The investment fund center Liechtenstein.

The investment fund center Liechtenstein.
Centrum Bank as expert partner.
CENTRUM BANK

2 3
Centrum Bank.
Your partner for wealth management.
Contents.
Editorial. 5
The investment fund center Liechtenstein. 7
Special aspects of the investment fund
center Liechtenstein. 9
Legal structure of Liechtenstein investment funds. 10
Statutory corporate structures. 11
Overview of the different investment fund types. 12
Centrum Bank as custodian bank. 15
Your partner for setting up investment funds. 17
Schedule of fees. 18
Facts about Centrum Bank. 19
Where competences come together. 21

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The sculpture ensemble “Two Light Prisms”
before Centrum Bank –
created by the light artist Heinz Mack –
represents confidence and “joie de vivre”.
Editorial.
We are pleased to present Centrum Bank’s investment fund center Liechtenstein
brochure. This is aimed at professional investors and initiators who are looking for
an investment fund location that combines security with flexibility, responsiveness
and a modern investment fund statutory framework.
At the investment fund center Liechtenstein, qualified supervision within a political
stable and legally regulated environment.
This brochure is designed to provide you with a brief overview of the attractive
overall framework for investment undertakings (investment funds) under Liechten-
stein law. In the investment fund business, our clients are the center of our
attention. We provide our clients with personal support on the basis of trust and
discretion. Our goal: innovative, customised individual solutions.
Matthias Trösch Martin Kratochwil
COO Director
Member of the Executive Board Department Head Fund Products / Custodian Bank

The investment fund center Liechtenstein.
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A great many aspects need to be taken into consideration when deciding to set
up an investment undertaking (investment funds). One of the most important is
the choice of location.
When it comes to setting up investment undertakings, the Principality of Liechtenstein
offers ideal preconditions:
n Membership of the EEA (European Economic Area) means Liechtenstein
investment fund products are European, placing them on the same footing as
those of other EU countries (single licence principle, European passport for
UCITS III investment funds).
n The location of Liechtenstein offers the highest investor protection and one of
Europe’s most modern statutory frameworks for investment undertakings.
n Under current legislation, Liechtenstein investment undertakings are exempt
from national taxes.
n Liechtenstein is a relatively new investment fund location, and offers
advantages such as flexibility, individuality, transparency and quality.
n The investment fund center Liechtenstein is supervised by the Liechtenstein
Financial Market Authority (FMA) – an independent and integrated authority in
accordance with European standards.
n The close association between Liechtenstein and Switzerland ensures economic
and political stability.
Advantages of Liechtenstein for investors and initiators
n Modern and liberal law on investment undertakings
n High investor protection
n Supervision by the Financial Market Authority
n Considerable flexibility for structuring investment funds
n EU-compatible investment funds
n Attractive overall framework
n Qualified experts
n High competitiveness
n Stable social, legal and economic systems
n High level of confidentiality vis-à-vis the initiator and the investors
n No issue or sales taxes for investments in the fund
n ISIN/Securities No. incl. SEGA & Euroclear Settlement
European passport
Liechtenstein’s membership of the EEA means investment funds can be sold in
most European countries on the basis of a single licence, avoiding the need to
undergo time-consuming approval processes. It is merely necessary to notify
the supervisory authorities of the respective countries in which the investment
fund is to be sold.
The legal basis for this “passport” is the Directive 85/611/EEC (UCITS III-Directive).
The objective of the arrangement is to place all UCITS III investment undertakings
(investment funds) on an equal market footing, and to prevent the discrimination
of individual investment fund locations.
Choice of location Principality
of Liechtenstein
Highest investor protection
Integrated Financial
Market Authority (FMA)
European passport UCITS III

8 9
in CHF billion
30
25
20
15
10
5
0
Special aspects of the investment fund center Liechtenstein.
The Liechtenstein Investment Undertakings Act, which was originally passed
in 1996 and which was comprehensively amended in 2005, offers a modern,
innovative and up-to-date statutory framework that meets the highest international
standards. The act establishes a liberal environment and offers many
opportunities to implement individual needs and requirements.
Investor protection is the overriding priority
Article 1 of the Investment Undertakings Act states: “The purpose of this Act
(…) is to protect investors and ensure confidence in the Liechtenstein fund center
and the Liechtenstein financial system.”
A number of special features of the Investment Undertakings Act (IUA):
n Liberal structure which preserves individuality, while at the same time
maintaining a European focus.
n The various investment fund structures facilitate extremely flexible configurations.
n By international comparison, Liechtenstein offers short, statutorily stipulated
periods within which investment undertakings must be approved.
n The abolition of capital tax for investment undertakings, the introduction of
the Liechtenstein Asset Management Act [“Gesetz über die Vermögensverwaltung
VVG”] as well as the involvement and co-operation of the Financial
Market Authority with the professional associations complement this
exemplary framework.
Net assets under management of investment undertakings domiciled
in Liechtenstein
Fondsvermögen in Lichtenstein
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Source: Financial Market Authority Liechtenstein (FMA)
Highest international standards
Preservation of individuality
Abolition of capital tax

