Investor Presentaiton

Investor Presentation First six months of 2018. Slide 107 Cash return to shareholders in 2018 Annual cash return to shareholders 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 in March the following year For 2018, the interim dividend of DKK 3.00 will be paid in August 2018 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 7.3 10 16 5 12 13 11 12 0 • 2014 2015 2016 2017 2018E* 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® novo nordisk

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