Jefferies London Healthcare ConferenceMarcus Desimoni – CFO, GN Store Nord & GN Hearing, November 2019

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Safe Harbor Statement

The forward-looking statements in this report reflect the management's current expectations of certain future events and

financial results. Statements regarding the future are, naturally, subject to risks and uncertainties, which may result in

considerable deviations from the outlook set forth. Furthermore, some of these expectations are based on assumptions

regarding future events, which may prove incorrect.

Factors that may cause actual results to deviate materially from expectations include – but are not limited to – general

economic developments and developments in the financial markets, technological developments, changes and

amendments to legislation and regulations governing GN’s markets, changes in the demand for GN's products,

competition, fluctuations in sub-contractor supplies and developments in ongoing litigation (including but not limited to class

action and patent infringement litigation in the United States).

This presentation should not be considered an offer to sell or buy securities in GN Store Nord.

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The GN Group at a glance – unique portfolio of medical, professional and

consumer audio solutions

GN Hearing GN Audio

Source: Company information

Note: Financials refer to FY 2018

(1) Includes Group Shared Services

… a world class organisation

Sales

(% of total)

DKK 5,833m

(55%)DKK 4,774m

(45%)

EBITA

(margin)DKK 1,194m

(20.5%)

DKK 905m

(19.0%)

Innovation leader creating best-in-class

hearing aid technologyLeading position in growing CC&O market

Sales

(% of total)

EBITA

(margin)

Sales: DKK 10,607m. EBITA(1): DKK

1,956m (margin: 18.4%)~ 6,000 employees

Markets hearing aids and headsets in

100 countries across the world>DKK 900 million

R&D investment

We have delivered strongly… and will deliver again

“Innovation

& Growth”

2010 - 2013 2014 - 2016

2017 – 2019

“SMART”

Operations

2008 - 2009

“FAST”

R&D focus

”Hear more, do more,

be more”

• Innovation excellence

• Commercial excellence

• People excellence

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February 5, 2020

• Annual Report for 2019

Group financial highlights Q3 2019

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* EBITA (rolling four quarters) / avg. invested capital

DKK million Q3 2019 Q3 2018 Growth

Revenue 2,999 2,560 +17%

Organic growth 13% 12%

Gross profit 1,828 1,587 +15%

Gross margin 61.0% 62.0% (1.0)%p

EBITA 538 462 +16%

EBITA margin 17.9% 18.0% (0.1)%p

Profit before tax 451 386 +17%

Net profit 345 301 +15%

EPS 2.60 2.25 +16%

ROIC* 24% 23% +1%p

Free cash flow excl. M&A 563 349 +61%

Cash conversion 105% 76% +29%p

NIBD/EBITDA 2.1x 1.6x

Strong quarter across the group

• Organic growth of 13%

• Double-digit increase in revenue, gross profit, and

EPS

Highly differentiated R&D

• Launch of customs additions to ReSound LiNX

Quattro family

• Launch of direct Android streaming

• Launch of Jabra PanaCast

• Launch of Jabra Elite 75t

Very strong cash flow generation

• Free cash flow up 61% – cash conversion of 105%

• NIBD/EBITDA slightly above 2x driven by timing

effects, the implementation of IFRS 16 and M&A

Full year guidance confirmed

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GN Hearing: Strong global markets driven by attractive megatrends

Ageing population

597 791

2013 2018E

+6%

Elderly with hearing loss

prevalence2

Room for penetration

growth

60-65%

35-40%

USD ~5bn

‘22E’21E

~3-5%

‘17‘14 ’20E‘11 ‘12‘10‘07 ‘16 ’19E‘18‘08 ‘09 ‘15‘13

Global hearing aids market growth

(Value based on wholesale ASP)

~3-5% expected value CAGR in coming years…

With hearing loss Without hearing loss

• 65+ population

expected to grow

significantly

• Baby boomers

generation reaching

retirement age Polulation of 65+ years old (million)

• Increase noise pollution

drives prevalence of

hearing loss

• Penetration still relatively

low, especially for less

severe hearing loss

Profound

Severe

Moderately

severe

Moderate

Mild

Aided

Source: Broker reports, internal GN figures

(1) Market share is based on total units sold

~15%

~17%

2010 2016

~2%-points

8 years of positive organic

growth, driven by innovative

product launches

20182010

GN Hearing market share development over time…(1)

