Accelerating Global Growth Lars Rasmussen, President & CEO

Accelerating global growth Lars Rasmussen, President & CEO

13 June 2012 Accelerating global growth Page 1 Agenda

• Recap the Coloplast journey

• Outline our ambitions for the years ahead

• Describe our main priorities to deliver on these ambitions

• Discuss your reflections and questions

13 June 2012 Accelerating global growth Page 2 Our journey has delivered a very successful turnaround…

EBIT margin, % Organic revenue growth, % ROIC, %

Our legacy Our turnaround

25 23

EBIT margin 21 16 16 16 16 15 Organic 13 12 revenue growth 12 11 11 10 10 10 11 10 9 7 6 6 8 8 7 ROIC 6

02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11

13 June 2012 Accelerating global growth Page 3 ... and we have a strong foundation for the future

#1 regarded medical device company … and highly motivated among our patients employees throughout our Group

• 300 patient groups from 42 Engagement Survey, May 2012 countries in Patient View study • Coloplast ranked 1st on all six +18% indicators, e.g. • High quality, useful products 72 • Effective patient centered 61 strategy • Patient safety • Consistently outranking peers such as Medtronic (2nd) and S&N (3rd) EEI** Coloplast

* PatientView – Corporate Reputation of the Medical Device Industry, April 2012; Coloplast Engagement Survey, May 2012 ** European Employee Index benchmark

13 June 2012 Accelerating global growth Page 4 Our ambition is to be among the world’s best medical device companies – to deliver on this, we have set clear priorities

How we do business… …supports us where we do business

A.1 Become even closer to our E.5 Continued growth in the core customers developed markets in Europe

B.2 Develop and market the world’s F.6 Increased growth in the developed best products markets outside Europe (US, Canada, Japan and Australia) C.3 Operate a highly professional and dedicated sales force G.7 Further expansion and growth in Emerging Markets D.4 Continue to run an efficient business

13 June 2012 Accelerating global growth Page 5  Become even closer to our customers

Coloplast Care and DtC form a new sales channel that gets us even closer to our customers (1/2)

Objective Through Coloplast Care we… … with positive results so far

Connect to end users and • Close to 100,000 end users* form lifetime bond enrolled

NPD gain • More than 15 countries* are and running Care programme – Advise with the right retention of and more to come information at the right time new users when exiting • Ability to measure retention of from the Respond with frequent phone patients hospital calls, emotional support and monthly newsletters • Positive patient testimonials

Enable our end users by making their lives easier

* Coloplast Care report, April 2012

13 June 2012 Accelerating global growth Page 6  Become even closer to our customers

Coloplast Care and DtC form a new sales channel that gets us even closer to our customers (2/2)

Objective DtC is direct individualized marketing… … with positive results so far

Market to the • Current database of more

individual’s need Customised than 300,000 end users*

and and dialogue Conversion, up-selling • Increasing lead generation

and cross- through online and offline

selling to message marketing activities

existing and services and users, both • New system and processes CP and products Specific being implemented allowing others for increased transparency Information tailored to the individual • Focus on improved customer experience

* Consolidation of country databases, April 2012

13 June 2012 Accelerating global growth Page 7  Develop and market the world’s best products

Innovation is on our Agenda with a clear commercial direction setting: To develop the world’s best products

Advisory Boards Innovation Innovation Brief Ideation Roadmap User friendly programme 10/11 11/12 12/13 13/14 14/15

L 1 Antropological studies L 2

Co-creation

Concept Design Projects

13 June 2012 Accelerating global growth Page 8  Develop and market the world’s best products

We have a very strong pipeline with the highest NPV ever…

Products launched Future launches

10/11 11/12 12/13 13/14 13/14

Slot 1 Slot 2 Slot 1 Slot 2 Slot 1 Slot 2 Slot 1 Slot 2 Slot 1 Slot 2

Ostomy SenSura® Care Mio Brava™

Speedi- Continence Cath® Design Care Compact DNA Male

Biatain® Wound Silicone Care Ag

13 June 2012 Accelerating global growth Page 9  Develop and market the world’s best products

…and we will be launching a new coherent Design DNA in Coloplast

13 June 2012 Accelerating global growth Page 10  Operate a highly professional and dedicated sales force

We are focusing on driving better execution and maximising sales impact through our Sales Leadership initiative

Focused on up-scaling 1st line sales From winning big accounts to being experts managers globally in sales leadership

Best medtech Country manager sales force in the world

Experts in sales 1st line leadership Sales Experts in Mgmt winning big accounts

Sales reps

13 June 2012 Accelerating global growth Page 11 We have set clear priorities for where we do business

How we do business… …supports us where we do business

A.1 Become even closer to our E.5 Continued growth in the core customers developed markets in Europe

13 June 2012 Accelerating global growth Page 12  Continued growth in the core developed markets in Europe

We are stepping up to the challenge in Europe and leveraging our market leader position

Our situation Key priority Sustain high 40-50% market share* market share and capture

