Investor Presentation - First Nine Months of 2016

Investor 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

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