WATSON FARLEY & WILLIAMS: KEY FACTS

Transcription

1 NATURAL RESOURCES

2 WATSON FARLEY & WILLIAMS: KEY FACTS 133 PARTNERS LAWYERS NOT ONLY KNOWS THE LETTER OF THE LAW, BUT MORE IMPORTANTLY KNOWS THE PRACTICAL SIDE OF HOW IT WORKS. CHAMBERS UK OFFICES 11 COUNTRIES 20 + LANGUAGES SPOKEN VERY RESPONSIVE ALWAYS COMES BACK TO US CHAMBERS UK 2015 ESTABLISHED 1982 OFFSHORE OIL & GAS PROJECTS ARE A PARTICULAR STRENGTH FIELDS A SIZEABLE TEAM OF FINANCE AND CORPORATE LAWYERS CAPABLE OF HANDLING HIGH VALUE TRANSACTIONS. LEGAL 500 ASIA PACIFIC 2015

3 NATURAL RESOURCES 2 OUR NATURAL RESOURCES PRACTICE With extensive experience across the industry, Watson Farley & Williams specialist natural resources lawyers deliver effective, commercial advice to an international client base working in the oil & gas, mining & minerals and soft commodities sectors. Experienced and practical, our natural resources team has a strong trackrecord in delivering high quality legal services on complex and cross border projects, transactions and disputes. We work with clients throughout the supply chain from exploration and production companies, owners, operators, services companies, distribution companies and transporters to local and national governments, traders, banks, export credit agencies, financiers, funds and other investors. Working in partner-led teams, we provide risk sensitive advice designed to be bankable and workable on a day-to-day operational level. Our advice covers corporate, finance, tax, dispute resolution, employment and regulatory law. Oil & gas In supporting clients involved in the extraction, processing, distribution, trading and financing of oil & gas, our team has significant experience advising on upstream and mid/downstream matters, both onshore and offshore, in all the major hydrocarbon producing areas of the world. Mining & minerals Whether exploration, development, mining or trading, our experience encompasses every stage of the mining life cycle. We act on transactions involving all types of metals and minerals, including precious and base metals, heavy minerals, rare earths and mineral sands. Soft commodities With a portfolio covering sugar, coffee, cocoa, cotton, edible oils, rubber, timber, grains and feed, our talented lawyers have worked on projects involving global traders, companies and financiers in the soft commodities market. " PROVIDES A REALLY SOUND APPROACH WITH A GOOD COMMERCIAL ASPECT." CHAMBERS UK 2014

4 3 Watson Farley & Williams SELECTED EXPERIENCE OIL & GAS UK NORTH SEA GAS FIELD ACQUISITION Advising Bayerngas UK Ltd (BGUK) on the acquisition by its subsidiary Bayerngas Europe Ltd of a 13% interest in the Babbage Field from Centrica Resources Ltd. Located in the UK Southern North Sea, the Babbage Field has been producing gas since BGUK is a wholly-owned subsidiary of Bayerngas Norge AS with upstream operations in Norway, Denmark and the UK. This matter is the third investment in a North Sea gas field that we have advised on for the client. 1.4BN SPANISH GAS STORAGE PROJECT FINANCING Advising oil & gas exploration company SPV Escal UGS in obtaining financing for the Castor underground gas storage project offering a 1.9bn cubic metre capacity. Project finance was provided by Luxembourg Watercraft Capital, S.A. with funds obtained through the issuing of project bonds amounting to 1.4bn. PROGRAMME OF US ONSHORE OIL & GAS INVESTMENTS Advising Matra through its whollyowned subsidiary, Matra Petroleum USA, Inc, on an agreement allowing it to make a series of investments into the US onshore oil & gas sector. WFW advised on the purchase agreement, which allows Matra USA to acquire up to 38,746 net acres across 50 leases in the Texas Panhandle through a series of investments. This transaction provides Matra with the opportunity to scale up its interest in these onshore US oil & gas assets through a series of phased investments as it seeks to grow into a mid-sized independent E&P company. BAYERNGAS UK LTD (BGUK) Advising on two separate acquisitions relating to projects in the UK Southern North Sea. BGUK acquired a 25% interest in the Clipper South project from Fairfield Energy and a 12.5% interest in the Cygnus project from Endeavour Energy for US$110m. DONG ENERGY Advising DONG Energy on the acquisition of the outstanding 50% interest in the Siri Field (the producing oil & gas field in the Danish North Sea) from Siri Holdings Ltd and Altinex Oil (subsidiaries of Noreco, the Norwegian listed oil & gas company). A NATIONAL OIL COMPANY Acting for a national oil company in South East Asia in relation to a unitisation agreement and a unit operating agreement, including drafting and negotiating the agreements and related ancillary documentation. MINZA OIL & GAS LTD Advising Minza in relation to the sale of US$100m worth of oil acreage in the East Timor Sea to an Asian stateowned oil & gas company. ROSETTI MARINO SPA Drafting and negotiating a contract for the fabrication, construction and commissioning of the Cygnus project jackets, piles, decks and bridges, including negotiations with the counterparty on risk allocation and insurance in offshore construction. INTERNATIONAL TUBULAR SERVICES Advising ITS, a leading provider of oil & gas drilling equipment and services, on a joint venture with Malaysian listed Scomi Group Bhd involving the establishment of a 50/50 joint company.

