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TERM SHEET
This term sheet is agreed between:
(1) FLC West Holding S.ar.l. ““FLCW”), a
company duly incorporated in Luxembourg
and with its office at 560A, rue de Neudorf, L-
2220 Luxembourg, and
(2) Aker Yards Holding AS (“AYH”), a
company duly incorporated in Norway and
with its office at Hoffsveien 70 B, N-0377
Oslo, Norway,
jointly “the Parties”, individually “a Party”,
in respect of a proposed transaction to create a
joint shipbuilding group with activities in,
Germany, Ukraine and Holland.
This term sheet is only legally binding in
respect of Clause 1 and 2 below. The
remaining provisions constitute the plan as
currently envisaged, but may be amended
during negotiations without any legal
consequences for either Party.
¢
1. LOYAL AND EXCLUSIVE
NEGOTIATIONS
A certain Memorandum of Understanding
dated 16 November 2007 (“the MoU”) was
originally entered into in respect of the joint
intention to create a common company
(hereinafter “Holding AS”) to own certain
German and Ukrainian shipbuilding companies
currently owned by AYH, and utilize certain
technologies held by the AYH group.
Alt
OCHOBHBIE IOJIOKEHUA
CHEIKU
Hactosmme OcHOBHBIe NowoxKeHUA crenKu
(«IlonoxeHHa») CormacoBaHbl MOK:
(1) FLC West Holding S.arl. (FLCW),
OIDKHBIM O6pa30M 3aperlctTpupoRaHHow B
Jroxcem6ypre, ampec: 560A, rue de Neudorf,
L-2220, Luxembourg
(2) Komnanveii Aker Yards Holding AS
(AYH”), TOJDKHSIM o6pa30M
3apeructpupopaHHoli B NHopperuu, aypec:
Hoffsveien 70 B, N-0377 Oslo, Norway,
COBMECTHO Ha3biBaempImu «CTopoHBm Hu m0
oTaembHOcTH «CTopoHa»,
B OTHOUICHHH Upewonaraemol cyenku m0
CO3MaHHIO COBMECTHOK cyOCTpoHTeNbHOH
TpyHmbl C aKTHBaMH B Tepmanuu, YKpanHe u
Tommanauu.
Hactrosmue TlonoxeHua ABIIALOTCA
CBA3bIBAIOIIMM OOA3ATCNbCTBAMH DOKYMeCHTOM
TONSKO B OTHOMeHHH CTatbu 1 uw 2 HwKe.
OcTasIbHBle CTaTbH MpezcTaBiiaoT coool max
meicTBuHH B TOM BHZ€, B KOTOPOM OH
IpeylcTapiaerca celtuac, HO MoryT OBIT
HOMONHCHEI B XOe TeperoBopow 6e3 KaKux
M60 WpaBOBbIX IlOCHeACTBHH IA KaKDO u3
Cropou.
1. 3AKOHHBIE
TEPETOBOPDbI
WM SKCKJIOSHBHBIE
TlepponayabHo Opi 3axmoueH MemopasyyM
) B3aHMONOHUMaHuH («MoB»),
qarapopanupmt 16 HosOpax 2007 roa, B
OTHOLICHHH COBMeCTHOrO HaMepeHHd CO3TaTb
COBMeCTHYIO KOMIaHWIO (yaiee B TeKCTE
“Holding AS”) c wenbio BHaneHHa
ompeweneHHbIMu CYTOCTPOHTeNbHEIMU
KOMIaHuAMH B TepmManuu u YxkpawMHe, B
HacTosiee Bpema upunawiexamumu AYH, u
wy
This Term Sheet details and replaces the MoU
between JSC Finance Leasing Company and
Aker Yards ASA, but reference is made to the
preamble thereof, setting out the background
for the proposed transaction.
The Parties undertake for the duration of this
Term Sheet not to engage in any contract
discussions with third parties regarding the
scope expressed in this Term Sheet, except for
the discussions between FLCW and United
Shipbuilding Corporation. A breach of this
provision, by the entering into negotiations
with a third party for the sale of the German,
Ukrainian and/or Dutch activities, will carry a
penalty of 30 MEUR.
The Parties agree to work loyally and
diligently and with all due speed towards
realising the goal described herein. Each Party
shall be solely responsible for and carry all
their respective expenses, including — without
limitation — all costs for their respective
advisors and lawyers incurred at any time in
connection with this Term Sheet and further
processes contemplated hereby.
This Term Sheet is valid until 1 March 2008,
unless otherwise agreed between the Parties.
This Term Sheet is governed by and shall be
construed in accordance with the laws of
Norway. Any dispute, controversy or claim
arising out of or in connection with this Term
Sheet shall be finally settled by arbitration in
Stockholm in accordance with the Rules of the
Arbitration Institute of the Stockholm Chamber
of Commerce, by a tribunal of three arbitrators.
The proceedings shall be held in the English
language.
Avs
MCHOML30BaHMA OMpeeueHHyIx TeXHONOrHi,
uMeromxca y AYH.
Hacrommue Ilonomenua eTanm3upyioT H
3ameHaIOT COGoH MoB, 3aks0ueHHbI MOKIY
OAO «®uuHanconad Jiu3uHropaa Kommanna»
wu Aker Yards ASA, Ho menaeTca ccBuIKa Ha
TipeamOylly nocieyHero, B KOTOPOH H3sI0KEHEI
NpeAMOcLVIKH NpeynoONaraeModi cyenKku.
CropoHsr oOs3yrorca B TeweHHe cpoKa
TevctBua HacTtosmux Ilonmoxmenwii He
BcTyiaTb B KaKkwe-MM60 KOHTpaKTHBIe
Weperopopbl C TpeThHMH CTOPOHaMH 8B
OTHONICHHH BOTIPOCOB, H3JIOKCHHBIX B AAaHHBbIx
TlomoxkeHuAX, HCKIFOUaT TeperoBophl MexKTy
FLCW u O6senquHenHol CygoctponTempHolt
Kopnopanueit. Hapymenue zanHoro ycuioBHa
TyT€M BCTYIVICHHA B IeperoBopbl c TpeTbeli
cTOpoHOH o wpotaxe axTuBos B Tepmanyu
Yxpaune u/umm Tonanmwa Haka3brpaeTca
UiTpadom B pa3smepe 30 miu. Espo.
