1115 September 2008

Leading Intimate Healthcare

Investor presentation9M 2007/08

2

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 Coloplast’s current expectations, estimates and assumptions and based on theinformation 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 company’s financial outcomes.

3315 September 2008

3Q 2007/08 presentation

21 August 2008

4

9M 07/08 Key messages

5,982

9M 2006/07

6,307

9M 2007/08

+5%

9M 2006/07 9M 2007/08

+14%

Sales

Operating profit

13%

9M 2006/2007

14%

9M 2007/08

Operating margin

786 893

• 7% organic sales growth and 5% reported growth. Excluding Germany organic growth exceeded 9%

• Gross profit increased by 4% with an underlying gross profit margin of 60%

• 3% increase in underlying EBIT and maintaining 16% underlying EBIT margin

• Share buy back of DKK 313m

• Full year guidance revised primarily due to adverse trends in our European urology business and Wound & Skin Care combined with lower than expected productivity gains

5

Sales overviewOrganic sales growth of 7% driven by satisfactory performance in Ostomy Care 7% and Urology and Continence Care 8% but less satisfactory growth in Wound and Skin Care of 5%

Growth in Europe of 6% impacted by HSC. Satisfactory sales growth of 10% in Americas from Ostomy and Continence Care. RoW sales were 14% up primary from Asian markets, especially China

2%4%

Organic growth

5%

Reported growth

ContractMfg.

Exchange rates

7%

Sales by business area

Sales by region

5,024

842

441

Europe Americas RoW

2,665

2,562

1,080

OC UCC WSC

(5%)

(8%)

(7%)

(10%)

(14%)

(6%)

DKKm/(organic growth)

DKKm/(organic growth)

6

Ostomy CareOrganic sales growth of 7% impacted by lower than expected sales primarily in German HSC. Excluding the German market organic growth was 11%. Reported growth was 4%

Biggest growth driver continues to be the SenSura product line, where the 1pc product has satisfactory growth rates and the 2pc now has been in introduced in all major markets

Coloplast maintains position as market leader

897

860

908

904

895

852

823

0

2

4

6

8

10

12

14

1Q06/07

2Q06/07

3Q06/07

4Q06/07

1Q07/08

2Q07/08

3Q07/08

Revenues Reported growth Organic growth2.

131

2.44

2

2.95

7

3.16

5

3.47

4

2.66

5

0

2

4

6

8

10

12

14

16

2002/03 2003/04 2004/05 2005/06 2006/07 9M2007/08

%

%

DKKm

DKKm

7

880

825

858

833

850

826

801

0

10

20

30

40

50

60

70

80

1Q06/07

2Q06/07

3Q06/07

4Q06/07

1Q07/08

2Q07/08

3Q07/08

Revenues Reported growth Organic growth1,

326

1,46

7 1,70

1

2,33

7

3,31

0

2,56

2

0

5

10

15

20

25

30

35

40

45

2002/03 2003/04 2004/05 2005/06 2006/07 9M2007/08

Urology and Continence Care

Organic sales growth of 8% and reported growth of 3% impacted by negative currency developments

Very good growth in sale of intermittent catheters. High growth rates in the surgical urology business in the US.

High growth rates in bowel management from sale of Peristeen product range

%

%

DKKm

DKKm

8

1,08

0

1,25

8

1,20

7

1,12

4

1,05

4

975

0

2

4

6

8

10

12

14

16

2002/03 2003/04 2004/05 2005/06 2006/07 9M2007/08

Wound and Skin CareOrganic sales growth of 5% and reported growth of 16% impacted by currencies and contract manufacturing

Market is seeing increasing price pressure in the main European markets

Growth is driven by continued progress in Biatain foam bandages for chronic wounds with good sales growth in Biatain Ibu, albeit from low levels

Challenging market conditions within hydrocolloid bandages segment

377

355

347

323

324

311

300

02

46

810

1214

1618

1Q06/07

2Q06/07

3Q06/07

4Q06/07

1Q07/08

2Q07/08

3Q07/08

Revenues Reported growth Organic growth

%

%

DKKm

DKKm

9

Gross Profit development• Gross profit increased by 4% to DKK 3,715m. Adjusted for currencies the growth was 9%

