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Trade _ Commodities Finance

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					Trade & Commodities
Finance
November 2009
Watson, Farley & Williams
Contents
Our approach.......................................................................................................................3

Our trade & commodities finance practice.......................................................................4

Our experience ....................................................................................................................6

   EUROPE...........................................................................................................................6

   AFRICA.............................................................................................................................8

   MIDDLE EAST................................................................................................................11

   RUSSIA / CIS .................................................................................................................12

   ASIA................................................................................................................................13

   AMERICAS.....................................................................................................................15

Team profiles.....................................................................................................................19

Our offices .........................................................................................................................28
Our approach
Watson, Farley & Williams is a leading international law firm with a presence in
major financial centres in Europe, Asia and the USA.


Quality is at the centre of everything we do. Our highly involved partners work with clients
to meet their objectives as efficiently as possible. We use our commercial acumen to
provide integrated services across legal disciplines and jurisdictions.


We offer clients services of the highest quality by developing our expertise in the sectors
we know best: these are principally Finance & Investment, Maritime, Energy, Natural
Resources, Transport, Real Estate and ICT. In these areas we use our specialist skills
and experience to provide effective, commercially focused advice across a broad range of
corporate, finance, dispute resolution and tax matters as well as employment and
regulatory issues.


We establish candid, open relationships with our clients and take the time to understand
their business in order to meet their objectives and help their businesses thrive.


We focus on the strengths that provide our clients with real value: in depth expertise, a
high ratio of partners, and talented, proactive people able to work with major clients at the
highest level. Our lawyers demonstrate qualities such as creativity and dedication to the
highest standards. It is these strengths that allow us to offer practical yet innovative legal
solutions.




3
Our trade & commodities finance
practice
The exceptional dynamism of the international trade and commodities markets in recent
years, driven by volatile commodity prices, the growth of emerging markets corporates and
the recent crisis in the world’s financial markets, has resulted in a range of challenges and
opportunities for the origination and restructuring of trade and commodities finance deals.


We have responded to this challenge by creating an experienced team of trade and
commodities finance lawyers who document all aspects of the financing of domestic and
international trade. Specifically:


    •   We have in depth experience of working in the markets of energy, mining, metals,
        oil, soft commodities, transportation and international finance, representing banks,
        non-bank lenders, traders, producers and borrowers.


    •   Our lawyers understand the full extent of supply chains with experience ranging
        from the financing of the production of raw materials, manufacturing processes,
        storage and transportation of goods, receivables financing and cash management
        products.


    •   We aim to work closely in partnership with our clients so as to structure and
        document transactions creatively, efficiently and securely.


    •   We place strong emphasis on service standards, responsiveness and senior
        lawyer attention to all transactions.


    •   Our pricing is competitive.




4
Our clients include banks and financial institutions, such as Citibank, Calyon, Fortis Bank
Nederland, BNP Paribas, Lloyds TSB, Societe Generale, Intesa Sanpaolo and ING, and
corporates such as Trafigura, BHP Billiton, Ericsson and Norsk Hydro.


We act for banks, non-bank lenders, traders, producers and other borrowers in:


    •   Structured commodities finance, including advance payment arrangements


    •   Pre-export finance


    •   Letter of credit and guarantee facilities


    •   ECA backed facilities


    •   Receivables financing facilities


    •   Cash management products


    •   Derivatives


    •   Securitisation of trade receivables


    •   Unsecured lending to corporates


    •   Restructuring, workouts and insolvencies


    •   Collateral management issues, including collateral management agreements and
        warehouse receipts financing.




