Schouw & Co. — M&A Activity 2011

Mar 8, 2011

Fibertex Nonwovens, a wholly-owned subsidiary of Schouw & Co., has agreed to
acquire 85% of the shares in Tharreau Industries, a French manufacturer of
nonwovens, from the company's principal shareholder. The agreed selling price
is EUR 30 per share, implying a price of EUR 39.9 million for all shares in the
company.

The agreement is subject to ordinary terms and conditions including regulatory
approval, which is expected in April 2011. If the transaction is completed as
planned, Fibertex Nonwovens intends to submit a mandatory tender offer to the
other shareholders of Tharreau Industries.

Tharreau Industries is listed on NYSE Euronext Paris and generated revenue of
EUR 53.7 million in 2010. No other 2010 figures have been released at the
present time, but the company has historically generated good earnings with its
EBIT margin normally above 10% and it has traditionally maintained limited
gearing.

The acquisition is expected to generate substantial synergies for both Fibertex
Nonwovens and Tharreau Industries and, combined, the two companies will have
the potential to create Europe's leading manufacturer of industrial nonwovens.

The acquisition is expected to contribute favourably to Schouw & Co.'s 2011
financial results. Additional information is expected to be provided no later
than in the Q1 2011 interim report.

Schouw & Co.'s 2010 Annual Report is scheduled for release on Thursday, March
10, 2011.

Aktieselskabet Schouw & Co.

Jørn Ankær Thomsen Jens Bjerg Sørensen
Chairman President