#1Rue de la Deca r edust novo nordisk - a focused healthcare company Investor presentation Full year 2017 novo nordisk#2Agenda Highlights and key events Sales update R&D update Financials and outlook changing diabetes Investor Presentation Full year 2017 Slide 2 novo nordisk#3Forward-looking statements Investor Presentation Full year 2017 Slide 3 Novo Nordisk's reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the company's Annual Report 2016 and Form 20-F, which are both filed with the SEC in February 2017 in continuation of the publication of the Annual Report 2016, 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 recall, 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. Please also refer to the overview of risk factors in 'Risk Management' on pp 40-43 of the Annual Report 2016. 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 changing diabetes® novo nordisk#4Investor Presentation Full year 2017 Slide 4 Highlights - Full year 2017 Sales development Sales increased by 2% in local currencies and were unchanged in Danish kroner International Operations grew by 5% in local currencies · • North America Operations sales were unchanged in local currencies TresibaⓇ and VictozaⓇ accounted for the largest share of growth and grew by 85% and 18% in local currencies, respectively Research and Development OzempicⓇ approved in the US and positive CHMP opinion issued in the EU Cardiovascular outcomes study, SOUL, for OzempicⓇ to be initiated mid 2018 Phase 3a programme STEP and cardiovascular outcomes study SELECT with semaglutide in obesity to be initiated in 2018 Financials Operating profit increased by 5% in local currencies and by 1% in Danish kroner Diluted earnings per share increased by 3% to 15.39 DKK per share 3% increase in total dividend to DKK 7.85 per share of DKK 0.20 proposed (including interim dividend of DKK 3.00 paid in August 2017) New share repurchase programme of up to DKK 14 billion to be executed during the coming 12 months 2018 financial outlook: • Sales growth is expected to be 2-5% measured in local currencies (around 7% lower reported) Operating profit growth is expected to be 1-5% measured in local currencies (around 10% lower reported) changing diabetes® novo nordisk#5Investor Presentation Full year 2017 Slide 5 Executive management as of 15 February 2018 President & CEO Lars Fruergaard Jørgensen Research & Development Product Supply Commercial Strategy & Corporate Affairs North America Operations International Operations Biopharm & Legal Affairs Finance, Investor Relations & Procurement Business Services & Compliance Mads Krogsgaard Thomsen Henrik Wulff Camilla Sylvest Doug Langa¹ Maziar Mike Doustdar¹ Jesper Brandgaard Karsten Munk Lars Green Knudsen 1 Not registered with the Danish Business Authority novo nordisk#6Investor Presentation Full year 2017 Slide 6 Sales growth driven by International Operations Sales as reported – full year 2017 Region Region Latin America Japan & Korea +3% (2%) Growth analysis - full year 2017 Local currencies Growth Share of growth North America Operations (0.2%) (5%) 3% Region China 5% +2% 10% Region AAMEO +4% 11% Hereof USA (0.4%) (10%) International Operations 5.0% 105% Region Europe 3.5% 29% North America 52% Operations (2%) Region AAMEO 8.0% 36% Region China 5.9% 24% 19% Region Region Japan & Korea 2.2% 6% Europe +2% Region Latin America 7.1% 10% Sales of DKK 111.7 billion (0%) Total sales 2.3% 100% AAMEO: Africa, Asia, Middle East & Oceania changing diabetes novo nordisk#7Investor Presentation Full year 2017 Slide 7 Diabetes care +3% Sales growth derived from diabetes care and obesity, driven by Tresiba®, VictozaⓇ and SaxendaⓇ Sales as reported – full year 2017 Growth Other hormone biopharmaceuticals Haemophilia 6% (24%) 0% 9% Obesity 2% +62% (53%) % Growth analysis - full year 2017 Local currencies New-generation insulin¹ Modern insulin Human insulin VictozaⓇ Growth Share of growth 98% 173% (4%) (76%) (7%) (29%) 18% 140% Other diabetes care² (3%) (5%) Total diabetes care 6% 203% Obesity (SaxendaⓇ) 64% 40% 81% Diabetes care and obesity total 7% 243% Haemophilia³ 2% 7% Growth disorders (22%) (76%) Sales of DKK 111.7 billion (0%) Other biopharmaceuticals4 (52%) (74%) changing diabetes Biopharmaceuticals Total 1 Comprises TresibaⓇ, Xultophy®, RyzodegⓇ and FiaspⓇ 2 Primarily Novo NormⓇ and needles 3 Comprises NovoSeven®, Novo Eight® NovoThirteenⓇ and Refixia® 4 Primarily Vagifem® and Activelle® (16%) (143%) 2% 100%#8Investor Presentation Full year 2017 Slide 8 Basal insulin market penetration with TresibaⓇ supported by XultophyⓇ launches TresibaⓇ value market share of basal insulin segment in selected countries outside the US Combined value market share of TresibaⓇ and XultophyⓇ in selected countries Switzerland Japan Mexico 40% Netherlands Spain Denmark UK Argentina ― Brazil Greece Italy Switzerland France (XultophyⓇ only) Sweden 42% 60% -32% 30% 32% 28% 40% 25% 23% 20% 19% 19% -13% 13% 20% 10% .14% 7% 0% 0 10 20 30 40 50 Months from launch 0% 10 Note: Limited IQVIA (formerly IMS) coverage in India Source: IQVIA (formerly IMS), Monthly value figures, Nov 2017 changing diabetes® Greece ■■■TresibaⓇ share 30 20 Months from launch¹ Source: IQVIA (formerly IMS), Monthly value figures, Nov 2017 43% 40 50 1 Switzerland, Sweden and Greece: Months from TresibaⓇ launch. France: Months from XultophyⓇ launch (TresibaⓇ is not launched in France). 59% 24% novo nordisk#9Investor Presentation Full year 2017 Slide 9 Total Novo Nordisk basal insulin volume market share has increased to 34% in the US Weekly TRX volume market shares in the US - glargine U100 Basal volume TRX MS 70% 60% 50% 40% 30% 20% 10% 0% + NN Total Basal TresibaⓇ Levemir® glargine U300 biosimilar glargine U100 TresibaⓇ launch in the US • The ambition to reach 10% TresibaⓇ TRX volume market share in 2017 achieved • TresibaⓇ TRX volume market share is now 10.7% • TresibaⓇ formulary access expected to remain largely unchanged at approximately 70% for commercial and Medicare Part D combined in 2018 45% .34% 23% 11% 8% 6% access Opportunity for TresibaⓇ to grow volume market share further in early 2018 due to changes in the Part D formulary Jan 2016 Jan 2018 Note: The graph does not show NPH, which accounts for the residual market share Source: IQVIA weekly Xponent Plantrak (excludes Medicaid), 12 Jan 2018 TRX volume: Insulin volume in mega units (MU) associated with total number of prescriptions; MS: Market share Source: IQVIA weekly Xponent Plantrak (excludes Medicaid), 12 Jan, 2018, VANTAGE FingerTip Formulary bridge, Nov 2017 novo nordisk#10Investor Presentation Full year 2017 Slide 10 VictozaⓇ continues strong growth trajectory in the US driven by GLP-1 market volume growth of 23% US GLP-1 market development MAT GLP-1 TRx volume Total TRX - Growth rate MAT volume US GLP-1 market monthly TRX US GLP-1 volume market share GLP-1 TRX - VictozaⓇ albiglutide exenatide dulaglutide (million) 10 8 16 2 Nov 2014 Source: IQVIA NPA monthly, Nov 2017 changing diabetes® growth rate volume (000) VictozaⓇ albiglutide exenatide GLP-1 TRX - dulaglutide market share 35% 400 100% 30% 350 80% 300 25% 250 20% 60% 200- 44% 15% 150 40% 10% 37% 100 20% 15% 5% 50 4% 0% 0 0% Nov