# EDGAR Filing Document

**Accession Number:** 0001965763
**File Stem:** 0001104659-23-025090
**Filing Date:** 2023-2
**Character Count:** 31626
**Document Hash:** 3e1b616ec0146e6c1c5c008f578acb38
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-025090.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001104659-23-025090

**CONFORMED SUBMISSION TYPE**: CB/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Caverion Corp
- **CENTRAL INDEX KEY:** 0001965763
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** CB/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93966
- **FILM NUMBER:** 23662726

**BUSINESS ADDRESS:**
- **STREET 1:** TORPANTIE 2
- **CITY:** VANTAA
- **STATE:** H9
- **ZIP:** 01650
- **BUSINESS PHONE:** 358 10 4071

**MAIL ADDRESS:**
- **STREET 1:** PL 71
- **CITY:** VANTAA
- **STATE:** H9
- **ZIP:** 01601
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** North Holdings 3 Oy
- **CENTRAL INDEX KEY:** 0001963830
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** CB/A

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ROSCHIER ASIANAJOTOIMISTO 0Y
- **STREET 2:** KASARMIKATU 21 A
- **CITY:** HELSINKI
- **STATE:** H9
- **ZIP:** 00130
- **BUSINESS PHONE:** 00358 20 5066000

**MAIL ADDRESS:**
- **STREET 1:** C/O ROSCHIER ASIANAJOTOIMISTO 0Y
- **STREET 2:** KASARMIKATU 21 A
- **CITY:** HELSINKI
- **STATE:** H9
- **ZIP:** 00130

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form CB**

**TENDER OFFER/RIGHTS OFFERING NOTIFICATION FORM<br> (AMENDMENT NO. 3)**

Please place an X in the box(es) to designate the appropriate rule provision(s) relied upon to file this Form:

---

| | |
|:---|:---|
| Securities Act Rule 801 (Rights Offering) | ◻ |
| Securities Act Rule 802 (Exchange Offer) | ⌧ |
| Exchange Act Rule 13e-4(h)(8) (Issuer Tender Offer) | ◻ |
| Exchange Act Rule 14d-1(c) (Third Party Tender Offer) | ◻ |
| Exchange Act Rule 14e-2(d) (Subject Company Response) | ◻ |

---

**Caverion Corporation**

(Name of Subject Company)

**N/A**

(Translation of Subject Company's Name into English (if applicable))

**Finland** 

(Jurisdiction of Subject Company's Incorporation or Organization)

**North Holdings 3 Oy**

(Name of Person(s) Furnishing Form)

**Issued and Outstanding Shares** 

(Title of Class of Subject Securities)

**N/A** 

(CUSIP Number of Class of Securities (if applicable))

**c/o Roschier Asianajotoimisto 0y Kasarmikatu 21 A** 

**00130 Helsinki**

**+358 20 5066000** 

(Name, Address (including zip code) and Telephone Number (including area code) of Person(s) Authorized to Receive Notices and Communications on Behalf of Subject Company)

**January 24, 2023** 

(Date Tender Offer/Rights Offering Commenced)

**\* An agency may not conduct or sponsor, and a person is not required to respond to, a collection of **information unless it displays a currently valid control number. Any member of the public may direct to the Commission any comments concerning the accuracy of this burden estimate and any suggestions for reducing this burden. This collection of information has been reviewed by OMB in accordance with the clearance requirements of 44 U.S.C. 3507.**

---

| | |
|:---|:---|
| SEC 2560 (07-22) | **Persons who respond to the collection of information contained in the form are Not required to respond unless the form displays a current valid OMB control number.** |

---

**PART I - INFORMATION SENT TO SECURITY HOLDERS**

**Item 1. Home Jurisdiction Documents**

The following documents are attached hereto as exhibits to this form:

