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16. April2013 market – a focus Research Center on deals activity

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2013

Is Girisim starts Is Girisim Sermayesi YO, the Turkish investment company, announced talks for potential that it started talks with Oesterreichische Post AG (" Post") for sale of Aras Kargo the sale of the Turkish logistics company Aras Kargo. The announcement stake to Austria noted that the parties have reached an exclusivity agreement for the Post potential sale of Is Girisim's stake in Aras KArgo to Austria Post or its affiliates. The announcement can be found here.

16.04.2013 Stock Exchange Announcement

NefteTransService NefteTransService, the privately-owned Russian freight rail operator, continues will not hold a road show in April before its IPO, Vedomosti reported, preparations for citing a source familiar with the company's plans. The source also IPO, will not hold confirmed to Vedomosti that NefteTransService continues preparations road show in April - for the IPO. The company plans to place up to 25% shares on LSE, the report item reported. NefteTransService (NTS Holding) seeks to raise USD 500m from the placement of 25% of new shares on the stock exchange.

16.04.2013 Vedomosti

Norway Post Norway Post takes a 34% stake in Danske Fragtmænd A/S, Denmark's acquires 34% of leading logistics company, and thereby strengthens its position in Danske Fragtmænd Denmark, according to a stock exchange announcement. In the longer term Norway Post wishes to acquire all shares in the company. The parties have entered into an agreement after which they will cooperate in a number of areas until 2015. Over time it is intended that Norway Post acquire all shares in Danske Fragtmænd. Danske Fragtmænd is one of Denmark's largest logistics companies. The company's revenues exceeded DKK 2bn (EUR 268m) in 2012, and it offers services within cargo, parcels, storage and express distribution

14.04.2013 Stock Exchange Announcement(s)

Abellio’s Czech Abellio, the subsidiary of the Netherlands' state rail firm Nedbahnen is subsidiaries up for exiting the Czech Republic and offering its local subsidiaries for sale, sale wrote E15. The item cited a member of Abellio managing board, Petr Moravec, who said that the sale could take place within nine months. He added that no buyer has been identified as yet. Three subsidiaries - Abellio CZ, Probo Bus and PT Real - will be offered for sale. Probo Bus posted a turnover of CZK 225m (EUR 8.6m) in 2011, according to Czech business register I-Point.

11.04.2013 E15

Ceske Drahy Ceske Drahy (CD), a Czech state-owned rail operator, will sell railway preparing sale of stations worth of several billion Czech koruna to state-owned railway railway stations to infrastructure administration company, Sprava zeleznicni dopravni cesty SZDC (SZDC), reported Mlada Fronta Dnes. The item cited SZDC’s general director Jiri Kolar as saying that an agreement has been drafted and Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2013

approved by the Ministry of Transport, and would now be submitted to the government for final ascent. Kolar said that CD would sell the stations and transfer around 450 employees to SZDC and that the transaction would include Prague Central Station. The exact value of the transaction is not yet known as the railway stations will have to be evaluated prior to the transfer, the report note.

11.04.2013 Mlada Fronta Dnes

AWT eyes eight AWT, the privately owned Czech logistics company, is currently studying potential eight potential acquisition targets, according to a source close to the acquisition targets situation. The company is in advanced talks to acquire HZ Cargo, a including HZ Cargo division of the state-owned , and hopes an agreement and CFR Marfa; can be reached soon. It is also one of several bidders for CFR Marfa, the Poland a key focus, Romanian state-owned rail cargo company, he added. AWT is interested source says in targets “from the Baltic Sea to the Adriatic Sea”, the source said. The company wants to use buys to strengthen its position and expand its footprint primarily in central and eastern Europe, including the former , but it is also interested in Western European markets such as and Austria, he said. However, the source said Poland is a key focus for acquisitions, as it is a market with good growth potential. The Polish cargo market is dominated by the incumbent PKP Cargo, which holds a market share around 75%.

10.04.2013 Proprietary Intelligence

CP Carga: CP Carga, the freight unit of the Portuguese state rail operator CP, is Privatization terms expected to be privatized in the third quarter of this year, reported to be finalized by Publico, Sources close to the process told the newspaper that Portugal’s July to allow sale in government is consulting with CP Carga on the hiring of advisers for the 3Q13 - report privatization process. Terms of the sale will be finalized by the end of July and the government now expects the sale to occur in 3Q13, the same sources said. CP Carga reduced its losses in 2012 to just over EUR 19m mainly on the back of more coal and minerals traffic, the report added. DB of Germany and Mediterranean Shipping Company are among the rail freight group’s suitors.

