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NexantThinkingTM

Ammonium Nitrates – Supplement Report

Brochure December 2015

Strategic Business Analysis

NexantThinkingTM

Strategic Business Analysis

Ammonium Nitrates – Supplement Report

Brochure December 2015

SBA PROGRAM

This Report was prepared by Nexant, Inc. (“Nexant”) and is part of the NexantThinking™ suite. Except where specifically stated otherwise in this Report,

the information contained herein is prepared on the basis of information that is publicly available, and contains no confidential third party technical

information to the best knowledge of Nexant. Aforesaid information has not been independently verified or otherwise examined to determine its accuracy,

completeness or financial feasibility. Neither Nexant, Subscriber nor any person acting on behalf of either assumes any liabilities with respect to the use

of or for damages resulting from the use of any information contained in this Report. Nexant does not represent or warrant that any assumed conditions

will come to pass.

The Report is submitted on the understanding that the Subscriber will maintain the contents confidential except for the Subscriber’s internal use. The

Report should not be reproduced, distributed or used without first obtaining prior written consent by Nexant. Each Subscriber agrees to use reasonable

effort to protect the confidential nature of the Report.

Copyright © by Nexant Inc. 2016. All rights reserved.

SBA REPORT

Ammonium Nitrates – Supplement Report 1

Contents

Section Page

1 Introduction ............................................................................................................................. 1

2 Study Parameters ................................................................................................................... 3

2.1 SCOPE ...................................................................................................................... 3

2.2 PROPOSED TABLE OF CONTENTS ....................................................................... 3

2.3 METHODOLOGY ...................................................................................................... 4

2.4 STAFFING ................................................................................................................. 4

2.5 TIMING ...................................................................................................................... 4

3 Nexant's Experience............................................................................................................... 5

3.1 BACKGROUND ......................................................................................................... 5

3.2 NEXANT’S FERTILIZER EXPERIENCE ................................................................... 8

4 Contact Information ................................................................................................................ 11

SBA REPORT


Section 1 Introduction

In order for crops to grow, three principal soil nutrients are required: nitrogen (chemical symbol, N),

phosphorus (chemical symbol, P) and potassium (chemical symbol, K). As each harvest removes these

nutrients in the form of crops, they must be replenished to prevent the land from becoming barren. Minor

nutrients required for healthy crops include calcium (Ca), Magnesium (Mg) and sulfur (S).

The vast majority of inorganic fertilizers applied around the world to crops predominantly contain these

three primary ingredients of nitrogen (N), phosphorus (P), and potassium (K), (known as N-P-K fertilizers

or compound fertilizers when elements are mixed intentionally). The feedstocks and production routes for

the various fertilizers are shown in Figure 1.1.

Figure 1.1 Feedstocks and Production Routes

Ammonium nitrate (AN) is a white crystalline solid which is formed by the neutralization reaction between

ammonia and nitric acid. Its major uses are as a fertilizer and as an explosive. AN was first synthesized

by the German chemist, Glauber, in 1659. Its explosive qualities were recognized and exploited during

World War 1. By the late 1940s, AN was well established as a chemical fertilizer replacing the dwindling

supplies of natural bird guano internationally. However, today, pure AN has somewhat restricted use in a

number of countries due to its inherent explosive potential and associated hazards such as misuse of the

material to manufacture improvised explosive devices (e.g., IED used in 1995 in Oklahoma City, U.S.).

Therefore, calcium ammonium nitrate (CAN) was developed as a more stable alternative and enjoys

widespread use in regions with a temperate climate (such as Europe). It is also widely used in China where

there are relatively small production plants that produce sufficient fertilizer to supply AN to their immediate

vicinity only. Urea ammonium nitrate (UAN) is a combination of AN and urea solutions which is widely used

in North America, Europe and Australia. It is easily applied through irrigation systems, thus obviating

conventional application techniques.

