II. TEAM & ADVISORS...

Transcription

1 WHITEPAPER

2 R Table of Contents I. EXECUTIVE SUMMARY Cryptocurrency Market early days but with a huge upside Message from the CEO... 6 II. TEAM & ADVISORS Management Team Advisors... 9 III. BAANX.COM CRYPTOBANK & DECENTRALISATION Baanx.com License Acquisitions Funds required to receive the License IV. CRYPTOBANK MARKET PLACE & BAANX.COM MODEL Fast Market Growth in Coming Years Baanx.com Funding Model V. BAANX.COM CRYPTOBANK SERVICES & PRODUCTS Cryptobank End Customers Cryptobank End Customer Function Release First Release 2H Second Release 2H Cryptobank Owner Functionality & Services VI. EXAMPLE USE CASES FOR BAANX.COM Baanx.com Cryptobank services, Customer use cases Baanx.com Cryptobank Network, Cryptobank use cases VII. BAANX.COM ROADMAP VIII. HOW BAANX.COM S ICO FUNDING WILL WORK Baanx.com ICO Terms, BXX Token Pre-Sale & ICO Token Allocation IX. BXX TOKENS BXX Token Introduction BXX Token Usage X. CONCLUSION XI. TOKEN CONTRACT SPECIFIC DETAILS SAFT (SIMPLE AGREEMENT FOR FUTURE TOKENS)... 25

3 DISCLAIMER OF LIABILITY The purpose of this White Paper is to present Baanx.com and BXX Token to potential token holders in connection with the proposed Token sale. Please read our full terms and conditions, SAFT, before making any decision regarding purchasing BXX Tokens. The information contained and set forth below may not be exhaustive and does not imply any elements of a contractual relationship. Its sole purpose is to provide relevant and reasonable information to potential token holders in order for them to determine whether to undertake a thorough analysis of the company with the intent of purchasing BXX Tokens. Nothing in this White Paper shall be deemed to constitute a prospectus of any sort or a solicitation for investment, nor does it in any way pertain to an offering or a solicitation of an offer to buy any securities in any jurisdiction. This document is not composed in accordance with, and is not subject to, laws or regulations of any jurisdiction, which are designed to protect investors. BXX Token is a utility token. This product is not a digital currency, security, commodity, or any other kind of financial instrument and has not been registered under the Securities Act, the securities laws of any state of the United States or the securities laws of any other country, including the securities laws of any jurisdiction in which a potential token holder is a resident. BXX Token cannot be used for any purposes other than those provided in the White Paper, including but not limited to, any investment, speculative or other financial purposes. BXX Token is not intended for sale or use in any jurisdiction where sale or use of digital tokens maybe prohibited. BXX Token confers no other rights in any form, including but not limited to any ownership, distribution (including but not limited to profit), redemption, liquidation, proprietary (including all forms of intellectual property), or other financial or legal rights, other than those specifically described in the White Paper. Certain statements, estimates and financial information contained in this White Paper constitute forward-looking statements or information. Such forward-looking statements or information involve known and unknown risks and uncertainties, which may cause actual events or results to differ materially from the estimates or the results implied or expressed in such forward-looking statements. White Paper can be modified to provide more detailed information. This English language White Paper is the primary official source of information about the BXX Token. The information contained herein may from time to time be translated into other languages or used in the course of written or verbal communications with existing and prospective customers, partners etc. In the course of such translation or communication some of the information contained herein may be lost, corrupted, or misrepresented. The accuracy of such alternative communications cannot be guaranteed. In the event of any conflicts or inconsistencies between such translations and communications and this official English language White Paper, the provisions of this English language original document shall prevail. Please find the full SAFT Token Information and country specific information contained in the Members area of Baanx.com, and a full copy of the SAFT Agreement is contained at the end of this whitepaper. Page 3/36

4 I. EXECUTIVE SUMMARY OPEN SOURCE, OPEN ACCESS, OPEN OWNERSHIP One quarter of the worlds population, or 2 Billion people 1, has no access to basic banking services. In the meantime, nearly 1.5 Billion people have smartphones with one third already using mobile payment services. The key growth markets, both in terms of economic growth and future penetration of digital services are in Asia, Latin America and Africa. This means that there are huge addressable global market niches for new market entrants able to offer compelling distributed digital services with integration of personal financial management tools all on a mobile interface. One of these new services is cryptocurrencies which are ideally suited for being accessible globally over smartphones. Cryptocurrencies have experienced global uptake since early 2015 and are expected to reach critical mass over the next five years. As per February 2018, there are more than 1500 cryptocurrencies 2 listed and traded on 130 cryptocoin exchanges 3. The classical banking market is controlled by top 100 banks controlling (managing) more than 50% of all global wealth and key banking segments such as retail banking, insurance and wealth management services. Banks are now being threatened by changes in customer expectations with a focus on demand for digital services delivered instantly and with a high level of personalization. This trend is being accentuated by the entrance of > FinTech start-up businesses since 2010 with many targeting core classical banking services in payments, wealth management and retail banking. Classical banks are ill adapted to deal with cryptocurrencies for a multitude of reasons and this opens the opportunity for new types of banking operations entirely devoted to establishing banking services for multiple stakeholders in the crypto market space February Page 4/36

5 1.1. Cryptocurrency Market early days but with a huge upside Cryptocurrencies are ideally suited to provide alternative access to financial services and new marketing channels for private people, SMEs and larger businesses. The future of Cryptocurrencies can become as important a currency as Fiat in everyday use. The adaption and growth of cryptocurrency is following the classical hockey stick growth path, experienced during the introduction of SMS 20 years ago, with a slow start followed by many years of double digit growth. As more people own and use cryptocurrencies, the more they will wish to be able to transact, operate, purchase, pay, save, lend, borrow and invest using their digital currencies in their everyday lives. 4 Mid-February 2018 Currently 6 million people in the world use Cryptocurrencies. Baanx s research shows the figure is expected to rise to 580 million people, or 7.25% of the world population by 2022, as more and more households and people are discovering the power of going beyond fiat currencies. Deloitte even predicts that up to 25% of the world will use Cryptocurrency by Current and future market cap of cryptocurrencies (low and high projection) Five years ago, at the end of Q1 2013, the total cryptocurrency market cap was slightly above $1 Billion. Since then it has increased more than 400 times. While it is impossible to project exactly what the future will be for the size of the cryptocurrency market it is safe to assume that over the next five years it will increase 7 (low) to 20 (high) times of current market cap. The chart above translates such a projection and compares with current market cap of $450 Billion. This trend is accentuated by the number of viable ICOs expected to enter the market which is further buttressing the growth and usage of cryptocurrencies. Cryptobank serving a $10 Trillion market place. With such huge expected growth of the cryptomarket coupled with the pent-up demand for cryptobased banking services, Baanx.com has created the BXX Token, which we are selling to the market to create the funds required to deliver the World s largest Cryptobank network. The goal is to ensure that everyone has access to full-service cryptocurrency banking services they need in the years to come and delivered as quickly as possible by qualified entities. Utilising Blockchain technology and being a decentralised Cryptobank, Baanx.com will be able to offer faster, better, cheaper full-service banking and lending services, as well as better returns on savings. Baanx.com is applying to be fully licensed in the EU, US, UK & Asia as a Cryptobank and we shall share these licenses amongst Cryptobank market entrants within a rule-based and Page 5/36