Legal structure of Liechtenstein investment funds.
Statutory company law structures.
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Auditors
Responsible bodies
Investment decision
Centrum Bank AG
FL custodian bank
Investment fund
(Trusteeship)
Investment Advisor
Asset Manager
Possible investment types
Financial Market Authority (FMA)
Initiator
Investment fund management
(stock corporation)
Investment fund
Individual funds/segmented funds/unit class tranches/master feeders
UCITS III Non-UCITS III
Equities X X
Bonds X X
Mixed funds X X
Funds-of-funds X X
Index funds X X
Investment undertakings for other values X
Investment undertakings for other values
with increased risk
X
Funds for qualified investors X
Real estate X
Investors
Investment company with
fixed or variable capital
Third-party
management
(third-party company)
Self-managed
Investment fund management
as asset manager
See page 11
See page 11
See pages 12–13
In company law terms, Liechtenstein investment funds or investment undertakings
can be structured in two ways:
Collective trusteeship
A collective trusteeship is the conclusion of a trusteeship of identical content
with an indeterminate number of trustors (investors), each of whom holds the
trusteeship in part.
In this instance an investment fund management (management company) administers
the investment fund assets on a fiduciary basis on behalf of the investors.
The statutory provisions pertaining to Liechtenstein trusts are applicable.
The fund management in the case of a collective trusteeship must demonstrate
that it possesses share capital amounting to at least CHF 1 million.
The investment fund management of the collective trust can also administer
other assets and portfolios (e.g. those of investment companies with fixed or
variable capital, which then become “third-party-managed” investment companies).
Investment company
The assets of the investment fund are held in a stock corporation with fixed
(ICFC) or variable (ICVC) capital. They may be managed itself or by a third-party.
In the case of third-party-management, a Liechtenstein investment fund management
will be commissioned to manage the investment undertaking (investment
fund). Investors buy units in the stock corporation, and thus participate in
the investment fund. If the investment company is managed itself, share capital
must be at least CHF 500,000.00. Investment companies with third-party management,
by contrast, require share capital of only CHF 50,000.00.
An investment company is restricted to manage only the assets in its own portfolio.
This restricts further development opportunities, as a new investment
company with additional share capital then needs to be founded for each newlycreated
investment fund.
We work together with a variety of investment fund management companies,
and look forward to helping you find a structure which is suited to your particular
needs. We shall also be pleased to help you set up your own investment management
or investment company.
Investment Advisor or Asset Manager?
In its capacity as the statutory representative, the investment fund management
may either exercise the asset management directly, or may alternatively
delegate this to a third party.
Insofar as you, in your capacity as the initiator, wish to exercise an influence over
the investment decisions, then (subject to certain preconditions) either the entire
asset management or merely the investment advisory may be delegated to
you. This requires corresponding legal agreements between you and the
investment fund management.
Basis on behalf
of the investors
ICFC/ICVC
Investment or asset manager
Corresponding legal agreements

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European-Passport UCITS III
Limited risk diversification
Increased risk
Qualified investors
Overview of the different investment fund types.
n Investment undertaking for transferable securities
These are security funds which perform their investments in accordance with
the provisions of the EU Directives on organisms for collective investments.
Investment funds structured in this way hold the European Passport UCITS III
and can be licensed throughout the EEA with a single permit (single-licence
principal).
In addition to classic security funds, UCITS III also offers additional options:
n Funds-of-funds: investment undertakings whose investment policy consists
of investing their entire assets in other investment undertakings for securities.
n Index funds: investment undertakings whose investment policy consists of
emulating a recognised equity or bond index.
n Investment undertakings for other values
These are investments which are marketable only to a limited extent, which
are subject to considerable price fluctuations, which show limited risk diversification
or which are difficult to value. Permitted investments include in particular
precious metals, commodities, derivative financial instruments and similar.
n Investment undertakings for other values with increased risk
These are investment funds for other values which are moreover subject to a
increased risk profile (e.g. leverage). As there are practically no regulations
pertaining to this form of investment, the prospectus must correspondingly
contain detailed warnings about the increased risk. Such investment funds
impose considerable demands upon risk controlling, which is regularly checked
by certified public accountants and the Financial Market Authority.
n Investment undertakings for qualified investors
With the investment undertaking for qualified investors, Liechtenstein law
makers have created the opportunity for qualified investors to structure
assets.
Due to modest publicity and streamlined licensing regulations, such investment
funds can be set up relatively quickly.
The investment fund is not subject to any publication obligation. The circle of
investors may be restricted, meaning for example that further investors are
able to buy fund units only with the approval of the initiator.
Under the current regulations, the following conditions need to be met in
order to be considered as a qualified investor:
n institutional investor
n company with equity capital totalling at least CHF 40 million
n state, international organisation etc.
n natural person with security portfolio at the time of subscription worth more
than CHF 1 million or equivalent
n initial subscription at least CHF 250.000.00 or equivalent
n Investment undertakings for real estate
Direct investment into real estates ensuring the principle of risk diversification,
insofar as this is permitted under the respective national regulations.
All the investment funds specified on this double page may be structured as
individual funds or as segmented umbrella funds – with one or a variety of share
classes. As a rule, the individual classes are specific offers tailored to private or
institutional investors.
Real estate fund
Our qualified specialists for investment funds are looking forward to providing
you with further information on this subject. You will find the contact names and
details on our website. www.centrumbank.com

