Schouw & Co. — M&A Activity 2016

Aug 8, 2016

Incuba Invest A/S, an associate, in which Schouw & Co. holds a 49% stake, has
entered into a share purchase agreement regarding its shares in Scandinavian
Micro Biodevices ApS, a company producing point-of-care veterinary diagnostic
products. Incuba Invest has been co-owner of Scandinavian Micro Biodevices
since 2007.

Simultaneously, the remaining shareholders in Scandinavian Micro Biodevices
will be divesting their shares. Hence, subsequent to the transaction the Buyer,
American Zoetis, which is one of the world’s leading companies within animal
health, will obtain full ownership.

The agreement has been concluded subject to customary guarantees, where a minor
part of the purchase price will be retained for 18 months, however, it is
expected that the sale will increase Schouw & Co.’s 2016 profit after tax in
associates etc. by about DKK 65 million.

Schouw & Co.’s Interim Report for Q2 2016 is scheduled for release on:

                        Thursday, 11 August 2016.

Aktieselskabet Schouw & Co.

Jørn Ankær Thomsen, Chairman
Jens Bjerg Sørensen, President

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