Schouw & Co. — M&A Activity 2015

Dec 18, 2015

In reference to Company Announcement No. 11 of November 9, 2015 it can be
confirmed that the Swedish Competion Authority now has approved the Schouw &
Co. Group’s acquisition of the Swedish hydraulics company Specma AB.

By this the formal requirements for the acquisition have been fulfilled, hence
the transaction as planned can be carried out immediately after the year end.

Aktieselskabet Schouw & Co.

Jørn Ankær Thomsen, Chairman
Jens Bjerg Sørensen, President, tel. +45 8611 2222