Investor Presentaiton

Financial outlook for 2018 Investor Presentation First six months of 2018 Slide 17 Sales growth - local currencies Sales growth - reported Operating profit growth - local currencies Operating profit growth - reported Financial items (net) Effective tax rate Capital expenditure Depreciation, amortisation and impairment losses Free cash flow Expectations 8 Aug 2018 3% to 5% Around 5 percentage points lower 2% to 5% Around 7 percentage points lower Gain of around DKK 0.9 billion 19% to 20% Around DKK 9.5 billion Around DKK 3 billion Around DKK 27 to 32 billion Previous expectations 2 May 2018 3% to 5% Around 6 percentage point lower 2% to 5% Around 9 percentage point lower Gain of around DKK 1.9 billion 20% to 22% Around DKK 9.5 billion Around DKK 3 billion Around DKK 27 to 32 billion The financial outlook is based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain at the level as of 2 August 2018 changing diabetes® novo nordisk

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