6 highly compliant system utilising smart contracts and in doing so create efficiencies and savings for our new partners through automation of core processes, and by applying AI wherever feasible. Baanx.com allows Open Access to qualified new market entrants, offers Open Ownership within the new Cryptobank sector, and invites Open Source Development on the Baanx.com platform, so new financial services applications can reach the entire network of customers. Baanx.com hopes for your support to develop our presence in this new market, using our powerful decentralized concept, to provide the opportunity for important business brands, banks, charities and individuals to own, control and grow their own Cryptobank. Please do join our new Telegram Chat Channel for news, information and bonuses relating to the Baanx.com system and ICO Message from the CEO Baanx.com is a project born from not being able to use Cryptocurrencies in normal life. To not to be able to pay for things easily, not use them day to day, and to want to be able to access Crypto on a virtual card on my mobile phone at the press of a button. This is something that is clearly possible with technology, but just not there yet. As such, following a decentralized model, we realized that we could offer something truly different to the world a shared license system that will allow effectively anyone qualified to enter Cryptobanking, driving their contacts, customers and people who trust them into these new, cutting-edge, Cryptobank brands on the Baanx.com platform. An Open Source, Open Access and Open Ownership model that can revolutionise Traditional Banking and allow rapid growth of the Cryptobank sector, starting from the Baanx.com Platform. Baanx will be offering large and small brands the opportunity to leverage cryptocurrency services while building presence through using their own brand name and providing great value-added digital services to their own brand, customers and communities. With the Cryptobank market predicted to reach top-line revenues of $10 trillion in the next decade this is a huge market in the making. What better way to keep to the core values of cryptocurrencies and decentralization, than to allow anyone to be able to enter it with a set of versatile and competitively priced financial products. Instead of Financial Services, businesses, charities, individuals having to wait 2+ years and invest million just to be able to get one banking license, we have made it our mission to offer not just the Baanx.com Cryptobank brand to the market with amazing services and features, but to allow anyone to be able to offer their own bank brand on a scalable, compliant, easy to operate and fully transparent Cryptobank branded model. We hope very much you will like and support Baanx.com and our decentralized mission. If you have any questions, thoughts, suggestions, or want to help us in any way then do get in touch on our Telegram Chat we are always here to help. Thank you for reading this Whitepaper. Garth Howat, ICO CEO, Baanx.com Ltd, Kemp Street, London. United Kingdom Page 6/36

7 II. TEAM & ADVISORS The current team as well as advisors are highly experienced Technical and FinTech individuals who are all onboard with the same mission, to deliver not just the number One Cryptobank, but a Cryptobank Network which will rival Traditional Banking structures in size and geographical spread Management Team Baanx.com has a highly experienced management team. Baanx.com CEO Garth Howat and CRO John Van Der Vos have a combined two decades of experience working with FinTech organisations, both as owners and as Consultants. They are both UK Financial Conduct Authority Approved within a separate Online Lending business within the UK and have very successful business track record. They are both listed on the FCA website, having been Identity, CRB and Credit Checked. Garth Howat not only has FinTech business interests, online lending sites and Consulting experience, but has an Executive Search Group operating in Technology and Professional Services. Utilising the Executive Search and Technology Recruitment businesses to bring the very best leaders; Blockchain and Banking Application Development experts to the table for Baanx.com. \ Baanx.com s technical and development team is being led by Sean Salloux who has 20 years of Banking System and Application experience, having built apps & systems for MasterCard, Visa, Bank of America and combined for over 90 different banking entities. His experience and knowledge around Mobile Security and Banking Applications is superb and is enabling Baanx.com to provide a highly secure and attractive product. Page 7/36

8 Post ICO several additional key team members will be offered fulltime positions and the top management will be strengthened by employing three CXO level positions for (1) Day-to-day management (2) Compliance (3) Global partnerships (4) Financial Control. They will add additional strong track record and skills building a global banking networks at a fast growth pace. Page 8/36

9 2.2. Advisors Baanx.com has attracted a superb group of Board Advisors who are giving huge assistance to the organization. They have been invaluable in helping to build the proposition for the ICO and will continuously provide technical, strategic and financial support going forward. Leading names which Include 2 of the Top 3 Global Advisors on ICO Bench and many others. Page 9/36

10 III. BAANX.COM CRYPTOBANK & DECENTRALISATION Baanx.com is designed as a Decentralised Cryptobank, utilising Open Access, Open Source and Open Ownership concepts to allow the fastest growth in the Blockchain era. This means that we have an open platform concept where other Cryptobank entrants can to join our platform, share our licenses and easily launch their own licensed Crypto products to their customer following quickly. By outsourcing and partnering with Baanx.com hundreds and later thousands of businesses will be saving huge time and money in setting up Cryptobank operations tailored to their own needs and adaption curve. To realise this Vision of a global footprint, and to be able to fully capitalize on the fast-growing Cryptocurrency market, we need to offer a seamless banking service which requires obtaining licenses within key jurisdictions Baanx.com License Acquisitions Funds required to receive the License Page 10/36

