Investor Presentaiton

Investor presentation First three months of 2017 Slide 109 Stable COGS level as % of sales and increasing CAPEX level Cost of Goods Sold (COGS) Capital Expenditure (CAPEX) DKK billion 20 COGS as % of sales COGS 25% DKK billion 8 CAPEX as % of sales CAPEX 8% 7 7% 20% 15 6 6% 5 5% 15% 10 4 4% 10% 3 - 3% 5 2 2% 5% 1 1% 0% 0 0% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 changing diabetes novo nordisk

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