First Quarter 2018 Investor Presentation

Investor Presentation First three months of 2018 Slide 55 Strengthened insulin volume market share in Region Latin America tMU 15 12 9 6 3 0 Latin America insulin market by segment Device penetration Modern insulin penetration CAGR volume¹: 11.7% Penetration CAGR value¹: 10.3% Latin America modern and new-generation insulin volume shares - Novo Nordisk Eli Lilly Sanofi Feb 2013 60% 70% 60% Fast-acting Premix 50% 40% 40% 30% Long-acting 20% 20% 10% 0% 0% Feb 2018 Feb 2013 43% 30% 15% Feb 2018 1 CAGR for 5-year period Note: IMS only covers the following 4 markets in Latin America (retail data): Argentina, Brazil, Colombia, Mexico Source: IQVIA monthly MAT data Feb, 2018 volume and value (DKK) figures MI: Modern insulin; NGI: New-generation insulin Note: Only top-3 shown Source: IQVIA monthly MAT data Feb, 2018 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers not included MI: Modern insulin; NGI: New-generation insulin changing diabetes® novo nordisk

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