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15. April 2015 market – a focus Research Center on deals activity

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2015

Kupiec wants to Kupiec, the Polish company operating in transport and forwarding gain a trade segment, seeks to obtain a trade investor, reported Polish daily Parkiet investor citing Chief Executive Leszek Wroblewski. This would allow Kupiec to (translated) expand its range of services, according to Wroblewski. For the time being Kupiec wants to focus on organic growth, the paper reported. The company is also thinking of acquiring smaller forwarding companies, and the talks are ongoing, Wroblewski confirmed to Parkiet. Kupiec posted net sales of PLN 23.09m (USD 6.08m) in 2014, according to the company financial statements posted on its website.

14.04.2015 Parkiet

Italian Ministry of The Italian Ministry of Economy has met with ART, the transport Economy meets regulator, over the privatisation of railway network Ferrovie dello Stato with transport (FS), according to a government press release. In the release, the regulator over Ministry said that the meeting took place yesterday (13 April) and Ferrovie dello Stato involved the working group on the privatisation headed by Fabrizio privatisation Pagani and Andrea Camanzi, the head of ART. Marcello Messori, the chairman of FS and Michele Mario Elia, the CEO of FS, were also present at the meeting. The release said that regulatory issues connected to the railway sector were discussed at the meeting. The importance of a clear and stable regulatory framework in regard to opening up FS to private capital and its listing was underlined at the meeting.

14.04.2015 Government Press Release (translated)

Santos e Vale wants Santos e Vale, a family-owned road transport company that operates in strategic investor, Portugal and Spain, wants a strategic investor to help it expand to the to expand into rest rest of Europe, said board member Joaquim Vale. The company was of Europe approached by a financial investor last year and two financial investors the year before, said Vale, who declined to reveal the names of the investors. An investment from a transport company that could open doors to the rest of Europe would be much more interesting, he added. Santos e Vale owns its fleet of trucks and its warehouses and has comprehensive coverage of Portugal. It has a joint venture with Palletways for the Spanish market. Although Vale considers his company a generalist road transport company, it has a focus on transporting chemical goods. The company is also investing in a new area – temperature-controlled transport, said Vale.

13.04.2015 Proprietary Intelligence

EVR Cargo could The Estonian goverment could privatize EVR Cargo, the state-owned see privatization cargo railway operator, reported a news portal Err.ee. The Russian (translated) language report cited Kristen Michal, the Estonian economics minister, who started his term in office on 9 April. The minister confirmed the privatization of EVR Cargo‘s can be considered, but did not elaborate on Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2015

the avenue in more detail, according to the report. The Estonian businessman Oleg Ossinovski is interested in the target, the report added, citing Ossinovski. Ossinovski‘s Skinest Rail would participate in privatization tender of EVR Cargo, should the government decide to sell the company, as reported by this news service in 2012.

13.04.2015 ERR.ee

Kedentransservice Summa Group has challenged a decision of the Board of Directors of 50% stake sale TransContainer, to sell a 50% stake in Kazakh rail container and decision by terminal operator Kedentransservice to the second co-owner, Kazakh TransContainer railway operator National Company (KTZ), BoD to KTZ Kommersant reported. Summa, which controls 24.1% in Russian challenegd by co- intermodal container operator TransContainer, does not agree with the owner Summa - procedure of the approval of the transaction, and wanted to raise the report (translated) subject at a meeting of the Board of Directors of TransContainer on 15 April, a source close to TransContainer told Kommersant. The deal should be part of a project for the formation of the United Transportation and Logistics Company (UTLC/OTLK), by Russia, Belarus and Kazakhstan, which now may see delays, the paper reported, without quoting anyone directly for this information. After the consolidation of Kedentransservice, KTZ should contribute the company to UTLC, which already owns 50% + two shares of TransContainer. Kommersant has learned from undisclosed sources that representatives of Summa had informed Zhanar Rymzhanova, chairman of the Board of Directors at TransContainer, that because the deals are linked, there is a risk of potential claim to the company from the shareholders and GDR- holders. The aforementioned source told Kommersant that a decision of the sale should be taken by a shareholders' meeting.

