n o v o n o r d i s k a n n ua l r e p o r t 2 0 1 4 CITIES NEED TO FIGHT DIABETES – bu t how? THE STRUGGLE TO LOSE WEIGHT – obesity is a major public health issue S T A Y FOCUSED, THINK LONG - TERM – Novo No r disk ’ s business strategy A CURE FOR TYPE 1 DIABETES – d r eam or potential r eality?

6 2 0 1 4 P E RF O R M A N C E A N D 2 0 1 5 O U T L OOK 16 B U S I N E S S S T R A T E G Y – S T A Y F O C U S E D , T H I N K L O N G - TER M 20 NOV O N O R D I S K A R O U N D T H E W O R L D 28 TH E CHALLE NG E O F C HA N G I N G D I AB E T E S 34 C I T I E S F IG H T U R B A N DI A B E T E S C O N T E N T S A C C O M P L I S H M E N TS A N D R E S U L T S 2 0 14 G O V E R N A N C E , L E A D E R S H I P A N D S HAR E S O U R B U S I N E SS F I N A N C I A L, S O C I A L A N D E N V I R O N M E N T A L S TA T E M E NT S A D D I T I ON AL I N FO R M A T I O N a n d T H E S T R U G G L E T O L O S E W E I G H T 36 T h e M a n a g e m e n t r e vi e w , a s d e f i n e d b y t h e D a n is h F i n a n ci a l St a t e m e n t s A c t ( F S A ) , i s f o un d o n p p 1 – 5 4 a n d 95 . T h i s A nnu a l R e p o r t i s pu b lis h e d i n E n g lis h o n l y . A s h o r t e r v e r s io n, c o n si s t i n g o f t h e M a n a g e m e n t r e vi e w a n d e x c e r p t s f r o m t h e c o n so l i d a t e d st a t e m e n t s , i s a v a il a b le i n D a n is h . I n t h e e v e n t o f a n y d i s c r e p a n c i e s , t h e E n g lis h v e r s io n s h a l l p r e v a i l . 16 B u s i n e s s s t rat eg y – st a y f o cu se d , t hin k lon g - t er m 2 0 N ov o N o r d i s k a r o u n d th e worl d 2 6 P i p e li n e ov e r vi e w 28 T h e ch a l l en g e o f ch ang i n g d i a b e t e s 30 W a n t e d : m o r e t r e a t m e n t o p tio n s 32 T y p e 1 d i a b e t e s – i n s ea r c h o f a cure 3 4 C it ie s fig h t u r ba n d i a b e t e s 36 T h e s tru g g l e t o l os e weig h t 38 W he n bl o o d d o e s n ’ t c l o t 3 9 G r o w t h ma t t e rs 4 0 T h e pe o p l e si d e o f th e b usi n e s s 4 2 B e a wa r e o f th e r i s k 1 L e t t e r fr o m th e C h a i r m a n 2 L e t t e r fr o m th e C E O 4 N ov o N o r d i s k a t a g l an c e 6 2 0 1 4 p e r f or m an c e an d 2 0 1 5 outl o o k 14 Pe r f or m an c e h ig hl ig h t s 4 4 Sh a r e s an d c api t a l s tru c ture 46 C o rp o r at e g ov er n an c e 49 Re mu ne ra tio n 52 Bo a r d o f D ir e c t o rs 54 E x e c ut i v e M a n a g e m e n t 5 5 C o n so l id at e d f in an ci a l , s o ci a l e n v ir o n m e n t a l st at e m e n t s 1 0 5 F in an ci a l st at e m e n t s o f th e pa r e n t c ompa n y 1 0 9 M a n a g e m e n t ’ s st at e m e n t an d A udi t o r ’ s r ep o r t s 1 1 2 P r o du c t ov e r vi e w 1 1 3 M o r e i nf or ma tio n

1 L E T T E R F R O M T H E C H A I R M A N I n m y l e t t e r in la s t y e a r ’ s a nn ua l re p o r t , I e x p re ss e d t h e B o a r d o f D ir e c t o r s ’ c o n f i d e n c e t h a t N ovo N o rd is k w o u l d c o n t i n u e t o d o v e r y w e l l d e s p i t e h a v in g b e e n f a c e d w it h s e v e r a l c h a l l e n g e s i n 2 0 1 3 . T o d a y , w r it in g t hi s y e a r ’ s l e t t e r , I f e e l w e h a v e e v e n m o re re a s o n t o b e c o n f i d e n t . 2 0 1 4 h a s s h o w n t h a t N ovo N o r d is k re s p o n d s w e l l t o c ha l l e n g e s . T h e P r o d u c t S u pp l y a n d Q ua l i t y o r g a ni s a t io n s h a v e d o n e a n e x c e l l e n t jo b in a d d re s s in g t h e f in d in g s r a i s e d b y t h e US F oo d a n d D r u g A d m ini s t r a t io n ( F D A ) in 2 0 1 2 in c o n n ec t io n w it h t h e i n s p ec t io n o f a p r o d u c t io n p la n t in D e n m a r k , w h il e a t t h e s a m e t i m e e x p a n d in g o u t p u t t o m e e t t h e in c re a s in g d e m a n d f o r N ovo N o r d is k ’ s p r o d u c t s . W e l l a h e a d o f t h e o r i g i n a l t i m e l i n e , t h e G lo b a l D e v e lo p m e n t o r g a ni s a t io n h a s r e c r u i t e d a l l t h e p a t i e n t s n e e d e d f o r t h e D E V O T E s t ud y w h i c h w a s ini t ia t e d in re s p o n s e t o a re q u e s t f r o m t h e F D A in F e b r ua r y 2 0 1 3 f o r m o re d a t a re g a r d in g T re si b a ® . A s a re s u l t , N ovo N o r d is k w o u l d p ot e n t ia l l y b e a b l e t o re s ub m it a n a pp l i c a t io n f o r a p p r o va l a s e a r l y a s 2 0 1 5 . N ovo N o r d is k ’ s US o r g a ni s a t io n re s p o nd e d qu i c k l y a n d p r o f e s s io n a l l y t o w h a t w a s a v e r y t o u g h st a r t t o 2 0 1 4 wh e n t h e e f f ec t o f a m a jo r c o n t r a c t lo s s in 2 0 1 3 in p a r t i c ula r m e a n t t h a t s a l e s in t h e f i r s t q ua r t e r s f e l l s h o r t o f e x p ec t a t io ns . T h e G lo b a l R e s e a r c h o r g a ni s a t io n h a s s w i f t l y a l i g n e d i t s e l f w it h o u r d e cis io n t o d i s c o n t i n u e re s e a r c h w it hin i n f la mm a t o r y d i s o r d e r s . A s a re s u l t , N ovo N o r d is k is a b l e t o in c re a s e i t s re s e a r c h w it hin d i a b e t e s p re v e n t io n a n d t re a t m e n t , o b e si t y a n d d i a b e t e s c o m p l i c a t io n s . T h e a b ov e f o u r c a s e s a re j u s t e x a m p l e s , b u t i m p o r t a n t o n e s , t h a t s h o w m e a n d t h e re s t o f t h e B o a r d t h a t N ovo N o r d is k h a s re t a i n e d t h e a g il i t y t o d e a l e f f ec t i v e l y w it h b o t h c h a l l e n g e s a n d o pp o r t u ni t i e s , d e s p i t e h a v in g g r o w n i n t o a la r g e , g lo b a l c o m p a n y ov e r t h e p a s t 1 0 y e a r s . L ik e w e d o e v e r y y e a r , t h e B o a r d h a s re vi e w e d t h e c o m p a n y ’ s lo n g - t e r m s t r a t e g y , a n d w e h a v e f o un d it t o b e s o un d – a m b it i o u s , y e t re a l i s t i c a n d a s o l i d b a sis f o r f u t u re g r o w t h . W e h a v e a l s o e va l ua t e d t h e s t re n g t h o f t h e c o m p a n y ’ s e x e c u t i v e l e a d e r s hi p a n d s e n i o r m a n a g e m e n t . T o g e t h e r w it h t h e e x e c u t i v e t e a m w e h a v e a ss e ss e d t h e c o m p a n y ’ s o rg a ni s a t io n a l s t re n g t h s a n d w e a k n e ss e s . W h e n e v e r w e h a v e i d e n ti f i e d i s s u e s t h a t c o u l d b e c o m e a si g ni f i c a n t o b st a c l e t o m e e t in g t h e c o m p a n y ’ s lo n g - t e r m g o a ls , w e h a v e a g r e e d o n a p lan o f a c t io n . W e a re c o n f i d e n t t h a t w it h C h ie f E x e c u t i v e O f f i c e r L a r s R e b i e n S ø re n s e n a n d hi s m a n a g e m e n t t e a m, w e h a v e t h e l e a d e r s hi p n e e d e d t o e x e c u t e N ovo N o r d is k ’ s s t r a t e g y e f f ec t i v e l y . I n 2 0 1 4 , I h a d t h e p l e a s u re o f w o r kin g m o re c lo s e l y w it h C h ie f O p e r a t in g O f f i c e r K å re S c h u l tz , wh o w a s a pp o i n t e d P re si d e n t in J a n ua r y 2 0 1 4 a s a re f l ec t io n o f t h e i m p o r t a n c e a n d c o m p l e x i t y o f hi s o r g a ni s a t io n a n d hi s s u c c e ss f u l m a n a g e m e n t o f it . T h e t w o n e w e s t m e m b e r s o f t h e t e a m, L a r s F r u e r g aa r d J ø r g e n s e n a n d J a k o b R i is , h a v e b o t h b e e n g i v e n g re a t e r re s p o n si b il it i e s i n r e c o g ni t io n o f t h e s t r o n g l e a d e r s hi p t h e y h a v e s h o w n o f t h e ir o r g a ni s a t io n s . T hi s , u n f o r t u n a t e l y , m e a n t t h a t L i s e K in g o , wh o s e re m it b e c a m e n a r r o w e r a s a re s u l t , d e ci d e d t o l e a v e a f t e r a lo n g a n d s u c c e ss f u l c a r e e r a t N ovo N o r d is k . I w is h h e r a l l t h e b e s t . G ö r an A nd o C h a i r m a n o f t h e B o a r d o f D ir e c t o r s C h a i rman o f th e B o a r d o f D i r e c t o r s G ö r an A nd o a t No v o N o r d i s k ’s A n n u a l G e n e r a l M ee ti n g , M a r c h 2 0 1 4 . T h e B o a r d i n t e n d s t o s e t up a R e m u n e r a t io n C o mm i t t e e in 2 0 1 5 t o e n s u re t h a t N ovo N o r d is k ’ s in c e n t i v e s c h e m e s a re a p p r o p r ia t e f o r r e c r u it in g , m o t i va t in g a n d re t a inin g s e n i o r e x e c u t i v e s w it h t h e c o m p e t e n c e s n e e d e d t o d r i v e t h e c o m p a n y ’ s s t r a t e g y s u c c e ss f u l l y . I n 2 0 1 4 , s a l e s g re w b y 8 % a n d o p e r a t in g p r o f it b y 1 3 % , b o t h in l oc a l c u r re n c i e s . A t t h e s a m e t i m e , si g ni f i c a n t p r o g re s s w a s m a d e o n t h e k e y d e v e lo p m e n t p r o j ec t s . O f s p e c ia l n ot e is F D A ’ s a p p r o va l o f S a x e n d a ® f o r w e i g h t m a n a g e m e n t o n 23 D e c e m b e r . A g a i n s t t hi s b a c k g r o un d , t h e B o a r d w il l p r o p o s e a n 1 1 % i n c re a s e in d iv i d e n d t o 5 . 0 0 D a ni s h k r o n e r p e r s h a re a t t h e A nn ua l G e n e r a l M e e t in g . T h e B o a r d h a s f u r t h e r d e ci d e d t o ini t ia t e a n e w s h a re r e pu r c h a s e p r o g r a m m e o f up t o 1 5 b ill io n k r o n e r . O n b e h a l f o f t h e B o a r d o f D ir e c t o r s , I w o u l d lik e t o e x p re s s m y a p p r e c ia t io n f o r t h e l e a d e r s hi p s h o w n b y L a r s R e b i e n S ø re n s e n a n d hi s m a n a g e m e n t t e a m, a n d t h e h a r d w o r k a n d d e d i c a t io n o f t h e e n t ire N ovo N o r d is k o r g a ni s a t io n .

