OFFER DOCUMENT. Voluntary Offer to acquire all outstanding shares of. Scan Subsea ASA

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1 OFFER DOCUMENT Voluntary Offer to acquire all outstanding shares of Scan Subsea ASA (a public limited liability company organized under the laws of the Kingdom of Norway) Registration number: Which are not already owned by Parker Hannifin Corporation Offer Period: From and including 16 October to and including 14 November 2007, 16:30 hours (CET) Offer Price: NOK per share in cash Financial Advisor: 15 October 2007

2 Important notice General This offer document (the Offer Document ) has been prepared by Parker Hannifin Corporation (the Offeror ) in order to document the terms of its voluntary offer for the shares in Scan Subsea ASA (the Target or Scan Subsea ) not already owned by Offeror pursuant to the requirements of the Norwegian Securities Trading Act (the Offer ). This Offer Document has been prepared to comply with chapter 4 of the Norwegian Securities Trading Act, and has been reviewed and approved by Oslo Børs pursuant to said chapter. U.S. shareholders of Scan Subsea should be aware that chapter 4 of the Norwegian Securities Trading Act is substantially different than U.S. tender offer rules. Because Scan Subsea does not have securities registered under Section 12 of the U.S. Exchange Act, the Offer is not subject to Section 14(d) and Regulation 14D of the U.S. Exchange Act. The Offer will be implemented in the U.S. pursuant to Section 14(e) and Regulation 14E of the U.S. Exchange Act. In addition, U.S. shareholders of Scan Subsea should be aware that this Offer Document has been prepared primarily in accordance with customary Norwegian format and style, which is substantially different than U.S. format and style. Shareholders in the Target must rely upon their own examination of this offer document and should thus study it carefully so that a balanced judgment can be made of the Offer and the information that is discussed and described herein. When considering what actions to take, shareholders in the Target are urged to seek the advice of financial and legal advisors. Certain statements and assumptions in this Offer Document are based on forward-looking information and involve risks and uncertainties. The Offeror believes that such statements are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of These statements include those that may predict, forecast, indicate or imply future results, performance or achievements. These statements are subject to numerous risks, assumptions and uncertainties that could cause actual results, performance or achievements to differ materially from those suggested by the Offeror s forward-looking statements. Although the Offeror believes that the assumptions on which its forward-looking statements are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements could be incorrect. Such risks, assumptions and uncertainties include the ability to obtain required regulatory approvals for the Offer; the occurrence of any event, change or other circumstance that could give rise to the termination of the Offer; the outcome of any legal proceeding that may be instituted against the Offeror or Scan Subsea and others following the announcement of the Offer; the failure to close the Offer for any other reason; the amount of the costs, fees, expenses and charges related to the Offer; the effect of the announcement of the merger on the Offeror s and Scan Subsea s customer relationships, operating results and business generally, including the ability to retain key employees; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the Offer may not be fully realized or may take longer to realize than expected; and disruption from the Offer making it more difficult to maintain relationships with customers, employees or suppliers. Words such as anticipates, believes, estimates, expects, intends, plans, hopes, targets or similar expressions are intended to identify forward-looking statements, which speak only as to the date of this Offer Document. It is not possible to predict all risk factors or to estimate the impact of these factors. Accordingly, shareholders should not place undue reliance on the Offeror s forward-looking statements. The issue and distribution of this Offer Document does not imply that the information included herein will continue to be correct and complete at any date subsequent to the date hereof. With the exception of the Offeror and persons authorised by the Offeror, no person or entity is entitled or authorised to provide any information or make any representations in connection with the Offer. If such information or representation is provided or made by any other subject than the Offeror or persons authorised by the Offeror, such information or representation should not be relied upon as having been provided or made by or on behalf of the Offeror. This Offer Document will be distributed to the shareholders registered in Scan Subsea s shareholder registry on 12 October 2007 and will also be available, free of charge at the offices of Pareto Securities ASA ( Pareto Securities ) at the below address:

3 Pareto Securities ASA Dronning Mauds gate 3 P.O. Box 1411 Vika N-0115 Oslo Norway Facsimile: Telephone: Financial Advisor Pareto Securities is acting as financial advisor (the Financial Advisor ) to the Offeror in connection with the Offer. Pareto Securities is acting for no one else in its respect and will not be responsible to any subject other than the Offeror for providing (i) the protections normally granted to their customers or (ii) advice in relation to the Offer. No fairness opinion has been prepared in connection with the Offer.

