The new flagship of the QROPS fleet

Trafalgar

2

Whatever our age, and wherever in the world our lives have taken us, we all want to makethe most of what we have. It’s right to look at our options, to make the most of the assetsthat we have. And to make the most of the opportunities we are given.

For many of us, our pension will be one of our largest financial assets. For some people, particularly those with final salary pensions, their pension may be worth even more thantheir house.

If you have built up a UK pension fund and now are no longer UK-resident, you may not realisethat your pension is still subject to UK taxation rules. You might have moved abroad to escapethe UK, but if your pension has not, it is still subject to constantly changing restrictive UK taxation rules, which may lead to you paying a lot more in tax than is necessary.

Trafalgar

There is an alternative. Imagine an overseas pension scheme - a scheme based in theEuropean Union - which provides:

• more pension to you in retirement

• more tax-efficiency, both during your life and on your death

• a wide investment choice, both before and after retirement

• the opportunity (if you so wish) to change at any time the currency of your pension fund and your retirement pension, to

match your local currency

• a scheme especially designed for UK pension transfers – a scheme which fully recognises and satisfies the relevant UK rules,

but maximises the opportunities that you have as a UK non-resident for your children or nominated beneficiaries to receive

your pension fund when you die.

Imagine no longer. Behold Trafalgar.

The Trafalgar Personal Pension Scheme – “Trafalgar” - is a pension scheme established under trust and tax-approved in Gibraltar.

Trafalgar is registered with the UK tax authority HM Revenue & Customs (HMRC) as a Qualifying Recognised Overseas Pension

Scheme (“QROPS”). This means that pension transfers made from UK pension schemes to Trafalgar are termed recognised transfers

and so are permitted transfers under the UK pension legislation introduced by the Finance Act 2004. Provided the transfer value of

your UK pension is less than the UK lifetime allowance, there is no UK tax payable when you transfer your pension into Trafalgar.

Terms shown in bold are explained in the glossary at the back of this brochure

What is Trafalgar?

3

What is a QROPS?Qualifying Recognised Overseas Pension Schemes (QROPS) are special overseas pension schemes which satisfy rules and regulations

laid down by UK legislation: the Finance Act 2004 made it possible, from April 2006, for UK pensions to be transferred to any overseas

pension scheme which is registered with HMRC as a QROPS.

Before 2006, it was only possible for a person to transfer his or her UK pension to an overseas pension scheme located in the person’s

new country of residence. Modernisation and simplification of UK pensions legislation in 2006 removed this restriction. This not only

enables an individual to freely transfer a UK pension overseas by right, it also therefore gives choice over where to transfer a UK

pension. Trafalgar has been designed to optimise this choice.

Trafalgar is registered with HMRC as a QROPS, scheme reference number 504757

Why Trafalgar?History may tell us that Gibraltar proved its value as an important naval port in the Battle of Trafalgar (1805), when the British Navy

proved its supremacy by routing the combined fleets of France and Spain off nearby Cape Trafalgar. Today, more than 200 years later,

Gibraltar still stands firm as a British Overseas Territory, and it now also provides a welcome European – but distinctly British - port

for transferring UK pensions.

Trafalgar is built upon strong foundations:

• Flexibility – Trafalgar is designed to fully satisfy the rules applicable to QROPS. Whilst fully observing all HMRC requirements,

Trafalgar aims equally to optimise the position for members. The result is a scheme which delivers more benefits, more freedom,

and less tax.

• Innovation – Boal &Co is an established leader in the QROPS business. Our awards testify to our tireless innovation. We respect

and welcome the innovation of the Gibraltar authorities in creating a special new taxation regime for QROPS business, ensuring

that it meets all of HMRC’s requirements and fully complies with them.

• Expertise – At Boal & Co, we already have over 15 years’ experience of overseas pension transfers. We are advisers to international

pension schemes for ten FT “Global 500” companies and other world-leading corporations, and are responsible for more than

$1.2 billion of international pension funds. Industry accolades include winning “Best International Specialist Pension Provider” at

Professional Adviser’s 2012 awards.

Boal & Co (Gibraltar) Ltd is the founder and administrator of the Trafalgar Pension Scheme.

4

What are the key benefits of Trafalgar?