5
Our experience
The following is a selection of transactions undertaken by our lawyers in this area.


EUROPE

    •   Acting for Rabobank on a review of its standard form facility and security
        documentation relating to trade finance facilities


    •   Advising the structured inventory products group at Standard Chartered Bank on
        issues arising from the insurance of various commodities stocks


    •   Advising Intercontinental Bank (UK) Plc on regulatory matters concerned with the
        implementation of the Payment Services Directive in the United Kingdom


    •   Advising Fortis Bank Nederland on a tripartite agreement relating to security over
        investments and accounts in trade finance transactions


    •   Advising Bank Saderat plc on standard terms and conditions for corporate and
        individual account holders


    •   Advising Standard Chartered Bank on a US$50m senior debt and US$10m junior
        debt facility to a Greek oil company


    •   Advising Standard Chartered Bank on regulatory capital issues concerning a
        £63,000,000 transactionally secured facility to a trading house


    •   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


    •   Advising on the terms of a standard form bank mandate and account opening form




6
    •   Advising a US bank as participant in documentation for the participation of trade
        finance facilities


    •   Advising BHP Billiton on its trade finance documentation with various banks


    •   Advising Fortis on a receivables facility for Terex Corporation and its UK, German,
        French and Italian subsidiaries


    •   Advising the lender on its participation in a US$250m receivables purchase facility
        for a major automotive manufacturer


    •   Advising Intesa Sanpaolo in relation to a €45m SACE backed facility for the export
        of steel rolling plant to a Ukrainian borrower


    •   Advising a Middle Eastern bank on a £45m invoice discounting and letter of credit
        facility for the financing of international trade in manufactured household goods


    •   Advising Fortis Bank on a £120m secured working capital facility to a trader in
        petroleum products


    •   Advising a major French bank in an unusual High Court action brought to enforce
        the bank’s security over goods in transit over which the bank had security for the
        applicant’s payment obligation. The case involved an expedited trial against
        owners, charterers and consignees during the court vacation and the detention of
        the vessel at sea whilst the bank’s claim was settled


    •   Advising a major European bank in an action concerning the scope of the fraud
        exception under UCP 500 in respect of deferred payment credits. The case is
        likely to be a leading authority in this area


    •   Acting for a large European multi-national involved in metals trading and
        manufacture in its arbitration claim for more than US$100m arising from a




7
        collapsed trade financing deal which involved Islamic and traditional bank pre-
        export financing


    •   Advising the lender on a US$30m revolving credit facility, including FX, money
        market and derivative products for a shipping company structured as a borrowing
        base facility with security over trade receivables


    •   Advising a shipping company in relation to forward freight agreements with a
        series of financial institution counterparties


    •   Advising Europe Arab Bank plc on a transactionally secured facility to an English
        company to finance trade in frozen fish and seafood


AFRICA

    •   Advising Intercontinental Bank (UK) Ltd in preparing standard form trade finance
        documentation for issuing, confirming and discounting letters of credit and
        demand guarantees


    •   Advising Ericsson on the vendor financing of a mobile phone operator in Ghana


    •   Advising a bank on structured receivables financing to an African state owned oil
        exporter


    •   Advising several creditors including African Export-Import Bank and Ericsson as
        lenders to Vmobile Nigeria (now Celtel) on the financing of a GSM mobile phone
        network in Nigeria. This transaction involved a consortium of 16 leading Nigerian
        financial institutions and 6 offshore lenders providing facilities in several phases
        which will ultimately reach approximately US$1bn, with support from MIGA and
        EKN. The financing arrangements involved the establishment of a global loan and
        security structure which will permit future financing plans to be completed
        efficiently and in a timely manner. This deal won the Project Finance EMEA
        Telecoms Deal of the Year 2006 - Source; Project Finance Magazine). The WFW




8
        team has also advised on further debt financings for Vmobile provided by Ericsson
        and Nordea Bank


    •   Advising Citigroup on a US$984m refinancing and provision of an additional
        US$450m foreign currency facility, to enable Celtel Nigeria to further roll out its
        mobile telephone business in Nigeria


    •   Advising a South African bank on a US$20m financing and the refinancing of a
        mobile phone network project in Guinea Conakry, with support from OPIC


    •   Advising an exporter in relation to sale and financing contracts for the export of
        fertiliser to West Africa, with related financing arrangements involving the sale of
        receivables for amounts of up to US$10m at any one time


    •   Advising African Export-Import Bank on a revolving invoice discounting facility, in
        order to provide finance for corporates carrying on business with oil majors in
        Nigeria, Angola and other eligible African countries


    •   Advising French banks on a project financing for the construction and
        maintenance of oil stocking and distribution facilities in Benin and the Ivory Coast


