Investor Presentaiton

Non-hedged currencies Investor presentation Full year 2018 Slide 115 Unfavourable currency impact in 2018 primarily driven by unhedged currencies Hedged currencies Avg. FY 2018 vs. FY 2017 Exp. avg. FY 20191 vs. FY 2018 Hedged 5% Currencies 2017 average 2018 average Spot rate³ Impact of a Hedging 5% move (months) USD2 660 632 654 3% 2,000 11 CNY² 98 95 97 350 65 1% JPY2 5.9 5.7 6.0 160 12 -1% -3% GBP2 849 843 860 85 11 CAD² 508 489 494 00 90 9 -5% 5% -10% -25% -40% USD/DKK CNY/DKK JPY/DKK GBP/DKK CAD/DKK RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK 1 Year-to-date realised data and remainder expected flat currency development based on the spot rate as of 28 January 2019 Non-hedged Currencies 2017 2018 Spot rate³ average average ARS² 0.4 0.2 0.2 TRY2 181 133 134 INR² 10.1 9.2 9.2 RUB2 11.3 10.1 10.1 BRL² 207 174 174 2 DKK per 100; 3 Spot rate as of 28 Jan 2019; 4 Impact on operating profit in the next 12 months of a 5% immediate currency move. DKK million per annum; 5 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

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