#1Rue de la Deca r Shirley Adelia Stewart has type 2 diabetes New Orleans, Louisiana, US edust novo nordisk - a focused healthcare company Investor presentation First six months of 2018 novo nordisk#2Agenda Highlights and key events Sales update R&D update Financials and outlook changing diabetes Investor Presentation First six months of 2018 Slide 2 novo nordisk#3Forward-looking statements Investor Presentation First six months of 2018 Slide 3 Novo Nordisk's reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this presentation as well as the company's statutory Annual Report 2017 and Form 20-F, which are both filed with the SEC in February 2018 in continuation of the publication of the Annual Report 2017, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as 'believe', 'expect', 'may', 'will', 'plan', 'strategy', 'prospect', 'foresee', 'estimate', 'project', 'anticipate', 'can', 'intend', 'target' 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: • • • Statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk's products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto, 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, Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and Statements regarding the assumptions underlying or relating to such statements. 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, including those described in this presentation, could cause actual results to differ materially from those contemplated in any forward-looking statements. 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's products, introduction of competing products, reliance on information technology, Novo Nordisk'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. 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 presentation, reference is made to the overview of risk factors in 'The Risks of Doing Business' on pp 40-43 of the Annual Report 2017. Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this presentation, whether as a result of new information, future events or otherwise. Important drug information Victoza® (liraglutide 1.2 mg & 1.8 mg) is approved for the management of type 2 diabetes only SaxendaⓇ (liraglutide 3 mg) is approved in the US and EU for the treatment of obesity only novo nordisk#4Highlights Investor Presentation First six months of 2018. Slide 4 - First six months of 2018 Sales development Sales decreased by 5% in Danish kroner and increased by 4% in local currencies to DKK 54.3 billion International Operations sales increased by 1% in Danish kroner and grew by 8% in local currencies • • • . Region AAMEO sales increased by 1% in Danish kroner and grew by 15% in local currencies Region Latin America sales increased by 19% in Danish kroner and grew by 46% in local currencies Region China increased by 2% in Danish kroner and grew by 6% in local currencies North America Operations sales decreased by 10% in Danish kroner and was unchanged in local currencies The GLP-1 diabetes franchise increased by 14% in local currencies and accounted for 77% share of growth Research and Development Successful completion of additional four phase 3a trials, PIONEER 2, 3, 4 and 7, with oral semaglutide OzempicⓇ label updated in the EU to reflect updated device offering Updated CVOT plans for OzempicⓇ and oral semaglutide to use a bridging strategy between SUSTAIN 6 and PIONEER 6 trials Four phase 3a STEP trials with injectable semaglutide 2.4 mg for people with obesity initiated Positive results from phase 2 trial with somapacitan in children with growth hormone deficiency Financials Operating profit decreased by 8% in Danish kroner and increased by 4% in local currencies to DKK 24.7 billion Net profit increased by 5% to DKK 21.1 billion Diluted earnings per share increased by 7% to 8.66 DKK per share 2018 financial outlook: • • Sales growth is still expected to be 3-5% measured in local currencies (now around 5% lower reported) Operating profit growth is still expected to be 2-5% measured in local currencies (now around 7% lower reported) An interim dividend of DKK 3.00 per share of DKK 0.20 will be paid in August 2018#5Investor Presentation First six months of 2018 Slide 5 Sales growth driven by International Operations Sales as reported - first six months of 2018 Region Region Latin America Japan & Korea (10%) 19% Growth break down - first six months of 2018 Local currencies Growth Share of growth North America Operations 0% 1% 4% Region China 5% 2% 11% Region AAMEO 11% 1% Hereof USA 0% (6%) International Operations 8% 99% Region Europe 2% 8% 50% North America Operations (10%) Region AAMEO 15% 42% Region China 6% 16% Region Europe 1% 20% Region Japan & Korea (3%) (4%) Region Latin America 46% 37% Sales of DKK 54.3 billion (5%) Total sales 4% 100% AAMEO: Africa, Asia, Middle East & Oceania changing diabetes novo nordisk#6Investor Presentation First six months of 2018 Slide 6 Sales growth of 4% measured in local currencies mainly driven by Victoza®, OzempicⓇ and SaxendaⓇ Sales as reported - first six months of 2018 Other Growth disorders biopharmaceuticals (4%) (22%) % Haemophilia 6% (10%) 9% Obesity 3% 35% 81% Growth break down - first six months of 2018 Local currencies Long-acting insulin¹ Premix insulin² Fast-acting insulin³ Human insulin Total insulin Growth Share of growth (3%) (17%) 1% 3% 2% 9% 1% 4% 0% (1%) Diabetes care (5%) GLP-14 14% 77% Other diabetes care5 2% 2% Total diabetes care 4% 78% Obesity (SaxendaⓇ) 50% 29% Diabetes care and obesity total 5% 106% Haemophilia (2%) (6%) Growth disorders 5% 7% Other biopharmaceuticals? (18%) (7%) Biopharmaceuticals (1%) 4% (6%) 100% Sales of DKK 54.3 billion (5%) changing diabetes Total 1 Comprises Tresiba®, XultophyⓇ and LevemirⓇ: 2 Comprises RyzodegⓇ and NovoMix® 3 Comprises Fiasp® and NovoRapidⓇ; 4 Comprises VictozaⓇ and OzempicⓇ 5 Primarily NovoNorm® and needles; 6 Comprises NovoSeven®, NovoEight® NovoThirteenⓇ and Refixia®; 7 Primarily Vagifem® and Activelle®#7Investor Presentation First six months of 2018 International Operations grew by 8% in H1 2018 mainly driven by insulin Slide 7 IO added sales in local currency by product segment and region Region AAMEO Region J&K 13% Region LATAM Local currency growth 133% 5% IO sales as reported by product segment Region Europe Biopharm (1%) Long-acting insulin¹ 7% Region China 14% 19% 7% Obesity 108% 2% Other Diabetes³ 6% 17% (4%) Fast-acting insulin¹ 3% 11% GLP-1 diabetes 8% 17% 14% Human insulin² (9%) Premix insulin¹ (1%) Reported sales of DKK 27.4 billion (1%) Insulin GLP-1 diabetes Obesity Biopharm Note: numbers in parentheses represent reported growth (H1 2018 vs. H1 2017), ¹ Modern and New- generation insulin, 2 Human insulin covers all insulin segments, 3 Other Diabetes Care primarily covers NovoNormⓇ, needles and GlucaGen® HypoKitⓇ IO: International Operations LATAM: Latin America AAMEO: Africa, Asia, Middle East & Oceania J&K: Japan & Korea novo nordisk#8Investor Presentation First six months of 2018 Novo Nordisk volume market share is now ~36% of the basal insulin market in the USA Weekly TRx volume market shares* in the USA - glargine U100 Basal volume TRX MS* NN Total Basal TresibaⓇ LevemirⓇ glargine U300 biosimilar glargine U100 70% 60% 50% 40% 30% 20% 10% 0% Apr 2016 39.4% 35.8% 22.7% 12.8% 10.4% 8.2% Jul 2018 Note: The graph does not show NPH, which accounts for the residual market share Source: IQVIA weekly Xponent Plantrak (*excludes Medicaid), 6 Jul 2018 TRX volume: Insulin volume in mega units (MU) associated with total number of prescriptions; VANTAGE FingerTip Formulary bridge, Jul 2018 MS: Market share Medicaid represents ~12% of retail basal market volume Slide 8 TresibaⓇ launch in the USA TresibaⓇ volume market share is now around 13%. TresibaⓇ has gained around 3% market share since the beginning of 2018 TresibaⓇ formulary access is above 80% for Commercial and Medicare Part D combined Main market share driver in first half of 2018 has been the formulary change at CVS part D In mid-April 2018, promotional activities were initiated to promote the updated TresibaⓇ label, including a 40% reduction of severe hypoglycaemic events compared to insulin glargine U100. novo nordisk#9Investor Presentation First six months of 2018 Slide 9 Growth rate MAT volume growth rate 35% Monthly TRX share 100% Novo Nordisk's GLP-1 franchise on positive trajectory in the US with OzempicⓇ launched and 24% market volume growth USA GLP-1 market development USA GLP-1 volume market share MAT GLP-1 TRx volume (million) 10 Total TRX - NN GLP-1 VictozaⓇ OzempicⓇ dulaglutide exenatide USA GLP-1 NBRx market share VictozaⓇ OzempicⓇ dulaglutide exenatide NN GLP-1 albiglutide Weekly NBRX share albiglutide 50% 44.4% - 30% 8 80% 40% 25% 39.2% 16 60% 20% 43.2% 30% 41.8% 29.7% 15% 40% 20% 16.0% 41.5% 10% 2 20% 13.9% 10% 5% 14.7% 1.7% 0% 0% 0% May 2015 May May May May Jul 2018 2015 2018 2017 2018 Source: IQVIA NPA monthly, May 2018, NBRX-IQVIA LRX Weekly, week ending 20/07/2018 changing diabetes® novo nordisk#10Investor Presentation First six months of 2018 Market access for the diabetes portfolio expected to be broadly unchanged in 2019 Current level of unrestricted market access for key Novo Nordisk diabetes products in the USA Slide 10 US formulary negotiations and 2019 pricing Formulary negotiations with pharmacy benefit managers and managed care organisations in the USA are progressing • Subject to final outcome of the negotiations, average prices after rebates are expected to be lower compared to 2018, predominantly due to basal insulin pricing and the changes to Medicare Part D coverage gap legislation • Market access is anticipated to remain broadly unchanged across the diabetes portfolio at a level similar to 2018 • Current market access for Ozempic® is above 60% for commercial and Part D combined Unrestricted Commercial Medicare part D • market access 100% 80% 60% 40% 20% 0% VictozaⓇ Levemir® TresibaⓇ NovoLogⓇ Source: FingerTip Formulary, May 2018 Note: Unrestricted access excludes prior authorisation, step edits and other restrictions changing diabetes novo nordisk#11Investor Presentation First six months of 2018 Slide 11 In PIONEER 3 oral semaglutide showed superior reductions in HbA1c and weight vs sitagliptin after 78 weeks Reduction in HbA1c with oral semaglutide vs sitagliptin Reduction in body weight with oral semaglutide vs sitagliptin HbA1c reduction (%)¹ Weight loss (kg)¹ Oral sema Oral sema 3 mg 7 mg Oral sema 14 mg Sitagliptin 100 mg Oral sema 3 mg Oral sema 7 mg Oral sema 14 mg Sitagliptin 100 mg 0.0 0.0 -0.4 -0.3% -0.4% -1.0 -1.1 kg -0.8 -0.7 %* -1.2 -1.1%* -1.6 -2.0 -2.0 -1.9 kg* -3.0 -2.7 kg* -3.5 kg* -4.0 Results illustrated by using the secondary statistical method called hypothetical estimand after 78 weeks of treatment: Treatment effect, if all participants followed the treatment without rescue medication (analysed by using Mixed Models for Repeated Measurements (MMRM)). The statistical method is consistent with e.g. the statistical method used for the SUSTAIN programme for subcutaneous novo nordisk semaglutide. * Statistically significant versus sitagliptin Sema: semaglutide#12Investor Presentation First six months of 2018 Slide 12 Oral semaglutide demonstrated a consistent reduction in HbA1c and body weight in the completed PIONEER trials In completed PIONEER trials, oral semaglutide lowered HbA1c by 1.1-1.5%-points by end of trial¹ Mean change in HbA1c (%-points) 0.0% -0.5% -1.0% PIONEER 1 PIONEER 2 PIONEER 3 PIONEER 4 PIONEER 7 TILIT In completed PIONEER trials, oral semaglutide lowered body weight by ~3-5 kg by end of trial¹ Mean change in weight (kg) 0.0 -1.0 -2.0 -3.0 PIONEER 1 PIONEER 2 PIONEER 3 PIONEER 4 PIONEER 7 -1.1%* -1.5% -1.3%* -1.2%* -4.0 -3.5* -1.5%* -1.4%* -4.1* -5.0 -4.7* -2.0% -6.0 -5.0* -2.9* 1 Hypothetical estimand, Mixed Model for Repeated Measurement (MMRM) * Statistically significant vs comparator (PIONEER 1 vs placebo; PIONEER 2 vs empagliflozin 25 mg; PIONEER 3 vs sitagliptin 100 mg; PIONEER 4 vs Victoza® 1.8 mg; PIONEER 7 vs sitagliptin 100 mg) Note: results shown are: PIONEER 1 for 26 weeks with 14 mg oral semaglutide, PIONEER 2 and 4 for 52 weeks with 14 mg oral semaglutide; PIONEER 3 for 78 weeks with 14 mg oral semaglutide; PIONEER 7 for 52 weeks with a mixed dose novo nordisk#13Key development milestones Diabetes Investor Presentation First six months of 2018 Slide 13 • • OzempicⓇ label updated in the EU to reflect updated device offering XultophyⓇ label updated in the EU based on LEADER and DEVOTE data Successful completion of additional four phase 3a trials, PIONEER 2, 3, 4 and 7, with oral semaglutide Updated CVOT plans for OzempicⓇ and oral semaglutide to potentially use a bridging strategy between SUSTAIN 6 and PIONEER 6 trials to obtain CV label for OzempicⓇ Phase 3b trial with VictozaⓇ as add-on to any SGLT2 inhibitor successfully completed Phase 3b trial Ellipse with Victoza® in children and adolescents (10-17 years) successfully completed Obesity The four phase 3a, STEP trials, with injectable semaglutide 2.4 mg for people with obesity initiated Following the obesity portfolio review, FGF-21 and G530L have been discontinued Biopharma RefixiaⓇ approved in Japan, with a broad label for people with blood coagulation factor IX deficiency Positive results from phase 2 trial with somapacitan for treatment of children with growth hormone deficiency changing diabetes