Novo Nordisk Investor Presentation - First Nine Months of 2016

Investor presentation First nine months of 2016 Slide 19 Updated long-term financial targets Updated operating profit growth target of 5% Challenging environment in the US leads to the update of operating profit target • Updated operating profit growth target of 5% on average primarily reflecting: Previous Target¹ Updated Target 10% 5% • Operating profit growth Operating profit after tax to 125% 125% net operating assets Cash to earnings (three year average) 90% 90% More challenging pricing environment in the US especially within insulin and human growth hormone products Intensified competitive situation within diabetes care and haemophilia Targets for operating profit after tax to net operating assets as well as cash to earnings remain unchanged Note: The targets have been revised based on an assumption of a continuation of the current business environment 1 The long-term financial targets were last updated in connection with the 2015 annual results changing diabetes novo nordisk

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