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15. February 2014 market – a focus Research Center on deals activity

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, February 2014

Tecmat acquires Tecmat, the French machinery and mechanical equipment maintenance CNMP for specialist owned by the ATB holding, has acquired Compagnie Nouvelle undisclosed amount de Manutention Portuaire (CNMP), French daily Les Echos reported. (translated) CNMP operates a containers terminal in the French port of Le Havre. The report cited Roger Cavelier, owner of ATB, as confirming the news, adding that he won the auction for CNMP among a group of four to five potential buyers. CMNP is a family-owned company with 360 employees and annual revenues of EUR 35m.

14.02.2014 Les Echos

Electrotransport Electrotransport, the local government-owned tramline operator in the plans minority Russian Volga region, looks to sell up to a 49% stake, in order to finance stake sale to fund the extension of the railway, said CEO Rashid Shamsudinov. Local tramline municipal authorities now welcome approaches by potential strategic, construction, CEO individual and private-equity investors, as well as by advisors says representing potential investors, in order to complete a transaction in 2014, the CEO added. The company posted a loss of about RUB 25m (USD 0.7m) on sales of RUB 370m (USD 10.5m) in 2012 while it was still a subsidiary of truck maker Kamaz; the transportation unit was subsequently given as a grant by Kamaz to the town of Naberezhnye Chelny, in the Republic of Tatarstan, as was announced by the local media in December 2013. No estimate of the unit’s valuation has yet been disclosed, said Shamsudinov. Proceeds from the minority stake sale will be used along with debt funding to support construction of an additional 12km of tramline, budgeted at USD 15m, he said. Founded in 1972, Electrotransport operates a system of 104km tramlines, 119 passenger trams, 10 railway substations and a depot. It has around 1,000 employees.

13.02.2014 Proprietary Intelligence

DX announces DX, a leading independent mail, parcels and logistics end to end intention to float on network operator in the UK and Ireland, announces today its intention AIM to launch an initial public offering ("IPO") and to apply for the admission of its ordinary shares to trading on AIM. Zeus Capital is acting as financial adviser, NOMAD and broker to the Company. DX was established in 1975, delivering approximately 170 million items in 2013. The Company provides proven next day delivery services for mail, parcels and 2-Man deliveries to business and residential addresses nationwide, for both public and private sector companies. In particular, DX specializes in next day or scheduled delivery of time sensitive, mission critical and high value items for B2B and B2C customers. In March 2012, DX acquired Nightfreight, the market leader for irregular dimension and weight freight in the UK B2B and B2C markets with over 7 million deliveries per annum. Petar Cvetkovic, Chief Executive Officer Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, February 2014

of DX commented: "We are delighted to announce our plans for a listing on the AIM market. DX is a customer focused and profitable business developing strong specialised positions for deliveries into discrete markets with a strong capability in the fast growing parcel delivery market. The DX team has worked hard to develop the business over the last four years, and it is this ability and ambition that will allow us to deliver on our clear strategy for growth. The IPO is the next evolutionary step in our development and we are very excited about the significant opportunities ahead."

13.02.2014 Company Press Release(s)

Nacco confirms The French transport company Nacco confirmed its interest in interest in Cargo participating in a tender for Cargo Wagons, a newly launched subsidiary Wagons; sale of the Slovak state-owned ZSSK Cargo, reported SME. process to be The Slovak language item cited from a letter for the press, in which the completed in company confirmed its interest in Cargo Wagons. The item also noted, September - report this time not citing the source of the information, that the winner of the (translated) tender is likely to be chosen in April and the sale to be completed in September this year. The item claimed, not citing the source, that the favourite to win the tender is either a Swiss company AAE or Eco-Invest, a Slovak investment firm owned by businessman Milan Filo. A previous report said that the Slovak government was hoping to raise at least EUR 200m from the sale of its 66% stake in Cargo Wagons.