• Production costs increased by 7% partly because of higher than expected production costs of Biatain and SenSura product range

• Gross profit margin was 59%, currencies impacted 1% negatively

3,46

4

3,73

1

3,78

9

4,02

2

4,83

4

3,71

5

61.7 61.560.8

59.9 60.1

58.9

0

1,000

2,000

3,000

4,000

5,000

6,000

2002/03 2003/04 2004/05 2005/06 2006/07 9M 07/0850

52

54

56

58

60

62

64

Gross profit Gross profit-margin1,

148

1,20

0

1,21

3

1,27

3

1,28

4

1,16

9

1,26

2

59.7

60.358.6

61.8

60.8

57.358.6

1,050

1,100

1,150

1,200

1,250

1,300

1Q06/07

2Q06/07

3Q06/07

4Q06/07

1Q07/08

2Q07/08

3Q07/08

50

52

54

56

58

60

62

64

Gross Profit Gross profit margin

DKKmDKKm% %

10

EBIT development• EBIT up by 14% to DKK 893m, adjusted for currencies

and special items the growth was 3%

• Distribution and R&D costs increased as expected from higher acivitiy, whereas admin costs decreased slightly from prudent cost control

• YTD EBIT margin was 14%, underlying margin was 16%

893

1,03

2

879

1,00

0

988

909

14.2

12.8

13.1

16.016.316.2

800

850

900

950

1,000

1,050

2002/03 2003/04 2004/05 2005/06 2006/07* 9M 07/080

2

4

6

8

10

12

14

16

18

EBIT EBIT-margin

341

212

340

246

293

23825

5

15.8

10.4

16.1

11.9

14.2

12.013.3

0

50

100

150

200

250

300

350

400

1Q06/07

2Q06/07

3Q06/07

4Q06/07*

1Q07/08

2Q07/08

3Q07/08

0

2

46

8

10

1214

16

18

EBIT EBIT-margin

4,64,43,74,93,74,13,1

12,3 11,7 11,114,0

11,1 11,39,4

38,3

43,242,444,6

41,445,443,9

0

10

20

30

40

50

1Q06/07

2Q06/07

3Q06/07

4Q06/07

1Q07/08

2Q07/08

3Q07/08

R&D SG&A Adm.

* Q4 2006/07 adjusted for HSC Impairement of DKK 283m

%

%

%DKKm

DKKm

Cost to sales ratios

11

Balance sheet

3,63

2

3,18

1

3,06

9

867

1,46

5

1,47

3

2.12

2.00

2.20

0.64

1.131.23

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

02/03 03/04 04/05 05/06 06/07* 9M 07/080.00

0.50

1.00

1.50

2.00

2.50

NIBD NIBD to EBITDA

34%

41% 42%

31%29% 29% 29%

9% 8%

13%10%

14%

9%

14%

0%

5%

10%15%

20%

25%

30%35%

40%

45%

1Q06/07

2Q06/07

3Q06/07

4Q06/07*

1Q07/08

2Q07/08

3Q07/08

Equity ratio ROIC

• The equity amounted to DKK 2,312m corresponding to an equity ratio 29%, slightly lower than last period. Return on equity was 38%

• Net interest bearing debt was DKK 3,632, up by 32% compared with last year, related to acquisition of own shares

• ROIC after tax for the first 9 months was 12% up by 2%-points compared with same period last year

* Q4 2006/07 adjusted for HSC Impairement

DKKm

12

Cash Flow• Cash flow from operations increased by 27% to DKK 652m impacted by lower taxes

paid and income from hedging contracts partly offset by increasing net working capital

• CAPEX amounted to DKK 474m corresponding to a capex to sales ratio of 8% related to factory investments in Hungary and China as well as US headquarters expansion

• Free cash flow before acquisitions was DKK 242m compared with DKK 104m last year