2 0 1 4 e n d e d m u c h b et t e r t h a n i t s t a r t e d f o r N ov o N o r d is k . I m u s t a d m i t t h a t I f e l t a b i t u n e a s y d u r in g t h e f i r s t c o u p l e o f m o n t h s w h e n f o l l o w in g t h e d e v e l o p m e n t o f o u r s a l e s i n t h e U n i t e d S t a t e s . W e k n e w t h a t i t w o u l d n o t b e p la i n s a ili n g b e c au s e s o m e t hin g s h a d h a p p e n e d i n 2 0 1 3 t h a t w o u l d pu t p r e s s u r e o n s a l e s t h e r e , bu t w e c o u l d n o t b e a b s o l u t e l y s u r e h o w i t w o u l d p la y o u t . W e k n e w s a l e s w o u l d b e n e g a ti v e l y i m p a c t e d b y t h e lo ss o f re i m b u r s e m e n t f o r t w o o f o u r m a i n d i a b e t e s p r o d u c t s w it h a la r g e p h a r m a c y b e n e f i t m a n a g e r , w h i c h t o o k e f f ec t i n J a n ua r y 2 0 1 4 . W e w e r e a l so e x p ec t in g t h a t m o r e A m e r i c a n s w o u l d s e e k m e d i c a l c ov e r a g e u n d e r M e d i c a r e P a r t D , a g ov e r n m e n t - f u n d e d in s u r a n c e s c h e m e t o w h i c h w e g i v e v e r y hi g h re b a t e s . T hi s w o u l d , o f c o u r s e , pu t p r e s s u r e o n o u r a v e r a g e n e t s a l e s p r i c e s . W e a l so k n e w t h a t s a l e s o f o u r p r o d u c t P r a n d i n ® w o u l d b e m u c h l o w e r a f t e r the p r o d u c t w as e x p o s e d t o g e n e r i c c o mp e titio n i n A u g u s t 2 0 1 3 . O n t o p o f t h e s e e v e n t s , w e e x p e r i e n c e d s o m e o f o u r w h ol e s a l e r s r e d u c in g t h e ir i n v e n t o r i e s i n t h e f ir s t q ua r t e r o f 2 0 1 4 . T o g e t h e r , t hi s m e a n t t h a t 4 7 q ua r t e r s o f d o u b l e - d i g i t s a l e s g r o w t h ( m e a s u r e d i n l oc a l c u r re n c i e s ) – b o t h f o r o u r U S b u s i n e ss a n d t h e c o m p a n y a s a w h ol e – c am e t o a n e n d i n t h e f ir s t q ua r t e r , a n d w e h a d t o l o w e r o u r s a l e s g u i d a n c e f o r t h e f u l l y e a r a n o t c h . O n c e w e g o t t h e f i r s t q ua r t e r b e hi n d u s , t hin g s s t a r t e d l o o kin g b et t e r ; b o t h b e c au s e s o m e o f t h e d e v e l o p m e n t s s t a b ili s e d a n d , a s o u r c h a i r m a n G ö r a n A n d o p o i n t s o u t i n hi s l et t e r , b e c au s e o u r o r g a ni s a tio n r e s p o n d e d v e r y p r o f e s s io n a l l y t o t h e n e w s c e n a r i o i n t h e U S . W e e n d e d t h e y e a r g r o w i n g o u r N o r t h A m e r i c a n s a l e s b y 1 1 % a n d o u r g l o b a l s a l e s b y 8 % i n l oc a l c u r re n c i e s , w h i c h i s w it hi n t h e r a n g e w e h a d o r i g i n a l l y f o r e c a s t e d . W h a t i s m o r e , w e d e l i v e r e d 1 3 % g r o w t h in o p e r a t i n g p r o f i t i n l oc a l c u r re n c i e s , w h i c h w a s b et t e r t h a n f o r e c a s t e d . T w o p r o d u c t s – L e v e m i r ® a n d V i c t o z a ® – a cc o u n t e d f o r m o r e t h a n t h r e e - q ua r t e r s o f t h e s a l e s g r o w t h , bu t I am a l so e n c o u r a g e d b y t h e v e r y p o s iti v e d e v e l o p m e n t i n s a l e s o f o u r h u m a n g r o w t h h o r m o n e N o r d it ro p i n ® , a n d T r e si b a ® , o u r n e w lo n g - a c t in g in s u l i n . M e a s u r e d i n l oc a l c u r re n c i e s , T r e si b a ® a cc o u n t e d f o r 8 % o f s a l e s g r o w t h a n d c o n t i n u e s t o d o w e l l i n a l l t h e m a r k et s i n w h i c h i t i s c o mp e t in g o n a n e q ua l f o o t in g i n t e r m s o f re i m b u r s e m e n t s t a t u s w it h o t h e r in s u l i n p r o d u c t s . T r e si b a ® w a s lau n c h e d i n J a p a n i n M a r c h 2 0 1 3 , a n d b y t h e e n d o f 2 0 1 4 i t h a d c la i m e d m o r e t h a n 2 6 % o f t h e s e g m e n t f o r lo n g - a c t in g in s u li n ( b a s a l i n s u l in ) m e a s u r e d i n va l u e . F r o m a r e g io n a l p e r s p ec ti ve , N o r t h A m e r i c a a cc o u n t e d f o r 6 1 % o f s a l e s g r o w t h , f o l l o w e d b y I n t e r n a tio n a l O p e r a tio n s a n d R e g io n C hin a . I t i s a l so i n t h e s e r e g io n s t h a t w e e x p ec t t o s ee m o s t o f t h e g r o w t h in t h e c o m i n g y e a r s . O u r s a l e s g r o w t h , c o m b i n e d w it h c o n t i n u o u s f o c u s o n t h e e f f i c i e n c y o f o u r o p e r a tio n s , r e s u l t e d i n o p e r a t i n g p r o f i t g r o w t h o f 1 0 % re p o r t e d a n d 1 3 % i n l oc a l c u r re n c i e s , a s I m e n tio n e d e a r l i e r . G r o w t h i n n e t p r o f i t w a s 5 % a n d , m e a s u r e d o n a n e a r ni n g s p e r s h a re b a si s , t h e i n c re a s e w a s 8 % . I c o n s i d e r t hi s t o b e a s o l i d f in a n c ia l p e r f o r m a n c e i n a y e a r c h a r a c t e r i s e d b y a l l f o r m s o f c o s t - c o n t a in m e n t m e a s u r e s b y t h e p a y e r s o f p h a r m a c e u ti c a l s – w h e t h e r t h e s e a re g ov e r n m e n t s , e m p l oy e r s o r t h e i r i n t e r m e d ia r i e s . O f c o u r s e , p r e s s u r e o n p r i c e s a n d re i m b u r s e m e n t r e s t r i c tio n s f o r n e w p r o d u c t s i s n o t a n e w ph e n o m e n o n . I n E u r o p e i t h a s b e e n t h e n o r m r a t h e r t h a n t h e e x c e p t io n f o r y e a r s . I n t h e U S – t h e w o r l d ’ s la r g e s t m a r k e t f o r p h a r m a c e u ti c a l s – p r e s s u r e h a s b e e n g r o w in g v e r y si g n i f i c a n tl y i n t h e p a s t t w o y e a r s , a n d t hi s t re n d w il l s u re l y c o n t i n u e . T h a t i s t h e m a i n re a s o n w h y o u r s a l e s a r e u nl ik e l y t o re t u r n t o p re v io u s d o u b l e - d i g i t g r o w t h l e v e l s i n 2 0 1 5 . A t t h e e n d o f J a n ua r y , a s I w r i t e t hi s l et t e r , o u r f o r e c a s t i s t h a t s a l e s w il l g r o w b e t w e e n 6 a n d 9 % m e a s u r e d i n l oc a l c u r re n c i e s . L o o k i n g f u r t h e r a h e a d , m o r e t h a n a n y t hi n g e l s e i t i s o u r a b il i t y t o d i s c ov e r , d e v e l o p a n d lau n c h n e w a n d b et t e r p r o d u c t s t h a t c a n c h a n g e t h e l i v e s o f p e o p l e w it h c h r o n i c d i s e a s e s s u c h a s d i a b e t e s t h a t w il l d e t e r mi n e o u r s u cc e ss a s a c o m p a n y . W e h a v e t h e re f o r e m a i n t a i n e d o u r hi g h l e v e l o f s p e n d in g o n r e s e a r c h a n d d e v e l o p m e n t i n 2 0 1 4 , a n d w e h a v e n o i n t e n tio n o f c u t t in g b a c k i n t h e c o min g y e a r s . A g a in s t t hi s b a c k g r o u n d , I am h a p p y t h a t w e re a c h e d s e v e r a l i m p o r t a n t m i l e s t o n e s i n 2 0 1 4 a n d t h a t 2 0 1 5 w il l b r in g a n un p r e c e d e n t e d n e w s f l o w f r o m o u r p i p e l i n e . Y o u w il l f i n d mu c h m o r e o n t hi s la t e r i n t hi s a n n ua l re p o r t . T h e s p a c e a va i l ab l e h e r e o n l y a l l o w s m e t o hi g hl i g h t a f e w i m p o r t a n t e v e n ts : • I n S epte mb e r 2 0 1 4 , t h e E u r o p e a n C o mm i s s io n g r a n t e d m a r k e t i n g a u t h o r i s a tio n f o r X u l t o p h y ® f o r t h e t re a t m e n t o f t y p e 2 d i a b e t e s in a d u l t s . X u l t o p h y ® i s a f i x e d c o m b i n a tio n o f in s u l i n d e g l u d e c ( T r e si b a ® ) a n d l i r a g l u ti d e ( V i c to z a ® ) o f f e r in g a n e w w a y t o i n t e n s i f y t re a t m e n t a n d i m p r ov e b l oo d g l u c o s e c o n t r o l . I n J a n ua r y 2 0 1 5 , S w i t z e r la n d w a s t h e f ir s t c o u n t r y t o lau n c h X u l t o p h y ® , a n d m o r e c o u n t r i e s w il l f o l l o w d u r in g t h e y e a r . • B y t h e e n d o f 2 0 1 4 , a l l t h e p a ti e n t s n ee d e d f o r t h e T r e si b a ® D E V O T E s t u d y h a d b e e n r e c r u i t e d . B a s e d o n i n t e r i m r e s u l t s f r o m t hi s s t u d y , N ov o N o r d is k w o u l d p ot e n t ia l l y b e a b l e t o r e s u bm i t a n a pp l i c a tio n f o r a pp r o va l a s e a r l y a s 2 0 1 5 . T h e d e cis io n w h e t h e r t o d o so w il l b e t a k e n i n t h e f ir s t h a l f o f t h e y e a r . • 2 0 1 5 w il l a l so b r i n g v e r y i m p o r t a n t s t u d y r e s u l t s f o r o t h e r k e y d e v e l o p m e n t p r oj ec t s w it hi n d i a b e t e s : t h e re m a inin g p h a s e 3 a d a t a f o r f a s t e r - a c t in g in s u l i n a s p a r t ; a l l p h a s e 3 a r e s u l t s f o r t h e u s e o f V i c t o z a ® i n p e o p l e w it h t y p e 1 d i a b e t e s ; t h e f ir s t p h a s e 3 a r e s u l t s f o r s e m a g l u ti d e , a o n c e - w e ek l y G L P - 1 a n a l o g u e ; a n d p h a s e 2 r e s u l t s f o r a n o r a l ( t a b l e t ) f o r m ula tio n o f G L P - 1 . • O u r n e w t re a t m e n t f o r p e o p l e w it h o b e s i t y , l i r a g l u ti d e 3 m g ( S a x e n d a ® ) , w a s a pp r ov e d i n t h e U S i n D e c e mb e r 2 0 1 4 a n d r e c e i v e d a p o s iti v e o p i n i o n f r o m t h e E u r o p e a n M e d i c i n e s A g e n c y ’ s e x p e r t c o mm i t t ee i n J a n ua r y 2 0 1 5 . W e e x p ec t t o lau n c h S a x e n d a ® i n t h e US i n t h e f ir s t h a l f o f 2 0 1 5 . • W it hi n o u r h a e m o p hi l i a a re a , w e lau n c h e d r e c o m b in a n t f a c t o r V II I ( N ov o E ig h t ® ) i n J a p a n a n d s o m e E u r o p e a n c o u n t r i e s f o r t h e t re a t m e n t o f p e o p l e w it h h a e m o p hi l i a A . T h e p r o d u c t h a s b e e n v e r y w e l l r e c e i v e d a n d w il l b e lau n c h e d i n t h e U S i n 2 0 1 5 . T o e n s u re s u f f i c i e n t p r o d u c tio n c a p a c i t y f o r o u r h a e m o p hi l i a p r o d u c t s i n t h e c o m i n g y e a r s , w e a c qu ir e d a p la n t i n N e w H a m p shir e i n A u g u s t 2 0 1 4 , w h i c h w il l c o m m e n c e o p e r a tio n d u r in g 2 0 1 5 . I n S epte mb e r 2 0 1 4 , w e d e c i d e d t o d i s c o n t i n u e o u r r e s e a r c h a n d d e v e l o p m e n t a c ti v iti e s w it hi n i n f la mm a t o r y d i s o r d e r s . T h e d e cis io n w a s m a d e a f t e r o u r m o s t a d va n c e d c o mp o u n d , a n t i - I L - 2 0 f o r t h e L E T T E R F R O M T H E C E O

3 t re a t m e n t o f r h e u m a t oi d a r t h r it i s , h a d fa i l e d t o s h o w e f f ec ti v e n e ss in a p h a s e 2 t r ia l . W it h o u t i t w e c o u l d n o t e x p ec t t o lau n c h a p r o d u c t in t hi s a re a b e f o r e t h e la t e 202 0 s . I n t hi s li g h t , w e c o n cl u d e d t h a t i t w o u l d s e r v e t h e c o m p a n y a n d i t s s h a re h ol d e r s b e s t t o re a l l oc a t e t h e r e s o u r c e s w e w e r e s p e n d in g w it hi n i n f la mm a tio n t o o t h e r a re a s , e s p e c ia l l y w it hi n d i a b e t e s , w h e r e w e h a v e a g re a t e r c h a n c e o f s u cc e s s . 2 0 1 5 w il l b e o n e o f t h e m o s t e x c it in g a n d c h a l l e n g in g y e a r s i n N ov o N o r d is k ’ s 9 2 - y e a r hi s t o r y . A s a l w a y s , I t a k e g re a t p l e a s u r e i n w o r kin g w it h m y E x e c u ti v e M a n a g e m e n t t e a m , o u r S e n i o r M a n a g e m e n t B o a r d a n d t h e B o a r d o f D ir e c t o r s o n m a kin g t h e m o s t o f t h e o p p o r t u n i ti e s a n d d e a l in g w it h t h e c h a l l e n g e s a h e a d . S p e c ia l t h a n k s f r o m m e g o t o L i s e K in g o , e x e c u ti v e v i c e p r e s i d e n t o f C o r p o r a t e R e la tio n s , w h o d e c i d e d t o l e a v e t h e c o m p a n y f o l l o w i n g a r e o r g a ni s a tio n i n N ov e mb e r . S h e p io n e e r e d m a n y i m p o r t a n t i n i t ia ti v e s a t N ov o N o r d is k , a n d I w is h h e r a l l t h e b e s t i n h e r f u t u r e e n d e a v o u r s . I w o u l d lik e t o t h a n k e v e r y o n e i n t h e N ov o N o r d is k o r g a ni s a tio n f o r t h e i r c o n t r i bu tio n t o o u r r e s u l t s i n 2 0 1 4 , t h e p e o p l e w h o u s e o u r p r o d u c t s f o r t h e i r c o n f i d e n c e i n u s , o u r s t a k e h ol d e r s a n d p a r t n e r s f o r t h e i r c o l l a b o r a tio n a n d o u r s h a re h ol d e r s f o r t h e i r c o n t i n u e d s u p p o r t . L a rs R eb i en S ø r en s en C h i e f e x e c u ti v e o f f i c e r C h i e f E x e c u t i v e O f f i c e r L a r s Re b i en S ø r e n s en a t No v o N o r d i s k ’s A n n u a l G e n e r a l M ee ti n g , M a r c h 2 0 1 4 .

T H E N O V O NO R D I S K W A Y I n 1 9 2 3 , o u r D a ni s h f o u n d e r s b e g a n a jo u r n e y t o c h a n g e d i a b e t e s . T o d a y , w e a re t h o u s a n d s o f e m p l oy e e s a c r o s s t h e w o r l d w it h t h e p a s s io n , t h e s k il ls a n d t h e c o mm it m e n t t o c o n t i n u e t hi s j o u r n e y t o p re v e n t , t re a t a n d u lt im a t e l y c u re d i a b e t e s . • O u r a m b it io n is t o s t re n g t h e n o u r l e a d e r s hi p in d i a b e t e s . • W e a s p i re t o c h a n g e p o s si b il it i e s i n h a e m o p h i l ia a n d o t h e r s e r i o u s c h r o n i c c o n d it io n s wh e re w e c a n m a k e a d i f f e re n c e . • O u r k e y c o n t r i b u t io n is t o d i s c ov e r a n d d e v e lo p i n n o va t i v e b iol o g i c a l m e d i c i n e s a n d m a k e t h e m a c c e s si b l e t o p a t i e n t s t h r o ug h o u t t h e w o r l d . • G r o w in g o u r bu s i n e s s a n d d e l i v e r in g c o m p e tit i v e f i n a n c ia l re s u l t s is w h a t a l l o w s u s t o h e l p p a t i e n t s l i v e b e t t e r l i v e s , o f f e r a n a t t r a c t i v e re t u r n t o o u r s h a re h o l d e r s a n d c o n t r i b u t e t o o u r c o mm un it ie s . • W e n e v e r c o m p r o m i s e o n q ua l i t y a n d bu s i n e s s e t h ic s . • O u r bu s i n e s s p h ilo s o p h y is o n e o f b a lan c in g f i n a n c ia l , so c ia l a n d e n v i r o n m e n t a l c o n si d e r a t io n s – w e c a l l it t h e T r i p l e Bo t t o m L i n e . • W e a re o p e n a n d h o n e s t , a m b it i o u s a n d a c c o u n t a b l e , a n d t re a t e v e r y o n e w it h re s p ec t . • W e o f f e r o pp o r t u ni t i e s f o r o u r p e o p l e t o re a l i s e t h e ir p ot e n t ia l . E v e r y d a y w e m u s t m a k e d i f f i c u l t c h oi c e s , a l w a ys k e e p in g i n mi n d w h a t i s b e s t f o r p a ti e n t s , o u r e m p l oy ee s a n d o u r s h a re h ol d e r s in t h e lo n g r u n . I t’ s t h e N ovo N o r d is k W a y . C O U N T R I E S C O U N T R I ES PRODUCTS MARKETED IN 7 5 1 8 0 EMPLOYEES IN N O V O N O R D I S K A T A G L A N C E T H E P E O P L E W E F O C U S ON DIA B E T E S 3 8 7 m ill io n p e o p l e l i v e w it h d i a b e t e s 1 * H A EM O P H I L I A 0 . 4 m ill io n p e o p l e l i v e w it h h a e m o ph il i a 3 O B E S I T Y 6 0 0 m ill io n p e o p l e l i v e w it h o b e si t y 2 G R O W T H D I S O RD E R S 2 m ill io n p e o p l e l i v e w it h g r o w t h d i s o r d e r s 4 * A l l f o o t n ot e s c a n b e f o un d o n p 1 1 3.

T H E T R I P L E B O T T O M L I N E 4 1 , 4 50 e m p l oy e e s w o r l d w i d e ( + 8 %) 2 4 . 4 m ill io n p a ti e n t s u s e o u r d i a b e t e s c a r e p r o d u c t s ( + 0 . 4 %) 8 8 .8 D K K b ill io n in s a l e s ( +6 %) 2 6 . 5 D K K b ill io n in n e t p r o fi t ( + 5 %) 1 2 0 t h o u s a n d t o n s of C O 2 e m i s s io n s ( – 4 %) S O C I A L LY R E S P O N S I B L E EN V I R O N M E N T A L L Y R E S P O N S I B L E P A T I EN T S F I NA N C I A L L Y R E S P O N S I B L E 2 , 9 5 9 t h o u s a n d m 3 w a t e r c o n s u m p t io n ( + 1 0 % ) 5 2 0 1 4 P R O G R E S S ON S T R A T E G I C F O C U S A R E A S MI L E S T O N ES S A L E S DKK billion G L O B AL M A RK E T S H A R E value D I A B E T ES • T r e si b a ® laun c h e d in a d d it io n a l 1 4 c o u n t ri e s . • R y z o d e g ® laun c h e d in M e x i c o a s t h e f ir s t c o u n t r y . • P a t i e n t r e c r u it m e n t f i n a l i s e d f o r D E V O T E , a c a r d i o va s c ula r o u t c o m e s t r ia l d e si g n e d t o p r o v i d e t h e d a t a f o r T r e si b a ® re q u e s t e d b y t h e F D A . • X u l t o p h y ® a p p r ov e d in E u r o p e . 27% ( – 1%) O BES I T Y • S a x e n d a ® a p p r ov e d in t h e US in D e c e m b e r 2 0 1 4 a n d r e c e i v e d a p o sit i v e o p ini o n f r o m t h e E u r o p e a n M e d i c i n e s A g e n c y ’ s e x p e r t c o mm i t t e e ( C H M P ) in J a n ua r y 2 0 1 5. • N ov o E ig h t ® lau n c h e d i n e i g h t c o u n t ri e s . • M a n u f a c t u r in g f a cil i t y a c qu ir e d in N e w H a m p shir e , U S . G R O W T H D I S O RD E R S • NN 8 6 4 0 ( a o n c e - w e ek l y h u m a n g r o w t h h o r m o n e ) e n t e re d i n t o p h a s e 3 d e v e lo p m e n t . 34% (+3%) 9 . 3 9 .1 ( – 1 % ) N ov o S e v e n ® 6 .1 6 . 5 ( +6 %) N o r d it r o p i n ® 2 0 1 3 2 0 14 2 0 1 3 2 0 14 7 0 . 0 ( + 7 % ) 6 5 . 5 M o d e r n ins u lins ( + 9 % ) H u m a n ins u lins ( – 5 % ) N e w - g e n e r a tio n ins u li n ( + 3 6 0 %) O r a l a n tid i a b e ti c p r o d u c t s ( – 2 3 % ) P ro t e i n - re l a t e d p r o d u c t s ( – 3 % ) V i c to z a ® ( + 1 5 % ) HA E M O P HILIA • N 8 - GP ( a lo n g - a c t in g r e c omb ina n t c o a gula tio n f a c t o r VII I d eri va ti v e ) c omple t ed f i rs t p h a se 3 tr ia l , w he r ea s f ilin g w a s p o s t p on ed t o 2 0 1 8. 2 0 1 3 2 0 14