13.04.2015 Kommersant

Framptons Leading South West distribution group Gregory Distribution (Holdings) Transport Services Ltd. has acquired the business of Framptons Transport Services Ltd acquired by Gregory based in Shepton Mallet, Somerset, through the purchase of its parent Distribution company PF Holdings Ltd. for an undisclosed sum. This acquisition further expands Gregory Distribution Ltd.’s activities within the West Country, and positions the company for continued future growth. The Frampton business will operate as a stand-alone business unit within the distribution area of the Gregory Group. Framptons has an annual turnover of around GBP 17m, employs 245 people and operates 60 vehicles providing high quality transport services including contract distribution and UK and European pallet delivery. The acquisition includes over 220,000 sq ft of warehouse space in Shepton Mallet. Gregory Distribution is a privately-owned distribution business that provides transport and logistics services in many sectors of the market with about 1,600 employees and an annual group turnover of GBP 150m.

10.04.2015 Company Press Release(s)

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2015

Trans Europa We are pleased to announce that Constellation has acquired a majority Express Holding stake in Trans Europa Express Holding (“TEX”, formerly HSM Group), majority stake working closely with its shareholders and management team. TEX acquired by Group was founded in 1997 and has since grown to the leading provider Constellation of Train Operating Services in Western Europe. The company has developed an excellent reputation as a reliable service provider for the railway sector and employs 900 people. Among TEX customers are all major private and national passenger and rail cargo operators. TEX Group operates in , Switzerland, and the Netherlands. As the leading provider of Train Operating Services, TEX serves as an outsourcing partner and operates rail traffic for its customers. With its own train driver school, the company provides training for qualified railway personnel, both for clients as well as its own needs. Further, TEX provides safety and supervision services for rail track construction and installs rail safety and control systems. Constellation acquired TEX in close collaboration with the shareholders and management team who will remain active in the daily operations of the company as well as reinvest significantly. The strong organic growth of the company will be accompanied with a predetermined buy-and-build strategy to increase the regional reach as well as to extent the current service portfolio to gain market share. “We are very pleased,” says Dr. Heizmann, CEO and co-Investor “that in Constellation we have found a partner with proven expertise in the service sector. The management invests significantly in TEX, which shows the potential which lies in our business.” “The market for services in the railway sector is an opening, growing market and is as such very interesting for us”, emphasizes Dieter Scheiff, Managing Partner at Constellation.

09.04.2015 Company Press Release(s)

Kerry Logistics eyes Kerry Logistics Network [HKG:636], a Hong Kong-based logistic service US, Europe provider, is seeking acquisitions for international freight forwarding acquisitions for (IFF) peers in the US and Europe, in a bid to achieve its goal of international globalization, according to chief financial officer Ellis Cheng. The Hong expansion, exec Kong logistics service company is hoping to replicate the success it had says when it entered the Middle East, Canada and New Zealand through acquisitions last year. Acquisition is a faster way for the company to tap markets including Italy, Portugal and Turkey and the United States, instead of having to build teams, Cheng said. Preferred targets should have a strong domestic presence as well as an existing business network in Asia, he added. The Kerry Group logistics flagship raised HKD 2.204bn (USD 284m) from an initial public offering last 2013 of which USD 52m has been set aside for acquisitions. “We’re studying at least 25 targets. Some of them have a valuation of between HKD 100m and HKD 500m each,” he added. Kerry Logistics hopes the acquisitions could create synergies and fit Kerry’s global expansion strategy.

09.04.2015 Proprietary Intelligence

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2015

Liepajas Naftas Logistics (RZD Logistika) has acquired a 50% stake in Tranzits' 50% stake the Latvian rail transportation company Liepajas Naftas Tranzits, The acquired by Russian Baltic Course has reported. The item cited Pavel Sokolov, CEO of Railways Logistics Russian Railways Logistics, for the information. Russian Railways Logistics acquired the Latvian company through its subsidiary RZDL Multimodal, the item added.

09.04.2015 The Baltic Course

TNT Express Shareholders of TNT Express find the FedEx takeover bid of EUR 8 per shareholders find share too low, de Financieele Telegraaf reported, citing reactions from FedEx EUR 8 per shareholders at the annual shareholder meeting on Wednesday, 8 April. share bid too low The EUR 8 per share bid is 19% lower than what US-based United Parcel (translated) Services was willing to pay three years ago, the item noted. The board failed to convince the shareholders, of whom 80% were present, the report said. Constant Stevense of the Stichting rechtsbescherming beleggers, a society for shareholder protection, said the deal would take over a year to close and the shareholders' money would be stuck for that duration. A large group of smaller shareholders is hoping for a rival takeover bid, although Supervisory Board Chairman Antony Burgmans ruled out that possibility, a report from 8 April noted. Majority shareholder PostNL is committed to the FedEx bid but would be able to get behind a higher bid too, the article said. The takeover bid wasn’t formally on the agenda and a special shareholder’s meeting regarding the takeover will be convened later in the year, the item added.