    •   Advising African Development Bank on financing for the MTN Cameroon GSM
        network in relation to its bid to secure a GSM licence in Cameroon


    •   Advising an energy trader in relation to a joint venture for the storage and
        transportation of hydrocarbons in Congo


    •   Advising African Export-Import Bank on various letter of credit and trade finance
        arrangements with the Ghana Cocoa Board in Ghana


    •   Advising French banks on a US$40m project financing for the construction of oil
        refining facilities in the Ivory Coast




9
     •   Advising a French bank on a pre-export financing, including securitisation
         structure, for cocoa exporters in the Ivory Coast


     •   Advising African Export-Import Bank on pre-export financing facilities for the
         National Bank of Kenya


     •   Advising the lender in a US$10m structured pre-export financing secured on
         cocoa stocks in the Ivory coast


     •   Advising African and European multilateral development banks, French ECA and
         other lenders on a €315m project financing of a GSM telecommunications network
         in Kenya for a major French multinational including a local bond issue as well as
         local and international debt facilities


     •   Advising an international oil & gas company on the sale of oil & gas exploration
         interests in Kenya


     •   Advising a US bank on a global trade finance program for factoring debts due from
         OECD importers to non-OECD exporters in Kenya


     •   Advising IFC, Export Credit Agencies and Development Banks on a US$200m
         financing for the construction and operation of a Gold Mine in Sadiola, Mali


     •   Advising on an the financing of an energy sector project in Mali


     •   Advising African Export-Import Bank on trade finance facilities for several
         commercial banks in Nigeria


     •   Advising an LNG sponsor on LNG transportation arrangements in relation to the
         Nigerian LNG project tender


     •   Advising a French bank as agent for the French export lenders in Phase 1A of a
         Hydroelectric Project in South Africa




10
     •   Acting for one of the world's leading commodity trading company's in a High Court
         action with the South African Government state agency responsible for the
         country’s strategic oil reserve and concerning a multi million dollar oil trading
         contract


     •   Advising African Export-Import Bank on a US$25m gold pre-export financing
         facility for the Reserve Bank of Zimbabwe


MIDDLE EAST

     •   Acting for a Middle Eastern owned bank on the preparation of security over cash
         deposits made by an Iranian based financial institution.


     •   Advising a Middle Eastern bank on the purchase of supplier credit loan
         receivables in connection with telecommunications equipment in Pakistan


     •   Advising a Middle Eastern bank in connection with the purchase of supplier credit
         loan receivables due for Saudi Arabian borrower in respect of telecoms equipment


     •   Advising a Middle Eastern bank on the purchase of supplier credit loan
         receivables for telecommunications equipment in respect of Jordan


     •   Advising a Middle Eastern bank in connection with the purchase of supplier credit
         loan receivables in connection with telecommunications equipment in Iraq


     •   Advising Calyon on a US$100m pre-export financing for Egyptian General
         Petroleum Corporation, secured on export receivables


     •   Advising Arab Banking Corporation as the lender on a US$40m syndicated loan to
         one of the world’s leading livestock traders, to finance the export of livestock from
         Australia to the Middle East, including security and custody arrangements in Egypt
         in relation to the livestock




11
     •   Advising a leading Saudi Arabian bank on structured loan, letter of credit and
         guarantee facilities provided to a rice importer, involving security in the UK and the
         US


     •   Advising a Middle Eastern Bank on documenting and restructuring a €160m
         facility to finance the export of petroleum products


     •   Advising a Middle Eastern Bank on a €200m working capital facility to a state
         owned oil company


RUSSIA / CIS

     •   Advising a UK Plc on joint venture arrangements relating to a production sharing
         agreement with SOCAR (state oil company), Amoco and Monument Oil for the
         exploration of the Inam Block offshore Azerbaijan


     •   Advising an energy trader on crude oil transportation arrangements in Azerbaijan
         and in Georgia


     •   Advising a European financier on the US$4m structured financing for the
         acquisition of generating equipment by a Russian mining company


     •   Advising an international commodities house as lender in a US$10m pre export
         financing to a Ukrainian borrower secured on sugar stocks in the Ukraine


     •   Advising an energy trader on a fuel storage terminal project in Poti, Georgia


