Update on UK Regulatory Clearances

Not for release, publication or distribution, directly or indirectly, in whole or in part, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.

For immediate release

RECOMMENDED CASH ACQUISITION

of

MEGGITT PLC

by

PARKER-HANNIFIN CORPORATION

to be effected by means of a Scheme of Arrangement under Part 26 of the Companies Act 2006

Update on UK Regulatory Clearances

Parker-Hannifin confirms that UK Secretary of State for Business, Energy and Industrial Strategy is 'minded to accept' its proposed undertakings on competition and national security matters.

On 2 August 2021, the boards of Meggitt PLC ("Meggitt") and Parker-Hannifin Corporation ("Parker") announced that they had reached agreement on the terms and conditions of a recommended all cash acquisition of the entire issued, and to be issued, ordinary share capital of Meggitt PLC (the "Acquisition"), to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Companies Act"). Capitalised terms in this announcement (the "Announcement"), unless otherwise defined, have the same meanings given to them in the scheme circular published on 16 August 2021 (the "Scheme Document").

Parker welcomes the announcement made today by the UK Secretary of State for Business, Energy and Industrial Strategy ("the Secretary of State") that he is minded to accept the statutory competition and national security undertakings offered by Parker in relation to the Acquisition. These statutory undertakings are now subject to a public consultation which is due to end at 23:45 (BST) on 13 July, 2022. Subject to this consultation, the Secretary of State will be in a position to approve the Acquisition without further review.

"We are pleased that following very constructive engagement with the UK Government, the Secretary of State is minded to accept the national security and competition undertakings we have offered as part of our pending acquisition of Meggitt. The combination of Parker and Meggitt is an exciting opportunity for both companies and we look forward to welcoming Meggitt to the Parker team." said Parker Chairman and Chief Executive Officer, Tom Williams.

The Acquisition remains subject to satisfaction of the conditions set out in the Scheme Document, including regulatory clearances, and the sanction of the Scheme of Arrangement by the Court pursuant to the Companies Act.

Parker will continue to engage with the UK Government, the Competition and Markets Authority and other relevant authorities to receive remaining regulatory and antitrust clearances. In anticipation of these, Parker continues to expect the transaction to close in Q3 2022.

For further information, please visit the dedicated transaction microsite www.aerospacegrowth.com.