Nov Nov Nov Nov 2017 2014 2017 2014 2017 novo nordisk#11Investor Presentation Full year 2017 OZEMPIC approved in the USA and positive CHMP opinion issued in the EU OzempicⓇ label in the USA Efficacy • Conve- nience . Safety • Slide 11 CHMP endorsed inclusion of CV data from SUSTAIN 6 trial in Ozempic® EU label Reduction in HbA1c VS comparators¹ Reduction in body weight vs comparators¹ Administered once-weekly To be launched in the OzempicⓇ pen Guidance on retinopathy similar to wording in insulin labels Cardiovascular safety with number of MACE events in clinical section Trial Patients Reference to CV results in indication MACE Kaplan-Meier OzempicⓇ label recommended VictozaⓇ label SUSTAIN 6 LEADER 3,297 9,340 Recommended Included HR: 0.741 HR: 0.872 Recommended Included 1 Statistically significant reduction compared to comparators: placebo, sitagliptin, exenatide extended- release and insulin glargine U100 (phase 3a SUSTAIN trial programme) 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#12Investor Presentation Full year 2017 Slide 12 Large cardiovascular outcomes study, SOUL, to be initiated mid 2018 with OZEMPIC SOUL study design ~13,000 patients on standard of care¹ OzempicⓇ 1.0 mg sc QW Placebo Study purpose and end-points • Purpose: To confirm that treatment with OzempicⓇ results in decreased cardiovascular risk compared to placebo Study design: Randomised and double-blinded Primary endpoint: Cardiovascular death, non-fatal myocardial infarction or non-fatal stroke (MACE) Around 3.5-5 years • Results: SOUL study results expected in 2023 1 Inclusion criteria: Type 2 diabetes, established cardiovascular disease or cardiovascular kidney disease, HbA1c 6.5%-10% sc: Subcutaneous; QW: Once-weekly changing diabetes® MACE: Major adverse cardiovascular event novo nordisk#13Investor Presentation Full year 2017 Slide 13 Phase 3a programme STEP and CV outcomes study SELECT with semaglutide 2.4 mg in obesity to be initiated 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#14Investor Presentation Full year 2017 Slide 14 Key development milestones reached Diabetes • Results from onset 5 phase 3b trial with FiaspⓇ compared to NovoRapidⓇ in adults with type 1 diabetes DUAL II Japan phase 3a trial with XultophyⓇ completed Data from the DEVOTE trial submitted for inclusion in the TresibaⓇ label in Japan Update to the XultophyⓇ label based on LEADER and DEVOTE data submitted in the EU Phase 3b trial with Victoza® 1.8 mg in Japanese people with type 2 diabetes successfully completed Obesity • Data from LEADER study submitted for inclusion in the SaxendaⓇ label in the USA Biopharm changing diabetes Recruitment of people with haemophilia A for the phase trial explorer 5 with concizumab completed novo nordisk#15R&D milestones in 2018 Project TresibaⓇ XultophyⓇ FiaspⓇ OzempicⓇ oral semaglutide Q1 2018 DEVOTE and SWITCH US regulatory decision DUAL I Japan Phase 3a DUAL II Japan Phase 3a ✓ EU and Japan regulatory Investor Presentation Full year 2017 Slide 15 Results available¹ Regulatory milestone Q2 2018 Q3 2018 Japan submission Japan submission Q4 2018 TresibaⓇ vs insulin glargine U300 data decision PIONEER 1 data PIONEER 2, 3, 4 and 7 data PIONEER 5 and 10 data PIONEER 6, 8 and 9 data LAI287 Phase 1 data G530L Phase 1 data AM833 Phase 1 data N8-GP US/EU submission N9-GP Japan submission Japan regulatory decision concizumab somapacitan Diabetes Obesity Haemophilia explorer 5 data explorer 4 data REAL 3 data REAL 1 AGHD data Growth disorders 1 Expected to be published in the given quarter or in the subsequent quarterly company announcement AGHD: Adult growth hormone deficiency novo nordisk#16Investor Presentation Full year 2017 Slide 16 Financial results - full year 2017 DKK million Sales Gross profit Change Change FY 2017 FY 2016 (reported DKK) (local currency) Gross margin Sales and distribution costs 28,340 111,696 94,064 84.2% 111,780 94,597 28,377 (0%) 2% (1%) 2% 84.6% (0%) 2% Percentage of sales 25.4% 25.4% Research and development costs Percentage of sales 14,014 14,563 (4%) (3%) Administration costs 12.5% 3,784 13.0% 3,962 (4%) (3%) Percentage of sales 3.4% 3.5% Other operating income, net 1,041 737 41% 45% Operating profit 48,967 48,432 1% 5% Operating margin 43.8% 43.3% Financial items (net) Profit before income tax Income taxes (287) 48,680 10,550 (634) 47,798 2% 9,873 7% Effective tax rate 21.7% 20.7% Net profit 38,130 37,925 1% Diluted earnings per share (DKK) 15.39 14.96 3% changing diabetes®#17Investor Presentation Full year 2017 Slide 17 Unfavourable currency impact in 2017 driven by development in both hedged and unhedged currencies Hedged currencies Index (1 Jan 2016= 100) Non-hedged currencies Index (1 Jan 2016 = 100) USD/DKK CNY/DKK 120 115 110 105 100 95- 90- 85- 80 JPY/DKK GBP/DKK CAD/DKK 75 RUB/DKK INR/DKK ARS/DKK BRL/DKK TRY/DKK 160 140 120 100 80 60 40 changing diabetes 1 2 2016 3 4 1 2 3 4 2017 Hedged 2016 Currencies average 2017 average² Spot rate² Impact of a 5% move³ (months) Hedging USD1 673 660 601 1,900 12 CNY1 101 98 95 325 64 JPY1 6.2 5.9 5.5 170 12 GBP1 911 849 846 90 13 CAD1 508 508 487 80 11 Non-hedged 2016 2017 Spot Currencies average average² rate² ARS¹ 0.5 0.4 0.3 TRY1 223 181 159 INR1 10.0 10.1 9.5 RUB1 10.1 11.3 10.6 BRL1 195 207 190 1 DKK per 100; 2 As of 29 January 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#18Financial outlook for 2018 Investor Presentation Full year 2017 Slide 18 Sales growth - local currencies Sales growth - reported Operating profit growth - local currencies Operating profit growth - reported Financial items (net) Effective tax rate Capital expenditure Expectations 1 February 2018 2% to 5% Around 7 percentage points lower 1% to 5% Around 10 percentage points lower Gain of around DKK 2.5 billion 20-22% Around DKK 9.5 billion Around DKK 3 billion Depreciation, amortisation and impairment losses Free cash flow Around DKK 27-32 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 29 January 2018 changing diabetes® novo nordisk#19Investor Presentation Full year 2017 Slide 19 Cash return to shareholders in 2018 Annual cash return to shareholders 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 10 16 5 12 13 11 12 0 2014 2015 2016 2017 2018E* *Interim dividend for 2018 to be determined. For illustration only. 