#1Shanghai part of Cities Changing Diabetes www novo nordisk - a focused healthcare company Investor presentation First nine months of 2016 novo nordisk#2Agenda Highlights and key events Sales update R&D update Financials and outlook changing diabetes Investor presentation First nine months of 2016 Slide 2 novo nordisk#3Forward-looking statements Investor presentation First nine months of 2016 Slide 3 Novo Nordisk's reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the company's Annual Report 2015 and Form 20-F, which are both filed with the SEC in February 2016 in continuation of the publication of the Annual Report 2015, and presentations made, 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 'Managing risks' on p 42-43 of the Annual Report 2015. 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#4Highlights - Investor presentation First nine months of 2016 Slide 4 First nine months of 2016 Sales development Sales increased by 6% in local currencies and 4% in Danish kroner • USA grew by 6% in local currencies and accounted for 44% share of growth in local currencies International Operations and Region China grew by 13% and 11% in local currencies, respectively TresibaⓇ increased by 187% in local currencies and accounted for 33% share of growth in local currencies Research and Development . Semaglutide significantly reduced the risk of major cardiovascular events with 26% vs placebo in the SUSTAIN 6 trial Updated R&D strategy including a raised innovation threshold for R&D projects specifically within diabetes Financials Adjusted¹ operating profit increased by 7% in local currencies Diluted earnings per share adjusted for the partial divestment of NNIT increased by 22% to 11.50 DKK per share 2016 financial outlook: ● • Sales growth is now expected to be 5-6% measured in local currencies (around 2% lower in reported currencies) Adjusted¹ operating profit growth is now expected to be 5-7% measured in local currencies (around 2% lower in reported currencies) 2017 preliminary financial outlook in local currencies: • • Sales growth is expected to be low single digit Operating profit growth is expected to be flat to low single digit Updated long-term financial targets A new target for operating profit growth has been set at 5% on average while the two other targets remain unchanged Organisational Lars Rebien Sørensen retires as CEO effective 1 January 2017; Lars Fruergaard Jørgensen appointed as successor Global reduction of workforce by approximately 1,000 employees 1 Adjusted operating profit account for partial divestment of NNIT and out-licensing of assets for inflammatory disorders, both in 2015#5Investor presentation First nine months of 2016 All regions contribute to sales growth measured in local currencies for the first nine months of 2016 - Sales as reported – first nine months of 2016 Pacific +11% Region China +5% 8% 10% International Operations 12% changing diabetes 0% 19% Europe 0% Slide 5 Growth analysis - first nine months of 2016 Local currencies Growth Share of growth USA 6% 44% Europe 2% 6% International Operations 13% 27% USA 51% +5% Region China 11% 16% Pacific 6% 7% Total sales 6% 100% Sales of DKK 82,208 million (+4%) novo nordisk#6Investor presentation First nine months of 2016 Continued modest US sales growth in the third quarter of 2016 Quarterly sales in the US Sales as reported bDKK MAT quarterly local currency growth % - Average local currency growth % Key factors impacting sales growth Sales growth primarily driven by TresibaⓇ, VictozaⓇ and SaxendaⓇ Declining sales of modern insulin driven by impact from: NovoLogⓇ/NovoLog® Mix 70/30 contract loss Declining LevemirⓇ sales following the launch of TresibaⓇ 16 16% 14 14% 12 12% • 10 10% . 8 8% 6 6% 4 4% 2 2% 0 0% Q1 Q3 2014 2016 Lower modern insulin prices Decline in NovoSevenⓇ sales due to increasing competitive pressure changing diabetes Slide 6 novo nordisk#7Investor presentation First nine months of 2016 Slide 7 Sales growth rebounds in China in the first nine months of 2016 Quarterly sales in China - bDKK Sales as reported - MAT quarterly local currency growth % - Average local currency growth % 3.5 16% 3.0 14% 12% • 2.5 10% 2.0 8% 1.5 6% 1.0 4% 0.5 2% 0.0 0% Q1 Q3 2014 2016 changing diabetes Key factors impacting sales growth Increasing modern insulin sales growth driven by: Increased insulin market volume growth Modern insulin volume market penetration The growth was partly offset by declining human insulin sales reflecting increased competitive pressure and negative price impact from provincial biddings novo nordisk#8Investor presentation First nine months of 2016 Slide 8 Sales growth is driven by new-generation insulin and VictozaⓇ - Sales as reported – first nine months of 2016 Other biopharmaceuticals Growth analysis – first nine months of 2016 Growth Local currencies Share of growth NorditropinⓇ +3% +14% 3% Haemophilia 8% (3%) 9% New-generation insulin¹ 185% 36% Modern insulin (1%) (7%) Human insulin 0% 0% VictozaⓇ 13% 33% Other diabetes and obesity care² 26% 18% - Hereof SaxendaⓇ 331% 16% Diabetes and Diabetes and obesity care 6% 81% 79% obesity care +4% Haemophilia³ (1%) (2%) NorditropinⓇ 16% 19% Other biopharmaceuticals4 4% 2% Sales of DKK 82,208 million (+4%) Note: NorditropinⓇ sales growth in the first nine months of 2016 is derived primarily from the USA reflecting a positive non-recurring adjustment to rebates in the Medicaid patient segment changing diabetes Biopharmaceuticals Total 1 Comprises TresibaⓇ, XultophyⓇ and RyzodegⓇ 2 Primarily Novo NormⓇ, needles and SaxendaⓇ 3 Comprises Novo Seven®, Novo Eight® and NovoThirteenⓇ 4 Primarily Vagifem® and Activelle® 6% 19% 6% 100% novo nordisk#9Investor presentation First nine months of 2016 Slide 9 VictozaⓇ maintains leadership in the faster growing US GLP-1 market US GLP-1 market development MAT Total TRX GLP-1 TRx (million) MAT volume US GLP-1 market TRx volume GLP-1 TRX - VictozaⓇ volume - albiglutide - US GLP-1 market shares VictozaⓇ albiglutide exenatide dulaglutide 8 7 6 5 4 1 32 O 0 Aug 2013 exenatide GLP-1 TRX Growth rate growth rate dulaglutide market - (million) share 35% 0.40 100% 30% 80% 0.30 25% - 20% 60% 51% 0.20 15% 40% 22% - 10% 19% 0.10 20% 5% 8% 0% 0.00 0% Aug Aug Aug Aug Aug 2016 2013 2016 2013 2016 Source: IMS NPA monthly, August 2016 changing diabetes® novo nordisk#10Investor presentation First nine months of 2016 Slide 10 Roll-out of new-generation insulin portfolio is progressing Key launch observations • TresibaⓇ launched in 47 countries with solid penetration in markets with similar reimbursement as insulin glargine TresibaⓇ value share of basal insulin segment 40% in selected countries, excluding the USA Switzerland Japan Mexico Netherlands Spain Denmark UK Argentina Brazil India Greece Italy 40% • RyzodegⓇ launched in Mexico, India, Bangladesh, Japan, Russia, Lebanon and now South Africa and Nepal 30% • XultophyⓇ launched in Switzerland, the United Kingdom, Sweden, Hungary, Greece and now Cyprus 20% changing diabetes 10% 7% 0% 0 10 28% 28% 24% 20% 17% 15% 14% 13% 8% 3% 20 Months from launch Note: Limited IMS coverage in India Source: IMS Monthly value figures, August 2016 30 40 novo nordisk#11Investor presentation First nine months of 2016 Slide 11 Steady uptake of TresibaⓇ in the USA Weekly US NBRx volume market shares Basal NBRX MS 50% 40% 30% 20% 10% 0% Jan 2016 TresibaⓇ Levemir® glargine U100 Note: The graph does not show NPH, which accounts for the residual market share Source: IMS weekly data, 7 October 2016, excludes Medicaid NBRX: New-to-brand prescriptions; MS: Market share changing diabetes TresibaⓇ launched in the USA Full commercial launch in January 2016 following specialist engagement in Q4 2015 • TresibaⓇ volume market share has reached 4.0% NN Total Basal glargine U300 • 46% 31% • TresibaⓇ U200 accounts for nearly 80% of total TresibaⓇ volume 19% 14% 12% Sep 2016 Wide formulary access has been obtained with around 75% access for patients in commercial channels and Medicare part D combined Source: IMS weekly data, 7 October 2016, excludes Medicaid novo nordisk#12Investor presentation First nine months of 2016 Slide 12 Semaglutide significantly reduced the risk of major cardiovascular events with 26% vs placebo in SUSTAIN 6 Semaglutide demonstrated 26% reduction in composite CV outcome compared with placebo Patients with an event (%) 15 10 10 5 0 0 8 semaglutide Hazard ratio = 0.74 (95% CI: 0.58;0.95) Events: 108 semaglutide; 146 placebo p<0.001 for non-inferiority p=0.02 for superiority* placebo • 16 24 32 40 48 56 64 72 80 88 96 104 • • Key results and next step Non-inferiority of semaglutide compared to placebo was confirmed for time to first MACE in people with type 2 diabetes Semaglutide reduced the risk of MACE by 26% driven by reductions of non-fatal stroke by 39%* and non-fatal MI by 26% Semaglutide significantly reduced the risk of nephropathy while increasing the risk of retinopathy complications Next step: Novo Nordisk expect to submit an NDA for semaglutide to regulatory authorities in Q4 2016 Weeks Note: p-value is two-sided, pooled data reported for both semaglutide and placebo MACE: Major adverse cardiovascular event; 3-point MACE comprises cardiovascular death, non-fatal myocardial infarction and non-fatal stroke; CI: Confidence interval *No adjustment for multiple tests *P-value <0.001 NDA: New drug application novo nordisk#13Investor presentation First nine months of 2016 Slide 13 Updated R&D strategy including a raised innovation threshold for R&D projects specifically within diabetes Utilisation of core protein capabilities to enter adjacent areas Stem cells in T1D Nephropathy T1D intervention Pre-diabetes Haemophilia: Novel by-passing agents NASH Core areas CV disease Blood glucose regulation incl insulin resistance Obesity treatment Haemophilia: Coagulation factor therapy Growth hormone treatment T1D: Type 1 diabetes; NASH: Non-alcoholic steatohepatitis; CV: Cardiovascular changing diabetes® Updated R&D strategy R&D strategy and priorities have been updated to reflect the increasingly challenging payer environment, particularly in the US market, by applying an even higher innovation threshold for starting and progressing R&D projects within diabetes • Intensified focus on exploring current projects into adjacent disease areas of high unmet need including NASH, CVD and CKD • • Build research portfolios via strengthened activities related to in-licensing of early stage projects and enhanced external academic collaborations Discontinuation of oral insulin and combinations involving oral insulin, as well as a number of changes to the portfolio of early-stage projects will also be implemented, reflecting the required higher innovation threshold NASH: Non-alcoholic steatohepatitis; CVD: Cardiovascular disease; CKD: Chronic kidney disease novo nordisk#14Key development milestones Investor presentation First nine months of 2016 Slide 14 Supplemental application for the SWITCH hypoglycaemia trials submitted for Tresiba® (NN1250) in the US Supplemental applications for the LEADER CV trial submitted for Victoza® (NN2211) in the US and EU FDA extended regulatory review period for IDegLira (NN9068) by three months