     •   Advising an international energy trader on the structured financing of a petroleum
         tank farm and related throughput arrangements in Georgia


     •   Advising ING Bank on limited recourse pre-export financings in relation to the
         export of copper concentrates from Erdenet copper mine, Mongolia, via limited
         recourse arrangements with the offtaker




12
     •   Advising a commodity trader on various pre-financings of copper concentrates in
         Mongolia and the UAE


     •   Advising Global Energy Group on the supply of turbines and ancillary power
         equipment to a Russian smelting company


     •   Advising a US overseas investment organisation on various investment
         transactions involving entities in the oil and gas sectors in Russia and the FSU


     •   Advising a US bank on pre-export financing of crude oil exports from Russia


     •   Advising a commodity trader on a US$10m prepayment of a Russian oil producer
         in relation to the delivery of crude oil


     •   Advising an international energy trader on the pre-financing of gasoil in a product
         sharing arrangement in respect of nationally controlled oil and gas fields in
         Uzbekistan


     •   Advising a Middle Eastern bank in its participation in the US$1bn pre-export
         finance loan to Eurasian Natural Resources Corporation, secured on receivables
         from the sales of ferro-alloys produced by JSC Transnational Company
         Kazchrome in Kazakhstan


     •   Advising a major commodities house as offtaker and risk participant in a US$1bn
         metals financing in the CIS


ASIA

     •   Acting for a European Bank on risk participation arrangements with a Chinese
         Bank relating to a borrowing base facility with Trafigura, Asia


     •   Advising BHP Billiton on general trade finance matters




13
     •   Advising Deutsche Bank AG (Structured Trade & Export Finance team) on its
         US$95m bilateral inventory financing facility provided to PT Tripanca Group in
         Indonesia. Deutsche Bank AG, Singapore Branch acted as the sole arranger and
         Deutsche Bank AG, Jakarta Branch acted as the sole lender. The facility was
         structured as a revolver with 1 year tenor and secured by new inventory (coffee
         beans) to be financed under the facility. The deal structure involved tripartite
         collateral management agreement among the borrower, the lender and the
         collateral manager (appointed by the lender) for the purpose of providing the
         marked-to-market valuation of the inventory on a weekly basis


     •   Advising an international energy trader on sale and purchase arrangements with
         Singapore and Indonesian counterparties and preparing documentation in relation
         to the purchase of petroleum products under a renewable term pre-financing
         facility of US$260m


     •   Advising an international energy trader in relation to LPG processing and storage
         facilities owned and operated by Pertamina, involving advising on “bonded zone”
         status in Indonesia, joint venture arrangements, storage, sale and purchase
         mechanics and transaction structure


     •   Advising the lender on the bankability proposals for the fuel supply arrangements
         for a series of power projects in Gujarat, India


     •   Advising an international energy trader on pre-financing and purchase in
         Indonesia of oil products from Pertamina


     •   Advising BHP Billiton in connection with the proposed acquisition of marketing
         rights relating to Indonesia’s largest coal mine and in respect of a prepaid coal
         arrangement


     •   Advising one of the largest commodities and animal feed traders on complexed
         trade finance and arbitrage transactions in Thailand




14
AMERICAS

     •   Acting for a metals trading company in respect of the insolvency of an English
         holding company of a mining group, involving mining concessions in Peru


     •   Acting for a European Bank on a $12,000,000 pre-export financing for a Brazilian
         soya bean producer, secured on soyabean stocks


     •   Advising a French bank on a €33m pre-export financing for a Cuban nickel
         producer


     •   Advising a French bank on numerous structured trade financings for Cuban state-
         owned entities supported by export receivables generated by commodity sales
         contracts for sugar, oil and nickel and by tourism services


     •   Advising an energy trader on all aspects of a joint venture with an Argentinean
         conglomerate to establish a downstream energy company, including the transfer
         of existing energy projects throughout Latin America to a new joint venture entity


     •   Advising the owner and operator of a petroleum products storage facility in
         Argentina


     •   Advising banks on crude oil pre-financings in Argentina


     •   Advising a US bank on a term loan facility for an Argentine telecoms utility, to
         finance the import of telecoms equipment from Sweden with support by the
         Swedish export credit agency (EKN)


