Investor Presentaiton

Investor presentation First three months of 2017 Strong underlying insulin market growth and sustained global volume market share Slide 41 Global modern and new generation insulin volume market shares Sanofi Novo Nordisk Eli Lilly Global insulin market Device penetration Modern insulin penetration¹ tMU Penetration 500 CAGR volume²: 4.5% 100% 60% CAGR value²: 19.8% 50% 400 80% 40% 300 60% MI and NGI¹ 30% 200 40% 20% 100 - 20% Human insulin 10% 0 0% 0% Feb 2012 1 MI: Modern insulin. NGI: New-generation insulin 2 CAGR for 5-year period Note: Data is sensitive to changes in IMS data collection and reporting methodology Source: IMS Monthly MAT February, 2017 volume and value (DKK) figures Feb 2017 changing diabetes® Feb 2012 Note: Data is sensitive to changes in IMS data collection and reporting methodology, does not add up to 100% due to other players Source: IMS Monthly MAT February, 2017 volume figures 44% 35% 19% Feb 2017 novo nordisk

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