Investor Presentation Q1 2018

Investor Presentation First three months of 2018 Slide 31 Significant growth opportunities fuelled by strong pipeline across all four strategic focus areas PHASE 1 PHASE 2 PHASE 3 NN1436 LAI287 NN9513 NN9030 G530L NN9838 HypoPen 1513 Amylin analogue NN9747- PYY analogue NN9277 GG-co-agonist - NN9499 FGF21 obesity NN9423 Tri-agonist 1706 NN7170 Sc N8-GP Diabetes Obesity Anti-IL-21 and liraglutide Semaglutide obesity Concizumab Somapacitan - QW GHD1 Semaglutide NASH Haemophilia SUBMITTED APPROVED Oral semaglutide N8-GP Long-acting rFVIII Levemir® Somapacitan - QW AGHD2 Growth disorders Other serious chronic diseases 1 Study conducted in growth hormone disorder 2 Study conducted in adult growth hormone disorder 3 RebinynⓇ is the brand name in the US and Refixia® in the EU QW: Once-weekly; GG: Glucagon GLP-1; Sc: Subcutaneous; QD: Once daily; GH: Growth hormone changing diabetes® NovoRapidⓇ NovoMix® Tresiba® RyzodegⓇ XultophyⓇ VictozaⓇ FiaspⓇ OzempicⓇ SaxendaⓇ NovoSevenⓇ NovoEight® NovoThirteenⓇ RebinynⓇ/RefixiaⓇ3 Norditropin® novo nordisk

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