Bang & Olufsen — M&A Activity 2015

May 29, 2015

Struer, 2015-05-29 14:48 CEST (GLOBE NEWSWIRE) -- Company Announcement no. 14.28

Today, Bang & Olufsen has completed the previously announced transaction with
Harman International Industries, Incorporated and its affiliates comprising the
Automotive brand license agreement and the transfer of Bang & Olufsen’s
Automotive assets to HARMAN, as the closing conditions outlined in company
announcement no. 14.26 of 31 March 2015 have been fulfilled.

Bang & Olufsen expects to receive approximately DKK 1,130 million in net
proceeds from the transaction after tax and transaction costs including DKK
93.1 million of cash placed in escrow for 15 months to secure any warranty
related claims.

Going forward, Bang & Olufsen is guaranteed an annual minimum license fee of
DKK 12.7 million for a 20 year period starting 2017/18. The future variable
license fee will be subject to the corporate tax rate at the time of their
respective receipt.

Ole G. Andersen Tue Mantoni

Chairman President and CEO

For further information, please contact:

Investors: Claus Højmark Jensen, tel.: +45 2325 1067

Press: Jan Helleskov, tel.: +45 5164 5375