Oil Refineries Ltd

We regard the Oil Refineries transaction as our landmark transaction in 2007. In this transaction we used our experience and expertise relating to both Israeli capital market work and our knowledge of global capital market offerings, pursuant to Rule 144A. In this transaction, the Israeli government, through our client, the Government Companies Authority, was successful in raising approximately US$650,000,000 through the issuance of a prospectus published in Israel for the purpose of listing Oil Refineries Ltd. on the TASE. The prospectus was reviewed by the Israeli Securities Authority whilst adhering to the international drafting and disclosure format. The offering was marketed to international institutional investors through a syndicate of international banks, led by Merrill Lynch, JP Morgan and Lehman Brothers, pursuant to a separate marketing document to which our various legal opinions have referred, ensuring that the marketing document was in line with the prospectus.
This was the largest-ever IPO on the TASE, as well as the largest-ever privatisation in Israel's history.

AFI Development Plc.

We represented Morgan Stanley, Deutsche Bank and Goldman Sachs in the raising of US$1.4 billion on the LSE by AFI Development Plc (the Russian real estate development arm of the Africa Israel Group), through the issuance of Global Depositary Receipts (GDR's). We utilised our extensive experience of multi-jurisdictional transactions and the listing of companies which are Israeli held on the London Stock Exchange in representing the underwriting syndicate alongside with Freshfields Bruckhaus Deringer.
This flotation is the largest Russian real estate IPO to date as well as the fifth largest real estate IPO globally.

MirLand Development Corporation

We represented MirLand Development Corporation Plc (the real estate development arm of the Fishman Group in Russia) in the raising of more than $300 million on AIM. We managed and supervised the transaction and advised with respect to the Israeli legal issues involved. We represented the company alongside Berwin Leighton Paisner (the UK counsel to the issuer) and Hogan & Hartson (the US and Russian counsel to the issuer).

Additional

In addition to the three major transactions highlighted above, all of which involved offerings pursuant to Rule 144A, we represented UBS as Israeli counsel in the contemplated offering of Scope Metals on NASDAQ which was unfortunately aborted. We also represented 012 Golden Lines Ltd., as Israeli counsel on a contemplated LSE offering during 2006, in which Deutsche Bank acted as an underwriter, which was aborted in its final stages.

In addition to the above, we have represented the syndicate of underwriters which included William Blair and CIBC on the successful IPO of Shamir Optical on NASDAQ, and we are currently representing Goldman Sachs and Merrill Lynch in the IPO process of IDE Technologies Ltd. on the LSE.