Novo Nordisk Investor Presentation - First Nine Months of 2016

Investor presentation First nine months of 2016 Negative currency impact in 2016 driven by unfavourable development in both hedged and unhedged currencies Hedged currencies Index (1 Jan 2015= 100) Non-hedged currencies Index (1 Jan 2015 = 100) Slide 17 USD/DKK - CNY/DKK - JPY/DKK GBP/DKK CAD/DKK 140 Hedged 2015 Currencies average 2016 average² Spot rate² Impact of a Hedging 5% move³ (months) 130 USD1 673 668 683 2,000 12 120 110 100 90- CNY1 107.0 101.3 100.9 300 114 JPY1 5.56 6.20 6.57 190 12 GBP1 1,028 921 836 70 12 CAD1 526 506 512 75 11 80 140 RUB/DKK INR/DKK ―ARS/DKK BRL/DKK TRY/DKK 120 100 80- 60 40 1 changing diabetes® 2 3 4 1 2 3 2015 2016 Non-hedged 2015 2016 Spot Currencies average average² rate² RUB1 11.06 9.89 10.97 INR¹ 10.49 9.95 10.22 ARS¹ 0.73 0.46 0.45 BRL¹ 205 191 217 TRY1 248 227 222 1 DKK per 100; 2 As of 24 October 2016; 3 Operating profit in DKK million per annum; 4 Chinese Yuan traded offshore (CNH) Note: Operating profit impact of one of the non-hedged currencies appreciating 5% is in the range of DKK -15 to +30 million novo nordisk

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