Scana — AGM Information 2016

Apr 6, 2016

To the shareholders of Scana Industrier ASA

NOTICE OF ANNUAL GENERAL MEETING

The Board of Directors hereby convenes the Annual General Meeting (AGM) of Scana Industrier ASA to take place at the company's offices (Strandkaien 2), Stavanger, Norway, on 26 April 2016 at 17:00 (CET). Styret innkaller herved til ordinær generalforsamling i Scana Industrier ASA den 09. mai 2012, kl. 17:30, på Radisson SAS Atlantic Hotell, Stavanger.

Agenda: Følgende saker foreligger til behandling:

1. Opening of the meeting by the Chairman of the Board 1. Åpning av generalforsamlingen ved styrets formann

The Chairman of the Board or a person appointed by him chairs the meeting in accordance with § 8 of the Company's Articles of Association. Styrets formann skal være møteleder i samsvar med § 8 i Selskapets vedtekter.

2. Compilation of a list of attending shareholders and proxies 2. Opprettelse av fortegnelse over fremmøtte aksjeeiere og fullmakter

• 3. Appointment of an attendee to co-sign the minutes with the Chairman of the meeting 3. Valg av person til å medundertegne protokollen sammen med møteleder
• 4. Approval of the meeting notice and the agenda 4. Godkjenning av møteinnkalling og dagsorden
• 5. Approval of the annual report and accounts for the fiscal year 2015, including distribution of dividends 5. Godkjennelse av årsregnskap og årsberetning for regnskapsåret 2011, herunder utdeling av utbytte.

The Board proposes that no dividends are distributed for 2015.

6. Determining the remuneration for the Board and the Election Committee

The Election Committees' proposal for remuneration to the Board and Election Committee for 2016/2017 will be published prior to the AGM. 2012/2013 som følger:

7. Stipulation of auditor's fee

The Board recommends that the AGM set the auditor's fee for 2015 as follows: - NOK 2.500,- pr. møte for valgkomiteens leder.

Audit: NOK 376,000,-

8. Election of members to the Board of Directors 7. Fastsettelse av revisors honorar

The following persons are for election: Styret foreslår at generalforsamlingen fastsetter slik godtgjørelse til revisor for 2011:

• Elisabeth Saupstad, Board member For revisjon: NOK 300 000,-
• Per Anders Ravnestad, Chairman
• Sindre Ertvaag, Board member

The Election Committees' proposal for board composition will be published prior to the AGM.

9. Authorisation for the Board to repurchase own shares

In order to provide for flexibility in connection with possible acquisitions, the Board proposes that the AGM grant the Board an authorisation to repurchase own shares in the Company.

The Board's proposal for resolution is attached to this notice as Appendix 2.

10. Authorisation for the Board to issue shares

In order to provide for flexibility in connection with; a) potential acquisitions, b) strengthening of the company's capital structure and c) private placements towards the Company's senior employees, the Board proposes that the AGM grants the Board an authorisation to undertake one or more capital increases for the fulfilment of the following objectives:

a) Capital increase in conjunction with potential acquisitions

The basis for this proposal is that the company may have a need to issue shares on short notice as settlement in conjunction with the financing of strategic investments and acquisitions. It is therefore appropriate that the Board is enabled by authorisation to undertake a consecutive evaluation and adaption of the need to issue new shares and/or additional capital.

b) Capital increase in conjunction with the strengthening of the company's capital structure INNKALLING TIL ORDINÆR GENERALFORSAMLING

The basis for this proposal is that the company may have a need for further funding on short notice in conjunction with the development and possible expansion of the company's business. It is therefore appropriate that the Board is enabled by authorisation to undertake a consecutive evaluation and adaption of the need for further funding. Styret innkaller herved til ordinær generalforsamling i Scana Industrier ASA den 09. mai 2012, kl. 17:30, på Radisson SAS Atlantic Hotell, Stavanger. Følgende saker foreligger til behandling:

c) Capital increase in conjunction with private placements towards the Company's senior employees 1. Åpning av generalforsamlingen ved styrets formann

The basis for this proposal is that the company may need flexibility to allot shares, subscription rights, options etc. to senior employees as part of incentive schemes etc. Styrets formann skal være møteleder i samsvar med § 8 i Selskapets vedtekter.

