Schouw & Co. — M&A Activity 2017

Sep 13, 2017

In continuation of Company Announcement no. 8 of 2 June 2017, it is hereby
confirmed that approval from the relevant regulatory authorities has been
obtained, and that all formal requirements for BioMar’s acquisition of 70% of
the Ecuadorian shrimp feed manufacturer Alimentsa now have been fulfilled.
Following this, the transaction has been finally effected as at 13 September
2017.

In connection with the acquisition a purchase price allocation will be
prepared, where the difference between purchase price and booked equity will be
allocated to assets and liabilities resulting in regulations and higher
depreciations, effecting EBIT. In 2017 the effect on EBIT is expected to be
about DKK 8 million, and in the next 10 years the effect is expected to be
about DKK 28 million, after which the effect will decline. Alimentsa submits
their accounts in USD which is the local currency in Ecuador.

Regarding the 2017 recognised period, Alimentsa is expected to contribute with
revenue of about DKK 150 million and an EBIT of about DKK 20 million to the
group financial statement, calculated after purchase price allocation and
transaction costs of DKK 8 million.

Aktieselskabet Schouw & Co.

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