Complete Response Letter received in the US for faster-acting insulin aspart (NN1218) Oral semaglutide (NN9924) phase 3a trial initiations progress as planned changing diabetes novo nordisk#15Investor presentation First nine months of 2016 R&D news flow with several regulatory decisions in the past six months Slide 15 Results available Regulatory milestone Project Past 6-9 months Past 3-6 months Within months In 3-6 months TresibaⓇ SWITCH 1 Variation application in the USA DEVOTE Variation application in EU Once-weekly semaglutide SUSTAIN 5 EASD - Detailed results from SUSTAIN 6 ✓ USA and EU submission SUSTAIN 6 Variation applications VictozaⓇ LEADER XultophyⓇ Faster-acting N9-GP Concizumab Somapacitan Phase 3a¹ in the USA and EU FDA AdComm ✓ FDA regulatory decision FDA regulatory decision CHMP opinion EMA regulatory decision USA submission CHMP opinion Diabetes Haemophilia Growth disorders Note: Indicated timeline as of financial release of first nine months of 2016 on 28 October 2016; 1 Study conducted in adult growth hormone disorder CRL: Complete Response Letter changing diabetes® Phase 1 results novo nordisk#16Financial results - Investor presentation First nine months of 2016 Slide 16 first nine months of 2016 DKK million Sales Gross profit 9M 2016 82,208 69,943 Gross margin Sales and distribution costs Percentage of sales Research and development costs Percentage of sales 85.1% (20,468) 24.9% Administration costs Percentage of sales Other operating income, net Non-recurring income¹ Operating profit 37,226 Operating profit adjusted for non-recurring income¹ 37,226 Financial items (net) (370) (10,093) 12.3% (2,796) 3.4% 640 (9,574) (2,693) 3.4% 3,388 2,825 38,319 35,494 (5,150) 4% N/A (3%) 7% (93%) 9M 2015 79,051 67,471 Change 4% 4% 85.4% (20,273) 1% 25.6% 5% 12.1% Profit before income tax 36,856 33,169 11% Tax Effective tax rate Net profit (7,630) (6,567) 16% 20.7% 19.8% 29,226 Diluted earnings per share (DKK) 11.50 26,602 10.28 10% 12% Diluted earnings per share (DKK) adjusted for partial divestment of NNIT 11.50 9.40 22% changing diabetes 1 Non-recurring income comprises the partial divestment of NNIT (DKK 2,376 million) and out-licensing of assets for inflammatory disorders (DKK 449 million), both in 2015#17Investor presentation First nine months of 2016 Negative currency impact in 2016 driven by unfavourable development in both hedged and unhedged currencies Hedged currencies Index (1 Jan 2015= 100) Non-hedged currencies Index (1 Jan 2015 = 100) Slide 17 USD/DKK - CNY/DKK - JPY/DKK GBP/DKK CAD/DKK 140 Hedged 2015 Currencies average 2016 average² Spot rate² Impact of a Hedging 5% move³ (months) 130 USD1 673 668 683 2,000 12 120 110 100 90- CNY1 107.0 101.3 100.9 300 114 JPY1 5.56 6.20 6.57 190 12 GBP1 1,028 921 836 70 12 CAD1 526 506 512 75 11 80 140 RUB/DKK INR/DKK ―ARS/DKK BRL/DKK TRY/DKK 120 100 80- 60 40 1 changing diabetes® 2 3 4 1 2 3 2015 2016 Non-hedged 2015 2016 Spot Currencies average average² rate² RUB1 11.06 9.89 10.97 INR¹ 10.49 9.95 10.22 ARS¹ 0.73 0.46 0.45 BRL¹ 205 191 217 TRY1 248 227 222 1 DKK per 100; 2 As of 24 October 2016; 3 Operating profit in 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 +30 million novo nordisk#18Financial outlook for 2016 Investor presentation First nine months of 2016 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 Depreciation, amortisation and impairment losses Free cash flow Expectations 28 Oct 2016 5-6% Around 2 percentage points lower 5-7% Around 2 percentage points lower Loss of around DKK 600 million 20-22% Around DKK 7.0 billion Around DKK 3.0 billion Around DKK 38-41 billion Previous expectations 5 Aug 2016 5-7% Around 2 percentage point lower 5-8% Around 3 percentage point lower Loss of around DKK 600 million 20-22% Around DKK 7.0 billion Around DKK 3.0 billion Around DKK 38-41 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 24 October 2016 changing diabetes® novo nordisk#19Investor presentation First nine months of 2016 Slide 19 Updated long-term financial targets Updated operating profit growth target of 5% Challenging environment in the US leads to the update of operating profit target • Updated operating profit growth target of 5% on average primarily reflecting: Previous Target¹ Updated Target 10% 5% • Operating profit growth Operating profit after tax to 125% 125% net operating assets Cash to earnings (three year average) 90% 90% More challenging pricing environment in the US especially within insulin and human growth hormone products Intensified competitive situation within diabetes care and haemophilia Targets for operating profit after tax to net operating assets as well as cash to earnings remain unchanged Note: The targets have been revised based on an assumption of a continuation of the current business environment 1 The long-term financial targets were last updated in connection with the 2015 annual results changing diabetes novo nordisk#20Closing remarks Investor presentation First nine months of 2016 Slide 20 • 27% Solid market performance value market share in diabetes care and solid leadership position • ~4% annual insulin volume growth • 46% insulin volume market share with leadership position across all regions • >20% annual GLP-1 volume growth • 53% GLP-1 volume market share with strong global leadership position Promising pipeline • The only company with a full portfolio of novel insulin and GLP-1 products • Semaglutide portfolio offers expansion opportunity with both injectable and oral administration XultophyⓇ supports promising outlook for insulin and GLP-1 combination therapy • SaxendaⓇ and multiple early stage development projects hold potential within obesity • Broad pipeline within haemophilia and growth hormone disorders Source: IMS MAT August 2016 volume and value (DKK) figures changing diabetes novo nordisk#21Investor contact information Investor presentation First nine months of 2016 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 02 Feb 2017 Financial statement for 2016 23 Mar 2017 Annual General Meeting 2017 03 May 2017 Financial statement for the first three months of 2017 09 Aug 2017 Financial statement for the first half of 2017 01 Nov 2017 Financial statement for the first nine months of 2017 Investor Relations contacts Novo Nordisk A/S Investor Relations Novo Allé, DK-2880 Bagsværd Peter Hugreffe Ankersen +45 3075 9085 Melanie Raouzeos +45 3075 3479 Hanna Ögren +45 3079 8519 [email protected] [email protected] [email protected] Anders Mikkelsen +45 3079 4461 [email protected] 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. Biopharmaceuticals 4. Financials 5. Sustainability changing diabetes® Investor presentation First nine months of 2016 Slide 22 novo nordisk#23Novo Nordisk at a glance Investor presentation First nine months of 2016 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 and fuelled by global presence and strong R&D pipeline • High barriers to entry in biologics • Operating profit growth targeting 5% on average • Earnings conversion to cash targeting 90% Cash generated returned to shareholders Global insulin market leadership Global insulin market share: 46% Europe: Market share 46% Pacific: Market share 47% USA: Market share 37% Region China: Market share 55% International Operations: Market share 55% changing diabetes ●Global/regional headquarter ● Manufacturing • R&D facility Source: IMS MAT August 2016 volume figures novo nordisk#24Investor presentation First nine months of 2016 Slide 24 Novo Nordisk works with four strategic focus areas based on five core capabilities STRATEGIC PRIORITIES CORE CAPABILITIES Expand leadership in DIABETES Engineering, formulating, developing and delivering protein-based treatments Deep disease understanding Efficient large-scale production of proteins Pursue leadership in OBESITY Pursue leadership in HAEMOPHILIA Expand leadership in GROWTH DISORDERS Novo Nordisk Way changing diabetes Planning and executing global launches of new products Building and maintaining a leading position in emerging markets Driving change to defeat diabetes and other serious chronic conditions novo nordisk#25Investor presentation First nine months of 2016 Slide 25 Novo Nordisk has leading positions in diabetes, haemophilia and growth disorders Diabetes Haemophilia Growth disorders DKK billion Market value DKK Market value DKK Market value Novo Nordisk value market share billion Global market position Novo Nordisk value market share Global market position billion Novo Nordisk value market share Global market position 500 50% 70 40% 30 40% #1 #2 #1 60 400 - 40% - 30% - 30% 50 20 300 30% 40 20% 20% 30 200 CAGR¹ value: 17.4% 100 20% 10 20 CAGR¹ value: 4.6% CAGR¹ value: 1.8% 10% 10% . 10% 10 0 Aug 2011 0% 0 Aug 2016 FY 2011 0% FY 2015 1 CAGR for 5-year period Source: IMS MAT August, 2016 value figures Note: Annual sales figures for Haemophilia A, B and inhibitor segment 1 CAGR for 5-year period Source: Company reports Aug 2011 1 CAGR for 5-year period 0% Aug 2016 Source: IMS MAT August, 2016 value figures changing diabetes novo nordisk#26Investor presentation First nine months of 2016 Slide 26 Top line growth driven by the diabetes pandemic Novo Nordisk reported quarterly sales International Diabetes Federation projects that 642 million people will have diabetes by 2040 by therapy Diabetes and obesity DKK billion 35 30 Haemophilia² NorditropinⓇ Other Million USA Region China people 700 Reported sales CAGR¹: 11.1% 600 CAGR¹: 7.0% 225 7.7% 20 9.3% 15 5.1% 10 12.4% 500 415 400 300 200 151 5 100 Europe Pacific International Operations 642 0 Q3 2006 Q3 2016 2000 2015 2040E 1 CAGR for 10-year period Note: 20-79 age group 2 Haemophilia includes NovoSeven®, NovoThirteenⓇ (as of Q1 2013) and NovoEight® (as of Q1 2014) 1 CAGR for 15-year period Source: International Diabetes Federation: Diabetes Atlas 1st and 7th Edition, 2000 and 2015 changing diabetes® novo nordisk#27Investor presentation First nine months of 2016 Slide 27 Novo Nordisk has a strong leadership position within the growing diabetes care market Global diabetes care market by treatment class Global diabetes care value market share Novo Nordisk AstraZeneca Sanofi Novartis Eli Lilly Merck Takeda GSK 27% DKK billion OAD GLP-1 Insulin 450 30% 400 Total market: CAGR¹ 14.9% 350 300 Injectables: 20% CAGR¹ 19.5% 250 200 150 100 50 Aug 2006 1 CAGR for 10-year period OAD: Oral Anti-diabetic Source: IMS Monthly MAT August, 2016 value figures CAGR¹ 18.0% CAGR¹ 10.1% 0% Aug Aug 2016 2006 10% Source: IMS Monthly MAT August, 2016 value figures changing diabetes® Aug 2016 novo nordisk#28Investor presentation First nine months of 2016 Significant growth opportunities fuelled by strong R&D pipeline across all four strategic focus areas PHASE 1 LAI287QW basal insulin NN1406 Mealtime insulin G530S Glucagon analogue NN9838 Amylin analogue NN9747 PYY analogue PHASE 2 Semaglutide - QD GLP-1 Anti-IL-21 and liraglutide Semaglutide QD GLP-1 PHASE 3 Semaglutide - QW GLP-1 OG217SC Oral GLP-1 N8-GP Long-acting rFVIII Somapacitan - QW GH NN9277 GG-co-agonist NN7415 Concizumab Diabetes Obesity Haemophilia Growth disorders 1 Approved in all triad markets (US, EU and Japan), unless noted GG: Glucagon GLP-1 changing diabetes® SUBMITTED