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Sustainability investor call

18 May 2016

Shanghai – part of Cities Changing Diabetes

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Agenda

Sustainable business – overview and strategy by Jakob Riis, EVP, China, Pacific & Marketing

Social and environmental responsibility – examples by Susanne Stormer, VP, Corporate Sustainability

Changing Diabetes by Jakob Riis, EVP, China, Pacific & Marketing

Question and Answer session

Sustainability investor call

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Forward-looking statements

Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the company’s Annual Report 2015 and Form 20-F, which are both filed with the SEC in February 2016 in continuation of the publication of the Annual Report 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 ‘Managing risks’ on p 42-43 of the Annual Report 2015.

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.

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The Novo Nordisk Way builds the foundation of the company’s strategy

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

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The Novo Nordisk Way The Triple Bottom Line Business Principle

The Triple Bottom Line (TBL) is the foundation for how Novo Nordisk creates value and stays successful

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We build on the purpose set by our founders and live by their values: The Novo Nordisk Way sets the direction and unites us around a common purpose in the pursuit of our aspirations

The Triple Bottom Line Principle guides how we do business responsibly and how we make decisions that consider the interests of stakeholders and the long-term interests of our shareholders

Financially responsible

Socially responsible

Environmentally responsible

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Novo Nordisk made a commitment to have renewable energy for all production sites by 2020 and to reduce CO2 emissions related to activities from across the value chain

UN: United Nations

Our activities are aligned with the UN Sustainable Development Goals (SDG)

Example of key strategic priorities contributing to achieving the SDGs

The new UN global goals are an opportunity to focus on ‘good health’ including preventing diabetes

NCDs: non-communicable diseases

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The Cities Changing Diabetes partnership maps and analyses root causes of urban diabetes and will provide solutions to address systemic issues relating to healthy living in cities

Explicit mention of NCDs as a priority for global health is a business opportunity for Novo Nordisk to work with governments to address needs for diabetes prevention and care

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The Triple Bottom Line at work Long-term targets

We chose long-term TBL targets that create value both for the society and our business

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Social targets • 40 million people treated with Novo Nordisk’s diabetes

care products by 2020 • Working the Novo Nordisk Way >4 score in survey

Environmental targets • Decouple consumption of water and energy from sales

growth: increase of <50% of sales growth • 100% production sites worldwide to be powered by

renewable energy by 2020 Financial targets • 10% operating profit growth • 125% operating profit after tax to net operating assets • 90% cash to earnings

Demonstrate responsibility for impacts on society

Integrate social and environmental priorities

in business strategy

Lead towards

prosperity

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0%

10%

20%

30%

40%

Million1

In 2015, good progress was made towards achieving the long-term goals

Patients reached with diabetes care products

0

10

20

30

40

50

60

2011 2015

1 Novo Nordisk estimate; 2 Average score in annual employee survey (1-5); 3 Target not to exceed

0

1

2

3

4

1,000,000 GJ

2011 2015

Energy consumption3

0

1

2

3

4

5

2011 2015

Working the Novo Nordisk Way2

2011 2015

Operating Profit Growth

Points Growth Realised

Target

Realised

Target

Realised

Target

Realised

Target

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1. Early diagnosis:

• ~200 million people are left undiagnosed

2. Treatment to target:

• Over 30% will have at least one complication when diagnosed

3. Urban diabetes:

• Urban living can lead to 5 times higher risk of diabetes in emerging countries

• ~65% of people with diabetes live in urban areas globally

Changing Diabetes® encompasses multilevel projects that tackle the global diabetes pandemic

Changing Diabetes® addresses the largest potentials to overcome the ‘Rule of Halves’

‘Rule of Halves’: only ~6% of people with diabetes achieve desirable outcomes

* Actual rates of diagnosis, treatment, targets and outcomes vary in different countries ** Recommended glucose levels

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Global partnerships to develop an approach to fight urban diabetes

Seven partner cities are addressing the threat of urban diabetes

Cities Changing Diabetes aims to break the ‘Rule of Halves’ and stop urban diabetes from ruining millions of lives

Urban diabetes: Type 2 diabetes in cities

• Map the challenge in selected cities

• Share learning and best practices on how to break the ‘Rule of Halves’

• Implement action plans with local partners

2/3 of people living

with diabetes live

in urban areas

Mexico City

Copenhagen

Houston

Shanghai

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Tianjin

Johannesburg

City Leaders

Vancouver

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Seven Diabetes Support Centres launched in Ghana

‘Base of the Pyramid’ programme aims to improve access to care in low income markets

Novo Nordisk aims to close the gap in access to care, particularly in the least developed markets

