Investor Presentaiton

Investor Presentation First six months of 2018 Unfavourable currency impact in H1 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 2 2018 Slide 16 Hedged Currencies 2017 average 2018 average² Spot Impact of a Hedging rate² 5% move³ (months) USD1 660 619 642 2,000 11 CNY1 98 96 94 330 64 JPY1 5.9 5.7 5.8 180 12 GBP1 849 845 837 95 11 CAD1 508 483 492 80 10 Non-hedged 2017 2018 Spot Currencies average average² rate² ARS¹ 0.4 0.3 0.2 TRY1 181 148 127 INR1 10.1 9.4 9.3 RUB1 11.3 10.3 10.1 BRL¹ 207 178 170 1 DKK per 100; 2 As of 2 August 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 DOW novo nordisk

View entire presentation