09.04.2015 De Financieele Telegraaf

Transdev to pursue Transdev, a French transport operator, will continue to target start-up transport-on- acquisitions in the transport-on-demand services segment, CFO Marcos demand start-up Garcia told Mergermarket during the group’s 2014 financial results acquisitions in 2015 presentation. In the next five years Transdev will focus on two - executives innovation fronts, energy transition and digital transportation services, Garcia and Jean-Marc Janaillac, CEO and chairman, said. The company is actively looking for start-ups in the innovative transportation technology space, in line with previous acquisitions, according to Garcia. The CFO declined to comment on whether the company has already engaged in talks with potential targets, nor did he comment on how much the company could spend on coming start-up acquisitions in 2015. Last February, the company acquired Cabfind.com, UK transport-on- demand specialist, for an undisclosed value. Cabfind.com generated turnover of GBP 17m in 2014. Investments will be strengthened particularly in the US and in Europe, not only in the transport-on- demand services sector, but also in its core business, the public transport space, both in B2B and B2C, Janaillac added. “By 2020 we hope to generate 16% of our total turnover from our transport-on-demand activities,” Janaillac said.

08.04.2015 Proprietary Intelligence

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2015

ASL Aviation ASL Aviation, the Irish aviation company owned by CMB, the Belgian expresses interest shipping company , has again expressed interest in a takeover of TNT in TNT Airways Airways, the aviation arm of TNT Express, de Tijd reported, citing CMB (translated) Financial Controller Frank Geerts. "Of course we are interested, but there currently is no file on the table and there has been no contact. We are unaware what the sale modalities will be," Geerts was quoted as saying, adding that he couldn't imagine they would be the same as in 2012. Then, the company had reached a deal through ASL Aviation, which it owns for 51%, but saw that fall through after the EU Commission said no to a UBS bid for TNT Express. The sale of TNT Airways was part of that agreement to avoid competition issues. TNT's airline business will have to be divested in order to comply with EU airline-ownership rules, which state that foreigners cannot be majority stakeholders in the region’s carriers, de Financieele Telegraaf reported. TNT owns Belgium-based TNT Airways and Madrid-based Pan Air Lineas. Petercam, which holds 49% in ASL Aviation through its investment vehicle 3P Air Freighters, is reacting carefully. It is logical that FedEx mentions ASL, as there are few other players in the niche, Karl Ottevaere, the group’s director, was cited as saying by de Tijd. FedEx explicitly mentioned ASL as a potential player. "We are interested but it is still under consideration,” Ottevaere added.

08.04.2015 De Tijd

FedEx's bid for TNT FedEx's bid for TNT Express is unlikely to trigger a takeover battle, de Express unlikely to Financieele Telegraaf reported, citing TNT Chairman of Supervisory trigger takeover Board, Antony Burgmans. The price of EUR 8.00 per share is justified, battle (translated) as the potential synergy gains are lower and TNT Express is a different company than when US logistics giant UPS tried to take over in 2012, Burgmans said. He added that a bid from another party was unlikely, the Dutch-language item noted. UPS, which had seen its bid thwarted by the EU commission, has not received news that the EU commission will allow it to enter the fray, and deemed the chance ‘highly unlikely’ another report in the paper said, citing advisors to UPS on the 2012 bid. Burgmans does not expect major competition issues. FedEx General Counsel expects 17/18 competition filings, as previously reported by this news service.

