First Quarter 2018 Investor Presentation

Investor Presentation First three months of 2018 Slide 107 Key currency development 2017 vs 2018 Average FX rates¹ Q1 2017 Q1 2018 Q1 Change Q2 2017 Q2² 2018 Q2 Change Q3 2017 Q3 2018 Q3 Change Q4 2017 Q4 2018 Q4 Change FY 2017 FY 2018³ FY Change USD/DKK 698 606 -13% 676 610 -10% 633 612 -3% 632 612 -3% 660 610 -8% JPY/DKK 6.1 5.6 -8% 6.1 5.6 -8% 5.7 5.6 -2% 5.6 5.6 0% 5.9 5.60 -5% GBP/DKK 865 843 -3% 864 853 -1% 829 853 3% 839 853 2% 849 850 0% CNY/DKK 101 95 -6% 98 46 97 -2% 95 97 2% 96 97 46 1% 98 96 -1% CAD/DKK 527 480 -9% 502 475 -5% 505 474 -6% 498 474 -5% 508 476 -6% Note: Spot rates as per 25 April 2018 ¹DKK per 100 1Q2 average is calculated as realised exchange rates from 1 April 2018 to 25 April 2018 + current spot rate applied from 25 April 2018 to 30 June 2018 3FY 2018 average is calculated as realised exchange rates from 1 January 2018 to 25 April 2018 + spot rate applied from 25 April 2018 to 30 June 2018 changing diabetes® novo nordisk

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