6 A C C O M P L I S H M E N T S A ND R E S U L T S 2 0 1 4 F I N A N C I AL P E R F O R M A N C E N ov o N o rd is k ’ s 2 0 1 4 p e r f o r m a n c e o n o p e r a t i n g p r o f i t a n d f r e e c a s h f l o w e x c ee d e d b o t h t h e o u tl o o k f o r t h e y e a r p r o v i d e d in J a n ua r y a n d t h e la t e s t g u i d a n c e f r o m O c t o b e r . S a l e s g r o w t h , c a p i t a l e x p e n d i t u re a n d o t h e r r e s u l t s a r e i n l i n e w it h t h e la t e s t g u i d a n c e p r o v i d e d i n O c t o b e r . * S A L E S D E V E L O P M E N T S a l e s i n c re a s e d b y 8 % m e a s u r e d i n l o c a l c u r re n c i e s a n d b y 6 % i n D a ni s h k r o n e r . N o r t h A m e r i c a w a s t h e m a i n c o n t r i bu t o r w it h 6 1 % s h a r e o f g r o w t h m e a s u r e d i n l o c a l c u r re n c i e s , f o l lo w e d b y I n t e r n a tio n a l O p e r a tio n s a n d R e g io n C hin a . S a l e s g r o w t h w a s re a li s e d w it hi n b o t h d i a b e t e s c a r e a n d b i o p h a r m a - c e u t i c a ls , w it h t h e m a jo r i t y o f g r o w t h o r i g in a t i n g f r o m m o d e r n in s u l i n a n d V i c to z a ® . S a l e s g r o w t h h a s b e e n n e g a t i v e l y i m p a c t e d b y a r o u n d 4 p e r c e n t a g e p oi nt s , p r im a r i l y d u e t o e v e n t s i n N o r t h A m e r i c a , n o t a b l y t h e p a r t i a l l o s s o f re i m b u r s e m e n t w it h a l a r g e p h a r m a c y b en ef i t m a n a g e r , g en er i c c o m p e titio n t o P r an d i n ® a s w e l l a s e x p a n d e d M e d i c a i d a n d M e d i c a r e P a r t D u t ili s a tio n . I n t h e f o l l o w in g s ec tio n s , u n l e ss o t h e r w i s e n ot e d , m a r k e t d a t a a r e b a s e d o n m o v i n g a n n ua l t o t a l ( M A T ) f r o m N ov e mb e r 2 0 1 4 a n d N ov em b e r 2 0 1 3 p r o v i d e d b y the i n d e p en d e n t d a t a p r o v i d e r I M S H e a l th . D I A B E T E S C A RE S A L E S D E V E L O P M E N T S a l e s o f d i a b e t e s c a r e p r o d u c t s i n c re a s e d b y 9 % m e a s u r e d i n l oc a l c u r re n c i e s a n d b y 7 % i n D a ni s h k r o n e r t o D KK 6 9 , 98 0 m ill io n . N ov o N o r d is k i s t h e w o r l d l e a d e r i n d i a b e t e s c a re a n d n o w h ol d s a g l o b a l va l u e m a r k e t s h a r e o f 2 7 % c o m p a r e d t o 2 8 % a t t h e s am e t i m e l a s t y e a r . I N S UL I N AND P R O T E I N - R E L A T E D P R O D U C T S S a l e s o f in s u l i n a n d p r o t e i n - re la t e d p r o d u c t s i n c re a s e d b y 8 % i n l oc a l c u r re n c i e s a n d b y 6 % i n D a ni s h k r o n e r t o D KK 5 4 , 8 2 6 m ill io n . M e a s u r e d i n l oc a l c u r re n c i e s , s a l e s g r o w t h w a s d r i v e n b y N o r t h A m e r i c a , I n t e r n a tio n a l O p e r a tio n s a n d R e g io n C hin a . N ov o N o r d is k i s t h e g l o b a l l e a d e r w it h 4 7 % o f t h e t o t a l in s u l i n m a r k e t a n d 4 6 % o f t h e m a r k e t f o r m o d e r n in s u l i n a n d n e w - g e n e r a tio n in s u li n , b o t h m e a s u r e d i n v o l u m e . S a l e s o f n e w - g e n e r a tio n in s u l i n re a c h e d D KK 6 58 m ill io n c o m p a r e d w it h D KK 1 4 3 m ill io n i n 2 0 1 3 . T h e r o l l - o u t o f T r e si b a ® ( i n s u l i n d e g l u d e c ) , t h e o n c e - d a i l y n e w - g e n e r a tio n in s u l i n w it h a n u lt r a - lo n g d u r a tio n o f a c t io n , c o n t i n u e s a n d t h e p r o d u c t h a s n o w b e e n lau n c h e d i n 23 c o u n t r i e s , m o s t r e c e n tl y i n I t a l y . I n J a p a n , w h e r e T r e si b a ® w a s lau n c h e d i n M a r c h 2 0 1 3 w it h t h e s am e l e v e l o f re i m b u r s e m e n t a s in s u l i n g la r g i n e , i t s s h a r e o f t h e b a s a l i n s u l in m a r k e t h a s g r o wn s t e a d i l y a n d T r e si b a ® ha s n o w c a pt u r e d 2 6 % o f t h e b a s a l in s u l in m a r k e t m e a s u r e d i n m o n t h l y va l u e m a r k e t s h a r e . S im i la r l y , T r e si b a ® h a s s h o wn s o l i d p e n e t r a tio n i n o t h e r m a r k et s w it h re i m b u r s e - m e n t a t a s im i la r l e v e l t o i n s u l i n g la r g i n e , w h e re a s p e n e t r a tio n re m a in s m o d e s t in m a r k et s w it h r e s t r i c t e d m a r k e t a cc e ss c o m p a r e d t o in s u l i n g la r g i n e . R y z o d e g ® , a s o l u b l e f o r m ula tio n o f i n s u l in d e g l u d e c a n d in s u l i n a s p a r t , h a s i n a d d itio n t o M e x i c o n o w a l so b e e n lau n c h e d i n I n d ia . L aun c h a c ti v iti e s i n b o t h c o u n t r i e s a re p r o g r e s s in g a s p lan n e d a n d e a r l y f ee d b a c k f r o m p a ti e n t s a n d p r e s c r i b e r s i s e n c o u r a g in g . S a l e s o f m o d e r n in s u l i n i n c re a s e d b y 1 1 % in l oc a l c u r re n c i e s a n d b y 9 % i n D a ni s h k r o n e r t o D KK 4 1 , 5 3 7 m ill io n . N o r t h A m e r i c a a cc o u n t e d f o r 6 3 % o f t h e g r o w t h , f o l l o w e d b y I n t e r n a tio n a l O p e r a tio n s a n d R e g io n C hin a . S a l e s o f m o d e r n in s u l i n a n d n e w - g e n e r a tio n i n s u l i n n o w c o n s ti t u t e 8 0 % o f N ov o N o r d is k ’ s s a l e s o f i n s u l i n . V I C T O ZA ® ( G L P - 1 T H E R A P Y F O R T Y P E 2 D I A B E T E S ) V i c t o z a ® s a l e s i n c re a s e d b y 1 6 % i n l oc a l c u r re n c i e s a n d b y 1 5 % i n D a ni s h k r o n e r t o D KK 1 3 , 4 2 6 m ill io n . S a l e s g r o w t h i s d r i v e n b y N o r t h A m e r i c a a n d re f l ec t s a l o w e r G L P - 1 v o l u m e g r o w t h a n d t h e i m p a c t o f t h e p a r t ia l lo ss o f re i m b u r s e m e n t w it h a la r g e p h a r m a c y b e n e f i t m a n a g e r i n t h e U S . D e s p i t e t h e l o w e r v o l u m e g r o w t h , t h e G L P - 1 s e g m e n t ’ s va l u e s h a r e o f t h e t o t a l d i a b e t e s c a r e m a r k e t h a s i n c re a s e d t o 7 . 0 % c o m p a r e d t o 6 . 7 % in 2 0 1 3 . V i c to z a ® i s m a r k e t l e a d e r i n t h e G L P - 1 s e g m e n t w it h a 7 1 % va l u e m a r k e t s h a r e , w h i c h i s c o m p a r a b l e t o t h e s h a r e i n 2 0 1 3 . 2 0 1 4 P E R F O R M A N C E A N D 2 0 1 5 O UT L O O K * P l e a s e r e f e r t o t h e c o m p a n y a n n o u n c e m e n t o f 30 J a nu a r y 2 0 1 5 f o r e x p l a n a tio n o f r e s u l t s c o m p a r e d w it h t h e l a t e st e xpe c t a tio n s . 2010 2011 2012 2013 2014 0 5 10 15 20 % 2 5 S AL E S G R O W T H • I n D K K a s r e p o r t e d • I n l oc a l cu r r e n c i e s 2010 2011 2012 2013 2014 0 20 40 60 80 100 SALES BY SEGMENT Biopharmaceuticals D i a b e t e s c a r e D K K b ill io n 2010 2011 201 2 * 2013 2014 * 0 20 40 60 80 % 100 S H A R E O F G R O W T H I N L OC A L C U R R EN C I ES J a p a n & K o r e a R e g io n C hi n a I n t er n a tio n a l O p er a tio n s E u r o p e N o r th A m er i c a * I n 2 0 1 2 a nd 2 0 1 4 J a p a n & K o r e a c o n t r i bu t e d – 1 % t o t h e t o t a l g r o w t h . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

A C C O M P L I S H M E N T S A ND R E S U L T S 2 0 1 4 7 C O N T I N U E D N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4 N O V O NO R M ® / P R AN D I N ® / P R A N D IM E T ® ( O R A L ANT I D I A B E T I C P R O D U C T S ) S a l e s o f o r a l a n ti d i a b e ti c p r o d u c t s d e c re a s e d b y 2 2 % i n l oc a l c u r re n c i e s a n d b y 2 3 % in D a ni s h k r o n e r t o D KK 1 , 7 2 8 m ill io n . T h e n e g a ti v e s a l e s d e v e l o p m e n t re f l ec t s a n i m p a c t f r o m g e n e r i c c o mp e titio n i n t h e US s i n c e A u g u s t 2 0 1 3 . B I O P HA R M A C E U T I C A L S S A L E S D E V E L O P M E N T S a l e s o f b i o p h a r m a c e u ti c a l p r o d u c t s i n - c re a s e d b y 6 % m e a s u r e d i n l oc a l c u r re n c i e s a n d b y 4 % i n D a ni s h k r o n e r t o D KK 1 8 , 8 2 6 m ill io n . S a l e s g r o w t h w a s p r i m a r i l y d r i v e n b y N o r t h A m er i c a a n d I n t er n a tio n a l O p e r a tio n s . N OV O S E V E N ® ( B L E E DI N G D I S O R D E R S T H E R A P Y ) S a l e s o f N ov o S e v e n ® re m a i n e d u n c h a n g e d i n l oc a l c u r re n c i e s a n d d e c re a s e d b y 1 % i n D a ni s h k r o n e r t o D KK 9 , 1 4 2 m ill io n . T h e s t a g n a n t s a l e s d e v e l o p m e n t re f l ec t s g r o w t h i n I n t e r n a tio n a l O p e r a tio n s , w h i c h i s b ein g o f f s e t b y l o w e r s a l e s i n E u r o p e , J a p a n a n d N o r t h A m e r i c a . T h e m a r k e t f o r N ov o S e v e n ® re m a i n s v o la t i l e a s i t d e p e n d s o n t h e n u mb e r o f c r iti c a l b l ee di n g e p i so d e s a n d s u r g i c al p r o c e d u r e s u n d e r t a k e n o n h a e m o p hi l ia p a ti e n t s w it h i nhi b i t o r s . N O RD ITR O P I N ® ( G R O W T H H O R M O N E T H E R A P Y ) S a l e s o f N o r d it r o p i n ® i n c re a s e d b y 1 0 % in l oc a l c u r re n c i e s a n d b y 6 % i n D a ni s h k r o n e r a t D KK 6 , 5 0 6 m ill io n . T h e s a l e s g r o w t h i s p r im a r i l y d e r i v e d f r o m N o r t h A m e r i c a a n d i s d r i v e n b y c o n t r a c t ua l w in s , i n c re a s e d d e m a n d d r i v e n b y t h e p re f il l e d F l e x P r o ® d e v i c e a s w e l l a s t h e s u p p o r t p r o g r a m m e s t h a t N ov o N o r di s k o f f e r s h e a l t h c ar e p r o f e s s io nal s a n d p a ti e n t s . N ov o N o r d is k i s t h e l e a d in g c o m - p a n y i n t h e g l o b a l g r o w t h h o r m o n e m a r k e t w it h a 3 3 % m a r k e t s h a r e m e a s u r e d in v o l u m e . O T H E R B IO P HA R M A C E U T I C A L S S a l e s o f o t h e r p r o d u c t s w it hi n b i o p h a r m a - c e u ti c a l s , w h i c h p r e d o min a n tl y c o n si s t o f h o r m o n e re p l a c e m e n t t h e r a p y - re la t e d ( H R T ) p r o d u c t s , i n c re a s e d b y 1 7 % i n l oc a l c u r re n c i e s a n d b y 1 6 % i n D a ni s h k r o n e r t o D KK 3 , 1 7 8 m ill io n . S a l e s g r o w t h i s p r im a r i l y d r i v e n b y a p o s iti v e i m p a c t f r o m p r i c in g o f V a g i f e m ® in t h e U S a n d t h e lau n c h o f N ov o E i g h t ® in E u r o p e a n d J a p a n . D E V E L O P M E N T I N C O S T S A N D O P ER A T I N G P R O F I T T h e c o s t o f g oo d s s ol d i n c re a s e d b y 3 % t o D KK 1 4 , 5 6 2 m ill io n , r e s u lt in g i n a g r o ss m a r g i n o f 8 3 . 6 % c o m p a r e d t o 8 3 . 1 % in 2 0 1 3 . T hi s d e v e l o p m e n t re f l ec t s a n u n d e r - l y i n g i m p r ov e m e n t d r i v e n b y f a v o u r a b l e p r i c e d e v e l o p m e n t i n N o r t h A m e r i c a a n d a p o s iti v e i m p a c t f r o m p r o d u c t m i x , p r im a r i l y d u e t o i n c re a s e d s a l e s o f m o d e r n in s u l i n a n d V i c t o z a ® . S a l e s a n d d i s t r i bu tio n c o s t s i n c re a s e d b y 1 % i n l oc a l c u r re n c i e s a n d d e c re a s e d b y 1 % in D a ni s h k r o n e r t o D KK 2 3 , 22 3 m ill io n . T h e m o d e s t i n c re a s e i n c o s t s re f l ec t s s a l e s f o r c e i n v e s t m e n t s i n t h e U S , C hi n a a n d s e l ec t e d c o u n t r i e s i n I n t e r n a tio n a l O p e r a tio n s , w h i c h i s b e i n g p a r tl y o f f s e t b y l o w e r p r o m o tio n a l s p e n d i n t h e U S a n d E u r o p e . R e s e a r c h a n d d e v e l o p m e n t c o s t s i n c re a s e d b y 1 8 % i n l oc a l c u r re n c i e s a n d b y 1 7 % in D a ni s h k r o n e r t o D KK 1 3 , 7 6 2 m ill io n . T h e si g n i f i c a n t i n c re a s e i n c o s t s re f l ec t s t h e p r o g r e s s io n o f t h e la t e - s t a g e d i a b e t e s c a re p o r t f o l i o a n d t h e a sso c ia t e d i n c re a s e in h e a d c o u n t a s w e l l a s t h e d i s c o n t i n ua tio n o f a c ti v iti e s w it hi n i n f la mm a t o r y d i s o r d e r s a n n o u n c e d i n S epte mb e r 2 0 1 4 . W it hi n t h e la t e - s t a g e d i a b e t e s c a r e p o r t f o l i o , c o s t s a re p r im a r i l y d r i v e n b y t h e p h a s e 3 a p r o g r a m m e S U S T A I N ® f o r t h e o n c e - w e ek l y G L P - 1 a n a l o g u e s e m a g l u ti d e , cl ini c a l t r ia l s w it h T r e si b a ® , i n cl u d i n g t h e c a r d i o v a s c ula r o u t - c o m e s t r ia l D E V O T E , t h e p h a s e 3 a p r o g r a m m e o ns e t ® f o r f a s t e r - a c t in g i n s u l i n a s p a r t a s w e l l a s t h e o n g o i n g p h a s e 2 t r ia l f o r t h e o r a l f o r m u l a tio n o f s e m a g l u ti d e . A d m inis t r a tio n c o s t s i n c re a s e d b y 2 % i n l oc a l c u r re n c i e s a n d b y 1 % i n D a ni s h k r o n e r t o D KK 3 , 5 3 7 m ill io n . O t h e r o p e r a t in g i n c o m e ( n e t ) w a s D KK 7 7 0 m ill io n c o m p a r e d t o D KK 6 8 2 m ill io n i n 2 0 1 3 . O p e r a t in g p r o f i t i n c re a s e d b y 1 0 % i n D a ni s h k r o n e r t o D KK 3 4 , 4 9 2 m ill io n . I n l oc a l c u r re n - c i e s t h e g r o w t h w a s 1 3 % . N E T F I NANC I A L S A N D T A X N e t f i n a n c ia l s s h o w e d a n e t lo ss o f D KK 3 9 6 m ill io n c o m p a r e d t o a n e t i n c o m e o f D KK 1 , 0 4 6 m ill io n i n 2 0 1 3 . I n l i n e w it h N ov o N o r d is k ’ s t re a s u r y p o l i c y , t h e m o s t si g n i f i c a n t f o re i g n e x c h a n g e r is k s f o r t h e G r o u p w e r e h e d g e d , p r i m a r i l y t h r o u g h f o re i g n e x c h a n g e f o r w a r d c o n t r a c t s . T h e f o re i g n e x c h a n g e r e s u l t w a s a n e x p e n s e o f D KK 3 8 1 m ill io n c o m p a r e d t o a n i n c o m e o f D KK 1 , 1 4 6 m ill io n i n 2 0 1 3 . T hi s d e v e l o p - m e n t p r im a r i l y re f l ec t s lo ss e s o n n o n - h e d g e d c o m m e r c ia l b a la n c e s , f o l l o w i n g e s p e c ia l l y t h e d e p r e c ia tio n o f t h e R u s s ia n r o u b l e a n d t h e 2010 2011 2012 2013 2014 0 10 20 30 % 4 0 D EV E L O P M EN T I N CO S T S C o s t s i n % o f s a l e s • Sa l e s an d d i s t r i bu tio n • C o s t o f g oo d s so l d • R e s ea r c h a n d d e v e l o p m e n t • A d m i n i s t r at io n 2010 2011 2012 2013 2014 0 0 10 20 30 40 10 20 30 % 4 0 D K K b ill io n N ET P R O F I T N e t p r o fi t ( l e f t ) • N e t p r o fi t m a r g i n ( r i g ht ) 2010 2011 2012 2013 2014 0 10 20 30 40 0 10 20 30 % 4 0 O P E R A T I N G P R O F I T O p er a t i n g p r ofi t ( l e f t ) • O p e r a t i n g p r o fi t m a r g i n ( r ig h t ) D K K b ill io n