novo nordisk#14R&D milestones in 2018 Project TresibaⓇ XultophyⓇ FiaspⓇ Q1 2018 DEVOTE and SWITCH² US regulatory decision DUAL I Japan Phase 3a ✓ DUAL II Japan Phase 3a ✓ OzempicⓇ Oral semaglutide EU and Japan regulatory decision PIONEER 1 data Phase 1 data Investor Presentation First six months of 2018 Slide 14 Results available¹ Regulatory milestone Q2 2018 Q3 2018 Q4 2018 EU variation application pens PIONEER 2, 3, 4 and 7✓ Japan submission Japan submission EU variation application SUSTAIN 7 PIONEER 5 and 10 data PIONEER 6, 8 and 9 data LAI287 AM833 Phase 1 data N8-GP US/EU submission N9-GP Concizumab Somapacitan Diabetes Obesity Haemophilia REAL 3 Phase 2, GHD data Growth disorders 1 Expected to be published in the given quarter or in the subsequent quarterly company announcement 2 Supplemental applications to include the two SWITCH trials have been withdrawn based on interactions with FDA GHD: Growth hormone deficiency; AGHD: Adult growth hormone deficiency Japan regulatory decision ✓ explorer 5 data REAL 1 (extension) Phase 3, AGHD data Japan submission explorer 4 data novo nordisk#15Investor Presentation First six months of 2018 Slide 15 Financial results - First six months of 2018 Change Change DKK million Sales H1 2018 H1 2017 (reported DKK) (local currency) Gross profit Gross margin Sales and distribution costs Percentage of sales 54,337 45,788 84.3% 13,541 57,090 48,430 84.8% 13,548 (5%) (5%) 4% 0% 8% 24.9% 23.7% Research and development costs 6,617 6,703 (1%) 2% Percentage of sales 12.2% 11.7% Administration costs 1,715 1,770 (3%) 2% Percentage of sales 3.2% 3.1% Other operating income, net 737 467 58% Operating profit 24,652 26,876 (8%) 4% Operating margin 45.4% Financial items (net) Profit before income tax Income taxes Effective tax rate Net profit 21,094 1,455 26,107 5,013 19.2% 47.1% (1,229) 25,647 5,540 21.6% 20,107 2% (10%) Diluted earnings per share (DKK) 8.66 5% 8,07 7% changing diabetes#16Investor Presentation First six months of 2018 Unfavourable currency impact in H1 2018 driven by development in both hedged and unhedged currencies Hedged currencies Index (1 Jan 2017= 100) Non-hedged currencies Index (1 Jan 2017 = 100) USD/DKK CNY/DKK 110 105 100 95- 90- 85 80 JPY/DKK GBP/DKK CAD/DKK 75 RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK 120 110 100 90 80 70 60 50 40 changing diabetes 1 2 2017 3 4 1 2 2018 Slide 16 Hedged Currencies 2017 average 2018 average² Spot Impact of a Hedging rate² 5% move³ (months) USD1 660 619 642 2,000 11 CNY1 98 96 94 330 64 JPY1 5.9 5.7 5.8 180 12 GBP1 849 845 837 95 11 CAD1 508 483 492 80 10 Non-hedged 2017 2018 Spot Currencies average average² rate² ARS¹ 0.4 0.3 0.2 TRY1 181 148 127 INR1 10.1 9.4 9.3 RUB1 11.3 10.3 10.1 BRL¹ 207 178 170 1 DKK per 100; 2 As of 2 August 2018; 3 Impact on operating profit in the next 12 months of a 5% immediate currency move. DKK million per annum; 4 Chinese Yuan traded offshore (CNH) Note: Operating profit impact of one of the non-hedged currencies appreciating 5% is in the range of DKK -15 to +50 million DOW novo nordisk#17Financial outlook for 2018 Investor Presentation First six months of 2018 Slide 17 Sales growth - local currencies Sales growth - reported Operating profit growth - local currencies Operating profit growth - reported Financial items (net) Effective tax rate Capital expenditure Depreciation, amortisation and impairment losses Free cash flow Expectations 8 Aug 2018 3% to 5% Around 5 percentage points lower 2% to 5% Around 7 percentage points lower Gain of around DKK 0.9 billion 19% to 20% Around DKK 9.5 billion Around DKK 3 billion Around DKK 27 to 32 billion Previous expectations 2 May 2018 3% to 5% Around 6 percentage point lower 2% to 5% Around 9 percentage point lower Gain of around DKK 1.9 billion 20% to 22% Around DKK 9.5 billion Around DKK 3 billion Around DKK 27 to 32 billion The financial outlook is based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain at the level as of 2 August 2018 changing diabetes® novo nordisk#18Investor Presentation First six months of 2018 Slide 18 Closing remarks Solid leadership positions and continued market opportunities 27% Novo Nordisk value market share in diabetes care and solid leadership position ~3% insulin market volume growth 46% Novo Nordisk insulin volume market share with leadership position across all regions 24% GLP-1 volume market growth 47% 40% Novo Nordisk GLP-1 value market share with global leadership position SaxendaⓇ value market share with a global leadership in the anti obesity market · Pipeline and product portfolio Leading insulin portfolio across long-acting, short- acting and premix segments ⚫ Best in class GLP-1 offering with VictozaⓇ and OzempicⓇ and innovative oral GLP-1 in phase 3 • Market leader in weight management with SaxendaⓇ and multiple clinical obesity development projects including injectable once weekly semaglutide • Solid pipeline in Biopharm with somapacitan in growth hormone deficiency and multiple clinical development projects in haemophilia Source: IQVIA MAT May 2018 volume and value (DKK) figures changing diabetes novo nordisk#19Investor contact information Investor Presentation First six months of 2018 Slide 19 Share information Novo Nordisk's B shares are listed on the stock exchange in Copenhagen under the symbol 'NOVO B'. Its ADRs are listed on the New York Stock Exchange under the symbol 'NVO'. For further company information, visit Novo Nordisk on the internet at: novonordisk.com Upcoming events Investor Relations contacts Novo Nordisk A/S Investor Relations Novo Allé, DK-2880 Bagsværd Peter Hugreffe Ankersen +45 3075 9085 [email protected] Anders Mikkelsen +45 3079 4461 01 Nov 2018 Financial statement for the first nine months of 2018 Valdemar Borum Svarrer +45 3079 0301 [email protected] [email protected] 01 Feb 2019 Financial statement for 2018 changing diabetes novo nordisk#20Appendix 1. Novo Nordisk at a glance 2. Insulin 3. GLP-1 diabetes Investor Presentation First six months of 2018. Slide 20 21 33 59 4. Obesity 79 5. Biopharmaceuticals & Other serious chronic diseases 88 6. Financials 100 7. Sustainable business 112 changing diabetes® novo nordisk#21Novo Nordisk at a glance Investor Presentation First six months of 2018 Slide 21 Global leader in diabetes care • A focused pharmaceutical company with leading positions in diabetes, haemophilia and growth hormone • Significant growth opportunities driven by the diabetes pandemic, fuelled by global presence and strong research • and development pipeline High barriers to entry in biologics • Operating profit growth targeting 5% yearly on average (measured in local currencies) Earnings conversion to cash targeting 90% • Cash generated returned to shareholders Global insulin market leadership Global insulin market share: 46% Region Europe: Market share 44% North America Operations: Region China: Market share 52% Region Japan & Korea: Market share 50% Market share 40% Region AAMEO: Market share 56% Region Latin America: Market share 43% Global/regional headquarter Source: IQVIA MAT May 2018 volume figures AAMEO: Africa, Asia, Middle East & Oceania Manufacturing R&D facility changing diabetes novo nordisk#22Investor Presentation First six months of 2018 Slide 22 Sales growth driven by the diabetes franchise Novo Nordisk reported quarterly sales by therapy Reported sales split by product segments for first six months of 2018 Diabetes and obesity Haemophilia² Long-acting insulin NorditropinⓇ Other Human insulin Growth disorders Reported sales CAGR¹: 9.5% DKK billion 35 30 25 -2.2% 20 5.6% 15 10 3.4% 11.1% Premix insulin GLP-1 Fast-acting insulin Other diabetes and obesity Haemophilia Other biopharmaceuticals 6% 1% 19% 9% 7% 10% 10 5 0 Q2 2008 1 CAGR for 10-year period 2 Haemophilia comprises NovoSeven®, NovoThirteen®, NovoEight® and Refixia® changing diabetes® Q2 2018 22% 18% 9% Sales of DKK 54.3 billion (5%) novo nordisk#23Investor Presentation First six months of 2018 Slide 23 Novo Nordisk has leading positions in diabetes, obesity and haemophilia Diabetes Market value Obesity Market value Haemophilia Market value DKK billion Novo Nordisk value market share DKK Global market position billion Novo Nordisk value market share Global market position DKK billion Novo Nordisk value market share Global market position #1 600 50% 10 #1 50% #2 80 50% 70 500 40% 8 40% 40% 60 400 30% 6 30% 50 30% 300 40 CAGR¹ value: 1.9% 20% 4 - 20% CAGR¹ value: 16.3% 30 20% 200 CAGR² value: 49.7% 20 10% 2 10% 10% 100 10 0% 0% 0% May 2013 May 2018 May 2016 May 2018 FY 2013 FY 2017 1 CAGR for 5-year period Source: IQVIA MAT May, 2018 value figures changing diabetes® Note: Value data is based on Australia, Belgium, Brazil, Canada, Chile, Denmark, Germany, Italy, Mexico, Russia, Spain, UAE, USA 2 CAGR for 2-year period Source: IQVIA MAT May, 2018 value figures Note: Annual sales figures for Haemophilia A, B and Bypassing agents segment. Recombinant and plasmal derived products Source: Company reports novo nordisk#24Investor Presentation First six months of 2018 Slide 24 Global diabetes prevalence is increasing and 629 million people are expected to have diabetes by 2045 Around 10% of all adults globally have diabetes The number of people with diabetes is expected to increase by 48% by 2045 North America Region China Million 800 Region Europe Region J&K Region AAMEO Region LATAM +48% 629 <4% 4-5% 5-7% 7-9% 9-12% > 12% 600 400 200 151 2000 425 2017 2045 Source: Adapted from International Diabetes Federation: Diabetes Atlas 8th Edition 2017 J&K: Japan & Korea; AAMEO: Africa, Asia, Middle-East and Oceania; LATAM: Latin America Source: International Diabetes Federation: Diabetes Atlas 1th Edition 2000 and Diabetes Atlas 8th Edition 2017 changing diabetes® novo nordisk#25Investor Presentation First six months of 2018 Slide 25 Focus on driving global insulin growth by increasing the number of people benefitting from Novo Nordisk products Around 26 million people are currently treated Only 6% of all people with diabetes are treated with Novo Nordisk insulin and GLP-1 products with Novo Nordisk products changing diabetes® 1.4 mio treated with GLP-1 0.9 mio treated with new-generation insulin 12.5 mio treated with modern insulin 11.2 mio treated with Human insulins NN: Novo Nordisk 26 of 425 million people with diabetes are treated with NN products Source: International Diabetes Federation: Diabetes Atlas 8th Edition 2017 novo nordisk#26Investor Presentation First six months of 2018 Novo Nordisk has a strong leadership position within the growing diabetes care market Global diabetes care market by treatment class Global diabetes care value market share Slide 26 DKK billion 500 OAD GLP-1 Insulin Novo Nordisk Sanofi - Eli Lilly J&J - Novartis AstraZeneca Merck - Takeda Boehringer Ingelheim 30% 27% Total market: CAGR¹ 15.3% 400 Injectables: CAGR¹ 18.4% 25% 20% 300 CAGR¹ 34.4% 15% 200 CAGR¹ 16.4% 10% 100 5% CAGR¹ 11.6% 0 May 2008 0% May 2018 May 2008 May 2018 1 CAGR for 10-year period OAD: Oral Anti-diabetic Source: IQVIA MAT May, 2018 value figures changing diabetes® Source: IQVIA MAT May, 2018 value figures novo nordisk#27Investor Presentation First six months of 2018. Continued single digit volume growth within the insulin segments globally Slide 27 Fast-acting insulin Segment volume Premix insulin Segment volume NovoRapidⓇ market share NovoMix® market share Long-acting insulin Segment volume TresibaⓇ share - LevemirⓇ share tMU 200 CAGR¹ volume: 5.6% MI penetration: 78.3% 100% tMU 200 CAGR¹ volume: 1.6% MI penetration: 45.9% 100% tMU CAGR¹ volume: 6.5% 100% 200 MI penetration2: 83.3% 80% 80% 80% 160 160 160 - 60% 60% 60% 120 120 120 +40% 40% 40% 80 80 80 40 + 20% 40 20% 40 20% 0% 0% 0 0% May 2013 May 2018 May 2013 May 2018 May May 2013 2018 1 CAGR for 5-year period. 