Results of rights issue

This announcement and the information contained herein is not for release, publication or distribution, directly or indirectly, in or into the United States, Canada, Australia or Japan or any jurisdiction in which such publication or distribution is unlawful. This announcement does not constitute or form a part of any offer to sell or solicitation of an offer to purchase or subscribe for securities in United States, Canada, Australia or Japan or any other jurisdiction in which it would be unlawful to do so. Any failure to comply with this may constitute a violation of US, Canadian, Australian or Japanese securities laws or the securities laws of other states as the case may be. Any securities described herein may not be offered or sold in the United States absent registration or an exemption from registration; any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the company that will contain detailed information about the company and management, as well as financial statements.

Bang & Olufsen today announces that all 81,848,058 new shares offered under the rights issue announced by the Company on 4 June 2020 have been subscribed for. 80,930,784 of the new shares (equivalent to 98.9%) have been subscribed for by exercise of pre-emptive subscription rights. As the demand for remaining shares exceeded the number of new shares not subscribed for by exercise of pre-emptive subscription rights the remaining shares have been allocated as further described in the prospectus. Investors who have been allocated remaining shares will be informed individually.

CEO, Kristian Teär says:

“We are pleased to announce a successful result of the offering. The proceeds from the rights issue will enable us to get Bang & Olufsen through the COVID-19 crisis, continue to unfold the recently launched strategy and bring the company safely into the future. I would like to thank our shareholders and investors for their support and continued trust in Bang & Olufsen.”

The company expects to complete the offering on 1 July 2020 after receipt of all subscription amounts and registration of the capital increase with the Danish Business Authority.

The new shares will as soon as possible thereafter be admitted to trading and official listing on Nasdaq
Copenhagen A/S under the ISIN code for the Company's existing shares DK0010218429, expectedly no
later than 3 July 2020.

As stated in company announcement 20.05, the offering may be withdrawn at any time prior to the registration of the capital increase relating to the offering with the Danish Business Authority. Any such withdrawal will be notified via Nasdaq Copenhagen A/S.