     •   Advising an international energy trader on the structuring and documentation of a
         joint venture with a local chain of petrol stations in Brazil


     •   Advising an energy trader on downstream distribution joint ventures in Brazil




15
     •   Advising Fortis Bank NV on a structured pre-export financing involving security
         over soyabean stocks in Paraguay


     •   Advising an international metals trader as lender on a pre-export financing
         secured on metals stocks in Peru


     •   Advising a bank in connection with receivables purchase in respect of supply of
         mobile telephones to a South American company


     •   Continued advice to the arrangers in the provision of structured trade financing
         facilities for Banco Nacionale de Cuba, with security over tax and commodity
         receivables


     •   Advising an international energy trader on a 30 year concession on an LPG
         bottling and distribution project in Cuba and related joint venture with the Cuban
         State


     •   Advising the arranger, a major French bank, on a US$180m revolving credit
         facility to provide finance for a receivables purchase facility in favour of the state
         owned Cuban oil corporation


     •   Advising Fortis Bank and OND (the Belgian export credit agency) on a US$30m
         facility to a major Cuban bank secured on tourism receivables


     •   Advising a French bank on a US$16.5m loan facility to a sugar trader to make
         advance payments in respect of sugar contracts with Cuban exporters


     •   Advising a US bank on US$16m buyer credit to the Government of the Dominican
         Republic to finance the construction of a bridge in the Dominican Republic, with
         support from the Spanish export credit agency (CESCE)


     •   Advising an energy trader on a structured financing of a pre-paid crude oil
         purchase transaction in Ecuador




16
     •   Advising an international energy trader on a proposed US$30m prepayment
         against the export of fuel oil through an Italian major in Ecuador


     •   Advising an oil & gas trader on the supply of LPG to Ecuador


     •   Advising an international energy trader on the investment into a major Paraguayan
         importer and distributor of hydrocarbons


     •   Advising the owner and operator of a petroleum products storage facility in relation
         to various contractual matters in Paraguay


     •   Advising an energy trader on a US$40m pre-export facility for prepayment against
         the purchase of crude oil from Peru


     •   Advising an international energy trader on a US$40m advance payment facility
         made to a Peruvian subsidiary of an Argentinean oil producer against the delivery
         of crude oil


     •   Advising an international commodity trader on a US$20m pre-export financing of
         the purchase of zinc concentrates from Peru, including advice on commodity
         derivatives


     •   Advising the lender, a Swiss bank on finance arrangements for an oil major to
         support the export of oil and gas from Trinidad


     •   Advising an international energy trader on a US$40m pre-export financing facility
         of crude linked to a stock financing and repo arrangement in Uruguay


     •   Advising Chase Manhattan Trustees as the trustee, collection agent and lender
         agent in a US$200m securitisation of export receivables of a major Colombian
         coffee fund




17
     •   Advising a major US steel company in the US$90m securitisation of its export
         receivables through a multi-seller conduit arranged by a European bank


     •   Advising a Mexican corporation in connection with a US$60m securitisation of
         trade receivables


     •   Advising the corporate trustee in a US$100m securitisation of a Brazilian paper
         and pulp manufacturer’s customer receivables and US$300m securitisation of a
         Brazilian steel manufacturer’s customer receivables




18
Team profiles
                          JAMES A WATTERS

                          Partner

                          London

                          +44(0)20 7814 8119

                          jwatters@wfw.com

                          Specialisation: asset finance, trade finance and banking
                          transactions




SUMMARY

James Watters joined Watson, Farley & Williams in 1992 as a Partner, dealing with a
broad range of asset finance, trade finance and banking transactions


                          MICHAEL KENNY

                          Partner

                          London

                          +44 (0)20 7814 8042

                          mkenny@wfw.com




SUMMARY
Michael Kenny is a Partner in the London office of Watson, Farley & Williams. He
specialises in international banking and asset finance, with a particular focus on structured
trade and commodity finance and export finance. He is admitted in England and Wales
(1978) and in Hong Kong (1986).