XultophyⓇ (US) Faster-acting insulin aspart N9-GP Long-acting rFIX APPROVED¹ Levemir® NovoRapidⓇ NovoMix® Tresiba® RyzodegⓇ XultophyⓇ (EU) VictozaⓇ SaxendaⓇ NovoSevenⓇ NovoEight® NovoThirteenⓇ Norditropin® Slide 28 novo nordisk#29Investor presentation First nine months of 2016 Slide 29 Growth opportunities supported by strong global presence in both sales and manufacturing FTEs in sales regions¹ USA: ~5,100 West Lebanon, NH, USA (~120)² ~2,800 Biopharmaceutical API production Europe: International Operations: ~5,400 Pacific: ~1,500 Region China: ~2,900 Total non-HQ/manufacturing FTES: 17,700¹ Global manufacturing setup Denmark (~9,700 FTEs) Diabetes and biopharmaceutical API production Filling Moulding and assembly Packaging Kaluga, Russia (~230 FTEs) Filling Assembly Packaging Clayton, NC, USA (~820 FTEs) Diabetes API production Filling Assembly Packaging of above Montes Claros, Brazil (~930 FTEs) Filling Assembly Packaging Koriyama, Japan (~70 FTEs) Packaging Chartres, France (~1,100 FTEs) Filling Assembly Packaging Tianjin, China (~1,000 FTEs) Filling Moulding and Assembly Packaging 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 October 2016 2 New Hampshire facility is currently under establishment changing diabetes novo nordisk#30Investor presentation First nine months of 2016 Slide 30 High barriers to entry in biologics Novo Nordisk's position is protected by patents and value chain setup Patent protection¹ Xultophy Insulin degudec raglutide [DNA origin injection Unique value chain position Research & Development Significant barriers to entry for biosimilar players TRESIBA insulin degluded [DNA origin] injection RYZODEG 70% insulin declude and 30% insulinpart ONAnnection LevemirⓇ (insulin detemir) NovoMix (biphasic insulin aspart) Novo Rapid (insulin aspart) VICTOZA norditropinⓇ NovoSeven Recombine factor Vila EU/US 20292 • 2028/29 2028/29 Manufacturing 2018/19 Commercialisation • exp 2015/173 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 Significant economies of scale with incumbents Significant up-front CAPEX requirements with slow return on investment 2017³/173 History of protein engineering 20234/235 Commercialisation 2017/173 Highly efficient, flexible and capital intensive manufacturing • Large and fragmented target audience . exp/exp Cost pressure from payers On-going conversion to next generation drugs and slow market dynamics Global commercial footprint 1 List does not include all marketed Novo Nordisk products. 2 Protected by patents on the individual compounds insulin degludec and liraglutide as listed. 3 Formulation patent expiration year 4 Assuming paediatric extension 5 Saxenda patent identical to the VictozaⓇ patent Source: Novo Nordisk PK: Pharmacokinetic, PD: Pharmacodynamic; CAPEX: Capital expenditure changing diabetes® novo nordisk#31Diabetes and obesity changing diabetes FlexPen NovoRapid NovoRapid Investor presentation First nine months of 2016 Slide 31 FlexPan Levemir FlexPen NovoMix 30 FlexPen NovoMix 50 FlexPen NovoMix 70 W novo nordisk#32Investor presentation First nine months of 2016 Diabetes - the inability to manage blood sugar levels appropriately Slide 32 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 it produces 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 . Inhibits glucose release from the liver The aim of insulin therapy is to recreate normal blood insulin profile Insulin (μ U/mL) meal-related peaks (prandial) 70 T Short-lived, rapidly generated 60- 50- 40- 20- 10- Sustained Insulin profile (basal) Fat cell Liver Pancreas Muscle changing diabetes® 0+ 6:00 10:00 14:00 18:00 22:00 2:00 Breakfast Lunch Dinner T 6:00 Time of day novo nordisk#33Investor presentation First nine months of 2016 Diabetes pandemic is fuelled by growing rates of obesity Obesity prevalence (BMI ≥30 kg/m²) US CDC data on obesity and diabetes prevalence among adults 1994 2000 Diabetes prevalence 2013 Slide 33 No Data <14.0% 14.0-17.9% 18.0-21.9% 22.0-25.9% >26.0% No Data <4.5% 4.5-5.9% 6.0-7.4% 7.5-8.9% >9.0% 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#34Investor presentation First nine months of 2016 Slide 34 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 7.31 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 Russia 7.9-8.7%6 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#35Investor presentation First nine months of 2016 Slide 35 UKPDS: Tight glycaemic control reduces risk of micro- and macrovascular complications Risk reduction by lowering HbA1c by 1%-point -10 UKPDS 10 year follow-up: Legacy effect of tight glycaemic control Relative risk reduction of intensive vs. conventional treatment (%) Diabetes- related death Peripheral Myocardial Microvascular vascular infarction complications disease SU/Insulin treated patients Microvascular disease 1997 2007 25 24 Incidence risk (%) -20 -14% -21%* -30 -40 *p<0.0001 -50 Source: UKPDS, Stratton et al. BMJ 2000; vol. 321:405-12 changing diabetes® Diabetes-related death Myocardial infarction -37%* All-cause mortality -43%* 10 10 17 16 15 6 13 Statistically significant improvement Source: NEJM, vol. 359, Oct 2008 novo nordisk#36B-cell function Investor presentation First nine months of 2016 Slide 36 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% 80% 60% 40% Insulin 20% 0% Patients Insulin GLP-1 Value Note: Patient distribution across treatment classes is indicative and based on data for US, UK, Germany and France. Value figures based on IMS MAT August 2016 Source: IMS PharMetrix claims data, IMS disease analyser, IMS Midas OAD novo nordisk#37Investor presentation First nine months of 2016 Slide 37 The insulin market is comprised of three segments Insulin action profiles Global insulin volume market by segment CAGR volume¹: 4.6% CAGR value¹: 20.4% tMU Fast-acting 450 400 350 40% Long-acting 300 37% Premix 250- 26% 200 Premix 29% 150 100 Long-acting 34% Fast-acting 34% 50 0 6:00 10:00 14:00 18:00 22:00 2:00 6:00 Aug 2011 Aug 2016 ↑ 1 Time of day Breakfast Lunch Dinner changing diabetes® 1 CAGR for 5-year period. Value in DKK Note: US trend data reflect changes to IMS data collection coverage and methodology as of January 2012 Source: IMS Monthly MAT volume and value August (DKK) figures novo nordisk#38Investor presentation First nine months of 2016 Medications used for the treatment of type 2 diabetes Slide 38 Class HbA1c Нуро- Weight change glycaemia change Metformin 1.5 No Neutral Sulfonylurea 1.5 Yes Gain Commonly prescribed products for the treatment of type 2 diabetes Contraindication/ undesired effects Kidney, liver Essentially none CVD risk factors Dosing (pr. day) Minimal 2 OADs None 1 OAD TZDS 0.5-1.4 DPP-IV inhibitors 0.6 -0.8 22 No Gain Varies 1 OAD No Neutral TBD 1-2 OAD CHF, liver 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 HDL 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. WelChol PI. 1/2008. TBD 1 OAD Varies Varies TG and HDL TG and HDL 1 injection 1-4 injections changing diabetes® novo nordisk#39Investor presentation First nine months of 2016 Solid position in the diabetes care market across all regions with leading insulin market share Slide 39 Regions Diabetes care value market composition Diabetes care value market share Insulin market volume composition Insulin volume market share 29% 38% USA 60% 71% 29% 51% 63% 37% 11% 11% 48% 41% Europe 43% 72% 28% 40% 54% 46% 9% 19% International Operations¹ 36% 24% 61% 79% 21% 30% 45% 55% 3% 46% 21% Region China¹ 52% 47% 68% 32% 16% 45% 55% 63% 1% Pacific 24% 36% 72% 4% 79% 21% 44% 53% 47% 20% 1 IMS only covers part of the channels in International Operations and Region China Source: IMS August 2015 & 2016 Monthly MAT volume and value (DKK) figures changing diabetes® Insulin GLP-1 OAD Novo Nordisk Others Fast-acting Novo Nordisk Premix Others Long-acting novo nordisk#40Investor presentation First nine months of 2016 Slide 40 Stable global insulin volume growth Regional insulin volume growth - USA Pacific Europe World Int. Operations Region China 30% 100% 25% 80% 20% 15% 10% 60% 40% 5% 0% Aug 2011 3.7% 20% 0% Aug 2016 Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT August, 2016 volume figures changing diabetes® Regional insulin volume market split USA Europe Int. Operations Region China Pacific 8% 9% 21% Aug 2011 Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT August, 2016 volume figures 34% 28% Aug 2016 novo nordisk#41Investor presentation First nine months of 2016 Slide 41 Maintaining global insulin leadership by sustaining modern insulin market share Novo Nordisk global volume market share across insulin classes tMU Human insulin¹ tMU Modern insulin³ class volume tMU Novo Nordisk class MS (%) Total insulin 500 100% 500 100% 500 100% Market value²: Market value²: DKK 24 billion DKK 212 billion Market value²: DKK 236 billion 400 80% 400 80% 400 80% 300 60% 300 - 60% 300 60% 200 40% 200 - 40% 200 100 20% 100 - 20% 100 0 0% 0 0% Aug Aug Aug Aug 2011 2016 2011 2016 - 40% 20% 0% Aug 2011 Aug 2016 1 Includes animal insulin. 2 Annual value of total insulin class. 3 Includes new generation insulin Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS, Monthly MAT August, 2016 value and volume figures changing diabetes® novo nordisk#42Investor presentation First nine months of 2016 Strong underlying insulin market growth and sustained global volume market share Slide 42 Global insulin market Device penetration Modern insulin penetration¹ Novo Nordisk Global modern insulin³ volume market shares Sanofi - Eli Lilly tMU Penetration 500 CAGR volume²: 4.6% 100% 60% CAGR value²: 20.4% 50% 400 80% 40% 45% 35% 300 +60% Modern insulin¹ 30% 200 - 40% 19% 20% 100 20% Human insulin 10% 0% 0% Aug 2011 1 Includes new-generation insulin 2 CAGR for 5-year period Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT August, 2016 volume and value (DKK) figures Aug 2016 Aug 2011 Aug 2016 3 Includes new-generation insulin Note: Data is sensitive to changes in IMS data collection and reporting methodology, does not add up to 100% due to other players changing diabetes® Source: IMS Monthly MAT August, 2016 volume figures novo nordisk#43Investor presentation First nine months of 2016 Slide 43 NovoRapidⓇ market share tMU tMU Novo Nordisk's modern insulins continue solid performance within their respective segments Fast-acting insulin Segment volume Long-acting insulin Segment volume LevemirⓇ market share Premix insulin Segment volume NovoMixⓇ market share tMU 200 100% 200 100% 200 100% CAGR¹ volume: 5.1% CAGR¹ volume: 2.2% MI penetration: 77.4% MI penetration: 47.1% CAGR¹ volume: 6.1% MI penetration: 81.3% 160 80% 160 80% 160 80% 120 60% 120 60% 120 60% 80 40% 80 40% 80 40 20% 40- 20% 40 40% 20% 0% 0 0% 0 Aug 2011 Aug 2016 Aug 2011 Aug 2016 Aug 2011 0% Aug 2016 1 CAGR for 5-year period Note: Modern insulin (MI) penetration is of total segment, ie including animal and human insulin; NG: new-generation; Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT August, 2016 volume figures changing diabetes® novo nordisk#44Investor presentation First nine months of 2016 Slide 44 Solid US modern insulin market share US insulin market by segments Device penetration Modern Insulin penetration Novo Nordisk US modern insulin volume market shares