Investor Presentation Full Year 2017

Investor Presentation Full year 2017 Slide 17 Unfavourable currency impact in 2017 driven by development in both hedged and unhedged currencies Hedged currencies Index (1 Jan 2016= 100) Non-hedged currencies Index (1 Jan 2016 = 100) USD/DKK CNY/DKK 120 115 110 105 100 95- 90- 85- 80 JPY/DKK GBP/DKK CAD/DKK 75 RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK 160 140 120 100 80 60 40 changing diabetes 1 2 2016 3 4 1 2 3 4 2017 Hedged 2016 Currencies average 2017 average² Spot rate² Impact of a 5% move³ (months) Hedging USD1 673 660 601 1,900 12 CNY1 101 98 95 325 64 JPY1 6.2 5.9 5.5 170 12 GBP1 911 849 846 90 13 CAD1 508 508 487 80 11 Non-hedged 2016 2017 Spot Currencies average average² rate² ARS¹ 0.5 0.4 0.3 TRY1 223 181 159 INR1 10.0 10.1 9.5 RUB1 10.1 11.3 10.6 BRL1 195 207 190 1 DKK per 100; 2 As of 29 January 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