PKB Banca Privada (Panama) SA

PKB Group: Introduction



PKB Privatbank AG

(“PKB” or the “Group”) is a Swiss banking institution with an

international outlook, founded in 1958 and specialised in Private Banking



Based in Lugano, with branches in Zurich, Geneva, Lausanne and Bellinzona, and

subsidiaries in Panama City and Montevideo, the Group employs professionals of

multiple national and linguistic backgrounds



PKB mainly focuses on Private Banking and offers a wide array of solutions to its

clients. Its range of services is completed by Corporate Banking and Capital Market

activities, a field in which it is one of the leading independent market makers on the

domestic Swiss Franc Bond Market



PKB has signed the “Swiss Banks’ and Securities Dealers’ Depositor Protection

PKB Group: History

PKB was founded in Zurich in 1958 under the name

Privat Kredit Bank

. Its growth was marked

by the following milestones, leading to the establishment of PKB Banca Privada (Panama) SA

in 2012:

1969 Lugano branch opening 1984 Geneva branch opening

1990 Acquisition of Banque Worms & Cie (Suisse) SA, Geneva

1995 Incorporation of Privat Kredit Bank Ltd., St. John’s, Antigua (West Indies) 1998 Change of name to the current PKB Privatbank AG

2000 Transfer of registered office to Lugano

2001 Acquisition of 30% of Cassa Lombarda Spa, Milano 2004 Acquisition of Banca Monte Paschi (Suisse) SA 2009 Bellinzona branch opening

2010 Acquisition of Banca Gesfid Lugano

Purchase of equity participation in Queluz Gestao de Ativos Ltda, São Paulo

2012 Opening of PKB Banca Privada (Panama) SA

Acquisition of CMB Banque Privée (Suisse) SA, Lugano (Switzerland) 2013 Purchase of LLB (Suisse) SA Lugano Branch

2014 Purchase of Alasia Investments SA, Lausanne Branch opening in Lausanne

Opening of PKB Servizi Fiduciari, Milano



PKB is a Swiss bank with a Latin flair. Over the years, it has built a

strong foothold in the Latin American Private Banking market



PKB pursued the strategy to diversify its traditional clients base

which is predominantly European. The Group hired dedicated and

specialized Swiss professionals for Latin America



In 2012, PKB established

PKB Banca Privada (Panama) SA

(“PKB

Banca Privada” or the “Bank”), being the only Swiss bank to attain a

full banking and a brokerage license in Panama at the time



As a result PKB is in the position to offer to its clients the full range of

international banking services both in the Panamanian as well as

Swiss jurisdiction



The Group’s commitment to Latin America is also evidenced by the

establishment of a subsidiary in Montevideo (Planetarium PKB

Consultoria SA)

PKB: A Commitment to Latin America

Panama: Key Country Traits

• Traditional parties have governed the country in the last 25 years and no radical parties / political movements exist

• Recent governments have adopted a strong pro-business stance and have approved heavy investments in development and infrastructure projects around the country

• The Panama Canal provides steady and growing revenues to the country. An expansion project of the Canal is underway and will end by 2015/16

Political

Situation

Economic

and Social

Overview

Regulatory

Aspects

• Panama has shown a rapid economic growth over the last decade and is evolving into a major financial hub for the region

• The currency has been the US$ for over 100 years, providing economic stability

• Several multinationals are setting up regional headquarters in Panama as a result of the attractive regulations, advanced infrastructure and political stability

• Panama has achieved investment grade ratings, with a BBB from both Standard & Poor’s and Fitch and a Baa3 from Moody’s

• Enforcement, scope and sanctions in defending the privacy in Panama are similar to the ones in Switzerland

• The existence of a competitive tax regime has led to an economic cluster (finance & industry) set to grow further in coming years

PKB Banca Privada: Offering from Panama



In 2012,

PKB Banca Privada

obtained a banking and a

broker-dealer license from the local regulator and now

offers all available banking services and securities to its

clients



PKB Banca Privada is a fully owned subsidiary of PKB

Privatbank AG and benefits from the sizeable capital

base of the parent company



The Bank’s clients are served in Panama by specialists in

financial advisory, asset management, loans and

financial planning with a cultural and linguistic affinity



Our Swiss Relationship Managers offer the know-how,

professionalism and service approach which has made

Swiss private banking famous around the world



PKB Banca Privada offers multi-currency accounts to its

clients



The Bank’s local operations are guaranteed by

Your Service Team in Panama

Francesco Catanzaro, Swiss 29 years in Banking

Jair Poncini, Swiss 28 years in Banking

Michael Zollinger, Swiss 23 years in Banking

Benjamin Bracher, Swiss 14 years in Banking Efren Balcazar, Swiss

16 years in Banking

Luca Tonella, Swiss 6 years in Banking

PKB Group: Culture & Commitment

The culture of Swiss Private Banking

Swiss banking secrecy, as provided

by the Federal Banking Law, guarantees to clients the protection of their private sphere and obliges the bank and its employees to the utmost confidentiality

At PKB, discretion, confidentiality

and the respect of the private sphere are more than a legal requirement: they are an attitude, a code of conduct, applied on a daily basis and governing every single action. They are an important component of the Group culture

The culture of personalized service

PKB offers a range of services comparable to that of large banks, but with a

personalized approach. PKB is committed to satisfying all financial requirements of its customers, and in particular strives to provide advice that is always in line with the client’s personal objectives

At PKB, all clients, regardless of the extent of their assets, have a direct

access to a senior private banker. There are no pre-packaged products, but only customized solutions resulting from listening and understanding each individual client’s needs