Sanofi Eli Lilly tMU 140 CAGR volume¹: 2.1% CAGR value¹: 28.6% Penetration 100% 60% 120 50% 80% 100 Fast-acting 40% 60% 80 41% 38% Premix 30% 60 40% 20% 40 21% 20% 20 10% Long-acting 0 0% 0% Aug 2011 Aug 2016 Aug 2011 Aug 2016 1 CAGR for 5-year period Source: IMS Monthly MAT August, 2016 volume and value (DKK) figures changing diabetes Source: IMS Monthly MAT August, 2016 volume figures novo nordisk#45Investor presentation First nine months of 2016 Slide 45 US premix insulin Segment volume NovoLogⓇ market share Novo Nordisk's modern insulins maintain market share in expanding US insulin market US fast-acting insulin Segment volume US long-acting insulin Segment volume NovoLogⓇ Mix 70/30 market share LevemirⓇ market share tMU tMU tMU CAGR volume¹: 3.0% 80 100% 80 MI penetration: 83.0% CAGR volume¹: (6.1%), MI penetration: 53.3% CAGR volume¹: 3.8% 100% 80 100% MI penetration: 83.7% 70 70 70 80% 80% 80% 60 60 60 50 +60% 50 60% 50 60% 40 40 40 40% 40% 40% 30 30 30 20 20 20 20% 20% 20% 10 10 10 0 0% 0% 0 0% Aug 2011 Aug 0 2016 Aug 2011 Aug Aug Aug 2016 2011 2016 1 CAGR for 5-year period Note: US trend data reflect changes to IMS data collection coverage and methodology as of January 2012. Modern insulin (MI) penetration is of total segment, ie including human insulin Source: IMS Monthly MAT August, 2016 volume figures changing diabetes® novo nordisk#46Investor presentation First nine months of 2016 Slide 46 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 care Public exchanges Medicare Other Medicaid Uninsured US population (million) In 2015 PBMs and health plans covered 245 million lives and the market has consolidated¹ All other 321 329 3% 3% 100% 9% 7% 80% 18% 18% 60% 16% 17% 40% 51% 50% 20% 0% 2015 2018E PBMs MedImpact Humana 2% 9% 4% Prime 9% Express Scripts 31% 21% United Healthcare Group (OptumRx) & Catamaran 24% CVS Health Note: Medicaid expansion and Public Exchange estimates are based on implementation of existing Affordable Care Act. Medicaid Rx figures do not include dual eligibles covered in Part D or CHIP. Exchanges include Public Exchanges only; Private Exchanges are part of Managed Care; Centers for Medicare and Medicaid Services Office of the Actuary, Congressional Budget Office (CBO), National Association of State Budget Officers (NASBO), US Census and HSG estimates changing Source: Adapted from Health Strategies Group 2015 report diabetes® 1 2015 chart reflects current year contractual status as of November 2015; estimates based on press releases and public information. 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 Source: Health Strategies Group novo nordisk#47Investor presentation First nine months of 2016 Sustained leadership position in the European modern insulin market European insulin market by segments Device penetration Modern Insulin penetration² tMU CAGR volume¹: 2.5% Penetration 180 CAGR value¹: 3.3% 100% 60% 160 50% 140 80% 120 40% Fast-acting 60% 100 30% 80 Premix 40% 60 20% 40 20% 20 Long-acting 10% 0 0% 0% Aug 2011 Aug 2016 1 CAGR for 5-year period 2 Includes new-generation insulin Source: IMS Monthly MAT August, 2016 volume and value (DKK) figures changing diabetes® Slide 47 European modern insulin³ volume market shares Novo Nordisk Sanofi Eli Lilly Aug 2011 3 Includes new-generation insulin Source: IMS Monthly MAT August, 2016 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers 45% 35% 18% Aug 2016 novo nordisk#48Investor presentation First nine months of 2016 Slide 48 Stable leadership position in International Operations International Operations insulin market by segments International Operations insulin Novo Nordisk Sanofi volume market shares Eli Lilly Biocon Device penetration Modern Insulin penetration² tMU CAGR volume¹: 10.7% Penetration 120 CAGR value¹: 8.1% 100% 70% 100 60% 80% 50% 80 Fast-acting 60% 40% 60 30% Premix 40% 40 20% 20% 20 10% Long-acting 0 0% 0% Aug 2011 1 CAGR for 5-year period. 2 Includes new generation insulin. Aug 2016 Aug 2011 Note: IMS only covers the following 13 markets in IO (retail data): Algeria, Argentina, Brazil, Colombia, Egypt, India, Mexico, NZ, Russia, Saudi Arabia, South Africa & Turkey Source: IMS Monthly MAT August, 2016 volume and value (DKK) figures Note: Only top-4 shown Source: IMS Monthly MAT August, 2016 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers changing diabetes® 55% 18% 17% 3% Aug 2016 novo nordisk#49Investor presentation First nine months of 2016 Continued solid growth in the Chinese insulin market Chinese insulin market by segments Chinese insulin volume market shares Device penetration Modern Insulin penetration tMU CAGR volume¹: 14.1% Penetration 40 CAGR value¹: 22.7% 100% 70% 35 60% 80% 30 Fast-acting 50% 25 - 60% 40% 20 Premix 30% 15 - 40% 20% 10 20% 5 10% Long-acting 0 0% 0% Aug Aug Aug 2011 2016 2011 1 CAGR for 5-year period Note: IMS covers around 50% of the total Chinese market (hospital data) Source: IMS Monthly MAT August, 2016 volume and value (DKK) figures changing diabetes® Novo Nordisk Slide 49 Eli Lilly Tonghua Dongbao Shanghai Fosun Sanofi Note: Only top-5 shown Source: IMS Monthly MAT August, 2016 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers not included 55% 13% 9% 9% 6% Aug 2016 novo nordisk#50Investor presentation First nine months of 2016 Slide 50 Solid market leadership position in Japan Japanese modern insulin volume market shares Sanofi Novo Nordisk Eli Lilly Japanese insulin market by segments Device penetration Modern Insulin penetration² tMU CAGR volume¹: -0.8% Penetration 14 12 10 CAGR value¹: -2.7% 100% 70% 60% 80% 50% Fast-acting 00 8 60% 40% 6 4 2 0 Aug 2011 Premix 40% 30% 20% 20% Long-acting 10% 0% 0% Aug 2016 1 CAGR for 5-year period 2 Includes new-generation insulin Source: IMS Monthly MAT August, 2016 volume and value (DKK) figures changing diabetes® Aug 2011 Source: IMS Monthly MAT August, 2016 volume figures 50% 26% 23% Aug 2016 novo nordisk#51Investor presentation First nine months of 2016 Slide 51 Solid TresibaⓇ performance strengthens total insulin market share in Japan Japanese basal value market shares TresibaⓇ LevemirⓇ --- glargine U100- - glargine U300 Japanese total insulin value market shares Eli Lilly Sanofi NN Total Basal - NPH - biosimilar glargine 80% Novo Nordisk 80% 70% 60% 50% 40% 30% 20% 10% 0% Aug 2013 Source: IMS Monthly August, 2016 value figures changing diabetes® 51% 60% 40% 40% 34% 11% 8% 20% 4% 3% 0% Aug 2016 Aug 2013 Source: IMS Monthly August, 2016 value figures 58% 23% 19% Aug 2016 novo nordisk#52Investor presentation First nine months of 2016 Slide 52 GLP-1 effect dependent on level of blood glucose - which reduces risk of hypoglycaemia 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 changing diabetes GLP-1 Liver Gut Pancreas 642O Breakfast Lunch Snack 22.00 02.00 06.00 10.00 T 14.00 18.00 Time Source: Rachman et al. Diabetologia 1997;40:205-11 novo nordisk#53Investor presentation First nine months of 2016 Slide 53 The 9% GLP-1 share of the global diabetes care market is increasing, opportunities for further penetration remain VictozaⓇ sales and GLP-1 value market share of total diabetes care market Global GLP-1 market GLP-1 value in bDKK Share of total DKK GLP-1 share of diabetes care market diabetes care market billion 50 10% 12 11% CAGR value¹: 37.0% 40 10 8% 8 00 320 30 6% VictozaⓇ 6 20 10 4% 4 9% Exenatide 2% 2 4% 3% 1% Aug 2011 Other GLP-1 Aug 2016 0% 0 USA Europe Pacific Region China IO 1 CAGR for 5-year period Source: IMS Monthly MAT August, 2016 value figures (DKK) changing diabetes® Source: Novo Nordisk reported sales for first nine months of 2016 and IMS August, 2016 data novo nordisk#54Investor presentation First nine months of 2016 Slide 54 Increasing global GLP-1 volume growth across all regions 60% 50% 40% 30% 20% 10% Regional GLP-1 volume growth USA Pacific - Europe Int. Operations World - 0% Aug 2013 Regional GLP-1 volume market split Region China 100% 80% 60% 23.6% 40% 20% 0% Aug 2016 Aug 2013 Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT August, 2016 volume figures changing diabetes USA Int. Operations Europe Pacific Region China 1% 5% 10% Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT August, 2016 volume figures 40% 44% Aug 2016 novo nordisk#55Investor presentation First nine months of 2016 Slide 55 The GLP-1 segment accounts for 11% of the total diabetes care market in the US US GLP-1 market GLP-1 value in bDKK VictozaⓇ dulaglutide albiglutide Share of total exenatide diabetes care market Key observations for VictozaⓇ in the US market • VictozaⓇ volume market share within the GLP-1 segment is 51%¹ 35 12% 30 CAGR value¹: 40.9% 10% 25 8% 20 Around 85% of commercial and around 90% of Medicare Part D lives are covered without restrictions² • Around 65% of new patients are new to treatment or from OAD-only regimens³ 6% 15 • 4% Close to 70% of prescriptions are for the 3-pen pack¹ 10 2% 0 Aug 2011 0% Aug 2016 1 CAGR for 5-year period Source: IMS Monthly MAT August, 2016 value figures (DKK) changing diabetes® 1 IMS monthly NPA data, August 2016 2 Fingertip Formulary, July 2016; unrestricted includes covered or better access 3 IMS LRX Weekly, WE 09/09/2016 novo nordisk#56Investor presentation First nine months of 2016 Slide 56 The GLP-1 segment accounts for 9% of the total diabetes care market in Europe European GLP-1 market VictozaⓇ value market share in Europe GLP-1 value in bDKK VictozaⓇ dulaglutide lixisenatide exenatide Share of total GLP-1 value diabetes care market market share VictozaⓇ dulaglutide - exenatide - lixisenatide 100% 6 12% CAGR value¹: 21.7% 5 10% 80% 68% 4 + 8% 60% 3 - 6% 40% 2 4% 20% 1 2% 0% 0% Aug 2011 1 CAGR for 5-year period Source: IMS Monthly MAT August, 2016 value figures (DKK) Aug Aug 2011 Aug 2016 2016 Source: IMS Monthly MAT August, 2016 value figures (DKK) changing diabetes® novo nordisk#57Investor presentation First nine months of 2016 The GLP-1 segment accounts for around 3% of the total diabetes care market in International Operations International Operations GLP-1 market VictozaⓇ value market share in International Operations GLP-1 value in bDKK VictozaⓇ lixisenatide exenatide dulaglutide 0.8 0.7 CAGR value¹: 60.0% 0.6 0.5 0.4 0.3 0.2 0.1 0.0 Aug 2011 1 CAGR for 5-year period Source: IMS Monthly MAT August, 2016 value figures (DKK) changing diabetes® Share of total diabetes care market GLP-1 value market share 100% 5% 80% 4% 60% 3% 40% - 2% 20% 1% 0% 0% Aug Aug 2011 2016 Source: IMS Monthly MAT August, 2016 value figures (DKK) Slide 57 VictozaⓇ lixisenatide - exenatide - dulaglutide 81% Aug 2016 novo nordisk#58Investor presentation First nine months of 2016 The GLP-1 segment accounts for around 4% of the total diabetes care market in Pacific GLP-1 value in bDKK 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 Slide 58 Pacific GLP-1 market VictozaⓇ value market share in Pacific VictozaⓇ lixisenatide exenatide dulaglutide Share of total GLP-1 value diabetes care market share VictozaⓇ lixisenatide - exenatide - dulaglutide market 100% 5% CAGR value¹: 31.0% 80% 72% 4% 60% - 3% 40% 2% 20% 1% 0% 0% Aug 2016 Aug 2011 Aug 2016 Aug 2011 1 CAGR for 5-year period Source: IMS Monthly MAT August, 2016 value figures (DKK) changing diabetes® Source: IMS Monthly