11 Funds required to deliver services and receive the Licenses in each region needed to prove liquidity & viability to regulators equals 50.5 Million. This spend will satisfy minimum liquidity and funding requirements and allow us to expedite the business plan of Baanx.com. Once we have the licenses in place we will be able to deliver all traditional and Cryptobanking services to each location and amongst all Cryptobanks on the platform. The Licenses will enable the provision all Deposit, Lending, Saving and Investment services. Utilising our unique model, we will share Financial licenses across all Cryptobank / Branded Crypto users within our rule based model, using smart contracts allowing as many Banks, businesses, charities and individuals as possible to deliver Cryptobank services to their customer followings and giving the Cryptobank sector the vital offerings required to be able to cope with the huge demand expected in the coming years, from Baanx.com and trusted brands to fast track the mainstream appeal of Cryptocurrency banking. Deloitte expects at least 25% of the world s population to be using Cryptocurrency by 2025 and this huge uplift in usage means that Baanx.com Cryptobank and Cryptobank Network will be in the prime position to be able to deliver the Cryptobank services needed. IV. CRYPTOBANK MARKET PLACE & BAANX.COM MODEL 4.1. Fast Market Growth in Coming Years. The Cryptobank market place is growing rapidly. Currently there are 4-5 million daily users of Cryptocurrency but in the coming years industry observers expect 600 million daily users. This incredible surge in Cryptocurrency usage will create a massive demand for innovative Cryptobank services in every world location. These millions of new customers will want to use Cryptobank services either directly over Baanx.com or through one of the thousands of hybrid bank partners which will be connected to Baanx.com. This business model implies that each potentially Cryptobank can offer their existing clients and potential customers add-on financial services in a low risk and manageable approach. In tomorrow s digital world nearly, any business is exposed to global competition and this increase the value of any business with a brand and the ability to leverage social media to retain customers and acquire new ones. Within this 21st century digital business reality Baanx.com offer any brand with a sufficient size and strong social media awareness to create cryptoservices of a financial nature through Baanx.com. By creating their own Cryptobank on the back of Baanx.com any brand could potentially fast track their own cryptobanking business. This will increase the brand value, capturing the demand for Page 11/36

12 innovation and seamless banking services for a brand wanting to stay ahead of competition. Baanx.com is acting as enabler of a revolutionary approach to banking and ultimately the majority of services offered will be white labelled. Typical partners for Baanx.com are Business brands in retail and online; well-known mid-tier banks, charities, and entrepreneurial individuals who will be able to start their own Cryptobank and drive this whole new business model forward by reaching out to customer followings with their reputable name. Baanx.com is building the World s largest Cryptobank Network, decentralizing accessibility and providing a whole new world of opportunity in the banking sector for anyone who wishes to build their own Cryptobank Baanx.com Funding Model Baanx.com had initial seed funding to enable the research and development of initial products, the development of a mobile cryptobank application, as well as test the viability of a rule-based system managing licenses through smart contract functionality with other Cryptobank entities. Baanx.com, will, upon the successful conclusion of the ICO, deliver the Banking licenses required to be a world class Cryptobank, releasing products from Q onwards. To ensure great success in the market, through availability of funds to deliver loans and Banking operations, Baanx.com has kept in reserve 150 million BXX Tokens, out of 1.25 billion, for the needs of new Cryptobanks and within the network. Baanx.com is planning a future IPO in so we can float on the London Stock Exchange and gather further funding to be able to be a world class, leading Cryptobank and continue to grow the world s largest Cryptobank Network. Baanx.com had a Plc in London recently acquired relating to a Merger & Acquisition of Baanx.com Ltd post-ico, though we would prefer to deliver our own IPO process to ensure the mission and goals of the project are achieved in full. Baanx.com will utilise PWC in the quarterly auditing of our ICO funds and revenues for token holders and the public. Our values of Open Source, Open Access and Open Ownership insist on our movements integrity regarding the appropriate use of Baanx.com Funds. Something we strongly believe in. V. BAANX.COM CRYPTOBANK SERVICES & PRODUCTS 5.1. Cryptobank End Customers Baanx.com will release cutting-edge services through the Baanx.com Cryptobank and Cryptobank Network. Baanx.com has already developed key initial products and arranged licensing deals for many others, to ensure rapid scale-ability of the platform in Q3 2018, and key customer benefits listed below. Lower costs of operation for Baanx.com than Traditional Banks mean cheaper Banking services for customers, more efficient and faster through key improvements. Savings passed on to end Customers through: Automation (cost savings by automating processes is key) Artificial Intelligence (Robo-advisors & intelligent systems in place). Scaleable back-office operations managed through Baanx.com platform for multiple Cryptobanks & Cryptobank brands. Private Blockchain based banking on a global scale is cheaper to run, easier to manage and better for customers Cryptobank End Customer Function Release. Iphone Mobile View & Menu Baanx.com Cryptobank services (see next page) Page 12/36

13 Accounts Cryptocurrency & Fiat Accounts, Crypto price can be locked in for small fee, unique function allowing guarantee value in account. Exchange Access to best Crypto prices across Kraken, Coinbase, Bitfinex, Kucoin and very low fees through an active API. Payments Ability to pay and send Cryptocurrency or fiat, with very low costs. Setup Direct Debits, Standing Orders Savings, Lending & Investments Savings Accounts, efficiencies through automation & AI allow greater incentive returns for Cryptobank customers (V2) Mobile Pay Any Account can be linked to Virtual Payment Card (ApplePay), easy access to pay with crypto at shops & online. 3 rd Party API & Apps 3 rd party developers, financial apps & ecosystem for all customers of Baanx.com Cryptobank and all Cryptobank brands. Page 13/36

14 5.3. Functionality coming next with new Licenses during Product Roadmap Release First Release 2H 2018 Exchange services Highly secure wallet Crypto payment through virtual cards Best price functionality available through major exchanges with fast, low transaction market prices. Hedging facility to lock in Crypto prices on request, click price lock on your smartphone. Insured Accounts, just like Traditional Banks, you are covered against theft, hacking or another non-fault events peace of mind in the Blockchain Era. Wallet & account to pay from, you can select any Crypto or Fiat and you can pay in shops on ApplePay, AndroidPay, Alipay or use your virtual card online. Charge up to 0.5% BXX of total for each transaction Second Releases, phased Cryptocurrency Credit Card Savings accounts Uniquely hedged product to avoid price fluctuations, proven concept. APRs chosen by relevant Cryptobank within Network for maximum attraction. Customer s receive greater Savings returns due to automation & AI cost improvements. Robo advisors provide customer services using AI through our partner creating cost reduction. Investments, Exchange Traded Funds and opportunities on Baanx.com Baanx.com will be offering extensive Investment, ETF and other opportunities through the system. Open Source nature means we expect stock broking, property and numerous investment applications. Point of Sale / Retail Finance options for customer attraction Extensive Point of Sale and Retail Finance options on online brand sites, retail finance for businesses and brands owning Cryptobank operations will be utilised. Bringing many customers into the Cryptobank network. Lending services, microlending and asset backed lending (2020) Open API for Developers to be able to deliver Crypto Financial Services Loans will be offered through Baanx Cryptobanks. Microlending options within all parts of the world, though especially developing areas offered to increase customer uptake and engagement. Huge opportunities for Developers to reach hundreds of Cryptobank s customer portfolios through our Open Source values and platform. Building regulatory compliant applications, they will be attracted to Baanx.com to achieve huge exposure to the customer networks. Page 14/36