08.04.2015 De Financieele Telegraaf

FedEx/TNT Express FedEx Corporation (FedEx) and TNT Express N.V. (TNT Express) enters conditional reached conditional agreement on recommended all-cash public offer of agreement on EUR 8.00 per ordinary TNT Express share. The Offer Price represents a public offer of EUR premium of 33% over the closing price of 2 April 2015 and a premium of 8.00 per TNT 42% over the average volume weighted price per TNT Express share of Express share EUR 5.63 over the last 3 calendar months. The transaction represents an implied equity value for TNT Express of EUR 4.4bn (USD 4.8bn). Transaction unanimously recommended and supported by TNT Express’ Executive Board and Supervisory Board. High level of deal certainty. Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2015

PostNL N.V. has irrevocably confirmed to support the Offer and tender its 14.7% TNT Express shareholding. Combination will transform FedEx’s European capabilities and accelerate global growth. Customers will enjoy access to an enhanced, integrated global network, combining TNT Express strong European capabilities and FedEx’s strength in other regions globally, including North America and Asia. FedEx and TNT Express employees share a commitment to serving customers and delivering value for shareholders and supporting the communities they live and work in. The parties have agreed to certain non-financial covenants including: Existing employment terms of TNT Express will be respected. The European regional headquarters of the combined companies will be in Amsterdam/Hoofddorp. TNT Express hub in Liege will be maintained as a significant operation for the group going forward. TNT Express’ airline operations will be divested, in compliance with applicable airline ownership regulations. FedEx and TNT Express anticipate that the Offer will close in the first half of calendar year 2016. FedEx and TNT Express are confident that anti-trust concerns, if any, can be addressed adequately in a timely fashion.

07.04.2015 Company Press Release(s) (Edited)

Guangzhou Guangzhou Logistics [Guang Zhou Shang Ye Chu Yun], a state-owned Logistics seeks Chinese logistics company, is seeking investors for its logistics center investors for CNY project that would cost a total investment of CNY 10bn (USD 1.61bn), 10bn logistics Assistant General Manager Yaoxiong Fang said. Guangzhou Logistics center project; plans to build a logistics center in the city of Qingyuan, which sits on a 1 Global Logistic million square meter site that will comprise logistics and industrial Properties among facilities. It has recently obtained the final approval from the interested, official government to commence the project, which will be divided into three says phases. It has invested CNY 300m on preparation for the phase one project and would need to finance the remainder from external investors. Phase one project is estimated to cost total investment of CNY 3bn and will commence later this year. The company plans to seek external funding assistance via the combination of bank loan, minority stake and joint-venture. It has already started formal discussions with some industrial investors, including Singapore-listed logistics facilities provider Global Logistic Properties (GLP) and Guangzhou-based Seapower Logistics. Several financial investors from Europe, including Germany, Switzerland and Netherlands, have also expressed interest, Fang said but declined to elaborate. Guangzhou Logistics previously wanted to expand to overseas market and planned to acquire logistics park operators in Europe. “We have even sent a team to Netherlands some time ago to evaluate a potential target there,” Fang said. However, it has put its overseas expansion on hold indefinitely as it wants to consolidate all of its resources on the logistics center project, Fang said.

01.04.2015 Proprietary Intelligence

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2015

SNCB Logistics 67% The Executive Board of SNCB has accepted the offer of Argos Soditic stake bought by allowing them to subscribe to a capital increase. Upon completion of this Argos Soditic for deal, Argos Soditic will hold a 66.6% stake in SNCB Logistics. The deal EUR 70m will help strengthen the financial resources of SNCB Logistics by a total of EUR 70m, of which EUR 20m originates from a capital increase by Argos Soditic and EUR 50m from external financing. In addition, SNCB will convert into capital the convertible subordinated loan of EUR 25m which it had made available to the company. In 2014, SNCB Logistics, the leading Belgian rail freight operator, continued its recovery and achieved a consolidated turnover of EUR 452m and an EBITDA of EUR 11m. Argos Soditic intends to support the company and its management in their efforts to develop new services and products, as well as in strengthening client relations. SNCB Logistics’ planned growth is based upon the following principles: Placing clients and their needs at the centre of developments. SNCB Logistics works closely with its Belgian and international clients in developing its services, especially single wagonload services. The company will continue to invest in the launch of new products demanded by its clients, including quick and direct rail connections. For this reason, SNCB Logistics recently launched Swiss Xpress between Belgium and Switzerland with further destinations to follow. SNCB Logistics intends to accelerate the "modal shift", ie, a more important role for railway within the freight transport market. The agreement will be subject to the approval of the relevant authorities.

