Deal highlights:

• Successfully advising Romgaz S.A. in its capacity as issuer, in the initial public offering by the Ministry of Economy, acting through the Department of Energy, of a stock of 15% of Romgaz shares, admission to trading on the Bucharest Stock Exchange and the simultaneous listing of global depositary receipts with respect to such shares on the London Stock Exchange. This is the largest Romanian IPO to date and the first Romanian privatization to include the issue of global depositary receipts to be traded on the London Stock Exchange, an important and historic moment for both the Romanian State and Romgaz. Under this IPO, Romania raised almost RON 1.7 billion (€390 million)
• Advising Societatea Complexul Energetic Oltenia S.A., in its capacity as issuer, in a proposed initial public offering, of 12% of SCE Oltenia shares, admission to trading on the Bucharest Stock Exchange;
• Successfully advising the Romanian State, as issuer, on the issue of EUR 1 billion Eurobonds (2010) and EUR 750 million Eurobonds (2008) – the first successful sovereign issue of debt instruments on the international capital markets since 2002;
• Advising a global asset management company on the setting-up of its assest management strategy, by Fondul Proprietatea, a Romanian fund with an estimated asset value of EUR 4 billion;
• Advising an American multinational banking and financial service corporation on the establishment of a programme for the issuance of Medium-Term Notes by the subsidiary of a leading Greek banking group (USD 7.5 billion);
• Advising an international financial service group and a British multinational banking and financial services company in an international high yield notes issue in excess of EUR 240 million in relation to matters of Romanian law.