Novo Nordisk Investor Presentation - First Nine Months of 2016

Financial outlook for 2016 Investor presentation First nine months of 2016 Slide 18 Sales growth - local currencies Sales growth - reported Operating profit growth - local currencies Operating profit growth - reported Financial items (net) Effective tax rate Capital expenditure Depreciation, amortisation and impairment losses Free cash flow Expectations 28 Oct 2016 5-6% Around 2 percentage points lower 5-7% Around 2 percentage points lower Loss of around DKK 600 million 20-22% Around DKK 7.0 billion Around DKK 3.0 billion Around DKK 38-41 billion Previous expectations 5 Aug 2016 5-7% Around 2 percentage point lower 5-8% Around 3 percentage point lower Loss of around DKK 600 million 20-22% Around DKK 7.0 billion Around DKK 3.0 billion Around DKK 38-41 billion The financial outlook is based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency exchange rates remain at the level as of 24 October 2016 changing diabetes® novo nordisk

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