2 Includes new-generation insulin. tMU: Thousand mega units Note: Modern insulin (MI) penetration is of total segment, ie including animal and human insulin; Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA MAT May, 2018 volume figures changing diabetes novo nordisk#28Investor Presentation First six months of 2018 Slide 28 Biopharm constitutes 16% of Novo Nordisk sales and a strategy has been defined to return to growth DKK billion 6 5 4 3 2 1 0 NovoSevenⓇ and Norditropin® account for 82% of Biopharm sales¹ Other biopharmaceuticals Other haemophilia products NorditropinⓇ NovoSevenⓇ 'Return to Growth' strategy builds on organic, non-organic and organisational initiatives Return to growth in Biopharm Drive in-market brands beyond current plans and ensure successful pipeline launches Pursue licensing or acquisition of complementary assets or companies Strengthen the organisation to drive the Biopharm return to growth agenda Q2 2013 1 Reported sales for the first six months of 2018 changing diabetes Q2 2018 novo nordisk#29Investor Presentation First six months of 2018 Slide 29 Novo Nordisk R&D strategy and priorities STRATEGIC PRIORITIES Strengthen leadership in DIABETES CARE Strengthen leadership in OBESITY CARE Pursue leadership in HAEMOPHILIA Strengthen leadership in GROWTH DISORDERS Expand into other SERIOUS CHRONIC DISEASES R&D PRIORITIES Develop disruptive insulin and GLP-1 based products with distinct clinical and/or delivery advantages Develop novel mechanisms that reverse the course of diabetes, act as insulin sensitisers and improve hard clinical endpoints Develop new biologics combined with GLP-1 to achieve >15% weight loss Pursue subcutaneous delivery of long-acting coagulation factors and bypassing agents Bring once-weekly growth hormone to market and expand indications Enter NASH, CVD and CKD by leveraging GLP-1 and other internal assets as well as licensing external opportunities Innovate to improve patient outcomes and drive growth CKD: Chronic kidney disease; CVD: Cardiovascular disease; NASH: Non-alcoholic steatohepatitis changing diabetes novo nordisk#30Investor Presentation First six months of 2018. Slide 30 Significant growth opportunities fuelled by strong pipeline across all four strategic focus areas PHASE 1 NN1436 LAI287 NN9513 HypoPen 1513 NN9838 Amylin analogue NN9747 PYY analogue PHASE 2 Anti-IL-21 and liraglutide Concizumab Somapacitan - QW GHD1 Semaglutide NASH NN9277- GG-co-agonist NN9423 Tri-agonist 1706 NN7170 Sc N8-GP Diabetes Obesity Haemophilia PHASE 3 SUBMITTED APPROVED Oral semaglutide Semaglutide obesity N8-GP Long-acting rFVIII Levemir® Somapacitan - QW AGHD2 Growth disorders Other serious chronic diseases 1 Study conducted in growth hormone disorder 2 Study conducted in adult growth hormone disorder 3 RebinynⓇ is the brand name in the US and Refixia® in the EU QW: Once-weekly; GG: Glucagon GLP-1; Sc: Subcutaneous; QD: Once daily changing diabetes® NovoRapidⓇ NovoMix® Tresiba® RyzodegⓇ XultophyⓇ VictozaⓇ FiaspⓇ OzempicⓇ SaxendaⓇ NovoSevenⓇ NovoEight® NovoThirteenⓇ RebinynⓇ/RefixiaⓇ3 Norditropin® novo nordisk#31Investor Presentation First six months of 2018 Slide 31 Growth opportunities supported by strong global presence in both sales and manufacturing Employees in sales regions¹ Global manufacturing setup Denmark (~9,800 employees) Diabetes and biopharmaceutical API production Filling and packaging Moulding and assembly Tablet production Kaluga, Russia (~265 employees) Filling Assembly Packaging North America Operations: ~4,800 Region Africa, Asia, Middle-East West Lebanon, NH, USA (~180 employees) and Oceania (AAMEO): ~4,700 Biopharmaceutical API production Region China: ~3,200 Region Europe: ~2,900 Clayton, NC, USA (~1,100 employees) Region Japan & Korea: ~1,200 Region Latin America: ~940 Total non-HQ/manufacturing employees: ~18,700¹ Koriyama, Japan (~65 employees) Packaging Diabetes API production Filling Assembly Packaging of above Chartres, France (~1,100 employees) Filling Assembly Packaging Tianjin, China (~1,000 employees) Filling Assembly Packaging Montes Claros, Brazil (~1,000 employees) Filling Assembly Packaging Tizi Ouzou, Algeria (~200 employees) Tablet production 1 Employees represent full-time equivalents in Novo Nordisk's sales regions (excludes all other employees in headquarter, research sites and manufacturing sites) as of June 2018 changing diabetes® novo nordisk#32Investor Presentation First six months of 2018 Slide 32 Solid patent protection of innovative drugs Novo Nordisk's position is protected by patents and value chain setup EU patent protection¹ US patent protection¹ Barriers to entry for biosimilar players Research & Development · Need to show comparability in PK/PD trials • Strict regulatory requirements in EU and the US • Requirement for both drug and device offering Manufacturing Economies of scale for incumbents Up-front CAPEX requirements with slow return on investment OZEMPIC semaglutide injection Fiasp fast-acting insulin aspart Xultophy insulin degudec/laglutide 2031 2032 2030 2030 20282 20292 DNA originjection TRESIBA 2028 2029 insulindegudec DNA origin injection RYZODEG 2028 2029 70%sindedecand 30spart DNA anjinjection • VICTOZA Levemir® (insulin detemir) NovoMix 20223 20223 2019 2019 Expired4 Expired5 (biphasic insulin aspart) Novo Rapid Expired6 Expired7 (insulin aspart) norditropin Expired8 Expired8 1 List does not include all marketed products. 2 Protected by patents on the individual compounds insulin degludec and liraglutide as listed. ³Excluding 6 months paediatric extension Expired in 2015. 5Expired in 2014. Expired in 2011. 'Expired in 2014. 8 Expired in 2017 Note: Saxenda patent identical to the VictozaⓇ patent. changing Commercialisation Large and fragmented target audience • Cost pressure from payers • On-going conversion to next generation drugs and slow market dynamics PK: Pharmacokinetic, PD: Pharmacodynamic; CAPEX: Capital expenditure diabetes novo nordisk#33Insulin TONGYUAN LIU China Tongyuan Liu has type 2 diabetes changing diabetes Parrat Investor Presentation First six months of 2018 Slide 33 1. Diabetes at a glance 34 2. Diabetes treatment classes 37 3. Branded diabetes market 38 4. Diabetes market segments 39 4. Novo Nordisk Diabetes product portfolio 41 5. Insulin market growth and market share 43 6. TresibaⓇ 57-58 novo nordisk#34Investor Presentation First six months of 2018 Diabetes - the inability to manage blood sugar levels appropriately Slide 34 Facts about diabetes Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin produced by the pancreas Primary classifications: Type 1 diabetes: Complete insulin deficiency due to destruction of beta-cells in the pancreas Type 2 diabetes: Characterised by some degree of insulin resistance and insulin deficiency Insulin: Facilitates uptake of blood sugar into cells The aim of insulin therapy is to recreate normal blood insulin profile meal-related peaks (prandial) 70T Short-lived, rapidly generated 60- 긑 50- Insulin (U/mL) 40- 20- Sustained Insulin profile (basal) • 10- • Inhibits glucose release from the liver 0- 6:00 10:00 14:00 18:00 22:00 2:00 6:00 Fat cell Liver Pancreas Muscle 1 Time of day Breakfast Lunch Dinner changing diabetes® novo nordisk#35Investor Presentation First six months of 2018 Diabetes pandemic is fuelled by growing rates of obesity Obesity prevalence (BMI ≥30 kg/m²) Diabetes prevalence US CDC data on obesity and diabetes prevalence among adults 1994 2000 2014 Slide 35 <14.0% 14.0-17.9% 18.0-21.9% 22.0-25.9% 26.0-29.9% ≥30% <4.5% 4.5-5.9% 6.0-7.4% 7.5-8.9% 9.0-10.4% ≥ 10.5% CDC: Centers for Disease Control and Prevention Source: CDC's Division of Diabetes Translation. National Diabetes Surveillance System available at http://www.cdc.gov/diabetes changing diabetes® novo nordisk#36Investor Presentation First six months of 2018 Slide 36 Poor diagnosis rates, lack of access to optimal treatment and poor glycaemic control remain global problems Diagnosis and optimal treatment remains a challenge – the rule of halves - The worldwide challenge of glycaemic control: Mean HbA1c in type 2 diabetes All people with diabetes changing diabetes 50% are diagnosed 100% 50% 25% 50% have access to care 12% 50% get decent care 50% reach target Canada US Latin America 7.3%¹ 7.2%² 7.6%³ China 7.2-9.5%4 India 7.3-9.3%4 Japan 7.3-7.7%5 Korea 7.9-8.7%6 Russia 7.2-9.5%4 Germany Greece 6.7-9.2%7 7.1-9.7%7,8,4 Italy 7.7-8.3%4 Poland 7.3-8.9%4 Portugal 7.9-9.7%7 Romania 7.9-9.9%7 Spain 7.6-9.2%8 Sweden 7.4-8.7%7 Turkey UK 7.6-10.6%7 7.4-8.7%⁹ 1 Harris et al. Diabetes Res Clin Pract 2005;70:90-7; 2 Hoerger et.al. Diabetes Care 2008;31:81-6; 3 Lopez Stewart et al. Rev Panam Salud Publica 2007;22:12-20; 4 Valensi et al. Int J Clin Pract 2009;63(3):522-31; 5 Arai et al. J Diabetes Investig. 2012 Aug 20;3(4):396-401; 6 Ko et al. Diab Med 2007;24:55-62; 7 Oguz et al. Curr Med Res Opin 2013;29:911-20; 8 Liebl et al. Diab Ther 2012;3:e1-10; 9 Blak et al. Diab Med 2012;29:e13-20 novo nordisk#37B-cell function Investor Presentation First six months of 2018 Slide 37 Insulin is the ultimate care for people with diabetes Progression of type 2 diabetes and treatment intensification Distribution of patients and value across treatment classes Diet and exercise OAD: Oral anti-diabetic changing diabetes Time OAD GLP-1 100% Insulin GLP-1 80% 38% 68% 60% 13% 40% Insulin 5% 50% 20% 27% 0% Patients Value Note: Patient distribution across treatment classes is indicative and based on data for US, UK, Germany and France. Value figures based on IQVIA MAT May, 2018 Source: IQVIA PharMetrix claims data, IQVIA disease analyser, IQVIA MIDAS OAD novo nordisk#38Investor Presentation First six months of 2018 The branded diabetes market has a global value of DKK 250 billion annual Slide 38 DKK billion 160 140 Rest of World USA 2016/17 total: DKK 253 billion 2017/18 total: DKK 249 billion Growth: -7% 144 134 120 100 78 68 80 Growth: -5% 56 53 Growth: 21% 60 44 25 40 22 Growth: 5% 36 66 67 17 17 33 20 27 31 31 13 11 4 6 9 11 0 2016/17 2017/18 2016/17 2017/18 2016/17 2017/18 2016/17 2017/18 DPP-4i SGLT2i GLP-1 Insulin Source: Company reported sales 2016/17: Covers the four quarters from Q2 2016 to Q1 2017 2017/18: Covers the four quarters from Q2 2017 to Q1 2018 novo nordisk#39Investor Presentation First six months of 2018 Slide 39 The insulin market is comprised of three segments 6:00 10:00 ↑ Breakfast changing diabetes® Insulin action profiles tMU 600 Global insulin volume market by segment CAGR volume¹: 4.8% CAGR value¹: 15.3% Fast-acting 500 35% 400 Fast-acting 34% Premix 300 25% Premix 29% 200- Long-acting 100 37% Long-acting 40% 0 14:00 18:00 22:00 2:00 6:00 ↑ ↑ Time of day May 2013 May 2018 Lunch Dinner 1 CAGR for 5-year period. Value in DKK Source: IQVIA monthly MAT volume and value May 2018 (DKK) figures novo nordisk#40Investor Presentation First six months of 2018 Medications used for the treatment of type 2 diabetes Slide 40 Class HbA1c change Hypoglycae- mia risk Weight change Commonly prescribed product classes for the treatment of type 2 diabetes Contraindication/ undesired effects CVD risk Dosing (pr. day) Metformin 1.5 No Neutral Minimal 2 OADs Sulfonylurea 1.5 Yes Gain None 1 OAD Kidney, liver Essentially none TZDS 0.5-1.4 No Gain Varies 1 OAD CHF, liver DPP-IV inhibitors 0.6 -0.8 No Neutral TBD 1-2 OADs None SGLT-2 inhibitors 0.5 -0.9 No Loss GLP-1 1.0 - 2.0 No Loss Long-acting insulin 1.5-2.5 Yes Gain Fast-acting insulin 1.5-2.5 Yes Gain Genital infections, urinary tract infections GI side effects, MTC Hypoglycaemia Hypoglycaemia Note: TG and HDL: Beneficial effect on triglycerides and high-density lipoprotein cholesterol; CHF: Congestive heart failure; GI: Gastro intestinal; MTC: Medullary thyroid cancer; TZD: thiazolidinediones; OAD: Oral anti-diabetic; TBD: to be defined. Sources: Adapted from: Nathan DM, et al. Diabetes Care. 2006; 29:1963-1972; Nathan DM, et al. Diabetes Care. 2007;30:753-759; Nathan DM, et al. Diabetes Care. 2008;31:173-175. ADA. Diabetes Care. 2008;31:S12-S54. Wel Chol PI. 1/2008. Varies 1 OAD Varies Varies TG and HDL TG and HDL 1 injection 1-4 injections changing diabetes® novo nordisk#41Investor Presentation First six months of 2018 Novo Nordisk current and future product portfolio covers the type 2 diabetes treatment cascade¹ Overview of current and future products in Novo Nordisk's diabetes portfolio Second generation analogues First generation analogues Human insulin When basal insulin is not enough When metformin is not enough When it's time for insulin Once-daily optimisation Mealtime insulin control Slide 41 oral semaglutide OZEMPİC TRESIBA Xultophy RYZODEG Fiasp fast-acting insulin aspart semaglutide injection or VICTOZAⓇ LevemirⓇ Novo Mix® Novo Rapid or Insulatard® Mixtard® 30 ActrapidⓇ 1 Pending clinical development programmes and regulatory processes for oral semaglutide changing diabetes® novo nordisk#42Investor Presentation First six months of 2018 Slide 42 Novo Nordisk holds a broad insulin portfolio with three generations of products covering the treatment cascade Novo Nordisk product portfolio includes three generations of insulin products Commercial focus depends on market maturity and market access situation Basal insulin Mix insulin GLP & basal Bolus combination insulin Commercial focus Volume strategy Value strategy New- generation insulin New- Tresiba® RyzodegⓇ XultophyⓇ Fiasp® generation insulin Differentiation Modern insulin Levemir® NovoMixⓇ NovoLogⓇ Modern insulin Familiarity Human insulin Insulatard® Mixtard® ActrapidⓇ Human insulin Affordability changing diabetes® novo nordisk#43Investor Presentation First six months of 2018 Slide 43 Novo Nordisk increased market share in long-acting insulin and sustained leadership in fast-acting and premix insulin Long-acting insulin¹ volume market share across regions Novo Nordisk Fast-acting insulin² volume market share across regions North America Operations Region China Premix insulin³ volume market share across regions Region AAMEO Region Latin America 80% 70% 60% 50% 40% 30% 20% 10% 0% May 2013 80% 70% 60% 50% 40% 30% 20% 10% 0% May 2018 May 2013 Region Europe Region Japan & Korea 80% 70% 60% 50% 40% 30% 20% 10% 0% May May 2018 2013 May 2018 1 Long-acting insulin comprises: TresibaⓇ, Levemir®, XultophyⓇ and Insulatard® (basal human insulin). Please note that not all products are launched in all markets 2 Short-acting insulin includes: Fiasp®, NovoLogⓇ and ActrapidⓇ (bolus human insulin). Please note that not all products are launched in all markets 3 Premix insulin includes: RyzodegⓇ, NovoMixⓇ and Mixtard® 30 (premix human insulin). Please note that not all products are launched in all markets changing diabetes® novo nordisk#44Investor Presentation First six months of 2018. Slide 44 Stable global insulin volume growth North America Region China Regional insulin volume growth Region Europe Region J&K 25% 20% 15% 10% 5% Regional insulin volume market split Region AAMEO North America