On31 October 2014 the first trading session of the innovative new commodityexchange "Ukrainian Gas Exchange" ("UGX") took place,resulting in the execution of a transactions for the sale and purchase ofnatural gas. In July 2014 Dragon Capital, an investment company, initiated theset-up of UGX. DLA Piper provided full legal advice and support to DragonCapital during the establishment of UGX.

DLAPiper's team working on the set-up project of UGX was led by OleksandrKurdydyk, Partner and Head of Finance & Projects. DmytroPshenychnyuk, Senior Associate, and Oleksandra Protsenko, JuniorAssociate, also worked on the project, while Illya Sverdlov, LegalDirector, advised on tax aspects of the project.

OleksandrKurdydyk commented on the results and significance of the transaction:"The conclusion and successful completion of the exchange transaction isobviously a significant achievement for the whole gas sector of Ukraine. Theexistence of the Ukrainian Gas Exchange means the creation of a spot wholesalegas trading market to be operated in accordance with the best Europeanpractices. The implementation of exchange trading should significantly benefitthe national gas market making it more transparent, competitive anddiversified. This should also help Ukraine in implementing the EU Third EnergyPackage into Ukrainian legislation".