15 5.5. Cryptobank Owner Functionality & Services Baanx.com allows Cryptobank start-ups to build a selection of products in a rule-based system. As back office operations are managed, automated and cannot be breached by Cryptobanks, it is a question of setting variable criteria and letting the Baanx.com system do the rest whilst the Cryptobank owner simply watches their revenue grow. Baanx.com Cryptobank start-ups have 3 levels of access: White Label Cryptobank Minimum Identity, AML and Sanctions Checks for Cryptobank owner. Free start up access for businesses and charities, small BXX charge for individuals. Baanx.com Licensed activity, shared license service through smart contract. No Customer information or specific customer data available to Cryptobank (dashboard of bank operations, profitability, revenue, customer uptake and aggregated activity provided). A full copy of Baanx.com Cryptobank operations however with their own brand on the product delivered perfect Cryptobank incubator and start up solution to reach trusting customer networks quickly and deliver rapid growth. The Baanx.com Cryptobank owner is only expected to promote their Cryptobank brand and services to their customers. In return they receive a share of the profits made from each customer within their Cryptobank in the form of BXX Tokens they can, as they grow, move their Cryptobank to more advanced services, Bespoke and Expert. Baanx.com still retains an interest and involvement in their Cryptobank operation. Page 15/36

16 Bespoke Cryptobank setup Extensive identity, AML and Sanctions checks. Cost for setup and implementation. Shared license structure with Baanx.com licenses utilized using smart contracts. Greater involvement in service provision and setup of Cryptobank. Complete system setup to bespoke arrangement. Choose Savings interest on offer. APR rates on funding offered APR Credit Cards APR on loans Transaction Charges on Exchange variable, and other activities selected. Full selection of services to choose from within a suite of Baanx product offerings, modular integration and combination. Can decide on which 3rd party developers can provide facilities for customers (paid BXX for each customer who uses 3rd party developer apps) - which Open Source applications they choose their customers to access. Ability to trade internally with other Baanx.com Cryptobanks using BXX sell customer loan portfolios, assets, customer portfolios, entire services or entire Bank. Can Self-Fund bank lending & credit operations for greater profits, or have the choice to use Baanx.com funding for a smaller share as they develop their Cryptobank operation. Outsourced Cryptobank Brand Existing Baanx.com Cryptobank Brand owner who has grown so large and profitable they want to get their own license to expand and take greater control; or already licensed (separately such as Bank). This package will have entire Baanx.com system separately on their own cloud server at Baanx.com. Completely separated operations, services and offering available. Payment model for functions, services, technology. Full Cryptobank setup separately. Ability to see Customer accounts and specific information and move around the Cryptobank as required, as with full license. Can sell customers / bank / assets in BXX to other banks. Deliver new services as required and create own financial services on the Open Source Platform as they wish. Entirely separate Cryptobank outside of the Baanx.com, but using Baanx.com platform, systems and extensive services / products provided (as chosen) from the 3rd party, Open Source Application list. Page 16/36

17 VI. EXAMPLE USE CASES FOR BAANX.COM 6.1. Baanx.com Cryptobank services, Customer use cases. Cryptocurrency enthusiasts and users will be able to utilise Baanx.com as a Cryptobank solution to ensure they can access their Cryptocurrency and Bank services in the same way as a Traditional Bank. Customers will be making cost savings in payments, efficiencies in accessing Cryptocurrencies in the real world and with better APR on Savings. Customers have very strong advantages from a highly secure system where they can hold all their Cryptocurrencies and Fiat Accounts in one place. Mark is a Crypto trader using Baanx.com he wishes to deposit his Cryptocurrency into a wallet and hedge (fix) the price of Cryptocurrency, so when he wakes up the price is the same. Baanx.com allows this great functionality & is the most secure application available. Ahmed travels a lot as he is a well-paid international Contractor who works in various countries for long periods of time delivering Project Management services. Whilst away he wishes to send funds back to his family overseas, as he earns the money. Utilising his Baanx.com free customer account he can use the Baanx.com Private Blockchain to send funds home for a fraction of the cost of using a Traditional Bank transfer. Ahmed can use the same Baanx.com account in each country he works in to be paid and never receives ridiculously high charges for his banking activity. Page 17/36

18 Sarah has a large amount of Cryptocurrency, however is not earning any interest. Cryptocurrency has, by 2022, become relatively stable and is widely accepted in the market. By transferring her Cryptocurrency to Baanx.com Savings she will earn a better APR than equivalent Fiat currency in a Traditional Bank savings through automation, AI and roboadvisory ensures better APRs for customers. Ali has considerable funds and wishes to plan for his retirement. Baanx.com has a range of Exchange Traded Funds offering good returns and offers Cryptofund investment services, he decides to put a proportion of his funds into the Baanx.com Wealth & Investment offerings to receive better returns than Traditional offerings. Bilal is looking to access a micro-loan, he can receive this through Baanx.com in Cryptocurrency or USD, his choice. He can receive the loan at a very reasonable APR due to savings passed on from efficiencies in a Cryptobank. David wishes to lend money to businesses and individuals from his Cryptocurrency assets, he can take up and lend through the Peer to Peer Lending platform within the Baanx.com system. David can spread his funds amongst many different loans and achieve strong returns. Krystof has both Fiat and Cryptocurrency in multiple locations, he moves all his Fiat and Crypto to Baanx.com to access a highly secure system with insured accounts (just like traditional banks), but be able to move, save, spend, invest, lend or borrow all in the same place. Baanx has all the services he needs, as well as access to huge numbers of Open Source, 3 rd party developed applications allowing him a wide array of Financial Application access Baanx.com Cryptobank Network, Cryptobank use cases. Baanx.com have already been approached by a considerable number of businesses within the financial services and online retail markets who are interested in offering Cryptobank services. We have had enquiries at a rate of 2 or more per day during 2018 from a huge range of entities. We have interviewed 45 businesses ranging from mid-tier online brands through to start-ups wanting Cryptobank services. Numerous leading financial services organisations, including a German Credit Broker with a thriving business, would equally like to access the licensed banking services Baanx.com intends to provide. Enquiries and people interested include: Type Large European Credit Broker (German) Retail Network (international) Lending firm with strong growth turnover (UK) Type of Partnership Granting of their own loans to their customers base through Baanx.com. This will generate additional revenues for the Credit Broker and for Baanx.com cryptocurrency. Select Cryptobanking Services. Who would start a separate brand as they are already FCA Approved, want a Cryptobank. Medium-sized international clothing brand Select Cryptobanking Services. Page 18/36

