Investor Presentaiton

Investor Presentation First nine months of 2018 Slide 117 Cash return to shareholders in 2018 Annual cash return to shareholders DKK billion Share repurchase Free cash flow Interim dividend Dividend • Free cash flow guidance 45 40 35 15 30 17 25 15 17 20 15 7.6 15 7.4 7.2 10 16 5 12 13 11 12 • 0 2014 2015 2016 2017 2018E* • Note: For 2018 expected free cash flow is DKK 29-33 billion. Share repurchase programmes run for 12 months starting February until end January of the following year. changing diabetes® Cash return priorities Based on the increased expectations for cash flow generation in 2018, the Board of Directors approved an expansion of the 2018 share repurchase programme with DKK 1.0 billion to DKK 15 billion in October 2018 • Total programme may be reduced in size if significant product in-licensing or bolt-on acquisition opportunities arise during 2018 • Dividend distributed twice a year as interim dividend in August and final dividend in March the following year For 2017, the total dividend increased to DKK 7.85 per share of DKK 0.20 For 2018, the interim dividend of DKK 3.00 was paid in August 2018 novo nordisk

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