TO WHOM IT MAY CONCERN
Geneva, 29 April 2011
Reorganisation of the Gunvor Group trading entities effective July 1st 2011
Dear Sir, Madam,
The Gunvor Group, with the purpose of responding to market needs, the completion of the integration of the Castor Petroleum group and intensifying its relationship with suppliers and customers, is restructuring its global trading business. To implement this strategy, a process has started and will continue throughout the year 2011. This includes the reorganization of the Gunvor Group companies that operate in the trading business.
In this respect Gunvor SA (formerly Castor Petroleum Ltd.) will be the trading entity for all trades of physical oil, petroleum products and coal as well as futures and OTC derivatives for the mentioned commodities from July 1st 2011. It is our intention that Gunvor SA will enter into new ISDA Master Swap Agreements with those counterparties which today have an ISDA-MSA with Gunvor International B.V., Amsterdam, Geneva Branch.
Gunvor International B.V., Amsterdam, Geneva Branch will remain the trading entity for gas, LNG, emissions and Biodiesel business.
All transactions which are delivered/completed prior to July 1st 2011 will be carried out by Gunvor International B.V., Amsterdam, Geneva Branch. We intend novating all contracts for supply of crude oil, refined petroleum products and coal which are delivered or completed on or after July 1st 2011 to Gunvor SA. Without further notice from your side we will send you the novation and/or amending agreements thereto.
For counterparties trading on the Global Coal platform and who currently have credit settings for Gunvor International B.V., Amsterdam, Geneva Branch, may we ask you to replicate these settings for Gunvor SA by 30th June 2011, so that Gunvor SA can be set up in the trading system on that date and trading can continue un-interrupted. Indeed, Gunvor SA is already set-up as an entity on the Global Coal platform, but is not set up in the Global Coal trading system yet.
Both Gunvor SA and Gunvor International B.V., Amsterdam, Geneva Branch have their registered address at Rue du Rhone 80-84, 1204 Geneva, Switzerland and will remain fully owned by
Gunvor Group Ltd. (the Group holding company).
GUN VOR SA
80-84, Rue de RhOne, 1204 Geneva, Switzerland
Tel,: + 41 22 718 79 00, Fax,: + 41 22 718 79 29, ounvor(agunvortrade.ch www.g unvorgroup. corn
We do not anticipate any disruption as a result of this change, which we hope will be as smooth as possible. On the second page attached to this letter, we have prepared a brief Question & Answer section with the most frequent questions you might have.
We thank you in advance for your understanding and cooperation. However, should you have any further questions, please do not hesitate to contact us.
Yours faithfully,
Timothy Ledge
Chairman o the board Gunvor SA
GUNVOR SA
80-84, Rue de Rh6ne, 1204 Geneva, Switzerland
Tel,: + 41 22 718 79 00, Fax,: + 41 22 718 79 29, gunvorgunvortrade.ch www.gunvorgroup.com
Questions & Answers
1. Why did the Gunvor Group decide to make this change?
• We are integrating Castor's activities into the Gunvor Group. At the same time we feel the need from the market to separate the European energy trading activities (natural gas and emissions) as these products are usually traded in EURO. Transferring the oil, oil products and coal trading activities to Gunvor SA - which are traded in USD - will help us achieve this goal.
2. What are the financial implications?
• All oil, petroleum products and coal transactions dated on or after July 1st 2011 will be performed by Gunvor SA. Note that all invoices sent and received must be addressed to this new entity as of the cut off date. Addendums to contracts will be sent to you in due time as well as Gunvor SA's new Dutch and Belgian VAT numbers.
3. Will there be a change in ultimate ownership of the Gunvor Group?
• There is no change in ultimate ownership of either Gunvor SA or Gunvor International B.V., Amsterdam, Geneva Branch.
4. Will the daily contacts change?
• Your daily contacts, our office address, our phone & fax numbers and our emails remain unchanged.
5. Where can you find the extracts from the commercial registry?
• For both Gunvor SA as well as Gunvor International BV, Amsterdam, Geneva branch, you can find the extracts under www.rc.ge.ch by searching "Gunvor"
• For Gunvor International BV, Amsterdam, you can find the extract under www.kvk.n1 by searching "Gunvor"
6. Who can you contact in case of further questions?
Coal Contracts
Claude BUCLIN +41 77 462 20 37 claude.buclin qunvortrade.ch Jeroen WISKERKE +41 78 688 33 87 [email protected] Oil/ Products
Contracts
Please contact your usual operational contact.
