Schouw & Co. Full Year 2015 Investor presentation March 2016 CEO JENS BJERG SØRENSEN IR KASPER OKKELS

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1 Schouw & Co. Full Year Investor presentation March 2016 CEO JENS BJERG SØRENSEN IR KASPER OKKELS

2 Annual Report highlights: Best operation in our history Revenue DKK 12.6bn Growth 6.6% // : 11.8bn Increase in revenue in all businesses Return on invested capital 18.3% ROIC incl. goodwill 15.1% Growth in ROIC six years in a row NIBD/EBITDA -0.4x Closing of Specma and GPV acquisitions in 2016 will have DKK +1bn in NIBD effect EBIT DKK 831m Growth 17.5% // : 708m DKK +50m from non-recurring items Cash flow from operations DKK 1,171m Growth 86% // : 628m Free cash flow 602m Future-proofing the platform M&A BioMar JV in China // FIN acquisition in Turkey // Hydra trebles its size // new leg in Schouw & Co.

3 Solid increase across all businesses Annual Report Revenue DKKm ,566 EBITDA DKKm ,214 11, , BioMar FPC FIN Hydra Other BioMar FPC FIN Hydra Other Cash flow from operations DKKm ,171 EBIT DKKm BioMar FPC FIN Hydra Other BioMar FPC FIN Hydra Other

4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Progress across all key figures Annual Report Revenue and income DKKm Revenue 12,566 11,784 EBITDA 1,214 1,070 - margin 9.7% 9.1% EBIT margin 6.6% 6.0% Associates % increase in share price in Cash flows DKKm Cash flows from operating activities 1, Cash flows from investing activities Of which investment in PPE Cash flows from financing activities Invested capital and financing DKKm Working capital 1,598 1,775 Net interest bearing debt (NIBD) Total equity 6,677 6,074 ROIC excl. goodwill 18.3% 16.9% ROIC incl. goodwill 15.1% 14.0% NIBD/EBITDA Schouw & Co. share price C20 CAP indexed to Schouw & Co. MidCap indexed to Schouw & Co. 2016

5 BioMar Annual Report Strong figures Increase in revenue and profit despite decrease in volume Pass-through of higher raw material prices increases revenue Volume increase in Continental Europe and margin increase Solid improvement in EBIT margin in Norway Positive FX effect where higher USD offsets lower NOK Increased sale of value-added products Strong Q4 with increase in market share Very strong cash flow generation Net Working Capital down by 23% (DKK 230m) despite revenue increase Increase in DPO and effective use of Supply Chain Financing CF from operations DKK 637m and Free Cash Flow DKK 427m Revenue EBITDA 6.2% 8, % 574 8, Volume (k ton) -4.1% ROIC (%) ex. goodwill Building a solid platform for future growth 140kt capacity in Norway ready by summer 2017 JV with Tongwei in China and JV with Sagun in Turkey Decent outlook for 2016 Positive volume expectations despite a flat/negative total market Chile remains challenging with diseases and low salmon prices Revenue expected at DKK 9.2bn and EBIT of DKK m EBIT EBIT margin (%) 2.8%

6 Fibertex Personal Care An exceptional profitable year Flat revenue and volumes at same level as in Positive one-off effect of DKK ~50m from raw material passthrough clauses and USD/MYR exchange rate development Unexpected strong Q4 both in Denmark and Malaysia Malaysia started soft in but recovery throughout the year A solid cash flow generation Strong EBITDA translates to DKK 342m in CF from operations Investing in value-add and capacity Expanding Malaysian capacity by 30% with line #5 Establishing print operations in Asia and expanding in Germany Upgrading capacity in Denmark to more value added products Firm underlying guidance for 2016 Revenue expected at DKK 1.9bn and EBIT at DKK m Adjusting for DKK ~50m one-off, higher EBIT expected in 2016 Uncertainty from volatile FX and raw materials prices Revenue 1,788 EBITDA 308 Annual Report % 28.3% 1, Volume (k tons) ROIC (%) ex. goodwill EBIT EBIT margin (%) % %

7 Fibertex Nonwovens Last year s progress continued Solid increase in revenue, primarily from acquisitions Double digit growth in auto and advanced products segments Firm increase in profitability across all European sites Negative effect from consolidation of South Africa Effect from international investments Increasing focus on value-added products Margin management and global factory footprint Acquisition of spunlacing capacity in Turkey Streamlining structures, effect from new ERP system Significant increase in top-modern Czech facility Progress set to continue in 2016 Double digit growth in revenue and EBIT of DKK 80-90m Significant increase in depreciations (DKK +25m) 2016 will be a transition year with effect from capex/acquisitions Revenue 1,048 EBITDA 128 Annual Report % 19.5% 1, US, ZA, TR sales ROIC (%) ex. goodwill EBIT EBIT margin (%) %