13.02.2014 SME

UPS acquires Polar UPS (NYSE: UPS) today announced it has completed the purchase of Speed U.K.-based Polar Speed, an innovative provider of temperature-sensitive pharmaceutical supply chain solutions in the U.K. The acquisition further strengthens UPS’s healthcare network across Europe, providing healthcare companies access to a single source for logistics solutions across the continent. The purchase is part of UPS’s successful healthcare strategy and brings new value to customers in this growing market. Polar Speed is recognized for its commitment to pharmaceutical logistics customers. It specializes in active temperature-controlled deliveries to hospitals, pharmacies, wholesalers and surgery centers as well as end patients. Polar Speed also offers unique capabilities within the growing homecare direct-to-consumer delivery market. Its customers include some of the best known pharmaceutical brands in the world. “The acquisition will help UPS meet the needs of healthcare customers who want to reach the important U.K. market offering increased value in managing more flexible and efficient healthcare supply chains,” said Cindy Miller, President UPS Europe. Terms of this acquisition not disclosed. The announcement follows UPS’s acquisition of - based pharmaceutical logistics company, CEMELOG.

11.02.2014 Company Press Release(s)

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, February 2014

RZD confirms The Board of Directors of RZD has approved a sale of 25% stake in Board decision to Aeroexpress, the Russian railway group announced on 10 February reduce ownership afternoon. The BoD has made a decision to reduce RZD’s ownership in in Aeroexpress via Aeroexpress from 50% to 25%, through the sale of a 25% stake to Delta- sale of 25% stake to Trans-Invest. The transaction price has been set based on the market Delta-Trans-Invest value, calculated by an independent appraiser, the statement said. Aeroexpress provides intermodal and local services between Moscow and all of the major Moscow airports (Vnukovo, Domodedovo and Sheremetyevo), as well as the town of Lobnya, and in Russian cities of Kazan and Vladivostok. The full statement, in Russian, can be viewed here. As reported previously, Delta-Trans-Invest is owned by the Estonian company Transgroup Invest AS, which in turn is equally co-owned by entrepreneurs Tatiana Liksutova and Sergey Glinka. According to sources, the stake will be sold for RUB 555m (USD 15.9m), the report said.

11.02.2014 Company Press Release (Translated)

RZD puts up 75% RZD, the Russian state-owned railway operator, has put up for sale 75% minus two shares in minus two shares in Vagonremmash, according to an announcement Vagonremmash for published on 10 February. The applications for participation in the open sale at RUB 2.47bn tender can be submitted between 11 February and 24 March. The results starting price will be announced on 11 April, according to the statement. The starting price for the stake is RUB 2.47bn (USD 71.1m). VTB 24 ZAO is the organiser of the sale process. Vagonremmash specializes in repairs of passenger trains, reported the Russian daily Kommersant, which picked up this development. The paper cited various sources and reported that so far there are no potential bidders for Vagonremmash.

11.02.2014 Company Press Release (Translated)

RZD plans to buy RZD, the Russian railway group also known as , plans 49% stake in to acquire a 49% stake in RailTransAuto from Transgroup, Vedomosti RailTransAuto from reported. The Russian-language report quoted sources close to Transgroup - report participants in the deal. RZD already owns a 51% stake in (translated) RailTransAuto, a Russian logistics company that transports vehicles from manufacturers to dealers by train. The value of the deal and the closing date were not disclosed, the report said. One expert cited in the report valued the 49% stake at RUB 1.2bn-RUB 1.4bn (USD 34.5m-USD 40.2m). RailTransAuto's rolling-stock fleet includes more than 2,500 specialized car-carrying wagons. The company plans to increase its fleet to 5,100 units, the report said.

