GN Store Nord — M&A Activity 2016

Oct 13, 2016

Today, GN Audio has acquired VXi Corporation (“VXi”).

VXi is a leading innovative US based manufacturer of professional headset
solutions. The company was founded in 1989 and has consistently shown a strong
track record. Since 2005, VXi has grown its revenue at double digit annual
rates and at the same time delivered strong double digit EBITDA margins. In
2015, VXi generated reported revenue of USD 32 million and an EBITDA of USD 4
million. VXi’s products are marketed under the VXi and BlueParrot brands.

The acquisition of VXi will further strengthen GN Audio’s presence and market
share in the important North American market as well as enable access to new
attractive segments, among other leveraging VXi’s best-in-class expertise
within communication in high noise environments.

“We are delighted to have reached an agreement with VXi. The acquisition
further strengthens our position on the North American market, where we have
shown strong progress in recent years. We will build on VXi’s strong presence
and reputation in the US and combine it with the international reach and
professionalism of GN Audio,” said René Svendsen-Tune, CEO of GN Audio.

The purchase price is USD 35 million on a debt and cash free basis.

The acquisition will not affect GN’s financial guidance for 2016.

For further information, please contact:

Peter Justesen
VP – Investor Relations & Treasury
GN Store Nord A/S
Tel: +45 45 75 87 16