Leading intimate healthcare

Roadshow presentation
9M 2016/17
Forward-looking statements

The forward-looking 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 Coloplasts
current expectations, estimates and assumptions and based on the information available 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 fulfilling expectations and may affect the companys financial
outcomes.

Page 2
Coloplast delivered Q3 organic growth of 8% and an EBIT
margin of 33% before one-off adjustment for Veterans Affairs
Q3 Highlights
Revenue growth +7%
Q3 organic growth of 8% (6% reported growth)
Reported revenue (DKKm)
+6% Reported revenue in Q3 negatively
Organic growth 11,548
+8% 10,942 affected by DKK 90m estimated one-off
Reported growth
adjustment related to incorrect
+6% management of contract with U.S.
3,686 3,912 Department of Veterans Affairs*
US Chronic Care business reported double-digit
organic sales growth in Q3
Q3 15/16 Q3 16/17 9M 15/16 9M 16/17
Growth in WC negatively impacted by price
reforms in Greece and France, offset by
EBIT improved momentum in China
EBIT (DKKm) 33
33 32 Q3 EBIT margin of 33% in constant exchange
EBIT margin in constant
3,705 rates, before one-off adjustment for Veterans
currencies (%) 3,562
Affairs, on par with last year
Reported EBIT margin (%) 33
32
Updated financial guidance for 2016/17:

1,233
Organic revenue growth of 7-8% and ~6%
1,201
reported growth from previously 7-8%
EBIT margin of 33-34% in constant
Q3 15/16 Q3 16/17 9M 15/16 9M 16/17 currencies and ~32% in reported EBIT from
* Coloplast has identified the incorrect management of the 2009 agreement and is in dialogue with the U.S. Veterans Affairs to settle the matter. The matter relates to Continence previously ~33%
Care products and is treated as a one-off adjustment recognized directly in the Q3 revenue. The matter has not affected the organic growth rate for the reporting period.

Page 3
9M organic growth of 7% with good performance across
most business areas and geographies

9M 16/17 revenue by business area 9M 16/17 revenue by geography

Business Reported revenue Organic growth Share of organic Geographic Reported revenue Organic growth Share of organic
area DKKm growth area DKKm growth

European
Ostomy Care 4,694 7% 43% 7,049 5% 55%
markets

Continence
4,119 8% 40% Other developed
Care 2,694 9% 17%
markets

Urology Care 1,251 11% 16%

Emerging 1,895 10% 28%
markets
Wound & Skin 1,574 0% 1%
Care
Other* (90)
Other* (90)

Coloplast 11,548
Coloplast 11,548 7% 100% 7% 100%
Group
Group
* Estimated one-off revenue adjustment related to incorrect management of a contract with U.S. Veterans Affairs

Page 4
Ostomy Care grew 7% organically in Q3 and continues to
be driven by SenSura range and Brava accessories

Performance Comments
9M organic growth of 7% (6% reported growth). Q3 organic growth of
7% (8% reported growth)

The acquisition of Comfort Medical contributed 1% growth to

revenue in Ostomy Care in 9M and Q3
11
Satisfactory growth in Q3 driven by UK, China and Russia, but negatively
impacted by weaker momentum in the Netherlands
8 8 8
7
1,638 Satisfactory growth in SenSura portfolio in Q3 especially in UK and
1,519 1,547
1,518 1,509 Germany, mainly driven by SenSuraMio Convex
5 7 7
6
SenSuraMio Convex relaunch proceeding successfully

3 Growth in Brava accessories in Q3 driven by especially China, UK and

France

Brava Protective Seal continues to take market share in the

Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 ring segment, the largest accessories market segment

Reported growth (%) Organic growth (%) Revenues (DKKm)

Page 5
Continence Care grew 10% in Q3 driven by SpeediCath
intermittent catheters and strong performance in the US
Performance Comments
9M organic sales growth of 8% (7% reported growth). Q3 organic
growth of 10% (12% reported growth)

The acquisition of Comfort Medical contributed 2% growth to

12 revenue in Continence Care in 9M and 3% growth in Q3

10 10 Q3 growth driven by SpeediCath Compact catheters in particular in

UK, US and France
8 Growth in SpeediCath Flex in Q3 driven by Europe and US

1,343
Growth in standard catheters in Q3 was driven by US, Saudi Arabia and
1,282 1,317 1,371 1,431
6 Argentina
6 5
Sales in urine bags and urisheaths in Q3 was driven by France, but
counterbalanced by challenges in UK and the Netherlands
2 1
1 Peristeen sales remains satisfactory in most markets, especially in
Southern Europe and US
Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17

Reported growth (%) Organic growth (%) Revenues (DKKm)

Page 6
Urology Care grew 10% in Q3 driven by US sales of Altis
slings and Titan penile implants

Performance Comments
9M organic growth of 11% (12% reported growth). Q3 organic growth of
10%

Growth in Q3 driven by the US and Europe

15
Strong growth in sales of Altis slings and Titan penile implants in the
14
US market
11
11 Sales of disposable surgical products was positively impacted by sales in
10
10 9 Saudi Arabia and Europe
8
8
7

380 376 408 420 423

Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17

Reported growth (%) Organic growth (%) Revenues (DKKm)

Page 7
WC negatively impacted by price reforms in Greece and
France and weak momentum in Emerging Markets

Performance Comments
9M organic sales growth of 0% for WSC (1% reported growth). Q3
organic growth for WSC of 1%
8
9M organic growth of 3% for Wound Care in isolation, and negative 1%
6 in Q3. Wound Care negatively impacted in Q3 by:
5
4 Price reform in France
3
4
De-stocking in Greece following price reform
506 501 521 543 510
1
2
2
Sales of Biatain foam dressings positively impacted by improved
0 0 momentum in China WC in Q3
-1
Positive growth in Skin Care in Q3 due to low sales in Q3 last year
-3
-4 Growth in Q3 driven by Skin Care in US and Wound Care in China, both
posting double-digit growth rates

Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17

Reported growth (%) Revenues (DKKm)

Organic growth (%) WC Organic growth (%)

Page 8
9M EBIT in constant currencies & before one-off adjustment
for VA grew 9% corresponding to an EBIT margin of 33%
Comments
EBIT margin development
EBIT grew 4% to DKK 3,705m with a reported margin
of 32% (33% in constant currencies, before one-off
revenue adjustment) compared to 33% last year

32.9 Gross margin of 68% in line with last year

32.6 0.2 0.5 Continued efficiency gains and positive impact
32.4 from relocation manufacturing of SenSura Mio
-0.3 -0.2 0.1 32.1 0.3 and Compeed to Hungary
-0.3 Negatively impacted by wage inflation in
Hungary, product mix, depreciation and
restructuring costs of DKK 16m
Reduction of production employees in Denmark
from 700 to 400 in 2017/18 on track
Distribution-to-sales of 28% (28% in 9M 2015/16)
Investments in sales and marketing initiatives,
Reported Gross Admin- R&D- Other Reported Currency EBIT margin Other* EBIT margin primarily in the US and Wound Care
EBIT margin profit Distribution- to-sales to-sales operating EBIT margin adjustment 9M 16/17 9M 16/17
9M 15/16 to-sales items 9M 16/17 (Constant
Currencies)
(Constant
Currencies
Admin-to-sales of 4% on par with last year
& adjusted
for other*) R&D costs increased 15% compared to last year due to
increased activity. R&D-to-sales at 4% compared to
* Estimated DKK 90m one-off revenue adjustment related to incorrect management of a contract with U.S. Veterans Affairs
3% last year

Page 9
FCF adjusted for Mesh settlements, acquisition of Comfort
Medical and tax payments was in line with last year

Performance Comments
Free cash flow was positive DKK 322m compared to positive DKK
27 1,643m in 9M 2015/16
26
EBITDA DKK 201m higher than same period last year
22
20 20 20 4,023
NWC-to-sales of 26%, 2%-points higher than FY 2015/16
primarily due to higher inventory in connection with closure of
backorders and product launches
2,977
2,786
2,527 Negative impact from deposits into escrow account and other
2,489
2,259 costs in relation to US Mesh litigation (total YTD payments of
DKK 1.7bn)

Negative impact from timing of tax payments last year

Acquisition of Comfort Medical for DKK 1.1bn

CAPEX-to-sales of 4% in line with last year

Net sale of bonds decreased by DKK 142m

11/12 12/13 13/14 14/15 15/16 YTD 16/17
FCF ex. Mesh impact and Comfort Medical of DKK 2,527m compared to
FCF-to-Sales (%)* FCF (DKKm)* DKK 2,905m last year. Difference explained by timing of tax payments
and hence underlying FCF was in line with last year
*FCF adjusted for Mesh payments in 2013/14, 2014/15, 2015/16. Adjustment for Mesh payments includes DKK 500m insurance coverage in 2013/14 and 2014/15 combined.
9M 2016/17 FCF adjusted for Mesh payments and acquisition of Comfort Medical.

Page 10
Updated financial guidance for 2016/17

Guidance 16/17 Guidance 16/17 (DKK) Long term ambition

Sales growth 7-8% (organic) ~6% from 7-8% 7-9% p.a.

33-34% (constant
EBIT margin ~32% from ~33% +50-100 bps p.a.
exchange rates)

CAPEX (DKKm) ~700 4-5% of sales

Tax rate ~23

Page 11
Leading intimate healthcare
Introduction to Coloplast
Coloplast has four business areas all with global sales
presence
Group revenue 2015/16 by segment Group revenue 2015/16 by geography

X = Coloplasts global market position

Emerging
markets
15%
Continence
Ostomy Care Care
41% 35%
DKK DKK
Other
#1 14.7bn #1
developed 14.7bn
markets
22% European
markets
63%
Urology Care
Wound & Skin 10%
Care
14%
#4
#5

Page 13
Coloplast specializes in intimate healthcare needs
Who are our typical users How do we help them?

People who have had their intestine redirected to an SenSura Mio

opening in the abdominal wall Ostomy bag
Ostomy Care

People in need of bladder or bowel management SpeediCath

Continence Flexible male
Care urinary catheter

People with dysfunctional urinary and reproductive systems Titan OTR

Urology Penile implant
Care

People with difficult-to-heal wounds Biatain Silicone

Foam wound dressing
Wound Care

Page 14
Intimate healthcare is characterized by stable industry
trends
Drivers Limiters

Earlier detection and

Growing elderly Surgical and cure, eventually
1 Demographics population increases 1 medical trends reduces addressable
customer base for
market for Coloplast
Coloplast products
treatment products

Expanding healthcare Economic restraints

coverage for drive reimbursement

2 Emerging markets populations in emerging

2 Healthcare reforms reforms, introduction
markets increases of tenders, and lower
addressable market treatment cost

Page 15
Coloplast has strong market positions in Europe and great
commercial potential outside Europe
Europe
Developed
Emerging Ostomy Continence Urology Wound Care

Addressable
market 15-16bn ~12bn ~10bn 17-19bn
4-5% 5-6% 3-5% 3-5%
Size in DKK
Growth in %

Coloplast 40 - 50% 45 - 55% 10 - 20% 5 - 15%

regional market 15 - 25% 20 - 30% 5 - 15% 0 - 10%
shares 35 - 45% 20 - 30% 5 - 15% 10 - 20%