10.02.2014 Vedomosti

Ferrovie dello Stato Ferrovie dello Stato (FS), the Italian railway network, will not list before will not be listed 2015, the Italian-language daily La Repubblica reported. The report before 2015 cited CEO Mauro Moretti, who said that a listing would be an interesting (translated) operation but that would only be examined in 2015. The report said that before any listing, FS would look to spin and list the retail operations of Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, February 2014

Grandi Stazioni, FS' subsidiary that operates Italy's major railway stations. In January La Stampa reported that FS could list within the next six months. The report by La Stampa cited CEO Mauro Moretti, who said that the listing could take place in this time frame if approval was given by the Italian Treasury, which owns FS on behalf of the Italian state. The article said that FS could be worth up to EUR 36bn.

09.02.2014 La Repubblica

Mory Ducros Mory Ducros, the French transport group, has seen a planned restructuring restructuring move approved by a commercial court in France. The sanctioned by court, Journal du Dimanche reported, without specific sourcing, that major 2210 jobs to be kept shareholder Arcole Industries will take over the group keeping 2,210 - report (translated) jobs. Of the remaining 2,850 Mory Ducros employees, up to 1,500 will be guaranteed the option to work at such entities as France’s Postal Service or the Parisian transport authority RATP, the item noted. The JDD noted the group made losses in the EUR 79.5m range for 2012.

09.02.2014 Journal du Dimanche (France)

Ferrovie dello Stato Ferrovie dello Stato [FS], the Italian railway operator, is to sell off announces plans to Bluferries, its ferry subsidiary, Italian language daily Milano Finanza sell Bluferries and reported. The report cited Mauro Moretti, the CEO of FS, who also retail operations of confirmed plans to sell off the retail operations of Grandi Stazioni, the Grandi Stazioni FS subsidiary that operates Italy's major railway stations. (translated) 07.02.2014 Milano Finanza daily edition

UK government The UK government has begun sounding out investment banks sounding out regarding an advisory mandate on the sale of its 40% stake in Eurostar, potential advisers Sky News reported. Sky News City editor Mark Kleinman quoted from a for sale of 40% statement issued on 6 February by the UK Department for Transport stake in Eurostar (DfT), in which the department said it is looking to hire advisers to help decide whether selling the government’s stake in the cross-Channel train service would represent value for taxpayers. It is understood that the DfT and the government’s Shareholder Executive department has asked about six banks to make pitches for the mandate this week, as well as the next, Kleinman said. Analysts cited by the report estimated a valuation of GBP 200m (EUR 240m) for the government’s 40% shareholding in Eurostar. SNCF, a French state-backed, rail operator holds a 55% stake in Eurostar and is considered most likely to make an offer for the UK government’s stake, Kleinman said. The German rail operator had previously indicated its interest in Eurostar, but subsequently announced it intends to operate a rival rail service using the Channel Tunnel, Kleinman added. Kleinman noted talk that the Italian state rail company (Trenitalia) and infrastructure funds could acquire the UK government’s stake in Eurostar.

07.02.2014 Sky News

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, February 2014

Rail Garant merger Rail Garant, the Russian private railway operator, has seen its planned deals with merger deals postponed indefinitely, according to Vedomosti. The Rusagrotrans, UVZ Russian daily cited various sources and reported that Rail Garant is Logistics and facing difficulties in merging with Russian rail operators Rusagrotrans, Spetsenergotrans UVZ Logistics and Spetsenergotrans. In spring 2013, privately-owned postponed Rusagrotrans and Rail Garant (part of RTK Rail Transports Company) indefinitely - report announced that they plan to form a 50-50 owned new entity, but this (translated) deal has not yet materialized. Vedomosti cited sources close to both companies, noting that it is unclear when the merged company will be formed, as the parties cannot agree on the terms of the deal. According to one of the sources, Rail Garant and Rusagrotrans dont want to abandon the merger, but they plan to conduct it gradually. Vedomosti reported that representatives of both companies had declined to comment. Rail Garant also wanted to merge its gondola cars business with freight operator Spetsenergotrans and UVZ Logistics - the transport subsidiary of state-owned rolling stock manufacturer Uralvagonzavod (UVZ). In autumn last year, the companies announced plans to form a JV with a park of 40,000 rail wagons, the item reported. However, the merger is seeing delays, three sources close to these companies told Vedomosti. The merger may take place without Spetsenergotrans, two of these sources told the paper. In 2012, Rail Garant posted a revenue of RUB 13.2bn and Rusagrotrans of RUB 35bn (USD 1bn), the report added.

