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Investor Presentaiton

Investor presentation First three months of 2017 Slide 110 Long term financial targets: Operating profit growth and operating margin Operating profit growth New long term financial target¹ Operating margin Previous long term financial targets 40% 30% 20% 10% 0% 2012 2013 Previous long term financial targets 45% 2014 2015 30% 15% 0% 2016 2012 2013 2014 2015 2016 No Target² 2 The target for operating margin was discontinued in connection with the updated long- term financial targets in Q4 2015 Note: The long term financial targets are based on an assumption of a continuation of the current business environment; 2015 and 2016 figures are adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 2015 1 New long term target established in connection with the Q3 2016 report changing diabetes® novo nordisk

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