Phosphate Rock

Natural Gas

Potassium Chloride

(Potash)

Dolomite

Phosphoric

Acid

Nitric

Acid

DAP

MAP

Urea

AN

CAN

UAN

NPK

Compounds

and

Bulk Blends

Ammonia

Sulphuric Acid

Nexant

SBA REPORT


Section 1 Introduction

As a fertilizer, AN has distinct advantages. It contains both nitrates, which are available to crops directly

upon application as well as ammonium which is available to crops in the longer term after hydrolysis and

nitrification. AN is recognized as a good fertilizer for the following reasons:

High solubility and low volatility

35 weight percent nitrogen content in its pure form which is relatively high compared to ammonia-

phosphate combinations

The nitrate portion of AN is immediately available to plants while the ammonium portion remains

available to plants in the longer term

It does not react with lime and does not raise the soil pH level

It can be left on the surface requiring no tillage to incorporate it in the soil

Nexant’s SBA Supplement Report, Ammonium Nitrates will analyze the key developments in the industry

and likely future market and pricing trends. Despite AN demand declining in 2009, global AN demand has

seen relatively stable growth and stood at around 50 million tons in 2014. The retraction in 2009 was largely

a result of the poor economic climate in the largest fertilizer grade AN consuming countries (Eastern

Europe, North America and Western Europe) and AN being partially replaced by urea (which has a high N-

nutrient content). The recent growth in the AN market was mainly driven by increased consumption in

China, South America and C&E Europe. Demand for explosives has been increasing in recent years as

the global mining industry has been surprisingly buoyant despite the economic downturn. Due to its lower

N content (i.e., higher freight and application costs per ton of nutrient) as well as safety concerns, AN trade

volumes are less than other fertilizers.

Going forward, there are a number of key issues facing the industry. Will new government regulations

thwart AN demand growth in some countries over the next decade? Will significant consumption of CAN

become established in regions beyond Europe as a result of safety concerns for AN? Will the mining

industry continue to drive demand for explosive grade AN? How will the low oil price environment impact

AN, CAN and UAN pricing and the relative competiveness of producers globally? How might fertilizer policy

changes in China impact fertilizer markets around the world?

Nexant’s Ammonium Nitrates Supplement Report will be useful to AN producers and consumers globally,

governments developing fertilizer strategy or traders of fertilizer products. It will help AN producers to plan

production and expansions and assess market growth opportunities. The report will also be helpful to

investors seeking to enhance their business by constructing new fertilizer complexes or expanding existing

fertilizer facilities. Subjects addressed in this proposed study include:

Overview of the ammonium nitrate, calcium ammonium nitrate and urea ammonia nitrate industry

Description of the ammonium nitrate value chain

Discussion of the current trends in the industry

Historical supply, demand and trade data for AN, CAN, and UAN and forecasts up to 2035

Historical regional pricing for AN, CAN, and UAN and forecasts up to 2035

Cost competiveness analysis delivered to major markets from major archetypal producers

SBA PROGRAM


Section 2 Study Parameters

2.1 SCOPE

The SBA Ammonia/Urea Supplement Report, Ammonium Nitrates (ANs), will investigate and analyze the

markets for ammonium nitrate, calcium ammonium nitrate and urea ammonium nitrate globally and on a

regional basis. The study will provide historical and future supply and demand forecasts (up to 2035) for

all three products on a regional level. Geographic regions covered will include North America, South

America, Western Europe, Central and Eastern Europe, China, India, Asia Pacific (excl. China and India),

Middle East and Africa.

The main end-use for ANs is in fertilizer products. Ammonium nitrate is also used in the production of

explosives, particularly in open pit mining applications. The security concerns of abusing fertilizer grade

ammonium nitrates in explosives production has led to a change in the industry with more producers

switching to the production of urea ammonium nitrates. The study will provide historic and forecast ANs

prices on a regional basis, including a thorough analysis of Nexant’s forecasting methodology. Regional

price forecasts will be provided for Western Europe, the United States, and the Black Sea. In addition, the

study will provide a delivered cost competitiveness analysis, comparing the cost of production of archetypal

ANs plants in different regions and their competitiveness for product delivery into individual markets.

2.2 PROPOSED TABLE OF CONTENTS

The proposed Table of Contents is as follows:

1. Executive Summary

2. Introduction

3. Market

a. Demand Drivers and End-Uses

b. Global & Regional Demand

c. Global & Regional Supply

d. Global & Regional Supply / Demand Balance

e. Net-Trade

4. Pricing

a. Profitability Forecasting Methodology

b. Pricing Influences

c. Historic Profitability & Pricing Analysis

d. Profitability & Pricing Projections

5. Competitiveness

a. Cost of Production Terminology

b. Location Factors, Cost, Freight & Other Assumptions

c. Delivered Cost Competitiveness Analysis

SBA REPORT


Section 2 Study Parameters

2.3 METHODOLOGY

Nexant has considerable experience in undertaking fertilizer market studies. Our well proven approach,

which is thorough, conservative and pragmatic, consists of:

Utilizing industry data from prior (non-confidential) client engagements in commercial analysis such

as capacity/supply/demand, margins and technical analyses.

