Investor Presentaiton

Investor Presentation First nine months of 2018 Slide 120 Quarterly currency development for key currencies Average FX rates¹ Q1 2017 Q1 2018 Q1 Change Q2 2017 Q2 2018 Q2 Change Q3 2017 Q3 2018 Q3 Change Q4 2017 Q42 2018 Q4 Change FY 2017 FY 2018³ FY Change USD/DKK 698 606 -13% 676 625 -8% 633 641 1% 632 655 4% 660 632 -4% JPY/DKK 6.1 5.6 -8% 6.1 5.7 -7% 5.7 5.8 2% 5.6 5.8 4% 5.9. 5.7 -3% GBP/DKK 865 843 -3% 864 850 -2% 829 835 1% 839 843 0% 849 843 -1% CNY/DKK 101 95 -6% 98 98 88 0% 95 94 -1% 96 94 + -2% 98 95 -3% CAD/DKK 527 480 -9% 502 484 -4% 505 490 -3% 498 500 0% 508 489 -4% Note: Spot rates as per 26 October 2018 1 DKK per 100 2 Q4 average is calculated as realised exchange rates from 1 October 2018 to 26 October 2018 + current spot rate applied from 26 October 2018 to 31 December 2018 3 FY 2018 average is calculated as realised exchange rates from 1 January 2018 to 26 October 2018 + spot rate applied from 26 October 2018 to 31 December 2018 changing diabetes novo nordisk

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