31.03.2015 Company Press Release(s)

Polish government The Polish government has put on hold an idea to merge six Polish rail puts on hold plans cargo operators under the umbrella of state-owned industrial to merge six rail development agency, Agencja Rozwoju Przemyslu (ARP), Dziennik cargo operators Gazeta Prawna reported. The Polish daily cited the spokesperson of the under ARP Ministry of Treasury Agnieszka Jablonska-Twarog, confirming that after umbrella conducting initial analyses, a decision was taken to put on hold further (translated) works to merge the rail cargo operators. The merger idea was opposed by the Ministry of Infrastructure and trade unions, Dziennik learned from a source engaged in the process. The Treasury was planning to merge Lotos Kolej, Orlen KolTrans, Pol-Miedz Trans, Koltar (part of listed chemicals group Grupa Azoty), Jastrzebska Spolka Kolejowa (JSK), and Euronaft Trzebinia. The merged group would have a 20% share in the Polish rail cargo market, becoming the second largest player after the listed rail cargo operator PKP Cargo, the item reported. Orlen Koltrans is a subsidiary of fuel group PKN Orlen, Pol Miedz Trans is a unit of copper miner KGHM, Lotos Kolej is part of fuel group Grupa Lotos, while JSK is owned by Polish coal group JSW, as reported. The paper also reported, without attributing the information, that PKP Cargo has PLN 700m (USD 184m) in cash available for potential acquisitions of railway operators in Poland and abroad.

31.03.2015 Dziennik Gazeta Prawna

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2015

Espace Europe Lichfield-based Espace Europe Limited has completed a management acquired in buy-out with the assistance of working capital provided by RBS Invoice management Finance. This will enable the freight forwarding company to drive buyout business growth. Espace Europe operate their business on a nationwide and global scale attracting blue-chip companies through their innovative approach to provide forward thinking practices. In November 2014, they launched a European Express calculator to assist the UK’s freight forwarding and logistics industry; armed simply with a collection and delivery postcode, customers with time-critical European freight will be able to generate their own rates and transit times for Express van deliveries to and from Europe. The correct management team was required for this GBP 6.9m turnover enterprising company and RBS Invoice Finance were able to provide a facility to fund the buy-out and provide their ongoing services to their latest contract wins including a Formula One racing team and a global golf club and accessories manufacturer who both use Espace Europe for UK and European express deliveries.

30.03.2015 Company Press Release(s)

Fesco to explore Far Eastern Shipping Company (Fesco Group) [MOEX:FESH], a foreign expansion Russian transportation and logistics services provider, is to explore options; China selective foreign buys as part of its expansion strategy, according to Vice among possible President Konstantin Kuzovkov. One of the most preferable expansion destinations destinations would include China, an attractive market with a huge business potential. The listed group will also scan other markets such as Turkey and Egypt, the VP noted. The expansion will be driven mainly organically, while “selective buys” will be used to address specific industry needs. The management would rely on both in-house and external advisers to oversee deals, the executive said. Its current operations include ports, rail, integrated logistics and shipping, and these areas will also form the core zone of feasible targets, Kuzovkov said. A decision on deals and their possible valuations will be made when concrete targets are under review, he noted. The group is ready to finalize deals at anytime with in-house funding. Privately owned Step China Industrial Group could be potentially interested in strategic tie-up talks with Fesco, as it currently has a logistics business in Russia, while its Hong Kong team has some business cooperation with the Russian group, a Chinese industry source said. Another potential target for Fesco in China could be privately held Dayi Logistics. Dayi is currently in sale talks with a listed domestic company, but it remains open to attractive offers from foreign bidders, said a sector legal adviser familiar with the situation. Yunfeng Group, a Shanghai-based privately owned investment firm, plans to sell its rail logistics assets, and therefore would welcome an approach by Fesco, according to a source close to the potential deal.

30.03.2015 Proprietary Intelligence

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2015

Serco's Great Allegro Funds has acquired Great Southern Rail, an operator of luxury Southern Rail train services in Australia, from UK-based service provider Serco acquired by Allegro [LON:SRP], the Australian Financial Review reported. The item, citing Funds the private equity firm's Founding Partner and Managing Director Adrian Loader, said that the purchase price was less than AUD 20m. The acquisition will be financed with 100% equity, the report said. Annual revenue at Great Southern Rail amounts to roughly AUD 100m, it said. Great Southern Rail runs luxury passenger train services including The Ghan, The Indian Pacific and The Overland.

