Reference is made to the stock announcements made on 15 December 2021, by Scana
ASA ("Scana") regarding (i) the share purchase agreement dated 15 December 2021
entered into between, inter alia, Herkules Private Equity IV (Jersey-I) L. P.
and Herkules Private Equity IV (Jersey-II) L. P (collectively, "Herkules") and
Scana related to the acquisition of all the shares in PSW I Holding AS ("PSW")
by Scana from, inter alia, Herkules (the "PSW Transaction") and (ii) Scana's
successfully completed private placement of new shares raising gross proceeds of
NOK 400 million (the "Private Placement"). 
As part of the consideration for the sale of its shares in PSW to Scana Herkules
Private Equity IV (Jersey-I) L. P. and Herkules Private Equity IV (Jersey-II) L.
P Herkules will subscribe for 16,179,362 and 45,595,899 new shares (the
"Consideration Shares") in Scana, respectively (in aggregate 61,775,261 new
shares in Scana), at a subscription price per share of NOK 1.40. The share
capital increase related to the Consideration Shares is subject to approval by
the general meeting of Scana, expected to be held on or about 6 January 2022 and
that all conditions for the closing of the PSW Transaction are fulfilled. 
Further, in connection with the Private Placement Herkules agreed to guarantee
for part of the total subscription amount in the Private Placement (the
"Guarantee Commitment"). In accordance with the terms of the Guarantee
Commitment Herkules Private Equity IV (Jersey-I) L. P. and Herkules Private
Equity IV (Jersey-II) L. P were allocated 15,511,363 and 43,713,376 new shares
(the "Private Placement Shares") in Scana, respectively (in aggregate 59,224,739
new shares in Scana), at a subscription price per share of NOK 1.40. The Private
Placement is subject to the conditions as described in the announcement by Scana
related to completion of the Private Placement.
Upon completion of the PSW Transaction and the Private Placement, Herkules will
in aggregate own 121,000,000 shares in Scana, corresponding to 30,78% of the
issued and outstanding shares and votes in Scana after the PSW Transaction and
the Private Placement (of which Herkules Private Equity IV (Jersey-I) L. P will
own 31,690,275 shares in Scana, corresponding to 8,06% of the issued and
outstanding shares and votes in Scana after the PSW Transaction and the Private
Placement and Herkules Private Equity IV (Jersey-II) L. P. will own 89,309,275
shares in Scana, corresponding to 22,70% of the issued and outstanding shares
and votes in Scana after the PSW Transaction and the Private Placement).
Spiralen Holding AS ("Spiralen"), the investment company of Morten Blix, who is
a partner in Herkules Capital AS, (being exclusive advisor to Herkules), has
agreed to subscribe for 8,571,428 new shares in Scana at a subscription price of
NOK 1.40 per share by settling an outstanding loan amount of NOK 12,000,000 upon
completion of the Transaction. Herkules and Spiralen will, upon completion of
the PSW Transaction and the Private Placement, in aggregate, own 129,571,428
shares in Scana corresponding to 32,93% of the issued and outstanding shares and
votes in Scana after the PSW Transaction and the Private Placement.

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