Investor Presentaiton

Investor presentation Full year 2018 Stable COGS level as percentage of sales and increasing CAPEX level for new production facilities Cost of goods sold DKK billion 20 15 10- 5 Slide 110 Capital expenditure COGS DKK billion CAPEX Expected CAPEX - COGS as % of sales (RHS) CAPEX as % of sales (RHS) 25% 12 10% 10 20% 8% 8 15% 6% 16 10% 4% 4 5% 2% 2 0% 0 0% 2014 2015 2016 2017 2018 2015 2016 2017 2018 2019E COGS: Cost of goods sold; CAPEX: Capital expenditure; RHS: Right hand side changing diabetes novo nordisk

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