Invalda INVL — M&A Activity 2011

Dec 21, 2011

Tiltra Group AB and AB Kauno Tiltai share prices attributable to Invalda reduced by 57 mPLN (44 mEUR)

Tiltra Group AB and AB Kauno Tiltai share prices attributable to Invalda reduced by 57 mPLN (44 mEUR)

Vilnius, Lithuania, 2011-12-21 18:08 CET (GLOBE NEWSWIRE) -- On 21 December
2011, AB Invalda and other former shareholders of Tiltra Group AB and AB Kauno
Tiltai (further - Tiltra Group) executed an agreement with the Trakcja Polska
S.A, railway and roads infrastructure construction market leader the in Poland
and its largest shareholder Comsa Emte (Spain) group regarding amendment to an
agreement of 18 November 2010.

The Parties decided that it was in their interest to mutually settle accounts
in respect of reduction in Tiltra Group price prior to the end of the Tiltra
Group financial year (ending 31 March 2012).

Reduction of price attributable to AB Invalda amounts to 57.183 mPLN (44.094
mLTL, 12.77 mEUR). From this amount 56.476 mPLN (43.549 mLTL, 12.613 mEUR) was
settled in bonds issued by Trakcja - Tiltra S.A. with par value 54.652 mPLN
(42.142 mLTL, 12.205 mEUR) and maturity 12 December, 2014, and remaining 0.707
mPLN (0.546 mLTL, 0.158 mEUR) was paid in cash.

Maximum price reduction attributable to Invalda could have amounted to 60.6
mPLN (46.7 mLTL, 13.5 mEUR), but parties agreed for a lower amount taking into
account the interest which would have accrued from bonds and cash.

At the end third quarter of 2011 AB Invalda recognized a provision related to a
possible Tiltra Group price reduction in amount of 42.455 mLTL (12.296 mEUR),
therefore the reached agreement will have no significant impact to AB Invalda
equity and 2011 net profit.

According to the agreement, lock-up on Trakcja-Tiltra shares held by AB Invalda
has expired. After payment of the price reduction, all representations and
warranties provided by AB Invalda, except for the representations and
warranties concerning tax issues and title to the shares in companies of Tiltra
Group, have expired.

     The person authorised to provide additional information:
     Darius Sulnis
     President
     Tel. +370 5273 4876
     Email: darius@invalda.lt