Building upon analysis from existing multiclient studies and subscription programs such as SBA

and PERP (discussed in detail in Section 3).

Discussions with third party industry participants to supplement in-house knowledge.

2.4 STAFFING

Nexant’s Supplement Report will be prepared by an experienced team, highly knowledgeable in the fertilizer

industries and experts in preparing detailed market analysis. Brief CV’s of the key staff members are

presented below.

Dr. Dimitrios Dimitriou, Senior Consultant – Dimitrios is a Senior Consultant in Nexant’s Energy and

Chemicals practice in London. He has been involved and managed both single- and multi-client technology

studies and market analyses for Nexant as well as Lenders Technical Consultant projects for the C1

chemicals sector. Dimitrios currently manages the project execution of the Ammonia and Urea Strategic

Business Analysis (SBA) Program of Nexant. In the past, he has developed extensive experience as a

Senior Technology Specialist and Lead Consultant for a number of C1 chemical projects across the world

for a leading technology licensor. He has a PhD from Imperial College London and an MBA from

Manchester Business School.

Thomas Heinrich, Consultant – is a Consultant with Nexant’s Energy and Chemicals business unit based

in Bahrain. Thomas holds a Master’s degree (Dipl. Volkswirt) in Economics specialized on Energy

Economics from the University of Cologne, Germany. During his studies he completed work assignments

with Chevron, ThyssenKrupp Mannex and the Emirates National Oil Company. He has been a member of

Nexant’s Ammonia and Urea Strategic Business Analysis Program for the past 4 years where he has

developed market, pricing and competitiveness analysis. He has worked on numerous single client fertilizer

projects in the Middle East, Africa and Asia developing supply/demand, trade and price forecasts as well

as financial models and marketing plans. Thomas has published various fertilizer industry related articles.

Dr. Andrew Tadd, Consultant – Andrew is a Consultant in the Energy and Chemicals Division at Nexant.

He has completed several projects in the fertilizer sector, providing inputs on market dynamics, cost

competitiveness, financial modelling and business analysis. He has been a member of Nexant’s Ammonia

and Urea Strategic Business Analysis Program for the past 4 years where he has developed commentary

on the trend and challenges facing the industry, and developed regional price forecasts under different oil

price scenarios. Andrew has a D. Phil in Organic Chemistry and has published several articles in world

renowned chemistry journals.

2.5 TIMING

Nexant intends to initiate this study during the preparation of its annual SBA Ammonia/Urea report which

takes place in the first quarter of each year. The study is targeted for completion in Q2 2016 and will be

sold as a separate supplement report.

SBA REPORT


Section 3 Nexant's Experience

3.1 BACKGROUND

Nexant is an international consultancy specializing in the energy and chemical industry, with extensive in-

house data and expertise. Nexant’s consulting services span the entire industry value chain. For over 50

years, Nexant has provided clients with strategic advice underpinned by deep commercial and technical

knowledge across the downstream oil, gas, chemicals, fertilizer and renewable industries. These services

complement Nexant’s other Business Units, which provide a comprehensive range of consultancy and

software to the electric power and advanced energy sectors.

Figure 3.1 Nexant’s Scope of Activities

Grid Management

Distribution Software

Energy Efficiency

Demand Side

Management

Renewables

– Solar

– Biomass

– Municipal Waste

– Wind

– Clean Coal

Gas Monetization

LNG

Gas Pipelines

Regulatory

Frameworks

Petroleum Refining

Storage & Distribution

Biofuels

Oxygenates

Coal to Liquids

Gas to Liquids

Base Oils

Lubricants

Ammonia

Urea

Melamine

Ammonium Nitrates

Phosphate & NPK

Fertilizers

Methanol

Formaldehyde

Acetyls

Other syngas

derivatives

POWER & RENEWABLES GASC1 CHEMICALS &

FERTILIZERSDOWNSTREAM OIL

BASE PETROCHEMICALS

& POLYMERS

INTERMEDIATE &

SPECIALITY CHEMICALS

Energy Chemicals

Nexant Capability

Olefins

Aromatics

Polyolefins

Vinyls

Styrenics

Polyesters

Polyamides

Acrylates

Rubbers

Other olefin and

aromatic derivatives

Surfactants

Oleochemicals

Engineering &

Speciality Polymers

Coatings, Adhesives,

Sealants &

Elastomers (CASE)

Polyurethanes

Resins

Biochemicals

Speciality & Fine

Chemicals

SBA REPORT



Figure 3.2 Nexant’s Consulting Offices

Nexant’s clients include major operating companies, financial institutions, investors and public institutions.