5

If you have a UK pension scheme or a UK personal pension, there are a number of key benefitsfrom transfer of your UK pension to Trafalgar – particularly if you have been, or will be, UKnon-resident for at least 5 complete tax-years (we refer to this as “not UK-resident/recently resident”):

1. More Pension

UK defined contribution pensions (such as personal pensions) typically involve the purchase of an annuity to provide a retirement

pension, meaning that your valuable pension fund is lost on death: your loss is an insurance company’s gain.

UK tax rules also permit an alternative drawdown pension instead of an annuity, but the drawdown pension is restricted to a tightly

defined upper limit (referred to as “capped drawdown” or “120% GAD”) which is based on annuity rates.

So whatever you do, your pension from a UK pension provider is limited by annuity rates – and these annuity rates are at or near

historic lows, due to record low yields on government bonds and record high life expectancy in retirement.

Trafalgar offers you much more flexibility in the amount of pension.

Provided you are not UK-resident/recently resident in retirement, the amount of pension you can draw from your Trafalgar fund can

be chosen within a range of amounts which are calculated by our actuaries and personalised to your situation, taking into account how

your Trafalgar fund is invested (and the range of associated target future investment returns) and your individual life expectancy.

Case Study 1*1

John lives in the UK and is retiring at age 60 with a UK pension fund of £400,000. His twin James lives in the Far East and is retiring

there with a pension fund of £400,000 after transferring his UK pension fund (value £266,000) into Trafalgar seven years previously.

John’s UK pension is capped at 120% of “GAD tables”. What this means*2 is that John can take a drawdown pension of no more than

£23,040 pa, which is equivalent to what an annuity would provide.

James however has a Trafalgar pension which is invested in a portfolio of funds chosen by his financial adviser. The portfolio has

produced an average return of +6% per annum over the last 7 years.

Assuming this +6% pa return continues, James can draw a Trafalgar pension of up to £30,000 pa.

*1 The figures in this case study will vary with market conditions, and values may fall and rise.

*2 Based on 15-year gilt yield of 2.49%, actual yield at 15 May 2013.

Trafalgar pension is paid by drawdown. If you transfer your UK pension to Trafalgar, your fund before and after retirement is invested

exactly the way you (and your investment adviser) want it. Pension is payable to you by annual or quarterly drawdown of income and

capital from your pension fund.

Trafalgar can accept transfers from UK defined benefit (final salary) pension schemes. Transfer values can vary widely from one final

salary scheme to another, and for this reason Boal & Co provide an optional Transfer Value Analysis Service (TVAS) to enable you and

your financial adviser to assess whether transfer is advisable based upon the transfer value quoted. Please ask your adviser for details.

6

2. Tax-efficient Bestowal on Death

Even if you have left the UK, your UK pension fund continues to be subject to UK tax laws and restrictions.

Pension tax rules in the UK apply a penal 55% tax charge when a UK pension fund is wound up after the death of the member/spouse,

if death occurs after retirement. In other words, HMRC take more than half of your UK pension fund in tax after the last to die of you

and your spouse. This 55% tax charge on UK pensions is levied regardless of whether you are UK-resident or not. HMRC call it the

“special lump sum death benefits charge”. Whatever you call it, though, it is a 55% death tax on your UK pension fund.

Importantly, this death tax can be eliminated (at best) or significantly reduced (at worst) by transferring your UK pension to Trafalgar.

Firstly, the 55% tax charge does not apply to your Trafalgar pension fund unless you (or your beneficiaries) are UK-resident/recently

resident on death.

Secondly, even if you are UK-resident when you die, Trafalgar can still deliver huge tax savings. This is because the 55% tax charge at

death only applies in respect of the initial transfer value amount when you transferred your UK pension fund into Trafalgar. None of the

subsequent investment return within Trafalgar is subject to the 55% tax. Furthermore, HMRC rules mean that your retirement pension

and any tax-free lump sum you draw at retirement reduce this taxable value. So, once you have drawn down the initial transfer value in

cumulative retirement benefits, none of the remaining fund is subject to the 55% tax.

There is no requirement for your Trafalgar fund to wind up on your death: if you have a surviving spouse, your Trafalgar fund can be

used to provide a spouse’s pension. When your Trafalgar fund does eventually wind-up, it can be paid out by the trustee to your

nominated beneficiaries. No Gibraltar tax is due or payable on death.