578

544

399 415

745

474

10.3

9.0

6.4 6.2

9.3 7.5

0

100

200

300

400

500

600

700

800

2002/03 2003/04 2004/05 2005/06 2006/07 9M 07/080

2

4

6

8

10

12

CAPEX Capex-to-sales

242

370

604

919

224

122

3.84.6

9.0

14.7

3.7

2.2

0100200300400500600700800900

1,000

2002/03 2003/04 2004/05 2005/06 2006/07 9M 07/080

2

4

6

8

10

12

14

16

FCF FCF-to-sales

% DKKmDKKm

13

Guidance

Guidance07/08 old

Currency- 3-4% sales- 1% EBIT margin

Contract mfg.+ 2% sales

Fixed currenciesApprox. 7% sales15% EBIT

+ +In DKKApprox. 5-6% sales14% EBIT

=

Economic profit

Organic sales growth

CAPEX (DKKm)

Tax rate

EBIT margin (fixed currencies)

-

~8%

700-800

~28%

16-17%

Guidance07/08 new

Long-term Targets

-

~7%

750-800

~28%

~15%

x2 per 5yrs.

Approx. 10%

-

-

18-20%

141415 September 2008

General PresentationQ3 2007/08

15

Coloplast is a leading medtech company specialising in intimate healthcare needs...

50 years of innovation and growth:Global no. 1 in Ostomy CareGlobal no. 1 in Urology & Continence CareGlobal no. 4 in advanced Wound & Skin Care

Headquartered in Denmark

Production in Denmark, Hungary, China, US and France

7,000 employees globally

81710517

1957 1990

3,600

1970

8,042

2007

CAGR+24%

1980

Sales (DKK mill)

16

...with DKK 8bn annual sales...

6.4

1.10.5

Europe

The Americas RoW

3,5

3,3

1,3

Ostomy CareUrology & Continence Care

Wound & Skin Care

Full year sales 2006/07 Full year sales 2006/07

17

Trends in the intimate healthcare market

Consumer healthcare awareness

Surgical and medical trends

Reimbursement reforms (Germany and the UK)

Focus on overall treatment costs - Health Economics

Group buying and tender process

Emerging markets

Healthcare reforms

+

+

+

-/ +-

-

The demand for products and services will continue to grow in terms of volume, but pressure on prices and margins will remain

Market growth within Coloplast’s business areas is approx. 6%

Demographics +

Influence onCP Business

18

Ostomy Care market

Coloplast revenue in 2006/07 DKK 3.5bn

Market size: DKK 10bn

Market growth: approx. 5% (Q3: 7%)

For people who have lost their normal bowel or bladder function typically due to cancer (80%) or inflammatory bowel diseases

Main competitors are ConvaTec and Hollister Inc.

0

20

40

60

80

100

0 1 2 3 4 5 6 7 8 9Market value (DKK bn)

Market share (%) Europe AmericasRoW

CompetitorsColoplast

32%

19

Urology & Continence Care market

Coloplast revenue in 2006/07 DKK 3.3bn

Market size: DKK 17bn

Market growth: 8-10% (3Q: 8%)

Global market leader in continence consumables with 20-25% market share

Among global market leaders in urological specialities with 10% market share

Strong position in the US market established with the acquisition of urology business. European market leadership reinforced with 30% market share

Share of global market (%)

Tyco

Hol

liste

r

Bra

un

Rüs

ch

Ast

raTe

ch

Ethi

con

Bos

ton

Scie

ntifi

c

AM

S

C.R

. Bar

d

Col

opla

st

19%

20

Wound & Skin Care marketColoplast revenue in 2006/07: DKK 1.3bn

Organic growth 2006/07: 6% (Q3: 5%)

Market size DKK 13bn, growing at 5-7%

13% market share in EU and 2% in the US

11

8

2

8

28

Acute

8

11

4

426

Chronic

Dry wound healing

Moist wound healing

Drugs and bio products

VAC

16%

7%

8%

12%

22%ConvaTec

17% Smith & Nephew

Mölnlycke10%

Coloplast

8%J&J

Urgo

3M

Other

Market size in DKK bn

Share of Moist Wound Healing market EU and US

21

Research & Development- Listen and respond...the key in product innovation

New products to deliver greater health economic value and attract higher price

Customer focus New products to drive growth

Increase R&D from 4% to 6% of sales

Both external and internal R&D

R&D: “Double speed of innovation”