10.04.2013 Publico

Veolia Transport The Finnish transport company Veolia Transport Finland has several Finland has several interested bidders, according to Kauppalehti. The paper cited Janne bidders Vihavainen, the company’s chief executive who added that discussions were ongoing. He said that the sales process was being done through the parent company, the French Veolia Transdev, and so was not willing to speculate further. The company had sales of EUR 63m last year, the item said.

10.04.2013 Kauppalehti

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2013

AFK Sistema and Russian group AFK Sistema and its partners are seeing delays in the partners see delays formation of a railway operator that is to be based on Financial Alliance, in formation of Vedomosti reported. The article cited two sources close to negotiations railway operator JV and reported that the parties cannot reach an agreement on - report contributions to the JV charter capital. Sistema owns a 50% stake in Financial Alliance while another 50% is held by its partners - Vladimir Yakovina and Alexei Taicher. In the charter capital of the JV, Sistema was planning to contribute a 100% stake in SG-Trans (operator of specialised railcars for transportation of liquefied petroleum gas), and its partners planned to contribute Transport-Logistics Company (TLK) and cash. Vedomosti learned from the sources that Sistema’s partners failed to find money to pay for their stake. A Sistema spokesperson told the paper that the company is not pulling out from plans to form the JV with its partners, and now various options are being considered. Vedomosti cited another source, noting that Sistema did not agree with the reduction of valuation of SG-Trans, otherwise it would have to write off about RUB 10bn loss. Last Year, Sistema paid RUB 22.7bn (USD 731.7m) for SG-Trans to the Russian governmentthe article said.

10.04.2013 Vedomosti

RZD to contribute (RZD), the state-owned Russian railway group, will Transcontainer contribute a Transcontainer stake in the Russian-Belarusian-Kazakh stake in Russian- logistic joint venture, Vedomosti reported. The article cited RZD Belarusian-Kazakh President Vladimir Yakunin. Transcontainer is a Russian intermodal logistics JV; rail container transportation company. Yakunin also stated that cars and terminals Transcontainer-owned rail cars and terminals will not become a part of not to be included the JV. The government is yet to decide as to what assets will be incorporated in the JV. It is also possible that the joint venture may be formed without Transcontainer, according to a previous statement by Deputy Director of a Department at the Ministry of Economic Development Yaroslav Mandron, the item added.

10.04.2013 Vedomosti

Norbert Norbert Dentressangle, the French logistics group, announced today Dentressangle that it has strengthened its pallet distribution network in Spain by acquires Tilar integrating the transport activities of Tilar Company, based in Irun, companies Madrid and Valencia. According to Alimarket, the acquisition involves Tilar’s know-how and the assets of three Tilar companies: Tilar, Tilar Norte and Tilar Valencia. The thee companies had combined sales of EUR 6m in 2012. The acquisition excludes Tilar Centro, Tilar Catalunya and Transportes y Fletamentos Murcianos, Alimarket said. The operations acquired by Norbert Dentressangle will become part of Norbert Dentressangle Gerposa, which posted sales of EUR 315m in 2012, the report noted.

09.04.2013 Company press release.

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2013

Rusagrotrans to Rusagrotrans, the Russian grain carrier, has reached an agreement to form JV with form a joint venture with the Kazakh state-owned railway operator Kaztemirtrans Kaztemirtrans, Kommersant reported citing Rusagrotrans General Director Konstantin Zasov in a lengthy interview. The companies will have equal stakes in the JV. Rusagrotrans and Kaztemirtrans will initially contribute 6,000 rail cars, with the number set to increase to 8,000. The JV will start operations this year in Russia and Kazakhstan. Rusagrotrans' next transaction could be the purchase of Transles, a Russian railway transportation and logistics operator specialising in timber cargo, Kommersant reported. Rusagrotrans is part of a holding controlled by the Cyprus-based RTK Rail Transports Company.

