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Welcome and introduction

Lars Rebien Sørensen

President & CEO

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Capital Markets Day 2015 Welcome and introduction

Forward-looking statements

Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), as well as the company’s Annual Report 2014 and Form 20-F, both filed with the SEC in February 2015, and presentations made, written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to:

• Statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk’s products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto

• Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures

• Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and

• Statements regarding the assumptions underlying or relating to such statements.

These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, including those described in this presentation, could cause actual results to differ materially from those contemplated in any forward-looking statements.

Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and currency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, product recall, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk’s products, introduction of competing products, reliance on information technology, Novo Nordisk’s ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, failure to recruit and retain the right employees, and failure to maintain a culture of compliance.

Please also refer to the overview of risk factors in ‘Be aware of the risk’ on p 42-43 of the Annual Report 2014 on the company’s website novonordisk.com.

Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this presentation, whether as a result of new information, future events or otherwise.

Important drug information

• Victoza® (liraglutide 1.2 mg & 1.8 mg) is approved for the management of type 2 diabetes only

• Saxenda® (liraglutide 3 mg) is approved in the US and EU for the treatment of obesity only

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Agenda 09.00 Welcome and introduction Lars Rebien Sørensen, president & CEO

09.15 Diabetes R&D update Mads Krogsgaard Thomsen, EVP & CSO Peter Kurtzhals, SVP Global Research Peter Kristensen, SVP Global Development

10.00 Product Supply update Henrik Wulff, EVP Product Supply

10.15 Q&A 10.40 Break

10.50 The diabetes care market Lars Fruergaard Jørgensen, EVP Corporate Development Jakob Riis, EVP China, Pacific & Marketing Jerzy Gruhn, EVP Europe

11.40 Q&A 12.00 Lunch

13.00 13.45

Break-out session 1 (see your name tag) Break-out session 2 (see your name tag)

International Operations, Maziar Mike Doustdar, EVP IO China, Camilla Sylvest, SVP Region China Biopharm, Eddie Williams, SVP Biopharm USA and Mads Krogsgaard Thomsen, EVP & CSO

14.30 Break

14.45 Obesity Christian Kanstrup, SVP Marketing, Medical Affairs & SE Mads Krogsgaard Thomsen, EVP & CSO

15.10 US market structure and dynamics Jesper Høiland, EVP USA

15.40 Q&A

16.00 Closing remarks Jesper Brandgaard, EVP & CFO

16.15-17.15 Networking with management

Capital Markets Day 2015 Welcome and introduction

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151 194

246 285

366 382 415

0

100

200

300

400

500

2000 2003 2006 2009 2011 2013 2015

Source: International Diabetes Federation: Diabetes Atlas 1st – 7th Edition; 2000, 2003, 2006, 2009, 2011, 2013 and 2015

The estimated number of people with diabetes has continuously increased the last 15 years

Diabetes Atlas 7th Edition projects that 642 million people will have diabetes by 2040

The diabetes pandemic is expected to continue

Note: 20-79 age group 1 CAGR for 15-year period Source: International Diabetes Federation: Diabetes Atlas 1st – 7th Edition, 2000 and 2015 (Regional breakdown does not reflect the Novo Nordisk regional breakdown entirely)

0

100

200

300

400

500

600

700

Million people

2000 2015 2040E

151

415

CAGR1: 7.0%

642

Europe North America Japan & Korea

International Operations China Million people

Capital Markets Day 2015 Welcome and introduction

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The Novo Nordisk strategy remains focused

Core capabilities

Expand leadership in DIABETES

Pursue leadership in HAEMOPHILIA

Establish presence in OBESITY

Expand leadership in GROWTH DISORDERS

Strategic priorities

The Novo Nordisk Way

Engineering, formulating, developing and delivering protein-based treatments

Deep disease under- standing

Efficient large-scale production of proteins

Building and maintaining a leading position in emerging markets

Planning and executing global launches of new products

Driving change to defeat diabetes and other serious chronic conditions

Capital Markets Day 2015 Welcome and introduction

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0

20

40

60

80

2,010 2,011 2,012 2,013 2,014

Th

ou

san

ds

Novo Nordisk diabetes care sales by treatment class

Expected future growth drivers for Novo Nordisk’s diabetes care franchise

As the innovation leader in diabetes care, Novo Nordisk pursues double digit growth for diabetes care franchise

1 CAGR for 2010-2014

Other diabetes care Insulin

2010 2011 2012 2013 2014

CAGR1 11.2%

GLP-1

Volume growth

Market share gain

Value upgrade

GLP-1 franchise

DKK billion

Continued underlying growth of the global insulin market

Market share gains driven by best in-class insulin portfolio

Continued upgrade from older generations of insulin

Continued expansion of the GLP-1 market

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We have made significant progress within all strategic priority areas since the 2013 Capital Markets Day

Expand leadership in DIABETES

Pursue leadership in HAEMOPHILIA

Establish presence in OBESITY

Expand leadership in GROWTH DISORDERS

Tresiba® approval in the US

Xultophy® EU approval and US filing

Semaglutide strong phase 3a results

Oral semaglutide to be initiated in phase 3

Tresiba® launched in 36 countries

Xultophy® and Ryzodeg® introduced in first countries

Victoza® reached double block-buster status

Saxenda® US and EU approval Saxenda® established a significant presence in the US anti-obesity market

NovoEight® approval in all triad markets NovoEight® launched in 13 countries

NN8640 phase 3 initiation in AGHD Norditropin® expanded leadership

AGHD: adult growth hormone deficiency

Strategic priorities R&D achievements Commercial achievements

Capital Markets Day 2015 Welcome and introduction

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NOVO NORDISK HEADQUARTER World Diabetes Day 2015