<SEC-DOCUMENT>0001628280-20-001021.txt : 20200205
<SEC-HEADER>0001628280-20-001021.hdr.sgml : 20200205
<ACCEPTANCE-DATETIME>20200205093604
ACCESSION NUMBER:		0001628280-20-001021
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200205
DATE AS OF CHANGE:		20200205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NOVO NORDISK A S
		CENTRAL INDEX KEY:			0000353278
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-82318
		FILM NUMBER:		20576564

	BUSINESS ADDRESS:	
		STREET 1:		NOVO ALLE DK 2880
		CITY:			BAGSVAERD DENMARK
		STATE:			G7
		ZIP:			00000
		BUSINESS PHONE:		4544448888

	MAIL ADDRESS:	
		STREET 1:		NOVO ALLE DK 2880
		CITY:			BAGSVAERD DENMARK
		STATE:			G7
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NOVO NORDISK A/S
		DATE OF NAME CHANGE:	19900807

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NOVO INDUSTRI A S /DENMARK/
		DATE OF NAME CHANGE:	19890811
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>novo-b20xf12x31x19.htm
<DESCRIPTION>20-F
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2020 Workiva -->
		<title>Document</title>
	</head>
	<body><div style="font-family:Times New Roman;font-size:10pt;">
<div><a name="sE7B258270F9F514AA4BE028AC7FCB7CE"></a></div><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">FORM 20-F</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(Mark One)</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:641px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:20px;"></td><td style="width:20px;"></td><td style="width:601px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">OR</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">x</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">For the fiscal year ended December 31, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">OR</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">OR</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Commission File Number: 333-82318</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">NOVO NORDISK A/S</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(Exact name of Registrant as specified in its charter</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div><div style="line-height:120%;text-align:justify;font-size:7pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:55%;"></td><td style="width:45%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Kingdom of Denmark</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(Translation of Registrant&#8217;s name into English)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(Jurisdiction of incorporation or organization)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo All&#233; 1</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DK-2880 Bagsv&#230;rd</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Denmark</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(Address of principal executive offices)</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Karsten Munk Knudsen</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive Vice President and Chief Financial Officer</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Tel: +45 4444 8888</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">E-mail: kmkn@novonordisk.com</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo All&#233;, DK-2880 Bagsv&#230;rd, Denmark</font></div><div style="line-height:120%;padding-bottom:4px;text-align:center;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(Name, Telephone, E-mail and Address of Company Contact Person)</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:38%;"></td><td style="width:31%;"></td><td style="width:31%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Securities registered or to be registered pursuant to Section 12(b) of the Act:</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Title of each class:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Trading Symbol(s):</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Name of each exchange on which registered:</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">B shares, nominal value DKK 0.20 each</font></div></td><td rowspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">NVO</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">New York Stock Exchange*</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">American Depositary Receipts, each representing one B Share</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">New York Stock Exchange</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">* Not for trading, but only in connection with the registration of American Depositary Receipts, pursuant to the requirements of the Securities and Exchange Commission.</font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Securities registered or to be registered pursuant to Section 12(g) of the Act: None</font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None</font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the Annual Report:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:400px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:285px;"></td><td style="width:112px;"></td><td style="width:2px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">A shares, nominal value DKK 0.20 each:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">537,436,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">B shares, nominal value DKK 0.20 each:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1,862,564,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Yes </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">x</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">No </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">o</font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports to Section 13 or 15(d) of the Securities Exchange Act of 1934.</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Yes </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">o</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">No </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">x</font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Yes </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">x</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">No </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">o</font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Yes </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">x</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">No </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">o</font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of &#8220;large accelerated filer&#8221;, &#8220;accelerated filer&#8221;, and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act. (Check one):</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Large accelerated filer </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">x</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Accelerated filer </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">o</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Non-accelerated filer </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">o</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Emerging growth company </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">o</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filling:</font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;U.S. GAAP </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">o</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">International Financial Reporting Standards as issued by the International Accounting Standards Board </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">x</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;&#32;&#32;&#32;Other </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">o</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Item 17 </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">o</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Item 18 </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">o</font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</font></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Yes </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">o</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;No </font><font style="font-family:Wingdings;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">x</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:4px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div><br></div><hr style="page-break-after:always"><div><a name="s67A132FBD61554E6A4066F1682CDF984"></a></div><div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">TABLE OF CONTENTS</font></div></td></tr></table></div></div></div><div><br></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">TABLE OF CONTENTS</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font></div><div style="line-height:120%;text-align:right;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;text-align:-moz-right;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;margin-left:auto;margin-right:0;"><tr><td colspan="3"></td></tr><tr><td style="width:16%;"></td><td style="width:73%;"></td><td style="width:11%;"></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s952C38842CEB52DDAD1CE564C2E2FD4E"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">INTRODUCTION</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s952C38842CEB52DDAD1CE564C2E2FD4E">2</a></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#72b5cc;font-style:normal;font-weight:bold;text-decoration:none;" href="#sDFC00D2D79585CD6AD6F03D40954C6A6"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#72b5cc;font-style:normal;font-weight:bold;text-decoration:none;">Part I</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sC7803598089D5533BAECD2D7D35FE16D"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 1</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sC7803598089D5533BAECD2D7D35FE16D"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sC7803598089D5533BAECD2D7D35FE16D">3</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sDB60D63DA67B5AA3A5BEE063C5AEAC4D"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 2</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sDB60D63DA67B5AA3A5BEE063C5AEAC4D"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">OFFER STATISTICS AND EXPECTED TIMETABLE</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sDB60D63DA67B5AA3A5BEE063C5AEAC4D">3</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sCB4DE5D7D6F8541992F2BAA985F9CD4B"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 3</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sCB4DE5D7D6F8541992F2BAA985F9CD4B"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">KEY INFORMATION</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sCB4DE5D7D6F8541992F2BAA985F9CD4B">3</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s21400E346CB15CE8B90A3F7B90D5B6D7"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 4</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s21400E346CB15CE8B90A3F7B90D5B6D7"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">INFORMATION ON THE COMPANY</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s21400E346CB15CE8B90A3F7B90D5B6D7">5</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sB7887BE445B2524CBCA3E5BE20522D1B"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 4A</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sB7887BE445B2524CBCA3E5BE20522D1B"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">UNRESOLVED STAFF COMMENTS</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sB7887BE445B2524CBCA3E5BE20522D1B">10</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sED88A97776FD592E89A8AB1A25E9EEF5"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 5</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sED88A97776FD592E89A8AB1A25E9EEF5"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sED88A97776FD592E89A8AB1A25E9EEF5">11</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s34C53E1446835AD4A83CBCDE0F32BD7E"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 6</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s34C53E1446835AD4A83CBCDE0F32BD7E"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DIRECTORS, EXECUTIVE MANAGEMENT AND EMPLOYEES</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s34C53E1446835AD4A83CBCDE0F32BD7E">14</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s8466D27DDC5656A289690B8E90E291DE"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 7</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s8466D27DDC5656A289690B8E90E291DE"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s8466D27DDC5656A289690B8E90E291DE">23</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s2933C4DFE5395A1F98E2B2B14DEA3F6E"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 8</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s2933C4DFE5395A1F98E2B2B14DEA3F6E"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">FINANCIAL INFORMATION</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s2933C4DFE5395A1F98E2B2B14DEA3F6E">25</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sA07F978FF87656F592AE1C14FD8A5C33"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 9</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sA07F978FF87656F592AE1C14FD8A5C33"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">THE OFFER AND LISTING</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sA07F978FF87656F592AE1C14FD8A5C33">26</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s565F063977D05884BC3CBAC46497A46D"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 10</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s565F063977D05884BC3CBAC46497A46D"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ADDITIONAL INFORMATION</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s565F063977D05884BC3CBAC46497A46D">26</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s779E415B5F71551494DE140843A858C1"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 11</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s779E415B5F71551494DE140843A858C1"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISKS</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s779E415B5F71551494DE140843A858C1">28</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sAE8F10D0D1B05D07A720CB5184EE8B3F"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 12</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sAE8F10D0D1B05D07A720CB5184EE8B3F"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sAE8F10D0D1B05D07A720CB5184EE8B3F">29</a></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#72b5cc;font-style:normal;font-weight:bold;text-decoration:none;" href="#s55D538C45E0359DD8082829FC2A583F8"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#72b5cc;font-style:normal;font-weight:bold;text-decoration:none;">Part II</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Tahoma,sans-serif;font-size:7pt;color:#ff0090;">&#160;</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sBD15B60A7C935B15918E31F929ACF751"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 13</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sBD15B60A7C935B15918E31F929ACF751"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sBD15B60A7C935B15918E31F929ACF751">30</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s6045DBE4C9F3500F9EEE5B70980DA007"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 14</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s6045DBE4C9F3500F9EEE5B70980DA007"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s6045DBE4C9F3500F9EEE5B70980DA007">30</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s9BBD0EF535895479A44ECE3C4A869049"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 15</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s9BBD0EF535895479A44ECE3C4A869049"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">CONTROLS AND PROCEDURES</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s9BBD0EF535895479A44ECE3C4A869049">30</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sA58FCDE6708B5746ABD2F2692C7871B3"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 16A</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sA58FCDE6708B5746ABD2F2692C7871B3"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">AUDIT COMMITTEE FINANCIAL EXPERTS</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sA58FCDE6708B5746ABD2F2692C7871B3">30</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s28822F2B2DA35719B7C8A53655652BB4"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 16B</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s28822F2B2DA35719B7C8A53655652BB4"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">CODE OF ETHICS</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s28822F2B2DA35719B7C8A53655652BB4">31</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s994FA7DB9DF354FBA27D9C7DE59B36EC"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 16C</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s994FA7DB9DF354FBA27D9C7DE59B36EC"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s994FA7DB9DF354FBA27D9C7DE59B36EC">31</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sA02CDD26EC975F6187FFBC7D4DCA6814"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 16D</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sA02CDD26EC975F6187FFBC7D4DCA6814"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sA02CDD26EC975F6187FFBC7D4DCA6814">31</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sB33ECB2D70DB5B269B5EC602B4121967"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 16E</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sB33ECB2D70DB5B269B5EC602B4121967"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sB33ECB2D70DB5B269B5EC602B4121967">32</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sE8EF1F6DEA435CE89223B210F022AF88"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 16F</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sE8EF1F6DEA435CE89223B210F022AF88"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sE8EF1F6DEA435CE89223B210F022AF88">32</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sFB0492F182C5535296DA4DE4B6A35B03"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 16G</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sFB0492F182C5535296DA4DE4B6A35B03"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">CORPORATE GOVERNANCE</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sFB0492F182C5535296DA4DE4B6A35B03">33</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sB042A5A40CE557AF8E6D766652B0A3CB"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 16H</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sB042A5A40CE557AF8E6D766652B0A3CB"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">MINE SAFETY DISCLOSURE</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sB042A5A40CE557AF8E6D766652B0A3CB">34</a></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#72b5cc;font-style:normal;font-weight:bold;text-decoration:none;" href="#s7EA6F8735354500E980947CA6EE83C4D"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#72b5cc;font-style:normal;font-weight:bold;text-decoration:none;">Part III</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Tahoma,sans-serif;font-size:7pt;color:#ff0090;">&#160;</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sB8D2052556225886AEDF9BD441C8F40C"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 17</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sB8D2052556225886AEDF9BD441C8F40C"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">FINANCIAL STATEMENTS</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sB8D2052556225886AEDF9BD441C8F40C">35</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sA5802D9109695B76BE1D26C4C4477F05"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 18</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sA5802D9109695B76BE1D26C4C4477F05"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">FINANCIAL STATEMENTS</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#sA5802D9109695B76BE1D26C4C4477F05">35</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s9608F93E450450069C3314F92238F1C1"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ITEM 19</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s9608F93E450450069C3314F92238F1C1"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">EXHIBITS</font></a></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s9608F93E450450069C3314F92238F1C1">39</a></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s38C2CFD2B9D557E4A49E7469C6520CAF"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">SIGNATURES</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><a style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;" href="#s38C2CFD2B9D557E4A49E7469C6520CAF">43</a></div></td></tr></table></div></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s952C38842CEB52DDAD1CE564C2E2FD4E"></a></div><div><br></div><div style="line-height:140%;text-align:left;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1.5px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">INTRODUCTION</font></div></td></tr></table></div><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">INTRODUCTION</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In this Form 20-F the terms &#8216;the Company&#8217;, &#8216;Novo Nordisk&#8217; and &#8216;the Group&#8217; refer to the parent company Novo Nordisk A/S together with its consolidated subsidiaries. The term &#8216;Novo Nordisk A/S&#8217; is used when addressing issues specifically related to this legal entity.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Pursuant to Rule 12b-23(a) of the Securities Exchange Act of 1934, as amended, certain information for the </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Form 20-F of Novo Nordisk A/S set out herein is being incorporated by reference from the Company's statutory </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, including the consolidated financial statements of Novo Nordisk A/S (hereafter </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8220;Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8221;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8220;Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8221;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, respectively). Therefore, the information in this Form 20-F should be read in conjunction with our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, which were furnished to the SEC on Form 6-K on February 5, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and on February 4, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, respectively.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company publishes its financial statements in Danish kroner (DKK).</font></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Forward-looking statements</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The information set forth in this Form 20-F contains forward-looking statements as the term is defined in the U.S. Private Securities Litigation Reform Act of 1995.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Words such as &#8216;believe&#8217;, &#8216;expect&#8217;, &#8216;may&#8217;, &#8216;will&#8217;, &#8216;plan&#8217;, &#8216;strategy&#8217;, &#8216;prospect&#8217;, &#8216;foresee&#8217;, &#8216;estimate&#8217;, &#8216;project&#8217;, &#8216;anticipate&#8217;, &#8216;can&#8217;, &#8216;intend&#8217;, &#8216;target&#8217; and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:0px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk&#8217;s products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto,</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:0px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures,</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:0px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:0px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">statements regarding the assumptions underlying or relating to such statements.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">With reference to our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, examples of forward-looking statements can be found under the headings, &#8216;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;performance and </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;outlook&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and &#8216;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;performance and </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;outlook&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, and elsewhere.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">including those described in our Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">,</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;could cause actual results to differ materially from those contemplated in any forward-looking statements.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and currency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, product recalls, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk&#8217;s products, introduction of competing products, reliance on information technology, Novo Nordisk&#8217;s ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, failure to recruit and retain the right employees, and failure to maintain a culture of compliance.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">For an overview of some, but not all, of the risks that could adversely affect our results or the accuracy of forward-looking statements in this document, reference is made to the overview of risk factors in &#8216;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Managing risks to protect value</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8217; on pages 29-31 of our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the date of this document, whether as a result of new information, future events or otherwise.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Enforceability of civil liabilities</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company is a Danish corporation and a majority of its directors and officers, as well as certain experts named herein, are non-residents of the United States. A substantial portion of the assets of Novo Nordisk A/S, its subsidiaries and such persons are located outside the United States. As a result, it may be difficult for shareholders of the Company to effect service within the United States upon directors, officers and experts who are not residents of the United States or to enforce judgments in the United States. In addition, there can be no assurance as to the enforceability in Denmark against the Company or its respective directors, officers and experts who are not residents of the United States, or in actions for enforcement of judgments of United States courts, of liabilities predicated solely upon the federal securities laws of the United States.</font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="sDFC00D2D79585CD6AD6F03D40954C6A6"></a></div><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 1 IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:20pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:20pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">PART I</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><a name="sC7803598089D5533BAECD2D7D35FE16D"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><a name="sDB60D63DA67B5AA3A5BEE063C5AEAC4D"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;OFFER STATISTICS AND EXPECTED TIMETABLE</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div><a name="sCB4DE5D7D6F8541992F2BAA985F9CD4B"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;KEY INFORMATION</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">A. SELECTED FINANCIAL DATA</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="15"></td></tr><tr><td style="width:56%;"></td><td style="width:7%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:7%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:7%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:7%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:7%;"></td><td style="width:1%;"></td></tr><tr><td colspan="15" style="vertical-align:top;border-bottom:3px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Selected financial data</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">IFRS figures in DKK millions, except share and American Depositary Receipts (&#8216;ADR&#8217;) data</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2015</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2016</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:3px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Income statement data</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;Net sales</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">107,927</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">111,780</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">111,696</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">111,831</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">122,021</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;Operating profit*</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">49,444</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">48,432</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">48,967</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">47,248</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">52,483</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;Net profit*</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">34,860</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">37,925</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">38,130</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">38,628</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">38,951</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Earnings per share</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;Earnings per share/ADR</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">13.56</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">14.99</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">15.42</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">15.96</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">16.41</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;Diluted earnings per share/ADR</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">13.52</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">14.96</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">15.39</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">15.93</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">16.38</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Balance sheet data</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;Total assets*</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">91,799</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">97,539</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">102,355</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">110,769</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">125,612</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;Net assets*</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">46,969</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">45,269</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">49,815</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">51,839</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">57,593</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;Capital stock</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">520</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">510</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">500</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">490</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">480</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;Treasury stock</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(10</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(9</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(11</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(11</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;Dividends per share/ADR**</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6.40</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7.60</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7.85</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">8.15</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">8.35</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;Dividends per share/ADR in USD**</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.94</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.08</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.26</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.25</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.25</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;Number of shares</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,600</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,550</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,500</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,450</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,400</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">*) The Group has applied IFRS 16 'Leases' for the first time on 1 January 2019. Amounts for 2015-2018 have not been restated. Please refer to note 1.2 in our Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;for further information.</font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">**) Total dividend for the financial year </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;including proposed final dividend of DKK 5.35 per share and interim dividend paid in August </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;of DKK 3.00 per share. For USD translation the exchange rate at December 30, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;from Danmarks Nationalbank (The Central Bank of Denmark) is used (USD 1 = DKK 6.68)</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to &#8216;Consolidated financial statements </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8217;, pages 41-76 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;for further data.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">B. CAPITALIZATION AND INDEBTEDNESS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">C. REASONS FOR THE OFFER AND USE OF PROCEEDS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">D. RISK FACTORS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">For information on risk factors, reference is made to our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;&#8216;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Managing risks to protect value</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8217; on pages 29-31. Outlined in greater details below, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">we are subject to cybersecurity risks, to the risks associated with the United Kingdom&#8217;s planned exit from the European Union and to the risk of epidemics or other public health crises.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">The potential risk on our business as a result of cybersecurity breaches</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">We rely on our IT systems to protect our intellectual property, business confidential information, and personal data. Therefore, disruption as a result of cybersecurity breaches could negatively impact the Company&#8217;s business and operations or financial results.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:top;border-bottom:1.5px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 3 KEY INFORMATION</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">IT systems act as a backbone for the Company. They support processes in research &amp; development, manufacturing, sales and supply, and business administration. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As we are a global company, the size and complexity of our IT systems are significant, and our IT infrastructure and networks are spread across the geographic regions in which we operate. The Company has made, and expects to continue to make, significant hardware, software and resourcing investments in our IT security and personal data protection programmes. Despite these investments, the dedicated cybersecurity teams who operate our global IT security infrastructure may be unable to respond sufficiently to the multitude of threats facing us or may fail to prevent service interruptions or security breaches resulting from attacks by malicious third parties. The cyber threat landscape continues to change and evolve over time, and includes threats ranging from IT-based malware of varying sophistication</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, to social engineering attacks,</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;to the unintended or inadvertent click by an employee on a malicious website. Many of these threats have the po</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">tential to cause significant  </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">downtime of critical IT systems or the unintended disclosure of confidential information and personal data. From time to time, we experience IT security and personal data breaches, including incidents as a result of malware and third party vendor actions. Although we have not previously experienced material losses as a result of such incidents, we cannot guarantee that we will be able to prevent similar incidents from recurring or adversely affecting our business in the future.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">We are subject to data privacy regulation in the EU (including the General Data Protection Regulation) and to privacy laws in many other jurisdictions where we do business that impose obligations and restrictions on the collection and use of personal data. In the ordinary course of the Company&#8217;s business, it collects and stores sensitive data, including personal data and personally identifiable information of customers, employees and other third parties. Any unauthorized access, disclosure, or other loss of personal data could result in legal claims or proceedings, liability under laws that protect the privacy of personal information, and significant regulatory penalties, disrupt the Company&#8217;s operations and damage the Company&#8217;s reputation.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Our focus is not limited to the operations of our own IT systems and infrastructure. Many third party vendors support our business processes and require access to sensitive information in the course of their work supporting the Company&#8217;s operations. Despite clear guidance, supporting processes and requirements and audits of the Company&#8217;s third party vendors, the risk that such vendors could be susceptible to cybersecurity or personal data breaches continues to be present. Any such breach could result in the unauthorized access, disclosure, or other loss of proprietary, personal or other sensitive information, or other disruption to the Company&#8217;s business and operations.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">The extent of the impact on our business as a result of the United Kingdom&#8217;s decision to end its membership in the European Union remains uncertain</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Following the vote of a majority of the United Kingdom (the &#8220;UK&#8221;) electorate in a referendum held on June 23, 2016, in March 2017, the government of the UK (the &#8220;UK Government&#8221;) triggered Article 50 of the Lisbon Treaty and left the European Union (the &#8220;EU&#8221;) on 31 January 2020 (&#8220;Brexit&#8221;).</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The extent of the impact on the Company&#8217;s operations in the UK will depend significantly on the trade negotiations between UK and EU and the length of the transition period. There is significant uncertainty regarding the future relationship between the United Kingdom and the EU. Lack of clarity about future UK laws and regulations as the UK determines which EU-derived laws and regulations to replace or replicate as part of a withdrawal, including healthcare and pharmaceutical regulations; financial laws and regulations; tax and free trade agreements; intellectual property rights; supply chain logistics; environmental, health, and safety laws and regulations; immigration laws; and employment laws, and this could increase costs, depress economic activity, and restrict the flow of goods and services between the UK and the EU. NN is working closely with the UK Government to determine and mitigate impacts on our supply chain logistics. Mitigating steps already taken include changes to supply routes, changing or transferring the Company&#8217;s notified body for devices to an entity located in an EU member state, and duplicating and transferring Company licenses. If the UK leaves the EU customs union, NN expects to be liable for customs duties and declarations on purchase orders fulfilled in the UK. NN has already incurred (and expects to incur further) costs associated with the handling and storage of additional stock delivered, or to be delivered, to the UK. The additional stock is currently expected to remain at higher levels for the foreseeable future. Until the trade negotiations are finalized, however, it is difficult to assess the overall effect that Brexit will have on our operations and hence the expected costs to be incurred and the ultimate impact of Brexit on our business and financial results remains uncertain. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In addition, to the risks identified above, we may be subject to other material risks that as of the date of this report are not currently known to us or that we deem less material at this point in time.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Our financial and operating performance may be adversely affected by epidemics or other public health crises.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Our financial and operating performance</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">could be materially and adversely affected by the outbreak of epidemics or other public health crises. For example, in late December 2019 a notice of pneumonia of unknown cause originating from Wuhan, Hubei province was reported to the World Health Organisation. A novel coronavirus (nCoV) was identified, with cases soon confirmed in multiple provinces in China, as well as in other countries. The Chinese government has placed Wuhan and multiple other cities in Hubei province under quarantine, with approximately 60 million people affected. Local governments in China are also issuing local policies and guidance including with respect to work arrangements after the Chinese New Year holiday, and travel to and from China has been suspended or restricted by certain air carriers and foreign governments. </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The risks to the Company of epidemics and other public health crises, such as the on-going novel coronavirus, include risks to employee health and safety, and reduced sales due to fewer promotional activities and less healthcare spending on chronic diseases as resources are diverted to epidemiology management. Our business could also experience a slowdown or temporary suspension in production in geographic locations impacted. Any prolonged restrictive measures put in place in order to control an outbreak of contagious disease or other adverse public health development, in China or any of our targeted markets, may have a material and adverse effect on our business operations.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s21400E346CB15CE8B90A3F7B90D5B6D7"></a></div><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 4 INFORMATION ON THE COMPANY</font></div></td></tr></table></div></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;INFORMATION ON THE COMPANY</font></div><div style="line-height:120%;text-align:justify;padding-left:96px;text-indent:-96px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">A. HISTORY AND DEVELOPMENT OF THE COMPANY</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk A/S was formed in 1989 by a merger of two Danish companies, Nordisk Gentofte A/S and Novo Industri A/S. Novo Industri A/S was the continuing company and its name was changed to Novo Nordisk A/S. The business activities of Nordisk Gentofte were established in 1923 by August Krogh, H. C. Hagedorn and A. Kongsted, and the business activities of Novo Industri A/S were established in 1925 by Harald and Thorvald Pedersen. From the beginning, the business of both companies was production and sale of insulin for the treatment of diabetes.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk&#8217;s B shares are listed on Nasdaq Copenhagen (NOVO-B). Its American Depositary Receipts (ADR) are listed on the New York Stock Exchange (NVO).</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:31%;"></td><td style="width:6%;"></td><td style="width:63%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Legal name:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk A/S</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Commercial name:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Domicile:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo All&#233; 1, DK-2880 Bagsv&#230;rd, Denmark</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Tel: +45 4444 8888</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Website: novonordisk.com</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(The contents of this website are not incorporated by reference into this Form 20-F.)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Date of incorporation:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">November 28, 1931</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Legal form of the Company:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">A Danish public limited liability company</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Legislation under which</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">the Company operates:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Danish law</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Country of incorporation:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Denmark</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Important events in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">&#32;</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to &#180;Introducing Novo Nordisk`, pages 1-7 and &#180;2019 performance and 2020 outlook`, pages 20-28 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;for a description of important events in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Capital expenditure in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">&#32;and </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">2017</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">&#32;</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The total capital expenditure for property, plant and equipment was DKK 8.9 billion in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;compared with DKK 9.6 billion in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and DKK 7.6 billion in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Capital expenditure was primarily related to investments in a new production facility for diabetes active pharmaceutical ingredients in Clayton, North Carolina, USA, expansion of production facilities in Kalundborg, Denmark, expansion of production facilities in Chartres, France and a new diabetes filling capacity in Hiller&#248;d, Denmark</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, all financed with cash flow from operating activities.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;In addition, Novo Nordisk acquired an existing tablet factory in August 2019 located near Durham, North Carolina, to strengthen the establishment of the Company's local U.S. supply chain for Rybelsus</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and other future oral products.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;No significant divestments took place in the period from </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8211;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Capital expenditure is expected to be around DKK 6.5 billion in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, primarily related to investments in additional capacity for active pharmaceutical ingredient production within diabetes and an expansion of the diabetes filling capacity. The investments are expected to be financed with cash flow from operating activities.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Public takeover offers in respect of the Company&#8217;s shares</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">No such offers occurred during </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;or </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;to date.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">B. BUSINESS OVERVIEW</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk is a global healthcare company and a world leader in Diabetes care. The Company has one of the broadest diabetes product portfolios in the industry, including new generation insulin, a full portfolio of modern insulin as well as a </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">portfolio of GLP-1 receptor agonists administered both via subcutaneous injection and as a tablet</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. In addition, Novo Nordisk also has a leading position within haemophilia care and growth hormone therapy, and Novo Nordisk&#8217;s first product to treat obesity, Saxenda</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, was launched in the United States in April 2015 and has now been launched in an additional 45 countries. Novo Nordisk manufactures and markets pharmaceutical products and services that make a significant difference to patients, the medical profession and society. Headquartered in Denmark, Novo Nordisk employs approximately 43,300 employees in 80 countries and markets its products in approximately 170 countries.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to the section &#8216;Our business&#8217; on pages 8-28 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 4 INFORMATION ON THE COMPANY</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Segment information</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk is engaged in the discovery, development, manufacturing and marketing of pharmaceutical products and has two business segments: (i) Diabetes and Obesity care and (ii) Biopharm. The Diabetes and Obesity care segment covers insulin, GLP-1 and related delivery systems, oral antidiabetic products (OAD), obesity and other serious chroninc diseases. The Biopharm segment covers the therapy areas of haemophilia, growth disorders and hormone replacement therapy. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Seasonality</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Sales of individual products in individual markets may be subject to fluctuations from quarter to quarter. However, the Company&#8217;s consolidated operating results have not been subject to significant seasonality.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Raw materials</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The impact on the overall profitability of Novo Nordisk from variations in raw material prices is unlikely to be significant. There is no raw material supply shortage that is expected to significantly impact the Company&#8217;s ability to supply any significant market. The Company&#8217;s production is largely based on common and readily available raw materials with relatively low price volatility. Certain specific raw materials are, however, less available. For these raw materials, it is the policy of Novo Nordisk to develop close and long-term relationships with key suppliers as well as to secure at least dual sourcing whenever possible and, when relevant, operate with a predefined minimum safety level of raw material inventories.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Market and competition</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk&#8217;s insulin and other pharmaceutical products are marketed and distributed through subsidiaries, distributors and independent agents with responsibility for specific geographical areas. In </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Novo Nordisk reported based on a regional structure comprising North America Operations (the United States and Canada) and International Operations. International Operations covers all countries except those within North America and is organized in the following five regions: Region Europe; Region Latin America; Region AAMEO (Africa, Asia, Middle East &amp; Oceania); Region Japan &amp; Korea; and Region China. For </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, the most important markets in terms of sales were the United States, China, Japan, the major European countries and Canada. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Market conditions within the pharmaceutical industry continue to change, including efforts by both private and governmental entities to reduce or control costs generally and in specific therapeutic areas. Most of the countries in which Novo Nordisk sells insulin subsidize or control pricing and in most markets insulin and GLP-1 are prescription drugs.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In recent years, there has been a general trend in the United States of payers managing the cost of diabetes care by exerting pressure on the price of Novo Nordisk&#8217;s and competitors' products. As the population of people with diabetes has increased, competition in the diabetes care area has also intensified, with additional competitors entering the market. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In spite of this external pressure, Novo Nordisk has maintained the leading position in the overall diabetes care market through the quality and innovative value of the Company&#8217;s diabetes care products. In the United States, pharmacy benefit managers and managed care organizations have continued to leverage their increasing size and control to demand higher rebates which has impacted the price level and overall value of the market. Furthermore, competition has intensified and contributed to the downward pressure on manufactures' net prices, especially in the basal insulin segment following the launch of a biosimilar glargine in December 2016.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company enters into numerous contracts with customers, suppliers, agents and industry partners. Some of the most important contracts include: commercial contracts with pharmacy benefit managers, managed care organizations and healthcare providers, in- and out-licensing of patent rights, large tender orders and long-term sub-supplier agreements.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Due to the increasing number of people with diabetes, the pharmaceutical market for treatment of diabetes continues to grow. Several of the major international pharmaceutical companies have entered the diabetes market, specifically in the area of oral products for treatment of type 2 diabetes. In the global insulin market, Novo Nordisk, Eli Lilly and Sanofi are the most significant companies measured by market share.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Tresiba</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">the Company's latest generation of basal insulin, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">was launched broadly in the United States in January 2016 and maintains wide commercial and Medicare Part D formulary coverage. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In 2018, Tresiba</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;obtained approval to update its labelling in the United States to include data from the DEVOTE study which showed a 40% reduction in the risk of severe hypoglycaemia vs. glargine U100. In countries outside the United States, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Tresiba</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;has shown solid penetration in markets with reimbursement at a similar level to insulin glargine U100, whereas penetration remains modest in markets with restricted market access. In September 2017, Novo Nordisk obtained the approval of Tresiba</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;in China </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">and the product was launched</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;in China, without reimbursement and with limited market access</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, however, it was added to the country&#8217;s National Reimbursement Drug List (NRDL) in 2019 with effect from January 2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. Tresiba</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;has been launched in 86 countries.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Xultophy</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;(IDegLira), a once-daily single-injection combination of insulin degludec (Tresiba</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">) and liraglutide (Victoza</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">), has now been launched in 37 countries, including the United States. Xultophy</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;has delivered strong growth in markets with a preference for fixed-dose combination products. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Ryzodeg</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, a soluble formulation of insulin degludec and insulin aspart, has now been launched in 30 countries. I</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">n markets where the premix insulin segment is preferred, the uptake of Ryzodeg</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;has been very positive.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The novel mealtime insulin Fiasp</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, fast-acting insulin aspart, received marketing authorization from the European Commission in 2017 and approvals were also received in Norway, Iceland and Canada. In September 2017, Novo Nordisk received approval for Fiasp</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;in the United States </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">and the product was launched there in February 2018. Globally, Fiasp</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;has now been launched in 33 countries. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 4 INFORMATION ON THE COMPANY</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Moreover, the use of glucagon-like peptide-1 (GLP-1) as a treatment option for people with Type 2 diabetes has continued to increase resulting in significant growth of the GLP-1 market. Novo Nordisk, Eli Lilly and Astra Zeneca are the most significant companies in the global GLP-1 market measured by market share. Novo Nordisk is the global market leader in the GLP-1 segment with a 47.5% value market share as at December 31, 2019 (</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Source: IQVIA, November 2019 data MAT)</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">I</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">n February 2018, Novo Nordisk launched the once-weekly GLP-1 product, Ozempic</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, for the treatment of adults with Type 2 diabetes in the United States and Canada. Ozempic</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;has also been marketed in 24 countries </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">in International Operations, predominantly in Europe,</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and the roll-out will continue in 2020. Ozempic</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174; </sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">has achieved a 37% NBRx (New-to-Brand Prescriptions) market share in the United States as at December 31, 2019, and global sales in 2019 of DKK 11.2 billion. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In September 2019, the FDA approved Rybelsus</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, the first and only GLP-1 analog in a tablet for the treatment of adults with Type 2 diabetes in the United States. Novo Nordisk is launching Rybelsus</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;broadly in the United States during 2020 as access is expected to be built gradually and outside the United States after regulatory approval has been achieved. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Patents</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">To maintain and expand competitiveness, Novo Nordisk strives for the strongest possible protection for those inventions that are created during the development of new products. Novo Nordisk anticipates that the expiration of certain patents could impact sales within the coming years. However, through continued investments in research and development, Novo Nordisk strives to bring novel and innovative products to the market and thereby sustain strong patent protection in the future, as new generations of products replace currently marketed products.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">For patent information on all Novo Nordisk&#8217;s marketed products, reference is made to the section &#8216;Pipeline overview&#8217; on pages 14-15 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In addition to the compound patents discussed in &#8216;Pipeline overview&#8217; on pages 14-15 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, the patent protection of our key products within each business segment is considered in the following section. For key products with recent patent expiration or with patent expiration occurring within the coming years, geographical sales splits are provided and factors that may influence the potential impact of competitive product launches are discussed. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Sales of key products with recent or upcoming patent expiration:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="28"></td></tr><tr><td style="width:19%;"></td><td style="width:1%;"></td><td style="width:9%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:9%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:6%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:6%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:6%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:6%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:6%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:9%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:6%;"></td><td style="width:1%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1.5px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1.5px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td rowspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1.5px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Total sales in 2019 (in DKK</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">million)</font></div></td><td rowspan="2" style="vertical-align:bottom;background-color:#cceeff;border-top:1.5px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1.5px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td rowspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1.5px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">International</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Operations</font></div></td><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1.5px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1.5px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="14" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1.5px solid #000000;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Hereof</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1.5px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td rowspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1.5px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">North America Operations</font></div></td><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1.5px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1.5px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1.5px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Hereof</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1.5px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Product</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Region Europe</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Region AAMEO</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Region China</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Region Japan &amp; Korea</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Region Latin America</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">USA</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">NovoLog</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/NovoRapid</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">18,060</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">54</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">23</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">15</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">10</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">46</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">44</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">NovoLog</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;Mix /NovoMix</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9,585</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">91</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">16</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">26</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">45</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Levemir</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9,307</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">44</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">19</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">10</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">56</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">54</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">NovoSeven</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">8,119</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">55</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">22</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">14</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">12</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">45</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">43</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Norditropin</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7,275</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">58</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">20</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">10</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">24</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">42</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">42</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Patent situation of key Diabetes care products</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The total sales of NovoLog</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/NovoRapid</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;were DKK </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">18,060 million</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;(DKK 18,763 million in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">). The compound patent for NovoLog</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/NovoRapid</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;has expired. The patent in Japan expired in December 2010 and the European patent expired in August 2011. In the United States NovoLog</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/NovoRapid</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;was patent protected until December 2014. In addition to the compound patent, Novo Nordisk held a formulation patent on NovoLog</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/NovoRapid</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, which expired in December 2017 in the United States and in June 2017 in all other markets.