09.04.2013 Kommersant

RTK Rail RTK Rail Transports Company Ltd, a Cyprus-based holding, has consolidates its rail completed consolidation of its Russian rail companies Rusagrotrans, companies Gruzovaya Kompania, A-Trans and LP Trans, Kommersant reported, including citing RTK’s co-owner Konstantin Zasov. The consolidation was Rusagrotrans, could conducted with a view of possible M&A deals or inviting investment sell 10%-20% to funds to the holding, the article reported. According to Zasov, RTK could investment funds sell 10%-20% stake to investment funds, and is already holding talks. Kommersant also cited several market sources who believe that RTK owners are discussing a possibility of merger with privately held transport group Rail Garant. According to preliminary data, in 2012 RTK posted USD 1.14bn revenue and USD 155m net profit. RTK holding is controlled by Zasov, Konstantin Sintsov, Yuri Grigiriev and other partners.

09.04.2013 Kommersant

Fesco reveals new Fesco, the listed Russian transportation group, has revealed its new shareholder shareholder structure, Vedomosti reported, citing a company structure presentation. According to the report, Fesco shareholders are: Summa Group (32.5%), Mark Garber’s GHP Group (23.8%), TPG Group (17.4%), East Capital (4.9%), while the remaining shareholders hold 21.4%. Vedomosti continued that Summa holds an operational control in Fesco. Previously, Summa had announced plans to consolidate more than 70% shares in Fesco, the article reported.

09.04.2013 Vedomosti

Kuehne + Nagel Kuehne + Nagel has taken over 70% of the shares of Universal Freight acquires 70% stake Services Co. LLC from the Khimji Ramdas Group in the Sultanate of in Universal Freight Oman. This strategic transaction will enable Kuehne + Nagel to make its Services from foray into the Sultanate as majority shareholder of a joint venture. Since Khimji Ramdas 1999 Kuehne + Nagel has been represented in Oman by the Khimji Ramdas Group as its sales agent. The new joint venture company operates under the global Kuehne + Nagel brand as Kuehne + Nagel LLC, is headquartered in Muscat and currently employs 16. It will provide local and international customers with integrated, IT based Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2013

logistics solutions. In line with the corporate strategy, Kuehne + Nagel will focus on customised products for special industries. The Khimji Ramdas Group, a Muscat-based, family owned company, established in the year 1870, runs 30 business divisions with interests ranging from agency representations of world’s leading brands to trading and manufacturing. Now owned by the fifth generation of Khimjis, it employs around 3,000 and is strongly linked to the development and expansion of the economic activity of Oman.

08.04.2013 Company Press Release(s)

AFK Sistema's Vladimir Yakovina is leaving railway business of Russian group AFK Partner Vladimir Sistema, Kommersant reported, citing two market sources. Yakovina has Yakovina leaving already left his post of CEO of Financial Alliance, equally co-owned by railway business - Sistema and its partners, the sources revealed. Kommersant reported report that among other Sistema’s partners in Financial Alliance is Alexei Taicher, the former deputy CEO of . Kommersant learned from Financial Alliance’s press office that Taicher will become the new company head, replacing Yakovina. According to sources familiar with the situation, the most likely scenario is that Yakovina will leave Sistema’s railway business taking with him Transport-Logistics Company (TLK), which was supposed to be merged with Financial Alliance and Sistema-owned SG-Trans. The sources also revealed that the remaining Sistema’s partners in the railway business are not planning to exit it, Kommersant reported. Kommersant reported that in connection with Yakovina’s exit, Sistema may lose some of its cargo flow.

08.04.2013 Kommersant

Railreklam 51% Czech state-owned railway operator, Ceske Drahy (CD), has halted the stake sale halted by sale of a 51% stake in advertising company Railreklam, wrote CT24. The Ceske Drahy item cited a CD spokesperson as saying that the firm's executive committee decided not to conduct the sale. The report said that CD had planned to sell the stake to Expiria—a subsidiary of the Slovak media group JOJ Media—which owns the remaining 49% stake in Railreklam and has a first-buy option on the stake for CZK 50m (EUR 2m).