IO: International Operations

Free screening at Diabetes Support Centre in Accra, Ghana, April 2014

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• Business development initiative aiming to increase access to care in low income countries through interventions to:

1. Increase awareness of diabetes

2. Ensure early diagnosis of diabetes

3. Educate healthcare professionals to manage diabetes

4. Increase availability and accessibility of diabetes care products

5. Improve adherence through patient education and support

• Projects launched in Ghana, India, Kenya and Nigeria with different business models

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• In 2015, Novo Nordisk made a public commitment to go ‘100% renewable’

Novo Nordisk Climate Ambition covers the entire value chain

100% renewable power at production sites in 2020

Novo Nordisk works across the value chain to reduce CO2 emissions

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Denmark Brazil Japan China

US France Russia Algeria

• Novo Nordisk Climate Ambition is to continuously cut CO2 emissions per treated patient

• We work across the value chain to:

• Engage with suppliers to reduce their CO2 emissions

• Reduce CO2 emissions from company cars and business travel

• Increase energy efficiency in production

• Reduce air transport in distribution of our products

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Novo Nordisk has a comprehensive approach to bioethics

Clinical trials create value for society and are conducted in an ethical and sustainable way

HCP: health care professional Source: Assessing the value of diabetes clinical research, Novo Nordisk Blueprint

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Creating value through clinical trials

80% of patients said that

clinical trials improved their HbA1c levels after participation

74% of HCPs agreed that

the benefits of participation for patients extend beyond the clinical trial

35% higher screening

success in our clinical trials than the industry average

90% of patients rate

their overall clinical trial experience as positive

75% of HCPs believe that clinical trials contribute to overall

improvements in treatments and patient care at their hospital/clinic

Clinical trial ethics

Animal ethics

Gene technology ethics

Stem cell ethics

Human biosamples

Value to society Value to Novo Nordisk

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Novo Nordisk follows the OIG framework and industry specific policies Key 2015 achievements

Ensuring ethical business conduct on a global scale

HCP: healthcare professional EFPIA: European Federation of Pharmaceutical Industries and Associations

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Ethics compliance programme by the US Office of the Inspector General of the Department of Health & Human Services (OIG Framework):

1. Trends, risks and procedures

2. Governance and coordination

3. Training

4. Effective lines of communication

5. Auditing and monitoring

6. Disciplinary guidelines

7. Investigations and corrective actions

Industry specific policies:

• Disclosure of HCP payments

• US Sunshine Act

• EFPIA disclosure act

• Annual business ethics training for 97% of all employees

• 49 business ethics assurance reviews conducted

• Audits covering 18,500 employees on adherence to Novo Nordisk Way

• 240 supplier audits

• Group-wide human rights impact assessment covered all corporate functions and global processes. Novo Nordisk is now acting on the findings through a number of work streams

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Employee health and safety and engagement are key focus areas for management

Novo Nordisk is committed to building a diverse and inclusive organisation

Novo Nordisk is committed to the continued development of its employees

Note: numbers refer to FY2015, except for FTEs FTE: full-time employees 1 Excluding employees in NNIT A/S, which was divested in 2015

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2010 2015

Total Appointments Sr. Managers

2010 2015 2010 2015

63%

37% 41%

59% 56%

44%

14%

86%

11%

89%

90.9% retention rate

3.0 accidents per million working hours

4.3 engagement with the Novo Nordisk Way

41,571 FTE employees and 6% growth vs LY1

59%

41%

Male

Female

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The Blueprint for Change Programme aims to understand, communicate and optimise the value created through the TBL

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COMING SOON

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Closing remarks

Strategic activities focus on urban diabetes aligned with business priorities

Environmental performance challenged by continued growth of the company

Responsible business practices with robust governance and consistently solid performance

Poised for sustainable business: Strong TBL track-record and ambitious new long-term targets in place

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Share information Investor Relations contacts

Investor contact information

Novo Nordisk’s B shares are listed on the stock exchange in Copenhagen under the symbol ‘NOVO B’. Its ADRs are listed on the New York Stock Exchange under the symbol ‘NVO’. For further company information, visit Novo Nordisk on the internet at: novonordisk.com

Peter Hugreffe Ankersen +45 3075 9085 phak@novonordisk.com

Melanie Raouzeos +45 3075 3479 mrz@novonordisk.com

In North America:

Kasper Veje +1 609 235 8567 kpvj@novonordisk.com

Novo Nordisk A/S Investor Relations Novo Allé, DK-2880 Bagsværd

Upcoming events

13 Jun 2016 Investor and analyst event in connection with ADA

05 Aug 2016 Financial statement for the first six months of 2016

28 Oct 2016 Financial statement for the first nine months of 2016

02 Feb 2017 Financial statement for 2016

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