AFRY

M&A Activity • Sep 7, 2012

Press release from ÅF

For further information:

President and CEO, Jonas Wiström +46 70 608 12 20 Divisional Manager, Infrastructure, Mats Påhlsson +46 70 534 64 00 Director, Corporate Information, Viktor Svensson +46 70 657 20 26

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ÅF expands in Norway by acquiring Advansia

ÅF is acquiring 100% of the shares in the Norwegian project management company Advansia, based in Oslo, Norway. The company focuses on infrastructure projects and has a position as market leader in Norway and a growing business in Sweden (20% of turnover).

Advansia has 120 staff, and during the current year is expected to turn over NOK 285 million. The company's operating result is expected to be approximately NOK 55 million. Its operating margin has averaged almost 20% over the past four years.

The purchase price has been agreed at NOK 300 million, with an earnout based on the earnings trend from 2013 to 2015. Consideration of the matter by the Norwegian competition authority is likely to be concluded in September.

The acquisition of Advansia will strengthen ÅF's position on the Scandinavian infrastructure market – and particularly in Norway where, after the acquisition, ÅF will comprise 250 qualified co-workers. Through Advansia, ÅF will be provided with new interfaces and leading project management resources for several of the major infrastructure projects in Norway and Sweden. Advansia's major clients are: Oslo Airport, Oslo Mail Terminal, A-Hus Hospital and Steen & Ström.

Advansia will be consolidated on 1 October and integrated in the Infrastructure division, which will form a business unit of 200 people within Project Management, creating one of the leading players in the field in Norway and Sweden.

Corporate Information ÅF AB

The ÅF Group is a leader in technical consulting, with expertise founded on more than a century of experience. We offer highly qualified services and solutions for industrial processes, infrastructure projects and the development of products and IT systems. The ÅF Group currently has close to 5,000 employees. Our base is in Europe, but our business and our clients are found all over the world.

ÅF AB (publ), 169 99 Stockholm, Besöksadress Frösundaleden 2, Solna Telefon +46 10 505 00 00. Fax +46 10 505 00 10. Säte i Stockholm. www.afconsult.com Org.nr 556120-6474. VAT nr SE556120647401. Certifierat enligt SS-EN ISO 9001 och ISO 14001