Nasdaq Helsinki Ltd: Alfa Laval commences the recommended public cash tender offer for all shares in Neles on 13 August 2020

THIS STOCK EXCHANGE RELEASE MAY NOT BE RELEASED, PUBLISHED OR OTHERWISE
DISTRIBUTED, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA,
CANADA, HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF
CHINA, JAPAN, NEW ZEALAND, SOUTH AFRICA, OR ANY OTHER JURISDICTION IN WHICH THE
TENDER OFFER WOULD BE PROHIBITED BY APPLICABLE LAW. FOR FURTHER INFORMATION,
PLEASE SEE SECTION ENTITLED "IMPORTANT INFORMATION" BELOW. 

Alfa Laval commences the recommended public cash tender offer for all shares in
Neles on 13 August 2020 

Alfa Laval AB (publ), 12 August 2020 at 4:30 p.m. CEST

Alfa Laval AB (publ) ("Alfa Laval" or the "Offeror") and Neles Corporation
("Neles" or the "Company") announced on 13 July 2020 that they had entered into
a combination agreement (the "Combination Agreement") pursuant to which Alfa
Laval undertook to make a voluntary recommended public cash tender offer for
all issued and outstanding shares in Neles (the "Tender Offer"). 

The Finnish Financial Supervisory Authority has today approved the Finnish
language version of the tender offer document relating to the Tender Offer (the
"Tender Offer Document"). The acceptance period under the Tender Offer (the
"Offer Period") will commence on 13 August 2020 at 9:30 a.m. (Finnish time) and
expire on 22 October 2020 at 4:00 p.m. (Finnish time), unless the Offer Period
is extended in accordance with the terms and conditions of the Tender Offer and
applicable laws and regulations. The Tender Offer is currently expected to be
completed during the fourth quarter of 2020. 

The Tender Offer Document will be available in Finnish and in English from 13
August 2020 onwards at the headquarters of Alfa Laval, Rudeboksvägen 1, SE-226
55 Lund, Sweden, at the offices of Skandinaviska Enskilda Banken AB (publ)
Helsinki Branch, Eteläesplanadi 18, FI-00130 Helsinki, Finland and at Nasdaq
Helsinki Ltd ("Nasdaq Helsinki"), Fabianinkatu 14, FI-00100 Helsinki, Finland.
The electronic version of the Tender Offer Document will be available in
Finnish and English from 13 August 2020 onwards online at
https://www.alfalaval.com/investors and
https://sebgroup.com/large-corporates-and-institutions/prospectuses-and-download
s/prospectuses,
as well as in Finnish from 13 August 2020 onwards online at
www.neles.com/ostotarjous-alfalaval and in English from 13 August 2020 onwards
online at www.neles.com/offer-alfalaval. 

The price offered for each share validly tendered in the Tender Offer is EUR
11.50 in cash (the "Offer Price"). The Offer Price has been determined based on
150,197,895 issued and outstanding shares in Neles as at 13 July 2020. Should
the number of issued and outstanding shares in Neles change as a result of a
new share issue, reclassification, stock split or any other similar
transaction, or should Neles distribute a dividend or otherwise distribute
funds or any other assets to its shareholders, or should a record date with
respect to any of the foregoing occur prior to the completion of the Tender
Offer, the Offer Price shall be reduced accordingly on a euro-for-euro basis. 

The members of the Board of Directors of Neles who participated in the
decision-making have unanimously decided to recommend that the shareholders
accept the Tender Offer. Cevian Capital Partners Limited, who holds
approximately 10.9 percent of the issued and outstanding shares in the Company,
has on customary conditions irrevocably undertaken to accept the Tender Offer. 

The completion of the Tender Offer is subject to certain customary conditions
being fulfilled or waived by the Offeror on or by the date of the Offeror's
announcement of the final result of the Tender Offer. These include, among
others, the obtaining of all necessary regulatory approvals and that the Tender
Offer has been accepted with respect to shares representing, together with
shares otherwise acquired by the Offeror prior to or during the Offer Period,
more than two-thirds (2/3) of the issued and outstanding shares and votes in
Neles. 

Most of the Finnish book-entry account operators are expected to send a
notification of the Tender Offer, including instructions and the relevant
acceptance form to their customers who are registered as shareholders in the
shareholders' register of Neles maintained by Euroclear Finland Oy.
Shareholders of Neles who do not receive such instructions or an acceptance
form from their book-entry account operator or asset manager should primarily
contact their book-entry account operator or asset manager. Secondarily, such
shareholders can contact Skandinaviska Enskilda Banken AB (publ) by sending an
email to [e-mail] in order to receive information for submitting their
acceptance. A shareholder in Neles whose shareholdings are registered in the
name of a nominee and who wishes to accept the Tender Offer shall effect such
acceptance in accordance with the nominee's instructions. The Offeror will not
send acceptance forms or other documents related to the Tender Offer to such
shareholders of Neles. 

The Offeror will announce the preliminary result of the Tender Offer on or
about the first (1st) Finnish banking day following the expiry of the Offer
Period (as extended or discontinued, as the case may be). In connection with
the announcement of the preliminary result of the Tender Offer, the Offeror
will announce whether the Tender Offer will be completed subject to the
conditions to completion being fulfilled or waived on the date of the
announcement of the final result of the Tender Offer, and whether the Offer
Period will be extended. The Offeror will announce the final result of the
Tender Offer on or about the third (3rd) Finnish banking day following the
expiry of the Offer Period (as extended or discontinued, as the case may be).
The announcement of the final result will confirm (i) the percentage of the
shares that have been validly tendered and not properly withdrawn and (ii)
whether the Tender Offer will be completed. 

The Offeror reserves the right to acquire shares in Neles in public trading on
Nasdaq Helsinki or otherwise outside the Tender Offer before, during and after
the Offer Period (as extended, as the case may be) and any subsequent Offer
Period to the extent permitted by applicable laws and regulations. 

The terms and conditions of the Tender Offer are enclosed in their entirety to
this stock exchange release (Appendix 1). 

