[insum Pm IN i. AmnguUulLu. l' mm 5: chubhu R: -- IJn/o Brecknuck Lurporalinn \mmnl ml/o Lmju lnvcumenls Limucd Annual i'n'u lm' I/n/o lininn Propmnu>> Inc - "we Worldwide hueslmem Services and Dc." \lr. and Vir (In :1 luv) \w mud nu inlcma| aud'ns of (he accoumc in uur deposn area: to confirm L'ulnplidncc \mh .m [mum md omusmn Privale Bank 'I'msl Cumpml} "Bunk") In xhu ufour it". "c haw identified the ahm c~rcferenccd accounts .12. bring mumm- ul (he )imih nu! uh>> mm banking came. u: signilicnm dimcum in cam 1113 um m'cvnul due mmumnugmmam obligated [a mum's In". Aficr mm hm Ilu mm prudem course rm all punk") is Icrmmale this umim you mm the Bank has made the dension 10 the fin Juunmm micron-ml uhmu. pursuunl m: authority prmided 'm 'hc section titled und 21w drummer and Busmcfi \cmum yum mu} Mum. lhu and Terminmion" prm'lsiuns mm n: ma} time un dcunuul .111} mm mm] I: mlicc )ou. We do nul vush (0 must: you any cumch hon ax. 11 each ul'lhc abme>>refc1mccd- ~mums - mun .u pmmc. hm in all by 4. 2005. plcas: mum" 1h: Bunk mm lncauun an") auwumv dtcuunxs. mcluding all information \ur) [0 transfer fund. from currcm nccuum "uh Bunk a successor account, 1h: same lime, plum: ini'unn the Ram' m'thc > m" which you haw informed us' an November 4. 2005 w, .hw- v. mm . .'my Bmm\ ['xm Buk {5 - 0n 12L the Bank will Iransmil nu} funds rvmaining the Aucmxm (An: nun- prucnuunu .yr numunding check to m: aha>>: addms il'yuu haw mu rcqumlcd dunmumn arm: fundev Plqu nu cm "ill the Bank honor any chuck on. or fund: imumcd 1mm. u| my aim c-qucxcuccd xccoum arm turlicr "rum dale on which )uu nnI us :Icmum chmhu 4. 2m>> \un Imu mu plan>>: call me Hcaw send all ml'm-nmmn m} --Rn:hm. MA 02109 . Compliant: _____________________________________________From: Ramses Owens Lawyer Sent: Monday, May 29, 2006 6:10 p.m.To: Jurgen Mossack; Yolanda de Azcarraga - LawyerSubject: EMJO FOUNDATION HOLDINGS - VON DER GOLTZ Mr. Mossack.: This Foundation will be to replace the The Revack Trust, and will be the holder of all companies of our friend and client Harald Joachim von der Goltz. Although I tried the last time I was in Miami to sell him the idea of using one of our fiduciaries, von der Goltz says he only trusts Yolanda de Azcarraga, Jurgen Mossack and Ramses Owens, as individuals. Many things can happen with Mossfon Trust Corporation or others, but he wants to Mossack, Azcarraga and Owens directly. Don Joachim wants, as an exception to our rule, that the board of his foundation includes only YOLANDA Azcarraga, JURGEN MOSSACK and RAMSES OWENS, and nobody else, neither a natural person or legal entity. He says the issue of trust is that, trust. And he loves Mossack and Azcarraga as if they were his brothers, and Owens as a son. And Mossack Fonseca & Co. and Mossfon Trust Corporation are already very large companies, but Mossack, Azcarraga and Owens are people of his intimate confidence. Don Joachim has made the issue a little tricky, sir. Would you make this special exception sir? What we can do is put it together like that now, and in half a year, when everything is open, the accounts and everything else, then we change to the fiduciary. Okay, sir? Regards, Ramses Owens No me parece sensata esa idea. Total, somos todos directores de la fiduciaria. Hay que convencerle de esto. Saludos / Regards J. Mossack _____________________________________________ 
F r o m : R a m s é s Owens - Lawyer 
Sent : L u n e s , 2 9 d e p.m. 
To: Jurgen M o s s a c k ; Y o l a n d Lawyer 