07.02.2014 Vedomosti

Russkaya Troyka Russkaya Troyka is not included in sale plans for 2014, reported not in sale plans for Vedomosti, citing a spokesperson of the Russian railway operator RZD. 2014 RZD confirms, The Russian daily also reported that RZD may sell a 50% stake in sources claim stake Russkaya Troyka. The report cited sources in RZD, noting that the sale being company is considering an option of the sale of a stake in Russkaya considered Troyka, without disclosing details. RZD has stated that the question of (translated) exiting from Russkaya Troyka will be worked out in the process of development of the transport and logistics business of RZD, the item also reported. Russkaya Troyka, the Russian railway company operating in the segment of intermodal container transportation, has an authorized capital of RUB 944m (USD 26.9m), according to its website.

05.02.2014 Vedomosti

Beljetrans sold to Beljetrans, the Croatian transportation company and subsidiary of Ricardo (translated) private agriculture company Belje, has been sold to domestic transportation and distribution company Ricardo, Belje said in an announcement made to the stock exchange. The deal size was EUR 6m, according to the Croatian-language announcement.

04.02.2014 Stock Exchange Announcement (Translated)

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, February 2014

PKS Ostrowiec The Treasury of Poland has received preliminary offers in the Swietokrzyski privatisation process of Polish public transportation company draws two Przedsiebiorstwo Komunikacji Samochodowej (PKS) in Ostrowiec preliminary offers Swietokrzyski, according to an announcement published today. By 30 January 2014, the preliminary offers were submitted by the following Poland-based bidders: Otobus Sp z oo headquartered in Tarnow Raf Trans Sp z oo headquartered in Warsaw. As reported, the Treasury owns a 100% stake in PKS Ostrowiec Swietokrzyski and is looking to sell an 85% stake. PKS Ostrowiec Swietokrzyski posted sales of PLN 31.19m (USD 10m) and EBITDA of PLN 0.829m in 2012, according to the Treasury website.

31.01.2014 Government Press Release (translated)

DFDS to buy STEF's DFDS and STEF SA, a French temperature controlled logistics provider, operations in have entered into an agreement whereby DFDS acquires STEF’s logistics Scotland for activities in Scotland, and STEF acquires the continental distribution undisclosed sum and handling activities of DFDS Logistics located in Boulogne. The transaction is expected to generate substantial operational synergies through the integration of DFDS’ and STEF’s operations in Scotland, including a turnaround of the acquired activities. Synergies will also be achieved from a consolidation of the customer portfolio. STEF’s logistics activities in Scotland include an owned temperature controlled storage facility in Bellshill and rented facilities in Aberdeen and Newlyn with total revenue of around DKK 90m (EUR 12m) and 32 employees. DFDS’ continental distribution and handling activities in Boulogne include a rented facility and six employees. As part of the transaction, DFDS strengthens its temperature controlled continental distribution network by entering into an agreement with STEF who operate one of the largest cold logistics networks in Europe.