Region LATAM Region China World 100% 80% 60% 40% 20% 3% 0% May 2013 0% May 2018 May 2013 Reg: Region; J&K: Japan & Korea; AAMEO: Africa, Asia, Middle-East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA monthly MAT May, 2018 volume figures changing diabetes® Region Europe Region J&K Region AAMEO Region LATAM 3% 3% 10% 21% 33% 30% May 2018 Reg: Region; J&K: Japan & Korea; AAMEO: Africa, Asia, Middle-East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA monthly MAT May, 2018 volume figures novo nordisk#45Investor Presentation First six months of 2018 Strong underlying insulin market growth and sustained global volume market share Global insulin market Slide 45 Global modern and new-generation insulin volume market shares Novo Nordisk Sanofi - Eli Lilly Device penetration Modern insulin penetration¹ tMU 500 CAGR volume¹: 4.8% Penetration CAGR value¹: 15.3% 100% 60% 50% 400 80% 40% 300 60% MI and NGI² 30% 200 Market value³: DKK 218 billion - 40% 20% 100 Human insulin 20% 10% Market value²: DKK 23 billion 0 0% 0% May 2013 May 2018 1 CAGR for 5-year period; 2MI: Modern insulin. NGI: New-generation insulin 3Annual value of total insulin class Note: Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA monthly MAT May, 2018 volume and value (DKK) figures changing diabetes® May 2013 Note: Data is sensitive to changes in IQVIA data collection and reporting methodology, does not add up to 100% as only selected pharmaceutical companies are included Source: IQVIA monthly MAT May, 2018 volume figures 45% 33% 20% May 2018 novo nordisk#46Investor Presentation First six months of 2018 Novo Nordisk is the market leader in the USA within the modern and new-generation insulin segment Slide 46 Modern insulin and new-generation insulin volume market shares in the USA - Novo Nordisk Sanofi Eli Lilly USA insulin market by segment Device penetration Modern Insulin penetration tMU Penetration CAGR volume¹: 2.4% 160 100% 60% CAGR value¹: 19.6% 140 50% 80% 120 Fast-acting 40% 100 60% 80 Premix 30% 40% 60 20% 40 Long-acting 20% 10% 20 0 0% 0% May 2013 May 2018 1 CAGR for 5-year period Source: IQVIA monthly MAT May, 2018 volume and value (DKK) figures changing diabetes May 2013 Source: IQVIA monthly MAT May, 2018 volume figures 40% 34% 25% May 2018 novo nordisk#47Investor Presentation First six months of 2018 Slide 47 Novo Nordisk's modern and new generation insulins have a stable market position in the USA insulin market USA fast-acting insulin Segment volume USA premix insulin Segment volume USA long-acting insulin Segment volume Levemir® share NovoLogⓇ share NovoLog® Mix 70/30 share TresibaⓇ share tMU tMU tMU CAGR volume¹: 3.1% 80 MI penetration: 83.9% 100% 80 CAGR volume¹: (6.2%) MI penetration: 52.0% CAGR volume¹: 3.8% 100% 80 MI penetration: 73.7% 100% 70 70 70 80% 80% 80% 60 60 60 50 - 60% 50 60% 50 60% 40 40 40 40% 30 30 40% 30 40% 20 20 20 20% 20% 20% 10 10 10 0 0% 0% 0 0% 0 May 2013 May 2018 May 2013 May May May 2018 2013 2018 1 CAGR for 5-year period; tMU: Thousand mega units Note: US trend data reflect changes to IQVIA data collection coverage and methodology as of January 2012. Modern insulin (MI) penetration is of total segment, ie including human insulin Source: IQVIA monthly MAT May, 2018 volume figures changing diabetes® novo nordisk#48Investor Presentation First six months of 2018 Slide 48 US health insurance is dominated by few large commercial payers with slow expansion of public insurance coverage US population by health insurance status expected to remain stable in coming years Managed care² Public exchanges Medicare Other Medicaid Uninsured US population (million) In 2018, PBMs covered 288 million lives and the market has consolidated MedImpact All other PBMS Humana 5% Prime 3% 3% CVS Caremark 8% 31% 326 333 100% 9% 8% 80% 23% 22% 60% 18% 18% Optum Rx 22% 40% 20% 45% 44% 0% 20171 2020 28% Express Scripts 1 2017 data reflect historical data through October 2017 2 Managed care population was slightly underestimated as only population under age 65 were captured to avoid double counting with those eligible for Medicare. Source: Census.gov; Congressional Budget Office Health Insurance Coverage 2016-2026; Medicare Enrollment Dashboard; CMS Health Insurance Enrollment Projection 2015-2025; Medicaid and CHIP Enrollment Report Oct. 2017; CMS Insurance Marketplace Factsheet 2017; CDC.gov PBM: Pharmacy Benefit Manager Note: Covers all main channels (Managed Care, Medicare Part D, and Medicaid); market share based on claim adjudication coverage, i.e. not on formulary/rebate decision power Sources: Cleveland Research novo nordisk#49Investor Presentation First six months of 2018 Slide 49 Key Novo Nordisk diabetes care products remain broadly available in the USA Value market shares of key Novo Nordisk products in the USA Value market share VictozaⓇ TresibaⓇ NovoLogⓇ LevemirⓇ % share of unrestricted market access of key Novo Nordisk products in the USA Unrestricted Market access VictozaⓇ TresibaⓇ NovoLogⓇ - LevemirⓇ 80% 60% 40% 20% 0% Feb 2015 Source: IQVIA NSP May 2018; 100% 80% 60% 40% 20% 0% May 2018 Note: Market shares: NovoLogⓇ: share of rapid acting insulin segment; LevemirⓇ: share of basal insulin segment; TresibaⓇ share of basal insulin segment; VictozaⓇ: share of GLP-1 segment changing diabetes® Feb 2015 Source: FingerTip Formulary bridge, May 2018 Nomenclature and Xponent PlanTrak,; only considers bridged volume; excludes cash and mail order data; Note: Unrestricted access excludes prior authorisation, step edits and other restrictions LevemirⓇ access based on FlexTouch® Pen; NovoLog® access based on FlexPenⓇ; only considers bridged volume; TresibaⓇ launched in January 2016 May 2018 novo nordisk#50Investor Presentation First six months of 2018. Slide 50 Sustained leadership position in the European modern and new-generation insulin market European insulin market by segment Device penetration CAGR value¹: - CAGR volume¹: 4.1% European modern insulin and new-generation insulin volume market shares Novo Nordisk Sanofi Eli Lilly tMU 180 160 140 120 100 80 60 40 20 0 May 2013 MI and NGI penetration Penetration 4.7% 100% 60% 50% 80% Fast-acting 40% 60% 30% Premix 40% 20% Long-acting 20% 10% 0% 0% May 2018 May 2013 1 CAGR for 5-year period 2 MI: Modern insulin; NGI: New-generation insulin Source: IQVIA monthly MAT May, 2018 volume and value (DKK) figures changing diabetes® 44% 36% 19% May 2018 Source: IQVIA monthly MAT May, 2018 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers novo nordisk#51Investor Presentation First six months of 2018 Slide 51 Stable insulin leadership position in Region AAMEO comprising Africa, Asia, Middle-East and Oceania Region AAMEO insulin market by segment Region AAMEO modern and new-generation tMU 120 100 80 60 40 20 0 May 2013 - CAGR value¹: Device penetration CAGR volume¹: 7.7% 4.2% — MI and NGI penetration Penetration Novo Nordisk Sanofi insulin volume market shares Eli Lilly 100% 70% 60% 80% Fast-acting 50% 60% 40% Premix 30% 40% 20% 20% Long-acting 10% 0% 0% May 2018 May 2013 Biocon 56% 20% 14% 3% May 2018 1 CAGR for 5-year period. Note: IQVIA only covers the following 8 markets in AAMEO (retail data): Algeria, Egypt, India, New Zealand, Russia, Saudi Arabia, South Africa & Turkey, which together account for 82% of Novo Nordisk insulin sales in AAMEO Source: IQVIA monthly MAT May, 2018 volume and value (DKK) figures MI: Modern insulin; NGI: New-generation insulin Source: IQVIA monthly MAT May, 2018 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers novo nordisk#52Investor Presentation First six months of 2018 Slide 52 Solid insulin market leadership position in Region Japan & Korea tMU 6 4 2 16 14 12 10 Japan & Korea insulin market by segment Japan & Korea modern and new-generation insulin volume market shares Device penetration - MI and NGI penetration CAGR volume¹: 0.5% Penetration Novo Nordisk - Sanofi Eli Lilly CAGR value¹: (4.4%) 100% 70% 60% 80% Fast-acting 50% 50% 60% 40% Premix 30% 40% 20% 26% 24% Long-acting 20% 10% 0% 0% May 2013 May 2018 May 2013 Source: IQVIA monthly MAT May, 2018 volume figures May 2018 8 6 4 2 0 1 CAGR for 5-year period MI: Modern insulin; NGI: New-generation insulin Source: IQVIA monthly MAT May, 2018 volume and value (DKK) figures changing diabetes® novo nordisk#53Investor Presentation First six months of 2018 Slide 53 Solid TresibaⓇ performance strengthens basal insulin market share in Japan Japanese basal value market shares TresibaⓇ NPH LevemirⓇ glargine U100 biosimilar glargine U100 - Novo Nordisk Japanese total insulin value market shares Eli Lilly - Sanofi glargine U300 NN Total Basal 80% 70% 60% 50% 40% 30% 20% 10% 0% May 2015 Source: IQVIA monthly MAT May, 2018 value figures changing diabetes 60% 51% 43% 40% 17% -16% 20% 14% 6% 2% 0% May 2018 May 2015 Source: IQVIA monthly MAT May, 2018 value figures 59% 22% 18% May 2018 novo nordisk#54Investor Presentation First six months of 2018 Slide 54 Solid volume growth in the Chinese insulin market Chinese insulin market by segment Device penetration tMU CAGR volume¹: 10.0% 55 CAGR value¹: 13.0% 50 45 40 35 30 25 20 15 10 5 0 May 2013 Chinese insulin volume market shares Novo Nordisk Eli Lilly Gan & Lee Tonghua Dongbao Other - Modern insulin penetration Penetration Sanofi 100% 70% 60% 80% Fast-acting 50% 60% 40% 30% Premix 40% 20% 20% 10% Long-acting 0% 0% May 2018 May 2013 1 CAGR for 5-year period Note: IQVIA covers around 50% of the total Chinese market (hospital data) Source: IQVIA monthly MAT May, 2018 volume and value (DKK) figures changing diabetes® .52% 13% 12% 10% 7% 6% May 2018 Note: Only selected competitors shown Source: IQVIA monthly MAT May, 2018 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers not included novo nordisk#55Investor Presentation First six months of 2018 Slide 55 Continued value growth in the Chinese long-acting insulin segment Chinese insulin market by segment Chinese total insulin value market shares DKK Device penetration Modern insulin penetration Novo Nordisk billion Penetration Sanofi CAGR value¹: 13.0% 10.0 100% 70% 60% 8.0 80% Fast-acting 50% 6.0 4.0 Premix 60% 40% 30% 40% 20% 2.0 20% Long-acting 10% 0.0 May 2013 0% 0% May May 2018 2013 1 CAGR for 5-year period Note: IMS covers around 50% of the total Chinese market (hospital data) Source: IQVIA Rolling MAT May, 2018 value (DKK) figures changing diabetes® Eli Lilly Tonghua Dongbao Gan & Lee Other Note: Only selected competitors Source: IQVIA Rolling MAT May, 2018 value figures .49% 18% 12% 11% 7% 4% May 2018 novo nordisk#56Investor Presentation First six months of 2018. Slide 56 Strengthened insulin volume market share in Region Latin America tMU 18 15 12 9 16 3 Latin America modern and new-generation insulin volume shares Latin America insulin market by segment Device penetration Modern insulin penetration CAGR volume¹: 11.1% Penetration CAGR value¹: 8.9% 60% 70% 60% Fast-acting 50% 40% Premix 40% 30% Long-acting 20% 20% 10% 0% 0% May 2013 May 2018 May 2013 0 - Novo Nordisk Eli Lilly Sanofi 43% 29% 15% May 2018 1 CAGR for 5-year period Note: IMS only covers the following 4 markets in Latin America (retail data): Argentina, Brazil, Colombia, Mexico Source: IQVIA monthly MAT data May, 2018 volume and value (DKK) figures MI: Modern insulin; NGI: New-generation insulin Note: Only top-3 shown Source: IQVIA monthly MAT data May, 2018 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers not included MI: Modern insulin; NGI: New-generation insulin changing diabetes novo nordisk#57Investor Presentation First six months of 2018. Slide 57 TresibaⓇ sets a new standard for basal insulin initiation by lowering the risk of hypoglycaemia TresibaⓇ is a leap on the innovation ladder by further reducing nocturnal hypoglycaemia 50% 53% reduction in nocturnal reduction in nocturnal hypoglycaemia¹ hypoglycaemia² TresibaⓇ has consistently demonstrated relevant reductions in severe hypoglycaemia Patients Study Hazard ratio [95% CI] 1.12 [0.68; 1.86] BEGIN New-generation insulin T1D 0.65 [0.48; 0.89]* SWITCH 1 Modern insulin Human insulin IGlar U100 T2D SWITCH 2 InsulatardⓇ Half life: 25 hours Variability: Low Half life: 12-19 hours Variability: Medium 0.74 [0.61; 0.90]* TresibaⓇ BEGIN 0.81 [0.42; 1.56] 0.54 [0.21; 1.42] 0.49 [0.26; 0.94]* DEVOTE 0.60 [0.48; 0.76]* Half life: 5-10 hours Variability: High Maintenance period 0.125 0.25 0.5 1 2 Favours Tresiba® Favours comparator Full treatment period 1 P. D. Home, A. Fritsche, S. Schinzel & M. Massi-Benedetti, Diabetes, Obesity and Metabolism 12: 772- 779, 2010 2 DEVOTE, American Diabetes Association 77th Scientific Sessions, 3-CT-SY22, June 12 2017 IGlar U100: Insulin glargine U100 * Statistically significant difference Note: Phase 3a BEGIN: Severe-third-party assistance; Phase 3b SWITCH: severe-third-party assistance and adjudicated; Phase 3b DEVOTE: severe-third-party assistance. T1D: Type 1 diabetes; T2D: Type 2 diabetes; CI: Confidence interval Source: Ratner et al. Diabetes Obes Metab 2013; Lane et al. Diabetologia 2016;59; Wysham et al. Diabetologia 2016; DEVOTE, American Diabetes Association 77th Scientific Sessions, 3-CT-SY22, June 12 2017#58Investor Presentation First six months of 2018 Competitive TresibaⓇ label across the USA, Europe and Japan Profile Slide 58 TresibaⓇ label characteristics in the USA, Europe and Japanese markets USA Europe • Half-life of 25 hours and duration of action