Company Announcement No. 8/2010 26 November 2010 Major shareholder announcement Pursuant to the Danish Securities Act section 29, cf. executive order no. 224 of 13 March 2010 on major shareholders and the Danish Companies Act section 55, cf. section 56, the following is hereby announced concerning the major shareholders whose shareholdings or votes meet the thresholds as stated in the sections mentioned above.: Sunstone Funds Sunstone Capital A/S, CVR no. 30573528, Lautrupsgade 7, 5 fl, 2100 Copenhagen, Denmark is the manager of Sunstone Life Science Funds and as of 26 November 2010 controls the votes of 6,504,740 shares in Zealand Pharma A/S with a nominal value of DKK 1 each equivalent to 29.5% of the voting rights. Each share of nominal DKK 1 holds one vote at general meetings of Zealand Pharma A/S. In addition to the funds described below, Sunstone Capital A/S also controls the votes of shares in Zealand Pharma A/S owned by Sunstone Life Science Ventures Fund I K/S, P/S Sunstone Biomedicinsk Venture Fund III and K/S Sunstone Biomedical Venture Annex II. After the offering of shares in connection with the initial public offering, Sunstone Capital A/S no longer controls the votes of more than 1/3 of the shares of Zealand Pharma A/S. K/S Sunstone Biomedical Venture Annex I, CVR no. 27513468, Lautrupsgade 7, 5 fl, 2100 Copenhagen, Denmark as of 26 November 2010 holds 909,218 shares in Zealand Pharma A/S with a nominal value of DKK 1 each equivalent to 4.1% of the share capital. After the offering of shares in connection with the initial public offering, K/S Sunstone Biomedical Venture Annex I no longer owns more than 5% of the shares of Zealand Pharma A/S. K/S Sunstone Biomedical Venture Annex III, CVR no. 27513492, Lautrupsgade 7, 5 fl, 2100 Copenhagen, Denmark as of 26 November 2010 holds 1,904,399 shares in Zealand Pharma A/S with a nominal value of DKK 1 each equivalent to 8.6% of the share capital. After the offering of shares in connection with the initial public offering, K/S Sunstone Biomedical Venture Annex III no longer owns more than 10% of the shares of Zealand Pharma A/S. CDC Innovation Funds Science & Innovation 2001 FCPI, 63 avenue des Champs Elyées, 75008 Paris, France as of 26 November 2010 holds 922,605 shares in Zealand Pharma A/S with nominal value of DKK 1 each equivalent to 4.2% of the share capital. After the offering of shares in connection with the initial public offering, Science & Innovation 2001 FCPI no longer owns more than 5% of the shares of Zealand Pharma A/S. # # # For further information, please contact: Zealand Pharma A/S David Solomon, President and Chief Executive Officer Tel: +45 4328 1200 M:Communications Mary-Jane Elliott / Emma Thompson / Amber Bielecka Tel: +44(0) 20 7920 2330 About Zealand Pharma A/S Zealand Pharma is a Danish biopharmaceutical company dedicated to the discovery and development of innovative peptide drugs. The Company targets diseases where it believes existing treatments fail to adequately serve the medical needs of patients and the market potential for improved treatments through the use of peptide drugs is high. Zealand Pharma focuses on three therapeutic areas: metabolic (diabetes and obesity), gastrointestinal and cardiovascular diseases. The Company's expertise in peptide discovery, optimization and development has resulted in a strong and growing pipeline of novel peptide drug candidates with favourable therapeutic attributes. Since 1999, Zealand Pharma's scientists have built a pipeline that includes five compounds in clinical development, four of which have been out licensed, two of these with major pharmaceutical companies (sanofi-aventis and Helsinn Healthcare). All of Zealand Pharma's compounds emerged from the Company's own drug discovery. Zealand Pharma is based in Copenhagen. For more information please visit the Company's web site: www.zealandpharma.com. Disclaimer: The securities described herein may not be offered or sold in the United States unless they are registered or exempt from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and any United States state securities laws. The securities have not been and will not be registered under the Securities Act or any United States state securities laws, and the Company does not intend to make a public offer of its securities in the United States. This announcement and the information contained herein does and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction. This announcement is an advertisement and not a prospectus and investors should not subscribe for or purchase any securities referred to in this announcement except on the basis of information provided in the Offering Documents. No public offer of securities has been or will be made outside of Denmark. Any offer of securities that may be deemed to be made pursuant to this communication in any EEA Member State, other than Denmark, that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the "Prospectus Directive") is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive. This announcement does not constitute an offer to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the securities. This announcement is not made, and has not been approved, by an “authorised person” within the meaning of Section 21(2) of the Financial Services and Markets Act 2000. As a consequence, this announcement is directed only at persons who (i) are located outside the United Kingdom, (ii) have professional experience in matters relating to investments and fall within Article 19(5) (“investment professionals”) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005, (iii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or (iv) are persons to whom this communication may otherwise lawfully be communicated (all such persons together being referred to as “Relevant Persons”). The Securities are directed only at Relevant Persons and no invitation, offer or agreements to subscribe, purchase or otherwise acquire Securities may be proposed or made other than with Relevant Persons. Any person other than a Relevant Person may not act or rely on this document or any provision thereof. This announcement is not a prospectus which has been approved by the Financial Services Authority or any other United Kingdom regulatory authority for the purposes of Section 85 of the Financial Services.