The Board's proposed resolution is attached to this notice as Appendix 3. The AGM shall vote on each of the abovementioned objectives for granting the Board an authorisation to undertake capital increases. 2. Opprettelse av fortegnelse over fremmøtte aksjeeiere og fullmakter 3. Valg av person til å medundertegne protokollen sammen med møteleder

11. The Board's statement regarding salary and other remuneration for the Company's senior employees 4. Godkjenning av møteinnkalling og dagsorden

In accordance with section 6-16a of the Public Limited Companies Act, the Board has prepared a statement on the setting of salaries and other remuneration for senior management for the next fiscal year, to be discussed at the AGM. 5. Godkjennelse av årsregnskap og årsberetning for regnskapsåret 2011, herunder utdeling av utbytte.

The AGM will consider the Board's guidelines for senior management salary stipulations by an advisory vote, whereas the guidelines for remunerations related to shares or the development of share price in Scana Industrier ASA must be approved by the AGM. The content of the statement is included in annotation 10 of the annual accounts for 2015. Styret foreslår for generalforsamlingen at det ikke utdeles utbytte for 2011. 6. Fastsettelse av styrets og valgkomiteens honorar

12. Statement on corporate governance pursuant to Section 3-3b of the Norwegian Accounting Act Valgkomiteen foreslår at den ordinære generalforsamling fastsetter godtgjørelsen for styrets medlemmer for 2012/2013 som følger:

Pursuant to Section 5-6 (4) of the Norwegian Public Limited Liability Companies Act, the general meeting shall consider the statement on corporate governance submitted in accordance with Section 3-3b of the Norwegian Accounting Act. The statement is made available on the company's website www.scana.no. At the general meeting, the chairman of the meeting will describe the main contents of the statement. The statement shall not be subject to a cast of vote at the general meeting. Styrets leder: NOK 300 000,- Styremedlemmer: NOK 200 000,- hver Det foreslås at generalforsamlingen fastsetter godtgjørelse til valgkomiteen som følger: - NOK 2.500,- pr. møte for valgkomiteens leder.

13. Change of company name

Due the company over the last year having changed character and strategy from a traditional industrial group to an industrial investment company, the board proposes that the company's name is changed. The proposed new name is Incus Investor ASA. A change of the company's name will entail a change of section 1 in the articles of association to: 7. Fastsettelse av revisors honorar Styret foreslår at generalforsamlingen fastsetter slik godtgjørelse til revisor for 2011:

"The company's name shall be Incus Investor ASA. The company is a public limited liability company."

Guidelines for attendance

Styremedlemmer: NOK 200 000,- hver

The Company's registered share capital is as per date of this notice NOK 107,511,831 divided on 107,511,831 shares. Each share represents one vote.

All shareholders are entitled to attend the AGM in person or by proxy. A shareholder has the unrestricted right to attend the AGM provided that (i) the shareholder is registered as a shareholder or can prove in some way his/her ownership of shares and (ii) is present at the opening of the AGM.

Shareholders who wish to be represented at the AGM are requested to notify the company no later than 22 April 2016, by sending in the enclosed attendance slip. However, the submission of the attendance slip is not a requirement for attending the AGM.

All shareholders are entitled to authorise any natural person or legal entity to attend the AGM on his/her behalf. The authorisation must be in writing, with an approved signature and issued to one specific person. Voting instructions should be included with the authorisation. The proxy form included in the attendance slip shall be used. If the shareholder is a legal entity or a minor, proof of the signature's validity must be enclosed with the authorisation.