of at least 42 hours • Duration of action beyond 42 hours • Four times lower day-to-day Japan Duration of action up to 26 hours in Japanese patients Day to day variability of 20% variability vs insulin glargine Efficacy Safety Convenience • . Non-inferior HbA1c reduction Numerically greater FPG reduction Numerically lower insulin dose¹ Overall safety consistent with insulin Hypoglycaemia rates for TresibaⓇ, but not comparator • Injection any time of day Up to 80 and 160 units per injection • Non-inferior HbA1c reduction . Numerically greater FPG reduction • • Overall safety consistent with insulin Lower rate of overall and nocturnal hypoglycaemia Adjusting injection time when needed Up to 80 and 160 units per injection 1 Observed in majority of the trials changing diabetes® • Four times lower day-to-day variability vs insulin glargine • Non-inferior HbA1c reduction • Numerically greater FPG reduction • . Overall safety consistent with insulin Lower rate of nocturnal hypoglycaemia in Asian subjects In case of missed dose take as soon as possible novo nordisk#59Investor Presentation First six months of 2018 Slide 59 GLP-1 1. GLP-1 treatment 60 2. GLP-1 market growth and market share 61 3. VictozaⓇ market share 4. GLP-1 vs OAD 63 64 5. VictozaⓇ value growth and market share 65 6. GLP-1 pipeline 66 REN YANXIA Ren has type 2 diabetes China 7. OzempicⓇ 8. GLP-1 market value in Regions 67 68 9. Clinical trials (SUSTAIN & PIONEER) 74-78 novo nordisk#60Investor Presentation First six months of 2018 Slide 60 GLP-1 effect dependent on level of blood glucose GLP-1 mechanism of action when blood sugar levels increase Increases insulin secretion in the pancreas • Reduces glucagon secretion in the liver • Slows gastric emptying in the gut • Creates sense of satiety in the brain Brain GLP-1 lowers blood glucose in patients with type 2 diabetes Glucose (mmol/L) 18 16 14 12 10 8 6 Type 2 diabetes patients, no GLP-1 Type 2 diabetes patients, with GLP-1 Healthy controls receiving saline changing diabetes GLP-1 Liver Gut Pancreas 420 Breakfast Lunch Snack 22.00 02.00 06.00 10.00 14.00 18.00 Time Source: Rachman et al. Diabetologia 1997;40:205-11 novo nordisk#61Investor Presentation First six months of 2018 The GLP-1 segment accounts for 13% of the global diabetes care market value Slide 61 Global GLP-1 market GLP-1 value in DKK billion VictozaⓇ exenatide dulaglutide Ozempic® other Share of total diabetes care market GLP-1 value and patient share of the total diabetes care market Share of total diabetes care GLP-1 value share of total diabetes GLP-1 patient share¹ of total diabetes market 70 10% 20% 60 15% 8% CAGR value¹: 33.8% 15% 50 13% 11% 6% 40 10% 30 4% 7% 6% 5% 20 5% 5% 2% 3% 10 1% 0 0% 0% May 2013 May 2018 World North Reg Reg Reg Reg Reg America EU LATAM J&K AAMEO China 1 CAGR for 5-year period Source: IQVIA monthly MAT May, 2018 value figures (DKK) changing diabetes® Reg: Region; AAMEO: Africa, Asia, Middle-East and Oceania; J&K: Japan & Korea; LATAM: Latin America. 1 Patient share is indicative and based on data for US, UK, Germany and France only. Source: Value data; IQVIA monthly MAT May, 2018. Patient data; IQVIA Disease Analyser (DE, FR, UK), QuintilesIQVIA LRX (USA), May 2018#62Investor Presentation First six months of 2018 Slide 62 Strong GLP-1 volume growth in all regions Regional GLP-1 volume growth North America Region China Region Europe Region J&K 120% 100% 80% 60% 40% 20% 0% May 2015 Regional GLP-1 volume market split Region Europe Region J&K Region AAMEO North America Region LATAM Region China World 100% 80% 60% 40% 24% 20% 0% May 2018 May 2015 J&K: Japan & Korea; AAMEO: Africa, Asia, the Middle East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IQVIA monthly MAT May, 2018 volume figures changing diabetes® Region AAMEO Region LATAM 3% 8% 1% 4% 38% J&K: Japan & Korea; AAMEO: Africa, Asia, the Middle East and Oceania; LATAM: Latin America Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IQVIA monthly MAT May, 2018 volume figures 47% May 2018 novo nordisk#63Investor Presentation First six months of 2018 Slide 63 VictozaⓇ maintains a 14% value market share in the GLP-1, SGLT-2 and DPP-IV segment Segment value Share of segment value growth Segment value market shares DKK billion VictozaⓇ Other GLP-1 SGLT-2 DPP-IV 250 100% 100% 12% 13% 200 80% 80% CAGR¹ value: 25.7% 150 60% 60% 100 40% 40% VictozaⓇ: 14% 50 20% 20% 0% 0% May 2013 May 2018 2016 vs 2017 2017 vs 2018 May 2013 May 2018 1 CAGR for 5-year period Note: Segment only includes DPP-IV, GLP-1 & SGLT-2. Other oral anti-diabetic agents and insulin excluded Source: IQVIA MAT May, 2018 value figures changing diabetes® novo nordisk#64Investor Presentation First six months of 2018 Slide 64 GLP-1 patients primarily switch from OADs and untapped potential is large with many OAD patients not in control GLP-1 source of business (new-to-brand prescription market share) Insulin and Treatment Share of patients on OADs achieving HbA1c below 7% in major European countries GLP-1 naive 5% 5% Insulin 29% 51% GLP-1 9% OAD HbA1c >7% 43% 57% Note: Data based on data from France, Germany, UK and USA only OAD: Oral anti-diabetic (includes but is not limited to DPP-IV, SGLT-2, metformin and sulfonylurea) Source: IQVIA Disease Analyser (France, Germany and UK) and IQVIA (formerly IMS) LRX (USA), Sep 2017 Note: Data based on data from France, Germany and UK only Source: IQVIA Disease Analyser (France, Germany and UK), Sep 2017 HbA1c <7% novo nordisk#65Investor Presentation First six months of 2018 Slide 65 Significant growth in GLP-1 market with leading market share for VictozaⓇ Global GLP-1 market value and share of total diabetes care market value exenatide Novo Nordisk GLP-1 value market share leading in all regions except Japan & Korea ☐ Novo Nordisk GLP-1 value market share VictozaⓇ DKK billion albiglutide1 70 60 50 exenatide launch 40 30 20 10 2005 dulaglutide lixisenatide GLP-1 share of total diabetes care market DKK billion FDA/EMA statement on 14% 60 46% pancreatic safety³ 12% 50 Dulaglutide Article on launch 10% 40 pancreatic safety of incretins² - 8% 30 VICTOZA - 6% liraglutide injection 20 - 4% - 2% 10 56% 36% 0% 0 2009 2013 2014 2018 North America Region Europe 70% 46% Region Region Region Region J&K LATAM AAMEO China 78% 1 Manufacturing and sale of albiglutide expected to be discontinued by Jul 2018 2 Butler et al, Marked Expansion of Exocrine and Endocrine Pancreas With Incretin Therapy in Humans With Increased Exocrine Pancreas Dysplasia and the Potential for Glucagon-Producing Neuroendocrine Tumors, Diabetes, Vol. 62, Jul 2013' 3 Egan et al, Pancreatic Safety of Incretin-Based Drugs - FDA and EMA Assessment, The New England Journal of Medicine 370;9, 27 Feb 2014 Source: IQVIA MIDAS, monthly data, May 2018 (Note: IQVIA data does not adequately capture rebates resulting in an overstatement of market value) FDA: US Food and Drug Administration; EMA: European Medicines Agency AAMEO: Africa, Asia, Middle-East and Oceania; J&K: Japan & Korea; LATAM: Latin America Source: Reported sales until May 2018; IQVIA MIDAS, May 2018 novo nordisk#66Investor Presentation First six months of 2018 Ambition for OzempicⓇ to become leading weekly GLP-1, with daily GLP-1 use shifting to oral semaglutide Promotional focus to shift from VictozaⓇ towards OzempicⓇ as market access emerges Aim for OzempicⓇ and oral semaglutide to replace VictozaⓇ as market leaders Commercial focus changing diabetes VICTOZA liraglutide injection Illustrative OZEMPİC semaglutide injection OzempicⓇ market access Prescription volume VICTOZAⓇ liraglutide injection OZEMPİC semaglutide injection Time 1 Victoza patent expiry expected in 2022/2023 in most markets Slide 66 Illustrative oral semaglutide VictozaⓇ patent expiry¹ novo nordisk#67Investor Presentation First six months of 2018 Slide 67 OZEMPIC approved in the USA and in the EU Profile OzempicⓇ label in the USA • Adjunct to diet and exercise to improve glycaemic control Two therapeutic dosages, 0.5 mg and 1 mg • Reduction in HbA1c vs comparators¹ Efficacy Conve- nience Safety Reduction in body weight vs comparators¹ Administered once-weekly To be launched in the OzempicⓇ pen Retinopathy wording similar to insulin labels Cardiovascular safety with number of MACE events in clinical section² 1 Statistically significant reduction compared to comparators: placebo, sitagliptin, exenatide extended- release and insulin glargine U100 (phase 3a SUSTAIN trial programme) 2In SUSTAIN 6, there were 108 MACE events with OzempicⓇ compared to 146 events with placebo, equivalent to an event rate of 6.6% with OzempicⓇ and 8.9% with placebo Trial Patients CV data from SUSTAIN 6 trial in OzempicⓇ EU label Reference to CV results in indication MACE Kaplan-Meier OzempicⓇ label VictozaⓇ label SUSTAIN 6 LEADER 9,340 3,297 Included Included HR: 0.741 HR: 0.872 Included Included 195% confidence interval [0.58;0.95]. 295% confidence interval [0.78;0.97] CV: Cardiovascular; MACE: Major adverse cardiovascular events; HR: Hazard ratio changing diabetes® novo nordisk#68Investor Presentation First six months of 2018. The GLP-1 segment accounts for 15% of total diabetes care market value in North America Slide 68 North America GLP-1 market GLP-1 value in DKK billion VictozaⓇ dulaglutide OzempicⓇ other exenatide Share of total diabetes care . 60 market 14% Key observations for Victoza® in the US market VictozaⓇ value market share within the GLP-1 segment is 54%¹ 50 12% CAGR value¹: 37.6% Around 80% of Commercial and around 90% of Medicare Part D GLP-1 market volume is covered without restrictions² 10% 40 8% 30 . Around 90% of new patients who start on VictozaⓇ transition from outside of GLP-1 segment³ 6% 20 4% • 10 2% Around 70% of prescriptions are for the higher dose 1.8 mg4 0 0% May 2013 May 2018 1 CAGR for 5-year period Source: IQVIA monthly MAT May, 2018 value figures (DKK) changing diabetes® 1. Source: IQVIA NSP monthly, MAT May 2018 2. FingerTip Formulary bridge/ May 2018 Nomenclature and Xponent PlanTrak only considers bridged volume; excludes cash and mail order data; 3. IQVIA SOB, June 2018 + 4. IQVIA, NPA, June 2018. novo nordisk#69Investor Presentation First six months of 2018. Slide 69 The GLP-1 segment accounts for around 11% of total diabetes care market value in Europe GLP-1 value in DKK billion 8 European GLP-1 market VictozaⓇ exenatide VictozaⓇ value market share in Europe VictozaⓇ exenatide - dulaglutide other 7 16 54 3 1 2 O May 2013 ▪dulaglutide Share of total other GLP-1 value diabetes care market share market 10% 100% CAGR value¹: 21.0% 8% 80% 6% 60% + 4% 40% 2% 20% 0% 0% May 2018 May 2013 1 CAGR for 5-year period Source: IQVIA monthly MAT May, 2018 value figures (DKK) changing diabetes® 56% 31% 12% 2% May 2018 Source: IQVIA monthly MAT May, 2018 value figures (DKK), market share does not add up to 100% due to rounding novo nordisk#70Investor Presentation First six months of 2018 Slide 70 The GLP-1 segment accounts for 3% of total diabetes care market value in Region AAMEO GLP-1 value in DKK Region AAMEO GLP-1 market VictozaⓇ exenatide VictozaⓇ value market share in Region AAMEO VictozaⓇ exenatide ▪dulaglutide lixisenatide dulaglutide Share of total lixisenatide diabetes care GLP-1 value market share billion market 0.6 3% 100% 0.5 CAGR value¹: 24.0% 80% 0.4 - 2% 60% 0.3 40% 0.2 1% 20% 0.1 0.0 0% 0% May 2013 May 2018 May 2013 1 CAGR for 5-year period AAMEO: Africa, Asia, the Middle East and Oceania Source: IQVIA monthly MAT May, 2018 value figures (DKK) changing diabetes Source: IQVIA monthly MAT May, 2018 value figures (DKK) .46% 33% -20% 1% May 2018 novo nordisk#71Investor Presentation First six months of 2018 The GLP-1 segment accounts for around 1% of the total diabetes care market value in Region China Slide 71 GLP-1 value in DKK China GLP-1 market VictozaⓇ exenatide Share of total diabetes care GLP-1 value VictozaⓇ value market share in China VictozaⓇ exenatide market share billion 0.20 market 100% 2.0% CAGR value¹: 29.3% 0.15 80% 78% 1.5% 60% 0.10 - 1.0% 40% 0.05 + 0.5% 20% 21% 0.00 May 2013 0.0% 0% May 2018 May 2013 May 2018 1 CAGR for 5-year period Source: IQVIA monthly MAT May, 2018 value figures (DKK) changing diabetes Source: IQVIA monthly MAT May, 2018 value figures (DKK), market share does not add up to 100% due to rounding novo nordisk#72Investor Presentation First six months of 2018 The GLP-1 segment accounts for around 5% of the total diabetes care market in Region Japan & Korea Japan & Korea GLP-1 market Slide 72 VictozaⓇ value market share in Japan & Korea GLP-1 value in DKK VictozaⓇ exenatide billion dulaglutide Share of total other diabetes care market GLP-1 value VictozaⓇ market share exenatide dulaglutide other 1.6 3% 100% 1.4 CAGR value¹: 23.3% 80% 1.2 2% 1.0 60% 56% 0.8 40% 0.6 36% 1% 0.4 20% 0.2 0.0 0% 0% May 2013 May 2018 May 2013 4% 3% May 2018 1 CAGR for 5-year period Source: IQVIA monthly MAT May, 2018 value figures (DKK) changing diabetes® Source: IQVIA monthly MAT May, 2018 value figures (DKK), market share does not add up to 100% due to rounding novo nordisk#73Investor Presentation First six months of 2018 Slide 73 Strong VictozaⓇ market leadership in Region Latin America Latin America GLP-1 market VictozaⓇ value market share in Latin America GLP-1 value in DKK VictozaⓇ exenatide dulaglutide Share of total other GLP-1 value billion diabetes care market market share