2010 2011 2012 2013 2014 0 1 2 3 4 0 2 4 6 % 8 C A P I T A L E X P EN D I T U R E , N ET C a p i t a l e x p e nd i t u r e , n e t ( l e f t ) • C a p i t a l e x p e n d i t u r e , n e t to s a l e s ( r i g ht ) D K K b ill io n 20 15 10 5 0 2010 2011 2012 2013 2014 * USD used as p r oxy when hedging Novo Nor disk ’ s CNY cur r ency exposu r e. N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4 25 30 F R E E C A S H F L O W F r e e c a s h f l o w D K K b ill io n C A P I T A L E X PE N D I T U R E A N D F R E E C A S H F L OW N e t c a p i t a l e x p e n d i t u re f o r p r o p e r t y , p la n t a n d e qu i p m e n t w a s D K K 4 . 0 b ill io n c o m - p a re d t o D K K 3 . 2 b ill io n in 2 0 1 3 . N e t c a p i t a l e x p e n d i t u re w a s p r im a r i l y re la t e d t o i n v e s t - m e n t s in f ill in g c a p a ci t y in t h e US a n d R u s s ia, e x p a n s io n o f a p i l o t p la n t f a c il i t y , p re f il l e d d e vi c e p r o d u c t io n f a c il it i e s i n t h e US a n d D e n m a r k a s w e l l a s a d d it io n a l G L P - 1 m a n u - f a c t u r i n g c a p a ci t y . F r e e c a s h f l o w w a s D K K 2 7 . 4 b ill io n c o m p a re d t o D K K 2 2 . 4 b ill io n i n 2 0 1 3 . T h e in c re a s e o f 2 3 % c o m p a re d t o 2 0 1 3 p r im a r i l y re f l e ct s t h e i m p a c t o f n o n - r e c u rr in g t a x p a y m e n t s in 2 0 1 3 re la t e d t o t r a n s f e r p r i c in g d is p u t e s a n d t h e und e r ly i n g g r o w t h i n n e t p ro f it . S a l e s g r o w t h f o r 2 0 1 5 i s e x p ec t e d t o b e 6 – 9 % m e a s u r e d i n l oc a l c u r re n c i e s . T hi s re f l ec t s e x p ec t a tio n s f o r c o n t i n u e d r o b u s t p e r f o r m a n c e f o r t h e p o r t f o l i o o f m o d e rn in s u l i n , V i c to z a ® a n d T r e si b a ® a s w e l l a s a m o d e s t s a l e s c o n t r i bu tio n f r o m t h e lau n c h e s o f S a x e n d a ® a n d X u l t o p h y ® . T h es e s a l es d r i v e r s a r e e x p ec t e d t o b e p a r tl y c o u n t e r e d b y a n i m p a c t f r o m i n c re a s e d re b a t e l e v e l s in t h e U S , i n t e n s i f y in g c o mp e titio n w it hin d i a b e t e s a n d b i o p h a r m a c e u ti c a l s a s w e l l a s m a c r o e c o n o m i c c o n d itio n s i n a n u mb e r o f m a r k et s i n I n t e r n a tio n a l O p e r a tio n s . G i v e n t h e c u r re n t l e v e l o f e x c h a n g e r a t e s v e r s u s t h e D a ni s h k r o n e , t h e re p o r t e d s a l e s g r o w t h i s n o w e x p ec t e d t o b e a r o u n d 1 2 p e r c e n t a g e p o i n t s hi g h e r t h a n g r o w t h m e a s u r e d i n l oc a l cu r r e n c i e s . F o r 2 0 1 5 , o p e r a t in g p r o f i t g r o w t h i s e x p ec t e d t o b e a r o u n d 1 0 % m e a s u r e d i n l oc a l c u r re n c i e s . T h e e x p ec t a tio n s f o r o p e r a t in g p r o f i t g r o w t h a b ov e t h e l e v e l o f s a l e s g r o w t h re f l ec t e x p ec t a tio n s f o r m o d e s t g r o w t h in s e ll in g , d i s t r i bu tio n a n d a d m inis t r a tio n c o s t s a s w e l l a s d e cli nin g r e s e a r c h a n d d e v e l o p m e n t c o s t s re f l ec t in g t h e 2 0 1 4 c o s t i m p a c t o f t h e d e cis io n t o d i s c o n t i n u e a l l a c ti v iti e s w it hin i n f la mm a t o r y d i s o r d e r s . G i v e n t h e c u r re n t l e v e l o f e x c h a n g e r a t e s v e r s u s t h e D a ni s h k r o n e , t h e re p o r t e d o p e r a t in g p r o f i t g r o w t h i s n o w e x p ec t e d t o b e a r o u n d 1 9 p e r c e n t a g e p o i n t s hi g h e r t h a n g r o w t h m e a s u r e d i n l oc a l c u r re n c i e s e qu i va l e n t t o a re p o r t e d o p e r a t i n g p rofi t g ro w t h o f a r o u n d 2 9 % . F o r 2 0 1 5 , N ov o N o r d is k e x p ec t s a n e t f in a n c ia l lo ss o f a r o u n d D KK 5 b ill io n . T h e c u r re n t e x p ec t a tio n p r im a r i l y re f l ec t s lo ss e s a sso c ia t e d w it h f o re i g n e x c h a n g e h e d g i n g c o n t r a c t s , p a r ti c ula r l y f o l l o w i n g t h e a pp r e - c ia tio n o f t h e U S d o l la r v e r s u s t h e D a ni s h k r o n e c o m p a r e d t o t h e a v e r a g e p re va il in g e x c h a n g e r a t e s i n 2 0 1 4 . A s a c o n s e q u e n c e o f t h e s e si g n i f i c a n t h e d g in g lo ss e s , t h e re p o r t e d p r e - t a x p r o f i t i s e x p ec t e d t o g r o w a pp r o x - im a t e l y 1 6 % . T h e e f f ec ti v e t a x r a t e f o r 2 0 1 5 i s e x p ec t e d t o b e a r o u n d 2 2 % . C a p i t a l e x p e n d i t u r e i s e x p ec t e d t o b e a r o u n d D KK 5 . 0 b ill io n i n 2 0 1 5 , p r im a r i l y re la t e d t o i n v e s t m e n t s i n a n e x p a n s io n o f t h e m a n u - f a c t u r i n g c a p a c i t y f o r b io ph a r m a c e u ti c a l p r o d u c t s , a d d it io n a l c a p a ci t y f o r i n s u l in a c ti v e p h a r m a c e u ti c a l i ng r ed i e n t p r o d u c tio n , c o n s t r u c tio n o f n e w r e s e a r c h f a cil iti e s a n d a n e x p a n s io n o f t h e in s u l i n f ill in g c a p a c i t y . D e p r e c ia tio n , am o r t i s a tio n a n d i m p a i r m e n t lo ss e s a r e e x p ec t e d t o b e a r o u n d D KK 3 . 0 b ill io n . F r e e c a s h f l o w i s e x p ec t e d t o b e D KK 2 9 – 3 1 b ill io n . A l l o f t h e a b ov e e x p ec t a tio n s a r e b a s e d o n t h e a s s u m p t io n t h a t t h e g l o b a l e c o n o m i c e n v i r o n m e n t w il l n o t si g n i f i c a n tl y c h a n g e b u s i n e ss c o n d itio n s f o r N ov o N o r d is k d u r in g 2 0 1 5 , a n d t h a t c u r re n c y e x c h a n g e r a t e s , e s p e c ia l l y t h e U S d o l la r , w il l re m a i n a t t h e c u r re n t l e v e l v e r s u s t h e D a ni s h k r o n e . N ov o N o r d is k h a s h e d g e d e x p ec t e d n e t c a s h f l o w s i n a n u mb e r o f i n v oi c in g c u r re n c i e s a n d , a l l o t h e r t hin g s b e i n g e q ua l , m ov e m e n t s i n k e y i n v oi c in g c u r re n c i e s w il l i m p a c t N ov o N o r d is k ’ s o p e r a t i n g p r o f i t a s o u t li n e d i n t h e t a b l e b e l o w . T h e f in a n c ia l i m p a c t f r o m f o re i g n e x c h a n g e h e d g i n g i s i n cl u d e d i n ‘ N e t f i n a n ci a l s ’ . 8 A C C O M P L I S H M E N T S A ND R E S U L T S 2 0 1 4 A r g e n t inia n p e so d u r i n g 2 0 1 4 . A s o f 3 1 D e c e mb e r 2 0 1 4 , f o re i g n e x c h a n g e h e d g i n g lo ss e s o f a r o u n d D KK 2 , 2 0 0 m ill io n h a v e b e e n d e f e r r e d f o r r e c o g n i tio n i n t h e i n c o m e s t a t e m e n t i n 2 0 1 5 . T h e e f f ec ti v e t a x r a t e f o r 2 0 1 4 w a s 2 2 . 3 % . O U T L O O K 2 0 1 5 T h e c u r re n t e x p ec t a t io n s f o r 2 0 1 5 a re s u mm a r i s e d in t h e t a b l e b e l o w : E X P E C T AT I O N S A R E A S RE P O R T E D , IF N O T O T H ER W I S E S T AT E D E X P E C T AT I O N S 3 0 J A N U A R Y 2 0 1 5 S a l e s g r o w th • i n l oc a l c u r r e n c i e s • a s r e p o r t e d O p e r a t i n g p ro fit g r o w t h • i n l oc a l c u r r e n c i e s • a s r e p o r t e d N e t fi n an ci a ls E f f e c t i ve ta x r at e C a p i t a l ex p e n ditu r e D epr e ci a t io n , a mo r t i s a t io n a n d i mp a ir me n t l osse s F r ee c a s h flo w 6 – 9 % A r o u n d 1 2 p e r c e n t a g e p o i n t s h i g h e r A r o u n d 1 0 % A r o u n d 1 9 p e r c e n t a g e p o i n t s h i g h e r L os s o f a r o u n d D K K 5 b ill io n A r o u n d 2 2% A ro u n d D K K 5.0 b ill io n A ro u n d D K K 3.0 b ill io n D K K 2 9 – 3 1 b ill io n KEY INVOICING CURRENCIES ANNUAL IM P ACT ON NOVO NORDISK’S OPER A TING PROFIT OF A 5% MOVEMENT IN CURRENCY HEDGING PERIOD (MONTHS) USD CN Y DKK 1,600 million DKK 260 million 11 1 1 * JPY DKK 115 million 12 GBP DKK 80 million 11 CAD DKK 60 million 11

2010 2011 2012 2013 2014 0 30 60 90 A C C O M P L I S H M E N T S A ND R E S U L T S 2 0 1 4 9 0 2010 2011 2012 2013 2014 O P E R A TI N G M A R G IN • R e a li s e d T a r g e t % 40 10 20 30 40 G R O W T H I N O P E R A T I N G P R O F I T • R e a li s e d T a r g e t % 25 30 35 2010 2011 2012 2013 2014 50 75 100 125 2010 2011 2012 2013 2014 O P E R A T I N G P R O F I T AF T E R T A X T O N ET O P E R A T I N G A S S E T S • R e a li s e d T a r g e t % % 120 C A S H T O E A R NI N G S T h r e e - y e a r a v e r a g e • R e a li s e d T a r g e t F O R W A R D - L O O K I NG S TA T E M E NT S N ov o N o r d is k ’ s re p o r t s f i l e d w it h o r f u r ni s h e d t o t h e U S S e c u r iti e s a n d E x c h a n g e C o mm i s s io n ( S E C ) , i n cl u d in g t hi s d o c u m e n t a n d F o r m 2 0 - F , b o t h e x p ec t e d t o b e f i l e d w it h t h e S E C i n F e b r ua r y 2 0 1 5 , a n d w r i t t e n i n f o r m a tio n re l e a s e d , o r o r a l s t a t e m e n t s m a d e , t o t h e p u b l i c i n t h e f u t u r e b y o r o n b e h a l f o f N ov o N o r d is k , m a y c o n t a i n f o r w a r d - l o o kin g s t a t e m e n t s . W o r d s s u c h a s ‘ b e l i e v e ’ , ‘ e x p ect ’ , ‘ m a y ’ , ‘ w il l ’ , ‘ p lan ’ , ‘ s t r a t e g y ’ , ‘ p r os p ect ’ , ‘ f o r e s e e ’ , ‘ e s t im a t e ’ , ‘ p r oj ect ’ , ‘ a n ti ci p a t e ’ , ‘c a n ’ , ‘ i n t e n d ’ , ‘ t a r g e t ’ a n d o t h e r w o r d s a n d t e r m s o f s im i la r m e a nin g i n c o n n ec tio n w it h a n y d i s c u s s io n o f f u t u re o p e r a t i n g o r f i n a n c i a l p e r f o r m a n c e i d e n ti f y f o r w a r d - l o o kin g s t a t e m e n t s . E x a m p l e s o f s u c h f o r w a r d - l o o kin g s t a t e m e n t s i n cl u d e , bu t a r e n o t l im i t e d t o : • s t a t e m e nt s o f t a r g et s , p l a n s , o bjec ti v e s o r g o a l s f o r f u t u r e o p e r a tio n s , i n cl u d in g t h o s e re la t e d t o N ov o N o r d is k ’ s p r o d u c t s , p r o d u c t r e s e a r c h , p r o d u c t d e v e l o p m e n t , p r o d u c t i n t r o d u c tio n s a n d p r o d u c t a pp r o va l s a s w e l l a s c oo p e r a tio n i n re la tio n t h e re t o • s t a t e m e n t s c o n t a inin g p r oj ec tio n s o f o r t a r g et s f o r re v e n u e s , c o s t s , i n c o m e ( o r lo s s ) , e a r ni n g s p e r s h a r e , c a p i t a l e x p en d i t u r e s , d i v i d en d s , c a p i t a l s tr u c t u r e , n e t f in a n c ia l s a n d o t h e r f in a n c ia l m e a s u r e s • s t a t e m e n t s r e g a rd in g f u t u r e e c o n o m i c p e r f o r m a n c e , f u t u r e a c tio n s a n d o u tc o m e o f c o n t in g e n c i e s s u c h a s l e g a l p r o c ee d in g s • s t a t e m e n t s r e g a rd in g t h e a s s u m p t io n s u n d e r l y in g o r re la t in g t o s u c h s t a t e m e n t s . I n t hi s d o c u m e n t , e x a m p l e s o f f o r w a r d - l o o k i n g s t a t e m e n t s c a n b e f o u n d u n d e r t h e h e a d in g ‘ 2 0 1 4 p e r f o r m a n c e a n d 2 0 1 5 out l o o k ’ a n d e l s e w h e r e . T h e s e s t a t e m e n t s a r e b a s e d o n c u r re n t p lan s , e s t im a t e s a n d p r oj ec tio n s . B y t h e ir v e r y n a t u r e , f o r w a r d - l o o kin g s t a t e m e n t s i n v ol v e in h e re n t r is k s a n d u n c e r t a i n ti e s , b o t h g e n e r a l a n d s p e c i f i c . N ov o N o r d is k c a u tio n s t h a t a n u mb e r o f i m p o r t a n t f a c t o r s , i n cl u d in g t h o s e d e s c r i b e d i n t hi s d o c u m e n t , c o u l d c au s e a c t ua l r e s u l t s t o d i f f e r m a t e r ia l l y f r o m t h o s e c o n t e m p la t e d i n a n y f o r w a r d - l o o kin g s t a t e m e nt s . F a c t o r s t h a t m a y a f f ec t f u t u r e r e s u l t s i n cl u d e , bu t a r e n o t l im i t e d t o , g l o b a l a s w e l l a s l oc a l p o l iti c a l a n d e c o n o m i c c o n d itio n s , i n cl u d in g i n t e r e s t r a t e a n d c u r re n c y e x c h a n g e r a t e f l u c t ua tio n s , d e la y o r fa il u r e o f p r oj ec t s re la t e d t o r e s e a r c h a n d / o r d e v e l o p m e n t , un p lan n e d lo ss o f p a t e n t s , i n t e rr u p t io n s o f s u pp l i e s a n d p r o d u c tio n , p r o d u c t r e c a ll s , u n e x p ec t e d c o n t r a c t b r e a c h e s o r t e r m i n a t i o n s , g ov e r n m e n t - m an d at e d o r m a r k e t - d r i v e n p r i c e d e c re a s e s f o r N ov o N o r d is k ’ s p r o d u c t s , i n t r o d u c tio n o f c o mp e t in g p r o d u c t s , r e - l ia n c e o n i n f o r m a tio n t e c h n ol o g y , N ov o N o r d is k ’ s a b il i t y t o s u cc e s s fu l l y m a r k e t c u r re n t a n d n e w p r o d u c t s , e x p o s u r e t o p r o d u c t l i ab il i t y a n d l e g a l p r o c ee d in g s a n d i n v e s t i g a tio n s , c h a n g e s i n g ov e r n m e n t a l la w s a n d re la t e d i n t e r p re t a tio n t h e r e o f , i n cl u d i n g o n re i m b u r s e m e n t , i n t e l l ec t ua l p r o p e r t y p r ot ec tio n a n d r e g ula t o r y c o n t r o l s o n t e s t in g , a pp r o va l , m a n u f a c t u r in g a n d m a r k e t in g , p e r c e i v e d o r a c t ua l fa il u r e t o a d h e r e t o et h i c a l m a r k e t i n g p r a c ti c e s , i n v e st m e nt s i n a n d d i v e s ti t u re s o f d o m e s ti c a n d f o re i g n c o m p a n i e s , u n e x p ec t e d g r o w t h i n c o s t s a n d e x p e n s e s , fa il u r e t o r e c r u i t a n d re t a i n t h e r i g h t e m p l oy ee s , a n d fa il u r e t o m a i n t a i n a c u l t u r e o f c o m p l ia n c e . P l e a s e a l so re f e r t o t h e ov e r v i e w o f r is k f a c t o r s o n p p 42 – 43 . U n l e ss r e qu ir e d b y la w , N ov o N o rd is k i s u n d e r n o d u t y a n d u n d e r t a k e s n o o b li g a tio n t o u p d a t e o r re v i s e a n y f o r w a r d - l o o kin g s t a t e m e n t a f t e r the d i s tr i bu tio n o f t h i s d o c u m e n t , w h e t h e r a s a r e s u l t o f n e w i n f o r m a tio n , f u t u r e e v e n t s o r o t h e r w i s e . L O N G - T E R M F I N A N C I A L T A R G E TS N ov o N o r d is k i n t r o d u c e d f o u r lo n g - t e r m f in a n c ia l t a r g et s i n 1 9 9 6 t o b a la n c e s h o r t - a n d lo n g - t er m c o n s i d e r a tio n s , th er e b y e n s u r i n g a f o c u s o n s h a re h ol d e r va l u e c re a tio n . T h e t a r g et s h a v e s u b s e q u e n tl y b e e n re v i s e d a n d u p d a t e d o n s e v e r a l o c c a s io n s , m o s t r e c e n tl y i n c o n n ec tio n w it h t h e re l e a s e o f t h e f i n a n c ia l s t a t e m e n t f o r 2 0 1 2 . T h e t a r g et s h a v e b e e n s e l ec t e d t o e n s u r e f o c u s o n g r o w t h , p r o f i t - a b il i t y , e f f i c i e n t u s e o f c a p i t a l a n d c a s h f l o w g en e r a tio n . T h e t a r g e t s a re b a s e d o n a n a s s u m pt io n o f a c o n t i n ua t io n o f t h e c u r re n t bu s i n e s s e n v i r o n m e n t . S i g ni f i c a n t c h a n g e s t o t h e b u s i n e ss e n v ir o n m e n t , i n cl u d in g t h e s t r u c t u re o f t h e US h e a lt h c a re s ys t e m, re g ula t o r y r e qu ire m e n t s , p r i ci n g a n d c o n t r a c t in g e n v i r o n m e n t , c o mp e tit i ve e n v i r o n m e n t , h e a lt h c a re re f o r m s a n d e x c h a n g e r a t e s , m a y si g ni f i c a n t l y i m p a c t t h e t i m e h o r i z o n f o r a c h ie v i n g t h e lo n g - t e r m t a r g e t s o r re qu ire t h e m t o b e re v i s e d . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4 L ON G - T ER M F I NA NCI A L T A R G E T R e s u l t 2 0 1 4 T ar g e t Op e r at i ng p r of i t g r o w th 1 0 % 1 5 % Op e r at i ng margin 3 9% 4 0% Op e r at i ng p r of i t a f t er ta x t o n et o p e r ating a ss e t s 1 0 1% 1 2 5 % C ash t o ea r nings 1 0 3 % C ash t o ea r nings ( t h r e e - year a ve r a g e ) 93% 9 0%

