Schouw & Co. — Remuneration Information 2011

Mar 17, 2011

Continuation of incentive programme

Under the share-based incentive programme Schouw & Co. has maintained since
2003, a decision has been made to issue and grant a total of 239,000 share
options on the following terms:

The members of the Management Board of Schouw & Co., President Jens Bjerg
Sørensen and Vice President Peter Kjær, will be granted 40,000 and 15,000 share
options, respectively.

Other senior executives, including managers of subsidiaries, comprising 13
persons, will be granted a total of 184,000 share options.

The options are exercisable during a period of 24 months following the
publication of the Schouw & Co. Group's full-year profit announcement for the
2012 financial year.

Each share option entitles the holder to purchase one Schouw & Co. share of DKK
10 nominal value. The exercise price is equal to the average official closing
share price during the first five business days after the publication of the
Schouw & Co. Group's Annual Report for the 2010 financial year (of DKK 129.60),
plus a premium of 4% p.a. with effect from March 17, 2011.

The new options have an aggregate theoretical market value of approximately DKK
6.2 million, calculated on the basis of the Black & Scholes model using
12-month historical volatility (33.7%) based on daily average prices, a
risk-free interest rate (3.0% p.a.) and the share price (DKK 129.60) at the
date of issue.