Schouw & Co. — M&A Activity 2013

Feb 28, 2013

On December 19, 2012, Schouw & Co. agreed to divest its wholly-owned subsidiary
Martin Professional to Harman International Industries of the United States. As
is customary procedure in such transactions, the agreement was subject to the
relevant regulatory approval. All conditions of the agreement have now been
met, and the sale was closed today.

The transaction represents a total value of 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 were transferred to Schouw & Co. in connection
with the closing. These two properties, which Martin continues to lease, were
transferred at a carrying amount of DKK 97 million.

The sale of Martin will produce a gain for Schouw & Co. that will be recognised
in the financial statements for the first quarter of 2013. The amount of the
recognised accounting gain will depend on the recognition of profits during the
period until closing, the final calculation of the interest-bearing debt at the
closing date as well as the calculation of costs and other adjustments related
to the transaction. As previously announced, the overall accounting gain is
estimated to be in the region of DKK 250 million.

The divestment implies that Martin is reclassified from a consolidated
subsidiary to discontinued operations in the Schouw & Co. consolidated
financial statements. This will be accounted for in greater detail in the
Group's 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.