… driven by multiple attractive megatrends

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1

~4%

GN Hearing’s innovation leadership towards natural hearing

New chipset – brilliant sound experience: unprecedented Layers of Sound™

and world’s most advanced rechargeable solution

Unprecedented benefits across three key dimensions – Sound Quality, efficient

and convenient fitting and groundbreaking remote fine-tuning

Surround Sound by ReSound upgraded with Spatial Sense, helping the user

hear where sounds are coming from, leading to more natural sound experience

The world’s first Made for iPhone hearing aid

World’s first 2.4 GHz based ear-to-ear data exchange, Binaural Directionality,

enables users to decide which sound to focus on

World's first 2.4 GHz wireless system

6th generation

2018

5th generation

2017

4th generation

2015

3rd generation

2014

2nd generation

2012

1st generation

2010ReSound Alera

ReSound Verso

ReSound LiNX

ReSound LiNX2

ReSound LiNX 3D

ReSound LiNX Quattro

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Another industry first and four new ITE models expanding

the ReSound LiNX Quattro portfolio

Highest input dynamic range in the industry

Only CIC in the market with direct streaming

and E2E connectivity

Brilliant sound quality with Layers of Sound

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Driving growth through strategic collaboration

Partnering up with

tech giants

Exposure to fast-growing

cochlear market

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Refraining from

vertical integration

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GN Audio is strongly positioned in a very attractive portfolio of markets

Call-centric Task-based

“Calls for a living“

(e.g., contact centers, customer service, traders)

Office-based

knowledge workers

Preference for great calls, music

and an active lifestyle

#2 Fragmented market#1

Jabra Engage Jabra Evolve

Jabra Speak

Jabra PanaCast

Jabra Elite

Source: Frost & Sullivan, MZA, GN Audio

*Jabra Elite now accounts for the majority of the consumer business **Position in True Wireless category ***Indicative

”True wireless”

#3-5**Market position

Relative

market share**

Market trend

Primary product

offering

Characteristics

Segment

Gross margins***

Replacement cycles*** ~ 5 years ~ 2 years~ 3-4 years

CC&O Consumer*

USD ~ 1.4bn growing with ~ 9-11% CAGR USD ~ 9bn growing double digitMarket size***

• Exclusive distribution

through distributors

and resellers

• Broad and deep

product portfolios

required

• Long term relationship

drives future growth

Distribution

• Product complexity,

open-offices, and

increasing background

noise require superior

technology

• Technology

advancements, incl. AI

to support efficiency

improvements for

customers

Technology

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Strong global CC&O market development supported by attractive megatrends

• Current penetration

rates of office headsets

only at ~15%

• Penetration rate

expected to double by

2025 driven by expected

doubling of UC (Unified

Communication)

licenses

Source: Frost & Sullivan, MZA, GN Audio

UC growth driven by attractive megatrends

• Millennials – representing 75% of work force by 2025 – require flexibility in working

style

• Emerging focus on cloud-based solutions making UC wider available

• Improvement of technologies, including 5G, enable further reach and application of

UC platforms and usages

• Corporates seeking to reduce travel costs and carbon footprint; whilst improving

productivity and effeciency2014 2018 2025

USD ~1.4bn

CAGR: ~7%

CAGR: 9-11%Task-based Call centric

0%

10%

20%

30%

40%

50%

0

100

200

300

400

500

600

2014

~525

~15%

2018 2025

Global office workers (millions)

Task-based headset penetration

~9-11% expected value CAGR in CC&O market

Penetration of task-based headsets increasing Increasing barriers of entry to the market

• Extensive collaboration

and integration with

software vendors

• Certification process

through software

vendors requires

extensive investments

Integration

1

2

3

4

Call centric CAGR (2018 – 2025) growth: 0-(5)%, Task-based CAGR (2018 – 2025) growth: 13-17%

Jabra PanaCast – first step to position GN Audio in the fast-growing huddle room

video conferencing market

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• In Q3 2019, Jabra started shipment of

Jabra PanaCast, engineered to be the

world’s first smart Panoramic-4k-pixel

Plug-and-Play video solution

• Jabra PanaCast’s leading-edge cameras and

microphones, fourth-generation stitching

technology and Intelligent Vision software

work as one to ensure optimal performance

• PanaCast is still expected to be accretive

to earnings already in 2020

Improving meeting

efficiencyStrong

growth

Substantial cost savings and

carbon footprint reduction

Current challenge... ... solved by Jabra PanaCast

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Focusing on creating shareholder value

Attractive megatrends of aging

population and personal communication

in industries with high entry barriers and

currently low penetration

Innovation leader – uniquely

positioned towards future technology

trends with hearing aid and headset

expertise under one roof

Strategic agility, with no owned retail,

ensuring attractive positioning towards

future distribution trends

Strong track record of strategic

partnerships with leading

channels and customers as well as

with leaders in adjacent industries

Synergistic M&A – channel access

and commercial excellence, technology

leadership, streamlining activities

Lean business model and resilient

cash generation driving attractive

shareholder returns

Strong board and

management team with

proven ability to drive a growth

agenda

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Strict focus on capital allocation drives shareholder value

Organic investments

Synergistic M&A

Annual dividend

Share buybacks

GN capital allocation over the past 3 years

CAPEX ~5%1

1: Investments in property, plant and equiptment

R&D ~30%

M&A ~15%

Share buy back

~45%

Dividend ~5%

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GN in a nutshell

We deliver on our promises

We drive customer satisfaction

We pioneer our industry with

leading edge technology

We are lean and focused

You benefit