H. Lundbeck A — Director's Dealing 2020

Mar 2, 2020

H. Lundbeck A/S

Ottiliavej 9 Tel +45 36 30 13 11 E-mail investor@lundbeck.com DK-2500 Valby, Copenhagen Fax +45 36 30 19 40 www.lundbeck.com CVR number: 56759913 LEI code: 5493006R4KC2OI5D3470

Corporate Release

Transactions with shares and linked securities in H. Lundbeck A/S made by executives and their closely associated parties

Valby, Denmark, 2 March 2020 – H. Lundbeck A/S (Lundbeck) hereby publishes and reports transactions made by executives and persons closely associated with them with shares and linked securities in Lundbeck.

1.	Details of the person discharging managerial responsibilities / person closely
	associated
a)	Name	Deborah Dunsire
2.	Reason for the notification
a)	Position/status	President and CEO
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant,
	auction platform, auctioneer or auction monitor
a)	Name	H. Lundbeck A/S
b)	LEI code	5493006R4KC2OI5D3470
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
		each type of transaction; (iii) each date; and (iv) each place where transactions have
	been conducted
a)	Description of the financial	Other (Restricted Cash Unit)
	instrument, type of instrument
	Identification code	DK 0010287234
b)	Nature of the transaction		Other transaction (grant of Restricted Cash Units in
			accordance with long-term incentive program. Each Restricted
			Cash Unit includes a right to receive an amount equal to the
			market price of one share at time of vesting. The vesting period
			is three years, and the right is subject to certain vesting criteria
		being met)
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		0	30,012
d)	Aggregated information
	- Aggregated volume
	- Price
e)	Date of the transaction	2020-03-02
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Anders Götzsche
2.	Reason for the notification
a)	Position/status	Executive Vice President & CFO
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	H. Lundbeck A/S
b)	LEI code	5493006R4KC2OI5D3470
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Other (Restricted Share Unit)
b)	Identification code	DK 0010287234
	Nature of the transaction	met)	Other transaction (Grant of Restricted Share Units in accordance with long-term incentive program. Each Restricted Share Unit includes a right to receive one share after a three year vesting period, subject to certain vesting criteria being
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		0	8,960
d)	Aggregated information - Aggregated volume - Price
e)	Date of the transaction	2020-03-02
f)	Place of the transaction	listed on NASDAQ Copenhagen XCSE)	Outside a trading venue (shares received after vesting will be

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Lars Bang
2.	Reason for the notification
a)	Position/status	Supply	Executive Vice President, Global Product Development &
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	H. Lundbeck A/S
b)	LEI code	5493006R4KC2OI5D3470
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Other (Restricted Share Unit)
	Identification code	DK 0010287234
b)	Nature of the transaction	met)	Other transaction (Grant of Restricted Share Units in accordance with long-term incentive program. Each Restricted Share Unit includes a right to receive one share after a three year vesting period, subject to certain vesting criteria being
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		0	7,258
d)	Aggregated information - Aggregated volume - Price
e)	Date of the transaction	2020-03-02
f)	Place of the transaction	listed on NASDAQ Copenhagen XCSE)	Outside a trading venue (shares received after vesting will be

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Jacob Tolstrup
2.	Reason for the notification
a)	Position/status	Executive Vice President, Commercial Operations
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	H. Lundbeck A/S
b)	LEI code	5493006R4KC2OI5D3470
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Shares (Restricted Share Units)
	Identification code	DK 0010287234
b)	Nature of the transaction	Other transaction (Grant of Restricted Share Units in accordance with long-term incentive program. Each Restricted Share Unit includes a right to receive one share after a three year vesting period, subject to certain vesting criteria being met)
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		0	6,967
d)	Aggregated information - Aggregated volume - Price
e)	Date of the transaction	2020-03-02
f)	Place of the transaction	Outside a trading venue (shares received after vesting will be listed on NASDAQ Copenhagen XCSE)

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Johan Luthman
2.	Reason for the notification
a)	Position/status	Executive Vice President, Research & Development
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	H. Lundbeck A/S
b)	LEI code	5493006R4KC2OI5D3470
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Shares (Restricted Share Units)
	Identification code	DK 0010287234
b)	Nature of the transaction	Other transaction (Grant of Restricted Share Units in accordance with long-term incentive program. Each Restricted Share Unit includes a right to receive one share after a three year vesting period, subject to certain vesting criteria being met)
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		0	6,738
d)	Aggregated information - Aggregated volume - Price
e)	Date of the transaction	2020-03-02
f)	Place of the transaction	Outside a trading venue (shares received after vesting will be listed on NASDAQ Copenhagen XCSE)

