Schouw & Co. — M&A Activity 2011

Jul 8, 2011

On March 8, 2011, Fibertex Nonwovens agreed with the main shareholder of French
nonwovens manufacturer Tharreau Industries to acquire 1,132,873 shares, equal
to 85.27% of the shares in that company, at a price of EUR 30.00 per share.

Tharreau Industries is listed on NYSE Euronext Paris (Eurolist Compartiment C)
and pursuant to the rules applying to listed companies, Fibertex Nonwovens has
submitted a mandatory takeover bid to the remaining shareholders. The price of
the mandatory takeover bid was fixed at EUR 31.50 per share.

The mandatory takeover bid has expired on July 7, 2011, and the French market
Authority (AMF) published today a notice about the result of the takeover bid.
During the offer period, open between June 24 and July 7, 2011 inclusive,
Fibertex Nonwovens acquired 57,858 shares, equal to 4.35% of the shares in the
company, for at total amount of DKK 13.6 million. Accordingly, Fibertex
Nonwovens now holds a total of 1,190,731 shares, equal to 89.62% of the shares
in Tharreau Industries.

Further details about Tharreau Industries will be provided in Schouw & Co.'s
consolidated interim report for the first half year of 2011 due to be released
on August 18, 2011.

Aktieselskabet Schouw & Co.

Jørn Ankær Thomsen Jens Bjerg Sørensen
Chairman President

Questions relating to the above should be directed to Jens Bjerg Sørensen,
President, on tel. +45 8611 2222.