Credit Frank Baum +41.22.718.6917 [email protected]
Trade Finance Oil products Christelle Roks Donze +41.22.718.6954 christelle.roks gunvortrade.ch Trade Finance
Coal & Energy
Mathieu Coolen +41.22 718.7398 mathieu.coolen qunvortrade.ch VAT Numbers Martijn Jongbloed +41.22.718.6919 martijn.jongbloed cjunvortrade.ch
General Reception +41.22.718.7900 finance qunvortrade.ch
GUNVOR SA
80-84, Rue de RhOne, 1204 Geneva, Switzerland
Tel,: + 41 22 718 79 00, Fax,: + 41 22 718 79 29, gunvor(agunvortrade.ch
http://rc.ge.ch
EXTRAIT I NTERNET
Extrait sans radiations No ref. 15129/2005
N° fed. CH-660-2734005-4
Gunvor SA
inscrite le 14 decembre 2005 Societe anonyme
Ref. Raison Sociale
8 Gunvor SA (Gunvor Ltd) (Gunvor AG) 1 Siege Geneve Adresse
rue du RhOne 80-84, 1204 Geneve
8
Dates des Statuts
31.01.2011 (nouv. stat.)
8
But, Observations
But:
achat, vente, negoce, commerce, echange, fourniture, gestion, transport, stockage, distribution ou disposition de quelque maniere que ce soit, a titre principal ou en tant qu'agent, de parole brut, produits derives du petrole, charbon, gaz, gaz naturel, energies renouvelables, energies alternatives, electricite, emissions et energie, et de tous autres produits petrochimiques ou matieres premieres, ainsi qu'exercice de toutes activites et services y relatifs, notamment administratifs, financiers, techniques, economiques ou de gestion et de conseil en relation avec ces activites (cf. statuts pour but complet).
1 8
Organe de publication
Feuille Officielle Suisse du Commerce
Communication aux actionnaires: lettre, telefax ou email
Ref. Capital-actions
Nominal Libere Actions
CHF 5'096'700 CHF 5'096'700 509'670 actions de CHF 10, nominatives
Ref. Administration, organe de revision et personnes ayant qualite pour signer
Inscr Mod Rad Nom et Prenoms, Origine, Domicile Fonctions
adm. president adm. organe de revision directeur directeur directeur directeur directeur directeur directeur directeur directeur directeur Mode Signature signature collective a 2 signature collective a 2 signature collective a 2 signature collective a 2 signature collective a 2 signature collective a 2 signature collective a 2 signature collective a 2 signature collective a 2 signature collective a 2 signature collective a 2 signature collective a 2 8 8 8 8 8 8 8 8 8
5 Legge Timothy, de Grande-Bretagne, a
Bardonnex
Auer Gerhard, d'Allemagne, a Bernex PricewaterhouseCoopers SA
(CH-660-1784998-4), succursale a Geneve
Taylor Kevin, de Grande-Bretagne, a Meyrin
Arduini Marco, d'Italie, a Satigny
Christin Jan, de Geneve, a Sciez, F Goubet Bertrand, de France, a Sciez, F
Gribben Chris, de Grande-Bretagne, a Meinier
Jacot Thierry, de Geneve, a Geneve
Jongbloed Martijn, des Pays-Bas, a Nyon Kuster Stephen, de Geneve, a Vandoeuvres Mai Hoang Gia, de Lausanne, a Denges Michel Pascal, de France, a Chene-Bougeries
Ref. Administration, organe de revision et personnes ayant qualite pour signer
Inscr Mod Rad. Nom et Prenoms, Origine, Domicile Fonctions Mode Si. nature
8 Orti Baneras Jose Miguel, d'Espagne, a Lancy
Schurink Jeroen, de Collex-Bossy, a ThOnex
directeur directeur
signature collective a 2 signature collective a 2
Ref. JOURNAL PUBLICATION FOSC Ref. JOURNAL PUBLICATION FOSC
Numero Date Date Page/Id Numero Date Date Page/Id
1 15129/660 14.12.2005 20.12.2005 7/3156426 2 2247/660 13.02.2009 19.02.2009 10/4889792 3 12211/660 04.08.2009 10.08.2009 9/5188388 4 15771/660 12.10.2009 16.10.2009 8/5298474 5 3116/660 22.02.2010 26.02.2010 7/5516442 6 7683/660 04.05.2010 10.05.2010 9/5626174 7 9368/660 07.06.2010 11.06.2010 9/5672332 8 2307/660 03.02.2011 09.02.2011 7/6026388 9 2716/660 10.02.2011 16.02.2011 7/6036722 10 2884/660 14.02.2011 18.02.2011 7/6040726 Geneve, le 05 avril 2011 Fin de l'extrait
Seul un extrait certifie conforme, signe et muni du sceau du registre, a une valeur legale.
