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Obesity Survodutide Survodutide*, targeting obesity and MASH, activates both GLP-1 and glucagon receptors Design of molecule ZEAL& ZEALAND PHARMA Positioning opportunities and differentiation Boehringer Ingelheim Survodutide is a 29-amino-acid peptide, based on the hormone oxyntomodulin with dual agonism at GCG and GLP-1 receptors 晶 0 MoA reduces body weight by increasing energy expenditure and regulating appetite¹ Obesity - potential for ~20-25% weight loss and improved glycemic control Safety and tolerability - similar to other GLP-1RA- based weight-loss medications Deliberately designed with strong bias towards GLP-1 receptor (8:1 receptor bias vs glucagon)² Cardiovascular benefits - potential benefits driven by GLP-1RA Extended half-life for once-weekly administration is achieved by amino acid substitutions² MASH - potential for important benefit in MASH with direct effect of glucagon on the liver *Survodutide is licensed to Boehringer Ingelheim from Zealand Pharma, with Boehringer solely responsible for development and commercialization globally (subject to Zealand's co-promotion rights in the Nordic countries). Sources: 1. Wynne et al. Int J Obes (Lond) 2006;30(12):1729-1736; 2. Zimmermann et al. Mol Metab 2022;66:101633. GCG-glucagon; GLP-1-glucagon-like peptide-1; GLP-1RA-glucagon-like peptide-1 receptor agonist; MoA-mechanism of action; MASH-metabolic dysfunction-associated steatohepatitis (formerly, non-alcoholic steatohepatitis, or NASH). Intellectual property: Composition of matter, patent expiry in 2034. Patent-term extension up to 5 years, i.e. 2039. Potential rights beyond 2039 based on patent applications and additional elements. 24

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