4 Restrictions General The distribution of this Offer Document, any separate summary documentation regarding the Voluntary Offer, and the making of the Voluntary Offer may, in certain jurisdictions (including, but not limited to, Canada, Australia and Saudi Arabia), be restricted by law. Therefore, persons obtaining this Offer Document or into whose possession this Offer Document otherwise comes, are required to, and should inform themselves of and observe all such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. The Offeror and Pareto Securities do not accept or assume any responsibility or liability for any violation by any person whomsoever of any such restriction. This Offer Document is not directed to persons whose participation in the offering requires that further offer documents be issued or that registration or other measures be taken, other than those required under Norwegian law. No document or materials relating to the Voluntary Offer may be distributed in or into any country where such distribution or offering requires any of the aforementioned measures to be taken or would be in conflict with any law or regulation of such a country. In the event that such distribution or offering is made, an acceptance form sent from such a country may be disregarded. This Offer Document does not represent an offer to acquire or obtain securities except the shares of the Target that are offered to be acquired according to this Offer Document. The Voluntary Offer is not open to any shareholder in any jurisdiction in which it is unlawful for any person to receive or accept the Voluntary Offer. No action has been taken to permit the distribution of this Voluntary Offer in any jurisdiction where action would be required for such purposes (except Norway). Canada Neither this Offer Document nor any copy of it may be taken or transmitted into Canada or distributed or redistributed in Canada or to any individual outside Canada who is a resident of Canada, except in compliance with applicable rules. Saudi Arabia Neither this Offer Document nor any copy of it may be taken or transmitted into Saudi Arabia or distributed or redistributed in Saudi Arabia or to any resident thereof for the purpose of solicitation of subscription of offer for sale of any securities or in the context where its distribution may be construed as such solicitation or offer. Australia The Voluntary Offer is not being made directly or indirectly in or into and may not be accepted in or from Australia. Accordingly, if any copies of this Offer Document (and any accompanying documents) are mailed or otherwise distributed or sent in or into Australia, that action does not constitute an offer and any purported acceptance by or on behalf of an Australia resident will be invalid. No Offer Document has been lodged with the Australian Securities & Investments Commission ( ASIC ) and ASIC has not approved the Voluntary Offer in Australia without a prospectus being lodged. Shareholders wishing to accept the Offer must not use the Canadian, Australian or Saudi Arabian mails or any means, instrumentality or facility for any purpose directly or indirectly relating to the acceptance of the Offer in or from Canada, Australia or Saudi Arabia. Envelopes containing Acceptance Forms may not be postmarked in Canada, Australia or Saudi Arabia or otherwise dispatched from those jurisdictions and all acceptors must provide addresses outside of those jurisdictions for receipt of the Offer Price or the return of the Acceptance Form, as the case may be.

5 Table of contents 1. Responsibility for the Offer Document Terms and conditions of the Voluntary Offer Background for the Offer The Offer Price Short presentation of the Target Brief presentation of the Offeror Norwegian taxation of shareholders Norwegian summary / Norsk sammendrag...26 Appendices Appendix 1: Acceptance Form...A 1 Appendix 2: Acceptance Form (in Norwegian)...A 2 This Offer Document has been produced in the English language only. A summary in Norwegian is included in Section 8, titled "Norwegian summary / Norsk sammendrag" for information purposes only. The English language version is the legally binding version and shall prevail in case of any discrepancies between the English text and the Norwegian text. In addition, a translated version of the Acceptance Form to Norwegian is included in Appendix 2. 3

6 Definitions As used in this Offer Document, the following definitions apply except when otherwise stated. Definitions in plural also apply for words in singular, and vice versa: Acceptance Acceptance Form Board of Directors Business Day CET Company EUR or Expiration Date Group IFRS Financial Advisor Minimum Condition NIBOR NOK or Norwegian kroner Norwegian GAAP Norwegian Register of Business Enterprises Offer Document Offer or Voluntary Offer Offer Period Offer Price Oslo Børs The Offeror or Parker Hannifin Pareto Securities The Target or Scan Subsea The shareholders of the Target The acceptance of the Offer by a shareholder in Scan Subsea The acceptance forms (in English and Norwegian language) enclosed as Appendices 2 and 3 in this Offer Document and to be used by the shareholders of the Target when accepting the Offer The board of directors of the Offeror Any day except a Saturday, Sunday or any other day that is a U.S. federal holiday, or on which commercial banking institutions in Norway are authorized to close Central European Time Scan Subsea ASA The currency introduced at the start of the third stage of the Economic and Monetary Union to the Treaty establishing the European Economic Community, as amended by the Treaty on the European Union The date on which the Offer Period expires (as described in the Offer Document, Section 2.6, this date may not be later than 14 December 2007) The Offeror and its subsidiaries International Financial Reporting Standards Pareto Securities ASA The condition that the Offeror must receive valid and unconditional acceptances of the Voluntary Offer, which, together with the number of shares owned by the Offeror and its related parties (as defined in the Norwegian Securities Trading Act Section 1-4), represent more than 90% of the Target s shares and votes in the Target on a fully diluted basis taking into account inter alia all outstanding options, warrants and any kind of convertible debt instruments Norwegian InterBank Offer Rate; the reference interest rate quoted between Norwegian banks The lawful currency of the Kingdom of Norway NGAAP; accounting principles generally accepted in Norway The Norwegian Register of Business Enterprises at Brønnøysund, Norway (in Norwegian Foretaksregisteret ) This document prepared in connection with the Offer The voluntary offer made by Offeror to acquire all of the issued and outstanding Target shares, on the terms set out in this Offer Document The period during which the shareholders of the Company may accept the Offer, as described in the Offer Document, Section 2.6 NOK per share of the Target paid in cash Oslo Børs ASA Parker Hannifin Corporation Pareto Securities ASA Scan Subsea ASA, a public limited liability company incorporated under the laws of Norway Owner of one or more shares in Scan Subsea 4

