Investor Presentaiton

Investor presentation First three months of 2017 Slide 50 Solid growth in the Chinese insulin market Chinese insulin market by segments Device penetration Modern Insulin penetration tMU CAGR volume¹: 12.4% 45 CAGR value¹: 19.8% Penetration 100% 70% 40 60% 35 Fast-acting 80% 50% 30 60% 25 40% 20 30% Premix 40% 15 20% 10 20% 10% 5 Long-acting 0 0% 0% Feb Feb 2012 2017 1 CAGR for 5-year period Note: IMS covers around 50% of the total Chinese market (hospital data) Source: IMS Monthly MAT February, 2017 volume and value (DKK) figures changing diabetes® Chinese insulin volume market shares Novo Nordisk Eli Lilly Sanofi Gan & Lee Tonghua Dongbao United Lab Feb 2012 Note: Only selected competitors shown Source: IMS Monthly MAT February, 2017 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers not included 54% 13% 9% 6% 5% 2% Feb 2017 novo nordisk

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