19 Type Marketing firms and mobile applications businesses. (Netherlands) Multiple Start-ups (European) Type of Partnership Marketing of new Services under their own brand (select number of services). Select number of cryptoservices. Ultimately our goal is to be the Amazon of financial services brands, banks and everyone else - to have a piece of most of the action within retail and later corporate banking too as this market expands. Conclusion: Our market research shows a very high demand for the type of decentralized, shared license, rule-based Cryptobank system Baanx.com is building. Not just from customers who want to use Cryptocurrency daily, but a wide array of entities who wish to launch their Cryptobank. We will be giving BXX Token holders a vote on some of the brands, as we progress, on who we allow to operate a Baanx.com bank as spaces fill up especially post-ico. Detailed description of requests from potential Branded Cryptobanks and the journey we envisage them taking with Baanx: Online Retail Clothing organization, with a strong customer following, would like to increase sales, brand loyalty and revenue. As such they open a Baanx.com branded Cryptobank Clone package (Baanx.com funded operations in their Branded Cryptobank) The company advertise point-of-sale finance and their Cryptobank brand on the backend of their purchase process loyal customers sign up to their Cryptobank, taking out finance on new purchases. This increases the Clothing brand s customer loyalty, status, increases sales (through finance offered) and they get increased revenue for driving new customers to the Baanx.com Cryptobank Network. Their Cryptobank continues to develop until they eventually decide to get their own Banking licenses and expand further decentralizing further the new Cryptobank sector. Charitable organization would like to develop further revenue streams to further help achieve their goals. Through advertising their Cryptobank on all charity literature they get support, new Cryptobank customers using them and can derive extra revenue, improved status and higher levels of donations. A Charity providing financial assistance in the developing world would like to be able to deliver official micro-loans for farm tools and crop seeds, so they can give more people the chance to be self-sufficient. The Charity can setup a Bespoke financial solution through the branded Cryptobank, ensuring it is easy for them to deliver funds to those who wish to borrow them in a legal manner. The Charity is also able to make loans and when repaid they can legally collect and re-lend to the next farmer who requires them. A mid-tier Bank wishes to get into the Cryptobank sector and begin providing Crypto services to their customers. They are unable to utilise their own Banking license because their systems, procedures and staff are not setup to understand and control Cryptobank services to customers. Page 19/36

20 The Bank opens a branded Cryptobank on the Bespoke service, setting up various Crypto services and allowing the Baanx.com rule-based system to ensure they are following the regulatory requirements needed, whilst not having any risk to their own current Banking licenses and with the added value of being able to trade across multiple jurisdictions and regulatory environments across the world. Later the mid-tier Bank has developed a strong Cryptobank customer following and decides to upgrade to the Expert model allowing them to deliver their own, separate Cryptobank offering utilizing Baanx.com products. They still contribute a proportion of net transaction revenue profits to BXX Token holders each week. A credit broker is keen to continue to develop their Cryptobank services. They are unable and unwilling to wait up to 2-3 years to get the right Banking license, and unable to afford the large amount of funds required to be able to afford the costs necessary to be able to prove their financial liquidity to the regulators. The Credit Broker opens a Bespoke package Cryptobank and can setup the products they need they are now able to offer self-funded loans to their existing customers, lending to the ones they wish to, utilising the Baanx.com rule-based system and license sharing structure prevalent on Baanx.com. Their customer base grows giving them a strong return in additional service areas to lending. UHNW 5 individual who wishes to become involved in credit card lending, bank overdraft facilities and/ or long-term loans to individuals, organisations they are interested in and / or businesses with good returns on offer. Businesses within the Crypto space, including current Wallet and Exchange providers, wish to deliver full Cryptobanking services, using the bespoke Baanx.com option. Having the Baanx.com additional services promoted to their customer base to increase revenue and also be able to access functions, as well as the Baanx.com private blockchain, and key product offerings. There are many additional use cases for the Baanx.com model, we have a lot of interest in the Branded Cryptobank services and strong pipeline growing Cryptobank users will be made easier through utilizing known, established entities who are well trusted and liked by customers. 5 Ultra-High Net Worth Page 20/36

21 VII. BAANX.COM ROADMAP The roadmap shows in a summary mode what was done in terms of preparations over the last two years and our operational plans for the next 3-4 years. Key Events in 2018 are ICO launch end of 1Q Start of License applications Developing Product & Product Releases Key Events in 2019 are Acquisition of Licenses as per section 3.1 Strong growth of initial cryptoservices. Baanx.com s Services reaching 1M clients within areas covered by licenses. 100 Cryptobanks sharing licenses Page 21/36

22 VIII. HOW BAANX.COM S ICO FUNDING WILL WORK 8.1. Baanx.com ICO Terms, BXX Token Notes for Pre-Sale Baanx.com is looking to raise 12.5m from the Pre-Sales with the sale of 200m BXX The Pre-Sale is by Pre-Registration for Baanx.com Members for the first 48 hours, during which time we will be taking ETH, BTC, Cryptocurrency and Debit Cards. During the first 48 hours there will be a maximum purchase of 10,000 ($12,379) for any one Member, as an anti-whale policy will be in force to enable maximum involvement. After the first 48 hours we will open the Pre-Sale up to any purchase amount for the remaining BXX Tokens. All purchases made during the Pre-Sale will be under our SAFT contract. Goals for Pre-Sale The goals for the Pre-Sale process is to raise funds to deliver the new EU Banking License so we can drive the project forward in the minimum time possible in 2018 There will be a 25% discount from the ICO Price Pre-Sale & ICO Token Allocation Baanx.com need to raise 62.5m at ICO to achieve the necessary licenses to enable Baanx.com to deliver Cryptobank services to all geographical areas in the world, to allow fastest uptake of Cryptocurrency banking services and allow decentralized Cryptobank ownership to thrive within the Baanx.com model. To ensure the Baanx.com Team, including Developers, Founder, Directors, COO, CTO, CEO are highly incentivized to deliver a successful Cryptobank and Cryptobank Network the Team tokens allocated are locked away for 12 months. Page 22/36

