Recommendation from the Independent Committee of the Scania Board of Directors

  Recommendation from the Independent Committee of the Scania Board of
  Directors

Business Wire

SÖDERTÄLJE, Sweden -- March 18, 2014

Regulatory News:

Based on the long-term prospects of Scania (STO:SCVA)(STO:SCVB), its growth
outlook, technological excellence and the synergy potential, the Committee
believes the Offer does not reflect the long-term fundamental value of Scania
and a fair share of the expected synergy potential and recommends to Scania’s
shareholders not to tender their shares.

The Independent Committee of the Scania Board of Directors has today announced
its recommendation, following the public offer from Volkswagen Group announced
on 21 February 2014 and the publication of the Offer Document on 14 March
2014. This is a summary of the full recommendation that follows.

• Having reviewed Scania's growth strategy in the current shareholding
structure, as initially set out at the Capital Markets Day in September 2013,
and benchmarked it against reputable third party truck volume forecasts, the
Committee is of the view that the assumptions underlying the long-term company
business plan represent the best possible view of Scania's fundamental value.

• Based on the long-term prospects of Scania, its growth outlook,
technological excellence and the synergy potential, the Committee believes the
Offer does not reflect the long-term fundamental value of Scania and a fair
share of the expected synergy potential and recommends to Scania’s
shareholders not to tender their shares.

• Committee member Peter Abele has in a special statement put emphasis on the
considerations that needs to be made by short and long term investors
respectively.

• In arriving at its recommendation the Committee has taken into account the
underlying valuations and the Opinions rendered by Deutsche Bank AG (London)
and Morgan Stanley & Co. International plc.

“Scania is a world-leader in its industry and the Committee has strong faith
in the business plan set out by the company. Our assessment is that the
current offer does not reflect the long-term value of the company and a fair
share of the synergies”, says Åsa Thunman, Chairman of the Independent
Committee.

The Committee consists of Åsa Thunman (Chairman of the Committee), Peter
Wallenberg Jr, Peter Abele, Johan Järvklo and Håkan Thurfjell.

For the complete recommendation from the Independent Committee and the
underlying valuations and the Opinions rendered by Deutsche Bank AG (London)
and Morgan Stanley & Co. International plc., please see the enclosed files.
These documents are also available at www.scania.com/ir

A press conference with the Committee will be held at Moderna Museet,
Skeppsholmen, Stockholm on 18 March at 10 am CET. The press conference can
also be followed through a webcast and on telephone. Use the following address
for the webcast: http://scania-pressconference140318.creo.tv

Live audiocast:
Sweden: +46851999355
UK: +442076602081
USA: +18557161592

Åsa Thunman (Chairman of the Committee), Peter Wallenberg Jr, Johan Järvklo
and Håkan Thurfjell will be present. Peter Abele is not able to travel for
health reasons but can be contacted through the Committee’s media contact.

For further information, please contact the Committee’s media contact at
+46-729 299 450

The information set out in this press release is announced in accordance with
the Swedish Securities Market Act. The information was submitted for
publication on March 18, 2014, 07.00 CET.

This announcement contains forward-looking statements that reflect
management's current views with respect to certain future events and potential
financial performance. Such forward-looking statements involve risks and
uncertainties that could significantly alter potential results. These
statements are based on certain assumptions, including assumptions related to
general economic and financial conditions in the company's markets and the
level of demand for the company's products. This announcement does not imply
that the company has undertaken to revise these forward-looking statements,
beyond what is required under the company's registration contract with the
Stockholm Stock Exchange, if and when circumstances arise that will lead to
changes compared to the date when these statements were issued.

Scania is one of the world’s leading manufacturers of trucks and buses for
heavy transport applications, and of industrial and marine engines.
Service-related products account for a growing proportion of the company’s
operations, assuring Scania customers of cost-effective transport solutions
and maximum uptime Scania also offers financial services. Employing some
41,000 people, the company operates in about 100 countries. Research and
development activities are concentrated in Sweden, while production takes
place in Europe and South America, with facilities for global interchange of
both components and complete vehicles. In 2013, net sales totalled SEK 86.8
billion and net income amounted to SEK 6.2 billion. Scania press releases are
available on www.scania.com

This information was brought to you by Cision http://news.cision.com

Contact:

Press Contact
tel +46 729 299 450
 
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