Slide 1

Investor presentation

Meet the Management London, 9 August 2018

Manato Ohara, diagnosed with type 1 diabetes Kanagawa, Japan

Shirley Adelia Stewart has type 2 diabetes New Orleans, Louisiana, US

Slide 2

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5

10

15

20

25

30

0

10

20

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50

Sales and local currency growth by therapy Sales and local currency growth by region

NAO: North America Operations IO: International Operations LATAM: Latin America AAMEO: Africa, Asia, Middle East & Oceania J&K: Japan & Korea

H1 2018 sales decreased by 5% in Danish kroner and increased by 4% in local currencies to DKK 54.3 billion

Region Europe

IO NAO

bDKK

0% 8%

2%

15% 6%

-3% 46%

GLP-1 Bio- pharm

Obesity Insulin Diabetes

bDKK

4%

0%

14%

50%

-1% -2%

5%

Investor Presentation First six months of 2018

Region AAMEO

Region China

Region J&K

Region LATAM

Haemo- philia

Growth disorder

IO regions Diabetes Biopharm

Slide 3

Key development milestones

• Ozempic® label updated in the EU to reflect updated device offering • Xultophy® label updated in the EU based on LEADER and DEVOTE data • Successful completion of additional four phase 3a trials, PIONEER 2, 3, 4 and 7, with oral semaglutide • Updated CVOT plans for Ozempic® and oral semaglutide to potentially use a bridging strategy between

SUSTAIN 6 and PIONEER 6 trials to obtain CV label for Ozempic®

• Phase 3b trial with Victoza® as add-on to any SGLT2 inhibitor successfully completed • Phase 3b trial Ellipse with Victoza® in children and adolescents (10-17 years) successfully completed

Diabetes

Investor Presentation First six months of 2018

• Refixia® approved in Japan, with a broad label for people with blood coagulation factor IX deficiency • Positive results from phase 2 trial with somapacitan for treatment of children with growth hormone deficiency

• The four phase 3a, STEP trials, with injectable semaglutide 2.4 mg for people with obesity initiated • Following the obesity portfolio review, FGF-21 and G530L have been discontinued

Obesity

Biopharma

Slide 4

Financial results for the first six months of 2018 and financial outlook for 2018

Investor Presentation First six months of 2018

DKK billion H1 2018

Change reported

DKK

Change local

currency Sales 54.3 (5%) 4% Gross profit 45.8 (5%) Gross margin 84.3% Total operating costs1 21.9 (1%) 6% Operating profit2 24.7 (8%) 4% Operating margin 45.4%

Financial items (net) 1.5 Profit before income tax 26.1 2% Income taxes 5.0 (10%) Effective tax rate 19.2% Net profit 21.1 5% Diluted earnings per share (DKK) 8.66 7%

1) Total operating costs include S&D costs, R&D costs and Administrative costs; 2) Operating profit include s Other operating income The financial outlook is based on an assumption of a continuation of the current business environment and current scope of business activities and assuming currency exchange rates remain at the level as of 2 August 2018

Updated financial outlook for 2018 H1 2018 results

Sales growth - local currencies 3% to 5%

Sales growth - reported ~5 p.p. lower

Operating profit growth - local currencies 2% to 5%

Operating profit growth - reported ~7 p.p. lower

Financial items (net) ~DKK 0.9 billion

Slide 5

OTHER SERIOUS CHRONIC DISEASES

HAEMOPHILIA OBESITY DIABETES

Novo Nordisk’s opportunity is in the large unmet needs across all therapy areas in scope

People with diabetes

425 million

650 million

People in good control

People with obesity

People medically treated

~2% ~6%

People with haemophilia

People living with constant pain

~50%

~425,000

80% of diagnosed NASH patients are obese and 35% have T2DM

70% of diabetes patients die from atherosclerotic CVD

40% of patients hospitalised for heart failure are diabetic

~50% of the total CKD population suffers from diabetic nephropathy

NASH: Non-alcoholic steatohepatitis, T2DM: Type 2 diabetes mellitus, CVD: Cardiovascular disease, CKD: Chronic kidney disease Source: International Diabetes Federation; Diabetes Atlas 8th Edition 2017, IQVIA MIDAS 2017, World Federation of Haemophilia – Annual Global Survey 2016, Abera SF et al. Global, Regional, and National Burden of Cardiovascular Diseases for 10 Causes, 1990 to 2015, 2017; Heart Disease and Stroke Statistics, American Heart Association, 2017; Williams CD et al. Prevalence of nonalcoholic fatty liver disease and nonalcoholic steatohepatitis among a largely middle-aged population utilizing ultrasound and liver biopsy, 2011; Addressing the global burden of chronic kidney disease through clinical and translational research, 2014

Investor Presentation First six months of 2018

Slide 6

Six strategic priorities

BUILD THE GLOBAL OBESITY MARKET

RETURN TO GROWTH IN BIOPHARM

INNOVATE AND EXPAND PATIENT BASE

DRIVE COMMERCIAL INNOVATION

DRIVE INSULIN

VOLUME AND VALUE SHARE

EXPAND THE GLP-1 MARKET AND WIN WITH SEMAGLUTIDE

Investor Presentation First six months of 2018

Slide 7

1. The Great Hall

Meet the Management sessions

3. U-02 2. The Library

Lars Fruergaard Jørgensen CEO Camilla Sylvest EVP Commercial Strategy & Corporate Affairs

Mads Krogsgaard Thomsen CSO Jesper Brandgaard EVP Biopharm & Legal Affairs

Karsten Munk Knudsen CFO Mike Doustdar EVP International Operations

Investor Presentation First six months of 2018

Slide 8

Schedule for group sessions shown on cards

Group A to start in The Great Hall

Group B to start in U-02

Group C to start in The Library

Group session to start at 13.00

Investor Presentation First six months of 2018