8 Hydra/Specma Annual Report Very solid performance Solid increase in revenue and significant scale-effect on EBIT Wind segment the main driver: almost 50% of revenue Positive one-offs of DKK ~5m (mainly reversal of provisions) Revenue % 603 Wind segment sales 17% Acquisition of Specma is a game-changer Result of long-time strategic ambition of growing Hydra Building a truly international business Minimising exposure to individual segments like wind Synergies primarily within sourcing EBITDA 19.5% ROIC (%) ex. goodwill Guidance reaching towards the strong level Revenue about DKK 1.7bn and EBIT DKK m before PPA Hydra/Specma pro-forma EBIT was DKK 135m Strong outlook in wind but soft in mining, marine and offshore Purchase Price Allocations result in additional depreciations of DKK ~25m in the next 3 years and DKK ~18m until 2026 EBIT EBIT margin (%) 30.0%

9 Kramp Yet another solid year Revenue increase by 4.5% in a soft agricultural market EBIT up by 17% with significant scale effects Continued synergy-effect from Grene combination Impressive 11.8% EBITDA margin / 9.2% EBIT margin Investment in efficiency and digitalisation Significant IT investment program Building the industry s leading web shop Upgrading/automation of several Distribution Centres Positive outlook for 2016 Growth in revenue to DKK 5.4bn and EBIT DKK m DKK 65-75m to be recognised in Schouw under associates Outlook for the European agricultural sector remains weak Revenue 4,906 Annual Report % 5,126 Net Working Capital EBITDA EBITDA margin (%) % 604 EBIT EBIT margin (%) % 474 1, % 1,

10 Xergi and other investments Xergi s best year ever graphs to the right shows Xergi 100% figures Revenue (on 100% basis) increased 32% to DKK 411m Significant increase in EBIT to DKK 22m Very high activity level Effect from many years of investing in technology and markets as well as strong Danish market Unchanged good prospects for biogas Incuba Invest Ownership interests in development and venture activities Small positive net result as expected Revenue 311 Annual Report Revenue split EBITDA EBITDA margin (%) 16 32% 79% 29 Denmark EBIT EBIT margin (%) Other 7.1 Properties Former Martin Professional properties put up for sale 13 64%

11 Guidance 2016 Annual Report REVENUE DKK million 2016 outlook actual actual BioMar 9,200 8,974 8,451 Fibertex Personal Care 1,900 1,797 1,787 Fibertex Nonwovens 1,400 1,222 1,048 Hydra/Specma 1, Other/eliminations Total revenue c. 14.2bn 12.6bn 11,784 Kramp (100%) c. 5,400 5,126 4,905 EBIT DKK million 2016 outlook actual actual BioMar Fibertex Personal Care Fibertex Nonwovens Hydra/Specma * Other before PPA c Total EBIT Associates etc Financial items, net c Expected nine-month contribution from GPV (revenue DKK m) and EBIT DKK ~40m before PPA should be added to the above following expected closing of the transaction in early Q Profit before tax Kramp EBIT (100%) * After dedution of PPA depreciations of about DKK 25m

12 Summing up 2016: Opportunities or volatility? All our businesses are very well positioned Especially BioMar and FPC are non-cyclical Raw material prices are fluctuating Currencies (and stock market) very volatile Building a solid long-term platform Integration of acquired businesses Huge capacity increase in BioMar and FPC Securing international competiveness Focus on stronger businesses For many years the guiding principle in Schouw & Co. has been bigger and stronger In 2016 the primary focus will be on stronger Annual Report GPV a new leg in our portfolio Acquisition expected to close March/April Full financial effect expected from Q2 Very well received by all GPV stakeholders GPV has attractive financials revenue of DKK ~850m and EBITDA 80m Acquired for DKK 400m (5.0x EBITDA) on a debt and cash free level Opportunities from new ownership Accelerating profitable growth Establishing GPV in the Americas Organic growth with long-term customers Looking into value-creating M&A