VictozaⓇ exenatide dulaglutide other 100% 1 0.7 6% 0.6 CAGR value¹: 7.6% 5% 80% 0.5 -70% 4% 60% 0.4 3% 0.3 40% 2% 0.2 20% 1% 0.1 0.0 0% 0% May 2013 May 2018 May 2013 -28% 1% 0% May 2018 1 CAGR for 5-year period Source: IQVIA monthly MAT May, 2018 value figures (DKK) changing diabetes® Source: IQVIA monthly MAT May, 2018 value figures (DKK), market share does not add up to 100% due to rounding novo nordisk#74Investor Presentation First six months of 2018 SUSTAIN phase 3a trials with semaglutide successfully completed SUSTAIN Baseline UT 1 2 3 4 5 8.1% 8.1% 8.3% 8.2% 0.0 -0.5 8.4% -0.1 6 8.7% Change in HbA1c (%) -1.3 -1.5 -1.6 -1.6 -1.5 * -0.9 -0.8 -1.2 -1.6 * -0.4 -1.1 -1.4 -1.4 -1.8 Baseline 92 kg 89 kg 96 kg 93 kg 1.2 92 kg 92 kg -1.0 -1.4 -0.6 -1.9 -1.9 Change in weight (kg) -3.7 -4.5 -3.5 -4.3 -5.2 -5.6 -6.1 -3.7 -3.6 -4.9 * -6.4 semaglutide 1 mg semaglutide 0.5 mg Placebo¹ sitagliptin 100 mg exenatide ER glargine U100 * Statistically significant; 1 SUSTAIN 1: Once-weekly semaglutide versus placebo in drug-naïve subjects with type 2 diabetes; SUSTAIN 5: Once-weekly semaglutide versus placebo in subjects with type. 2 diabetes added to insulin; SUSTAIN 6: Once-weekly semaglutide versus placebo, added to standard-of-care ER: Extended-release Slide 74 novo nordisk#75Investor Presentation First six months of 2018 Semaglutide demonstrated superiority on both glucose control and weight loss vs dulaglutide in SUSTAIN 7 trial HbA1c (%) 8.5 8.0 7.5 7.0 6.5 Slide 75 dulaglutide 0.75 mg dulaglutide 1.5 mg semaglutide 0.5 mg semaglutide 1.0 mg Weight loss (kg) 0.0 -2.0 7.1% -4.0 6.9% 6.7%* -6.0 6.4%* -2.3 kg -3.0 kg -4.6 kg* -6.5 kg* 0.0 -8.0 0 4 8 12 16 20 Weeks 24 28 32 36 40 0 4 8 12 16 20 24 28 32 36 40 Weeks * p-value <0.0001 Note: Inclusion criteria: Male or female, age ≥18 years, stable treatment with metformin, HbA1c 7.0-10.5%; from a mean baseline of 8.2% HbA1c changing diabetes® novo nordisk#76Investor Presentation First six months of 2018 Slide 76 Oral semaglutide reduced HbA1c and body weight in a 26-week phase 2 trial in type 2 diabetes HbA1c reduction from a mean baseline of 7.9% Placebo HbA1c (%) 8.0 Weight loss from a mean base line of 92 kg Sema 40 mg Sema 2.5 mg - Sema 5 mg Sema 10 mg Sema 20 mg Weight loss (kg) 0.0 Sema 1 mg sc 7.5 7.0 6.5 6.0 0.0 0 2 -2.0 -4.0 -6.0 -8.0 6 8 10 12 14 16 18 20 22 24 26 Time (weeks) 0 2 6 10 12 14 16 18 20 22 24 26 Time (weeks) Inclusion criteria: Type 2 diabetes; 7.0% HbA1c 9.5%; treatment with diet and exercise with or without metformin; sc: subcutaneous; sema: semaglutide changing diabetes® novo nordisk#77Investor Presentation First six months of 2018 Slide 77 5 out of 10 PIONEER trials for oral semaglutide are completed, rest are expected to read out during H2 2018 2016 Q1 2018¹ Q2 2018¹ Q3 2018¹ Q4 2018¹ PIONEER 3: vs sitagliptin² 78 weeks, n=1,860 PIONEER 1: monotherapy² 26 weeks, n=704 PIONEER 2: vs empagliflozin² 52 weeks, n=816 2017 PIONEER 4: vs liraglutide² 52 weeks, n=690 PIONEER 5: moderate renal impairment² 26 weeks, n=324 PIONEER 6: cardiovascular outcomes³ Event driven (>122 MACE), n=3,176 PIONEER 7: flexible dose escalation4 52 weeks, n=500 PIONEER 8: insulin add-on² 26+26 weeks, n=720 PIONEER 9: JAPAN monotherapy² 52 weeks, n=230 PIONEER 10: JAPAN OAD combination4 52 weeks, n=336 1 Expected to be published in the given quarter or in the subsequent quarterly company announcement. Estimated timing from first patient first visit to completion of trial 2 Primary endpoint after 26 weeks of treatment by using the statistical method: Treatment policy estimand approach 3 Primary endpoint after 122 major adverse cardiovascular events (MACE), defined by non-fatal stroke, non-fatal myocardial infarction or CV death Chama endpoint after 52 weeks of treatment by using the statistical method: Treatment policy estimand approach diabetes pproximate number of randomised people; OAD: oral anti-diabetic 52 weeks extension trial novo nordisk#78Investor Presentation First six months of 2018 Slide 78 In the completed PIONEER trials between 52-80% of patients on oral semaglutide achieved an HbA1c level <7% In completed PIONEER trials 52-80% of patients achieved an HbA1c level <7.0% (ADA guidance)¹ Proportion of patients (%) In completed PIONEER trials 28-49% of patients achieved a weight loss of ≥ 5%¹ Proportion of patients (%) 100% 100% 80%* 80% * 72% 80% 69%* * 60% 40% 20% 0% lill PIONEER 1 PIONEER 2 PIONEER 3 PIONEER 4 PIONEER 7 63% 52% 60% * * 49% 47% 44% * 35% 40% 28%* 20% 0% PIONEER 1 PIONEER 2 PIONEER 3 PIONEER 4 PIONEER 7 1 Hypothetical estimand, observed data * Statistically significant vs comparator (PIONEER 1 vs placebo; PIONEER 2 vs empagliflozin 25 mg; PIONEER 3 vs sitagliptin 100 mg; PIONEER 4 vs VictozaⓇ 1.8 mg; PIONEER 7 vs sitagliptin 100 mg) Note: results shown are: PIONEER 1 for 26 weeks with 14 mg oral semaglutide, PIONEER 2 and 4 for 52 weeks with 14 mg oral semaglutide; PIONEER 3 for 78 weeks with 14 mg oral semaglutide; PIONEER 7 for 52 weeks with a mixed dose Source: Novo Nordisk data on file#79Obesity Investor Presentation First six months of 2018 Slide 79 1. Obesity as a chronic disease 80 2. Obesity treatment 81 3. SaxendaⓇ 4. Obesity pipeline 83 85 5. STEP and SELECT 87 novo nordisk#80Investor Presentation First six months of 2018 Slide 80 Obesity is a chronic disease that requires treatment The set-point theory portrays how metabolic changes affect the ability to lose weight Weight gain Set- point Increased appetite and slowing of metabolism Diet and exercise to reduce weight • The body fights weight loss for people with obesity The body "remembers" its highest body weight and defends this body weight as the "new normal weight" • During weight loss, changes occur in appetite-regulating hormones, which increase hunger • New New set- point set- point Hormone levels signal change to keep weight up If people with obesity do not eat enough, the hormones trigger the body to conserve energy • Changes in hormones persist for at least 5-10 years following weight loss changing diabetes® novo nordisk#81Investor Presentation First six months of 2018 Slide 81 Treatment rate is low and an increase requires a change of mindset and physician engagement Only 2% of the 650 million people with obesity are treated with prescription medication 650 million people with obesity Key barriers to effective obesity management Mindset Few prescribers engaged Belief that obesity is self-inflicted Focus on acute weight loss rather than chronic weight management Physicians not equipped to engage in and treat obesity Visit the doctor Discussion and evaluation of next steps Actively managed¹ access 2% treated² Note: The figure illustrates some of the intervention points to treat obesity with prescription medication 1 Attempt to manage weight through lifestyle modification or surgery 22% of people with obesity are estimated to be treated with anti-obesity medication Source: IQVIA MIDAS 2017 changing diabetes Limited patient Funding and reimbursement a hurdle for physicians and patients novo nordisk#82Investor Presentation First six months of 2018 Slide 82 The healthcare cost associated with obesity expected to increase Global healthcare costs related to obesity expected to increase by 50% by 2025 +50% USD ~0.8 trillion USD ~1.0 trillion USD ~1.2 trillion • • • • Increase in healthcare costs primarily driven by obesity-related comorbidities Today, 650 million people have obesity globally By 2025, ~1 billion people are expected to have obesity If left untreated, by 2025, the costs of treating complications of obesity is expected to reach USD ~550 billion in the US and USD ~1.2 trillion globally The increased healthcare costs are primarily driven by obesity-related comorbidities such as type 2 diabetes and cardiovascular disease 2017 Source: World Obesity Federation, 2017 changing diabetes 2020 2025 Source: WHO, October 2017; World Obesity Federation, 2017 novo nordisk#83Investor Presentation First six months of 2018 Slide 83 SaxendaⓇ now launched in 30 countries SaxendaⓇ value share of anti-obesity medications in selected countries SaxendaⓇ sales in H1 2018¹ Mexico Germany 100% Australia Italy USA Brazil UAE Canada DKK SaxendaⓇ local currency growth Denmark Spain million 2,000 91% 50% 1,600 80% 82% 73% 30% 1,200 60% 46% 54% 49% 800 40% 37% 400 -22% 20% 222% 69% -16% 133% 9% 0 0% 0 5 10 Total NAO 15 20 25 30 35 Region Region Region AAMEO LATAM Europe Source: IQVIA May 2018 Months from Launch Note: The market for anti-obesity medication varies significantly in size between countries changing diabetes NAO: North America Operations 1 Reported sales for first six months of 2018#84Investor Presentation First six months of 2018 Slide 84 SaxendaⓇ has rapidly grown value market share, but market development efforts are required to expand the market Despite strong SaxendaⓇ growth, US obesity care market remains small at around USD 787 million Generic AOM Novo Nordisk is investing in overcoming the barriers preventing effective obesity care Mindset SaxendaⓇ Other branded AOM TRX SU market share mUSD/value market share 100 800 7% 90 700 80 600 41% 70 500 60 83% 50 400 Few prescribers engaged 40 300 30 200 53% 20 100 Limited patient 10 14% 0 3% Volume Value Current state Acute weight loss focus with SaxendaⓇ stay- time ~5 months Key initiatives Advocate for chronic treatment through partnerships access Less than 3,000 physicians write ≥10 AOM prescriptions per month Only 2 in 5 of ~95 million adults with obesity have access to reimbursed medication Launch obesity educator programme Obtain Medicare coverage through support of "Treat and Reduce Obesity Act" AOM: Anti-obesity medication; TRX SU Volume Source: IQVIA NPA moving annual total through June 2018; NSP moving annual total through May 2018 changing diabetes® novo nordisk#85Investor Presentation First six months of 2018 Slide 85 The obesity pipeline consists of projects addressing both appetite reduction and energy expenditure How to address obesity from a medical perspective Novo Nordisk obesity products and pipeline Status: 2018 expected: Weight reduction by reducing food intake Weight reduction by increasing energy expenditure Appetite reduction changing diabetes Impact on metabolic changes to increase lipid and glucose metabolism Projects: SaxendaⓇ semaglutide - QW GLP-1 - G530L glucagon analogue Launched Phase 2 Discontinued Phase 3 AM833 amylin analogue PYY1562 - PYY analogue Phase 1b Phase 1b Phase 2 ready Phase 1b1 NN9499 FGF21 obesity NN9277-GG-co-agonist Discontinued Phase 1a Phase 1b NN9423 - Tri-agonist 1706 Phase 1a Phase 1b Energy expenditure Appetite reduction Appetite reduction and energy expenditure 1 Phase 1b completed with monotherapy, phase 1b in combination with semaglutide planned for 2018 Phase 1a: Single-dose trials; Phase 1b: Multiple-dose trials QW: Once-weekly novo nordisk#86Investor Presentation First six months of 2018 Slide 86 Semaglutide demonstrated unprecedented weight loss in phase 2 obesity trial 16.2% weight reduction with the highest semaglutide dose in phase 2 obesity trial Change in body weight (%) -5 -10 -15 sema 0.05 mg sema 0.2 mg sema 0.4 mg sema 0.1 mg sema 0.3 mg lira 3.0 mg Placebo 16.2% Key results and next steps • Participants in the highest dose arms continued to lose weight over the duration of the trial as the response curve did not plateau in the highest dose arm • Nearly two out of three patients experienced a weight loss of 10% or more with the highest dose of semaglutide • 80% of patients completed the trial Once-daily semaglutide had a well-tolerated safety profile, with the most common adverse events being gastrointestinal Phase 3a programme STEP has been initiated and cardiovascular outcomes study SELECT to be initiated in -20 2018 0 8 12 16 20 28 36 44 52 Weeks Note: All treatment arms are adjunct to diet and exercise QD: Once-daily; sema: Semaglutide; lira: Liraglutide changing diabetes® novo nordisk#87Investor Presentation First six months of 2018 Slide 87 Phase 3a programme STEP has been initiated and CV outcomes study SELECT to be initiated during 2018 Semaglutide in obesity phase 3a programme, STEP, expected to include ~4,500 patients¹ Cardiovascular outcomes study, SELECT, planned for semaglutide in obesity 2018 2019 2020 STEP 1: Weight loss 1,950 patients, 68 weeks STEP 2: T2D non-insulin patients 1,200 patients, 68 weeks STEP 3: Maximising weight loss 600 patients, 68 weeks STEP 4: Maintained weight loss 900 patients, 68 weeks H Expected phase 3a programme completion: 2020 Semaglutide 2.4 mg sc QW ~17,500 people with obesity¹ Placebo Event-driven Completion: Pre-defined number of events 1 Inclusion criteria: Male or female, age ≥18 years, BMI: ≥30 kg/m² or ≥27 kg/m² and ≥1 comorbidity Note: All treatment arms are adjunct to diet and exercise CV: Cardiovascular; T2D: Type 2 diabetes 1 Inclusion criteria: Male or female >45 years, BMI >27 kg/m², myocardial infarction or stroke >60 days, HbA1c <6.5% QW: Once-weekly; sc: Subcutaneous novo nordisk#88Investor Presentation First six months of 2018 Slide 88 Biopharm and other chronic areas LIAM CLEMENS Liam has haemophilia A USA changing diabetes® 1. Biopharm at a glance 89 2. Haemophilia a rare disease 90 3. Haemophilia market 91 4. NovoSevenⓇ 92 5. NovoEight® 6. RefixiaⓇ/RebinynⓇ 7. N8-GP 8. Growth Hormone market 9. Other chronic disease 93 94 95 96 97-99 novo nordisk#89Investor Presentation First six months of 2018 Slide 89 Biopharm R&D efforts reflect Novo Nordisk's commitment to satisfy unmet patient needs Aim to develop subcutaneous haemophilia products and long-acting growth hormone Novo Nordisk Biopharm portfolio Pursue leadership in HAEMOPHILIA Strengthen leadership in GROWTH DISORDERS Pursue bolt-on opportunities Pursue subcutaneous delivery of long-acting coagulation factors and bypassing agents Bring long-acting growth hormone somapacitan to market and expand indications Identify bolt-on acquisition or in-licensing opportunities in adjacent disease area changing diabetes® Haemophilia Growth hormone Research/ preclinical Phase 1/2 N8-GP sc concizumab Phase 3 N8-GP IV somapacitan¹ NovoEight® Refixia® NovoThirteenⓇ Approved/ Launched Norditropin® NovoSevenⓇ 1 Somapacitan is currently in phase 3 for adult growth hormone deficiency and phase 2 for growth hormone deficiency in children Note: NovoThirteenⓇ and Refixia® are the brand names in the majority of countries, whereas these products are marketed as TRETTENⓇ and RebinynⓇ respectively in the US sc: Subcutaneous; IV: Intravenous novo nordisk#90Investor Presentation First six months of 2018. Slide 90 Haemophilia is a rare disease with severe unmet medical needs Number of people with haemophilia A and B and haemophilia with inhibitors Low diagnosis and treatment rates within haemophilia Average percentage of people with haemophilia Number of people (000) 500 Haemophilia A 400 Haemophilia B App. 350,000 patients App. 70,000 patients 300 45% 200 Inhibitor segment app. 3,500-4,000 patients 100 15% 6% 3% Prophylactic Pristine joints Note: The inhibitor segment represents people with haemophilia and high titre inhibitors to their normal replacement treatment Source: Estimates based on prevalence data in literature (Stonebraker JS et al. Haemophilia. 