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19. December 2017 market – a focus Research Center on deals activity

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, December 2017

Adelantex, AD Panalpina today (19 December) announced the acquisition of Belguim- Handling to be based importing specialist companies Adelantex and AD Handling. The acquired by excerpt from the press release reads: International freight forwarding Panalpina and logistics company Panalpina is to acquire the Belgian companies Adelantex and AD Handling, specialized in the handling of perishables imports in Brussels, Liège and Ostend. The move follows similar acquisitions in Germany and the Netherlands earlier this year. This latest transaction involving Belgium’s market leader will further strengthen the Panalpina Perishables Network in Europe and the company’s global end-to-end offering for fresh produce. Panalpina will acquire the Belgian companies Adelantex NV and AD Handling NV, subject to conditions. The companies reached a respective agreement on December 18, 2017. With a presence in Brussels and Liège, Adelantex handles approximately 75,000 tons of air freight imports per year, and manages ground handling at Brussels Airport, customs clearance and the onward distribution in Europe. Adelantex was founded in 1992, originally as a road haulage company, and today is fully-owned by the company’s four directors. The companies have agreed not to disclose any financial details of the deal.

19.12.2017 Company Press Release(s)

Post.Wertlogistik Oesterreichische Post, an Austrian postal group, has dismissed rumours not for sale claiming it is planning to sell its local subsidiary Post.Wertlogistik, Der (translated) Kurier reported. The German-language newspaper quoted Georg Poelzl, CEO of OePost. Poelzl said the rumours are untrue and that a sale is not even a long-term option. Post.Wertlogistik specialises in the transport of large amounts of cash.

19.12.2017 Der Kurier

Belkomur ’s Komi Republic has decided to sell a 40.8% stake in Belkomur, shareholder Komi reported Russian newspaper Kommersant, citing an announcement of Republic looks to the ministry of property of the republic. Belkomur (White Sea-Komi- sell 40.8% stake; Urals) was established in 1996 at the initiative of the Komi Republic, to auction on 30 implement a project for the construction of railway route Arkhangelsk- January Syktyvkar-Solikamsk-Perm. The starting price for the stake is RUB (translated) 539.8m (USD 9.2m) and the auction is scheduled on 30 January 2018, the article reported. At present, the Komi Republic owns a 48.32% stake in Belkomur, a 19.81% stake belongs to the Arkhangelsk Region, and 9.42% is owned by Perm Krai. . The project includes a construction of the railway with the total length of 1,161km.

18.12.2017 Kommersant

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, December 2017

TransContainer: Russia’s state-owned railway group RZD has made the first step towards RZD initiates the sale of the controlling stake in Russian intermodal container controlling stake transportation company TransContainer, planned in 2018, Kommersant sale; OTLK JV to be reported. The Russian daily referred to an RZD announcement, noting reorganized that the shareholders of joint venture enterprise United Transportation (translated) and Logistics Company (OTLK, UTLC) will separate from it the assets contributed to the JV by RZD in 2014, including a company that will own a 50% +2 shares in TransContainer. The shareholders of OTLK – RZD, Belarusian Railway and Temir Zholy – at a shareholder meeting agreed to reorganise the company, RZD said in a press statement on 14 December. As a result, a new entity – AO OTLK ERA will be created, in which each of the three companies will own a 33.33% stake. The above company will be established under an asset- light model, with equal ownership, according to the statement. In addition, as a result of the reorganization, a number of subsidiaries of RZD will be established, which, in particular, will own the assets of the company previously contributing to the authorized capital of OTLK, the statement reads. Kommersant reported that OTLK was created in 2014 by RZD, Kazakhstan Temir Zholy (KTZ) and Belarusian Railway (BRzD) as a logistics company. RZD contributed in the JV the 50% +2 shares in TransContainer and 100% minus one share in RZD-Logistics, and received 99.84% stake in the joint venture, while BRzD and KTZ owned a 0.08% stake each. The paper further reported that the Russian government had agreed in principle to a plan under which the controlling stake of TransContainer should be sold to investors. The suitors for the stake, at a different time, included Ziyavudin Magomedov’s group Summa, Vladimir Lisin’s transportation group UCL Holding, Russian Direct Investment Fund (RDIF), Delo Group, and . TransContainer has a market capitalization of RUB 64.12bn (USD 1.08bn).