Subject: VON DER EMJO GOLTZHOL D I N G S F O U N D A T I Lic. Mossack: Esta Fundación será la que reemplazará al The Revack Trust, y será la tenedora de todas las compañías de nuestro amigo y cliente Harald Joachim von der Goltz. Pese a que intenté en Miami la última vez que estuve, venderle la idea de usar a una de nuestras fiduciarias, von der Goltz dice sólo confiar en Yolanda de Azcárraga, Jurgen Mossack y Ramsés Owens, como personas naturales. Que muchas cosas pueden suceder con Mossfon Trust Corporation u otras, pero él quiere a Mossack, Azcárraga y Owens directamente. Don Joachim desea que su fundación, como excepción a nuestra regla, tenga como Consejo de Fundación a YOLANDA DE AZCÁRRAGA, JURGEN MOSSACK y RAMSÉS OWENS, a nadie más, ni persona natural ni persona jurídica. Dice que el tema de la confianza es eso, confianza. Y quiere a Mossack y Azcárraga como si fuesen hermanos, y a Owens como hijo. Y que Mossack Fonseca & Co. y Mossfon Trust Corporation ya son compañías muy grandes, pero Mossack, Azcárraga y Owens son personas de su íntima confianza. Don Joachim me ha puesto un poco difícil el tema Licdo. ¿Usted haría esta excepción especial Licdo? Lo que podemos hacer es armarlo así ahora, y en medio año, cuando esté todo abierto, cuentas y demás, entonces cambiamos a la Fiduciaria. ¿Le parece Licdo? Saludos Ramses Owens ficient anagers.com Please send all your messages to our departmental email account -- REGULATIONS OF THE PRIVATE FOUNDATION NAMED REVACK HOLDINGS FOUNDATION The Foundation Council has. on the basis at the Private Foundation charter or the Private Foundation named REVACK HOLDINGS FOUNDATION, prolocolised by means at Publlc Deed Number 715 ol the 19'" day ot January 2007 oi the Grace ot the 8th Notary Public and registered at the Private Foundations Section of the Public Registry ot Panama at Mlclojackel Fill, 21972, Document-- as lrom 19'" January 2007. adopted the present Regulations in accordance the tollowmg anictes: FIRST: FOUNDATION ASSETS All the assets contributed by the Founder (First Beneficiary) shalt be owned by the Foundation, No family member ts ever to know or be made aware ol the assets of the Fuundation. No member or the tarnin or anyone outside at the "Manager (initially H.J, von der Gollz and atter his demise_ and star that --) and Committee Members should ever know, be privy or have the right to know the 'value" at the Foundation in any ot its investments. The Foundation's Assets consist at more than TEN THOUSAND UNITED STATES DOLLARS tor the purpose at complying with the Panamanian law on Foundations. The list at Assets is established on Schedule 1 (to be updated semi-annually unless decided ditterentty by The Committee). Schedule 1 may 'also be complemented by Financial Statements. such as periodical Balance Sheets of all assets including all initial underlying entities Oi the Private Foundation. The protessional tees for the preparation of such Financial Statements shall be paid out at the Foundation's iundss SECOND: REVOCABILITY: DISCRETIONARY POWERS These regulations have taken into account the wishes ol the legitimate principal (the Founder and the First Beneficiary) THIRD: LIABILITY The Foundation Council undertakes to dispose ol the Foundalion Assets In accordance the prowsions and DI the Foundallon Charter and the Regulations, the conduct ol a good palenamilias, always Iollowlng the of the Governance Bodies For their pan, lhe Foundallon's Beneficiaries shall lointly and severally hold the Foundalion Council harmless lrom any damages it may sufler as a consequence ol the proper and lawml exercise 0' the powers and Iunctions established in the Faundalion Charter and in Ihe and undenakes to indemnin the Foundation Council Ior any expenses it may properly and lawfully incur, including legal costs and tees, authonzing il in advance to reimburse itself tor such costs out of the Foundation Cash Funds and other Assets, This indemnity shall also cover the Manager and the Committee. No Beneficiary can ever sue ur tile a lawsuit against the Foundation or helshelthey will immediately and automallcally be removed as Beneficiary lorever, FOURTH: GOVERNANCE AND ADMINISTRATION The Foundation's governance shall be implemented by the Manager, who shall be for "19 Ongoing activities DI the Foundation, and a Committee comprised OI three members. They shall be in contacl with lhe Foundallon Council. The