67% of our net revenues profitable growth * Chronic Care market share

13 June 2012 Accelerating global growth Page 13  Continued growth in the core developed markets in Europe

Focus on sales excellence and innovation will drive growth in our European Chronic Care business Monthly MAT growth

Germany Italy Nordics

>3%-pts 1.5x 2.0x

Perfor- mance

May 2011 April 2012 May 2011 April 2012 May 2011 April 2012 • Positive momentum in • Positive OC contribution • Positive market expansion SIEWA driven by retention and on commercial execution in • Positive CC performance value upgrades Norway Key from focusing on IC, key • Positive CC performance • Tender wins in DK drivers accounts and commercial from focusing on IC, key execution account and commercial execution • Focus on rehab units

13 June 2012 Accelerating global growth Page 14  Continued growth in the core developed markets in Europe

And we are actively working on changing the challenged momentum in our European Wound Care business

France Spain

New organisational setup 1 1 Create strong dedicated team with increased sales pressure

Maximise effectiveness of 2 Increase commercial focus 2 organisation

Win with Biatain® Win with Biatain® 3 3 “superior absorption” portfolio “superior absorption” portfolio

4 Price management 4 Get tenders right

Selected markets

13 June 2012 Accelerating global growth Page 15  Increased growth in the developed markets outside Europe

High potential for taking larger market shares in the developed markets outside EU

Our situation Key priority Capture 20-30% market share* market share

21% of our net revenues to grow in developed markets * Chronic Care market share

13 June 2012 Accelerating global growth Page 16  Increased growth in the developed markets outside Europe

Developed markets in North America hold opportunities for increased growth…

USA Canada

• Breakthrough in Ostomy Care • Accelerate New Patient Discharge Ostomy through NPE and end user retention • Improve retention & drive conversion Care

Contince • Defend and grow Continence Care • Accelerate Continence Care by Care through NPD capture and new leveraging strong market position product introductions

Wound • Recommit to Skin Care growth and • Apply tender focused strategy stabilise Wound Care Care

13 June 2012 Accelerating global growth Page 17  Increased growth in the developed markets outside Europe

… while our developed markets in Asia-Pacific also hold untapped potential

Australia Japan

• Increase investments in the market • Leverage market leader position Ostomy • Strong focus on NPD and SenSura® success Care • Optimise product mix to grow Ostomy Care

Contince • Accelerate growth in intermittent • Understand and explore large Care catheters potential

Wound • Focus on education and distributor • Increase our understanding and Care partnerships investments in market • Apply tender focused strategy • Educate growing number of nurses

13 June 2012 Accelerating global growth Page 18  Further expansion and growth in Emerging Markets

Coloplast sees great potential to build and capture market shares in Emerging Markets

Our situation Key priority Educate, 20-30% market share* create and 12% of our net revenues grow selected markets from focused effort * Chronic Care market share

13 June 2012 Accelerating global growth Page 19  Further expansion and growth in Emerging Markets

Our growth in Emerging Markets will be driven by Ostomy Care and Wound Care

Emerging Markets breakdown per business area Comments Percent

OstomyOstomy ~60 • Assura® line is the main brand Care Care but SenSura® is growing rapidly

WoundWound • Mature products like Comfeel® ~20 Care Care account for majority of business while Biatain® is gaining traction

ContinenceContinence • EasiCath® and SpeediCath® are ~15 Care Care main brands

UrologyUrology • Primarily disposable urology ~5 Care Care products

EmergingEmerging 100 Marketsmarkets

13 June 2012 Accelerating global growth Page 20  Further expansion and growth in Emerging Markets

And geographical expansion also holds significant longer term potential for us

Build on and accelerate growth platform e.g. in • China • Brazil • Russia Develop growth • Argentina platform e.g. in • MENA • Mexico • India • South Africa • South East Asia • Selected ROLA markets Selected markets

13 June 2012 Accelerating global growth Page 21  Further expansion and growth in Emerging Markets

We already have a strong presence in selected emerging markets where China holds the greatest growth opportunity

Strong momentum in China Levers for continued growth

Growth, CAGR Increasing coverage of hospital and a community health center beds

Win in existing hospitals through b commercial excellence

>30% CAGR Training and retaining the best employees c through leadership programmes

Educating and growing the market from d building relationships and raising the standard of intimate healthcare

Pursue new opportunities, e.g. GTM e models, M&A, partnerships etc. 06/07 2010/11 13/14 20/21 plan ambition

13 June 2012 Accelerating global growth Page 22 As a result of our new strategy, our geographic footprint will gradually change…

Actual revenue split in FY2010/11 Revenue split in our future ambition

Rest of world Rest of world 33% 40%

Region Europe Region Europe 67% 60%

13 June 2012 Accelerating global growth Page 23 We believe we can accelerate our global growth from…

Becoming even closer to our  customers

Developing and marketing the  world’s best products

Operating a highly professional  and dedicated sales force

13 June 2012 Accelerating global growth Page 24 Globalising Urology Care - an opportunity for growth Steffen Hovard,,gy SVP Urology Care

13 June 2012 Globalising Urology Care Page 1 Forward-looking statements

The forward-lookinggp,g statements contained in this presentation, including forecasts of sales and earnings performance, are not guarantees of future results and are subject to risks, uncertainties and assumptions that are difficult to predict. The forward-looking statements are based on Coloplast’s current expectati ons, esti mat es and assumpti ons and base d on the in forma tion ava ila ble to Coloplast at this time.