31.01.2014 Company Press Release(s) (Edited)

Lisin to merge NTK The Russian entrepreneur Vladimir Lisin will merge his Independent and and Transportation Company (NTK) with Freight One, the Russian rail cargo float merged entity - companies, to sell the merged enterprise on the stock exchange, report (translated) Vedomosti wrote. The Russian daily quoted two sources close to NTK. Freight One’s shareholder meeting on 20 December approved changes to the company charter, which allow placing the company’s shares with a nominal value of RUB 90bn. According to the sources, this was necessary to merge the company with NTK. The sources did not reveal when the merger will take place, Vedomosti said. NTK owns a 100% stake in Freight One. The owner of a 99.99% stake in NTK is the Dutch UCL Rail B.V., while UCL Holding B.V. owns a 0.01% stake. Both the companies are owned by Lisin, the report noted. The article said after the merger, UCL Rail will become the owner of Freight One, whose shares Lisin plans to float on the stock exchange. UCL Rail's IPO was planned for 2013, but it was postponed due to unfavourable market conditions, Vedomosti reported. The sources confirmed the company Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, February 2014

maintains its IPO plans, without disclosing any dates. The merger of NTK with Freight One involves assuming NTK’s debts. The item reported that in 2011 and 2012 NTK had borrowed RUB 125bn from VTB Capital and Sberbank. At the end of 2012, the balance of the loan was RUB 117.2bn. The paper reported that as of 31 December 2012, Freight One's debt alone stood at RUB 3.2bn and the company's revenues at RUB 121bn (USD 3.4bn).

30.01.2014 Vedomosti

NS and ProRail NS, the Dutch railway operator, and ProRail, the Dutch railway should merge infrastructure company, should merge in order to structurally resolve according to study the problems on the Dutch railway grid, Dutch daily de Volkskrant by independent reported. The report cited independent top advisor Jaap Bierman, advisor - appointed by NS and ProRail, and former consultant at McKinsey and report(translated) former manager at Shell. He wrote this in a separate memorandum as he was not allowed to write down this outcome in the official study report, according to sources close to the ProRail management. A spokesperson at ProRail would not comment on the matter. NS and ProRail admitted to have knowledge of the outcome of the study by Jaap Bierman but say these are his personal thoughts.

30.01.2014 De Volkskrant

VIA MAT on the Swiss security transport and logistics group VIA MAT has been put up block in KPMG-run for sale by its current private owners, according to four sources familiar auction - sources with the situation. VIA MAT reported revenues of CHF 240m (EUR 195.6m) last year, the second and third sources said. “The company has good cash conversion, low total capex and working capital”, the fourth second source added. VIA MAT has been operating for more than 60 years out of 30 locations in 10 countries, and has a workforce of around 1,000. It specializes in the global transport of valuable goods and offers storage and logistics services to its clients.

29.01.2014 Proprietary Intelligence

OTLK formation A plan for the formation of Integrated Transport and Logistics Company plan may change (OTLK), the Russian-Belarusian-Kazakh transportation operator, may (translated) change, Vedomosti reported. The Russian daily cited the prospectus for the state – owned Russian railway group RZD's Eurobond issue. According to the document, the transaction is subject to approval by the Russian, Kazakh and Belarusian governments and there is no guarantee it will be shaped as it is presently planned by the participants, Vedomosti reported. OTLK is being formed for cargo transports within the Common Economic Space, the item reported. As previously reported, OTLK is being formed by RZD, Kazakhstan National Railways, (Temir Zholy) and the Belarusian Railways.

29.01.2014 Vedomosti

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, February 2014

GFR remains Grup Feroviar Roman (GFR), the Romanian rail cargo company and interested in HZ Grampet Group member, despite its disappointment over cancellation of Cargo despite sale sale talks on 's division HZ Cargo, remains interested cancellation; in the target should again decide to privatize, seebiz.eu reported. restructuring plan The Croatian-language item cited a Grampet spokesperson who announced for suggested, however, the need for a new due diligence on the target. As target (translated) reported, HZ Cargo’s privatisation has been cancelled. Sources quoted in the previous report claimed GFR was not given access to HZ Cargo’s financials and was rejected to conduct a new due diligence on the company. HZ Cargo’s management has two weeks to adopt a restructuring plan proposed by the transportation ministry, dalje.hr reported, citing Croatia's Transportation Minister Sinisa Hajdas Doncic speaking today. The plan, designed to save the company from bankruptcy, envisages among others laying off 1,100 employees and divesting non-core business lines, he said. The minister said the sale was cancelled as GFR's offer during the talks was different from its original one, said dalje.hr. Last year, GFR offered around EUR 140m for HZ Cargo's 75% stake, as earlier reported.