SEB Corporate Finance, Skandinaviska Enskilda Banken AB (publ) acts as
financial advisor to Alfa Laval and as arranger in connection with the Tender
Offer. Avance Attorneys Ltd, Advokatfirman Vinge KB and Cleary Gottlieb Steen &
Hamilton LLP act as legal advisors to Alfa Laval in connection with the Tender
Offer. 

Morgan Stanley & Co. International plc acts as financial advisor to Neles in
connection with the Tender Offer. Roschier, Attorneys Ltd. acts as legal
advisor to Neles in connection with the Tender Offer. 

Investor Relations contacts:

Joel Davidsson
IR Manager

Alfa Laval
Mobile: [phone]
[e-mail]

Rita Uotila

Vice President, Investor Relations

Neles

Tel: [phone]

[e-mail]

Media enquiries:

Peter Torstensson
Senior Advisor, Brand & Strategic Communications

Alfa Laval

Mobile: [phone]
[e-mail]

About Alfa Laval

Alfa Laval is active in the areas of Energy, Marine, and Food & Water, offering
its expertise, products, and service to a wide range of industries in some 100
countries. The company is committed to optimizing processes, creating
responsible growth, and driving progress - always going the extra mile to
support customers in achieving their business goals and sustainability targets. 

Alfa Laval's innovative technologies are dedicated to purifying, refining, and
reusing materials, promoting more responsible use of natural resources. They
contribute to improved energy efficiency and heat recovery, better water
treatment, and reduced emissions. Thereby, Alfa Laval is not only accelerating
success for its customers, but also for people and the planet. Making the world
better, every day. It's all about Advancing better. 

Alfa Laval has 17,500 employees. Annual sales in 2019 were SEK 46.5 billion
(approx. EUR 4.4 billion). The company is listed on Nasdaq OMX. 

Alfa Laval's key financials are summarised below.



Financials (2019, SEK million)1               
-----------------------------------------------
Net sales                               46,517
----------------------------------------------
Operating profit (EBIT)                  7,198
----------------------------------------------
Adjusted EBITA2                          7,989
----------------------------------------------
Total assets (as per 31 December 2019)  64,396
----------------------------------------------



1 As per Alfa Laval Group's 2019 annual report.

2 Defined as operating income before amortization of step-up values, adjusted
for items affecting comparability. 

About Neles

Neles a global leader in flow control solutions and services. The company's
valves and valve automation technologies are known for quality, reliability and
highest safety. The customers of Neles operate in oil and gas refining, pulp,
paper and bioproducts industry, chemicals and other process industries. 

Neles started trading as an independent company on 1 July 2020 following the
partial demerger of Metso Corporation, but the business has a long track record
with a history of innovation for more than 60 years. Currently the company has
about 2,900 employees. Neles' key financials are summarised below. 



Financials (2019, EUR million)1             
---------------------------------------------
Net sales                                660
--------------------------------------------
Operating profit (EBIT)                   93
--------------------------------------------
Adjusted EBITA2                           96
--------------------------------------------
Total assets (as per 31 December 2019)3  582
--------------------------------------------



1 As per Metso's 2019 annual report.

2 Defined as operating profit before amortization of intangible assets.

3 Calculated as group total assets less total assets of discontinued operations.

IMPORTANT INFORMATION

THIS STOCK EXCHANGE RELEASE MAY NOT BE RELEASED, PUBLISHED OR OTHERWISE
DISTRIBUTED, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA,
CANADA, HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF
CHINA, JAPAN, NEW ZEALAND, SOUTH AFRICA, OR ANY OTHER JURISDICTION IN WHICH THE
TENDER OFFER WOULD BE PROHIBITED BY APPLICABLE LAW. 

THIS STOCK EXCHANGE RELEASE IS NOT A TENDER OFFER DOCUMENT AND AS SUCH DOES NOT
CONSTITUTE AN OFFER OR INVITATION TO MAKE A SALES OFFER. IN PARTICULAR, THIS
STOCK EXCHANGE RELEASE IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER
TO BUY ANY SECURITIES DESCRIBED HEREIN, AND IS NOT AN EXTENSION OF THE TENDER
OFFER, IN, AUSTRALIA, CANADA, HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE
PEOPLE'S REPUBLIC OF CHINA, JAPAN, NEW ZEALAND, OR SOUTH AFRICA. INVESTORS
SHALL ACCEPT THE TENDER OFFER FOR THE SHARES ONLY ON THE BASIS OF THE
INFORMATION PROVIDED IN A TENDER OFFER DOCUMENT. THE TENDER OFFER IS NOT BEING
MADE, AND THE SHARES WILL NOT BE ACCEPTED FOR PURCHASE FROM OR ON BEHALF OF
PERSONS, DIRECTLY OR INDIRECTLY IN ANY JURISDICTION WHERE EITHER AN OFFER OR
ACCEPTANCE THEREOF IS PROHIBITED BY APPLICABLE LAW OR WHERE ANY TENDER OFFER
DOCUMENT OR REGISTRATION OR OTHER REQUIREMENTS WOULD APPLY IN ADDITION TO THOSE
UNDERTAKEN IN FINLAND. 

