Investor Presentaiton

Investor Presentation First nine months of 2018 Slide 119 Currency impact on operating profit EXAMPLE Operational currency impact Operational currency impact in 2017 . The operational currency impact is the difference between e.g. operating profit growth in reported currency (Danish kroner) and operating profit growth in local currencies In 2017 the operating profit was: In Danish kroner: In local currencies: Currency impact: 48,967 million 50,737 million -1,770 million Estimation of operational currency impact from key currencies • Novo Nordisk guides on currency sensitivity of key currencies in quarterly announcements Sensitivity table gives an indication of gain/loss of a 5% immediate change in exchange rates compared to exchange rates on announcement day Key currencies account for around 75-85% of the currency exposure Estimation of operational currency impact from other currencies Significant changes in other currencies will additionally impact the operational currency in exposure In 2017, the depreciation of the ARS and TRY had an additional negative impact on the operational currency exposure. Key currencies Avg FX rate 2016 Avg FX rate %-change 2017 Yearly impact of 5% change (mDKK) Estimated impact from key currencies USD 6.733 6.602 -1.9% 2,100 -816 CNY 1.013 0.976 -3.7% 320 -235 JPY 6.200 5.884 -5.1% 200 -204 GBP 9.121 8.496 -6.9% 90 -123 CAD 5.081 5.084 0.0% 80 1 -1,378 Total estimated currency impact from key currencies in 2017 ARS 0.5 0.4 -20.0% TRY 223 181 -18.8% INR 10.0 10.1 1.0% RUB 10.1 11.3 11.9% BRL 195 207 6.2% Total currency impact from other currencies in 2017 (residual) Total currency impact in 2017 -392 -1,770 1 Yearly impact on operating profit for next 12 month. Estimates reflected in Annual Report 2017 FX: Foreign exchange changing diabetes novo nordisk

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