First Quarter 2018 Investor Presentation

Financial outlook for 2018 Investor Presentation First three 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 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 Previous expectations 1 Feb 2018 2% to 5% Around 7 percentage points lower 1% to 5% Around 10 percentage points lower Gain of around DKK 2.5 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 25 April 2018 changing diabetes® novo nordisk

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