Heavy fluctuations in the exchange rates of important currencies, significant changes in the healthcare sector or major changes in the world economy may impact Coloplast's possibilities of achieving the long-term objectives set as well as for fulfillinggp expectations and ma y affect the com pypany’s financial outcomes.

13 June 2012 Globalising Urology Care Page 2 Agenda

• Our current Urology Care set-up

• The market for urological devices as we see it

• Outline our ambitions for the years ahead

13 June 2012 Globalising Urology Care Page 3 Today, Coloplast operates within selected areas of the large urology playing field

Disease areas • Urinary incontinence • Pelvic organ prolapse • Erectile dysfunction • Enlarged prostate • Kidney and urinary stones

Customer • Surgeons groups • Purchasing departments and organisations Minneapolis HQ • End customers

Call points • Urologists • Uro-gynaecologists • Gynaecologists • Purchasing departments and organisations

Paris HQ

13 June 2012 Globalising Urology Care Page 4 In 22011,011, wewe ccreatedreated oonene ggloballobal SSBUBU cocombiningmbining valuablevaluable complementary competences and organisational skills

Surgical Urology Disposable Surgical Urology

• 40 years of history in urology • 120 years heritage in urology • SBU set-up complete with functional • SBU set-up complete with functional management team management team • Commercially carved out and value • Fully-carved out and value chain chain integrated integrated • Commercial organisation ~110 FTEs • Commercial organisation ~110 FTEs • Total organisation ~300 FTEs • Total Porgès organisation ~340 FTEs • Focused on implants: Elective • Focused on disposable devices for ”non- procedures elective” procedures • Geographically focused on the US • Geographically focused on Europe+ROW

13 June 2012 Globalising Urology Care Page 5 The aim was to create a business platform to provide scale and position ourselves for revenue growth

Coloplast Urology Care

Surgical Urology Disposable Surgical Urology

• Narrow portfolio in Inflatable Penile • Good competitive platform , especially Implants, meshes for Stress Urine in the endourology segment and BPH

Incontinence and Pelvic Floor Repair • Non-elective surgeries

• Elective surgeries • Broad technology platform with limited

• Strong IP portfolio IP protection

• Strong mesh technology platform following Mpathy acquisition

Product and geographically driven cross-selling opportunities

13 June 2012 Globalising Urology Care Page 6 We want to focus on innovative surgical solutions for the urologist and urogynaecologist in focused growth product segments

Female Pelvic Health Growth opportunity with strong IP protected Urinary Incontinence Pelvic Floor Repair technology, significant growth opportunity in EU and US Endourology Largest product segment in DSU range. Stone Management BPH Fastest growing product segment in urological devices with cross-selling Men’s Health opportunity in US Largest revenue share of our portfolio, and Erectile Dysfunction Male Incontinence still significant market penetration potential globally (and specifically EU)

13 June 2012 Globalising Urology Care Page 7 Agenda

• Our current Urology Care set-up

• The market for urological devices as we see it

• Outline our ambitions for the years ahead

13 June 2012 Globalising Urology Care Page 8 Urology Care represents a DKK 9bn market with an estimated annual growth of 4-6%

Estimated Global Market Share (Selected segments)

Stress Urinary Pelvic Floor Male Penile Implants Stone Other urological Incontinence Repair Incontinence Management devices

Market DKK bn 1,1 0,7 0,7 0,4 2,0 0,8

Growth % <5% <5% <5% 5-10% 5-6% <5% CAGR 11/12-15/16 Endo Health 25-50% 25-50% 60-70% +75% NA NA

Boston Scientific 10-25% 10-25% NA NA 25-50% NA

Bard <10% 25-50% NA NA 10-25% NA

ClColopl ast <10% <10% 30-40% <10% 10-25% <10%

Ethicon 25-50% 10-25% NA NA NA NA

Cook NA NA NA NA 10-25% NA

Other <10% <10% NA NA 10-25% NA

Source: Coloplast estimates and competitor annual reports

13 June 2012 Globalising Urology Care Page 9 Agenda

• Our current Urology Care set-up

• The market for urological devices as we see it

• Outline our ambitions for the years ahead

13 June 2012 Globalising Urology Care Page 10 Opportunities for growth define our as pirations for the upcoming years

Aspiration Strategic theme We want to double our business 1A. Continued development of geographical coverage We deliver a broad portfolio to our urology customers 2B. Accelerate growth with new products

We want to be truly global 3C. Advance Female Pelvic Health position

4D. Advance endourology position globally

13 June 2012 Globalising Urology Care Page 11  Continued development of geographical coverage

Globalizing our Urology business represents a large growth opportunity….

