headcount in excess of 12,000 and has developed a breadth and depth in its expertise and range of services that many competitor jurisdictions are not able to match. The net asset value of investment funds administration in Jersey in March 2010 exceeded US$350 billion.

“a leading international finance centre”

“service delivery and economic substance”

“...competitor jurisdictions are not able to match”

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Key contact details for Jersey Investment Fund Management

Daniel Richards

+44 (0)1534 504252 daniel.richards@ogier.com

Paul Willing

+44 (0)1534 504149 paul.willing@ogier.com

Steve Meiklejohn

+44 (0)1534 504462 steve.meiklejohn@ogier.com

Michael Lombardi

+44 (0) 1534 504280 michael.lombardi@ogier.com

Clive Chaplin

+44 (0) 1534 504250 clive.chaplin@ogier.com

Jane Pearce

+44 (0) 1534 753806jane.pearce@ogier.com

Tim Morgan

+44 (0)1534 504240 tim.morgan@ogier.com

Legal

Fiduciary

Bahrain • British Virgin Islands • Cayman Islands • Guernsey Hong Kong • Ireland • Jersey • London • Tokyo

www.ogier.com

Client References and Testimonials

We include below a number of client testimonials. The clients quoted are fund managers and financial institutions for whom we act.

We have also included contact details for a number of referees should you wish to make contact directly.

Client Testimonials

“Ogier provide a quality and tailored service with a professional team dedicated to Treasury Holdings and the companies we advise..... Ogier combines a very high level of client service and responsiveness with high quality, full service technical advice delivered in a commercial manner. This allows complex offshore transactions to proceed seamlessly and enables us to concentrate on the core business of these companies.”

- Rory Williams, Treasury Holdings

“We are pleased to have worked with Ogier since 2001. They adopt a long-term partnership approach and we have benefited from a partner-lead, dedicated full service team which understands our business and provides excellent service and value for money. Ogier’s experience provides bespoke, innovative solutions to all our offshore needs and they deliver on challenging timetables.”

- Tina Page, Finance Director, MezzVest

“Ogier have acted as Jersey legal Counsel to Arminius Real Estate Opportunity Fund, L.P since 2006. They deliver quality fund, regulatory, corporate and financing advice in a responsive and client-focussed way. Their client service commitment adds value to the management of multi-jurisdictional projects.”

- Oliver Platt, Arminius Kapital

“We appointed Ogier for the integrated legal and administration services they are able to deliver to our Shopping Centre and Retail Park Funds. They provide a dedicated and responsive team that understands our business and as a result is able to move quickly to assist us in achieving our strategic goals. They tailor their approach to meet our needs”.

- Paolo Alonzi, Standard Life Investments

“Ogier provide first class offshore director and administration services. I have worked with them on infrastructure projects since 2006 and have always found them to be responsive and diligent. They offer a bespoke small team approach, combined with the global resources to deal with complex high value transactions”.

- Jim Kowalishin, Partner, Highstar Capital

Bahrain • British Virgin Islands • Cayman Islands • Guernsey Hong Kong • Ireland • Jersey • London • Tokyo

www.ogier.com

Client References and Testimonials

“Ogier provides offshore director, administration and associated legal services to a number of financing and real estate holding vehicles in the Four Seasons Healthcare group. We are delighted with the service we have received from Ogier over the years and have found them to be responsive and innovative in their approach, with the strength in depth to handle the most complex multi-jurisdictional matters”.

- Dominic Kay, Group Commercial Director, Four Seasons Healthcare

“We are delighted to work with Ogier as our offshore service provider of choice. Despite geographical time differences, we find they are helpful and responsive providing co-ordinated legal and administration services. Their overall service across the offshore jurisdictions we operate in is excellent”.

- Paul Howard, Head of Legal, Challenger Financial Services Group Limited

“We were delighted to instruct Ogier on our transaction. We found that they were helpful and responsive providing practical and innovative advice at all stages working around geographical time differences and slightly different working week days between our respective offices. Their overall service covering Jersey and Cayman, legal and fiduciary, was excellent”.

- Paul Gill, Partner, Head of Real Estate Oasis Capital Bank

Client References

Please do not hesitate to approach the following existing Ogier clients should you wish to obtain references directly:

Rory WilliamsGeneral Counsel, Treasury HoldingsConnaught House, 1 Burlington Road, Dublin 4, IrelandTel: +353 1 618 9322 Email: rwilliams@treasuryholdings.com

Paolo AlonziStandard Life InvestmentsOne George Street, Edinburgh, EH2 2LL, United KingdomTel: +44 131 245 2762

Tina PageFinance Director, MezzVest100 Pall Mall, London, SW1Y 5NQ, United KingdomTel: +44 20 7389 7939 Email: tpage@capvest.co.uk

Dominic KayGroup Commercial Director, Four Seasons HealthcareEmerson Court, Alderley Road, Wilmslow, Cheshire, SK9 1NX, United KingdomTel: +44 1625 417806 Email: dominic.kay@fshc.co.uk

Paul Howard Head of Legal, Challenger Management ServicesLevel 15, 255 Pitt Street, Sydney, NSW 2000, AustraliaTel: +61 2 9994 7771 Email: phoward@challenger.com.au

Bahrain • British Virgin Islands • Cayman Islands • Guernsey Hong Kong • Ireland • Jersey • London • Tokyo

www.ogier.com

Industry Recognition

Ogier has received significant industry recognition over the past few years winning numerous awards and is regularly placed highly in offshore directory rankings and transaction league tables.

For more information on Ogier and the awards we have received please visit www.ogier.com

“Pure professionalism and service - cannot be beaten” PLC Which Lawyer?

“What made Ogier the winner was its tremendous sense of focus and significant number of high value multi-jurisdictional mandates ” Legal Week

‘Offshore Law Firm of the Year’Chambers Europe Awards for Excellence 2010

‘IFC Legal Team of the Year, 2009’STEP Private Client Awards

‘Best Channel Islands Law Firm, 2010’PLC Which Lawyer?

‘Overall Private Funds Law Firm of the Year 2009’ACQ Global Awards

‘Best Guernsey Law Firm, 2009’Fundsdomiciles.com Awards

‘International Law Firm of the Year 2009’Citywealth Magic Circle Awards

‘Offshore Law Firm of the Year, 2009’British Legal Awards

‘Best Offshore Law Firm 2009’HFMWeek European Service Provider Awards

‘IFC Legal team of the Year, 2009’Citywealth Awards

‘Offshore Law Firm of the Year 2008’British Legal Awards

‘European Legal Services Provider, 2009’ICFA Awards

‘Offshore Law Firm of the Year 2008’ (Europe and North America)Hedge Fund Journal

‘Top Offshore Law Firm, 2009’Alpha Awards

Bahrain • British Virgin Islands • Cayman Islands • Guernsey Hong Kong • Ireland • Jersey • London • Tokyo

www.ogier.com

www.ogier.com

This brochure is printed using FSC approved paper which is sourced from well managed forests.

Please recycle this brochure after use

www.ogier.com

This brochure is printed using FSC approved paper which is sourced from well managed forests.

Please recycle this brochure after use