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 Transaction”) is 10,200,000 and the number of shares that are the subject of the SPA and Option entered into with VS (together, the “VS Transaction”) is 5,647,082. Each of the CSI Transaction and the VS Transaction become effective immediately upon this announcement being made.

The shares purchased by each of CSI and VS under their respective SPAs shall constitute their hedge position in respect of their respective Options. Upon exercise of each Option, the relevant counterparty will liquidate its hedge and pay to Gunvor the liquidation proceeds resulting from the sale of the relevant hedge shares.

There are no arrangements between Gunvor and each of CSI and VS as regards the exercise of any voting rights pertaining to the shares purchased by each of them under their respective SPAs. In addition, there are no agreements or any form of arrangements between CSI and VS with respect to the CSI Transaction and VS Transaction or the exercise of any voting rights pertaining to any shares in PA Resources AB (publ). Each of the CSI Transaction and VS Transaction have been executed and effected independently of each other.

Upon the closing of both the CSI Transaction and VS Transaction, Gunvor will still through its remaining shareholding exercise significant influence over PA Resources AB (publ) without having overall control of the company, which is in line with the global strategy of Gunvor in the upstream investments. Gunvor’s objective is to allow it to optimize its equity investment in PA Resources AB (publ) and at the same time retain its financial exposure.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any of these securities, in Sweden or elsewhere.

For inquiries:

Seth Thomas Pietras

Corporate Affairs Director

seth.pietras@gunvortrade.ch

+41 79 870 6290