THE TENDER OFFER IS NOT BEING MADE DIRECTLY OR INDIRECTLY IN ANY JURISDICTION
WHERE PROHIBITED BY APPLICABLE LAW AND, WHEN PUBLISHED, THE TENDER OFFER
DOCUMENT AND RELATED ACCEPTANCE FORMS WILL NOT AND MAY NOT BE DISTRIBUTED,
FORWARDED OR TRANSMITTED INTO OR FROM ANY JURISDICTION WHERE PROHIBITED BY
APPLICABLE LAWS OR REGULATIONS. IN PARTICULAR, THE TENDER OFFER IS NOT BEING
MADE, DIRECTLY OR INDIRECTLY, BY ANY MEANS OR INSTRUMENTALITY (INCLUDING
WITHOUT LIMITATION E-MAIL, POST, FACSIMILE TRANSMISSION, TELEX, TELEPHONE OR
ELECTRONIC TRANSMISSION BY WAY OF THE INTERNET OR OTHERWISE), IN OR INTO, OR BY
USE OF THE POSTAL SERVICE OF, OR THROUGH ANY FACILITIES OF A NATIONAL
SECURITIES EXCHANGE OF, AUSTRALIA, CANADA, HONG KONG SPECIAL ADMINISTRATIVE
REGION OF THE PEOPLE'S REPUBLIC OF CHINA, JAPAN, NEW ZEALAND, OR SOUTH AFRICA.
THE TENDER OFFER CANNOT BE ACCEPTED, DIRECTLY OR INDIRECTLY, BY ANY SUCH USE,
MEANS OR INSTRUMENTALITY OR FROM WITHIN, AUSTRALIA, CANADA, HONG KONG SPECIAL
ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, JAPAN, NEW ZEALAND, OR
SOUTH AFRICA. ANY PURPOTED ACCEPTANCE OF THE TENDER OFFER RESULTING DIRECTLY OR
INDIRECTLY FROM A VIOLATION OF THESE RESTRICTIONS WILL BE INVALID. 

THIS STOCK EXCHANGE RELEASE AND ANY OTHER DOCUMENTS OR MATERIALS RELATING TO
THE TENDER OFFER ARE NOT BEING MADE AND HAVE NOT BEEN APPROVED BY AN AUTHORISED
PERSON FOR THE PURPOSES OF SECTION 21 OF THE UK FINANCIAL SERVICES AND MARKETS
ACT 2000 (THE "FSMA"). ACCORDINGLY, THIS STOCK EXCHANGE RELEASE AND ANY OTHER
DOCUMENTS OR MATERIALS RELATING TO THE TENDER OFFER ARE NOT BEING DISTRIBUTED
TO, AND MUST NOT BE PASSED ON TO, THE GENERAL PUBLIC IN THE UNITED KINGDOM. THE
COMMUNICATION OF THIS STOCK EXCHANGE RELEASE AND ANY OTHER DOCUMENTS OR
MATERIALS RELATING TO THE TENDER OFFER IS EXEMPT FROM THE RESTRICTION ON
FINANCIAL PROMOTIONS UNDER SECTION 21 OF THE FSMA ON THE BASIS THAT IT IS A
COMMUNICATION BY OR ON BEHALF OF A BODY CORPORATE WHICH RELATES TO A
TRANSACTION TO ACQUIRE DAY TO DAY CONTROL OF THE AFFAIRS OF A BODY CORPORATE;
OR TO ACQUIRE 50 PER CENT. OR MORE OF THE VOTING SHARES IN A BODY CORPORATE,
WITHIN ARTICLE 62 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL
PROMOTION) ORDER 2005. 

Information for shareholders in the United States

Shareholders in the United States are advised that the shares in Neles are not
listed on a U.S. securities exchange and that Neles is not subject to the
periodic reporting requirements of the U.S. Securities Exchange Act of 1934, as
amended (the "Exchange Act"), and is not required to, and does not, file any
reports with the U.S. Securities and Exchange Commission (the "SEC")
thereunder. 

The Tender Offer will be made for the issued and outstanding shares in Neles,
which is domiciled in Finland, and is subject to Finnish disclosure and
procedural requirements. The Tender Offer is made in the United States pursuant
to Section 14(e) and Regulation 14E under the Exchange Act, subject to
exemptions provided by Rule 14d-1(d) under the Exchange act for a "Tier II"
tender offer, and otherwise in accordance with the disclosure and procedural
requirements of Finnish law, including with respect to the Tender Offer
timetable, settlement procedures, withdrawal, waiver of conditions and timing
of payments, which are different from those of the United States. In
particular, the financial information included in this stock exchange release
has been prepared in accordance with applicable accounting standards in
Finland, which may not be comparable to the financial statements or financial
information of U.S. companies. The Tender Offer is made to Neles' shareholders
resident in the United States on the same terms and conditions as those made to
all other shareholders of Neles to whom an offer is made. Any information
documents, including this stock exchange release, are being disseminated to
U.S. shareholders on a basis comparable to the method that such documents are
provided to Neles' other shareholders. 

To the extent permissible under applicable law or regulations, Alfa Laval and
its affiliates or its brokers and its brokers' affiliates (acting as agents for
Alfa Laval or its affiliates, as applicable) may from time to time and during
the pendency of the Tender Offer, and other than pursuant to the Tender Offer
and combination, directly or indirectly, purchase or arrange to purchase, the
shares in Neles or any securities that are convertible into, exchangeable for
or exercisable for such shares. These purchases may occur either in the open
market at prevailing prices or in private transactions at negotiated prices. To
the extent information about such purchases or arrangements to purchase is made
public in Finland, such information will be disclosed by means of a press
release or other means reasonably calculated to inform U.S. shareholders of
Neles of such information. In addition, the financial advisers to Alfa Laval
may also engage in ordinary course trading activities in securities of Neles,
which may include purchases or arrangements to purchase such securities. To the
extent required in Finland, any information about such purchases will be made
public in Finland in the manner required by Finnish law. 

Neither the SEC nor any U.S. state securities commission has approved or
disapproved the Tender Offer, passed upon the merits or fairness of the Tender
Offer, or passed any comment upon the adequacy, accuracy or completeness of the
disclosure in this stock exchange release. Any representation to the contrary
is a criminal offence in the United States. 

The receipt of cash pursuant to the Tender Offer by a U.S. holder of shares in
Neles may be a taxable transaction for U.S. federal income tax purposes and
under applicable U.S. state and local, as well as foreign and other, tax laws.
Each holder of shares in Neles is urged to consult its independent professional
adviser immediately regarding the tax consequences of accepting the Tender
Offer. 

It may be difficult for Neles' shareholders to enforce their rights and any
claims they may have arising under the U.S. federal securities laws, since Alfa
Laval and Neles are located in non-U.S. jurisdictions, and some or all of their
respective officers and directors may be residents of non-U.S. jurisdictions.
Neles' shareholders may not be able to sue Alfa Laval or Neles or their
respective officers or directors in a non-U.S. court for violations of the U.S.
federal securities laws. It may be difficult to compel Alfa Laval and Neles and
their respective affiliates to subject themselves to a U.S. court's judgment. 