5 NATURAL RESOURCES 4 GC RIEBER SHIPPING ASA Advising GC Rieber, a specialist offshore subsea and marine seismic company, in relation to its investment in Bluestone Offshore Pte Ltd involving the restructuring of the ownership structure and financing of Bluestone and its subsidiaries. HOEGH LNG AS & MITSUI OSK LINES Advising on the commercial agreements (including shipbuilding contracts and long-term time charterparties) for two LNG shuttle and regas vessels designed to service the Neptune LNG import terminal in Massachusetts Bay. GENESIS PETROLEUM CORPORATION PLC Advising Genesis on the recommended offer by Bayerngas Norge AS for the entire issued share capital of Genesis. The offer was implemented by way of a scheme of arrangement under the Companies Act LEIF HOEGH & CO LTD Advising Leif Hoegh & Co Ltd on the acquisition of shares in a company undertaking a gas storage project, including advice in relation to the shareholders agreement and related commercial and project agreements. PUMA ENERGY ASIA PACIFIC Advising on its equity participation in a joint venture to own and operate a crude and petroleum product tank farm and terminal facility in Johor State, Malaysia under long-term concession from the Johor State Government. GAZPROM MARKETING & TRADING/GLOBAL LNG Advising on a large number of LNG spot cargo trades and master sales agreements, including complex FOB trades and LNG ship sub charter arrangements. HOEGH LNG Assisting Hoegh LNG on their disposal of the Port Meridian deepwater LNG port project, and connected arrangements for provision of FSRUs, joint development and further assistance. STANDARD CHARTERED BANK Advising Standard Chartered Bank as facility agent, security agent and arranger on a syndicated borrowing base facility to companies in the Trafigura group, secured on oil stocks in Kenya, Mozambique and Zimbabwe and on oil receivables. A MIDDLE EASTERN BANK Advising a Middle Eastern bank in respect of a 95m letter of credit and loan facility to an oil trader to finance trading in oil and petroleum products. RHEOCHEM Advising Rheochem plc on its acquisition (through its subsidiary) of the outstanding 50% of Zeus Petroleum from Pacific International Management Inc. GOLAR LNG Advising in connection with the reorganisation and spin-off of part of its LNG transportation business. Under the transaction, Golar transferred interests in eight LNG carrying vessels and certain other holdings to a new subsidiary for US$824m. MADAGASCAR OIL LTD Advising Madagascar Oil on its 50.5m AIM IPO and subsequent international placing s and an open offer raising 66.5m in aggregate. The funds will be used to finance projects in Madagascar.