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The total sales of NovoLog</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Mix/NovoMix</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;were DKK </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9,585 million</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;(DKK 9,480 million in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">). The compound patent for NovoLog</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Mix /NovoMix</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;has expired. In Japan the compound patent expired in June 2014, in the United States the compound patent expired in December 2014 and in Europe the compound patent expired on a country-by-country basis throughout 2014 and into 2015. In addition, Novo Nordisk held a formulation patent on NovoLog</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Mix /NovoMix</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;in the United States, which provided coverage until December 2017.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The total sales of Levemir</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;were DKK </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9,307 million</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;(DKK 11,195 million in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">). The compound patents for Levemir</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174; </sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">expired in June 2019 in the United States, in May 2019 in Europe, and in September 2019 in Japan. In China, the compound patents expired in September 2014.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Today, biosimilar versions of insulin can be approved in the United States via the 505(b)(2) pathway, and in the future the 351(k) pathway in the Public Health Service Act is anticipated to be applicable. In the EU, a biosimilar pathway and guidelines are available for insulins, and the guideline for biosimilar products issued in Japan is also relevant for insulins. At present, a biosimilar to NovoRapid</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/NovoLog</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174; </sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">produced by a competitor is completing phase 3 clinical trials </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">and could be launched in 2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. Furthermore, biosimilars to Levemir</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, NovoRapid</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and NovoMix</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;have been filed for regulatory approval by a local competitor in China. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 4 INFORMATION ON THE COMPANY</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In February 2017, TEVA filed an Abbreviated New Drug Application (ANDA) for liraglutide, the active pharmaceutical molecule in Victoza</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;for the treatment of type 2 diabetes and Saxenda</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;for the treatment of obesity, to the U.S. Food and Drug Administration. Following a settlement between Novo Nordisk and Teva announced in March 2019 and the subsequent approval of Victoza</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;for children and adolescents usage in the US, Teva is not expected to launch a generic version of Victoza</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;until 2024. In August 2019 it was announced that Mylan had also filed an ANDA for liraglutide in the USA, and in December 2019, Mylan filed a petition for Inter Partes Review against a formulation patent covering Victoza&#174; until February 2026. Novo Nordisk will continue to defend its intellectual property associated with Victoza</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and is pursuing this legal approach against Mylan.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Patent situation of key Biopharm products</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The total sales of NovoSeven</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;were DKK </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">8,119 million</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;(DKK 7,881 million in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">). While the compound patent for NovoSeven</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;has expired in all major markets, Novo Nordisk holds two formulation patents on the room temperature stable preparation of NovoSeven</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, which provides coverage of this formulation until 2023 and 2025, respectively, in all major markets.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The expiry of the compound patent has not impacted sales of NovoSeven</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. Novo Nordisk believes that this is due to the complexity of the NovoSeven</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;protein, rendering regulatory pathways for a &#8216;biosimilar&#8217; recombinant human coagulation Factor VIIa (rFVIIa) inapplicable in the United States, the EU and Japan. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In the EU, guidelines for the development of biosimilar products have been available since late 2005; however, to date these guidelines do not apply to coagulation factors because of their complexity. The guideline for biosimilar products in Japan includes requirements similar to those established in Europe.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">To date, we have only seen approvals of competing biosimilar rFVIIa products in Russia, Kazakhstan, Azerbaijan, Uzbekistan and Iran. However, two phase 3 trials in patients with congenital haemophilia with inhibitors and FVII deficiency have been initiated with a competing product in Iran with the aim of obtaining approval in the EU. New information is regularly being compiled to assess whether the clinical programs for these compounds could contribute towards fulfilling regulatory requirements in the United States, the EU and Japan. As such, Novo Nordisk still believes that the expiry of its compound patent for NovoSeven</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;will continue to have an insignificant impact on sales, results of operations and liquidity in the major geographical segments in the near term.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Total sales of Norditropin</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;were DKK </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7,275 million</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;(DKK 6,834 million in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">). Today, Norditropin</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;is not covered by a compound patent and the formulation used is covered by a formulation patent that expired in 2017 in the United States, Europe and Japan. However, the pen devices that patients use to inject growth hormone are covered by separate patents. Today, all Novo Nordisk growth hormone products are supplied in pen devices. While marketed growth hormone products in the United States are similar in terms of efficacy and safety profile and despite the presence of biosimilar growth hormone products on the market, Norditropin</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;is differentiated by its high level of temperature stability and the FlexPro</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;device in which it is offered. The expiry of our compound patent for Norditropin</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;is not expected to significantly impact sales, results of operations and liquidity in any geographical segments in the near term.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Impact of regulation</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As a pharmaceutical company, Novo Nordisk depends on government approvals related to production, development, marketing and reimbursement of its products. Important regulatory bodies include the U.S. Food and Drug Administration, the European Medicines Agency, the Japanese Ministry of Health, Labour and Welfare and the Chinese Food and Drug Administration. Treatment guidelines from non-governmental organizations such as the European Association for the Study of Diabetes and the American Diabetes Association may also impact the Company.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Disclosure pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Pursuant to Section 13(r) of the Securities Exchange Act of 1934, ("Section 13(r)"), Novo Nordisk is obliged to provide disclosure if, during </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, it or any of its affiliates have engaged in certain Iran-related activities or transactions with persons designated under Executive Order 13224 or Executive Order 13382. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk conducts limited business relating to pharmaceutical products and devices within the Diabetes care and Biopharm business segments in Iran. Set forth below is a description of the activities and transactions by Novo Nordisk&#8217;s subsidiaries that are required to be disclosed pursuant to Section 13(r). Novo Nordisk&#8217;s U.S. subsidiaries are not involved in any of Novo Nordisk&#8217;s activities in Iran.  </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Pars (&#8220;NN Pars&#8221;), a wholly-owned subsidiary of Novo Nordisk A/S located in Iran, contracts with five companies that may be controlled by the Government of Iran ("GOI") to distribute its products. NN Pars also sponsors educational programs and congresses organized by GOI-controlled medical universities, and hosts </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">and/or engages as scientific delegates or lecturers/speakers</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;health care professionals employed by these medical universities at similar programs in Iran and other locations. Additionally, NN Pars makes donations to GOI-controlled public health organizations focusing on diabetes awareness and policy. NN Pars receives payments from, and makes payments to, Iranian banks (some of which may be GOI-controlled) relating to the sales of pharmaceutical products and devices. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;NN Pars makes payments incidental to its ordinary business activities to Iranian government entities and entities that are or may be GOI-controlled, such as taxes, customs fees, insurance, product registration fees and telecommunications services expenses.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In 2018, NN Pars contracted with a GOI-controlled company to serve as a contract manufacturer for biopharm products. However, no transactions took place under the contract and it was terminated. Currently only a Memorandum of Understanding remains in effect, and no activity is currently expected with respect thereto.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">8</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 4 INFORMATION ON THE COMPANY</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In addition, in 2016, NN Pars purchased land from a GOI-controlled holding company in order to construct a manufacturing facility in Iran</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. NN engaged a non-GOI-controlled entity in 2018 for the delivery of utility and related services </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">in connection with the construction of the facility, and this entity provided services to NN Pars during 2019. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk expects to invest approximately DKK 520 million over the course of five years, which started in 2015, to build the manufacturing facility, which will be used for assembly and packaging of insulin pens for use in Iran.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The German subsidiary of NNE A/S, a wholly-owned subsidiary of Novo Nordisk A/S, previously sold raw materials and spare parts for production of dialysis filters and leucocyte filters and syringes to a GOI-controlled company. This business relationship, however, was wound down during 2018. NNE A/S currently holds an open receivable from such GOI-controlled entity related to such sales. In 2018, the Iranian customer tried to pay the amounts due, but the payment, which was routed through a GOI-owned bank in Europe, was never received by NNE A/S&#8217;s subsidiary. It was held up in transit after the United States imposed sanctions on the bank, and the payment was ultimately returned in 2019 to a GOI-owned bank in Iran.  Each of those two GOI-owned banks was designated by the U.S. Government in 2018 under Executive Order 13224.&#160;It is uncertain when NNE A/S will receive payment from the Iranian customer with respect to the outstanding receivable.  </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">NNE A/S is a party to a contract with an Iranian blood fractionation company that Novo Nordisk has learned may be GOI-owned or controlled for the provision of certain engineering services to the Iranian customer. There were no activities conducted under this contract in 2019, but unpaid amounts remain due from the Iranian customer for services performed in prior years by NNE A/S&#8217;s affiliate. It is uncertain when NNE A/S will receive payment from the Iranian customer with respect to these unpaid amounts. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk&#8217;s gross revenue related to transactions with GOI-owned or controlled entities in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;was not in excess of DKK 1,000 million. Novo Nordisk does not allocate its net profit on a country-by-country or activity-by-activity basis, other than as set forth in Novo Nordisk&#8217;s consolidated financial statements prepared in accordance with IFRS as issued by the IASB; however, Novo Nordisk estimates that its net profit attributable to the transactions with the GOI discussed above would not exceed a de minimis percentage of the Group&#8217;s total net profit in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The purpose of Novo Nordisk&#8217;s Iran-related activities is to provide access to important and life-saving pharmaceutical products such as insulin and haemophilia products to patients in Iran, and to improve the healthcare of the Iranian people in accordance with Novo Nordisk&#8217;s access to care strategy. For that purpose, Novo Nordisk intends to continue these activities.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">C. ORGANIZATIONAL STRUCTURE </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">For information regarding the organizational structure and securities exchange listings of Novo Nordisk A/S, the main shareholder Novo Holdings A/S (formerly Novo A/S) and the Novo Nordisk Foundation and the ownership structure of Novo Nordisk A/S, reference is made to the sections &#8216;Shares and capital structure&#8217; on pages 32-33 and &#8216;Corporate governance&#8217; on pages 34-37 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Companies in the Novo Nordisk Group are listed in the Company&#8217;s </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;on page 75, &#8216;Companies in the Novo Nordisk Group.&#8217;</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">D. PROPERTY, PLANT AND EQUIPMENT</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company has its headquarters in Bagsv&#230;rd, Denmark, where it occupies a number of buildings.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company believes that its current production facilities, including facilities under construction and planned for construction, are sufficient to meet its capacity requirements, including the capacity for meeting growing demand in the future for the products NovoLog</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/ NovoRapid</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, NovoLog Mix</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/ NovoMix</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Levemir</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Victoza</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Tresiba</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Ryzodeg</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Xultophy</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Fiasp</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Ozempic</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Saxenda</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Rybelsus</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174; </sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, NovoSeven</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, NovoEight</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Rebinyn</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/ Refixia</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">,</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Norditropin</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Esperoct</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">and devices. Reference is made to the sections &#8216;Capital expenditures in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8217; under Item 4 for more information about the current expansion programs. For the nature of the Company&#8217;s property, plant and equipment, as of December 31, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, reference is made to Note 3.2 &#8216;Property, plant and equipment&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The major production facilities owned by the Company are located at a number of sites in Denmark, and internationally in the United States, France, China and Brazil. There are no material encumbrances on the properties; however, the facilities in Tianjin, China are constructed on land where the remaining term of the lease is 31 and 36 years.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Active pharmaceutical ingredient (API) production is located in Denmark, primarily in Kalundborg and with secondary locations in Hiller&#248;d and Gentofte, both in Denmark, as well as in New Hampshire, United States, although a new API production site in Clayton, North Carolina in the United States is being established.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 4 INFORMATION ON THE COMPANY</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The following table sets forth certain information regarding our major production sites.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td style="width:24%;"></td><td style="width:1%;"></td><td style="width:24%;"></td><td style="width:1%;"></td><td style="width:5%;"></td><td style="width:3%;"></td><td style="width:1%;"></td><td style="width:41%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1.5px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">MAJOR PRODUCTION FACILITIES</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1.5px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1.5px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Size of production area</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">(square meters)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1.5px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1.5px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1.5px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Major Production Activities</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Kalundborg, Denmark</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">166,500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Active pharmaceutical ingredients for diabetes and obesity as well as products for diabetes care</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Active pharmaceutical ingredients for haemophilia.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Products for biopharm</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Hiller&#248;d, Denmark</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">156,700</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Durable devices and components for disposable devices</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Products for diabetes and obesity</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Active pharmaceutical ingredients for haemophilia</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Bagsv&#230;rd, Denmark</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">111,200</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Products for diabetes and obesity</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Gentofte, Denmark</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">70,800</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Active pharmaceutical ingredients for glucagon and growth hormone therapy</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Products for growth hormone therapy, glucagon and haemophilia</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Tianjin, China</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">68,500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Products for diabetes</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Production of durable devices</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Montes Claros, Brazil</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">56,700</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Products for diabetes</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Gel production for active pharmaceutical ingredients</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">M&#229;l&#248;v, Denmark</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">54,800</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Products for hormone replacement therapy</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Products for oral antidiabetes treatment</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Products for oral diabetes treatment</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Clayton, North Carolina,</font></div><div style="font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">United States</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">42,800</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Products for diabetes and obesity</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Chartres, France</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">28,600</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Products for diabetes</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">New Hampshire, United States</font></div><div style="font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">14,800</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><div style="float:left; width:4px; padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div><font style=""></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Active pharmaceutical ingredients for haemophilia</font></div><div style="font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In May 2015, Novo Nordisk initiated the construction of a new facility in Kalundborg, Denmark for producing API for NovoSeven</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and future products for the treatment of haemophilia. The facility is expected to be operational by the end of 2020. The production area of the facility is 7,500 square meters. The expected amount of expenditures for this facility is approximately DKK 1.8 billion. The facility is financed by cash flow from operating activities.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In November 2015, Novo Nordisk initiated the construction of a new facility in Hiller&#248;d, Denmark for producing medicines for the treatment of diabetes and obesity. The facility is expected to be ready for use in 2020. The production area of the facility is 10,300 square meters. The expected amount of expenditures for this facility is approximately DKK 2.4 billion. The facility is financed by cash flow from operating activities.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In March 2016, Novo Nordisk initiated the construction of a new diabetes API production facility in Clayton, North Carolina, United States. The majority of the facility is expected to be ready for use in 2020 </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">while the remaining part is expected to be operational in 2022</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. The expected amount of expenditures for this facility is more than USD 2.6 billion. The facility will be financed by cash flow from operating activities.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In August 2019, Novo Nordisk acquired an existing tablet facility in Durham, North Carolina, United States to strengthen the establishment of the Company&#8217;s local U.S. supply chain for Rybelsus</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and other potential future oral products. The facility is expected to be operational early 2022. The expected amount of expenditures for this facility including acquisition value and rebuilt work is approximately USD 70 million. The facility will be financed by cash flow from operating activities.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In January 2019, Novo Nordisk initiated the expansion of its production facility in Chartres, France for assembly and packaging of diabetes finished products. The facility is expected to be ready for use by the end of 2021. The production area of the facility is expected to be 9,250 square meters. The expected expenditure for this facility is approximately EUR 81 million. The expansion is expected to be financed by cash flow from operating activities.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><a name="sB7887BE445B2524CBCA3E5BE20522D1B"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 4A&#160;&#160;&#160;&#160;UNRESOLVED STAFF COMMENTS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">None.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">10</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="sED88A97776FD592E89A8AB1A25E9EEF5"></a></div><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></div></td></tr></table></div></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Critical accounting estimates</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to Note 1.1 &#8216;Principal accounting policies and key accounting estimates&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">New accounting pronouncements</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to Note 1.2 &#8216;Changes in accounting policies and disclosures&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">A. OPERATING RESULTS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to the section &#8216;Forward-looking statements&#8217; contained on page 2 and the discussion under the caption &#8216;Risk factors&#8217; contained under Item 3. Reference is further made to our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;&#8216;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Managing risks to protect value</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8217; on pages 29-31.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The financial condition of the Group and its development are described in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. The information in this section is based on these reports and should be read in conjunction with the annual reports. The analysis and discussions included in the annual reports are primarily based on the consolidated financial statements which are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">&#32;compared with </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">&#32;</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The following portions of our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;constitute the Board of Directors&#8217; and Executive Management&#8217;s discussion and analysis of results of operations (incorporated herein by reference):</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8216;Introducing Novo Nordisk&#8217; (pages 1-7)</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8216;2019 performance and 2020 outlook&#8217; (pages 20-28)</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">&#32;compared with </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">2017</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The following portions of our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;constitute the Board of Directors&#8217; and Executive Management&#8217;s discussion and analysis of results of operations (incorporated herein by reference):</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8216;Letters&#8217; (pages 1-3)</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8216;Introducing Novo Nordisk&#8217; (pages 4-9)</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8216;Performance and Outlook&#8217; (pages 10-21)</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Segment information</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to Note 2.2 &#8216;Segment information&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;for details on segmented results.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Inflation</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Inflation for the three most recent fiscal years has not had a material impact on the Group&#8217;s Net sales or Net profit.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Foreign currencies</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The majority of Novo Nordisk&#8217;s sales are in foreign currencies, mainly USD, EUR, CNY, JPY, GBP and CAD, while a significant proportion of production, research and development costs are carried in DKK. Consequently, Novo Nordisk has significant exposure to foreign exchange risks and engages in significant hedging activities where the most significant exposure and hedging are related to USD, CNY, JPY, GBP and CAD, while the EUR exchange rate risk is regarded as low due to the Danish fixed-rate policy towards EUR. Thus, Novo Nordisk does not hedge the EUR exchange rate risk. For further description of foreign currency exposure, reference is made to the disclosure in Note 4.3 &#8216;Financial risks&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and for further description of foreign currency exposure and hedging activities, reference is made to the description of financial instruments in Note 4.4 &#8216;Derivative financial instruments&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Governmental policies</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Please refer to pages 8-28 &#8216;Our business&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and Item 4.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">B. LIQUIDITY AND CAPITAL RESOURCES</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk maintains a centralized approach to the management of the Group&#8217;s financial risks. The overall objectives and policies for Novo Nordisk&#8217;s financial risk management are outlined in the Novo Nordisk Treasury Policy, which is approved by the Board of Directors. The Treasury Policy governs the Group&#8217;s use of financial instruments. For further information, reference is made to Item 11.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Financial resources</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to page 43 &#8216;Cash flow statement for the year ended 31 December&#8217; and page 44 &#8216;Balance sheet&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;In addition, Novo Nordisk has obtained a credit rating from two independent external rating agencies.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk believes its financial resources are sufficient to meet its requirements for at least the next 12 months.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Cash flow in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">&#32;and </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">2017</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to page 43 &#8217;Cash flow statement' for the year ended 31 December&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The most significant source of cash flow from operating activities is sales of Diabetes and Obesity care and Biopharm products. Generally, other factors that affect operating earnings, such as pricing, volume, product mix, costs and exchange rates, also have an impact on realized cash flow from operating activities.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Except as disclosed in note 4.5 'Cash and cash equivalents, financial resources and free cash flow' in our Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, there</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;are no material restrictions on the ability of subsidiaries with material cash amounts to transfer funds to the parent company, Novo Nordisk A/S.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Trade receivable program</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Trade receivable program, as of December 31, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, respectively, are shown in Note 4.3 &#8216;Financial risks&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Debt financing</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">No long-term loans were outstanding as of </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">December&#160;31, 2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;or </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. Following the implementation of IFRS 16, lease liabilities are recognized as Borrowings in the balance sheet. Reference is made to page 44 &#8216;Balance sheet&#8217; and to Notes 1.2 &#8216;Changes in accounting policies and disclosures&#8217; and 4.2 &#8216;Borrowings&#8217; in our Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;for information on Current debt.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Derivative financial instruments</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk only hedges commercial exposures and consequently does not enter into derivative transactions for trading or speculative purposes. Currency hedging is done with foreign exchange forwards and foreign exchange options. Reference is made to Note 4.3 &#8216;Financial risks&#8217; and Note 4.4 &#8216;Derivative financial instruments&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;for further information on financial instruments including currency exposure.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Commitments for capital expenditure etc.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Contractual obligations for capital expenditure and other contingent liabilities as of </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">December&#160;31, 2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, respectively, are shown in Note 5.2 &#8216;Commitments&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Executive Management of the Group believes that the obligations are covered by the Group&#8217;s financial resources as well as expected future cash flows from operating activities.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk&#8217;s research activities utilize biotechnological methods based on genetic engineering, advanced protein chemistry and protein engineering. These methods have played a key role in the development of the production technology which is used in the manufacturing of insulin, GLP-1, recombinant blood clotting factors, human growth hormone and glucagon.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The primary focus of Novo Nordisk&#8217;s research and development is on therapeutic proteins within diabetes, obesity, haemophilia, growth disorders and other serious chronic diseases </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">such as NASH (non-alcoholic steatohepatitis) and atherosclerosis cardiovascular diseases</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to Note 2.3 &#8216;Research and development costs&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;for research and development costs in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, respectively. Novo Nordisk&#8217;s research and development organization comprised approximately 8,000 employees as of </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">December&#160;31, 2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In general, we expect that growth in research and development spending will follow a trend in line with sales growth indicating that the research and development cost to sales ratio is expected to be relatively constant in the foreseeable future. Thus, we currently expect to continue an expenditure level of around 13-15% of sales in research and development activities going forward. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Development costs in 2019 were driven by significant investments late-stage trials with semaglutide and oral semaglutide as well as investments in semaglutide obesity with phase 3a/3b trials and CV outcome trials.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Historically Novo Nordisk has spent approximately 70-80% of total research and development expenditures on clinical development activities, and approximately 20-30% on research activities. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The split between research and development will fluctuate in individual years depending on the composition of the clinical development portfolio.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:16px;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In 2019, development within Diabetes and Obesity care comprises approximately 70% (73% in 2018 and 67% in 2017), and development within Biopharm comprises approximately 77% (77% in 2018 and 79% in 2017). </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Research costs comprise the very early stages of the drug development cycle from the initial drug discovery until the drug is ready for administration to humans. The activities initially focus on identifying a single drug candidate with a profile that will support a decision to initiate development activities. Before selection of the final drug candidate, it is tested in animals to gather efficacy, toxicity and pharmacokinetic information.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Development costs are incurred from the start of phase 1, when the drug is administered to humans for the first time; these are the projects captured in the &#8217;Pipeline overview&#8217; (unaudited). The final product is developed, and subsequent clinical trials (phases 2 and 3) are conducted to further test the drug in humans, using the results from these trials to attempt to obtain marketing authorization, permitting Novo Nordisk to market and sell the developed products.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">12</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Information related to selected research and development projects can be found under &#8216;Pipeline overview&#8217; on pages 14-15 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Furthermore, a broader overview of our business activities can be found on pages 8-28 &#8216;Our business&#8217;.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The following Novo Nordisk compounds are currently in phase 3 development or have recently been filed for regulatory approval:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:31%;"></td><td style="width:53%;"></td><td style="width:16%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">COMPOUND / BRAND NAME / INDICATION </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Year entered into phase 3 or filed with the regulatory authorities</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Patent expiration</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Somapacitan (NN8640) Once-weekly human growth hormone / Growth disorder</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:2px;padding-top:2px;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Phase 3 in ADGH completed in 2018 and submitted for regulatory review in 2019.</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Phase 3 in GHD initiated in 2018.</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2034</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">1</sup></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Semaglutide obesity (NN9536) / Obesity</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Phase 3 initiated in 2018</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2031</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">2</sup></font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Concizumab (NN7415) / Haemophilia A and B with or without inhibitors</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Phase 3 initiated in 2019</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2033</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">3</sup></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">1</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Current estimate United States. Key EU markets estimate 2035, Japan expiry 2035</font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">2</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Current estimate</font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">3</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Current estimate United States. Key EU markets estimate 2034, Japan expiry 2034</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">During 2019 Novo Nordisk has not discontinued any development projects in phase 3.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In determining whether or not any project or group of related projects is significant, we consider the following qualitative and quantitative criteria:</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:56px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:32px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Assessment of the unmet medical need targeted with the specific project;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:56px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:32px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The inherent project risk including the risk of safety issues, unsatisfactory tolerability profile, limitations on the efficacy of the compound;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:56px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:32px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Timeline for completing the clinical testing and submitting an application for approval to regulatory authorities;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:56px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:32px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Regulatory authorities&#8217; position towards approval and drug label;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:56px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:32px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Changes in competitive landscape during the development and approval cycle including competing drugs being developed by others;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:56px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:32px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Changes in medical practice during the development period;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:56px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:32px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Position of payers, the medical society and patients towards treatment with drug and price of drug;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:56px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:32px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Expected uptake in market following launch; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:56px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:32px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Expected net present value of the project.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:8px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In assessing the criteria listed above, and as described in &#8216;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Managing risks to protect value</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8217; on pages 29-31 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, it is important to note that at all stages of the development, due to the uncertainties inherent to clinical development and the regulatory approval process, there is a significant degree of uncertainty and risk that the project will not be successful. The nature of our development activities is such that a compound must first be proven to work by means of multiple clinical trials, which may require treatment of thousands of patients and could take years to complete. Even if initial results of preclinical studies or clinical trial results are promising, we may obtain different results that fail to show the desired levels of safety and efficacy, or we may not obtain applicable regulatory approval for a variety of other reasons. The compound must be accepted by either the FDA, the European Medicines Agency or similar agencies around the world, each of which may have differing requirements. During each stage, there is a substantial risk that we will encounter serious obstacles which will further delay us, or that we will not achieve our goals and, accordingly, may abandon a product in which we have invested substantial resources. Furthermore, the commercial potential of a project is dependent on the label granted by the regulatory authority upon approval. The label specifies for which indications a product can be used, major and minor safety concerns associated with drug treatment as well as if the drug can be combined with other types of medication. Thus a label can restrict usage substantially.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Due to the risks and uncertainties involved in progressing through pre-clinical development and clinical trials, and the time and cost involved in obtaining regulatory approvals, we cannot reasonably estimate the nature, timing, completion dates and costs of the efforts necessary to complete the development.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Given the uncertainties related to the process of product development, during the periods presented in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Form 20-F no single project in product development was significant based on the qualitative and quantitative criteria. However, during the periods presented two groups of projects were considered significant; the Diabetes and Obesity care group and the Biopharm group.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to the caption &#8216;Risk factors&#8217; contained under Item 3.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">D. TREND INFORMATION</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The key drivers behind Novo Nordisk&#8217;s performance continue to be the changes in demographics globally reflecting a continuous growth in the proportion of people who live in cities (urbanization), an increasing proportion of elderly people and a growing problem of obesity. These trends have contributed to the significant increase in the number of people with diabetes worldwide. According to the International Diabetes Federation, the number of people with diabetes is expected to increase to around 700 million by 2045 from 463 million in 2019. Diabetes and Obesity care is Novo Nordisk&#8217;s largest segment comprising more than 84% of sales. The epidemic growth in the number of people with diabetes, continuing transition from older to newer insulin generations, new delivery devices and market share gains are all driving Novo Nordisk&#8217;s growth within the Diabetes and Obesity care segment. Further, the roll-out of a number of new products within Diabetes and Obesity care (Ozempic</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Rybelsus</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Tresiba</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Ryzodeg</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Xultophy</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Fiasp</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and Saxenda</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">) are expected drivers of sales in the segment.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">13</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 6 DIRECTORS, EXECUTIVE MANAGEMENT AND EMPLOYEES</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In the United States, significant sales rebates are paid in connection with public healthcare insurance programs, such as Medicare and Medicaid, as well as rebates to pharmacy benefit managers (PBMs) and managed care organizations. Key customers in the United States include private payers, PBMs and government payers. Increasingly, PBMs and managed care organizations play a key role in negotiating price concessions with drug manufacturers on behalf of payers for both the commercial and government channels and determining the list of drugs covered in the health plan&#8217;s formulary. Specifically, there are three primary drivers:</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:12px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Competitive pressure from other manufacturers' diabetes products</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:12px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Payer pressure to reduce the overall drug costs has resulted in continued focus on negotiating higher rebates from drug manufacturers. Private payers remain keen to adopt narrow formularies that exclude certain drugs, while securing increased rebates from the preferred brands.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:12px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Recent industry consolidation among payers has over time led to increasing pricing pressure for pharmaceutical companies.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:13px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, payers continued to leverage their size and control to demand higher rebates, particularly in the basal insulin segment. As a result, average prices after rebates for the Novo Nordisk portfolio in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;in the United States declined. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In addition, legislative changes to Medicare Part D resulted in further lower realized prices.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">For </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, average prices after rebates are expected to decline further compared with </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;prices, predominantly driven by the insulin class and the funding of the Medicare Part D coverage gap, which has been changed based on a new legislation with effect from 2020. Importantly, market access for Novo Nordisk&#8217;s</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;products is expected to remain at a level similar to that experienced in 2019. In addition, Novo Nordisk has from 2, January 2020 expanded its insulin </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">affordability</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;offerings in the USA to help people with diabetes who need alternative solutions.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The other segment of Novo Nordisk is Biopharm, which comprises haemophilia care, growth hormone therapy and hormone replacement therapy. In </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">haemophilia sales increased due to continued uptake of NovoEight</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174; </sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">and Refixia</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/Rebinyn</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;both in North America and across markets where launched in International Operations. Sales of NovoSeven</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&#174;</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and growth disorder products increased moderately. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">For further information on trends, reference is made to the section &#8216;2019 performance and 2020 outlook&#8217; on pages 20-28 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. Information about expectations for the financial year </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;can be found on page 23 in the subsection &#8216;Outlook </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8217;.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">E. OFF-BALANCE SHEET ARRANGEMENTS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to Note 4.3 &#8216;Financial risks&#8217; and Note 5.2 &#8216;Commitments&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">F. TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to Note 5.2 &#8216;Commitments&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div><a name="s34C53E1446835AD4A83CBCDE0F32BD7E"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;DIRECTORS, EXECUTIVE MANAGEMENT AND EMPLOYEES</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">A. DIRECTORS AND EXECUTIVE MANAGEMENT</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to pages 38-39 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;for name, position and period of service as director for the members of the Board of Directors.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As of April 2019, Jesper Brandgaard retired from Novo Nordisk and Ludovic Helfgott was appointed executive vice president, head of Biopharm. As of August 2019, Monique Carter was appointed executive vice president, head of People &amp; Organisation and Lars Green resigned from Novo Nordisk.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to page 40 in our Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;for name, position, age and other management duties for the members of Executive Management. Business experience, year of appointment and year of joining Novo Nordisk for each member of Executive Management are included below:</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:50%;"></td><td style="width:50%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Lars Fruergaard J&#248;rgensen</font></div><div style="text-align:justify;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">President and chief executive officer (CEO)</font></div><div style="text-align:justify;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div><div style="text-align:justify;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Mr J&#248;rgensen joined Novo Nordisk in 1991 as an economist in Health Care, Economy &amp; Planning and has over the years completed overseas postings in the Netherlands, the US and Japan. In 2004 he was appointed senior vice president for IT &amp; Corporate Development. In January 2013 he was appointed executive vice president and chief information officer assuming responsibility for IT, Quality &amp; Corporate Development. In November 2014 he took over the responsibilities for Corporate People &amp; Organisation and Business Assurance and became chief of staff. Mr J&#248;rgensen was appointed president and chief executive officer in January 2017.</font></div><div style="font-size:7pt;"><font style="font-family:Tahoma,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Monique Carter</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive vice president and head of People &amp; Organisation</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Ms Carter joined Novo Nordisk in November 2018 as SVP for Global People and Organization and was promoted to executive vice president in August 2019.</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Prior to joining Novo Nordisk Ms Carter was Group HR Director and member of the Executive committee at GKN plc, UK. Ms Carter was at GKN plc from 2014 to 2018.</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Ms Carter worked in the chemicals industry from 2005 to 2014 starting with ICI plc, UK (which later became part of Akzo Nobel, the Netherlands). Ms Carter later moved to Singapore to head up the APAC Regional HR while in the Decorative paints division of ICI plc. In 2010 Ms Carter became leading HR for the specialty chemicals businesses of AkzoNobel in the Netherlands after the acquisition of ICI plc by Akzo Nobel. Prior to ICI plc, Ms Carter held HR positions in a number of international companies.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">14</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style='display:inline-block; width:100%;'><div style='float:left; width:48%;'><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 6 DIRECTORS, EXECUTIVE MANAGEMENT AND EMPLOYEES</font></div></td></tr></table></div></div></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;&#32;</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:50%;"></td><td style="width:50%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Maziar Mike Doustdar</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive vice president and head of International Operations</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Mr Doustdar joined Novo Nordisk in 1992 as an office clerk in Vienna, Austria. From 1993 through 2007 he took up various positions in finance, IT, logistics, operations and marketing, within various parts of Novo Nordisk&#8217;s emerging markets, first in Vienna and subsequently in Athens and Zurich before he was appointed general manager of Novo Nordisk Near East, based in Turkey, in 2007. In 2010 Mr Doustdar was promoted to vice president of Business Area&#160;Near&#160;East and in 2012 he re-located to Malaysia to head the Business Area Oceania South East Asia. In 2013 he was promoted to senior vice president of Novo Nordisk&#8217;s International Operations, and in April 2015 Mr Doustdar was promoted to executive vice president, continuing his responsibility for Novo Nordisk&#8217;s International Operations.&#160;</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In September 2016 Mike Doustdar assumed additional geographical responsibility and was promoted to executive vice president for an expanded International Operations, leading all commercial units globally, except for USA and Canada.</font></div><div style="font-size:7pt;"><font style="font-family:Tahoma,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Ludovic Helfgott</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive vice president and head of Biopharm</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Mr Helfgott joined Novo Nordisk in April 2019 as executive vice president and head of Biopharm.</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Mr Helfgott joined Novo Nordisk from AstraZeneca, UK, where he was global vice president in charge of the company's Cardiovascular, Metabolism and Renal global franchise, supervising both assets in development and on the market. He joined AstraZeneca in 2005 in an international sales effectiveness role and has since held operational leadership roles with increasing responsibilities in Italy, Spain and at corporate headquarters. Prior to this, Mr Helfgott was with McKinsey &amp; Company in Paris, Moscow and Brussels from 1998 to 2005.</font></div><div style="font-size:7pt;"><font style="font-family:Tahoma,sans-serif;font-size:7pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Karsten Munk Knudsen</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive vice president and chief financial officer (CFO)</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Mr Knudsen joined Novo Nordisk in 1999 as a business analyst in NNIT A/S, previously a subsidiary of Novo Nordisk, and has since held finance positions of growing size and complexity throughout the Novo Nordisk value chain. From 2010 to 2014 Mr Knudsen was corporate vice president for Finance &amp; IT at Novo Nordisk Inc. in the US and in 2014 he was appointed senior vice president of Corporate Finance in Novo Nordisk. In February 2018 Mr Knudsen was promoted to executive vice president and chief financial officer.&#160;In April 2019 Mr Knudsen assumed further responsibilities as his area was expanded to cover Finance, Legal &amp; Procurement.</font></div><div style="font-size:7pt;"><font style="font-family:Tahoma,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Doug Langa</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive vice president and head of North America Operations</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Mr Langa joined Novo Nordisk in 2011 as senior director of Managed Markets. In 2015 Mr Langa was promoted to corporate vice president of Market Access in the US and in 2016 he was appointed Senior Vice President of Market Access in the US. In this role he was responsible for securing formulary access with key payer customers for Novo Nordisk brands. In March 2017 Mr Langa was appointed senior vice president, head of North America Operations and president of Novo Nordisk Inc., and in August 2017 Mr Langa was promoted to executive vice president, continuing his responsibilities as head of North America Operations and president of Novo Nordisk Inc. Mr. Langa represents Novo Nordisk Inc. on the Board of Directors of the trade association PhRMA.</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Mr Langa joined Novo Nordisk from GlaxoSmithKline, where he was the Senior Director of Payer Marketing. Prior to GlaxoSmithKline Mr Langa spent the majority of his career at Johnson and Johnson, where he held various roles of increasing responsibility within Managed Markets, Sales Leadership and Marketing.</font></div><div style="font-size:7pt;"><font style="font-family:Tahoma,sans-serif;font-size:7pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Camilla Sylvest</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive vice president and head of Commercial Strategy &amp; Corporate Affairs</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Ms Sylvest joined Novo Nordisk in 1996 as trainee. From 1997 to 2008 Ms Sylvest had roles in headquarters and regions within pricing, health economics, marketing and sales effectiveness. In 2003, she was appointed vice president of sales and marketing effectiveness in Region Europe. From 2008 to 2015 Ms Sylvest headed up affiliates and business areas of growing size and complexity in Europe and Asia and in 2013 she was also appointed corporate vice president. In August 2015 Ms Sylvest was appointed senior vice president and general manager of Novo Nordisk&#8217;s Region China. In this role she was responsible for the company&#8217;s activities in China, Taiwan and Hong Kong. In October 2017 Ms Sylvest was promoted to executive vice president.</font></div><div style="font-size:7pt;"><font style="font-family:Tahoma,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Mads Krogsgaard Thomsen</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive vice president and chief science officer (CSO)</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Mr Thomsen joined Novo Nordisk in 1991 as head of Growth Hormone Research. He was appointed senior vice president of Diabetes R&amp;D in 1994 and in November 2000 he was appointed executive vice president and chief science officer. In this role, he is responsible for global drug and device research, CMC and global development, medical affairs, regulatory and safety within Novo Nordisk.</font></div><div style="font-size:7pt;"><font style="font-family:Tahoma,sans-serif;font-size:7pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Henrik Wulff</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive vice president and head of Product Supply, Quality &amp; IT</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Mr Wulff joined Novo Nordisk in 1998 in the logistic and planning function. From 2001 to 2008 he held different managerial roles within Novo Nordisk&#8217;s manufacturing organisation, Product Supply, before being appointed senior vice president of Diabetes API in Product Supply, Denmark. In 2012 Mr Wulff was appointed senior vice president of the worldwide division Diabetes Finished Products. In 2013 he was promoted senior vice president of Product Supply globally. In April 2015 Mr Wulff was promoted executive vice president and in 2019 with an expanded responsibility covering Global IT and Quality Assurance.</font></div><div style="font-size:7pt;"><font style="font-family:Tahoma,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Board of Directors has the overall responsibility for the affairs of the Company. Reference is made to pages 34-37 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The activities of the members of Board of Directors and members of Executive Management outside the Company are included in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;on pages 38-40.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">There are no family relationships between the Board of Directors, Executive Management or between any of the members of the Board of Directors and any member of Executive Management. No director or member of Executive Management has been elected according to an arrangement or understanding with shareholders, customers, suppliers or others. As required by the Danish Companies Act, directors are elected at General Meetings by simple majority vote. In addition, four employee representatives are elected for a four-year term by the employees of Novo Nordisk A/S.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">15</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style='display:inline-block; width:100%;'><div style='float:left; width:48%;'><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 6 DIRECTORS, EXECUTIVE MANAGEMENT AND EMPLOYEES</font></div></td></tr></table></div></div></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">B. COMPENSATION</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Remuneration of the Board</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Remuneration Principles </font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company&#8217;s Remuneration Principles provide the framework for the remuneration of the Board. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Remuneration Principles may be found on our website at novonordisk.com (the contents of the website are not incorporated by reference into this Form 20-F).</font></div><div style='display:inline-block; width:100%;'><div style='float:left; width:48%;'><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In March 2019, the Annual General Meeting approved amendments to the Remuneration Principles in order to reflect that the Research &amp; Development Committee had become a permanent Board committee. Moreover, the Annual General Meeting approved that travel allowance should be denominated in DKK instead of EUR in 2019.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">There has been no deviation from the Remuneration Principles in the 2019 remuneration of the Board</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Remuneration composition </font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The remuneration of Novo Nordisk&#8217;s Board comprises a fixed base fee, a multiplier of the fixed base fee for the Chairmanship and members of the Board committees, fees for ad hoc tasks and a travel allowance.