First Quarter 2018 Investor Presentation

Investor Presentation First three months of 2018 Unfavourable currency impact in Q1 2018 driven by development in both hedged and unhedged currencies Hedged currencies Index (1 Jan 2017= 100) Non-hedged currencies Index (1 Jan 2017 = 100) USD/DKK CNY/DKK 110 105 100 95- 90- 85 80 JPY/DKK GBP/DKK CAD/DKK 75 RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK 120 110 100 90 80 70 60 50 40 changing diabetes 1 2 2017 3 4 1 2018 Slide 16 Hedged Currencies 2017 average 2018 average² Spot Impact of a Hedging rate² 5% move³ (months) USD1 660 606 612 1,900 12 CNY1 98 96 97 330 64 JPY1 5.9 5.6 5.5 175 12 GBP1 849 845 850 95 12 CAD1 508 479 485 80 10 Non-hedged 2017 2018 Spot Currencies average average² rate² ARS¹ 0.4 0.3 0.3 TRY1 181 157 150 INR1 10.1 9.4 9.1 RUB1 11.3 10.5 10.6 BRL¹ 207 185 175 1 DKK per 100; 2 As of 25 April 2018; 3 Impact on operating profit in the next 12 months of a 5% immediate currency move. DKK million per annum; 4 Chinese Yuan traded offshore (CNH) Note: Operating profit impact of one of the non-hedged currencies appreciating 5% is in the range of DKK -15 to +50 million DOV novo nordisk

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