08.04.2013 CT24

CFR Marfa sees The sale of a 51% stake in Romania’s rail cargo company CFR Marfa has interest from eight attracted interested from eight major companies, according to a wire major companies report. Transportation Minister Relu Fenechiu, quoted by Mediafax late Friday, said that the RON 797m (EUR 180m) price set to start the tender later this month took into account CFR Marfa’s assets, minus the company’s RON 1.5bn (EUR 342.8m) debt which would be converted into shares prior to the sale. The winner of CFR Marfa’s 51% stake would be selected by 14 June, the report noted.

06.04.2013 Newswire Round-up

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2013

Groupe Mazet to Groupe Mazet, a family-owned road transport specialist, will complete close acquisition of an acquisition within France by June, CEO Thierry Mazet said. The EUR 14m turnover target generates turnover of EUR 14m, Mazet said, declining to give firm by June - CEO details. The French company usually targets troubled domestic competitors. In February, Groupe Mazet bought Ferrapie Transport Affretement (FTA) out of receivership. FTA posted EUR 11m turnover last year. In 2011, it bought Groupe Laperriere, also out of receivership. The company will keep on growing, Mazet noted, adding it was currently studying several acquisition dossiers, which would fit with the group’s intention to expand its national transportation network. Its presence is concentrated on the eastern part of France. Mazet said that for example he wouldn’t consider acquisitions in such cities as Brittany in western France as tarets there are “too expensive”. “We prefer making our presence denser in the East of France,” he said.

05.04.2013 Proprietary Intelligence

Romania launches The Romanian Ministry of Transportation has announced today the sale of CFR Marfa’s terms of selling a 51% stake in CFR Marfa, the rail cargo company, 51% stake, tender to according to the ministry’s website. Potential bidders are invited to start from EUR submit non-binding bids by 22 April, as part of a pre-qualifying stage. A 180m ministerial commission will engage negotiations based on the short- listed bidders’ preliminary, non-binding offers on 9 May. The short- listed bidders are to submit enveloped binding offers by 13 June, and the envelopes will be opened on 14 June. The price asked for the ministry’s 51% stake is RON 797m (EUR 180m). Potential bidders are requested to pay a participation fee of EUR 20,000 and a participation guarantee of EUR 10m.

05.04.2013 Government Press Release (translated)

Altead sells Altead The French integrated industrial services group Altead has sold its Pineau to Mousset transportation services subsidiary Altead Pineau to its counterpart Mousset, WK Transport Logistique reported, citing the bidder's director Jean-Michel Mousset. Based in Herbiers, France, Altead Pineau has a workforce of around 100 people and generates revenues of EUR 11m, the report claimed.

05.04.2013 WK Transport Logistique

RZD plans 5% stake Russian Railways (RZD), the state-owned Russian railway group, is to sale via share issue privatise a 5% stake via a share issue in 2014, Kommersant reported. in 2014; 20% stake The item cited a road map for the privatisation outlined by to be privatised via Rosimushchestvo, the state property agency. The item added that a IPO in 2H16 further 20% stake will be privatised via an IPO in 2H16. The report said that the state would retain qualified control. The 5% RZD stake was valued in a previous report at RUB 56bn (USD 1.84bn). The report said that the value of RZD is estimated at USD 86-129bn.

05.04.2013 Kommersant

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2013

RZD privatisation The privatisation of RZD, the Russian railway network, has been delayed delayed until 2014- until 2014-2016, Vedomosti reported. The item cited Rosimushchestvo, 2016 the state property agency. The report noted that the partial privatisation of RZD is to take place through a private and public placement of its shares. The Russian government would retain control, the item added.

05.04.2013 Vedomosti

Logictrans acquired Logictrans, the UK freight forwarder, has been acquired by domestic by EFS Group peer EFS Group for an unspecified consideration, Insider News reported, citing Tom Eatough of deal adviser KBS Corporate. Logictrans was owned by Neil Cooper and Jeanne Clerc, the report noted.

