Habib Bank AG Zurich Habib Bank AG Zurich  
   Habib Bank AG Zurich (hereinafter  “the Bank”) is a reporting Swiss financial institution
   in  accordance  with  the  Federal  Act  on   the  International  Automatic  Exchange  of 
   Information in Tax Matters (AEOI Act).   The AEOI Act is the legal basis for implementing
   the AEOI  Standard  in  Switzerland.   This communication  is  intended to  inform you as
   required by Article 14 of the AEOI Act.

   a) What is AEOI? 

   AEOI requires reporting Swiss financial institutions  to identify reportable accounts and
   report  them to the  Federal Tax Administration (FTA).   Reportable accounts are accounts
   held by natural persons as well as accounts held by entities.  If an account is held in a
   fiduciary capacity by a natural person or  an entity that is not a  financial institution
   on behalf of or for the  account of a third party,   that  third party or the  beneficial
   owner is deemed to be the  account holder  for the  purposes  of  AEOI.   In the  case of
   accounts held by entities,  the  requirement  to identify and  report  may  concern under
   certain circumstances also the controlling person(s).    For more detailed information on
   the terms  “account holder”  or  “controlling person”  please  consult  the  OECD  Common
   Reporting Standard and the implementing legal provisions.
   Only  accounts  where  the  holder or  controlling  person is  a  reportable  person  are
   reportable accounts.    A reportable person is a natural person or an entity resident for
   tax purposes in a country with which Switzerland has agreed AEOI (partner state(s)).

   Reporting Swiss financial institutions  are required to report  information on reportable
   accounts  held  by  reportable  persons  annually  to  the  FTA.   After  receiving  this
   information,  the FTA exchanges it with the reportable  person’s  country  of  residence. 
   Information  is  only  exchanged  with  partner  jurisdictions.    The  list  of  partner 
   jurisdictions can be found here and is kept up to date at all times.

   b) What information will be exchanged?

   The  reportable  information  includes  personal  data  and  information  concerning  the 
   reportable account.    Personal data include the name, address,  country of residence for
   tax purposes,   tax identification number  and  date of birth of the account holder or of
   the beneficial owner or the controlling person.    In addition,  the account number,  the
   total  gross  amount  of dividends, interest and other income, the total  gross  proceeds
   from the sale or redemption of financial assets,  and the aggregate balance  or  value of
   the account at the end of each  calendar  year  are  reported.    Moreover,  the name and 
   identification number (where available) of the Bank are also reported.

   c) For what purposes will this information be used?

   Generally,   the information exchanged may only be made available to tax authorities of a
   partner jurisdiction in which the reportable  person is resident and may only be used for
   tax purposes.    In principle, it is prohibited for the receiving partner jurisdiction to 
   forward  the  received  information to  another  jurisdiction,   and it  must  treat  the
   information as confidential.  Generally, the receiving partner jurisdiction may only make
   the information  exchanged available to persons and authorities  responsible for handling
   or supervising taxation in that country.

   d) What rights do you have?

	1) Vis-à-vis the Bank

	You  are  entitled to the full extent of legal  protection  offered by  the  FADP
	vis-à-vis the Bank. In particular, you have the right to request what information
	has been collected about you and will be reported to the FTA.

	The  Bank  must  provide you with a copy of its report to the FTA on request.  In
	this regard,  it must be noted  that the  information about you that is collected
	and  reported may differ from your tax-relevant information.   Moreover,  you are
	also entitled to request that incorrect data in the Bank’s systems be corrected.

	2) Vis-à-vis the FTA
	Your only right vis-à-vis the FTA  is  the right to access information.   You are
	entitled  to  request that incorrect data resulting from errors in  the  exchange
	process be corrected.

	If the exchange of information would result in disadvantages for you that are not
	permissible due to a lack of constitutional guarantees,   your rights are set out
	in Article 25a of the Federal Act on Administrative Procedure.

	You do not have the right to access FTA records.  This means that you do not have
	the right to block the  disclosure  of  personal  details  vis-à-vis the FTA.  In
	addition,  you are  not entitled to have the legality of  forwarding  information
	outside Switzerland reviewed or to block any illegal forwarding  and/or to demand
	the destruction of data processed without a sufficient legal basis.

	If,  in  your  capacity as a contracting partner of the Bank,  you  are  not  the
	account holder for the purposes of AEOI (see above),  or if you are an entity for
	which the Bank is required to identify and report one or more controlling persons,
	we ask you to forward copies of this mailing to all of the relevant persons.