1. Roustam Vakhitov International Tax Associates Islamic Finance Developments In Russia Paris, 6 February 2012

2. GENERAL INFORMATION Russia is a host country for about 10-15 million of Muslims, of which 2 million resides in Moscow Out of 89 regions in Russia 9 are predominantly Muslim populated There are 2 banks in Russia with operational Islamic windows More banks consider issuing stand-alone Sharia compliant products © 2012. International Tax Associates. UFS group of companies.All rights reserved.

3. TAX AND LEGAL ENVIRONMENT Relatively modern tax and legal system Russia is a civil law country Tax and regulatory environment is rather unsophisticated and neutral Wide range of international tax treaties with preferential taxation provisions (including tax treaties with UAE, Qatar, Saudi Arabia, Kuwait, France, Germany, UK; over 70 tax treaties in total) © 2012. International Tax Associates. UFS group of companies.All rights reserved.

4. POSSIBLE SUKUK STRUCTURE © 2012. International Tax Associates. UFS group of companies.All rights reserved. Sukuk k proceeds $100 mln Coupons and redemption $100 mln for airplane SPV (Russian/Foreign) Investors Lessor Seller

5. POSSIBLE REAL ESTATE STRUCTURE © 2012. International Tax Associates. UFS group of companies.All rights reserved.

6. POSSIBLE REPO STRUCTURE © 2012. International Tax Associates. UFS group of companies.All rights reserved.

7. SPEAKER Roustam Vakhitov Director of Tax Consulting Department of International Tax Associates B.V. Tel. 1:+79060598008 Tel. 2: +31618610410 E-mail: vakhitov@intertaxlaw.org Roustam Vakhitov is an expert in international taxation. Before joining International Tax Associates B.V. Roustam worked for consulting companies in Russia, the Netherlands and Luxembourg, he has been addressing international taxation issues since 2002. Roustam is focused on international taxation, tax structuring and consulting with the use of international tax treaties, supporting transactions with the use of financial instruments, as well as structuring private investments (funds) and supporting international mergers and takeovers. Roustam is a member of the International Tax Section of the Scientific and Expert Council of the Russian Chamber of Tax Advisers that he represents in the Fiscal committee of the Confederation Fiscale Europeenne, as well as the deputy head of the Russian Branch of International Fiscal Association (IFA) where he delivered report on behalf of the Russian branch of IFA on numerous occasions. Roustam Vakhitov speaks English and Dutch and is an author of numerous publications on international taxation. © 2012. International Tax Associates. UFS group of companies.All rights reserved.