Max is a member of the international tax practice group at Loyens & Loeff. He specialises in cross-border transactions and group restructuring with a particular focus on Benelux and Japan and will be on secondment with Greenwoods & Freehills from 4 July 2007 until 30 December 2007.

To introduce Max, we are holding sessions looking at equity and real property investments in Japan using TK’s, TMK’s and J-REIT’s.

The session which will include a walk-through of some practical case studies, and will cover issues like:

• how do you characterise funds for Japanese tax purposes;

• how real is the permanent establishment risk;

• do you get tax treaty benefits;

• how to repatriate profits; and

• what happens when you want to exit.

For more information, please contact :

Simon Clark

Director

612 9225 5957

These notes are in summary form designed to alert clients to tax developments of general interest. They are not comprehensive , they are not offered as advice and should not be used to formulate business or other fiscal decisions.

Liability limited by a scheme approved under Professional Standards Legislation.