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® Cash return priorities . New 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 proposed 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 following Annual General Meeting in March of the following year Share repurchase to correspond to at least the remaining free cash flow novo nordisk#20Investor Presentation Full year 2017 Slide 20 Closing remarks Solid leadership positions and continued market opportunities 27% Novo Nordisk value market share in diabetes care and solid leadership position N4% insulin market volume growth 45% >20% 51% Novo Nordisk insulin volume market share with leadership position across all regions GLP-1 volume market growth 37% Novo Nordisk GLP-1 volume market share with global leadership position SaxendaⓇ value market share with a global leadership in the anti obesity market Promising pipeline and product launches • The only company with a full portfolio of novel insulin and GLP-1 products • . Semaglutide portfolio offers expansion opportunity with both once-weekly OzempicⓇ and oral administration XultophyⓇ supports promising outlook for insulin and GLP-1 combination therapy • SaxendaⓇ and multiple clinical stage development projects hold potential within obesity • Broad pipeline within haemophilia Source: IQVIA (formerly IMS) MAT Nov 2017 volume and value (DKK) figures changing diabetes novo nordisk#21Investor contact information Investor Presentation Full year 2017 Slide 21 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 22 Mar 2018 Annual General Meeting 2018 02 May 2018 08 Aug 2018 Financial statement for the first three months of 2018 Financial statement for the first six months of 2018 Peter Hugreffe Ankersen Hanna Ögren Anders Mikkelsen Christina Kjær +45 3075 9085 [email protected] +45 3079 8519 [email protected] +45 3079 4461 +45 3079 3009 [email protected] [email protected] 01 Nov 2018 Financial statement for the first nine months of 2018 01 Feb 2019 Financial statement for 2018 In North America: Kasper Veje +1 609 235 8567 [email protected] changing diabetes novo nordisk#22Appendix 1. Novo Nordisk at a glance 2. Diabetes 3. Obesity 4. Biopharmaceuticals 5. Other serious chronic diseases 6. Financials 7. Sustainable business changing diabetes® Investor Presentation Full year 2017 Slide 22 23 37 80 88 98 100 108 novo nordisk#23Novo Nordisk at a glance Investor Presentation Full year 2017 Slide 23 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 53% Market share 39% Region Japan & Korea: Market share 50% Region AAMEO: Market share 55% Region Latin America: Market share 42% Global/regional headquarter Source: IQVIA (formerly IMS) MAT Nov 2017 volume figures AAMEO: Africa, Asia, Middle East & Oceania Manufacturing R&D facility changing diabetes novo nordisk#24Investor Presentation Novo Nordisk strategic foundation STRATEGIC PRIORITIES Strengthen leadership in DIABETES CARE CORE CAPABILITIES Engineering, formulating, developing and delivering protein-based treatments Deep disease understanding Strengthen leadership in OBESITY CARE Pursue leadership in HAEMOPHILIA Strengthen leadership in GROWTH DISORDERS Expand into other SERIOUS CHRONIC DISEASES changing diabetes Novo Nordisk Way Efficient large-scale production of proteins Full year 2017 Slide 24 Global commercial reach and leader in chronic disease care Driving change to defeat diabetes and other serious chronic conditions novo nordisk#25Investor Presentation Full year 2017 Slide 25 Top line growth driven by the diabetes pandemic Novo Nordisk reported quarterly sales Reported sales split by product segments for the full year of 2017 New-generation insulin by therapy Diabetes and obesity Haemophilia² NorditropinⓇ Other GLP-1 diabetes Reported sales Haemophilia CAGR¹: 9.8% Other biopharmaceuticals DKK billion 35 30 25 -2.7% 20 6.3% 15 6.1% 10 11.2% Modern insulin Human insulin Other diabetes care and obesity Growth disorders 2% 6% 8% 9% 6% 40% 5 0 Q4 2007 1 CAGR for 10-year period 2 Haemophilia includes NovoSeven®, NovoThirteen®, NovoEight® and Refixia® changing diabetes 21% 9% Q4 2017 Sales of DKK 111.7 billion (0%) novo nordisk#26Investor Presentation Full year 2017 Slide 26 Novo Nordisk has leading positions in diabetes, haemophilia and obesity Diabetes Obesity DKK billion Market value DKK Market value DKK Haemophilia Market value Novo Nordisk value market share billion Novo Nordisk value market share billion Global market position Global market position Novo Nordisk value market share Global market position 500 400 #1 50% 10 #1 50% #2 70 50% 60 40% 00 8 40% 40% 50 300 30% 6 30% 30% 40 200 CAGR¹ value: 16.2% - 20% 4 CAGR² value: 46.6% - 20% 30 CAGR¹ value: 1.7% 20% 20 100 10% 2 - 10% 10% 10 0% 0% 0% Nov 2012 Nov 2017 Dec 2015 Nov 2017 FY 2012 FY 2016 1 CAGR for 5-year period Source: IQVIA (formerly IMS) MAT Nov, 2017 value figures changing 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 (formerly IMS) MAT Nov, 2017 value figures Note: Annual sales figures for Haemophilia A, B and inhibitor segment Source: Company reports diabetes® novo nordisk#27Investor Presentation Full year 2017 Slide 27 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 changing diabetes® 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 novo nordisk#28Investor Presentation Full year 2017 Slide 28 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#29Investor Presentation Full year 2017 Slide 29 Novo Nordisk has a strong leadership position within the growing diabetes care market Global diabetes care market by treatment class OAD Global diabetes care value market share GLP-1 Insulin Novo Nordisk AstraZeneca Sanofi Novartis Eli Lilly Takeda Merck J&J GSK 30% 27% DKK billion 500 400 Total market: CAGR¹ 15.1% Injectables: CAGR¹ 18.8% 20% 300 200 100 0 Nov 2007 CAGR¹ 33.9% CAGR¹ 17% 10% CAGR¹ 10.9% 0% Nov 2017 Nov 2007 1 CAGR for 10-year period OAD: Oral Anti-diabetic Source: IQVIA (formerly IMS) MAT Nov, 2017 value figures changing diabetes® Source: IQVIA (formerly IMS) MAT Nov, 2017 value figures Nov 2017 novo nordisk#30Investor Presentation Full year 2017 Continued single digit volume growth within the insulin segments globally Slide 30 Fast-acting insulin Segment volume NovoRapidⓇ market share Premix insulin Segment volume NovoMix® market share Long-acting insulin Segment volume TresibaⓇ share - LevemirⓇ share tMU 100% CAGR¹ volume: 4.9% 200 MI penetration: 77.9% tMU 200 CAGR¹ volume: 1.5% MI penetration: 46.4% 100% tMU CAGR¹ volume: 5.8% 100% 200 MI penetration2: 82.5% - 80% 80% 80% 160 160 160 - 60% 60% 60% 120 120 120 +40% 40% 80 40% 80 80 40 + 20% 40 20% 40 20% 0% 0% 0 0% Nov 2012 Nov 2017 Nov 2012 Nov 2017 Nov Nov 2012 2017 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 (formerly IMS) MAT Nov, 2017 volume figures changing diabetes novo nordisk#31Investor Presentation Full year 2017 Slide 31 Biopharm constitutes 17% of Novo Nordisk sales and a strategy has been defined to return to growth DKK billion 6 5 4 3 2 1 NovoSevenⓇ and Norditropin® account for 84% 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 0 Q4 2012 1 Reported sales for the full year 2017 changing diabetes Q4 2017 novo nordisk#32Investor Presentation Full year 2017 Slide 32 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#33Investor Presentation Full year 2017 Slide 33 Significant growth opportunities fuelled by strong pipeline across all four strategic focus areas PHASE 1 NN1436 LAI287 NN1406 PI406 NN9030 G530L 1 NN9838 Amylin analogue 1 NN9747 NN9277 NN9499 NN9423 - NN7170 - PYY analogue GG-co-agonist FGF21 obesity Tri-agonist 1706 Sc N8-GP PHASE 2 Anti-IL-21 and liraglutide Semaglutide obesity Concizumab Semaglutide NASH PHASE 3 Oral semaglutide SUBMITTED APPROVED Semaglutide - QW GLP-1 LevemirⓇ N8-GP Long-acting rFVIII Somapacitan - QW GH1 - NovoRapidⓇ NovoMix® Tresiba® RyzodegⓇ XultophyⓇ VictozaⓇ Fiasp® SaxendaⓇ NovoSevenⓇ NovoEight® NovoThirteenⓇ RebinynⓇ/RefixiaⓇ2 Norditropin® Diabetes Obesity Haemophilia Growth disorders Other serious chronic diseases 1 Study conducted in adult growth hormone disorder 2 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; GH: Growth hormone changing diabetes novo nordisk#34Investor Presentation Full year 2017 Slide 34 Growth opportunities supported by strong global presence in both sales and manufacturing FTEs in sales regions¹ North America Operations: Region Africa, Asia, Middle-East and Oceania (AAMEO): Region China: Region Europe: Region Japan & Korea: Region Latin America: Total non-HQ/manufacturing FTEs: ~4,800 West Lebanon, NH, USA (~180 FTEs) ~4,600 Biopharmaceutical API production ~3,000 ~2,800 ~1,200 ~900 ~19,000¹ Global manufacturing setup Denmark (~9,750 FTEs) Diabetes and biopharmaceutical API production Filling and packaging Moulding and assembly Tablet production Kaluga, Russia (~250 FTEs) Filling Assembly Packaging Clayton, NC, USA (~1,000 FTEs) Diabetes API production Filling Assembly Packaging of above Chartres, France (~1,100 FTEs) Filling Assembly Packaging Montes Claros, Brazil (~1,000 FTEs) Filling Assembly Packaging Tizi Ouzou, Algeria (~150 FTEs) Tablet production 1 FTEs represent full-time equivalents in Novo Nordisk's sales regions (excludes all other employees in headquarter, research sites and manufacturing sites) as of Dec 2017 changing diabetes Koriyama, Japan (~70 FTEs) Packaging Tianjin, China (~1,000 FTEs) Filling Assembly Packaging novo nordisk#35Investor Presentation Full year 2017 Slide 35 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 DNA originjection TRESIBA insulindegudec DNA origin injection RYZODEG 70%sindedecand 30spart DNA anjinjection VICTOZA Levemir® 2031 20322 2030 2030 20293 20293 2028 2029 2028 2029 • 20235 20235 2018 2019 (insulin detemir) NovoMix Expired4 Expired5 (biphasic insulin aspart) Novo Rapid Expired5 Expired5 (insulin aspart) norditropin Expired5 Expired5 1 List does not include all marketed products. 2 Assuming paediatric extension. 3 Protected by patents on the individual compounds insulin degludec and liraglutide as listed. 4 Expired in 2015. 5 Expired in 2017. Note: Saxenda patent identical to the VictozaⓇ patent. changing diabetes® 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 novo nordisk#36Investor Presentation Full year 2017 Slide 36 Key assumptions supporting the long-term financial target of an average of 5% operating profit growth¹ Expected future sales drivers • Insulin • GLP-1 . Continued underlying 3-4% volume growth of the global insulin market Market share gains and value upgrades driven by the new-generation franchise Continued expansion of the GLP-1 market with underlying volume growth of >10% annually • Solid market leadership with Victoza® and OzempicⓇ GM S&D Obesity Continued expansion of the obesity market with SaxendaⓇ in the US R&D • Successful launches in new markets Biopharm Limited growth of the biopharm franchise mainly due to increased competition in the haemophilia space Admin • • Expected future cost drivers Expected to decline with approximately 1-3%- points over the next 3-4 years Lower realised prices and new product launches expected to negatively impact gross margin partly offset by product mix and manufacturing efficiency To be streamlined leading to savings of 1-2%- points over the next 3-4 years Expected to remain unchanged around 13%, but flexible should external opportunities arise • Refocused research efforts free up resources for investment in other serious chronic disease areas Continued focus on administration costs leading to savings and an administration cost to sales ratio approaching 3% Potential for bolt-on activity to support growth 1 New long term financial target established in connection with the Q3 2016 report. The target of 5% operating profit growth is an average for the period of 4-5 years, with 2015 as the base year. Note: Guidance provided at the Capital Markets Day, 21 November, 2017 GM: Gross margin; S&D: Sales and distribution cost novo nordisk#37Full year 2017 Slide 37 Diabetes novo nordisk#38Investor Presentation Full year 2017 Diabetes - the inability to manage blood sugar levels appropriately Slide 38 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#39Investor Presentation Full year 2017 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 39 <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#40Investor Presentation Full year 2017 Slide 40 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#41B-cell function Investor Presentation Full year 2017 Slide 41 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% 37% 68% 60% 12% 40% Insulin 4% 51% 20% 28% 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 (formerly IMS) MAT Nov, 2017 Source: IQVIA (formerly IMS) PharMetrix claims data, IQVIA (formerly IMS) disease analyser, IQVIA (formerly IMS) MIDAS OAD novo nordisk#42Investor Presentation Full year 2017 Slide 42 The insulin market is comprised of three segments 6:00 Insulin action profiles tMU 500 Global insulin volume market by segment CAGR volume¹: 4.4% CAGR value¹: 16.8% Fast-acting 400 35% Fast-acting 34% 300 Premix 26% 200 Premix 29% Long-acting 100 40% 37% Long-acting 0 10:00 14:00 18:00 22:00 2:00 6:00 ↑ ↑ ↑ Time of day Nov 2012 Nov 2017 Breakfast Lunch Dinner 1 CAGR for 5-year period. Value in DKK changing diabetes® Source: IQVIA (formerly IMS) monthly MAT volume and value Nov 2017(DKK) figures novo nordisk#43Investor Presentation Full year 2017 Medications used for the treatment of type 2 diabetes Slide 43 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#44Investor Presentation Full year 2017 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 When basal insulin is not enough When metformin is not enough When it's time for insulin Once-daily optimisation Mealtime insulin control Slide 44 Second generation analogues First generation analogues Human insulin oral semaglutide OZEMPİC semaglutide injection TRESIBA Xultophy RYZODEG Fiasp fast-acting insulin aspart or VICTOZAⓇ LevemirⓇ Novo Mix® Novo Rapid or Insulatard® Mixtard® 30 ActrapidⓇ 1 Pending clinical development programmes and regulatory processes for oral semaglutide and semaglutide changing diabetes® novo nordisk#45Investor Presentation Full year 2017 Slide 45 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#46Investor Presentation Full year 2017 Slide 46 Stable global insulin volume growth Regional insulin volume growth Region Europe North America Region China Region J&K 30% 25% 20% 15% 10% 5% Regional insulin volume market split Region Europe Region J&K Region AAMEO North America Region LATAM Region China World 100% 80% 60% 40% 20% 3% Region AAMEO Region LATAM 3% 3% 10% 21% 34% 29% 0% 0% Nov 2012 Nov 2017 Nov 2012 Nov 2017 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 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 (formerly IMS) monthly MAT Nov, 2017 volume figures Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 volume figures changing diabetes® novo nordisk#47Investor Presentation Full year 2017 Slide 47 Maintaining global insulin leadership by sustaining modern and new-generation insulin market share Novo Nordisk global volume market share across insulin classes tMU 500 Human insulin¹ 100% tMU 500 Modern and new- generation insulin volume tMU Novo Nordisk market share (%) 100% 500 Total insulin 100% 400 Market value²: DKK 24 billion 80% 400 Market value²: DKK 223 billion Market value²: 80% 400 80% DKK 248 billion 300 60% 300 60% 300 60% 200 100 40% 200 40% 200 40% 20% 100 - 20% 100 20% 0 Nov 2012 0% 0% 0 0% Nov Nov Nov Nov Nov 2017 2012 2017 2012 2017 1 Includes animal insulin. 