The company has completed thousands of assignments in more than 100 countries.

Staffed by over 150 sector specialists worldwide, Nexant consultants include engineers, chemists,

economists and business leaders from industry. The global energy and chemicals advisory team brings

together technical, commercial and financial skills to support clients in a wide range of assignment types.

Nexant’s core services include:

Strategy and business planning

National and Regional Masterplanning

Lenders’ Independent market, technical and environmental consultant for project finance

Merger & Acquisition support: industry commercial and technical advisor

Market evaluations (including addressable market appraisal)

Project planning and screening studies

Feasibility studies and Technology Evaluations

Process, Business and Cluster Benchmarking

Expert witness and litigation support

SBA REPORT



Nexant is distinguished by its extensive knowledge and reputation in the industries it serves and its track-

record for providing insight for its clients. This is achieved through Nexant’s:

Industry knowledge: Nexant works exclusively in the downstream oil, gas, chemicals, fertilizers

and renewable sectors and has insight which is not available from more generalist advisors.

Proprietary data: Nexant manages a vast database of valuable industry data which further

enhances its proposition for clients. This includes NexantThinking™ market, technical, pricing and

financial data. This information is compiled through regular dialogue with oil and gas, chemicals

and renewables companies and continuously updated by Nexant consultants.

Proven methodologies: Nexant’s methodologies for developing commercial and technical

analysis are widely understood and respected by producers and financial institutions.

Technical capabilities: Nexant is recognized for the technical and operational expertise of its

consultants and the insight provided by the NexantThinking™ Process Evaluation/Research

Planning (PERP) program. Nexant regularly advises clients on the merits of alternative

technologies and how operations can be improved.

Delivery execution: Nexant’s assignments are often associated with high-profile capital projects

and mergers and acquisitions – its deliverables to support these transactions are highly credible

with both investors and financial institutions.

Global Presence - our permanent offices in London, Frankfurt, Bahrain, New York, Houston,

Bangkok, Kuala Lumpur and Shanghai will provide comprehensive coverage. In addition, we have

long-term relationships with representatives or registered branch offices in most major locations,

including Beijing, Seoul and Tokyo. Nexant professionals have extensive experience in emerging

markets such as the former Soviet Union and China, and our team of industry experts can work

fluently in over ten languages.

Strategic Consulting - we have been on the leading edge of many of the strategic initiatives in the

industry, including major investments, acquisitions, consolidations, restructuring, and

privatizations.

Thought Leadership – We pride ourselves on identifying key issues at their formative stages and

exploring options for the industry to capture any associated potential benefits.

Coverage - across all relevant sectors. Our team can provide clients with a complete and holistic

view of the sector and its place in the overall economy covering the entire hydrocarbon value chain.

SBA REPORT



3.2 NEXANT’S FERTILIZER EXPERIENCE

The fertilizer sector is an area of particular specialization by Nexant. The Group's primary focus is on

nitrogen and phosphate fertilizers, these being the key nutrients in volume terms and processing/shipping

economics being fundamental to their supply. It has performed well in excess of one hundred engagements

concerning business or project evaluations in all parts of the globe. Nexant includes ammonia and urea in

its ongoing Strategic Business Analysis (SBA) program and also includes fertilizers and their chemical

intermediates in its list of products that are reviewed in its Process Evaluation and Research Planning

(PERP) multi-client program.

Nexant’s strong track record includes recent assignments for:

Ammonia and Urea Markets: Nexant’s multiclient program, the Ammonia and Urea Strategic

Business Analysis (SBA) provides a valuable aid for strategic planning purposes, at a time of

both opportunity and challenge for players and prospective entrants into the nitrogenous fertilizer

business. It combines a review of the fundamental business drivers and their dynamics, as well as

analysis of the wider trends in ammonia and urea to understand what these entail for the short,

medium and long-term outlook for the business.