7 The shares of the Target The shares in Scan Subsea Payment Date Promptly after the Expiration Date and the conditions to the Offer have been fulfilled or waived, and in any case within 14 days after the Expiration Date, and in no case later than 28 December 2007 PLCA The Norwegian Public Limited Companies Act of 13 June 1997 No. 45 Public Limited Companies Act The Norwegian Public Limited Liability Companies Act of 13 June 1997 No. 45 Receiving Agent Pareto Securities ASA Securities Trading Act The Norwegian Securities Trading Act of 19 June 1997 Settlement The cash consideration for the shares of the Target STA Securities Trading Act of 19 June 1997 No. 79 Subsidiary The Norwegian limited liability company with organization number , of which the Offeror through its Luxembourg subsidiary Parker Hannifin Luxembourg Acquisitions S.a.r.l, is in the process of purchasing all shares. The Subsidiary s name will be changed to Parker Hannifin (Norway) Holdings AS U.S. or USA The United States of America USD American dollar, the lawful currency of the United States of America U.S. Exchange Act The U.S. Securities Exchange Act of 1934, as amended U.S. GAAP Accounting principles generally accepted in the U.S. VPS The Norwegian Central Securities Depository (Verdipapirsentralen) 5

8 1. Responsibility for the Offer Document This Offer Document has been prepared by the board of Parker Hannifin Corporation in order to provide the shareholders of Scan Subsea ASA with the terms and conditions for Parker Hannifin Corporation s voluntary offer for all of the shares in Scan Subsea ASA pursuant to the requirements of the Norwegian Securities Trading Act. As per the date of this Offer Document, the Offeror does not own any shares in Scan Subsea ASA. The information in this Offer Document regarding Scan Subsea ASA and its subsidiaries has been prepared exclusively on the basis of publicly available information. Oslo, 15 October 2007 Parker Hannifin Corporation For the board of directors of Parker Hannifin Corporation, by power of attorney: Anthony Sayer Vice President Controller Fluid Connectors Group Parker Hannifin Corporation 6

9 2. Terms and conditions of the Voluntary Offer This Offer Document contains the terms and conditions upon and subject to which Offeror offers to acquire all the shares of Scan Subsea not already owned by the Offeror. The Offer is made to all the shareholders of Scan Subsea and the Offer Document has been sent to shareholders with known addresses appearing in the shareholder register of the Target in the VPS as of 12 October The Target s shareholders residing in jurisdictions where the Offer Document may not be lawfully distributed have been excluded from the distribution thereof. All other documents referred to in this Offer Document are available at the head office of Offeror or on the Internet at 2.1 The Voluntary Offer Offeror is offering to acquire all outstanding shares in Scan Subsea not currently held by the Company on the terms and conditions set out in this Offer Document. The Target s shareholders accepting the Offer will receive a cash consideration of NOK per share in the Target. See Section 3 "Background for the Offer" for further information about the reasons for the acquisition of the Target. 2.2 The Offeror The Offer is made by Parker Hannifin Corporation. The shares of Parker Hannifin Corporation are listed on the New York Stock Exchange with the ticker code PH. Parker Hannifin Corporation is incorporated according to the laws of the State of Ohio in the United States of America. The registered office of Parker Hannifin Corporation is 6035 Parkland Boulevard, Cleveland, Ohio , United States of America, and its Inland Revenue Service Employer Identification Number is The telephone number is Information regarding Parker Hannifin Corporation can be found at Investor information regarding Parker Hannifin Corporation, including its latest financial statements, can be found at See Section 6, "Brief presentation of the Offeror", for further information about the Offeror. If and when the Offer has been successful, the Offeror intends to transfer, in whole or part, its right to purchase the shares in the Target to the Subsidiary. In the case of such transfer, Parker Hannifin Corporation will remain responsible for the payment of any shares to be purchased by the Subsidiary. 2.3 The Target Scan Subsea is a Norwegian public limited liability company and listed on Oslo Børs with ticker code SCASUB. This Offer Document is sent to all shareholders of the Target recorded in the VPS register as of 12 October 2007, to the address registered on each shareholder s VPS-account. The Target has a registered share capital of NOK 1,911,213.06, divided into 63,707,102 shares, each with a par value of NOK 0.03 and of equal rights. The Target is registered in the Norwegian Register of Business Enterprises under registration number The Target shares are registered in the VPS under ISIN number NO The Target s share registrar is DNBNOR Bank ASA, Verdipapirservice, NO-0021 Norway. 7