2 Annual value of total insulin class. tMU: Thousand mega units Note: Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 value and volume figures changing diabetes® novo nordisk#48Investor Presentation Full year 2017 Strong underlying insulin market growth and sustained global volume market share Slide 48 Global modern and new-generation insulin volume market shares Novo Nordisk Sanofi - Eli Lilly Global insulin market Device penetration Modern insulin penetration¹ tMU Penetration 500 CAGR volume²: 4.4% 100% 60% CAGR value²: 16.8% 50% 400 80% 40% 300 60% MI and NGI¹ 30% 200 - 40% 20% 100 20% Human insulin 10% 0 0% 0% Nov 2012 Nov 2017 Nov 2012 1 MI: Modern insulin. NGI: New-generation insulin 2 CAGR for 5-year period Note: Data is sensitive to changes in IQVIA data collection and reporting methodology. Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 volume and value (DKK) figures changing 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 (formerly IMS) monthly MAT Nov, 2017 volume figures diabetes® 45% 34% 20% Nov 2017 novo nordisk#49Investor Presentation Full year 2017 Novo Nordisk is now the market leader in the USA within the modern and new-generation insulin segment Slide 49 - Novo Nordisk Modern insulin and new-generation insulin volume market shares in the USA Sanofi Eli Lilly USA insulin market by segment Device penetration Modern Insulin penetration tMU Penetration 160 CAGR volume¹: 2.5% 100% 60% CAGR value¹: 22.7% 140 50% 80% 120 Fast-acting 40% 100 60% 80 30% Premix 40% 60 20% 40 Long-acting 20% 10% 20 0 0% 0% Nov 2012 Nov 2017 Nov 2012 1 CAGR for 5-year period Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 volume and value (DKK) figures changing diabetes® Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 volume figures 40% 36% 24% Nov 2017 novo nordisk#50Investor Presentation Full year 2017 Novo Nordisk's modern and new generation insulins maintain market share in the US insulin market US fast-acting insulin Segment volume US premix insulin Segment volume US long-acting insulin Segment volume Slide 50 LevemirⓇ share NovoLogⓇ share NovoLog® Mix 70/30 share TresibaⓇ share tMU tMU tMU CAGR volume¹: 3.2% 80 MI penetration: 83.3% 100% 80 CAGR volume¹: (6.1%) MI penetration: 52.1% 100% 80 CAGR volume¹: 4.1% MI penetration: 75.5% 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 Nov 2012 Nov 2017 Nov 2012 Nov 2017 Nov Nov 2012 2017 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 (formerly IMS) monthly MAT Nov, 2017 volume figures changing diabetes® novo nordisk#51Investor Presentation Full year 2017 Slide 51 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 2017, PBMs covered 285 million lives and the market has consolidated MedImpact Humana 3% All other PBMS Prime 2% 8% 3% CVS Caremark 31% 326 333 100% 9% 8% 80% 23% 22% 60% 18% 18% 23% OptumRx 40% 20% 45% 44% 0% 20171 2020 30% 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#52Investor Presentation Full year 2017 Slide 52 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 NovoLogⓇ Market access Unrestricted VictozaⓇ TresibaⓇ LevemirⓇ 80% 60% 40% 20% 0% Nov 2014 Source: IQVIA NSP Nov 2017; 100% 80% 60% 40% 20% 0% Nov 2017 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® Aug 2014 Source: FingerTip Formulary bridge, Nov 2017 Nomenclature and Xponent PlanTrak, Dec 2017; 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 Nov 2017 novo nordisk#53Investor Presentation Full year 2017 Slide 53 Sustained leadership position in the European modern and new-generation insulin market European insulin market by segment Device penetration CAGR volume1: 2.1% CAGR value1: 2.4% European modern insulin and new-generation insulin volume market shares Sanofi Novo Nordisk Eli Lilly - tMU 180 160 140 120 100 80 60 40 20 0 Nov 2012 MI and NGI penetration Penetration 100% 60% 50% 80% Fast-acting 40% 60% 30% Premix 40% 20% Long-acting 20% 10% 0% 0% Nov 2017 Nov 2012 44% 36% 19% Nov 2017 1 CAGR for 5-year period 2 MI: Modern insulin; NGI: New-generation insulin Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 volume and value (DKK) figures Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers changing diabetes® novo nordisk#54Investor Presentation Full year 2017 Stable insulin leadership position in Region AAMEO comprising Africa, Asia, Middle-East and Oceania Region AAMEO insulin market by segment insulin volume market shares tMU 120 100 80 60 40 420 20 0 Nov 2012 - Device penetration - CAGR volume¹: 8.3% CAGR value¹: Slide 54 Region AAMEO modern and new-generation MI and NGI penetration Novo Nordisk Sanofi Eli Lilly Biocon Penetration 5.4% 100% 70% 60% 55% 80% Fast-acting 50% 60% 40% Premix 30% 40% 20% 20% Long-acting 10% 0% 0% Nov 2017 Nov 2012 21% 14% 3% Nov 2017 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 (formerly IMS) monthly MAT Nov, 2017 volume and value (DKK) figures MI: Modern insulin; NGI: New-generation insulin Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers novo nordisk#55Investor Presentation Full year 2017 Slide 55 Solid insulin market leadership position in Region Japan & Korea tMU 16 14 12 20 10 8 6 4 2 0 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% 25% 25% Long-acting 20% 10% 0% 0% Nov Nov 2012 2017 Nov 2012 Nov 2017 1 CAGR for 5-year period MI: Modern insulin; NGI: New-generation insulin Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 volume and value (DKK) figures changing diabetes® Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 volume figures novo nordisk#56Investor Presentation Full year 2017 Slide 56 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% Nov 2014 Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 value figures changing diabetes® 60% 50% 42% 40% 18% 16% 20% 13% 6% 3% 0% Nov 2017 Nov 2014 Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 value figures 59% 23% 18% Nov 2017 novo nordisk#57Investor Presentation Full year 2017 Slide 57 Solid volume growth in the Chinese insulin market Chinese insulin market by segment Device penetration tMU CAGR volume¹: 10.7% 55 CAGR value¹: 14.7% 50 45 40 35 30 25 20 15 10 5 0 Nov 2012 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% Nov 2017 Nov 2012 1 CAGR for 5-year period Note: IQVIA covers around 50% of the total Chinese market (hospital data) Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 volume and value (DKK) figures changing diabetes® -53% 12% 12% 10% 7% 6% Nov 2017 Note: Only selected competitors shown Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers not included novo nordisk#58Investor Presentation Full year 2017 Slide 58 Continued value growth in the Chinese long-acting insulin segment Chinese insulin market by segment Chinese total insulin value market shares Device penetration Modern insulin penetration Novo Nordisk bDKK Penetration Sanofi CAGR value¹: 14.7% 0.1 100% 70% 60% 0.1 - 80% Fast-acting 50% 0.1 0.0 Premix 60% 40% 30% 40% 20% 0.0 20% Long-acting 10% 0.0 Nov 2012 0% 0% Nov Nov 2017 2012 