Schouw & Co. — M&A Activity 2011

May 11, 2011

On March 8, 2011, Fibertex Nonwovens agreed with the main shareholder of French
nonwovens manufacturer Tharreau Industries to acquire 85.27% of the shares in
that company at EUR 30 per share, a price valuing the full share capital at the
equivalent of DKK 297 million. The agreement was made subject to ordinary terms
and conditions, including to regulatory approval.

All terms and conditions of the agreement have now been met and closing of the
transaction took place on May 11, 2011.

Tharreau Industries is listed on NYSE Euronext Paris (Eurolist Compartiment C)
and pursuant to the rules applying to listed companies, Fibertex Nonwovens will
submit a mandatory takeover bid to the remaining shareholders. We will announce
the results of the mandatory offer on expiry of the offer period.

Tharreau Industries will be consolidated in the Schouw & Co. financial
statements through Fibertex Nonwovens effective from the date of acquisition.
Further details 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.