CropoHbI ForopapuBalotca paOotTaTs 3aKOHHO
HM ycepHHO, MpuKnabrmad cBOeBpeMecHHBIe
YCuIMa Jit peanM3allun Weel, OlmMCaHHbIX B
3TOM oKyMeHtTe. Kaxgaa CropoHa HeceT
HCKIOUHTENBHYIO OTBETCTBCHHOCTB u
COOTBETCTBYHOLINe pacxogbl, BKIOUaL 6e3
orpaHuyenui Pacxodbl Ha CBOHX
KOHCYIBTaHTOB HM aBOKaTOB, MOHECeHHEIC B
KakolH-1H60 MOMECHT B CBS3H C HacTOaHMu
Ilonox*xeHuaMu u MocieTyIOWMMu
eHcCTBUAMU, IpeyCMOTpeHHEIMH B HHX.
Hactosume Tlonomenua yelictnyer yo 1
Mapra 2008 roa, ecim MHOe He cormacoBaHo
CropoHam#.
Hactosmue TlonoxeHua perymupyioTca –
TOJIKYIOTCA B COOTBETCTBHY c
3akoHoyfatempcTBomM Hopseruu. JloOnie
CHOpbl, IpoTHBopeuma UNM IIpeTeH3HH,
BOSHUKAaIOWMe B CBI3H Cc JaHHbIMH
TlonoKeHMaAMH, OKOHYAaTEIISHO
yperymupyrorcsa IlyTeM apOuTpaxkHOro
pa3sOupaTesEcTBa B CTOKTrOIbMe B
cootserctsuH c [Ipasunamu apOu“7rpaxHoro
wHCTUTYTa CTOKTOJIBMCKOHM TOproBok NallarTsl,
B paMkax apOHTpaxKHOrO cya, COCTOAIIero 43
Tpex apOuTpos. Jipomemzypa BeneTcH Ha
AaHIAIHHCKOM A3bIKe.
G |
2. PROPOSED ASSETS TO BE
INCLUDED
The proposed transaction is aimed at including
all operational assets related to AYH’s current
activities in Germany Ukraine and/or Holland,
namely:
(i) Aker MTW Werft GmbH (owning the
Wismar Yard and operations), with
subsidiaries/shareholdings:
– Aker Warnemtinde Real _ Estate
GmbH(owning the Warnemtinde Yard
facilities)
– Aker Warnemiinde operations GmbH
(owning the Warnemiinde operations)
– Aker MTW _ Grindstlick Vervaltung
GmbH (has lease agreements and does
maintenance for Warnemitinde)
– Arktik Personaldienstleistung GmbH
(49%) (a company renting out surplus
personnel)
(ii) Warnow Design GmbH
(iii) Aker Yards Ukraine Holding AS, with
subsidiaries:
– Aker Yards design Ukraine BV, with
subsidiary
– Aker Yards design CJSC, and
– Okean BV (currently 50,01%, with
option on remaining 49,99%), with subsidiary:
– DSO OJSC (owning the Okean Yard)
(98,3%),
jointly “the Group”. (See attached Appendix
1(a) and (b) “Aker Yards Organisation — Legal
Structure” and Appendix 2 setting out the
Ukraine legal structure).
The transaction furthermore includes certain
technologies owned and used by the
abovementioned companies for which no
further payments are required under the SPA.
2. AKTMBBI, TPEXJIATAEMBIE JULI
BKJIIOUEHEA B CEJIKY
IIpenmonaraemaa cyemka mpelycmarpuBaer
BKOWeHHeE B Hee BCeX 3aeHCTBOBaHHbIX
aKTHBOB, OTHOCALIHXCA K Texymen
neatemsHoctw AYH Bs TepmMannau, YxpanHe
v/unm DonmmanaMu, a HMeHHO:
(i) Aker MTW Werft GmbH (sBnazeromas
Wismar Yard wu wpaBoM ylpaBmenua), c
TOUCPHAMH KOMIT@HHAMH/TlakeTaMu aki:
– Aker Warnemtinde Real Estate GmbH
(Bhageronrasd MIpOH3BOACTBCHHBIMH
MomHoctamu Warnemiinde Yard)
– Aker Warnemiinde operations GmbH
(Blayjeromas TIpaBoM yupaBilenua
Warnemiinde)
– Aker MTW Griindstiick Vervaltung
GmbH (umeeT OroBopEl apeHybl 4u
BBIIONHACT peMOHTHBI€ padoTbl Aa
Warnemiinde)
– Arktik Personaldienstleistung GmbH
(49%) (KOMIIaHHA, apeHayIomyax
AONOMHUTeNLHEM Wepconal)
(ii) Warnow Design GmbH
(iit) Aker Yards Ukraine Holding AS, c
WOYepHAMY KOMIaHHAMH:
– Aker Yards Ukraine BV, c jouepHumu
KOMIIaHHAMH
– Aker Yards design CJSC, u
– Okean BV (8 Hactosmee Bpema 50,01%, c
ONIMOHOM Ha ocTaBHBle 49.99%), c nouepHei
KOMIIaHHveH:
– Damen Shipyard Okean OJSC (snaneromaa
Okean Yard) (98,3%),
COBMe€CTHO jjamee UMeHyempIe «I pymmla».
(CmMotpx TIpunoxerme 1 (a) u_ (b)
“Opranusauua KommaHHH Aker Yards —
IIpapopas crpyxrypa” u IIpunomenne 2, rae
IIpuBeyena MpaBoBat CTpyKTypa Ha YKpaHHe).
Cnemka, KpoMe Toro, BKmouaer B cebs
olpeveneHHEre TEXHONOrHM, § KOTOPbIMH
BUaDeIT MW KOTOPEIC HCHOMb3y!OT YIIOMAHYTBIC
BBE KOMIIaHuy, He Tpedyroml“e
HONONHHTEIBHOH onmarbl no CorsaiwieHHw 0
MOKYHKe ake.
“ad
3. TRANSACTION STRUCTURE
The transaction is contemplated to be
structured using the current Aker Yards
Ukraine Holding AS, a Norwegian joint stock
company, as the common holding company
(Holding AS”) see attached Appendix 3
“Transaction Structure”.
Step 1: A due diligence examination to be
commenced by FLCW and its advisors (see
below), to be completed prior to signing the
SPA.
Step 2: Aker Yards AS and Aker Yards Project
AS sell all shares in Warnow Design GmbH to
Aker Yards Ukraine Holding AS (“Holding
AS”) at book value or such other price as may
be agreed between the Parties upon assessing
the tax structure.
Step 3 -(i): Shareholders Agreement,
Technology Licence and Support Agreement is
entered into.
Step 4: Holding AS is renamed to the agreed
name for the common company.