Forward-looking statements

This stock exchange release contains statements that, to the extent they are
not historical facts, constitute "forward-looking statements". Forward-looking
statements include statements concerning plans, expectations, projections,
objectives, targets, goals, strategies, future events, future revenues or
performance, capital expenditures, financing needs, plans or intentions
relating to acquisitions, competitive strengths and weaknesses, plans or goals
relating to financial position, future operations and development, business
strategy and the trends in the industries and the political and legal
environment and other information that is not historical information. In some
instances, they can be identified by the use of forward-looking terminology,
including the terms "believes", "intends", "may", "will" or "should" or, in
each case, their negative or variations on comparable terminology. By their
very nature, forward-looking statements involve inherent risks, uncertainties
and assumptions, both general and specific, and risks exist that the
predictions, forecasts, projections and other forward-looking statements will
not be achieved. Given these risks, uncertainties and assumptions, investors
are cautioned not to place undue reliance on such forward-looking statements.
Any forward-looking statements contained herein speak only as at the date of
this stock exchange release. 

Disclaimer

Skandinaviska Enskilda Banken AB (publ), which is under the supervision of the
Swedish Financial Supervisory Authority (Finansinspektionen), is acting as lead
financial adviser to Alfa Laval and no one else in connection with the Tender
Offer and arranger in relation to the Tender Offer, will not regard any other
person than Alfa Laval as its client in relation to the Tender Offer and will
not be responsible to anyone other than Alfa Laval for providing the protection
afforded to clients of Skandinaviska Enskilda Banken AB (publ) nor for
providing advice in relation to the Tender Offer. 

Appendix 1 Terms and conditions of the Tender Offer

TERMS AND CONDITIONS OF THE TENDER OFFER

Object of the Tender Offer

Through a voluntary public cash tender offer in accordance with Chapter 11 of
the Finnish Securities Market Act (746/2012, as amended, the "Securities Market
Act") and subject to the terms and conditions set forth herein, Alfa Laval AB
(publ) (the "Offeror" or "Alfa Laval") offers to acquire all of the issued and
outstanding shares (the "Shares" or, individually, a "Share") in Neles
Corporation (the "Company" or "Neles") that are not held by the Company or any
of its subsidiaries (the "Tender Offer"). 

Alfa Laval is a public limited company incorporated under the laws of Sweden
and its shares are listed on the official list of Nasdaq Stockholm AB. 

Neles is a public limited company incorporated under the laws of Finland and
its Shares are listed on the official list of Nasdaq Helsinki Ltd ("Nasdaq
Helsinki"). 

The Offeror and the Company have on 13 July 2020 (the "Announcement Date")
entered into a combination agreement (the "Combination Agreement") pursuant to
which the Offeror makes the Tender Offer. The Tender Offer was announced by the
Offeror on 13 July 2020. 

Offer Price

The price offered for each Share validly tendered in accordance with the terms
and conditions of the Tender Offer is EUR 11.50 in cash (the "Offer Price"). 

The Offer Price has been determined based on 150,197,895 issued and outstanding
Shares as at the Announcement Date. Should the number of Shares issued and
outstanding on the Announcement Date change as a result of a new share issue,
reclassification, stock split or any other similar transaction, or should the
Company distribute a dividend or otherwise distribute funds or any other assets
to its shareholders, or should a record date with respect to any of the
foregoing occur prior to the Settlement Date (as defined below), the Offer
Price shall be reduced accordingly on a euro-for-euro basis, whereby the offer
price so reduced shall constitute the Offer Price as defined under these terms
and conditions of the Tender Offer (it being understood that in the event of an
increase in the number of Shares, only the consideration payable for each Share
will be reduced accordingly without any reduction in the total aggregate
consideration payable by the Offeror). Any reduction of the Offer Price
pursuant to the above shall be announced by way of a stock exchange release. If
the Offer Price is increased or reduced, the Offer Period (as defined below)
shall continue for at least ten (10) Finnish banking days following such
announcement. 

Offer Period

The acceptance period under the Tender Offer (the "Offer Period") commences on
13 August 2020 at 9:30 a.m. (Finnish time) and expires on 22 October 2020 at
4:00 p.m. (Finnish time), unless the Offer Period is extended as set forth
below. 

The Offeror may extend the Offer Period (i) from time to time until such time
when all of the Conditions to Completion (as defined below) have been fulfilled
or waived, (ii) in case of any competing offer as referred to in Chapter 11,
Section 17 of the Securities Market Act, and (iii) with a Subsequent Offer
Period (as defined below) in connection with the announcement of the final
result of the Tender Offer whereby the Offeror also declares the Tender Offer
unconditional, all as set forth below. 

The Offeror will announce any extension of the Offer Period through a stock
exchange release at the latest on the first (1st) Finnish banking day following
the expiry of the Offer Period, i.e. on 23 October 2020. The Offeror will
announce any extension of an already extended Offer Period at the latest on the
first (1st) Finnish banking day following the expiry of the extended Offer
Period. The Offer Period may be extended for a specified period of time or
until further notice. However, the duration of any possible extension of the
Offer Period or an already extended Offer Period shall be at least two (2)
weeks from the date of the announcement by the Offeror concerning such
extension. If the Offeror extends the Offer Period, the Offer Period will
expire on the date and at the time until which the Offeror extends the Offer
Period unless the extended Offer Period is discontinued as set forth below or
the Offer Period is extended until further notice, in which case the Offer
Period will continue until discontinued as set forth below. 