names and paniculars o! the guvemance and administration bodies shall be In Schedule 3 along with any powers vested in them. FIFTH: BENEFICIARIES AND LEGATEES The names and particulars of the Beneficiaries and legatees. it any. shall be in Schedule 2, along with distribution rights on income and capital and respective rules. Entitlements, percentages and rules at distribution among Beneficiaries may be amended by the Foundation Councrl, but only according to the general rules in Schedule 2, With the prior written consent or the First Beneficiary (if available) or the Manager and Committee (it the First Beneficiary has passed away or lost mental capacity) SIXTH: RENDERING OF ACCOUNTS In addition, and without prejudice to the obligation to render accounts as established in the Foundation Charter. once the present Regulations enter into eflect. the Manager and Foundation Council shall advise the Committee, initially semi-annually, regarding lhe financial status oi the Foundation Assets, any time they request it, specifying the total lunds and assets. kinds 0! investments, interest or profits earned and collected. subsidiary companies, donations or contributions received and disbursed, SEVENTH: REMUNERATIONS by FOUNDATION COUNCIL Once the Foundation enters into enact. the Foundation Council may receive, tor its management work. regular payments corresponding to a schedule or charges as agreed in writing between the Foundatlon Council and the First Beneficiary from lime to time. as well as additional payments. as agreed in writing between the Foundation Councll and the First Beneficiary for Specific work required. Alter the demise OI the First Beneficiary, the remuneration: shall he established by the Manager and Committee, as described in the Schedules. These ongoing payments are separate irorn the Resident Agent's lees mentioned in the Foundation Charter and In the present Regulations. as well as Irorn the lees Ior the preparau'on and registration or the Foundation Charter. semi-annual financial statements and tor drawing up the present Regulations and any amendments EIGHT: RESIGNATION I REMOVAL OF THE FOUNDATION COUNCIL The Foundation Colman may reslgn from office. giving at least nlnely (90) day pnor written notice to the Manager. ov to me Committee. Without need to give any explanation in [his regardv The Foundallon CounCll's replacement shall be made as provided for In the Foundallon Charter The Foundallon Council (initially Mosslon Trust Corp) can be removed and changed the vale by 2 out oi the 3 lamily groups 2 out at the 3 Committee Members and the Managev, as per the Schedules, NINTH: RESIDENT AGENT The law firm ot MF LEGAL SERVICES (prevluusly Mossack Fonseca Co]. presently otnees at the Mosston (exrArangorOnllacJ, Semnd Floor, 50th and 54'" Street, Panama City' Republic 0' Panama ls ratified as the Foundation's Resident Agent The Foundalton Counml the approval at the Manager ts expressly aulhorlzed lo designate any other iaw firm as the resident agent It this should be deemed necessary TENTH: FOUNDATIONS DOMICILE The location 0' the Foundallon's Is ratified at Moss'on Third Floor, 50m and 54'" Street Panama City Republlc at Panama. ELEVENTH: AMENDMENTS TO THE REGULATIONS Only the Eeneficlary may amend the present Reguiallons. It the Eeneflclary should pass away, or no longer have'legal capacity, the present Regulations may not be amended Save as set form In the Schedules administration processes TWELFTH: DISSOLUTION AND The Foundation has a perpetual duration The Foundation cannot be dissolved by anyone within the context or outside the context at the First Beneficiary Family, It must always be understood that the wtshes of the First Beneficiary is to keep the Foundation perpetual, In the case of extreme urgency. the survivor Beneticiaries collectively may recommend the dissolution ot the Foundation betore achievement at its aims. expressing same in writing, in which