15.12.2017 Kommersant

Taxi Vast to be Taxi Vast, the Swedish regional taxi company, is to be acquired by its acquired by peer, Cabonline Group, according to a company press release. The deal Cabonline Group will strengthen Cabonline's position further as a leading Nordic taxi company by increasing its presence in western Sweden. The deal will include all existing operations and a fleet of 178 cars. Taxi Vast's managing director, Ingo Asplund, commented that he is pleased to have a large and professional company like Cabonline behind its future development.

15.12.2017 Company Press Release (Translated)

TransContainer TransContainer, a Russian intermodal container transportation 24.5% stake company, on 13 December announced a change in its shareholding. acquired by Enisei Press release Notification of change in shareholding in PJSC Capital TransContainer On 12 December 2017, PJSC TransContainer ("TransContainer") (TRCN) was notified that Enisei Capital acquired a Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, December 2017

24.5% stake in TransContainer on 6 December 2017. TransContainer has a market capitalization of RUB 60.72bn (USD 1.03bn). The online version of Russian newspaper Vedomosti reported on this development. Enisei Capital is linked with Invest AG – an investment company of and Alexander Frolov, and ’s Millhouse, a source close to one of the parties on the deal told Vedomosti. The sellers of the TransContainer stake were companies managing savings of Russian non-state pension fund NPF Blagosostoyanie, the report added. The item referred to Russian news agency Interfax, which quoted sources familiar with the transaction. NPF Blagosostoyanie was co-founded by Russian state railway group RZD.

13.12.2017 Company Press Release*

Frank Norager Finnish transport company Ville Silvasti today announced the acquired by Ville acquisition of Frank Norager, a Danish family-owned business Silvasti specializing in wind power logistics. Press release (edited): The corporate acquisition makes Silvasti the largest special transport company in Northern Europe, with a turnover of nearly EUR 50m and a staff of nearly 200. The acquisition strengthens Silvasti's expertise in wind power logistics in particular, which the company has chosen as one its key focus areas. Frank Norager & Co. A/S is a family-owned business established in 1984. The company has a strong focus on the transportation of wind turbines. The company's head office is located in Fjerritslev, Denmark. The company’s turnover forecast for 2017 is EUR 26m with a staff of 125 employees. Frank Norager & Co. A/S has subsidiaries in Poland and Germany. Silvasti and Norager are among the leading special transport companies in Northern Europe, specializing particularly in special transports related to wind power plants.

13.12.2017 Company Press Release(s)

Grocontinental AGRO Merchants Group, the Alpharetta, Georgia-based operator of acquired by PE- temperature-controlled warehouses, has acquired UK-based backed Agro Grocontinental Limited. AGRO, backed by private equity Oaktree Merchants Capital Management, has engaged in at least four additional acquisitions since 2016. Press release: AGRO Merchants Group, a global leader in cold storage and logistics solutions, announced today the acquisition of UK-based Grocontinental Limited. This transaction reinforces AGRO's position as the leading cold storage and logistics provider in the United Kingdom and Ireland, deepens its commodity expertise, and substantially enhances its value-added service offerings for customers. David Grocott and Linda Grocott, will continue to lead the business as Joint Managing Directors. Grocontinental operates from a purpose-built 35-acre complex with a warehouse capacity of 197,000 pallets and owned transport solutions.

11.12.2017 Company press release.

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, December 2017

Hopps Group to Dispeo, a French logistics services provider for e-commerce businesses, acquire Dispeo is to be acquired by Hopps Group, according to an announcement from the competition authority which is reviewing the transaction. Hopps Group is a holding company specializing in local delivery, services and communication set up by French businessmen Guillaume Salabert, owner of Cibleo, and Frederic Pons and Eric Paumier, owners of parcel delivery specialist parcel delivery specialist Colis Prive. Dispeo is a subsidiary of 3SI Group, a French e-commerce services provider part of German e-commerce company Otto Group. Its revenues amounted to EUR 75.8m in 2016, according to the annual account.