10/11 Total Urology Care Global Sales

0% 0% <10% 10-25% 10-25% 10-25%

>75% >75%

>75% >75% North >75% America <10% RoW <10% 10-25% 10-25% EU Men’s Female EndourologyBPH General Health Pelvic Surgery HlthHealth &Oth& Other

13 June 2012 Globalising Urology Care Page 12  Continued development of geographical coverage

….by matching our product segments with the right geographical opportunities Europe • Capture leadership position • Investing in selected markets will increase North America market share • Light-weight mesh market • New endourology products growth represent growth • Increased inflatable penile • Focus on Female Pelvic implant market share Health • New products RoW • Introduction of Endourology • Expansion in Asia (Japan) • Increasing sales presence and Latin America • Continued development of Middle East • Expansion through idktincreased market registrations

13 June 2012 Globalising Urology Care Page 13  Accelerate growth with new products New pppproducts complete portfolio and adds new sources for growth

New products in 2012 R&D  R&D spend in line Endourology Gen. Surgery with key competitors

Market drivers  Large, under-penetrated population  Lack of gold standard Retrace® No-Tip™ Cobra(R)  Ageing and obese population Access Sheath Stone Basket Biopsy  Minimally inv asiv e su rgeries

Female Pelvic Health Men’s Health Market trends  Less invasive treatment methods  Office-based treatments  Cost containment  Innovation key source of Altis® Zero Degree™ competitive advantage Single Incision Next Generation Sling IPP

- All products are official trademarks of Coloplast A/S

13 June 2012 Globalising Urology Care Page 14  Accelerate growth with new products And by utilising a ggplobal footprint we will reduce time to market significantly

No clinical evidence required

US User Product Development US US EU EU Before needs Appr launch Appr launch

Global User Product Development US US Future needs Appr launch

EU EU Appr launch

Clini cal evid ence requi red

US User US EU EU Product Development US Clinical / Approval US Before needs Appr launch Appr launch

EU EU Appr launch

Future Global User Product Development Multi-national Clinical US US needs Appr launch

Country 1 Clinical Country 1 Country Appr 1lanch1 launch

* For illustrative purposes

13 June 2012 Globalising Urology Care Page 15  Advance Female Pelvic Health position

FFemaleemale PelvicPelvic HealthHealth iiss tthehe segsegmentment withwith tthehe highesthighest growth opportunity within Urology

Female Pelvic Health Market Dynamics  Increasing barriers will Stress Urinary change competitive Incontinence environment • Altis® – Single Incision  Abdominal procedures • Aris® – Transobturator increasing dramatically  Less Invasive • Supris® – Retropubic  ASP pressure • T-Sling™ – Price Sensitive • Durasphere EXP®: Injectable Increased FDA Scrutiny Bulking Aggent*  510K process  522 orders Pelvic Floor  Demand for clinical evidence Repair

• Restorelle® – Ultra-lightweight Technology • Y-Mesh™ – Trans-abdominal  Mpathy acquisition 2010 • Novasilk® – Lightweight  Strengthening IP • Exair® – Prolapse System  Defending IP • Axis™ & Suspend® – Biologics  Ultra-lightweight position

*Joint Trademark of Coloplast A/S and Carbon Medical Technologies, Inc. - All products are official trademarks of Coloplast A/S

13 June 2012 Globalising Urology Care Page 16  Advance endourology position globally

Advancing our endourology position globally adds significant growth potential

Endourology Market data (estimated)  Market size DKK 2bn Stone Management BPH  Market growth 5-6%

Portfolio Biopsy  Pioneering portfolio  Competitive breadth Ureteric  Competitive costs catheters Double loops Channels  FPH & MH call points Prostatic catheters  Existing relationships  Existing contracts General Surgery  Experience contractors Stone baskets Balloon dilators

Support  Established support  Volume discounts Disposable suction  Subject matter expertise irrigation Access sheath Percutaneous drainage sets

- All products are official trademarks of Coloplast A/S

13 June 2012 Globalising Urology Care Page 17 Over the next five years, we want to establish Urology Care as a gggyygglobal leader in urology by extending our existing portfolio to our core geographies

1• Continued development of geographical coverage through development of sales organisation and distributor network

2• Accelerate growth with new products through innovation and acquisitions

3• Advance Female Pelvic Health position through globalising portfolio and capitalising on ultra-lightweight mesh

4• Advance Endourology position globally through continued innovation and international product launches

13 June 2012 Globalising Urology Care Page 18 Coloplast US - Back to basic Claus Bjj,erre, President US Chronic Care & Senior Vice President, Canada, Australia and Japan

13 June 2012 Coloplast US Page 1 Forward-looking statements

13 June 2012 Coloplast US Page 2 Coloplast has a long and eventful history in the US

Sales, USD Key milestones before 2000 ‘08: New HQ Minneapolis

1983 Sales subsidiary ’06: Sold Mills & established Amoena

1994 Amoena acquired ’06: Acquired Mentor, sold Sterli ng 1994 HQ moved from Tampa to Marietta

1995 Sween acquired

1998 Sterling Medical acquired

00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11

13 June 2012 Coloplast US Page 3 Since the acquisition of Mentor, we significantly improved our profitability, but growth began to suffer