According to Chapter 11, Section 12 of the Securities Market Act, the duration
of the Offer Period in its entirety may be ten (10) weeks at the maximum.
However, if the Conditions to Completion (as defined below) have not been
fulfilled due to a particular obstacle as referred to in the Regulations and
Guidelines 9/2013 on Takeover Bids and Mandatory Bids (as amended) issued by
the Finnish Financial Supervisory Authority (the "FFSA") such as, for example,
pending approval by a competition authority, the Offeror may extend the Offer
Period beyond ten (10) weeks until such obstacle has been removed and the
Offeror has had a reasonable time to respond to the situation in question,
provided that the business operations of the Company are not hindered for
longer than is reasonable, as referred to in Chapter 11, Section 12, Subsection
2 of the Securities Market Act. The Offer Period may also be extended as
required under applicable laws and regulations. The expiry date of any extended
Offer Period will in such case, unless published in connection with the
announcement of the extension of the Offer Period, be published by the Offeror
at least two (2) weeks before such expiry. Further, any Subsequent Offer Period
(as defined below) may extend beyond ten (10) weeks. 

The Offeror may discontinue any extended Offer Period should all the Conditions
to Completion (as defined below) be fulfilled or waived by the Offeror before
the expiry of the extended Offer Period, and execute the sale and purchase of
the Shares validly tendered and not properly withdrawn in accordance with
section "-Terms of Payment and Settlement of Shares" below. If the Offeror
discontinues an extended Offer Period, the Offeror will announce its decision
thereon through a stock exchange release as soon as possible after such
decision has been made and, in any case, at least two (2) weeks before the
expiry of the extended Offer Period to be discontinued. If the Offeror
discontinues the extended Offer Period, the extended Offer Period will expire
on such earlier date and at the time indicated in the announcement made by the
Offeror. 

The Offeror reserves the right to extend the Offer Period in connection with
the announcement of the final result of the Tender Offer as set forth in
section "-Announcement of the Result of the Tender Offer" below (such extended
Offer Period shall be referred to as the "Subsequent Offer Period"). In the
event of such Subsequent Offer Period, the Subsequent Offer Period will expire
on the date and at the time determined by the Offeror in the announcement
concerning the final result of the Tender Offer. The expiration of a Subsequent
Offer Period will be announced by way of a stock exchange release at least two
(2) weeks before the expiry of such Subsequent Offer Period. The Offeror may
also extend the Subsequent Offer Period by announcing this through a stock
exchange release at the latest on the first (1st) Finnish banking day following
the initially expected expiry of the Subsequent Offer Period. 

Conditions to Completion of the Tender Offer

The obligation of the Offeror to accept for payment the tendered Shares and to
complete the Tender Offer is subject to the fulfillment or, to the extent
permitted by applicable laws and regulations, waiver by the Offeror of each of
the following conditions agreed upon in the Combination Agreement (jointly, the
"Conditions to Completion") on or prior to the date of the Offeror's
announcement of the final result of the Tender Offer in accordance with the
Securities Market Act: 

  1. the valid tender of Shares representing, together with any other Shares
     otherwise acquired by the Offeror prior to or during the Offer Period, more
     than two thirds of the issued and outstanding Shares and voting rights in
     the Company;

  2. the receipt of all necessary regulatory approvals, permits and consents,
     including merger control clearances, the Offeror being obliged to propose
     and take any such actions, including fulfilling any conditions set or
     remedies or commitments required under such approvals, permits, consents or
     clearances, including any requirements to divest or hold separate any
     assets or operations, or to reorganize the business of the Offeror, the
     Offeror's affiliates, the Company or the Company's affiliates, in order to
     ensure that the condition under this section 2) is satisfied;

  3. no Material Adverse Change (as defined below) having occurred after the
     Announcement Date;

  4. the Offeror not, after the Announcement Date, having received information
     previously undisclosed to it that constitutes a Material Adverse Change (as
     defined below);

  5. no information made public by the Company being materially inaccurate,
     incomplete, or misleading, and the Company not having failed to make public
     any information that should have been made public by it under applicable
     laws and regulations or the rules of Nasdaq Helsinki, provided that, in
     each case, the information made public, or the failure to make information
     public, constitutes a Material Adverse Change (as defined below);

  6. no court or regulatory authority of competent jurisdiction having given an
     order or issued any regulatory action preventing, postponing or materially
     challenging the completion of the Tender Offer in accordance with its
     terms;

  7. the Board of Directors of the Company having issued the recommendation and
     the recommendation remaining in full force and effect and not having been
     withdrawn, modified or changed to the detriment of the Tender Offer;

  8. the Combination Agreement not having been terminated and remaining in force
     and no event having occurred that would give the Offeror the right to
     terminate the Combination Agreement; and

  9. the undertaking issued by Cevian Capital to accept the Tender Offer
     remaining in force in accordance with its terms.


"Material Adverse Change" means (i) any divestment or reorganization of all or
any material part of the assets of the Company and its affiliates, in each case
taken as whole; or (ii) any event, condition, circumstance, development,
occurrence, change, effect or fact (any such item an "Effect") that
individually or in the aggregate when combined with other Effects, has, results
in or would reasonably be expected to have or result in a material adverse
effect on the business, assets, financial condition or results of operations of
the Company and its affiliates, in each case taken as a whole, at any time or
over time, excluding 

  1. any Effect in political, financial, industry, economic or regulatory
     conditions generally to the extent not having a disproportionate effect on
     the Company and its affiliates, in each case taken as a whole, relative to
     other companies in the same industry;

  2. any Effect resulting from or caused by natural disasters, outbreak of major
     hostilities, a pandemic caused by a virus (such as Corona) or any act of
     war or terrorism to the extent not having a disproportionate effect on the
     Company and its affiliates, in each case taken as a whole, relative to
     other companies in the same industry;

  3. any Effect resulting from any actions taken by the Company at the express
     written request of the Offeror; and

  4. any Effect attributable to an act or omission carried out or omitted by the
     Offeror in connection with the Tender Offer or otherwise, or the
     announcement or completion of the Tender Offer (including the effect of any
     change of control or similar clauses in contracts entered into by the
     Company and its affiliates).


For the sake of clarity, under no circumstances shall any Material Adverse
Change be deemed to exist to the extent the Effect causing the alleged Material
Adverse Change has been fairly disclosed to the Offeror as set out in the
Combination Agreement. 

