Investor Presentation Q1 2018

Investor Presentation First three months of 2018 Slide 77 Obesity is a chronic disease that requires treatment The set-point theory portrays how metabolic changes affect the ability to lose weight Weight gain Set- point Increased appetite and slowing of metabolism Diet and exercise to reduce weight • The body fights weight loss for people with obesity The body "remembers" its highest body weight and defends this body weight as the "new normal weight" • During weight loss, changes occur in appetite-regulating hormones, which increase hunger • New New set- point set- point Hormone levels signal change to keep weight up If people with obesity do not eat enough, the hormones trigger the body to conserve energy • Changes in hormones persist for at least 5-10 years following weight loss changing diabetes® novo nordisk

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