Coloplast total
market share 35-40% ~40% 10-15% 7-9%

*
Key *
competitors

Ageing population Ageing population Ageing, obesity Ageing, obesity, diabetes

Increasing access to IC penetration potential Underpenetration New technologies
Key drivers healthcare Up-selling Cost consciousness Healthcare reforms
and limiters Health care reforms Health care reforms Clinical requirements Competition
Re-use of products outside Commoditization Less invasive/office Community treatment
Europe procedures
Page 16 * Bard has been acquired by Becton Dickinson and Co.
Coloplasts new strategy will drive revenue and earnings
growth across 4 major themes

1 Superior products & innovation

2 Unique user focused market approach

3 Unparalleled efficiency

4 Strong leadership development

Page 17
We have launched innovative products across business
areas and invested heavily in Consumer activities
Continence Care Ostomy Care Consumer Care

Consumer
Wound Care Urology Care
focus

Page 18
We will continue to push for efficiency gains across Global
Operations and Business Support
Global operations Business support

Efficiency improvement in the subsidiaries, HQ and business support

centre

1. Reduce risk of supply 2. Improve quality of daily

Subsidiaries to focus on commercial priorities
disruption material supply

Add new tasks performed by our Business Centre on an ongoing basis

3. Develop footprint 4. Innovation Excellence

5. Optimise supply chain and 6. Retain cost focus

distribution

Page 19
Expansion relies on our organisation and strong leadership
development is key to support growth

Our organisation will grow and it will be even more important to hire for a career and not a job

~3,000 Build our internal

Hire externally for
key leadership
new positions leadership pipeline
competencies
by 19/20

~250 Secure performance

and people
Continue to recruit
young talent straight
development out of school
new leaders
by 19/20 Internal External

Page 20
The strategy will commit up to DKK 2bn in new investments
towards 2020

Key strategic initiatives Geographical focus areas

Innovation
US
UK

Wound care Pacific

Consumer
Emerging Markets

Page 21
LEAD20 an update on our direction towards 2020

Superior products and innovation Unique user-focused market Unparalleled efficiency

approach
SenSura Mio Innovation Excellence
Hospital Assortment Production ramp-up directly from
Launched in 2017 Hungary/China:

SenSura Mio Convex + 500,000 enrolments

Launched in 2015
Relaunched in 2017
SenSura Mio SenSura Mio SpeediCath
SpeediCath Flex Live in +20 markets Hospital Convex Flex
Launched in 2016 assortment
Brava Protective Seal Reduction of production
Launched in 2016 employees in Denmark
+ 1 million users in our Coloplast database
Biatain Silicone 100 FTEs in DK 2015/16
Sizes & shapes 100 FTEs as of Q3 2016/17
Launched in 2016 In total, 300 FTEs by
Comfeel Plus 2017/18
Relaunched in 2016 On track to deliver DKK 80-
100m saving by 2017/18
4% R&D to sales YTD 16/17

Page 22
Profitability uplift to be driven by scalability and efficiency
improvements
Gross margin development, in % of revenue Cost item Development, in % of revenue
-0.7%-points
28.8 28.5 28.3 28.5 28.1 28-29
Distribution
+1.7%-points

67.6 68.7 68.5 68.3

66.6

-1.8%-points
5.6
4.6 4.3
4.0 3.8 ~4
Admin

+0.4%-points

3.1 3.3 3.1 3.2 3.5 3-4

R&D

11/12 12/13 13/14 14/15 15/16 Long-term 11/12 12/13 13/14 14/15 15/16 Long-term

Page 23
We will continue to deliver strong and attractive free cash
flows
Taxation Net working capital CAPEX2
Reported tax rate Operating working capital in % revenue Depreciation in % of revenue
CAPEX in % of revenue
CAPEX DKKm
4.3%
4-5%
1) 3.5%
27.8%
25.7% 23.9% 24.1% 23.8% ~24% 2.3% 2.7%
1) 22.5%
23.0% ~23% 22.2%

11/12 12/13 13/14 14/15 15/16 Long- 11/12 12/13 13/14 14/15 15/16 Long- 10/11 11/12 12/13 13/14 14/15 15/16 Long-
term term term

DK statutory corporate tax rate lowered Working capital expected to be stable at
to 22% in 2016 ~24%
Coloplast tax rate expected to be ~23% Improve debtor policy in Emerging
going forward markets
Stable inventory levels going forward
Continued investment in machines and
capacity expansion
Widen factory footprint factory
extensions and/or greenfield investments

1) Impacted by provision for Mesh litigation

2) Gross investments in PPE

Page 24
 and attractive cash returns despite large investments in
commercial and expansion activities
Coloplast cash distribution to investors Comments
Dividends paid out in the year (DKKm) Share buy-back (DKKm) Pay-out ratio (%)* Coloplast returns excess liquidity to
shareholders in the form of dividends
100 and share buy-backs

Dividend is paid twice a year after

82 the half-year and full-year financial
78 77 77
80
reporting
H1 2016/17 interim dividend of
DKK 4.50 per share for a total
interim dividend of DKK 955m
38
DKK 1bn share buy-back to be
3,150 completed before end of 2016/17 has
3,035
2,820 been completed
2,605
First part of DKK 500m
completed in 2015/16
1,341 1,455
Second part of DKK 500m
initiated in Q2 2016/17 and
500 500 500 500 500 500 completed in Q4 2017
0
11/12 12/13 13/14 14/15 15/16 9M 16/17 Long-term
* Pay-out ratio for 2013/14, 2014/15 and 2015/16 is before special items related to Mesh litigation

Page 25
Our long-term guidance will continue to deliver strong
value creation

Revenue growth EBIT margin

annual organic annual improvement

79% 50100 bps

Page 26
In sum, we believe Coloplast can continue to deliver stable
shareholder returns through ...