2010; 16: 20-32), World Federation of Haemophilia - Annual Global Survey 2012, UDC database in the US changing diabetes People with Diagnosed Treated haemophilia Source: World Federation of Haemophilia - Annual Global Survey 2016 novo nordisk#91Investor Presentation First six months of 2018 Slide 91 Global haemophilia market is growing by high-single digit Sales of recombinant coagulation factors RecombinateⓇ/Advate® NovoSevenⓇ Coagil VII® ObizurⓇ1 KogenateⓇ/HelixateⓇ Strategic positioning of Novo Nordisk's haemophilia portfolio Feiba® XynthaⓇ/RefactoⓇ Eloctate® NovoEight® Idelvion® RixubisⓇ Novo Nordisk compound Status Strategic position AlprolixⓇ Benefix® NovoSevenⓇ Launched Maintain market leadership NovoEight® Launched Establish presence in a competitive market place Submitted³ Contribute to market conversion 40 DKK billion 35 30 N8-GP 25 CAGR²: 3% CAGR²: 5% CAGR²: 9% 20 15 10 5 0 2013 2017 rFVIIa 2013 2017 2013 2017 rFVIII rFIX 1 ObizurⓇ only indicated for acquired haemophilia 2 CAGR for 5-year period changing diabetes® Refixia®/ RebinynⓇ Approved 4 Contribute to new treatment paradigm NovoThirteenⓇ Launched Launch first recombinant product 3 Submitted in the USA and the EU in Q1 2018 4 Refixia® is the brand name for N9-GP in the EU and Japan, and RebinynⓇ is the brand name in the US novo nordisk#92Investor Presentation First six months of 2018 Slide 92 ~50% of historic NovoSevenⓇ sales exposed to competition, but opportunities remain in other indications Estimated NovoSevenⓇ sales by indication¹ CHWI PPX (A&B) CHWI surgery (A&B) CHWI on demand (A&B) Other indications² Challenge ~15% ~25% ~50% Haemophilia A PPx and on demand sales exposed ~10% to competitive entry) ~50% NovoSevenⓇ sales of DKK 9.2 billion³ Opportunities and challenges for NovoSevenⓇ franchise Roche's Emicizumab launched recently, leading to intensified competition in the segment for haemophilia A with inhibitors Opportunities . • • Maintain position as preferred agent for all bleeds including breakthrough bleeds for patients on prophylactic treatment Improving diagnosis and treatment of select indications outside of haemophilia A with inhibitors with special focus on acquired haemophilia Drive development of NovoSevenⓇ franchise in underdeveloped Chinese market following inclusion on National Drug Reimbursement List 1 Based on internal Novo Nordisk estimate 2 Other indications include areas like acquired haemophilia, Glanzmann's thrombastenia and congenital FVII deficiency 3 Reported sales for full year 2017 CHWI: Congenital haemophilia with inhibitors; PPx: Prophylaxis; A&B: Haemophilia A and B novo nordisk#93Investor Presentation First six months of 2018. Slide 93 NovoEight® volumes continue to grow despite increasing penetration of long-acting FVIII products Novo Eight® roll-out continues and the number of patients has steadily increased Estimated number of patients¹ 2,500 Number of launch countries Number of patients 2,000 1,500 1,000 33 28 25 500 16 8 2014 2015 2016 2017 2018 2 Novo Eight® has potential to increase volume share in select segments and markets Competitive positioning for NovoEight® • • • Temperature stability at high room temperature and best-in- class portability Uptake driven by Novo Nordisk's strong customer focus and company recognition within the haemophilia community Continued volume growth especially in less mature markets with tender opportunities, despite increasing penetration of long-acting FVIII products Next generation . Global roll-out of NovoEight® and N8-GP to pave the way for subcutaneous N8-GP 1 Novo Nordisk estimated accumulated patient number 2 Novo Nordisk estimated accumulated patient number as of March 2018 FVIII: Coagulation factor VIII novo nordisk#94Investor Presentation First six months of 2018 Slide 94 Strong growth among long-acting haemophilia B products as Refixia®/RebinynⓇ is set for launch in the EU and the USA Sales Reported recombinant FIX sales (USD million) Benefix® AlprolixⓇ RefixiaⓇ/RebinynⓇ launched in first countries IdelvionⓇ • Launched in the first EU countries in 2017 • Launched in the USA in February 2018 1,400 1,200 1,000 800 600 400 200 0 2011 CAGR: 10.1%¹ 2017 • Approved in Japan in July 2018 • RefixiaⓇ/RebinynⓇ offers a unique clinical profile that brings factor levels into the non-haemophilia range for adults and adolescents Dialogue ongoing with the FDA and EMA to establish path forward to obtain routine prophylaxis indication in the USA and complete paediatric indication in Europe to include children younger than 12 years old 1 CAGR for 6-year period FIX: Coagulation factor IX Source: Company reports (Does not include RixubisⓇ as sales are not reported separately). changing diabetes® FDA: US Food and Drug Administration; EMA: European Medicines Agency rFIX: Recombinant coagulation factor IX novo nordisk#95Investor Presentation First six months of 2018 Slide 95 N8-GP administered every fourth day reduces median bleeding rate to 1.3 episode per year in phase 3 trial N8-GP phase 1 pharmacokinetics FVIII activity (IU/mL) FVIII - N8-GP · • • • Pathfinder 2 headline results (phase 3) PK documented single dose half-life of 18.4 hours and mean trough level before next dose of 3% Patients on every fourth day prophylaxis (50 IU/kg) had a median ABR of 1.3 95% of mild to moderate bleeds managed with 1-2 doses N8-GP appeared to have a safe and well tolerated profile One patient developed inhibitors, as expected in a population of previously treated haemophilia A patients Pathfinder 2 extension trial results • • 1.2 Dose 50 IU/kg (n=8) 1.0 One stage clot assay 0.8 0.6 0.4 0.2 0.0 • 24 48 72 Time (h) 96 120 144 168 55 patients with ≤2 bleeds during 6 months in the main phase were randomised 2:1 to either once-weekly (75 IU/ kg) or every fourth day (50 IU/kg) treatment for 180 days¹ Patients in both treatment arms had a median ABR of 0 Next steps • Expansion of production capacity; US/EU submission Q1 2018 Source: Tiede et al. J Thromb Haemot. 2013;11:670-675 changing diabetes® PK: Pharmacokinetic; ABR: Annualised bleeding rate; IU: International unit 1 Prophylaxis 75 IU/kg every 7 days (n=38) or prophylaxis 50 IU/kg every 4 days (n=17) novo nordisk#96Investor Presentation First six months of 2018 Slide 96 Novo Nordisk maintains leadership within growth disorder Development in global growth disorder market DKK billion 20 15 10 5 0 May 2013 - MAT volume kg CAGR volume¹: 14.5% CAGR value DKK¹: 18.8% 1 CAGR for 5-year period Source: IQVIA monthly MAT May, 2018 volume figures and value (DKK) figures changing diabetes® Growth disorder volume market share MAT value DKK kg 120 35% 100 30% 25% 80 20% +60 15% 40 10% 20 5% 0 0% May 2018 May 2013 Novo Nordisk Eli Lilly Source: IQVIA monthly MAT May, 2018 volume figures Pfizer Merck Kgaa Sandoz 27% May 2018 novo nordisk#97Investor Presentation First six months of 2018 Slide 97 Phase 3 extension trial in adults and phase 2 trial in children for once-weekly somapacitan to conclude in 2018 Somapacitan IGF-1 levels similar to daily Norditropin in REAL 1 phase 3 AGHD trial Cumulative frequency 100% 80% 60% 40% 20% Baseline Placebo NorditropinⓇ somapacitan Phase 3a AGHD trial and phase 2 GHD successfully completed REAL 1: Phase 3a, naïve AGHD Objective: Efficacy (truncal fat %)/safety __ REAL 3: Phase 2, GHD Objective: Dose finding (height velocity)/safety Completed trial i Extension trial> Ongoing trial Trial in planning REAL 4: Phase 3, GHD Objective: Efficacy (height velocity)/safety REAL 5: Phase 3, SGA Objective: Efficacy (height velocity)/safety 0% -3 -2 -1 0 1 2 3 2016 2017 2018 2019 IGF-1 standard deviation score IGF-1: Insulin-like growth factor 1; AGHD: Adult growth hormone deficiency Source: Novo Nordisk data on file; REAL 1, NN8640-4054 changing diabetes® Note: Filing for first indication (AGHD) expected in 2018 GHD: Growth hormone deficiency; SGA: Small for gestational age 2020 2021 novo nordisk#98Investor Presentation First six months of 2018 Slide 98 Other serious chronic diseases Serious chronic diseases are often associated with diabetes and obesity New therapeutic areas represent patient populations with high unmet medical needs CVD 70% of people with diabetes die from atherosclerotic CVD 40% of people hospitalised for heart failure have diabetes Estimated patients CVD ~420 million Number of related deaths ~20 million annually Estimated patients Diagnosis rate NASH 80% of people with NASH live with obesity and 35% have diabetes NASH ~15-40 million 1 CKD ~200 million ~20%2 ~20% CKD 40% of people with diabetes have diabetic nephropathy and 50% have obesity CVD: Cardiovascular disease; NASH: Non-alcoholic Steatohepatitis; CKD: Chronic kidney disease Source: Diabetes Care 2005 Jan; 28(1): 164-176 changing diabetes 1 Internal forecast comprising US, Europe and Japan 2 Diagnosis rate is considered a major uncertainty to the forecast Source: Abera SF et al. Global, Regional, and National Burden of Cardiovascular Diseases for 10 Causes, 1990 to 2015, 2017; Heart Disease and Stroke Statistics, American Heart Association, 2017; Williams CD et al. Prevalence of nonalcoholic fatty liver disease and nonalcoholic steatohepatitis among a largely middle-aged population utilizing ultrasound and liver biopsy, 2011; Addressing the global burden of chronic kidney disease through clinical and translational research, 2014#99Investor Presentation First six months of 2018 Slide 99 Trials in obesity and other serious chronic disease areas building on the semaglutide molecule Planned or ongoing trials with semaglutide addressing other serious chronic diseases Ongoing phase 2 trial with daily semaglutide vs placebo in patients with NASH semaglutide Obesity NASH CVD CKD semaglutide 0.4 mg sc QD 372 patients¹ semaglutide 0.2 mg sc QD semaglutide 0.1 mg sc QD Placebo 0.1, 0.2 or 0.4 mg Liver biopsy (recent or new) 72 weeks Liver biopsy Next steps: Phase 2 trial expected to complete 2020 CVD: Cardiovascular disease; NASH: Non-alcoholic steatohepatitis; CKD: Chronic kidney disease changing diabetes® 1 Inclusion criteria: Histological confirmation of NASH, BMI 25-45 kg/m², NASH fibrosis stage 2 or 3, Histological NAFLD Activity Score ≥ 4 mg: Milligram; sc: Subcutaneous; QD: Once-daily; MR: Magnetic resonance; NAFLD: Non-alcoholic fatty liver disease novo nordisk#100Financials changing diabetes Investor Presentation First six months of 2018. Slide 100 1. Sales growth 101 2. Operating Profit growth 103 3. Cost distribution 104 4. COGS & CAPEX as percent of sales 105 5. Cash return to shareholders 6. Currency impact 7. Ownership structure 106 novo nordisk 108 111#101Investor Presentation First six months of 2018 Slide 101 Solid sales growth driven by diabetes care Reported annual sales 2013-2017 North America DKK billion Diabetes Biopharmaceuticals Region China Reported annual sales split by region Region Europe Region J&K Region AAMEO Region LATAM 120 100 CAGR¹ 7.5% 17% 20% 3% 3% 6% 5% 9% 10% 21% 11% 11% 80 21% 22% 19% 83% 24% 60 80% 79% 79% 40 78% 47% 52% 20 0 2013 2014 2015 2016 2017 2013 2017 1 CAGR for 5-year period changing diabetes AAMEO: Africa, Asia, Middle-East and Oceania; J&K: Japan and Korea; LATAM: Latin America novo nordisk#102Investor Presentation First six months of 2018. Slide 102 VictozaⓇ accounts for 22% of total sales in first six months of 2018 Reported currencies Sales Q2 2018 (mDKK) Sales split Sales full H1 2018 (mDKK) Sales split TresibaⓇ 1,952 7% 3,707 7% LevemirⓇ 3,023 11% 5,803 11% NovoRapidⓇ 4,799 18% 9,494 17% NovoMix® 