10 The registered office and head office of the Target is at Drammensveien 165, 0277 Oslo, Norway. The Target s telephone number is Information concerning the Target is found on under the company ticker code, SCASUB, in addition to the information provided on the Target s Web-site at See Section 5 "Short presentation of the Target" for further information. 2.4 The Offer Price The Shareholders of the Target accepting the Offer will receive a consideration paid in cash of NOK per share held in the Target, in accordance with the terms and conditions set forth in this Offer Document. Any dividend or other payment on the shares of the Target resolved to be paid prior to settlement of the Offer shall reduce the Offer Price accordingly. See Section 4, "The Offer Price" for a more detailed description regarding the Offer Price. 2.5 Interest compensation Parker shall with effect from 1 December 2007, in addition to the price per share of NOK 22.00, pay interest on the price payable to the shareholders at a rate of 6 % p.a. until final payment is made. 2.6 The Offer Period and the Expiration Date The Offer Period shall commence on 16 October 2007 and expires at 16:30 (CET) on 14 November 2007, unless extended as described in the paragraph below. The Offeror expressly reserves the right at any time before the prevailing Expiration Date, to extend the Offer Period one or several times. The Offer Period may not be extended beyond 16:30 hours (CET) on 14 December Any extension of the Offer Period will be announced in the manner described in Section of this Offer Document. 2.7 Terms and conditions for the Voluntary Offer The acquisition of the Target s shares pursuant to the Voluntary Offer is subject to the satisfaction of all the conditions which are set out below: 1. Parker receiving valid and unconditional acceptances of the Tender Offer which, together with the number of shares owned by Parker and its related parties (as defined in the Norwegian Securities Trading Act Section 1-4), represent more than 90% of Scan Subsea s shares and votes on a fully diluted basis taking into account inter alia all outstanding options, warrants and any kind of convertible debt instruments; 2. Parker having received necessary approvals and clearances from required competition authorities on terms not materially unsatisfactory to Parker; 3. a confirmatory due diligence having been completed on Scan Subsea without any material adverse findings compared to what has been reported by the Company; 4. no material change in the capital structure of Scan Subsea and its subsidiaries (taken as a whole), including but not limited to any merger, de-merger, issuance of shares or other financial instruments or any material adverse change in the funding, business, financial status and operations of Scan Subsea and its subsidiaries (taken as a whole), including but not limited to the sale or purchase of any substantial assets or shareholdings or other transactions or commitments of material significance for the nature or scope of its operations or the purchase or sale of the Company s shares by Scan Subsea and its subsidiaries (taken as a whole), having occurred after the date of the document for the Offer. 8

11 If all conditions mentioned directly above are met on or before the Expiration Date, the Offer is binding for the Offeror. The Offeror reserves the right, either in whole or in part and in its sole discretion, at any time to waive one or more of the conditions to the Voluntary Offer set out above. Notification on whether the conditions have been met or waived will be made by the Offeror as soon as possible to the Target s shareholders in accordance with Section in this Offer Document, and in no case later than the Payment Date. 2.8 Acceptance of the Offer In order for the Target s shareholders to accept the Offer, the Acceptance Form (or a copy thereof), must be correctly signed, completed and duly executed, and must be sent by regular mail or fax or otherwise delivered, together with any other required documents, to the Financial Advisor at the address below. A pre-paid postage envelope (addressed to Pareto Securities), which can be used if the Acceptance Form is sent by letter, is distributed with the Offer Document. The Acceptance Form must be received by the Financial Advisor before 16:30 (CET) on the Expiration Date: Pareto Securities ASA Dronning Mauds gate 3 P.O. box 1411 Vika N-0115 Oslo Norway Facsimile: Telephone: The Target s shareholders whose shares are split between several VPS accounts will receive a separate Acceptance Form for each account and are required to submit a separate Acceptance Form for each account. Thus, all Acceptance Forms received must be signed, correctly completed and delivered before the end of the Offer Period if such shareholder wants all his/her /its shares in the Target covered by each Acceptance Form and included in the Offer. Except as provided in Section 2.9 of this Offer Document, the acceptance will be irrevocable and may not be withdrawn after receipt by the Financial Advisor. The acceptance covers all the Target s shares stated on the Acceptance Form, as well as any Shares in the Target, which, in addition to the number of shares in the Target stated on the Acceptance Form, have been or will be acquired, and which will be registered on the VPS account stated on the Acceptance Form, until the Acceptance is received and registered by the Financial Advisor, unless otherwise clearly stated in the Acceptance Form in litra 2. ANY SHAREHOLDER OF THE TARGET WHOSE SHARES ARE REGISTERED IN THE NAME OF A BROKER, DEALER, COMMERCIAL BANK, CUSTODIAN, TRUSTEES, NOMINEES OR OTHER MANAGERS MUST CONTACT SUCH PERSON IF SUCH SHAREHOLDER WISHES TO ACCEPT THE VOLUNTARY OFFER FOR SUCH SHARES OWNED IN THE TARGET. SUCH BROKER, DEALER, COMMERCIAL BANK, CUSTODIAN, TRUSTEES OR NOMINEES OR OTHER MANAG- ERS MUST VALIDLY ACCEPT, EXECUTE AND DELIVER THE ACCEPTANCE FORM ON BEHALF OF SUCH SHAREHOLDER OF THE TARGET. The Offeror is not required to honor Acceptance Forms that are received after the expiration of the Offer Period, but may do so at its discretion. The Offeror reserves the right to reject any or all acceptances of the Offer, which are incorrectly or otherwise illegally undertaken. The Offeror also reserves the right to consider an acceptance of the Offer valid, wholly or partially, even if incorrect, not accompanied by the necessary document(s) or otherwise received elsewhere than stated above, in which event settlement will be completed when 9