2010 2011 2012 2013 2014 0 5 10 15 20 25 30 10 A C C O M P L I S H M E N T S A ND R E S U L T S 2 0 1 4 P AT I EN T Y E A R S I N CLIN I C A L TR I A L S * J a p a n & K o r e a R e g io n C hi n a I n t er n a tio n a l O p er a tio n s E u r o p e N o r th A m er i c a T h o u s a n d * A p a t ie n t y e a r i s m e a s u r e d a s t h e t o t a l n u mb e r o f m o n t h s a p a t ie n t i s e n r o l l e d i n a cli n i c a l t r i a l d iv i d e d b y 1 2 . R E S E A R C H A N D D EV E L O P M E N T I n 2 0 1 4 , N ov o N o r d i s k m a d e i m p o r t a n t a d v a n c e s i n i t s p r o d u c t d e v e l o p m e n t p i p e li n e . T h e h i g h l e v el o f a c t iv i t y i n 2 0 1 4 i s u n d e r s c o r e d b y t h e nu mb e r o f p a t i e n t s i n cl ini c a l t r i a l s w it h N ov o N o r d i s k p r o d u ct s . A s s e e n f r o m t h e g r a p h , t h e t o t a l nu m b e r o f p a t i e n t y e a r s i n c re a s e d f r o m 1 6 , 00 0 i n 2 0 1 3 t o m o r e t h an 2 6 , 00 0 i n 2 0 1 4 . B e lo w a r e h i g hl i g h t s f r o m k ey la t e - st a g e d e v e l o p m e n t p r oj ect s . T h e p i p e li n e ov e r vi e w o n p p 2 6 – 2 7 s h o w s a l l c o mp o u n d s i n cl ini c a l d e v e l o p m e n t , a n d f u r t h e r d e t a il s o n cl ini c a l t r i a l r e s u l t s c an b e f o u n d i n t h e c o m p a n y a n n o u n c e m e n t s a n d p r e s s re l e a s e s pub li s h e d b y N ov o N o r d i s k d u r i n g 2 0 1 4 , w h i c h a re a v a i l ab l e o n n ov o n o r d i s k . c o m . D I A B E T E S T h e c a r d i o v a s c ul a r o u tc o m e s t r i a l f o r T r e s i b a ® ( in s u l i n d e g l u d e c ) , D E V O T E , w a s ini t ia t e d i n O c t o b e r 2 0 1 3 i n r e s p o n s e t o a r e q u e s t f r o m t h e F D A . R e c r u it m e n t o f t h e 7 , 5 0 0 t r i a l p a r ti ci p a n t s w it h t y p e 2 d i a b e t e s w h o h a v e e x i s t i n g , o r h i g h r i s k o f , c a r d i o v a s c ul a r d i s e a s e w a s c o m p l e t e d b y t h e e n d o f 2 0 1 4 a n d b y t h e e n d o f J a n u a r y 2 0 1 5 t h e r e q u ir e d nu m b e r o f m a jo r a d v e r s e c a r d i o v a s c ul a r e v e n t s ( M A C E ) f o r t h e p r e s p e c i f i e d i n t e r i m a n a l y s i s h a d b e e n a c cum u l a t e d . N ov o N o r d i s k e x p ect s t o d e c i d e d u r i n g t h e f i r s t h a l f o f 2 0 1 5 w h e t h e r t o s ub m i t t h e r e s u l t o f t his i n t e r i m a n a l y s i s t o t h e F D A o r t o a w a i t c o m p l e tio n o f t h e D E V O T E t r i a l . T h e r e s u l t o r w h o a r e ov e r w e i g h t ( B M I ≥ 2 7 ) w it h a t l e a s t o n e w e i g h t - re la t e d c o m o r b i d i t y s u c h a s t y p e 2 d i a b e t e s a n d c a r d i o v a s c ul a r d i s e a s e . N ov o N o r d i s k e x p ect s t o lau n c h S a x e n d a ® i n t h e US i n t h e f i r s t h a l f o f 2 0 1 5 . I n J a n u a r y 2 0 1 5 , S a x e n d a ® r e c e i v e d a p o sit i v e o p ini o n f r o m t h e E u r o p e an M e d i c i n e s A g e n c y ’s e x p e r t c o mm i t t e e . T h e f in a l m a r k e t i n g a u t h o r i s a tio n f r o m t h e E u r o p e an C o mm i s sio n i s e x p ec t e d w it hi n a p p r o x im a t e l y t hr e e m o n t hs . HA E MO P H I L I A D u r i n g 2 0 1 4 , N ov o N o r d i s k c o m p l e t e d 3 o f 4 p h a s e 3 a t r i a l s w it h lo n g - a c t i n g r e c o m b in a n t f a c t o r V II I , N 8 - G P ( t u r o c t o c o g a l f a p e g ol ) , f o r h a e m o p hi l i a A p a t i e n t s , i n v e s ti g a t i n g N 8 - G P a s a t re a t m e n t f o r a d u l t s , c hi l d re n , d u r i n g s u r g i c a l p r o c e d u r e s a n d a s p r o p h y l a c ti c t re a t m e n t . T h e d a t a r e p o r t e d s o f a r c o n f i r m t h e e f f i c a c y o f N 8 - G P , w h i c h a l s o a p p e a r e d s a f e a n d w e l l t ol e r a t e d i n t h e t r i a l s . N e w d a t a w e r e r e p o r t e d f r o m p h a s e 3 a t r i a l s w it h a g l y c o P E G y la t e d lo n g - a c t i n g r e c o m b in a n t f a c t o r I X , N 9 - G P , f o r p e o p l e w it h h a e m o p hi l i a B . T h e d a t a r e p o r t e d s o f a r c o n f i r m t h e e f f i c a c y o f N 9 - G P , w h i c h a l s o a p p e a r e d s a f e a n d w e l l t ol e r a t e d i n t h e t r i a l s . N ov o N o r d i s k e x p ect s t o s ub m i t N 9 - G P f o r a p p r o v a l t o t h e r e g ula t o r y a u t h o r it i e s i n t h e s e c o n d h a l f o f 2 0 1 5 . G R O W T H HO R M O N E I n N ov e m b e r 2 0 1 4 , p a t i e n t s w it h A d u l t G r o w t h H o r m o n e D ef i c i en c y ( A G H D ) w er e t re a t e d i n t h e f i r s t p h a s e 3 a t r i a l w it h a o n c e - w e ek l y hu m an g r o w t h h o r m o n e , NN 8 6 4 0 . I N F L A MM A T O R Y D I S O R D E R S I n S e pte m b e r 2 0 1 4 , N ov o N o r d i s k d e c i d e d t o d i s c o n t in u e a l l i t s r e s e a r c h a n d d e v e l o p m e n t a c t iv it i e s w it hi n i n f l a m m a t o r y d i s o r d e r s a n d in s t e a d i n c re a s e i t s e f f o r t s w it hi n d i a b e t e s p re v e n tio n a n d t re a t m e n t , o b e si t y a n d d i a - b e t e s c o m p l i c a tio n s . T h e d e ci sio n f o l lo w e d a re vi e w o f N ov o N o r d i s k ’s s t r a t e g i c p o sitio n w it hi n i n f l a m m a t o r y d i s o r d e r s a f t e r t h e c o m p a n y ’s m o s t a d v a n c e d c o mp o u n d , a n t i - I L - 2 0 f o r th e t r e a t m e nt o f r h e u m a t o i d a r t h r it i s, f a i l e d t o s h o w e f f i c a c y i n a p h a s e 2 t r i a l . W it h o u t t his p r o d u c t , N ov o N o r d i s k ’s e a r l i e s t p o s s i b l e e n t r a n c e i n t o t h e m a r k et f o r a n t i - i n f l a m m a t o r y t h e r a p e u ti cs w o u l d b e d e la y e d t o t h e la t e 202 0 s . o f an i n t e r i m a n a l y s i s c a rr i e s a h i g h e r l e v el o f u n c e r t a i nt y t h an t h e f in a l s t u d y r e s u l t s a s t his p re l i m in a r y e s t im a t e i s b u i l t o n a lo w e r nu m b e r o f o b s e r va tio n s . A cc o r d i n g l y , a re la t i v e r i s k e s t im a t e t h a t i s d e r i v e d f r o m an i n t e r i m a n a l y s i s m a y o r m a y n o t s u pp o r t r e s ub m i s sio n r e g a r d l e s s o f t h e f in a l t r i a l r e s u lt . A p o s s i b l e d e ci sio n n o t t o s ub m i t t h e i n t e r i m a n a l y s i s t o t h e F D A w il l n o t i n i t s e l f i n d i c a t e a c a r d i o v a s c ul a r s a f e t y i s s u e re la t e d t o t h e u s e o f T r e s i b a ® . S a f e t y o f p a t i e n t s i n t h e D E V O T E t r i a l i s ov e r s e e n b y an i n d e p e n d e n t D a t a M o n i t o r i n g C o mm i t t e e , w h i c h w o u l d r e c o m m e n d t h a t t h e t r i a l i s s t o p p e d s h o u l d a s a f e t y c o n c e r n a r i s e . A t p r e s e n t , t h e D E V O T E t r i a l re m a ins b l i n d e d t o r e g ula t o r y a u t h o r it i e s . I n N ov o N o r d i s k o n ly a s m a l l t e a m w il l h a v e a c c e s s t o t h e d a t a . T his t e a m w il l i n t e r a c t w it h F D A a n d w il l d e c i d e w h e t h e r t o r e s ub m i t t h e d e g l u d e c f i l e i n cl u d i n g t h e i n t e r i m d a t a . N ov o N o r d i s k m a n a g e m e n t w il l n o t h a v e a c c e s s t o t h e u nb l i n d e d r e s u l t s o f t h e i n t e r i m a n a l y s i s , a n d t h e r e s u l t o f t h e i n t e r i m a n a l y s i s w il l n o t b e c o m m u n i c a t e d w h e n t h e d e ci sio n w h e t h e r t o s ub m i t t h e i n t e r i m a n a l y s i s t o t h e F D A i s t a k e n . T h e f u l l D E V O T E t r i a l i s n o w e x p ec t e d t o b e c o m p l e t e d i n t h e s e c o n d h a l f o f 2 0 1 6 . I n S e pte m b e r 2 0 1 4 , t h e E u r o p e an C o mm i s - sio n g r a n t e d m a r k e t i n g a u t h o r i s a tio n f o r X u l t o p h y ® , a o n c e - d a i l y s i n g l e - i n j ec tio n c o m - b in a tio n o f in s u l i n d e g l u d e c ( T r e s i b a ® ) a n d li r ag l ut i d e ( V i c to z a ® ) . X u l t o p h y ® i s i n d i c a t e d f o r t h e t re a t m e n t o f a d u l t s w it h t y p e 2 d i a b e t e s t o i m p r ov e g l y c a e m i c c o n t r o l in c o m b in a tio n w it h o r a l g l u c os e - lo w e r i n g m e d i c in a l p r o d u ct s w h e n t h e s e a lo n e o r c o m b i n e d w it h b a s a l in s u l i n d o n o t p r o v i d e a d e qua t e g l y c a e m i c c o n t r o l . X u l t o p h y ® is a d m inis t e r e d i n d e p e n d e n t l y o f m e a l s a n d h a s s h o w n c o n s i s t e n t r e s u l t s i n s t r o n g l y i m p r o v i n g g l y c a e m i c c o n t r o l i n b o t h in s u li n - n a ï v e p e o p l e a n d p e o p l e w it h t y p e 2 d i a b e t e s t h a t a re u n c o n t r o l l e d o n b a s a l in s u l in . X u l t o p h y ® w a s lau n c h e d i n S w i t z e r l an d i n J a n u a r y 2 0 1 5 a n d w il l b e lau n c h e d i n o t h e r E u r o p e an c o u n t r i e s d u r i n g 2 0 1 5 . O B E S I T Y I n D e c e m b e r 2 0 1 4 , t h e U S F o o d a n d D r u g A d m inis t r a tio n ( F D A ) a p p r ov e d t h e N e w D r u g A p p l i c a tio n ( N D A ) f o r S a x e n d a ® ( li r a g l u ti d e 3 m g ) , t h e f i r s t o n c e - d a i l y hu m an g l u c a g o n - lik e p ep t i de - 1 ( G L P - 1 ) a n a l o g u e f o r t h e t re a t - m e n t o f o b e si t y . S a x e n d a ® i s i n d i c a t e d a s an a d j u n c t t o a r e d u c e d - c a lo r i e d i et a n d i n c re a s e d p h y si c a l a c t iv i t y f o r c h r o n i c w e i g h t m a n a g e m e n t i n a d u l t s w it h o b e si t y ( B M I ≥ 3 0 ) N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