2,408 9% 4,909 9% VictozaⓇ 5,729 21% 11,718 22% OzempicⓇ 195 1% 264 0% SaxendaⓇ 883 3% 1,653 3% Diabetes care and Obesity¹ 23,033 84% 45,641 84% NovoSevenⓇ 1,886 7% 4,040 7% NorditropinⓇ 1,703 6% 3,184 6% Biopharmaceuticals¹ 4,374 16% 8,696 16% Total¹ 27,407 100% 54,337 100% 1 Values are higher than the sum of the total elements listed due to residual values from products not listed changing diabetes® novo nordisk#103Investor Presentation First six months of 2018 Slide 103 Solid operating profit growth driven by diabetes Operating profit DKK billion Operating profit - Operating profit as % of sales Operating profit therapy split Diabetes Biopharm Reported operating profit growth 60 Operating profit growth in local currencies 60% 50 50% 40 40% 27% 22% 30 30% 20 20% 73% 78% 7% 10% 35% 4% 1% 10 10% 15% 13% 13% 6% 5% 0 0% * 2013 2014 2015 2016* 2017 2013 2017 * Adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 2015 changing diabetes® novo nordisk#104Investor Presentation First six months of 2018 Slide 104 Higher profitability in the biopharmaceuticals segment driven by lower COGS and S&D costs Diabetes & Obesity P&L - full year 2017 DKK billion 100 -16% -27% Biopharmaceuticals P&L – full year 2017 Sales ratios DKK billion Sales ratios 30 80 60 60 40 T 20 20 24 -14% -12% 18 -15% -14% -3% +1% 41% 12 -3% +3% 56% Sales COGS S&D R&D Admin OOI OP P&L: Profit and Loss; COGS: Cost of goods sold; OOI: Other operating income; OP: Operating profit S&D: Sales and distribution cost; R&D: research and development cost; Admin: administrative cost changing diabetes 6 Sales COGS S&D R&D Admin ΟΟΙ OP novo nordisk#105Investor Presentation First six months of 2018 Slide 105 Stable COGS level as % of sales and increasing CAPEX level Cost of Goods Sold (COGS) Capital Expenditure (CAPEX) DKK billion COGS as % of sales COGS DKK billion CAPEX Expected CAPEX CAPEX as % of sales - 20 25% 12 20% 15 10 15% 8- 10 6- 10% 4- 5% 2 0 0% 2013 2014 2015 2016 2017 10% 8% 6% 4% 2% 0% 2014 2015 2016 2017 2018E 2019E 2020E changing diabetes novo nordisk#106Investor Presentation First six months of 2018 Slide 106 Long-term financial targets support focus on profitable growth, capital allocation and cash conversion 00 Operating profit growth in 20% local currencies Current long-term financial target¹ Previous long-term financial targets Operating profit after tax to net operating assets Current long-term financial target¹ Cash to earnings (three-year average) Current long-term financial target¹ 15% 10% 5% 175% 120% 150% 100% 125% 80% 100% 60% 75% 40% 50% 25% 20% 0% 0% 2013 2014 2015 2016 2017 0% 2013 2014 2015 2016 2017 2011-2012-2013- 2014- 2015- 2013 2014 2015 2016 2017 1 Long-term target established in connection with the Q3 2016 report. The target of an average operating profit growth of 5% is an average for the period of 4-5 years, with 2015 as the base year. Operating profit after tax to net operating assets target unchanged at 125% and Cash to earnings (three year average) target unchanged at 90% Note: The long-term financial targets are based on an assumption of a continuation of the current business environment; 2015 and 2016 figures are adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 2015 changing diabetes novo nordisk#107Investor Presentation First six months of 2018. Slide 107 Cash return to shareholders in 2018 Annual cash return to shareholders Cash return priorities . Share repurchase programme of up to DKK 14 billion to be executed during the coming 12 months • Total programme may be reduced in size if significant product in-licensing or bolt-on acquisition opportunities arise during 2018 For 2017, the total dividend increased to DKK 7.85 per share of DKK 0.20 (including interim dividend of DKK 3.00 paid in August 2017) Dividend distributed twice a year as interim dividend in August and final dividend in March the following year For 2018, the interim dividend of DKK 3.00 will be paid in August 2018 DKK billion Share repurchase Free cash flow Interim dividend Dividend Free cash flow guidance 45 40 35 15 30 17 • 25 14 17 20 15 7.6 15 7.4 7.3 10 16 5 12 13 11 12 0 • 2014 2015 2016 2017 2018E* Note: For 2018 expected free cash flow is DKK 27-32 billion. Share repurchase programmes run for 12 months starting February until end January of the following year. changing diabetes® novo nordisk#108Investor Presentation First six months of 2018 Slide 108 Currency impact on Novo Nordisk's P/L PROFIT AND LOSS 2017 2016 Operational currency impact All movements in currencies will directly impact the individual reported functional lines of the Novo Nordisk's profit and loss statement The currency effect on e.g. operating profit growth is the difference between the reported and the local operating profit growth Key currencies account for around 75-85% of the total currency exposure No hedging effects are included in the operating profit DKK million Net sales changing diabetes® Gross profit Gross margin 111,696 94,064 84.2% 111,780 94,597 84.6% Sales and distribution costs 28,340 28,377 Percentage of sales 25.4% 25.4% Research and development costs 14,014 14,563 Percentage of sales 12.5% 13.0% Administrative costs 3,784 3,962 Percentage of sales 3.4% 3.5% Other operating income, net 1,041 737 Non-recurring income from the partial divestment of NNIT A/S Operating profit 48,967 Operating margin 43.8% 8,432 43.3% Operating margin adjusted for the partial divestment of NNIT A/S <--00.8% 43.3% Net financials (287) Profit before income taxes-- 48,680 (634) 47,798 Income taxes Effective tax rate 10,550 21.7% Net profit 38,130 37,925 Net profit margin 34.1% 33.9% EXAMPLE Financial currency impact All gain/losses from hedging contracts are included in the financial income/expenses All key currencies are hedged: • USD 11 months • CNY 6 months • JPY 12 months • GBP 11 months • CAD 10 months 9,873 20.7% Hedging is primarily performed with the use of forward contracts Net financials includes hedging gain/loss including the cost of hedging (interest differential) and the effect from currency gain/losses of balances in non-hedged currencies. novo nordisk#109Investor Presentation First six months of 2018 Slide 109 Currency impact on operating profit EXAMPLE Operational currency impact Operational currency impact in 2017 . The operational currency impact is the difference between e.g. operating profit growth in reported currency (Danish kroner) and operating profit growth in local currencies In 2017 the operating profit was: In Danish kroner: In local currencies: Currency impact: 48,967 million 50,737 million -1,770 million Estimation of operational currency impact from key currencies • Novo Nordisk guides on currency sensitivity of key currencies in quarterly announcements Sensitivity table gives an indication of gain/loss of a 5% immediate change in exchange rates compared to exchange rates on announcement day Key currencies account for around 75-85% of the currency exposure Estimation of operational currency impact from other currencies Significant changes in other currencies will additionally impact the operational currency in exposure In 2017, the depreciation of the ARS and TRY had an additional negative impact on the operational currency exposure. Key currencies Avg FX rate 2016 Avg FX rate %-change 2017 Yearly impact of 5% change (mDKK) Estimated impact from key currencies USD 6.733 6.602 -1.9% 2,100 -816 CNY 1.013 0.976 -3.7% 320 -235 JPY 6.200 5.884 -5.1% 200 -204 GBP 9.121 8.496 -6.9% 90 -123 CAD 5.081 5.084 0.0% 80 1 -1.378 Total estimated currency impact from key currencies in 2017 ARS 0.5 0.4 -20.0% TRY 223 181 -18.8% INR 10.0 10.1 1.0% RUB 10.1 11.3 11.9% BRL 195 207 6.2% Total currency impact from other currencies in 2017 (residual) Total currency impact in 2017 -392 -1,770 1 Yearly impact on operating profit for next 12 month. Estimates reflected in Annual Report 2017 changing diabetes® novo nordisk#110Investor Presentation First six months of 2018 Slide 110 Key currency development 2017 vs 2018 Average FX rates¹ Q1 2017 Q1 2018 Q1 Change Q2 2017 Q2 2018 Q2 Change Q3 2017 Q3² 2018 Q3 Change Q4 2017 Q4 2018 Q4 Change FY 2017 FY 2018³ FY Change USD/DKK 698 606 -13% 676 625 -8% 633 640 1% 632 642 2% 660 628 -5% JPY/DKK 6.1 5.6 -8% 6.1 5.7 -7% 5.7 5.7 0% 5.6 5.8 4% 5.9. 5.7 -3% GBP/DKK 865 843 -3% 864 850 -2% 829 838 1% 839 837 0% 849 842 -1% CNY/DKK 101 95 -6% 98 98 88 0% 95 94 -1% 96 94 + -2% 98 95 -3% CAD/DKK 527 480 -9% 502 484 -4% 505 490 -3% 498 492 -1% 508 487 -4% Note: Spot rates as per 2 August 2018 ¹DKK per 100 2Q3 average is calculated as realised exchange rates from 1 July 2018 to 2 August 2018 + current spot rate applied from 2 August 2018 to 30 September 2018 3FY 2018 average is calculated as realised exchange rates from 1 January 2018 to 2 August 2018 + spot rate applied from 2 August 2018 to 31 December 2018 changing diabetes® novo nordisk#111Investor Presentation First six months of 2018 Slide 111 Stable ownership structure - secured through A and B-share structure Share structure Novo Nordisk Foundation Novo Holdings A/S 76.2% of votes 28.5% of capital Institutional and private investors 23.8% of votes 71.5% of capital The Novo Nordisk Foundation The Novo Nordisk Foundation is a self-governing institution that: • provides a stable basis for Novo Nordisk • supports scientific, humanitarian and social purposes • All strategic and operational matters are governed by the board and management of Novo Nordisk . Overlapping board memberships ensure that the Novo Nordisk Foundation and Novo Nordisk share vision and strategy A shares 537m shares B shares 1,913m shares Novo Nordisk A/S Note: As of 24 April 2018. Treasury shares are included in the capital but have no voting rights changing diabetes® novo nordisk#112Sustainability changing diabetes® Investor Presentation First six months of 2018 Slide 112 1. Novo Nordisk Way and Triple Bottom line 113 2. Employee Heath and Safety 114 3. Business Environment 115 4. Novo Nordisk on Natural Resources 116 novo nordisk#113Sustainable business Investor Presentation First six months of 2018 Slide 113 The Novo Nordisk Way The Triple Bottom Line Business Principle Financially responsible Patients We build on the purpose set by our founders and live by their values: The Novo Nordisk Way sets the direction and unites us around a common purpose in the pursuit of our aspirations: Driving change to defeat diabetes and other serious chronic diseases Socially responsible Environmentally responsible The Triple Bottom Line Principle, anchored in the Articles of Association, guides how we do business responsibly and how we make decisions that consider the interests of stakeholders and the long-term interests of our shareholders changing diabetes® novo nordisk#114Investor Presentation First six months of 2018 Slide 114 Novo Nordisk offers a healthy, engaging and inclusive workplace with development opportunities for employees Employee health and safety and engagement are key focus areas for management Novo Nordisk is committed to building a diverse and inclusive organisation N43,100 FTE employees 90% sustainable engagement score 11.0% employee turnover 2.7 accidents with absence per million working hours All managers Management appointments¹ Sr. Managers Men 61% 60% 59% 57% 85% 86% Women 39% 40% 41% 43% 2013 2017 2013 2017 15% 14% 2013 2017 Note: Full social statements to be found in Novo Nordisk Annual Report 2017 changing diabetes 1 All appointments to management positions, incl. internal promotions and external hires, ex. NNIT novo nordisk#115Investor Presentation First six months of 2018 Slide 115 Shaping and adapting to conditions in the business environment Enhancing access to affordable, high quality insulin is a key priority 5 million people with diabetes treated at cost below USD 0.16 per day 6 product recalls O failed inspections Cities Changing Diabetes works to bend the curve on urban diabetes UCL H Steno Diabetes Center Copenhagen C40 CITIES CLIMATE LEADERSHIP GROUP 103 million DKK donations to World Diabetes Foundation and Novo Nordisk Haemophilia Foundation 27.7 million patients reached with diabetes care products Note: Full social statements to be found in Novo Nordisk Annual Report 2017 changing diabetes • • novo nordisk Map the challenge in cities across the world with 11 cities enrolled Share learnings and best practices on how to bend the diabetes curve, by preventing rise in obesity Drive action plans with local partners and experts to act as a catalyst for meaningful action Initiate new cross-sector partnerships, eg on climate and health novo nordisk#116Investor Presentation First six months of 2018 Slide 116 Novo Nordisk prioritises minimisation in use of non-depletable or scarce natural resources Least possible use of resources, lower emissions and less waste are priorities On track to have all production sites run 100% on renewable power by 2020 Target - Realised Slight decrease in water and energy consumption for production since 2016 2% decrease in CO2 emissions from production since 2016 93% of water consumption is in 120% areas not subject to water stress 100% 80% 60% 96% of total ollo waste is recycled, 40% used for biogas or recovered as energy for heat 20% and power production 0% 2013 2014 2015 2016 2017 Note: Full social statements to be found in Novo Nordisk Annual Report 2017 changing diabetes novo nordisk