case. the Manager. Committee and Foundation Council will decide whether to act upon such recommendation. The Council shall always obtain the prior written unanimous consent train the Manager and the Committee in this regard The assets shall be distributed to the Beneficianes and heirs--legatees. it any, in accordance With the Regulations and Schedules, Upon dissolution oi the Foundation, the Foundation Council may take charge at the liquidation or may appoint one or more liquidators With the purpose of settling its business, collecting its credits, paying its debts and dividing or distributing the capital and the interest at the Foundation Assets tWfleficiaries. In the event the Foundation is ofied and liquidated. an amount equal to 2% of the Foundations assets at that it be paid to the Manager, the 3 Committee Members and the Foundation Council. One hall of the amount is to be paid to the Manager and one hall is to be divided equally between the 3 Committee Members and the Foundation Council. THIRTHTEENTH: LEGAL SUBMISSION Jurldical relations deriving tram the application oi the present Regulations are subject to the Law in torce in the Republic cl Panama. specifically. Law No.25 oi 12th June 1995 and Executive Decree No 417 ct 8th August 1995. and any subsequent amendment to any such law as well as lhe proviswons 0' the Foundation Charler and mess No 0mm law can be applicable Yhe present new Regulahons are subscribed the my 0! Panama' on me 14'" day 0! September. 2007' mm verbal approva' Irom me Fusl Beneficiary. Majorfly 0| Foundalmn Councll SSFON TRUST CORPORATION YOLANDA de AZCARRAGA I RAMSES OWENS Countersigned by me Resident Agenl. Mr LEGAL SERVICES SCHEDULE 1 ASSETS I OPERATIONS I RULES OF INVESTMENT I CHARITY Assets shall be listed by the Manager or designated accounting protessionals in the financial statements to be rendered semi-annually, a copy at which shall always be kept by the Foundation Council. The inillal contributions the First Beneficiary (H.J, Von der Goltz) is making serve as the base tor growth DI the Foundation. not only all those investments contributed (mostly private equity investments) but also to provide liquidity lor future investments in private equity. some real estate and "fun investments" that have been thoroughly researched and fit into the philosophy of the rounder (First Beneficiary) at the Foundation. Under private equity (besides vc, LB. "Hedge" and PE Funds) the Founder also contemplates the Foundation making direct investments. preterably as a 'co-investor." although in certain situations a 100% capital investment in a company or something initiated by a tamin member would also be acceptable. Direct ctr--investment opportunities. aside item the quality oi the investment, the partners and oo--investors are very important tor the Foundation aims. On the 'entrepreneurial' side, the Foundation will support lamin members with proposals they might come up with that are worthy promoting, either as an investor (100%) or eo-inveslor. as long as the proposals have merit and the risk the Foundation is taking can be justified. AI no time should the oommitment tor such a "venture' be higher than 2% 0' the last fiscal year's "valuation" Oi the Foundation's assets or 20% at the available cash. The Founder wishes that no Investments be made in public stocks unless the First Beneficiary. and thereafler. the 3 Committee Members and the Manager unanimously decide differently. It is imponant that Banks. the lees they charge elc.. be controlled and no Trust or other complicated lee generating be allowed by the Manager or Committee to run any at the assets at the Foundation. The Foundation shall have the right and duty to invest some 0! its annual income (up to 20%) in charitable causes. such as rainlorest conservation or similar nature saving purposes (coral reels. etc). health care tor the poor (Eye Foundation in Guatemala or the iounder's planned new Tooth Hygiene