He has extensive international experience, having worked as a lawyer in the Middle East
(Bahrain), in Hong Kong and in New York, where he was the resident English partner at
the firm’s New York office from 1995 to 1997. Michael is also experienced in acting for
multilateral credit agencies, including International Finance Corporation, African
Development Bank and African Export-Import Bank


19
                           CELIA GARDINER

                           Partner

                           London

                           +44 (0)20 7814 8000

                           cgardiner@wfw.com




SUMMARY
Celia Gardiner qualified as a solicitor in 1991 and spent the early part of her career at
Norton Rose, specialising in banking, insolvency and debt restructuring. She worked for
five years as a partner at Richards Butler (now Reed Smith Richards Butler) where she
developed a particular interest in trade and commodities finance, working as part of a
market leading international energy, trade and commodities team. She joined Watson,
Farley and Williams as a partner in January 2008. Her practice consists principally of
international trade and commodities finance in which she acts for banks, non bank
lenders, commodities houses and trade borrowers. Clients include BHP Billiton, Fortis
Bank NV, HSBC Private Bank plc, Lloyds TSB, Europe Arab Bank plc, Persia International
Bank plc and Intesa Sanpaolo. She also continues to work on corporate debt restructuring
and insolvencies, with particular expertise in the insurance sector


                           ANDREW SAVAGE

                           Partner

                           London

                           +44 (0)20 7814 8000

                           asavage@wfw.com




SUMMARY
Andrew Savage qualified as a solicitor in 1997 and became a Partner at Watson Farley &
Williams in 2004. He was appointed Head of Litigation in 2007 and specialises in
commercial and finance disputes and international arbitration. He has acted on several
large scale cases involving cross border issues and regarding the relationship between
arbitration and court proceedings within and across states. He has also acted for and

20
against state entities including the Federal Republic of Germany (in relation to an
important art theft case) and the Government of the Republic of Zambia (an arbitration
raising private law and public international law issues). The arbitration and litigation cases
he has advised on have related to finance, insolvency, energy, commodities, insurance,
shipping, construction, computer software and art theft.




                          LINDSEY KEEBLE

                          Partner

                          Paris

                          +33(0)156886043

                          lkeeble@wfw.com




SUMMARY
Lindsey Keeble is a partner in the firm’s Paris office. Lindsey completed her LLM at Kings
College London in 1998 and joined Watson, Farley & Williams’ London office in 1999 as a
trainee solicitor. She qualified in 2001 and relocated to the Paris office in 2008. Lindsey
specialises in project and asset finance, focusing on the renewables and maritime sectors,
and commodity finance.




                          LAURENCE MARTINEZ-BELLET

                          Partner

                          Paris

                          0156882142

                          lmartinez-bellet@wfw.com

                          Specialisation: shipping finance



SUMMARY

Laurence Martinez Bellet joined the Paris office of Watson, Farley & Williams as a Partner
in April 2005, and is now head of the Paris office. She specialises in asset and structured
finance, and French and international leasing (aircraft, ships and equipment). Laurence
has acted for banks and financial institutions, equity providers, aircraft operators, finance
and operating lessors and arrangers. She has experience in structuring, documenting and



21
negotiating construction, acquisition, leasing and financing documentation transactions
involving principally, vessels, aircraft and industrial equipment.



                               ERIC DIAMANTIS

                               Partner

                               Paris

                               +33(0)1 56 88 49 20

                               ediamantis@wfw.com

                               Specialisation: Oil and Gas, Transportation, Infrastructures




SUMMARY

Eric Diamantis focuses his practice on project development and risk management and
has advised project companies as well as developers/sponsors, governments and other
project participants in oil and gas, transportation and other infrastructure projects, in
France and abroad. In particular, he has worked extensively in Africa.


Eric Diamantis is a graduate of the Ecoles des Hautes Etudes Commerciales, a leading
French business school, and also has a degree of the Paris Institute of Political Sciences
(Science-Po). He holds as well a post-graduate degree of procedure in civil law from the
University of Paris II. He is also a Vice-President of the Euro-Mediterranean think tank
Ipemed. He is fluent in English, Italian, and Macedonian, has a fair knowledge of Spanish,
Serbo-Croatian, German and Russian and a basic knowledge of Chinese (Mandarin). Eric
Diamantis is admitted to the Paris bar.




