First Quarter 2018 Investor Presentation

Investor Presentation First three months of 2018 Slide 13 Key development milestones Diabetes Obesity Biopharm . • • OzempicⓇ granted marketing authorisation by European Commission and approved in Japan Variation applications for OzempicⓇ submitted to the EMA for the devices and inclusion of SUSTAIN 7 data New drug application for RyzodegⓇ submitted to the China FDA XultophyⓇ label to include LEADER and DEVOTE data submitted to the FDA and positive opinion adopted by CHMP in the EU DUAL I Japan phase 3a trial with XultophyⓇ completed LAI287 phase 1 trials completed and phase 2 initiation expected before end of 2018 Development of PI406 to be discontinued following phase 1 results HypoPen 1513 initiated in phase 1 AM833 phase 1 results completed and phase 2 initiation expected early 2019 N8-GP submitted for regulatory approval in the USA and the EU for treatment of haemophilia A Phase 1/2 multiple dose trial with subcutaneous N8-GP initiated following completion of single dose trial Worldwide license to Epi Destiny's sickle cell disease programme (EPI01) obtained NorditropinⓇ label in the USA updated with two additional indications changing diabetes novo nordisk

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