The Board of Scania Criticises MAN's Offer

STOCKHOLM, Sweden--The Board of Directors of Scania (STO:SCVA) notes that MAN’s All Cash Alternative is currently worth SEK 464 per share*. This is a lower price than we understand was the highest SEK equivalent price paid by MAN to acquire Scania shares in the market, which was the basis for the modified offer. Furthermore, the Board of Directors notes that the terms of MAN’s offer as represented in the offer document are substantially the same as those published by MAN on 12 October. However, MAN has omitted to include in the document that the Board of Directors of Scania rejected the offer on 12 October. Scania will raise both of the above issues with the Swedish Securities Council.

The Board of Directors will finalise its review and revert with a full response and reasoned statement to MAN’s offer in due course.

* Using the SEK/EURO exchange rate of 9.0490, derived from WM/Reuters as of 16:00 (London time) 16 November 2006

Scania is one of the world’s leading manufacturers of trucks and buses for heavy transport applications, and of industrial and marine engines. A growing proportion of the company’s operations consists of products and services in the financial and service sectors, assuring Scania customers of cost-effective transport solutions and maximum uptime. Employing 32,000 people, Scania operates in about 100 countries. Research and development activities are concentrated in Sweden, while production plants are located in Europe and South America, with facilities for the global exchange of both components and finished vehicles. In 2005, revenue totalled SEK 63.3 billion and net income amounted to SEK 4.7 billion.

Scania’s press releases are available on the Internet at www.scania.com.

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