Investor Resources Limited/ Citgroup Limited and UBS Limited - August 2005

Robert Hickling advised Investor Resources Limited in relation to the establishment of an innovative programme for the issue of up to 1,000,000,000 Oil Securities by Oil Securities Limited. Oil Securities enable investors to gain exposure to the crude oil futures market without having to trade oil futures or take physical delivery of oil, and to buy and sell their interest in oil through trading their securities on the London Stock Exchange. The Oil Securities are backed by oil contracts purchased from major oil companies, such as Shell. Citgroup Limited and UBS Limited acted as market makers to provide liquidity for the Oil Securities.