First Quarter 2018 Investor Presentation

R&D milestones in 2018 Project Q1 2018 TresibaⓇ XultophyⓇ DEVOTE and SWITCH² US regulatory decision DUAL I Japan Phase 3a ✓ DUAL II Japan Phase 3a ✓ FiaspⓇ OzempicⓇ Oral semaglutide EU and Japan regulatory decision PIONEER 1 data Investor Presentation First three months of 2018 Slide 14 Results available¹ Regulatory milestone Q2 2018 Q3 2018 Q4 2018 Japan submission Japan submission EU variation applications PIONEER 2, 3, 4 and 7 data PIONEER 5 and 10 data PIONEER 6, 8 and 9 data LAI287 Phase 1 data AM833 Phase 1 data N8-GP US/EU submission N9-GP Concizumab Somapacitan Diabetes Obesity Haemophilia REAL 3 Phase 2, GHD data Growth disorders 1 Expected to be published in the given quarter or in the subsequent quarterly company announcement 2 Supplemental applications to include the two SWITCH trials have been withdrawn based on interactions with FDA GHD: Growth hormone deficiency; AGHD: Adult growth hormone deficiency Note: G530L has been removed from the overview as the project is still being evaluated in phase 1 Note: TresibaⓇ vs insulin glargine U300 trial has been postponed and is no longer expected to read-out in Q4 2018 Japan regulatory decision explorer 5 data REAL 1 (extension) Phase 3, AGHD data Japan submission explorer 4 data novo nordisk

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