---

| | |
|:---|:---|
| ***<u>Exhibit No.</u>*** | ***<u>Description</u>*** |
| [99.1](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-1.htm) | [North Holdings 3 Oy – Press Release – Announcement of Voluntary Recommended Public Cash Tender Offer (November 3, 2022)\*](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-1.htm) |
| [99.2](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-2.htm) | [North Holdings 3 Oy - Tender Offer Document (November 24, 2022)\*](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-2.htm) |
| [99.3](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-3.htm) | [North Holdings 3 Oy – Press Release - Commencement of Voluntary Recommended Public Cash Tender Offer (November 24 2022)\*](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-3.htm) |
| [99.4](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-4.htm) | [North Holdings 3 Oy - Press Release - Comments on Competing Offer and Extension of Offer Period (January 11, 2023)\*](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-4.htm) |
| [99.5](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-5.htm) | [North Holdings 3 Oy - First Supplement Document (January 13, 2023)\*](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-5.htm) |
| [99.6](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-6.htm) | [North Holdings 3 Oy – Press Release - First Supplement Document (January 13, 2023)\*](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-6.htm) |
| [99.7](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-7.htm) | [North Holdings 3 Oy – Press Release – Further Amendments to Tender Offer (January 24, 2023)\*](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-7.htm) |
| [99.8](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-8.htm) | [North Holdings 3 Oy – Press Release – Receipt of Regulatory Approvals (January 26 2023)\*](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-8.htm) |
| [99.9](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-9.htm) | [North Holdings 3 Oy – Press Release – Second Supplement Document (February 10, 2023)\*](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-9.htm) |
| [99.10](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-10.htm) | [North Holdings 3 Oy - Second Supplement Document (February 10, 2023)\*](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-10.htm) |
| [99.11](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-11.htm) | [North Holdings 3 Oy – Updated Board Statement (February 9, 2023)\*](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-11.htm) |
| [99.12](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-12.htm) | [North Holdings 3 Oy – BofA Fairness Opinion (January 24, 2023)\*](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-12.htm) |
| [99.13](http://www.sec.gov/Archives/edgar/data/1963830/000110465923022854/tm237009d1_ex99-14.htm) | [North Holdings 3 Oy - Press Release - Third Supplement Document (February 15, 2023)\*\*](http://www.sec.gov/Archives/edgar/data/1963830/000110465923022854/tm237009d1_ex99-14.htm) |
| [99.14](http://www.sec.gov/Archives/edgar/data/1963830/000110465923023623/tm237197d1_ex99-14.htm) | [North Holdings 3 Oy - Third Supplement Document (February 15, 2023)\*\*\*](http://www.sec.gov/Archives/edgar/data/1963830/000110465923023623/tm237197d1_ex99-14.htm) |
| [99.15](tm237784d1_ex99-15.htm) | [North Holdings 3 Oy - Press Release - Evaluation of Crayfish's Amended Offer (February 24, 2023)](tm237784d1_ex99-15.htm) |

---

 

<sup>\*</sup> Previously furnished to the Securities and Exchange Commission as an exhibit to Form CB dated February 13, 2023.

\*\* Previously furnished to the Securities and Exchange Commission as Exhibit 99.14 to Form CB/A dated February 16, 2023.

\*\*\* Previously furnished to the Securities and Exchange Commission as an exhibit to Form CB/A dated February 21, 2023.

**Item 2. Informational Legends**

A legend complying with Rule 802 under the Securities Act of 1933, as amended, has been included in the documents referred to in Item 1.

**PART II - INFORMATION NOT REQUIRED TO BE SENT TO SECURITY HOLDERS**

N/A

**PART III - CONSENT TO SERVICE OF PROCESS**

(1) On February 13, 2023, North
 Holdings 3 Oy filed an irrevocable consent and power of attorney Form F-X with the Securities
 and Exchange Commission.