Case Study 2*1

John and James (see Case Study 1) both retire at age 60 with their £400,000 funds – John with a UK pension fund, James with

Trafalgar. If they decide to draw the same pension of £23,040 pa from age 60 (i.e. the maximum pension in John’s case) and their

funds grow through investment returns of +5% pa (net of charges), their residual funds at age 75 are identical at £322,000. Now

compare the position if they die at age 75 and their funds are wound up at that date.

John’s UK pension fund is subject to 55% tax, which means a tax charge at source of £177,000. John’s children (his nominated

beneficiaries) inherit a residual fund of £145,000.

If James died abroad, his fund is not subject to UK tax. So James’ children receive his entire fund, i.e. they receive £322,000, which is

more than twice what John’s children receive.

If James had returned to the UK before his death, his Trafalgar fund would be subject to 55% tax – but only on the initial transfer value

as reduced by total pension payments. The transfer value into Trafalgar was £266,000, and this is less than the 15 years of £23,040

annual pension received (total £345,600). So even though James had returned to the UK, in this example there is no 55% tax to pay,

meaning that his children would still receive £322,000.

7

3. Eliminate Lifetime Allowance Tax Charge

UK pensions are subject to ever increasing tax restrictions, designed to reduce the possible use of pensions for tax relief. Where

previously there was no limit to the size a pension fund could grow to (only a limit on how much was paid in as contributions), UK

tax law introduced in 2006 created an upper limit to the size of a UK pension fund, namely the lifetime allowance. Any excess of a

UK pension fund above the lifetime allowance is subject to UK tax, at 25% (for pension) or 55% (for lump sum) on what is termed a

“benefit crystallisation event” (for example, the commencement of a pension), even if the member is UK non-resident.

However, severe cut-backs mean that the lifetime allowance will, by April 2014, reduce significantly from its level in March 2012.

As can be seen in the table below, more and more UK pensions are falling into the catchment of the excess tax net. The possibility of

further reductions to the lifetime allowance in the future (eg a reduction to £1m is already on the agenda for one of the UK political

parties) creates considerable uncertainty.

Tax year Lifetime Allowance Tax year Lifetime Allowance Tax year Lifetime Allowance

2006/07 £1,500,000 2009/10 £1,750,000 2012/13 £1,500,000

2007/08 £1,600,000 2010/11 £1,800,000 2013/14 £1,500,000

2008/09 £1,650,000 2011/12 £1,800,000 2014/15 £1,250,000

More and more individuals who, through their own hard work and financial success, have accumulated larger UK pension funds face the

prospect of excess UK tax, even if they are no longer UK-resident.

The good news though is that it is possible to eliminate this uncertainty by transfer to Trafalgar. A transfer to a QROPS is a one-off

“benefit crystallisation event” (BCE8). If at the time of transfer the transfer value is less than the then lifetime allowance, there is

no lifetime allowance tax charge.

After transfer to Trafalgar, even if the Trafalgar fund increases to an extent where it exceeds the lifetime allowance, or even if the level

of the lifetime allowance is further reduced, the crystallisation event has already occurred (at date of transfer) and so no further tax is

payable in relation to the lifetime allowance. In short, transfer to a QROPS brings greater certainty for larger pension funds which

might otherwise be subject to future UK tax. Exporting a UK pension overseas means that the pension is tested against the lifetime

allowance once, and thereafter is not subject to the vagaries of changing UK allowances.

Case Study 3*1

Twins Peter and Paul are 55 are UK non-resident, and each have a UK SIPP valued at £1,000,000.

Peter keeps his pension fund in the UK.

Paul though acts on his financial adviser’s advice to transfer his pension to Trafalgar. The transfer to a QROPS crystallises Paul’s benefits

(BCE8). As his £1,000,000 transfer value is less than the present standard lifetime allowance (SLA), Paul has no lifetime allowance

charge to pay, either now or in the future.

Ten years later, their pension funds have grown through investment returns of just over 7% pa (net of charges) and are valued at

£2,000,000. Both are still UK non-resident.

Peter’s and Paul’s funds provide them with pensions. However, Peter’s UK SIPP is £750,000 more than the lifetime allowance, so excess

benefits will be subject to a 25% lifetime allowance tax charge, resulting in additional UK tax of £187,500. Paul’s QROPS on the other

hand has already been crystallised when it was below the lifetime allowance, meaning no lifetime allowance charge, and a very large

tax saving.