6 5 Watson Farley & Williams NEW WORLD OIL & GAS PLC Advising New World on its admission to AIM and its conversion, via a reverse takeover, from an investment company to an operating resource company as it began drilling on its flagship Blue Creek Project in Belize. Also advised on 17m international placings. SEADRILL LTD Acting as Marshall Islands counsel in connection with the US$192.5m IPO of Seadrill Partners LLC. STANDARD CHARTERED BANK Advising Standard Chartered Bank on a US$50m reserve based reducing senior facility and US$10m junior facility to fund drilling in new offshore oil fields in Northern Greece. TEEKAY OFFSHORE PARTNERS LP Advising Teekay in respect of a US$260m revolving credit facility secured by the PETROJARL VARG FPSO unit. The facility was arranged through a syndicate of commercial banks led by ING Bank NV. BLUEWATER HOLDING BV Acting for Bluewater in relation to a US$180m project financing for the upgrade and lifetime extension of an FPSO owned by Bluewater Group company, for operation offshore East Timor/Australia. VIETNAM OFFSHORE FLOATING TERMINAL Advising Vietnam Offshore Floating Terminal, MISC and PTSC as sponsors on the US$240m project financing limited recourse term loan facility for the FPSO RUBY II operating offshore Vietnam. TOWER RESOURCES Advising on the acquisition of a 20% carried interest in Marovoay Block 2012 (Madagascar) and, in a separate transaction, on the acquisition of an additional 15% interest in Namibian oil & gas licence 0010 and related petroleum agreement. ZEUS PETROLEUM LTD Defending Zeus Petroleum Limited in relation to a US$12m High Court claim brought by a drilling and rig management company under a letter of commitment for the provision of a semi-submersible rig in the North Sea. UPSTREAM CONSULTANTS LTD Representing Upstream Consultants of Houston in a US$15m SIAC arbitration in Singapore against a Korean oil company relating to a Vietnam based project with English and Vietnamese law issues. CONCEPT OIL SERVICES LTD Advising on its US$11m claim against part of the En-Gin group for deceit and conspiracy by unlawful means. Obtained a worldwide freezing order, resisted a jurisdictional challenge and an application to suspend and set aside the freezing order.

7 NATURAL RESOURCES 6 SELECTED EXPERIENCE MINING & MINERALS US$675M BORROWING BASE FOR LATAM NATURAL RESOURCES GIANT Advising a syndicate of banks arranged by BNP Paribas and Natixis for a borrowing base facility in the region of US$675m secured on metals and metals concentrate stocks and receivables to Consorcio Minero SA of Peru (Cormin), guaranteed by Trafigura Beheer B.V. The Cormin group of companies operates in Peru, Chile, Mexico and Bolivia, providing an independent source of supply and logistical support for the key mining activities along the Pacific coast of South America. REVERSE TAKEOVER OF FINNISH METALS AND MINERALS COMPANY Advising FinnAust on its reverse takeover by Centurion Resources plc for a consideration of 7.7m to be satisfied by the issue of shares in Centurion. The funds will finance the development of FinnAust s portfolio of copper and nickel projects. The resulting larger company is now funded to enter a new and interesting phase as it seeks to progress its drilling plans and advance its projects in Finland. STRATEGIC INVESTMENT FOR MOZAMBIQUE EXPLORATION COMPANY Advising Baobab Resources plc on a strategic investment made by African Minerals Exploration & Development SICAR SCA (AMED), a Luxembourgbased fund that is actively investing in brownfield mineral projects, predominantly in Africa. Given the proposed level of investment, the transaction was subject to shareholder approval of a Rule 9 whitewash under the Takeover Code. Baobab Resources plc is a Mozambican-focused explorer with a large landholding in the Central North of the country. Its flagship project is the Tete pig iron project in which International Finance Corporation is a partner. MINING LAW IN MYANMAR Advising a European client on the introduction of a new mining law in Myanmar and its effect on existing licence agreements. MINING RIGHTS Advising an emerging alternative energy company on legal and environmental requirements regarding mining rights and activities in the Czech Republic, Germany and elsewhere. NICARAGUAN MINING PROJECT Advising on the proposed purchase of an operating gold mine in Nicaragua, including related royalty agreement between the company and a forestry business covering overlapping concession areas. MONGOLIAN COPPER ORE Advising a PRC-owned overseas investment group on its joint venture in a cooperation project with a Russian mining company and various Mongolian parties - including a mining equipment company - for waste copper ore processing. BAOBAB RESOURCES PLC Advising AIM listed Baobab Resources on a strategic investment by International Finance Corporation (IFC) and joint venture with IFC in relation to the Tete pig iron project in Mozambique. COECLERICI SPA Advising Coeclerici SpA on the establishment of a joint venture in Indonesia for the production, marketing and trading of coal assets, advising on a coal terminal project in Kalimantan and advising on coal pre-paid financing agreements. MARIANA RESOURCES LIMITED Advising Mariana Resources in relation to a strategic investment by AngloGold Ashanti Limited to