(2) N/A

**PART IV - SIGNATURES**

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

*/s/ Nicholas Bendt*

(Signature)

***Nicholas Bendt*, Director**

(Name and Title)

**February 24, 2023**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Date)

**<u>Exhibits:</u>**

[·](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-1.htm) [99.1 - North Holdings 3 Oy – Press Release – Announcement of Voluntary Recommended Public Cash Tender Offer (November 3, 2022)<sup>\*</sup>](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-1.htm)

[·](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-2.htm) [99.2 - North Holdings 3 Oy - Tender Offer Document (November 24, 2022)<sup>\*</sup>](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-2.htm)

[·](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-3.htm) [99.3 - North Holdings 3 Oy – Press Release - Commencement of Voluntary Recommended Public Cash Tender Offer (November 24 2022)<sup>\*</sup>](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-3.htm)

[·](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-4.htm) [99.4 - North Holdings 3 Oy – Press Release - Comments on Competing Offer and Extension of Offer Period (January 11, 2023)<sup>\*</sup>](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-4.htm)

[·](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-5.htm) [99.5 - North Holdings 3 Oy - First Supplement Document (January 13, 2023)<sup>\*</sup>](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-5.htm)

[·](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-6.htm) [99.6 - North Holdings 3 Oy – Press Release - First Supplement Document (January 13, 2023)<sup>\*</sup>](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-6.htm)

[·](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-7.htm) [99.7 - North Holdings 3 Oy – Press Release – Further Amendments to Tender Offer (January 24, 2023)<sup>\*</sup>](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-7.htm)

[·](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-8.htm) [99.8 - North Holdings 3 Oy – Press Release – Receipt of Regulatory Approvals (January 26 2023)<sup>\*</sup>](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-8.htm)

[·](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-9.htm) [99.9 - North Holdings 3 Oy – Press Release – Second Supplement Document (February 10, 2023)<sup>\*</sup>](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-9.htm)

[·](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-10.htm) [99.10 - North Holdings 3 Oy - Second Supplement Document (February 10, 2023)<sup>\*</sup>](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-10.htm)

[·](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-11.htm) [99.11 - North Holdings 3 Oy – Updated Board Statement (February 9, 2023)<sup>\*</sup>](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-11.htm)

[·](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-12.htm) [99.12 - North Holdings 3 Oy – BofA Fairness Opinion (January 24, 2023)<sup>\*</sup>](https://www.sec.gov/Archives/edgar/data/1963830/000110465923019881/tm234316d1_ex99-12.htm)

[·](http://www.sec.gov/Archives/edgar/data/1963830/000110465923022854/tm237009d1_ex99-14.htm) [99.13 - North Holdings 3 Oy - Press Release - Third Supplement Document (February 15, 2023)\*\*](http://www.sec.gov/Archives/edgar/data/1963830/000110465923022854/tm237009d1_ex99-14.htm)

[·](http://www.sec.gov/Archives/edgar/data/1963830/000110465923023623/tm237197d1_ex99-14.htm) [99.14 North Holdings 3 Oy – Third Supplement Document (February 15, 2023)\*\*\*](http://www.sec.gov/Archives/edgar/data/1963830/000110465923023623/tm237197d1_ex99-14.htm)

[·](tm237784d1_ex99-15.htm) [99.15 North Holdings 3 Oy - Press Release - Evaluation of Crayfish's Amended Offer (February 24, 2023)](tm237784d1_ex99-15.htm)

\* Previously furnished to the Securities and Exchange Commission as an exhibit to Form CB dated February 13, 2023

\*\* Previously furnished to the Securities and Exchange Commission as Exhibit 99.14 to Form CB/A dated February 16, 2023.

\*\*\* Previously furnished to the Securities and Exchange Commission as an exhibit to Form CB/A dated February 21, 2023.

## Exhibit 99.15

**Exhibit 99.15**

**North Holdings 3 Oy evaluates Crayfish BidCo Oy's amended offer for Caverion Corporation**

NORTH HOLDINGS 3 OY STOCK EXCHANGE RELEASE February 24, 2023 at 10.50 EET

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND OR SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH THE TENDER OFFER WOULD BE PROHIBITED BY APPLICABLE LAW.

