Novo Nordisk Investor Presentation - First Nine Months of 2016

Investor presentation First nine months of 2016 Slide 46 US health insurance is dominated by few large commercial payers with slow expansion of public insurance coverage US Population by health insurance status expected to remain stable in coming years Managed care Public exchanges Medicare Other Medicaid Uninsured US population (million) In 2015 PBMs and health plans covered 245 million lives and the market has consolidated¹ All other 321 329 3% 3% 100% 9% 7% 80% 18% 18% 60% 16% 17% 40% 51% 50% 20% 0% 2015 2018E PBMs MedImpact Humana 2% 9% 4% Prime 9% Express Scripts 31% 21% United Healthcare Group (OptumRx) & Catamaran 24% CVS Health Note: Medicaid expansion and Public Exchange estimates are based on implementation of existing Affordable Care Act. Medicaid Rx figures do not include dual eligibles covered in Part D or CHIP. Exchanges include Public Exchanges only; Private Exchanges are part of Managed Care; Centers for Medicare and Medicaid Services Office of the Actuary, Congressional Budget Office (CBO), National Association of State Budget Officers (NASBO), US Census and HSG estimates changing Source: Adapted from Health Strategies Group 2015 report diabetes® 1 2015 chart reflects current year contractual status as of November 2015; estimates based on press releases and public information. PBM: Pharmacy Benefit Manager Note: Covers all main channels (Managed Care, Medicare Part D and Medicaid); market share based on claim adjudication coverage, i.e. not on formulary/rebate decision power Source: Health Strategies Group novo nordisk

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