8 7 Watson Farley & Williams facilitate advancement of the Las Calandrias gold-silver project and the Sierra Blanca project in Argentina. BASE RESOURCES Advising Base Resources, an Australian ASX listed company with mineral sands assets in Kenya and other projects in Australia, on its fast-track admission to AIM. WILDHORSE ENERGY Advising Wildhorse Energy on its fast-track listing on AIM and placing raising 5.56m and proposed share purchase plan. Wildhorse is an alternative energy company focused on developing underground coal gasification projects in Central Europe. SUNDANCE RESOURCES LTD Advising Sundance Resources Ltd (listed on ASX) on the UK and US aspects of its A$60m placings to raise funds for its Mbalam Iron ore project in the Republic of Cameroon and the Republic of Congo in Central West Africa. URANIUM RESOURCES PLC Advising Uranium Resources plc on its admission to AIM and various placings to raise funds for the development of the Mtonya, Ruvuma and Ruhuhu uranium prospects in Tanzania. COMMODITIES TRADERS Advising commodities trading clients in relation to a bilateral investment treaty, arbitration and other jurisdictional issues concerning a dispute with a government owned mining company. THE MRI GROUP Advising the MRI Group on the sale of a 49% stake in Emed Tartessus, the owner of a Rio Tinto mine in Spain, to Emed Mining Public Limited and its subsidiaries, giving the MRI group a circa. 16% shareholding in Emed Mining. NAUTILUS MINERALS INC Advising on the Solwara I Subsea Mining Project off Papua New Guinea including contracts with North Sea Shipping AS for the chartering of a mining support vessel under construction and being financed under Spanish tax lease arrangements. ENERGENICS Advising Energenics on its acquisition of a stake in DevourX in relation to its patented vortex technology for use in the coal industry. ALBIDON LIMITED Advising Albidon Limited, listed on ASX and AIM, on its US$60m project financing facility with Barclays Bank on its European Investment Bank and US$20m mezzanine facility with Jinchuan Group to further fund the Munali Nickel Project in Zambia. NATIXIS Advising Natixis on the granting of a security package in Spain in order to secure a loan facility granted to the European copper products manufacturing group Outokumpu. KOLWEZI COPPER PROJECT Advising the lenders in relation to the structuring and underwriting of a financing package for the development of a copper tailings project in the Democratic Republic of Congo. CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK Advising Credit Agricole CIB on a US$60m pre export financing for the export of steel products by Indian producer Uttam Galva, supported by limited recourse arrangements with the offtaker, Stemcor.