Step 5 (i): AYH sells 70% of the shares in the
renamed Holding AS to FLCW. (Order of
transactions is determined by tax evaluations)
Step 5 (ii): AYH sells all shares in Aker MTW
Werft GmbH to Holding AS at book value or
such other price as may be agreed between the
Parties upon assessing the tax structure.
If examinations by the Parties and their
advisors prior to 31 January 2008 reveal that
another structure may be more beneficial to
one or both Parties, the Parties will discuss in
good faith to amend the structure.
3. CTPYKTYPA CHEJIKM
Crpyktypa CHeNKH lipeHycMaTpHBaet
HCHONb30BaHMe cyluecTByronieH Aker Yards
Ukraine Holding AS, HOpBexKcKOH
aKUMOHepHOH KOMM@HHH, B KauyecTBe
COBMeCTHOH XOMMMHTOBO KomnaHuH (Holding
AS) cmotpu [Ilpunoxenne 3 «CrpyKtypa
CHeNKH».
IWar 1: [Ipopeyenue komnanuelt FLCW u ee
KOHCYIbTaHTaMM WOMKHOL UpoBepKU (CMOTPH
HYMKe), KOTOpad JOKHA OBITh 3aBepileHa TO
noqmucanusa CIITA.
UWar 2: Aker Yards AS uw Aker Yards Project
AS mponaror sce akuuu B Warnow Design
GmbH xommanuu Aker Yards Ukraine
Holding AS (“Holding AS”) mo OanaHcosot
CTOMMOCTH WH TakOW Qpyro wWeHe, koropaa
MOxeT OBITS COrmacoBaHa CTOpoHamMyM woce
OIe€HKM HaOTOBOH CTIpyKTypel.
iar 3: 3axmouaetca AKUMOHEpHOS
cormameHue 4 CorslammeHue °
TEXHONOTHYCCKHX JIMICH3HAX WH TeXHHYeCKO
Tos TepxKe.
IWar 4: Holding AS tepewMeHOBEIBaeTCa B
COOTBETCTBHH C Ha3BaHHeM, COrlacOBaHHbIM
If COBMECTHOH KOMIIaHHH.
Ilar 5 (i): AYH npogaer FLCW 70% axuuit B
tepeumenosaHHol Holding AS. (Ilopayox
cHeu0K ompeneaeTca HaIOrOBOl OleHKO!).
Ilar 5 (ii): AYH mpogaet pce aku B Aker
MTW Werft GmbH xomnanuu Holding AS no
GamaHcoBoil CTOHMOCTH umM Tako mpyrov
WeHe, KOTOpat MOXeT OBITh coriacopaHa
cTropoHama noche oOUeHKH HasloroBoli
CTPYKTYDpBI.
Ecau 8B pe3yIbTaTe IIpoBepKH, poBoquMoli
CropoHaMu uw MX KOHCyMbTauTamu, Zo 31
supapa 2008 rofa BIIACHAeTCa, “TO WHaA
CTpyKTypa MOxeT OxITh Gomes BHITOMHOK TA
onHow uma o6eux Cropox, To CTopoHBl
no6pocopectHo o6cyysT BHECeHHe W3MeHCHHH
B JaHHy!0 CTpyKTypy.
4. GOVERNANCE PRINCIPLES FOR
THE COMMON COMPANY (“HOLDING
AS”) AND ITS SUBSIDIARIES
The operations of the common company and
its subsidiaries shall be governed by a
shareholders agreement (“SHA”) containing
the following basic principles:
(i) Management
All major decisions to be made within the
group, or major agreements to be entered into
by any company within the Group, must be
decided by the Board of Directors of Holding
AS, or by the general meeting of Holding AS.
Accepted principles for good Corporate
Governance in Norway shall be observed in
respect of all companies in the Group.
Decisions related to recapitalisation, exit,
distribution or agreements or commitments
with related parties, and any significant
agreement related to use of technology by third
parties, joint ventures or similar, regardless of
whether Holding AS or another entity within
the Group is a party to the agreement or
decision, must be made on arms length terms
and supported unanimously by the board of
directors or the general meeting of Holding AS
(as the case may be) in order to be valid and
binding for Holding AS or any of the entities
within the Group.
Necessary decisions in order to solve situations
related to financial problems will be regulated
separately, allowing for majority decisions.
Each of the parties shall have the right to
demand that at least 50% of annual profits are
distributed from a group company to its
shareholders.
FLCW 1 have the right to appoint three
ATs
4. TPMAUMMBI YHUPABIIEHUA
COBMECTHOM KOMTAHHEN
(“HOLDING AS”) M EE JOUEPHHUMH
KOMIAHHAMY
JlexTenbHOCTS COBMECTHOH KOMMaHHH H ee
TouepHuxX mpeaqNpuaTun perymupyetca
aKIMOHEPpHBIM CormlalicHHem («AC»),
coqepKallluM cnenyromiMe 6a30BbIe
MpHHUMUBI:
(i) Yupapnenve
Bee Ba@KHBIe pellieHus, MpPWMHHMaeMbIe B
paMkax Ypylbl, WM KpylHble cormamienua,
3aKJOUAeMBIe Kakol-1H60 Komiianuel
Tpynsi, upuHumMaiotca CopeToM DHpekTopos
Holding AS, umm o6mtHm co6panuem Holding
AS. OOmenpHHATsle IpHHUHOBI
noOpocosecTHoro KOpnopaTHBHOTo
yupaBileHHa B Hopseruu TOJDKHBI
coOmoglaTaes Ayia Bcex KoMNaHu Cpynust.
Uro6sr ou ObIIH paBOMOYHLIMA
cBa3LipalomumMu gua Holding AS unu xaxol-
mm60 Apyrol opraHu3allav B paMKax IpyIlisl,
pelieHHA, OTHOCAMIMeca K peKallMTanusaan,
BBIXODY, pacnpenemeHw1o Wi Cormaluienua
03873 oOs3aTeNBCTBA Tepe]
3aHHTCpeCCOBAHHBIMH CTOpOHaMM HW KakHe~
muGo cyIecTBeHHble cormanieHHa, CBa3aHHBbIe
© HCHONb30BaHHeM TeCXHONOrHH TpeTBHMH
CTOpOHaMH, COBMCCTHEIMM lpeyiipHaTuamMu
WH aHalOTMYHEIMM CTpyKTypaMu, BHE
3aBHCHMOCTH OT Toro, aBiderca mu Holding
AS wim gpyrai opraHH3auva B paMKax
rpylist cropoHolk mo cormamieHvio JIM
peileHvio, JOJDKHbI IpHHHMaTBCA c y4eTOM
PBIHOUHBIX YyCIIOBHi pH eqMHORyWHOM
noymepKKe cOBeTa JMpeKTOpoR um oOuiero
coO6panua Holding AS (kak Moxer oOcTOATES
esto).