08.12.2017 Regulatory Authority Press Release (Translated)

Keen Transport to Wallenius Wilhelmsen Logistics ASA has signed an agreement to acquire be acquired by 100% of the shares in Keen Transport, Inc. from Platinum Equity for Wallenius USD 64m, according to a stock exchange announcement. Keen operates Wilhelmsen 14 High & Heavy Equipment Processing Centers (EPC's) and a specialty Logistics for USD trucking entity in the US. With its 450 employees Keen provides value- 64m added facility services, equipment modification, transportation and load consolidation for about 20 Original Equipment Manufacturers (OEMs). The company saw revenues of USD 82m and earnings (EBITDA) of USD 10m in 2016. "With Keen as part of our Group we will become the clear market leader in the US H&H Equipment Processing space, positioning ourselves for the forecasted growth in this segment," says Craig Jasienski, President and CEO of WWL ASA.

08.12.2017 Stock Exchange Announcement*

Groupe Charlier Luxembourg-headquartered transportation and logistics services sold to Jost Group provider Jost Group has announced today the acquisition of its domestic family-owned counterpart Groupe Charlier: On 7 December 2017, the 183 people (of which are 115 drivers), the 100 motor vehicles, the 170 trailers (tautliners, vans and temperature controlled trailers) as well as the facilities of Messancy (40.000m²) and Molinfaing-Neufchâteau (12.500m²) of the Group Charlier have joined the European group, Jost Group, the large family of Kangaroo. The Group Charlier has a turnover of more than EUR 25m mainly based on three activities: logistics, distribution and general cargo. Thanks to their geographical position, the logistic activities (supply of the production chain, picking, wrapping and reconditioning, traditional warehousing) will reinforce the presence of Jost Group in the Greater Region. Jost Group is now particularly more active in distribution on the territory of Luxembourg through the takeover of Nadin last March. This distribution activity will thus be boosted by the arrival of the Group Charlier.

07.12.2017 Company Press Release(s)

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, December 2017

Cinram Logistics Cinram Logistics UK, a UK-based supply chain services provider, has UK taken over by been taken over by Patriot Group Investments as the result of an Patriot Group administration process, according to an announcement from Investments accountancy firm Mercer & Hole: On 1 December 2017 Joint Administrators, Steve Smith, Chris Laughton and Henry Page of Mercer & Hole Chartered Accountants, completed the sale of the business and certain assets of Cinram Logistics UK Limited (Cinram) to Cinram Novum Limited, part of Patriot Group Investments Limited, preserving employment for more than190 employees and temporary staff. For over 40 years, Cinram has provided supply chain solutions to the Fast Moving Consumer Goods (FMCG), home entertainments and retail industries. Earlier this year the company’s financial future was plunged into doubt following an announcement that its major customer, responsible for two-thirds of Cinram’s turnover, would terminate its contract at the end of June. Mercer & Hole partners, Steve Smith and Henry Page, worked closely with Cinram’s directors to minimise the financial impact from the loss of this significant contract and assisted with the reorganisation of its business. After completion of the contract Cinram required further restructuring. The restructuring strategy concluded with the successful sale of Cinram’s business and certain assets, preserving jobs and maintaining services for its clients. Patriot Group Investments Limited own a number of logistics companies and the acquisition by Cinram Novum Limited complements their portfolio.

07.12.2017 Company Press Release(s)

Grupa Azoty to Grupa Azoty has signed an agreement with CTL Logistics under which it acquire railway will take over certain special purpose vehicles, thus consolidating sidings SPVs from railway siding services in Kędzierzyn and Puławy, the Polish chemical CTL Logistics group said in a press statement on 6 December. As of January 1st 2018, all companies managing railway sidings for Grupa Azoty will be included into its Group. The railway siding services will be consolidated by Grupa Azoty KOLTAR, while CTL Logistics will remain Grupa Azoty’s strategic partner in transport activities. The Grupa Azoty Group is the undisputed leader of the fertilizer and chemical market in Poland and one of its key players in Europe. CTL Logistics is an international logistics group present in the Polish and European markets since 1992. It offers a complete range of logistics services, including rail transport of bulk goods (such as coal, coke, aggregates, scrap metal, etc.), containers, transport of fuels and chemicals, car transport, forwarding, lease of rolling stock and provision of railway siding services. Grupa Azoty will acquire a 51% stake in each CTL Kolzap (based in Pulawy) and CTL Chemkol (based in Kedzierzyn), from CTL Logistics, according to Polish news agency PAP, which reported on this development. In both companies Grupa Azoty currently owns a 49% stake. Cited in both PAP and Polish newspaper Parkiet, Wardacki estimated that the transaction will increase the group’s annual revenue by PLN 60m (USD 16.8m) and reduce costs by PLN 8m-PLN 9m. Wardacki also said this is not the end Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, December 2017

of the consolidation activities in Grupa Azoty, and the group plans further consolidation activities in the area of logistics services, PAP reported.