Initiative) in developing countries. the lounder's (First Beneficiary) educational interests or other worthy causes, Famtly members should be encouraged by the Manager and the Committee to get involved and supervise these so tunds committed to these causes reach their targets in a cost enecirye manner to leave an important impact. The Foundation should strive to value and review Its pontolio annually In a reasonable manner, without going into a bureaucratic tee spending spree or "witch hunt" but ta give an accurate picture at the overall status 0! the Foundation. Its assets and their performance over time and the previous fiscal year. Should the Manager and the three Committee Members deem it adwsable. that an audit should be pertormed then a reputable audit firm should be hired by the Foundation. The Foundation will consider and promote any new Idea/project brought term by any family member and invest in it if the manager and all Committee Members support it. One at the main goals at the Foundation is to promote the entrepreneurial spinl and drive amongst the First Beneficiary's (HJ. von der Goltz) heirs; however. the investment will be owned by the Foundation and incentivize the lamin members. who proposed the investment opportunity, by uttering options to that member in a proportion not higher than 20% 0' the Foundation investment in that deal. The Foundation shall riot incur debts or financial obligations at any time or tor any reason. Majority oi Foundation 0 uncti -- RAMSES OWENS 14'" September 2007 Origina' Message Sen. _.com; -- -- C05 (0: -- Sen! and Signed On: September 07, 2009 at 10:49:24 (SA Pacwlic Standard Time) Subject VON DER GOLTZ T0: Jurgen Mossack: Ramon Fonseca; Chris ZoHinger Cc: Rebeoca Ovadia -- Mossfon Trus' Subject VON DER GOLTZ Licdos: Now that we are in the analysis of American customers, undoubtedly the greatest is Harald Joachim von der Goltz, for whom we continually manage remittances (bank transfers and money orders) to different parts of the world, including Miami, Florida (often). Mf Trust has registered Joachim von der Goltz Harald as a client of Guatemala. However, we know he lives in Miami, and resides for 5 months of the year in Boston. Harald Joachim prefer to domicile in Miami because taxes are lower in Miami (there is no state income tax natural person, only income tax - legal person). For its internal assets within USA, von der Goltz has US companies and Trusts. For its external assets, he uses Mossfon. Harald Joachim has various offshore structures. In the main (EMJO INVESTMENTS), the Ultimate Beneficial Owner declared in remittances to USA is ERIKA VON DER GOLTZ (Harald Joachim's mother, still alive, 90 years old, resident in Guatemala). There are a number of investments in Central America and Mexico under the company called EMJO, and 20 other subsidiaries. Among many schemes, there is one in which fees from passenger ships whose tourists use the cable cars of RAIN FOREST TRAM in Costa Rica and Jamaica are charged from Panama/Hong Kong. Some funds are sent to Miami to pay marketing operation in Miami. All schemes are very well structured. Don Harald Joachim has confidence in the schemes and feels fully covered and protected. Don Harald Joachim does not use these offshore to support himself, he never sent anything to himself. Everything is re- invested, and has been reinvested for many years. We forecast that his OFFSHORE entities may be worth roughly US 60 US 70 million (there from cable cars to electricity distribution and wind energy companies, exclusively outside USA). Sporadically, he sends funds from third parties as donations to the school of his grandchildren (children of-- and sends fund8 10 --, his son, to London and /or New York from his company that invests in watches; and sent to his daughter--funds for college a few months ago. For all purposes, these funds are referred to as "donations" and supposedly are donations from the