Heo6xoguMble pellienua Wa yperymmpoBpaHua
cHTyalwii, CBS3aHHBIX Cc (HHAHCOBLIMA
mpoOmemMaMu, peryMpyloTca OTHENbHO C
yUeCTOM IPHHATHA pellleHua OobIUMHCTBOM
TOJOCOB.
Kaoxyjasa 43 CTOpoH HMeeT IipaBo noTpeOoBaTs,
utToObl, Kak MMHUMyM, 50% rozoBol npuOsum
pactipeyeiaiMch KOMIaHHAMH Ppyniibl MexTy
WX aKWHOHEpaMH.
FLCW umeet
HpaBo Ha3HauHTb Tpex
#
directors, including the chairman and deputy
chairman of the board and AYH will have the
right to appoint two directors. A quorum shall
require at least three directors present, at least
one nominated by AYH.
The auditors of all group companies shall be
from first class internationally reputed firm(s),
to be agreed between FLCW and AYH.
(ii) | Share transfers etc.
Share transfers to other entities than affiliates
of the shareholders will give the other party a
pre-emption right. Share transfers made by
FLCW to other entities than its affiliates, will
also give Aker a tag along right. The
aforementioned restrictions will be registered
in the share protocol of Holding AS.
(iii) Exit
Aker shall have a put option at a calculated
market price based on the discounted cash flow
method and prevailing P/E in the shipbuilding
business, but not lower than the price per share
at the present sale with the addition of 10% per
annum (accumulated annually), if:
(a) FLCW has materially violated the
shareholders agreement, or
(b) There is a bona fide serious and permanent
disagreement or clash of interests between the
Parties and FLCW’s view prevails, or
(c) A sale by FLCW causes a change of control
FLCW shall have a call option at any time at
the same price with a premium of 20%, but the
lowest price in any case being the price per
share at the present sale with the addition of
10% per um (accumulated annually) from
WupekTopos, BKOYal mpezcefzarena u
3aMeCTHTelaA Wpelceyarela Wpaplenua, a
AYH uMeeT paBo Ha3HauvTb ZByX
aupextopos. KsopymM tpeOyeT mpucytcrBua,
110 MeHbIteli Mepe, Tpex MMpeKTOpoB, Kak
MMHHMYM OMH 43 KOTOpBIX Ha3HaueH
komuanueH AYH.
AyauTopaMa BcexX KOMNaHHM rpymubl OyfyT:
TIe¢pBOKMACcHble NPH3HAaHHBle Mex TyHAapOTHBIe
HpMBI, cormacoBpaHHBie FLCW u AYH.
(ii) Uepeycrynka aknui u 1.1.
Tlepeycrynka akua“ii BpyruM opranw3alwiM
Kpome adpdwmwpoBaHHEIX c aklHoHeEpaMH
Iipemnonaraet fipeHMyljecTBeHHOe paso
Zpyroi cropousr. Ilepeycrynka aKunii
KomnmaHve FLCW xpyrum opranu3aluuam
TOMMMO ad(unupoBaHHBIX KOMIAHHH TakxKe
naeT Aker npaBo COBMeCTHOM MpolaxKu akiHi.
Yxa3aHHpre + BEINe orpaHHuenua OyyT
OTP@KEHEI B AKIMOHEpHOM TpoToKone Holding
AS.
Gil) Bsrog
Aker 6yzeT MMeTS ONMHOH Ha llpomwaKy
(ONMMOH IyT) 10 pacuerHo pErHouHOl Lene c
y4eTOM MeTONa JMCKOBTHpOBaHHOTO MOTOKa
HasIMHHOCTH a IpeBpasupyrlonlero
Kos@uywenta IeHa-NpHOBIb B
CYMOCTPOUTeNIEHOH oTpaciH, HO He MeHBIIEe,
YeM IeHa 3a AKITHIO 110 WaHHOM WpoyarKe IOC
exkeroqHat TIpeMuaA, paBHat 10%
(HauMcHAeMad eXKETOMHO), CCIM:
(a) FLCW CyIMeCTBEHHO
akUMoHepHoe cormalienne, WIM
(b) MMeloTCa peabHbIe cCepbe3Hble
MOCTOAHHBI€ PasHOriacHaA WH CTOJIKHOBeHHEe
MHTepecoB MeKTY CTopoHaMnH, a
lepepemluBaer TOUKa 3peHua FLCW, unn
HapyilaetT
(c) mpofaxa, ocymecranaemas FLCW,
IIPMBOQUT K H3MCHEHMIO KOHTPOIIA.
FLC 6yqeT MMeTb ONUMOH Ha toKkynky
(OMMOH KOI) B WOOO! MOMEHT II0 TakoH 2Ke
lleHe muzoc upemua 20%, HO, B m1060M crry4ae,
MHHUM&@JIbHad IleHa PaBHACTCA IeHe 3a AKITMIO
0 JaHHOl Npowaxke roc exeroqnad IpeMuA,
the completion of the deal to the completion of
the call option sale.
(iv) Termination of the SHA
The SHA can only be terminated through an
Exit.
Breach of the SHA shall give the injured party
a right of compensation, and the right to use
necessary remedies in order to repair the
breach.
(v)
Governing law and jurisdiction
The governing law is Norwegian, and the
parties agree on arbitration in Stockholm in the
English language.
5. DUE DILIGENCE EXAMINATION
As there will be a limited number of warranties
given in connection with the sale of shares in
Holding AS and very few conditions to closing
of the Share Purchase Agreement (“SPA”) [see
item 6 below] , a substantial due diligence
examination must be conducted prior to
signing of the SPA, according to the following
principles:
(i) FLCW and all advisors will sign a standard
Non-disclosure Agreement prior to the
commencement of the due _ diligence,
guaranteeing confidentiality and preventing
any use of information for other purposes than
evaluation of the proposed transaction.
Copying of documents and removal of copies
will only be allowed upon special request,
otherwise only note-taking (by PC or by
Hand). Notes are to be returned/destroyed if
closing does not occur.
(ii) AYH shall use its best endeavours to
ensure that FLCW and its advisors have full
papHat 10% (Haaucnaiemat e2KerofHO), c
MOMCHTa 3aBepllieHva caerkH 0 MOMeHTAa
3aBeCpIICHUA MpOWaxKH TO OMMHOHY KON.