23 At that point, 12 months post-ico completion, they will be released at only 20% per quarter to avoid any impact on BXX pricing and dispersed steadily over each quarter to ensure there is no Token price impact on any one day. IX. BXX TOKENS 9.1. BXX Token Introduction BXX Tokens are the primary utility tokens to be used in the Baanx.com Cryptobank platform. As such they will be in considerable demand from Baanx.com, Cryptobank operations and member activities. BXX will be sold on secondary markets, as well as within the Baanx.com platform. BXX Token Holders are possibly going to receive up to 20% of net transaction profits as long as they own over 20,000 BXX (value 2000 at ICO), from not just Baanx.com Cryptobank, but all Cryptobanks within the Baanx.com network. This ensures a large need for this token within not just 1 Cryptobank, but ultimately hundreds or more Cryptobanks within the expected largest Cryptobank Network in the World, benefiting hugely from the massive uptake predicted in the Cryptobank market BXX Tokens usage All activities within Baanx.com Cryptobank and Network of Cryptobanks will utilise BXX Tokens. As such everything from exchange transactions, loan repayments, loan interest, investment returns, payment charges for utilizing cryptocurrency virtual payment card and everything else will utilise BXX. Bank brands will trade between each other any assets, customers, or sales of entire Cryptobank in BXX only. As such BXX will be heavily utilized and in great demand. Page 23/36

24 X. CONCLUSION Baanx.com stands for open source, open access and open ownership we are leading huge change, the first decentralised Cryptobank network, who can deliver a huge step forward in the daily usage of Cryptocurrencies and scale the Cryptobank market more quickly than the 1 Cryptobank start-up model of our competitors. Baanx.com hopes for your support with our Pre-Sale and later ICO, we strongly feel it is time for Cryptocurrency banking services to be completely accessible throughout the world. It is for this reason we offer not just the Baanx.com Cryptobank, but the Decentralised Cryptobank Network, to offer scale-ability and fast uptake of Cryptocurrency banking. We humbly ask for your assistance in making Baanx.com grow and look forward to offering our services to you across all licensed Cryptobanking activities stated above. All investors at the Pre- Sale and ICO contributing over 5,000 will receive priority virtual and physical Baanx.com cryptocurrency Black cards. If you are keen to access the Baanx.com Cryptobank services we look forward to being at your service. If you need a Cryptobank solution for your business, bank, charity or individual needs then please also get in touch. Contact our support team on Telegram, we ask you join our Telegram Channel for news and information updates on this link Please also kindly become a member and whitelist your status on Page 24/36