Marketing: “Triple pipeline value”

22

2012 Strategy road map

Mission

Corporate Objectives

ShareholdersCustomers Employees Society

Corporate Strategy

Values

Ostomy Care Urology & Continence Care Wound & Skin Care

Business Areas

Home Care

Global Market Leadership Innovation Leadership Double-digit

Organic Growth Value Creation Above

Peers

23

0,080,08

0,1

0,11

0,14

0,12

0%

2%

4%

6%

8%

10%

12%

14%

16%

2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07

Long-term financial targets

• Annual organic sales growth of approx. 10% p.a.

• EBIT margin of 18-20%

• Economic profit to double at least every five years

Target

Annual sales growth0,

15

0,16

0,16

0,16

0,16

0,130%

2%4%6%8%

10%12%14%16%18%20%22%

2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07

Target

EBIT-margin

Continued sales growth through:

• Product innovation to drive pricing and improved product mix in

existing markets

• Continued expansion in US and emerging markets

Increasing margin by:

• Transfer of production to low cost countries

• Reducing costs by optimising existing organisation

• Continuous prudent cost control in supply chain

24

Targeting a new cost structure with 18-20% EBIT

2006/07

3%

Non-recurring costs

4%

Special items

2%

R&D

4-6%

SG&AProduction Costs

Pricing / Mix

9%

6%

1%

"Tomorrow"

EBITNon-recurring costs

Special items

R&D

Production

SG&A

Other Income

3%4%

42%

4%

39%

1%

18-20%

25

Debt policy- NIBD/EBITDA between 2-3.5

0.0

0.5

1.0

1.5

2.0

2.5

2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/070

2

4

6

8

10

12

14

16

18

NIBD/EBITDA Interest coverage

NIBD/EBITDA ratio

Interest cover ratio

0.0

0.5

1.0

1.5

2.0

2.5

3 months 6 months 9 months Year 3 months 6 months 9 months0

2

4

6

8

10

12

14

16

NIBD/EBITDA Interest coverage

NIBD/EBITDA ratio

Interest cover ratio

2006/07 2007/08

26

Cash distribution

0

200

400

600

800

1,000

1,200

2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/070%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Dividends Share buy back Pay-out ratio

DKK million Ratio• Ordinary dividend per share of DKK 5 in 2006/07

• Extraordinary dividend per share of DKK 4 in 2006/07

• Share buy back program of minimum DKK 500m in 2007/2008

• ~30% pay-out ratio

27

CSR in Coloplast 218 August 2008

Protecting our reputation

We must act in a way so that we do not become subject to criticism. That could close our business or at least provide us with an image loss which we cannot afford. It would take many years to re-establish that.”

318 August 2008

Framework for Corporate Responsibility

• Governance Responsibility – managing our company in a transparent manner, which reflects the interest of our stakeholders

• Business Conduct Responsibility – acting fair and transparent in all business matters, towards customers, business-partners, investors, and societal groups whom we interact with

• Environmental Responsibility – minimising our negative environmental impact throughout the value chain

• Social Responsibility - ensuring a positive impact on people and local communities beyond legal requirements.

Based on the UN Global Compact, Corporate Reponsibility in Coloplast consist of:

418 August 2008

Examples - the four responsibility areas

Governance responsibility

Manage our company to reflect the interest of our stakeholders

Examples:- Mission, Vision, Values- Corporate Governance- Stakeholder model (Business Excellence)- Labour relations/ involvement

Environmental responsibility

Minimise our negative environmental impact in the supply chain

Examples:- Climate Strategy- EMS (ISO 14001)- DEHP Policy- Life-cycle analysis approach- Eco design- Reducing energy consumption and production waste- Environmental criteria in supplier evaluation

Business conduct

responsibility

Act fair and transparent

Examples:- Anti corruption and bribery programme- Supply chain evaluation system- Job offer guarantee (lay offs)- Human and labour rights Code of Conduct- Commitment to reduce animal testing

* Occupational Health & Safety Management System

Social responsibility

Our positive impact of people and local

communities beyond legal requirements

Examples:- Stakeholder Engagement Process- Training programmes- Coloplast Healthcare- Job trials - OHSAS 18001*- Sponsorships and donations