4. Increased Retirement Lump Sum

Most UK pension schemes are only permitted to pay 25% of the pension fund in the form of a tax-free lump sum. However, Trafalgar

is subject to different HMRC (QROPS) rules, and can permit a greater lump sum.

Provided you are not UK-resident/recently resident when you retire, Trafalgar enables you to take a lump sum of up to 30% of fund value.

If you are UK-resident/recently resident at retirement, UK tax rules apply.

In the example in case study 3, Peter’s maximum lump sum from his SIPP is 25% of the SLA, i.e. £312,500. In contrast, Paul’s maxi-

mum lump sum from Trafalgar is 30% of fund value, ie £600,000, nearly twice as much as Peter.

5. Pensions Paid Free of UK Tax

If you are no longer UK-resident for tax purposes, you will certainly not wish for UK tax (currently up to 45%) to be deducted at

source from your pension. UK pensions are often subject to UK tax at source - there is no general exemption to income tax for

individuals who are living abroad in receipt of a UK pension, so UK pensions are subject to UK tax unless a specific form of double

taxation agreement applies.

Trafalgar pensions are subject to 2.5% Gibraltar tax.

If you are UK-resident in retirement, you may be able to claim this 2.5% overseas tax against your UK income tax. If you are resident

elsewhere, you may also have a liability to tax on your pension in your country of residence, depending upon your personal situation.

This will vary from country to country, and you should ask your financial adviser for full details of the tax applicable in your particular

country of residence.

6. Investment Choice

Trafalgar offers a range of pension investment choices – from simple bank accounts, to streamlined platform-based investments

(such as insurance bonds), right up to fully bespoke SIPP-type pension funds including personalised investment portfolios of individual

shares and other securities. Investment management can either be self-directed by the member or delegated to an investment

manager appointed by the member. Please refer to page 10 for further information on investment choice.

Please remember that investment values will inevitably fluctuate. Investment involves risk, and the examples quoted in this brochure

are not necessarily representative of future investment outcomes. Values may fall as well as rise, and can go up and down simply

because of movements in currency exchange rates. Past performance should not be viewed as a reliable guide to the future.

The value of your Trafalgar investment cannot be guaranteed.

8

What pensions can be transferred into Trafalgar?Pension transfers into Trafalgar can be made from most forms of UK tax-approved pensionschemes, including:

• occupational pension schemes, both defined contribution and defined benefit

• SIPPS and other personal pension schemes

• additional voluntary contribution (AVC) schemes

• section 226 retirement annuity policies.

Transfers from a defined benefit pension scheme can be made but not if the pension has already commenced from that scheme, or

if the scheme in question has entered the Pension Protection Fund.

Please note that it is not possible to transfer State pensions such as the Basic State Pension or the State Earnings Related Pension/

State Second Pension.

Just because it is possible to transfer a UK pension does not necessarily mean that it is advisable to do so. Independent financial

advice should be taken by any individual in connection with any pension transfer, and special consideration should be given in

particular when contemplating transfer of pensions from either a defined benefit scheme or from a pension policy with guaranteed

annuity options, when pension transfer might be inadvisable. Please ask your independent financial adviser for advice.

9

10

How is my Trafalgar pension fund invested?Investment management can either be self-directed by the member or delegated to aninvestment manager. Investment can be made into any of the following asset classes:

• private portfolio bonds, investment bonds and other life assurance policies

• shares and other listed equity investments

• gilts, corporate bonds and other fixed-interest or index-linked securities

• bank and building society accounts

• collective investment funds investing in any of the above asset classes.

Different administration charges will apply, depending upon the investment choice required – please refer to our Schedule of Charges

for full details.

As Trafalgar is an “open-architecture” scheme, insurance bonds and investment funds can generally be selected from any product provider.

Please note that investment in residential property is not permitted in any circumstances because of HMRC regulations applicable to

UK tax-relieved pension funds, including QROPS. Loans to members or connected persons are also not permitted.

For avoidance of doubt, Boal & Co does NOT provide investment advice. Responsibility for investment decisions and investment

performance rests with the member, or the member’s appointed investment adviser. The value of investments and the income from

them can go down as well as up, and may be affected by fluctuations in exchange rates.

