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Coloplast value creation through profitable growth

JP Morgan European Health Care Conference, London, 26 June 2014

Lars Rasmussen, President & CEO

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15

32

10 15 20 25 30 35 40

Dec 08 Dec 13

Coloplast Median Best 1/4

Coloplast EBIT margin versus peer group (%)

07/08 08/09 09/10 10/11 11/12 12/13

Total Shareholder Return ~35% CAGR

63

74

Ennova benchmark Coloplast

Coloplast Engagement Survey 2014

Patient View Survey 2014

• 300 patient groups from 42 countries

• Coloplast #1

In recent years we have delivered great results

Outperforming

peers

Attractive

shareholder return

Motivated

employees

#1 among

our consumers

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How we compete

8

9

Untapped potential in Europe

Increased momentum in Other Developed

Markets – incl. breakthrough in US

Expansion in Emerging Markets – incl.

leadership in select countries

Wound Care leadership in key Emerging

Markets + pockets of growth in mature markets

Global potential in Urology Care

5

6

7

Where we compete

1 Develop and market the world’s best products

4 Secure an efficient setup

2 Interact and build consumers relations

3 Invest in sales pressure

Our strategy remains centred on value creation through profitable organic growth

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We have launched significant innovative consumer oriented products in all areas...

- Continence Care - - Ostomy Care - - Wound Care - - Urology Care -

1

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OC

CC

Acces-

sories

14/15

1 2

15/16

1 2

16/17

1 2

17/18

1 2

New

Mio

...and we have the most exciting pipeline ever

13/14

1 2

UC

WSC

1

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We believe consumer relations will be key to our future success and we reach out to consumers via two programs

Coloplast® Care Direct-to-Consumer

CARE is a retention program Direct-to-Consumer is a marketing program

2

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We currently invest to grow…

Sales force 60%

Consumer programs 25%

Other 15%

Sales investments*...

Emerging Markets 60%

Other Developed Markets

20%

Europe 20%

* 12/13 to Q2 13/14. HQ investments allocated to geographies pro rata.

3

2013 2012

+10%

Rep count development 2012 to 2013

...by area:

...by type:

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...and we have great potential for further sales investments - Key areas for further investments -

Continence Care

Ostomy Care

Wound & Skin Care

Urology Care

European Markets Other Developed

Markets

Emerging Markets

Expand Wound Care

Consumer programs Capture fair share Build markets and

secure leadership

3

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Region Europe plays a pivotal role in the Coloplast portfolio

European markets

Other developed markets

Emerging markets

Region Europe is our strategic foundation... ...from which we are fuelling our global growth

Maximising commercial

potential by pursuing

pockets of growth

Organising for maximum

operational leverage

while prudently

managing cost inflation

- Revenue split of Coloplast Group -

Generate

incremental

cash flow

to fuel growth

globally

- Key means - - Key objective -

1

2

5

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Our growth is likely to increasingly come from overseas and from Wound and Urology Care

US Near to mid term growth opportunity

• Market share gains in Ostomy and Wound Care

• Upgrade/conversion of Continence Care market

Double

digit

growth

6

Emerging Markets Near and long term growth opportunity

• Markets are fundamentally attractive

• Markets must be developed further

Above

25%

growth

7

Wound Care New strategy following successful turnaround

• Leadership in key Emerging Markets

• Pockets of growth in mature markets

High

single digit

growth

8

Urology Care Globalisation strategy

• Capturing synergies

• Leveraging scale

Doubling

the

business

9

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We have an ambitious long term guidance

7 – 10%

Revenue growth

- annual organic -

0.5 – 1.0%

EBIT margin

- annual expansion - A B

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Mix

Price

Volume

Net effect

Market (all-else-equal)

Relatively

unchanged

~1%

price

pressure

Mid single

digit growth

4 - 5%

value growth

Coloplast efforts

Up

selling

Price

optimization

Share

gains

Volume and value

share gains

Ongoing

value

upgrade

< ~1%

price

pressure

High single

digit growth

7- 10%

value growth

Net effect on Coloplast

We accelerate volume growth and manage price pressure...

A

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...while driving economies of scale in our cost functions

Source: Coloplast annual reports

Scalability potential Investments requirements Outlook

42.1 32.3

0 08/09 12/13

High Medium

30.4 28.4

0 08/09 12/13

Medium High

7.0 4.5 0

08/09 12/13

High Low

4.4 3.2 0

08/09 12/13

Medium Medium

Development

Percentage of revenue

Outlook Cost item

As reported

COGS

Distribution

Admin

R&D

B

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In sum, Coloplast offers an attractive investment case with continued value creation through profitable growth

Stable and attractive market fundamentals

Value creation

Organic

commercial

potential

Scalable

business

model

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