12 such acceptance is fully corrected and all necessary documents have been received, to the satisfaction of the Offeror. Neither the Offeror or Pareto Securities, nor any third parties will be under any duty to give notification of any deficiency or irregularity with respect to any acceptances or incur any liability for failure to give any such notification. All shares of the Target to be tendered pursuant to the Offer are to be transferred free of any encumbrances and any other third party rights whatsoever and with all shareholder rights attached to them. Any third party with registered encumbrances or other third-party rights over the relevant shares and/or VPS account(s) must sign on the Acceptance Form and thereby waive their rights to such shares and approve the transfer of such shares to the Offeror and/or the Subsidiary free and clear of any encumbrances and any other third party rights whatsoever. The Target s shares tendered under the Voluntary Offer, once the Acceptance Form is received by the Financial Advisor, will be transferred to a separate VPS account established in the accepting shareholder s name (mirror account). The Target s shares transferred to the mirror account will be pledged and blocked in favour of Pareto Securities on behalf of the Offeror (and must be otherwise free of any third-party rights). It will not be possible for the accepting shareholder to dispose of the shares after the block has been established. The block will only apply to the Target s shares, and the accepting shareholder may freely administer any other securities registered on their current VPS account. The Target s shareholders accepting the Voluntary Offer will retain ownership of their shares in the target until completion and settlement of the Voluntary Offer. All shareholder rights shall be vested with the accepting shareholders until completion and settlement of the Voluntary Offer. See Section 2.6 regarding the length of the Offer Period. The Offer Period may not be extended beyond 14 December By accepting the Voluntary Offer, each accepting shareholder gives the Financial Advisor an irrevocable power of attorney to register such pledge and block of his/her shares in the Target in favor of Pareto Securities on behalf of the Offeror and/or the Subsidiary pending transfer of such shares to the Offeror and/or the Subsidiary upon completion of the Voluntary Offer. The accepting shareholder also grants the Financial Advisor an irrevocable authority to, upon (and subject to) completion of the Voluntary Offer, transfer the Target s shares from his/her blocked VPS account to the Offeror s and/or the Subsidiary s VPS account. Settlement will be made immediately after the Target s shares are transferred to the Offeror and/or the Subsidiary pursuant to Section 2.12 of this Offer Document. In the event the Voluntary Offer lapses because the conditions to the Offer are not met or waived, or Settlement does not take place on the Payment Date, the Target s shares will be transferred back to the accepting shareholders VPS accounts promptly and any and all pledges and blocks described above in this section will promptly be released by the Financial Advisor. The Offeror or the Financial Advisor on behalf of the Offeror will not submit any confirmation of receipt of Acceptance Forms to the accepting shareholders. 2.9 Irrevocable acceptance The acceptance of the Offer by delivery of a signed and completed Acceptance Form to the Financial Advisor is irrevocable, and such acceptance may not be withdrawn, in whole or in part by the accepting shareholder of the Target s shares, before or after the Expiration Date. If the Offeror has not announced, as described in Section , that the conditions of the Offer have been met or waived on or before the Payment Date, see Section 2.12, the acceptance shall not be binding after said Payment Date Announcements and amendments to the Voluntary Offer At any time before the Expiration Date, the Offeror may: 10

13 Extend the Offer Period, as described in Section and Section 2.6, which must be announced as described in Section Amend the Offer as further described in Section , which must be announced as described in Section At any time before the Payment Date, the Offeror may: Either in whole or in part waive the terms and conditions as described in Section 2.7 and Section , which must be announced as described in Section No other amendments to the Offer may be made than the ones mentioned directly above in this section Announcements Without limiting the manner in which the Offeror may choose to make any public announcement, and subject to the Offeror's obligations under applicable law, the Offeror will have no obligation to publish, advertise or otherwise communicate any public announcement other than by release to Oslo Børs electronic information system, except that in the event that the Offer Period is extended, the announcement thereof shall be made by press release or other public announcement, which press release or other public announcement shall include the approximate number of shares tendered to date, and shall be disseminated or published in the U.S. not later than 9:00 a.m. U.S. Eastern Time on the next Business Day after the scheduled Expiration Date Announcements issued by or on behalf of the Offeror relating to the Voluntary Offer and/or this Offer Document, will be deemed to have been made once they have been received by the Oslo Stock Exchange and distributed through its electronic information system, except that extensions of the Offer Period must also be disseminated or published in the U.S. as described in the paragraph directly above Extension of the Offer Period The Offeror expressly reserves the right (but shall not be obligated) to extend the Offer Period for all the Target s shares one or several times. See Section 2.6 for a description of the possible extension of the Offer Period Amendments to the Offer The Offeror may amend the Offer by increasing the Offer Price. Such amendment to the Offer shall apply to all shareholders, and shall be deemed to be accepted by previous acceptors. If the Offer Price is amended, the Offeror shall provide Target shareholders notice of the new Offer Price and the Offer Period shall be extended for at least ten Business Days after such notice. In case of such extension of the Offer Period, the Payment Date will be postponed accordingly, see Section 2.12 below. The Offer Period may not be extended beyond 14 December Waiver of conditions of the Offer All the conditions as included in Section 2.7 may be waived as set forth in the said section Shareholder rights Shareholders of the Target accepting the Offer will remain owners of the tendered shares and, to the extent permitted by Norwegian law, retain their voting rights and other shareholder rights, until the settlement of the Offer Payment Date and settlement of the Offer Settlement of the Offer will be made in cash in NOK on the Payment Date. The cash payment will be made promptly after the Expiration Date and the conditions to the Offer have been fulfilled or waived by the Offeror (see Sections 2.7 and 2.10), and at the latest 14 days after the Expiration Date. i.e. on 28 November If the Offer Period has been extended as described is Section 2.6, of this Of- 11