04.04.2013 Insider News

Grupa Azoty to sell Grupa Azoty, the listed Polish chemicals group, plans to sell its car Transtech and will transport subsidiary Transtech, Dziennik Gazeta Prawna reported. The seek an investor for report cited Andrzej Skolimowski, Vice-President of Grupa Azoty. Azoty railway companies will also look for a buyer for its companies, but it will want to retain some railway assets, he confirmed. Dziennik continued that Azoty will probably look for a majority investor for its largest rail transport unit, Kotlar. Dziennik also learned from unofficial sources that before the sale of Kotlar, Azoty will want to consolidate all the railway companies in its group: Koltar, Chemkol and Kolzap. The main bidder for these companies is railway operator CTL, which already holds majorities in Chemkol and Kolzap, and seeks to obtain transport contracts with major chemical companies. Dziennik cited CTL President Jacek Bieczek, who confirmed that the company wants to participate in the consolidation process among Azoty’s railway operators. Grupa Azoty has a market cap of PLN 5.8bn (USD 1.77bn).

04.04.2013 Dziennik Gazeta Prawna

RZD expects to soon Russian Railways (RZD), the state-owned Russian railway operator, in announce the near future expects to announce the formation of an integrated formation of OTLK, transport and logistics joint venture, OTLK, Kommersant reported. The Transcontainer article cited RZD President Vladimir Yakunin. The formation of the controlling stake to Russian-Belarusian-Kazakh joint venture OTLK has been supported by be main asset the administration of the Russian president. According to Yakunin, the improved financial model of OTLK will be prepared in May, and all approvals for the company formation should be obtained by June. The company is expected to be registered in Russia in 2H13. The main asset in OTLK should be 50% + two shares in Transcontainer, the intermodal container transportation company, to be included in the JV by RZD. Kommersant also cited an OTLK presentation, and reported that the estimated value of the JV’s container business will be USD 3.45bn.

04.04.2013 Kommersant

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2013

CFR Marfa’s 51% The privatisation of CFR Marfa, the Romanian state-owned rail cargo sale announcement company, will be launched on 5 April, said Prime Minister Victor Ponta due on 5 April quoted by Hotnews.ro. Ponta made the announcement during a government session held on 3 April. On 8 March the Ministry of Transportation, which owns the majority stake in CFR Marfa, mandated a consortium made up of Deloitte, Musat & Asociatii and Systra to handle the sale of a 51% stake in the company, according to the report. CFR Marfa’s revenues for 2013 are expected to reach RON 1.135bn (EUR 257.4m), from RON 1.222bn (EUR 277m) in 2012, according to a separate report by Ziarul Financiar.

04.04.2013 HotNews.ro

Panalpina not Panalpina, the listed Swiss transport and logistics group, is not interested in interested in a merger with Kuhne+Nagel (K+N), Basler Zeitung merger with reported. In an interview with Panalpina Chairman Rudolf Hug the Kuhne+Nagel paper noted that both incoming CEO Peter Ulber and current CFO Robert Erni have previously worked for K+N and asked if a coming together of the two companies has been considered. Hug said that such talks have never taken place and he sees no point in a merger which would surely result in a blood bath.

04.04.2013 Basler Zeitung

Lastas close to Lastas, the private Danish truck and trailer company, is close to bankruptcy declaring bankruptcy, according to a 2 April report in the newspaper Borsen, which cited comments from Lastas' internal accountant. Lastas faces significant economical problems following a large deficit in 2013, with company equity at negative DKK 280m (EUR 38m), and the management have questioned whether the company can survive, the accountant said. The company has not met a bank agreement from June 2012, the article said, and banks have not indicated that the deal is still standing, according to the accountant..

03.04.2013 Borsen

Reysas GYO buys Reysas GYO, the Turkish real estate company, announced that it has into Ari Lojistik bought a 33.33% stake in the Turkish warehousing company Ari Lojistik. It was noted in the announcement that Reysas GYO bought the shares at TRY 2.76 apiece from the Turkish listed logistics company Reysas Lojistik, for TRY 16.836m (USD 9.4m) in total. The announcement can be found here.

03.04.2013 Stock Exchange Announcement*

DSV no longer its DSV, the Danish transport and logistics company, is no longer its own own majority majority shareholder, according to a company announcement. DSV now shareholder owns 4.95% of its own shares, down from 5.2% of the complete share capital.

02.04.2013 Company Press Release (Translated)

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2013

Raschetti Transport Michel Raschetti and his associates Bernard Gaudin and Jerome Cagnon majority stake sold has sold a majority stake in the French transportation company to Groupe Malherbe Raschetti Transport to competitor Groupe Malherbe. This was announced by the M&A advisor P2C Partners, which supported Raschetti, the founder and director. According to daily Capital Finance, the size of stake was 51% and was paid in cash. Raschetti Transport counts around 12 staff members and has annual revenues of EUR 9m, the article noted.