30.03.2015 Australian Financial Review

RZD: China's banks China is ready to participate in the construction of state-owned Russian ready to provide railway operator RZD's Moscow-Kazan High-Speed Rail (VSM) project, funding for according to Russian daily Kommersant. The paper cited a source Moscow-Kazan rail familiar with the negotiations, adding that Chinese state banks -- project, China including China Development Bank -- are ready to provide RUB 250bn Railway proposes (USD 4.31bn) in loans. China Railway offered to provide another RUB JV - report 50bn via contributing into the share capital of the company that will (translated) handle the project. RZD has received an offer from China Railway to form a joint venture (JV) on a parity basis, and talks are underway, the source told Kommersant. Kommersant learned from RZD that other parties from China participating in talks are China Railway Eryuan Engineering Group and China Railway Signal & Communication. The item reported that the cost of VSM was estimated at RUB 1.07tn, and that the Russian government was to provide most of the funding.

30.03.2015 Kommersant

Ekol would consider Ekol Lojistik, the Turkish logistics company, may consider offers to investment options partner on its transportation affiliate Alternatif Ro-Ro, according to a for Alternatif Ro-Ro report in Dunya. The report quoted Ekol Chairperson Ahmet Musul, who (translated) said the group had set up Alternatif Ro-Ro to bypass quota and transit- pass documents restrictions, intended to serve Ekol, but following its decision to accept clients from the outside, it now offers 25% of its services to third party clients. The company carried 80,000 vehicles in 2014 with EUR 60m turnover and is seeking to attain 100,000 vehicles this year. Musul said investors have shown interest in investing in Alternatif Ro-Ro since it was opened up to offer services to outside clients.

27.03.2015 Dunya

Oesterreichische Oesterreichische Bundesbahnen (OeBB), the Austrian state railway Bundesbahnen eyes operator, is eyeing rail cargo operator buys across Central and Eastern buys across Central Europe, a source close to the company and a person claiming knowledge and Eastern Europe of the situation said. OeBB, with EUR 3bn in revenue, believes a number – sources of opportunities will soon come up in countries “east of Austria”, including countries of the former , the source said. While Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2015

OeBB is ready to consider investing in privately held companies, opportunities are more likely to be in acquiring state-owned ones, he said. The is monitoring opportunities but is not currently in active talks, the source close said. The timing of any buys depends on when governments might decide to offer state-owned rail cargo companies for sale, he added. An OeBB spokesperson could not be reached for comment. The source said that acquisitions would bring synergies and enable OeBB to offer clients better rates, based on wider network coverage and a boost in its negotiating position. HZ Cargo, the subsidiary of state-owned , would be an example of a company OeBB would be interested in, he said. The government of intends to launch another tender to find a strategic investor for HZ Cargo this year, Mladen Pejnovic, head of the Croatian State Property Management Administration told Mergermarket. The person claiming knowledge of the situation said that, after years of inactivity, during which OeBB had focused on organic growth and divesting non- core assets, the company feels ready to make acquisitions again. It is monitoring opportunities across Europe, although buys are more likely to be in Central and Eastern Europe, the person said. He pointed out that OeBB’s last acquisition was that of AV Cargo in in 2008, a EUR 341m deal. OeBB would probably finance buys through a combination of its own resources and bank loans, although this would depend on target size, according to the person close.

26.03.2015 Proprietary Intelligence

Huber Huber Warenhandel und Transportgesellschaft (HWT), the Austrian Warenhandel und construction material supplier and freight specialist, has filed for Transportgesellscha insolvency at a regional court in Eisenstadt. A German-language ft files for statement issued via Austrian credit reference agency Alpenlaendischer insolvency Kreditorenverband [AKV] said that the company has entered a (translated) restructuring process with self-administration.

25.03.2015 Company Press Release (Translated)

Renfe Mercancias Renfe Mercancias wants an industrial partner that will inject capital in seeks industrial the state-owned Spanish rail freight transport company and increase its partner (translated) market share, the Minister for Development Ana Pastor said on Tuesday, Expansion reported. Renfe General Manager for Operations Berta Barrero also confirmed the search for an industrial partner, the Spanish- language business paper said. Pastor said that the government is undertaking a feasibility plan for the company to end this year in profit for the first time since its creation. Barrero noted that between 2012 and 2014 freight traffic had increased by 25%, from 17m tons to 21.3m tons, Expansion said. According to a previous report, in 2013 Renfe Mercancias reported sales of EUR 221m - up 24% on the previous year - and a EUR 75m loss.

