First Quarter 2018 Investor Presentation

Investor Presentation First three months of 2018 Slide 59 GLP-1 effect dependent on level of blood glucose GLP-1 mechanism of action when blood sugar levels increase Increases insulin secretion in the pancreas • Reduces glucagon secretion in the liver • Slows gastric emptying in the gut • Creates sense of satiety in the brain Brain GLP-1 lowers blood glucose in patients with type 2 diabetes Type 2 diabetes patients, no GLP-1 Type 2 diabetes patients, with GLP-1 Healthy controls receiving saline Glucose (mmol/L) 18 16 14 12 10 8 6 GLP-1 4 Liver Gut 2 Breakfast Lunch Snack 0 22.00 02.00 06.00 10.00 14.00 18.00 Time changing diabetes Pancreas Source: Rachman et al. Diabetologia 1997;40:205-11 novo nordisk

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