The Offeror reserves the right to withdraw the Tender Offer in the event that
any of the above Conditions to Completion is not fulfilled. The Offeror has the
right to cause the Tender Offer not to proceed, to lapse or to be withdrawn if
any of the Conditions to Completion becomes, in the reasonable opinion of the
Offeror, incapable of satisfaction, provided that the Effect which gives rise
to the right to invoke the relevant Condition to Completion has material
significance to the Offeror in view of the Tender Offer, as referred to in the
Regulations and Guidelines 9/2013 on Takeover Bids and Mandatory Bids (as
amended) issued by the FFSA. 

The Conditions to Completion set out herein are the exhaustive conditions for
the completion of the Tender Offer. The Offeror reserves the right to waive, to
the extent permitted by applicable laws and regulations, any of the Conditions
to Completion that have not been satisfied. If all the Conditions to Completion
have been fulfilled or the Offeror has waived the requirement for the
fulfilment of all or some of them, which will be announced by way of a stock
exchange release no later than on the date the Offeror announces the final
result of the Tender Offer, the Offeror will complete the Tender Offer in
accordance with the terms and conditions of the Tender Offer after the
expiration of the Offer period (as extended, as the case may be) by purchasing
Shares validly tendered in the Tender Offer and paying the Offer Price to the
shareholders that have validly accepted the Tender Offer in accordance with
section "-Terms of Payment and Settlement of Shares" below. 

Obligation to Increase the Tender Offer or to Pay Compensation

The Offeror reserves the right to acquire Shares in public trading on Nasdaq
Helsinki or otherwise outside the Tender Offer before, during and after the
Offer Period (as extended, as the case may be) and any Subsequent Offer Period
to the extent permitted by applicable laws and regulations. 

Should the Offeror or any party acting in concert with it as referred to in
Chapter 11, Section 5 of the Securities Market Act acquire Shares after the
Announcement Date and before the expiry of the Offer Period (including any
Subsequent Offer Period) at a higher price than the Offer Price, or otherwise
on terms that are more favorable than those of the Tender Offer, the Offeror
must, according to Chapter 11, Section 25 of the Securities Market Act, amend
the terms and conditions of the Tender Offer to correspond to such acquisition
on more favorable terms (obligation to increase the offer). The Offeror shall
then, without delay, make public the increase obligation and pay, in connection
with the completion of the Tender Offer, the difference between the more
favorable acquisition terms and the consideration offered in the Tender Offer
to the holders of Shares who have accepted the Tender Offer. 

Should the Offeror or any party acting in concert with it as referred to in
Chapter 11, Section 5 of the Securities Market Act acquire Shares within nine
(9) months after the expiry of the Offer Period (including any Subsequent Offer
Period) at a higher price than the Offer Price, or otherwise on more favorable
terms than those of the Tender Offer, the Offeror must, according to Chapter
11, Section 25 of the Securities Market Act, compensate those holders of
securities who have accepted the Tender Offer for the amount equal to the
difference between the more favorable acquisition terms and the consideration
offered in the Tender Offer (obligation to compensate). The Offeror shall then,
without delay, make public the compensation obligation and pay the difference
between the more favorable acquisition terms and the consideration offered in
the Tender Offer within one (1) month after the date when the compensation
obligation arose to the holders of Shares who have accepted the Tender Offer. 

However, according to Chapter 11, Section 25, Subsection 5 of the Securities
Market Act, the compensation obligation shall not arise in case the payment of
a higher price than the Offer Price is based on an arbitral award pursuant to
the Finnish Companies Act, provided that the Offeror or any party acting in
concert with it as referred to in Chapter 11, Section 5 of the Securities
Market Act has not offered to acquire Shares on terms that are more favorable
than those of the Tender Offer before or during the arbitral proceedings. 

Acceptance Procedure of the Tender Offer

The Tender Offer may be accepted by a shareholder registered during the Offer
Period in the shareholders' register of Neles, with the exception of Neles and
its subsidiaries. The Tender Offer must be accepted separately for each
book-entry account. A shareholder of the Company giving the acceptance must
have a cash account with a financial institution operating in Finland or abroad
(see also "-Terms of Payment and Settlement of Shares" and "Important
Information"). A shareholder may only accept the Tender Offer unconditionally
and with respect to all Shares on the book-entry account mentioned in the
acceptance form on the date and time of the execution of the sale and purchase
of the Shares. An acceptance given during the Offer Period is effective also
until the end of any extended Offer Period. 

Most of the Finnish book-entry account operators are expected to send a
notification of the Tender Offer, including instructions and the relevant
acceptance form to their customers who are registered as shareholders in the
shareholders' register of the Company maintained by Euroclear Finland Oy
("Euroclear"). Shareholders of Neles who do not receive such instructions or an
acceptance form from their book-entry account operator or asset manager should
primarily contact their book-entry account operator or asset manager.
Secondarily, such shareholders can contact SEB by sending an email to
[e-mail] in order to receive information for submitting their
acceptance. 

A shareholder whose shareholdings are registered in the name of a nominee and
who wishes to accept the Tender Offer shall effect such acceptance in
accordance with the nominee's instructions. The Offeror will not send
acceptance forms or other documents related to the Tender Offer to shareholders
whose Shares are registered in the name of a nominee. 

Pledged Shares may only be tendered with the consent of the relevant pledgee.
The obtaining of such consent shall be the responsibility of the relevant
shareholder in the Company. The consent by the pledgee shall be delivered to
the book-entry account operator in writing. 

A shareholder in the Company who is registered as a shareholder in the
shareholders' register of the Company and who wishes to accept the Tender Offer
shall submit a properly completed and duly executed acceptance form to the
book-entry account operator managing the shareholder's book-entry account in
accordance with its instructions and within the time limit set by the
book-entry account operator or, in the case such book-entry account operator
does not accept acceptance notifications, such shareholder shall contact
primarily its own bank to give its acceptance to tender its Shares, or
secondarily contact SEB by sending an email to [e-mail] for further
information. The acceptance form shall be submitted so that it is received
during the Offer Period or, if the Offer Period has been extended, during such
extended Offer Period, however, always in accordance with the instructions of
the relevant book-entry account operator. In the event of a Subsequent Offer
Period, the acceptance form shall be submitted so that it is received during
the Subsequent Offer Period, however, always in accordance with the
instructions of the relevant book-entry account operator. The method of
delivery of acceptance forms is at the shareholder's option and risk, and the
delivery will be deemed made only when actually received by the relevant
book-entry account operator. The Offeror reserves the right to reject any
acceptance given in an incorrect or incomplete manner. The Offeror may also
reject any partial tender of the Shares per book-entry account. 