14 fer Document the Payment Date will be correspondingly postponed, but in no event may the Payment Date be postponed beyond 28 December The Offeror will, directly and/or through the Subsidiary, transfer the amount due to each accepting shareholder in the Target to a client account with the Financial Advisor. At the same time the accepted shares sold by the accepting shareholders will be transferred to the Offeror and/or the Subsidiary. The Financial Advisor will then immediately make payments to the accepting shareholders. The cash payment will be made by the Financial Advisor by way of transfer to the accepting shareholder s bank account registered with the VPS for dividend payments at the time of the Acceptance. In the event that no such bank account exists, payment will be made by bank giro (a settlement system used in Norway, similar to a Norwegian currency banker s draft), or by way of postal cheque (or currency cheque for Acceptors with addresses outside Norway). In the event the Voluntary Offer lapses and settlement does not take place on the Payment Date, the Target s shares will be transferred back to the accepting shareholders VPS accounts and any and all pledges and blocks described in Section 2.8 in this Offer Document will promptly be released by the Financial Advisor Financing of the Offer The Offeror will finance the Offer through its available liquid assets. The liquid assets will be financed through pre-committed credit lines and available cash funds. The Offer is not subject to any conditions related to financing Transaction expenses The Offeror will pay costs directly related to VPS transactions in connection with the Offer. Shareholders of the target accepting the Offer using the enclosed Acceptance Form will not be charged with broker s commission or other costs related to the Offer. The Offeror will not, however, cover costs for any advice, assistance etc. sought by the shareholders of the Target Target shares controlled by the Offeror As of the date of this Offer Document, the Offeror does not own any shares in the Target. The Offeror has not acquired any shares of the Target, and has not made any agreements for acquisition of such shares, through the use of options or any other such financial instruments, nor does the Offeror own options or other such financial instruments as per the date of this Offer Document Acquisition of the Target s shares outside the Voluntary Offer The Offeror may not acquire the Target s shares outside the Voluntary Offer, but reserves the right to acquire the Target s shares after the Offer Period Contact between the parties prior to the Offer Prior to the launch of this Offer Document, Parker Hannifin Corporation has informed the board of directors of the Company about the Voluntary Offer, the Offer Price, and the terms and conditions of the Offer. The Offeror and the Company has entered into a Management Tender Agreement where the board of directors of Scan Subsea has resolved that it is in the best interest of Scan Subsea to support the Tender Offer. Due to the fact that the Tender Offer may be interpreted as having been launched in concert with the board of directors, Oslo Børs may require that the statement on behalf of the Company is made by a third party. It should be noted that the text contained in this Section 2.17 is not the statement required by the Securities Trading Act 4-16, and that the board of directors of Scan Subsea has agreed that a statement in accordance with the Securities Trading Act 4-16 shall be issued within 10 business days after the launch of the Tender Offer. 12

15 2.18 Agreements with the Target's Board of Directors and management No special advantages (or prospects of such) are accorded by agreement to members of the management, board of directors or governing bodies of the Target in connection with the Offer Statement from the Board of Directors of the Target As required by the Norwegian Securities Trading Act Section 4-16 the Board of Directors of the Target will issue a statement concerning the Offer, including information on the employee s views and other factors of significance for assessing whether the shareholders should accept the Offer, no later than one week before the Expiration Date Mandatory offer Provided that the terms and conditions of the Voluntary Offer are met and/or waived and that the Offeror, as a result of the Voluntary Offer or otherwise, directly or through the Subsidiary, acquires more than 40% of the Target s shares, the Offeror or the Subsidiary will have an obligation under chapter 4 of the Norwegian Securities Trading Act to make a mandatory offer for the Target s shares not owned by the Offeror or the Subsidiary. According to the Norwegian Securities Trading Act section 4-10, the offer price under the mandatory offer must be equal to or higher than the highest price paid, or agreed to be paid, by the Offeror (and connected parties, if any) for the Target s shares during the six-month period prior to the date at which the obligation to make a mandatory offer is triggered. If it is clear that the market price of the Target s shares when the mandatory offer obligation is triggered is higher, the offer price under the mandatory offer shall at least be as high as the market price. Pursuant to the Norwegian Securities Trading Act section 4-10 the settlement under the terms of the mandatory offer shall be in cash, guaranteed by a financial institution authorized to conduct business in Norway. A mandatory offer may nonetheless grant the shareholders a right to accept other forms of settlement Compulsory acquisition of the Target s shares If the Offeror and/or the Subsidiary, as a result of the Voluntary Offer or otherwise, becomes the holder of more than 90% of the Target s shares and corresponding votes in the Target, then the Offer and/or the Subsidiary will have the right (and each remaining shareholder in the Target would have the right to require the Offeror and/or the Subsidiary) to effect a compulsory acquisition of any shares in the Target not owned by it pursuant to section 4-25 of the Norwegian Public Limited Companies Act. Such compulsory acquisition may commence at the earliest simultaneously with the first day of the acceptance period of the mandatory offer. At the time the Offeror and/or the Subsidiary has resolved to acquire the remaining shares in the Target and the purchase price offered for these shares has been paid into a separate bank account, these shares will be transferred to the Offeror and/or the Subsidiary. The price to be paid in a compulsory acquisition will, in the absence of an agreement between the Offeror and/or the Subsidiary and the remaining shareholders of the Target, be determined in accordance with Section 4-25, second and third paragraph of the Public Limited Companies Act. According to such provisions, the Offeror and/or the Subsidiary shall first offer the remaining shareholders a price at which it is willing to purchase the shares. If the Offeror and/or the Subsidiary presents the offer in writing to all of the remaining shareholders of the target with a known address, and the offer is announced in the Register of Business Enterprises electronic bulletin for public announcements and in a newspaper generally read at the Target s place of business, the Offeror and/or the Subsidiary may set a time limit of no less than two months for each former shareholder of the Target to contest or refuse the offer. Former shareholders of the target who have not con- 13

