Completion of combination with Reach Subsea AS and NOK 42 million private placement (News from www.newsweb.no) Reference is made to Transit Invest ASA's (the "Company") stock exchange notices of (i) 31 October 2012 regarding a contemplated combination with Reach Subsea AS (the "Combination"), (ii) 1 November 2012 regarding the completed placing of new shares in the Company with gross proceeds of NOK 42 million (the "Private Placement") and (iii) 28 November 2012 regarding the adoption by the extraordinary general meeting of the Company held on the same date of the required corporate resolutions to implement the Combination and the Private Placement. The Company hereby announces that the Combination and the Private Placement have been completed. As from the completion, the following changes have been implemented: The Company has a new board of directors consisting of the following persons: Rune Lande (Chairman), Sverre B. Mikkelsen, Martha Kold Bakkevig, Anders Onarheim and Merete Haugli. Kåre Johannes Lie has been appointed as the new CEO of the Company. The resolutions made by the extraordinary general meeting in the Company held on 28 November 2012, which include inter alia (i) a consolidation of the Company's shares in the ratio 20:1, (ii) the share capital increase required to issue the consideration shares in relation to the Combination, (iii) the share capital increase required to issue the new shares in relation to the Private Placement and (iv) the change of the Company's name to "Reach Subsea ASA" and other amendments to the Company's articles of association, are expected to be registered in the Norwegian Register of Business Enterprises on or around 5 December 2012. Following the registration of the share capital increases related to the above, the Company's new share capital will be NOK 43,828,104, divided into 43,828,104 shares with a nominal value of NOK 1 each. Reference is also made to the document attached hereto for disclosure of large shareholdings in relation thereto, including disclosure of shareholdings of primary insiders. Pareto Securities AS is acting as manager for the Combination and the Private Placement. Please see www.newsweb.no for all press releases.