Our “Profitable America” strategy has …but growth has slowed down, greatly improved profitability… especially in 10/11

Market contribution, USD Growth, USD

+18% CAGR

06/07 07/08 08/09 09/10 07/0808/09 09/10 10/11

13 June 2012 Coloplast US Page 4 Therefore, a new direction became the logical next step for Coloplast US US growth horizons

Horizon 3 “Towards our full potential” Horizon 2 “Back to Basics - regaining our Horizon 1 growth “Profitable momentum” America”

2010/11 2013/14 Timing of impact

Focus of new plan

13 June 2012 Coloplast US Page 5 Our new growth strategy seeks to bring Coloplast “Back to Basics” in the US

Issue Strategic themes

Ostomy Care business has lost focus on Breakthrough in OC through new patient the basics discharge (NPD) capture and end-user retention

Continence Care no longer growing from Defend and grow CC through NPD capture and the reimbursement reform new product introductions

Wound and Skin Care team distracted Re-commit to Skin Care growth and stabilise Wound Care

Conflict between distribution team, sales Clearly link commercial push and pull efforts force and marketing

Excessive focus on profitability Selectively invest to grow

“Back to Basics”

13 June 2012 Coloplast US Page 6 By pursuing this “Back to Basics ” strategy, our ambition is to move from mid-single digit growth to double-digit growth

“Back to Basics” - Strategic themes US Chronic Care growth ambition

“double digit 1 Breakthrough in OC through NPD capture growth” and end user retention

2 Defend and grow CC through NPD capture and new product introductions “mid-single digit ggorow th”

3 Re-commit to Skin Care growth and stabilise Wound Care

4 Clearly link commercial push and pull efforts

5 Selectively invest to grow 10/11 Actual 13/14 Ambition

13 June 2012 Coloplast US Page 7 To do so, we have adjusted our organisation to fully address our strategic themes

“Back to Basics” Organisational priorities Field sales force

1 Breakthrough in OC through NPD • Established national OWSC sales force focused capture and end user retention on the Acute and Home Health channels • Established national CC sales force focused on 2 Defend and grow CC through NPD the Rehab Centers and major Urology Clinics capture and new product introductions MktiMarketing 3 Re-commit to Skin Care growth and • Established dedicated teams for OC, CC and stabilise Wound Care WSC

4 Clearly link commercial push and pull Distribution and national accounts efforts • Established Master Dealer sales team focused on the key providers 5 Selectively invest to grow • Established National Accounts team focused on GPOs, large IDNs and national distributors

13 June 2012 Coloplast US Page 8  Breakthrough in OC through NPD capture and end-user retention

OC Market Fundamentals The US Ostomy market is a large but mature market growing at approximately 4% per year

US Market – Ostomy Care Market Highlights

DKK bn 1-Piece • Approximately 112,000 new surgeries take 2-Piece pppylace per year Accessories

+4% CAGR 2,1-2,2 • Surgeries are growing by ~6% 1,9-2,0 66 63 64 • Market revenue growth of ~4% impacted by:

• (()+) Demo gra phics

• (-) Reversal of stomas

• (-) Reimbursement price pressure

• (+) Increased usage of accessories

08/09 09/10 10/11

13 June 2012 Coloplast US Page 9  Breakthrough in OC through NPD capture and end-user retention OC Priorities WttWe want to brea k through i n OC throug h NPD cap ture an d en d-user rettitention, biby pursuing three commercial priorities

Commercial priorities US Ostomy Care ambition

1 Position portfolio to meet customer needs and differentiate in the market

2 Focus sales force on acute channel to increase share of NPDs

3 Establish Coloplast Care as the market leading end-user service

10/11 Actual 13/14 Ambition

13 June 2012 Coloplast US Page 10  Breakthrough in OC through NPD capture and end-user retention OC Performance WkiiOCbtAtClfitttWe are making progress in OC, but our Acute Care sales performance is not yet strong enough

OC progress OC Master Dealer OC Acute Care OC NPEs* against plan sales sales

Target • DditdtDedicated team to OWSC with goal to emphasise OC wins

• Wins with three major GPOs

• Executing several initiatives with key 09/10 10/11 11/12 Q4 Q1 Q2 Q4 Q1 Q2 providers H1

* New patient entrants

13 June 2012 Coloplast US Page 11  Defend and grow CC through NPD capture and new product introductions CC Market Fundamentals The CC mar ke t grew rap idly in 2008 d ue t o a si gnifi cant rei mb ursemen t i mprovemen t, b u t growth has since declined

US Market – Continence Care Reimbursement reform drove market growth

Focus segments: IC, MEC, Bags • Large market with intense competitive price pressure DKK bn +7% CAGR +11% 1,5-1,6 • Standard prescription changed from 4 to up 1,1-1,2 to 200 per month, driving the market from re-use of catheters to use of clean technique

IC • MdiMedicare poli cy ch ange h as been fllfollowe d by many state Medicaid plans Urine bags • Not all prescribers or end-users have MEC updated their habits 07/08 08/09 09/10 10/11

