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Investor Presentaiton

Investor presentation First three months of 2017 Slide 107 Solid operating profit growth driven by diabetes Operating profit DKK billion Operating profit Operating profit as % of sales Operating profit therapy split Diabetes Biopharm Reported operating profit growth 60 Operating profit growth in local currencies 60% 50 50% 40 40% 25% 28% 30 30% 72% 20 20% 75% 32% 7% 10% 35% 4% 10 10% 20% 15% 13% 13% 6% 0 0% 2012 2013 2014 2015* 2016* 2012 2016 Adjusted for the partial divestment of NNIT A/S and inflammatory out-licensing in 2015 changing diabetes® novo nordisk

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