22
                         THOMAS HOLLENHORST

                         Partner

                         Hamburg

                         +49 (0)40 80 80 344-0

                         thollenhorst@wfw.com




SUMMARY
Thomas Hollenhorst is a partner in the firm’s international Project & Structured Finance
Group and founded Watson, Farley & Williams’ Hamburg office in 2005. He qualified as a
lawyer in 1998 and gained extensive banking experience as in-house lawyer with
Deutsche Bank and Berenberg Bank. Thomas has particular experience in acting for
banks and developers on large project and structured financing transactions. He is fluent
in English in addition to his native German.


                          DR. STEFAN KILGUS

                          Partner

                          Hamburg

                          +49 (0)40 80 80 344-0

                          skilgus@wfw.com




SUMMARY
Dr Stefan Kilgus is a partner in the International Project & Structured Finance Group. He
advises lenders, borrowers and sponsors on major finance transactions, such as project
and acquisition finance, receivables purchase facilities and debt restructurings.




23
                         VIRGINIA MURRAY

                         Partner

                         Athens

                         +30 210 455 7303

                         vmurray@wfw.com

                         Specialisation: Greek law energy finance, corporate and M&A



SUMMARY

Virginia graduated from Cambridge in 1989 and practised as a barrister for five years in
London before moving to Athens and qualifying as a lawyer there in 1998. She joined
WFW in 2007 after ten years at a major Greek commercial firm and specialises in
acquisitions and financing in Greece's fast-developing wind energy sector, as well as other
corporate M & A and finance deals in Greece for Greek and foreign investors and banks.




                         ELVEZIO SANTARELLI

                         Partner

                         Rome

                         0039 06 68 40 581

                         esantarelli@wfw.com

                         Specialisation: corporate and project work, real estate



SUMMARY

Elvezio Santarelli joined Watson, Farley & Williams in 2005. He specialises in corporate,
project work and real estate with particular emphasis on renewable energy projects in
Italy.




24
                          DAMIAN ADAMS

                          Partner

                          Singapore

                          00 65 6551 9171

                          dadams@wfw.com




SUMMARY

Damian Adams joined Watson, Farley & Williams in 1997 as a trainee solicitor in the
London office, where he qualified in 1999. In 2000, Damian relocated to the firm's
Singapore office, where he became a partner of the firm in 2008. He specialises in a
range of cross-border corporate and commercial transactions including M&A, trade sales,
joint ventures, shareholder arrangements and AIM transactions including IPOs. He also
advises on structured commodity and trade finance transactions, having represented
commodities producers, traders and financiers in relation to product supply, sale and
purchase, storage and collateral management and financing and security arrangements.
Damian's practice focuses on the transport and natural resources sectors.




                          MEI LIN GOH

                          Partner

                          Singapore

                          00 65 6551 9125

                          mlgoh@wfw.com




SUMMARY

Mei Lin Goh has been with Watson, Farley & Williams since September 1998. She is
based in the Singapore office. Mei specialises in cross-border asset, project and
structured finance transactions. These transactions range from the documentation of “plain
vanilla” syndicated loans to the structuring of complex tax and/or balance sheet driven
transactions. In recent years, Mei has also developed a practice in relation to assisting
foreign clients in the establishment of their business and operations in Singapore in order
25
to benefit from tax incentives made available in Singapore to the maritime and offshore
industries. Mei has acted for a variety of lenders, arrangers, lessors, lessees, owners,
operators and borrowers in Europe and Asia in the maritime & logistics, offshore oil & gas
and energy sectors




                          MEHRAAB NAZIR

                          Partner

                          Singapore

                          +44(0)20 7814 8012

                          mnazir@wfw.com




SUMMARY
Mehraab Nazir joined Watson, Farley & Williams as a partner in May 2008 and relocated
to Singapore in August 2009. He specializes in asset, project, commodity and structured
finance, with a particular focus on the energy and transportation sectors.