13 June 2012 Coloplast US Page 12  Defend and grow CC through NPD capture and new product introductions CC Priorities WttWe want to dfddefend an d grow CCthhNPDtCC through NPD capture an d new pro dtitdtiduct introductions, by pursuing three commercial priorities

CiliitiCommercial priorities US Continence Care ambition

1 Fully engage Rehab Centers and major Urology Clinics

2 Establish Coloplast Care as the market leading end-user service

3 Re-launch SpeediCath® to align with reimbursement

10/11 Actual 13/14 Ambition

13 June 2012 Coloplast US Page 13  Defend and grow CC through NPD capture and new product introductions CC Performance SdiCthSpeediCath® re-launc h ac tiv ities an d our NPE processes are progress ing we ll an d w ill drive full-line growth in FY11/12

CC progress Self-Cath® CC NPEs* SdiCh®lSpeediCath® sales against plan straight sales • Dedicated sales force for CC, focused on rehbhabs an d uro logy

• National TV campaigns Target for SpeediCath® driving significant demand

• Significant SCI rehab centers have added SpeediCath® to protocol Q4 Q1 Q2 Q1 09/10 → Q2 11/12 09/10 10/11 11/12 • Sales partnerships YTD establis he d w it h key providers

* New patient entrants

13 June 2012 Coloplast US Page 14  Re-commit to Skin Care growth and stabilize Wound Care WSC Market Fundamentals The fragment ed dSki Skin &W& Wound dC Care mark et th has st abl e l ow growth thdi driven by demographics and cost pressure

US Wound & Skin Market Trend Market Highlights

Skin Care, DKK bn +4% CAGR Skin Care 4,4-4,5 • Increasing demand for evidence-based Bathing 4,0-4,1 outcomes and value -added programmes to Hand hygiene lower system cost Incontinent barriers Moisturizers • Medicare no longer paying for Hospital Other Acqucquir ed Com pli cati on s, such as h ospi tal acquired pressure ulcers 2008 2009 2010

Wound Care, DKK bn +6% CAGR 242,4-252,5 Wound Care 2,2-2,3 • Steady growth from Foam and Silver Foams segments in Acute Care Silver/Active Hydrocolloids • Increasing demand to standardise patient Alginates protocols within hospital systems Other

2008 2009 2010

13 June 2012 Coloplast US Page 15  Re-commit to Skin Care growth and stabilise Wound Care WSC Priorities WttWe want to re-commit t o Ski n C are growth and stabili se WdCWound Care bithby pursuing three commercial priorities

CiliitiCommercial priorities USSCS Wound and Skin Care ambition

1 Drive sales of skin care products in Acute are through IDN contracts

2 Establish Coloplast LINKS® as the market leading hospital service

3 Stabilise sales in Wound Care

10/11 Actual 13/14 Ambition

13 June 2012 Coloplast US Page 16  Re-commit to Skin Care growth and stabilize Wound Care WSC Performance EhEnhanc ing pos itions on GPOs an d se lec tdt dea ler convers ion oppor tun ities prov idthide the foundation for future growth

WSC progress Number of WSC SC wins WC sales against plan GPO contracts

• Wins with four major GPOs

• Identified strong sales pipeline with Coloplast LINKS®

• Identified significant WC opportunities with key providers and distributors

• Gained OTC clearance Q4 Q1 Q2 Q4 Q1 Q2 09/10 10/11 11/12 YTD for InterDry™ Ag

13 June 2012 Coloplast US Page 17  Clearly link commercial push and pull efforts Push/Pull Priorities WttWe want to cllliklearly link our commerc ilhdllfftial push and pull efforts, throug h coopera tion be tween different departments

From silos working independently...... to close cooperation to drive business

Distribution Sales Opening Drive in-market opportitdtunity and preference and ensuring demand implementation are n gg oo CC Sales istributi Marketin nsumer DD oo

C Marketing Consumer Defining Care strategy and Ensure end- providing user loyalty portfolio

13 June 2012 Coloplast US Page 18  Clearly link commercial push and pull efforts Push/Pull Performance WhWe have been wor king on a num ber o f mar ktiketing campa igns tito improve our commerc ilial push and pull efforts

Marketing campaigns are being executed with key providers Examples of marketing campaigns

Ostomy • Exposing end users to higher quality solutions, such as SenSura® Click Ostomy and SenSura® Flex Continence Wound • Promoting Brava ™ accessories to increase security and reduce leakage

Continence • Promoting SpeediCath® as the 11/12 YTD market-leading hydrophilic campaigns intermittent catheter

13 June 2012 Coloplast US Page 19  Selectively invest to grow

Investment Priorities We want to selectively invest to grow our business

We have specifically allocated funds for investing in commercial activities IttInvestment areas

Expand Direct to CtiitiConsumer activities

Increase coverage of Index GPO/IDNs 100

Invest in the Sales Force 2010/11 Cost Cumulative 2013/14 costs inflation investments costs Provide 2% uplift in market contribution