9 NATURAL RESOURCES 8 UNIVERSAL GOLD MINING Advising US OTC BB listed Universal Gold Mining Corp. on the sale by its wholly-owned subsidiary, Universal Gold Mining (Cayman) Limited, of its entire interest in the Toldafria gold mining project, located in Colombia, to TSX listed Rio Novo Gold. GLORY RESOURCES Advising on UK and Greek aspects of the A$46.5m acquisition of Thrace Minerals SA (which owns the Sapes Gold Project in Greece) from Cape Lambert Resources Ltd, including due diligence. GLOBAL MINING COMPANY Acting as special adviser to a global mining company in assisting its Brazil trading team and lawyers to put in place a contract for the supply of iron ore to a smelter in Brazil making steel. CITIGROUP Advising on its standard form contract to trade iron ore on global commodity markets, including analysis of the differences between the SIOTA standard form iron ore trading contract and two other standard contracts. EXPROPRIATION PROCEDURE Assisting an entity in its defence in relation to a real estate expropriation procedure according to mining law initiated by application of a mining company operating a development site in the neighbourhood. PROLER SOUTHWEST CORPORATION Advising Proler Southwest Corporation in its acquisition of metal recycling facilities in Oklahoma. BRAEMORE RESOURCES PLC Advising on a recommended offer by Jubilee Platinum plc for the entire share capital of Braemore, implemented under the South Africa Takeover Code by way of a UK scheme of arrangement. ADMINISTRATORS OF INTERNATIONAL CONSOLIDATED MINERALS LIMITED (ICML) Advising in relation to the investigation into the sale of assets of ICML in pre-pack administration and on the validity of security granted by it and other members of the ICM Group.

10 9 Watson Farley & Williams SELECTED EXPERIENCE SOFT COMMODITIES RUBBER TRADING ACQUISITION Acting for Virginia-based RCMA Americas Inc on the acquisition of the rubber trading and testing business of Momentum Technologies (MTI), a subsidiary of NV Deli Maatschappij (Delhi). RCMA engages in the trading and distribution of natural rubber and rubber products. The acquisition represents an important addition to its natural rubber trading capacity and capability across the Americas as the group looks to expand its global footprint. Based in the US, MTI specialises in synthetic rubber supplies to the paving, asphalt and adhesive industry. The acquisition also included a laboratory services business in the US. COTTON TRADING ARBITRATION APPEAL Acting on behalf of Patriot Spinning Mills Ltd in relation to an appeal to the English High Court against an arbitration award given by the International Cotton Association (ICA) in our client s favour. The appeal related to invoicing back procedures under the ICA rules, and related to the scope of materials that may be deployed upon an appeal and the discretion to remit an Award rather than set it aside. EQUATORIAL PALM OIL PLC (EPO) Advising on EPOʹs AIM admission and 6.5m fundraising, as well as the acquisition of investment agreements and permits covering over 70,000 hectares of land in Liberia and a palm oil mill supply contract with a Malaysian supplier. PT AZ ZHARA PLANTATION Advising PT Az Zhara Plantation on its palm oil plantation project in Indonesia and advising its subsidiaries on palm oil plantation management. GRANVILLE BAIRD FUNDS Advising funds managed by Granville Baird on the divestment of their interests in Balzac Coffee GmbH & Co. KG within the framework of the merger between Balzac Coffee and World Coffee Company GmbH & Co. KG. BINDER BETEILIGUNGS AKTIENGESELLSCHAFT Advising Binderholz, a leading Austrian and European sawmill and wood processing enterprise, on the acquisition of all shares in the German timber trading firm Germania Holzhandel GmbH. LLOYDS TSB BANK PLC ROTTERDAM Advising Lloyds TSB Bank plc on a US$25m structured trade financing facility to a Swiss trading company involving security over fertiliser stocks in Russia and the Baltic States. AFRICAN EXPORT IMPORT BANK Advising African Export-Import Bank on an Islamic financing for a gum arabic producer. BRAZILIAN SOYA BEAN PRE EXPORT FINANCING Acting for a European Bank on a US$12m pre-export financing (pre payment) for a Brazilian soya bean producer, secured on soya bean stocks. DEUTSCHE BANK AG Advising Deutsche Bank AG on its US$95m bilateral inventory financing facility provided to PT Tripanca Group in Indonesia. The facility was structured as a revolver with one year tenor and secured by coffee beans to be financed under the facility. AGRI COMMODITY PROJECT Advising a well-known Indian conglomerate on its investment in an agri-commodity project in the Ivory Coast.