07.12.2017 Company Press Release*

FNM to acquire 51% FNM, the Italian transport group, has signed an agreement to acquire a stake in La Linea for 51% stake in La Linea, a private Italian bus operator, according to a EUR 5.58m company press release. The statement noted that the deal is worth EUR (translated) 5.58m. The entrepreneur Massimo Fiorese will maintain a 25.95% stake in the company and his role of chief executive officer, concluded the note.

29.11.2017 Company Press Release (Translated)

Yandex.Taxi and A merger between Yandex.Taxi and Uber has been cleared by Federal Uber merger gets Antimonopoly Service (FAS) subject to conditions, the Russian antitrust Russia's FAS regulator said in a press statement on 24 November. The press release approval under reads as follows: FAS agreed on the application of the Yandex N.V., Uber conditions, Stock International C.V. for conclusion of an agreement on the creation of Exchange Listing joint enterprise, subject to conditions. The results of analysis of the planned in 2019 market for the organization of information interaction between taxi drivers and passengers showed that the market is in the stage of active growth, depending on how this happens, and in this case, there will be aggregators providing services through a new convenient way to order a taxi - in the mobile device application. At the same time, taking into account the increasing role of digital technologies in the economy and social sphere, the increasing penetration of wireless access to the Internet and the increasing share of smartphones in the total volume of subscriber units, trends and prospects for the development of the market with a "digital component" the FAS Russia decided to impose remedies aimed at promoting competition within the new cooperation conditions of passengers and drivers. Companies should provide users with the most complete and accessible information of the legal person carrying out the transportation, with the preservation of the history of trips; should not limit the ability of partners, drivers and passengers to work with other taxi aggregators. "Currently, there is a tendency in the market to consolidate existing players and strengthen their role in the market. At the same time, we understand that it is important to ensure the development of competition in such markets even at the very first stage, so that all market participants are on an equal footing. To effectively develop the market in conditions of fair competition, such measures should be taken by all market participants - moreover, their implementation will ensure the protection of consumer rights and interests," said Anatoly Golomolzin, the Deputy Head of FAS.” Russian multinational technology company Yandex and Uber, the San Francisco, California-based car transportation mobile app developer, announced an agreement to combine their ridesharing businesses in Russia, Kazakhstan, Azerbaijan, Armenia, Belarus and Georgia into a new Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, December 2017

company in July this year, as reported. The value of the joint venture company is USD 3.725bn. According to newswire reports, Yandex plans to list the Joint Venture in 1H19, preferably in the US, while the JV-Deal is expected to close in 4Q17.

25.11.2017 Regulatory Authority Press Release*

17.11.2017 news wire round up BDWM Transport BDWM Transport [BDWM] and Wynental- und Suhrentalbahn [WSB], and Wynental- und two Swiss public transport companies, will be merged. A German- Suhrentalbahn to language statement released by the Canton of Aargau said that the state merge council has approved the merger proposal. The merger still needs to be approved by the shareholders of both companies during their respective general assemblies in spring 2018. The Canton of Aargau is the largest shareholder in both BDWM (51.4% stake) and WSB (42.8%). Other major shareholders are the Swiss State and the Canton of Zurich, whereby the latter only owns shares in BDWM. The merged entity will have 550 employees and generate an annual turnover of CHF 106m. The Canton of Aargau will be the largest shareholder in the new company with a 45% stake, while the Swiss State will hold 33%. The Canton of Zurich will exchange its 7.8% stake in BDWM into a 2.2% stake in the merged entity.

24.11.2017 Company Press Release (Translated)

John Menzies to John Menzies plc [MNZS:LSE], the UK-based landside and airside announce details of services provider, announced that it intends to make an announcement company split in on splitting the Group's aviation and distribution divisions to create two March 2018 strong focused players after distribution division sale talks with DX Group collapsed. The firm announcement is expected to be published alongside the full year results in March 2018. The announcement follow: The Board were disappointed not to be able to conclude the combination of our Distribution division with DX (Group) plc, a deal that had strong strategic logic. Rothschild has been appointed to assist the Board in undertaking a strategic review of the Distribution division with the objective of assessing the optimum route to split the Group and create two strong focused players in their respective markets. We expect to be able to make a firm announcement on the process to be followed by the time of our full year results in March 2018.