32% Comments
Stable market trends in our Chronic Care business
16% Strong retention program and innovative DtC activities
10%
7% Increased focus on growing the business outside Europe
9% 6%
Additional improvements in manufacturing by leveraging on
06/07 08/09 10/11 12/13 14/15 YTD global operations footprint
16/17
Organic growth EBIT Margin** European leverage will provide funds for further investments in
sales initiatives
45%
Resulting in strong free cash flow generation and high return on
invested capital
22%
16%

6% 15%
5%
06/07 08/09 10/11 12/13 14/15 YTD
16/17
FCF to sales* ROIC after tax**
*FCF adjusted for Mesh payments in 2013/14, 2014/15, 2015/16. Adjustment for Mesh payments includes DKK 500m insurance coverage in 2013/14 and 2014/15 combined.
YTD 2016/17 FCF adjusted for Mesh payments and acquisition of Comfort Medical.
** Before special items. Special items Q2 2013/14 includes DKK 1bn net provision. Special items Q4 2014/15 includes DKK 3bn provision. Special items Q4 2015/16 includes DKK 0.75bn provision.
Page 27
Leading intimate healthcare
Appendices
The Coloplast share (COLOB-KO)

Share Capital Ownership

Coloplast share listed on Nasdaq Copenhagen since 1983

~116 billion DKK (~18.5 billion USD) market cap @ ~540 DKK 10%
per share (incl. A shares)
7%
2%
Two share classes:
46%
18m A shares carry 10 votes (family)

198m B shares carry 1 vote (freely traded)

35%
Free float approx. 55% (B shares)

Holders of A shares and family Danish institutionals

Foreign institutionals Other shareholders
Coloplast A/S
Note: Share capital ownership as per June 2017

Page 29
Capital structure

Comments Performance
Overall policy is that excess liquidity is 0.6x
returned to shareholders through a 0.2x
combination of dividends and share buy-
-0.3x -0.3x -0.2x
backs -0.3x
-0.4x
Interest bearing debt will be raised in
connection with a major acquisition or to 1,593
support dividends
539
Share buy-backs of DKK 500m per year
expected

Bi-annual dividends
-813
-1,042
Coloplast has entered into loan facilities to -1,300
-1,490
fund Mesh litigation settlements and the -1,744
acquisition of Comfort Medical
09/10 10/11 11/12 12/13 13/14 14/15 15/16
Interest-bearing net debt of DKK 1,920m at
30 June 2017
NIBD/EBITDA* NIBD (DKKm)
* Before special items. Special items Q2 2013/14 includes DKK 1bn net provision. Special items Q4 2014/15 includes DKK 3bn provision. Special items Q4 2015/16 includes 0.75bn provision.

Page 30
Key Value Ratios

Profitability drivers Free Cash Flow drivers

35.4 36.8 36.1 36.6 36.0
35.8
33.4 34.1
32.4 31.5 31.7 32.0
31.3
29.4 28.8 30.6
28.5 28.3 28.5 28.1
28.2
26.4
23.9 24.1 23.8
23.1 22.2 22.5

5.9
5.6
4.6 4.0 4.3 3.8 4.1 4.4 4.4
3.8 4.3 3.7
2.5 3.1
3.1 3.3 3.1 3.2 3.5 3.8
4.1

10/11 11/12 12/13 13/14 14/15 15/16 YTD 16/17 10/11 11/12 12/13 13/14 14/15 15/16 YTD 16/17

Admin-to-Sales R&D-to-Sales
NWC-to-Sales (%) CAPEX-to-Sales (%)** EBITDA margin* (%)
COGS-to-Sales(%) Dist-to-Sales

* Before special items. Special items Q2 2013/14 includes DKK 1bn net provision. Special items Q4 2014/15 includes DKK 3bn provision. Special items Q4 2015/16 includes 0.75bn provision
** Gross CAPEX including investment in intangible assets

Page 31
Coloplast revenue development by business area
Ostomy Care Urology Care

5,935 13
5,567 4,694 12
4,849 5,091 10
7 11
9 9 9 9 9
8
7 7 8
6 7
5 5 6
1,124 1,199 1,359 1,497 1,574
5

12/13 13/14 14/15 15/16 YTD 16/17 12/13 13/14 14/15 15/16 YTD 16/17

Continence Care Wound & Skin Care

16
13
10
10
9 9
5,019 5,182 8 8
4,081 4,438 5 6
8 4,119
7 5
5 7 4
1,581 1,700 1,964 2,067 1,574
3 1
0
12/13 13/14 14/15 15/16 YTD 16/17 12/13 13/14 14/15 15/16 YTD 16/17
Page 32 Revenue (DKKm) Reported growth Organic growth
Coloplast revenue development by geography and total
Europe Other Developed Markets

19 18

8,843 9,213
7,749 8,221
7,049 9 10 8 9
8 5 2,395 2,479 2,945 3,177
6 6 2,694
5 5 5 4 6 6
4 2
12/13 13/14 14/15 15/16 YTD 16/17 12/13 13/14 14/15 15/16 YTD 16/17

Emerging Markets Coloplast group

24 23
21 14,681
13,909
11,635 12,428 11,548
16
14 14
11 12
11 8
10 9 7
7 7 7 7
1,491 1,728 2,121 2,291 1,895 6 6 6