1 CAGR for 5-year period Note: IMS covers around 50% of the total Chinese market (hospital data) Source: IQVIA (formerly IMS) Rolling MAT Nov, 2017 value (DKK) figures changing diabetes® Eli Lilly Tonghua Dongbao - Gan & Lee Other -50% 17% 12% 11% 6% 4% Nov 2017 Note: Only selected competitors Source: IQVIA (formerly IMS) Rolling MAT Nov, 2017 value figures, numbers do not add up to 100% due to smaller insulin manufacturers not included novo nordisk#59Investor Presentation Full year 2017 Slide 59 Strengthened insulin volume market share in Region Latin America tMU 15 12 9 6 3 Latin America insulin market by segment Latin America modern and new-generation insulin volume shares Device penetration Modern insulin penetration CAGR volume¹: 12.4% Penetration CAGR value¹: 10.7% 60% 70% Fast-acting 60% Premix 50% 40% 40% 30% Long-acting 20% 20% 10% 0% 0% Nov 2017 Nov 2012 - Novo Nordisk Eli Lilly Sanofi 42% 31% 15% Nov 2012 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 (formerly IMS) monthly MAT data Nov, 2017 volume and value (DKK) figures MI: Modern insulin; NGI: New-generation insulin Note: Only top-3 shown Nov 2017 Source: IQVIA (formerly IMS) monthly MAT data Nov, 2017 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#60Investor Presentation Full year 2017 Slide 60 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#61Investor Presentation Full year 2017 Competitive TresibaⓇ label across all three triad markets Profile TresibaⓇ label characteristics in triad markets US Half-life of 25 hours and duration of action of at least 42 hours Day to day variability of 20% Europe • • Duration of action beyond 42 hours • Four times lower day-to-day 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® Slide 61 Japan Duration of action up to 26 hours in Japanese patients 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#62Investor Presentation Full year 2017 Slide 62 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 Type 2 diabetes patients, no GLP-1 Type 2 diabetes patients, with GLP-1 Healthy controls receiving saline Glucose (mmol/L) 18 16 14 12 10 8 6 GLP-1 4 Liver Gut 2 Breakfast Lunch Snack 0 22.00 02.00 06.00 10.00 14.00 18.00 Time changing diabetes Pancreas Source: Rachman et al. Diabetologia 1997;40:205-11 novo nordisk#63Investor Presentation Full year 2017 The GLP-1 segment accounts for 12% of the global diabetes care market value Slide 63 Global GLP-1 market GLP-1 value in bDKK VictozaⓇ exenatide -dulaglutide Share of total other diabetes care Share of total diabetes care market market GLP-1 value and patient share of the total diabetes care market GLP-1 value share of total diabetes GLP-1 patient share¹ of total diabetes 70 10% 15% 14% 60 12% 8% CAGR value¹: 33.0% 11% 50 10% 40 6% 30- 20 10 0 Nov 2012 6% 5% 4% 5% 5% 5% 3% 2% 0% 0% Nov 2017 World North Reg Reg Reg Reg Reg America EU AAMEO J&K LATAM China 1% 1 CAGR for 5-year period Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 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 (formerly IMS) monthly MAT Nov, 2017. Patient data; IQVIA Disease Analyser (DE, FR, UK), QuintilesIQVIA LRX (USA), Aug 2017#64Investor Presentation Full year 2017 Slide 64 Strong GLP-1 volume growth in all regions Regional GLP-1 volume growth Region Europe Region J&K North America Region China 70% 60% 50% 40% 30% 20% 10% 0% Nov 2014 Regional GLP-1 volume market split Region Europe Region J&K Region AAMEO Region LATAM North America Region China - World 100% 80% 60% 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 (formerly IMS) monthly MAT Nov, 2017 volume figures changing diabetes® 22% 40% 20% 0% Nov 2017 Nov 2014 Region AAMEO Region LATAM 3% 7% 1% 4% 39% 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 (formerly IMS) monthly MAT Nov, 2017 volume figures 46% Nov 2017 novo nordisk#65Investor Presentation Full year 2017 Slide 65 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 250 100% 12% 12% 200 80% CAGR¹ value: 26.1% 150 60% 100 40% VictozaⓇ Other GLP-1 SGLT-2 DPP-IV 100% 80% 60% 40% VictozaⓇ: 14% 50 20% 20% 0% 0% Nov 2012 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 (formerly IMS) MAT Nov, 2017 value figures Nov 2017 2015 vs 2016 2016 vs Nov 2017 2012 Nov 2017 changing diabetes® novo nordisk#66Investor Presentation Full year 2017 Slide 66 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 naïve 5% 5% Insulin 29% 51% GLP-1 9% OAD HbA1c >7% 43% 57% HbA1c <7% 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 (formerly IMS) 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 (formerly IMS) Disease Analyser (France, Germany and UK), Sep 2017 novo nordisk#67Investor Presentation Full year 2017 Slide 67 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 leading in all regions VictozaⓇ sales and GLP-1 value market share VictozaⓇ GLP-1 value market share VictozaⓇ DKK billion albiglutide1 70 60 50 exenatide 40 launch 30 20 10- 0 2005 dulaglutide lixisenatide GLP-1 share of total diabetes care market DKK billion FDA/EMA statement on pancreatic safety³ 14% 20 48% 18 12% 16 Dulaglutide Article on launch 10% 14 pancreatic safety 12 of incretins² - 8% 10 VICTOZA Tiraglutide injection: - 6% 8 - 4% 6 58% 4 2% 2 49% 41% 75% 68% 0% 0 2009 2013 2014 2017 North Region Region Region Region Region America Europe AAMEO J&K LATAM China 1 Manufacturing and sale of albiglutide 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 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 (formerly IMS) MIDAS, monthly data, Nov 2017 (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 for FY 2017; IQVIA (formerly IMS) MIDAS, Nov 2017 novo nordisk#68Investor Presentation Full year 2017 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 68 Illustrative oral semaglutide VictozaⓇ patent expiry¹ novo nordisk#69Investor Presentation Full year 2017 The GLP-1 segment accounts for 14% of total diabetes care market value in North America North America GLP-1 market Slide 69 Key observations for Victoza® in the US market VictozaⓇ value market share within the GLP-1 segment is 48% GLP-1 value in bDKK VictozaⓇ exenatide dulaglutide Share of total other diabetes care • market 60 14% • 50 12% CAGR value¹: 38.8% 10% 40 8% . 