02.04.2013 Company Press Release (Translated)

SNCB Logistics has SNCB Logistics, the freight rail arm of Belgian rail operator Societe Lazard and BCG Nationale des Chemins de Fer Belges (SNCB), now has investment bank mandated to find Lazard and the Boston Consulting Group (BCG) mandated to find a strategic partner - strategic partner, de Tijd wrote citing sources within the Belgian rail report business. The sources said the government—which owns 93% in SNCB— will continue to support SNCB Logistics until June, conditional on the firm finding a strategic partner. The government supports the the group to the tune of EUR 25m annually. SNCB Logistics, headquartered in Brussels, is an independent rail freight company that is part of the SNCB Group.

02.04.2013 De Tijd

CP Carga: MSC Mediterranean Shipping Company (MSC) is interested in the could bid solo or in privatization of CP Carga, the freight arm of Portuguese state rail consortium operator CP, reported Diario Economico. MSC Portugal CEO Carlos Vasconcelos told the publication that his group could make a bid for CP Carga by itself or in partnership, depending on the privatization terms, which have yet to be announced by the government. Under the terms of Portugal's EUR 78bn IMF-EU bailout, CP Carga's privatization is slated for 2Q13.

02.04.2013 Diario Economico

Rangel Group in Rangel Group, a Portugal-based transportation and logistics group, is in talks to acquire talks to acquire a company in Brazil. Rangel CEO Eduardo Rangel told Brazilian firm; still the business journal that his group is negotiating with a number of interested in CTT companies in Brazil over a possible acquisition, for which Rangel has privatization sufficient funds. Rangel remains interested in the privatization of Portuguese post office CTT, but it would only consider acquiring the postal services operator with a partner. CTT's express mail business— CTT Expresso—is of particular interest to Rangel, its chief executive said.

02.04.2013 Diario Economico

Butter Group The Butter Group has taken over transport company Wijnia Transport acquires Wijnia GmbH in Gröningen in the East-German federal state Sachsen Anhalt Transport GmbH from founder Stoffer Wijnia. Stoffer Wijnia will continue his activities for Wijnia Transport b.v. in the Netherlands. Like the Butter Group Wijnia Transport GmbH is specialised in bulk transport of agricultural Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2013

products. The company owns 40 lorry combinations. Wijnia Transport GmbH is headquartered in the middle of an extensive agricultural area where we already carry out many transports. Geographically speaking, Gröningen is an ideal hub close to important north/south and east/west links. With this take-over the Butter Group expands to a company of 265 lorries and 410 trailers in all, with branches in the Netherlands, Germany, Poland, and Great-Britain. The Butter Group employs 450 people fulltime.

29.03.2013 Company Press Release(s)

CD Cargo seen as State-owned Polish rail freight carrier, PKP Cargo, which remains keen best fit should PKP to acquire peers in CEE, is more likely to look at Czech freight operator Cargo acquire CD Cargo than its Slovak counterpart ZSSK Cargo, industry sources and analysts said. Reports have circulated this year highlighting PKP Cargo’s possible intention to approach ZSSK, while others have highlighted CD Cargo as being a possible candidate to merge with its troubled Slovak counterpart. But it is PKP’s own strategy that bankers and sector sources are chewing over. “Acquiring CD Cargo would give PKP access to Austria and could help boost its operations in Germany, a market PKP recently expanded into,” one industry source said. But ZSSK on the other hand would not bring clear benefits to PKP, he added. The Slovak government is set to decide on major steps to help resolve ZSSK’s debt problems in the coming days, according to a person with knowledge of the company. A merger with a regional peer, such as PKP Cargo or CD Cargo, is one option being considered, although a more likely timing of such a move would be once ZSSK’s financial situation improves, he added. ZSSK Cargo and CD Cargo are the only likely targets for PKP Cargo outside of Poland, a rail cargo analyst suggested.

