Investor Presentaiton

Investor presentation First three months of 2017 Slide 111 Long term financial targets: Operating profit after tax to net operating assets and cash to earnings Operating profit after tax to net operating assets New long term financial target¹ Cash to earnings (three year average) New long term financial target¹ Previous long term financial targets 160% 140% 120% 100% 80% 60% 40% 20% 0% 2012 2013 Previous long term financial targets 140% 120% 100% 80% 60% 40% 20% 0% 2014 2015 2016 2012 2013 2014 2015 2016 Note: The long term financial targets are based on an assumption of a continuation of the current business environment 1 New long term target established in connection with the Q3 2016 report changing diabetes novo nordisk

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