</font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Remuneration compensation</font></div><div style='display:inline-block; width:100%;'><div style='float:left; width:48%;'><div style="line-height:120%;text-align:start;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:319px;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:168px;"></td><td style="width:150px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Remuneration</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Board of Directors</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Base fee</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:0px;padding-top:0px;text-align:center;"><img src="remunerationyesicona04.jpg" alt="remunerationyesicona04.jpg" style="height:13px;width:13px;"></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Board committee fee</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;"><img src="remunerationyesicona11.jpg" alt="remunerationyesicona11.jpg" style="height:13px;width:13px;"></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Travel allowance </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:0px;padding-top:0px;text-align:center;"><img src="remunerationyesicona11.jpg" alt="remunerationyesicona11.jpg" style="height:13px;width:13px;"></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Fee for ad hoc tasks</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona11.jpg" alt="remunerationyesicona11.jpg" style="height:13px;width:13px;"></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Short-term cash-based incentive programme (STI)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:0px;text-align:center;"><img src="remunerationnoicona02.jpg" alt="remunerationnoicona02.jpg" style="height:13px;width:13px;"></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Long-term share-based incentive programme (LTI)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:0px;text-align:center;"><img src="remunerationnoicona03.jpg" alt="remunerationnoicona03.jpg" style="height:13px;width:13px;"></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Pension</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:0px;text-align:center;"><img src="remunerationnoicona04.jpg" alt="remunerationnoicona04.jpg" style="height:13px;width:13px;"></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Social securities taxes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;"><img src="remunerationyesicona11.jpg" alt="remunerationyesicona11.jpg" style="height:13px;width:13px;"></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Expenses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:0px;padding-top:0px;text-align:center;"><img src="remunerationyesicona11.jpg" alt="remunerationyesicona11.jpg" style="height:13px;width:13px;"></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Other benefits</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:0px;padding-top:0px;text-align:center;"><img src="remunerationyesicona11.jpg" alt="remunerationyesicona11.jpg" style="height:13px;width:13px;"></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Severance payment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:0px;text-align:center;"><img src="remunerationnoicona07.jpg" alt="remunerationnoicona07.jpg" style="height:13px;width:13px;"></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div style='width:4%; float:left;'>&#160;</div><div style='float:right; width:48%;'><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:319px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:318px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Base fee, Board committee fee, travel allowance and fee for ad hoc tasks</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In 2019, the remuneration level was identical to that of 2018. No fees for ad hoc tasks were paid in 2019.<br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:319px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:318px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Social security taxes</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In 2019, Novo Nordisk paid social security taxes imposed by authorities in the EU in relation to the Board members in line with the Principles.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:319px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:318px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Expenses</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In 2019, Novo Nordisk reimbursed reasonable expenses relating to travel and accommodation for the Board members in line with the Principles.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:319px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:318px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Share-based incentive</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In 2019, no stock options, warrants or participation in other incentive schemes were offered to the Board members, except for employee-elected Board members, who may be eligible to participate in ordinary share programmes as employees in Novo Nordisk.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:319px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:318px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Other benefits</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The professional fees in connection with assistance on tax-related matters incurred by Board members based outside of Denmark are reimbursed. The Chair is provided with an office and secretarial support in Novo Nordisk&#8217;s headquarters in Bagsv&#230;rd, Denmark.<br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div></div></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Board and committee fee levels 2019</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:684px;border-collapse:collapse;text-align:left;"><tr><td colspan="21"></td></tr><tr><td style="width:56px;"></td><td style="width:58px;"></td><td style="width:2px;"></td><td style="width:60px;"></td><td style="width:2px;"></td><td style="width:60px;"></td><td style="width:2px;"></td><td style="width:60px;"></td><td style="width:2px;"></td><td style="width:58px;"></td><td style="width:2px;"></td><td style="width:60px;"></td><td style="width:2px;"></td><td style="width:60px;"></td><td style="width:2px;"></td><td style="width:60px;"></td><td style="width:2px;"></td><td style="width:60px;"></td><td style="width:2px;"></td><td style="width:60px;"></td><td style="width:2px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Board</font></div></td><td style="vertical-align:bottom;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Audit Committee </font></div></td><td style="vertical-align:bottom;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Nomination Committee</font></div></td><td style="vertical-align:bottom;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Remuneration Committee</font></div></td><td style="vertical-align:bottom;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;R&amp;D Committee</font></div></td><td style="vertical-align:bottom;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Multiplier</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Multiplier</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Multiplier</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Multiplier</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Multiplier</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Chair</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.00</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,100,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.00</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">700,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.50</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">350,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.50</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">350,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.50</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">350,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Vice chair</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.00</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1,400,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">-</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">-</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">-</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">-</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">-</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">-</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">-</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">-</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Member</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.00</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">700,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.50</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">350,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.25</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">175,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.25</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">175,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.25</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">175,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style='display:inline-block; width:100%;'><div style='float:left; width:48%;'><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div style='width:4%; float:left;'>&#160;</div><div style='float:right; width:48%;'><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div></div><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">16</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style='display:inline-block; width:100%;'><div style='float:left; width:48%;'><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 6 DIRECTORS, EXECUTIVE MANAGEMENT AND EMPLOYEES</font></div></td></tr></table></div></div></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Travel allowances for Board members and committee members 2019</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:681px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:226px;"></td><td style="width:226px;"></td><td style="width:226px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In home country with 5 hours or more air travel</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Outside home country but on home continent</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">On another continent than the home country</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK 37,500 per meeting</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK 37,500 per meeting</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK 75,000 per meeting</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Board remuneration 2019</font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The table below includes the total remuneration of each Board member in 2019. The total remuneration for each Board member supports the main focus of the Board on corporate strategy, supervision, organisation and governance, thus contributing to the long-term interest of the company.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Actual remuneration of the Board 2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">1</sup>&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:681px;border-collapse:collapse;text-align:left;"><tr><td colspan="11"></td></tr><tr><td style="width:253px;"></td><td style="width:104px;"></td><td style="width:2px;"></td><td style="width:104px;"></td><td style="width:2px;"></td><td style="width:97px;"></td><td style="width:2px;"></td><td style="width:6px;"></td><td style="width:96px;"></td><td style="width:3px;"></td><td style="width:6px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK million</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Fixed</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">base fee</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Fee for</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ad hoc tasks and</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">committee work</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;padding-left:36px;text-indent:-36px;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Travel</font></div><div style="text-align:right;padding-left:36px;text-indent:-36px;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">allowance</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Total</font><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">4</sup></font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Helge Lund</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">2</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;(BC and NC)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.6</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Jeppe Christiansen (BV and RC)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.9</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Brian Daniels (RDM and RM)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Laurence Debroux</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">3</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;(AM)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.5</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Andreas Fibig (AM)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Sylvie Gr&#233;goire (AM, NM and RDM)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Liz Hewitt (AC and RM)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.9</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.5</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Mette B&#248;jer Jensen (NM)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Kasim Kutay (NM)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Anne Marie Kverneland (RM)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Martin Mackay (RDC)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Thomas Rantzau (RDM)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Stig Str&#248;b&#230;k (AM)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">19.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">BC = Board chair, BV = Board vice chair, AC = Audit Committee chair, AM = Audit Committee member, NC = Nomination Committee chair, NM = Nomination Committee member, RC = Remuneration Committee chair, RM = Remuneration Committee member, RDC = R&amp;D Committee chair, RDM = R&amp;D Committee member</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">None of the Board members has received remuneration from companies in the Novo Nordisk Group other than Novo Nordisk A/S for this period. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Novo Nordisk provides secretarial assistance to the Chair in Denmark. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. Ms Debroux was first elected in March 2019. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Excluding social security taxes and other benefits paid by Novo Nordisk amounting in aggregate to less than DKK 1 million.</font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Remuneration of Executive Management</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Remuneration Principles </font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company&#8217;s Remuneration Principles provide the framework for the remuneration of Executive Management. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Remuneration Principles may be found on our website at novonordisk.com (the contents of the website are not incorporated by reference into this Form 20-F).</font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In 2019, the Annual General Meeting approved amendments to the Remuneration Principles in order to ensure that Novo Nordisk is able to reclaim incorrect payouts of incentives in case of a misstatement of data regardless of whether this originates due to wilful misconduct or gross negligence.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The 2019 remuneration of executives did not deviate from the Remuneration Principles.</font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Remuneration composition</font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Remuneration packages for executives comprise a base salary, a short-term cash-based incentive, a long-term share-based incentive, a pension contribution and other benefits.</font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The fixed remuneration enables the executives to take decisions with a long-term perspective in mind without undue considerations for short- or long-term incentives. The variable remuneration is designed to promote performance in line with the company&#8217;s strategy and to further align the interests of executives and shareholders</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">17</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 6 DIRECTORS, EXECUTIVE MANAGEMENT AND EMPLOYEES</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Remuneration package components </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:679px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:133px;"></td><td style="width:93px;"></td><td style="width:453px;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Remuneration</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive<br>Management</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Comments </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Base salary</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona05.jpg" alt="remunerationyesicona05.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Accounts for approximately 15&#8211;35% of the total value of the remuneration package.*</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Pension</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona10.jpg" alt="remunerationyesicona10.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Up to 25% of the base salary and short-term cash-based incentive.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Fee for committee work</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationnoicona05.jpg" alt="remunerationnoicona05.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Travel allowance</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationnoicona05.jpg" alt="remunerationnoicona05.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Fee for ad hoc tasks</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationnoicona05.jpg" alt="remunerationnoicona05.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Short-term cash-based incentive programme (STIP)</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona08.jpg" alt="remunerationyesicona08.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Up to 12 months&#8216; base salary plus pension contribution per year, typically based on base salary at the end of the year.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Long-term share-based incentive programme (LTIP)</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona08.jpg" alt="remunerationyesicona08.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Up to 18 months&#8217; base salary plus pension per year for the chief executive officer and up to 13,5 months&#8217; base salary plus pension contribution per year for the executive vice presidents. At the end of the vesting period the shares allocated may be reduced or increased by up to 30%.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Expenses</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona10.jpg" alt="remunerationyesicona10.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reasonable expenses are reimbursed.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Other benefits</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona12.jpg" alt="remunerationyesicona12.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive Management receives non-monetary benefits such as company cars, phones etc. Executives on international assignments may receive relocation benefits.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Recruitment arrangements</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona12.jpg" alt="remunerationyesicona12.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">When recruiting new executives who are not employed by Novo Nordisk at the time of employment the Board of Directors may grant a sign-on arrangement in the form of cash payment or share incentive programme.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Severance payment</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona13.jpg" alt="remunerationyesicona13.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Up to 24 months&#8216; base salary plus pension contribution. Executive Management contracts entered into before 2008 exceed the 24-month limit, but will not exceed 36 months&#8216; base salary plus pension contribution.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">* The interval 15-35% denotes the span between 'maximum performance' and 'on-target performance'</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style='display:inline-block; width:100%;'><div style='float:left; width:48%;'><div style="line-height:120%;text-align:start;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:319px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:318px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Base salary</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In 2019, the base salary of the executives increased by 2% in general in line with other employees of the company. Further, the base salary of the Chief Executive Officer has been phased-in over a three-year period (year-over-year) as from 1 January 2017 with the last increase related to phase-in as of 1 January 2019. The base salary of Karsten Munk Knudsen has been phased-in from his EVP appointment as of 15 February 2018.  Due to an expansion of responsibilities during 2019, the base salary of Henrik Wulff has been adjusted accordingly.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:start;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:319px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:318px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Pension</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In 2019, executives were eligible for a defined contribution pension scheme of 25% of base salary and short-term cash-based incentive. No executive has a prospective entitlement to a defined benefit pension scheme.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div></div><div style='width:4%; float:left;'>&#160;</div><div style='float:right; width:48%;'><div style="line-height:120%;text-align:start;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:319px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:318px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Short-term cash-based incentive</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><br>For 2019, the Board determined that the maximum possible short-term cash-based incentive would be maximum 12 months&#8217; base salary plus pension contribution for the chief executive officer, and 9 months&#8217; base salary plus pension contribution for executive vice presidents. The performance was linked to the achievement of a combination of a number of predefined corporate and individual targets.<br><br>The corporate measures were aligned with the strategic priorities of the company and performance was assessed along the four dimensions: Sales, Operating profit, Market share and the execution of the strategic plan. Sales and operating profit performance have been solid. Market shares performance has likewise progressed positively. Targets linked to the execution of the strategic plan included sales execution, R&amp;D, business development, digital health, organisational efficiency, environmental and organisational development.<br><br>Individual measures were linked to the personal leadership skills, the evolution of the culture of the company and business performance relating to the individual&#8217;s area of responsibility.<br><br>The Board has assessed the performance of the executives in relation to the business and individual targets. Based on this assessment the Board determined that the average short-term incentive for the executives was 100% of the maximum short-term incentive (84% in 2018). Consequently, the short-term incentive for the chief executive officer for 2019 was 12 months&#8217; base salary plus pension contribution, while the average short-term incentive for the executive vice presidents (who have been registered executives in 2019 for the full year) was 9 months&#8217; base salary plus pension contribution.<br><br><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">18</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style='display:inline-block; width:100%;'><div style='float:left; width:48%;'><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 6 DIRECTORS, EXECUTIVE MANAGEMENT AND EMPLOYEES</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:319px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:318px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Long-term share-based incentive</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The executives have in 2019 participated in a long-term incentive programme consisting of a one-year performance period (2019) and a three-year vesting period (2020-2022). If the targets for economic value creation and sales growth were met, and at least 85% performance was reached for non-financial targets during the one-year performance period, the allocation of shares would correspond to 9 months&#8217; base salary plus pension contribution for the chief executive officer and 6.75 months&#8217; base salary plus pension contribution for the executive vice presidents. The maximum share allocation after the one-year performance period is up to 18 months&#8217; base salary plus pension contribution for the chief executive officer and up to 13.5 months&#8217; base salary plus pension contribution for the executive vice presidents.<br><br>In 2019, Novo Nordisk exceeded the target for economic value creation by 6%, primarily driven by higher underlying operating profit coupled with a net favourable currency impact. Sales were 2% above the target level in constant exchange rates. All of the non-financial targets were reached in 2019. On this basis, 82% of the maximum share allocation will be allocated to the executives. Thus, shares equalling 14.7 months&#8217; base salary plus pension contribution have been allocated to the chief executive officer, whereas shares equalling 11 months&#8217; base salary plus pension contribution have been allocated to the executive vice presidents. The shares allocated have a three-year vesting period (2020-2022). At the end of the vesting period the shares allocated to each executive may be reduced or increased by up to 30%. The reduction or increase will depend on whether the actual average annual sales growth during the three-year vesting period is lower or higher compared to a target determined by the Board.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:319px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:318px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Expenses</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In 2019, executives received reimbursement for reasonable expenses in relation to travel etc.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div></div><div style='width:4%; float:left;'>&#160;</div><div style='float:right; width:48%;'><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:319px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:318px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Other benefits</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In 2019, executives received non-monetary benefits in relation to company cars, phones etc. in line with the Remuneration Principles.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:start;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:319px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:318px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Recruitment arrangements </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In 2019, no sign-on arrangements were agreed on or paid out to the registered executives.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:start;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:319px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:318px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Notice period and severance payment</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As of 15 April 2019, former registered executive Jesper Brandgaard has retired from Novo Nordisk. Until April 2020 Jesper Brandgaard will, however, continue to provide certain services for Novo Nordisk. A severance payment of DKK 27.7 million is to be paid in April 2020.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:start;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:319px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:318px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Claw-back</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In 2019, there was no legal or factual basis on which to exercise claw-back or request repayment of incentives for current or former executives.</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Executive remuneration in 2019</font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The table below includes the total remuneration of each executive in 2019. None of the executives has received remuneration from companies in the Novo Nordisk Group other than Novo Nordisk A/S for this period. The fixed remuneration enables the executives to take decisions with a long-term perspective in mind without undue considerations for short- or long-term incentives. The variable remuneration is designed to promote performance in line with the company&#8217;s strategy. The variable remuneration is based on a number of targets that must be achieved before the incentive is released to the executive. Targets are aligned to short-term and long-term strategic priorities in the corporate strategy and thereby ensure that the long-term interests and the sustainability of the company are considered. The variable remuneration is provided as STI and LTI. </font></div><div style='display:inline-block; width:100%;'><div style='float:left; width:48%;'><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div style='width:4%; float:left;'>&#160;</div><div style='float:right; width:48%;'><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div></div><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Actual remuneration of the Executive Management for 2019</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:687px;border-collapse:collapse;text-align:left;"><tr><td colspan="27"></td></tr><tr><td style="width:242px;"></td><td style="width:29px;"></td><td style="width:2px;"></td><td style="width:41px;"></td><td style="width:2px;"></td><td style="width:38px;"></td><td style="width:2px;"></td><td style="width:38px;"></td><td style="width:2px;"></td><td style="width:5px;"></td><td style="width:38px;"></td><td style="width:3px;"></td><td style="width:5px;"></td><td style="width:44px;"></td><td style="width:2px;"></td><td style="width:5px;"></td><td style="width:38px;"></td><td style="width:3px;"></td><td style="width:5px;"></td><td style="width:38px;"></td><td style="width:2px;"></td><td style="width:38px;"></td><td style="width:2px;"></td><td style="width:5px;"></td><td style="width:38px;"></td><td style="width:3px;"></td><td style="width:5px;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK million</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Base salary</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Short- term incentive</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Pension</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Benefits</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Total</font><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">6</sup></font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Long-term incentive</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">7</sup></font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Total</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Fixed</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Variable</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Total</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive Management</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Lars Fruergaard J&#248;rgensen - President and CEO</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">13.9</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">13.9</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">35.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">19.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">54.8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">17.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">37.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">54.8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Monique Carter</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">1  </sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">- People &amp; Organisation</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.6</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.9</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Karsten Munk Knudsen - Finance, Legal &amp; Procurement</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.9</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.6</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">17.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">10.5</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">17.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Camilla Sylvest - </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Commercial Strategy &amp; Corporate Affairs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.9</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.6</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">17.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6.8</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">10.5</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">17.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Mads Krogsgaard Thomsen - Research &amp; Developement</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">16.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">23.8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">14.5</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">23.8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Henrik Wulff - Product Supply, Quality &amp; IT</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.9</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4.6</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.6</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">13.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">19.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11.9</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">19.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Non-registered executives</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">4, 5</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">17.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">19.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">43.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">17.9</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">61.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">21.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">39.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">61.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Former executives:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Jesper Brandgaard</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">2</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.8</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.8</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Lars Green</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">3</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.5</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4.6</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive Management in total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">61.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">55.5</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">25.9</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">146.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">67.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">213.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">79.5</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">134.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">213.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Effective August 2019, Monique Carter became executive vice president in Novo Nordisk&#8217;s Executive Management. Amounts in the table include remuneration from the effective date in 2019 with the exception of short-term incentive, which covers the full year. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Jesper Brandgaard retired from Novo Nordisk in April 2019. U</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ntil April 2020 Jesper Brandgaard will continue to provide certain services for Novo Nordisk. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Remuneration of Jesper Brandgaard from January to April 2019 is included in the above table. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. Effective from 31 August 2019, Lars Green decided to leave Novo Nordisk. The remuneration of Lars Green from January to August 2019 is included in the table above. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. On 1 April 2019, Novo Nordisk&#8217;s Executive Management was expanded to include Ludovic Helfgott. Amounts in the table include remuneration from 1 April 2019. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. Includes remuneration for Maziar Mike Doustdar, Ludovic Helfgott and Doug Langa. Maziar Mike Doustdar, Ludovic Helfgott and Doug Langa received benefits and recruitment arrangements in accordance with their contracts and local guidelines. The benefits and recruitment arrangements received in 2019 not included in the above table amounted to DKK 10.7 million (DKK 0.9 million in 2018). </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Excluding social security taxes paid amounting to DKK 2.7 million (DKK 1.2 million in 2018) for Executive Management </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. The shares are locked up for three years before they are transferred to the participants employed at the end of the three-year period. The value is the cash amount of the long-term incentive granted in the year using the grant-date market value of Novo Nordisk B shares. For shares allocated for the 2019 performance, the amount of shares may potentially be reduced or increased depending on whether the actual average annual sales growth during in the three-year vesting period is lower or higher compared to a target determined by the Board.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">19</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 6 DIRECTORS, EXECUTIVE MANAGEMENT AND EMPLOYEES</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The difference in the total remuneration to executive management in the above table compared to note 2.4 - Employee Cost in Novo Nordisk Annual Report 2019 is mainly related to long-term incentives. The disclosure in note 2.4 is based on IFRS recognition principles where the long-term incentive programmes are expensed over the grant year and the subsequent 3 years of vesting. The long-term incentive included in the above table is the total cost of the 2019 programme.</font></div><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Long-term incentive programme 2019 </font></div><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Long-term incentive programme 2019 - targets </font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:685px;border-collapse:collapse;text-align:left;"><tr><td colspan="14"></td></tr><tr><td style="width:52px;"></td><td style="width:221px;"></td><td style="width:30px;"></td><td style="width:9px;"></td><td style="width:80px;"></td><td style="width:66px;"></td><td style="width:44px;"></td><td style="width:9px;"></td><td style="width:57px;"></td><td style="width:9px;"></td><td style="width:44px;"></td><td style="width:9px;"></td><td style="width:44px;"></td><td style="width:9px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="4" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Months of base salary equivalent</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">KPI</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">KPI weight</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Measure</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Achievement</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Outcome</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Performance</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">CEO</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">EVP</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Economic value creation</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Long-term incentive target basis (100%)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td rowspan="5" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Financial<br> targets</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019 economic value creation</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">50</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Degree of target <br>achievement <br>index 90-110</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona12.jpg" alt="remunerationyesicona12.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">106</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">158</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Sales growth</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Long-term incentive target basis (100%)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019 sales growth</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">50</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Degree of target <br>achievement <br>index 97-103</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona12.jpg" alt="remunerationyesicona12.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">102</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">169</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7.6</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Total financial targets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">100</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">104</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">163</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">14.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td rowspan="10" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Non-<br>financial <br>targets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">R&amp;D: Achievement of marketing authorisation for specific product</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">20</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td rowspan="9" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Target<br> achievement <br>below 85%<br> results <br>in a reduction</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;"><img src="remunerationyesicona12.jpg" alt="remunerationyesicona12.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">100</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">R&amp;D: Successful achievement of milestones in clinical trial</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">10</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona12.jpg" alt="remunerationyesicona12.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">100</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">R&amp;D: Successful achievement of milestones in clinical trial</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">10</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona12.jpg" alt="remunerationyesicona12.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">100</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">R&amp;D: Progress in the pipeline within other chronic diseases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">10</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona12.jpg" alt="remunerationyesicona12.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">100</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">R&amp;D: Submission of product files to the regulatory authorities in the US and Europe of a certain product</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">10</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona12.jpg" alt="remunerationyesicona12.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">100</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">R&amp;D: Achievement of marketing authorisation in the EU and the US for specific product</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">10</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona12.jpg" alt="remunerationyesicona12.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">100</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Environmental: Contracts in place to increase use of renewable energy</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">10</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona12.jpg" alt="remunerationyesicona12.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">100</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Societal: Progress in societal activities </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">10</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona12.jpg" alt="remunerationyesicona12.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">100</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Efficiency: Progress in organisational development </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">10</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="remunerationyesicona12.jpg" alt="remunerationyesicona12.jpg" style="height:13px;width:13px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">100</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Total non-financial targets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">100</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">100</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">No reduction</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">No<br> reduction</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Total months allocated</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">14.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Maximum allocation, months</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">18.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">13.5</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Performance as percentage of maximum</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">82</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">82</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Performance as percentage of target</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">163</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">163</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Based on the company&#8217;s performance in relation to the KPIs in the long-term incentive programme, the executives are entitled to 82% of the maximum. The shares allocated to the executives are described in table</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">below.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The shares allocated to the executives under the long-term incentive programme for 2019 are subject to a three-year vesting period where the shares allocated might be reduced or increased by up to 30%. The reduction or increase will depend on whether the actual average annual sales growth during the three-year vesting period is lower or higher compared to a target determined by the Board. </font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Long-term incentive programmes 2017-2019 &#8211; unvested shares</font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executives have been eligible to participate in long-term share-based incentive programmes in 2017-2019.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;The table </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">below includes an overview of allocated but not yet vested shares to each executive. All information included in the table, including the number of shares and the calculation of value of the shares, is based on the allocation at the time of the establishment of the respective programmes. However, the number of shares allocated may be reduced or increased, depending on whether the performance of the company in the respective three-year periods deviates from targets determined by the Board. The performance of the company and consequently the number of shares to finally be granted to each executive will only be determined after the end of each of the three-year periods and, thus, below is not an expression of the actual value of each programme.</font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">20</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 6 DIRECTORS, EXECUTIVE MANAGEMENT AND EMPLOYEES</font></div></td></tr></table></div></div><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Long-term incentive programmes 2017&#8211;2019 - unvested shares</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:690px;border-collapse:collapse;text-align:left;"><tr><td colspan="15"></td></tr><tr><td style="width:274px;"></td><td style="width:66px;"></td><td style="width:66px;"></td><td style="width:6px;"></td><td style="width:57px;"></td><td style="width:2px;"></td><td style="width:6px;"></td><td style="width:57px;"></td><td style="width:2px;"></td><td style="width:6px;"></td><td style="width:62px;"></td><td style="width:2px;"></td><td style="width:6px;"></td><td style="width:64px;"></td><td style="width:2px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Grant date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Vesting date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Number of shares allocated</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">1</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Value per share at grant date</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Total market value at launch <br>(DKK million)</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">2</sup></font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Months of base salary at year-end equivalent</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Lars Fruergaard J&#248;rgensen</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2021</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">43,850</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">237</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">8.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2022</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">58,938</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">304</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">16.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">12.6</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2023</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">66,218</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">322</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">19.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">14.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Monique Carter</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2023</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6,895</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">322</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">8.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Karsten Munk Knudsen</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2022</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">16,578</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">304</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2023</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">18,682</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">322</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Camilla Sylvest</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2021</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6,037</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">237</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.5</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2022</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">16,578</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">304</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2023</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">18,682</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">322</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Mads Krogsgaard Thomsen</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2021</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">16,962</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">237</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2022</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">22,885</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">304</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2023</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">25,788</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">322</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Henrik Wulff</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2021</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">13,751</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">237</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.9</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2022</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">18,421</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">304</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2023</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">20,757</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">322</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Non-registered executives</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2021</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">23,496</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">237</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.5 to 6.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2022</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">36,842</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">304</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">10.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2023</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">60,196</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">322</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">17.9</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Former registered executives - Jesper Brandgaard</font><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">3</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2021</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">16,962</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">237</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2022</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">22,885</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">304</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9.4</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019 Shares allocated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 2023</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7,522</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">322</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;For the long-term incentive programme for 2017 performance, the maximum share allocation for the chief executive officer was 12 months&#8217; fixed base salary plus pension contribution and 9 months&#8217; fixed base salary plus pension contribution for the executive vice presidents. In the three-year vesting period, the number of allocated shares may potentially be reduced in the event of lower-than-planned value creation in subsequent years. For the long-term incentive programmes for 2018 performance and 2019 performance, the maximum share allocation for the chief executive officer was 18 months&#8217; fixed base salary plus pension contribution and 13.5 months&#8217; fixed base salary plus pension contribution for the executive vice presidents. For shares allocated for the 2018 and 2019 long-term-incentive programmes, the number of shares may potentially be reduced or increased depending on whether the actual average annual sales growth during the three-year vesting period is lower or higher compared to a target determined by the Board. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The share price used to calculate market value at launch is adjusted for expected dividend. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Jesper Brandgaard retired from Novo Nordisk in April 2019. Until April 2020 Jesper Brandgaard will continue to provide certain services for Novo Nordisk. Remuneration of Jesper Brandgaard from January to April 2019 is included in the above table.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">C. BOARD PRACTICES</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to &#8216;Corporate governance&#8217; on pages 34-37 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;regarding board practices. The year of election for each member of the Board of Directors is included in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;on pages 38-39. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The year of appointment for each member of Executive Management is included in Item 6A.  </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">D. EMPLOYEES</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to the section entitled &#8216;Employees&#8217; on page 26 and &#8216;Performance highlights&#8217; on pages 6-7 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;regarding the total number of full-time employees in Novo Nordisk at year-end for the years 2015&#8211;2019.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9"></td></tr><tr><td style="width:55%;"></td><td style="width:1%;"></td><td style="width:13%;"></td><td style="width:1%;"></td><td style="width:13%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:14%;"></td><td style="width:1%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1.5px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">EMPLOYEES</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1.5px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1.5px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1.5px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1.5px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1.5px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1.5px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1.5px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1.5px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Employees outside Denmark as a percentage of total number of employees</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">61</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">60</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">59</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive Management believes that the Company has a good relationship with its employees in general and with the labor unions of the Novo Nordisk employees.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk believes that the current personnel policy results in low staff turnover, high engagement, and ease in recruiting new employees. The Company has not experienced any significant labor disputes.</font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">21</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style='display:inline-block; width:100%;'><div style='float:left; width:48%;'><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 6 DIRECTORS, EXECUTIVE MANAGEMENT AND EMPLOYEES</font></div></td></tr></table></div></div></div></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">E. SHARE OWNERSHIP</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As of February 4, 2020 the Board of Directors and Executive Management owned 558,790 B shares.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Shareholding by the Board</font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As of 31 December 2019, the Board held shares in Novo Nordisk as follows:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:682px;border-collapse:collapse;text-align:left;"><tr><td colspan="14"></td></tr><tr><td style="width:146px;"></td><td style="width:103px;"></td><td style="width:3px;"></td><td style="width:103px;"></td><td style="width:3px;"></td><td style="width:96px;"></td><td style="width:3px;"></td><td style="width:6px;"></td><td style="width:96px;"></td><td style="width:3px;"></td><td style="width:6px;"></td><td style="width:6px;"></td><td style="width:96px;"></td><td style="width:3px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">At the beginning of the year</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">1</sup></font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Additions <br>during the year</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Sold/transferred during the year</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">At the end <br>of the year</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Market value</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">2 <br></sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK million</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Helge Lund</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">3</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Jeppe Christiansen</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">23,779</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">23,779</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Brian Daniels</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,100</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,100</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.8</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Laurence Debroux</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Andreas Fibig</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Sylvie Gr&#233;goire</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1,875</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1,875</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Liz Hewitt</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3,350</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3,350</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Mette B&#248;jer Jensen</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1,340</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">50</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1,390</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.5</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Kasim Kutay</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Anne Marie Kverneland</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9,720</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">50</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(154</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9,616</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Martin Mackay</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.8</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Thomas Rantzau</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">632</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">50</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">682</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Stig Str&#248;b&#230;k</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,050</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">50</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,100</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.8</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Board of Directors in total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">49,846</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">200</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(154</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">49,892</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">19.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Following the change in the Board of Directors, the holding of shares at the beginning of the year has been updated compared with the Annual Report 2018. For new members shareholdings are included from the day they became members of the Board of Directors. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Calculation of market value is based on the quoted share price of DKK 386.65 at the end of the year. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In addition, Helge Lund holds 3,000 shares through Inkerman Holding AS, Norway. </font></div><div style="line-height:130%;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;"><br></font></div><div style='display:inline-block; width:100%;'><div style='float:left; width:48%;'><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Shareholdings by Executive Management</font></div></div></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As of 31 December 2019, Executive Management held shares in Novo Nordisk as follows:</font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:680px;border-collapse:collapse;text-align:left;"><tr><td colspan="14"></td></tr><tr><td style="width:200px;"></td><td style="width:76px;"></td><td style="width:3px;"></td><td style="width:76px;"></td><td style="width:3px;"></td><td style="width:76px;"></td><td style="width:3px;"></td><td style="width:76px;"></td><td style="width:3px;"></td><td style="width:70px;"></td><td style="width:3px;"></td><td style="width:6px;"></td><td style="width:73px;"></td><td style="width:6px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">At the beginning of the year</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">1</sup></font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Additions <br>during the year</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Sold/transferred during the year</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">At the end <br>of the year</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Market value</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">1</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;<br>DKK million</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Minimum <br>shareholding <br>requirement <br>met</font><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">3</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Lars Fruergaard J&#248;rgensen</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">132,628</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">17,700</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">150,328</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">58.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Yes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Monique Carter</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3,025</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3,025</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">N/A</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Karsten Munk Knudsen</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">47,002</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7,813</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(7,813</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">47,002</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">18.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Yes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Camilla Sylvest</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,133</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,550</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4,683</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.8</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Yes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Mads Krogsgaard Thomsen</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">223,135</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">21,818</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(40,178</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">204,775</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">79.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Yes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Henrik Wulff</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">57,575</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11,737</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">69,312</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">26.8</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Yes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Non-registered executives</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">17,304</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">23,379</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(10,910</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">29,773</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11.5</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Yes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive Management in total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">479,777</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">88,022</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(58,901</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">508,898</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">196.8</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Calculation of market value is based on the quoted share price of DKK 386.65 at the end of the year. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;To further align the interests of the shareholders and executives, the chief executive officer should hold Novo Nordisk B shares corresponding to two times the annual gross salary, and the executive vice presidents should hold shares corresponding to one time the annual gross salary. Basis for calculation of the annual gross salary for an individual executive for a given year is defined as 12 times fixed monthly base salary plus 25% pension contribution as of 1 April 2019. The minimum shareholding requirement is generally phased in over a five year period following the year of appointment. When an executive's holding of shares is&#160;calculated, both vested and non-vested shares (ADRs) are included such as personally owned shares in deposit and non-vested shares from the long-term share-based incentive programme</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In the period from January 1, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;until February 4, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, no B shares were sold or purchased by the members of the Board of Directors or Executive Management. The internal rules on trading in Novo Nordisk securities by members of the Board of Directors and Executive Management only permit trading in the 15 calendar day period following each quarterly earnings announcement. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">22</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style='display:inline-block; width:100%;'><div style='float:left; width:48%;'><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Long-term incentive programme 2016 &#8211; vested shares</font></div></div></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The members of Executive Management in 2016 have participated in a long-term incentive programme consisting of a one-year performance period (2016) and a three-year vesting period (2017-2019).</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:start;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The shares allocated after the one-year performance period (2016) have been locked up for a three-year period. The number of shares has not subsequently been reduced by the Board as the financial performance in the vesting period reached specified threshold levels. Hence, the original number of shares allocated after the one-year performance period will on 5 February 2020 be transferred to current and former executives as specified in</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;the table below. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">No dividend has been paid to the executives during the one-year performance period or the three-year vesting period.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style='display:inline-block; width:100%;'><div style='float:left; width:48%;'><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Long-term incentive programme 2016 - vested shares</font></div></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:680px;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:473px;"></td><td style="width:99px;"></td><td style="width:3px;"></td><td style="width:100px;"></td><td style="width:3px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Number<br>of shares</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Market value</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">1<br></sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(DKK million)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive Management</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Lars Fruergaard J&#248;rgensen</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4,729</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.8</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Monique Carter</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Karsten Munk Knudsen</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,058</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.8</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Camilla Sylvest</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1,842</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Mads Krogsgaard Thomsen</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5,246</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Henrik Wulff</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4,253</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Non-registered executives</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4,170</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.6</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="padding-top:4px;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive Management in total</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">22,298</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">8.6</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;The market value of the shares released in 2020 is based on the Novo Nordisk B share price of DKK 386.65 at the end of 2019. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">For further information on the Executive Management&#8217;s grant of shares, reference is made to note 5.1 'Share-based payment schemes' in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. The members of the Board of Directors and Executive Management and key management executives in the aggregate hold less than 1% of the beneficial ownership of the Company.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><a name="s8466D27DDC5656A289690B8E90E291DE"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">A. MAJOR SHAREHOLDERS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The total share capital of Novo Nordisk A/S is split into two classes, A shares and B shares, each with different voting rights. The A shares have 200 votes per DKK 0.20 of the A share capital and the B shares have 20 votes per DKK 0.20 of the B share capital. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Voting rights of treasury shares are suspended at the general meetings.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">All of the A shares of Novo Nordisk A/S are held by Novo Holdings A/S, a wholly-owned subsidiary of the Novo Nordisk Foundation (the &#8216;Foundation&#8217;). As of </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">December&#160;31, 2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, the A shares represented approximately </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">74% of the total voting rights.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Foundation is a self-governing and self-owned organization whose main purposes are to be a stable base for the business and research activities of the subsidiaries of Novo Holdings A/S, and to support medical research and other scientific, humanitarian and social objectives.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The purpose of Novo Holdings A/S in relation to Novo Nordisk A/S is to administer its portfolio of securities and minority capital interests and to administer and vote on the A shares and B shares in Novo Nordisk A/S, thereby creating a satisfactory financial return for the Foundation.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Under its statutes, the Foundation is governed by a Board of Directors, which must be comprised of at least six and not more than 12 members and at least two members must have a medical or scientific background. Members of the Foundation&#8217;s Board of Directors are typically nominated by the nomination committee and elected by a two-thirds vote of the members who have themselves been elected pursuant to the statutes. Any member can be removed as provided for in the Danish Act on Foundations (&#8216;lov om erhvervsdrivende fonde&#8217;). In addition, employee representatives </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">are elected for four-year terms by the employees of </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">the Foundation and of</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;the subsidiaries of the Foundation, in accordance with Danish law. No person or entity exercises any kind of formal influence over the Foundation&#8217;s Board. The Foundation&#8217;s Board currently consists of nine persons, one of whom is also an employee elected member of the Board of Directors of Novo Nordisk A/S (Anne Marie Kverneland).</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Under its statutes, Novo Holdings A/S is governed by a Board of Directors, which must be comprised of at least three and not more than nine members who are elected annually by shareholder vote. According to the Foundation&#8217;s statutes, its Board of Directors can and shall provide for members of its own Board of Directors to be elected to Novo Holdings A/S&#8217;s Board of Directors. Novo Holdings A/S&#8217;s Board of Directors currently has six members, with two directors who are also members of the Board of the Foundation (Steen Risgaard and Lars Rebien S&#248;rensen) and one director who is also a member of the Board of Directors of Novo Nordisk A/S (Jeppe Christiansen). </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Moreover, the chief executive officer of Novo </font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">23</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Holdings A/S (Kasim Kutay) is also a member of the Board of Directors of Novo Nordisk A/S. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Chair of the Foundation&#8217;s Board of Directors (Lars Rebien S&#248;rensen) serves as the Chair of Novo Holdings A/S&#8217;s Board of Directors.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">A shares held by Novo Holdings A/S cannot be sold or be subject to any disposition so long as the Foundation exists. The dissolution of the Foundation or any change in its objectives requires the unanimous vote of the Foundation&#8217;s Board of Directors. Other changes in the Foundation&#8217;s statutes require the approval of two-thirds of the members of the Foundation&#8217;s Board of Directors. In addition, changes in the Foundation&#8217;s statutes require approval of the Danish foundation authorities. According to its statutes, the Foundation is required to maintain material influence over Novo Nordisk A/S and its majority vote in Novo Holdings A/S.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">For further information reference is made to &#8216;Shares and capital structure&#8217; on pages 32-33 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and to &#8216;Shares and capital structure&#8217; on pages 44-45 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The B shares of Novo Nordisk A/S are registered with </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">VP Securities A/S </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(&#8216;VP Securities&#8217;) and are not represented by certificates. Generally, VP Securities does not provide the Company with information with respect to registration. However, set forth below is information as of January 31, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;with respect to (a) any shareholder who is known to the Company to be the owner of more than 5% of any class of Novo Nordisk     A/S' securities and (b) the total amount of any class owned by Novo Nordisk A/S and its subsidiaries (treasury shares) and by the Board of Directors and Executive Management as a group:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="10"></td></tr><tr><td style="width:19%;"></td><td style="width:1%;"></td><td style="width:34%;"></td><td style="width:1%;"></td><td style="width:12%;"></td><td style="width:1%;"></td><td style="width:6%;"></td><td style="width:12%;"></td><td style="width:1%;"></td><td style="width:13%;"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Title of class</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Identity of person or group</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Shares owned</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Percent of class</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Percent of total votes</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">A shares</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Holdings A/S</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">537,436,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">*</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">100.00</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">74.26</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">B shares</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Holdings A/S</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">135,764,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7.29</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.88</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">B shares</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk A/S and subsidiaries (treasury shares)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">48,140,199</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">**</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.58</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.00</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">B shares</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Board of Directors and Executive Management</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">558,790</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.03</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.01</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">*) The number of A shares is calculated as an equivalent of the trading size (DKK 0.20) of the listed B shares but is not formally divided into number of shares. The A shares are not listed on any stock exchange.</font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">**) Treasury shares are included, however, voting rights of treasury shares cannot be exercised.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, shares with an aggregate purchase price of DKK 16.8 billion and DKK 15.6 billion, respectively, were repurchased under the Company&#8217;s share repurchase program.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In February </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Novo Nordisk announced a new DKK 15 billion share repurchase program. Under this program and the previous share repurchase program completed in January </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, 44,942,205 shares corresponding to DKK 15.3 billion were repurchased during </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. The February 2019 share repurchase program was completed in February </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In February </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Novo Nordisk announced a new DKK 17 billion share repurchase program to be executed during the following 12 months.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">After the shareholders&#8217; approval of the proposed reduction of Novo Nordisk A/S' share capital at the Annual General Meeting on March 21, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, 50,000,000 shares were cancelled in April </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, reducing the number of treasury shares accordingly.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As no complete records of all holders of B shares exist, it is not possible to give an accurate breakdown of the holdings and number of holders of B-shares per country. It is, however, estimated that approximately 30% of the B share capital was held in Denmark as of December 31, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. Approximately 31% of the B share capital is estimated to be held in North America. The estimated total number of shareholders is more than   250,000 of whom more than 200,000 are estimated to be Danish residents and more than 30,000 to be resident in the United States.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">B. RELATED PARTY TRANSACTIONS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Related parties include the Novo Nordisk Foundation, Novo Holdings A/S, Novozymes A/S, Innate Pharma SA, Xellia Pharmaceuticals ApS (due to shared controlling shareholder, Novo Holdings A/S) and NNIT A/S being an associated company with shared controlled shareholding between Novo Holdings A/S and Novo Nordisk A/S. Novo Nordisk A/S has access to certain assets of and can purchase certain services from Novo Holdings A/S and Novozymes A/S and vice versa. All agreements relating to such assets and services are based on the list prices used for sales to third parties where such list prices exist, or the price has been set at what is regarded as market price. The material terms of these agreements are renegotiated on a regular basis. Bein</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">g an associated company of Novo Nordisk A/S, Churchill Stateside Solar Fund XIV, LLC ('CS Solar Fund XIV') is considered a related party. Being an associated company of Novo Holdings A/S, Unchained Labs, Inc. is considered a related party to Novo Nordisk A/S. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Related party transactions in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;were primarily payments for services provided between the Novo Nordisk Group and the Novozymes Group, Xellia Pharmaceuticals ApS and transactions with associated companies. The overall financial impact of these related party transactions is limited.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">24</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 8 FINANCIAL INFORMATION</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">On June 2, 2017, Novo Nordisk A/S entered into an agreement with Innate Pharma SA under which Innate Pharma SA acquired an exclusive license to Novo Nordisk A/S's anti-C5aR antibody program. The terms of the agreement provided for an upfront payment of EUR 40 million, of which EUR 37.2 million was paid in Innate Pharma SA shares and EUR 2.8 million was paid in cash. Novo Nordisk A/S is eligible for up to an additional EUR 370 million by way of development, regulatory and sales milestone payments and to double digit royalties on future net sales. With the allocation of shares in Innate Pharma SA, Novo Nordisk A/S stake in the share capital of Innate Pharma SA is 15.5%. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As part of the share repurchase program for 2018 of DKK 15 billion, a number of transactions have been entered into with Novo Holdings A/S. On February 5, 2018, 3,087,410 shares were purchased from Novo Holdings A/S at a price of DKK 308.90 per share. On May 4, 2018, 3,415,895 shares were purchased from Novo Holdings A/S at a price of DKK 303.83 per share. On August 10, 2018, 3,120,644 shares were purchased from Novo Holdings A/S at a price of DKK 305.61 per share. On November 5, 2018, 4,401,051 shares were purchased from Novo Holdings A/S at a price of DKK 286.71 per share.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As part of the share repurchase program for 2019 of DKK 15 billion, a number of transactions have been entered into with Novo Holdings A/S. On May 7, 2019; 7,012,500 shares were purchased from Novo Holdings A/S at a price of DKK 318.71 per share. On November 5, 2019; 7,012,500 shares were purchased from Novo Holdings A/S at a price of DKK 379.14 per share.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">On April 30, 2019, Novo Nordisk A/S announced a new USD 7</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;million investment in a solar panel installation in North Carolina, United States. Pursuant to such investment, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">a wholly owned subsidiary of </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk A/S obtained a 99% ownership stake in Churchill Stateside Solar Fund XIV, LLC ('CS Solar Fund XIV'), which will lease the solar field from the project developer. CS Solar Fund XIV is a &#8220;structured entity&#8221; (i.e., an entity that has been designed such that voting rights are not the dominant factor in deciding who controls the entity), and Novo Nordisk A/S </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">does not</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;control </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">the</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;company</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">T</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">he investment is classified as an investment in an associated company.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Since </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">December&#160;31, 2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, there have been no further significant transactions with related parties out of the ordinary course of business. For further information reference is made to Note 5.3 &#8216;Related party transactions&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and Note 5.3 &#8216;Related party transactions&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">There have not been and there are no loans to members of the Board of Directors or Executive Management in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;or </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">C. INTERESTS OF EXPERTS AND COUNSEL</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><a name="s2933C4DFE5395A1F98E2B2B14DEA3F6E"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FINANCIAL INFORMATION</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The financial statements required by this item accompany this annual report in the form of our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;(see Exhibit no. 15.1).</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Legal proceedings</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to Note 3.7 &#8216;Provisions and contingent liabilities&#8217; in the</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">regarding legal proceedings. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Dividends</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">At the Annual General Meeting in March 2015, the Board of Directors was granted an authorization to distribute extraordinary dividends. Hence the Board of Directors has been given authority to pay interim dividends without obtaining specific approval from the Annual General Meeting. In August </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Novo Nordisk paid out an interim dividend of DKK 3.00 per share.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">At the Annual General Meeting scheduled for March 26, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, the Board of Directors will propose a final dividend of DKK 5.35 for each Novo Nordisk A and B share. The total dividend for </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;of DKK 8.35 includes both the interim dividend of DKK 3.00 for each Novo Nordisk A and B share which was paid in August </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, and the final dividend of DKK 5.35 for each Novo Nordisk A and B share to be paid in March </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. The total dividend increased by 2% in 2018 compared with the </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;dividend of DKK 8.15 for each Novo Nordisk A and B share. The total dividend for </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;corresponds to a payout ratio of 50.5%, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">which is similar to the payout ratio for Novo Nordisk&#8217;s peer group of comparable pharmaceutical companies in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;No dividends will be paid on the Company&#8217;s holding of its treasury shares. For further information reference is made to &#8216;Shares and capital structure&#8217;, on pages 32-33 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">B. SIGNIFICANT CHANGES</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">No significant events have occurred since the date of the annual financial statements. For description of important events and achievements in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, reference is made to &#180;Introducing Novo Nordisk`, pages 1-7 and `2019 performance and 2020 outlook`, pages 20-28 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">25</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="sA07F978FF87656F592AE1C14FD8A5C33"></a></div><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 10 ADDITIONAL INFORMATION</font></div></td></tr></table></div></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 9&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;THE OFFER AND LISTING</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">A. OFFER AND LISTING DETAILS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company's B shares are listed in Denmark on Nasdaq Copenhagen, and traded under the symbol "NOVO-B". The Company's ADRs are traded on the New York Stock Exchange under the symbol "NVO". </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">See Exhibit no. 2.1 to this Form 20-F for a description of the B Shares.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">B. PLAN OF DISTRIBUTION</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">C. MARKETS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company&#8217;s share capital consists of A shares and B shares. As described above, the A shares are owned by the Novo Nordisk Foundation through its wholly-owned subsidiary Novo Holdings A/S and are not listed or traded on any stock exchange. The B shares have been publicly traded since 1974 and have been listed on Nasdaq Copenhagen since that time. Nasdaq Copenhagen is the main trading market for the B shares.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">American Depositary Receipts representing the B shares (&#8216;ADRs&#8217;), as evidenced by American Depositary Receipts issued by JPMorgan Chase Bank of New York, as the Depositary, have been listed on the New York Stock Exchange since 1981. As of </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">December&#160;31, 2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, 199,776,393 B share equivalents (representing 11% of the outstanding B shares, adjusted for the treasury shares) were held in the form of ADRs.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">D. SELLING SHAREHOLDERS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">E. DILUTION</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">F. EXPENSES OF THE ISSUE</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><a name="s565F063977D05884BC3CBAC46497A46D"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 10&#160;&#160;&#160;&#160;ADDITIONAL INFORMATION</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">A. SHARE CAPITAL</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">B. MEMORANDUM AND ARTICLES OF ASSOCIATION</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">See Exhibit no. 2.1. to this Form 20-F for a summary of certain material provisions of Novo Nordisk A/S&#8217; Articles of Association, certain other constitutive documents and relevant Danish corporate law. See Exhibit 1.1 to this Form 20-F for a translation into English language of the Articles of Association.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">C. MATERIAL CONTRACTS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">There have been no material contracts outside the ordinary course of business.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">D. EXCHANGE CONTROLS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">There are no governmental laws, decrees, or regulations in Denmark (including, but not limited to, foreign exchange controls) that restrict the export or import of capital, or that affect the remittance of dividends, interest or other payments to non-resident holders of the B shares or the ADRs.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">There are no limitations on the right of non-resident or foreign owners to hold or vote the B shares or the ADRs imposed by the laws of Denmark or the Articles of Association of the Company.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">E. TAXATION</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Danish Taxation</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The following summary outlines certain Danish tax consequences to U.S. Holders (as defined below):</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Withholding Tax</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Generally, Danish withholding tax is deducted from dividend payments to U.S. Holders at a 27% rate, the rate generally applicable to non-residents in Denmark without regard to eligibility for a reduced treaty rate. Under the current Convention between the Government of the United States of America and the Government of the Kingdom of Denmark for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (the &#8216;Current Convention&#8217;), the maximum rate of Danish tax that may be imposed on a dividend paid to a U.S. Holder that does not have a &#8216;permanent establishment&#8217; (as defined therein) in Denmark is generally 15% and, for certain pension funds, 0% (each, the &#8216;Treaty Rate&#8217;). U.S. Holders eligible for the Treaty Rate may apply to the Danish tax authorities to obtain a refund to the extent that the amount withheld reflects a rate in excess of the Treaty Rate (any such amount, the &#8216;Excess Withholding Tax&#8217;).</font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">26</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 10 ADDITIONAL INFORMATION</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Any U.S. Holders of ADRs wishing to apply for a refund of Excess Withholding Tax will have to provide a Danish Claim for Refund of Danish Dividend Tax, a properly completed U.S. Internal Revenue Service Form 6166 and additional documentation including: proof of dividend received; proof of ownership of the ADR and eligibility for the dividend received and proof that the dividend received was reduced by an amount corresponding to the Danish withholding tax. These documentation requirements may be expanded and may be subject to change. Refund claims must be filed within the three-year period following the date in which the dividend was paid in Denmark.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Information on tax reclaims, how they should be filed and the requisite tax forms may be obtained from:</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">JPMorgan Chase Bank, N.A.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">c/o Globe Tax Services, Inc.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1 New York Plaza, 34th Floor</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">New York, New York 10004 USA</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Phone: +1 (212) 747 9100</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">U.S. Holders should consult their tax advisers regarding dividend withholding tax refunds.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Sale or Exchange of ADRs or B Shares</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Any gain or loss realized on the sale or other disposition of ADRs or B shares by a U.S. Holder that is not either a resident of Denmark or a corporation that is doing business in Denmark is not subject to Danish taxation. In addition, any non-resident of Denmark may remove from Denmark any convertible currency representing the proceeds of the sales of ADRs or B shares in Denmark.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">U.S. Taxation</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The following summary outlines certain U.S. federal income tax consequences for U.S. Holders (defined below) of owning and disposing of ADRs or B shares. A &#8216;U.S. Holder&#8217; is a holder who, for U.S. federal income tax purposes, is a beneficial owner of ADRs or B shares that is eligible for the benefits of the Current Convention and is (i) a citizen or individual resident of the United States, (ii) a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States or any state therein or the District of Columbia, or (iii) an estate or </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">trust the income of which is subject to U.S. federal income taxation regardless of its source. This discussion applies only to a U.S. Holder that holds ADRs or B shares as capital assets for U.S. tax purposes and does not apply to persons that own or are deemed to own ADRs or common shares representing 10% or more of the voting power or value of Novo Nordisk. In addition, this discussion does not describe all of the tax consequences or potentially different tax consequences that may be relevant in light of the U.S. Holder&#8217;s particular circumstances, including tax consequences applicable to U.S. Holders subject to special rules, such as certain financial institutions, entities classified as partnerships for U.S. federal income tax purposes, persons subject to the provisions of the U.S. Internal Revenue Code and Treasury regulations thereunder commonly known as the Medicare contribution tax, persons subject to the alternative minimum tax, or persons holding ADRs or B shares in connection with a trade or business conducted outside of the United States. This discussion is based, in part, on certain representations by the Depositary and assumes that each obligation under the deposit agreement will be performed in accordance with its terms. This discussion assumes that the Company is not, and will not become, a passive foreign investment company for U.S. federal income tax purposes.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">For U.S. federal income tax purposes, the holders of ADRs will be treated as the beneficial owners of the underlying B shares. Accordingly, no gain or loss for U.S. federal income tax purposes will be recognized if a U.S. Holder exchanges ADRs for the underlying B shares represented by those ADRs or B shares for ADRs.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Taxation of Distributions</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">For U.S. federal income tax purposes, distributions on ADRs or B shares received by U.S. Holders, before reduction for any Danish tax withheld, generally will be included in the U.S. Holder&#8217;s income as foreign source dividend income and will not be eligible for the dividends-received deduction generally available to U.S. corporations. The amount of any dividend income paid in Danish kroner will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of the U.S. Holder&#8217;s, or, in the case of ADRs, the Depositary&#8217;s receipt of the dividend regardless of whether the payment is in fact converted into U.S. dollars at that time. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should not be required to recognize foreign currency gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt. U.S. Holders that receive a refund of Danish withholding tax after the dividend is received, as discussed above under the section &#8216;Danish Taxation &#8211; Withholding Tax,&#8217; may be required to recognize foreign currency gain or loss with respect to the amount of the refund. U.S. Holders should consult their tax advisers regarding whether any foreign currency gain or loss should be recognized in connection with distributions on ADRs or B shares.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Subject to applicable limitations and conditions under U.S. federal income tax law, dividends paid to certain non-corporate U.S. Holders may be taxable at favorable rates. In order to be eligible for the favorable rates, a non-corporate U.S. Holder must fulfill certain holding period and other requirements.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Subject to applicable limitations under U.S. federal income tax law, a U.S. Holder may be eligible to credit against its U.S. federal income tax liability Danish taxes withheld from dividends on ADRs or B shares at a rate not exceeding the applicable rate under the Current Convention. Danish taxes withheld in excess of the applicable rate under the Current Convention will not be eligible for credit against a U.S. Holder&#8217;s federal income tax liability. The rules governing foreign tax credits are complex and, therefore, U.S. Holders should consult their tax advisers regarding the availability of foreign tax credits in their particular circumstances. Alternatively, subject to applicable limitations, U.S. Holders may elect to </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">27</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 11 QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISKS</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">deduct Danish taxes withheld from dividend payments. An election to deduct foreign taxes instead of claiming a foreign tax credit must apply to all taxes paid or accrued in the taxable year to foreign countries and possessions of the United States.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Sale or Exchange of ADRs or B Shares</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">A U.S. Holder will recognize capital gain or loss for U.S. federal income tax purposes on a sale or other disposition of ADRs or B shares, which will be long-term capital gain or loss if the U.S. Holder held the ADRs or B shares for more than one year. The amount of the gain or loss will equal the difference between the U.S. Holder&#8217;s tax basis in the ADRs or B shares disposed of and the amount realized on the disposition, in each case as determined in U.S. dollars. Such gain or loss will generally be U.S. source gain or loss for foreign tax credit purposes.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Information Reporting and Backup Withholding</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Payments of dividends and sales proceeds that are made within the United States or through certain U.S. related financial intermediaries may be subject to information reporting and backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient or (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the holder&#8217;s U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the Internal Revenue Service.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Certain U.S. Holders who are individuals (and certain specified entities) may be required to report information relating to securities issued by a non-U.S. person or foreign accounts through which such securities are held, subject to certain exceptions (including an exception for securities held in accounts maintained by U.S. financial institutions). U.S. Holders should consult their tax advisers regarding their possible reporting obligations with respect to the ADRs or B shares.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The foregoing sections offer a general description and U.S. Holders should consult their tax advisers to determine the U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of ADRs or B shares in their particular circumstances.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">F. DIVIDENDS AND PAYING AGENTS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">G. STATEMENTS BY EXPERTS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">H. DOCUMENTS ON DISPLAY</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Documents referred to and filed with the SEC together with this Form 20-F can be read and copied at the SEC&#8217;s public reference room located at 100 F Street, NE, Washington, DC 20549. Please call the United States Securities and Exchange Commission at 1-800-SEC-0330 for further information on the public reference rooms.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Copies of this Form 20-F as well as our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;can be downloaded from the Investors pages at novonordisk.com. The contents of this website are not incorporated by reference into this Form 20-F. This Form 20-F is also filed and can be viewed via EDGAR on www.sec.gov.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">I. SUBSIDIARY INFORMATION</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div><a name="s779E415B5F71551494DE140843A858C1"></a></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 11&#160;&#160;&#160;&#160;QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISKS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Financial exposure and financial risk management</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">For a description and discussion of the Company&#8217;s foreign exchange risk management, interest rate risk management, counterparty risk management and equity price risk management, reference is made to Note 4.3 &#8216;Financial risks&#8217; and &#8216;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Managing risks to protect value</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8217; on pages 29-31 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Sensitivity analysis</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">When conducting a sensitivity analysis, the Group assesses the change in fair value on the market-sensitive instruments following hypothetical changes in market rates and prices. The rates used to mark-to-market the instruments are market data as of December 30, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Interest rate sensitivity analysis</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">For information on Interest rate sensitivity analysis in the financial year of </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, reference is made to Note 4.3 &#8216;Financial risks&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Foreign exchange sensitivity analysis</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">For information on Foreign exchange sensitivity analysis in the financial year of </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, reference is made to Note 4.3 &#8216;Financial risks&#8217; and &#8216;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Managing risks to protect value</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8217; on pages 29-31 in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">28</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="sAE8F10D0D1B05D07A720CB5184EE8B3F"></a></div><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 12 DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</font></div></td></tr></table></div></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 12&#160;&#160;&#160;&#160;DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</font></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">A. DEBT SECURITIES</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">B. WARRANTS AND RIGHTS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">C. OTHER SECURITIES</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">D. AMERICAN DEPOSITARY SHARES</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk&#8217;s ADR program is administered by J.P. Morgan Depositary Receipts Group as Depositary, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">JPMorgan Chase Bank, N.A., 383 Madison Avenue, Floor 11, New York, United States.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The ADRs are traded under the code NVO on the New York Stock Exchange and the underlying security is the Novo Nordisk B share, NOVO-B on Nasdaq Copenhagen. Each ADR represents one deposited Novo Nordisk B share. One ADR carries the same voting rights as one Novo Nordisk B share. The Depositary distributes relevant notices, reports and proxy materials to the holders of the ADRs. When dividends are paid to shareholders, the Depositary converts the amounts into U.S. dollars and distributes the dividends to the holders of the ADRs. See Exhibit no. 2.1. to this Form 20-F for a description of the rights of holders of the ADRs.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The holder of an ADR may have to pay the following fees and charges related to services in connection with the ownership of the ADR up to the amounts set forth in the table below.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:53%;"></td><td style="width:3%;"></td><td style="width:44%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Service</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Fee</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Issuance or delivery of an ADR, surrendering of an ADR for delivery of a Novo Nordisk B share, cancellation of an ADR, including issuance, delivery, surrendering or cancellation in connection with&#160;share distributions, stock splits, rights and mergers</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">A maximum of USD 5.00 for each 100 ADRs (or portion thereof), to be paid to the Depositary</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Distribution of dividend to the holder of the ADR</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">A maximum of USD 0.05 per ADR (or portion thereof), to be paid to the Depositary</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Transfer of the Novo Nordisk B shares from the Danish custodian bank to the holder of the ADR&#8217;s account in Denmark</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">USD 20.00 cabling fee per transfer, to be paid to the Depositary</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Taxes and other governmental charges the holder of the ADR has to pay on any ADR or share underlying the ADR</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As necessary</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">J.P. Morgan, as Depositary, has agreed to reimburse certain reasonable expenses related to Novo Nordisk&#8217;s ADR program and incurred by Novo Nordisk in connection with the program. In the year ended </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">December&#160;31, 2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, the Depositary reimbursed USD </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4,109,485</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;for costs related to investor relations activities.</font></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">29</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s55D538C45E0359DD8082829FC2A583F8"></a></div><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:100%;text-align:justify;padding-left:0px;text-indent:0px;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 13 DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:20pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:20pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">PART II</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><a name="sBD15B60A7C935B15918E31F929ACF751"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 13&#160;&#160;&#160;&#160;DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">None.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><a name="s6045DBE4C9F3500F9EEE5B70980DA007"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 14&#160;&#160;&#160;&#160;MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">None.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><a name="s9BBD0EF535895479A44ECE3C4A869049"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 15&#160;&#160;&#160;&#160;CONTROLS AND PROCEDURES</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Evaluation of disclosure controls and procedures</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in reports that Novo Nordisk files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the United States Securities and Exchange Commission, and that such information is accumulated and communicated to management of the Company, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Management, including the Chief Executive Officer and Chief Financial Officer, evaluated the Company&#8217;s disclosure controls and procedures as of December 31, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. Based on this evaluation, the Company&#8217;s Chief Executive Officer and Chief Financial Officer concluded that as of December 31, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, the Company&#8217;s disclosure controls and procedures were effective at the reasonable assurance level.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In designing and evaluating the disclosure controls and procedures, Management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Report of Novo Nordisk Management on Internal Control over Financial Reporting</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk&#8217;s Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed by, or under the supervision of, the Chief Executive Officer and Chief Financial Officer, and effected by the Company&#8217;s Board of Directors, Management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS as issued by the IASB.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Management, including the Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of the Company&#8217;s internal control over financial reporting as of December 31, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, using the criteria established in the </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Internal Control &#8211; Integrated Framework (2013)</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#8216;COSO&#8217;). Based on this assessment, Novo Nordisk Management, including the Chief Executive Officer and Chief Financial Officer, concluded that, as of December 31, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, the Novo Nordisk Group&#8217;s internal control over financial reporting was effective based on criteria stated in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Internal Control &#8211; Integrated Framework (2013)</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;issued by the COSO.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The effectiveness of the Company&#8217;s internal control over financial reporting as of December 31, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;has been audited by PricewaterhouseCoopers, Statsautoriseret Revisionspartnerselskab, Denmark, an independent registered public accounting firm, as stated in their report which appears on page 41-42 of this Form 20-F.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Changes in internal controls over financial reporting</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">There were no changes in the Company&#8217;s internal control over financial reporting that occurred during the year ended December 31, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;that have materially affected, or are reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><a name="sA58FCDE6708B5746ABD2F2692C7871B3"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 16A&#160;&#160;&#160;&#160;   AUDIT COMMITTEE FINANCIAL EXPERTS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In March </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, the Board of Directors elected the following individuals to the Audit Committee: Liz Hewitt (Audit Committee Chair and financial expert), </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Laurence Debroux</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;(Audit Committee member and financial expert), </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Andreas Fibig (Audit Committee member), Sylvie Gr&#233;goire (Audit Committee member) and Stig Str&#248;b&#230;k (Audit Committee member and employee representative). </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As such, the Audit Committee is comprised of five members elected by the Board of Directors. One member is designated as Chair and two members, including the Chair, are designated as Audit Committee financial experts as defined by the SEC.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">30</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 16A AUDIT COMMITTEE FINANCIAL EXPERTS</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Four members qualify as independent as defined by the SEC and one member relies on an exemption. See item 16D below. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Chair and financial expert, Liz Hewitt, and financial expert, Laurence Debroux, are both independent as defined by the SEC.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><a name="s28822F2B2DA35719B7C8A53655652BB4"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 16B&#160;&#160;&#160;&#160;  CODE OF ETHICS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk has a vision and a set of essentials named the Novo Nordisk Way. The Novo Nordisk Way describes who Novo Nordisk as a company is, where Novo Nordisk wants to go and how its employees work. The Novo Nordisk Way is principle-based and describes corporate essentials and the required values and mindset of employees on business conduct and ethics including a number of the topics required by the Sarbanes&#8211;Oxley Act and the NYSE Listed Company Manual. In addition to the Novo Nordisk Way, a number of guidelines have been established including a Business Ethics Code of Conduct and related business ethics requirements on how to conduct business in Novo Nordisk are outlined. The Novo Nordisk Way and our Business Ethics Code of Conduct apply to all employees in Novo Nordisk including the Chief Executive Officer and Chief Financial Officer.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Novo Nordisk Way and our Business Ethics Code of Conduct may be found on our website at novonordisk.com (the contents of the website are not incorporated by reference into this Form 20-F).</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><a name="s994FA7DB9DF354FBA27D9C7DE59B36EC"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 16C&#160;&#160;&#160;&#160;PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reference is made to Note 5.4 &#8216;Fee to statutory auditors&#8217; in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;regarding fees paid to our statutory auditors.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Statutory Audit Fees</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Statutory audit fees consist of fees billed for the annual audit of the Company&#8217;s Annual Report, the financial statements of the Parent Company, Novo Nordisk A/S, and financial statements of wholly-owned subsidiaries including audit of internal controls over financial reporting (Sarbanes&#8211;Oxley Act, Section 404). The fees also include fees billed for other audit services, which are those services that only the statutory auditor can provide, and include the review of documents filed with the SEC.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Audit-Related Fees</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Fees for audit-related services consist of fees billed for assurance and related services that are related to the performance of the audit or review of the Company&#8217;s social and environmental reporting included in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;and also include consultations concerning financial accounting reporting standards.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Tax Fees</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Fees for tax advisory services include fees billed for tax compliance services, tax consultations, such as assistance and representation in connection with tax audits and appeals and transfer pricing.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Other Fees</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Fees for other services comprise fees billed for other permitted services such as compliance reviews in connection with healthcare laws and regulations and assessment of their impact on the distribution chain, review of IT security plans and preparation of Benchmark reports etc.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Pre-approval policies</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Audit Committee assesses and pre-approves all audit and non-audit services provided by the statutory auditors. The pre-approval includes the type of service and a fee budget. Furthermore, the Audit Committee receives a quarterly update on actual services provided and fees realized.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><a name="sA02CDD26EC975F6187FFBC7D4DCA6814"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 16D&#160;&#160;&#160;&#160;EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk&#8217;s ADRs are listed on the New York Stock Exchange, the corporate governance rules of which require a foreign private issuer such as Novo Nordisk to have an Audit Committee that satisfies the requirements of Rule 10A-3 under the U.S. Securities Exchange Act of 1934, as amended. These requirements include a requirement that the Audit Committee be composed of members that are &#8220;independent&#8221; of the issuer, as defined in the Rule, subject to certain exemptions. Of the current five members of Novo Nordisk&#8217;s Audit Committee</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, four are considered independent and one member relies on an exemption.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Stig Str&#248;b&#230;k is a current employee of Novo Nordisk who has been elected to the Board of Directors by the employees pursuant to the Danish Companies Act (in Danish: "Selskabsloven"). The Danish Companies Act requires any limited liability company with more than 35 employees on average over a three-year period to organize a vote in which the employees are entitled to decide whether they would like employee representation on the Board of Directors. Stig Str&#248;b&#230;k is not an executive officer of Novo Nordisk. Accordingly, his service on the Audit Committee is permissible pursuant to the exemption from the independence requirements provided for by paragraph (b)(1)(iv)(C) of Rule 10A-3. Novo Nordisk does not believe the reliance on such exemption would materially adversely affect the ability of the Audit Committee to act independently and to satisfy the other requirements of the Rule 10A-3.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">31</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="sB33ECB2D70DB5B269B5EC602B4121967"></a></div><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;padding-left:0px;text-indent:0px;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 16E PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</font></div></td></tr></table></div></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 16E&#160;&#160;&#160;&#160;  PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="13"></td></tr><tr><td style="width:44%;"></td><td style="width:1%;"></td><td style="width:11%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:11%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:11%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:15%;"></td><td style="width:1%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Total Number</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">of Shares</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Purchased</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">&#160;(a)*</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Average Price</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Paid per Share</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">in DKK (b)</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Total Number</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">of Shares Purchased</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">as Part of Publicly</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Announced Plans or</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Programs</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">(c)</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Maximum Approximate</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Value of Shares that may</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">yet be purchased under</font></div><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">the Plans or Programs in DKK (d)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">2018 repurchase program</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Status year end 2018**</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">45,842,630</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">300.75</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">45,842,630</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1,212,618,952</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">January 1-31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3,913,282</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">309.87</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">49,755,912</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">13,625</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Total***</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">49,755,912</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">301.47</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">49,755,912</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">13,625</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">2019 repurchase program</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">15,000,000,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 1-28, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,755,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">323.58</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,755,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">14,108,547,940</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">March 1-31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,783,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">334.56</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5,538,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">13,177,474,174</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">April 1-30, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,497,980</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">334.55</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">8,035,980</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">12,341,768,690</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">May 1-31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9,235,524</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">318.88</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">17,271,504</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9,396,779,659</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">June 1-30, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,373,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">335.45</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">19,644,504</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">8,600,750,536</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">July 1-31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3,061,400</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">329.43</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">22,705,904</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7,592,239,435</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">August 1-31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,749,108</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">341.87</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">25,455,012</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6,652,407,946</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">September 1-30, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,657,950</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">350.78</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">28,112,962</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5,720,053,429</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">October 1-31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,698,461</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">353.91</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">30,811,423</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4,765,046,632</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">November 1-30, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">8,837,500</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">379.71</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">39,648,923</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1,409,396,819</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">December 1-31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1,380,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">384.64</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">41,028,923</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">878,598,302</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">41,028,923</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">344.18</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">41,028,923</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">878,598,302</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">*) All shares purchased through a publicly announced program.</font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">**) Shares purchased under </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;repurchase program during </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">***) As of January 31, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, Novo Nordisk had repurchased a total of 49,755,912 B shares equal to a transaction value of DKK 15 billion. The DKK 15 billion share repurchase program announced February 1, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;was thereby concluded.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Note to column (a) and (d)</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Board of Directors has been authorized by the Annual General Meeting to have the Company acquire up to 10% of the share capital at the price quoted at the time of the purchase with a deviation of up to 10%. This authorization is renewed annually at the Annual General Meeting. If the limit of 10% is reached, a number of shares would have to be cancelled before further purchases can be made. The cancellation of shares must be approved by the shareholders.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Under this authorization, a share repurchase program for </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;of DKK 15 billion initiated in February 2018, was completed in January </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. A new share repurchase program for </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;of DKK 15 billion initiated in February </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;was completed in January </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. The shares have been purchased through a bank directly in the market </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">or directly from Novo Holding A/S</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Column (a) shows shares Novo Nordisk purchased as part of our share repurchase program initiated in February </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;(completed in January </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">) and our share repurchase program initiated in February </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Notes to columns (c) and (d)</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In order to maintain capital structure flexibility, the Board of Directors intends to propose at the Annual General Meeting on March 26, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, a reduction in the B share capital, by cancellation of 50 million shares (nominal value DKK 0.20) of current treasury B shares, to DKK </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">362,512,800</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. This would correspond to a 2.08% reduction of the total share capital.</font></div><div><a name="sE8EF1F6DEA435CE89223B210F022AF88"></a></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 16F&#160;&#160;&#160;&#160;  CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">32</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="sFB0492F182C5535296DA4DE4B6A35B03"></a></div><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 16G CORPORATE GOVERNANCE</font></div></td></tr></table></div></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 16G&#160;&#160;&#160;&#160;CORPORATE GOVERNANCE</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk A/S is a public limited company incorporated in Denmark and admitted to trading on Nasdaq Copenhagen. As a result, it follows the applicable Danish Corporate Governance Recommendations </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">issued in November 2017 in respect of its corporate governance practices. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk A/S has ADRs listed on the New York Stock Exchange (the &#8220;NYSE&#8221;) and is therefore required to comply with U.S. securities laws and regulations, including the Sarbanes-Oxley Act and the NYSE Corporate Governance Standards (the &#8220;NYSE Standards&#8221;) applicable to listed companies as described in the NYSE Listed Company Manual&#8217;s section 303A. As a foreign private issuer, Novo Nordisk A/S is permitted to follow the corporate governance practice of its home country in lieu of certain provisions of the NYSE Standards.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk A/S complies with the requirements of the SEC and NYSE except that Novo Nordisk as a &#8220;controlled company&#8221; (a listed company of which more than 50% of the voting power for the election of directors is held by an individual, a group or another company) pursuant to section 303A.00 of the NYSE Listed Company Manual is not obliged to comply with sections 303A.01 (majority independent directors), 303A.04 (nominating/corporate governance committee) and 303A.05 (compensation committee) of the NYSE Listed Company Manual.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Moreover, Novo Nordisk A/S as a foreign private issuer is permitted to follow home country practice in lieu of sections 303A.02 (independence tests), 303A.03 (executive sessions), 303A.07 (audit committee), 303A.08 (shareholder approval of equity compensation plans), 303A.09 (corporate governance guidelines), 303A.10 (code of business conduct and ethics) and 303A.12 (a) (certification requirements).</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Below is a list of practices followed by Novo Nordisk A/S as a foreign private issuer that differ from certain corporate governance requirements under the NYSE Standards:</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Independence requirements</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Under the NYSE Standards, listed companies must have at least a majority of independent directors and no director qualifies as &#8220;independent&#8221; unless the Board of Directors affirmatively determines that the director has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the Company).  </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Under the Danish Corporate Governance Recommendations, at least half of the elected members of the Board of Directors, excluding any members that have been elected by employees of the company, must be independent. Employees are entitled to be represented by half of the total number of Board members elected at the Annual General Meeting.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Under the NYSE Standards a director is not deemed independent if the director is, or has been within the last three years, an employee of the listed company, or an immediate family member is, or has been within the last three years, an executive officer, of the listed company. Rule 303A.02 defines &#8216;listed company&#8217;, for purposes of the independence standards, to include &#8216;any parent or subsidiary in a consolidated group with the listed company or such other company as is relevant to any determination under the independence standards set forth in this Section 303A.02(b)&#8217;.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Four employees have in accordance with the requirements in the Danish Companies Act been elected as board members by the Danish employees of the Company. One board member is an executive of Novo Holding A/S. No other board member or the board member&#8217;s immediate family members have within the last three years been an employee or executive of Novo Nordisk A/S or any parent or subsidiary in a consolidated group with Novo Nordisk A/S or received any fees from Novo Nordisk A/S.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Board has determined whether board members qualify as independent under the Danish Corporate Governance Recommendations. The Board has also determined whether the board members, who are members of the Audit Committee, qualify as independent under Rule 10A-3 in the Securities Exchange Act. Such determination is disclosed in the Annual Report. Further, the Annual Report provides detailed and individual information regarding the board members, but it does not explicitly identify which board members the Board considers independent under the NYSE Standards.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Audit Committee</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Under Section 303A.06 of the NYSE Standards, the Audit Committee in a listed company must be composed entirely of independent directors as set out in section 303A.02 and, in the absence of an applicable exemption, Rule 10A-3(b)(1). </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">At a Board of Directors meeting immediately following the Annual General Meeting the members of the Audit Committee are elected.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Novo Nordisk A/S' Audit Committee has five members. Four of the members satisfy the independence requirements of Rule 10A-3(b)(1) of the Securities Exchange Act and section 303A.02 of the NYSE Listed Company Manual and one member relies on an exemption.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">One Audit Committee member is an employee representative relying on the exemption from the independence requirements in Rule 10A-3(b)(1) provided for by paragraph (b)(1)(iv)(C) of Rule 10A-3. See Item 16D above for further details.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Further, Novo Nordisk&#8217;s Audit Committee, is among other things, responsible for oversight of and reporting to the Board of Directors on the elements described in section 303A.07(b)(i)(A) of the NYSE Listed Company Manual. However, with respect to legal and regulatory requirements, the Audit Committee&#8217;s oversight responsibility only includes oversight of compliance with legal and regulatory requirements relating to business ethics compliance. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">33</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 16G CORPORATE GOVERNANCE</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Remuneration Committee</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Pursuant to the NYSE Standards listed companies must have a compensation committee composed entirely of independent directors. Compensation committee members must satisfy the additional independence requirements specific to compensation committee membership set forth in section 303A.02(a)(ii). The NYSE Standards states that in affirmatively determining the independence of any director who will serve on the compensation committee of the listed company&#8217;s Board of Directors, the Board of Directors must consider all factors specifically relevant </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">to determining whether a director has a relationship to the listed company which is material to that director&#8217;s ability to be independent from management in connection with the duties of a compensation committee member.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As a controlled company, Novo Nordisk A/S is exempt from the requirement to establish a separate compensation committee in the same manner as U.S. companies are. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk A/S has established a Remuneration Committee and</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;at a Board of Directors meeting immediately following the Annual General Meeting the members of the Remuneration Committee are elected. When electing the members, the Board of Directors considers all factors relevant to determine whether the members of the Remuneration Committee have a relationship to the Company which is material to the director&#8217;s ability to be independent from management when performing its duties. At least a majority of the members of a board committee shall qualify as independent as defined by the Danish Corporate Governance Recommendations. Under the Danish Corporate Governance Recommendations, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">two members qualify as non-independent members, including the Chair, and two members qualify as independent </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">members. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Hence, the composition of the Remuneration Committee does not conform to the Danish Corporate Governance Recommendations. This is due to the fact that the Board of Directors finds that it is beneficial for Novo Nordisk A/S that the composition of the Remuneration Committee allows a member from the Chairmanship, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">who is a representative of the main shareholder, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">as well as an employee representative, both of whom qualify as non-independent Board members, to remain on the Remuneration Committee while maintaining an operational structure of the Remuneration Committee with relatively few members.   </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Nomination Committee</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Under the NYSE Standards listed companies must have a nominating/corporate governance committee composed entirely of independent directors, which requirement does not apply to Novo Nordisk A/S as a controlled company. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk A/S has established a Nomination Committee and at a Board of Directors meeting immediately following the Annual General Meeting the members of the Nomination Committee are elected.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;Novo Nordisk A/S' Nomination Committee consists of two members who are independent, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">including the Chair, and two </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">members who are non-independent. A majority of the members of a board committee shall qualify as independent as defined by the Danish Corporate Governance Recommendations. Hence, the composition of the Nomination Committee does not conform to the Danish Corporate Governance Recommendations.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">This is due to the fact that the Board of Directors finds that it is beneficial for Novo Nordisk A/S that the composition of the Nomination Committee allows a representative of the main shareholder, who qualifies as a non-independent board member, as well as an employee representative, who also qualifies as a non-independent board member, to remain on the Nomination Committee while maintaining an operational structure of the Nomination Committee with relatively few members.    </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Equity-compensation plans</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Under Section 303A.08 of the NYSE Standards, shareholders must be given the opportunity to vote on all equity compensation plans and material revisions thereto, with certain limited exceptions. Novo Nordisk&#8217;s Remuneration Principles are approved by the Annual General Meeting and describe the framework for incentive programs for the Board of Directors and Executive Management. All incentive programs offered to the Board and/or Executive Management shall comply with this framework. However, under Danish law, the practice of voting on equity-compensation plans is not contemplated and accordingly, equity compensation plans are only subject to shareholder approval if they result in the issuance of new shares (and not if treasury shares are used).</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Code of business conduct and ethics</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Under Section 303A.10 of the NYSE Standards, listed companies must adopt and disclose a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for directors or executive officers. Novo Nordisk has a global framework of rules and guidelines, including but not limited to the Novo Nordisk Way and a Business Ethics Code of Conduct, which describe the corporate principles on ethical business conduct. See Item 16B. While certain topics mentioned in the NYSE Listed Company Manual are addressed in this framework of rules and guidelines, there may be topics which are not covered.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">CEO certification</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Under Section 303A.12(a) of the NYSE Standards, each listed company's Chief Executive Officer must certify to the NYSE each year that he or she is not aware of any violation by the listed company of NYSE Standards, qualifying the certification to the extent necessary. Novo Nordisk has opted to follow Danish law and regulations which do not contemplate such certifications. However, in accordance with NYSE Standards, Novo Nordisk will notify the NYSE promptly in writing if it becomes aware of any non-compliance with NYSE Standards applicable to the Company.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><a name="sB042A5A40CE557AF8E6D766652B0A3CB"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 16H&#160;&#160;&#160;&#160;MINE SAFETY DISCLOSURE</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Not applicable.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">34</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s7EA6F8735354500E980947CA6EE83C4D"></a></div><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 17 FINANCIAL STATEMENTS</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:20pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:20pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">PART III</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><a name="sB8D2052556225886AEDF9BD441C8F40C"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 17&#160;&#160;&#160;&#160;FINANCIAL STATEMENTS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">See response to Item 18.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><a name="sA5802D9109695B76BE1D26C4C4477F05"></a></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 18&#160;&#160;&#160;&#160;FINANCIAL STATEMENTS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The financial statements required by this item accompany this annual report in the form of our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;(see Item 19).</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Reconciliation of non-IFRS financial measures</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In the Financial statements, Novo Nordisk discloses certain financial measures of the Group&#8217;s financial performance, financial position and cash flows that reflect adjustments to the most directly comparable measures calculated and presented in accordance with IFRS. The inclusion of non-IFRS measures has been expressly permitted by the Danish Business Authorities and thereby exempted from the prohibition in Item 10(e)(1)(ii)(C) of Regulation S-K. However, these non-IFRS financial measures may not be defined and calculated by other companies in the same manner and may thus not be comparable with such measures.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The non-IFRS financial measures presented in our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;are:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:0px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Free cash flow;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:0px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Cash to earnings;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:0px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Operating profit after tax to net operating assets;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:0px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Financial resources; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:0px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Sales growth in constant exchange rates; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:0px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Operating profit growth in constant exchange rates.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Free cash flow</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk defines free cash flow as &#8216;net cash generated from operating activities&#8217; less &#8216;net cash used in investing activities&#8217; excluding net change in marketable securities. Free cash flow is a measur</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">e of the amount of cash generated in the period which is available for the Board to allocate between Novo Nordisk's capital providers, through e.g. dividends, share repurchases and repayment of debt (excl. lease liability repayments) or for retaining in the business to fund future growth. </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Therefore, management believes that this non-IFRS liquidity measure provides useful information to investors in addition to the most directly comparable IFRS financial measure &#8216;Net cash generated from operating activities&#8217;.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">With IFRS 16 'Leases' becoming effective 1 January 2019, lease payments transferred from 'net cash flow from operating activities' to 'cash flow from financing activities' (excluding interest expense). Effective from 1 January 2019, the definition of free cash flow was amended to also deduct the principal repayment on lease lia</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">bilities. Accordingly the implementation of IFRS 16 had a neutral impact on free cash flow. The free cash flow outlook guidance for 2019 on page 22 in our Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;is calculated on the amended definition of free cash flow.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The following table shows a reconciliation of free cash flow to &#8216;Net cash generated from operating activities&#8217;.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="12"></td></tr><tr><td style="width:0%;"></td><td style="width:1%;"></td><td style="width:63%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reconciliation of free cash flow</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK million</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Free cash flow</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">34,451</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">32,536</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">32,588</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">+</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Net purchase of marketable securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,009</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">+</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Net cash used in investing activities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11,509</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">12,080</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6,571</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">+</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Repayment on lease liability</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">822</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">=</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Net cash generated from operating activities</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">46,782</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">44,616</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">41,168</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Cash to earnings</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Cash to earnings is defined as &#8216;free cash flow as a percentage of net profit&#8217;.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Management believes that Cash to earnings is an important performance metric because it measures the Group&#8217;s ability to turn earnings into cash and is, therefore, in the eyes of management a meaningful measure for investors to understand the development of the Group&#8217;s net cash generated from operating and investing activities. Because management wants this measure to capture the ability of the Group&#8217;s operations to generate cash, free cash flow is used as the numerator instead of net cash flow.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The following table shows the reconciliation of Cash to earnings to the most comparable IFRS financial measure &#8216;Cash flow from operating activities/net profit in %&#8217;:</font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">35</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 18 FINANCIAL STATEMENTS</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="12"></td></tr><tr><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:62%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reconciliation of cash to earnings</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK million</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Free cash flow</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">34,451</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">32,536</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">32,588</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Net profit (as reported in the Annual Report)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">38,951</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">38,628</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">38,130</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">=</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Cash to earnings</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">88.4</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">84.2</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">85.5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Net cash generated from operating activities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">46,782</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">44,616</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">41,168</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Net profit (as reported in the Annual Report)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">38,951</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">38,628</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">38,130</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">=</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Cash flow generated from operating activities / net profit in %</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">120.1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">115.5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">108.0</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Operating profit after tax to net operating assets</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Operating profit after tax to net operating assets is defined as &#8216;operating profit after tax (using the effective tax rate) as a percentage of average inventories, receivables, property, plant and equipment, intangible assets and deferred tax assets less non-interest bearing liabilities including provisions and deferred tax liabilities (where average is the sum of above assets and liabilities at the beginning of the year and at year-end divided by two)&#8217;.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Management believes Operating profit after tax to net operating assets is a useful measure in providing investors and management with information regarding the Group&#8217;s performance. The calculation of the financial target Operating profit after tax to net operating assets is a widely accepted measure of earnings efficiency in relation to total capital employed. Management believes that the income level relative to total capital employed, as measured by Operating profit after tax to net operating assets, is an effective measure of increases or decreases, as the case may be, in shareholder value generation.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Solely for the purpose of calculating average net operating assets for 2019, year-end net operating assets for 2018 have been adjusted upwards by DKK 3,778 million to DKK 40,541 million, reflecting the recognition by Novo Nordisk of right-of-use assets of DKK 3,778 million as of 1 January 2019 in accordance with IFRS 16. Comparative figures for 2018 and 2017 have not been restated. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The following table reconciles Operating profit after tax to net operating assets with &#8216;Operating profit/equity in %&#8217;, the most directly comparable IFRS financial measure:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="12"></td></tr><tr><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:62%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reconciliation of Operating profit after tax to net operating assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK million</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Operating profit after tax</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">42,091</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">38,318</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">38,341</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Average net operating assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">42,940</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">32,832</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">26,776</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">=</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Operating profit after tax to net operating assets (as reported in the Annual Report) in %</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">98.0</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">116.7</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">143.2</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td></tr></table></div></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">36</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 18 FINANCIAL STATEMENTS</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:start;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="12"></td></tr><tr><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:62%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK million</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Numerator</font></div><div style="font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reconciliation of Operating profit after tax to Operating profit</font></div><div style="font-size:7pt;"><font style="font-family:Tahoma,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Operating profit after tax</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">42,091</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">38,318</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">38,341</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(1 minus effective tax rate) in %</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">80.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">81.1</font></div></td><td style="vertical-align:bottom;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">78.3</font></div></td><td style="vertical-align:bottom;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">=</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Operating profit (as reported in the Annual Report)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">52,483</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">47,248</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">48,967</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Denominator</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reconciliation of Average non-interest bearing balance sheet items to Equity</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Non-interest bearing balance sheet items at the beginning of the year</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">40,541</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">28,900</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">24,651</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">+</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Non-interest bearing balance sheet items at the end of the year</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">45,339</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">36,763</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">28,900</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">=</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Average non-interest bearing balance sheet items as used in Operating profit after tax to net operating assets*</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">42,940</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">32,832</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">26,776</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Non-interest bearing balance sheet items at the end of the year</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">45,339</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">36,763</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">28,900</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">+</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Investment in associated company</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">474</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">531</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">784</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">+</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Other financial assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1,334</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1,242</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">978</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">+</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Derivative financial instruments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">188</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">204</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,304</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">+</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Cash at bank and in hand</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">15,475</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">15,638</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">18,852</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Borrowings - non-current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(3,009</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Borrowings - current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(1,474</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(515</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(1,694</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Derivative financial instruments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(734</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(2,024</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(309</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">=</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Equity (as reported in the Annual Report)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">57,593</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">51,839</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">49,815</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Operating profit (as reported in the Annual Report)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">52,483</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">47,248</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">48,967</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Equity (as reported in the Annual Report)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">57,593</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">51,839</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">49,815</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">=</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Operating profit/Equity in %</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">91.1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">91.1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">98.3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:6pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">* Average net operating assets for 2019 is calculated based on an adjusted net operating assets for 2018, which has been adjusted by the right-of-use assets of DKK 3,778 million as of 1 January 2019, following the implementation of IFRS 16. As a consequence, the net operating assets for 2018 has been adjusted to DKK 40,541 million for the calculation of the average net operating assets for 2019.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Financial resources</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Financial resources at the end of the year is defined as the sum of cash and cash equivalents at the end of the year, undrawn committed credit facilities less bank overdrafts classified as liabilities arising from financing activities (part of borrowings).</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Management believes that Financial resources is an important measure of the Group&#8217;s financial strength from an investor&#8217;s perspective, capturing the robustness of the Group&#8217;s financial position and its financial preparedness for unforeseen developments.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="12"></td></tr><tr><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:62%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Reconciliation of financial resources </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK million</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Financial resources </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">26,394</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">26,697</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">25,348</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Marketable securities </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Undrawn committed credit facilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(11,578</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(11,574</font></div></td><td style="vertical-align:bottom;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(8,190</font></div></td><td style="vertical-align:bottom;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Borrowings (bank overdrafts)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">595</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">506</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">=</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Cash and cash equivalents at the end of the year (as reported in the Annual report)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">15,411</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">15,629</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">17,158</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">37</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 18 FINANCIAL STATEMENTS</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Sales growth in constant exchange rates</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Sales growth in constant exchange rates is defined as sales for the period measured at the average exchange rates for the same period prior year compared with Net sales for the same period prior year. The effect of changes in exchange rate is excluded. Price adjustments within hyperinflation countries as defined in IAS 29 &#8216;Financial reporting in hyperinflation economies&#8217; are excluded from the calculation to avoid artificial growth in constant exchange rates.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Management believes that the sales growth in constant exchange rates is relevant information for investors in order to understand the underlying development in sales by adjusting for the impact of currency fluctuations.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="12"></td></tr><tr><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:62%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Sales in constant exchange rates</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK million</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Net sales</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">122,021</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">111,831</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">111,696</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">+</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Effect of exchange rate</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(3,923</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5,043</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2,609</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">=</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Sales in constant exchange rates</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">118,098</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">116,874</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">114,305</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Net sales previous year</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">111,831</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">111,696</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">111,780</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">% increase/(decrease) in sales in constant exchange rates</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4.6</font></div></td><td style="vertical-align:bottom;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.3</font></div></td><td style="vertical-align:bottom;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">% increase/(decrease) in sales in reported currencies</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9.1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">0.1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(0.1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Operating profit growth in constant exchange rates</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Operating profit growth in constant exchange rates is defined as operating profit for the period measured at the average exchange rates for the same period prior year compared with Operating profit for the same period prior year. The effect of changes in exchange rates is excluded. Price adjustments within hyperinflation countries as defined in IAS 29 &#8216;Financial reporting in hyperinflation economies&#8217; are excluded from the calculation to avoid artificially inflating growth in constant exchange rates.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Management believes that the operating profit growth in constant exchange rates is relevant information for investors in order to understand the underlying development in operating profit by adjusting for the impact of currency fluctuations.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="12"></td></tr><tr><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:62%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Operating profit in constant exchange rates</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2017</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">DKK million</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Operating profit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">52,483</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">47,248</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">48,967</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">+</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Effect of exchange rate</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(2,607</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3,098</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1,770</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">=</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Operating profit in constant exchange rates</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">49,876</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">50,346</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">50,737</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Operating profit previous year</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">47,248</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">48,967</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">48,432</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">% increase/(decrease) in operating profit in constant exchange rates</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.8</font></div></td><td style="vertical-align:bottom;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4.8</font></div></td><td style="vertical-align:bottom;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">% increase/(decrease) in operating profit in reported currencies</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">11.1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(3.5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:12px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 55 Roman,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">38</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s9608F93E450450069C3314F92238F1C1"></a></div><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;-sec-extract:summary;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;-sec-extract:summary;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 19 EXHIBITS</font></div></td></tr></table></div></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 19&#160;&#160;&#160;&#160;EXHIBITS</font></div><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">A. ANNUAL REPORT</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The following pages from our </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Annual Report </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, furnished to the SEC on Form 6-K, dated February 5, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, are incorporated by reference into this Form 20-F. The content of websites, scientific articles and other sources referenced on these pages are not incorporated by reference into this Form 20-F.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:70%;"></td><td style="width:23%;"></td><td style="width:7%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Page(s) in the Annual Report</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Management Discussion and Analysis</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Introducing Novo Nordisk</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1-7</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Our business</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">8-28</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Pipeline overview</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">14-15</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2019 performance and 2020 outlook</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">20-28</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Managing risk to protect value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">29-31</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Shares and capital structure</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">32-33</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Corporate governance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">34-37</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Board of Directors</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">38-39</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive Management</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">40</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Consolidated Financial Statements</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;padding-left:12px;text-indent:-12px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Consolidated Income statement and Statement of comprehensive income for the years ended 31 December 2019, 2018 and 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">42</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Consolidated Cash flow statement for the years ended 31 December 2019, 2018 and 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">43</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Consolidated Balance sheet as of 31 December 2019 and 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">44</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Consolidated Equity statement at 31 December 2019, 2018 and 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">45</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Notes sections in the Consolidated financial statements</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">46-75</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Companies in the Novo Nordisk Group</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">75</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">39</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;-sec-extract:summary;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">ITEM 19 EXHIBITS</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">B. EXHIBITS</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">List of exhibits:</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:11%;"></td><td style="width:2%;"></td><td style="width:38%;"></td><td style="width:4%;"></td><td style="width:45%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Exhibit No.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Description</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Method of filing</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="http://www.sec.gov/Archives/edgar/data/353278/000117184319002609/f6k_042419.htm"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.1</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Articles of Association of Novo Nordisk A/S</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Incorporated by reference to the Registrant&#8217;s Report furnished to the SEC on Form 6-K on April 25, 2019.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="exhibit21descriptionofther.htm"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2.1</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Description of the rights of each class of securities registered under Section 12 of the Securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Filed together with this Form 20-F</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="http://www.sec.gov/Archives/edgar/data/353278/000162828020001017/novonordiskannualreport2.htm"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">8.1</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Companies in the Novo Nordisk Group</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Incorporated by reference to page 75 of our Annual Report 2019 filed on Form 6-K dated February 5, 2020.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="exhibit121certificationlfj.htm"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">12.1</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Certification of Lars Fruergaard J&#248;rgensen, President and Chief Executive Officer of Novo Nordisk, pursuant to Section 302 of the Sarbanes&#8211;Oxley Act of 2002.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Filed together with this Form 20-F 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="exhibit122certificationkmk.htm"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">12.2</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Certification of Karsten Munk Knudsen, Executive Vice President and Chief Financial Officer of Novo Nordisk, pursuant to Section 302 of the Sarbanes&#8211;Oxley Act of 2002.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Filed together with this Form 20-F 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="exhibit131906certification.htm"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">13.1</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes&#8211;Oxley Act of 2002.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Filed together with this Form 20-F 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="http://www.sec.gov/Archives/edgar/data/353278/000162828020001017/novonordiskannualreport2.htm"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">15.1</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Extracts from Registrant's Annual Report for the fiscal year ended December 31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Incorporated by reference to the portions of Registrant&#8217;s Report furnished to the SEC on Form 6-K on February 5, 2020 identified in Item 19.a of this Form 20-F.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="http://www.sec.gov/Archives/edgar/data/353278/000162828019000870/nnar18ukonline.htm"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">15.2</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Extracts from Registrant's Annual Report for the fiscal year ended December 31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Incorporated by reference to the portions of the Registrant&#8217;s Report furnished to the SEC on Form 6-K on February 4, 2019 identified in Item 19.a of the Form 20-F filed on February 4, 2019.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="exhibit153consentofindepen.htm"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">15.3</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Consent of independent registered public accounting firm.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Filed together with this Form 20-F 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="http://www.sec.gov/Archives/edgar/data/353278/000162828020001017/nvo-20191231.xml"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">EX-101.INS</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">XBRL Instance Document</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Incorporated by reference to the Registrant&#8217;s Report furnished to the SEC on Form 6-K on February 5, 2020.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="http://www.sec.gov/Archives/edgar/data/353278/000162828020001017/nvo-20191231.xsd"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">EX-101.SCH</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">XBRL Taxonomy Extension Schema Document</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Incorporated by reference to the Registrant&#8217;s Report furnished to the SEC on Form 6-K on February 5, 2020.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="http://www.sec.gov/Archives/edgar/data/353278/000162828020001017/nvo-20191231_cal.xml"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">EX-101.CAL</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;padding-top:6px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">XBRL Taxonomy Extension Calculation Linkbase Document</font></div><div style="font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Incorporated by reference to the Registrant&#8217;s Report furnished to the SEC on Form 6-K on February 5, 2020.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="http://www.sec.gov/Archives/edgar/data/353278/000162828020001017/nvo-20191231_def.xml"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">EX-101.DEF</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;padding-top:6px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">XBRL Taxonomy Extension Definition Linkbase Document</font></div><div style="padding-bottom:6px;padding-top:6px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="padding-bottom:6px;padding-top:6px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Incorporated by reference to the Registrant&#8217;s Report furnished to the SEC on Form 6-K on February 5, 2020.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="http://www.sec.gov/Archives/edgar/data/353278/000162828020001017/nvo-20191231_lab.xml"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">EX-101.LAB</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;padding-top:6px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">XBRL Taxonomy Extension Labels Linkbase Document</font></div><div style="padding-bottom:6px;padding-top:6px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="padding-bottom:6px;padding-top:6px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Incorporated by reference to the Registrant&#8217;s Report furnished to the SEC on Form 6-K on February 5, 2020.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8.5pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="http://www.sec.gov/Archives/edgar/data/353278/000162828020001017/nvo-20191231_pre.xml"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">EX-101.PRE</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;padding-top:6px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">XBRL Taxonomy Extension Presentation Linkbase Document</font></div><div style="font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Incorporated by reference to the Registrant&#8217;s Report furnished to the SEC on Form 6-K on February 5, 2020.</font></div></td></tr></table></div></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">40</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Report of Independent Registered Public Accounting Firm</font></div></td></tr></table></div></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </font></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">To the Board of Directors and Shareholders of Novo Nordisk A/S</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Opinions on the Financial Statements and Internal Control over Financial Reporting</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">We have audited the accompanying consolidated balance sheets of Novo Nordisk A/S and its subsidiaries (the &#8220;Company&#8221;) as of December 31, 2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">and 2018,</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">and the related consolidated income statement, statement of comprehensive income, equity statement and cash flow statement for each of the three years in the period ended December 31, 2019, including the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;). We also have audited the Company&#8217;s internal control over financial reporting as of December 31, 2019, based on criteria established in</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Internal Control - Integrated Framework</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">(2013)</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019, based on criteria established in </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Internal Control - Integrated Framework</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;(2013)</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">issued by the COSO.  </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Basis for Opinions</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the Report of Novo Nordisk Management on Internal Control over Financial Reporting appearing under Item 15. Our responsibility is to express opinions on the Company&#8217;s consolidated financial statements and on the Company's internal control over financial reporting based on our audits.  We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.  </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.  Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.  Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Definition and Limitations of Internal Control over Financial Reporting</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  A company&#8217;s internal control over financial reporting includes those policies and procedures that (i)&#160;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii)&#160;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (iii)&#160;provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Critical Audit Matters</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The critical audit matters communicated below</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">are matters</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">41</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Report of Independent Registered Public Accounting Firm</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:italic;">Sales rebates and discounts in the US business</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As described in Notes 2.1 and 3.7 to the consolidated financial statements, sales to various customers in the US can fall under certain commercial and government mandated contracts and reimbursement arrangements, of which the most significant are Managed Care, Medicare, Medicaid and charge-backs to wholesalers. These arrangements gave rise to obligations to provide customers with sales rebates, discounts and allowances which are estimated and provided for when the related sales are recorded and recognised as deductions in sales. The provision for sales rebates and discounts amounted to DKK 30,878 million as of December 31, 2019, of which a significant portion relates to the US business. The estimates of unsettled sales rebate and discount obligations required significant judgement by management, as not all conditions are known at the time of sale. Significant rebates and discounts estimated by management are based on sales volume forecasts, historical experience and specific terms in the individual agreements. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The principal considerations for our determination that performing procedures relating to sales rebates and discounts in the US business is a critical audit matter are there was significant judgement by management due to significant measurement uncertainty in developing these provisions, as the provisions are based on assumptions using sales volume forecasts, historical experience and specific terms in the individual agreements. This in turn led to significant auditor judgement, effort and subjectivity, in applying procedures relating to these assumptions. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to provision for the US Managed Care, Medicare, and Medicaid rebate programs, including controls over the assumptions used to estimate these rebates. These procedures also included, among others, (i) developing an independent estimate of the rebates by utilising third-party information on price and market conditions in the US, the terms of the specific rebate programs, and the historical trend of actual rebate claims paid; (ii) comparing the independent estimate to management&#8217;s estimates; and (iii) testing rebate claims processed by the Company, including evaluating those claims for consistency with the contractual and mandated terms of the Company&#8217;s rebate arrangements.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:italic;">Provision for legal disputes and contingent liabilities</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As described in Note 3.7 to the consolidated financial statements, the provisions for legal disputes are recognised where a legal or constructive obligation has been incurred as a result of past events and it is probable that there will be an outflow of resources that can be reliably estimated. The Company arrives at an estimate based on an evaluation of the most likely outcome and disputes for which no reliable estimate can be made are disclosed as contingent liabilities. The provision for legal disputes recognised in the consolidated financial statements amounted to DKK 2,375 million.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The principal considerations for our determination that performing procedures relating to litigations is a critical audit matter are there was significant judgement by management to estimate the provision for legal disputes by assessing the likelihood of loss being incurred and determining whether a reliable estimate of the loss can be made. Significant judgement is also required by management for disputes for which no reliable estimate can be made which are disclosed as contingent liabilities. This in turn led to significant auditor judgement and subjectivity in evaluating management&#8217;s assessment of the loss contingencies associated with legal disputes. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management&#8217;s evaluation of litigation claims, including controls over determining whether a loss is probable and whether the amount of loss can be reliably estimated, as well as financial statements disclosures. These procedures also included, among others, the discussion of the status of significant known actual and potential litigation with internal legal counsel and obtaining and evaluating confirmations from external legal counsel, evaluating the reasonableness of management&#8217;s assessment regarding whether an unfavorable outcome is probable and reliably estimable, and evaluating the sufficiency of the Company&#8217;s litigation contingency disclosures. </font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/s/ PricewaterhouseCoopers</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Statsautoriseret Revisionspartnerselskab</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Heller</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">up, Denmark&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">February 5, 2020</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">We have served as the Company&#8217;s auditor since 1982.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">42</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s38C2CFD2B9D557E4A49E7469C6520CAF"></a></div><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">SIGNATURES</font></div></td></tr></table></div></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">SIGNATURES</font></div><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">NOVO NORD</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ISK A/S</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:10%;"></td><td style="width:38%;"></td><td style="width:5%;"></td><td style="width:9%;"></td><td style="width:38%;"></td></tr><tr><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/s/ Lars Fruergaard J&#248;rgensen</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">/s/ Karsten Munk Knudsen</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Name:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Lars Fruergaard J&#248;rgensen</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Name:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Karsten Munk Knudsen</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Title:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">President and Chief Executive Officer</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Title:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Executive Vice President and Chief Financial Officer</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Bagsv&#230;rd, Denmark</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Dated: February 5, </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2020</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">43</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk Form 20-F 2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div>	</div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>exhibit21descriptionofther.htm
<DESCRIPTION>EXHIBIT 2.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2020 Workiva -->
		<title>Exhibit</title>
	</head>
