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2014-06-22

IFS: Final Award in the IFS Sri Lanka legal dispute

As reported previously, IFS has since 2002 been involved in a legal
dispute concerning the partly-owned company IFS Sri Lanka. In October
2012, the counterparty in the dispute initiated arbitration
proceedings against IFS with the Singapore International Arbitration
Centre, on the basis of a shareholders' agreement between the
parties.

In the arbitration proceedings, the counterparty initially claimed
compensation for damages in the amount of US$ 76 million including
interest. However, the claim was later revised upwards. The revised
claim was unspecified but could be understood to mean that IFS'
half-owned company IFS Sri Lanka be paid an amount in the range of
US$ 237-535 million including interest, and that an unspecified
amount be distributed as dividends to the owners.

Since the beginning of the legal dispute, IFS has deemed the
counterparty's allegations as completely unsubstantiated and without
any merit and the claims raised in the arbitration proceedings have
been rejected by IFS in their entirety as being frivolous and
completely unmeritorious and unfounded.

The arbitral tribunal's Final Award was received by IFS on June 20,
2014. In the Final Award, the counterparty's claims have been
completely rejected and it is declared that IFS did not breach the
shareholders' agreement as alleged by the counterparty. The
counterparty has also been ordered to pay for the main part of the
fees of the arbitral tribunal and a substantial portion of IFS' legal
costs in the proceedings.

Contact Information

Alastair Sorbie, President and CEO. Telephone: 44 1494 42 89 00,
press@ifsworld.com

Jesper Alwall, General Counsel, Corporate Legal Affairs. Telephone: 46
8 58 78 45 00, press@ifsworld.com

About IFS

IFS (http://www.ifsworld.com/en/)™ is a globally recognized leader in
developing and delivering business software for enterprise resource
planning (ERP), enterprise asset management (EAM) and enterprise
service management (ESM). IFS brings customers in targeted sectors
closer to their business, helps them be more agile and enables them
to profit from change. IFS is a public company (XSTO: IFS) that was
founded in 1983 and currently has over 2,600 employees. IFS supports
more than 2,200 customers worldwide from local offices and through
partners in more than 60 countries. For more information visit:
www.ifsworld.com.

Follow us on Twitter: @ifsworld (http://twitter.com/ifsworld)

Visit the IFS Blogs on technology, innovation and creativity:
http://blogs.ifsworld.com/

IFS discloses the information provided herein pursuant to the
Financial Instruments Trading Act (1991:980) and/or the Securities
Markets Act (2007:528). The information was submitted for publication
on June 23, 2014 at 8 a.m. (CEST).

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http://news.cision.com/ifs/r/final-award-in-the-ifs-sri-lanka-legal-disp...
http://mb.cision.com/Main/855/9605762/259241.pdf

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