All shareholders are entitled to have their questions dealt with at the AGM if they have been submitted in writing to the Board on time. Questions should be submitted to the Board in sufficient time prior to the AGM to allow for preparation of a new notice. In accordance with Section 5-14 (1) of the Public Limited Companies Act, the AGM can only deal with issues that have been included in the notice of general meeting. Questions submitted after the closing date will normally not be addressed. However, in accordance with Section 5-14 (2) of the Public Limited Companies Act, the following matters may still be addressed at the meeting; (i) matters that according to law or the Articles of Association must be addressed at the meeting, (ii) the motion for an inquiry; and (iii) proposals to convene a new general meeting in order to resolve proposals that were put forward during the current general meeting. Scana Industrier ASA INNKALLING TIL ORDINÆR GENERALFORSAMLING Styret innkaller herved til ordinær generalforsamling i Scana Industrier ASA den 09. mai 2012, kl. 17:30, på Radisson SAS Atlantic Hotell, Stavanger. Følgende saker foreligger til behandling:

In accordance with Section 5-15 of the Public Limited Companies Act, a shareholder can at the AGM request from board members and the Group Chief Executive information regarding aspects that may impact the judgment of (i) the approval of the annual accounts and the directors report, and (ii) matters that are put forward at the general meeting for adoption and (iii) the economic state of the Company and associated companies, as well as other matters treated by the AGM, unless such information can not be given without imposing unreasonable damage to the Company. 1. Åpning av generalforsamlingen ved styrets formann Styrets formann skal være møteleder i samsvar med § 8 i Selskapets vedtekter. 2. Opprettelse av fortegnelse over fremmøtte aksjeeiere og fullmakter

The annual accounts and directors' report for 2015, including the statement on corporate governance pursuant to Section 3-3b of the Norwegian Accounting Act will according to the company's Articles of Association be made available for downloading at www.scana.no, and is therefore not enclosed to this notice. The notice is sent each shareholder by regular mail, and can be found on www.scana.no. 3. Valg av person til å medundertegne protokollen sammen med møteleder

***

Stavanger, 5th of April 2016

On behalf of the Board of Directors of Scana Industrier ASA Valgkomiteen foreslår at den ordinære generalforsamling fastsetter godtgjørelsen for styrets medlemmer for

---

Per Ravnestad, Chairman of the Board

Appendix 1: Attendance slip and proxy form Appendix 2: Proposed resolution – Authorisation for the Board to repurchase own shares Appendix 3: Proposed resolution – Authorisation for the Board to increase the share capital - NOK 1.500,- hver pr. møte for valgkomiteens medlemmer. 7. Fastsettelse av revisors honorar

Appendix 1 – Attendance slip and Authorisation

Attendance slip

If you wish to attend at the annual general meeting, please send this notification to: Scana Industrier ASA, v/Torunn Hognestad, P.O. Box 878, N-4004 Stavanger, Norway. The notification must be received by Scana Industrier ASA within 22 April 2016. (telefax +47 51 91 99 80, e-mail torunn.hognestad@scana.no).

_______________________________________________________________________________

The undersigned will attend the ordinary general meeting in Scana Industrier ASA on 26 April 2016 at 17:00 and vote for:

……………… personal shares Number Styret innkaller herved til ordinær generalforsamling i Scana Industrier ASA den 09. mai 2012, kl. 17:30, på Radisson SAS Atlantic Hotell, Stavanger.

……………… other's shares according to enclosed authorisation Number 1. Åpning av generalforsamlingen ved styrets formann Styrets formann skal være møteleder i samsvar med § 8 i Selskapets vedtekter.