30 6% 20 4% • 10 2% 0 0% Nov 2012 Nov 2017 1 CAGR for 5-year period Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 value figures (DKK) changing diabetes® Around 80% of commercial and around 90% of Medicare Part D lives are covered without restrictions Around 93% of new patients who start on VictozaⓇ have not used GLP-1 before Around 70% of prescriptions are for the higher dose 1.8 mg Source: QIMS monthly, MAT Nov 2017 novo nordisk#70Investor Presentation Full year 2017 Slide 70 The GLP-1 segment accounts for around 11% of total diabetes care market value in Europe European GLP-1 market VictozaⓇ exenatide VictozaⓇ value market share in Europe VictozaⓇ exenatide - dulaglutide other ▪dulaglutide Share of total other GLP-1 value diabetes care market share market 10% 100% 8% 80% 6% 60% + 4% 40% +2% 20% 0% 0% Nov 2017 Nov 2012 GLP-1 value in bDKK 7 6 CAGR value¹: 15.2% 5 4 3 2 1 0 Nov 2012 1 CAGR for 5-year period Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 value figures (DKK) changing diabetes® Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 value figures (DKK) 58% 26% 13% 3% Nov 2017 novo nordisk#71Investor Presentation Full year 2017 Slide 71 The GLP-1 segment accounts for 3% of total diabetes care market value in Region AAMEO GLP-1 value in bDKK 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 market 0.6 3% 100% 0.5 CAGR value¹: 27.2% 80% 0.4 - 2% 60% 0.3 40% 0.2 - 1% 0.1 20% 0.0 0% 0% Nov 2012 Nov 2017 Nov 2012 1 CAGR for 5-year period AAMEO: Africa, Asia, the Middle East and Oceania Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 value figures (DKK) changing diabetes Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 value figures (DKK) .49% 33% -17% 1% Nov 2017 novo nordisk#72Investor Presentation Full year 2017 The GLP-1 segment accounts for around 1% of the total diabetes care market value in Region China Slide 72 GLP-1 value in bDKK China GLP-1 market VictozaⓇ exenatide Share of total diabetes care GLP-1 value VictozaⓇ value market share in China VictozaⓇ exenatide market share market 100% 0.20 2.0% CAGR value¹: 28.3% 0.15 80% 1.5% 69% 60% 0.10 - 1.0% 40% -31% 0.05 + 0.5% 20% 0.00 Nov 2012 0.0% 0% Nov 2017 Nov 2012 Nov 2017 1 CAGR for 5-year period. Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 value figures (DKK) changing diabetes® Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 value figures (DKK) novo nordisk#73Investor Presentation Full year 2017 The GLP-1 segment accounts for around 5% of the total diabetes care market in Region Japan & Korea Japan & Korea GLP-1 market Slide 73 VictozaⓇ value market share in Japan & Korea GLP-1 value in bDKK VictozaⓇ exenatide 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: 19.6% 80% 1.2 2% 1.0 60% 0.8 40% 49% 41% 0.6 1% 0.4 20% 0.2 0.0 0% 0% Nov 2012 Nov 2017 Nov 2012 6% 4% Nov 2017 1 CAGR for 5-year period Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 value figures (DKK) changing diabetes® Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 value figures (DKK) novo nordisk#74Investor Presentation Full year 2017 Slide 74 Strong VictozaⓇ market leadership in Region Latin America Latin America GLP-1 market VictozaⓇ value market share in Latin America GLP-1 value in bDKK VictozaⓇ exenatide dulaglutide Share of total other GLP-1 value VictozaⓇ diabetes care market share exenatide dulaglutide other market 100% 1 0.6 8% 7% 0.5 CAGR value¹: 5.4% 80% 6% 75% 0.4 5% 60% 0.3 4% 40% - 3% 0.2 2% 20% 0.1 1% 0.0 0% 0% Nov 2012 Nov 2017 Nov 2012 23% 1% 1% Nov 2017 1 CAGR for 5-year period Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 value figures (DKK) changing diabetes® Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 value figures (DKK) novo nordisk#75Investor Presentation Full year 2017 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 * semaglutide 1 mg semaglutide 0.5 mg Placebo¹ sitagliptin 100 mg -6.4 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 75 novo nordisk#76Investor Presentation Full year 2017 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 76 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#77Investor Presentation Full year 2017 Slide 77 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 20 mg Sema 40 mg Sema 2.5 mg - Sema 5 mg Sema 10 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#78Investor Presentation Full year 2017 Slide 78 Preparation of global filing of oral semaglutide expected during 2019 pending successful completion of phase 3 trials 2018 2018 2018 2018 2016 2017 Q11 Q2¹ Q31 Q41 PIONEER 1: Monotherapy PIONEER 2: vs empagliflozin PIONEER 3: vs sitagliptin 2019 2020+ Trial PIONEER 4: vs liraglutide Filing PIONEER 5: Moderate renal impairment PIONEER 6: Cardiovascular outcomes² PIONEER 7: Flexible dose escalation³ PIONEER 8: Insulin add-on PIONEER 9: Japan monotherapy PIONEER 10: Japan OAD combination Potential launch Preparation of global filing and 1 Expected to be published in the given quarter or in the subsequent quarterly company announcement; 2 Trial to rule out cardiovascular risk; 3 To be followed by 52-week extension trial Note: Estimated timing of trials from first patient first visit to last patient last visit and subsequent completion of trial OAD: Oral anti-diabetic Regulatory decision potential launch novo nordisk#79Investor Presentation Full year 2017 Slide 79 Competitive USA label for OzempicⓇ Profile Efficacy Safety Convenience • • • OzempicⓇ approved in the USA OzempicⓇ is indicated as an adjunct to diet and exercise to improve glycaemic control in adults with type 2 diabetes Ozempic® is approved for use in two therapeutic dosages, 0.5 mg and 1 mg Statistically significant reduction in HbA1c compared with placebo, sitagliptin, exenatide extended-release and insulin glargine U100 Statistically significant reduction in body weight confirmed in all trials against all comparators OzempicⓇ demonstrated a safe and well-tolerated profile across the SUSTAIN programme In 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 To be launched in the OzempicⓇ Pen, the latest generation of Novo Nordisk prefilled devices Once-weekly subcutaneous injections MACE: Major adverse cardiovascular event changing diabetes novo nordisk#80Full year 2017 Slide 80 Obesity novo nordisk#81Investor Presentation Full year 2017 Slide 81 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#82Investor Presentation Full year 2017 Slide 82 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 (formerly IMS) MIDAS 2017 changing diabetes® Limited patient Funding and reimbursement a hurdle for physicians and patients novo nordisk#83Investor Presentation Full year 2017 Slide 83 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#84Investor Presentation Full year 2017 Slide 84 SaxendaⓇ now launched in 25 countries SaxendaⓇ value share of anti-obesity medications in selected countries Mexico Germany 100% Australia Italy USA Brazil UAE 80% 79% 60% Canada DKK Denmark million 52% Spain 2,000 4% 86% 1,600 72% 52% 1,200 47% Countries with highest Saxenda® sales in 20171 SaxendaⓇ value market share SaxendaⓇ volume market share 40% 40% 800 30% 19% 20% 400 14% 30% 4% 86% 14% 79% 74% 6% 43% 6% 0% 0 USA 05 10 15 20 Months from launch 25 30 Brazil Canada Australia UAE Source: IQVIA (formerly IMS) Nov 2017 Note: The market for anti-obesity medication varies significantly in size between countries changing diabetes® 1 Reported sales for the full year 2017 Source: IQVIA (formerly IMS) MIDAS, Nov 2017#85Investor presentation Full year 2017 Slide 85 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 USD ~700 million Other branded AOM Generic AOM mUSD/value market share 800 Novo Nordisk is investing in overcoming the barriers preventing effective obesity care Current state Key initiatives SaxendaⓇ TRX market share 100% 8% Mindset 80% 600 44% 60% 82% 400 40% Few prescribers engaged 200 20% 48% 0% Limited patient Volume Value access AOM: Anti-obesity medication; TRx: Total prescriptions Source: IQVIA (formerly IMS) NPA and NSP moving annual total through Nov 2017 changing diabetes® Acute weight loss focus with SaxendaⓇ stay- time ~5 months Advocate for chronic treatment through partnerships 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" novo nordisk#86Investor