old woman ERIKA. Don Harald Joachim solutions represent about 4% of the turnover of MF TRUST. There are other customers in the United States, for example, WILLIAM PONSOLDT, but whose structures are smaller and manageable. My suggestion: Leave everything as it is with Von der Goltz, ie, stay and live this potential risk, we might prefer to send money via orders and cashier checks, which have a lower risk than bank transfers. It's all well done, customer understands well and accepts it as is. Comments? Greetings Kind Regards, Ramses Owens Managing Director/ Partner From: [maillo--1 Sent: Monday, Sep'ember 7 200911:07 am. mosslon.com; -@mossf0n.com Subject ZRE: VON DER GOLTZ I agree with your sugges'ion on my pan. [manna-@msronmm) Sam: Lung,07de$emjembrede10091 . 73.9". To: W.wn; Subject: ZRE: VON DERGOLTZ Esmy do Dcuordn con in min. do n- pm -- Dnginnl Massage -- Sam 1n mi -@mossiun cum. WM: 013': In mussicn com Sent and signed by -vassmn com On Samsmw 07, 2009 at 1:1 '9 24 (SA Puma standard Time) Subject VON (30er To: Jurgen Mossack; Ramdn Fonseca; Chris Zollinger Cc: Rebecca Ovadia - Mossfon Trust Subject: VON DER GOLTZ Licdos: Ahora que estamos en el an: de cliemes arnericanos, sin dud: el ma's gmnde es Harald Joachim von der Goitx, para quien administramos remesashansferencias bancariasygims) oonlinuas hacia diferentes lugares del mundo, incluyendo Miami, Florida (eon frecuencia). Mf Trust tiene registrado a Harald Joachim van der (5qu some ciiente de Guatemala No obsta nte, sabemos que tiene domicilio en Miami; residencia duIante 5 mass del ai'm en Boston. Harald Joachim prefiere 1 domicilio en Miami, porque Ios impuestos son memes en Miami (no existe impuesto sobre la rent: esmal - persona natural, selo impuesto de rema persmia juridkz). Para sus actives intemos dentro de USA, van der Goltz tiene sociedades de USA yTrusts, Para sus bienes extemos, us: a Mossfon. Harald Joachim tiene variadas extraterrimn'aIes. En |a principal (EMJO INVESTMENTS), Ia Ultimate Beneficial Owner que se declan en remesas a USA as ERIKA VON DER GOL17(madr: d: Harald Joachim, todavia viva, 90 afios de edad, residente en Gmtemala). Hay um untidad de inversinnes en Centre America Mexico bajn Ia sociedad denomide EMJO, mas 20 sociadadns subsidiaria: Entre ta ntos esquemas, existe uno en que desde Panama "org Korg s. mbran los honorarios de bamos de pasajeros cuyas turistas usan los telefericos a. rum roam mm en Domi ica, Com Rica Jamaica Algunus fandos se envian a Miami para pagar operacien a: mercadeo en Miami, Todos los esquemas esten muy bien Don Harald Joachim liene conflanza en Ics esq uemas se siente plenamenle cubierlo protegido. Don Harald Joachim no usa esms dinems extraterritoriales para mantenerse, nunca Se ha envide 3 ii mismo nada. Todose re-invierte, Ileva muchos afios re- i ndo, Pronosticamos qua sus entidadas OFFSHORE pueden tuner un wallio de mis menos Millones (hay desde leleferioos hast: Dompafiias de distribucien electrica energi: eelica, todo fuera the USA), Esporedicamente, envia fundos en donacien dude (emu: person: a la escuela de sus nietos (hijos d9 fandas a su hijo Londles vlo Nueva Vork desde campafiia de inversiones de relcjes; fondas a su hija --vari su universidad hace unos was mesas. Para todos efeztos, estos fondos Megan con Merencia 'snpuestamente" son dnnaclnnes de la anciana Las soluciones de Don Harald Joachim representzn ma's menus el 4% d: I: hcturacien de MF TRUST. Hay otros clienles de Estados Unidos, mmo por ejemplo, WILLIAM PONSOLDT, pom cuyas esmmuias son mes pequefias manejables. Mi sugerencia: Dejarlo lode mmo 2515 mm Von der Gain, as dear, quedamos vivir use potential riesgo, podemos preferir enviar GIROS CHEQUB DE GERENCIA, que tienen un tiesgp un poco menor que tra nsferencias banoarias. Bta' todo bien hecho, el client: entiende bien lo acepfia coma ester ?Comenrarios? Saludos/ Kind Regards, Ramses Owens Managing Director! P-nmr This message was secured by