Ammonia and Urea Technologies: Nexant routinely discusses ammonia and urea technologies

with licensors in connection with single client technology evaluations, Independent Engineer roles

or feasibility studies as well as its Process Evaluation/Research Planning (PERP) technology

multiclient program and the SBA.

Ammonium Nitrates: A comprehensive review of ammonium nitrate production technologies,

including vacuum and pressure neutralization processes as part of Nexant’s PERP techno-

economic multiclient program.

Nitric Acid: This PERP provides a techno-economic review of the major nitric acid processes, and

also examined four developing technologies.

Nitrogen Fertilizer Technology and Markets: .Nexant has developed a considerable fertilizer

market dynamics and profitability analysis database. Several products along the value chain have

also been covered in Nexant’s PERP program including ammonia, urea, nitric acid sulfuric acid,

phosphoric acid, NPK etc.

Phosphate and NPK Fertilizers: The PERP report reviews the chemistry, production processes,

applications and markets for monoammonium phosphate (MAP), diammonium phosphate (DAP)

triple superphosphate (TSP) and compound NPK.

Phosphoric Acid: Commercial phosphoric acid technologies are discussed. Recent

developments are reviewed. Cost of production estimates for the hemihydrate and dihydrate

processes are given.

Independent Techno-Economic Feasibility Studies: this is a core capability from Nexant which

has a strong track record. Recent fertilizer studies have included projects for clients in Russia,

Georgia, Azerbaijan, Uzbekistan, Turkmenistan, Turkey, Oman, Iraq, Libya, Angola, Tanzania,

Nigeria, Australia, Iran, Iraq, Pakistan and Venezuela.

SBA REPORT



The following notes describe examples of major projects undertaken in nitrogen fertilizers (including

ammonium nitrate) in recent years. In many cases, the nature of Nexant work is confidential, and we are

not free to identify the client with the project. For this reason, some of the typical projects listed below do

not identify the client.

Feasibility Study for an Ammonia, Urea, AN, CAN, UAN Plant, Georgia: Nexant has provided

a Georgian fertilizer producer with a feasibility study to allow a clear understanding of the

opportunity presented by expanding its plant as well as constructing a new unit and assessing the

bankability of various fertilizer configurations through installing a new complex. The study included

products such as ammonia, urea, AN, CAN and UAN and consisted of a market, pricing analysis,

technology evaluation, project costs analysis, project competitiveness, financial modelling and

marketing strategy.

Strategic Plan Development - Ammonia/Nitric Acid/AN/Urea/UAN Solution, FSU: The

development of a 10-year strategic plan for margin enhancement for a major Russian fertilizer

company based on technology and manufacturing assessments of its sites, market characterization

and a profitability assessment of each business versus the wider global industry. Businesses and

projects were identified within the substantial portfolio for expansion/investment and others for exit.

Technical Due Diligence - Ammonia/Nitric Acid/AN/Urea/UAN Solution, Russia: Technical

due diligence support was provided for a banking syndicate, which was considering making a

substantial loan to a major Russian fertilizer and explosives producer. For each plant at each site,

the technology, plant operations, asset condition and future capex requirements were assessed.

Cost competitiveness was benchmarked and a SWOT analysis was performed for each site.

Business Valuation - Ammonia/Nitric Acid/AN/Urea/DAP/Potash, United States: Prepared a

recent valuation of a major U.S. fertilizer supplier to support refinancing. The scope of the project

included demand and supply forecasts, price forecasts, and valuations under alternative scenarios

of each segment of the fertilizer business.

Technical Due Diligence - Ammonia/Nitric Acid/AN/SSP/TSP/NPK/STPP, Algeria: Technical

due diligence support was provided for Sterling Merchant Finance, which was mandated with the

privatization of Asmidal. For each plant at each site, the technology, plant operations, asset

condition and future capex requirements were assessed. Cost competitiveness was benchmarked

and marketing channels reviewed. A SWOT analysis was performed for each site and business

area.

Feasibility Study for an Ammonia/Urea Plant, Brunei: Nexant has provided a full feasibility study

to its client for a prospective ammonia/urea plant to be located in Brunei. The study included a

market analysis as well as profitability and pricing forecasts, CAPEX estimations and an economic

evaluation of the project.

