Investor Presentation Q1-Q3 2020

113 Investor presentation First nine months of 2020 Cash return to shareholders in 2020 DKK billion 45 Annual cash return to shareholders 30 17 17 15 15 8 15 7 7 7 11 12 12 13 0 2017 2018 2019 2020E Dividend Interim dividend Share repurchase Free cash flow Free cash flow guidance 1 For 2020, expected free cash flow is DKK 34-39 billion. Note: Share repurchase programmes run for 12 months starting Feb until end-Jan of the following year. Cash return priorities Novo NordiskⓇ • Share repurchase programme of up to DKK 17 billion to be executed during 12 months, starting 5 February 2020 • Total programme may be reduced in size if significant bolt-on acquisition opportunities arise during 2020 • For 2019, the total dividend increased 2.5% to DKK 8.35 per share of DKK 0.20 (including interim dividend of DKK 3.00 per share paid in August 2019), resulting in a total pay-out ratio of 50.5% • For 2020, the interim dividend of DKK 3.25 was paid in August 2020

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