518 August 2008

Four larger programmes!Engage- Design engagement- Consultation process- Prepare companyparticipants- Engagement forum

Plan- Identify and prioritiseissues- Identify and prioritisestakeholders- Define engagementobjectives and scope

Apply- Evaluateengagement processand results- Apply engagementlearning- Follow-up withstakeholders

Integrate- Build internal capability- Clarify roles- Establish processes andtools

Based on risk

Information

Self assessment

Site visit

Audit

CAP High

Low

Climate strategy

• Chairman of the Danish Confederation of Industries sustainability network

• Member of ISO 26000 Danish Comitee

• Member of Amnesty Business Forum

• Member of CSR-Forum Integrity Business Network

• Carbon Disclosure Project

• Included in:

28

The Coloplast share

Six months average daily traded volume: DKK 35m (USD 8m)

Two share classes: 3.6 million A-shares carry 10 votes (family)42.4 million B-shares carry 1 vote (freely traded)Free float approx. 53% (B - shares)

The Coloplast share has been listed on Copenhagen Stock exchange since 1983

Market cap. DKK 16bn (USD ~3.3bn) @ DKK 380 per share

~10% of share capital registered outside of Denmark

Share Capital Ownership

46%

20%

10%

6%10%

8%

Holders of A-shares & family Danish InstitutionalsForeign Institutionals Coloplast A/SOther shareholders Non-reg. Shareholders

Active sell-side analyst coverage by

11 Nordic banks6 International banks

29

Appendices

30

Healthcare reform update

The UK Department of Health aims to reduce annual spend of about £200m by £25m.

Status

June 9, 2008, DoH published a new consultation document including the term for delivering ostomy, continence and relevant services to patients. Deadline for comments September 9, 2008

Implementation is expected no sooner than 6 months after announcement of the outcome of the consultation.

Maximum coverage changed from 4 to 200 catheters per month

Status

Coloplast is market leader in intermittent catheters in the US and our current annual turnover for this product group is approximately USD 40m.

Coloplast expect, that this change will result in an increase inconsumption of catheters, but it is difficult to estimate the exact impact of this change. No significant sales impact expected in 2007/08.

UK Healthcare reform US Healthcare reform

• The Healthcare reform impacted fixed reimbursement prices

• Effects have now been implemented in the day to day business

• EU tender system currently being implemented

Status

The EU tender system has only been used in a few cases. Procedural mistakes and other legal issues have either led to withdrawal of contracts or are still pending in the legal system. Also, Healthcare insurance companies right as corporations with a public nature to use the EU tender legislation for truly public bodies still needs clarification.

These proceedings and the unwanted negative effect for patients, who in most cases have to change service provider as a consequence of EU tenders, has led to a standstill in the penetration of EU tenders.

German Healthcare reform

31

Underlying EBIT margin

Q3 06/07 Q3 07/08

3.1%13.1%

16.2%

Reported EBIT

margin

Non-recurring

items(DKK 182m)

Underlying EBIT

margin

14.2%0.3% 14.9%0.4%

Reported EBIT

margin

Non-recurring

items(DKK 29m)

Contract mfg.

technical dilution

Underlying EBIT

margin

32

Income statement

9M 9M2007/08 2006/07

Net revenue 6,307 5,982

Gross profit 3,715 3,561Gross margin 58.9% 59.5%

SG&A costs -2,601 -2,605R&D costs -268 -218

Operating profit (EBIT) 893 786EBIT margin 14.2% 13.1%

Net financial items 11 -97

Net profit, continuing activities 650 513

DKK million

33

Balance sheetDKK million Q3

07/08Q4

06/07Q3

06/07

Balance sheet total 8,025 7,750 7,893Equity 2,312 2,398 3,310Equity ratio (%) 29% 31% 34%

Net interest bearing debt 3,632 3,181 2,759Net debt to equity (%) 157% 133% 83%Net debt to EBITDA 2.12 2.00 1.71

