Investor Presentation - First Nine Months of 2016

Investor presentation First nine months of 2016 Continued modest US sales growth in the third quarter of 2016 Quarterly sales in the US Sales as reported bDKK MAT quarterly local currency growth % - Average local currency growth % Key factors impacting sales growth Sales growth primarily driven by TresibaⓇ, VictozaⓇ and SaxendaⓇ Declining sales of modern insulin driven by impact from: NovoLogⓇ/NovoLog® Mix 70/30 contract loss Declining LevemirⓇ sales following the launch of TresibaⓇ 16 16% 14 14% 12 12% • 10 10% . 8 8% 6 6% 4 4% 2 2% 0 0% Q1 Q3 2014 2016 Lower modern insulin prices Decline in NovoSevenⓇ sales due to increasing competitive pressure changing diabetes Slide 6 novo nordisk

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