Investor Presentaiton

Investor presentation First three months of 2017 Slide 112 Key assumptions supporting the long-term financial target of an average of 5% operating profit growth¹ Expected future sales drivers, partly offset by expected 2-3% negative global pricing impact Continued underlying 3-4% volume growth of the global insulin market • Insulin • Market share gains and value upgrades driven by the new generation franchise Continued expansion of the GLP-1 market with underlying volume growth of >10% annually GLP-1 . • Solid market leadership with VictozaⓇ supported by semaglutide launch (exp 2018) . Obesity Continued expansion of the obesity market with SaxendaⓇ in the US . Successful launches in new markets Biopharm Limited growth of the biopharm franchise mainly due to increased competition in the haemophilia space GM S&D R&D . Expected future cost drivers 1-3 percentage points decline expected as a result of US pricing impact, partly offset by mix effect and productivity gains 2-3 percentage points decline expected in the S&D to sales ratio • Lower growth in S&D costs mainly driven by focused promotional activities in the US . • Admin • Potential for bolt-on activity to support growth 1 New long term financial target established in connection with the Q3 2016 report. The target of 5% operating profit growth is an average for the period of 4-5 years, with 2015 as the base year. GM: Gross margin Around 13% R&D to sales ratio expected to remain unchanged Refocused research efforts releasing resources to be invested in adjacent disease areas Admin to sales ratio expected to decline to around 3% Lower growth in admin costs driven by various savings initiatives novo nordisk

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