28.03.2013 Proprietary Intelligence

BDZ freight The Privatisation Agency (PA) of Bulgaria has extended the deadline for operations tender binding offers to the freight unit of state-owned railway entity BDZ. deadline extended According to a PA announcement, the new deadline is 29 April. The till 29 April current deadline expires tomorrow, 28 March, according to a previous report, which said that a Romanian peer is interested in the target. The deadline for the submission of deposits for participating in the tender is 26 April, the present announcement noted.

27.03.2013 Government Press Release (translated)

UK East Coast rail The UK government has announced the beginning of a bid process for franchise to be the reprivatisation of the East Coast rail franchise, The Independent reprivatized in 2015 reported. The announcement was made by UK transport secretary Patrick McLoughlin, the article said. The UK government took control of the East Coast franchise – which runs from London to Scotland – in November 2009 when the previous operator, National Express, handed back the contract. The current operator of the East Coast service has returned GBP 640m (EUR 755m) to the Treasury and reinvested GBP Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2013

40m, Eagle said. The Department for Transport (DfT) said it will stagger the franchising process and will limit those to four competitions per year at the most, the item said. FirstGroup won the initial GBP 13bn tender for the West Coast line in August 2012. However, the incumbent, Virgin Trains, challenged the decision, which in turn led to “technical flaws” in the decision being discovered, the article noted. The government cancelled the West Coast contract, leaving taxpayers to foot the potential GBP 50m compensation bill, the report said.

27.03.2013 Independent

Polimex-Mostostal Polish construction group Polimex-Mostostal is close to selling its close to selling transportation arm Zaklad Transportu w Siedlcach, Dziennik Gazeta Zaklad Transportu Prawna wrote. This information appeared in a larger article about the w Siedlcach restructuring process of the Polimex group, which quoted the company’s managing director Przemyslaw Milczarek. Polimex is expecting to raise a total of PLN 200m (EUR 48m) from the ongoing asset disposal program. Subsidiaries Sefako, Energomontaz-Polnoc Gdynia and ZREW, have already been sold, Milczarek said.

26.03.2013 Dziennik Gazeta Prawna

Veolia Transdev Veolia Transdev, the French transport group 60% owned by state-owned planning more French financial services group CDC, is planning to sell more of its assets sale; EUR assets, daily Les Echos reported. The report said that the directors of the 800m debt company, including Chairman and Chief Executive Jean-Marc Janaillac, conversion presented a strategic plan before its top management yesterday Monday. considered – report According to the report, Veolia Transdev, which is to shorten its name to Transdev only, is planning to dispose of operations in Sweden, Finland, and Germany. Part of its activities in the Netherlands could also be sold off, while the divestment of its bus transportation business in Central Eastern Europe is already underway. Veolia Transdev, which reported sales of EUR 7.8bn in 2011, could have revenues of EUR 6bn and operations in 17 countries once the strategic plan is enforced. The report added that Janaillac also announced a project of conversion of EUR 800m of debt owed to CDC into capital. The report noted that Veolia Transdev owes a debt of EUR 1.9bn.

26.03.2013 Les Echos

Namsos Namsos Trafikkselskap (NTS), the Norwegian transport company, has Trafikkselskap agreed to acquire 40.47% of the Norwegian transportation company, agrees to acquire Norsk Fisketransport Holding (NFTH), according to a company press 40.47% of Norsk release. NTS is to pay NOK 99m (EUR 13m) for the NFTH stake and Fisketransport for brings NTS’ stake to 68.8%. NTS will finance the deal with loans and its NOK 99m own capital. The company will also propose a new share issue worth NOK 40m (EUR 5.3m) at the EGM for which a guarantee consortium has been created.

24.03.2013 Company Press Release (Translated)

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2013

European Cargo The French private equity firm Alpha Associes Conseil has acquired a Services majority majority stake in the air freight services company European Cargo stake acquired by Services from Chequers Capital, Equistone Partners Europe and Indigo Alpha Associes Capital, Capital Finance reported, citing an unidentified source close to Conseil – report the matter. European Cargo Services intends to pursue acquisitions in Asia and Latin America, the report noted. The company recorded revenues of EUR 550m last year.

