Investor Presentation - First Nine Months of 2016

Investor presentation First nine months of 2016 Slide 8 Sales growth is driven by new-generation insulin and VictozaⓇ - Sales as reported – first nine months of 2016 Other biopharmaceuticals Growth analysis – first nine months of 2016 Growth Local currencies Share of growth NorditropinⓇ +3% +14% 3% Haemophilia 8% (3%) 9% New-generation insulin¹ 185% 36% Modern insulin (1%) (7%) Human insulin 0% 0% VictozaⓇ 13% 33% Other diabetes and obesity care² 26% 18% - Hereof SaxendaⓇ 331% 16% Diabetes and Diabetes and obesity care 6% 81% 79% obesity care +4% Haemophilia³ (1%) (2%) NorditropinⓇ 16% 19% Other biopharmaceuticals4 4% 2% Sales of DKK 82,208 million (+4%) Note: NorditropinⓇ sales growth in the first nine months of 2016 is derived primarily from the USA reflecting a positive non-recurring adjustment to rebates in the Medicaid patient segment changing diabetes Biopharmaceuticals Total 1 Comprises TresibaⓇ, XultophyⓇ and RyzodegⓇ 2 Primarily Novo NormⓇ, needles and SaxendaⓇ 3 Comprises Novo Seven®, Novo Eight® and NovoThirteenⓇ 4 Primarily Vagifem® and Activelle® 6% 19% 6% 100% novo nordisk

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