Zealand Pharma

Major Shareholding Notification • Jul 15, 2016

Copenhagen, 15 July 2016 – Zealand informs that the company has received a
major shareholder announcement from Sunstone LSV Management A/S, Lautrupsgade
7, 5., 2100 Copenhagen (CVR no. 33 85 91 98). The major shareholder
announcement follows a previous released announcement from Zealand (company
announcement no. 22 from 2 June 2016) with information regarding a planned
voluntary liquidation of four funds, all being managed by Sunstone LSV
Management A/S, which expectedly during Q3 2016 would lead to the distribution
of a part of the share capital in Zealand to a broader group of institutional
investors.

Pursuant to Section 29 of the Danish Securities Trading Act, cf. Executive
order no. 1256 of 4 November 2015 on Major Shareholders and Section 55, cf.
Section 56 of the Danish Companies Act, Zealand has been informed that the four
funds:

P/S Sunstone Biomedicinsk Venture III

K/S Sunstone Biomedical Ventures Annex I

K/S Sunstone Biomedical Ventures Annex II

K/S Sunstone Biomedical Ventures Annex III

in relations to their liquidation all shares held by the funds in Zealand will
be distributed to the funds’ underlying investors as of today. As previously
announced, no investor will receive more than 5% of the share capital in
Zealand.

Following the liquidation of the above mentioned four funds and the
distribution of shares, Sunstone LSV Management A/S will manage and may
exercise voting rights on 2,083,483 shares, corresponding to 8.49% of the total
voting rights in Zealand Pharma A/S, on behalf of Sunstone Life Science
Ventures Fund I K/S.