Investor Presentation Q1 2018

Investor Presentation First three months of 2018 Slide 104 Cash return to shareholders in 2018 Annual cash return to shareholders DKK billion Share repurchase Free cash flow Interim dividend Dividend Free cash flow guidance 45 40 35 15 30 17 25 14 17 20 15 7.6 15 7.4 10 16 5 12 13 11 12 0 2014 2015 2016 2017 2018E* *Interim dividend for 2018 to be determined. For illustration only. Note: For 2018 expected free cash flow is DKK 27-32 billion. Share repurchase programmes run for 12 months starting February until end January of the following year. changing diabetes® Cash return priorities . Share repurchase programme of up to DKK 14 billion to be executed during the coming 12 months • Total programme may be reduced in size if significant product in-licensing or bolt-on acquisition opportunities arise during 2018 For 2017, the total dividend increased to DKK 7.85 per share of DKK 0.20 (including interim dividend of DKK 3.00 paid in August 2017) Dividend distributed twice a year as interim dividend in August and final dividend following Annual General Meeting in March of the following year novo nordisk

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