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Keld Flintholm Jørgensen
2.	Reason for the notification
a)	Position/status	Executive Vice President & Chief Business Officer, Corporate Strategy & Business Development (person discharging managerial responsibilities in accordance with the Market Abuse Regulation, Article 3(1), nr. 25(b))
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	H. Lundbeck A/S
b)	LEI code	5493006R4KC2OI5D3470
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Shares (Restricted Share Units)
	Identification code	DK 0010287234
b)	Nature of the transaction	Other transaction (Grant of Restricted Share Units in accordance with long-term incentive program. Each Restricted Share Unit includes a right to receive one share after a three year vesting period, subject to certain vesting criteria being met)
c)	Price(s) and volume(s)	Price(s) Volume(s)
		0 5,099
d)	Aggregated information - Aggregated volume - Price
e)	Date of the transaction	2020-03-02
f)	Place of the transaction	Outside a trading venue (shares received after vesting will be listed on NASDAQ Copenhagen XCSE)

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Elise Hauge
2.	Reason for the notification
a)	Position/status	Executive Vice President, People & Communication (person discharging managerial responsibilities in accordance with the Market Abuse Regulation, Article 3(1), nr. 25(b))
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	H. Lundbeck A/S
b)	LEI code	5493006R4KC2OI5D3470
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Shares (Restricted Share Units)
	Identification code	DK 0010287234
b)	Nature of the transaction	Other transaction (Grant of Restricted Share Units in accordance with long-term incentive program. Each Restricted Share Unit includes a right to receive one share after a three year vesting period, subject to certain vesting criteria being met)
c)	Price(s) and volume(s)	Price(s) Volume(s)
		0 4,189
d)	Aggregated information - Aggregated volume - Price
e)	Date of the transaction	2020-03-02
f)	Place of the transaction	Outside a trading venue (shares received after vesting will be listed on NASDAQ Copenhagen XCSE)

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Peter Anastasiou
2.	Reason for the notification
a)	Position/status	Executive Vice President, Lundbeck North America
		(person discharging managerial responsibilities in
		accordance with the Market Abuse Regulation, Article
		3(1), nr. 25(b))
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant,
	auction platform, auctioneer or auction monitor
a)	Name		H. Lundbeck A/S (the long-term incentive program is issued
		by Lundbeck LLC, a subsidiary of H. Lundbeck A/S)
b)	LEI code	5493006R4KC2OI5D3470
4		Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
		each type of transaction; (iii) each date; and (iv) each place where transactions have
	been conducted
a)	Description of the financial	Other (Long-term incentive cash bonus program with a
	instrument, type of instrument	maximum value of USD 746,201. The value is partly
		dependent on the development in H. Lundbeck A/S' share
		price).
	Identification code
		DK 0010287234
b)	Nature of the transaction	Other transaction (receipt of long-term incentive program)
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		N/A*	N/A*
d)	Aggregated information	Ad.(*): No shares are issued, cf. description above.
	- Aggregated volume
	- Price
e)	Date of the transaction	2020-03-02
f)	Place of the transaction	Issued by Lundbeck LLC

Persons under an obligation to report are defined as members of the Executive Management, members of the Board of Directors and other executives of H. Lundbeck A/S and persons/entities closely associated to them.

Closely associated persons/entities means inter alia:

• spouse or cohabitant
• dependent children
• legal entities in which the executive has a controlling influence.

Lundbeck contacts
Investors:	Media:
Palle Holm Olesen	Mads Kronborg
Vice President, Investor Relations	Senior Director, Corporate Communication
PALO@lundbeck.com	MAVK@lundbeck.com
+45 30 83 24 26	+45 36 43 40 00

About H. Lundbeck A/S

H. Lundbeck A/S (LUN.CO, LUN DC, HLUYY) is a global pharmaceutical company specialized in brain diseases. For more than 70 years, we have been at the forefront of neuroscience research. We are tirelessly dedicated to restoring brain health, so every person can be their best.

An estimated 700 million people worldwide are living with brain diseases and far too many suffer due to inadequate treatment, discrimination, a reduced number of working days, early retirement and other unnecessary consequences. Every day, we strive for improved treatment and a better life for people living with brain diseases – we call this Progress in Mind.

Read more at www.lundbeck.com/global/about-us/progress-in-mind.

For additional information, we encourage you to visit our corporate site www.lundbeck.com and connect with us on Twitter at @Lundbeck and via LinkedIn.