22.03.2013 Capital Finance

Aeroexpress could Passenger railway operator Aeroexpress could buy back a 25% stake in buy back 25% stake the company from Russian Railways (RZD), the state-owned Russian held by RZD railway group, Vedomosti reported. The report cited Andrei Bokarev—a 7.5% stakeholder in Aeroexpress—as saying that a decision would be taken once the stake had been valued. Bokarev added that he expected the valuation to be completed in mid-April. As previously reported, RZD—a 50% stakeholder in Aeroexpress—was believed to be interested in selling a 25% stake to Russian transport group TransGroup.

22.03.2013 Vedomosti

TMT keen to use TMT, a sugar vendor and related logistics services provider in the central capital raise to fuel Russian region of Voronezh, will sell a 20% stake for RUB 60m-100m business expansion (USD 2m-3m), according to CEO Yuri Kholodny. Initially, a 20% stake - CEO will be up for sale. Later, a 5% stake could follow, and that would give the new shareholder a mandate for up to a blocking stake [of 25%] in the company, said Kholodny, a shareholder. The company is 50/50 owned by the CEO and his business partner Mikhail Akhmetgareev. Therefore, the stakes earmarked for disposals in both cases will come from an equal and proportional dilution of the current owners' equities, Kholodny said. Management needs capital to meet rising operation costs that have more than trebled since 2010, Kholodny said at the Russian Sugar Market Forum in Moscow. Apart from sugar trading and related logistics services, TMT offers shipping and forwarding services in the industry, Akhmetgareev told this news service on the sidelines of the forum.

21.03.2013 Proprietary Intelligence

ZapSib-Transservis ZapSib-Transservis, a Russian railway operator, has acquired 100% in buys Kuzbass Kuzbass Transport Company, a captive operator of Russian coal Transport Company company Kuzbasskaya toplivnaya kompaniya (KTK), Kommersant reported. The article cited Andrei Muraviev, ZapSib-Transservis general director and co-owner, as confirming this information. The value of the deal was not disclosed. According to industry sources, the transaction was completed at the beginning of March. The deal includes 3120 rail wagons and a five-year contract for servicing 65% of KTK’s cargo base. Analysts cited in Kommersant valued the Kuzbass Transport Company deal at USD 220m- USD 260m.

19.03.2013 Kommersant

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2013

VLMS completes Vikram Logistic and Maritime Services, a subsidiary of Infrastructure acquisition of India Plc, has completed its acquisition of Freightstar's assets, according Freightstar assets to the following a stock exchange announcement: The Company is pleased to announce that on 15 March 2013, its subsidiary, Vikram Logistic and Maritime Services ("VLMS") completed the acquisition of the logistics division of ETA Engineering Pvt Ltd operating under the brand name "Freightstar", the terms of which were originally announced by the Company on 28 October 2011. With the closing of the transaction, VLMS has, effective from 15 March 2013, acquired all the assets and liabilities of Freightstar. These include, inter alia, a Category 1 license from the Indian Railways to operate container trains on a national basis, eleven operating container trains, land and a partially constructed terminal facility at Nagpur in the state of Maharashtra and 46 acres (of a total 70 acres) of land for its proposed terminal facility at Palwal in Haryana - along with agreements to acquire the remaining 24 acres, various customer agreements, management and operating personnel and state-of-the-art information technology systems to support container transportation and terminal operations.

19.03.2013 Stock Exchange Announcement

Heigl-R. Heigl-R. Internationale Transporte (Heigl Trans), the family-owned Internationale Austrian freight company, has filed for insolvency at a regional court in Transporte files for Graz, Wirtschaftsblatt reported. The newspaper quoted local credit insolvency reference agency KSV1870. Guenther Schmied has been appointed as administrator. An online corporate information portal estimates the annual revenue of Heigl Trans at EUR 5m.

19.03.2013 Wirtschaftsblatt

Crossrail exited by Crossrail, the Swiss private rail operator, has been exited by Italian peer GTS - report GTS General Transport Service, DVZ reported, not citing a source. Financial terms were not disclosed. GTS acquired a 10% stake in Crossrail a press release from February 2012 said. Crossrail posted a turnover of EUR 100m in 2011, the statement said at the time. According to an earlier media report Le Jeune Capital & Partners, the holding company of Crossrail CEO Jeroen Le Jeune, holds a 20% stake in the target. Logistics companies LKW Walter and Hupac own a 25% stake, with GTS, MSC and Bertschi holding a 10% stake.

15.03.2013 DVZ

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2013

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