Investor Presentaiton

Investor Presentation First nine months of 2018 Slide 115 Stable COGS level as % of sales and increasing CAPEX level Cost of Goods Sold Capital Expenditure DKK billion COGS DKK billion CAPEX COGS as % of sales (RHS) - Expected CAPEX CAPEX as % of sales (RHS) 20 25% 12 10% 10 20% 15 8- 15% 8% 6% 10- 6- 10% 4% 4 5 5% 2% 2 0% 0 0% 2013 2014 2015 2016 2017 2014 2015 2016 2017 2018E COGS: Cost of goods sold; CAPEX: Capital expenditure; RHS: Right hand side changing diabetes® novo nordisk

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