**North Holdings 3 Oy evaluates Crayfish BidCo Oy's amended offer for Caverion Corporation**

As previously announced, North Holdings 3 Oy (the "**Offeror**") and Caverion Corporation (the "**Company**" or "**Caverion**") have entered into a combination agreement (as amended, the "**Combination Agreement**"), pursuant to which the Offeror has made a recommended voluntary public tender offer to acquire all of the issued and outstanding shares in Caverion that are not held by Caverion or any of its subsidiaries (the "**Shares**" or, individually, a "**Share**") (the "**Tender Offer**"). The Offeror is offering either: (i) a fixed cash payment of EUR 8.50 per Share payable in nine (9) months from the date of the first completion trades in the Tender Offer implemented through the issuance of a debt instrument with the nominal principal amount of EUR 8.50 for each Share tendered in the Tender Offer, or (ii) an immediate cash consideration of EUR 8.00 upon completion of the Tender Offer for each Share tendered in the Tender Offer. The offer period for the Tender Offer commenced on November 24, 2022, at 9:30 a.m. (Finnish time) and will expire on February 28, 2023, at 4:00 p.m. (Finnish time), unless the offer period is extended further or any extended offer period is discontinued as described in the terms and conditions of the Tender Offer.

The Offeror has noted the release published on February 24, 2023 by Crayfish BidCo Oy ("**Crayfish**"), a Finnish private limited liability company indirectly controlled by the entities comprising Triton Fund V, in which Crayfish announced that it will increase the offer price under its competing public tender offer for all the issued and outstanding shares in Caverion that was originally announced by Crayfish on January 10, 2023 (the "**Crayfish Offer**") to EUR 8.95 for each issued and outstanding share in Caverion. The Offeror is evaluating the amended Crayfish Offer and its alternatives and will announce its conclusions in due course. The Offeror will also supplement the tender offer document concerning its Tender Offer due to the amended Crayfish Offer and will simultaneously extend the offer period in its Tender Offer as required under applicable law and the regulations and guidelines of the Finnish Financial Supervisory Authority.

**Investor and Media enquiries:**

Bain Capital, Security Trading, Fennogens and Corbis

Iris Nevanlinna, +358 40 577 9229, iris.nevanlinna@miltton.com

**ABOUT THE CONSORTIUM**

Bain Luxco is owned and controlled by the Bain Capital Funds. Bain Capital is one of the most experienced and successful private investment firms globally, having made more than 1,230 primary and add-on investments with approximately USD 160 billion assets under management. The firm has more than 620 investment professionals worldwide spread throughout its global network in Europe, Asia and North America. Bain Capital has made numerous successful and value-enhancing investments and exits in the Nordic region over the past years. Notably, the company led the successful take-private of Ahlstrom-Munksjö, a global leader in innovative and sustainable fiber-based materials, which was delisted from Nasdaq Helsinki in 2021. Further, from 2012 Bain Capital was the owner of Bravida, a leading Nordic technical installation and services provider, listing the business on Nasdaq Stockholm in 2015.

Security Trading is an investment company owned by the Antti Herlin family. As at the date of this announcement, Antti Herlin, Security Trading and Hisra Consulting and Finance Oy, which is a company fully owned by Security Trading, together hold approximately 15.43 percent of the Shares and votes in Caverion (excluding shares held in treasury by Caverion).

Fennogens is an investment company owned by the Georg Ehrnrooth, Henrik Ehrnrooth and Carl-Gustaf Ehrnrooth families. As at the date of this announcement, Fennogens holds approximately 10.38 percent of the Shares and votes in Caverion (excluding shares held in treasury by Caverion).

Corbis is an investment company owned by the Henrik Ehrnrooth family. As at the date of this announcement, Corbis holds approximately 1.27 percent of the Shares and votes in Caverion (excluding shares held in treasury by Caverion).

