Coloplast A/SGoldman Sachs

Medtech ConferenceLondon, 7-8 September 2005

Sten Scheibye, CEO

2

Coloplast

Coloplast products and services help patients achieve greater independence from medical challenges in 5 areas:

Ostomy care, continence care, wound care, skin care and breast care.

39%* 24% 12% 5% 7%

*Percentage of total group sales (2003/04)

3

0

1000

2000

3000

4000

5000

6000

7000

1957

1962

1967

1972

1977

1982

1987

1992

1997

2002

History of revenue growth 1957-2004m

DKK

Danish productionand sale through

distributors

Product divisionsand subsidiaries

Acquisitions

Forward integration

4

Sales and production world wide

Austria

BelgiumGermany

Great Britain

Italy

Sweden

Norway

Argentina

Australia

Brazil

Canada

USA

France

Holland

Hungary

Poland

Spain

Japan

Switzerland

Israel RussiaCzech Republic SloveniaSlovakiaCroatia South Africa

Denmark

Costa Rica

Portugal

China

5

Geographical distribution Revenue 2003/04

Europe The Americas ROW

81%

6%13%

6

Market conditions and response

1. Reimbursement changes• Monitor/influence policy• Product design• Emphasis on clinical

documentation

2. Price pressure• Observe market trends• Improve tendering capabilities

3. Harmonisation of health care systems• Monitor development

Market growth influenced by:• Earlier cancer detection• Improved surgical procedures• Increased longevity• New technologies and treatment

alternatives• Conversion from older products

7

Three key customers

• The end customer• The user, primary concern

is quality of life• The health care professional

• The advisor, primary concerns are user qualityof life and handling

• The payer• Concern is primarily

product pricing

8

Business StructureGroup Management

WoundCare

BreastCare

SkinHealth

OstomyCare

ContinenceCare

Volume

production

Americas

Europe,South

Europe,North

RoW

Chronic Care segment SBU segment

Corporate functions

Sales

9

Ostomy Care - market dataGlobal market value DKK 8-8½bn

Europe (>4bn)

ConvaTec Coloplast Hollister B Braun Other

28%

37%

24%

5%6%

USA (<2bn)

55%

4%

39%

2%

Note: Only markets where Coloplast is present are included

35%

28%

27%

10%

Global (>8bn)

10

Continence Care - market data

No direct competitors--1.0bn DKK2%

>60%

30% (value)

43%

Coloplast marketshare (Europe)

Maincompetitors

Coloplastgrowth

Market sizeand growth

Productarea

Mentor, Hollister, Rochester, Manfred Sauer

0-3%0.5bn DKK0-3%

Bard, Hollister, Mentor, B Braun, Manfred Sauer, Unomedical

5%1.2bn DKK0-5%

Astra Tech, Porges/Mentor, Rüsch, Rochester, B Braun

15-20%1.5bn DKK15%

11

Chronic Care - market conditions in Germany

Jan 05

Oct 04

Jul 0

4Apr 0

4Ja

n 04

CC draft fornew prices

OC finaldecision

CC final decisionpostponed

OC pricereduction

OC draft fornew prices

Implementation ofhealth care reform

Introduction ofpatients‘ co-paymentfor medical devices

Reimbursement onauxiliary productsremoved

CC final decision

Dec 04

Exp 20

05/06

Oct 03

Stockingby users,additionalsales

Mar

ket c

ondi

tions

Mar

ket e

ffect

s Retail anticipateslower prices,dampenedsales.