Presentation Full year 2017 The obesity pipeline consists of projects addressing both appetite reduction and energy expenditure How to address obesity from a medical perspective Weight reduction by reducing food intake Appetite reduction changing diabetes Slide 86 Novo Nordisk obesity products and pipeline Projects: Status: 2018 expected: SaxendaⓇ Launched Weight reduction by semaglutide - QW GLP-1 Phase 2 Phase 3 - G530L glucagon analogue¹ Phase 1b Phase 2 increasing AM833 amylin analogue Phase 1b Phase 2 ready energy expenditure PYY1562 - PYY analogue Phase 1b Phase 1b² NN9499 - FGF21 obesity³ NN9277-GG-co-agonist Phase 1a Phase 1b Phase 1a Phase 1b NN9423 - Tri-agonist 1706 Phase 1a Phase 1b Energy expenditure Impact on metabolic changes to increase lipid and glucose metabolism Appetite reduction Appetite reduction and energy expenditure 1 Phase 1 in combination with liraglutide and phase 2 planned in combination with semaglutide 2 Phase 1b completed with monotherapy, phase 1b in combination with semaglutide planned for 2018 3 FGF21 potentially also targets appetite reduction Phase 1a: Single-dose trials; Phase 1b: Multiple-dose trials QW: Once-weekly novo nordisk#87Investor Presentation Full year 2017 Slide 87 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 Next steps: Phase 3 programme STEP and cardiovascular outcomes study SELECT to be initiated in 2018 -20 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#88Full year 2017 Slide 88 Biopharm ADMIRE MUSHURWA, UK Admire has haemophilia A with inhibitors novo nordisk#89Investor Presentation Full year 2017 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 Full year 2017 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 Full year 2017 Slide 91 Global haemophilia market is growing by high-single digit Sales of recombinant coagulation factors Recombinate®/Advate® Strategic positioning of Novo Nordisk's haemophilia portfolio NovoSevenⓇ Coagil VII® KogenateⓇ/HelixateⓇ Idelvion® RixubisⓇ Novo Nordisk compound Status Strategic position ObizurⓇ1 35 XynthaⓇ/RefactoⓇ Eloctate® NovoEight® AlprolixⓇ Benefix® NovoSevenⓇ Launched Maintain market leadership DKK 30 billion NovoEight® Launched 25 Establish presence in a competitive market place 20 N8-GP Phase 33 Contribute to market conversion 15 CAGR²: 4% CAGR²: 10% CAGR²: 16% 10 RefixiaⓇ/ REBINYN® Approved 4 Contribute to new treatment paradigm 5 NovoThirteenⓇ Launched Launch first recombinant product 0 2011 2016 rFVIIa 2011 2016 2011 2016 rFVIII rFIX 1 ObizurⓇ only indicated for acquired haemophilia 2 CAGR for 5-year period changing diabetes® 3 Submission of N8-GP expected Q1 2018 in the US and the EU 4 Refixia® is the brand name for N9-GP in the EU, and REBINYN® is the brand name in the US novo nordisk#92Investor Presentation Full year 2017 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 Full year 2017 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 2,000 1,500 1,000 500 Number of launch countries Number of patients 2014 2015 2016 2017² Novo Eight® has potential to increase volume share in select segments and markets Competitive positioning for NovoEight® • • • Temperature stabilty 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 October 2017 FVIII: Coagulation factor VIII novo nordisk#94Investor Presentation Full year 2017 Slide 94 Strong growth among long-acting haemophilia B products as Refixia®/RebinynⓇ is set for launch in the EU and the USA Reported recombinant FIX sales Sales (USD million) 1,200 1,000 800 600 400 200- 0 2011 Benefix® AlprolixⓇ CAGR: +10% IdelvionⓇ • 2016 . RefixiaⓇ/RebinynⓇ launched in first countries Launched in the first EU countries in 2017, US launch expected in the first quarter of 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 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 Full year 2017 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 Full year 2017 Slide 96 Novo Nordisk maintains leadership within growth hormone market Development in global growth hormone market DKK billion 20 MAT volume kg CAGR volume¹: 7.5% CAGR value DKK¹: 0.0% Growth hormone volume market share Novo Nordisk Eli Lilly Pfizer Merck Kgaa Sandoz 15 10 5 0 Nov 2012 MAT value DKK kg 100 35% 30% 80 25% 60 20% 40 15% 10% 20 5% 0 0% Nov 2017 Nov 2012 1 CAGR for 5-year period Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 volume figures and value (DKK) figures changing diabetes® Source: IQVIA (formerly IMS) monthly MAT Nov, 2017 volume figures 23% Nov 2017 novo nordisk#97Investor Presentation Full year 2017 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 succesfully completed, phase 2 GHD read-out expected in 2018 REAL 1: Phase 3a, naïve AGHD Objective: Efficacy (truncal fat %)/safety __ REAL 3: Phase 2, GHD Objective: Dose finding (height velocity)/safety Completed trial Ongoing trial ¡Extension 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 Full year 2017 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 are obese 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% are obese 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 Full year 2017 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#100Full year 2017 Slide 100 Financials novo nordisk#101Investor Presentation Full year 2017 Slide 101 Solid sales growth driven by the US Reported annual sales 2013-2017 DKK billion North America 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 Full year 2017 Slide 102 VictozaⓇ accounts for 21% of total sales in 2017 Reported currencies TresibaⓇ Sales full year 2017 (mDKK) Sales split Sales Q4 2017 (mDKK) Sales split 7,327 7% 1,880 7% LevemirⓇ 14,118 13% 3,346 12% NovoRapidⓇ 20,025 18% 4,568 16% NovoMix® 10,257 9% 2,457 9% VictozaⓇ 23,173 21% 6,305 23% SaxendaⓇ 2,562 2% 697 2% Diabetes care and Obesity¹ 92,877 83% 23,143 83% NovoSevenⓇ 9,206 8% 2,431 9% NorditropinⓇ 6,655 6% 1,709 6% Biopharmaceuticals¹ 18,819 17% 4,849 17% Total¹ 111,696 100% 27,992 100% 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 Full year 2017 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 Full year 2017 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 Full year 2017 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 Full year 2017 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 Full year 2017 Slide 107 Stable ownership structure - secured through A and B-share structure Share structure Novo Nordisk Foundation Novo Holdings A/S 76.1% of votes 28.1% of capital Institutional and private investors 23.9% of votes 71.9% 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 1,963m shares Novo Nordisk A/S Note: Treasury shares are included in the capital but have no voting rights changing diabetes novo nordisk#108Sustainable business The Novo Nordisk Way Investor Presentation Full year 2017 Slide 108 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#109Investor Presentation Full year 2017 Slide 109 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 ~42,100 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#110Investor Presentation Full year 2017 Slide 110 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#111Investor Presentation Full year 2017 Slide 111 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