25.03.2015 Expansion

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2015

Log4Chem stake to VTG, the German rail logistics company, and Swiss forwarding company be acquired by VTG Bertschi are to acquire an undisclosed stake in logistics services and Bertschi company Log4Chem, DVZ said. The article cited a filing made with the (translated) German competition watchdog Bundeskartellamt and said Log4Chem is currently owned by Hoyer. Financial details were not supplied.

24.03.2015 DVZ

CP Carga, EMEF The Portuguese government is expected to launch a tender for the privatization to privatization of rail freight operator CP Carga and maintenance firm begin in a month; EMEF within a month, according to a source close to the situation. Portuguese Lisbon is planning to sell 100% stakes in the two firms, according to a government in government source. A decree needs to be published first. It should then process of picking be approved at a Council of Ministers meeting, which takes place on advisers for every Thursday. CP Carga posted sales of EUR 57m in 2013, while EMEF Carristur - sources had EUR 50m. The sources declined to provide financial details for 2014. CP Carga has 3,001 wagons and 64 locomotives, making it the second largest rail-based operator in the Iberian Peninsula. EMEF maintains rails and rolling stock for train operators. The government source said parties that have already manifested interest include companies operating within domestic transport and logistics sectors. Mandated advisers include Banco BIG and SRS Advogados. Mediterranean Shipping Company and Spain's Renfe and Transfesa have previously been reported as potential bidders. Carristur, a tourism bus operator, is also being privatized and according to the government source, Lisbon is in the process of selecting advisers. Carristur, which posted EUR 12.367m in 2013 sales, operates Yellow Bus tours in various cities within Portugal and offers other types of transport services.

23.03.2015 Proprietary Intelligence

BLS Cargo open to BLS Cargo, the Swiss rail cargo carrier, is open to new investors, Der new investors Bund reported. The report cited Bernard Guillelmon, chief at BLS Cargo (translated) parent company BLS AG who said he is open to industrial partners willing to invest in the company. BLS repurchased a 45% stake in BLS Cargo from unit DB Schenker, the report stated. BLS Cargo achieved a turnover of CHF 166m in 2014, the report noted.

18.03.2015 Der Bund

Geis Cargo Geis Cargo International Luxembourg GmbH is seeking consent from International the Office of Competition and Consumer Protection (UOKiK) to take Luxembourg seeks control of Polish courier services company K-EX located in Kielce, UOKiK consent to UOKiK has announced. The application was filed on 13 March and is acquire control of under consideration, the Polish antitrust regulator said. Taking control K-EX of K-EX will be through the acquisition of a majority stake in the company by Geis Cargo, the statement said. Geis Cargo is part of international logistics service group Geis, operating in Germany, Switzerland, Luxembourg, Austria, Czech Republic, Slovakia and Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2015

Poland, UOKiK said. The main areas of operations of Geis group are road transport, complex contract logistics, storage services and freight forwarding services of goods by air and sea. K-EX provides services of express parcel deliveries in Poland, as well as freight services. K-EX has 28 branches located throughout Poland, according to the company's website.

18.03.2015 Regulatory Authority Press Release (Translated)

Grupa Azoty has no Grupa Azoty, the listed Polish chemicals group does not plan to sell its plans to sell Koltar railway subsidiary Koltar, reported Polish daily Parkiet, citing Grupa (translated) Azoty Vice-President of the Management Board Andrzej Skolmowski. The comment came in reference to the observed undergoing consolidation process in the railway sector, Parkiet reported. According to Skolmowski, Grupa Azoty is implementing its own idea in the field of railway logistics, and Koltar is not envisaged for sale, the paper reported. Koltar posted revenue of PLN 41m (USD 10.4m) in 2013, according to the online version of Polish daily Puls Biznesu, citing the company figures.

17.03.2015 Parkiet

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2015

Contact Bernhard Möller Andreas Mackenstedt Friedrich-Ebert-Anlage 35-37 Friedrich-Ebert-Anlage 35-37 60327 Frankfurt am Main 60327 Frankfurt am Main [email protected] [email protected] Tel.: (069) 95 85-10 33 Tel.: (069) 95 85-5704

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