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Value creation through profitable growthBerenberg European Conference 2014

Anders Lonning-Skovgaard, EVP & CFO

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07/08 08/09 09/10 10/11 11/12 12/13 13/14

Total Shareholder Return ~38% 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

22

33

10152025303540

09/10 13/14

Coloplast AS

Median

Upper quartile

Coloplast EBIT margin versus peer group (%)

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How we compete Where we compete

Develop and market the world’s best products

Interact and build consumers relations

Invest in sales pressure

Secure an efficient setup

Our strategy remains centred on value creation through profitable organic growth

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

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

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

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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

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We currently invest to grow…

Sales force60%

Consumer programs25%

Other15%

Sales investments*...

Emerging Markets60%

Other Developed Markets

20%

Europe20%

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

20132012

+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

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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

~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 requirementsOutlook

38,7 31,3

009/10 13/14

High Medium

29,5 28,3

009/10 13/14

Medium High

5,8 4,00

09/10 13/14

High Low

4,3 3,10

09/10 13/14

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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