23.11.2017 Stock Exchange Announcement(s) (Edited)

TransContainer: Russia’s government has named the date for the sale of the Russian RZD stake to be sold Railways (RZD)-owned 50% stake + 2 shares in intermodal freight in April 2018 via transport and logistics company TransContainer [TRCN:MCX], reported auction under Kommersant. The Russian daily cited a report prepared by the government government to the president, on the plans for the sale of the above stake proposals in TransContainer. The government proposes to sell all shares owned by (translated) the state-run railway group RZD (50% plus 2 shares) at an open auction, to be held in April 2018, the paper reported, citing the document. VTB Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, December 2017

Capital will be the investment consultant in the sale. The government proposes to sell the stake to a qualified investor (which could be a syndicate, or a consortium with a possible minority participation of a financial investor), which has the relevant competences, and is interested in the development of container, including multimodal, transport between the regions of Europe and Asia. RZD with VTB Capital will begin works with potential investors starting from 15 January 2018, and the completion of the deal is planned in April 2018, the item continued, citing the Shuvalov’s report. The suitors for TransContainer are not yet ready to comment on the updated sale plans, according to the report. The paper named the following potential bidders: Ziyavudin Magomedov’s diversified group Summa (the owner of a 25.07% stake in TransContainer); Vladimir Lisin’s transportation group UCL Holding; Russian Direct Investment Fund (RDIF); Delo Group; and Global Ports. However, a number of issues remain in the structure of the transaction, Kommersant continued. The item reported it had not been decided yet whether it is worthwhile to remove terminals from the TransContainer group, and sell them separately. Earlier on, Kommersant reported that the Russian government has given recommendations on requirements to potential buyers of the controlling stake in TransContainer citing a letter sent by the Minister for Economic Development Maxim Oreshkin to the First Deputy Prime Minister Igor Shuvalov. According to the letter, the Ministry of Economy and the Ministry of Transport came to the conclusion that to increase competitiveness of the Russian rail network in the domestic and international container transport markets it was advisable to consider strategic investors with appropriate competences. The paper reported that according to the proposed qualification requirements, the participant must be a Russian legal entity that is not part of the RZD group, and its shareholder with a share of over 25% should not be the Russian Federation (RF) or an RF entity or a municipality. Other conditions include, among others, that the potential suitor should not have had losses for the last two full financial years, it should not have overdue debts to the budgets of the budgetary system of the RF, and it should not be in the process of liquidation or bankruptcy. In order to reduce the investor’s risks and maximize the value, it is proposed to conclude a long-term agreement between the investor, the Russian government and RZD, for 7-10 years, the paper reported.

23.11.2017 Kommersant

16.11.2017 Kommersant CPPK: The Government of the Moscow region will sell its 25.33% stake (76 region to auction its shares) in Central Suburban Passenger Company (CPPK), reported 25.33% stake Russian newspaperVedomosti, citing a corresponding decision of the (translated) regional government published on 21 November. The shares of CPPK, which provides passenger transport services in the Moscow region, will be put up for sale via an auction in two lots, each of 12.665%. The Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, December 2017

starting price of each lot is RUB 1.04bn (USD 17.5m), the item reported. In 2016, CPPK posted RUB 38.7bn (USD 652m) revenue and a RUB 81.4bn net profit, Vedomosti reported. In early November 2017, Russian state-run railway group RZD exited CPPK by selling its 25% + one share in the company. The buyer was privately-owned Marshrutnye Sistemy, in which 99% belongs to businessman Arem Olkhovsky, the item reported. Another shareholder in CPPK is Moscow Passenger Company (MPK) with a 50% stake minus two shares. MPK belongs to a Cypriot firm linked with businessmen Iskander Makhmudov and Andrei Bokarev. Cited in the report, a Raiffeisenbank analyst believes that the main suitors for the shares put up for sale are the existing shareholders of CPPK.