16 tested or refused such offer within the expiration of such time limit will be deemed to have accepted such offer. If certain shareholders of the Target do not accept such offer, the price to be paid to those shareholders in the compulsory acquisition will be determined by the Norwegian court. The Norwegian court will have full discretion with respect to evaluating the price to be paid for the shares of the Target as of the commencement of the compulsory acquisition. The consideration paid by the Offeror and/or the Subsidiary under the Voluntary Offer is likely to be among the factors considered by the Norwegian courts in this regard De-listing of the Target s shares from Oslo Børs If the Offeror no longer considers the listing of the Target s shares on the Oslo Stock Exchange appropriate, the Offeror may directly or through the Subsidiary propose to the general meeting of the Target that the Target shall apply for the delisting of its shares on Oslo Børs. Such proposal requires the approval of a 2/3 majority of the Target s shares represented at the Target's general meeting to be adopted. Any such delisting is to be decided by Oslo Børs in accordance with the Norwegian Stock Exchange Regulations section The board of directors of Oslo Børs may also at its own initiative, resolve to de-list the Target s shares at Oslo Børs. In the event the Offeror receives over 90% acceptance, the Offeror intends, directly or through the Subsidiary, to apply for a de-listing of the Target s shares from Oslo Børs Pre-commitment of shares At the date of this Offer Document, the Offeror has received pre-acceptances of the Offer from shareholders of Scan Subsea, holding a total of 40.5 million shares, equaling 63.6% of the outstanding shares of Scan Subsea Consequences of the Offer for the Target's employees The integration process has not begun yet, decisions have not been taken and at this stage it is too early to say what consequences the integration will have for the employees of the Target, other than that emphasis will be put on exploiting the combined management and employee resources in both companies. At the date of this Offer Document, the Offeror does not expect the completion of the Voluntary Offer to have any legal, economic, commercial or work-related consequences for the employees of the Target Legal consequences of the Offer The Offer will, if completed, result in Offeror and/or the Subsidiary becoming the owner of all Scan Subsea shares validly tendered under the Offer. Completion of the Offer will require notification and clearance from the Norwegian Competition Authority as well as, potentially, the relevant competition authorities in certain other jurisdictions. The Offeror and/or the Subsidiary will submit an ordinary notification (Norwegian: alminnelig melding ) to the Norwegian Competition Authority (in Norwegian: Konkurransetilsynet ), at the end of the Offer Period at the latest. The Norwegian Competition Authority may then require a complete notification (Norwegian: fullstendig melding ). The acquisition of Scan Subsea Shares will be deemed approved if such notification has not been requested within 15 business days from the date the ordinary notification was submitted. Other than this, the Offeror is not aware of any legal consequences of the Offer Tax consequences of the Offer Acceptance of the Offer will imply a realization of the shares in the Target for tax purposes. Each shareholder of the Target is responsible for any taxes as a consequence of his/her acceptance of the Offer. The Of- 14

17 feror assumes no responsibility for itself or the Subsidiary for any tax liability resulting from the acceptance of the Offer. For a brief description of certain tax matters, see Section 7 Norwegian taxation of shareholders. Shareholders of the Target are urged to seek advice from their own tax advisors in order to determine the particular tax consequences to them from their acceptance of the Offer and the relevance or effect of any domestic or foreign tax laws or treaties Choice of law and legal venue The Offer and all acceptances thereof shall be governed by, and construed in accordance with Norwegian law. Any dispute that arises in conjunction with the Offer, the Offer Document and the Acceptance Form, which cannot be amicably resolved, shall be subject to the exclusive jurisdiction of Norwegian courts with legal venue at Oslo City Court Costs The Offeror (directly or through the Subsidiary) will pay all commissions and costs directly related to any VPS transaction required to complete the purchase of the Target s shares under the Offer. Shareholders of the Target accepting the Offer will not incur any brokerage fees or other costs directly related to VPS transactions in connection with their possible acceptance of the Offer. Any tax consequences or costs incurred by the Target s shareholders for financial or legal advice or any other costs incurred by them in connection with the Offer will, on the other hand, not be paid by the Offeror, directly or through the Subsidiary Financial Advisor Financial Advisor for the Offeror in connection with the Voluntary Offer is Pareto Securities ASA, Dronning Mauds gate 3, P.O. box 1411 Vika, N-0115 Oslo, Norway. 15

