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Annual General Meeting 2019 Thursday, March 21, 2019 Congratulations to GN with 150 Years C.F

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Annual General Meeting 2019 Thursday, March 21, 2019 Congratulations to GN with 150 Years C.F GN Store Nord A/S, Ballerup Annual General Meeting 2019 Thursday, March 21, 2019 Congratulations to GN with 150 years C.F. Tietgen, GN’s founder Welcome by Chairman Per Wold-Olsen 1869 From Morse code………...via radio waves………….to advanced sound 2019 3 10 years development in the share price March, 2009 (DKK) March, 2019 (DKK) 15 315 4 Share price development in 2018 December 31, 2017 (DKK) December 31, 2018 (DKK) 200 243 5 Enthusiasm from top analysts and media "GN’s FY report should make it the envy of many companies…both GNH og GNA above consensus…Outlook: More than approved” "Strong exit to 2018 and a more robust than expected 2019" ”Strong Q4 with both GNH and GNA reporting substantially ahead of expectations" "Blowout numbers by GN Audio, outlook stronger than expected" 6 New member of Executive Management René Svendsen-Tune Jakob Gudbrand Marcus Desimoni 7 Agenda a) Report by the Board of Directors on the activities of the company during the past year b) Submission of the audited annual report for approval c) Resolution of discharge to the Board of Directors and the Executive Management d) Decision on application of profits in accordance with the approved annual report e) Approval of remuneration to the Board of Directors for the current financial year f) Election of members to the Board of Directors g) Election of a state-authorized public accountant to serve until the company’s next annual general meeting h) Proposals from the Board of Directors and shareholders i) Any other business 8 Report by the Board of Directors on the activities of the company etc. Agenda items A, B, C and D The year 2018 – GN Store Nord – GN Hearing – GN Audio The coming year – 2019 1907: GN's cable-laying in Libau in Latvia attracted a crowd 9 9 This was our guidance for 2018... GN Store Nord GN Hearing GN Audio Guidance Guidance Guidance Organic growth > 6% > 7% EBITA ~ (135) > 20% > 17% Effective tax rate ~ 22% 10 ... we delivered better than promised results in 2018 GN Store Nord GN Hearing GN Audio Guidance 2018 Guidance 2018 Guidance 2018 Organic growth 13% > 6% 7% > 7% 21% EBITA ~ (135) (143) > 20% 20.5% > 17% 19.0% Effective tax rate ~ 22% 22% 11 GN Store Nord reached important milestones in 2018 Revenue (DKK billion) To shareholders (DKK billion) 10.6 1.2 + 13% organic growth vs 2017 EBITA (DKK billion) Earnings Per Share 12 9,25 7,34 8,07 2.0 4,61 4,79 + 12% vs 2017 (EBITA) 2014 2015 2016 2017 2018 We will continue to deliver on well-defined strategies 2008 - 2009 2010 - 2013 2014 - 2016 2017 – 2019 2020 – … • Planning started • Core competencies provide further opportunities “Hear More, Do More, • Build on leading technologies Be More” and partnerships “Innovation & Growth” • New opportunities in adjacent business areas “SMART” Operations “FAST” R&D focus 13 Core areas that GN can address with its sound expertise Det digitally connected society • Increasing emphasis on software, apps and wireless • Digital ecosystems and interaction with users Technology adapted to the individual • Big Data and Artificial Intelligence • Personalized hearing aids and headsets Health and well-being • Active, informed and tech-savvy consumer • Solutions that support a healthy life 14 Artificial Intelligence makes headset and hearing aids even smarter GN utilizes its combined strength from headsets and hearing aids Investments over several years in AI: Activate my outdoor sound Activate my • Own researchers office sound • AudEERING • Partnerships and ecosystems • Universities and external Activate my researchers Activate my home sound traffic sound 15 A very strong portfolio of brands – targeted for purpose and customer groups Medical Consumer Professionel Special Leading technology Technology leader in and audiology headsets Easy technology at affordable cost Business support for Targeted headsets hearing clinics for noisy workplaces Targeted defense Focus on care Video- and security forces and service communication solutions 16 GN must remain a technology leader Strong leadership and organization Innovation Synergistic M&A leader Attractive Agil megatrends distribution HEAR DO BE MORE MORE MORE Strong Lean business partnerships model Attractive shareholder returns 17 Report by the Board of Directors on the activities of the company etc. Agenda items A, B, C and D The year 2018 – GN Store Nord – GN Hearing – GN Audio The coming year – 2019 GN's cycling Telegraph- Messenger in Shanghai, China 18 18 GN Hearing Jakob Gudbrand 19 GN Hearing – Highlights in 2018 GN Hearing had a strong exit from 2018 Revenue (DKK) - driven by ReSound LiNX 3D and ReSound LiNX Quattro 5.8 mia. 7%* • Revenue growth of 10%, of which organic