Feasibility for a Fertilizer Plant, Kazakhstan: Nexant has provided its client with diligent support

in evaluating an opportunity to build a fertilizer production plant in Kazakhstan. The study included

the main products urea as well as phosphates and consisted inter-alia of a market and pricing

analysis and addressed regulatory issue for developing a project in the respective region.

Feasibility Study, Coal to Ammonia/Urea Fertilizer project, Turkey: Nexant evaluated the

feasibility of a coal based ammonia/urea pant to be located in West Turkey. The study included

technology evaluation and competitive- as well as market- and pricing analysis.

Feasibility Study –Ammonia/Urea, Iraq: For a company in Iraq Nexant prepared a full project

feasibility study for an integrated ammonia, urea project. The report included historical and forecast

regional market and price data, CAPEX estimations and technology evaluations. Nexant examined

the profitability of the project and put the competitiveness of the project into perspective with other

regional and international competitors.

SBA REPORT



Feasibility Study – Ammonia/Urea, Uzbekistan: This engagement evaluated the attractiveness

of a large-scale ammonia plant to replace older units at an existing complex plus a new urea unit

to supply local and international markets. It reviewed local markets and logistics, global market

dynamics, pricing outlook, delivered cost competitiveness to various markets, technology

evaluation, project definition, contracting strategy and financial attractiveness.

Integrated Fertilizer Complex Independent Engineer Study, USA: Technical due diligence for

lenders to a fertilizer plant in the US to develop, build, own and operate a new state of-the-art

nitrogen-based production facility. The plant will produce ammonia, urea, urea ammonium nitrate

(UAN) and diesel exhaust fluid (DEF).

Lenders’ Independent Technical Consultant, Georgia: Nexant is the independent technical

consultant for an ammonia revamp project in Georgia. Activities being performed include site visit,

reviews of project contracts and documents, construction arrangements, schedule and capital

costs, operating and maintenance philosophy and costs, financial model and projected

performance, main contractors and vendors and completion testing.

Lenders Market Consultant, Gabon: This report has been prepared to support the Lenders’

activities in the financing of a fertilizer project in Gabon. The report reviews the global market

prospects and the cost competitiveness of the proposed facility, and provides commentary on future

urea pricing and profitability, as well as critiquing the marketing plans for urea into the marketplace.

Lenders’ Independent Market Consultant, Nigeria: Nexant is the independent market consultant

for an ammonia and urea project in Nigeria. Historic and projected urea market dynamics,

ammonia and urea prices and profitability, delivered cost competitiveness and marketing strategy

reviewed for the project.

Lenders’ Independent Technical Consultant, Algeria: Nexant is the independent technical

consultant for an ammonia and urea project. Activities performed include reviews of facility design,

site assessment, permits and licenses, environmental, health and safety performance, project

execution and plan, capital cost estimate, operating and maintenance costs, project performance,

contracting process and contracts, economic analysis, project risk analysis as well as ad hoc

technical advisory services and certifications.

SBA REPORT


Section 4 Contact Information

AMERICAS

Nexant, Inc.

44 South Broadway, 4th Floor

White Plains, NY 10601-4425

U.S.A.

Attn: Priyanka Khemka

Tel: +1-914-609-0320

Fax: + 1-914-609-0399

e-mail: [email protected]

Or

Attn: Heidi Junker Coleman

Global Multi-client Programs Manager

Tel: + 1-914-609-0381

Fax: + 1-914-609-0399


EUROPE

Nexant Limited

1 King's Arms Yard, 1st Floor

London EC2R 7AF

United Kingdom

Attn: Dimitrios Dimitriou

[email protected]

MIDDLE EAST

Nexant Limited

PO Box 20705

Level 22, West Tower Building

Bahrain Financial Harbour

King Faisal Highway

Manama

Kingdom of Bahrain

Attn: Thomas Heinrich


ASIA

Nexant (Asia) Ltd

22nd Floor, Rasa Tower 1

555 Phahonyothin Road

Kwaeng Chatuchak, Khet Chatuchak

Bangkok 10900

Thailand

Attn: Tiankanok Sirichayaporn

[email protected]

Nexant, Inc.

San Francisco

New York

Houston

Washington

London

Frankfurt

Bahrain

Singapore

Bangkok

Shanghai

Kuala Lumpur

www.nexant.com

www.nexantthinking.com

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