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Company presentation : August 2012 Company Presentation August 2012

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Company presentation : August 2012 The leading allergy specialist 2 33% of global allergy immunotherapy market 2011 Revenue of EUR 316 million 9% 5 year CAGR Strategic partnerships 5 year CAGR 2011 EBITDA of EUR 55 million 75% 1,800 employees Leading R&D pipeline with proven technology with a history dating back to 1923

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Company presentation : August 2012 Global reach 3 through leveraged business platform ALK Merck Torii Expansion opportunities

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Company presentation : August 2012 Modifying the allergic disease 4 with allergy immunotherapy Control group GRAZAX end of treatment Year 2Year 1Year 3Year 4Year 5 Allergy symptoms Desensitised immune system Cut the symptoms, treat the cause

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Company presentation : August 2012 ALKs base business 5 Well-diversified product portfolio 46% *) Subcutaneous immunotherapy (SCIT) 35% *) Sublingual immunotherapy (SLIT) 9% *) Tablet immunotherapy (AIT) 10% *) Allergy diagnosis and treatment for allergic shock (adrenaline pen) *) of 2011 product sales ALK products: 600,000 patients in Europe 900,000 patients in North America

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Company presentation : August 2012 Unmet medical need in allergy 6 Significant burden to patients and society North America Japan Europe Patients in poor control Treated with immunotherapy Allergic rhinoconjunctivitis (prevalence) 12m 3m 60m (19%) 35m (27%) 85m (23%) 17m 1.5m 10m Population

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Company presentation : August 2012 Meeting patient 7 needs Poorly controlled allergy & asthma symptoms Underdiagnosis of allergy & asthma Increasing prevalence of allergy & asthma Global need for allergy immunotherapy Prevention of asthma Prevention of new allergies Limited awareness of allergy immunotherapy Allergy immunotherapy Growth

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Company presentation : August 2012 Advancing the R&D pipeline & expanding into asthma

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Company presentation : August 2012 Progress in R&D 9 MITIZAX advances in Japan and North America PreclinicalPhase IPhase IIPhase IIIMarketed Product nameIndicationGeography GRAZAX Grass ARC 5 Europe Grass AIT 1,6 Grass ARCNorth America GRAZAX Asthma prevention Europe Ragweed AIT 1,3,6 Ragweed ARCNorth America MITIZAX HDM 4 asthmaEurope MITIZAX HDM rhinitisEurope HDM AIT 1 Not disclosedNorth America MITIZAX 2 Not disclosedJapan Tree AITTree ARCEurope Notes: 1) Merck holds the product rights for the North American markets 2) Torii holds the product rights for the Japanese market 3) Ragweed is currently only developed for North America 4) HDM: House Dust Mite 5) ARC: Allergic Rhinoconjunctivitis 6) Filing of registration application with the FDA expected in 2013

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Company presentation : August 2012 Established partnerships 10 in North America and Japan USD 55 million received in upfront and milestone payments USD 45 million future milestone payments USD 190 million in sales milestones Sales royalties undisclosed EUR 30 million upfront payment EUR 30 million milestones payments Sales milestone payments undisclosed Sales royalties undisclosed Product supply Clinical development, registration, marketing & sales TORII PHARMACEUTICAL CO., LTD.

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Company presentation : August 2012 Expanding reach of GRAZAX Licensed to Merck in North America Registration application submitted in Canada On-going Phase III trial to be completed in 2012 GAP: On-going landmark trial to investigate asthma prevention To be completed in 2015 11 US filing expected in 2013 PlaceboGRAZAX End of treatment Total daily rhinoconjunctivitis symptom score Disease modifying treatment effect 32% 44% 37% 31%

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Company presentation : August 2012 Preventing disease progression 12 Reducing risk of asthma 1. Mller et al. JACI 2002;109:251-6 2. Jacobsen et al. Allergy 2007:62:943-8 Subjects developing asthma at 3, 5, and 10 years (percentage of subjects; n=151) p

Company presentation : August 2012 Vaccine sales +3-5% Revenue 323 EURm (2,400 DKKm) EBITDA > 40 EURm (300 DKKm) Accelerated R&D Driving long-term value Outlook 2012 28 2015Beyond 2015 Revenue >400 EURm (3,000 DKKm) EBITDA >25% Growth drivers: AIT portfolio in EU, North America and Japan Asthma prevention Jext outside EU Milestone payments from partnerships Sales growth in base business Geographical expansion Compliance with regulatory requirements Sales royalties from partnerships Accelerated R&D Acquisition of products and companies and new partnerships may provide additional upside

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Company presentation : August 2012 Forward-looking statements This presentation contains forward-looking statements, including forecasts of future revenue and operating profit as well as expected business-related events. Such statements are subject to risks and uncertainties as various factors, some of which are beyond the control of the ALK Group, may cause actual results and performance to differ materially from the forecasts made in this presentation. Without being exhaustive, such factors include, e.g. general economic and business conditions, including legal issues, uncertainty relating to pricing, reimbursement rules, fluctuations in currencies and demand, changes in competitive factors and reliance on suppliers, but also factors such as side effects from the use of the companys existing and future products since allergy immunotherapy may be associated with allergic reactions of differing extent, duration and severity. 29

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Company presentation : August 2012 Thank you for your attention Read more: www.alk-abello.com Per Plotnikof Director Head of Investor Relations Phone: +45 4574 7576 E-mail: ppidk@alk-abello.com

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Company presentation : August 2012 Appendix

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Company presentation : August 2012 Gross profit Financial performance (1 EUR = 7.43 DKK) 32 Figures have been restated due to new presentation of accounts in 2011 Balance sheet Total revenueEBITDA Sales, marketing and administrationResearch and development

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Company presentation : August 2012 ALK well-established market leader 33 Figures are based on internal estimates and analyses of local reporting, surveys and other publicly available material Global sales of allergy vaccines (800 EURm) Allergy vaccines according to geography

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Company presentation : August 2012 Market exclusivity Raw materials in Pollen House dust mite Animal dander Analysis 34 secured through know-how, patents and regulation Bulk (API) production Extraction Purification Freeze drying Analysis Finished production Unique formulation Filling Analysis Proprietary rights Patents Licensed rights (e.g. Zydis) Clinical data Trademarks High barriers of entrance

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Company presentation : August 2012 State of the art raw material facility 35 secures independent sourcing capacity

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Company presentation : August 2012 New tablet API unit provides proprietary 36 High-quality pharmaceutical products

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Company presentation : August 2012 Extension of tablet casting unit ensures 37 Full control and capacity

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Company presentation : August 2012 Packaging and distribution 38 Capacity

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Company presentation : August 2012 ALK equity ALK (ALK B) listed on NASDAQ OMX Copenhagen (Reuters: ALKB.CO / Bloomberg: ALKB.DC) Number of shares outstanding: 10.1 million Two share classes (A / B) Market Cap: ~460 EURm Largest shareholder groups Lundbeck Foundation (40%), since 1987 ATP, Danish Labour Market Pension Fund (>5%) Other insitutitional investors (~30%) ~14,000 retail investors (~25%) Foreign ownership: ~25% Domestic ownership: ~75% 39 and shareholder structure