Total ……………… shares Number 3. Valg av person til å medundertegne protokollen sammen med møteleder

.......................................... .................................................................... Place and date Signature (please repeat with capital letters) 6. Fastsettelse av styrets og valgkomiteens honorar

Valgkomiteen foreslår at den ordinære generalforsamling fastsetter godtgjørelsen for styrets medlemmer for

Any authorisation to meet and to vote for others to be enclosed in copies and presented in original at the general meeting. 2012/2013 som følger: Styrets leder: NOK 300 000,-

Authorisation

If you wish to vote by Proxy at the annual general meeting, please send this authorization to: Scana Industrier ASA, v/Torunn Hognestad, P.O. Box 878, N-4004 Stavanger, Norway. The authorization must be received by Scana Industrier ASA within 22 April 2016 at 16:00 (telefax +47 51 91 99 80, e-mail torunn.hognestad@scana.no).

I / we own ........................... shares in Scana Industrier ASA, and do hereby empower the Chairman of the Board or a person empowered by him or

To meet and vote on my / our behalf at the ordinary general meeting of the Company on the 26 April 2016 in accordance with the instructions below. If this Authorisation does not name a proxy, the authorisation is deemed to be given to the Chairman of the Board or to the person empowered by the

Name of Proxy (May be without name)

Chairman of the Board.

INNKALLING TIL ORDINÆR GENERALFORSAMLING

Scana Industrier ASA

Radisson SAS Atlantic Hotell, Stavanger.

________________________________________________________________________

the______2016

Signature (Must be dated and signed)

Please quote in block letters:

Name

Address Styret innkaller herved til ordinær generalforsamling i Scana Industrier ASA den 09. mai 2012, kl. 17:30, på

The voting shall be done in accordance with the instructions below. Please note that if any of the sections have not been ticked off this will be considered an instruction to vote in favour of the proposals listed in the notice of the meeting, however, the representative may decide the vote in cast proposals put forward in addition to or in place of the proposals in the notice of the meeting: 1. Åpning av generalforsamlingen ved styrets formann Styrets formann skal være møteleder i samsvar med § 8 i Selskapets vedtekter.

Agenda	Opprettelse av fortegnelse over fremmøtte aksjeeiere og fullmakter	In Favour	Against	Abstention	At Proxy's decision
4	Approval of the calling notice and the agenda
5	Valg av person til å medundertegne protokollen sammen med møteleder Approval of the annual accounts and annual report for 2015, including distribution of dividends
6	Determining the remunerations for the Board and Godkjenning av møteinnkalling og dagsorden the Election Committee
7	Determining the auditor's remuneration
8	Election of the Board of directors
9	Godkjennelse av årsregnskap og årsberetning for regnskapsåret 2011, herunder utdeling av utbytte. Authorisation to acquire own shares in conjunction with acquisitions
10a)	Styret foreslår for generalforsamlingen at det ikke utdeles utbytte for 2011. Authorisation for the Board to increase the share capital in conjunction with potential acquisitions.
10b)	Authorisation for the Board to increase the share Fastsettelse av styrets og valgkomiteens honorar capital in conjunction with the strengthening of the Company's capital structure.
10c) 2012/2013 som følger:	Valgkomiteen foreslår at den ordinære generalforsamling fastsetter godtgjørelsen for styrets medlemmer for Authorisation for the Board to increase the share capital in conjunction with private placements towards the Company's senior employees.
11 Styremedlemmer:	NOK 300 000,- The Board's statement regarding salary and other NOK 200 000,- hver remuneration for the Company's senior employees
13	Change of company name Det foreslås at generalforsamlingen fastsetter godtgjørelse til valgkomiteen som følger:

Appendix 2 – Authorisation to repurchase own shares

The Board was granted an authorisation to purchase own shares by the AGM held on 26 May 2015 in conjunction with acquisitions. The authorisation was granted for a period up to the AGM 2016.

In order to continue to facilitate flexible options for the purchase of shareholdings to facilitate the use of shares as settlement in conjunction with acquisition of shares or assets in other companies (including mergers/demergers), the Board proposes that the AGM grant the Board authorisation to purchase own shares.

For reasons stated above, the Board asks the AGM to grant the following authorisation to the Board, in accordance with Sections 9-2 to 9-4 of the Public Limited Companies Act:

"In accordance with the Board's proposal, the Board is granted an authorisation to purchase own shares in accordance with Section 9-2 to 9-4 of the Public Limited Companies Act.

