First Quarter 2018 Investor Presentation

Investor Presentation First three months of 2018 Slide 54 Continued value growth in the Chinese long-acting insulin segment Chinese insulin market by segment Chinese total insulin value market shares Device penetration Modern insulin penetration Novo Nordisk bDKK Penetration Sanofi CAGR value¹: 13.8% 10.0 100% 70% 60% 8.0 6.0 4.0 80% Fast-acting 50% Premix 60% 40% 30% 40% 20% 2.0 20% Long-acting 10% 0.0 Feb 2013 0% 0% Feb Feb 2018 2013 1 CAGR for 5-year period. Note: IMS covers around 50% of the total Chinese market (hospital data) Source: IQVIA Rolling MAT Feb, 2018 value (DKK) figures changing diabetes® Eli Lilly Tonghua Dongbao Gan & Lee Other Note: Only selected competitors Source: IQVIA Rolling MAT Feb, 2018 value figures .49% 18% 12% 11% 6% 4% Feb 2018 novo nordisk

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