11 NATURAL RESOURCES 10 SUGAR ISLAMIC FINANCING Advising a leading Saudi Arabian financial institution on the provision of trade finance facilities as an Islamic financing transaction to a Mexican sugar producer, structured on a murabaha basis. UNITED PALM OIL INDUSTRY PUBLIC CO. LTD. Acting for leading palm oil producers in a US$12m arbitration under ICC Rules. The arbitration is against a Malaysian industrial boiler company for failure to meet its contractual obligations. ALCODIS Advising Alcodis, a Belgian ethanol producer and trader, on a dispute concerning a CIF contract. Disputes regarding quantity and quality have been raised. The matter was subject to competing jurisdictions of Belgium and England. MEDICAPITAL BANK Acting on a US$10m pre-export financing facility to finance the purchase by a Swiss trader (through its Cameroon subsidiary) of stocks of coffee and cocoa from local producers in Cameroon and the transportation and on-sale to international off-takers. AFRICAN WHEAT FINANCING Advising a trading house on issues relating to credit terms offered to an African company to finance the import of wheat. SUGAR HEDGE FINANCING Acting in connection with an arrangement of a US$150m syndicated sugar hedge revolving overdraft facility for the financing of initial and variation margin calls and negative liquidation amounts on sugar hedging positions on ICE and LIFFE. SOONTHORN METAL INDUSTRIES Acting in a case against a milk and coffee producer, which arose after the termination of an exclusive supply contract. SMIʹs claim was over US$600m with a counter-claim of US$100m. The dispute is subject to arbitration under Thai law and UNCITRAL rules. CODAN GUMMI A/S Advising Codan Gummi A/S in relation to a claim against Pongpara Codan Rubber Co. Ltd. in the Thai courts for payment of outstanding dividends. HONG LUCK CHARTERERS Advising the charterers of the ʺHong Luckʺ in relation to claims for demurrage and damages arising out of a shipment of Indian rape seed from India to Korea under a Gencon fixture. DAATS PAPER CO. LTD Advising Daats Paper in a US$70m pulp and paper dispute with a Chinese paper machine supplier. The matter was conducted in Hong Kong arbitration with Chinese law applied. OLYMPIA SPINNING & WEAVING MILLS LIMITED Acting for Olympia against Dunavant Enterprises Inc. The case concerned the close out mechanism under the International Cotton Association bylaws and rules, and their interaction with a bespoke force majeure clause. GAFTA ARBITRATION Acting for a European grain trader against an Asian buyer in a GAFTA arbitration relating to a CIF contract for Argentinean wheat.

12 THE LAWYERS PROVIDE A COMMERCIAL AND PRAGMATIC VIEW AND FOCUS ON THE 'MUST HAVE' RATHER THAN GETTING HUNG-UP ON THE 'NICE TO HAVE'. CHAMBERS UK 2014

13 NATURAL RESOURCES 12 REPUTATION PROVIDES A REALLY SOUND APPROACH WITH A GOOD COMMERCIAL ASPECT. CHAMBERS UK 2014 STRONG PRACTICAL KNOWLEDGE OF THE COMMODITY TRADE FINANCE SECTOR.. CHAMBERS UK DEMONSTRATES A RESULTS ORIENTATED APPROACH. LEGAL 500 ASIA PACIFIC 2013 ESTABLISHED TRADE FINANCE PRACTICE ADVISING COMMODITIES TRADING HOUSES AND FINANCIAL INSTITUTIONS... CHAMBERS UK 2014 I APPRECIATE THEIR SERVICE MENTALITY: THEY THINK FROM A CLIENT S PERSPECTIVE AND MAKE US FEEL PRIORITISED. CHAMBERS ASIA 2013 THEY ARE FLEXIBLE, REASONABLE ABOUT PRICING, AND RESPONSIVE, AND THE SOLUTIONS THEY PROVIDE ARE GOOD ONES. CHAMBERS UK 2014 SIGNIFICANT EXPERIENCE OF CROSS-BORDER TRANSACTIONS. CHAMBERS UK 2014 THIS FIRM IS WELL RESPECTED IN THE TRADE FINANCE SPHERE... ADVISES LEADING INSTITUTIONS IN THE GLOBAL FINANCIAL COMMUNITY. CHAMBERS UK 2013 RANKED 1 ST FOR THE NUMBER OF OIL & GAS CLIENTS LISTED ON AIM OCTOBER 2014 ARL AIM ADVISERS RANKINGS GUIDE