28.01.2014 http://www.seebiz.eu/

Phoenix Europe Phoenix Europe Express, a French transportation company, has been Express purchased purchased by its domestic counterpart Dimotrans, according to an by Dimotrans announcement made by the bidder. Details of the transaction were not mentioned in the French-language announcement. Phoenix Europe Express generates EUR 23m turnover with 60 employees, the announcement said.

28.01.2014 Company Press Release (Translated)

HZ Cargo’s sale to The sale of HZ Cargo, a division of Croatian Railways, to Romania’s Grup Feroviar Grup Feroviar Roman (GFR) has been aborted, Bursa reported. The Roman aborted – Romanian daily quoted sources close to the situation and also referred to report (translated) an announcement made by the Croatian authorities. The sources quoted by the report claimed GFR was denied access to HZ Cargo’s financials and the Croatian authorities rejected its request to conduct a new due diligence report. Last year, GFR won the tender for a 75% stake in HZ Cargo, pledging to pay some EUR 140m, as reported.

27.01.2014 Bursa

Mory Ducros – A works committee of French transport giant Mory Ducros on Thursday Arcole Industries 23 January had a chance to review an offer made by Mory Ducros’ top makes proposal, shareholder Arcole Industries, according to the Journal du Dimanche. works committee The French weekly based its French language report on the works reviews council meeting, noting a palpable sense of anger among works council members in light of such issues as redundancy payments. The JDD noted such factors as the buyer taking on 2,150 of 5,000 jobs at the company (up from 1,700 proposed earlier). It would also take on 48 of its agencies, with two new ones to be set up. The state would support Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, February 2014

Arcole to the tune of EUR 17.5m in the transaction, the item noted without sourcing the figure. Two other bidders have placed offers, the item noted, and the commercial court of Cergy-Pontoise should rule at the end of this week on which one will prevail. A report earlier this month had said three unidentified bidders are thought to have made offers for parts of the company only.

26.01.2014 Journal du Dimanche (France)

Sundiro seeking Sundiro Holding [000571:SZ], a Chinese maker of transportation overseas strategic equipment, is seeking overseas strategic investors to boost its logistics investors to boost division, a company source said. Sundiro would be looking to close a logistics division - deal over the coming 12 to 24 months. Sundiro’s logistics division sources generated revenue of CNY 133m (USD 22m) in 1H13 and a gross profit margin of 19.85%. Revenue was CNY 225m in 2012. Sundiro has a market cap of CNY 2.7bn. An ideal investor would be a logistics company with an established brand who can provide technical know-how that Sundiro can leverage to help it quickly expand its domestic market share. “We would prefer an investor that could bring us expertise in some specific areas, including third-party logistics and refrigerated transport,” the company source said. Sundiro is willing to sell as much as a 70% stake in its logistics division to the suitable investor. However, it has no intention to exit the business as a whole, as it sees great potential in China’s logistics industry. “We have been in the logistics business for almost 20 years. We will not just leave it like that,” the company source said. While Sundiro is a large company, its logistics operations are not that big, are of a high-quality and are rapidly expanding, the source explained. An industry source said that Sundiro’s logistics division's major competitors include China’sSinotrans and international players such as DHL, Schenker, Kuehne + Nagel, Panalpina and CEVA Logistics. Gordon Orr, chairman of Shanghai- based McKinsey Asia, said that he expects livelier M&A activity in the logistics sector in China in 2014.