Moreover, PKB’s streamlined organization allows a large degree of

operational flexibility and responsiveness. PKB ensures a rapid delivery of its services, whether these entail purchasing a financial product, delivering information on financial markets, investment advice or granting a credit line / mortgage loan

The culture of reliability

Satisfying client expectations is central to PKB’s attention. When contacting the bank, clients are sure to be able to

count on a rapid and high quality response to all their requirements

Thanks to its team of qualified bankers, supported by a responsive and efficient organization, PKB ensures, in every

Principles behind PKB’s Open Architecture

•The fund selection process follows the “best of breed” principle, i.e. PKB selects the most appropriate funds for the client in the marketplace

•Research activities as well as wealth management are performed in the best interest of the client and not with the objective to increase the bank’s income

•The pricing system is unambiguous and transparent; the research process, the fund selection and the asset management decisions are structured, documented and available at the client’s disposal

•The client as well as the client advisors have access to a comprehensive selection of diverse typologies of funds and different alternatives in the same asset class

•PKB researches, selects, recommends and manages only types of investments in which it owns an in-depth knowledge and on which it can provide a state-of-the-art service for the client

•PKB has a strong conviction that an active asset management strategy and a fund-picking activity create sustained value and match the investment needs of the clients

• Clear definition of the objectives and of the roles of the different stakeholders involved

By opting for an open architecture, PKB intends to offer the most appropriate investment products and services to its clients, independently from the issuer’s origin or the product’s manager

Offering for Independent Asset Managers

 PKB has a team dedicated exclusively to assist Independent Asset Managers (IAM) both in Switzerland and in Panama

 Independent managers can benefit from PKB’s experience in asset management, the Group’s market networks and the opportunity to compare PKB’s market perspective with their own

 Independent Asset Managers also enjoy privileged access to a full range of products selected by internal and external specialists, together with dedicated administrative and operational support

 In addition, PKB’s Remote Access allows IAMs to consult their clients’ portfolios at any time from any location in the world in the most secure way

 PKB’s services for IAMs include:

• Direct contact with the specialist team

• Direct access to our traders

• Latin American service hours

• Total transparency and team spirit

• Regular inputs and research

• Flexibility and rapid response times

Art Services and Private Collection

 Works of art have always aroused interest and passion amongst connaisseurs and have become forms of investment that are increasingly present in both private and institutional estates

 Over the years PKB has become strongly committed to the world of art, being firmly convinced of the value of this investment class. The Bank has therefore dedicated part of its own resources to acquire ancient, modern and contemporary works of art, creating a private collection that continues to grow through selected investments

 On one hand the Group focuses on acquiring paintings of the fifteenth century Lombard school, embodied by painters such as Bernardo Zenale, Vincenzo Foppa, Bernardino Luini, Andrea Solario

and Giovanni Gerolamo Savoldo. On the other hand, PKB’s collection includes works of contemporary international artists including Anselm Kiefer, Julian Schnabel, Yvan Theimer, William Kentridge,

Peter Doig, Laura Owens, Nalini Malani and the younger artists Vik Muniz, Tom McGrath, Ivan Bazak and Chantal Joffe

 To complete the range of services offered, PKB is able to provide its clients with access to its valuable contacts established in the art world, assisting them in:

• Identifying the most suitable experts for appraisals and valuations of ancient and modern paintings and sculptures

• Completing purchases or sales in public auctions, guaranteeing absolute confidentiality

• Selecting intermediaries for the purchase or sale of paintings and sculptures on the international market

PKB Group’s Solidity – Tier 1 Ratio Comparison

*

Tier 1 ratio

The Growth Story of the COFI Group

Piero Guccione – PKB Private Collection

PKB Shareholder Structure (COFI Financial Arm)

COFI SA

Luxembourg

33.9%

Cassa Lombarda Spa 63.1% Anthilia Capital Part. SGR SPA 26.6% 100%

PKB Privatbank

SA

Lombarda & ASS. (35%) PKB Servizi Fiduciari SpA 9.15% 30% 70% PKB Alasia SA (100%) PKB Banca Privada (Panama) SA Panama (100%)

PKB: Board of Directors and Management

Board of Directors

Henry Peter1) - Chairman

Massimo Trabaldo Togna 1) - Vice-Chairman

Edio Delcò 1) Dieter Hauser2)

Giovanni Leonardi2)

Pierre Poncet

Jean-Philippe Rochat2)

1)Members of the Executive Committee 2)Members of the Audit Committee

Executive Board

Umberto Trabaldo Togna

Chief Executive Officer

Head of Private Banking & Asset Management (a.i.)

Luca Soncini

Chief Finance and Risk Officer

Matteo Saladino

Chief Operating Officer

Lorenzo Tavola

Characteristics of Private Banking in Latin America

 Clients’ needs differ through countries in Latin America

• Brazil, Mexico and Chile have a higher propensity to bank/book onshore

• The rest of Latin America, i.e. Central America, the Pacto Andino and Argentina, show an accentuated propensity to bank/book abroad

 The main reasons for international banking are (not conclusive):

• Security

- Kidnappings, extortions, etc. happen in many different countries and there is a feeling of insecurity among investors

• Political instability

- There are countries where the political and juridical systems change frequently which leads to uncertainty under investors

• Need of professional services

- Many entrepreneurs and professionals are looking for financial advices, banking services and products not available in their countries

Contact Information

PKB Banca Privada (Panama) SA PKB Privatbank

Torre Financial Tower Via S. Balestra 1 Piso 49, Calle 50 6901 Lugano Ciudad de Panama Switzerland

Republica de Panama Tel. +41 (0)91 913 35 35 Tel. +507 294 07 00 Fax +41 (0)91 923 35 22