MAT August, 2016 value figures (DKK) novo nordisk#59Investor presentation First nine months of 2016 Slide 59 VictozaⓇ maintains a strong position in the global DPP-IV, GLP-1 and SGLT-2 segment Segment value Share of segment value growth Segment value market shares DKK billion VictozaⓇ Other GLP-1 SGLT-2 DPP-IV 180 100% 100% 14% 12% 160 80% 80% 140 CAGR¹ value: 120 33.9% 60% 60% 100 80 40% 40% 60 40 14% 20% 20% 20 0 0% 0% Aug 2011 Aug 2016 2014 vs 2015 2015 vs Aug Aug 2016 2011 2016 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: IMS MAT August 2016 value figures changing diabetes® novo nordisk#60Investor presentation First nine months of 2016 Novo Nordisk current and future product portfolio covers the type 2 diabetes treatment flow¹ 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 60 Second generation analogues oral semaglutide semaglutide TRESIBA Xultophy RYZODEG Faster acting insulin aspart or First generation analogues VICTOZAⓇ LevemirⓇ Novo Mix® Novo Rapid or Human insulin Insulatard® Mixtard® 30 ActrapidⓇ 1 Pending clinical development programmes and regulatory processes for semaglutide and faster-acting insulin aspart changing diabetes® novo nordisk#61Investor presentation First nine months of 2016 Slide 61 Туре R&D pipeline: Diabetes and obesity Product/project XultophyⓇ (NN9068)¹ Faster-acting insulin aspart (NN1218) Semaglutide (NN9535) OG217SC (NN9924) Semaglutide QD (NN9535) Anti-IL-21 and liraglutide (NN9828) LAI287 (NN1436) Mealtime insulin (NN1406) PYY diabetes (NN9748) Semaglutide QD (NN9536) G530S (NN9030) AM833 (NN9838) GG-co-agonist (NN9277) PYY obesity (NN9747) New formulation of insulin aspart Once-weekly GLP-1 analogue Immuno-metabolic combination of Anti-IL-21 and liraglutide Long-acting once-daily oral GLP-1 analogue Once-daily GLP-1 analogue Long-acting once-weekly basal insulin analogue Peptide YY analogue Liver-preferential mealtime insulin Once-daily GLP-1 analogue Glucagon analogue Long-acting amylin analogue Glucagon GLP-1 co-agonist Peptide YY analogue Indication Status (phase) 1 2 3 Filed Appr. Combination of insulin degludec and liraglutide Type 2 Type 1+2 Type 2 Type 2 Type 2 Type 1 Type 1+2 Type 1+2 Type 1+2 Obesity Obesity Obesity Obesity Obesity 1 Approved in EU on 18 Sep 2014 changing diabetes novo nordisk#62Investor presentation First nine months of 2016 Slide 62 VictozaⓇ statistically significantly reduced the risk of major adverse cardiovascular events in the LEADER trial 13% reduction in 3-point MACE with Victoza® compared with placebo Patients¹ with an event (%) 20 15 10 5 Hazard ratio = 0.87 VictozaⓇ 95% CI (0.78;0.97) p<0.001 for non-inferiority p=0.011 for superiority Placebo Key results • Superiority of VictozaⓇ vs placebo was confirmed for time to • first MACE in people with type 2 diabetes at high CV risk VictozaⓇ reduced the MACE risk by 13% as well as CV and all-cause mortality by 22% and 15% respectively, compared with placebo when added to standard of care • The result was consistent across sensitivity analyses • VictozaⓇ appeared to have a safe and well tolerated profile, generally consistent with previous studies for VictozaⓇ 0 18 24 30 36 42 48 54 0 6 12 Time from randomisation (months) ¹Inclusion criteria: Adults above 50 years with type 2 diabetes and established CV disease, above 60 years with multiple CV factors, HbA1c ≥ 7.0% MACE: major adverse cardiovascular events; 3-point MACE comprises cardiovascular death, non-fatal myocardial infarction and non-fatal stroke; CI: two-sided confidence interval changing diabetes® CV: Cardiovascular novo nordisk#63Investor presentation First nine months of 2016 All components of 3-point MACE contributed to the reduction in cardiovascular risk in the LEADER trial Cardiovascular death Patients with an Non-fatal myocardial infarction Slide 63 Non-fatal stroke VictozaⓇ Placebo event (%) 10 10 HR = 0.78 8 95% CI (0.66;0.94) p=0.007 80 6 4 2 0 6 4 HR = 0.88 95% CI (0.75;1.03) p=0.11 10 HR = 0.89 95% CI (0.72;1.11) 8- p=0.30 160 4 2 2 0 0 18 36 54 18 36 54 18 36 54 Months Months Months HR: hazard ratio; CI: confidence interval Source: Marso SP, Daniels GH, Brown-Frandsen K, et al. Liraglutide and cardiovascular outcomes in type 2 diabetes. The New England journal of medicine. 2016; In Press changing diabetes® novo nordisk#64Investor presentation First nine months of 2016 TresibaⓇ shows lower rate of hypoglycaemia than insulin glargine U100 in SWITCH trials - filed in Q3 2016 SWITCH 1 - type 1 diabetes SWITCH 2 - type 2 diabetes Slide 64 Hypoglycaemic events per 100 PYE Hypoglycaemic TresibaⓇ glargine U100 events per 100 PYE -30%* 3,000 * -11% 300 2,500 250 265 2,000 2,463 200 2,201 1,500 150 * -36% * 1,000 -35% 100 186 -42%* -46% 94 500 50 92 55 429 277 69 9 0 Severe or BG confirmed symptomatic Severe or BG confirmed symptomatic Severe events events Severe or BG confirmed symptomatic events Severe or BG confirmed symptomatic Severe events nocturnal events nocturnal events changing Note: The prevalence of hypoglycaemia is measured during the maintenance period; Blood glucose confirmed hypoglycaemia is defined as <56 mg/dL (<3.1 mmol/L); The confirmatory diabetes secondary endpoint of proportions of subjects experiencing severe hypoglycaemia during the maintenance period did not reach statistical significance in the SWITCH 2 trial. * Statistically significant; BG: Blood glucose; PYE: Patient years exposed novo nordisk#65Investor presentation First nine months of 2016 Slide 65 TresibaⓇ showed lower day-to-day variability in the glucose-lowering effect compared to insulin glargine U300 Within-subject variability in steady state Day-to-day variability¹ 2.0 1.5 1.0 0.5 0.0+ TresibaⓇ 10-12 12-14 14-16 insulin glargine U300 • 16-18 18-20 20-22 22-24 ཨཱུ རཱཾ ༔ ྂ 』 Time interval (hours) 1 Day-to-day variability in 2-hours interval of AUC GIR (variance) Note: 60 type 1 diabetic patients were enrolled and 57 completed the trial; Inclusion criteria: Age 18-65 years, diagnosis of type 1 diabetes, Fasting C-peptide <0.3 nmol/L, BMI: 18.5-29 kg/m², HbA1c <9% AUCGIR area under glucose infusion curve Key results and next step The day-to-day variability in the glucose-lowering effect was approximately four-times lower with TresibaⓇ compared to insulin glargine U300 when evaluated by within-subject variance for people with type 1 diabetes in PK/PD trial • Day-to-day variability was consistently lower for TresibaⓇ than insulin glargine U300 over the entire 24-hour period • Insulin glargine U300 showed a statistically significantly* lower potency compared to TresibaⓇ of approximately 30% • Next step: Initiation of large 3b head-to-head trial study in type 2 diabetes to document clinical benefits including hypoglycaemia, with expected start in 2017 * p<0.001 novo nordisk#66Investor presentation First nine months of 2016 Slide 66 In phase 3a trials semaglutide shows best in-class potential on HbA1c reduction across treatment cascade Comparison of HbA1c lowering effect in SUSTAIN 1, 2, 3, 4 and 5 trials Sema 1 mg Sema 0.5 mg Placebo Sitagliptin 100 mg Exenatide QW % patients HbA1c ≤7% Baseline 0.0 SUSTAIN 1 8.1% SUSTAIN 2 8.1% SUSTAIN 3 8.4% SUSTAIN 4 8.2% Insulin glargine QD SUSTAIN 5 8.4% Change in HbA1c (%) -0.4 -0.8 0.0 -0.5 -1.2 -1.3 -1.5 -1.5 -1.6 -1.6 -1.6 * * -0.9 -1.6 -1.2 -0.8 -1.8 -1.4 -0.1 -2.0 72% 74% 25% 78% 69% 36% 67% 40% 73% 58% 38% 79% 61% 11% *p < 0.001; QD: once daily; QW: once weekly; sema: semaglutide Source: Novo Nordisk on file (NN9535-3623, NN9535-3624, NN9535-3625, NN9535-3626, NN9535-3627) changing diabetes® × novo nordisk#67Investor presentation First nine months of 2016 Slide 67 In phase 3a trials semaglutide shows best in-class weight lowering potential across treatment cascade Comparison of weight lowering effect in SUSTAIN 1, 2, 3, 4 and 5 trials Sema 1 mg Sema 0.5 mg SUSTAIN 1 92kg Placebo SUSTAIN 2 89kg Baseline Sitagliptin 100 mg SUSTAIN 3 96kg Exenatide QW SUSTAIN 4 93kg Insulin glargine QD SUSTAIN 5 92kg Change in weight (kg) 1.0 0.0 -1.0 -2.0 -3.0 -3.7 -4.0 -4.5 -5.0 -6.0 -7.0 -1.0 -6.1 -4.3 -1.9 -1.9 * -5.2 -5.6 *p < 0.001; QD: once daily; QW: once weekly; sema: semaglutide Source: Novo Nordisk on file (NN9535-3623, NN9535-3624, NN9535-3625, NN9535-3626, NN9535-3627) changing diabetes® * -3.5 1.2 -6.4 -3.7 * -1.4 novo nordisk#68Investor presentation First nine months of 2016 Competitive TresibaⓇ label across all three triad markets Slide 68 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 Profile Efficacy Safety • Convenience • 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% 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 1 Observed in majority of the trials Europe • . • Duration of action beyond 42 hours 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 overall and nocturnal hypoglycaemia • • Adjusting injection time when needed Up to 80 and 160 units per injection • • • changing diabetes® 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#69Investor presentation First nine months of 2016 US TresibaⓇ label reflects the distinctly different product features compared to competitor basal insulins Duration of action¹ • Administration and dosing Pen device In-use time . TRESIBA insulin degludec injection At least 42 hours² Once daily at any time of day5 Numerically lower dose needed vs glargine U1008 glargine U100 • Up to 24 hours³ Once daily at any time of day, at the same time every day6 • glargine U300 • Up to 36 hours4 Slide 69 Once daily at any time during the day, at the same time every day? Higher dose needed vs glargine U100⁹ 600 units/pen10 • 300 units/pen • 450 units/pen 160 units max per injection 10 No push button extension • 80 units max per injection • 80 units max per injection • Push button extension • Push button extension 56 days at room temperature 28 days at room temperature • 42 days at room temperature Note: Comparison based on US Package Inserts (PI) for listed products, not based on head to head comparisons. 