C O N T I N U E D A C C O M P L I S H M E N T S A ND R E S U L T S 2 0 1 4 11 S O C I A L P E R F O R M A N C E S o c ia l p e r f o r m a n c e h a s t h r e e d i m e n s io n s : i m p r o v i n g a c c e s s t o m e d i c a l t re a t m e n t a n d q ua l i t y o f c a re f o r p a t i e n t s , o f f e r in g a h e a lt h y a n d e n g a g in g w o r k i n g e n v i r o n m e n t , a n d p r o v i d in g a s s u r a n c e t h a t re s p o n si b l e bu s i n e s s p r a c t i c e s a re in p l a c e , w it h t h e a im o f c o n t r i b u t in g t o t h e c o mm u ni t i e s i n w h i c h t h e c o m p a n y o p e r a t e s . P A T I E N T S O f t h e 3 8 7 m ill io n p e o p l e l i v i n g w it h d i a b e t e s 1 it is k n o w n t h a t j u s t ov e r h a l f o f t h e m a re d ia g n o s e d a n d m a n y o f t h o s e d ia g n o s e d d o n o t r e c e i v e m e d i c a l t re a t m e n t . 5 A s p a r t o f N ovo N o r d is k ’ s s t r a t e g y f o r g lo b a l a c c e s s t o d i a b e t e s c a r e , t h e c o m p a n y h a s s e t a lo n g - t e r m t a r g e t t o re a c h 4 0 m ill io n p e o p l e in 2 0 2 0 w it h i t s d i a b e t e s c a re p r o d u ct s , a d o u b l in g f r o m t h e b a s e l i n e n u m b e r in 2 0 1 0 . T h e a im is t o e n a b l e m o re p e o p l e w it h d i a b e t e s t o r e c e i v e m e d i c a l t re a t m e n t . I n 2 0 1 4 , N ovo N o r d is k p r o v i d e d m e d i c a l t re a t m e n t s t o a n e s t im a t e d 2 4 . 4 m ill io n p e o p l e w it h d i a b e t e s w o r l d w i d e , c o m p a re d w it h 2 4 . 3 m ill io n in 2 0 1 3 . T h e e s t i m a t e d n u m b e r is c a l c ula t e d b a s e d o n W H O ’ s r e c o m m e nd e d d a i l y d o s e s f o r d i a b e t e s m e d i c i n e s . T h e n u m b e r re f l ec t s a n in c re a s e in t h e n u m b e r o f p e o p l e t re a t e d w it h m o d e r n a n d n e w - g e n e r a t io n i n s u l i n s , c o u n - t e re d b y a d e c l i n e in t h e n u m b e r o f p e o p l e t re a t e d w it h h u m a n i n s u l i n , f o l l o w in g t h e lo s s o f a la r g e t e nd e r c o n t r a c t . N ovo N o r d is k is c o mm i t t e d t o e x p a n d in g a c c e s s t o m e d i c a l t re a t m e n t a n d c a re f o r p e o p l e w it h d i a b e t e s t h r o ug h o u t t h e w o r ld a n d h as s e v er a l p r o - g r a m m e s s p e ci f i c a l l y t a r g e t in g p e o p l e i n l o w - in c o m e s e t t in g s , w h il e a l s o f o c u s in g o n e n h a n c in g q ua l i t y o f c a re t h r o u g h p r o d u c t i n n o va t io n . N ovo N o r d is k s o l d h u m a n i n s u l in a c c o rd in g t o t h e c o m p a n y ’ s d i f f e re n t ia l p r i c in g p o l i c y in 3 2 o f t h e w o r l d ’ s 4 8 p o o re s t c o u n t r i e s , c o m p a re d t o 3 5 c o u n t r i e s in 2 0 1 3 . A c c o r d - in g t o t hi s p o l i c y t h e p r i c e s h o u l d n o t e x c e e d 20 % o f t h e a v e r a g e i n s u l in p r i c e in t h e w e s t e r n w o r l d ( d e f i n e d a s t h e E U , N o r w a y , S w i t ze r lan d , t h e U S , C a n a d a a n d J a p a n ) . T h e p r i c i n g p o l i c y is o f f e re d t h r o u g h g ov e r n m e n t t e nd e r s o r p r i va t e m a r k e t d i s t r i b u t o r s t o a l l o f t h e c o u n t r i e s l i s t e d b y t h e U N a s L e a s t D e v e lo p e d C o u n t r i e s ( L D C ) . I n 2 0 1 4 t h e L D C c e il in g p r i c e f o r i n s u l in t re a t m e n t p e r p a t i e n t p e r d a y w a s U S D 0 . 2 4 , w h il e t h e a v e r a g e re a l i s e d p r i c e f o r i n s u l in s o l d und e r t h e p r o g r a m m e w a s U S D 0 . 1 6 . By t h e e n d o f 2 0 1 4 , i m p o r t a n t p r o g re s s h a d b e e n a c h ie v e d o n C h a n g in g D i a b e t e s ® p r o g r a m m e s re a c h i n g p e o p l e w it h d i a - b e t e s a n d bu i l d in g c a p a ci t y . T h e C h a n g in g D i a b e t e s ® in C h i l d re n p r o g r a m m e h a s b e e n r o l l e d o u t i n n i n e c o u n t r i e s s i n c e laun c h in 2 0 0 9 , re a c h i n g m o re t h a n 1 3 , 00 0 c h i l d re n . By n o w , 1 0 8 c l inic s h a v e b e e n e st a b l is h e d a n d m o re t h a n 5 , 7 0 0 h e a lt h c a re p r o f e s s io n a ls h a v e b e e n t r a i n e d . T h e C h a n g in g D i a b e t e s ® i n P r e g n a n c y p r o - g r a m m e , a l s o laun c h e d in 2 0 0 9 , h a s s c r e e n e d 2 7 , 7 0 0 w o m e n f o r g e st a t io n a l d i a b e t e s m e ll i t u s a n d 2 , 7 0 0 w o m e n h a v e b e e n d ia g n o s e d a n d s u b s e q u e n t l y t re a t e d . T h e B a s e o f t h e P y r a m i d p r o g r a m m e h a s , s in c e laun c h in 2 0 1 1 , e st a b l is h e d s e v e n D i a b e t e s S u pp o r t C e n t re s i n N i g e r ia a n d f o u r in G h a n a . T h e p r o g r a m m e h a s b e e n sc a l e d up in K e n ya in t e r m s o f c a p a ci t y - bu i l d in g a n d e n s u r in g s u pp l y . D o n a t io n s t h r o u g h t h e W o r l d D i a b e t e s F o un d a t io n ( WD F ) a m o u n t e d t o D K K 6 6 m ill io n in 2 0 1 4 . T h e WD F is a n i nd e p e nd e n t n o n - p r o f it o rg a ni s a t io n e st a b l is h e d in 2 0 0 2 b y N ovo N o r d is k t o h e l p e x p a n d a c c e s s t o d i a b e t e s c a r e . T h e f o un d a t io n i n v e s t s in s u st a i n a b l e ini t ia t i v e s t o bu i l d h e a lt h c a re c a p a ci t y w it h t h e a im t o i m p r ov e p re v e n t io n a n d t re a t m e n t o f d i a b e t e s in d e v e lo p in g c o u n t r i e s . I n 2 0 1 4 t h e WD F s u pp o r t e d 3 8 n e w p r o j ec t s . A m o n g t h e s e a re p r o j e ct s w it h a f o c u s o n a v o i d in g d i a b e t e s c o m p l i c a t io n s a n d o t h e r s a i m e d a t re a c hin g p e o p l e i n t h e m o s t re m ot e r u r a l a re a s . R e a d m o re o n w o r l d d i a b e t e s f o un d a t io n . o r g . N ovo N o r d is k a l s o p r o v i d e s f i n a n c ia l s u p - p o r t t o i m p r ov e g lo b a l a c c e s s t o h a e m o - p h i l ia c a r e . I n 2 0 1 4 t h e c o m p a n y d o n a t e d D K K 1 8 m ill io n t o t h e N ovo N o r d is k H a e m o p h i l ia F o un d a t io n , e st a b l is h e d in 2 0 0 5 . T h e f o un d a t io n s u pp o r t s p r o j ec t s a n d f e l l o w s hi p s in d e v e lo p in g a n d e m e r g in g e c o n o m i e s . I ni t ia t i v e s f o c u s o n c a p a ci t y - bu i l d in g , a w a re n e s s , d ia g n o sis a n d re g i s - t r ie s . R e a d m o re o n n n h f . o r g . I n 2 0 1 4 N ovo N o rd is k w a s r a n k e d s e c o n d in t h e A c c e s s t o M e d i c i n e I nd e x , c l i m b i n g f o u r p l a c e s s in c e t h e 2 0 1 2 I nd e x . N ovo N o r d is k ’ s r a n k in g is a re f l ec t io n o f t h e c o m p a n y ’ s c o n si d e r a t io n o f a c c e s s t o m e d i c i n e w it h i n i t s c o re bu s i n e s s , in c l u d in g e qu i t a b l e p r i - c in g s t r a t e g i e s , l oc a l c a p a b il i t y - bu i l d in g a n d i n t e g r a t in g d o n a t io n s i n t o bu s i n e s s a c t iv it i e s . E M P L O Y E E S A t t h e e n d o f 2 0 1 4 , t h e to t a l n u m b e r o f e m p l oy e e s w a s 4 1 , 4 5 0 , c o r re s p o n d i n g t o 4 0 , 9 5 7 f u l l - t i m e p o sit io n s , w h i c h is a n 8 % in c re a s e c o m p a re d w it h 2 0 1 3 . T hi s g r o w t h is p r im a r i l y d r i v e n b y e x p a n s io n w it h i n I n t e r n a t io n a l O p e r a t io n s a n d in D e n m a r k , p r im a r i l y w it hin re s e a r c h & d e v e lo p m e n t a n d p r o d u c t io n . E m p l oy e e t u r n ov e r in c re a s e d f r o m 8 . 1 % in 2 0 1 3 t o 9 . 0 % . T hi s l e v e l is in l i n e w it h r e c e n t y e a r s , w it h t u r n ov e r r a t e s o f 8 – 1 0 % . T h e c o n s o l i d a t e d s c o re in t h e a nn ua l e m p l oy e e s u r v e y , e V oi c e , w a s 4 . 3 , m e a s u re d o n a sc a l e o f 1 t o 5 , w it h 5 b ein g t h e b e s t s c o r e . T h e s u r v e y m e a s u re s t h e e x t e n t t o w h i c h t h e o r g a ni s a t io n is w o r kin g in a c c o r d a n c e w it h t h e N ovo N o r d is k W a y . T h e 2 0 1 4 re s u lt re f l ec t s a s t r o n g c u l t u re a n d c o mm it m e n t t o t h e c o m p a n y ’ s va l u e s , d e s p i t e a s l i g h t d e c re a s e c o m p a re d w it h t h e 4 . 4 s c o re in 2 0 1 3 . By t h e e n d o f 2 0 1 4 a to t a l o f 76 % o f t h e 3 3 s e n i o r m a n a g e m e n t t e a m s w e re c o m p o s e d o f a d i v e r s e g r o u p , w it h m e m b e r s o f b o th g en d e r s a n d d i f f er e n t n a t io n a l it i e s, c o m p a re d w it h 7 0 % in 2 0 1 3 . A s a re s u lt o f t a r g e t e d e f f o r t s , 3 2 o f t h e s e n i o r m a n a g e - m e n t t e a m s n o w h a v e g e nd e r d i v e r si t y , w h il e d i v e r si t y o f n a t io n a l it i e s in s o m e m a n a g e m e n t t e a m s h a s p r ov e n m o re d i f f i - c u lt t o a c h ie ve . T h e a s p i r a t io n w a s t o re a c h 1 0 0 % b y t h e e n d o f 2 0 1 4 , b u t t hi s h a s n o t y e t b e e n a c h ie v a b l e . T hi s re f l ec t s t h a t w h il e d i v e r si t y is a p r io r i t y in t h e s e l e c t io n o f c a n d i d a t e s f o r r e c r u it m e n t a n d p r o m o t io n s , it is a l s o a p r in ci p l e t o a l w a y s c h o o s e t h e b e s t p e r s o n f o r t h e jo b . T o e n s u re a r o bu s t p i p e l i n e o f t a l e n t f o r m a n a g e m e n t p o sit io n s , a n e w a s p i r a t io n h a s b e e n s e t t h a t re qu ire s a l l m a n a g e m e n t t e a m s , in c l u d in g e n t r y - l e v e l a n d m i d d l e m a n a g e m e n t , t o e n h a n c e d i v e r si t y in t e r m s o f b o t h g e nd e r a n d n a t io n a l i t y . I n 2 0 1 4 , t h e a v e r a g e f re q u e n c y r a t e o f o c c u p a t io n a l a c c i d e nt s w i th a b s en c e d e - c re a s e d t o 3 . 2 p e r m ill io n w o r kin g h o u r s , c o m p a re d w it h 3 . 5 i n 2 0 1 3 , a s a re s u lt o f c o n t i n u e d r o l l - o u t in t h e g lo b a l o r g a ni s a t io n o f u ni f o r m o c c u p a t io n a l h e a lt h a n d s af e t y m a n a g e m e n t p r o c e d u r e s . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

2010 2011 2012 2013 2014 0 10 20 30 40 50 P AT I EN TS R E A CH E D W I T H D I A B E TE S C A R E P R O D U C T S E s t i mat e • R e a li s e d T a r g e t ( 2 0 2 0 ) M ill io n 2010 2011 2012 2013 2014 1 2 3 4 5 W O R KI N G T H E N O V O N O R D I S K W A Y A v e r a g e s c o r e i n a nnu a l e m p l oy e e s u r v e y • R e a li s e d T a r g e t 2010 2011 2012 2013 2014 0 20 40 60 80 % 100 12 A C C O M P L I S H M E N T S A ND R E S U L T S 2 0 1 4 * A l l se n io r m a n a g e m e n t t e a m s m u s t c o m p l y w it h t h e t a r g e t to b e d i v e r s e i n t e r m s o f g e n d e r a n d n a tio n a li t y o r e x p l a i n w h y t h i s h a s n o t y e t b e e n a c h ie v a b l e . S c a l e D I VER S E S E N I OR M AN A G E M E N T T E A M S • R e a li s e d T a r g e t ( 2 0 1 4 ) * A SS U R A N C E T r a inin g i n bu s i n e s s e t h ic s is m a n d a t o r y a n d a hi g h p r io r i t y . A nn ua l bu s i n e s s e t h ic s t r a inin g is re qu ire d f o r a l l e m p l oy e e s , in c l u d - in g n e w hir es . B u s i n e s s e t h ic s t r a inin g is a l s o a k e y e l e m e n t in t h e o n b o a r d in g p r o g r a m m e s . I n 2 0 1 4 , 9 8 % o f a l l re l e va n t e m p l oy e e s c o m p l e t e d a n d d o c u m e n t e d t h e ir t r a inin g a n d p a ss e d t h e re la t e d t e s t s . T hi s is a s l i g h t in c re a s e f r o m 9 7 % in 2 0 1 3 . T h e hi g h l e v e l is a t t r i b u t e d t o t h e c o n st a n t f o c u s a n d c o mm u n i c a t io n b y s e n i o r m a n a g e - m e n t o n t h e i m p o r t a n c e o f bu s i n e s s e t h ic s c o m p l ian c e . A d h e re n c e t o t h e c o m p a n y ’ s g lo b a l st a n - d a r d s f o r e t h i c a l b e h a vi o u r m u s t b e o b s e r v e d a n d is m o ni t o re d . I n t e r n a l bu s i n e s s e t h ic s a s s u r a n c e a c t iv it i e s a re c o n d u c t e d u s in g o n - si t e i n t e r vi e w s a n d d o c u m e n t a t io n re vi e w s t o a ss e s s c o m p l ian c e w it h l e g a l re qu ire m e n t s a n d i n t e r n a l p r o c e d u re s . D u r in g 2 0 1 4 , 4 2 bu s i n e s s e t h ic s a s s u r a n c e re vi e w s w e re c o n d u c t e d , c o m p a re d w it h 4 5 in 2 0 1 3 . D u r in g t h e y e a r , t h e g lo b a l f a c il i t a t o r t e a m c o n d u c t e d 6 9 au d i t s o f u nit s ’ a d h e r - e n c e t o t h e N ovo N o r d is k W a y , s o - c a l l e d f a c il i t a t io n s , c ov e r in g a p p r o x im a t e l y 1 6 , 5 0 0 e m p l oy e e s , w h i c h is c lo s e t o 4 0 % o f t h e e n t ire w o r k f o r c e . T h e f a c il i t a t io n s c o n - d u c t e d in 2 0 1 4 s h o w e d a hi g h l e v e l o f c o m p l ian c e w it h t h e N ovo N o r d is k W a y . A f a c il i t a t io n c o n si s t s o f d o c u m e n t re vi e w a n d i n t e r vi e w s w it h l oc a l m a n a g e m e n t , e m p l oy e e s a n d st a k e h o l d e r s t o d e t e r mi n e t h e l e v e l o f a d h e re n c e t o c o r p o r a t e va l u e s a n d e x p ec t e d b e h a vi o u r s s p e l l e d o u t in t h e N ovo N o r d is k W a y . B e s t p r a c t i c e s a re s h a re d i n t e r n a l l y w h il e f in d in g s o f n o n - c o m p l ian c e a re re p o r t e d t o l oc a l m a n a g e m e n t , w h i c h m u s t s u b s e - q u e n t l y i m p l e m e n t c o r r e c t i v e a c t io n s . I n 2 0 1 4 , 9 5 % o f a c t io n s w e re c lo s e d o n t i m e . A s u mm a r y re p o r t , p re s e n t e d t o t h e B o a rd o f D ir e c t o r s , o u t l i n e s k e y o b s e r va t io n s a n d t re n d s a c r o s s a l l f a c il i t a t io n s , a n d t h e c o n c l u s io n is t h a t t h e re is a hi g h l e v e l o f c o m p l ian c e in 2 0 1 4 w it h t h e N ovo N o r d is k W a y a c r o s s t h e o r g a ni s a t io n . A to t a l o f 2 2 4 s u pp l i e r au d i t s w e re c o n d u c t e d t o a ss e s s t h e ir l e v e l o f c o m p l ian c e w it h t h e c o m p a n y ’ s st a n d a r d s f o r s u pp l i e r s . T h e s e re la t e t o q ua l i t y a s w e l l a s e n v i r o n m e n t , l a b o u r , h u m a n r i g h t s a n d bu s i n e s s e t h ic s , in l i n e w it h N ovo N o r d is k ’ s re s p o n si b l e s o u r c - in g p o l i c y . T h e s e au d i t s a re und e r t a k e n b y N ovo N o r di s k ’ s g l o b al qua l i t y o r gan i s a t io n . T h e l e v e l o f au d it a c t iv i t y w a s o n p a r w it h 2 0 1 3 . O f t h e au d i t s i n 2 0 1 4 , 2 5 w e re f o c u s e d o n re s p o n si b l e s o u r c in g c r i t e r ia, w h i c h is t h e s a m e l e v e l a s in 2 0 1 3 . O n l y hi g h - r is k s u pp l i e r s, i d e nti f i e d t h r o ug h a r o bu s t r is k a ss e s s m e n t , a re s e l ec t e d f o r re s p o n si b l e s o u r c in g au d i t s . I n 2 0 1 4 , n o c r it i c a l f in d in g s w er e i d e nti f i e d . I n 2 0 1 4 , N ovo N o r d is k h a d t w o p r o d u c t r e c a l ls f r o m t h e m a r k e t c o m p a re d w it h s i x in 2 0 1 3 . O n e r e c a l l w a s d u e t o i n a p p r o p r ia t e p r o d u c t s t o r a g e in t h e e x t e r n a l d i s t r i b u t io n c h a i n . T h e o t h e r c o n c e r n e d a p a c k a g in g i s s u e . L oc a l h e a lt h a u t h o r it i e s w e re i n f o r m e d in b o t h i n st a n c e s t o e n s u re t h a t d i s t r i b u t o r s , p h a r m a c i e s , d o c t o r s a n d p a t i e n t s r e c e i v e d a p p r o p r ia t e i n f o r m a t io n . I n 2 0 1 4 n o W a r nin g L e t t e r s w e re i s s u e d t o N ovo N o r d is k a n d t h e re w e re n o r e - i n s p ec t io n s . A to t a l o f 1 1 2 i n s p ec t io n s w e re c o n d u c t e d b y re g ula t o r y a u t h o r it i e s o r c e r ti f i e d b o d i e s a t N ovo N o r d is k si t e s , a t c l inic s c o n d u c t in g i n v e s ti g a t io n s f o r N ovo N o r d is k o r f o r v o l u n t a r y I S O 9 0 0 1 c e r ti f i c a t io n c o m p a re d w it h 8 4 i n s p ec t io n s in 2 0 1 3 . O f t h e 1 1 2 i n s p ec t io n s , 5 9 w e re e it h e r I S O i n s p ec t io n s o r i n s p ec t io n s b y t h e US F oo d & D r u g A d m ini s t r a t io n ( F D A ) , b y t h e J a p a n e s e P M D A o r b y m e m b e r s o f t h e E u r o p e a n E M A , o f w h i c h 3 2 w e re p a ss e d a n d 2 7 w e re u n re s ol v e d a t y e a r - e n d . L O N G - T E R M S O C IA L T A R G E T S N ovo N o r d is k h a s c h o s e n t h r e e lo n g - t e r m so c ia l t a r g e t s t o s u pp o r t lo n g - t e r m f i n a n c ia l p e r f o r m a n c e , b a lan c in g re s p o n si b il i t y w it h p r o f i t a b il i t y , w it h t h e a im o f c re a t in g s u st a i n a b l e va l u e f o r s h a re h o l d e r s a n d o t h e r st a k e h o l d e r s . T h e so c ia l t a r g e t s re f l e c t a s p i r a t io n s e x p re ss e d in t h e N ovo N o r d is k W a y : h e l p i n g p e o p l e l i v e b e t t e r l i v e s , w o r kin g t h e N ovo N o r d is k W a y a n d n u r t u r in g a d i v e r s e w o r kin g e n v i r o n m e n t . T h e lo n g - t e r m p a t i e n t t a r g e t is e x p ec t e d t o b e re a c h e d . D e v e lo p m e n t y e a r o n y e a r w il l va r y , re f l ec t in g g a i n s a n d lo ss e s o f la r g e t e nd e r s a n d c o n t r a c t s . T h e d i v e r si t y t a r g e t e x p ire d a t t h e e n d o f 2 0 1 4 a n d a n e w a s p i r a t io n h a s b e e n s e t t h a t e x p a n d s t h e s c o p e t o f o c u s o n e n h a n c i n g d i v e r si t y in a l l m a n a g e m e n t t e a m s . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