growth was 7% EBITA (DKK) • 10% organic growth in Q4 2018 • Strong growth based on successful global 1.2 mia. 4% rollout of the ReSound LiNX 3D and the launch of the ReSound LiNX Quattro EBITA-margin • 4% increase in EBITA reflects revenue growth combined with investment in growth initiatives 20.5% * Organic growth 20 The strong organic growth was driven across regions and countries North America Europe Rest of World Double digit organic Solid growth in Continued double growth with Europe with digit organic growth independents. Strong particularly strong with China as the pick-up in VA. Growth performance in main driver in Beltone below France group growth rate GN Hearing has taken market shares 8 years in a row 21 The world's first Premium Plus hearing aids The world's most advanced Replaceable battery rechargeable solution version ReSound LiNX 3D™ product range still available as a Premium option 22 Successful introduction of ReSound LiNX Quattro Available in almost 50 countries around the world, including: • United States • France • Germany • Italy • Spain • United Kingdom • Australia • Japan 23 Artificial Intelligence powered hearing aid app launched at CES – The world's first hearing solution employing Artificial Intelligence Just swipe: Automatic profile shift Just talk: Voice-guided profile shift 24 Report by the Board of Directors on the activities of the company etc. Agenda items A, B, C and D The year 2018 – GN Store Nord – GN Hearing – GN Audio The coming year – 2019 GN engineer at work 25 25 GN Audio René Svendsen-Tune 26 GN Audio – Highlights in 2018 Exceptionally strong results in both the Revenue (DKK) professional and the consumer business 4.8 mia. 21%* • Revenue growth of 20%, of which organic growth was 21% • 28% organic growth in Q4 2018 EBITA (DKK) • Several successful product launches during the year 0.9 mia. 26% • EBITA increased by 26% reflecting the strong revenue growth and operational leverage EBITA margin • EBITA margin of 19.0% compared to 18.2% in 2017 19% * Organic growth 27 2018 was a year worth remembering • Consolidating the position as No. 1 in the Unified Communications market • Jabra Engage set the agenda in call- centres • The consumer is now back on track – powered by true wireless headsets • Excellent execution throughout the company: 21% organic growth – market leading products Strong and broad based organic growth in CC&O continues North America Europe Rest of World Solid organic growth Strong organic growth Strong organic driven by GN Audio’s driven by a portfolio of growth across strong professional countries and a strong several countries product portfolio public sector incl. India and ANZ performance. Fastest growing region in 2018 GN Audio’s professional business continues its strong momentum. The positive trend continues in 2019 29 Powered by Launching Jabra Elite 85h Sound+ Engineered for the best wireless calls and music experience with SmartSound SmartSound. Sound that automatically adapts to the environment based on artificial intelligence 100% Handsfree voice control Calls & Music as never before, including active noise canceling and superior battery life GN Audio acquires Altia Systems • GN Audio can offer plug & play audiovisual communications to businesses • New solutions that increase business productivity and make cross-country collaboration easier • Founded in 2011 • The acquisition gives GN Audio immediate • Headquartered in Cupertino, California, U.S. access to the highly attractive market for • Leading innovative developer of premium video integrated audio and video solutions for communication solutions Huddle rooms • Leverage GN Audio’s' already leading position in the professional audio market PanaCast 3 PanaCast 2 (Coming soon) 31 Report by the Board of Directors on the activities of the company etc. Agenda items A, B, C and D The year 2018 – GN Store Nord – GN Hearing – GN Audio The coming year – 2019 First class of students at GN's Telegraphist school in Foochow, China, 1877 32 Financial guidance for 2019 GN Store Nord GN Hearing GN Audio Guidance Guidance Guidance Organic growth ~ 7% > 15% EBITA > 20% > 19%* Effective tax rate ~ 23% * Before extraordinary one-off costs related to the acquisition of Altia Systems Inc., which impact GN Audio’s EBITA margin negatively by around 1 percentage point in 2019 33 34 The future of GN • Strong finish to 2018 • Strong new products provide good foundation in 2019 • Solid strategy execution • Strong innovation culture 1903: GN telegraph cable lands in Honolulu, Hawaii 34 For the second consecutive year, GN is J.P. Morgan's preferred European Medtech share ”GN continues to look compelling into 2019” (J.P. Morgan, December 3, 2018) 35 36 Report by the Board of Directors on the activities of the company etc. Composition of the Board Evaluation of the Board Remuneration Dividends and share buyback Data entry from before the PC age
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