(iv) IIpexpamenue AC
AC moxet 6nITb MpeKpaliieHO TOKO IlyTeM
BBIXO/1a.
Hapymenue AC aaer nocrpayapmeli cropoHe
mpaBo Ha KOMITeHCallHio uu IpaBo
ACHOMb3OBaTb HeoOxouMMpre cpezicTBa
cyneGHOH 3alHTBI Id ycTpaHeHua
HapylWeHHua,
(v) Perymapyromjee 3akoHOaTeecTBO
FOPHCTHKIAA
PerynHpylOUlHM 3aKOHOTaTEMBCTBOM ABIIACTCA
3akoHogaTenpcTBo Hopperuu, § cTOpoHsl
cOrlalaloTtca Ha Wpopeesue apOvTpaxHBIX
pa30upatembcTs B CroxrojibMe Ha aHYiMlicKoM
AZBIKE.
3. AOJDKHAS TIPOBEPKA
Tak Kak MMeecTCd orpanwaeHHoe HCO
TapaHTHii, WaBaeMBbIX B CBH3H C Mpoyaxeli
aku B Holding AS u He3sHayHTeIbHOe YHCIIO
ycnoBHi id 3aKmouenua Cormamenua o
upogaxe axuma («CITA») [cmotpa nyHxr 6
HyKe], HeOOxONHMO TpOBecTH
COOTBETCTBYIONILY1O JOJMKHYIO MpoBepKy nepey,
mogmucanuem CIIA 8B cooTBeTCTBHu co
Ce XYIOWMMH MpHHIWMNaMu:
(i) FLCW uw sce KOHCYNETAaHTS! MOAMMINyT
cTaHyapTHoe Cormaimenue o Hepa3rmalieHuu
MHopMalMH fepez HayayioM mHpolecca
JOJOKHOM MpoBepKH, KOTOpoe rapaHTupyeT
KOHQHACHIHAIBHOCTh HW lipeqOTBpalnaet
Kakoe-M60 HCHONb30BaHve HHDOpMAaHH TILA
mupyrux weet, Kpome Welle oleHku
npeaqnonaraemMon CHeENKH. BsremKka u
KOIIMpoBaHve OKYMCHTOB pa3peiliaetca
TOIBKO MO cCllelualbHOMy 3allpocy, B
IIPOTHBHOM Cily¥ae MO%KHO TOKO Aewatb
3allcn (Ha KOMIIBIOTepe WIM OT pyKu). 3anucH
BO3Bpalarorca/YHHATOKAIOTCA, eC cHeIka
He IIPOHCXONMT.
(ii) AYH mpemipumer see ycuiua Ana
o6ecnesyenus FLCW u ee KOHCYIbTaHTOB
4
* / .
access to all significant information for the due
diligence.
(iii) The due diligence process shall, as a
general view, be conducted through a review
of the documentation disclosed by AYH and
interviews with seven designated managers of
Holding AS and subsidiaries, namely the three
Yard Managers and the four managers of the
Merchant vessel Business Area in Aker Yards
ASA. FLCW and its advisors will be given the
opportunity to interview these managers in
relation to any technical, commercial, legal and
fiscal questions. All requests for interviews
shall be made by and to the Contact Persons
(see below) and under no circumstances shall
FLCW or any of its representatives or advisors
take directly contact with any employee of a
group company. If FLCW reasonably requests
to interview further personnel, a request shall
be made to a Contact Person, and AYH will
arrange such additional interviews.
(iv) The due diligence investigation shall
commence as soon as possible after the signing
of this Term Sheet and the main examination
shall be completed in 5 – five – weeks from 2
January 2008, but the data room will be open
for further visits up to signing of the SPA upon
reasonable notice.
(v) Two persons from FLCW’s advisors and
two persons from AYH’s advisors will be
nominated to be contact persons for the due
diligence investigations (the “Contact
Persons”). The Contact Persons shall co-
ordinate the due diligence process between the
Parties. All requests for documentation,
meetings etc in connection with the due
diligence process, shall be made to one of the
Contact Persons.
(vi) The data room will be located at the
offices of the law firm Wikborg, Rein & Co,
Oslo.
fA“
NOJHBIM JOCTYHOM KO BCel cyljecrBeHHOw
BHpopMaluu, cuMTaoulelica HeoOxoquMol
AIA TOKO NpoBepKH.
(iii) [pomecc gomxHOH TpopepkKu B IleIOoM
BeeTCH MPH TIOMOIMM ahalu3a JOKyMeHTalMn,
iipewocTaBlaemonw Komianuett AYH u Oecex c
CEMBIO BBIZeJICHHEIMU MeHeypKepamMu
xomnanun Holding AS u qouepHux KomnanHl,
a MMeCHHO: TpeMA MeHemKepamu Bepheli u
YeTHIPbMA MeHeIpKepaMa ToNpasqetenua
TOproBbili cyfos B Aker Yards ASA. FLCW ua
e€ KOHCYJISTAHTEI MOTyYaT BO3MO%KHOCTS
ToGeceylOBaTb C STHMH MeHeypKepaMM TIO
m065IM TeXHW4eCKUM, KOMMepyueckuM,
paBOBLIM KM HaOroBbiM Bolpocam. Bce
pocs6ni 0 mpoBeyeHun Oecex HallpaBiarorca
KoutTakTHbIM JIdijaM (CMOTpH H¥Ke), HH IIpH
Kakux oOcTosTempcTBax FLCW unm xro-1m60
W3 €e MpeAcTaBHuTenel WM KOHCYIETaHTOB He
6yfeT BCTyMaTb B MpAMBIe KOHTAKTBI C
KaKHMH-IM00 COTpyYZHHKaMH KOMIMaHHi
TpyHupl. Econ FLCW obdocnospaHHo
3allpalMBaeT mpoBeyeHue OeceysI c ZpyruMu
COTPYHHUKaMH, TaKOH 3allpoc HalipaBaerca
KoutaxtHomy Jmuy, # AYH opranu3yer Traxue
ONONHUTEIbHBIC Oece]EI.
(iv) Jomxnas npopepka oupKHa HayaTbcs, Kak
MOXKHO ObICTpee, Wocie NOpMMcaHuA TaHHbIx
TlonoxeHuili, WH OCHOBHaX 4aCTb UpOBepKu
OKHAa OBITh 3aBepiieHa B TeyeHHe natu (5)
HeyeyIb, Haym“Had co 2 sHBapa 2008 roma, a
WMHOpMalMOHHEH 3a OymeT OTKPHIT WA
focemeHHii 0 MOMeHTa TlogqMMcaHuA
CormameHua oO MoOKylike akKUMH Cc yueTOM
COOTBETCTBYIOLCTO yBeHOMICHHA.
