C v D

Mr Toby Landau QC and Mr Siddharth Dhar (instructed by Stephenson Harwood LLP) for the Claimants Mr Daniel Toledano QC and Mr Nicholas Sloboda (instructed by Hogan Lovells International LLP) for the Defendant Hearing dates: 12 and 13 April 2016 ____________________

a. declared that D served valid written demands on C2 under the Adjustments Guarantee on 7 December 2012 and 28 February 2013, and under the Deferred Payments Guarantee on 7 January 2014 and 7 January 2015;

b. ordered C2 to pay to D US$51,255,819.24 under the Adjustments Guarantee, and US$100 million under the Deferred Payments Guarantee;

c. reserved its decision with respect to all other issues (as further defined in the Award).

D also (at paragraph 58) reserved its rights to supplement its claims against C2 in the arbitration in respect of payments and/or liabilities to the extent that C2 failed to satisfy "further payments and/or further liabilities as they fall due" under the Deferred Payments Guarantee.