What benefits are paid at retirement?Trafalgar is a defined contribution pension scheme, which means that the amount of benefits received by a member, in the form of pension and retirement lump sum, is entirelydependent on two things:

• the amount of money paid into the member’s Trafalgar fund (for example, by way of transfer values from UK pension

arrangements) and

• the investment performance (which may be positive or negative) on the member’s Trafalgar fund.

Therefore there are no guaranteed retirement benefits of any form.

Retirement benefits from Trafalgar can be taken by a member from age 55 and no later than age 75.

The member’s pension in retirement is provided via drawdown, which means that each year a proportion of the member’s fund is

drawn down and used to provide the pension. Pension payments will typically comprise the investment income on the member’s

fund together with a small return of capital. Therefore it is to be expected that a member’s fund will gradually reduce after retirement,

through the effect of pension payments to the member.

The amount of pension, i.e. the rate of drawdown, is flexible within limits. We will be able to advise you prior to retirement of the

range of permitted pension drawdown in your individual situation.

After retirement, the amount of pension payable to you is normally reviewed every 3 years in line with the investment return achieved by

your Trafalgar fund. If your fund earns more than assumed, this can result in an increase to your pension; if your fund earns less than was

assumed, this can result in a reduction to your pension. Failure by a member to implement the recommendations of any regular pension

review, or sustained poor investment performance, could lead to a member’s Trafalgar fund running out before their death.

At retirement, Trafalgar members can opt to take up to 30% of their Trafalgar fund as a retirement lump sum.

11

12

What happens on my death?

What is the taxation position?

On death before or after commencement of drawdown pension, the member’s Trafalgar fund can be paid out as a lump sum to the

beneficiaries nominated on the member’s application form. If the member or beneficiaries are UK-resident, then UK tax may apply.

There is the ability for funds to be retained within Trafalgar and applied to provide an immediate drawdown pension to the

member’s spouse.

Members are able to indicate their preference in the Expression of Wish section of the Trafalgar application form.

• Investments held within Trafalgar accumulate free from tax (apart from any taxes deducted at source)

• All retirement, pension benefits are paid after deduction of 2.5% Gibraltar income tax

• At retirement, up to 30% of the fund value can be taken as a retirement lump sum benefit, free of Gibraltar tax. (If you are

UK-resident at retirement, then lower UK limits will apply.)

• If your Trafalgar fund is wound up on death, no Gibraltar tax is payable, and the fund will be paid to your beneficiaries

without deduction of tax.

Even though pension benefits are paid to you net of 2.5% Gibraltar income tax, you may have a liability to tax on Trafalgar benefits

in your country of residence. Tax rates vary widely from one country to another, and you are advised to take local tax advice and to

declare Trafalgar pension income on your annual return.

It is a legal requirement and obligation of any QROPS, including Trafalgar, that the Scheme Administrator reports to HMRC in certain

situations when a member benefit begins to be paid. The reporting obligation currently applies for the first 10 years following transfer

regardless of residence, and then ceases unless the member is UK-resident at the time of payment or has been UK-resident in any of

the preceding 5 tax years.

Please note that the information given in this document is based on our understanding of current pension law and taxation practice,

which may change in the future. No liability can be accepted for any personal tax consequences of this scheme or for the effect of

future tax or legislative changes.

Who offers Trafalgar?

What are the costs of Trafalgar?

Am I eligible for Trafalgar?

The Trafalgar Pension Scheme was established and is administered by Boal & Co (Gibraltar) Ltd. Boal & Co www.boal.gi is a leading

firm of offshore consulting actuaries, with offices in Gibraltar, Ireland and the Isle of Man.

Boal & Co is an award-winning firm, having won several prestigious awards for innovation in pensions. In 2012 Boal & Co was named

Best International Specialist Pension Provider at the Professional Adviser International Fund and Product Awards.

Boal & Co is a member of Abelica Global www.abelicaglobal.com, a leading international organisation of actuarial consultancy firms.

All Trafalgar assets are held under trust for members by the scheme trustees, Capital Trustees Ltd www.capitaltrustees.gi.

Capital Trustees Ltd is licensed as a Professional Trustee by the Gibraltar Financial Services Commission, license number FSC1100B,

under the Financial Services (Investment and Fiduciary Services) Act, 1989.

The charges for Trafalgar take the form of an initial fee, when you transfer into the scheme, and an annual fee for ongoing membership.