1 Based on Glucose Infusion Rate (GIR) data from euglycemic clamp studies; 2 Tresiba PI section 12.2; 3 glargine U100 PI section 12.2; 4 glargine U300 PI section 12.2; 5 Tresiba PI Highlights section; 6 glargine U100 PI Highlights section; 7 glargine U300 PI Highlights section; 8 Tresiba PI section 14; 9 glargine U300 PI section 14.1; 10 Tresiba U200 PI changing diabetes novo nordisk#70Investor presentation First nine months of 2016 Slide 70 Competitive European label for XultophyⓇ Profile • XultophyⓇ is indicated for the treatment of adults with type 2 diabetes in combination with oral glucose-lowering agents XultophyⓇ is a fixed combination product consisting of insulin degludec and liraglutide having complementary mechanisms of action to improve glycaemic control Administered as dose steps: One dose step contains 1 unit of insulin degludec and 0.036 mg of liraglutide Efficacy Convenience Safety . On average HbA1c reduction of 1.9%¹ from baseline to end of trial confirmed to be superior against all comparators² • On average 2.7 kg weight loss from baseline in patients inadequately controlled on basal insulin Once-daily administration at any time of the day, preferably at the same time of the day The pre-filled pen can provide from 1 up to 50 dose steps in one injection Lower rates of confirmed hypoglycaemia than with insulin degludec in patients on metformin +/- pioglitazone Fewer experienced gastrointestinal side effects than patients treated with liraglutide 1 Source: DUALⓇ I (NN9068-3697), DUAL® II (NN9068-3912) 2 Insulin degludec, liraglutide and placebo changing diabetes® novo nordisk#71Investor presentation First nine months of 2016 XultophyⓇ has documented strong efficacy across the treatment cascade Slide 71 DUAL I Add-on to XultophyⓇ key clinical results DUAL II Add-on to DUAL III Switch from GLP-1 DUAL IV Add-on to SU ± DUAL V Switch from insulin metformin ± Pio n = 833 metformin ± basal n = = 292 insulin metformin n = 289 glargine n = 557 n = : 199 Mean trial start HbA1c (%) 8.3 8.7 7.8 7.9 8.4 Mean trial end HbA1c (%) 6.4 6.9 6.4 6.4 6.6 HbA1c change (%) -1.9 -1.9 -1.3 -1.45 -1.8 % to target < 7% (%) 80.6 60.3 75.3 79.2 71.6 % to target < 6.5% (%) 69.7 45.2 63.0 64.0 55.4 Confirmed hypoglycaemia 180.2 153.4 282 351.7 343.3 (Episodes per 100 PYE) Weight change (kg) -0.5 -2.7 +2.0 +0.5 -1.4 Note: Typical confirmed hypoglycaemia event rates for treatment with basal insulin are 142-369 episodes per 100 PYE (based on insulin glargine event rates from trials NN1250-3586, 3579 and 3672) where the FPG target and hypoglycaemia definition is similar to the DUAL trials changing diabetes novo nordisk#72Investor presentation First nine months of 2016 Slide 72 Faster-acting insulin aspart provides superior glucose control vs Novo RapidⓇ in onset 1 trial Creating a new formulation that satisfies an unmet medical need Faster-acting insulin aspart is an innovative formulation of insulin aspart: HbA1c reduction in onset 1 trial after 26 weeks HbA1c reduction (%) - Faster aspart (pm) - Faster aspart (mt) NovoRapidⓇ (mt) • Vitamin B3 (nicotinamide) ¹ added to increase early absorption 0.0 -0.1 Naturally occurring amino acid (arginine) ¹ added to obtain stability -0.2 -0.3 Faster-acting insulin aspart is intended to address unmet medical need: -0.3* -0.4 . • Faster absorption mimics physiological insulin action profile A better profile for pump and future closed loop systems -0.5 -0.6 -0.7 T 0 2 4 6 8 10 12 14 16 18 20 22 24 26 Time (weeks) *p<0.05; pm: post-meal; mt: meal time Source: Novo Nordisk on file (NN1218-3852) 1 Concentration often below recommended dietary daily intake changing diabetes novo nordisk#73Investor presentation First nine months of 2016 Oral peptide delivery - the gastro-intestinal route poses many challenges to absorption of intact macromolecules Slide 73 Challenges 1. Breakdown of drug in the stomach/gastrointestinal tract 2. Passage across the gut barrier into the circulation 3. Ensuring a long circulation half-life Solutions 1. Stabilisation of peptide backbone and side chain 2. Tablet formulation including carrier and/or coating 3. Engineered systemic protraction mechanism changing diabetes novo nordisk#74Investor presentation First nine months of 2016 Slide 74 Oral semaglutide dose dependently 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 Sema 2.5 mg - Sema 5 mg Sema 10 mg Weight loss from a mean base line of 92 kg - Sema 20 mg Sema 40 mg - Sema 1 mg sc Weight loss (kg) 0.0 7.5 7.0 6.5 6.0 -2.0 -4.0 -6.0 0.0 -8.0 0 2 4 6 8 10 12 14 16 18 20 22 24 26 Time (weeks) 0 2 4 6 8 10 12 14 16 18 20 22 24 26 Time (weeks) Inclusion criteria: Type 2 diabetes; 7.0% HbA 1c 9.5%; treatment with diet and exercise with or without metformin; sc: subcutaneous; sema: semaglutide changing diabetes® novo nordisk#75Investor presentation First nine months of 2016 Slide 75 Initiation of PIONEER trials for oral semaglutide 2016 PIONEER 3: vs sitagliptin 78 weeks, n=1,860 PIONEER 1: monotherapy 26 weeks, n=704 PIONEER 2: vs empagliflozin 52 weeks, n=816 2017 2018 PIONEER 4: vs liraglutide 52 weeks, n=690 PIONEER 5: moderate renal impairment 26 weeks, n=324 PIONEER 6: cardiovascular outcomes Event driven (>122 MACE), n=3,176 PIONEER 7: flexible dose escalation 52 weeks, n=500 PIONEER 8: insulin add-on 26+26 weeks, n=720 PIONEER 9: JAPAN monotherapy 52 weeks, n=230 PIONEER 10: JAPAN OAD combination 52 weeks, n=336 Note: Preliminary estimated timing of trials from first patient first visit (FPFV) to last patient last visit (LPLV), n = approximate number of randomised people; MACE: Major Cardiovascular Events; OAD: oral anti-diabetic changing diabetes® novo nordisk#76Investor presentation First nine months of 2016 Slide 76 Anti-IL 21 in combination with liraglutide is an alternative approach for the treatment of type 1 diabetes Phase 2 trial design Anti-IL-21 + liraglutide 1.8 mg Placebo + liraglutide 1.8 mg type 1 diabetes¹ Anti-IL-21 + placebo 304 newly diagnosed people with Placebo + placebo + Week 0 54 80 Dosing Observation Rationale for Anti-IL 21 and liraglutide combination product for T1D Anti-IL 21 plays an important role in autoimmunity with potential effect on immune disorder Effector cells (T and B lymphocytes and natural killer cells) Pro-inflammatory cytokines Autoantibodies Chemokines Matrix metalloproteinase (MMPs) GLP-1 receptor agonist may promote beta-cell recovery Decrease beta-cell stress/apoptosis Stimulate beta-cell neogenesis Expansion of beta-cell mass in rodent models 1 Inclusion criteria: Subjects diagnosed as type 1 diabetes for not more than 12 weeks prior to randomisation; age 18-45 (both inclusive) Note: If liraglutide 1.8 mg is not tolerated 1.2 mg is administered. ANTI-IL: interleukin T1D: Type 1 diabetes; MOA: Mode of action changing diabetes® novo nordisk#77Investor presentation First nine months of 2016 Insulin LAI287 offers potential for once-weekly dosing LAI287 pharmacodynamic profile is compatible with once-weekly dosing Glucose Infusion Rate (mg/kg/min) 5 4 3 2 1- Insulin glargine 0 1 2 3 4 5 10 Time (days) Note: Pharmacokinetic simulation changing diabetes® LAI287 • 16 7 Slide 77 • Key results of phase 1 trial The trial evaluated short term efficacy and safety during five weeks of treatment LAI287 showed dose-dependent exposure and a variability comparable to that of insulin degludec Terminal half-life of 185 hours supporting a once-weekly dosing regimen LAI287 generally appeared safe and well tolerated, with most frequent adverse events being hypoglycaemia The side effects observed in the phase 1 trial will be further investigated novo nordisk#78Investor presentation First nine months of 2016 Slide 78 Liver-preferential meal time insulin analogue has potential to reduce hypoglycaemia and weight gain Liver: The liver is important for insulin action sc insulin sc liver-preferential prandial insulin Glucose production Muscle: Glucose uptake Endogenous insulin Fat: Glucose uptake • • • Rationale and expected benefits of physiologically distributed insulin Rationale Elevated hepatic glucose release drives overall higher PPG in people with type 2 diabetes compared to healthy individuals¹ >50% of endogenous insulin secretion is cleared by the liver Insulinisation of peripheral tissues with current insulin analogues is higher than for endogenous insulin Potential benefits Mimics physiology of insulin distribution secreted from pancreas Less hypoglycaemia Less weight gain Next steps Phase 1 trial with liver-preferential mealtime insulin (NN1406) initiated PPG: post prandial glucose 1 Woerle HJ et al. Am J Physiol Endocrinol Metab 2006;290:E67-E77 sc: subcutaneous changing diabetes novo nordisk#79Investor presentation First nine months of 2016 Slide 79 More than 20 million people in the US have a BMI above 35 with either pre-diabetes or CV related comorbidities Incidence of obesity in the US (million people) Comorbidity status BMI 27-29.9 Class I BMI 30-34.9 Obesity Class II BMI Class III BMI Total 35-39.9 40+ No CV 15.5 11.0 4.2 3.0 33.7 comorbidities¹ CV 15.1 16.0 6.4 4.1 41.6 comorbidities² Pre-diabetes³ 12.0 14.1 7.2 6.1 39.4 The US obesity burden Cost of obesity to health care systems of USD 147 billion annually with continued growth 5 Around 35% of the US adult population (over 20 years) have obesity (BMI >30)6 Only around 30% of all obesity cases in the US were diagnosed in 20097 In 2010, only 3 million people in the US or around 3% of the adult population with obesity were treated with anti-obesity medication8 Type 2 diabetes4 2.0 5.0 3.6 2.3 12.9 Total 44.6 46.1 21.4 15.5 127.6 1 Normal blood glucose without hypertension and/or dyslipidemia 2 Normal blood glucose with hypertension and/or dyslipidaemia 3 Impaired Fasting Glucose with or without hypertension and/or dyslipidaemia 4 Type 2 diabetes with or without hypertension and/or dyslipidaemia Source: 2009-2010 NHANES + revised 2011 CDC estimates and based on US population 2015. Only includes population age 20+. Distribution between obese groups on market map based on NHANES data (including only measured and not self reported BMI and also measured not self-reported diabetes status) 5 Finkelstein et al. Health Affairs 28, no. 5 (2009): w822-831 6 Flegal, KM. JAMA. 2012;307(5): Doi: 10.1001/jama.2012.39 7 Ma et al. Obesity (Silver Spring) 2009;17:1077-85 8 Obesity. Decision resources, Inc. December 2010:38 novo nordisk#80Investor presentation First nine months of 2016 Slide 80 Significant unmet need in obesity management Insufficient treatment options All people with obesity Significant gaps in obesity treatment Mean weight loss 100% 30% People diagnosed People Rx treated* 4% Source: Diagnosis rate, Practice Fusion March 2014 & Treatment rate, Understanding the Treatment Dynamics of the Obesity Market, IMS Database (NPA), August 2014 *Rx prescription, ie treated with anti-obesity medication (AOM) changing diabetes® Medium High MOT Bariatric surgery Anti-obesity medication with weight loss of 5-10% Diet and exercise Low Medium Complexity of treatment High novo nordisk#81Investor presentation First nine months of 2016 Slide 81 Small but growing market for anti-obesity medication in the US AOM Market Value has grown quickly in recent years, fuelled by branded treatment uptake AOM value in mUSD Few people treated with AOM, but in recent years launches have fuelled market growth Generic TRX volume AOM TRX volume Phentermine 1,000 and topiramate launch 800 Branded TRX volume Lorcaserin launch SaxendaⓇ launch 700 600 500 400 300 200 100 0 2009 2010 2011 2012 2013 2014 2015 2016 Note: Values are shown in terms of Moving-Annual-Total ending August Source: IMS NSP Monthly, August 2016 changing diabetes 600 400 200 0 Aug 2010 Naltrexone I HCI and bupropion HCI launch Note: Phentermine and topiramate is the fixed combination; naltrexone HCI and bupropion HCI is the second fixed dosed combination to market. AOM: anti-obesity medication Source: IMS NPA Monthly, August 2016 Aug 2016 novo nordisk#82Investor presentation First nine months of 2016 Slide 82 Steady prescription uptake for SaxendaⓇ in the US Prescription volume uptake of anti-obesity medications (AOM) recently launched in the US TRX Volume (000) 80 70 60 50 40 30 20 10- 0 ContraveⓇ QsymiaⓇ BelviqⓇ SaxendaⓇ 55 39 35 • 18 Key observations SaxendaⓇ has been launched in 15 markets, including the US, Canada, Denmark, Italy, Australia, Mexico, Germany, Belgium, Brazil, Israel and now Sweden, the Netherlands, Spain, UAE, and