**IMPORTANT INFORMATION**

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

THIS STOCK EXCHANGE RELEASE IS NOT A TENDER OFFER DOCUMENT OR A SUPPLEMENT DOCUMENT TO 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, JAPAN, NEW ZEALAND OR SOUTH AFRICA. INVESTORS SHALL ACCEPT THE TENDER OFFER FOR THE SHARES ONLY ON THE BASIS OF THE INFORMATION PROVIDED IN THE TENDER OFFER DOCUMENT AND THE POSSIBLE SUPPLEMENT DOCUMENTS TO THE TENDER OFFER DOCUMENT. OFFERS WILL NOT BE MADE DIRECTLY OR INDIRECTLY IN ANY JURISDICTION WHERE EITHER AN OFFER OR PARTICIPATION THEREIN 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 THE TENDER OFFER DOCUMENT, THE SUPPLEMENT 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, IN OR INTO, OR BY USE OF THE POSTAL SERVICE OF, OR BY ANY MEANS OR INSTRUMENTALITY (INCLUDING, WITHOUT LIMITATION, FACSIMILE TRANSMISSION, TELEX, TELEPHONE OR THE INTERNET) OF INTERSTATE OR FOREIGN COMMERCE OF, OR ANY FACILITIES OF A NATIONAL SECURITIES EXCHANGE OF, AUSTRALIA, CANADA, HONG KONG, 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, JAPAN, NEW ZEALAND OR SOUTH AFRICA AND ANY PURPORTED ACCEPTANCE OF THE TENDER OFFER RESULTING DIRECTLY OR INDIRECTLY FROM A VIOLATION OF THESE RESTRICTIONS WILL BE INVALID.

THIS STOCK EXCHANGE RELEASE HAS BEEN PREPARED IN COMPLIANCE WITH FINNISH LAW, THE RULES OF NASDAQ HELSINKI LTD AND THE HELSINKI TAKEOVER CODE AND THE INFORMATION DISCLOSED MAY NOT BE THE SAME AS THAT WHICH WOULD HAVE BEEN DISCLOSED IF THIS STOCK EXCHANGE RELEASE HAD BEEN PREPARED IN ACCORDANCE WITH THE LAWS OF JURISDICTIONS OUTSIDE OF FINLAND.

**Information** **for shareholders of Caverion in the United States**

Shareholders of Caverion in the United States are advised that the Shares are not listed on a U.S. securities exchange and that Caverion 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 is made for the issued and outstanding shares of Caverion, 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 the exemption provided under Rule 14d-1(c) under the Exchange Act for a Tier I tender offer (the "**Tier I Exemption**") and Rule 802 (the "**802 Exemption**") under the U.S. Securities Act of 1933 (the "**U.S. Securities Act**"), 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 Caverion's shareholders resident in the United States on the same terms and conditions as those made to all other shareholders of Caverion to whom an offer is made. Any informational 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 Caverion's other shareholders.

As permitted under the Tier I Exemption, the settlement of the Tender Offer is based on the applicable Finnish law provisions, which differ from the settlement procedures customary in the United States, particularly as regards to the time when payment of the consideration is rendered. The Tender Offer, which is subject to Finnish law, is being made to the U.S. shareholders in accordance with the applicable U.S. securities laws, and applicable exemptions thereunder, in particular the Tier I Exemption and the 802 Exemption. To the extent the Tender Offer is subject to U.S. securities laws, those laws only apply to U.S. shareholders and will not give rise to claims on the part of any other person. U.S. shareholders should consider that (whether paid initially in cash or upon redemption of any Alternative Consideration Instruments) the offer price for the Tender Offer is being paid in EUR and that no adjustment will be made based on any changes in the exchange rate.

