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Covington Advises Baltic Oil Terminals on its listing on AIM

April 20, 2006

LONDON, April 20, 2006 - Covington & Burling has advised Baltic Oil Terminals (Baltic) on its £31.4 million placing and listing on the London Stock Exchange's AIM market.  Baltic, a London-based company, has been established to invest in oil infrastructure projects and upstream activities in Russia and other countries in the former Soviet Union.

Baltic will raise approximately £23 million through the placing of new ordinary shares and will have a market capitalization of approximately £60.3 million when trading in the shares in AIM commences.  The proceeds of the placing will be used principally for Baltic's plans to construct and operate an oil export terminal in Kaliningrad, a Russian sovereign state located on the Baltic sea between Poland and Lithuania.

Covington's team was led by London-based corporate partner Simon Goodworth and senior associate Simon Amies with support from special counsel Simon Gamblin.  Partner David Hinds provided tax advice and Covington's most recent hire, Of Counsel Peter Cooke, advised on the employment aspects of this transaction.  Arden Partners acted as financial adviser, nominated adviser, and broker to Baltic.

Simon Goodworth said: "Having worked with Baltic in the development of its business, we are particularly delighted to have been involved in this transaction as it represents a significant step in Baltic's next stage of its development and growth plan.  This transaction is an example of our increased involvement in flotations of UK domestic and international companies on AIM and demonstrates our capability to successfully deliver transactions of this type."

Simon Escott, Chief Executive of Baltic commented: "We have been working very closely with Covington over the past year and the firm has proven to be an excellent partner in the AIM process.  The advice and service we received from Simon and his team was invaluable and we look forward to working with them again in the future.  We are delighted with the positive response we have received from investors."

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