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Your partner for asset management.
For individual, innovative solutions.
Centrum Bank as custodian bank.
Under Liechtenstein law, the custodian bank must be a bank domiciled in the
Principality of Liechtenstein. Centrum Bank has operated as a custodian bank for
investment undertakings (investment funds) since 1998.
n We hold the assets of the investment undertaking for safekeeping
n We ensure that the investment decisions comply with the law and the
prospectuses.
n We ensure that the investment undertaking profits are used in accordance
with the provisions of the prospectus
n We administer the issue and redemption of units and also handle the payment
transactions
n We maintain accounts and the register of units
n We calculate the net asset value and the subscription and redemption prices
of the units in accordance with the law and the prospectuses
Your needs and Centrum Bank
Motive for setting up an investment fund or investment undertaking
Low management and
administrative overheads
Efficient investment fund and
portfolio management
External communication of your
personal investment style
Professional use of all
instruments and methods
Acquisition of new clients
and investor groups
Successor planning
Professional platform
further individual motives
On the way to the optimum solution, many decisions need to be taken:
n single licence of special investment fund
n structures with or without own legal personality
n public sale or private placement
n investment fund families (umbrella funds, master/feeder funds)
n different types of structure
n different types of risk classes
Supervision
Auditing
Publication
Track Record
Cost transparency
Your client advisor at Centrum Bank will be able to make available to you the further
services rendered by Centrum Bank as well as by the Competence Center in association
with Liechtenstein’s oldest law firm “Marxer&Partner Rechtsanwälte”.
Custodian bank since 1998
www.competencecenter.li

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The central focus of our activities.
Preserving values. Enhancing values.
Centrum Bank.
Your partner for setting up investment funds.
When setting up investment funds together with Centrum Bank, you as client or
as initiator will be able to draw upon the professional services of our advisors in
conjunction with external and independent investment fund managers.
We offer you the following services:
n Advice pertaining to concept development and implementation
n Support with respect to a desired transfer to Liechtenstein and restructuring
of your investment undertaking domiciled abroad
n The drawing up of all documents and legal agreements
n Submission of documents for licensing purposes to the Financial Market
Authority (FMA)
n Administration and bookkeeping
n Maintaining the unit register
n Publication of the investment fund prices in various media
n Administering the investment fund assets and holding these for safekeeping
n Data and information management support
n Help with respect to the drawing up of interim and annual reports
n Licensing and tax transparency of the investment fund abroad
n Stock exchange and foreign exchange transactions including payments
n Fulfilment of further tasks, as agreed
In our capacity as custodian bank for investment undertakings (investment funds),
working in conjunction with external, independent investment fund managers, we
seek out the best solutions for interested initiators and investors.
Professional service
Solutions for initiators and investors