12/13 13/14 14/15 15/16 YTD 16/17 12/13 13/14 14/15 15/16 YTD 16/17

Page 33 Revenue (DKKm) Reported growth Organic growth

Segment operating profit

Chronic Care Urology Care Wound & Skin Care

Ostomy and Continence Care

38 38
36
40 34 34
61 38 39
61 60 60 59
35 35
205
167 165 188
155 177 185
1,696 1,750 1,706 1,737 1,755 171
133 130

Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3
15/16 15/16 16/17 16/17 16/17* 15/16 15/16 16/17 16/17 16/17 15/16 15/16 16/17 16/17 16/17

Note: Excludes shared/non-allocated costs

*Includes DKK 90m one-off revenue adjustment related to incorrect management of a contract with U.S. Veterans Affairs
Segment Operating Profit DKKm*
Page 34 Segment Operating Profit Margin (%)*
US Mesh litigation Overview of current financial impact

P&L Balance Cash flow

Assets Actual/Expected cash flow, DKKbn
2013/14 2014/15 2015/16 Restricted cash, DKKbn
1.2 1.2
EBIT (before special items) 4,147 4,535 4,846
0.8 0.8
Special items -1,000 -3,000 - 750
0.6 0.6
EBIT 3,147 1,535 4,096 0.5

0.2
0.1 2.3
EBIT % (before special items) 33 33 33
EBIT % 25 11 28 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1.6
14/15 14/15 15/16 15/16 15/16 15/16 16/17 16/17 16/17

0.5 0.5
0.3
A total of DKK 5,250m (DKK 4,750 net of Liabilities
insurance coverage) has been provisioned and is Total liability, DKKbn 13/14 14/15 15/16 16/17E 17/18E

considered sufficient Other payables Provision Settlements expected to be finalised within the
Currently more than 95% of known cases next 1-2 years based on the length of the
0.7 Multidistrict Litigation
against Coloplast have been settled 1.7
2.4
2.5 2.4 Cash flow impact to continue for several years
3.3 2.5
1.9
1.6
Insurance coverage of 500 MDKK received in
2.3
0.8 1.5 2013/14 and 2014/15
1.2 1.1
0.5 0.5 0.5 0.4
1,500 MDKK loan facility (2 yrs)
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
14/15 14/15 15/16 15/16 15/16 15/16 16/17 16/17 16/17

Page 35
Exchange rate exposure and hedging policy

Financial guidance for 2016/17 12 months exposure from 10% Hedging Policy
initial exchange rate drop
To achieve the objective of a stabile Profit
50 before Tax we hedge:
DKK GBP USD HUF EUR
0
Average exchange rate Balance sheet items in foreign currency
2015/161) 956 671 2.39 745 Cash flow in foreign currency - up to 12
months expected CF (on average 10-12
Spot rate, 19 Jan 2017 858 699 2.41 744
months)
Spot rate, 1 May 2017 877 682 2.38 744 -130
-170 Key currencies hedged - USD, GBP, HUF
Spot rate, 14 August 2017 819 630 2.45 744
Estimated average exchange rate
851 673 2.41 744
Cash flow is hedged using options and forward
2016/172) -260
-290 contracts.
Change in spot rate compared USD GBP HUF
-11% 0% 1% 0%
with the average exchange rate
2015/16

Change in spot rate at 14 August

-4% -6% 2% 0%
2017 compared with the average
exchange rate 2016/17 Revenue (DKKm) EBIT (DKKm)

1) Average exchange rate from 1 October 2015 to 30 September 2016

2) Estimated average exchange rate is calculated as the average exchange rate year to date combined with the spot rates at 14 August 2017

Page 36
Mesh litigation timeline
Sept. 9, 2014:
Verdict vs Feb. 7, 2016: April 28, 2017
July 23, 2012: May 2, 2014: Sept. 5, 2014: BSC Mar. 5, 2015: Verdict for Bard/BSc Verdict vs Ethicon
Verdict vs Bard Feb. 28, 2013: Feb. 2014: Coloplast provision Verdict vs Ethicon TX State Verdict vs Ethicon MO State Court PA State Court
CA State Court: Verdict vs Ethicon Verdict for DKK 1.5bn (DKK Ethicon MDL: Court: CA State Court: Oct. 5, 2015: USD 20 M
USD 3.6m (DKK 31 m) NJ State Court: Ethicon 1bn net provision) USD 3.27m (DKK USD 73m USD 5.7 m Verdict for Ethicon (DKK 125.3 m)
US 10M (DKK 63m) Ethicon MDL ~7,000 claims 19.2m) (DKK 428.3m) (DKK 39.06 m) TX State Court

Towards
resolution
June 2013: April 3, 2014: June 30, 2014: Sept. 30, 2014: May 28, 2015: Oct. 16, 2015: Dec. 24, 2015:
Verdict for Verdict vs Bard Settlement AMS/Endo Verdict vs Verdict for Verdict vs Ethicon Nov. 2, 2016: May 31, 2017
Mentor Ethicon Amount Unknown Settlement BSC BSC PA State Court: Coloplast provision Verdict vs Ethicon
ObTape MDL TX State Court: ~ 500 claims USD 830m DE State NC Federal USD 12.5m DKK 0.75bn PA State Court
DKK 6.8m (DKK 4.84bn) Court: Court (DKK 85.5m) USD 2.16M
July 8, 2013: USD 100m (DKK 13.6m)
AMS/Endo Settlement (DKK 681.3m)
April 30, 2014: July 29, 2014: Nov. 13, 2014: Feb. 10, 2016:
DKK 310m AMS/Endo Verdict for BSC Verdict vs BSC Verdict vs Ethicon
Settlement MA State Court BSC MDL (FL): Sept. 22, 2015: PA State Court:
Aug. 15, 2013: DKK 4.7bn USD 26.7m Coloplast provision USD 13.5m
Verdict vs Bard ~20,000 claims (DKK 159.7m) DKK 3bn (DKK 88.2m)
Aug. 29, 2014:
Bard MDL: Verdict for BSC
US 1.82M (DKK 11.5m) MA State Court
Nov. 21, 2014: Feb. 18, 2016:
July 2011: Aug. 2012: Verdict vs BSC Verdict vs Mentor June 2017:
First mesh claim Creation of BSC MDL (WV): Mentor ObTape MDL Federal Court orders that
against Coloplast Coloplast MDL USD 18.5m USD 4.4 m direct filings and transfers
(DKK 110.6m) (DKK 28.7m) into the Coloplast MDL must
cease

