Investor Presentation - First Nine Months of 2016

Investor presentation First nine months of 2016 Decline in relative COGS level combined with stable investment level DKK billion 15 100 5 Slide 105 Cost of Goods Sold (COGS) Capital Expenditure (CAPEX) COGS as % of sales COGS DKK billion CAPEX as % of sales CAPEX 25% 6 6% 50 5% 20% 4 4% 15% 3 3% 10% 2 2% 5% 1 1% 0% 0 0% 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 changing diabetes novo nordisk

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