Investor Presentation - First Nine Months of 2016

Investor presentation First nine months of 2016 Slide 108 Organic growth enables steady cash return to shareholders via dividends and share repurchase programmes Share repurchase programmes have enabled continued reduction in share capital Annual cash return to shareholders DKK billion Share repurchase | Interim dividend Dividend Free cash flow DKK Share capital million 45 600 CAGR -2.3% 40 -2% 550 -4% 35 -2% -2% 15 30 500 25 17.5 450 20 8 15 560 550 14 530 520 15 400 510 12 10 16 350 5 12 13 10 8 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016 Note: Dividends are allocated to the year of dividend pay. For 2016 expected free cash flow is DKK 38-41 billion. Share repurchase programmes run for 12 months starting February until end January of the following year. changing diabetes® novo nordisk

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