24.01.2014 Proprietary Intelligence

Itella looking to sell Itella, the state-owned Finnish postal company, is planning to sell parts parts of Itella of Itella Logistics’ international operations, according Transportnet.se. Logistics' The Swedish transportation website reported, citing confidential international information, that Itella has mandated a Finnish corporate finance firm operations - report to evaluate possible interest from larger transport and logistics (translated) companies operating within the Nordic region. The report noted that Itella wishes to sell its local Nordic and Baltic transport and logistical operations as well as the global services operating within a network of agents and partners while retaining Itella Logistics’ domestic activities in Finland and Russia.

23.01.2014 Transportnet.se

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, February 2014

Logwin Solutions On 1 January of this year, the international Geis Group acquired all Poland acquired by shares of Logwin Solutions Poland Sp. z o.o. The Polish subsidiary Geis specializes in national and international land transport as well as logistics solutions with value-added services. Both companies agreed not to disclose the purchase price, according to a 17 January press release. The Geis Group has taken over the company’s three sites in Poland – in Sokołów/Warsaw, Poznan and Lodz with a total of 80 employees. The company’s entire fleet of 34 vehicles is now also part of the Geis Group. “With these three new sites we are significantly strengthening our presence in Poland”, said the Managing Partners Hans-Georg Geis and Wolfgang Geis. “We continue to look at Poland as an important growth market within Europe, and we will gradually further expand our activities there in the future.” Positive development The Geis Group has been active in Poland since 2006 – initially with two sites of Geis Cargo International Poland Ltd, which mainly focuses on air and sea freight. In the middle of last year, the Geis Group significantly strengthened its presence in Poland by taking over the Polish subsidiary of Quehenberger Logistics. The company now trades as Geis PL Sp. z o.o., has 88 employees across seven sites, and offers road and logistics services. In the coming months Geis plans to integrate the three new sites in the existing structures of the corporate group and as a next step expand the services offered by the Road Services and Logistics Services divisions.

20.01.2014 Company Press Release(s)

Railpool to be Railpool, the German train leasing company, is set to being acquired by acquired by Oaktree Oaktree Capital Group from HSH Nordbank and KfW IPEX-Bank, a Capital Group German-language press release said. The statement did not disclose any financial details. The transaction is subject to regulatory approval. The sellers were advised by Lincoln International.

20.01.2014 Company Press Release (Translated)

GFR may walk out Group Feroviar Roman (GFR), the rail cargo division of Romania’s on HZ Cargo if holding Grampet, could walk out on HZ Cargo, a division of Croatian further denied Railways, Bursa reported. The Romanian daily quoted sources close to access to relevant GFR as saying that HZ Cargo continues to deny access to its financial financial data - data, while the Croatian company generates monthly losses of EUR 30m. report (translated) The sources cited by the report blamed the Croatian government for its inability to carry out HZ Cargo’s privatization. In July 2013 GFR won the tender for a 75% stake in HZ Cargo by pledging to pay a total of EUR 146m, the report noted. A separate report by the Romanian daily Adevarul cited a Grampet press release which stressed that HZ Cargo’s privatization process was not over yet as Grampet and Croatian Ministry of Transportation officials would soon meet to discuss takeover terms.

16.01.2014 Bursa

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, February 2014

Progeco Bilbao 25% Following on last investment earlier in 2013 in the Rail Terminal in stake acquired by Murcia and the launching of the first Reefer Block Train operated in MacAndrews Spain linking Murcia with the Port of Bilbao two times per week, MacAndrews, leading door to door Intermodal operator in Europe 100% subsidiary of CMA-CGM Group, have completed the purchase of a 25% share in Progeco Bilbao, SA, becoming its main shareholder. Since 1985, Progeco Bilbao is offering comprehensive logistic services in the industrial and commercial sectors, basically logistic warehouses, container depot (dry and reefer maintenance and repairs) and transport services.

15.01.2014 Company Press Release(s)

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, February 2014

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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