Structuring &
Maturing
Feb. 2012: June 2013: Feb. 2014: Sept. 2015: June 2016: July 2016: April 2017:
Creation of AMS, Boston Creation of Cook Creation of Neomedic Federal Court Federal Court Federal Court Federal Court orders
Scientific, & Ethicon MDLs MDL MDL Order: Order: Order: discovery for cases
200 Coloplast 240 Coloplast 150 Coloplast remaining in MDL
Oct. 2008: cases into cases into cases into
FDA Public Health discovery phase discovery phase discovery phase
Notification

Triggering
Events

July 2011: April 29, 2014: Jan. 4, 2016:

FDA Updated Public Health Notification FDA proposes re-classification of POP products to Class III FDA Orders re POP mesh: Reclassify to Class III. Require PMA application

2008 2011 2012 2013 2014 2015 2016 2017

Page 37
Timeline of SpeediCath patent litigations

Injunction issued against Hollister Inc.

and Teleflex Medical GmbH in the
European Patent Regional Court Dsseldorf Landgericht
Office (EPO) Dsseldorf
Coloplast files an validates
injunction against Coloplasts Product: VaPro, VaPro Plus, VaPro
Hollister Inc. and the SpeediCath Pocket, VaPro Plus Pock-et, Infyna,
VaPro product patent Infyna Plus and Teleflex Liquick X-treme
Coloplasts EP1145729
SpeediCath
patent EP1145729
issued

23 Nov. Feb. 30 Jun. 18 Jul. 18 Sept.

2009 2015
2005 2017 2017 2017 2017

Hollister introduces Coloplasts SpeediCath

the product VaPro MBH International patent EP1145729 expires
A/S introduces
Qufora Onestep
Injunction issued against MBH
International A/S in the Maritime
and Commercial High Court in
Copenhagen

Product: Qufora Onestep

Page 38
Health reform landscape

Europe Rest of World

France: Reimbursement pressure on WC. Reimbursement review U.S.: Healthcare reform implementation ongoing
of OC and CC Brazil: Macroeconomic and political challenges
Germany: Reimbursement pressure on OC and CC Russia: Macroeconomic and political challenges
Netherlands: Reimbursement pressure on OC and CC Saudi Arabia: Macroeconomic and political challenges
UK: Efficiency savings under NHS reform
Italy: Regional tenders and pricing challenges
Greece: Reimbursement pressure on all BAs

Intensifying reform pressure

Page 39
Stable reform environment
CARE helps us increase retention and improve product
compliance for in excess of 500,000 enrolled consumers
We co-develop CARE content with CARE is a personal and high- Global program with shared
local clinicians touch program infrastructure

Advisors available on phone

Clinically validated content
and call protocol - ERP
Website with reliable
advice and useful self
assessment tools 24/7
Self-assessments to identify
- CRM
struggling users
News, tips and inspiration
directly in email or mailbox

- CMS
Data shared with clinicians
Free product and
accessories samples

Page 40
With our DtC marketing program we reach into the
community
We operate in numerous channels to expose our service and with the reach we get several benefits
and product offering

Expose
innovative products

Ensure
product accessibility

Ensure
successful experience

Page 41
The generic model for distribution and reimbursement of
our products

Prescription & Insurance Product

Payer Reimbursement price Distribution Prescription & Insurance Consumer

$ Product

DtC Marketing
Campaigns
Community
Relationships
Information
Coloplast

Page 42
Comfort Medical a direct-to-consumer business model

Business model
Comfort Medical has an inflow of patients from 3 different sources:

On December 20, 2016, Coloplast acquired Comfort Medical for a cash

consideration of USD 160m equal to approx. DKK 1.1bn on a cash and
debt-free basis
Inside Sales: Direct response Manufacturer leads:
Comfort Medical is a US nation wide catheter and ostomy Direct to Patient referral from advertisement (DRA): Leads from manufacturer
Consumer Durable Medical Equipment (DME) dealer physicians TV/Radio, Web-ads, etc. customer programs

The Company was established in 2010 in Florida

Revenue split
A DME dealer provides patients with medical products and obtains
reimbursement on behalf of the patient through payer contracts.
Products are distributed through a third party distributor
Catheters
Revenue
In the full year 2016, Comfort Medical recorded sales of approx. USD Ostomy
split
38m or approx. DKK 270m

Page 43
Introducing Ostomy Care
Disease areas Key products Distribution of
Colorectal cancer (est. 45%) revenues*
Bladder cancer (est. 10%)
Diverticulitis (est. 15%) Urostomy
Inflammatory bowel disease (est. 10%) Ileostomy
Other (est. 20%)
Colostomy

Customer groups
Nurses, mainly stoma care
nurses SenSura Mio Hosp. assortment SenSura Mio Convex SenSura Mio
People with a stoma Launched in 2017 Launched in 2015 Launched in 2014
Wholesalers/distribution
Hospital purchasers and GPOs
Surgeons