                          JOSH CLARKE

                          Partner

                          Singapore

                          65-6551-9126

                          jclarke@wfw.com




SUMMARY
Josh is a partner in Watson, Farley & Williams’ Singapore office. He specialises in cross-
border finance with broad experience in syndicated and secured bank financings with a
particular focus on leveraged, project, structured trade and export credit agency-backed
financings. Josh is a member of the APLMA Indian loan market subcommittee




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                          STEVEN BURKILL

                          Partner

                          Bangkok

                          +66(0) 2 665 7801

                          sburkill@wfw.com

                          Specialisation: international dispute resolution work with focus
                          upon international arbitration in the oil and gas, power and
                          commodities sectors


SUMMARY

Steven Burkill joined Watson, Farley & Williams in 1998 and is head of the Bangkok Office
and head of the Asia dispute resolution team. He specialises in international litigation and,
in particular, London and Asia-based arbitrations involving oil and gas, power and large-
scale project disputes. He is also highly experienced in shipping litigation involving
charterparty, bill of lading, commodities and ship sale and purchase disputes. He is cited
in the Asia Legal 500 as a leading practitioner in dispute resolution work.




                          JOHN IMHOF

                          Partner

                          New York

                          001-212-922-2202

                          jimhof@wfw.com




SUMMARY
John Imhof joined Watson, Farley & Williams’ New York office in 2003. He focuses on the
financing and tax-based leasing of large infrastructure assets, including power station,
transmission and distribution assets, and on a broad range of trade finance and banking
transactions.




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Our offices
London                                                 Milan
Watson, Farley & Williams LLP                          Studio Legale Associato a Watson,
15 Appold Street                                       Farley & Williams
London EC2A 2HB                                        Via Santa Radegonda 11
Tel: +44 (0) 20 7814 8000                              20121 Milan
Fax: +44 (0) 20 7814 8141/8142                         Tel: +39 02 72 17 071
                                                       Fax: +39 02 72 17 0720

New York                                               Athens
Watson, Farley & Williams                              Watson, Farley & Williams
(New York) LLP                                         Greek Branch
1133 Avenue of the Americas                            6th Floor
New York                                               Neophytou Vamva 4
New York 10036                                         Kolonaki 106 - 74
Tel: +1 212 922 2200                                   Athens
Fax: +1 212 922 1512                                   Tel: +30 21 0455 7300
                                                       Fax: +30 210 7212 490

Paris                                                  Madrid
Watson, Farley & Williams LLP                          Watson, Farley & Williams LLP
150, avenue des Champs-Elysées                         Calle del Pinar, 5
75008 Paris                                            28006
Tel: +33 (0) 156 88 21 21                              Madrid
Fax: +33 (0) 156 88 21 20                              Tel: +34 91 745 6815

Hamburg                                                Piraeus
Watson, Farley & Williams LLP                          Watson, Farley & Williams
Am Kaiserkai 69                                        Greek Branch
20457 Hamburg                                          2nd Floor – Akti Miaouli 89
Tel: +49 (0) 40 80 80 344 0                            & Mavrokordatou 4
Fax: +49 (0) 40 80 80 344 10                           Piraeus 185 38
                                                       Tel: +30 21 0455 7300
                                                       Fax: +30 21 0459 4004

Munich                                                 Singapore
Watson, Farley & Williams LLP                          Watson, Farley & Williams LLP
Kardinal-Faulhaber-Straße 10                           16 Collyer Quay
80333 Munich                                           #12-02 Hitachi Tower
T: +49 (89) 237086 0                                   Singapore 049318
F: +49 (89) 237086 222                                 Tel: + 65 6 532 5335
                                                       Fax: + 65 6 532 5454+

Rome                                                   Bangkok
Studio Legale Associato a                              Watson, Farley & Williams (Thailand)
Watson, Farley & Williams                              Limited
Piazza Navona, 49                                      Unit 902, 9th Floor,
2nd Floor int 2/3                                      GPF Witthayu Tower B
00186 - Rome                                           93/1 Wireless Road
Tel: +39 06 68 40 581                                  Patumwan, Bangkok 10330
Fax: +39 06 68 89 2717                                 Tel: + 66 (0)2 665 7800
                                                       Fax: + 66 (0)2 665 7888

All references to ‘Watson, Farley & Williams’ and ‘the firm’ in this brochure 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.

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