By accepting the Tender Offer, the shareholder of the Company authorizes the
book-entry account operator managing the shareholder's book-entry account to
enter a transfer restriction or a sales reservation on the shareholder's
book-entry account after the shareholder has delivered its acceptance of the
Tender Offer. In addition, the shareholder who has accepted the Tender Offer
authorizes the book-entry account operator managing the shareholder's
book-entry account to perform the necessary entries and to take all other
actions required to technically execute the Tender Offer and to sell all the
Shares held on such book-entry account at the time of the execution of trades
under the Tender Offer to the Offeror in accordance with the terms and
conditions of the Tender Offer. 

A shareholder that has validly accepted the Tender Offer and that has not
properly withdrawn its acceptance in accordance with the terms and conditions
of the Tender Offer may not sell or otherwise dispose of its tendered Shares. A
transfer restriction in respect of the Shares will be registered in the
relevant book-entry account after a shareholder has submitted the acceptance
for the Tender Offer. If the Tender Offer is not completed or if the acceptance
is properly withdrawn by the shareholder in accordance with the terms and
conditions of the Tender Offer, the transfer restriction registered on the
tendered Shares in the relevant book-entry account will be removed as soon as
possible and within approximately three (3) Finnish banking days following the
announcement that the Tender Offer will not be completed or the receipt of a
notice of withdrawal in accordance with the terms and conditions of the Tender
Offer. 

Right of Withdrawal of the Acceptance

In accordance with Chapter 11, Section 16, Subsection 1 of the Securities
Market Act, the acceptances for the Shares validly tendered in accordance with
the terms and conditions of the Tender Offer may be withdrawn at any time
during the Offer Period or, if the Offer Period has been extended, during such
extended Offer Period, until the Offeror has announced that all the Conditions
to Completion have been fulfilled or the Offeror has waived the right to invoke
them, that is, the Offeror has announced the Tender Offer unconditional. After
such announcement, the acceptances for the Shares already tendered may not be
withdrawn except in the event that a third party announces a competing public
tender offer for the Shares before the execution of the sale and purchase of
the Shares in accordance with section "-Terms of Payment and Settlement of
Shares" below. The holders of the Shares validly tendered may also withdraw
their acceptance during the Offer Period if the Offer Period has lasted over
ten (10) weeks and the completion trades with respect to such Shares have not
been executed. 

The proper withdrawal of the acceptance for Shares validly tendered requires
the submission of a written notice of withdrawal to the same book-entry account
operator to whom the acceptance form with respect to such Shares was submitted.
In case of holdings that are registered in the name of a nominee, the holders
of Shares shall instruct the nominee to submit the notice of withdrawal. 

If a holder of Shares registered in the Finnish book-entry securities system
withdraws his/her acceptance of the Tender Offer in accordance with the terms
and conditions of the Tender Offer, the transfer restriction registered on the
tendered Shares in the relevant book-entry account will be removed as soon as
possible and within approximately three (3) Finnish banking days following the
receipt of a notice of withdrawal in accordance with the terms and conditions
of the Tender Offer. 

A holder of Shares who has validly withdrawn its acceptance of the Tender Offer
may accept the Tender Offer again during the Offer Period at any time prior to
the expiry of the Offer Period or, if the Offer Period has been extended, prior
to the expiry of such extended Offer Period or during the Subsequent Offer
Period, if any, by following the acceptance procedures described in
"-Acceptance Procedure of the Tender Offer" above. 

The book-entry account operator managing the relevant book-entry account, or
the nominee may charge a fee for withdrawals in accordance with its price list. 

In the event of a Subsequent Offer Period, the acceptance of the Tender Offer
shall be binding and cannot be withdrawn, unless otherwise provided under
mandatory law. 

Announcement of the Result of the Tender Offer

The Offeror will announce the preliminary result of the Tender Offer on or
about the first (1st) Finnish banking day following the expiry of the Offer
Period (as extended or discontinued, as the case may be). In connection with
the announcement of the preliminary result of the Tender Offer, the Offeror
will announce whether the Tender Offer will be completed subject to the
Conditions to Completion being fulfilled or waived on the date of the
announcement of the final result of the Tender Offer, and whether the Offer
Period will be extended. 

The Offeror will announce the final result of the Tender Offer on or about the
third (3rd) Finnish banking day following the expiry of the Offer Period (as
extended or discontinued, as the case may be). The announcement of the final
result will confirm (i) the percentage of the Shares that have been validly
tendered and not properly withdrawn and (ii) whether the Tender Offer will be
completed. 

In the event of a Subsequent Offer Period, the Offeror will announce the
initial percentage of the Shares validly tendered during the Subsequent Offer
Period on or about the first (1st) Finnish banking day following the expiry of
the Subsequent Offer Period and the final percentage on or about the third
(3rd) Finnish banking day following the expiry of the Subsequent Offer Period. 

Terms of Payment and Settlement of Shares

The sale and purchase of the Shares validly tendered and not properly withdrawn
in accordance with the terms and conditions of the Tender Offer will be
executed no later than on the fifth (5th) Finnish banking day following the
announcement of the final result of the Tender Offer (the "Closing Date"). The
sale and purchase of the Shares will take place on Nasdaq Helsinki if permitted
by the rules applicable to securities trading on Nasdaq Helsinki. Otherwise,
the sale and purchase of the Shares will take place outside of Nasdaq Helsinki. 

