First Quarter 2018 Investor Presentation

Investor Presentation First three months of 2018 The obesity pipeline consists of projects addressing both appetite reduction and energy expenditure How to address obesity from a medical perspective Slide 82 Novo Nordisk obesity products and pipeline Projects: Status: 2018 expected: SaxendaⓇ Launched Weight reduction by reducing food intake increasing energy expenditure Weight reduction by semaglutide - QW GLP-1 Phase 2 Phase 3 - G530L glucagon analogue¹ Phase 1b Phase 1b AM833 amylin analogue Phase 1b Phase 2 ready PYY1562 - PYY analogue Phase 1b Phase 1b² NN9499 FGF21 obesity³ Phase 1a Phase 1b NN9277-GG-co-agonist Phase 1a Phase 1b NN9423 - Tri-agonist 1706 Phase 1a Phase 1b Appetite reduction Energy expenditure changing diabetes Impact on metabolic changes to increase lipid and glucose metabolism Appetite reduction Appetite reduction and energy expenditure 1 Phase 1 in combination with liraglutide and phase 2 planned in combination with semaglutide 2 Phase 1b completed with monotherapy, phase 1b in combination with semaglutide planned for 2018 3 FGF21 potentially also targets appetite reduction Phase 1a: Single-dose trials; Phase 1b: Multiple-dose trials QW: Once-weekly novo nordisk

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