25 XI. TOKEN CONTRACT SPECIFIC DETAILS BXX Token a product of BAANX.COM LTD SAFT (SIMPLE AGREEMENT FOR FUTURE TOKENS) NOTICE TO RESIDENTS OF THE UNITED STATES THE OFFER AND SALE OF THE SAFT HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT ), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES AND IS ONLY BE SOLD TO ACCREDITED INVESTORS. THE SAFT MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM. NOTICE TO RESIDENTS OF THE AUSTRALIA NO SAFTS, PLACEMENT DOCUMENT, PROSPECTUS, PRODUCT DISCLOSURE STATEMENT OR OTHER DISCLOSURE DOCUMENT HAS BEEN LODGED WITH THE AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION (ASIC), IN RELATION TO THE OFFERING. THE SAFTS AND ANY DOCUMENTS USED IN CONNECTION THEREWITH AND ANY RELATED DOCUMENTS DO NOT CONSTITUTE A PROSPECTUS, PRODUCT DISCLOSURE STATEMENT OR OTHER DISCLOSURE DOCUMENT UNDER THE CORPORATIONS ACT 2001 (OR THE CORPORATIONS ACT) AND DO NOT PURPORT TO INCLUDE THE INFORMATION REQUIRED THEREFOR. ANY OFFER IN AUSTRALIA OF THE SAFTS AND ANY DOCUMENTS USED IN CONNECTION THERE WITH MAY ONLY BE MADE TO SOPHISTICATED INVESTORS (WITHIN THE MEANING OF SECTION 708(8)OF THE CORPORATIONS ACT), PROFESSIONAL INVESTORS (WITHIN THE MEANING OF SECTION 708(11) OF THE CORPORATIONS ACT) OR OTHERWISE PURSUANT TO ONE OR MORE EXEMPTIONS CONTAINED IN SECTION 708 OF THE CORPORATIONS ACT SO THAT IT IS LAWFUL TO OFFER THE SAFTS AND ANY DOCUMENTS USED IN CONNECTION THERE WITH WITHOUT DISCLOSURE TO INVESTORS UNDER CHAPTER 6D OF THE CORPORATIONS ACT. THE SAFTS AND ANY DOCUMENTS USED IN CONNECTION THERE WITH MUST NOT BE OFFERED FOR SALE IN AUSTRALIA IN THE PERIOD OF 12 MONTHS AFTER THE DATE OF ALLOTMENT UNDER THE OFFERING, EXCEPT IN CIRCUMSTANCES (I) WHERE DISCLOSURE TO BUYERS UNDER CHAPTER 6D OF THE CORPORATIONS ACT WOULD NOT BE REQUIRED PURSUANT TO AN EXEMPTION UNDER SECTION 708 OF THE CORPORATIONS ACT OR OTHERWISE OR (II) WHERE THE OFFER IS PURSUANT TO A DISCLOSURE DOCUMENT WHICH COMPLIES WITH CHAPTER 6D OF THE CORPORATIONS ACT. ANY PERSON ACQUIRING THE SAFTS AND ANY DOCUMENTS USED IN CONNECTION THERE WITH MUST OBSERVE SUCH AUSTRALIAN ON-SALE RESTRICTIONS. NOTICE TO RESIDENTS OF CANADA THE SAFT MAY BE SOLD ONLY TO PURCHASERS PURCHASING AS PRINCIPAL THAT ARE BOTH ACCREDITED INVESTORS AS DEFINED IN NATIONAL INSTRUMENT PROSPECTUS AND REGISTRATION EXEMPTIONS AND PERMITTED CLIENTS AS DEFINED IN NATIONAL INSTRUMENT REGISTRATION REQUIREMENTS, 29 EXEMPTIONS AND ONGOING REGISTRANT OBLIGATIONS. ANY RESALE OF THE SECURITIES MUST BE MADE IN ACCORDANCE WITH AN EXEMPTION FROM THE PROSPECTUS REQUIREMENTS AND INCOMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF APPLICABLE SECURITIES LAWS. NOTICE TO RESIDENTS OF CHINA THE RIGHTS ARE NOT BEING OFFERED OR SOLD AND MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, WITHIN THE PEOPLE S REPUBLIC OF CHINA (FOR SUCH PURPOSES, NOT INCLUDING THE HONG KONG AND MACAU SPECIAL ADMINISTRATIVE REGIONS OR TAIWAN), EXCEPT AS PERMITTED BY THE SECURITIES AND OTHER LAWS AND REGULATIONS OF THE PEOPLE S REPUBLIC OF CHINA. NOTICE TO RESIDENTS OF EUROPEAN ECONOMIC AREA IN RELATION TO EACH MEMBER STATE OF THE EUROPEAN ECONOMIC AREA WHICH HAS IMPLEMENTED THE PROSPECTUS DIRECTIVE (EACH, A RELEVANT MEMBER STATE ), THE SAFT AND ANY RELATED DOCUMENTS ARE BEING DISTRIBUTED ONLY TO, AND DIRECTED ONLY AT (AND ANY RELATED PURCHASE ACTIVITY WILL BE ENGAGED ONLY WITH): (A) A LEGAL ENTITY THAT IS A QUALIFIED INVESTOR AS DEFINED IN THE PROSPECTUS DIRECTIVE, (B) FEWER THAN 150 NATURAL OR LEGAL PERSONS (OTHER THAN QUALIFIED INVESTORS AS DEFINED IN THE PROSPECTUS DIRECTIVE), SUBJECT TO OBTAINING THE PRIOR CONSENT OF ANY REPRESENTATIVE FOR ANY SUCH OFFER; OR (C) PERSON THE SALES TO WHOM WOULD BE IN ANY OTHER CIRCUMSTANCE FALLING WITHIN ARTICLE 3(2) OF THE PROSPECTUS DIRECTIVE; PROVIDED THAT NO SUCH TRANSACTION MAY RESULT IN A REQUIREMENT FOR THE PUBLICATION BY US OF A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS DIRECTIVE. THE EXPRESSION PROSPECTUS DIRECTIVE MEANS DIRECTIVE 2003/71/EC (AS AMENDED), INCLUDING BY DIRECTIVE 2010/73/EU, AND INCLUDES ANY RELEVANT IMPLEMENTING MEASURE IN THE RELEVANT MEMBER STATE. THIS EUROPEAN ECONOMIC AREA SELLING RESTRICTION IS IN ADDITION TO ANY OTHER APPLICABLE SELLING RESTRICTIONS SET OUT BELOW. NOTICE TO RESIDENTS OF HONG KONG SAFTS MAY NOT BE OFFERED OR SOLD IN HONG KONG BY MEANS OF ANY DOCUMENT OTHER THAN (I) IN CIRCUMSTANCES WHICH DO NOT CONSTITUTE ANY OFFER TO THE PUBLIC WITHIN THE MEANING OF THE COMPANIES (WINDING UP AND Page 25/36