13 Strategic headlines remain unchanged Annual Report We build a portfolio of leading Danish industrial businesses and develop them through valuecreating, active and long-term ownership No divestments of core businesses Even bigger and stronger businesses Further develop the portfolio Open to value-creating ownership structures

14 Strategic goals Annual Report Growth Profit Return Leverage Payout Portfolio Substantial growth every year Benchmark level profitability ROIC > 15%, but dependent on level of risk Comfort zone for NIBD is 1-2 times EBITDA Constant/increasing dividends and share buybacks A handful of big and strong businesses

15 All graphs are LTM and adjusted for the sale of Martin Professional and the financial effect from the combination of Grene and Kramp Delivering on our strategy Revenue 6.4% Revenue CAGR adjusted for sale of Martin and Grene Reduction in NIBD 2.3bn reduction due to strong CF, and effect from Vestas, Lerøy, Martin, Grene Annual Report EBIT 10.5% EBIT CAGR adjusted for sale of Martin and Grene Free Cash Flow 2.2bn Accumulated FCF incl. M&A Operating CF CAGR 32.9% ROIC ex. goodwill 18.3% Growth in ROIC six years in a row ROIC incl. goodwill 15.1% Shareholder yield solid Dividends increased every recent 5 years Dividends historically ~2-3% of m.cap.

16 Q4 financials

17 BioMar -Q4 financials (DKKm) Annual Report Q4 YTD D D LTM Revenue % % EBITDA % % EBITDA% 8,3% 7,6% 9% 6,6% 6,8% -3% 6,6% 6,8% EBIT % % EBIT% 6,6% 6,0% 9% 5,0% 5,1% -3% 5,0% 5,1% Profit before tax % % Cash Flow from operations % % Equity % in % of total assets 44,0% 39,3% 12% 39,3% Inv. Capital (ex goodwill) % ROIC 22,7% 22,9% -1% 22,9% Net Working Capital % in % of LTM revenue 8,4% 11,6% -28% 11,6% NIBD % times LTM EBITDA 0,1x 0,7x -83% 0,7x

18 Annual Report Fibertex Personal Care -Q4 financials (DKKm) Q4 D D Revenue % 1,797 1,787 1% 1,797 1,787 EBITDA % % EBITDA% 26.8% 18.6% 44% 22.0% 17.2% 28% 22.0% 17.2% EBIT % % EBIT% 19.5% 10.5% 85% 14.1% 9.6% 47% 14.1% 9.6% Profit before tax % % Cash Flow from operations % % Equity % in % of total assets 46.1% 38.8% 19% 38.8% Inv. Capital (ex goodwill) 1,222 1,336-9% 1,336 - ROIC 20.7% 14.4% 44% 14.4% Net Working Capital % in % of LTM revenue 16.4% 16.4% 0% 16.4% NIBD % times LTM EBITDA 1.2x 2.2x -45% 2.2x YTD LTM

19 Annual Report Fibertex Nonwovens -Q4 financials (DKKm) Q4 D D Revenue % 1,222 1,048 17% 1,222 1,048 EBITDA % % EBITDA% 10.0% 10.6% -5% 12.5% 12.2% 3% 12.5% 12.2% EBIT 9 9 0% % EBIT% 3.0% 3.4% -11% 6.2% 5.9% 5% 6.2% 5.9% Profit before tax % % Cash Flow from operations ##### % Equity % in % of total assets 30.6% 32.7% -7% 32.7% Inv. Capital (ex goodwill) 1, % ROIC 7.8% 8.4% -7% 8.4% Net Working Capital % in % of LTM revenue 29.5% 30.4% -3% 30.4% NIBD % times LTM EBITDA 4.8x 4.1x 17% 4.1x YTD LTM

20 Annual Report Hydra-Grene -Q4 financials (DKKm) Q4 YTD D D LTM Revenue % % EBITDA % % EBITDA% 17.3% 10.7% 62% 15.5% 13.8% 12% 15.5% 13.8% EBIT % % EBIT% 14.5% 7.6% 92% 12.9% 10.6% 22% 12.9% 10.6% Profit before tax % % Cash Flow from operations % % Equity % in % of total assets 51.9% 48.0% 8% 48.0% Inv. Capital (ex goodwill) % ROIC 28.9% 22.6% 28% 22.6% Net Working Capital % in % of LTM revenue 33.5% 33.1% 1% 33.1% NIBD % 96 - times LTM EBITDA 0.8x 1.2x -33% 1.2x

21 Contact Investor Relations Kasper Okkels CEO/President Jens Bjerg Sørensen

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