First Quarter 2018 Investor Presentation

Investor Presentation First three months of 2018 Slide 105 Currency impact on Novo Nordisk's P/L PROFIT AND LOSS 2017 2016 Operational currency impact All movements in currencies will directly impact the individual reported functional lines of the Novo Nordisk's profit and loss statement The currency effect on e.g. operating profit growth is the difference between the reported and the local operating profit growth Key currencies account for around 75-85% of the total currency exposure No hedging effects are included in the operating profit DKK million Net sales changing diabetes® Gross profit Gross margin 111,696 94,064 84.2% 111,780 94,597 84.6% Sales and distribution costs 28,340 28,377 Percentage of sales 25.4% 25.4% Research and development costs 14,014 14,563 Percentage of sales 12.5% 13.0% Administrative costs 3,784 3,962 Percentage of sales 3.4% 3.5% Other operating income, net 1,041 737 Non-recurring income from the partial divestment of NNIT A/S Operating profit 48,967 Operating margin 43.8% 8,432 43.3% Operating margin adjusted for the partial divestment of NNIT A/S <--00.8% 43.3% Net financials (287) Profit before income taxes-- 48,680 (634) 47,798 Income taxes Effective tax rate 10,550 21.7% Net profit 38,130 37,925 Net profit margin 34.1% 33.9% Financial currency impact All gain/losses from hedging contracts are included in the financial income/expenses All key currencies are hedged: • USD 12 months . CNY 6 months • JPY 12 months • GBP 12 months • CAD 10 months 9,873 20.7% Hedging is primarily performed with the use of forward contracts Net financials includes hedging gain/loss including the cost of hedging (interest differential) and the effect from currency gain/losses of balances in non-hedged currencies. novo nordisk

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