FIRST INDEPENDENT FUND SERVICES LTD. ("FIFS") is a limited company authorised by the Swiss Financial Market Supervisory Authority FINMA as a representative of foreign collective investment schemes in Switzerland. FIFS holds the FINMA authorisation since 2002 and is the oldest independent representative without a bank license in Switzerland. FIFS has been established in 2001 by Stefan D. Naegeli and Elpida Tsecouras Fisch in order to offer the legally required services of a representative to foreign clients seeking registration of their collective investment schemes in Switzerland in order to be able to market their collective investment schemes in or from Switzerland. FIFS represents several well-known foreign collective investment schemes in Switzerland.