	<body><div style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s2ccb7295f70d4b72998f5a16597714e0"></a></div><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Exhibit 2.1</font></div><div style="line-height:120%;padding-top:16px;text-align:right;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:14pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:14pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Description of the rights of each class of securities registered under Section 12 of the Securities Exchange Act of 1934</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">B Shares</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">A. OFFER AND LISTING DETAILS</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Novo Nordisk A/S (the &#8220;Company&#8221;) is a limited liability company organized under the laws of Denmark and registered with the Danish Business Authority under CVR number 24256790. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company has a total share capital of DKK 480,000,000, divided into an A share capital of nominally DKK  107,487,200 and a B share capital of nominally DKK 372,512,800. Each A share of DKK 0.20 carries 200 votes and each B share of DKK 0.20 carries 20 votes at General Meetings of the Company.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company&#8217;s B shares are listed in Denmark on Nasdaq Copenhagen, and traded under the symbol "NOVO-B" and on the New York Stock Exchange (NYSE) as American Depository Receipts (ADRs), traded under the symbol "NVO". Each of the Company&#8217;s A shares and B shares has been fully paid up and is registered, in the case of the A shares, on the Company's Register of Shareholders and, in the case of the B shares, by VP Securities, a central securities depositary in Denmark.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The A shares and the B shares have the rights, preferences and restrictions described below in &#8220;-Memorandum and Articles of Association.&#8221;</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">B. MEMORANDUM AND ARTICLES OF ASSOCIATION</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The following section summarizes certain material provisions of the Company&#8217;s Articles of Association, certain other constitutive documents and relevant Danish corporate law. For further information, see Exhibit 1.1 to this Form 20-F for a translation into the English language of the Articles of Association.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">General</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company&#8217;s objectives are to carry out research and development and to manufacture and commercialize pharmaceutical, medical and technical products and services as well as any other activity related thereto as determined by its Board of Directors. It strives to conduct its activities in a financially, environmentally and socially responsible way. The Company's objectives are set out in Article 2 of its Articles of Association.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Powers of the Board of Directors</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">All members of the Board of Directors have equal voting rights, and all resolutions are passed by a simple majority of votes. However, in the event of a tie, the Chair shall have the casting vote. The Board of Directors forms a quorum when at least a majority of its members is present.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">According to the Danish Companies Act, no member of the Board of Directors or the Executive Management may take part in the consideration of any business involving agreements between any member of the Group and himself, legal actions brought against the individual, or any business involving agreements between any member of the Group and any third party or legal actions brought against any third party, if the individual has a major interest therein that might conflict with the Company&#8217;s interests. The Danish Companies Act also includes restrictions on the Company&#8217;s ability to grant loans or provide security to any member of the Board of Directors or anyone particularly close to such a member of the Board of Directors. The Company's ability to grant loans or provide security is subject to a number of conditions including shareholder approval or delegation of authorization to the Board of Directors by the General Meeting.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The remuneration of the Board of Directors must be approved by the Company&#8217;s shareholders at the Annual General Meeting.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">According to the Company&#8217;s Articles of Association a person cannot be nominated for election or re-election if such person has reached the age of 70 at the time of the General Meeting.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Rights, restrictions and preferences attaching to the shares</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">If the shareholders at an Annual General Meeting approve a recommendation by the Board of Directors to pay dividends, dividends shall be distributed as follows: a priority dividend of 0.5% to the holders of A shares and then up to a dividend of 5% to the holders of B shares. Any distribution of additional dividends shall be subject to the provision that the holders of A shares shall never receive a total dividend exceeding the percentage rate of the dividend paid to the holders of B shares. A shares take priority for dividends below 0.5%. B shares take priority for dividends between 0.5% and 5%. However, in practice, A shares and B shares receive the same amount of dividends per share of DKK 0.01. Dividends on A shares shall be remitted to the shareholders at the addresses entered in the Company's Register of Shareholders as at the date of the Annual General Meeting. Dividends on B shares shall be paid with fully discharging effect for the Company through a central securities depository and an account-holding bank to shareholders registered by VP Securities at the time of payment.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Board of Directors has been granted authority to distribute extraordinary dividends. This authority is included in the Articles of Association of the Company. Hence the Board of Directors has been granted authority to pay interim dividends without obtaining specific approval from the Annual General Meeting. Any Board resolution to pay extraordinary dividends must be accompanied by a balance sheet showing that sufficient funds are available for distribution. An authorized auditor must review the balance sheet.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">&#160;Exhibit 2.1 2019 - Novo Nordisk </font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Subject to the preference mechanism described above, the A shares and the B shares rank as equal in the event of a return on capital by the Company. Upon a winding-up, liquidation or otherwise, the B shares rank ahead of the A shares with regard to payment of each share&#8217;s nominal amount. All shares rank as equal in respect of further distributions from a winding-up.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Each A share of DKK 0.20 carries 200 votes and each B share of DKK 0.20 carries 20 votes at General Meetings. A shares are non-negotiable instruments whereas B shares are negotiable instruments.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The holders of A shares have a pro-rata right of first refusal with regard to any A shares sold by another shareholder. However, currently all A-shares are owned by Novo Holdings A/S and cannot be divested.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The share capital has been fully paid up and shareholders are not liable to further capital calls by the Company. No shareholder shall be obliged to have his shares redeemed in whole or in part. There is no sinking fund provision in the Articles of Association. There is no provision in the Articles of Association discriminating against any existing or prospective holder of such securities as a result of such shareholder owning a substantial number of shares. The members of the Board of Directors do not stand for reelection at staggered intervals and there is no cumulative voting arrangement.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Changes in shareholders&#8217; rights</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Changes in the rights of holders of A shares or B shares require an amendment of the Articles of Association. Unless stricter requirements are made under the Danish Companies Act for any such resolution to be passed, (i) at least 2/3 of the total number of votes in the Company shall be represented at the General Meeting, and (ii) at least 2/3 of the votes cast and of the voting share capital shall vote in favor of such a resolution. If the quorum requirement in (i) is not fulfilled, the Board of Directors shall within two weeks convene another General Meeting at which the resolution may be passed irrespective of the number of votes represented.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">General Meetings</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company&#8217;s General Meetings shall be held at a venue in the Capital Region of Denmark. The Annual General Meeting shall be held before the end of April in every year. Extraordinary General Meetings shall be held as resolved by the General Meeting or the Board of Directors, or upon the request of the auditors or shareholders representing in total at least 5% of the&#160;share capital. The Extraordinary General Meeting shall then be called not later than two weeks after receipt of such request.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">General Meetings shall be called by the Board of Directors not earlier than five weeks and not later than three weeks prior to the General Meeting. The notice calling such General Meeting, stating the agenda for the meeting, shall be published on the Company&#8217;s website: novonordisk.com (the contents of this website are not incorporated by reference into this Form 20-F). The notice convening the meeting shall also be forwarded by mail or by email in writing to all shareholders entered in the Register of Owners who have so requested.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">A shareholder&#8217;s right to attend and vote at a General Meeting shall be determined by the shares or ADRs which such shareholder owns at the applicable record date. The Danish record date is one week prior to the General Meeting. Any shareholder who is entitled to attend the General Meeting is required to apply for an admission card to such General Meeting no later than three days prior to the date of such General Meeting. ADR holders who wish to attend the General Meeting in Denmark should contact Investor Relations, via e-mail to IRofficer@novonordisk.com.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The shares held by each shareholder at the Danish record date shall be calculated based on the registration of the shareholder&#8217;s shares in the Register of Owners as well as any notification received by the Company with respect to registration of shares in the Register of Owners, which have not yet been entered in the Register of Owners.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Ownership restrictions</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">There are no limitations on the rights of non-resident or foreign owners to hold or vote the shares imposed by the laws of Denmark, the Company&#8217;s Articles of Association, or any other of its constituent documents.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Change of control</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">There is no provision in the Articles of Association, nor any other constituent document, that would have an effect of delaying, deferring or preventing a change in control of the Company and that would operate only with respect to a merger, acquisition or corporate restructuring involving the Company (or any of its subsidiaries). However, based on the current shareholder structure, the voting rights held by holders of A shares outlined above afford the Novo Nordisk Foundation, acting through its wholly-owned subsidiary Novo Holdings A/S, to have veto power against any change of control.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Ownership disclosure</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">According to the Danish Capital Markets Act and the Danish Companies Act, shareholders of the Company must notify the Danish Financial Supervisory Authority and the Company of their ownership if they own 5% or more of the voting rights or share capital. Also, shareholders must notify changes in holdings if thresholds of 5%, 10%, 15%, 20%, 25%, 50%, 90% or 100% and 1/3 and 2/3 of the voting rights or share capital are crossed.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">Changes in capital</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company&#8217;s Articles of Association do not contain conditions governing changes in the capital more stringent than those contained in the Danish Companies Act.</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">There are no limitations on the right of non-resident or foreign owners to hold or vote the B shares or the ADRs imposed by the laws of Denmark or the Articles of Association of the Company.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:11pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:11pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">American Depositary Shares</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company&#8217;s American Depositary Receipts (ADR) program is administered by J.P. Morgan Depositary Receipts Group, JPMorgan Chase Bank, N.A., 383 Madison Avenue, Floor 11, New York, NY 10179, United States (the &#8220;Depositary&#8221;). ADRs evidence American Depositary </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">&#160;Exhibit 2.1 2019 - Novo Nordisk </font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Shares (&#8220;ADSs&#8221;) issuable by the Depositary pursuant to the terms of the Amended and Restated Deposit Agreement (the &#8220;Deposit Agreement&#8221;), the form of which is attached as an exhibit to the registration statement on Form F-6 filed by the Company with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) on March 2, 2017 (File No. 333-192740).</font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Each ADS currently represents one deposited Novo Nordisk B share. The ADS to share ratio is subject to amendment as provided in the form of ADR (which may give rise to fees contemplated by the form of ADR, which is attached to the Deposit Agreement). In the future, each ADS will also represent any securities, cash or other property deposited with the Depositary but which has not been distributed directly to ADS holders (together with any deposited shares, the &#8220;Deposited Securities&#8221;). </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">For the purposes of the following description, &#8220;Holders&#8221; refers to the registered ADS holders. ADSs may be held either directly or indirectly through a broker or other financial institution. If an ADS holder holds their ADSs directly, they will be a registered ADS holder. If an ADS is held indirectly, the relevant holder must rely on the procedures of their broker or other financial institution to assert the rights of ADS holders described below. Such holders should consult with their broker or financial institution to find out what those procedures are.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;&#160;&#160;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">A. SHARE DIVIDENDS AND OTHER DISTRIBUTIONS</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company may make various types of distributions with respect to its securities. To the extent practicable, the Depositary will deliver such distributions to each Holder entitled thereto, in proportion to their interests, on the record date set by the Depositary, in the following manner:</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Cash</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.  The Depositary will distribute any U.S. dollars available to it resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution or portion thereof on an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such distribution being impermissible or impracticable with respect to certain Holders, and (iii) deduction of the Depositary's and/or its agents' fees and expenses in (1) converting any foreign currency to U.S. dollars by sale or in such other manner as the Depositary may determine to the extent that it determines that such conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the Depositary may determine to the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost and within a reasonable time and (4) making any sale by public or private means in any commercially reasonable manner. </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Shares</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.  In the case of a distribution in shares, the Depositary will issue the number of ADSs representing such shares. Only whole ADSs will be issued. Any shares which would result in fractional ADSs will be sold and the net proceeds will be distributed in the same manner as cash to the ADR holders entitled thereto. </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Rights.  </font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Depositary will distribute warrants or other instruments in the discretion of the Depositary representing rights to acquire additional ADRs in respect of any rights to subscribe for additional shares or rights of any nature available to the Depositary as a result of a distribution on Deposited Securities, to the extent that the Company timely furnishes to the Depositary evidence satisfactory to the Depositary that the Depositary may lawfully distribute the same (the Company has no obligation to so furnish such evidence)</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;However, to the extent the Company does not timely furnish such evidence, the Depositary may:</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#160;</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:72px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">i.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">sell such rights if practicable and distribute the net proceeds from the sale of such rights in the same manner as cash&#894; or</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:96px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:72px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ii.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">if it is not practicable to sell the rights by reason of the non-transferability of such rights, limited markets therefor, their short duration or otherwise, do nothing (and allow such rights to lapse).</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:96px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Other Distributions</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. In the case of a distribution of securities or property other than those described above, the Depositary may either (i) distribute such securities or property in any manner it deems equitable and practicable or (ii) to the extent the Depositary deems distribution of such securities or property not to be equitable and practicable, sell such securities or property and distribute the net proceeds in the same way it distributes cash. </font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Depositary is not responsible if it fails to determine that any distribution or action is lawful or reasonably practicable.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">There can be no assurance that the Depositary will be able to convert any currency at a specified exchange rate or sell any property, rights, shares or other securities at a specified price, nor that any of such transactions can be completed within a specified time period.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Depositary reserves the right to utilize a division, branch or affiliate of the Depositary to direct, manage and/or execute any public and/or private sale of securities under the Deposit Agreement. Such division, branch and/or affiliate may charge the Depositary a fee in connection with such sales, which fee is considered an expense of the Depositary. All purchases and sales of securities will be handled by the Depositary in accordance with its then current policies, which are currently set forth in the "Depositary Receipt Sale and Purchase of Security" section of https://www.adr.com/Investors/FindOutAboutDRs, the location and contents of which the Depositary shall be solely responsible for.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">B. ISSUANCE, WITHDRAWAL AND CANCELLATION</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Upon each deposit of shares or evidence of rights to receive shares, receipt of related delivery documentation and compliance with the other provisions of the Deposit Agreement, including the payment of the fees and charges of the Depositary and any taxes or other fees or charges owing, the Depositary will issue an ADR or ADRs in the name or upon the order of the person entitled thereto evidencing the number of ADSs to which such person is entitled. Shares deposited must be accompanied by certain delivery documentation and shall, at the time of such deposit, be registered in the name of JPMorgan Chase Bank, N.A., as depositary for the benefit of holders of ADRs or in </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">3</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">&#160;Exhibit 2.1 2019 - Novo Nordisk </font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">such other name as the Depositary shall direct. All of the ADSs issued will, unless specifically requested to the contrary, be part of the Depositary's direct registration system, and a registered holder will receive periodic statements from the Depositary which will show the number of ADSs registered in such holder's name. An ADR holder can request that the ADSs not be held through the Depositary's direct registration system and that a certificated ADR be issued. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In its capacity as Depositary, the Depositary shall not lend shares or ADSs.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Upon surrender for cancellation of (i) a certificated ADR in form satisfactory to the Depositary at the Depositary&#8217;s office or (ii) proper instructions and documentation in the case of a direct registration ADR, the Depositary will, upon payment of certain applicable fees, charges and taxes, deliver the underlying shares to the Holder or upon the Holder&#8217;s written order. Delivery of deposited securities in certificated form will be made at the custodian's office. At the Holder&#8217;s risk, expense and request, the Depositary may deliver deposited securities at such other place as the Holder may request. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">C. TRANSFER</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ADRs are transferable on the ADR register and may be split into other ADRs or combined with other ADRs into one ADR, evidencing the aggregate number of ADSs surrendered for split-up or combination, by the Holder thereof or by duly authorized attorney upon surrender of the relevant ADR upon delivery to the Depositary of proper instruments of transfer and duly stamped as may be required by applicable law; provided that the Depositary may close the ADR register at any time or from time to time when deemed expedient by it or, in the case of the issuance book portion of the ADR register, when reasonably requested by the Company solely in order to enable the Company to comply with applicable law. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated ADR with a direct registration ADR, or vice versa, execute and deliver a certificated ADR or a direct registration ADR, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the certificated ADR or direct registration ADR, as the case may be, substituted.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">D. RECORD DATES</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Depositary may fix a record date (which, to the extent applicable, shall be as near as practicable to any corresponding record dates set by the Company) for the determination of the Holders who shall be entitled or obligated:</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">to receive any distribution on or in respect of Deposited Securities;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">to give instructions for the exercise of any voting rights; </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">to pay the fee assessed by the Depositary for administration of the ADR program and for any expenses as provided for in the ADR;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">to receive any notice or to act in respect of other matters, all subject to the provisions of the Deposit Agreement.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">E. VOTING RIGHTS</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As soon as practicable after receipt from the Company of notice of any meeting or solicitation of consents or proxies of holders of shares or Deposited Securities, the Depositary shall distribute to Holders</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">a notice stating (a) such information as contained in such notice and any solicitation materials, (b) that each Holder on the record date set by the Depositary therefor will, subject to any applicable provisions of Danish law, be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by the ADSs evidenced by such Holder's ADRs and (c) the manner in which such instructions may be given, including instructions for giving a discretionary proxy to a person designated by the Company. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Upon receipt of instructions of a Holder on such record date in the manner and on or before the date established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable and permitted under the provisions of or governing Deposited Securities to vote or cause to be voted the Deposited Securities represented by the ADSs evidenced by such Holders'</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">ADRs in accordance with such instructions. The Depositary will not itself exercise any voting discretion in respect of any Deposited Securities. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder's ADSs, the Depositary will deem such Holder (unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items set forth in such voting instructions. Deposited Securities represented by ADSs for which no timely voting instructions are received by the Depositary from the Holder shall not be voted. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">There is no guarantee that Holders generally or any Holder in particular will receive the notice described above with sufficient time to enable such Holder to return any voting instructions to the Depositary in a timely manner.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by law or regulations, or by the requirement of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of consents or proxies from, Holders, distribute to the Holders</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">a notice that provides Holders</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials upon request (</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">i.e</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">., by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials). Holders are strongly encouraged to forward their voting instructions as soon as possible. Voting instructions will not be deemed received until such time as the ADR department responsible for proxies and voting has received such instructions, notwithstanding that such instructions may have been physically received by the Depositary prior to such time.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">&#160;Exhibit 2.1 2019 - Novo Nordisk </font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">F. REPORTS AND OTHER COMMUNICATIONS</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Depositary will make available for inspection by Holders at the offices of the Depositary and of the custodian the Deposit Agreement, the provisions of or governing Deposited Securities, and any written communications from the Company, which are both received by the custodian or its nominee as a holder of Deposited Securities and made generally available to the holders of Deposited Securities.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Additionally, the Depositary will distribute copies of such communications (or English translations or summaries thereof) to Holders when furnished by the Company.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">G. FEES AND EXPENSES</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Depositary may charge, and collect from, (i) each person to whom ADSs are issued, including, without limitation, issuances against deposits of shares, issuances in respect of share distributions, rights and other distributions, issuances pursuant to a stock dividend or stock split declared by the Company or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the ADSs or Deposited Securities, and (ii) each person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason, up to U.S. $5.00 for each 100 ADSs (or portion thereof) issued, delivered, reduced, cancelled or surrendered (as the case may be). The Depositary may sell (by public or private sale) sufficient securities and property received in respect of a share distribution, rights and/or other distribution prior to such deposit to pay such charge.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The following additional charges shall be incurred by the Holders, by any party depositing or withdrawing shares or by any party surrendering ADSs and/or to whom ADSs are issued (including, without limitation, issuances pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the ADSs or the Deposited Securities or a distribution of ADSs), whichever is applicable:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">a fee of U.S. $0.05 or less per ADS for any cash distribution made pursuant to the Deposit Agreement&#894;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">a fee of U.S. $1.50 per ADR(s) for transfers of certificated or direct registration ADRs;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">an aggregate fee of U.S. $0.05 or less per ADS per calendar year (or portion thereof) for services performed by the Depositary in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against Holders as of the record date or record dates set by the Depositary during each calendar year and shall be payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends or other cash distributions&#894;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">a fee for the reimbursement of such fees, charges and expenses as are incurred by the Depositary and/or any of its agents (including, without limitation, the custodian and expenses incurred on behalf of Holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in connection with the servicing of the shares or other Deposited Securities, the sale of securities (including, without limitation, deposited securities), the delivery of Deposited Securities or otherwise in connection with the Depositary's or its custodian's compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against Holders as of the record date or dates set by the Depositary and shall be payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends or other cash distributions)&#894; and</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">a fee for the distribution of securities or the sale of securities in connection with a distribution, such fee being in an amount equal to the fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such securities (treating all such securities as if they were shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the Depositary to those Holders entitled thereto&#894;</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Company will pay all other charges and expenses of the Depositary and any agent of the Depositary (except the custodian) pursuant to agreements from time to time between the Company and the Depositary, except:</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">stock transfer or other taxes and other governmental charges (which are payable by Holders or persons depositing shares)&#894;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">SWIFT, cable, telex and facsimile transmission and delivery charges incurred at the request of persons depositing, or Holders delivering shares, ADRs or Deposited Securities (which are payable by such persons or Holders)&#894;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">transfer or registration fees for the registration of transfer of Deposited Securities on any applicable register in connection with the deposit or withdrawal of Deposited Securities (which are payable by persons depositing shares or Holders withdrawing Deposited Securities)&#894; and</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">in connection with the conversion of foreign currency into U.S. dollars, the Depositary shall deduct out of such foreign currency the fees, expenses and other charges charged by it and/or its agent (which may be a division, branch or affiliate) so appointed in connection with such conversion. The Depositary and/or its agent may act as principal for such conversion of foreign currency. Such charges may at any time and from time to time be changed by agreement between the Company and the Depositary. </font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Depositary anticipates reimbursing the Company for certain expenses incurred by the Company that are related to the establishment and maintenance of the ADR program upon such terms and conditions as the Company and the Depositary may agree from time to time. The Depositary may make available to the Company a set amount or a portion of the depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as the Company and the Depositary may agree from time to time.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The right of the Depositary to receive payment of fees, charges and expenses survives the termination of the Deposit Agreement, and shall extend for those fees, charges and expenses incurred prior to the effectiveness of any resignation or removal of the Depositary.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">5</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">&#160;Exhibit 2.1 2019 - Novo Nordisk </font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">H. TAXES</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Holders must pay any tax or other governmental charge payable by the custodian or the Depositary on any ADS or ADR, Deposited Security or distribution. If any tax or other governmental charges (including any penalties and/or interest) shall become payable by or on behalf of the custodian or the Depositary with respect to any ADR, any Deposited Securities represented by the ADSs evidenced thereby or any distribution thereon, such tax or other governmental charge shall be paid by the Holder hereof to the Depositary and by holding, or having held, an ADR the Holder and all prior Holders thereof jointly and severally agree to indemnify, defend and save harmless each of the Depositary and its agents in respect thereof. The Depositary may also refuse to effect any registration, registration of transfer, split-up or combination of any ADR, or any withdrawal of Deposited Securities, until such payment is made. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">If the Depositary determines that any distribution in property other than cash (including shares or rights) on Deposited Securities is subject to any tax that the Depositary or the custodian is obligated to withhold, the Depositary may dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the Holders entitled thereto.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Holders of any ADR or any interest therein, agree to indemnify the Company, the Depositary, the custodian and any of their respective directors, employees, agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">I. RECLASSIFICATIONS, RECAPITALIZATIONS AND MERGERS</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In the event of changes affecting the Deposited Securities, including (i) any change in par value, split-up, consolidation, cancellation or other reclassification of Deposited Securities, (ii) any distributions of shares or other property not made to Holders or (iii) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all the assets of the Company, then the Depositary may in its discretion:</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">amend the form of ADR&#894;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">distribute additional or amended ADRs&#894;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">distribute cash, securities or other property received by it in connection with such actions;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">sell any securities or property received and distribute the proceed as cash; or</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">choose to do none of the above.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">If the depositary chooses not to take any of the above actions, any of the cash, securities or other property it receives will constitute a part of the Deposited Securities and each ADS will then represent a proportionate interest in such property.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">J. AMENDMENT AND TERMINATION</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The ADRs and the Deposit Agreement may be amended by the Company and the Depositary, provided that any amendment that imposes or increases any fees or charges (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that shall otherwise prejudice any substantial existing right of Holders, shall become effective 30 days after notice of such amendment shall have been given to the Holders. If an ADR holder continues to hold an ADR or ADRs after being so notified, such ADR holder shall be deemed, by continuing to hold such ADR, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of any ADR holder to surrender such ADR and receive the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act of 1933 or (b) the ADSs or shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders. Notwithstanding the foregoing, if any governmental body or regulatory body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement or the form of ADR to ensure compliance therewith, we and the Depositary may amend or supplement the Deposit Agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Notice of any amendment to the Deposit Agreement or form of ADRs shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders to retrieve or receive the text of such amendment (</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">i.e.</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, upon retrieval from the SEC's website or upon request from the Depositary).</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Depositary may, and shall at the Company&#8217;s written direction, terminate the Deposit Agreement and the ADRs by mailing notice of such termination to the Holders at least 30 days prior to the date fixed in such notice for such termination&#894; provided, however, if the Depositary shall have (i) resigned as depositary under the Deposit Agreement, notice of such termination by the Depositary shall not be provided to Holders unless a successor depositary shall not be operating under the Deposit Agreement within 45 days of the date of such resignation, and (ii) been removed as depositary under the Deposit Agreement, notice of such termination by the Depositary shall not be </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">6</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">&#160;Exhibit 2.1 2019 - Novo Nordisk </font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">provided to Holders unless a successor depositary shall not be operating under the Deposit Agreement on the 90</font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><sup style="vertical-align:top;line-height:120%;font-size:pt">th</sup></font><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#32;day after the Company&#8217;s notice of removal was first provided to the Depositary.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">After the date so fixed for termination, the Depositary and its agents will perform no further acts under the Deposit Agreement or the ADRs, except to receive and hold (or sell) distributions on Deposited Securities and deliver Deposited Securities being withdrawn. As soon as practicable after the expiration of six months from the date so fixed for termination, the Depositary shall sell the Deposited Securities and shall thereafter (as long as it may lawfully do so) hold in a segregated account the net proceeds of such sales, together with any other cash then held by it under the Deposit Agreement, without liability for interest, in trust for the pro rata benefit of the Holders not theretofore surrendered. After making such sales, the Depositary shall be discharged from all obligations in respect of the Deposit Agreement and the ADRs, except to account for such net proceeds and other cash. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">K. LIMITATIONS ON OBLIGATIONS AND LIABILITY </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Prior to the issue, registration, registration of transfer, split-up, combination, or cancellation of any ADR, the delivery of any distribution in respect thereof, or the withdrawal of any Deposited Securities, and from time to time in the case of the production of proofs as described below, the Company, the Depositary or the custodian may require:</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">payment with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the registration of transfers of shares or other Deposited Securities upon any applicable register and (iii) any applicable fees and expenses described in the Deposit Agreement&#894;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">the production of proof satisfactory to it of (i) the identity of any signatory and genuineness of any signature and (ii) such other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance with applicable law, regulations, provisions of or governing Deposited Securities and terms of the Deposit Agreement and the ADRs, as it may deem necessary or proper&#894; and</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">compliance with such regulations as the Depositary may establish consistent with the Deposit Agreement.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The issuance of ADRs, the acceptance of deposits of shares, the registration, registration of transfer, split-up or combination of ADRs or the withdrawal of Deposited Securities may be suspended, generally or in particular instances, when the ADR register or any register for Deposited Securities is closed or when any such action is deemed advisable by the Depositary.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Deposit Agreement expressly limits the obligations and liability of the Depositary, the Company and their respective agents, provided, however, that no disclaimer of liability under the Securities Act of 1933 is intended by any of the limitations of liabilities provisions of the Deposit Agreement. The Deposit Agreement provides that each of the Company, the Depositary and their respective agents will:</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">incur no liability if any present or future law, rule, regulation, fiat, order or decree of the United States, Denmark or any other country or jurisdiction, or of any governmental or regulatory authority or any securities exchange or market or automated quotation system, the provisions of or governing any Deposited Securities, any present or future provision of the Company&#8217;s Articles of Association, any act of God, war, terrorism, nationalization, expropriation, currency restrictions, work stoppage, strike, civil unrest, revolutions, rebellions, explosions, computer failure or circumstance beyond the Company&#8217;s, the Depositary's or their respective agents' direct and immediate control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with, any act which the Deposit Agreement or the ADRs provide shall be done or performed by the Company, the Depositary or their respective agents (including, without limitation, voting)&#894;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">incur no liability by reason of any exercise or failure to exercise discretion under the Deposit Agreement or the ADRs (including, without limitation, any failure to determine that any distribution or action may be lawful or reasonably practicable)&#894;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">assume no liability except to perform its obligations to the extent they are specifically set forth in the Deposit Agreement and the ADRs without gross negligence or willful misconduct&#894;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">in the case of the Depositary and its agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or the ADRs&#894;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">in the case of the Company and its agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or the ADRs, which in the Company&#8217;s or its agent&#8217;s opinion, as the case may be, may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required&#894; and</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">not be liable for any action or inaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting shares for deposit, any Holder, or any other person believed by it to be competent to give such advice or information.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or settlement system. Furthermore, the Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any custodian that is not a branch or affiliate of the Depositary. The Depositary shall not have any liability for the price received in connection with any sale of securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed sale. Notwithstanding anything to the contrary contained in the Deposit Agreement or any ADRs, the Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the custodian except to the extent that the custodian has (i) committed fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the custodian is located. The Depositary, its agents and the Company may rely and shall </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">&#160;Exhibit 2.1 2019 - Novo Nordisk </font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">be protected in acting upon any written notice, request, direction, instruction or document believed by them to be genuine and to have been signed, presented or given by the proper party or parties. The Depositary shall be under no obligation to inform Holders or any other holders of an interest in any ADSs about the requirements of Danish law, rules or regulations or any changes therein or thereto. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Neither the Depositary nor its agents will be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, for the manner in which any such vote is cast or for the effect of any such vote. The Depositary may rely upon instructions from the Company or its counsel in respect of any approval or license required for any currency conversion, transfer or distribution. The Depositary and its agents may own and deal in any class of securities of the Company and its affiliates and in ADRs. Notwithstanding anything to the contrary set forth in the Deposit Agreement or any ADR, the Depositary and its agents may fully respond to any and all demands or requests for information maintained by or on its behalf in connection with the Deposit Agreement, any Holder or any ADRs to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators. None of the Depositary, the custodian or the Company shall be liable for the failure by any Holder or beneficial owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such [Holder&#8217;s] or beneficial owner&#8217;s income tax liability. The Depositary and the Company shall not incur any liability for any tax or tax consequences that may be incurred by Holders and beneficial owners on account of their ownership of the ADRs or ADSs. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Depositary shall not incur any liability for the content of any information submitted to it by or on behalf of the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities, for the creditworthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary. Neither the Depositary nor the Company nor any of their respective agents shall be liable to Holders or beneficial owners of interest in ADSs for any indirect, special, punitive or consequential damages (including, without limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may be brought.  No disclaimer of liability under the Securities Act of 1933 is intended by any provision of the Deposit Agreement or the ADRs.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">L. DISCLOSURE OF INTEREST IN ADSs</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">To the extent that the provisions of or governing any Deposited Securities may require disclosure of or impose limits on beneficial or other ownership of Deposited Securities, other shares and other securities and may provide for blocking transfer, voting or other rights to enforce such disclosure or limits, Holders and all persons holding ADRs agree to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable instructions the Company may provide in respect thereof. The Company reserves the right to instruct Holders to deliver their ADSs for cancellation and withdrawal of the Deposited Securities so as to permit the Company to deal with the Holder directly as a holder of shares and Holders agree to comply with such instructions. The Depositary agrees to cooperate with the Company in its efforts to inform Holders of the Company's exercise of its rights under this paragraph and agrees to consult with, and provide reasonable assistance without risk, liability or expense on the part of the Depositary, to the Company on the manner or manners in which it may enforce such rights with respect to any Holder. The Company may from time to time request Holders or beneficial owners of an interest in ADRs to provide information as to the capacity in which such Holders own or owned ADRs and regarding the identity of any other persons then or previously having a beneficial interest in such ADRs and the nature of such interest and various other matters. Each Holder agrees to provide any information requested by the Company or the Depositary pursuant to the Deposit Agreement. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">M. Books of Depositary</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Depositary or its agent will keep a register for the registration, registration of transfer, combination and split-up of ADRs, which register shall include the Depositary&#8217;s direct registration system. Registered holders of ADRs may inspect such records at the Depositary&#8217;s office at all reasonable times, but solely for the purpose of communicating with Holders in the interest of the Company or a matter relating to the Deposit Agreement. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Depositary will maintain facilities for the delivery and receipt of ADRs. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">N. APPOINTMENT</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Each Holder and each person holding an interest in ADSs, upon acceptance of any ADSs or (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement will be deemed for all purposes to:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s); and</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8.5pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">O. GOVERNING LAW</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The Deposit Agreement and this ADR shall be governed by and construed in accordance with the laws of the State of New York. </font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">By holding an ADS or an interest therein, Holders and owners of ADSs each irrevocably agree that any legal suit, action or proceeding against or involving the Company or the Depositary, arising out of or based upon the Deposit Agreement, the ADSs or the transactions contemplated therein, may only be instituted in a state or federal court in New York, New York, and by holding an ADS or an interest </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">8</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">&#160;Exhibit 2.1 2019 - Novo Nordisk </font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#001965;font-style:normal;font-weight:bold;text-decoration:none;">P. JURY TRIAL WAIVER</font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR THE AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ADRs) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED THEREIN, OR THE BREACH THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:75%;"></td><td style="width:25%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #0094ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:7pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:7pt;color:#001965;font-style:normal;font-weight:normal;text-decoration:none;">&#160;Exhibit 2.1 2019 - Novo Nordisk </font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:8.5pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:8.5pt;"><br></font></div></div>	</div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>3
<FILENAME>exhibit121certificationlfj.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2020 Workiva -->
		<title>Exhibit</title>
	</head>
	<body><div style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s702D8954D5A5504199EA9A8D9E9A1B54"></a></div><div><div style="line-height:120%;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:174%;padding-bottom:2px;text-align:right;text-indent:0px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Exhibit 12.1</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:16px;text-align:left;text-indent:0px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;font-weight:bold;">Certification on the effectiveness of disclosure controls and procedures in Form 20-F for 2019</font></div><div style="line-height:120%;text-align:left;text-indent:0px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:0px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">I, Lars Fruergaard J&#248;rgensen, certify that:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">I have reviewed this annual report on Form 20-F of Novo Nordisk A/S;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">The company&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have: </font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">(a) &#160;&#160;&#160;&#160;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">(b) &#160;&#160;&#160;&#160;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">(c) &#160;&#160;&#160;&#160;Evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">(d) &#160;&#160;&#160;&#160;Disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting; and </font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">The company&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&#8217;s auditors and the audit committee of the company&#8217;s board of directors (or persons performing the equivalent functions): </font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">(a) &#160;&#160;&#160;&#160;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company&#8217;s ability to record, process, summarize and report financial information; and </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">(b) &#160;&#160;&#160;&#160;Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#8217;s internal control over financial reporting. </font></div><div style="line-height:120%;text-align:left;text-indent:0px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:0px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:0px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Date: February 5, 2020&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:0px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:0px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:0px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:49.317738791423%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:86%;"></td><td style="width:14%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">/s/ Lars Fruergaard J&#248;rgensen</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Lars Fruergaard J&#248;rgensen</font></div><div style="padding-bottom:2px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">President and Chief Executive Officer</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div><br></div><div><div style="line-height:120%;text-align:left;text-indent:0px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Novo Nordisk A/S&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:8pt;">Novo All&#233;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Telephone:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Internet:</font></div><div style="line-height:120%;text-align:left;text-indent:144px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2880 Bagsv&#230;rd&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;+45 4444 8888&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;www.novonordisk.com</font></div><div style="line-height:120%;text-align:left;text-indent:144px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Denmark&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;CVR Number:</font></div><div style="line-height:120%;text-align:left;text-indent:576px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">24 25 67 90</font></div><div style="line-height:120%;text-align:left;text-indent:0px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:0px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>4
<FILENAME>exhibit122certificationkmk.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2020 Workiva -->
		<title>Exhibit</title>
	</head>
	<body><div style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s7257D80CA8AF598A9E6F3A633506CAA2"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Exhibit 12.2</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;font-weight:bold;">Certification on the effectiveness of disclosure controls and procedures in Form 20-F for 2019</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">I, Karsten Munk Knudsen, certify that:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">I have reviewed this annual report on Form 20-F of Novo Nordisk A/S;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">The company&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have: </font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">(a) &#160;&#160;&#160;&#160;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">(b) &#160;&#160;&#160;&#160;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">(c) &#160;&#160;&#160;&#160;Evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">(d) &#160;&#160;&#160;&#160;Disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting; and </font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">The company&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&#8217;s auditors and the audit committee of the company&#8217;s board of directors (or persons performing the equivalent functions): </font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">(a) &#160;&#160;&#160;&#160;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company&#8217;s ability to record, process, summarize and report financial information; and </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">(b) &#160;&#160;&#160;&#160;Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#8217;s internal control over financial reporting. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Date: February 5, 2020</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:49.317738791423%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:86%;"></td><td style="width:14%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">/s/ Karsten Munk Knudsen</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Karsten Munk Knudsen </font></div><div style="font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Executive Vice President and </font></div><div style="padding-bottom:2px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Chief Financial Officer</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Novo Nordisk A/S&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:8pt;">Novo All&#233;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Telephone:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Internet:</font></div><div style="line-height:120%;text-align:left;text-indent:144px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2880 Bagsv&#230;rd&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;+45 4444 8888&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;www.novonordisk.com</font></div><div style="line-height:120%;text-align:left;text-indent:144px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Denmark&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;CVR Number:</font></div><div style="line-height:120%;text-align:left;text-indent:576px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">24 25 67 90</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>5
<FILENAME>exhibit131906certification.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2020 Workiva -->
		<title>Exhibit</title>
	</head>
	<body><div style="font-family:Times New Roman;font-size:10pt;">
<div><a name="sBD6324B7EA4550CFA0FDB542AD8F0D7E"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Exhibit 13.1</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;font-weight:bold;">CERTIFICATION OF LARS FRUERGAARD J&#216;RGENSEN, CHIEF EXECUTIVE OFFICER OF NOVO NORDISK A/S, AND KARSTEN MUNK KNUDSEN, CHIEF FINANCIAL OFFICER OF NOVO NORDISK A/S, PURSUANT TO SECTION 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">In connection with the Annual Report of Novo Nordisk A/S (the "Company") on Form 20-F for the period ending December&#160;31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify that to the best of our knowledge: </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. </font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Date: February 5, 2020</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:92.00779727095517%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:47%;"></td><td style="width:7%;"></td><td style="width:46%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">/s/ Lars Fruergaard J&#248;rgensen</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">/s/ Karsten Munk Knudsen</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Lars Fruergaard J&#248;rgensen </font></div><div style="font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">President and Chief Executive Officer</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Karsten Munk Knudsen</font></div><div style="font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Executive Vice President and </font></div><div style="font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Chief Financial Officer</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Novo Nordisk A/S&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:8pt;">Novo All&#233;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Telephone:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Internet:</font></div><div style="line-height:120%;text-align:left;text-indent:144px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2880 Bagsv&#230;rd&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;+45 4444 8888&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;www.novonordisk.com</font></div><div style="line-height:120%;text-align:left;text-indent:144px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Denmark&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;CVR Number:</font></div><div style="line-height:120%;text-align:left;text-indent:576px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">24 25 67 90</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.3
<SEQUENCE>6
<FILENAME>exhibit153consentofindepen.htm
<DESCRIPTION>EXHIBIT 15.3
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2020 Workiva -->
		<title>Exhibit</title>
	</head>
	<body><div style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s7CE34BB528405A68AC8B1B2DA669288A"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:2px;text-align:right;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Exhibit 15.3</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:2px;text-align:justify;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;font-weight:bold;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div><div style="line-height:120%;padding-bottom:2px;text-align:justify;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (No. 333-221244 and 333-222923) of Novo Nordisk A/S of our report dated February 5, 2020 relating to the consolidated financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 20-F.</font></div><div style="line-height:120%;padding-bottom:2px;text-align:justify;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:2px;text-align:justify;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:2px;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">/s/ PricewaterhouseCoopers</font></div><div style="line-height:120%;padding-bottom:2px;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Statsautoriseret Revisionspartnerselskab</font></div><div style="line-height:120%;padding-bottom:2px;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">Copenhagen, Denmark</font></div><div style="line-height:120%;padding-bottom:2px;text-align:left;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;">February 5, 2020</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Frutiger LT 45 Light,sans-serif;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>remunerationnoicona02.jpg
<TEXT>
begin 644 remunerationnoicona02.jpg
M_]C_X04O17AI9@  34T *@    @ # $   ,    ! %$   $!  ,    ! #,
M  $"  ,    #    G@$&  ,    !  (   $2  ,    !  $   $5  ,    !
M  ,   $:  4    !    I $;  4    !    K $H  ,    !  (   $Q  (
M   ?    M $R  (    4    TX=I  0    !    Z    2  "  (  @ "OR
M   G$  *_(   "<0061O8F4@4&AO=&]S:&]P($-#("A-86-I;G1O<V@I #(P
M,3@Z,#$Z,C4@,38Z,CDZ,SD    $D   !P    0P,C(QH $  P    '__P
MH ( !     $    @H , !     $    @          8! P #     0 &   !
M&@ %     0   6X!&P %     0   78!*  #     0 "   " 0 $     0
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M_\0!/P   04! 0$! 0$          P ! @0%!@<("0H+ 0 !!0$! 0$! 0
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MU;HX0DE-!#H      /\    0     0      "W!R:6YT3W5T<'5T    !0
M  !0<W138F]O; $     26YT965N=6T     26YT90    !);6<@    #W!R
M:6YT4VEX=&5E;D)I=&)O;VP     "W!R:6YT97).86UE5$585     X 1@!A
M '( =@!E "  4 !R &D ;@!T &4 <@      #W!R:6YT4')O;V93971U<$]B
M:F,    , %  <@!O &\ 9@ @ %, 90!T '4 <       "G!R;V]F4V5T=7
M   !     $)L=&YE;G5M    #&)U:6QT:6Y0<F]O9@    EP<F]O9D--64L
M.$))300[      (M    $     $      !)P<FEN=$]U='!U=$]P=&EO;G,
M   7     $-P=&YB;V]L      !#;&)R8F]O;       4F=S36)O;VP
M $-R;D-B;V]L      !#;G1#8F]O;       3&)L<V)O;VP      $YG='9B
M;V]L      !%;6Q$8F]O;       26YT<F)O;VP      $)C:V=/8FIC
M 0       %)'0D,    #     %)D("!D;W5B0&_@            1W)N(&1O
M=6) ;^            !";" @9&]U8D!OX            $)R9%15;G1&(U)L
M=                $)L9"!5;G1&(U)L=                %)S;'15;G1&
M(U!X;$!2            "G9E8W1O<D1A=&%B;V]L 0    !09U!S96YU;0
M  !09U!S     %!G4$,     3&5F=%5N=$8C4FQT                5&]P
M(%5N=$8C4FQT                4V-L(%5N=$8C4')C0%D            0
M8W)O<%=H96Y0<FEN=&EN9V)O;VP     #F-R;W!296-T0F]T=&]M;&]N9P
M       ,8W)O<%)E8W1,969T;&]N9P         -8W)O<%)E8W12:6=H=&QO
M;F<         "V-R;W!296-T5&]P;&]N9P      .$))30/M       0 $@
M   !  ( 2     $  CA"24T$)@      #@             _@   .$))300-
M       $    'CA"24T$&0      !    !XX0DE- _,       D
M  $ .$))32<0       *  $          CA"24T#]0      2  O9F8  0!L
M9F8 !@       0 O9F8  0"AF9H !@       0 R     0!:    !@
M 0 U     0 M    !@       3A"24T#^       <   ________________
M_____________P/H     /____________________________\#Z     #_
M____________________________ ^@     ________________________
M_____P/H   X0DE-! @      !     !   "0    D      .$))300>
M   $     #A"24T$&@     #70    8              "     @    % !2
M &4 ;0!U &X 90!R &$ = !I &\ ;@!? $X 3P!? &D 8P!O &X    !
M                      $              "     @
M      $                         $     $       !N=6QL     @
M  9B;W5N9'-/8FIC     0       %)C=#$    $     %1O<"!L;VYG
M      !,969T;&]N9P          0G1O;6QO;F<    @     %)G:'1L;VYG
M    (     9S;&EC97-6;$QS     4]B:F,    !       %<VQI8V4    2
M    !W-L:6-E241L;VYG          =G<F]U<$E$;&]N9P         &;W)I
M9VEN96YU;0    Q%4VQI8V5/<FEG:6X    -875T;T=E;F5R871E9     !4
M>7!E96YU;0    I%4VQI8V54>7!E     $EM9R     &8F]U;F1S3V)J8P
M  $       !28W0Q    !     !4;W @;&]N9P          3&5F=&QO;F<
M         $)T;VUL;VYG    (     !29VAT;&]N9P   "     #=7)L5$58
M5     $       !N=6QL5$585     $       !-<V=E5$585     $
M  9A;'1486=415A4     0      #F-E;&Q497AT27-(5$U,8F]O; $    (
M8V5L;%1E>'1415A4     0      "6AO<GI!;&EG;F5N=6T    /15-L:6-E
M2&]R>D%L:6=N    !V1E9F%U;'0    )=F5R=$%L:6=N96YU;0    ]%4VQI
M8V5697)T06QI9VX    '9&5F875L=     MB9T-O;&]R5'EP965N=6T    1
M15-L:6-E0D=#;VQO<E1Y<&4     3F]N90    ET;W!/=71S971L;VYG
M      IL969T3W5T<V5T;&]N9P         ,8F]T=&]M3W5T<V5T;&]N9P
M       +<FEG:'1/=71S971L;VYG       X0DE-!"@       P    "/_
M       X0DE-!!$       $! #A"24T$%       !     $X0DE-! P
M \4    !    (    "    !@   ,     ZD &  !_]C_[0 ,061O8F5?0TT
M O_N  Y!9&]B90!D@     '_VP"$  P(" @)" P)"0P1"PH+$14/# P/%1@3
M$Q43$Q@1# P,# P,$0P,# P,# P,# P,# P,# P,# P,# P,# P,# P!#0L+
M#0X-$ X.$!0.#@X4% X.#@X4$0P,# P,$1$,# P,# P1# P,# P,# P,# P,
M# P,# P,# P,# P,# P,#/_  !$( "  ( ,!(@ "$0$#$0'_W0 $  +_Q $_
M   !!0$! 0$! 0         #  $"! 4&!P@)"@L!  $% 0$! 0$!
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MRW\&;F>:P<U@XI_J^8QZ0B-8SB7_V0 X0DE-!"$      %,    ! 0    \
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M9#TB=R(_/O_N "%!9&]B90!D0     $# ! # @,&                _]L
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!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>remunerationnoicona03.jpg
<TEXT>
begin 644 remunerationnoicona03.jpg
M_]C_X04O17AI9@  34T *@    @ # $   ,    ! %$   $!  ,    ! #,
M  $"  ,    #    G@$&  ,    !  (   $2  ,    !  $   $5  ,    !
M  ,   $:  4    !    I $;  4    !    K $H  ,    !  (   $Q  (
M   ?    M $R  (    4    TX=I  0    !    Z    2  "  (  @ "OR
M   G$  *_(   "<0061O8F4@4&AO=&]S:&]P($-#("A-86-I;G1O<V@I #(P
M,3@Z,#$Z,C4@,38Z,CDZ,SD    $D   !P    0P,C(QH $  P    '__P
MH ( !     $    @H , !     $    @          8! P #     0 &   !
M&@ %     0   6X!&P %     0   78!*  #     0 "   " 0 $     0
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M_\0!/P   04! 0$! 0$          P ! @0%!@<("0H+ 0 !!0$! 0$! 0
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MU;HX0DE-!#H      /\    0     0      "W!R:6YT3W5T<'5T    !0
M  !0<W138F]O; $     26YT965N=6T     26YT90    !);6<@    #W!R
M:6YT4VEX=&5E;D)I=&)O;VP     "W!R:6YT97).86UE5$585     X 1@!A
M '( =@!E "  4 !R &D ;@!T &4 <@      #W!R:6YT4')O;V93971U<$]B
M:F,    , %  <@!O &\ 9@ @ %, 90!T '4 <       "G!R;V]F4V5T=7
M   !     $)L=&YE;G5M    #&)U:6QT:6Y0<F]O9@    EP<F]O9D--64L
M.$))300[      (M    $     $      !)P<FEN=$]U='!U=$]P=&EO;G,
M   7     $-P=&YB;V]L      !#;&)R8F]O;       4F=S36)O;VP
M $-R;D-B;V]L      !#;G1#8F]O;       3&)L<V)O;VP      $YG='9B
M;V]L      !%;6Q$8F]O;       26YT<F)O;VP      $)C:V=/8FIC
M 0       %)'0D,    #     %)D("!D;W5B0&_@            1W)N(&1O
M=6) ;^            !";" @9&]U8D!OX            $)R9%15;G1&(U)L
M=                $)L9"!5;G1&(U)L=                %)S;'15;G1&
M(U!X;$!2            "G9E8W1O<D1A=&%B;V]L 0    !09U!S96YU;0
M  !09U!S     %!G4$,     3&5F=%5N=$8C4FQT                5&]P
M(%5N=$8C4FQT                4V-L(%5N=$8C4')C0%D            0
M8W)O<%=H96Y0<FEN=&EN9V)O;VP     #F-R;W!296-T0F]T=&]M;&]N9P
M       ,8W)O<%)E8W1,969T;&]N9P         -8W)O<%)E8W12:6=H=&QO
M;F<         "V-R;W!296-T5&]P;&]N9P      .$))30/M       0 $@
M   !  ( 2     $  CA"24T$)@      #@             _@   .$))300-
M       $    'CA"24T$&0      !    !XX0DE- _,       D
M  $ .$))32<0       *  $          CA"24T#]0      2  O9F8  0!L
M9F8 !@       0 O9F8  0"AF9H !@       0 R     0!:    !@
M 0 U     0 M    !@       3A"24T#^       <   ________________
M_____________P/H     /____________________________\#Z     #_
M____________________________ ^@     ________________________
M_____P/H   X0DE-! @      !     !   "0    D      .$))300>
M   $     #A"24T$&@     #70    8              "     @    % !2
M &4 ;0!U &X 90!R &$ = !I &\ ;@!? $X 3P!? &D 8P!O &X    !
M                      $              "     @
M      $                         $     $       !N=6QL     @
M  9B;W5N9'-/8FIC     0       %)C=#$    $     %1O<"!L;VYG
M      !,969T;&]N9P          0G1O;6QO;F<    @     %)G:'1L;VYG
M    (     9S;&EC97-6;$QS     4]B:F,    !       %<VQI8V4    2
M    !W-L:6-E241L;VYG          =G<F]U<$E$;&]N9P         &;W)I
M9VEN96YU;0    Q%4VQI8V5/<FEG:6X    -875T;T=E;F5R871E9     !4
M>7!E96YU;0    I%4VQI8V54>7!E     $EM9R     &8F]U;F1S3V)J8P
M  $       !28W0Q    !     !4;W @;&]N9P          3&5F=&QO;F<
M         $)T;VUL;VYG    (     !29VAT;&]N9P   "     #=7)L5$58
M5     $       !N=6QL5$585     $       !-<V=E5$585     $
M  9A;'1486=415A4     0      #F-E;&Q497AT27-(5$U,8F]O; $    (
M8V5L;%1E>'1415A4     0      "6AO<GI!;&EG;F5N=6T    /15-L:6-E
M2&]R>D%L:6=N    !V1E9F%U;'0    )=F5R=$%L:6=N96YU;0    ]%4VQI
M8V5697)T06QI9VX    '9&5F875L=     MB9T-O;&]R5'EP965N=6T    1
M15-L:6-E0D=#;VQO<E1Y<&4     3F]N90    ET;W!/=71S971L;VYG
M      IL969T3W5T<V5T;&]N9P         ,8F]T=&]M3W5T<V5T;&]N9P
M       +<FEG:'1/=71S971L;VYG       X0DE-!"@       P    "/_
M       X0DE-!!$       $! #A"24T$%       !     $X0DE-! P
M \4    !    (    "    !@   ,     ZD &  !_]C_[0 ,061O8F5?0TT
M O_N  Y!9&]B90!D@     '_VP"$  P(" @)" P)"0P1"PH+$14/# P/%1@3
M$Q43$Q@1# P,# P,$0P,# P,# P,# P,# P,# P,# P,# P,# P,# P!#0L+
M#0X-$ X.$!0.#@X4% X.#@X4$0P,# P,$1$,# P,# P1# P,# P,# P,# P,
M# P,# P,# P,# P,# P,#/_  !$( "  ( ,!(@ "$0$#$0'_W0 $  +_Q $_
M   !!0$! 0$! 0         #  $"! 4&!P@)"@L!  $% 0$! 0$!