13 June 2012 Coloplast US Page 20 We know what is working and what we need to improve within each business area in order to achieve our ambition OC Key OC Acute Care OC NPEs* Provider sales sales Use NPE momentum, OC Sensura® Mio and Brava™ to win IDNs

SpeediCath® Self-Cath® CC NPEs* sales straight sales Expand SpeediCath® CC in rehabs and sell the whole bag

Number of WSC SC wins WC sales GPO contracts Drive WC sales WSC through launch of Biatain® Silicone

* New patient entrants

13 June 2012 Coloplast US Page 21 We are making progress against our “Back to Basics ” strategy and early results are encouraging

“Bac k to Bas ics ” - Strat egi c th emes US Ch roni c C are growth ambiti on

“high double digit growth” 1 Break through in OC through NPD capture and end-user retention “double digit growth” 2 Defend and grow CC through NPD capppture and new product introductions

3 Re-commit to Skin Care growth and stabilize Wound Care “mid-single digit growth”

4 Clearly link commercial push and pull efforts

5 Selectively invest to grow 10/1111/12 13/14 YTD Ambition

13 June 2012 Coloplast US Page 22 Financial impact of our growth agenda Lene Skole, Executive Vice President & CFO

13 June 2012 Financial impact of our growth agenda Page 1 Forward-looking statements

13 June 2012 Financial impact of our growth agenda Page 2 Agenda

• Building a profitable base for growth

• Margin expansion potential

• Our capital structure

•Q&A

13 June 2012 Financial impact of our growth agenda Page 3 We have delivered significant value creation - mainly through margin expansion 33 ROIC after tax (%)

2007/08 Special Items EBIT margin Revenue growth Invested Capital Tax H1 2011/12 2007/08 expansion

13 June 2012 Financial impact of our growth agenda Page 4 EBIT margin has expanded by 14% points as a result of transfer of production and optimisation of cost structure

20 • 85% of production in low 65,7 64,6 cost countries 65

61,3 • Reduction of 340 white 15 59,1 60 collar FTE in production 57,9 • Improving efficiency in back 55 10 % office functions in 10,4 subsidiaries and HQ % 50 • Establishing a shared 707,0 service center in Poland 5 5,8 5,9 6,0 45 • Simplifying our business Admin to sales (LHS) Gross margin (RHS) 0 40 2007/08 2008/09 2009/10 2010/11 H1 2011/12

13 June 2012 Financial impact of our growth agenda Page 5 We have continuously invested in sales activities

• Coloplast Care • CRM system & account specific action plans • Segmentation and targeting Building a strong • New organisational set-up in bfbase for sales subs profitable growth • Strengthening sales leadership • Sales force expansion in WC Europe and in China • Pricing excellence

13 June 2012 Financial impact of our growth agenda Page 6 This has resulted in a selling and marketing cost to sales ratio among the highest in the healthcare sector

Marketing and selling expenses to sales 32%

30%

28% New growth initiatives

26% over the coming 3-5

24% years could result in

22% an unchanged ratio of around 29% 20% 99 00 11 99 99 00 00 00 11 11 11 22 jun-0 jun-1 jun-1 sep-0 dec-0 sep-1 dec-1 sep-1 dec-1 mar-1 mar-1 mar-1

1st quartile Average 3rd quartile Coloplast A/S

Source: Bloomberg GICS Healthcare – companies that report marketing and selling expenses seperately: Novartis, Roche, Novo Nordisk,. Merck, UCB, Sonova, Getinge, Aspen Pharmacare, William Demant, H Lundbeck, Elekta, Orion, Meda, GN Store Nord, DiaSorin, Biosensors, Carl Zeiss Meditec, Nobel Biocare, Draegerwerk, Ossur

13 June 2012 Financial impact of our growth agenda Page 7 Agenda

• Building a profitable base for growth

• Margin expansion potential

• Our capital structure

•Q&A

13 June 2012 Financial impact of our growth agenda Page 8 With our priorities for future value creation.....

We invest to: With the aim of:

• Become even closer to our • Continued growth in the core customers dlddeveloped mar ktikets in Europe

• Develop and market the world’s • Increased growth in the developed best products markets outside Europe (US, Canada, Japan and Australia) • Operate a highly professional and dedicated sales force • Further expansion and growth in EiMktEmerging Markets • Continue to run an efficient business

13 June 2012 Financial impact of our growth agenda Page 9 .....we expect to invest significantly in sales initiatives and we see potential to expand our margins further

Margin expansion through: While absorbing negative impact from:

A.1 Operating leverage C.3 Price pressure

B2. Executing on our global D4. Changes in our geographical operations plan footprint

13 June 2012 Financial impact of our growth agenda Page 10  Operating leverage

Operating leverage will generate funds for investments in growth

GtfdGenerates funds High value growth in Europe for investments in growth and leaves potential Continued cost discipline for improving cost ratios

13 June 2012 Financial impact of our growth agenda Page 11  Executing on our global operations plan

We are on track with our Global Operations plan

Lean in volume production

Re-design for manufacturing Will contribute 50 –

Global sourcing and supplier relations 100 bps to gross management margillithin annually with the current outlook on Focus on fixed costs and environment ppgricing, currencies and raw materials Cost effective distribution