Call points
Hospital & community
nurses
Hospital buyers
Distributors
Dealers SenSura Assura new generation Alterna original
Wholesalers Launched in 2006-2008 Launched in 1998 Launched in 1991
Homecare companies
*Excluding baseplates and accessories

Page 44
Introducing Ostomy Care Accessories
Market fundamentals Key products Brava is a range of ostomy accessories designed to

Market size of DKK 2bn reduce leakage or care for skin, to make our end-
Market growth of 6-8%
Market share 25-30% Brava Protective Seal users feel secure. Brava was launched in April 2012
Main competitors include: Hollister Designed for leakage and the range includes 12 different products.
Adapt, ConvaTec, 3M Cavilon, Eakin and skin protection

Customer groups & call points

Nurses, mainly stoma care nurses
People with a stoma
Brava Elastic Tape Brava Skin Barrier
Wholesalers/distributors
Elastic so it follows the Reducing skin problems
Hospital purchasers and GPOs
body and movements without affecting adhesion
Surgeons

Market value by geography

European markets
Other developed markets Brava Lubricating Deodorant Brava Adhesive Remover
Emerging markets Neutralizing odour Sting free and skin friendly

Page 45
Introducing Continence Care
Disease areas Key products Distribution of revenues
Spinal Cord Injured, SCI Intermittent catheters
Spina Bifida, SB Urine bags
Multiple Sclerosis, MS Male ext. catheters
Benign prostatic hyperplasia,
BPH & prostatectomy patients Bowel management
Elderly

Customer groups
SpeediCath Flex SpeediCath Compact Eve
Continence or home care nurses Intermittent catheter Intermittent catheter
Wholesalers/distributors Launched in 2016 Launched in 2014
Hospital purchasers and GPOs

Main call points

Rehabilitation centers
Urology wards
Distributors, dealers & wholesalers
SpeediCath Compact Conveen Optima Conveen Security+
Male intermittent catheter External catheter Launched in 2013
Launched in 2011 Launched in 05/06

Page 46
Introducing Bowel Management
Disease areas
Faecal incontinence
(management products only)
Customer groups
Spinal Cord Injured, SCI
Spina Bifida, SB
Multiple Sclerosis, MS
Market dynamics
+ Growing awareness
+ Huge underpenetrated and
unserved population
+ New devices addressing the many
unmet needs

Still taboo area and non-focus for

Call points
professionals (doctors)
Rehab centers
Pediatric clinics Very little patient awareness Peristeen Anal Irrigation Anal plug
Urology wards Launched in 2003 Launched in 1995
Training required (nurses, patients) Updated in 2011
Lack of reimbursement
Distribution of revenues
Peristeen Anal Irrigation
Anal plug

Page 47
Introducing Urology Care
Treatment (surgical) of urological disorders
Disease areas Key products Distribution of revenues
Urinary incontinence
Pelvic organ prolapse Mens health
Erectile dysfunction Womens health
Enlarged prostate
Kidney and urinary stones Single use devices

Customer groups
Surgeons
Purchasing Titan OTR penile implant Altis single incision sling
departments and Launched in 2008 Launched in 2012
organizations Mens health Surgical Urology Womens health Surgical Urology
End customers

Call points
Urologists
Uro-gynaecologists
Gynaecologists
Purchasing
departments and
organizations
Isiris cystoscope JJ stents
Launched in 2015 Launched in 1998
Single use devices Single use devices
Page 48
Introducing Wound Care
Disease areas Key products Distribution of revenues (WSC)
Chronic wounds Biatain range
Leg ulcers
Comfeel range
Diabetic foot ulcers
Pressure ulcers Skin Care
Wound Care other
Customer groups Contract manufacturing
& call points
Biatain Silicone Biatain Ag
Hospitals
Foam dressing with silicone Antimicrobial foam dressing
Wound care
adhesive Launched in 2002
committees
Specialist Launched in 2013
nurses/doctors
(Purchasers)

Community
Specialist
nurses/doctors
General practitioners
District/general
nurses Biatain Comfeel Plus
Large nursing homes High exudate mgt. Hydrocolloid dressing
foam dressing Relaunched in 2016
Launched in 1998

Page 49
Introducing Skin Care
Disease areas Key products Product mix
Moisture associated skin damage Protectants & Antifungals
Incontinence Cleansing/Bathing
Skin folds & obesity
Moisturizers
Prevention of skin impairments
Textile

Customer groups
& call points Sween EasiCleanse Bath
Hospitals Broad line of skin care products Disposable Bathing Wipes
Clinical Specialists Designed to increase consistency Improves Patient Experience
Supply Chain of care
Value Analysis Committee

Community
Wound Clinics
Long Term Care
Home Health Agencies
Distribution
Critic-Aid Clear / AF InterDry Ag
Skin Protectant Textile with antimicrobial silver
Suitable for neonate to complex
geriatric patients Unique solution for skin on skin
issues

Page 50
Product market for US Skin Care
Market drivers/limiters US Skin Care at a glance
+ Aging and obese population
US market size estimated at DKK
+ CMS Value Based Purchasing
+ Increased focus on prevention 5-6bn with 4-5% growth
+ Increased importance of utilization
Market share: 7-9%
management
Main competitors include:
Consolidation of Providers
Medline Industries
Increased competition from both
Channel and Manufacturers
Sage Products

Market trends ConvaTec

Increasing size and vertical integration
of health systems
Increasing importance of prevention
Increasing importance of utilization
management
Increasing scale and vertical integration
of market leaders

Page 51
The Coloplast organisation
Coloplast Group

Chronic Care Strategic Business Units

Chronic Care Strategic Business Units

Ostomy Care Continence Care Wound & Skin Care Urology Care

Marketing Marketing
Marketing Sales Sales R&D
R&D

Sales Regions

Global Operations (incl. Global R&D)