18 3. Background for the Offer For a short presentation of the Target, see Section 5 "Short presentation of the Target". Parker Hannifin is the world s leading diversified manufacturer of motion and control technologies and systems. Listed on the New York Stock Exchange since 1965, Parker Hannifin has grown from sales of $1 billion in 1980 to sales of over $10 billion in 2007 through a combination of organic growth initiatives and strategic acquisitions. Since 1990, Parker Hannifin has acquired and integrated seventy-nine companies and businesses around the world. Parker Hannifin s corporate strategy envisages continued profitable growth and increasing shareholder returns through a combination of premier customer service, financial performance and profitable growth driven by its more than 57,000 empowered employees. Today, one of Parker Hannifin s strategic growth markets is the Energy, Oil and Gas market. In 2006, Parker Hannifin s Fluid Connectors Group acquired Cabett Subsea, a manufacturer of production and control umbilical cables for the offshore oil and gas market with its principal manufacturing operations located in Texas, USA. The Cabett Subsea acquisition was integrated with Parker s pre-existing oil and gas fluid connector products to form the Oil & Gas Business Unit within the Fluid Connectors Group. The Oil & Gas Business Unit has operations in North America and Italy and is seeking to expand its geographic, product and technology scope. Parker Hannifin believes that there is a strong strategic fit between the Oil & Gas Business Unit and the Target. Target s presence in Norway and deep water dockside facility complement a similar facility in Texas and would give Parker Hannifin unparalleled access to the important oil extraction areas of the North Sea, the Gulf of Mexico and the West African coast; Target s extra-long length control and power sub-sea cables would allow Parker Hannifin to serve existing customers in new, deeper water markets; Target s growing presence in the offshore wind power generation market provide Parker Hannifin with additional scope to benefit from projected growth in alternative energy generation technologies 16

19 4. The Offer Price The Offer Price per share in the Target is NOK paid in cash. The Offer Price represents a 15.8% premium over the closing share price on Friday 12 October 2007, the last trading day prior to the launch of the offer. The Offer Price represents a premium of 32.6% over the volume weighted average closing share price for the month ended on Friday 12 October 2007 and a premium of 30.5% over the volume weighted average closing share price for the three months ended on Friday 12 October With effect from 1 December 2007, in addition to the price per share of NOK 22.00, Parker shall pay interest on the price payable to the shareholders with 6 per cent p.a. until final payment is made by Parker. The Offeror has not purchased any shares in the Target at prices higher than the Offer Price over the last six months. The graph below shows the development in price and traded volume for the Target s shares in the period 21 June to 12 October Figure 4-1: Development in share price and volume of the Target s share Source: The Online Trader 17

20 5. Short presentation of the Target The text below is provided for information purposes only and sets forth a brief description of Scan Subsea. Information concerning Scan Subsea is found on under the company s ticker code, SCASUB, in addition to the information provided on the Company s Web-site at 5.1 Overview Scan Subsea's registered office and head office is located Drammensveien 165, 0277 Oslo, Norway, and as of 31 March 2007, the company employed approximately 203 employees. In addition to corporate offices in Oslo, the Company has Norwegian operations in Tønsberg, Drammen and Stavanger. Per Kyllingstad is chairman of the Target's Board of Directors. Additional Directors are Dirk Blaauw, Gunnar Hirsti, Bente Loe and Brita Eilertsen. The Corporate Management consists of Dirk Blaauw (managing Director), Jan Erik Braathen (CFO) and Gunnar Hirsti (Group Director) History and development of the Company Scan Subsea AS was incorporated on 18 December 2006 and was converted to a public limited liability company (in Norwegian ASA ) in the extraordinary general meeting of 6 March Blom de-merged its business segment Offshore Technology by resolutions of the general meetings of Blom and Scan Subsea on 12 April The business segment constituted the two companies ScanRope Holding AS and Scan Maritime AS, where ScanRope Holding AS constituted another two business segments; Scan- Rope Offshore Moorings and ScanRope Subsea Cables. Scan Maritime AS was established in 1988 as a subsidiary to Blom ASA. The maritime activities go back to 1972 when Blom ASA established an offshore department in Stavanger. ScanRope Holding AS was established in 1983 through a merger of certain companies owned by Elkem, Norsk Jernverk and Gunnebo AB. Initially the company had production units in Varberg in Sweden and Trondheim and Tønsberg in Norway. The units in Varberg and Trondheim have subsequently been closed down. Blom acquired ScanRope Holding AS from ABB ASA in Business concept, goals and strategy ScanRope specializes in design, production and marketing of umbilical and power transmission cables for subsea installations as well as mooring lines for floating production- and exploration units. The company has a state-of-the-art manufacturing site with its own deep-water quay providing direct ocean access for the large unit weights of product that are manufactured by the company. ScanRope employs approximately 130 highly skilled and dedicated staff, and is presently in the midst of an intensive investment program upgrading capacities for both large subsea cables as well as synthetic mooring lines. ScanRope operates worldwide, with major markets being Gulf of Mexico, West Africa, Brazil, and Australia/Asia, as well as the North Sea. Scan Maritime provides primarily services to the Norwegian offshore and maritime industry. The company performs topographical and hydrographic mapping services, including the collection of maritime data, and the adaptation and presentation of such data, maps based on collected data and databases. In addition, Scan Maritime provides control, production and industrial surveying services, as well as underwater photogrammetry services. 18

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