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Zealand Pharma

Declaration of Voting Results & Voting Rights Announcements May 31, 2016

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Copenhagen, 31 May 2016 - In accordance with Section 6 of the Danish Statutory
Order on Issuers' Disclosure Obligations, Zealand announces the total number of
shares and voting rights in the company at the end of a calendar month in which
changes to the share capital have occurred.

With reference to Company Announcement no. 20 / 2016 dated 26 May 2016
informing of an increase in the share capital and the voting rights after
exercise of employee warrants, the table below provides the total number of
shares and voting rights in Zealand as of 31 May 2016.

Date Total number of shares Share capital Total number of
(nominal value of DKK 1 (nominal value in votes
each) DKK)
31 May 24,492,906 24,492,906 24,492,906
2016

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