(v) JIsa npegcraputena KoHcympTanTos FLCW
M Ba mpesctapurena KoucynmpraHTos AYH
OyAyT Ha3HaweHE] B KAYCCTBC KOHTAKTHBIX JIM
aia mpopezesut omKHo mpopepKu
(«KontakrHpie mua»). KonraxTubie sma
KOOpaMHHpyIoT MexAy CTopoHamMH Mporecc
womKHOH mposepKu. Bce 3ampochr Ha
Tipeyctapienwe MOKYMeHTalMu, Mpopeyenue
BCTped HM T.I. B CBASH C HOKHOH NpoBepKor
HalpaBiaoTcd OOHOMY H3 KouTakTHBIXx JIM.
(vi) VadopmMalvoHHEli 3a OyneT
pacnonararbed B OUuce aqBOKATCKOH KOHTOPEL
Wikborg, Rein & Co, Ocno.
via
(vii) FLCW may request additional
documentation to be provided to the data room.
Documentation will be disclosed in the data
room as soon as practicable.
(viii) FLCW shall have access to the data room
on the terms and conditions set forth in the
Data Room Procedures to be provided to
FLCW prior to the opening of the data room.
6. THE SHARE PURCHASE
AGREEMENT (“SPA”)
An SPA will be proposed by AYH and
negotiated contemporaneously with the due
diligence process, to be signed immediately
after the due diligence process is completed,
based on the following principles:
(i) A cash against shares sale for 70% of the
shares in Holding AS at a price determined
under the Discounted Cash Flow method,
based on the presented forecasts, budgets and
projections, preliminarily estimated at MEUR
450 exclusive of working capital for 100% of
Holding AS, net of cash and debt. The
payment mechanism, which shall ensure safety
for both Parties, will be developed in the
detailed SPA.
(ii) Closing subject only to:
– Necessary public approvals in Ukraine and
Germany (if any)
– No company specific Material Adverse
Change or default between signing and closing
– Legal requirements pertaining to Holding AS
or subsidiaries
– Bank approvals
– Shareholders Agreement for Holding AS
– Technology licences and support agreements
between Aker Yards ASA and its subsidiaries
on one side and Holding AS and its
subsidiaries on the other side.
– All claims and counterclaims between
Holding AS Group and other companies in the
AYHGroup having been settled.
AC
(vii) FLCW MOXKET moTpedoBaTb
IipeHocTaBHTb B HHOpMalHOHHET 3a7
RONONHHTeIBHYIO HAOpMallHi0.
JlokyMeHtayua OyneT MmpeqocrapiaTbca B
HHDOpMayHOHHEM = 3am 8B KpaTyalmme
IpakTHueckH WelecooOpasable CpoKH.
(viii) FLCW nonyanr = —s goctyn B
HHPOpMallHOHHBI 3asI C YACTOM NOOKeHMH U
ycnopui VWincrpyxumm no paovoTe B
WHOpMalHOHHOM 3ajle, KOTOpax OyyeT
mpeyoctapneoa FLCW yo oTKpsiTua
HHPOpMallHOHHOLO 3asla.
6. COIIAWEHHE O MOKYIIKE
AKUMM («CIA»)
OnHOBpeMeHHO c Uponeccom jomxHol
IIpoBepKH KOMHaHHelt AYH OyneT
mpenmomeHo u oOcyxgeno CIITA, Kotopoe
WOuKHO ObITh TomucaHO cpa3sy ocne
3aBepINeHHA JOMKHOM MpoBepKH c y4eTOM
CHeAYIOUMX UPHHUANOB:
(i) Hamwuanocth mpoTue npoy@xu aK 3a
70% axuui Bp Holding AS no uene,
olpeyeseHHOH B COOTBCTCTBHH C MeTOZOM
JMCKOHTMpOBaHHOTO TIOTOKa HamW4HOCTH C
yueTOM IpeCTaBeHHBLX TIPOTHO30B,
61ODKETOB HM pacueToB, TO MpeyBapHTeNbHOH
omenKe B pa3Mepe 450 musimoHoB Espo, 3a
BLIGeTOM o6opoTHoro xKanutama, 3a 100%
xomiaHHu Holding AS Kkpome KaccoBok
HammgnocTH uw oOs3atenpcTs. IIpouenypa
OMNaTH, OGecHeuHBAalOMad HaexKHOCTS IA
o6eux Cropon Oyzer paspaGoTaHa B
CornameHuu 0 mpoyaxe akuui.
(ii) 3aBepuieHue CHeMKM 3aBMCHT TOJILKO OT:
– HeOOXONMMBIX rocy2apCTBeHHBIX CaHKIM B
Tepmanuu u Yxpanue (ecnm 9To HeoOxoyumo);
– oTcyTcTBsue y KOMMaHHH oOlpejeneHHbix
CYIN€CTBCHHEIX HeTaTHBHBIX W3MeHCHH HH
nedonta B poMexyTOK ¢ MOMeHTa
TOUMMCAaHMA JO MOMeHTa 3aBepIICHHA CHEIKH;
– jOpuaMuecKHx TpeGoBaHul, OTHOCAMMIMXcA K
Holding AS unm ee ZouepHuM KOMIIaHHaM;
– 6aHKOBCKHX CcaHKuHH;
– AKIMOHEpHOTO COrmalieHua B OTHOIMeHHH
Holding AS;
– cormamenHii 0 TEXHONOTMYeCKHX MHILCH3HAX
wf TexHMeckol nomnepxKe Mexgy Aker Yards
ASA w ee RO¥epHAMM KOMNaHMAMH Cc OFHOW
croponnt u Holding AS u ee ao4epHuMM
(iii) No price adjustment at Closing except for
adjustment for working capital, cash and/or
debt, and no possibility to terminate post
closing.
(iv) AYH will covenant completion of
restructuring of group according to agreed
chart prior to closing and usual business
practices between signing and closing, always
seeking the approval of FLCW in any
significant matter.
(v) AYH will warrant only:
– title and unrestricted ownership of shares in
Holding AS and all subsidiaries
– power and authority to sell
– no violation or conflict
– no (further) consents or approvals needed
– organization
– annual accounts 2006 having been submitted
according to relevant jurisdiction GAAP
– management accounts 2007 in existence
having been prepared according to unchanged
principles as compared with 2006
– timely submission of all relevant tax returns
– full disclosure of all information regarding
relationship with Damen
– that all significant information has been
rendered available to FLCW and advisors
during due diligence.