26 MISCELLANEOUS PROVISIONS) ORDINANCE (CAP. 32 OF THE LAWS OF HONG KONG) (THE CWUMP ORDINANCE ) OR WHICH DO NOT CONSTITUTE AN INVITATION TO THE PUBLIC WITHIN THE MEANING OF THE SECURITIES AND FUTURES ORDINANCE (CAP. 571 OF THE LAWS OF HONG KONG) ( SECURITIES AND FUTURES ORDINANCE ), OR (II) TO PROFESSIONAL INVESTORS AS DEFINED IN THE SECURITIES AND FUTURES ORDINANCE AND ANY RULES MADE THEREUNDER, OR (III) IN OTHER CIRCUMSTANCES WHICH DO NOT RESULT IN THE DOCUMENT BEING A PROSPECTUS AS DEFINED IN THE CWUMP ORDINANCE, AND NO ADVERTISEMENT, INVITATION OR DOCUMENT RELATING TO THE SAFT MAY BE ISSUED OR MAY BE IN THE POSSESSION OF ANY PERSON FOR THE PURPOSE OF ISSUE (IN EACH CASE WHETHER IN HONG KONG OR ELSEWHERE), WHICH IS DIRECTED AT, OR THE CONTENTS OF WHICH ARE LIKELY TO BE ACCESSED OR READ BY, THE PUBLIC IN HONG KONG (EXCEPT IF PERMITTED TO DO SO UNDER THE SECURITIES LAWS OF HONG KONG) OTHER THAN WITH RESPECT TO INSTRUMENTS WHICH ARE OR ARE INTENDED TO BE DISPOSED OF ONLY TO PERSONS OUTSIDE OF HONG KONG OR ONLY TO PROFESSIONAL INVESTORS IN HONG KONG AS DEFINED IN THE SECURITIES AND FUTURES ORDINANCE AND ANY RULES MADE THEREUNDER. NOTICE TO RESIDENTS OF INDIA THE SAFTS AND ANY DOCUMENTS USED IN CONNECTION THEREWITH AND ANY RELATED DOCUMENTS DO NOT CONSTITUTE AN OFFER TO SELL TO OR AN OFFER TO BUY INTEREST FROM ANY PERSON OTHER THAN THE PERSON TO WHOM THIS DOCUMENT HAS BEEN SENT BY BAANX.COM LTD OR ITS AUTHORIZED AGENTS. THE SAFTS AND ANY DOCUMENTS USED IN CONNECTION THEREWITH SHOULD NOT BE CONSTRUED AS A PROSPECTUS. THE SAFTS AND ANY DOCUMENTS USED IN CONNECTION THEREWITH ARE NOT BEING OFFERED FOR SALE OR SUBSCRIPTION BUT ARE BEING PRIVATELY PLACED WITH A LIMITED NUMBER OF SOPHISTICATED INVESTORS, AND PROSPECTIVE 30 INVESTORS MUST OBTAIN LEGAL ADVICE THAT THEY ARE ENTITLED TO SUBSCRIBE FOR THESE INSTRUMENTS AND MUST COMPLY WITH ALL RELEVANT INDIAN LAWS IN THIS RESPECT. NOTICE TO RESIDENTS OF ISRAEL BAANX.COM LTD DOES NOT INTEND TO OFFER THE SAFT TO THE PUBLIC IN ISRAEL WITHIN THE MEANING OF THE ISRAELI SECURITIES LAW, 1968, OR OFFER SAFTS, WITHIN ANY SPECIFIC YEAR, TO MORE THAN 35 OFFEREES RESIDENT IN ISRAEL. EACH OFFEREE MUST AND HEREBY DOES WARRANT TO BAANX.COM LTD THAT IT IS PURCHASING SAFTS FOR INVESTMENT PURPOSES ONLY AND NOT FOR PURPOSES OF RESALE. NOTICE TO RESIDENTS OF JAPAN THE SAFT IS BEING OFFERED TO A LIMITED NUMBER OF QUALIFIED INSTITUTIONAL INVESTORS (TEKIKAKU KIKAN TOSHIKA, AS DEFINED IN THE SECURITIES EXCHANGE LAW OF JAPAN (LAW NO. 25 OF 1948, AS AMENDED)) AND/OR A SMALL NUMBER OF INVESTORS, IN ALL CASES UNDER CIRCUMSTANCES THAT WILL FALL WITHIN THE PRIVATE PLACEMENT EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES EXCHANGE LAW AND OTHER RELEVANT LAWS AND REGULATIONS OF JAPAN. AS SUCH, THE SAFT HAS NOT BEEN REGISTERED AND WILL NOT BE REGISTERED UNDER THE SECURITIES EXCHANGE LAW OF JAPAN. THE Buyer OF THE SAFT AGREES NOT TO RE- TRANSFER OR RE-ASSIGN THE SAFT TO ANYONE OTHER THAN NON-RESIDENTS OF JAPAN EXCEPT PURSUANT TO A PRIVATE PLACEMENT EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF, AND OTHERWISE IN COMPLIANCE WITH, THE SECURITIES EXCHANGE LAW AND OTHER RELEVANT LAWS AND REGULATIONS OF JAPAN. NOTICE TO RESIDENTS OF RUSSIAN FEDERATION THE SAFT AND ANY RELATED DOCUMENTS ARE NOT AN OFFER, OR AN INVITATION TO MAKE OFFERS, TO SELL, PURCHASE, EXCHANGE OR OTHERWISE TRANSFER SECURITIES OR FOREIGN FINANCIAL INSTRUMENTS TO OR FOR THE BENEFIT OF ANY PERSON OR ENTITY RESIDENT, INCORPORATED, ESTABLISHED OR HAVING THEIR USUAL RESIDENCE IN THE IN THE RUSSIAN FEDERATION, EXCEPT QUALIFIED INVESTORS (AS DEFINED UNDER RUSSIAN SECURITIES LAWS) TO THE EXTENT PERMITTED UNDER RUSSIAN SECURITIES LAWS. THE SAFT AND ANY DOCUMENTS USED IN CONNECTION THEREWITH ARE NOT AN ADVERTISEMENT IN CONNECTION WITH THE PLACEMENT OR A PUBLIC CIRCULATION (AS BOTH TERMS ARE DEFINED UNDER RUSSIAN SECURITIES LAW) OF ANY SECURITIES, AND THE SAFT IS NOT INTENDED FOR PLACEMENT OR PUBLIC CIRCULATION IN THE RUSSIAN FEDERATION, IN EACH CASE UNLESS OTHERWISE PERMITTED UNDER RUSSIAN SECURITIES LAWS. NEITHER THE SAFT NOR A PROSPECTUS RELATING HERETO HAS BEEN OR WILL BE REGISTERED WITH THE CENTRAL BANK OF THE RUSSIAN FEDERATION. NOTICE TO RESIDENTS OF SINGAPORE THE SAFT AND ANY DOCUMENTS USED IN CONNECTION THEREWITH HAVE NOT BEEN REGISTERED AS A PROSPECTUS WITH THE MONETARY AUTHORITY OF SINGAPORE UNDER THE SECURITIES AND FUTURES ACT, CHAPTER 289 OF SINGAPORE ( SFA ). ACCORDINGLY, THE SAFT AND ANY OTHER DOCUMENT IN CONNECTION WITH THE OFFER OR SALE, OR INVITATION FOR SUBSCRIPTION OR PURCHASE, THEREOF MAY NOT BE CIRCULATED OR DISTRIBUTED, NOR MAY IT BE OFFERED OR SOLD, OR BE MADE THE SUBJECT OF AN INVITATION FOR SUBSCRIPTION OR PURCHASE, WHETHER DIRECTLY OR INDIRECTLY, TO ANY PERSON IN SINGAPORE OTHER THAN (I) TO AN INSTITUTIONAL INVESTOR UNDER SECTION 274 OF THE SFA, (II) TO A RELEVANT PERSON PURSUANT TO SECTION 275(1), OR ANY PERSON PURSUANT TO SECTION 275(1A), AND IN ACCORDANCE WITH THE CONDITIONS 31 SPECIFIED IN SECTION 275 OF THE SFA, OR (III) OTHERWISE PURSUANT TO, AND IN ACCORDANCE WITH THE CONDITIONS OF, ANY OTHER APPLICABLE PROVISION OF THE SFA. WHERE THE SAFT IS SUBSCRIBED FOR OR PURCHASED UNDER SECTION 275 OF THE SFA BY A RELEVANT PERSON WHICH IS A TRUST (WHERE THE TRUSTEE IS NOT AN ACCREDITED INVESTOR (AS DEFINED IN SECTION 4A OF THE SFA)) WHOSE SOLE PURPOSE IS TO HOLD INVESTMENTS AND EACH BENEFICIARY OF THE TRUST IS AN ACCREDITED INVESTOR, THE BENEFICIARIES RIGHTS AND INTEREST (HOWSOEVER DESCRIBED) IN THAT TRUST SHALL NOT BE TRANSFERABLE FOR 6 MONTHS AFTER THAT TRUST HAS ACQUIRED THE SAFT UNDER SECTION 275 OF THE SFA EXCEPT: Page 26/36