Schouw & Co. — M&A Activity 2012

Dec 19, 2012

Earlier today, Schouw & Co. agreed to divest its wholly owned subsidiary Martin
Professional to a subsidiary of Harman International Industries, Incorporated
of the United States. As is customary procedure in such transactions, the
agreement is subject to approval by the relevant authorities and other
customary closing conditions.

The transaction has a total value of about DKK 917 million: the parties have
agreed to a price of EUR 110 million (approximately DKK 820 million) on a
debt-free basis for the entire company excluding Martin's two properties in
Frederikshavn, Denmark, which will be transferred to Schouw & Co. before
closing. The aggregate carrying amount of the two properties is DKK 97 million
and after the transaction, they will be leased to Martin on market terms. A
long-term lease has been concluded for the property at Niels Bohrs vej, and a
short-term lease has been concluded for the property at Saltebakken.

The sale of Martin will produce an accounting gain for Schouw & Co., but the
amount will depend on the closing date. With closing anticipated to take place
in the first quarter of 2013, the overall accounting gain is estimated to be in
the region of DKK 250 million. Martin will be recognised as discontinued
activities in the Annual Report for 2012, and the accounting gain will be
recognised in 2013.

Harman designs, manufactures and markets a wide range of audio and infotainment
solutions for the automotive, consumer and professional markets and is known
for brands such as AKG, Harman Kardon, Infinity and JBL. Harman's shares are
traded on the New York Stock Exchange. The company reported net sales of USD
4.4 billion for the fiscal year ended June 30, 2012 and has a workforce of
about 13,400 people.

Schouw & Co. will issue a separate company announcement when regulatory
approval has been obtained and the deal is closed. Schouw & Co. expects to
report on the recognition of the sale in the annual report for 2012, which is
scheduled for release on March 6, 2013.

Aktieselskabet Schouw & Co.

Jørn Ankær Thomsen Jens Bjerg Sørensen
Chairman CEO

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