14 13 Watson Farley & Williams CONSIDERABLE EXPERTISE IN ENERGY AND NATURAL RESOURCES, INCLUDING OIL AND GAS CHAMBERS UK 2014 THIS FIRM IS WELL RESPECTED IN THE TRADE FINANCE SPHERE... ADVISES LEADING INSTITUTIONS IN THE GLOBAL FINANCIAL COMMUNITY. CHAMBERS UK TREMENDOUSLY COMMERCIALLY AWARE AND ASTUTE. CHAMBERS GLOBAL 2013 HIGHLY RATED CROSS BORDER LITIGATION PRACTICE WITH ADDED EXPERTISE IN ENERGY AND NATURAL RESOURCES. CHAMBERS UK 2013 VERY GOOD AT EXPLAINING THINGS AND STRIPPING THEM DOWN TO THE BASICS CUTS THE NEGOTIATION TIME IN HALF AND IMPROVED THE RESULT BY DOUBLE. CHAMBERS UK 2013 RANKED IN THE TOP 10 BEST LAW FIRMS 2013 GLOBAL TRADE REVIEW S ANNUAL READER S POLL 2013 COMMERCIAL AND SOUND IN ITS ADVISORY WORK. LEGAL 500 ASIA PACIFIC LAUDED FOR THEIR EXPERIENCE IN THE FIELD AS WELL AS THEIR PRAGMATISM AND THOROUGH APPROACH TO EVERY TRANSACTION. CHAMBERS UK 2013 RANKED 5 TH FOR THE NUMBER OF BASIC MATERIALS CLIENTS LISTED ON AIM OCTOBER 2014 ARL AIM ADVISERS RANKINGS GUIDE

15 NATURAL RESOURCES 14 OUR OFFICES Athens Frankfurt Madrid Paris 6th Floor, Building B 348 Syngrou Avenue Kallithea , Athens T: Bangkok Unit 902, 9th Floor GPF Witthayu Tower B 93/1 Wireless Road Patumwan, Bangkok T: Dubai Office 1503, Level 15, Tower 2 Al Fattan Currency House PO Box Dubai T: Ulmenstraße Frankfurt am Main T: Hamburg Jungfernstieg Hamburg T: Hong Kong Units , One Pacific Place 88 Queensway, Hong Kong T: London C/ María de Molina, Madrid T: Milan Piazza del Carmine Milan T: Munich Gewürzmühlstraße 11 Courtyard Munich T: New York 26 avenue des Champs- Elysées Paris T: Rome Piazza Navona Rome T: Singapore 6 Battery Road #28-00 Singapore T: Appold Street London EC2A 2HB 1133 Avenue of the Americas New York, New York T: T:

16 ATHENS BANGKOK DUBAI FRANKFURT HAMBURG HONG KONG LONDON MADRID MILAN MUNICH NEW YORK PARIS ROME SINGAPORE All references to Watson Farley & Williams and the firm in this publication mean Watson Farley & Williams LLP and/or its affiliated undertakings. Any reference to a partner means a member of Watson Farley & Williams LLP, or a member or partner in an affiliated undertaking, or an employee or consultant with equivalent standing and qualification. The transactions and matters referred to in this publication represent the experience of our lawyers. This publication is produced by Watson Farley & Williams. It provides a summary of the legal issues, but is not intended to give specific legal advice. The situation described may not apply to your circumstances. If you require advice or have question or comments on its subject, please speak to your usual contact at Watson Farley & Williams. This publication constitutes attorney advertising LON KW KW 07/07/2014 Watson Farley & Williams 2014 wfw.com