To the extent permissible under applicable law or regulations, the Offeror and its affiliates or its brokers and its brokers' affiliates (acting as agents for the Offeror or its affiliates, as applicable) may from time to time after the date of this stock exchange release and during the pendency of the Tender Offer, and other than pursuant to the Tender Offer, directly or indirectly purchase or arrange to purchase Shares or any securities that are convertible into, exchangeable for or exercisable for 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 Caverion of such information. In addition, the financial advisers to the Offeror may also engage in ordinary course trading activities in securities of Caverion, 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 (including the offer of the Alternative Consideration Instruments), passed upon the merits or fairness of the Tender Offer (including the offer of the Alternative Consideration Instruments), or passed any comment upon the adequacy, accuracy or completeness of the disclosure in relation to the Tender Offer (including in relation to the Alternative Consideration Instruments). Any representation to the contrary is a criminal offence in the United States.

THE ALTERNATIVE CONSIDERATION INSTRUMENTS HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION, AND THE ALTERNATIVE CONSIDERATION INSTRUMENTS CONSTITUTE "RESTRICTED SECURITIES" PURSUANT TO THE SECURITIES ACT, AND MAY NOT BE OFFERED OR SOLD WITH UNITED STATES OR TO, OR FOR, THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS.

The receipt of cash pursuant to the Tender Offer by a U.S. shareholder 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 is urged to consult its independent professional advisers immediately regarding the tax and other consequences of accepting the Tender Offer.

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

NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY U.S. STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THE TENDER OFFER, PASSED ANY COMMENTS UPON THE MERITS OR FAIRNESS OF THE TENDER OFFER, PASSED ANY COMMENT UPON THE ADEQUACY OR COMPLETENESS OF THE TENDER OFFER DOCUMENT OR THE SUPPLEMENT DOCUMENT OR PASSED ANY COMMENT ON WHETHER THE CONTENT IN THE TENDER OFFER DOCUMENT OR THE SUPPLEMENT DOCUMENT IS CORRECT OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

**Disclaimer**

UBS AG London Branch is authorised and regulated by the Financial Market Supervisory Authority in Switzerland. It is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority in the United Kingdom. UBS AG London Branch is acting exclusively for the Offeror and no one else in connection with the Tender Offer or the matters referred to in this document, will not regard any other person (whether or not a recipient of this document) as its client in relation to the Tender Offer and will not be responsible to anyone other than the Offeror for providing the protections afforded to its clients or for providing advice in relation to the Tender Offer or any other transaction or arrangement referred to in this document.

Advium Corporate Finance Ltd is acting exclusively on behalf of the Offeror and no one else in connection with the Tender Offer or other matters referred to in this document, does not consider any other person (whether the recipient of this document or not) as a client in connection to the Tender Offer, and is not responsible to anyone other than the Offeror for providing protection or providing advice in connection with the Tender Offer or any other transaction or arrangement referred to in this document.

Goldman Sachs International, which is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively for the Offeror and no one else in connection with the Tender Offer and the matters set out in this stock exchange release, and will not be responsible to anyone other than the Offeror for providing the protections afforded to clients of Goldman Sachs International, or for giving advice in connection with the Tender Offer or any matter or arrangement referred to in this stock exchange release.

Nordea Bank Abp is acting as financial adviser to the Offeror and arranger outside of the United States and no one else in connection with the Tender Offer, and will not regard any other person as its client in relation to the Tender Offer and will not be responsible to anyone other than the Offeror for providing the protection afforded to clients of Nordea Bank Abp, nor for providing advice in relation to the Tender Offer or the other matters referred to in this stock exchange release. For the avoidance of doubt, Nordea Bank Abp is not registered as a broker or dealer in the United States of America and will not be engaging in direct communications relating to the Tender Offer with investors located within the United States (whether on a reverse inquiry basis or otherwise). U.S. shareholders should contact their brokers with any questions relating to the Tender Offer.

BNP Paribas, which is duly authorized and lead-supervised by the European Central Bank and the Autorité de Contrôle Prudentiel et de Résolution, is acting exclusively for the Offeror and no one else in connection with the Tender Offer and the matters set out in this stock exchange release, and will not be responsible to anyone other than the Offeror for providing the protections afforded to clients of BNP Paribas, or for giving advice in connection with the Tender Offer or any matter or arrangement referred to in this stock exchange release.