(vi) Sanctions against breach of warranties will
be limited to damages in the amount of 15%
of the purchase price for the shares, and limited
in time to 18 months from closing except for
the four initial warranties mentioned in (v)
above, which will be limited to the full
purchase price paid with a duration of 10-ten-
years.
KOMITAHMAMM C Apyrok CTOpOHET;
– yperymupopaHua Bcex tTpedOoBaHuii u
BCTpeyHEIX TpeSoBpaHuli Mexgy Holding AS
Group 4 ZpyruMu KomnaHHamu BAYH Group.
(iii) Hepo3MoxKHOCTbh KOPppeKTHPOBKH ICHbI B
MOMCHT 3aBepmleHHa CHEIKH u
HEBO3MOXKHOCTL UpeKpaTuTb cyeuiky mocue ee
3aBepINCHHA, 38 HCKMKOUCHHEM KOPpeKTHPOBKH
Ha paGou“i KamMTan, KaCCOBy!O HaIMYHOCTS
H/wnM OOs3aTeNIECTBA.
(iv) AYH sBo3pmMeT wa ceOa o6s3aTeNBCTBO B
TeyeHHe Tepwonqa M@xKTyY wosMucaHuem
3aBepMIeHveM peCTpyKTypHpoBaTh I[pyliily
Tepe 3aBepmieHveM CyeNKH coriacHo
corlacoBaHHow cxemMe uw OOLTHOH jenoBoii
lpakTuke H c yyeTom cormacua FLCW no
JHOOLIM CYIICCTBEHHBIM BOIpocaM.
(v) AYH rapauTupyet TONbKO:
– paBoBoH THTy H HeorpaHHdeHHoe mpaBo
coGcrBeHHocTH Ha axuuu B Holding AS u ee
WOYePHAX KOMMAHHAX;
– I1paBo H NOMHOMOYEA Ha Nporaxy;
– OTCYTCTBMe HapyWieHuli HM KOH@IMKTOB;
– He ‘tTpe6yroTca (ONONHUTEIbHEIC)
cormacoBaHHa WIM YTBepxKqeHUs;
– opraHusalluio;
– romoBpax oTuerHocTs 3a 2006 rom Oxina
mipeyicTaBueHa cormacHo ODTIBY
COOTBETCTBYIOMICH IOPHCAHKUMH;
– oTyer upapmenux 3a 2007 roq Onur
MOATOTOBIeH B COOTBETCTBHM C NpHHIMTIAaMH,
OCTaBLIMMHCA HCH3MCHHBIMH, ecuIH
cpaBHuBate c 2006 rogzom;
– cCBOeBpemMeHHOe npeqocTaByleHve BCeX
COOTBETCTBYIOINNX HAIOPOBBIX Jeksapalait
– jlommoe packpbirae Bceli mHdopmallau
OTHOCHTeIBHO OTHOMMeHHH c Damen;
– uTO BCe CyMeCcTBeHHad uHopMaima Osula
mpegoctapiena FLCW uf ee KOHCYIETaHTaM B
xoyle Wpotlecca HOMKHOK NpOBepKH.
(vi) CaHKWHH B OTHOWeHHH HapyileHHd
rapantuii orpanwunBaioTca yulepOoM 8B
pasmepe 15% oT weHbI Moxynku akuui u 18
MecHiiaMH cO HA 3aBeplIcHHA, 3a
HCKINOUCHHEM UeTEHIpPeX TNepBOHAayaIbHbIxX
rapaHTuii, yHOMAHYTEIX B MyHKTe (Vv) BBIile,
KOTOpHe OlfpaHHYMBaloTcA MOMHOH WeHoK
TOKyHKH, yiulawipaemoii eB tesenne 10
(ecaTH) Jer.
(vii) Byger umeTbca oropopka 0 3arlpeTe
«mepeMaHuBania», HO He GyZeT oropopKH 06
0
/
/
10-4
RA
(viii) Bonds and guarantees by AYH or other
AY group companies will need to be replaced
within six months of completion, the shares
sold being pledged as security for any recourse
claim until replacement has been completed.
(ix) Termination of existing intra-group
agreements (other than shipbuilding contracts
being part of the commercial business), unless
FLCW reasonably requests a continuation of
such agreements.
(ix) Usual “boiler-plate” clauses in respect of
costs, entire agreement, non-waiver, sole
remedy, assignment and confidentiality.
(x) Norwegian law and arbitration in
Stockholm in the English language.
7. TECHNOLOGY LICENCE
AGREEMENTS AND SUPPORT
AGREEMENTS
AYH will provide Holding AS with
technology license agreements for certain LNG
technology and certain technology related to
the arctic market, on commercial terms.
“Technology” means intellectual property
rights, together with the know-how, technology
and methods of the business as conducted as of
21 December 2007, including, without
limitation, inventions, patents, patent
applications, trade secrets, know-how,
technology, processes, designs, research and
development data, copyright, copyright
registrations, applications for copyright
registrations, or any other similar type of
proprietary intellectual property right used or
held for use primarily in connection with the
business, provided such technology is not
owned or restricted by agreement with third
parties.
OTCYTCTBHH KOHKYpeHIM.
(viii) OOs3arenbcTBa-u rapanTan AYH unn
Apyrux KoMiaHHi rpynmsr AY yomxKHE! O‘ITH
3aMCHCHEI B TeYeHHe WeCTH MeCAIeEB c
MOMECHTa 3aBepIIeHH#, Tpoyannpie akuMH
3akaqbIBaloTca B KayecTBe TapaHTHH 0
perpeccHomy vTpeOoBaHHio gO 3aBnepmenua
3aMeHBI.
(ix) TIpexpamenue CYDIECTBYLOMNNX
coralieHui BHYTpH rpymmsr (Kpome
CYOCTPOMTeEIbHBIX KOHTPAKTOB, ABNAIOMUXCA
WYacThO KOMMEpyecKoll WexTebHOCTH), ecrH
Tombko FLCW o6ocHopaHHo He 3anpaniMBaeT
TIpOMOMKeHHA JeHCTBUA TaKUX cormamennit.
(ix) O6nranpie oroBopKH 0 «cTaH_apTHEIX
JOpHAW4eCKHX NONOKeHHAX» B OTHOMEHHH
3aTpat, WewOcTHOCTH cormlallenus,
COXpaHeHHH IpaBa ip ero HeEHCHomb30BaHHH,
CIHHCTBCHHOM CpeycCTBe HpaBOBOH 3alNuTEI,
TlepeycTylke 4 KOnpuyeHMaNBHOCTH.
