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GUNVOR ANNOUNCEMENT

Gunvor Investments Limited (“Gunvor”), a subsidiary of Gunvor Group Ltd, today entered into an agreement to sell shares in PA Resources AB (publ) for market value (the “SPA”), and purchased a cash settled option over such shares, with a strike price of zero and for a premium that is commensurate to the market value of the shares today (the “Option”), with Villefranche S.à r.l. (“VS”).The number of shares that are the subject of the SPA and the Option is 6,790,080. The transaction became effective immediately. The shares purchased by VS under the SPA will constitute its hedge position in

MANDATORY BID FOR GUNVOR GROUP IN RESPECT OF RÖRVIK TIMBER

Gunvor Group Ltd, “Gunvor Group”, has on 15 April 2014 announced that it has acquired 50 per cent of the shares in Meerwind AB, “Meerwind”. Gunvor Group now owns 100 per cent of Meerwind, which owns shares representing approximately 79 per cent of the shares in Rörvik Timber AB, “Rörvik Timber”. Rörvik Timber’s shares are traded on NASDAQ OMX Stockholm Small Cap.Gunvor Group’s acquisition of shares in Meerwind results in an indirect change of control of Rörvik Timber and gives rise to an obligation for Gunvor Group to make a mandatory bid for all shares and to all shareholders in Rörvik

GUNVOR ANNOUNCEMENT

Gunvor Investments Limited (“Gunvor”), a subsidiary of Gunvor Group Ltd, today: (i)             entered into agreements to sell shares in  PA Resources AB (publ) for market value (each an “SPA”); and (ii)            purchased cash settled options over such shares, with a strike price of zero and for a premium that is commensurate to the market value of the shares today (each an “Option”), with each of Credit Suisse International (“CSI”) and Villefranche S.à r.l. (“VS”).The number of shares that are the subject of the SPA and Option entered into with CSI (together, the “CSI

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