Invested capital 7,242 6,874 7,729Economic profit 283 -227 270

34

Cash flowDKK million Q3

2007/08Q3

2006/07

EBITDA 1,289 1,202Change in working capital -605 -371Interest and tax -38 -236Other 6 -82Cash flow from operations 652 513

CAPEX -410 -403M&A -3 777Cash flow from investments -413 374

Free cash flow 239 887

Dividends -396 -184Share buy-back -290 -372Other cash changesTotal -686 -556

Increase in net debt 447 -331

35

Sten Scheibye, CEO

Lene Skole, CFO

Lars Rasmussen, CCO

Executive management Sten Scheibye, CEO (57)With Coloplast since 1993

Educational backgroundBCom, Copenhagen Business School, 1983PhD, Aarhus University, 1981Master of Science, M.Sc., Aarhus University, 1979

Management assignments with other Danish companies include: Novo Nordisk A/S (C), Danske Bank A/S (BM), Industriens Realkreditfond (BM)

Lene Skole, CFO (49)With Coloplast since 2005

Educational backgroundMCR Programme, IMD Business School, Switzerland, 1997ADP Programme, London Business School, 1990HD, Finance, Copenhagen Business School, 1986The A.P. Moller Group International Shipping Education, 1980

Management assignments with other Danish companies include: DFDS A/S (BM)

Lars Rasmussen, CCO (49)With Coloplast since 1988

Educational backgroundE*MBA, Scandinavian International Management Institute, 1995BSc (Eng), Aalborg University, 1986

36

Loss of 50% of employees in German healthcare distribution will hamper this year’s sales

Coloplast GmbH

HSC GmbH35% of sales in Germany

Other manufacturers

PharmaciesOrthotistsDistributors & wholesalers

65% of sales in Germany 21% 14%

DKK 200m lower sales in HSC in 2007/08:

Loss of 50% of employees during Q1 will likely lead to DKK 200m lower sales 2007/08, particularly in Ostomy Care.

37

Nurses

Doctors

Listening and responding

Degree of influence

Year1980 1990 2000 2010

End users

Retailers / prof. buyers

High

Medium

Low

38

Relocating manufacturing facilities

2006/07• 73 machines transferred

2007/08• 140 machines to be transferred

2008/09• 120 machines to be transferred

39

Ramping up capacity m2 utilization

Manufacturing m2 utilization

0%

20%

40%

60%

80%

100%

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

07/08 08/09

NyiTatZhu

40

HumlebækDK

• Pilot Center• Wound care products (foam)• Number of employees in production: 225

• To be closed 2010

• To be Centre of Excellence within volume production of catheters and foam

MørdrupDK

• Injection moulded parts and coated catheters (SpeediCath)

• Number of employees in production: 239

• To be Centre of Excellence within adhesive production

• Consumer products (Contract manufacturing)

EspergærdeDK

• Adhesives and Swiss roll elements

• Number of employees in production: 211

• To be closed end of 2008KokkedalDK

• Continence care products• Urine bags, Latex, Absorbing/Bowel• Number of employees in production: 197

• ”Tigervej” to be closed end of 2009

• To be Centre of Excellence within SenSura production and development

ThistedDK

• Machine development• Ostomy care products• Number of employees in

production: 303

• To be closed end of 2010KvistgårdDK

• Consumer products (CCP)• Compeed• Number of employees in production:102

41

NyirbatorHU

• Catheter products, urisheaths Conveen Optima, wound care products

• Number of employees in production: 296

• To be scalable volume production site

• To be Centre of Excellence within urology productsMinneapolis

US

• Latex products• Mens’ and womens’ health urology

products and implants• Number of employees in production: 166

• To be Centre of Excellence within Wound and Skin careMankato

US

• Skin care products• Wound care products• Number of employees in production: 54

• To be scalable volume production siteTatabanya

HU

• Ostomy care products, adhesive, wound care products

• Postponement centre• Number of employees in production: 841

• To be Centre of Excellence within urology productsSarlat

FR

• Disposable Surgical Urology products• Number of employees in production: 163

• To be scalable volume production siteZhuhai

CN

• Latex urisheaths, urine bags, local products

• Machine building• Number of employees in production: 312

42