Russia SaxendaⓇ is the leader in value market share at ~49% among branded AOM in the US While competitors have recently reduced their promotional efforts, Novo Nordisk remains confident in the long-term obesity market growth and the evolving Novo Nordisk obesity portfolio Aug 2015 Source: IMS NPA TRX, monthly, August 2016 changing diabetes® Aug 2016 Source: IMS NSP, Monthly data, August 2016 novo nordisk#83Investor presentation First nine months of 2016 Slide 83 SaxendaⓇ targeted at patients with BMI ≥35 and weight-related comorbidities SaxendaⓇ market approach Clear patient segmentation Focused prescriber targeting SaxendaⓇ launch execution Focus on patients with BMI ≥35 with weight-related comorbidities Focus on current prescribers of anti-obesity medication and GLP-1 Aspiration Clear product value proposition Focus on engaging prioritised payers and employers Strengthened by 3-year clinical data Formulary coverage emerging with more than 50 million lives¹ covered BMI: body mass index 1 Potential lives covered, based on employer opt-ins changing diabetes Build the market novo nordisk#84Investor presentation First nine months of 2016 Slide 84 Competitive US label for SaxendaⓇ SaxendaⓇ approved in the US for chronic weight management in individuals with a BMI ≥30, or ≥27 in the presence of at least one weight-related comorbidity¹ Profile GLP-1 receptor agonist - a physiological regulator of appetite and calorie intake SaxendaⓇ is the first and only GLP-1 receptor agonist approved for weight management Effect on body weight Effect on comorbidities Safety • 9 in 10 lose weight and 1 in 3 people lose more than 10% of their body weight² Average weight loss of 9.2% in completers at one year² Improvements in cardiometabolic risk factors such as hypertension and dyslipidaemia Boxed warning on thyroid C-cell tumours Precautions on acute pancreatitis, acute gallbladder disease, serious hypoglycaemia³, heart rate increase, renal impairment, hypersensitivity and suicidal ideation 1 Examples include hypertension, type 2 diabetes and dyslipidemia 2 SaxendaⓇ US Package Information. 3 When used with an insulin secretagogue changing diabetes® novo nordisk#85Investor presentation First nine months of 2016 Slide 85 Semaglutide once daily phase 2 dose-finding trial in obesity is designed to optimise treatment outcomes Once-daily semaglutide phase 2 trial design semaglutide 0.05 mg semaglutide 0.1 mg semaglutide 0.2 mg 935 people semaglutide 0.3 mg with obesity without diabetes¹ semaglutide 0.4 mg semaglutide 0.3 mg fast escalation semaglutide 0.4 mg fast escalation placebo liraglutide 3 mg 0 4 8 + 16 52 weeks • Phase 2 trial purpose and endpoints Purpose To assess and compare the dose response of five doses of once-daily sc semaglutide versus placebo in inducing and maintaining weight loss after 52 weeks To investigate two different dose escalation regimens Trial design • • Randomised, controlled, double-blinded Diet and exercise counselling in all arms Primary endpoint Relative change from baseline in body weight at 52 weeks Examples of secondary endpoints Proportion of subjects with weight loss of ≥ 5% or ≥ 10% of baseline body weight at 52 weeks Results from phase 2 trial expected in 2017 1 Key inclusion criteria: Male or female ≥18 years, BMI: ≥30 kg/m², Stable body weight (<5 kg change) ≥90 days Note: Once-daily subcutaneous dosing in all arms, 4-week escalation steps in main arms, 2-week escalation steps in fast escalation arms QD: once-daily; sc: subcutaneous changing diabetes® novo nordisk#86Investor presentation First nine months of 2016 Slide 86 Long-acting obesity compounds in phase 1 development may have complimentary modes of action Key features of compounds in phase 1 development for obesity Compound G530S - Glucagon analogue NN9838-Amylin analogue NN9747 PYY analogue Once-daily subcutaneous Administration injection in combination with liraglutide Mode of action Clinical development status • • Stimulation of energy expenditure and satiety promoting a negative energy balance Phase 1 initiated Sep 2014 Safety/PK of single ascending doses 160 overweight/obese people Expected completion 2017 • • Once-daily subcutaneous injection Reduced food intake, thought primarily to be mediated by amylin receptors located in the area postrema Phase 1 initiated Dec 2014 Safety/PK of single and multiple ascending doses 140 overweight/obese people Expected completion 2018 Once-daily subcutaneous injection Reduced food intake via selective stimulation of the Y2 receptor Phase 1 initiated Oct 2015 Safety/PK of single and multiple doses 120 overweight/obese people Expected completion 2019 PK: pharmacokinetic changing diabetes novo nordisk#87Biopharmaceuticals changing diabetes Investor presentation First nine months of 2016 Slide 87 ma novo nordisk#88Investor presentation First nine months of 2016 Slide 88 Haemophilia: Location of bleedings and the consequences changing diabetes Head and neck Muscles Locations Gut Nose and gums Joints Joints Kidneys Joints Joints Consequences of bleedings Bleeding in the joint space causes a strong inflammatory reaction which predisposes to further bleeding Inadequate or delayed treatment of repeated joint bleeds results in a "target joint" ⚫ The joint is tense, swollen and extremely painful and the mobility is restricted • Eventually the cartilage erodes completely and permanent joint damage (arthropathy) occurs Treatment of arthropathy is orthopaedic surgery novo nordisk#89Investor presentation First nine months of 2016 Slide 89 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 Haemophilia B 400 App. 350,000 patients App. 70,000 patients 300 45% Inhibitor segment app. 3,500-4,000 patients 200 100 15% 6% 3% 0 People with haemophilia Diagnosed Treated 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® Source: World Federation of Haemophilia - Annual Global Survey 2012 novo nordisk#90Investor presentation First nine months of 2016 Slide 90 Global haemophilia market is growing by mid-single digit Sales of recombinant coagulation factors RecombinateⓇ/AdvateⓇ Strategic positioning of Novo Nordisk's haemophilia portfolio NovoSevenⓇ Coagil VII® ObizurⓇ1 KogenateⓇ/Helixate® XynthaⓇ/RefactoⓇ Eloctate® NovoEight® RixubisⓇ Alprolix® Benefix® Novo Nordisk compound Status Strategic position NovoSevenⓇ Launched Maintain market leadership NovoEight® Launched Establish presence in a competitive market place Phase 33 Contribute to market conversion 30 DKK 25 billion 20 N8-GP 15 CAGR²: 4% CAGR²: 7% CAGR²: 13% 10 N9-GP 5 0 2010 2015 2010 2015 rFVIII rFIX 2010 2015 rFVIIa 1 ObizurⓇ only indicated for acquired haemophilia 2 CAGR for 5-year period changing diabetes® Filed4 Establish new treatment paradigm NovoThirteenⓇ Launched Launch first recombinant product 3 Submission of N8-GP expected 2018 pending expansion of production capacity 4 Submitted to the to the European Medicines Agency in January 2016; Submitted to the US Food and Drug Administration in May 2016 novo nordisk#91Investor presentation First nine months of 2016 Slide 91 - a unique biologic for the treatment of rare NovoSevenⓇ bleeding disorders NovoSevenⓇ reported sales DKK billion 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Q3 2011 1 CAGR for 5-year period changing diabetes CAGR¹ (0.1%) • . Key NovoSeven® properties Product characteristics: powder and solvent for solution for intravenous injection, available in multiple doses, stable at room temperature MixProⓇ administration system launched in 2013 Indications: treatment of spontaneous and surgical bleedings in: • Haemophilia A or B patients with inhibitors • Acquired haemophilia • Congenital FVII deficiency Q3 2016 • Glanzmann's thrombasthenia² 2 Only indicated in Europe and the US novo nordisk#92Investor presentation First nine months of 2016 Slide 92 NovoEight® is launched in the US, Europe and Japan for the treatment of people with haemophilia A Example from Novo Eight® promotional campaign¹ 1 Picture is not intended for promotional purposes changing diabetes® NovoEight® properties and launch performance Indications: • Treatment and prophylaxis of bleeding in patients with congenital factor VIII deficiency for all age groups² Key product characteristics: . . Reliability: No inhibitor development in PTPs in one of the largest pivotal trial programmes of any approved rFVIII (n=213)2,3 Purity and safety: First rFVIII to use a 20nm filter in its purification process4 • Portability: Room temperature stability with storage at 30 degrees celsius² Launch status: • NovoEight® is available in the US, EU, Japan and 17 additional countries 2 NovoEight® Summary of Product Characteristics. 3 Iorio A et al., Blood 2012; 120(4): 720 727. NovoEight® Prescribing Information PTP: Previously treated patient novo nordisk#93Investor presentation First nine months of 2016 Slide 93 NovoThirteen®, a recombinant FXIII, provides efficacious and safe haemostatic coverage Example from NovoThirteenⓇ promotional campaign¹ purely because he's Manny Sandow has factor Xl congenital defiuency, Michigan, USA one in a million NovoThirteenⓇ properties and launch performance Indication: . Long term prophylactic treatment of bleeding in adult and paediatric patients with congenital factor XIII A-subunit deficiency Key product characteristics: • NovoThirteenⓇ is the only recombinant product for prophylaxis • NovoThirteenⓇ is well tolerated and has low volume dosing NovoThirteenⓇ effectively prevents bleeds and provides a convenient once-monthly regimen • Launch status: • NovoThirteen® is approved in Australia, Bahrain, Brazil, Canada, Colombia, EU, Iceland, Israel, Japan, Kuwait, Oman, Qatar, Saudi Arabia, Switzerland, and the US 1 Picture is not intended for promotional purposes changing diabetes® Source: European Medicines Agency, summary of opinion (post-authorisation) 23 January 2014. NovoThirteenⓇ Summary of product characteristics. novo nordisk#94Investor presentation First nine months of 2016 Slide 94 R&D pipeline: Haemophilia and growth disorders Product/project Type Indication N9-GP (NN7999)¹ GlycoPEGylated long-acting rFIX Haemophilia B N8-GP (NN7088) GlycoPEGylated long-acting rFVIII Haemophilia A Concizumab (NN7415) Monoclonal anti-TFPI Haemophilia A, B and with inhibitors Somapacitan (NN8640) 2 Once-weekly human growth hormone Growth disorder Status (phase) 1 2 3 Filed Appr. 1 Submitted to the to the European Medicines Agency in January 2016 and the US Food and Drug Administration in May 2016; 2 Phase 3 completed in Adult Growth Hormone Deficiency (AGHD) changing diabetes novo nordisk#95Investor presentation First nine months of 2016 Slide 95 N9-GP administered once weekly reduces median bleeding rate to 1.0 episode per year in phase 3 trial N9-GP phase 1 pharmacokinetics FIX activity (IU/mL) 1.2 rFIX One stage clot assay Paradigm 2 headline results (phase 3) pdFIX N9-GP • Steady-state half-life of 110 hours . Dose normalised 50 IU/kg (N=15) 1.0 0.8 0.6 0.4 0.2 0.0 0 24 48 72 96 120 144 168 Time (h) rFIX: Recombinant factor IX; pdFIX: plasma-derived factor IX Source: Negrier et al. Blood. 