Schouw & Co. — M&A Activity 2010

Nov 11, 2010

Further to Announcement No. 7 of September 28, 2010, we are pleased to announce
that the terms of the agreement have now been met and that closing of the sale
of BioMar's 50.71% stake in Norwegian fish farming business Sjøtroll Havbruk has
been completed with no further adjustment made to the agreed selling price. The
buyer is Norway-based Lerøy Seafood Group, one of Norway's leading salmon
farming businesses.

The selling price of the shares in Sjøtroll was agreed at NOK 540 million. The
selling price consisted of NOK 408.5 million in cash and 1 million shares in
Lerøy, which in the agreement were valued at NOK 131.50 per share. Based on the
official share price of NOK 160.50 at the closing date, the net selling price,
i.e. less costs and tax totalling approximately NOK 8 million, amounts to
approximately NOK 561 million. At the current NOK-DKK exchange rate, this amount
corresponds to approximately DKK 518 million.

The Schouw & Co. Group has treated Sjøtroll as discontinuing operations, which
are measured after tax. Accordingly, the divestment will not affect EBIT. In the
2010 financial year, Sjøtroll's profit after tax will be recognised in full
until the end of October, for an amount of approximately DKK 130 million. To
this should be added the difference between the carrying amount of the shares at
the end of October and the net selling price, equal to approximately DKK 35
million.

Accordingly, Sjøtroll is recognised in the income statement under discontinuing
operations after tax in the total amount of approximately DKK 165 million. In
the allocation of profit, minority interests of approximately DKK 64 million
will be deducted from this amount.

Subsequent changes to the share price or the exchange rate will be recognised in
the consolidated financial items.