Common use of Foreign Asset and Account Reporting Clause in Contracts

Foreign Asset and Account Reporting. Russian residents will be required to notify the Russian tax authorities within one month of opening or closing a foreign bank account or of changing any account details. Effective as of January 1, 2015, Russian residents are also required to file with the Russian tax authorities reports of the transactions in their foreign bank accounts. Russian residents should consult with their personal tax advisor for additional information about these reporting obligations.

Foreign Asset and Account Reporting. Russian residents will be are required to notify report the opening, closing or change of details of any foreign brokerage account to the Russian tax authorities within one (1) month of opening opening, closing or closing a foreign bank account or change of changing any account detailsdetails of such account. Effective as of January 1, 2015, Russian residents are also required to file with the Russian tax authorities reports submit an annual cash flow report for any such foreign brokerage account on or before June 1 of the following year. Reporting requirements were further revised to expand the reporting requirement to include financial asset (including shares of Common Stock) transactions in their foreign bank offshore accounts. Russian residents should consult with their personal tax advisor for additional information about these reporting obligations.

Foreign Asset and Account Reporting. Russian residents will be required to notify the Russian tax authorities within one month of opening or closing a foreign bank account or of changing any account details. Effective as of January 1, 2015, Russian residents are also required to file with the Russian tax authorities MARCH 2017 -35- reports of the transactions in their foreign bank accounts. Russian residents should consult with their personal tax advisor for additional information about these reporting obligations.