The minimum price that can be paid per share pursuant to this authorisation is NOK 0,10. It shall not be paid more than the official share price at the Oslo Stock Exchange at any given time. Scana Industrier ASA

This authorisation may be used for the purchase of shareholdings in conjunction with acquisitions. INNKALLING TIL ORDINÆR GENERALFORSAMLING

This authorisation may be used one or several times. The authorisation may be used to purchase shares with an aggregate nominal value of up to NOK 10,751,183.10. Styret innkaller herved til ordinær generalforsamling i Scana Industrier ASA den 09. mai 2012, kl. 17:30, på Radisson SAS Atlantic Hotell, Stavanger.

Purchase of own shares with this authorisation may only take place if the compensation to be paid for the shares is within the scope of the funds that the company may use to distribute dividends. Otherwise, the Board stipulates the conditions for the purchase and disposal of own shares; however considering that under no circumstances shares can be purchased under this authorisation beyond what is consistent with prudent and sound business practice, with due regard to losses that may have occurred since the date of the last balance sheet, or that are likely to occur. 1. Åpning av generalforsamlingen ved styrets formann Styrets formann skal være møteleder i samsvar med § 8 i Selskapets vedtekter. 2. Opprettelse av fortegnelse over fremmøtte aksjeeiere og fullmakter

The authorisation is valid until the next AGM in 2017, but in any case limited to 30 June 2017."

Appendix 3 – Authorisation for the Board to increase the share capital.

The Board was granted an authorisation to increase the share capital of the company by the AGM held on 26 May 2015 in conjunction with (i) acquisitions, (ii) strengthening of the company's capital structure, (iii) share issues towards the Company's leading employees and (iv) to facilitate a reverse share split. The authorisation was granted for a period up to the AGM 2016.

In order to continue to secure flexibility in conjunction with potential acquisitions and/or a potential need to strengthen the company's capital structure and or to conduct share issues towards the Company's leading employees, it is desirable that the Board is given an authorisation to increase the share capital of the Company.

On this background, the Board asks that the AGM in accordance with Section 10–14 of the Public Limited Companies Act, grants the Board the following authorisation:

"The Board was given authorisation to increase the Company's share capital by issuance of new shares with an aggregate nominal value of up to 10% of the company's shares capital, maximum NOK 10,751,183.10. Scana Industrier ASA

This authorisation may only be used in conjunction with (i) potential acquisitions (ii) strengthening the company's capital structure and (iii) private placements towards the Company's senior employees. INNKALLING TIL ORDINÆR GENERALFORSAMLING

Share capital increases under this authorisation shall otherwise be carried out in such manner and at such time the Board at any time deems appropriate, giving due consideration to the Company and the shareholders. The authorisation may be used one or several times until the amount stipulated above is reached. The authorization enables the Board to derive from the shareholders' preferential rights to new shares according to the Public Limited Companies Act, Section 10-4. Settlement of the share contribution may be done in kind, as well as in cash, and the authorisation includes the right to incur particular duties on the Company, cf. Section 10-2 of the Public Limited Companies Act. The authorisation includes a capital increase in conjunction with a merger, cf. Section 13-5 of the Public Limited Companies Act. The Board sets out the detailed terms of subscription, including the subscription price, and will resolve all necessary amendments to the articles of association following a capital increase in accordance with this authorisation." Styret innkaller herved til ordinær generalforsamling i Scana Industrier ASA den 09. mai 2012, kl. 17:30, på Radisson SAS Atlantic Hotell, Stavanger. Følgende saker foreligger til behandling: 1. Åpning av generalforsamlingen ved styrets formann Styrets formann skal være møteleder i samsvar med § 8 i Selskapets vedtekter.

The authorisation is valid until the next AGM of 2017, but in any case limited to 30 June 2017."