(x) Hoppexckoe 3akoHonaTenBCTBO 6H
apOurpax Bp CrToKrombMe Ha aHruiicKom
ABbIKE,
7. COTJIAMEHHS oO
TEXHOJIOPMYECKHX JIMUES3HAX
COTJIAIEHHA O TEXHW4ECKOM
TIOJOIEPIKKE
AYH mpenoctasur Holding AS cornamennsa 0
TEXHONOPW4eECKUX IMUCH3MAX Ha HeKOTOpEIe
TexHojloruu no CHIT u caa3aHHbIe C pRIHKOM
apKTHYeCKMX CyOB, Ha KOMMep4ecKOi
ocHope. «TexHomorHa o3HadaeT papa
MHTCJMICKTYaIbHOK COOCTBeEHHOCTH BMEeCcTe C
«HOy-xay», TeEXHOMOTHeH H MeTOZaMu BeqeHuA
6u3Heca MO cocTosHutO Ha 21 nexa6pa 2007
Toga, BkmOyuad Oe3 OrpaHu4eHHii oTKpHITUG,
MaveHTbl, WaTeHTHbI¢ 3aXBKH, TOProBble
Ce€KpeTEI, «HOY-Xay», TEXHOJIOTHIO, MeTOMKY,
KOHCTPYKTHBHBIC paspaOoTKH,
MCCI€QOBaTeNEcKHe JJaHHbIe HW MaHHble oO
paspa$oTKe, aBTopcKHe IpaBba, peructTpaliuio
aBTOPCKHX UpaB, 3a4BKH Ha perucTpallHio
aBTOPCKHX IpaB HWM Kakue-mu60 zpyrue
aHaOrv4yHpe = mpapa WHTeWWeKTyabHOl
COOCTBEHHOCTH, KOTOPbIe HCIOMB3yIOTCA HIM
KOTOPBIMH pacnopmKaroTcs, rlaBHbIM
oOpa30M, B CBa3H Cc KOMMep4ecKoii
ACATCIIBHOCTEHO, TIPH YyCHOBHM 4YTO Takaxz
TOXHOJIOTHA He TIpwnawieKutT TpeTbHM
CTOpOHaM MW He OFpaHwuena COriamieHHAMU C
—
coy
4‘
Sy
SO
AYH will offer Holding AS to purchase certain
design packages related to Ro-Pax-, cruise- and
offshore vessels.
Holding AS will procure that AYH and its
affiliated companies can purchase engineering
capacity from Aker Yards Design Ukraine
CJSC on right of first refusal terms.
Holding AS will procure that AYH and its
affiliated companies can purchase production
capacity from certain subsidiaries on right of
first refusal terms.
When and if required AYH will enter into a
commercial management and project execution
support agreement with Holding AS. It should
be noted that the primary source of support
will be from the current Merchant Vessel
Business Area management that will be part of
the transaction. However, additional support
from other AYH owned entities can be
mobilized contingent upon availability of
personnel with the required skills.
This Term Sheet is signed in two originals,
each in English and Russian languages. In case
of conflict between the two texts, the English
text of this Term Sheet shall prevail.
Moscow December 21* 2007
For and on behalf of FLC West Holding s.a.r_l.
Afr
Andrey Burlakov
Py of Aker Yards Holding AS
SHLD bale o Tom Einertsen
HUMH.
AYH mpegnoxur Holding AS mpno6pecru
HeEKOTOpBIe KOHCTpykKTopcKve pa3pa6orTKy,
CBA3aHHBIC C POJIKepHBIMM, MaccaxKHpCKHMH,
KPYH3HEIMH cyqaMu H MOPCKEMH
TaaTpopMaMu.
Holding AS o6ecneuut, sro6sr AYH u ee
aduMpoBaHHble KOMIIaHuH MOI
upHoOpectH TexHONorMueckue MOUIHOCTH y
Aker Yards Design Ukraine CJSC ua
OCHOBaHHH IipaBa lepBoro BbiOopa.
Holding AS o6ecneaut, uro6r1 AYH u ee
aduMpoBaHHEre KOMHavua MOTH
WpHoOpecTH MpoH3BOACTBEHHBIC MOINHOCTH y
HeKOTOPBIX #O“epHHX KOMIAHHH Ha
OCHOBaHHH IpaBa lepBoro BbIOopa.
Ecma uw korga 91ro Tpedyetca, AYH Oyzert
saxmouatp c Holding AS Kommepuyeckoe
corjameHHe o6 ynpaBleHHu uw ToaepxKKe
pealusanuu mpoexta. Cneayer OTMeTHTb, 4TO
OCHOBHBIM HCTOYHHKOM owiepxKH OyzeT
HbIHeMHee ylipaBiesue nmoypa3szenexuem
TOPYOBBIX CYOB, ABMAIOWeeCH aCTbiO
cemkH. TeM He MeHee, MOxKeT OBITB
OpraHv30BaHa ONOJHHTeIbHad mMowmepxKkKa
Opyrux opranw3sanni, npnuannexanux AYH,
pH Halwywu epconana c TpeOyemprmu
HaBbIKaMH.
Hactosmmwe [lonoxenua mogmMcaHbt B DBYX
OPHIHHAIbHBIX SK3EMIUIGpaxX, KaKIE Ha
aHrmlickoM HM pyCCKOM a3biKax. B cmyy4ae
pacxoxKieHHli MeKIy BYMH TeKCTAaMH,
pepanupyer Tekct yauubix [lonoxenu wa
aHTIMUCKOM A3BIKe.
Mocxza, 21 nexaOpa 2008 roga
3a u oT uMeHH LLC West Holding S.a.r.].
arr Aumpelt Bypmaxos
ee Aker Yards Holding AS
Chi Tom DiHepcter
12
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dAuesHny (S$)
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OHSUVeLMHUCUOL Heeexd LHohody ‘400, eMaKEW AY BuO Mu0
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LEGAL STRUCTURE — UKRAINE Schedule 2
NPABOBAA CTPYKTYPA — YKPAMVHA Mpunoxkenne 2
-BVHolding
Maatschappij Damen
50,01%
100%
49,99%
AY Design Ukraine BV
AY Design Damen Shipyards
Okean OJSC
Ukraine CJSC
= 1 Share
hr
Schedule 3
Iipuazoxenne 3
Transaction Structure
CrpykKtTypa ciaeIKH
Aker Yards
Holding AS FLC West
(AYH)
Aker Yards Ukraine
Holding AS (“Holding
AS” to be renamed)
| Aker MTW Werft
GmbH