Gitte Aabo – CEO GN Hearing

Innovation as a growth driver for GN Hearing

2

“I’m so immensely proud that I’ve achieved this extremely hard challenge.

It was incredibly helpful that my hearing aids enabled me to focus on rowing

and communicating - without feeling limited by my hearing loss.”

Mo O’Brien – 4,800 km and 49 days of crossing the Atlantic Ocean

The GN Group proudly builds on 150 years of innovation

ESTABLISHED

1869

”The development of the

world is dependent on

communication”

GN founder C.F. Tietgen, 1869

CREATED THE FIRST

TELEGRAPHIC

CONNECTIONBETWEEN CHINA

AND THE REST OF

THE WORLD

10% of our revenue goes into research and development of new innovations

RESEARCH CENTERSIN DENMARK, USA, HOLLAND

AND CHINA

MARKETS HEARING AIDS

& HEADSETS IN

100 COUNTRIES

HEADQUARTERS IN

DENMARK6,500EMPLOYEES

Intelligent audio solutions

that let you hear more, do more

and be more than you ever

thought possible

GN consistently on a successful path

4

2008 – 2009

“FAST” R&D

focus

2010 – 2013

“SMART”

Operations

2014 – 2016

“Innovation &

Growth”

2017 – 2019

“Hear more, Do

More, Be More”

2020 – and beyond

GN strategy

2020 and beyond

5

GN Hearing’s journey towards more 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

2016

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

Current industry obstacles driving low penetration and high return rates…

6

People often fail to notice that they

have a hearing loss

The first 90 days are a

mountain for first-time users to

overcome

Too many revisits at the HCP

Myth: ”Hearing aids are for old

people”

Product has little value unless it is

tuned and customized

Perception Reality

7

Much has happened in hearing aid technology over the past 10-15 years…

GN strategy 2020 and beyond

Engagement

& focus

Lean

& efficient

Sustainability

COMMERCIAL &

ECOSYSTEM EXCELLENCE

INNOVATION LEADERSHIP

INDIVIDUALIZED

CUSTOMER EXPERIENCE

Performance highlights past 3 years - 2017 – 2019 strategy period

9

Revenue growth

+45%+13% CAGR

EBITA growth

+47%+14% CAGR

EPS growth

+51%+15% CAGR

Share price

increase

+114%+29% CAGR

Cash

conversion

59%

Shareholder

distribution

4.0DKK billion

9 years of consecutive market share gains…

Average annual market

growth of ~4% (value)

GN Hearing organic growth development 2010 – 2019

201520132010 2016 20192014

6%

2011 20172012

9%

2018

2%

6%

9%

10%

8%

6%

7% 7%

1

... and a significant share price increase

2

Index

806

316

174

-

100

200

300

400

500

600

700

800

900

GN C20 CAP Stoxx 600

Index: 12/30/2011 = 100

Thank you