The date for the settlement of the above completion of trades (the "Settlement
Date") will be the Closing Date or the first (1st) Finnish banking day
following the Closing Date. The payment of the Offer Price will be made on the
Settlement Date into the bank account connected to the shareholder's book-entry
account or, in the case of shareholders whose holdings are registered in the
name of a nominee, into the bank account specified by the custodian or nominee.
The Offer Price will not be paid to a bank account situated in Canada, Japan,
Australia, South Africa, Hong Kong Special Administrative Region of the
People's Republic of China or New Zealand, or any other jurisdiction where the
Tender Offer is not to be made (see "Important Information" above), and all
guidance from custodians or nominees specifying bank accounts in such
jurisdictions will be rejected. The actual time of receipt for the payment by
the shareholder will depend on the schedules of money transactions between
financial institutions and agreements between the holder and book-entry account
operator, custodian or nominee in each case. 

In the event of a Subsequent Offer Period, the Offeror shall in connection with
the announcement thereof announce the terms of payment and settlement for the
Shares tendered during the Subsequent Offer Period. The completion trades with
respect to Shares validly tendered in accordance with the terms and conditions
of the Tender Offer during any Subsequent Offer Period shall, however, be
executed at least within two (2) week intervals. 

The Offeror reserves the right to postpone the payment of the Offer Price if
payment is prevented or suspended due to a force majeure event, but shall
immediately effect such payment once the force majeure event preventing or
suspending payment is resolved. 

If all the Conditions to Completion are not met and the Offeror does not waive
such conditions or extend the Offer Period, the Tender Offer will be
terminated, and no consideration will be paid for the tendered Shares. 

Transfer of Ownership

Title to the Shares validly tendered and not validly withdrawn in the Tender
Offer will pass to the Offeror against the payment of the Offer Price by the
Offeror to the tendering shareholder. 

Transfer Tax and Other Payments

The Offeror will pay the transfer taxes, if any, relating to the sale and
purchase of the Shares in connection with the completion of the Tender Offer. 

Fees charged by book-entry account operators, asset managers, nominees or any
other person for registering the release of any pledges or other possible
restrictions preventing a sale of the relevant Shares, as well as fees relating
to a withdrawal of an acceptance by a shareholder in accordance with "-Right of
Withdrawal of the Tender Offer" above, will be borne by each shareholder. The
Offeror shall be responsible for other customary fees relating to book-entry
registrations required for the purposes of the Tender Offer, the sale and
purchase of the Shares tendered under the Tender Offer and the payment of the
Offer Price. 

The receipt of cash pursuant to the Tender Offer by a shareholder may be a
taxable transaction for the respective shareholder under applicable tax laws,
including those of the country of residency of the shareholder. Any tax
liability arising to a shareholder from the receipt of cash pursuant to the
Tender Offer shall be borne by the respective shareholder. Each shareholder is
urged to consult their independent professional adviser regarding the tax
consequences of accepting the Tender Offer. 

Other Matters

The Tender Offer and this Tender Offer Document are governed by Finnish law and
all disputes relating thereto shall be exclusively settled by Finnish courts of
competent jurisdiction. 

The Offeror reserves the right to amend the terms and conditions of the Tender
Offer in accordance with Chapter 11, Section 15, Subsection 2 of the Securities
Market Act. In addition, subject to the provisions of the Combination
Agreement, the Offeror reserves the right to extend the Offer Period and to
amend the terms and conditions of the Tender Offer (including a potential
withdrawal of the Tender Offer) in accordance with Chapter 11, Section 17 of
the Securities Market Act if, during the Offer Period or any extended Offer
Period, a third party announces a competing public tender offer for the Shares. 

Any extension, delay, termination or amendment of the Tender Offer will be
announced by way of a stock exchange release to be issued in accordance with
applicable laws and regulations. The Offeror shall have sole discretion to
determine all other issues relating to the Tender Offer, subject to applicable
laws and regulations as well as the provisions of the Combination Agreement. 

Other Information

SEB acts as the arranger in relation to the Tender Offer, which means that it
performs certain administrative services relating to the Tender Offer. This
does not mean that a person who accepts the Tender Offer (the "Participant")
will be automatically regarded as a customer of SEB. A Participant will be
regarded as a customer only if SEB has provided advice to the Participant or
has otherwise contacted the Participant personally regarding the Tender Offer.
If the Participant is not regarded as a customer, the rules regarding the
protection of investors pursuant to the Finnish Act on Investment Services
(747/2012, as amended) will not be applicable to the acceptance. This means,
among other things, that neither the so-called customer categorization nor the
so-called appropriateness test will be performed with respect to the Tender
Offer. Each Participant is therefore responsible for ensuring that it has
sufficient experience and knowledge to understand the risks associated with the
Tender Offer. 

Important Information regarding NID and LEI

According to Directive 2014/65/EU (MiFID II) of the European Parliament and of
the Council, all investors must have a global identification code from 3
January 2018 in order to carry out a securities transaction. These requirements
require legal entities to apply for registration of a LEI (Legal Entity
Identifier) code, and natural persons need to provide their NID (National ID or
National Client Identifier) to accept the Tender Offer. The person's legal
status determines whether a LEI or NID number is required and the book-entry
account operator may be prevented from performing the transaction to the person
if the LEI or NID number is not provided. Legal persons who need to obtain a
LEI code can contact one of the suppliers available on the market. Those who
intend to accept the Tender Offer are encouraged to apply for registration of a
LEI code (legal persons) or to acquire their NID number (natural persons) well
in advance, as this information is required on the acceptance form at the time
of its submission. 

Information regarding Processing of Personal Data

Those who accept the Tender Offer will submit personal data, such as name,
address and social security number, to SEB, who is the controller of the
processing. Personal data provided to SEB will be processed in data systems to
the extent required to administer the Tender Offer. Personal data obtained from
sources other than the customer may also be processed. Personal data may also
be processed in the data systems of companies with which SEB cooperates.
Address details may be obtained by SEB through an automatic procedure executed
by Euroclear. Additional information on processing of personal data by SEB,
including details on how to exercise data subjects' rights, may be found at
https://sebgroup.com/site-assistance/privacy-policy.

Attachment:
https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=786472