First Quarter 2018 Investor Presentation

Investor Presentation First three months of 2018 Strong underlying insulin market growth and sustained global volume market share Slide 44 Global modern and new-generation insulin volume market shares Sanofi - Novo Nordisk Eli Lilly Global insulin market Device penetration Modern insulin penetration¹ tMU 500 CAGR volume¹: 5.0% Penetration CAGR value¹: 16.4% 100% 60% 50% 400 80% 40% 300 60% MI and NGI² 30% 200 Market value³: DKK 223 billion - 40% 20% 100 Human insulin 20% 10% Market value²: DKK 24 billion 0 0% 0% Feb 2013 Feb 2018 1 CAGR for 5-year period; 2MI: Modern insulin. NGI: New-generation insulin 3Annual value of total insulin class Note: Data is sensitive to changes in IQVIA data collection and reporting methodology Source: IQVIA monthly MAT Feb, 2018 volume and value (DKK) figures changing diabetes® Feb 2013 Note: Data is sensitive to changes in IQVIA data collection and reporting methodology, does not add up to 100% as only selected pharmaceutical companies are included Source: IQVIA monthly MAT Feb, 2018 volume figures 45% 33% 20% Feb 2018 novo nordisk

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