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MRW\&;F>:P<U@XI_J^8QZ0B-8SB7_V0 X0DE-!"$      %,    ! 0    \
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M9#TB=R(_/O_N "%!9&]B90!D0     $# ! # @,&                _]L
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!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>remunerationnoicona04.jpg
<TEXT>
begin 644 remunerationnoicona04.jpg
M_]C_X04O17AI9@  34T *@    @ # $   ,    ! %$   $!  ,    ! #,
M  $"  ,    #    G@$&  ,    !  (   $2  ,    !  $   $5  ,    !
M  ,   $:  4    !    I $;  4    !    K $H  ,    !  (   $Q  (
M   ?    M $R  (    4    TX=I  0    !    Z    2  "  (  @ "OR
M   G$  *_(   "<0061O8F4@4&AO=&]S:&]P($-#("A-86-I;G1O<V@I #(P
M,3@Z,#$Z,C4@,38Z,CDZ,SD    $D   !P    0P,C(QH $  P    '__P
MH ( !     $    @H , !     $    @          8! P #     0 &   !
M&@ %     0   6X!&P %     0   78!*  #     0 "   " 0 $     0
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M_\0!/P   04! 0$! 0$          P ! @0%!@<("0H+ 0 !!0$! 0$! 0
M       !  (#! 4&!P@)"@L0  $$ 0,"! (%!P8(!0,,,P$  A$#!"$2,05!
M46$3(G&!,@84D:&Q0B,D%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%
MPJ-T-A?25>)E\K.$P]-UX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V
M-T=79W>'EZ>WQ]?G]Q$  @(! @0$ P0%!@<'!@4U 0 "$0,A,1($05%A<2(3
M!3*!D12AL4(CP5+1\#,D8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%
M539T9>+RLX3#TW7C\T:4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G
M=X>7I[?'_]H # ,!  (1 Q$ /P#U55Z<S%R++:Z;6V/H=LM:TR6GF'*632;\
M>REMCJ38TM%C-'-)_.:O-+:^K?5;JP=)W22U^OIW5S^=_P!__P!&H<V8X^$\
M-Q)]1[-OE.4CS G$3$<H%XX']-]15;$S<3,8Y^+:VYC'%CBTR X<A<-U_P"N
MC\_$9BX+74,L:/M+C]*?SJ6?\'_+_P (M+ZD=$S<4'J&0]U3+F@,Q^-S?S;;
M6_\ GM <QQ9!" XH_I2[+Y\@<7+RRYI>W.ZQX]^)_]#U5>?_ %S^L6/G$=/Q
M&MLKJ=N?D<RX?FTN_=_E_P"$7=9./7DT68]L^G:TL=!(,'^4U<QTGZC4XG4'
MY&6\9%-;IQJXY_EW_P IO[B@YB.20$(;2^:3=Y"?+XI2RY2>/'KB@/TI/&MJ
MS.F7XV3D8\3MNJ;<V6/'/T5Z;T7K6)U?$%]!VO; MJ)ES''L?Y/[CU/JO2L3
MJN([&R6Z<L>/I-=^^Q9/U9^JQZ/;9DY%OJ7NEC R0T,GZ3Q^<]__ (&F8L4\
M4ZCZL<M_!FYGFL'-8.*?ZOF,>D(C6,XE_]G_[0SJ4&AO=&]S:&]P(#,N,  X
M0DE-! 0       << @   @   #A"24T$)0      $.CQ7/,OP1BAHGMGK<5D
MU;HX0DE-!#H      /\    0     0      "W!R:6YT3W5T<'5T    !0
M  !0<W138F]O; $     26YT965N=6T     26YT90    !);6<@    #W!R
M:6YT4VEX=&5E;D)I=&)O;VP     "W!R:6YT97).86UE5$585     X 1@!A
M '( =@!E "  4 !R &D ;@!T &4 <@      #W!R:6YT4')O;V93971U<$]B
M:F,    , %  <@!O &\ 9@ @ %, 90!T '4 <       "G!R;V]F4V5T=7
M   !     $)L=&YE;G5M    #&)U:6QT:6Y0<F]O9@    EP<F]O9D--64L
M.$))300[      (M    $     $      !)P<FEN=$]U='!U=$]P=&EO;G,
M   7     $-P=&YB;V]L      !#;&)R8F]O;       4F=S36)O;VP
M $-R;D-B;V]L      !#;G1#8F]O;       3&)L<V)O;VP      $YG='9B
M;V]L      !%;6Q$8F]O;       26YT<F)O;VP      $)C:V=/8FIC
M 0       %)'0D,    #     %)D("!D;W5B0&_@            1W)N(&1O
M=6) ;^            !";" @9&]U8D!OX            $)R9%15;G1&(U)L
M=                $)L9"!5;G1&(U)L=                %)S;'15;G1&
M(U!X;$!2            "G9E8W1O<D1A=&%B;V]L 0    !09U!S96YU;0
M  !09U!S     %!G4$,     3&5F=%5N=$8C4FQT                5&]P
M(%5N=$8C4FQT                4V-L(%5N=$8C4')C0%D            0
M8W)O<%=H96Y0<FEN=&EN9V)O;VP     #F-R;W!296-T0F]T=&]M;&]N9P
M       ,8W)O<%)E8W1,969T;&]N9P         -8W)O<%)E8W12:6=H=&QO
M;F<         "V-R;W!296-T5&]P;&]N9P      .$))30/M       0 $@
M   !  ( 2     $  CA"24T$)@      #@             _@   .$))300-
M       $    'CA"24T$&0      !    !XX0DE- _,       D
M  $ .$))32<0       *  $          CA"24T#]0      2  O9F8  0!L
M9F8 !@       0 O9F8  0"AF9H !@       0 R     0!:    !@
M 0 U     0 M    !@       3A"24T#^       <   ________________
M_____________P/H     /____________________________\#Z     #_
M____________________________ ^@     ________________________
M_____P/H   X0DE-! @      !     !   "0    D      .$))300>
M   $     #A"24T$&@     #70    8              "     @    % !2
M &4 ;0!U &X 90!R &$ = !I &\ ;@!? $X 3P!? &D 8P!O &X    !
M                      $              "     @
M      $                         $     $       !N=6QL     @
M  9B;W5N9'-/8FIC     0       %)C=#$    $     %1O<"!L;VYG
M      !,969T;&]N9P          0G1O;6QO;F<    @     %)G:'1L;VYG
M    (     9S;&EC97-6;$QS     4]B:F,    !       %<VQI8V4    2
M    !W-L:6-E241L;VYG          =G<F]U<$E$;&]N9P         &;W)I
M9VEN96YU;0    Q%4VQI8V5/<FEG:6X    -875T;T=E;F5R871E9     !4
M>7!E96YU;0    I%4VQI8V54>7!E     $EM9R     &8F]U;F1S3V)J8P
M  $       !28W0Q    !     !4;W @;&]N9P          3&5F=&QO;F<
M         $)T;VUL;VYG    (     !29VAT;&]N9P   "     #=7)L5$58
M5     $       !N=6QL5$585     $       !-<V=E5$585     $
M  9A;'1486=415A4     0      #F-E;&Q497AT27-(5$U,8F]O; $    (
M8V5L;%1E>'1415A4     0      "6AO<GI!;&EG;F5N=6T    /15-L:6-E
M2&]R>D%L:6=N    !V1E9F%U;'0    )=F5R=$%L:6=N96YU;0    ]%4VQI
M8V5697)T06QI9VX    '9&5F875L=     MB9T-O;&]R5'EP965N=6T    1
M15-L:6-E0D=#;VQO<E1Y<&4     3F]N90    ET;W!/=71S971L;VYG
M      IL969T3W5T<V5T;&]N9P         ,8F]T=&]M3W5T<V5T;&]N9P
M       +<FEG:'1/=71S971L;VYG       X0DE-!"@       P    "/_
M       X0DE-!!$       $! #A"24T$%       !     $X0DE-! P
M \4    !    (    "    !@   ,     ZD &  !_]C_[0 ,061O8F5?0TT
M O_N  Y!9&]B90!D@     '_VP"$  P(" @)" P)"0P1"PH+$14/# P/%1@3
M$Q43$Q@1# P,# P,$0P,# P,# P,# P,# P,# P,# P,# P,# P,# P!#0L+
M#0X-$ X.$!0.#@X4% X.#@X4$0P,# P,$1$,# P,# P1# P,# P,# P,# P,
M# P,# P,# P,# P,# P,#/_  !$( "  ( ,!(@ "$0$#$0'_W0 $  +_Q $_
M   !!0$! 0$! 0         #  $"! 4&!P@)"@L!  $% 0$! 0$!
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MRW\&;F>:P<U@XI_J^8QZ0B-8SB7_V0 X0DE-!"$      %,    ! 0    \
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M9#TB=R(_/O_N "%!9&]B90!D0     $# ! # @,&                _]L
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!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>remunerationnoicona05.jpg
<TEXT>
begin 644 remunerationnoicona05.jpg
M_]C_X04O17AI9@  34T *@    @ # $   ,    ! %$   $!  ,    ! #,
M  $"  ,    #    G@$&  ,    !  (   $2  ,    !  $   $5  ,    !
M  ,   $:  4    !    I $;  4    !    K $H  ,    !  (   $Q  (
M   ?    M $R  (    4    TX=I  0    !    Z    2  "  (  @ "OR
M   G$  *_(   "<0061O8F4@4&AO=&]S:&]P($-#("A-86-I;G1O<V@I #(P
M,3@Z,#$Z,C4@,38Z,CDZ,SD    $D   !P    0P,C(QH $  P    '__P
MH ( !     $    @H , !     $    @          8! P #     0 &   !
M&@ %     0   6X!&P %     0   78!*  #     0 "   " 0 $     0
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M_\0!/P   04! 0$! 0$          P ! @0%!@<("0H+ 0 !!0$! 0$! 0
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MU;HX0DE-!#H      /\    0     0      "W!R:6YT3W5T<'5T    !0
M  !0<W138F]O; $     26YT965N=6T     26YT90    !);6<@    #W!R
M:6YT4VEX=&5E;D)I=&)O;VP     "W!R:6YT97).86UE5$585     X 1@!A
M '( =@!E "  4 !R &D ;@!T &4 <@      #W!R:6YT4')O;V93971U<$]B
M:F,    , %  <@!O &\ 9@ @ %, 90!T '4 <       "G!R;V]F4V5T=7
M   !     $)L=&YE;G5M    #&)U:6QT:6Y0<F]O9@    EP<F]O9D--64L
M.$))300[      (M    $     $      !)P<FEN=$]U='!U=$]P=&EO;G,
M   7     $-P=&YB;V]L      !#;&)R8F]O;       4F=S36)O;VP
M $-R;D-B;V]L      !#;G1#8F]O;       3&)L<V)O;VP      $YG='9B
M;V]L      !%;6Q$8F]O;       26YT<F)O;VP      $)C:V=/8FIC
M 0       %)'0D,    #     %)D("!D;W5B0&_@            1W)N(&1O
M=6) ;^            !";" @9&]U8D!OX            $)R9%15;G1&(U)L
M=                $)L9"!5;G1&(U)L=                %)S;'15;G1&
M(U!X;$!2            "G9E8W1O<D1A=&%B;V]L 0    !09U!S96YU;0
M  !09U!S     %!G4$,     3&5F=%5N=$8C4FQT                5&]P
M(%5N=$8C4FQT                4V-L(%5N=$8C4')C0%D            0
M8W)O<%=H96Y0<FEN=&EN9V)O;VP     #F-R;W!296-T0F]T=&]M;&]N9P
M       ,8W)O<%)E8W1,969T;&]N9P         -8W)O<%)E8W12:6=H=&QO
M;F<         "V-R;W!296-T5&]P;&]N9P      .$))30/M       0 $@
M   !  ( 2     $  CA"24T$)@      #@             _@   .$))300-
M       $    'CA"24T$&0      !    !XX0DE- _,       D
M  $ .$))32<0       *  $          CA"24T#]0      2  O9F8  0!L
M9F8 !@       0 O9F8  0"AF9H !@       0 R     0!:    !@
M 0 U     0 M    !@       3A"24T#^       <   ________________
M_____________P/H     /____________________________\#Z     #_
M____________________________ ^@     ________________________
M_____P/H   X0DE-! @      !     !   "0    D      .$))300>
M   $     #A"24T$&@     #70    8              "     @    % !2
M &4 ;0!U &X 90!R &$ = !I &\ ;@!? $X 3P!? &D 8P!O &X    !
M                      $              "     @
M      $                         $     $       !N=6QL     @
M  9B;W5N9'-/8FIC     0       %)C=#$    $     %1O<"!L;VYG
M      !,969T;&]N9P          0G1O;6QO;F<    @     %)G:'1L;VYG
M    (     9S;&EC97-6;$QS     4]B:F,    !       %<VQI8V4    2
M    !W-L:6-E241L;VYG          =G<F]U<$E$;&]N9P         &;W)I
M9VEN96YU;0    Q%4VQI8V5/<FEG:6X    -875T;T=E;F5R871E9     !4
M>7!E96YU;0    I%4VQI8V54>7!E     $EM9R     &8F]U;F1S3V)J8P
M  $       !28W0Q    !     !4;W @;&]N9P          3&5F=&QO;F<
M         $)T;VUL;VYG    (     !29VAT;&]N9P   "     #=7)L5$58
M5     $       !N=6QL5$585     $       !-<V=E5$585     $
M  9A;'1486=415A4     0      #F-E;&Q497AT27-(5$U,8F]O; $    (
M8V5L;%1E>'1415A4     0      "6AO<GI!;&EG;F5N=6T    /15-L:6-E
M2&]R>D%L:6=N    !V1E9F%U;'0    )=F5R=$%L:6=N96YU;0    ]%4VQI
M8V5697)T06QI9VX    '9&5F875L=     MB9T-O;&]R5'EP965N=6T    1
M15-L:6-E0D=#;VQO<E1Y<&4     3F]N90    ET;W!/=71S971L;VYG
M      IL969T3W5T<V5T;&]N9P         ,8F]T=&]M3W5T<V5T;&]N9P
M       +<FEG:'1/=71S971L;VYG       X0DE-!"@       P    "/_
M       X0DE-!!$       $! #A"24T$%       !     $X0DE-! P
M \4    !    (    "    !@   ,     ZD &  !_]C_[0 ,061O8F5?0TT
M O_N  Y!9&]B90!D@     '_VP"$  P(" @)" P)"0P1"PH+$14/# P/%1@3
M$Q43$Q@1# P,# P,$0P,# P,# P,# P,# P,# P,# P,# P,# P,# P!#0L+
M#0X-$ X.$!0.#@X4% X.#@X4$0P,# P,$1$,# P,# P1# P,# P,# P,# P,
M# P,# P,# P,# P,# P,#/_  !$( "  ( ,!(@ "$0$#$0'_W0 $  +_Q $_
M   !!0$! 0$! 0         #  $"! 4&!P@)"@L!  $% 0$! 0$!
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MRW\&;F>:P<U@XI_J^8QZ0B-8SB7_V0 X0DE-!"$      %,    ! 0    \
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M9#TB=R(_/O_N "%!9&]B90!D0     $# ! # @,&                _]L
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!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>remunerationnoicona07.jpg
<TEXT>
begin 644 remunerationnoicona07.jpg
M_]C_X04O17AI9@  34T *@    @ # $   ,    ! %$   $!  ,    ! #,
M  $"  ,    #    G@$&  ,    !  (   $2  ,    !  $   $5  ,    !
M  ,   $:  4    !    I $;  4    !    K $H  ,    !  (   $Q  (
M   ?    M $R  (    4    TX=I  0    !    Z    2  "  (  @ "OR
M   G$  *_(   "<0061O8F4@4&AO=&]S:&]P($-#("A-86-I;G1O<V@I #(P
M,3@Z,#$Z,C4@,38Z,CDZ,SD    $D   !P    0P,C(QH $  P    '__P
MH ( !     $    @H , !     $    @          8! P #     0 &   !
M&@ %     0   6X!&P %     0   78!*  #     0 "   " 0 $     0
M 7X" @ $     0   ZD         2     $   !(     ?_8_^T #$%D;V)E
M7T--  +_[@ .061O8F4 9(     !_]L A  ," @("0@,"0D,$0L*"Q$5#PP,
M#Q48$Q,5$Q,8$0P,# P,#!$,# P,# P,# P,# P,# P,# P,# P,# P,# P,
M 0T+"PT.#1 .#A 4#@X.%!0.#@X.%!$,# P,#!$1# P,# P,$0P,# P,# P,
M# P,# P,# P,# P,# P,# P,# S_P  1"  @ " # 2(  A$! Q$!_]T !  "
M_\0!/P   04! 0$! 0$          P ! @0%!@<("0H+ 0 !!0$! 0$! 0
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MU;HX0DE-!#H      /\    0     0      "W!R:6YT3W5T<'5T    !0
M  !0<W138F]O; $     26YT965N=6T     26YT90    !);6<@    #W!R
M:6YT4VEX=&5E;D)I=&)O;VP     "W!R:6YT97).86UE5$585     X 1@!A
M '( =@!E "  4 !R &D ;@!T &4 <@      #W!R:6YT4')O;V93971U<$]B
M:F,    , %  <@!O &\ 9@ @ %, 90!T '4 <       "G!R;V]F4V5T=7
M   !     $)L=&YE;G5M    #&)U:6QT:6Y0<F]O9@    EP<F]O9D--64L
M.$))300[      (M    $     $      !)P<FEN=$]U='!U=$]P=&EO;G,
M   7     $-P=&YB;V]L      !#;&)R8F]O;       4F=S36)O;VP
M $-R;D-B;V]L      !#;G1#8F]O;       3&)L<V)O;VP      $YG='9B
M;V]L      !%;6Q$8F]O;       26YT<F)O;VP      $)C:V=/8FIC
M 0       %)'0D,    #     %)D("!D;W5B0&_@            1W)N(&1O
M=6) ;^            !";" @9&]U8D!OX            $)R9%15;G1&(U)L
M=                $)L9"!5;G1&(U)L=                %)S;'15;G1&
M(U!X;$!2            "G9E8W1O<D1A=&%B;V]L 0    !09U!S96YU;0
M  !09U!S     %!G4$,     3&5F=%5N=$8C4FQT                5&]P
M(%5N=$8C4FQT                4V-L(%5N=$8C4')C0%D            0
M8W)O<%=H96Y0<FEN=&EN9V)O;VP     #F-R;W!296-T0F]T=&]M;&]N9P
M       ,8W)O<%)E8W1,969T;&]N9P         -8W)O<%)E8W12:6=H=&QO
M;F<         "V-R;W!296-T5&]P;&]N9P      .$))30/M       0 $@
M   !  ( 2     $  CA"24T$)@      #@             _@   .$))300-
M       $    'CA"24T$&0      !    !XX0DE- _,       D
M  $ .$))32<0       *  $          CA"24T#]0      2  O9F8  0!L
M9F8 !@       0 O9F8  0"AF9H !@       0 R     0!:    !@
M 0 U     0 M    !@       3A"24T#^       <   ________________
M_____________P/H     /____________________________\#Z     #_
M____________________________ ^@     ________________________
M_____P/H   X0DE-! @      !     !   "0    D      .$))300>
M   $     #A"24T$&@     #70    8              "     @    % !2
M &4 ;0!U &X 90!R &$ = !I &\ ;@!? $X 3P!? &D 8P!O &X    !
M                      $              "     @
M      $                         $     $       !N=6QL     @
M  9B;W5N9'-/8FIC     0       %)C=#$    $     %1O<"!L;VYG
M      !,969T;&]N9P          0G1O;6QO;F<    @     %)G:'1L;VYG
M    (     9S;&EC97-6;$QS     4]B:F,    !       %<VQI8V4    2
M    !W-L:6-E241L;VYG          =G<F]U<$E$;&]N9P         &;W)I
M9VEN96YU;0    Q%4VQI8V5/<FEG:6X    -875T;T=E;F5R871E9     !4
M>7!E96YU;0    I%4VQI8V54>7!E     $EM9R     &8F]U;F1S3V)J8P
M  $       !28W0Q    !     !4;W @;&]N9P          3&5F=&QO;F<
M         $)T;VUL;VYG    (     !29VAT;&]N9P   "     #=7)L5$58
M5     $       !N=6QL5$585     $       !-<V=E5$585     $
M  9A;'1486=415A4     0      #F-E;&Q497AT27-(5$U,8F]O; $    (
M8V5L;%1E>'1415A4     0      "6AO<GI!;&EG;F5N=6T    /15-L:6-E
M2&]R>D%L:6=N    !V1E9F%U;'0    )=F5R=$%L:6=N96YU;0    ]%4VQI
M8V5697)T06QI9VX    '9&5F875L=     MB9T-O;&]R5'EP965N=6T    1
M15-L:6-E0D=#;VQO<E1Y<&4     3F]N90    ET;W!/=71S971L;VYG
M      IL969T3W5T<V5T;&]N9P         ,8F]T=&]M3W5T<V5T;&]N9P
M       +<FEG:'1/=71S971L;VYG       X0DE-!"@       P    "/_
M       X0DE-!!$       $! #A"24T$%       !     $X0DE-! P
M \4    !    (    "    !@   ,     ZD &  !_]C_[0 ,061O8F5?0TT
M O_N  Y!9&]B90!D@     '_VP"$  P(" @)" P)"0P1"PH+$14/# P/%1@3
M$Q43$Q@1# P,# P,$0P,# P,# P,# P,# P,# P,# P,# P,# P,# P!#0L+
M#0X-$ X.$!0.#@X4% X.#@X4$0P,# P,$1$,# P,# P1# P,# P,# P,# P,
M# P,# P,# P,# P,# P,#/_  !$( "  ( ,!(@ "$0$#$0'_W0 $  +_Q $_
M   !!0$! 0$! 0         #  $"! 4&!P@)"@L!  $% 0$! 0$!
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MRW\&;F>:P<U@XI_J^8QZ0B-8SB7_V0 X0DE-!"$      %,    ! 0    \
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M9#TB=R(_/O_N "%!9&]B90!D0     $# ! # @,&                _]L
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!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>remunerationyesicona04.jpg
<TEXT>
begin 644 remunerationyesicona04.jpg
M_]C_X03L17AI9@  34T *@    @ # $   ,    ! %$   $!  ,    ! #,
M  $"  ,    #    G@$&  ,    !  (   $2  ,    !  $   $5  ,    !
M  ,   $:  4    !    I $;  4    !    K $H  ,    !  (   $Q  (
M   ?    M $R  (    4    TX=I  0    !    Z    2  "  (  @ "OR
M   G$  *_(   "<0061O8F4@4&AO=&]S:&]P($-#("A-86-I;G1O<V@I #(P
M,3@Z,#$Z,C4@,38Z,CDZ,S(    $D   !P    0P,C(QH $  P    '__P
MH ( !     $    HH , !     $    H          8! P #     0 &   !
M&@ %     0   6X!&P %     0   78!*  #     0 "   " 0 $     0
M 7X" @ $     0   V8         2     $   !(     ?_8_^T #$%D;V)E
M7T--  +_[@ .061O8F4 9(     !_]L A  ," @("0@,"0D,$0L*"Q$5#PP,
M#Q48$Q,5$Q,8$0P,# P,#!$,# P,# P,# P,# P,# P,# P,# P,# P,# P,
M 0T+"PT.#1 .#A 4#@X.%!0.#@X.%!$,# P,#!$1# P,# P,$0P,# P,# P,
M# P,# P,# P,# P,# P,# P,# S_P  1"  H "@# 2(  A$! Q$!_]T !  #
M_\0!/P   04! 0$! 0$          P ! @0%!@<("0H+ 0 !!0$! 0$! 0
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M2G__V?_M#+!0:&]T;W-H;W @,RXP #A"24T$!       #QP!6@ #&R5'' (
M  (    X0DE-!"4      !#-S_I]J,>^"05P=JZO!<-..$))300Z      #_
M    $     $       MP<FEN=$]U='!U=     4     4'-T4V)O;VP!
M $EN=&5E;G5M     $EN=&4     26UG(     ]P<FEN=%-I>'1E96Y":71B
M;V]L      MP<FEN=&5R3F%M951%6%0    . $8 80!R '8 90 @ %  <@!I
M &X = !E '(       ]P<FEN=%!R;V]F4V5T=7!/8FIC    # !0 '( ;P!O
M &8 ( !3 &4 = !U '        IP<F]O9E-E='5P     0    !";'1N96YU
M;0    QB=6EL=&EN4')O;V8    )<')O;V9#35E+ #A"24T$.P     "+0
M !     !       2<')I;G1/=71P=71/<'1I;VYS    %P    !#<'1N8F]O
M;       0VQB<F)O;VP      %)G<TUB;V]L      !#<FY#8F]O;
M0VYT0V)O;VP      $QB;'-B;V]L      !.9W1V8F]O;       16UL1&)O
M;VP      $EN=')B;V]L      !"8VMG3V)J8P    $       !21T)#
M P    !29" @9&]U8D!OX            $=R;B!D;W5B0&_@
M0FP@(&1O=6) ;^            !"<F1456YT1B-2;'0               !"
M;&0@56YT1B-2;'0               !2<VQT56YT1B-0>&Q 4@
M  IV96-T;W)$871A8F]O; $     4&=0<V5N=6T     4&=0<P    !09U!#
M     $QE9G15;G1&(U)L=                %1O<"!5;G1&(U)L=
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M!!D       0    >.$))30/S       )           ! #A"24TG$
M"@ !          (X0DE- _4      $@ +V9F  $ ;&9F  8       $ +V9F
M  $ H9F:  8       $ ,@    $ 6@    8       $ -0    $ +0    8
M      $X0DE- _@      '   /____________________________\#Z
M  #_____________________________ ^@     ____________________
M_________P/H     /____________________________\#Z   .$))300(
M       0     0   D    )      #A"24T$'@      !      X0DE-!!H
M     U\    &               H    *    !4 4@!E &T =0!N &4 <@!A
M '0 :0!O &X 7P!9 $4 4P!? &D 8P!O &X    !
M      $              "@    H                      $
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M     0      "6AO<GI!;&EG;F5N=6T    /15-L:6-E2&]R>D%L:6=N
M!V1E9F%U;'0    )=F5R=$%L:6=N96YU;0    ]%4VQI8V5697)T06QI9VX
M   '9&5F875L=     MB9T-O;&]R5'EP965N=6T    115-L:6-E0D=#;VQO
M<E1Y<&4     3F]N90    ET;W!/=71S971L;VYG          IL969T3W5T
M<V5T;&]N9P         ,8F]T=&]M3W5T<V5T;&]N9P         +<FEG:'1/
M=71S971L;VYG       X0DE-!"@       P    "/_         X0DE-!!$
M      $! #A"24T$%       !     $X0DE-! P      X(    !    *
M "@   !X   2P    V8 &  !_]C_[0 ,061O8F5?0TT  O_N  Y!9&]B90!D
M@     '_VP"$  P(" @)" P)"0P1"PH+$14/# P/%1@3$Q43$Q@1# P,# P,
M$0P,# P,# P,# P,# P,# P,# P,# P,# P,# P!#0L+#0X-$ X.$!0.#@X4
M% X.#@X4$0P,# P,$1$,# P,# P1# P,# P,# P,# P,# P,# P,# P,# P,
M# P,#/_  !$( "@ * ,!(@ "$0$#$0'_W0 $  /_Q $_   !!0$! 0$! 0
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M>'!A8VME="!E;F0](G<B/S[_[@ A061O8F4 9$     ! P 0 P(#!@
M         /_; (0  @(" @(" @(" @," @(#! ," @,$!00$! 0$!08%!04%
M!04&!@<'" <'!@D)"@H)"0P,# P,# P,# P,# P,# $# P,%! 4)!@8)#0H)
M"@T/#@X.#@\/# P,# P/#PP,# P,# \,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,_\( $0@ *  H P$1  (1 0,1 ?_$ *@   (" P$
M   )!P@" P4$ 0$  @,! 0              !08"! <! Q    4$ P$!
M         @,$!08 $ <( 1(4$Q41  $"! (%"0@#          (#! $2!08B
M$P 0$2$R,5%2<I(C0Q4'(&%B@J)38R04)182  $"! 8# 0            (
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%FO\ _]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>remunerationyesicona05.jpg
<TEXT>
begin 644 remunerationyesicona05.jpg
M_]C_X03L17AI9@  34T *@    @ # $   ,    ! %$   $!  ,    ! #,
M  $"  ,    #    G@$&  ,    !  (   $2  ,    !  $   $5  ,    !
M  ,   $:  4    !    I $;  4    !    K $H  ,    !  (   $Q  (
M   ?    M $R  (    4    TX=I  0    !    Z    2  "  (  @ "OR
M   G$  *_(   "<0061O8F4@4&AO=&]S:&]P($-#("A-86-I;G1O<V@I #(P
M,3@Z,#$Z,C4@,38Z,CDZ,S(    $D   !P    0P,C(QH $  P    '__P
MH ( !     $    HH , !     $    H          8! P #     0 &   !
M&@ %     0   6X!&P %     0   78!*  #     0 "   " 0 $     0
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M_\0!/P   04! 0$! 0$          P ! @0%!@<("0H+ 0 !!0$! 0$! 0
M       !  (#! 4&!P@)"@L0  $$ 0,"! (%!P8(!0,,,P$  A$#!"$2,05!
M46$3(G&!,@84D:&Q0B,D%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%
MPJ-T-A?25>)E\K.$P]-UX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V
M-T=79W>'EZ>WQ]?G]Q$  @(! @0$ P0%!@<'!@4U 0 "$0,A,1($05%A<2(3
M!3*!D12AL4(CP5+1\#,D8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%
M539T9>+RLX3#TW7C\T:4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G
M=X>7I[?'_]H # ,!  (1 Q$ /P#U5))))2EQ6;USJ69]8FX_2[BVMKO1:.6.
M@S;:]GYVW_SVMOZT=5_9W37!AC(R)KJCD?Z2S^PU9?U'Z7L8_J=H]UGZ.F?W
M1_./_P [V*'(3*<<<37Z4B&IGE*>6&&!(_3R2CTB]:.$DZ2F;;__T/1NLY67
MB=.MOPZO6N8)#? ?G/V_G;%D_5CZR?;@,/-=^MMU8_@6#_R;5TJX?ZT_5TXC
MW=2P0123-K&Z;#I[V?R'?^!J+*9Q(G'4#YHM;F#E@1E@>*,=)X_ZO[S6ZG?9
M]8OK S'H)]$.]*IPU 8TDVW?]_7>8]%>-1714-M=30UH\ %S7U)Z5Z6.[J-H
M_27RVJ>U8/N=_P!<>NJ0PQ-&<OFGK]$<I \)RS^?*>+_  ?T5)))*9M/_]'U
M50<UKVEKAN:[0@\$+Y8224_4U5==5;:ZVAK& -:T< #LB+Y5225T?JI)?*J2
M2G__V?_M#+!0:&]T;W-H;W @,RXP #A"24T$!       #QP!6@ #&R5'' (
M  (    X0DE-!"4      !#-S_I]J,>^"05P=JZO!<-..$))300Z      #_
M    $     $       MP<FEN=$]U='!U=     4     4'-T4V)O;VP!
M $EN=&5E;G5M     $EN=&4     26UG(     ]P<FEN=%-I>'1E96Y":71B
M;V]L      MP<FEN=&5R3F%M951%6%0    . $8 80!R '8 90 @ %  <@!I
M &X = !E '(       ]P<FEN=%!R;V]F4V5T=7!/8FIC    # !0 '( ;P!O
M &8 ( !3 &4 = !U '        IP<F]O9E-E='5P     0    !";'1N96YU
M;0    QB=6EL=&EN4')O;V8    )<')O;V9#35E+ #A"24T$.P     "+0
M !     !       2<')I;G1/=71P=71/<'1I;VYS    %P    !#<'1N8F]O
M;       0VQB<F)O;VP      %)G<TUB;V]L      !#<FY#8F]O;
M0VYT0V)O;VP      $QB;'-B;V]L      !.9W1V8F]O;       16UL1&)O
M;VP      $EN=')B;V]L      !"8VMG3V)J8P    $       !21T)#
M P    !29" @9&]U8D!OX            $=R;B!D;W5B0&_@
M0FP@(&1O=6) ;^            !"<F1456YT1B-2;'0               !"
M;&0@56YT1B-2;'0               !2<VQT56YT1B-0>&Q 4@
M  IV96-T;W)$871A8F]O; $     4&=0<V5N=6T     4&=0<P    !09U!#
M     $QE9G15;G1&(U)L=                %1O<"!5;G1&(U)L=
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M!!D       0    >.$))30/S       )           ! #A"24TG$
M"@ !          (X0DE- _4      $@ +V9F  $ ;&9F  8       $ +V9F
M  $ H9F:  8       $ ,@    $ 6@    8       $ -0    $ +0    8
M      $X0DE- _@      '   /____________________________\#Z
M  #_____________________________ ^@     ____________________
M_________P/H     /____________________________\#Z   .$))300(
M       0     0   D    )      #A"24T$'@      !      X0DE-!!H
M     U\    &               H    *    !4 4@!E &T =0!N &4 <@!A
M '0 :0!O &X 7P!9 $4 4P!? &D 8P!O &X    !
M      $              "@    H                      $
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M     0      "6AO<GI!;&EG;F5N=6T    /15-L:6-E2&]R>D%L:6=N
M!V1E9F%U;'0    )=F5R=$%L:6=N96YU;0    ]%4VQI8V5697)T06QI9VX
M   '9&5F875L=     MB9T-O;&]R5'EP965N=6T    115-L:6-E0D=#;VQO
M<E1Y<&4     3F]N90    ET;W!/=71S971L;VYG          IL969T3W5T
M<V5T;&]N9P         ,8F]T=&]M3W5T<V5T;&]N9P         +<FEG:'1/
M=71S971L;VYG       X0DE-!"@       P    "/_         X0DE-!!$
M      $! #A"24T$%       !     $X0DE-! P      X(    !    *
M "@   !X   2P    V8 &  !_]C_[0 ,061O8F5?0TT  O_N  Y!9&]B90!D
M@     '_VP"$  P(" @)" P)"0P1"PH+$14/# P/%1@3$Q43$Q@1# P,# P,
M$0P,# P,# P,# P,# P,# P,# P,# P,# P,# P!#0L+#0X-$ X.$!0.#@X4
M% X.#@X4$0P,# P,$1$,# P,# P1# P,# P,# P,# P,# P,# P,# P,# P,
M# P,#/_  !$( "@ * ,!(@ "$0$#$0'_W0 $  /_Q $_   !!0$! 0$! 0
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M>'!A8VME="!E;F0](G<B/S[_[@ A061O8F4 9$     ! P 0 P(#!@
M         /_; (0  @(" @(" @(" @," @(#! ," @,$!00$! 0$!08%!04%
M!04&!@<'" <'!@D)"@H)"0P,# P,# P,# P,# P,# $# P,%! 4)!@8)#0H)
M"@T/#@X.#@\/# P,# P/#PP,# P,# \,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,_\( $0@ *  H P$1  (1 0,1 ?_$ *@   (" P$
M   )!P@" P4$ 0$  @,! 0              !08"! <! Q    4$ P$!
M         @,$!08 $ <( 1(4$Q41  $"! (%"0@#          (#! $2!08B
M$P 0$2$R,5%2<I(C0Q4'(&%B@J)38R04)182  $"! 8# 0            (
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%FO\ _]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>remunerationyesicona08.jpg
<TEXT>
begin 644 remunerationyesicona08.jpg
M_]C_X03L17AI9@  34T *@    @ # $   ,    ! %$   $!  ,    ! #,
M  $"  ,    #    G@$&  ,    !  (   $2  ,    !  $   $5  ,    !
M  ,   $:  4    !    I $;  4    !    K $H  ,    !  (   $Q  (
M   ?    M $R  (    4    TX=I  0    !    Z    2  "  (  @ "OR
M   G$  *_(   "<0061O8F4@4&AO=&]S:&]P($-#("A-86-I;G1O<V@I #(P
M,3@Z,#$Z,C4@,38Z,CDZ,S(    $D   !P    0P,C(QH $  P    '__P
MH ( !     $    HH , !     $    H          8! P #     0 &   !
M&@ %     0   6X!&P %     0   78!*  #     0 "   " 0 $     0
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M_\0!/P   04! 0$! 0$          P ! @0%!@<("0H+ 0 !!0$! 0$! 0
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M2G__V?_M#+!0:&]T;W-H;W @,RXP #A"24T$!       #QP!6@ #&R5'' (
M  (    X0DE-!"4      !#-S_I]J,>^"05P=JZO!<-..$))300Z      #_
M    $     $       MP<FEN=$]U='!U=     4     4'-T4V)O;VP!
M $EN=&5E;G5M     $EN=&4     26UG(     ]P<FEN=%-I>'1E96Y":71B
M;V]L      MP<FEN=&5R3F%M951%6%0    . $8 80!R '8 90 @ %  <@!I
M &X = !E '(       ]P<FEN=%!R;V]F4V5T=7!/8FIC    # !0 '( ;P!O
M &8 ( !3 &4 = !U '        IP<F]O9E-E='5P     0    !";'1N96YU
M;0    QB=6EL=&EN4')O;V8    )<')O;V9#35E+ #A"24T$.P     "+0
M !     !       2<')I;G1/=71P=71/<'1I;VYS    %P    !#<'1N8F]O
M;       0VQB<F)O;VP      %)G<TUB;V]L      !#<FY#8F]O;
M0VYT0V)O;VP      $QB;'-B;V]L      !.9W1V8F]O;       16UL1&)O
M;VP      $EN=')B;V]L      !"8VMG3V)J8P    $       !21T)#
M P    !29" @9&]U8D!OX            $=R;B!D;W5B0&_@
M0FP@(&1O=6) ;^            !"<F1456YT1B-2;'0               !"
M;&0@56YT1B-2;'0               !2<VQT56YT1B-0>&Q 4@
M  IV96-T;W)$871A8F]O; $     4&=0<V5N=6T     4&=0<P    !09U!#
M     $QE9G15;G1&(U)L=                %1O<"!5;G1&(U)L=
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M!!D       0    >.$))30/S       )           ! #A"24TG$
M"@ !          (X0DE- _4      $@ +V9F  $ ;&9F  8       $ +V9F
M  $ H9F:  8       $ ,@    $ 6@    8       $ -0    $ +0    8
M      $X0DE- _@      '   /____________________________\#Z
M  #_____________________________ ^@     ____________________
M_________P/H     /____________________________\#Z   .$))300(
M       0     0   D    )      #A"24T$'@      !      X0DE-!!H
M     U\    &               H    *    !4 4@!E &T =0!N &4 <@!A
M '0 :0!O &X 7P!9 $4 4P!? &D 8P!O &X    !
