Investor Presentation - First Nine Months of 2016

Investor presentation First nine months of 2016 Slide 103 Solid operating profit growth driven by diabetes Operating profit - DKK billion 60 Operating profit Operating profit as % of sales Reported operating profit growth Operating profit growth in local currencies Operating profit therapy split¹ Diabetes Biopharm g。 60% 50 50% 40 40% 30 30% 65% 20 20% 18% 32% 7% 10% 43% 10 10% 22% 20% 15% 13% 21% 0 0% 2011 2012 2013 2014 2015 changing diabetes 2011 35% 72% 2015 1 2015 numbers exclude the impact on operating profit resulting from the non-recurring income related to the partial divestment of NNIT 28% novo nordisk

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