© Allen & Overy 2013 Global reach and local depth – your perfect match Luxembourg-Russia Desk Jacques Wantz In charge of the Luxembourg-Russia Desk Allen & Overy September 2013

© Allen & Overy I. Why Luxembourg –Political, economic and legal stability, business friendly environment –Highly skilled multi-lingual workforce –Fully developed infrastructure of financial services and support functions –Platform and hub for structuring international investments –Predictability of tax planning (rulings) –Strong historic ties with Russia

© Allen & Overy I. Why Luxembourg –One of only 12 countries in the world with an AAA rating and a stable outlook S&P credit rating of world countries in March 2013: Source: S&P

© Allen & Overy Securiti- zation SIF SICAR UCI II SoParFi Less regulated More regulated Law of August 10, 1915 Law of February 13, 2007 Law of June 15, 2004 Less Flexible More Flexible Law of December 17, 2010 (Part II UCI) Law of March 22, 2004 UCITS I Law of December (Part I UCITS) I. Why Luxembourg? SPF Law of May 11, 2007 A vehicle for each investment profile

© Allen & Overy 2013 II. Allen & Overy: Global Presence AFRICA Casablanca AMERICAS New York São Paulo Washington, D.C. MIDDLE EAST Abu Dhabi Doha Dubai Riyadh ** * (representative office) **(associated office) ASIA PACIFIC Bangkok Beijing Hanoi Ho Chi Minh City Hong Kong Jakarta ** Perth Shanghai Singapore Sydney Tokyo EUROPE Amsterdam Antwerp Athens * Belfast Bratislava Brussels Bucharest ** Budapest Düsseldorf Frankfurt Hamburg Istanbul London Luxembourg Madrid Mannheim Milan Moscow Munich Paris Prague Rome Warsaw 42 offices in 29 countries 525 Partners 2,332 Support staff 2,296 Lawyers

© Allen & Overy Our Lawyers advise:  International corporates  International banks  Asset managers  Private equity houses  Insurance and reinsurance companies  Public entities II. Allen & Overy Luxembourg: Practices The combination of our international network and sound local knowledge enables us to provide our clients with a first rate service in:  Banking  Capital Markets  Competition  Corporate  Intellectual Property  Insurance Law  Investment and Pension Funds  Labour Law  Litigation  Real Estate  Tax We deal with all types of domestic and cross-border transactions, from local matters to pivotal international transactions. Luxembourg Law Firm of the Year IFLR European Awards 2007, 2009 & 2010

© Allen & Overy II. Allen & Overy Luxembourg: Russia Desk Integrated Luxembourg – Russia practice Luxembourg More than 80 lawyers including 40 specialised in banking and finance, capital markets, corporate finance and investment Management Global Russia practice group, which comprises some 150 lawyers (both Russian and internationally qualified) based in Moscow, London, New York, Continental Europe and Asia Pacific Moscow Unique combination of Luxembourg, Russian, English and other legal expertise available Luxembourg expert permanently based in Russia with extensive business contacts and knowledge in both countries

© Allen & Overy These are presentation slides only. The information within these slides does not constitute definitive advice and should not be used as the basis for giving definitive advice without checking the primary sources. Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. The term partner is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings. Questions? Jacques Wantz in charge of the Luxembourg – Russia Desk