M      $              "@    H                      $
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M     0      "6AO<GI!;&EG;F5N=6T    /15-L:6-E2&]R>D%L:6=N
M!V1E9F%U;'0    )=F5R=$%L:6=N96YU;0    ]%4VQI8V5697)T06QI9VX
M   '9&5F875L=     MB9T-O;&]R5'EP965N=6T    115-L:6-E0D=#;VQO
M<E1Y<&4     3F]N90    ET;W!/=71S971L;VYG          IL969T3W5T
M<V5T;&]N9P         ,8F]T=&]M3W5T<V5T;&]N9P         +<FEG:'1/
M=71S971L;VYG       X0DE-!"@       P    "/_         X0DE-!!$
M      $! #A"24T$%       !     $X0DE-! P      X(    !    *
M "@   !X   2P    V8 &  !_]C_[0 ,061O8F5?0TT  O_N  Y!9&]B90!D
M@     '_VP"$  P(" @)" P)"0P1"PH+$14/# P/%1@3$Q43$Q@1# P,# P,
M$0P,# P,# P,# P,# P,# P,# P,# P,# P,# P!#0L+#0X-$ X.$!0.#@X4
M% X.#@X4$0P,# P,$1$,# P,# P1# P,# P,# P,# P,# P,# P,# P,# P,
M# P,#/_  !$( "@ * ,!(@ "$0$#$0'_W0 $  /_Q $_   !!0$! 0$! 0
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M>'!A8VME="!E;F0](G<B/S[_[@ A061O8F4 9$     ! P 0 P(#!@
M         /_; (0  @(" @(" @(" @," @(#! ," @,$!00$! 0$!08%!04%
M!04&!@<'" <'!@D)"@H)"0P,# P,# P,# P,# P,# $# P,%! 4)!@8)#0H)
M"@T/#@X.#@\/# P,# P/#PP,# P,# \,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,_\( $0@ *  H P$1  (1 0,1 ?_$ *@   (" P$
M   )!P@" P4$ 0$  @,! 0              !08"! <! Q    4$ P$!
M         @,$!08 $ <( 1(4$Q41  $"! (%"0@#          (#! $2!08B
M$P 0$2$R,5%2<I(C0Q4'(&%B@J)38R04)182  $"! 8# 0            (
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%FO\ _]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>remunerationyesicona10.jpg
<TEXT>
begin 644 remunerationyesicona10.jpg
M_]C_X03L17AI9@  34T *@    @ # $   ,    ! %$   $!  ,    ! #,
M  $"  ,    #    G@$&  ,    !  (   $2  ,    !  $   $5  ,    !
M  ,   $:  4    !    I $;  4    !    K $H  ,    !  (   $Q  (
M   ?    M $R  (    4    TX=I  0    !    Z    2  "  (  @ "OR
M   G$  *_(   "<0061O8F4@4&AO=&]S:&]P($-#("A-86-I;G1O<V@I #(P
M,3@Z,#$Z,C4@,38Z,CDZ,S(    $D   !P    0P,C(QH $  P    '__P
MH ( !     $    HH , !     $    H          8! P #     0 &   !
M&@ %     0   6X!&P %     0   78!*  #     0 "   " 0 $     0
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M_\0!/P   04! 0$! 0$          P ! @0%!@<("0H+ 0 !!0$! 0$! 0
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M2G__V?_M#+!0:&]T;W-H;W @,RXP #A"24T$!       #QP!6@ #&R5'' (
M  (    X0DE-!"4      !#-S_I]J,>^"05P=JZO!<-..$))300Z      #_
M    $     $       MP<FEN=$]U='!U=     4     4'-T4V)O;VP!
M $EN=&5E;G5M     $EN=&4     26UG(     ]P<FEN=%-I>'1E96Y":71B
M;V]L      MP<FEN=&5R3F%M951%6%0    . $8 80!R '8 90 @ %  <@!I
M &X = !E '(       ]P<FEN=%!R;V]F4V5T=7!/8FIC    # !0 '( ;P!O
M &8 ( !3 &4 = !U '        IP<F]O9E-E='5P     0    !";'1N96YU
M;0    QB=6EL=&EN4')O;V8    )<')O;V9#35E+ #A"24T$.P     "+0
M !     !       2<')I;G1/=71P=71/<'1I;VYS    %P    !#<'1N8F]O
M;       0VQB<F)O;VP      %)G<TUB;V]L      !#<FY#8F]O;
M0VYT0V)O;VP      $QB;'-B;V]L      !.9W1V8F]O;       16UL1&)O
M;VP      $EN=')B;V]L      !"8VMG3V)J8P    $       !21T)#
M P    !29" @9&]U8D!OX            $=R;B!D;W5B0&_@
M0FP@(&1O=6) ;^            !"<F1456YT1B-2;'0               !"
M;&0@56YT1B-2;'0               !2<VQT56YT1B-0>&Q 4@
M  IV96-T;W)$871A8F]O; $     4&=0<V5N=6T     4&=0<P    !09U!#
M     $QE9G15;G1&(U)L=                %1O<"!5;G1&(U)L=
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M!!D       0    >.$))30/S       )           ! #A"24TG$
M"@ !          (X0DE- _4      $@ +V9F  $ ;&9F  8       $ +V9F
M  $ H9F:  8       $ ,@    $ 6@    8       $ -0    $ +0    8
M      $X0DE- _@      '   /____________________________\#Z
M  #_____________________________ ^@     ____________________
M_________P/H     /____________________________\#Z   .$))300(
M       0     0   D    )      #A"24T$'@      !      X0DE-!!H
M     U\    &               H    *    !4 4@!E &T =0!N &4 <@!A
M '0 :0!O &X 7P!9 $4 4P!? &D 8P!O &X    !
M      $              "@    H                      $
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M     0      "6AO<GI!;&EG;F5N=6T    /15-L:6-E2&]R>D%L:6=N
M!V1E9F%U;'0    )=F5R=$%L:6=N96YU;0    ]%4VQI8V5697)T06QI9VX
M   '9&5F875L=     MB9T-O;&]R5'EP965N=6T    115-L:6-E0D=#;VQO
M<E1Y<&4     3F]N90    ET;W!/=71S971L;VYG          IL969T3W5T
M<V5T;&]N9P         ,8F]T=&]M3W5T<V5T;&]N9P         +<FEG:'1/
M=71S971L;VYG       X0DE-!"@       P    "/_         X0DE-!!$
M      $! #A"24T$%       !     $X0DE-! P      X(    !    *
M "@   !X   2P    V8 &  !_]C_[0 ,061O8F5?0TT  O_N  Y!9&]B90!D
M@     '_VP"$  P(" @)" P)"0P1"PH+$14/# P/%1@3$Q43$Q@1# P,# P,
M$0P,# P,# P,# P,# P,# P,# P,# P,# P,# P!#0L+#0X-$ X.$!0.#@X4
M% X.#@X4$0P,# P,$1$,# P,# P1# P,# P,# P,# P,# P,# P,# P,# P,
M# P,#/_  !$( "@ * ,!(@ "$0$#$0'_W0 $  /_Q $_   !!0$! 0$! 0
M       #  $"! 4&!P@)"@L!  $% 0$! 0$!          $  @,$!08'" D*
M"Q   00! P($ @4'!@@% PPS 0 "$0,$(1(Q!4%181,B<8$R!A21H;%"(R05
M4L%B,S1R@M%#!R624_#A\6-S-1:BLH,F1)-49$7"HW0V%])5XF7RLX3#TW7C
M\T8GE*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8W1U=G=X>7I[?'U^?W$0 "
M @$"! 0#! 4&!P<&!34!  (1 R$Q$@1!46%Q(A,%,H&1%*&Q0B/!4M'P,R1B
MX7*"DD-3%6-S-/$E!A:BLH,')C7"TD235*,79$55-G1EXO*SA,/3=>/S1I2D
MA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=WAY>GM\?_V@ , P$  A$#
M$0 _ /54DDDE*7%9O7.I9GUB;C]+N+:VN]%HY8Z#-MKV?G;?_/:V_K1U7]G=
M-<&&,C(FNJ.1_I+/[#5E_4?I>QC^IVCW6?HZ9_='\X__ #O8H<A,IQQQ-?I2
M(:F>4IY888$C]/)*/2+UHX23I*9MO__0]&ZSE9>)TZV_#J]:Y@D-\!^<_;^=
ML63]6/K)]N P\UWZVW5C^!8/_)M72KA_K3]73B/=U+!!%),VL;IL.GO9_(=_
MX&HLIG$B<=0/FBUN8.6!&6!XHQTGC_J_O-;J=]GUB^L#,>@GT0[TJG#4!C23
M;=_W]=YCT5XU%=%0VUU-#6CP 7-?4GI7I8[NHVC])?+:I[5@^YW_ %QZZI##
M$T9R^:>OT1RD#PG+/Y\IXO\ !_14DDDIFT__T?55!S6O:6N&YKM"#P0OEA))
M3]355UU5MKK:&L8 UK1P .R(OE5))71^JDE\JI)*?__9.$))300A      !3
M     0$    / $$ 9 !O &( 90 @ %  : !O '0 ;P!S &@ ;P!P    $@!!
M &0 ;P!B &4 ( !0 &@ ;P!T &\ <P!H &\ <  @ $, 0P    $ .$))300&
M       '  8! 0 ! 0#_X0S6:'1T<#HO+VYS+F%D;V)E+F-O;2]X87 O,2XP
M+P \/WAP86-K970@8F5G:6X](N^[OR(@:60](E<U33!-<$-E:&E(>G)E4WI.
M5&-Z:V,Y9"(_/B \>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS.FUE=&$O
M(B!X.GAM<'1K/2)!9&]B92!835 @0V]R92 U+C8M8S$T," W.2XQ-C T-3$L
M(#(P,3<O,#4O,#8M,#$Z,#@Z,C$@(" @(" @("(^(#QR9&8Z4D1&('AM;&YS
M.G)D9CTB:'1T<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X
M+6YS(R(^(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B('AM;&YS.GAM
M<$U-/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C O;6TO(B!X;6QN<SIS
M=$5V=#TB:'1T<#HO+VYS+F%D;V)E+F-O;2]X87 O,2XP+W-4>7!E+U)E<V]U
M<F-E179E;G0C(B!X;6QN<SID8STB:'1T<#HO+W!U<FPN;W)G+V1C+V5L96UE
M;G1S+S$N,2\B('AM;&YS.G!H;W1O<VAO<#TB:'1T<#HO+VYS+F%D;V)E+F-O
M;2]P:&]T;W-H;W O,2XP+R(@>&UL;G,Z>&UP/2)H='1P.B\O;G,N861O8F4N
M8V]M+WAA<"\Q+C O(B!X;7!-33I$;V-U;65N=$E$/2)%.$%#,#0V13<R,D%#
M,35!,T0Y-#(X-C,S,D0P03@T,B(@>&UP34TZ26YS=&%N8V5)1#TB>&UP+FEI
M9#IC8V1D,S0S,BTS-S$X+31D-6(M.3(T92TX,V)A.39B,31E,3(B('AM<$U-
M.D]R:6=I;F%L1&]C=6UE;G1)1#TB13A!0S T-D4W,C)!0S$U03-$.30R.#8S
M,S)$,$$X-#(B(&1C.F9O<FUA=#TB:6UA9V4O:G!E9R(@<&AO=&]S:&]P.D-O
M;&]R36]D93TB,R(@<&AO=&]S:&]P.DE#0U!R;V9I;&4](B(@>&UP.D-R96%T
M941A=&4](C(P,3@M,#$M,C54,38Z,C0Z,S<K,#$Z,# B('AM<#I-;V1I9GE$
M871E/2(R,#$X+3 Q+3(U5#$V.C(Y.C,R*S Q.C P(B!X;7 Z365T861A=&%$
M871E/2(R,#$X+3 Q+3(U5#$V.C(Y.C,R*S Q.C P(CX@/'AM<$U-.DAI<W1O
M<GD^(#QR9&8Z4V5Q/B \<F1F.FQI('-T179T.F%C=&EO;CTB<V%V960B('-T
M179T.FEN<W1A;F-E240](GAM<"YI:60Z8V-D9#,T,S(M,S<Q."TT9#5B+3DR
M-&4M.#-B83DV8C$T93$R(B!S=$5V=#IW:&5N/2(R,#$X+3 Q+3(U5#$V.C(Y
M.C,R*S Q.C P(B!S=$5V=#IS;V9T=V%R94%G96YT/2)!9&]B92!0:&]T;W-H
M;W @0T,@*$UA8VEN=&]S:"DB('-T179T.F-H86YG960](B\B+SX@/"]R9&8Z
M4V5Q/B \+WAM<$U-.DAI<W1O<GD^(#PO<F1F.D1E<V-R:7!T:6]N/B \+W)D
M9CI21$8^(#PO>#IX;7!M971A/B @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(#P_
M>'!A8VME="!E;F0](G<B/S[_[@ A061O8F4 9$     ! P 0 P(#!@
M         /_; (0  @(" @(" @(" @," @(#! ," @,$!00$! 0$!08%!04%
M!04&!@<'" <'!@D)"@H)"0P,# P,# P,# P,# P,# $# P,%! 4)!@8)#0H)
M"@T/#@X.#@\/# P,# P/#PP,# P,# \,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,_\( $0@ *  H P$1  (1 0,1 ?_$ *@   (" P$
M   )!P@" P4$ 0$  @,! 0              !08"! <! Q    4$ P$!
M         @,$!08 $ <( 1(4$Q41  $"! (%"0@#          (#! $2!08B
M$P 0$2$R,5%2<I(C0Q4'(&%B@J)38R04)182  $"! 8# 0            (
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%FO\ _]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>remunerationyesicona11.jpg
<TEXT>
begin 644 remunerationyesicona11.jpg
M_]C_X03L17AI9@  34T *@    @ # $   ,    ! %$   $!  ,    ! #,
M  $"  ,    #    G@$&  ,    !  (   $2  ,    !  $   $5  ,    !
M  ,   $:  4    !    I $;  4    !    K $H  ,    !  (   $Q  (
M   ?    M $R  (    4    TX=I  0    !    Z    2  "  (  @ "OR
M   G$  *_(   "<0061O8F4@4&AO=&]S:&]P($-#("A-86-I;G1O<V@I #(P
M,3@Z,#$Z,C4@,38Z,CDZ,S(    $D   !P    0P,C(QH $  P    '__P
MH ( !     $    HH , !     $    H          8! P #     0 &   !
M&@ %     0   6X!&P %     0   78!*  #     0 "   " 0 $     0
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M_\0!/P   04! 0$! 0$          P ! @0%!@<("0H+ 0 !!0$! 0$! 0
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M2G__V?_M#+!0:&]T;W-H;W @,RXP #A"24T$!       #QP!6@ #&R5'' (
M  (    X0DE-!"4      !#-S_I]J,>^"05P=JZO!<-..$))300Z      #_
M    $     $       MP<FEN=$]U='!U=     4     4'-T4V)O;VP!
M $EN=&5E;G5M     $EN=&4     26UG(     ]P<FEN=%-I>'1E96Y":71B
M;V]L      MP<FEN=&5R3F%M951%6%0    . $8 80!R '8 90 @ %  <@!I
M &X = !E '(       ]P<FEN=%!R;V]F4V5T=7!/8FIC    # !0 '( ;P!O
M &8 ( !3 &4 = !U '        IP<F]O9E-E='5P     0    !";'1N96YU
M;0    QB=6EL=&EN4')O;V8    )<')O;V9#35E+ #A"24T$.P     "+0
M !     !       2<')I;G1/=71P=71/<'1I;VYS    %P    !#<'1N8F]O
M;       0VQB<F)O;VP      %)G<TUB;V]L      !#<FY#8F]O;
M0VYT0V)O;VP      $QB;'-B;V]L      !.9W1V8F]O;       16UL1&)O
M;VP      $EN=')B;V]L      !"8VMG3V)J8P    $       !21T)#
M P    !29" @9&]U8D!OX            $=R;B!D;W5B0&_@
M0FP@(&1O=6) ;^            !"<F1456YT1B-2;'0               !"
M;&0@56YT1B-2;'0               !2<VQT56YT1B-0>&Q 4@
M  IV96-T;W)$871A8F]O; $     4&=0<V5N=6T     4&=0<P    !09U!#
M     $QE9G15;G1&(U)L=                %1O<"!5;G1&(U)L=
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M!!D       0    >.$))30/S       )           ! #A"24TG$
M"@ !          (X0DE- _4      $@ +V9F  $ ;&9F  8       $ +V9F
M  $ H9F:  8       $ ,@    $ 6@    8       $ -0    $ +0    8
M      $X0DE- _@      '   /____________________________\#Z
M  #_____________________________ ^@     ____________________
M_________P/H     /____________________________\#Z   .$))300(
M       0     0   D    )      #A"24T$'@      !      X0DE-!!H
M     U\    &               H    *    !4 4@!E &T =0!N &4 <@!A
M '0 :0!O &X 7P!9 $4 4P!? &D 8P!O &X    !
M      $              "@    H                      $
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M     0      "6AO<GI!;&EG;F5N=6T    /15-L:6-E2&]R>D%L:6=N
M!V1E9F%U;'0    )=F5R=$%L:6=N96YU;0    ]%4VQI8V5697)T06QI9VX
M   '9&5F875L=     MB9T-O;&]R5'EP965N=6T    115-L:6-E0D=#;VQO
M<E1Y<&4     3F]N90    ET;W!/=71S971L;VYG          IL969T3W5T
M<V5T;&]N9P         ,8F]T=&]M3W5T<V5T;&]N9P         +<FEG:'1/
M=71S971L;VYG       X0DE-!"@       P    "/_         X0DE-!!$
M      $! #A"24T$%       !     $X0DE-! P      X(    !    *
M "@   !X   2P    V8 &  !_]C_[0 ,061O8F5?0TT  O_N  Y!9&]B90!D
M@     '_VP"$  P(" @)" P)"0P1"PH+$14/# P/%1@3$Q43$Q@1# P,# P,
M$0P,# P,# P,# P,# P,# P,# P,# P,# P,# P!#0L+#0X-$ X.$!0.#@X4
M% X.#@X4$0P,# P,$1$,# P,# P1# P,# P,# P,# P,# P,# P,# P,# P,
M# P,#/_  !$( "@ * ,!(@ "$0$#$0'_W0 $  /_Q $_   !!0$! 0$! 0
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M>'!A8VME="!E;F0](G<B/S[_[@ A061O8F4 9$     ! P 0 P(#!@
M         /_; (0  @(" @(" @(" @," @(#! ," @,$!00$! 0$!08%!04%
M!04&!@<'" <'!@D)"@H)"0P,# P,# P,# P,# P,# $# P,%! 4)!@8)#0H)
M"@T/#@X.#@\/# P,# P/#PP,# P,# \,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,_\( $0@ *  H P$1  (1 0,1 ?_$ *@   (" P$
M   )!P@" P4$ 0$  @,! 0              !08"! <! Q    4$ P$!
M         @,$!08 $ <( 1(4$Q41  $"! (%"0@#          (#! $2!08B
M$P 0$2$R,5%2<I(C0Q4'(&%B@J)38R04)182  $"! 8# 0            (
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%FO\ _]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>remunerationyesicona12.jpg
<TEXT>
begin 644 remunerationyesicona12.jpg
M_]C_X03L17AI9@  34T *@    @ # $   ,    ! %$   $!  ,    ! #,
M  $"  ,    #    G@$&  ,    !  (   $2  ,    !  $   $5  ,    !
M  ,   $:  4    !    I $;  4    !    K $H  ,    !  (   $Q  (
M   ?    M $R  (    4    TX=I  0    !    Z    2  "  (  @ "OR
M   G$  *_(   "<0061O8F4@4&AO=&]S:&]P($-#("A-86-I;G1O<V@I #(P
M,3@Z,#$Z,C4@,38Z,CDZ,S(    $D   !P    0P,C(QH $  P    '__P
MH ( !     $    HH , !     $    H          8! P #     0 &   !
M&@ %     0   6X!&P %     0   78!*  #     0 "   " 0 $     0
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M_\0!/P   04! 0$! 0$          P ! @0%!@<("0H+ 0 !!0$! 0$! 0
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M2G__V?_M#+!0:&]T;W-H;W @,RXP #A"24T$!       #QP!6@ #&R5'' (
M  (    X0DE-!"4      !#-S_I]J,>^"05P=JZO!<-..$))300Z      #_
M    $     $       MP<FEN=$]U='!U=     4     4'-T4V)O;VP!
M $EN=&5E;G5M     $EN=&4     26UG(     ]P<FEN=%-I>'1E96Y":71B
M;V]L      MP<FEN=&5R3F%M951%6%0    . $8 80!R '8 90 @ %  <@!I
M &X = !E '(       ]P<FEN=%!R;V]F4V5T=7!/8FIC    # !0 '( ;P!O
M &8 ( !3 &4 = !U '        IP<F]O9E-E='5P     0    !";'1N96YU
M;0    QB=6EL=&EN4')O;V8    )<')O;V9#35E+ #A"24T$.P     "+0
M !     !       2<')I;G1/=71P=71/<'1I;VYS    %P    !#<'1N8F]O
M;       0VQB<F)O;VP      %)G<TUB;V]L      !#<FY#8F]O;
M0VYT0V)O;VP      $QB;'-B;V]L      !.9W1V8F]O;       16UL1&)O
M;VP      $EN=')B;V]L      !"8VMG3V)J8P    $       !21T)#
M P    !29" @9&]U8D!OX            $=R;B!D;W5B0&_@
M0FP@(&1O=6) ;^            !"<F1456YT1B-2;'0               !"
M;&0@56YT1B-2;'0               !2<VQT56YT1B-0>&Q 4@
M  IV96-T;W)$871A8F]O; $     4&=0<V5N=6T     4&=0<P    !09U!#
M     $QE9G15;G1&(U)L=                %1O<"!5;G1&(U)L=
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M!!D       0    >.$))30/S       )           ! #A"24TG$
M"@ !          (X0DE- _4      $@ +V9F  $ ;&9F  8       $ +V9F
M  $ H9F:  8       $ ,@    $ 6@    8       $ -0    $ +0    8
M      $X0DE- _@      '   /____________________________\#Z
M  #_____________________________ ^@     ____________________
M_________P/H     /____________________________\#Z   .$))300(
M       0     0   D    )      #A"24T$'@      !      X0DE-!!H
M     U\    &               H    *    !4 4@!E &T =0!N &4 <@!A
M '0 :0!O &X 7P!9 $4 4P!? &D 8P!O &X    !
M      $              "@    H                      $
M                $     $       !N=6QL     @    9B;W5N9'-/8FIC
M     0       %)C=#$    $     %1O<"!L;VYG          !,969T;&]N
M9P          0G1O;6QO;F<    H     %)G:'1L;VYG    *     9S;&EC
M97-6;$QS     4]B:F,    !       %<VQI8V4    2    !W-L:6-E241L
M;VYG          =G<F]U<$E$;&]N9P         &;W)I9VEN96YU;0    Q%
M4VQI8V5/<FEG:6X    -875T;T=E;F5R871E9     !4>7!E96YU;0    I%
M4VQI8V54>7!E     $EM9R     &8F]U;F1S3V)J8P    $       !28W0Q
M    !     !4;W @;&]N9P          3&5F=&QO;F<          $)T;VUL
M;VYG    *     !29VAT;&]N9P   "@    #=7)L5$585     $       !N
M=6QL5$585     $       !-<V=E5$585     $       9A;'1486=415A4
M     0      #F-E;&Q497AT27-(5$U,8F]O; $    (8V5L;%1E>'1415A4
M     0      "6AO<GI!;&EG;F5N=6T    /15-L:6-E2&]R>D%L:6=N
M!V1E9F%U;'0    )=F5R=$%L:6=N96YU;0    ]%4VQI8V5697)T06QI9VX
M   '9&5F875L=     MB9T-O;&]R5'EP965N=6T    115-L:6-E0D=#;VQO
M<E1Y<&4     3F]N90    ET;W!/=71S971L;VYG          IL969T3W5T
M<V5T;&]N9P         ,8F]T=&]M3W5T<V5T;&]N9P         +<FEG:'1/
M=71S971L;VYG       X0DE-!"@       P    "/_         X0DE-!!$
M      $! #A"24T$%       !     $X0DE-! P      X(    !    *
M "@   !X   2P    V8 &  !_]C_[0 ,061O8F5?0TT  O_N  Y!9&]B90!D
M@     '_VP"$  P(" @)" P)"0P1"PH+$14/# P/%1@3$Q43$Q@1# P,# P,
M$0P,# P,# P,# P,# P,# P,# P,# P,# P,# P!#0L+#0X-$ X.$!0.#@X4
M% X.#@X4$0P,# P,$1$,# P,# P1# P,# P,# P,# P,# P,# P,# P,# P,
M# P,#/_  !$( "@ * ,!(@ "$0$#$0'_W0 $  /_Q $_   !!0$! 0$! 0
M       #  $"! 4&!P@)"@L!  $% 0$! 0$!          $  @,$!08'" D*
M"Q   00! P($ @4'!@@% PPS 0 "$0,$(1(Q!4%181,B<8$R!A21H;%"(R05
M4L%B,S1R@M%#!R624_#A\6-S-1:BLH,F1)-49$7"HW0V%])5XF7RLX3#TW7C
M\T8GE*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8W1U=G=X>7I[?'U^?W$0 "
M @$"! 0#! 4&!P<&!34!  (1 R$Q$@1!46%Q(A,%,H&1%*&Q0B/!4M'P,R1B
MX7*"DD-3%6-S-/$E!A:BLH,')C7"TD235*,79$55-G1EXO*SA,/3=>/S1I2D
MA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=WAY>GM\?_V@ , P$  A$#
M$0 _ /54DDDE*7%9O7.I9GUB;C]+N+:VN]%HY8Z#-MKV?G;?_/:V_K1U7]G=
M-<&&,C(FNJ.1_I+/[#5E_4?I>QC^IVCW6?HZ9_='\X__ #O8H<A,IQQQ-?I2
M(:F>4IY888$C]/)*/2+UHX23I*9MO__0]&ZSE9>)TZV_#J]:Y@D-\!^<_;^=
ML63]6/K)]N P\UWZVW5C^!8/_)M72KA_K3]73B/=U+!!%),VL;IL.GO9_(=_
MX&HLIG$B<=0/FBUN8.6!&6!XHQTGC_J_O-;J=]GUB^L#,>@GT0[TJG#4!C23
M;=_W]=YCT5XU%=%0VUU-#6CP 7-?4GI7I8[NHVC])?+:I[5@^YW_ %QZZI##
M$T9R^:>OT1RD#PG+/Y\IXO\ !_14DDDIFT__T?55!S6O:6N&YKM"#P0OEA))
M3]355UU5MKK:&L8 UK1P .R(OE5))71^JDE\JI)*?__9.$))300A      !3
M     0$    / $$ 9 !O &( 90 @ %  : !O '0 ;P!S &@ ;P!P    $@!!
M &0 ;P!B &4 ( !0 &@ ;P!T &\ <P!H &\ <  @ $, 0P    $ .$))300&
M       '  8! 0 ! 0#_X0S6:'1T<#HO+VYS+F%D;V)E+F-O;2]X87 O,2XP
M+P \/WAP86-K970@8F5G:6X](N^[OR(@:60](E<U33!-<$-E:&E(>G)E4WI.
M5&-Z:V,Y9"(_/B \>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS.FUE=&$O
M(B!X.GAM<'1K/2)!9&]B92!835 @0V]R92 U+C8M8S$T," W.2XQ-C T-3$L
M(#(P,3<O,#4O,#8M,#$Z,#@Z,C$@(" @(" @("(^(#QR9&8Z4D1&('AM;&YS
M.G)D9CTB:'1T<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X
M+6YS(R(^(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B('AM;&YS.GAM
M<$U-/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C O;6TO(B!X;6QN<SIS
M=$5V=#TB:'1T<#HO+VYS+F%D;V)E+F-O;2]X87 O,2XP+W-4>7!E+U)E<V]U
M<F-E179E;G0C(B!X;6QN<SID8STB:'1T<#HO+W!U<FPN;W)G+V1C+V5L96UE
M;G1S+S$N,2\B('AM;&YS.G!H;W1O<VAO<#TB:'1T<#HO+VYS+F%D;V)E+F-O
M;2]P:&]T;W-H;W O,2XP+R(@>&UL;G,Z>&UP/2)H='1P.B\O;G,N861O8F4N
M8V]M+WAA<"\Q+C O(B!X;7!-33I$;V-U;65N=$E$/2)%.$%#,#0V13<R,D%#
M,35!,T0Y-#(X-C,S,D0P03@T,B(@>&UP34TZ26YS=&%N8V5)1#TB>&UP+FEI
M9#IC8V1D,S0S,BTS-S$X+31D-6(M.3(T92TX,V)A.39B,31E,3(B('AM<$U-
M.D]R:6=I;F%L1&]C=6UE;G1)1#TB13A!0S T-D4W,C)!0S$U03-$.30R.#8S
M,S)$,$$X-#(B(&1C.F9O<FUA=#TB:6UA9V4O:G!E9R(@<&AO=&]S:&]P.D-O
M;&]R36]D93TB,R(@<&AO=&]S:&]P.DE#0U!R;V9I;&4](B(@>&UP.D-R96%T
M941A=&4](C(P,3@M,#$M,C54,38Z,C0Z,S<K,#$Z,# B('AM<#I-;V1I9GE$
M871E/2(R,#$X+3 Q+3(U5#$V.C(Y.C,R*S Q.C P(B!X;7 Z365T861A=&%$
M871E/2(R,#$X+3 Q+3(U5#$V.C(Y.C,R*S Q.C P(CX@/'AM<$U-.DAI<W1O
M<GD^(#QR9&8Z4V5Q/B \<F1F.FQI('-T179T.F%C=&EO;CTB<V%V960B('-T
M179T.FEN<W1A;F-E240](GAM<"YI:60Z8V-D9#,T,S(M,S<Q."TT9#5B+3DR
M-&4M.#-B83DV8C$T93$R(B!S=$5V=#IW:&5N/2(R,#$X+3 Q+3(U5#$V.C(Y
M.C,R*S Q.C P(B!S=$5V=#IS;V9T=V%R94%G96YT/2)!9&]B92!0:&]T;W-H
M;W @0T,@*$UA8VEN=&]S:"DB('-T179T.F-H86YG960](B\B+SX@/"]R9&8Z
M4V5Q/B \+WAM<$U-.DAI<W1O<GD^(#PO<F1F.D1E<V-R:7!T:6]N/B \+W)D
M9CI21$8^(#PO>#IX;7!M971A/B @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(#P_
M>'!A8VME="!E;F0](G<B/S[_[@ A061O8F4 9$     ! P 0 P(#!@
M         /_; (0  @(" @(" @(" @," @(#! ," @,$!00$! 0$!08%!04%
M!04&!@<'" <'!@D)"@H)"0P,# P,# P,# P,# P,# $# P,%! 4)!@8)#0H)
M"@T/#@X.#@\/# P,# P/#PP,# P,# \,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,_\( $0@ *  H P$1  (1 0,1 ?_$ *@   (" P$
M   )!P@" P4$ 0$  @,! 0              !08"! <! Q    4$ P$!
M         @,$!08 $ <( 1(4$Q41  $"! (%"0@#          (#! $2!08B
M$P 0$2$R,5%2<I(C0Q4'(&%B@J)38R04)182  $"! 8# 0            (
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%FO\ _]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>remunerationyesicona13.jpg
<TEXT>
begin 644 remunerationyesicona13.jpg
M_]C_X03L17AI9@  34T *@    @ # $   ,    ! %$   $!  ,    ! #,
M  $"  ,    #    G@$&  ,    !  (   $2  ,    !  $   $5  ,    !
M  ,   $:  4    !    I $;  4    !    K $H  ,    !  (   $Q  (
M   ?    M $R  (    4    TX=I  0    !    Z    2  "  (  @ "OR
M   G$  *_(   "<0061O8F4@4&AO=&]S:&]P($-#("A-86-I;G1O<V@I #(P
M,3@Z,#$Z,C4@,38Z,CDZ,S(    $D   !P    0P,C(QH $  P    '__P
MH ( !     $    HH , !     $    H          8! P #     0 &   !
M&@ %     0   6X!&P %     0   78!*  #     0 "   " 0 $     0
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M_\0!/P   04! 0$! 0$          P ! @0%!@<("0H+ 0 !!0$! 0$! 0
M       !  (#! 4&!P@)"@L0  $$ 0,"! (%!P8(!0,,,P$  A$#!"$2,05!
M46$3(G&!,@84D:&Q0B,D%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%
MPJ-T-A?25>)E\K.$P]-UX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V
M-T=79W>'EZ>WQ]?G]Q$  @(! @0$ P0%!@<'!@4U 0 "$0,A,1($05%A<2(3
M!3*!D12AL4(CP5+1\#,D8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%
M539T9>+RLX3#TW7C\T:4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G
M=X>7I[?'_]H # ,!  (1 Q$ /P#U5))))2EQ6;USJ69]8FX_2[BVMKO1:.6.
M@S;:]GYVW_SVMOZT=5_9W37!AC(R)KJCD?Z2S^PU9?U'Z7L8_J=H]UGZ.F?W
M1_./_P [V*'(3*<<<37Z4B&IGE*>6&&!(_3R2CTB]:.$DZ2F;;__T/1NLY67
MB=.MOPZO6N8)#? ?G/V_G;%D_5CZR?;@,/-=^MMU8_@6#_R;5TJX?ZT_5TXC
MW=2P0123-K&Z;#I[V?R'?^!J+*9Q(G'4#YHM;F#E@1E@>*,=)X_ZO[S6ZG?9
M]8OK S'H)]$.]*IPU 8TDVW?]_7>8]%>-1714-M=30UH\ %S7U)Z5Z6.[J-H
M_27RVJ>U8/N=_P!<>NJ0PQ-&<OFGK]$<I \)RS^?*>+_  ?T5)))*9M/_]'U
M50<UKVEKAN:[0@\$+Y8224_4U5==5;:ZVAK& -:T< #LB+Y5225T?JI)?*J2
M2G__V?_M#+!0:&]T;W-H;W @,RXP #A"24T$!       #QP!6@ #&R5'' (
M  (    X0DE-!"4      !#-S_I]J,>^"05P=JZO!<-..$))300Z      #_
M    $     $       MP<FEN=$]U='!U=     4     4'-T4V)O;VP!
M $EN=&5E;G5M     $EN=&4     26UG(     ]P<FEN=%-I>'1E96Y":71B
M;V]L      MP<FEN=&5R3F%M951%6%0    . $8 80!R '8 90 @ %  <@!I
M &X = !E '(       ]P<FEN=%!R;V]F4V5T=7!/8FIC    # !0 '( ;P!O
M &8 ( !3 &4 = !U '        IP<F]O9E-E='5P     0    !";'1N96YU
M;0    QB=6EL=&EN4')O;V8    )<')O;V9#35E+ #A"24T$.P     "+0
M !     !       2<')I;G1/=71P=71/<'1I;VYS    %P    !#<'1N8F]O
M;       0VQB<F)O;VP      %)G<TUB;V]L      !#<FY#8F]O;
M0VYT0V)O;VP      $QB;'-B;V]L      !.9W1V8F]O;       16UL1&)O
M;VP      $EN=')B;V]L      !"8VMG3V)J8P    $       !21T)#
M P    !29" @9&]U8D!OX            $=R;B!D;W5B0&_@
M0FP@(&1O=6) ;^            !"<F1456YT1B-2;'0               !"
M;&0@56YT1B-2;'0               !2<VQT56YT1B-0>&Q 4@
M  IV96-T;W)$871A8F]O; $     4&=0<V5N=6T     4&=0<P    !09U!#
M     $QE9G15;G1&(U)L=                %1O<"!5;G1&(U)L=
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M!!D       0    >.$))30/S       )           ! #A"24TG$
M"@ !          (X0DE- _4      $@ +V9F  $ ;&9F  8       $ +V9F
M  $ H9F:  8       $ ,@    $ 6@    8       $ -0    $ +0    8
M      $X0DE- _@      '   /____________________________\#Z
M  #_____________________________ ^@     ____________________
M_________P/H     /____________________________\#Z   .$))300(
M       0     0   D    )      #A"24T$'@      !      X0DE-!!H
M     U\    &               H    *    !4 4@!E &T =0!N &4 <@!A
M '0 :0!O &X 7P!9 $4 4P!? &D 8P!O &X    !
M      $              "@    H                      $
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M     0      "6AO<GI!;&EG;F5N=6T    /15-L:6-E2&]R>D%L:6=N
M!V1E9F%U;'0    )=F5R=$%L:6=N96YU;0    ]%4VQI8V5697)T06QI9VX
M   '9&5F875L=     MB9T-O;&]R5'EP965N=6T    115-L:6-E0D=#;VQO
M<E1Y<&4     3F]N90    ET;W!/=71S971L;VYG          IL969T3W5T
M<V5T;&]N9P         ,8F]T=&]M3W5T<V5T;&]N9P         +<FEG:'1/
M=71S971L;VYG       X0DE-!"@       P    "/_         X0DE-!!$
M      $! #A"24T$%       !     $X0DE-! P      X(    !    *
M "@   !X   2P    V8 &  !_]C_[0 ,061O8F5?0TT  O_N  Y!9&]B90!D
M@     '_VP"$  P(" @)" P)"0P1"PH+$14/# P/%1@3$Q43$Q@1# P,# P,
M$0P,# P,# P,# P,# P,# P,# P,# P,# P,# P!#0L+#0X-$ X.$!0.#@X4
M% X.#@X4$0P,# P,$1$,# P,# P1# P,# P,# P,# P,# P,# P,# P,# P,
M# P,#/_  !$( "@ * ,!(@ "$0$#$0'_W0 $  /_Q $_   !!0$! 0$! 0
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M>'!A8VME="!E;F0](G<B/S[_[@ A061O8F4 9$     ! P 0 P(#!@
M         /_; (0  @(" @(" @(" @," @(#! ," @,$!00$! 0$!08%!04%
M!04&!@<'" <'!@D)"@H)"0P,# P,# P,# P,# P,# $# P,%! 4)!@8)#0H)
M"@T/#@X.#@\/# P,# P/#PP,# P,# \,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,_\( $0@ *  H P$1  (1 0,1 ?_$ *@   (" P$
M   )!P@" P4$ 0$  @,! 0              !08"! <! Q    4$ P$!
M         @,$!08 $ <( 1(4$Q41  $"! (%"0@#          (#! $2!08B
M$P 0$2$R,5%2<I(C0Q4'(&%B@J)38R04)182  $"! 8# 0            (
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%FO\ _]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