0 1 2 3 4 2010 2011 2012 2013 2014 EN ER G Y C ON S U M P T I ON • R e a li s e d T a r g e t ( n ot to e x c ee d ) * * F r o m 2 0 0 7 to 2 0 1 1 t h e t a r g e t w a s se t a s a n a c c u m u l a t e d r e d u c tio n ov e r f o u r y e a r s f r o m a 2 0 0 7 b a se li n e . WA T E R C ON S U M P T I ON • R e a li s e d 1 , 00 0 , 00 0 G J 2010 2011 2012 2013 2014 0 1 2 3 4 T a r g e t ( n ot to e x c ee d ) * * F r o m 2 0 0 7 to 2 0 1 1 t h e t a r g e t w a s se t a s a n a c c u m u l a t e d r e d u c tio n ov e r f o u r y e a r s f r o m a 2 0 0 7 b a se li n e . 1 , 00 0 , 00 0 m 3 0 2010 2011 2012 2013 2014 50 100 150 200 C O 2 E M I S S I O N S FR O M EN ER G Y C ON S U M P T I ON • R e a li s e d A C C O M P L I S H M E N T S A ND R E S U L T S 2 0 1 4 13 T a r g e t ( n ot to e x c ee d b y 2 0 1 4 ) 1 , 00 0 t o n s N ov o N o r d i s k m e a s u r e s e n v ir o n m e n t a l p e r - f o r m a n c e o n f o u r d i m e n sio n s : c o n s u m p tio n o f w a t e r , c o n s u m p t io n o f e n e r g y , C O 2 e m i s sio n s f r o m e n e r g y c o n s u m p t io n a n d w a s t e . E N E R G Y A N D W A T ER I n 2 0 1 4 , 2 , 5 56 , 00 0 G J e n e r gy a n d 2 , 9 59 , 00 0 m 3 w a t e r w e r e c o n s u m e d a t p r o d u c tio n si t e s a r o u n d t h e w o r l d . E n e r g y c o n s u m p t io n d e c re a s e d b y 1 % d e s p i t e i n c re a s e d p r o d u c tio n a s a r e s u l t o f t h e f o c u s o n o p t i m i s a tio n s i n t h e p r o d u c tio n p r o c e s s e s . W a t e r c o n s u m p t io n i n c re a s e d b y 1 0 % c o m - p a r e d w it h 2 0 1 3 . T his d e v e l o p m e n t re f l ect s t h e i n c re a s e d p r o d u c tio n v o l u m e , a s w e l l a s r a i s e d i n t e r n a l r e q u ire m e n t s r e g a r d i n g t h e q u a l i t y o f w a t e r u s e d i n p r o d u c tio n . 7 0 % o f t h e w a t e r i s u s e d a t p r o d u c tio n si t e s l o c a t e d i n w a t e r - sc a r c e r e g io n s i n B r a zi l , C hin a a n d D e n m a r k . T h e s e si t e s h a v e p a r ti c ul a r f o c u s o n w a t e r s t ewa r d s h i p . C O E M I S S I O N S 2 N ov o N o r d i s k m et i t s lo n g - t e r m t a r g et o f r e d u c i n g C O e m i s sio n s f r o m e ne r g y c o n - 2 s u m p t io n f o r p r o d u c tio n b y 1 0 % i n a b so l u t e m e a s u r e s f r o m 2 00 4 t o 2 0 1 4 . I n 2 0 1 4 t h e s e e m i s sio n s a m o u n t e d t o 1 2 0 , 00 0 t o n s o f C O 2 . T his e q u a l s a 4 % d e c re a s e c o m p a r e d w it h 2 0 1 3 a n d a 4 5 % r e d u c tio n c o m p a r e d w it h 2 00 4 . T h e d e c re a s e i n 2 0 1 4 i s a r e s u l t o f d e c re a s i n g e n e r g y c o n s u m p t i o n ov e r a l l a n d a c h a n g e a t a f ill i n g p l a n t t o a s u p p l i e r w it h l e s s C O 2 - i n t e n s i v e p o w e r p r o d u c tio n . S i n c e 2 00 4 , N ov o N o r d i s k h a s r e d u c e d C O 2 e m i s sio n s f r o m e ne r g y c o n s u m p tio n f o r p r o d u c tio n b y 9 7 , 00 0 t o n s , e q u a l t o 4 5 % , w hi l e i n t h e s a m e p e r i o d t h e c o m p a n y h a s g r o w n b y 2 0 6 % m e a s u r e d i n s a l e s . K ey d r i v e r s h a v e b e e n p r o c e s s o p t i m i s a tio n s , c o n v e r sio n t o re n e w a b l e e n e r g y s u p p l i e s a n d m o r e t h an 7 0 0 e n e r g y - s a vi n g p r oj ect s , w h i c h h a v e l e d t o a t o t a l r e d u c tio n i n C O 2 e m i s sio n s o f 45 , 00 0 t o n s a nnu a l l y . N ov o N o r d i s k i s n o w e x p a n d i n g i t s s c o p e o f r e p o r t i n g t o i n cl u d e C O 2 e m i s sio n s f r o m b u s i n e s s f l i g h t s a n d l e a s e d c o m p a n y c a r s . I n 2 0 1 4 , b u s i n e s s f l i g h t s r e s u l t e d i n e s t im a t e d e m i s sio n s o f C O 2 o f 6 8 , 00 0 t o n s , w h i c h i s 6 % l e s s t h an i n 2 0 1 3 . T his i s t h e r e s u l t o f a f o c u s o n k ee p i n g c o s t s lo w . T h e e s t im a t e d C O 2 e m i s sio n s f r o m l e a s e d c o m p a n y c a r s i n c re a s e d b y 1 % f r o m 7 1 , 00 0 t o n s t o 7 2 , 00 0 t o n s . T h e i n c re a s e i s d u e t o a g r o w i n g w o r k f o r c e . W A STE I n 2 0 1 4 , N ov o N o r d i s k g e n e r a t e d 3 0 , 7 2 0 t o n s o f w a s t e , w h i c h i s an i n c re a s e o f 5 1 % c o m p a r e d w it h 2 0 1 3 . T his i n c re a s e re f l ect s t h e f a c t t h a t t h e c o m p a n y h a s c h os e n t o a p p l y t h e p r e c a u tio n a r y p r i n ci p l e a n d d i s p os e o f s p e c i fi c w a s t ew a t e r f r a c tio n s a s haz a r d o us w a s t e f o r t re a t m e n t i n i n c i n e r a tio n p l a n t s r a t h e r t h a n d is c h a r g i ng t h e m t o w a s t e w a t e r t re a t m e n t p l a n t s . M o r e ov e r , n o n - r e c yc l ab l e e t h a n o l w a s t e i n c re a s e d d u e t o e x t r a o r d in a r y c h a l l e n g e s w it h r e g e n e r a tio n o f u s e d e t h a n o l i n d i a b e t e s c a r e . M o r e t h an h a l f t h e w a s t e v o l u m e i s r e c yc l e d o r r e c ov e r e d ; 2 6 % o f t h e t o t a l w a s t e i s r e c yc l e d , a n d 3 0 % i s i n c i n e r a t e d w it h e n e r g y r e c ov e r y . O n ly 3 % o f w a s t e i s s e n t t o l and f il l . L O N G - T E R M E NV I R O N M E N T A L T A R G E T S N ov o N o r d i s k h a s c h os e n t h r e e lo n g - t e r m e n v ir o n m e n t a l t a r g e t s t o s u pp o r t lo n g - t e r m f in a n c i a l p e r f o r m a n c e , b a l an c i n g r e s p o n - s i b il i t y w it h p rofi t a b il i t y , w it h t h e a i m of c re a t i n g s u st a in a b l e v a l u e f o r s h a re h o l d e r s a n d o t h e r st a k e h o l d e r s . T h e e f f o r t s t o r e d u c e c o n s u m p t io n o f e n e r g y a n d w a t e r a n d C O 2 e m i s sio n s c o n t r i bu t e t o o p t i m i s i n g p r o d u c tio n e f f i c i e n c y a n d r e d u c i n g e n v ir o n m e n t a l i m - p a ct s . T h e t a r g e t s a r e a m b itio u s a n d re f l ec t t h e a s p ir a tio n o f c o n t in u o u s d e c o up li n g o f e n v i r o n m e n t a l i m p a ct s f r o m b u s i n e s s g r o w t h , m e a s u r e d a s i n c re a s e i n s a l e s i n l o c a l cu r r e n c i e s . T h e t a r g e t s f o r e n e r g y a n d w a t e r c o n s u m p t io n h a v e b e e n s et a s a m a x im u m 5 0 % i n c re a s e c o m p a r e d w it h b u s i n e s s g r o w t h , m e a s u r e d a s a t h r e e - y e a r a v e r a g e . T his w il l b e p a r ti c ul a r l y c h a l l e n g i n g i n y e a r s o f p r o d u c tio n e x p a n sio n a n d r un ni n g - i n o f n e w p l a n t s o r p r o d u c tio n l i n e s . T h e t a r g et f o r c o n s u m p t io n o f w a t e r i s c h a l l e n g i n g , a s s t r i c t e r i n t e r n a l r e q u ire m e n t s f o r w a t e r q u a l i t y a n d i n t r o d u c tio n o f n e w p r o d u c tio n l i n e s l e a d t o re la t i v e l y h i g h e r i n c re a s e s i n w a t e r c o n s u m p t io n . T h e t a r g et f o r c o n s u m p t io n o f e n e r g y i s e x p ec t e d t o b e m e t . I n 2 0 1 5 , N ov o N o r d i s k w il l e v a l ua t e w h e t h e r a n e w r e d u c tio n t a r g et f o r C O 2 e m i s sio n s f r o m e ne r g y c o n s u m p tio n f o r p r o d u c tio n w il l c o n t in u e t o s u pp o r t b u s i n e s s p r io r it i e s . E N V I R O N ME N T A L P E R F O R M A N C E N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

2010 2011 2012 2013 2014 0 4 8 12 16 20 B I O P H A R M A C E UT I C A L S S AL E S O th er p r o d u c t s N o r d it r o p i n ® N ov o S e v e n ® D K K b ill io n 2010 2011 2012 2013 2014 0 20 40 60 80 100 D K K b ill io n 2010 2011 2012 2013 2014 0 20 40 60 80 100 14 A C C O M P L I S H M E N T S A ND R E S U L T S 2 0 1 4 P E R F O R M A N C E H I G H L I G H T S ) S A L E S B Y G E O G R A P H I C R E G I O N J a p a n & K o r e a R e g io n C hi n a I n t er n a tio n a l O p er a tio n s E u r o p e N o r th A m er i c a M o d e r n ins u lins ( ins u lin a n a l o g u e s ) D K K b ill io n D I A B E TE S C A R E S A L ES N e w - g e n e r a tio n ins u lin O r a l a n tid i a b e ti c p r o d u c t s ( O A D ) P ro t e i n - re l a t e d p r o d u c t s V i c to z a ® H u m a n ins u lins N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4 2010 20 1 1 2012 2013 2014 201 3 – 2014 FINANCIAL PERFORMANCE Ne t sales 60,776 66,346 78,026 83,572 88,806 Change 6% Underlyin g sale s g r owt h i n loca l cur r encies Cur r enc y e f fec t (loca l cur r enc y impact) 13.0% 6.0% 11.4% (2.2%) 11.6% 6.0% 11.9% (4.8%) 8.3% (2.0%) Ne t sale s g r owt h a s r eported 19.0% 9.2% 17.6% 7.1% 6.3% Dep r eciation , amortisatio n an d impairmen t losses 2,467 2,737 2,693 2,799 3,435 23% Operatin g p r ofi t 18,891 22,374 29,474 31,493 34,492 10% Ne t f inancials (605) (449) (1,663) 1,046 (396) N / A P r ofi t befo r e incom e taxes 18,286 21,925 27,811 32,539 34,096 5% Ne t p r ofi t fo r th e year 14,403 17,097 21,432 25,184 26,481 5% T ota l assets 61,402 64,698 65,669 70,337 77,062 10% Equity 36,965 37,448 40,632 42,569 40,294 (5% Capita l expenditu r e , net 3,308 3,003 3,319 3,207 3,986 24% F r e e cas h f low 1 17,013 18,112 18,645 22,358 27,396 23% FINANCIAL R A TIOS 99.5% Pe r centag e o f sales Sale s outsid e Denmark 99.4% 99.3% 99.4% 99.4% Sale s an d distributio n costs 29.9% 28.6% 27.6% 28.0% 26.2% Resea r c h an d developmen t costs 15.8% 14.5% 14.0% 14.0% 15.5% Administrativ e costs 5.0% 4.9% 4.2% 4.2% 4.0% G r os s margin 1 80.8% 81.0% 82.7% 83.1% 83.6% Ne t p r ofi t margi n 1 23.7% 25.8% 27.5% 30.1% 29.8% E f fectiv e ta x rate 1 21.2% 22.0% 22.9% 22.6% 22.3% Equit y ratio 1 60.2% 57.9% 61.9% 60.5% 52.3% Retu r n o n equity 1 39.6% 46.0% 54.9% 60.5% 63.9% Cas h t o ea r nings 1 118.1% 105.9% 87.0% 88.8% 103.5% Payou t ratio 1 39.6% 45.3% 45.3% 47.1% 48.7% LONG - TERM FINANCIAL T ARGETS 38.8% T argets Operatin g margin 1 31.1% 33.7% 37.8% 37.7% 40% Operatin g p r ofi t g r owth 26.5% 18.4% 31.7% 6.9% 9.5% 15% Operatin g p r ofi t afte r ta x t o ne t operatin g assets 1 63.6% 77.9% 99.0% 97.2% 101.0% 125% Cas h t o ea r ning s (th r ee - yea r average) 115.6% 112.8% 103.7% 93.9% 93.1% 90%

