Investor Presentation Q1 2018

Investor Presentation First three months of 2018 Slide 4 - Highlights First three months of 2018 Sales development Sales decreased by 5% in Danish kroner and increased by 5% in local currencies to DKK 26.9 billion International Operations sales were flat in Danish kroner and grew by 8% in local currencies • . • • Region Latin America sales increased by 44% in Danish kroner and increased by 73% in local currencies · Region AAMEO sales declined by 2% in Danish kroner and grew by 12% in local currencies Region China declined by 1% in Danish kroner and grew by 6% in local currencies North America Operations sales decreased by 11% in Danish kroner and increased by 3% local currencies VictozaⓇ and TresibaⓇ accounted for the largest share of growth and grew by 18% and 33% in local currencies, respectively Research and Development OzempicⓇ granted marketing authorisation by the European Commission and approved in Japan Successful completion of the first phase 3a trial, PIONEER 1, with oral semaglutide TresibaⓇ label in the USA updated to include cardiovascular safety data and 40% reduction of severe hypoglycaemic events compared to insulin glargine U100 Financials Operating profit decreased by 8% in Danish kroner and increased by 6% in local currencies to DKK 12.4 billion Net profit increased by 6% to DKK 10.8 billion Diluted earnings per share increased by 8% to 4.40 DKK per share 2018 financial outlook: changing diabetes® Sales growth is now expected to be 3-5% measured in local currencies (now around 6% lower reported) Operating profit growth is now expected to be 2-5% measured in local currencies (now around 9% lower reported) novo nordisk

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