First Quarter 2018 Investor Presentation

Investor Presentation First three months of 2018 Slide 53 Solid volume growth in the Chinese insulin market Chinese insulin market by segment Device penetration tMU CAGR volume¹: 10.4% 55 CAGR value¹: 13.8% 50 45 40 35 30 25 20 15 10 5 0 Feb 2013 Chinese insulin volume market shares Novo Nordisk Eli Lilly Gan & Lee Tonghua Dongbao Other - Modern insulin penetration Penetration Sanofi 100% 70% 60% - 80% Fast-acting 50% 60% 40% 30% Premix 40% 20% 20% 10% Long-acting 0% 0% Feb 2018 Feb 2013 1 CAGR for 5-year period Note: IQVIA covers around 50% of the total Chinese market (hospital data) Source: IQVIA monthly MAT Feb, 2018 volume and value (DKK) figures changing diabetes® -52% 12% 12% 10% 7% 6% Feb 2018 Note: Only selected competitors shown Source: IQVIA monthly MAT Feb, 2018 volume figures, numbers do not add up to 100% due to smaller insulin manufacturers not included novo nordisk

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