Eurasian Natural Resources in $2.7 Billion IPO

December 12, 2007

Cleary Gottlieb advised the sponsor, Deutsche Bank, and the joint bookrunners, Credit Suisse Securities (Europe) Limited, Morgan Stanley Securities Limited and ABN AMRO Rothschild, in the initial public offering by Eurasian Natural Resources Corporation plc of 252,500,000 ordinary shares on the London Stock Exchange. The transaction, one of the first in which Cleary Gottlieb advised on all aspects of a primary London listing of a UK-incorporated company post the adoption of the Prospectus Directive, raised over $2.7 billion, valued the company at approximately $15 billion and was one of the London Stock Exchange’s largest IPOs in 2007. The transaction closed on December 12, 2007.

ENRC is a diversified natural resources group with integrated mining, processing, energy, logistical and marketing operations. The group’s production assets are located primarily in Kazakhstan, where it employs approximately 62,000 people and, in 2006, accounted for 4% of the country’s GDP.