22.11.2017 Vedomosti

WWL to take stake Wallenius Wilhelmsen Logistics ASA ("WWL"), a Norway-based in Prixcar in shipping and logistics company, has signed an agreement with PrixCar exchange for its Services Pty, Ltd., an Australia-based company operating as a vehicle Australia inland storage and processing company, to sell its inland transportation and transportation and technical service business in Australia, in exchange for a 20% ownership technical service share in PrixCar. The joint business is expected to have an annual business turnover in excess of AUD 250m and a team of over 1,000. As part of the transaction, the business incorporated as Wallenius Wilhelmsen Logistics Australia Pty. Ltd. will be transferred to the PrixCar Group. The deal strengthens PrixCar's position as a leading supplier to the auto, heavy truck, rolling equipment and machinery segment in Australia.

21.11.2017 Company Press Release(s) (Edited)

CJ Korea Express to CJ Korea Express, a South Korean logistics services company, plans to make three make about three acquisitions in the US and Europe next year, reported acquisitions in US, Maeil Business. The Korean-language report cited Geun-tae Park, the Europe next year CEO at CJ Korea, who spoke in an interview yesterday for the (translated) information. Park said the budget for M&A next year will be several hundreds of millions of dollars. It is open for an M&A opportunity that costs that much in a deal, Park said. The business goal of the expansion is to become a top five logistic services player in the world. CJ Korea Express acquired Chinese logistic company Rokin in 2015 to prepare a base in the country. CJ plans to list CJ Rokin in two to three years. The report disclosed, on 16 November, CJ Rokin acquired Wuhan Beifang Jie Yun, a Wuhan-based logistic center operator, for KRW 20bn (USD 18.2m).

18.11.2017 Maeil Business

Tibett Logistics to Yusen Logistics [TYO:9370], a Japan-based logistics company, be acquired by announced on 17 November an agreement to acquire Romania-based Yusen Logistics Tibbett Logistics. Excerpt from the press release: Yusen Logistics (Europe) today announced that it has reached agreement to acquire Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, December 2017

Tibbett Logistics, a wholly owned subsidiary of UK-based Keswick Enterprises Group. The acquisition is subject to regulatory approval by the Romanian authorities. Tibbett Logistics was established in Romania in 2010 and has since developed into a domestic market leader within the contract logistics, warehousing, transport and intermodal sectors. With its head office in Bucharest and 15 strategic locations nationwide, the company controls over 116,000 sq. metres of warehousing and employs more than 1300 people. In addition, Tibbett Logistics manages the Bucharest international rail freight container terminal (BIRFT). This acquisition provides Yusen Logistics with access and insight into the Romanian market as well as a well-established regional network of warehousing, intermodal and trucking operations in Romania. The value of the deal was not disclosed.

18.11.2017 Company Press Release(s)

Alpin Spedition on Quehenberger Logistics GmbH, an Austrian logistics services provider, the radar of is planning to acquire an undisclosed stake in Alpin Spedition GmbH, a Quehenberger logistics servised company based in Kirchbichl, Austria, according to a Logistics regulatory filing with the German competition authority registered on 9 (translated) November. Alpin Spedition offers professional transportation and logistics services with a fleet of 150 trucks.

15.11.2017 Regulatory Authority Press Release (Translated)

Eltel to sell its rail Today, Eltel has signed an agreement to sell its Finnish rail business business operations operations to Graniittirakennus Kallio Oy, a leading infrastructure in to constructor operating in Finland, Sweden and Estonia. Eltel’s rail Graniittirakennus business operations in Finland deliver railway, metro and light rail Kallio for EUR 8.5m electrification and signalling systems. The offerings comprise electrification and signalling design, material purchases, build and maintenance services as a part or turnkey deliveries. The purchase price amounts to EUR 8.5m deducted by the cash generated from these operations during September 2017 - January 2018. The purchase price will be paid in the first quarter of 2018. The transaction is estimated to positively impact Group EBITA by approximately EUR 4m in the first quarter of 2018. Closing of the transaction is expected to occur at the end of January 2018. In 2016, Eltel´s Finnish rail business operations generated net sales of EUR 28m and currently employs approximately 120 people. In February 2017, Eltel decided that its strategic focus will be on the Group’s core businesses in Power and Communication with the geographical markets being in the Nordics, Poland and Germany. Eltel’s rail operations, classified as non-core operations, cover the Nordics countries.

15.11.2017 Company Press Release(s)

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, December 2017

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