Both fees are taken from your Trafalgar fund. The applicable fee scales are set out in the Schedule of Fees and also in the application form.

Investment management charges are agreed between you and your appointed financial adviser or investment manager, and are also paid

for out of your Trafalgar fund.

Normal underlying charges, if any, associated with the investments in a member’s Trafalgar fund will apply in the usual way, subject to

any discounts that are obtained. All such discounts will be credited in full to enhance your Trafalgar fund.

In some cases, a financial adviser may charge clients an initial transfer fee in lieu of commission from the underlying investments. In this

case, the amount of the adviser’s transfer must be agreed by the financial adviser with you in writing.

Trafalgar is an overseas pension scheme designed for individuals who currently have UK pension arrangements. Trafalgar is open to

Gibraltar residents and non-residents alike, though please note that there are some countries from which we are unable to accept

business (please contact us for details).

The minimum investment into Trafalgar (for example, by transfer value from existing UK pension schemes) is £50,000.

13

14

How do I join Trafalgar?If you have read the Trafalgar brochure and accompanying material, are eligible and have decided that you would like to transfer your

pension to Trafalgar, you can apply for membership using the Application Form. The information collected in the application form will

enable us to contact your UK pension company and authorise them to arrange for transfer of the value of that pension into Trafalgar.

The Application Form also enables you to tell us who your financial adviser is, and the rate of investment management fees applicable.

Once completed, the Application Form should be sent by post to us at the address shown on the form.

Service assuranceIf at any time you believe that our service could be improved, or if you are dissatisfied with any aspect of our services,

please write to:

The Managing Director

Boal & Co (Gibraltar) Ltd

30/2 Cornwall’s Lane

PO Box 1250

Gibraltar

In this way, we will be able to ensure that any concerns are dealt with carefully and promptly.

Any matters relating to the investments in your Trafalgar fund should be raised with your financial adviser or investment manager.

GlossaryBenefit Crystallisation Event is a defined event or occurrence that triggers a test of the benefits 'crystallising' at that point against

the individual's available lifetime allowance.

Defined Benefit pension scheme (also known as a final salary pension scheme) means a scheme where pension is calculated by

reference to salary and length of pensionable service.

Defined Contribution pension scheme means a scheme where the benefits are dependent entirely on the amount of contributions

paid into the scheme and the investment return achieved on them.

Drawdown means the regular withdrawal of money from a member’s Trafalgar fund in order to provide the member with a pension

in retirement. The funds paid out in drawdown will typically include a return of both capital and interest.

Gilt means a UK government fixed-interest security.

HMRC is HM Revenue & Customs (formerly Inland Revenue).

Lifetime Allowance is an overall ceiling set under UK legislation to limit the amount of an individual’s UK pension fund. When

you initially transfer UK pensions into Trafalgar, their value is tested against the lifetime allowance and, if it exceeds the lifetime

allowance, a UK tax charge will arise unless you have registered your UK scheme for protection. This is a one-off test, however.

There are clear advantages therefore in transferring a UK pension before it grows in excess of the lifetime allowance.

QROPS or Qualifying Recognised Overseas Pension Scheme is a non-UK pension scheme which satisfies certain HMRC

requirements as to benefits and reporting, and which is registered with HMRC. A list of QROPS schemes is available on-line at

www.hmrc.gov.uk/pensionschemes/qrops.pdf

Recognised Transfer means the transfer of a UK pension to another UK-approved pension scheme or to a QROPS. A recognised

transfer is an authorised member payment and so does not incur a tax charge. (Note, see separate reference to Lifetime Allowance.)

Scheme in this brochure refers to the Trafalgar Pension Scheme.

Scheme Administrator means Boal & Co (Gibraltar) Ltd.

SIPP or Self-Invested Pension Plan is a form of personal pension arrangement with the widest possible investment choice.

Trafalgar is the Trafalgar Pension Scheme, which is a Gibraltar tax-approved pension scheme.

Trustee means Capital Trustees Ltd.

15

Boal & Co (Gibraltar) Ltd, 30/2 Cornwall’s Lane, PO Box 1250, Gibraltar

Email: qrops@boal.co.uk • Tel: +350 200 68022 • www.boal.gi

A member of Abelica Global June 2013

The new flagship of the QROPS fleet

Trafalgar