De-stockingby users,dampenedsales, higheradmin. costs

Alignment tochanged marketconditions

12

Chronic Care - US market positioning and key goals

• Strong product portfolio• Convex baseplate, EasiClose

• Market access through GPO/IDN• Consorta• Large number of IDN contracts

• Significant growth in new patient discharge• Sustained OC hospital growth > 30%

• Sustained OC/CC growth > 20%• Reach two-digit ostomy market share within 3-5 years• Develop intermittent coated catheter market segment

13

€ 1.0 billion€ 1.0 billion

Wound Care - market definition

Moistwound healing

Drywound healing

ChronicAcute

€ 0.5 billion

€ 1.0 billion€ 1.5 billion

Wound type

Pharma and biotech

VAC

€ 0.1 billion

€ 0.4 billion

Active

€ 0.4 billion

€ 0.1 billion

Prod

uct t

echn

olog

y

€ 1.1 billion segment, growth 9-11%

14

27%

17%14%

11%

21%

10%

Convatec S&NColoplast J&JMölnlycke Others

Wound Care - market dataMWH and active products, Europe

XXMölnlyckeXXXJ&JXXColoplastXXS&NXXConvaTec

ActiveAdvancedTraditionalTechnology

15

Skin Health and Breast Care SBU’s

Skin Health• To treat skin problems arising

from medical conditions or related to frequent hand washings

• 4bn DKK US market• 3/4 of turnover generated in

the US• Hospitals and long term care

institutions

Breast Care• Attached breast forms, partial

breast shapers, special textiles• 1bn DKK global market• 50/50 sales value split between

US and Europe

Coloplast

Anita

TruLife

AmericanBCAirway

ThämertOthers

Competitor overview

16

Expectations and targets

• Sales growth of 8-9% inlocal currencies

• Profit margin 15-16%

• Sales exceeding DKK 9 billionthrough organic growth

• Profit margin (EBIT) reaching 18%• ROAIC of 20%• Acquisitions and divestments

2004/05

2008

17

Key figures Q3 2004/05

-0-19Special items

-9633859284

93107

Index vs2003/04

17%433

-3-226662-87

7494,468

9 months2003/04

15%414

-1-192607-73

6994,786

9 months2004/05

EBIT

Profit marginGroup profitMinority interestsTaxProfit before taxFinancial items

RevenuemDKK

18

Growth Q3 2004/05- local currencies

2-6%5-8%

9-11%9-12%

(3)-(1)%

Est. market growth

4%8%

18%

5%

9%8%6%4%

12%(3)%

4%

Growth Q1 2004/05

GrowthH1 2004/05

Growth Q3 2004/05

5%10%23%

7%11%22%

EuropeAmericasROW

7%8%Coloplast total

9%9%8%8%7%

(1)%5%

9%10%

9%9%8%4%7%

Ostomy CareContinence CareChronic Care segment*Wound CareSkin HealthBreast CareSBU segment

Continence Care (24%)Ostomy Care (39%)

Other (13%)

Wound Care (12%)Breast Care (7%)Skin Health (5%)

*Includeshomecare

19

Breast Care sales rebound at 4% growth- Growth in both US and Europe

Wound Care sales increase of 9%- Growth back on track- Biatain Ag and Altreet Ag silver dressings introduced in France

Continence Care growth by 10%- SpeediCath Compact still fuelling growth- New reimbursement prices in Germany expected in 2006

Ostomy Care continues to outperform market growth - Solid US and RoW growth, restructuring in Germany- Corsinel well accepted, Strong Easiflex growth

Highlights markets

20

Tatabanya, Hungary

• Construction completed• 700 headcounts by Aug. 2005• DKK 1.5bn sales value in 2005/06• EBIT up 5% compared with

Danish manufacturing

• Phase I - finalised: ostomy bags, urisheaths• Phase II - finalised: ostomy bags, dressings, catheters• Phase III - finalised 2005: Assura ostomy bags, baseplates, adhesives

Coloplast, Phase I-III, Tatabanya, Hungary

21

Staff requirements by geography

Total staff requirements (FTEs) by geography, 2003/04-2010/11

0

500

1.000

1.500

2.000

2003

/0420

04/05

2005

/0620

06/07

2007

/0820

08/09

2009

/1020

10/11

FTEs

DKHUCN

22

Cash flow

-1500

-1000

-500

0

500

1000

1500

96/97

97/98

98/99

99/00

00/01

01/02

02/03

03/04

3Q 04

/05

mD

KK

Acquisitions

Investments

Cash flow

Free cash flow

23