moscow office Latitude n 55 45' 2.99" Longitude E "

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1 moscow office 55 Latitude n 55 45' 2.99" Longitude E "

2 Moscow Luxembourg, your entry point to Europe Ideally situated at the cross-roads between France, Belgium and Germany, Luxembourg is a small but highly-stable country boasting the highest GDP per capita in the world. It was a founding member of the European Union and is now home to some of the EU s most important institutions, including the European Investment Bank and the European Court of Justice. The Luxembourg Financial Centre, developed originally as a private banking centre has now grown to become the second largest investment fund centre in the world, the largest captive reinsurance market in the European Union and the premier centre for private banking in the Economic Monetary Union (EMU). frameworks for alternative investment funds, venture capital investment funds, international pensions funds, specialised investment funds, captive reinsurance companies, covered bong issuing banks, securitisation vehicles and family wealth management companies. The combination of its Western European location, highlyskilled international workforce, shared languages and favourable tax regime not only makes this the destination of choice for the European headquarters of multinational companies but also offers unrivalled access to Europe. Its mature legal and regulatory systems have been continuously updated and, in recognition of the fact that banking and financial services account for the majority of Luxembourg s economic output, a number of specific regulatory frameworks have been created. These include

3 10 decimals Latitude decimals Longitude N W 9 Arendt & Medernach Moscow Moscow, the largest city in Europe, is located at the heart of the business activity in Russia, the CIS and the Baltic States. As the largest country in the world, with a fast growing economy and one of the most important reserves of natural resources, Russia continues to be a major player in international markets. During the past 20 years different sectors of the economy, ranging from oil & gas and mining, to the financial industry and IT have been established. This has attracted the attention of strategic global investors with a long-term investment outlook, many of whom have chosen to structure investments through Luxembourg which has established itself as the third largest investor into Russia. Luxembourg is widely held by Russian business society to be the destination of choice when establishing European headquarters, holding companies, FSP (Financial Sector Professionals) and IP structures. Ideally located in center of Europe, Luxembourg serves as a perfect hub for Russian and CIS companies doing business in European Member States such as France, Belgium or Germany, as well as in Switzerland and other international jurisdictions. In October 2012, as part of Arendt & Medernach s continued international expansion, our firm became the first independent Luxembourg law firm to open a representative office in Russia. Advising exclusively on Luxembourg legal and tax matters, we work for a large number of clients active in the financial sector including banks, insurance companies, asset managers, investment funds as well as large corporations and UHNWI based in Russia, Poland, Ukraine and several other CIS countries and the Baltic States. Establishing an office in Moscow has enhanced our offering to our international client base, allowing us to deliver real time advice to our clients in the local language and during their business hours, on the Luxembourg legal and tax issues which impact their businesses. Maintaining a presence on the ground not only makes us more accessible to clients but also demonstrates our commitment to the region, whilst deepening our knowledge of local customs and markets as well as strengthening our relationships with the leading local law firms. Our offices are located in Moscow city business district alongside the largest international and Russian banks, insurance, constructing and consulting companies.

4 2,194 km 1,364 miles Luxembourg 49 Latitude n 49 47' 36.96" Longitude E " About Arendt & Medernach Arendt & Medernach is a leading independent business law firm established in Luxembourg. The firm s international team of more than 290 legal professionals represents Luxembourg and foreign clients in all areas of Luxembourg business law from offices in Brussels, Dubai, Hong Kong, London, Moscow and New York. Our philosophy is expressed through our five values: vision commitment people independence energy. We strive for excellence in order to achieve the best results for our clients and we always look for creative solutions. Our specialised practice areas allow us to offer our clients a complete range of Luxembourg legal services tailored to their individual needs across all areas of business law. In order to provide our clients with unparalleled legal advice, we have developed specific expertise in five key industry groups: Banking & Insurance, Investment Management, Multinational Companies and Public Sector, Private Equity, Real Estate. These industry groups possess a deep understanding of our clients businesses from a commercial, economic and legal standpoint.

5 A broad range of practice areas Administrative Law, Property & Construction Bank Lending & Structured Finance Banking & Financial Services Capital Markets Corporate & Tax Compliance Services Corporate Law, Mergers & Acquisitions Dispute Resolution Employment Law, Pensions & Benefits EU & Competition Law Insolvency Insurance & Reinsurance Law Investment Funds IP, Commercial, Communication & Technology Private Wealth Tax Law

6 LUXEMBOURG BRUSSELS DUBAI HONG KONG LONDON MOSCOW NEW YORK Copyright Arendt & Medernach 10/2012

reinsurance activities in Luxembourg November 2014

reinsurance activities in Luxembourg November 2014 Table of contents I. Luxembourg overview... 3 II. What is reinsurance?... 3 III. Why Luxembourg?... 4 A. General legal framework on reinsurance... 4