Zealand Pharma

Share Issue/Capital Change • Nov 20, 2017

Company announcement – No. 51 / 2017

Zealand increases its share capital as a consequence of exercise of employee warrants

Copenhagen, November 20, 2017 – Zealand has increased its share capital by a nominal amount of DKK 2,500 divided into 2,500 new shares with a nominal value of DKK 1 each. The increase is a consequence of the exercise of warrants granted under one of Zealand's employee warrant programs. Employee warrant programs are part of Zealand's incentive scheme, and each warrant gives the owner the right to subscribe for one new Zealand share at a pre specified price, the exercise price, in specific predefined time periods before expiration. For a more detailed description of Zealand's warrant programs, see the company's Articles of Association, which are available on the website: www.zealandpharma.com.

The exercise price was DKK 87.45 per share and the total proceeds to Zealand from the capital increase amount to DKK 218,625.00.

The new shares give rights to dividend and other rights from the time of the warrant holder's exercise notice. Each new share carries one vote at Zealand's general meetings. Zealand has only one class of shares.

The new shares will be listed on Nasdaq Copenhagen after registration of the capital increase with the Danish Business Authority. Following registration of the new shares, the share capital of Zealand will be nominal DKK 30,751,327 divided into 30,751,327 shares with a nominal value of DKK 1 each.

The amendment to Zealand's Articles of Association entailed by the share capital increase has today been registered with the Danish Business Authority.

For further information, please contact:

Britt Meelby Jensen, President and Chief Executive Officer Tel.: +45 51 67 61 28, e-mail: bmj@zealandpharma.com

Mats Blom, Executive Vice President and Chief Financial Officer Tel.: +45 31 53 79 73, e-mail: mabl@zealandpharma.com

About Zealand Pharma A/S

Zealand Pharma A/S (Nasdaq Copenhagen and New York: ZEAL) ("Zealand") is a biotechnology company focused on the discovery, design and development of innovative peptide-based medicines. Zealand has a portfolio of medicines and product candidates under license collaborations with Sanofi and Boehringer Ingelheim as well as a pipeline of internal product candidates focusing on specialty gastrointestinal and metabolic diseases.

Zealand is based in Copenhagen (Glostrup), Denmark. For further information about the Company's business and activities, please visit www.zealandpharma.com or follow us on Twitter @ZealandPharma or LinkedIn.