Schedule of fees.
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One-off foundation costs
FMA licence from CHF 10,000.00
Foundation fee approx. CHF 15,000.00
Other expenses approx. CHF 3,000.00
Ongoing expenses for statutory duties, taxes and publications
per annum
Auditing costs from CHF 10,000.00
Supervisory fee per CHF 100 million volume CHF 2,000.00
Publication in the Principality of Liechtenstein from CHF 1,000.00
Tax transparency abroad, per country, depending upon costs from CHF 5,000.00
Interim, annual financial statement according to costs
Ongoing expenses for managing the investment fund
per annum
Management fee subject to agreement
Performance fee subject to agreement
Fund management subject to agreement
Custodian bank subject to agreement
Transaction costs subject to agreement
Facts about Centrum Bank.
Centrum Bank Aktiengesellschaft, founded in 1993, is a modern private bank
with a solid financial basis. It is one of the leading financial institutions in the
Principality of Liechtenstein. Since 2009, Centrum Bank has also been represented
in Zurich with a legally autonomous, 100% subsidiary.
As a pure private bank for discerning national and international clients, Centrum
Bank focuses on its core competences of discretionary portfolio management
and investment advisory services. Complementary to the investment business
the bank offers broad lending options. Its staff members are proven specialists
with many years of experience.
Centrum Bank can draw on a strong corporate group. It is linked up with a global
network of experts in business, law, insurance, and tax, as well as fiduciaries
and fund managers. The corporate group includes Marxer & Partner, the oldest
and largest law firm in Liechtenstein, Confida Trust and Auditing Company, and
Syncoma Establishment as the internal service provider.
The bank has a clear and stable ownership structure and is not listed on the
stock market. The majority of shares are controlled by the Marxer family. For
three generations already, members of the Marxer family have been active in the
corporate group.
Centrum Bank enjoys an excellent reputation in the world of private banking. On
numerous occasions, expert bodies have recognised Centrum Bank’s services
with the highest marks. For instance, the Elite Report 2009 on asset managers
in German-speaking countries, published by the German Handelsblatt, awarded
Centrum Bank an absolute top ranking and conferred the highest mark of “summa
cum laude” for the fourth year in a row.
Discretionary portfolio
management and investment
advisory services
Strong corporate group
Clear and stable ownership
structure

Creating synergies.
CENTRUM BANK
MARXER & PARTNER
RECHTSANWÄLTE
SYNCOMA
Where competences come together.
Centrum Bank is part of a competence center bringing together specialists in
legal, tax, trust, and wealth management services. This allows us to draw on
these experts as needed.
Marxer & Partner Attorneys-at-Law
Dr. Dr. Ludwig Marxer founded a law firm in Vaduz in 1925, laying the corner-
stone for Marxer & Partner Attorneys-at-Law. More than 25 lawyers and legal
officers as well as more than 60 commercial experts work in this oldest and largest
law firm in the Principality of Liechtenstein. They advise and assist private
individuals, businesses, and institutions from around the world in all fields of law.
They are specialists in the formation and management of companies, foundations,
and trusts, estate planning, banking and capital market law, tax law, and
litigation. Over the more than 80 years of its existence, the firm has built up a
substantial network of correspondents with leading foreign service providers.
Confida Trust and Auditing Company
The founding of Confida Trust and Auditing Company Ltd. in Vaduz in 1964 was
a first step toward a comprehensive competence center. Confida supplements
the services of the law firm in the field of trust services, auditing, tax, business
management, and real estate. Before the establishment of Centrum Bank, it
was responsible for the asset management of select clients.
Centrum Bank AG
Based on many years of experience in discretionary portfolio management at
Confida, the partners of Marxer & Partner Attorneys-at-Law at the time founded
Centrum Bank AG in Vaduz in 1993. Within just a few years, the private bank
achieved impressive growth. Centrum Bank Vaduz specialises in investment advisory
services and discretionary portfolio management for demanding national
and international clients. The bank emphasises personalised, high-quality care of
its clients over generations. It offers comprehensive financial services and products
tailored to its clients. It enjoys an excellent reputation in the world of private banking:
expert bodies consistently recognise its achievements by conferring the
highest rankings. Since 2009, the bank has also been represented in Zurich by
Centrum Bank (Switzerland) Ltd., an autonomous subsidiary under Swiss law.
Syncoma Establishment
Since 2003, Syncoma Establishment has provided services to the enterprises in
the Competence Center in the fields of compliance, building management, logistics,
human resources, and security.
www.competencecenter.li
www.marxerpartner.com
www.confida.li
www.centrumbank.com
www.syncoma.li
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Solothurn
usanne
Vevey
Martigny
Paris
Frankfurt
Bern
Basel
Brig
Luzern
Stuttgart
Schaffhausen
Locarno
Vaduz.
Centrally located.
Easy to reach.
Zurich
Konstanz
Altenrhein
Bad Ragaz
Andermatt
Bellinzona
Lugano
Milano
Chur
München
St. Margarethen
Vaduz
St. Moritz
Tirano
Innsbruck
Welcome to Centrum Bank.
Schaan
Kirchstrasse
Kirchstrasse 3
Church
CENTRUM BANK
Heiligkreuz
MARXER & PARTNER
RECHTSANWÄLTE
Heiligkreuz 6
Underground Garage Centrum Bank
P and Marxer & Partner
Rätikonstrasse
Rhine
Zollstrasse 32
Zollstrasse
Exit Vaduz/Sevelen
Triesen
Motorway A13 St. Gallen Motorway A13 Sargans/Zürich
3122.09/500 – July 2009

CENTRUM BANK
Centrum Bank AG
Kirchstrasse 3 · PO Box 1168 · 9490 Vaduz · Liechtenstein
Phone +423 238 38 38 · Fax +423 238 38 39
www.centrumbank.com