2011;115:2693-2701 changing diabetes · Median bleeding rate for patients treated on demand was 15.6 episodes per year Patients on once-weekly prophylactic treatment had a median bleeding rate of 1.0 episode per year when treated with 40 IU/kg Among patients receiving 40 IU/kg: - 99% of bleeding episodes treated with only one infusion Two thirds of patients experienced complete resolution of bleeding into target joints N9-GP appeared to have a safe and well tolerated profile with no patients developing inhibitors Next steps N9-GP Submitted to the European Medicines Agency in January 2016 and to the US Food and Drug Administration in May 2016 novo nordisk#96Investor presentation First nine months of 2016 Slide 96 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 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 8% 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 FVIII activity (IU/mL) 1.2 Dose 50 IU/kg (n=8) One stage clot assay 1.0 0.8 0.6 0.4 0.2 0.0 • 0 24 48 72 96 120 144 168 Time (h) • 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 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#97Investor presentation First nine months of 2016 Slide 97 Novo Nordisk maintains leadership within human growth hormone (hGH) market Growth hormone volume market share Novo Nordisk Eli Lilly Pfizer Merck Kgaa Sandoz Roche 31% Development in global hGH market DKK billion MAT volume kg MAT value DKK kg 20 100 35% 30% 80 15 25% 60 CAGR volume¹: 4.7% 20% 10 CAGR value DKK¹: 1.8% 15% 40 10% 5 20 5% 0 Aug 2011 0 0% Aug 2016 Aug 2011 1 CAGR for 5-year period. Source: IMS Monthly MAT August, 2016 volume figures and value (DKK) figures changing diabetes® Source: IMS Monthly MAT August, 2016 volume figures Aug 2016 novo nordisk#98Investor presentation First nine months of 2016 Slide 98 Solid NorditropinⓇ sales growth Norditropin® reported sales DKK billion • 2.5 CAGR¹ 9.5% 2.0 1.5 1.0 0.5 0.0 Q3 2011 1 CAGR for 5-year period changing diabetes Q3 2016 • Key Norditropin® properties Product characteristics: Premixed, prefilled multi-use delivery systems available in multiple strengths, and stable at room temperature Expanded indications: GHD, GHDA, Noonan Syndrome, Turner Syndrome, SGA indication, Idiopathic short stature • Easy to use FlexPro® device Medical and Clinical support programmes Patient support programmes novo nordisk#99Financials changing diabetes Investor presentation First nine months of 2016 Slide 99 novo nordisk#100Investor presentation First nine months of 2016 Slide 100 Novo Nordisk has delivered sustained double digit growth throughout the last decade Sales growth in local currencies 2006-2015 Sales growth Average growth Operating profit growth in local currencies 2006-2015 Operating profit growth Average growth 30% 30% 20% 10% 0% 2006 20% 12% மயப் 2015 10% 0% changing diabetes 2006 Note: Numbers for 2007 and 2008 are adjusted for the impact of the discontinuation of pulmonary insulin projects; Number for 2015 is adjusted for the non-recurring income related to the partial divestment of NNIT with the dotted component representing this income; average is calculated excluding the effect of the 2015 non-recurring income. 19% 2015 novo nordisk#101Investor presentation First nine months of 2016 Slide 101 Solid sales growth driven by the US, International Operations and Region China Reported annual sales Diabetes Biopharmaceuticals Reported annual sales split by region Int. Operations DKK billion USA Europe Region China Pacific 120 CAGR¹ 12.9% 13% 5% 100 9% 8% 14% 13% 80 19% 29% 60 79% 78% 40 78% 76% 20 75% 53% 38% 0 2011 2012 2013 2014 2015 2011 2015 1 CAGR for 4-year period changing diabetes novo nordisk#102Investor presentation First nine months of 2016 Slide 102 Modern insulin and VictozaⓇ comprise around 60% of total sales in the first nine months of 2016 Reported sales split by product segments the first nine months of 2016 New Generation Insulin GLP-1 Haemophilia Other Biopharmaceuticals Modern Insulin Other Diabetes and Obesity Care Growth Hormone Reported sales split by selected key products the first nine months of 2016 Human Insulin Reported currencies Tresiba LevemirⓇ changing diabetes 3% 8% 3% 10% 5% 18% 43% 10% Sales of DKK 82,208 million (+4%) Sales (mDKK) Sales split 2,506 3% 12,999 16% NovoRapidⓇ NovoMixⓇ 14,406 18% 7,886 10% VictozaⓇ 14,649 18% SaxendaⓇ 1,037 1% Diabetes and obesity care¹ 65,122 79% NovoSevenⓇ® 6,940 8% NorditropinⓇ 6,568 8% Biopharmaceuticals¹ 17,086 21% Total¹ 82,208 100% 1 Values are higher than the sum of the total elements listed due to residual values from products not listed novo nordisk#103Investor presentation First nine months of 2016 Slide 103 Solid operating profit growth driven by diabetes Operating profit - DKK billion 60 Operating profit Operating profit as % of sales Reported operating profit growth Operating profit growth in local currencies Operating profit therapy split¹ Diabetes Biopharm g。 60% 50 50% 40 40% 30 30% 65% 20 20% 18% 32% 7% 10% 43% 10 10% 22% 20% 15% 13% 21% 0 0% 2011 2012 2013 2014 2015 changing diabetes 2011 35% 72% 2015 1 2015 numbers exclude the impact on operating profit resulting from the non-recurring income related to the partial divestment of NNIT 28% novo nordisk#104Profitability per segment DKK billion Diabetes P&L - full year 2015 100 -16% 80 -29% 60 40 20 Investor presentation First nine months of 2016 Slide 104 - Biopharmaceuticals¹ P&L – full year 2015 DKK billion 30 24 -11% -15% 18 -14% -4% +1% 57% -12% -4% +1% 40% 12 Sales COGS S&D R&D Admin OOI OP 6 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 1 Excluding inflammation changing diabetes novo nordisk#105Investor presentation First nine months of 2016 Decline in relative COGS level combined with stable investment level DKK billion 15 100 5 Slide 105 Cost of Goods Sold (COGS) Capital Expenditure (CAPEX) COGS as % of sales COGS DKK billion CAPEX as % of sales CAPEX 25% 6 6% 50 5% 20% 4 4% 15% 3 3% 10% 2 2% 5% 1 1% 0% 0 0% 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 changing diabetes novo nordisk#106Investor presentation First nine months of 2016 Slide 106 Long term financial targets: Operating profit growth and operating margin Operating profit growth New long term financial target Operating margin Previous long term financial targets 35% Previous long term financial targets 45% 30% 25% 30% 20% 15% 10% 15% 5% 0% 0% 2011 2012 2013 2014 2015 2016 New Target¹ 2011 2012 2013 2014 2015 No Target² Note: The long term financial targets are based on an assumption of a continuation of the current business environment 2 A new target for operating margin has not been established 1 New long-term target established in connection with the Q3 2016 report changing diabetes® novo nordisk#107Investor presentation First nine months of 2016 Slide 107 Long term financial targets: Operating profit after tax to net operating assets and cash to earnings Operating profit after tax to net operating assets New long term financial target Cash to earnings (three year average) New long term financial target Previous long term financial targets Previous long term financial targets 160% 140% 120% 140% 120% 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% 2011 2012 2013 2014 2015 New 2011 2012 2013 2014 2015 New Target¹ Target¹ Note: The long term financial targets are based on an assumption of a continuation of the current business environment 1 New long-term target established in connection with the full year 2015 report changing diabetes® novo nordisk#108Investor presentation First nine months of 2016 Slide 108 Organic growth enables steady cash return to shareholders via dividends and share repurchase programmes Share repurchase programmes have enabled continued reduction in share capital Annual cash return to shareholders DKK billion Share repurchase | Interim dividend Dividend Free cash flow DKK Share capital million 45 600 CAGR -2.3% 40 -2% 550 -4% 35 -2% -2% 15 30 500 25 17.5 450 20 8 15 560 550 14 530 520 15 400 510 12 10 16 350 5 12 13 10 8 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016 Note: Dividends are allocated to the year of dividend pay. For 2016 expected free cash flow is DKK 38-41 billion. Share repurchase programmes run for 12 months starting February until end January of the following year. changing diabetes® novo nordisk#109Investor presentation First nine months of 2016 Slide 109 Stable ownership structure secured through A and B-share structure Share structure Novo Nordisk Foundation Novo A/S 75.3% of votes 27.5% of capital A shares 537m shares Institutional and private investors 24.7% of votes 72.5% of capital B shares 2,013m shares Novo Nordisk A/S Note: Treasury shares are included in the capital but have no voting rights changing diabetes® • • 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 novo nordisk#110Sustainability The Novo Nordisk Way Investor presentation First nine months of 2016 Slide 110 The Triple Bottom Line Business Principle Financially responsible NOVO NORDISK WAY 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 Socially responsible Patients Environmentally responsible The Triple Bottom Line Principle 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#111Investor presentation First nine months of 2016 Slide 111 In 2015, good progress was made towards achieving the long-term sustainability goals Patients reached with diabetes care products Working the Novo Nordisk Way² Energy consumption³ Operating profit growth Million¹ Realised Target Realised Realised Realised Points Target 1,000,000 GJ Growth Target Target 60 5 40% 50 3 30% 40 3 30 2 20% 2- 20 1 10% - 1 - 10 0 2011 2015 2011 0 0% 2015 2011 2015 2011 2015 1 Novo Nordisk estimate; 2 Average score in annual employee survey (1-5); 3 Target not to exceed changing diabetes® novo nordisk#112Investor presentation First nine months of 2016 Slide 112 Cities Changing Diabetes aims to break the 'Rule of Halves' and stop urban diabetes from ruining millions of lives Global partnerships to develop an approach to fight urban diabetes Seven partner cities are addressing the threat of urban diabetes • City Leaders novo nordisk *UCL C40 CITIES CLIMATE LEADERSHIP GROUP Map the challenge in selected cities Share learning and best practices on how to break the 'Rule of Halves' Implement action plans with local partners Urban diabetes: Type 2 diabetes in cities changing diabetes® Mexico City cities changing diabetes Johannesburg Copenhagen 2/3 of people living with diabetes live in urban areas Houston Shanghai Vancouver Tianjin novo nordisk#113Investor presentation First nine months of 2016 Slide 113 Novo Nordisk is committed to the continued development of its employees Employee health and safety and engagement are key focus areas for management Novo Nordisk is committed to building a diverse and inclusive organisation m 42,605 FTE employees and 6% growth vs LY1 4.3 engagement Total Management appointments* Sr. Managers with the Novo Nordisk Way Male 63% 59% 59% 56% 89% 86% 90.9% retention rate 3.0 accidents per million working hours Female 37% 41% 41% 44% 2010 2015 2010 2015 11% 14% 2010 2015 FTE: full-time employees 1 Numbers account for the first nine months of 2016 vs 9M 2015 changing diabetes® * All appointments to management positions, incl. internal promotions and external hires, ex. NNIT novo nordisk