Global Business Support Functions

Page 52
Coloplast Executive Management

Lars Rasmussen
President, CEO
Born 1959
With Coloplast since 1988

Anders Lonning-Skovgaard Allan Rasmussen Kristian Villumsen

EVP, CFO EVP, Global Operations EVP Chronic Care
Born 1972 Born 1967 Born 1970
With Coloplast since 2006 With Coloplast since 1992 With Coloplast since 2008

Page 53
Corporate responsibility Member of UN Global Compact
since 2002 and recognized externally

THE INCLUSION OF COLOPLAST A/S IN ANY MSCI INDEX, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP,
ENDORSEMENT OR PROMOTION OF COLOPLAST A/S BY MSCI OR ANY OF ITS AFFILIATES. THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES
AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI OR ITS AFFILIATES.

Page 54
Income statement
DKKm 9M 2015/16 9M 2016/17 Change

Revenue 10,942 11,548 6%

Gross profit 7,471 7,854 5%
SG&A costs -3,537 -3,728 5%
R&D costs -380 -436 15%
Other operating income/expenses 8 15 nm
Operating profit (EBIT) 3,562 3,705 4%
Net financial items -31 -85 nm
Tax -812 -833 3%
Net profit 2,719 2,787 3%

Key ratios
Gross margin 68% 68%
EBIT margin 33% 32%
Earnings per share (EPS), diluted 12.78 13.13 3%

Page 55
Balance sheet
DKKm 30 June 2016 30 June 2017 Change
Balance, total 11.280 12.247 9%
Assets
Non-current assets 4.634 5.729 24%
Current assets 6.646 6.518 -2%
of which:
Inventories 1.502 1.742 16%
Trade receivables 2.769 2.845 3%
Restricted cash 1.152 769 -33%
Marketable securities, cash, and cash equivalents 624 627 0%
Equity and liabilities
Total equity 4.499 4.958 10%
Non-current liabilities 464 453 -2%
Current liabilities 6.317 6.836 8%
of which:
Trade payables 525 527 0%
Key ratios
Equity ratio 40% 40%
Invested capital 6.094 8.174 34%
Return on average invested capital before tax (ROIC)1) 60% 59%
Return on average invested capital after tax (ROIC)1) 46% 45%

Net asset value per share, DKK 21 23 10%

1) This item is before Special items. After Special items, ROIC before tax is 72% (2015/16: 88%), and ROIC after tax is 55% (2015/16: 68%).
Page 56
Cash flow
DKKm 9M 2015/16 9M 2016/17 Change

EBITDA 3.955 4.156 5%

Change in working capital 291 -1.512 nm
Net interest payments -84 17 nm
Paid tax -321 -326 2%
Other -2.139 -667 -69%
Cash flow from operations 1.702 1.668 -2%

CAPEX1) -386 -423 10%

PPE divested 9 45 nm
Acquisition 0 -1.144 nm
Securities 318 176 -45%
Cash flow from investments -59 -1.346 nm
Free cash flow 1.643 322 -80%
Dividends -2.650 -2.864 8%
Net investment in treasury shares and exercise of share options -253 -7 -97%
Net cash flow for the year -1.260 -2.549 nm

1) Gross CAPEX including investment in intangible assets

Page 57
Manufacturing setup

Production by country*
5% 5%
Hungary
Thisted
China Minneapolis
20% Mrdrup
Denmark Mankato
US/France
70%

Nyirbtor
Tatabnya
Sarlat

COGS by cost type**

9%
Salary - Direct 21%
13%
Salary - Indirect
Materials (RM &SFG) 8% Innovation &
Depreciations & amortisations Competency Centre

Other Zhuhai High Volume Production

49% Specialised Production

* Produced quantity of finished goods

** FY 2015/16 Cost of goods sold, DKK 4,649m

Page 58
Production sites
Denmark US

Mrdrup Minneapolis
Adhesives production Urology care products
Wound care products Number of employees in production: ~150
Ostomy care products
Continence care products
Pilot development work Adhesives, Continence
care and Wound care
Number of employees in production: ~350
Thisted Mankato
Machine development & commissioning Skin care products
Ostomy care products Ostomy care accessories
Pilot development work Ostomy care Number of employees in production: ~100
Number of employees in production: ~150

France

Sarlat
Disposable surgical urology products
Number of employees in production: ~200

Page 59
Production sites
Hungary China

Tatabnya Zhuhai
Ostomy care products Continence care products
Adhesives Ostomy care products
Continence care products Machine building
Urology care products Number of employees in production: ~ 900
Number of employees in production: ~1,700

Tata
Postponement & packaging
Cross docking
Warehousing
Distribution & shipping
Number of employees: ~300

Nyrbtor
Catheter care products
Continence care products
Wound care products (incl. Compeed)
Number of employees in production: ~2,100

Page 60
Contact Investor Relations
Holtedam 1
DK-3050 Humlebk
Denmark

Ellen Bjurgert Rasmus Srensen Anne-Sofie Segaard Sine Flinck

Director, Investor Relations Senior Manager, Investor Relations IR Coordinator Student Assistant
Tel. direct: +45 4911 3376 Tel. direct: +45 4911 1786 Tel. direct: +45 4911 1924 Tel. direct: +45 4911 1934
Office: +45 4911 1800 Office: +45 4911 1800 Office: +45 4911 1800 Office: +45 4911 1800
Fax: +45 4911 1555 Fax: +45 4911 1555 Fax: +45 4911 1555 Fax: +45 4911 1555
dkebj@coloplast.com dkraso@coloplast.com dkasso@coloplast.com dksfi@coloplast.com

Page 61
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