First Quarter 2018 Investor Presentation

Investor Presentation First three months of 2018 Slide 103 Long-term financial targets support focus on profitable growth, capital allocation and cash conversion 00 Operating profit growth in 20% local currencies Current long-term financial target¹ Previous long-term financial targets Operating profit after tax to net operating assets Current long-term financial target¹ Cash to earnings (three-year average) Current long-term financial target¹ 15% 10% 5% 175% 120% 150% 100% 125% 80% 100% 60% 75% 40% 50% 25% 20% 0% 0% 2013 2014 2015 2016 2017 0% 2013 2014 2015 2016 2017 2011-2012-2013- 2014- 2015- 2013 2014 2015 2016 2017 1 Long-term target established in connection with the Q3 2016 report. The target of an average operating profit growth of 5% is an average for the period of 4-5 years, with 2015 as the base year. Operating profit after tax to net operating assets target unchanged at 125% and Cash to earnings (three year average) target unchanged at 90% Note: The long-term financial targets are based on an assumption of a continuation of the current business environment; 2015 and 2016 figures are adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 2015 changing diabetes novo nordisk

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