Design for manufacturing & fast ramp-up

13 June 2012 Financial impact of our growth agenda Page 12  Price pressure

Our estimate of an annual price decline of 1% is unchanged

We work actively with Market Access & Public Affairs

• Product reimbursement

• Value based pricing

• Clinical evidence

• Monitoring of reform environment in ormarketsour markets

• Dialogues with decision makers, patient organisations and other stkhldtakeholders

Intensifying reform pressure or reforms under way

13 June 2012 Financial impact of our growth agenda Page 13  Changes in our geographical footprint

Lower EBIT margins outside Europe limit potential to increase Group EBIT margins

Gross Margin

100 90 80 70 We will a bsor b th e 60 50 negative impact Europe Developed markets Emerging outside Europe Markets through continued high value growth in EBIT Margin

100 Europe while getting 90 scale outside Europe 80 70 60 50 Europe DldDeveloped mar ktkets EiEmerging outside Europe Markets

Europe = index 100, direct expenses only Source: Coloplast internal reporting

13 June 2012 Financial impact of our growth agenda Page 14 To sum up: We are able to invest significantly in sales initiatives and have potential for margin expansion

Generates funds for sales investments and 1 Operating leverage holds potential for improving cost ratios

2 Global operations Expected to contribute 50-100 bps annually

3 Price pressure Price decline of 1% annually

4 Changes in Negative impact on Group EBIT margin geographica l foo tpr in t abbdthhbsorbed through con tidhihltinued high value growth in Europe and scale outside Europe

13 June 2012 Financial impact of our growth agenda Page 15 Our long-term ambition remains unchanged

Our long-term ambition is to …deliver profitability in line with outgrow the market and… the best performing medical device companies

EBIT margin latest quarter (%)

Chronic Urology Wound Medtronic 32,5 Care Care Care Coloplast 28,6 CR Bard 28,2 Grow in St Jude 25,6 Outgrow Outgrow line with Weigao 23, 9 the the the S&N 23,8 market market market Stryker 22,7 WDH 21,7

Covidien 21,2 4-6%* 4-6%* 2-4%* Baxter 20,5 Sonova 19,2

Getinge 13,4

Boston 11,6

*estimated market growth rates, CP annual report 2010/11 Source: Bloomberg

13 June 2012 Financial impact of our growth agenda Page 16 Agenda

• Building a profitable base for growth

• Margin expansion potential

• Our capital structure

•Q&A

13 June 2012 Financial impact of our growth agenda Page 17 We continue to seek inorganic opportunities where they support our growth agenda...

M&A lan dscape

OC CC WWCC UC Key target characteristics EU • Strong growth outlook • Superior technology US platforms • Building on our capabilities RoW

Scale deals unlikely1

Opportunities Primary focus

(1) For OC and CC in Europe and CC in US scale deals are unlikely due to market dynamics and competitor landscape

13 June 2012 Financial impact of our growth agenda Page 18 …and having identified sufficient organic growth posspossibilities,ibilities, wewe havehave revisedrevised ouourr tatargetrget forfor tthehe capcapitalital structure

We have cancelled our target Net Debt to EBITDA range of 1.5 to 2.5

DKKm

4.000 2,5 2,2 2,2 3.500 2,0 2,0 28

3. 000 44 3. 3.181

2.500 3.069 1,5 1,2 2.000

1,0 1.500 297 060,6 2. 1.000 0,5 539 377 500 0,1 1.593 0 0,2 0,0 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 H1 2011/12

NIBD (EoP) NIBD to EBITDA

13 June 2012 Financial impact of our growth agenda Page 19 Our new cappqyital structure will be based on a liquidity reserve of DKK 1 billion and holds substantial flexibility for M&A

Coloplast financing capacity In DKK billion As of H1 FY11/12 New capital structure

565.6 5.3 No debt

2.3 2.3 2.0 DKK 1bn in cash reserve 3.3 2.3 2.3 2.0 2.0 2.3

Existing Funds drawn Unused Cash & Exisiting Significant loan and credit facilites existing equivalents capital reserve facilities financinggp capabilities

13 June 2012 Financial impact of our growth agenda Page 20 We expect increasing cash returns to shareholders – provided no major acquisitions

Continued strong cash flow generation is Dividend policy unchanged converted into increasing dividend yield if no suitable acquisitions

• Excess liquidity is returned to shareholders in the form of dividend and share buy-backs Dividend yield • Pay-out ratio around 30% - ordinary FY 2010/11 Increasing • Share buy-backs – expected to remain at 1.7%1 current l eve l o f DKK 500 milli on per year

• Potentially extraordinary dividends

1share price 804 as of 30/9 2011 Does not include share buy-back of DKK 500m (Total Yield 3.2%)

13 June 2012 Financial impact of our growth agenda Page 21 Offering a unique potential of stable growth, further margin expansion and increasing dividend yield

13 June 2012 Financial impact of our growth agenda