NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM AN OFFER OF SECURITIES IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION.

PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

PROPOSED SECONDARY OFFERING OF ORDINARY SHARES IN CONVATEC GROUP PLC BY NOVO HOLDINGS A/S.

Novo Holdings A/S ("Novo Holdings") announces its intention to sell approximately 155 million ordinary shares ("Ordinary Shares") in Convatec Group plc ("Convatec"), representing approximately 7.8% of Convatec's issued share capital. The sale will be conducted via a placing of Ordinary Shares in Convatec to eligible institutional investors (the "Offering").

Ahead of the Offering, Novo Holdings has economically monetised all other previously held Ordinary Shares in Convatec via derivative transactions with hedge counterparties over time. These derivatives will be settled simultaneously with the Offering and Novo Holdings will have no residual position in Convatec thereafter.

The offer price will be determined by way of an accelerated bookbuilding process which will commence immediately following this announcement and which may close at any time on short notice. The results of the Offering will be announced as soon as practicable after the closing of the bookbuilding process.

No Ordinary Shares are being sold by Convatec, and Convatec will not receive any proceeds from the Offering.

Goldman Sachs International ("Goldman Sachs") and Morgan Stanley & Co. International Plc ("Morgan Stanley") are acting as Joint Global Coordinators in connection with the Offering.

Goldman Sachs                                     +44 (0)20 7774 1000

Morgan Stanley                                    +44 (0)20 7425 8000