2010 2011 2012 2013 2014 0 10 20 30 40 50 E M P L O Y E E S ( T O T A L ) J a p a n & K o r e a R e g io n C hi n a I n t er n a tio n a l O p er a tio n s E u r o p e N o r th A m er i c a T h o u s a n d 2010 2011 2012 2013 2014 0 30 60 90 120 150 O R G A N I C R E S I D U E S A N D W A S T E • O r ga n i c r e si d u e s • W a s t e 1 , 00 0 t o n s 2010 2011 2012 2013 2014 0 5 10 15 20 25 30 A C C O M P L I S H M E N T S A ND R E S U L T S 2 0 1 4 15 1 . For defi nitions , pleas e r efer t o p 94 . 2 . Donation s t o th e W orl d Diabete s Foundatio n an d th e Nov o No rdis k Haemophili a Foundation , whic h are workin g t o inc reas e healthca r e capacity i n developin g countries . 3 . By th e en d o f 2014 , al l senior management teams ha d t o comply wit h th e targe t t o b e divers e i n terms o f bot h gender an d nation alit y or explai n wh y thi s has no t yet bee n achievable . 4 . The 5 % equals 50 % o f th e busines s g r owt h measu r e d as th e inc r eas e i n sale s i n local cur r encie s as a th r ee - year average . For detaile d targe t defi nition, please r efer t o p 13 . 5 . Share performance - r elate d ke y f i gu r es hav e bee n calculate d r eflectin g a tradin g uni t o f DK K 0 . 20 . 6 . Pr opose d dividend s fo r th e year (not yet decla r ed) . N ET C A S H D I S T R I B UT I O N T O S H A R E H O L D ERS D iv i d e nds S ha r e r e p u r c ha s e s D K K b ill io n N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4 2010 20 1 1 2012 2013 2014 201 3 – 2014 SOCIAL PERFORMANCE Change Leas t develope d countrie s whe r e Nov o No r dis k sells insuli n acco r din g t o th e di f fe r entia l pricin g policy 33 36 35 35 32 (9%) Donation s (DK K million) 2 84 81 84 83 84 1% Ne w paten t familie s (firs t f ilings) 62 80 65 77 93 21% Employee s (total) 30,483 32,632 34,731 38,436 41,450 8% Employe e tu r nover 9.1% 9.8% 9.1% 8.1% 9.0% Relevan t employee s traine d i n busines s ethics 98% 99% 99% 97% 98% P r oduc t r ecalls 5 5 6 6 2 (67%) W a r nin g Letter s an d r e - inspections 0 0 1 1 0 Compan y r eputatio n wit h exte r nal ke y stakeholder s (scal e 1 – 7) N / A 5.6 5.7 5.8 5.8 LONG - TERM SOCIAL T ARGETS T argets Patient s r eache d wit h Nov o No r dis k diabetes ca r e p r oduct s (estimat e i n million) N / A 20.9 22.8 24.3 24.4 4 0 b y 2020 W orkin g th e Nov o No r dis k W a y (scal e 1 – 5) N / A 4.3 4.3 4.4 4.3 4.0 Divers e senio r managemen t teams 54% 62% 66% 70% 76% 100 % b y 2014 3 ENVIRONMEN T AL PERFORMANCE Change Energ y consumptio n ( 1 ,00 0 GJ) 2,234 2,187 2,433 2,572 2,556 (1%) W ate r consumptio n ( 1 ,00 0 m 3 ) 2,047 2,136 2,475 2,685 2,959 10% CO 2 emission s f r o m energ y consumptio n ( 1 ,00 0 tons) 95 94 122 125 120 (4%) Organi c r esidue s (tons) 65,332 71,685 99,209 110,228 110,095 0% W ast e (tons) 18,280 18,695 19,213 20,387 30,720 51% LONG - TERM ENVIRONMEN T AL T ARGETS T argets Energ y consumptio n (v s prio r year) (1%) (2%) 11% 6% (1%) No t t o excee d 5% 4 W ate r consumptio n (v s prio r year) (5%) 4% 16% 8% 10% No t t o excee d 5% 4 CO 2 emission s f r o m energ y consumption (v s 200 4 baseline) (56%) (57%) (44%) (42%) (45%) 10 % r eduction b y 2014 SHARE PERFORMANCE Change Basi c ea r ning s pe r sha r e/AD R i n DKK 1 , 5 4.96 6.05 7.82 9.40 10.10 7% Dilute d ea r ning s pe r sha r e/AD R i n DKK 1 , 5 4.92 6.00 7.77 9.35 10.07 8% T ota l numbe r o f sha r e s (million) , 3 1 December 3,000 2,900 2,800 2,750 2,650 (4%) T r easur y sha r e s (million) , 3 1 December 141 122 87 103 57 (45%) Sha r e capita l (DK K million) 600 580 560 550 530 (4%) Ne t asse t valu e pe r sha r e i n DKK 5 12.32 12.91 14.51 15.48 15.21 (2%) Dividen d pe r sha r e i n DKK 5 2.00 2.80 3.60 4.50 5.00 11% T ota l dividen d (DK K million) 5,700 7,742 9,715 11,866 12,905 6 9% Closin g sha r e pric e (DKK) 5 125.80 132.00 183.30 198.80 260.30 31%

16 O U R B U S I N E SS N ovo N o r d is k is a s t r o n g b e l i e v e r in m a i n t a in i n g f o c u s o n w h a t it d o e s b e s t a n d is t h e re f o re n o t e a s i l y t e m p t e d t o s t r a y f r o m i t s c o re bu s i n e s s . A s a re s u l t , i t s m a in bu s i n e s s a re a t o d a y is t h e s a m e a s wh e n it w a s f o und ed : d i a b e t e s . I t s m a in p r o d u c t t h e n w a s i n s u li n ; t h e m a in p r o d u c t n o w is – i n s u li n . T hi s is n o t t o s a y t h a t N ovo N o r d is k is n o t i n n o va t in g . I n f a c t , it t y p i c a l l y s p e n d s 1 3 – 1 5 % o f i t s re v e n u e o n re s e a r c hin g a n d d e v e lo p in g n e w p r o d u c t s w it h i n i t s c o re a re a s , w h i c h , in a d d it io n t o d i a b e t e s , a re h a e m o p h i l ia, g r o w t h d i s o r d e r s a n d a v e n t u re i n t o t re a t m e n t o f o b e si t y . A s a re s u l t , N ovo N o r d is k h a s b e c o m e a l e a d in g p l a y e r in t h e f i r s t t h r e e m e n t io n e d a re a s . I n a l l a re a s t h e c o m p a n y h a s a p i p e l i n e o f d r u g c a n d i d a t e s t h a t h o l d t h e p r o m i s e o f f u t u re g r o w t h . U n t i l r e c e n t l y , N ovo N o rd is k h a d a f i f t h s t r a t e g i c f o c u s a re a, w h i c h w a s t o e st a b l is h a p re s e n c e w it h i n i n f la mm a t o r y d i s o r d e r s . H o w e v e r , in S e p t e m b e r 2 0 1 4 t h e c o m p a n y d e ci d e d t o d i s c o n t i n u e a l l i t s re s e a r c h a n d d e v e lo p m e n t a c t iv it i e s w it hin t hi s a re a a n d i n s t e a d in c re a s e i t s e f f o r t s w it hin d i a b e t e s p re v e n t io n a n d t re a t m e n t , o b e si t y a n d d i a b e t e s c o m p l i c a t io n s . T h e d e cis io n f o l l o w e d a re vi e w o f N ovo N o r d is k ’ s s t r a t e g i c p o sit io n w it hin i n f la mm a t o r y d i s o r d e r s a f t e r t h e c o m p a n y ’ s m o s t a d va n c e d c o m p o un d , a n t i - I L - 2 0 f o r t h e t re a t m e n t o f r h e u m a t o i d a r t h r itis , fa i l e d t o s h o w e f f i c a c y in a p h a s e 2 t r ia l . W it h o u t t hi s p r o d u c t , N ovo N o r d is k ’ s e a r l i e s t p o s si b l e e n t r a n c e i n t o t h e m a r k e t f o r a n t i - i n f la mm a t o r y t h e r a p e u t i c s w o u l d b e d el a y e d t o t h e la t e 2 0 2 0 s . T h e s h a r p f o c u s o n a f e w s e l ec t e d t h e r a p e u t i c a re a s is a k e y e l e m e n t o f N ovo N o r d is k ’ s s t r a t e g y . A n o t h e r is t h e s t r o n g f o c u s o n t h e c o n st a n t d e v e lo p m e n t o f f i v e c o re c a p a b il it i e s t h a t N ovo N o r d is k h a s bu i lt up ov e r t h e y e a r s , a n d c o n t i n u e s t o l e v e r a g e i n a l l f o u r s t r a t e g i c f o c u s a re a s ( s e e c h a r t o n o pp o si t e p a g e ) . T h e t hir d e l e m e n t in N ovo N o r d is k ’ s s t r a t e g i c f r a m e w o r k is i t s va l u e s - b a s e d m a n a g e m e n t s ys t e m, t h e N ovo N o r d is k W a y ( re a d m o re o n p 4 ) , in w h i c h t h e T r i p l e Bo t t o m L i n e bu s i n e s s p r in ci p l e is s o c e n t r a l t h a t it w a s w r i t t e n i n t o t h e c o m p a n y ’ s A r t i c l e s o f A sso c ia t io n i n 2 0 0 4 . I n t h e f o l l o w in g , w e t a k e a c lo s e r l o o k a t N ovo N o r d is k ’ s a m b it io n s w it hin i t s s t r a t e g i c f o c u s a re a s . B U S I N E S S S T R A T E G Y S T A Y F O C U S E D , T H I N K L ON G - T E R M O v e r t h e p a s t 1 5 y e a r s , N o v o N o r d is k h a s d e l i v e r e d r e s u l t s a b o v e t h o s e o f m o s t o t h e r p h a r m a c e u ti c a l c o m p a n i e s . A k ey r e a s o n i s t h a t – d e s p i t e m a n y t e m p t a t i o n s t o d e v i a t e – i t h a s s t u c k t o a h i g h l y f o c u s e d l o n g - t e r m s t r a t e g y . A CH A L L E N G I N G B U SI N E S S E N V I R O N M E N T T h e c u r re n t bu s i n e s s e n v i r o n m e n t is c h a r a c t e r i s e d b y s l o w e c o n o m i c g r o w t h a n d au s t e r i t y m e a s u re s in s o m e p a r t s o f t h e w o r l d , a n d r a p i d e c o n o m i c g r o w t h a n d u r b a ni s a t io n w it h a la r m i n g i m p l i c a t io n s f o r pu b l i c h e a lt h i n o t h e r s . I n h i g h - i n c o m e c o u n t r i e s w it h a g ein g p o p ula tio n s , g ov e r n m e n t s a n d p r i va t e p a y e r s a re re l u c t a n t t o p a y a p re m i u m f o r n e w , i n n o va t i v e t h e r a p i e s . L o w - a n d m i d d l e - in c o m e c o u n t r i e s f i g h t a d o u b l e bu r d e n o f p ov e r t y a n d p o o r h e a lt h , a n d a c c e s s t o c a re is i n a d e q ua t e a n d u n e v e n l y d i s t r i b u t e d . M a n y c o u n t r i e s w it h la r g e l y pu b l i c l y f und e d h e a lt h c a re s ys t e m s a re i n t r o d u c i n g m a r k e t re s t r i c t io n s f o r n e w m e d i c a t io n s , a n d , in t h e U S , p h a r m a c e u t i c a l c o m p a n i e s , in c l u d in g N ovo N o r d is k , a re f a c in g in c re a s i n g l y t o u g h p r i c in g n e g o t ia t io n s w it h m a n a g e d c a re o r g a n i s a t io n s a n d p h a r m a c y b e n e f it m a n a g e r s . N ovo N o r d is k h a s d e ci d e d t o c o n t i n u e m a kin g la r g e i n v e s t - m e n t s in re s e a r c h a n d d e v e lo p m e n t , s t r a t e g i c p r o d u c t s a n d g r o w t h m a r k e t s . T h e d e cis io n is b a s e d o n a f i r m b e l i e f t h a t si g ni f i c a n t u n m e t m e d i c a l n e e d s re m a in t o b e a d d re ss e d , n o t l e a s t w it hin d i a b e t e s , a d i s e a s e t h a t is g r o w in g a t a n a la r min g r a t e a l l ov e r t h e w o r l d . R e a d m o re o n p p 2 8 – 2 9 . T o m e e t in c re a s in g d e m a n d s f o r d a t a a b o u t i t s p r o d u c t s ’ h e a lt h - e c o n o m i c b e n e f i t s , c a p a b il it i e s a re b ein g f u r t h e r s t re n g t h e n e d w it hin t h e c o m p a n y ’ s m a r k e t a c c e s s f un c t io n s . M o r e ov e r , N ovo N o r d is k is e x p a n d i n g i t s f i e l d f o r c e in c o u n t r i e s wh e re t h e re a re si g ni f i c a n t o pp o r t u ni t i e s f o r m a r k e t e x p a n s io n . I t is a l s o e x p lo r in g n e w w a y s o f re a c hin g p e o p l e w it h u n m e t h e a lt h c a re n e e d s . F o r e x a m p l e , p i l o t p r o g r a m m e s in l o w - in c o m e c o u n t r i e s s u c h a s K e n ya a n d B a n g l ad e s h h a v e h e l p e d i m p r ov e a c c e s s t o d i a b e t e s c a re p r o d u c t s f o r p e o p l e l iv in g in r u r a l a re a s .

B a s e d o n t h e e x p e r ti s e N ovo N o r d is k h a s g a i n e d t h r o u g h t h e d e v e lo p m e n t o f V i c t o z a ® , t h e c o m p a n y is bu i l d in g a G L P - 1 p o r t f o l i o w it h t h e i n t e n t io n o f p r o v i d in g a n e v e n b r o a d e r r a n g e o f t re a t m e n t o pt io n s . F o r e x a m p l e , V i c t o z a ® is b ein g i n v e s ti g a t e d in c l ini c a l t r ia ls f o r u s e a s a d j un c t t o i n s u l in in p e o p l e w it h t y p e 1 d i a b e t e s . O t h e r k e y d e v e lo p m e n t p r o j ec t s i n c l ud e a o n c e - w e ek l y G L P - 1 a n a l o g u e , s e m a - g l u ti d e , w h i c h is in p h a s e 3 a d e v e lo p m e n t . N ovo N o r d is k is a l s o d e v e lo p i n g f o r m ula t io n s o f G L P - 1 t h a t , i f s u c c e ss f u l , c a n b e t a k e n a s t a b le t s . C O N T I N U E D T H E FO U R S T R A T E G I C F O C U S A R E A S 1 . E X P A N D L E A D E R S HIP I N D I A B E T E S A s m a n y a s 3 8 7 m ill io n p e o p l e w o r l d w i d e a re l iv in g w it h d i a b e t e s , a n d it is p re d i c t e d t h a t b y 2 03 5 m o re t h a n 1 0 % o f t h e w o r l d ’ s a d u lt p o pula t io n – 59 2 m ill io n p e o p l e w o r l d w i d e – w il l h a v e d i a b e t e s . 1 R e a d m o re a b o u t t h e d i a b e t e s p a nd e m i c o n p p 2 8 – 2 9 . T h e g lo b a l m a r k e t f o r d i a b e t e s c a re p r o d u c t s a m o u n t s t o 2 8 3 b ill io n D a ni s h k r o n e r , o f w h i c h N ovo N o r d is k p r o d u c t s a c c o u n t f o r a b o u t 27 % . T h e m a r k e t h a s g r o w n b y a r o un d 1 2 % a nn ua l l y in t h e la s t d e c a d e a n d is e x p ec t e d t o e x p e r i e n c e c o n t i n u e d s o l i d g r o w t h d r i v e n b y a n in c re a s e d p re va l e n c e o f d i a b e t e s a n d t h e n e e d f o r b e t t e r t re a t m e n t s . O f t hi s g lo b a l m a r k e t , i n s u l in a c c o u n t s f o r 5 5 % , o r a l d i a b e t e s p r o d u ct s f o r 3 8 % a n d G L P - 1 p r o d u c t s f o r 7 % . D i a b e t e s c a re is N ovo N o r d is k ’ s la r g e s t a n d fa s t e s t - g r o w i n g bu s i n e s s a re a . I t a c c o u n t s f o r 7 9 % o f t h e c o m p a n y ’ s to t a l s a l e s , m o s t o f w h i c h c o m e s f r o m t h e i n s u l in a n d G L P - 1 p r o d u c t p o r t f o l ios . N ovo N o r d is k is w e l l p o sit io n e d t o a d d re s s t h e u n m e t m e d i c a l n e e d s in d i a b e t e s . T H E I N S ULIN P O R T F O LI O T h e i n s u li n p o r t f o l i o in c l ud e s : • T r e si b a ® , a n e w - g e n e r a t io n o n c e - d a i l y b a s a l i n s u l in a n a l o g u e w it h a d u r a t io n o f a c t io n b e y o n d 4 2 h o u r s a n d a f la t a n d st a b l e a c t io n p r o f i l e t h a t c o m p a re d w it h i n s u l in g la r g i n e re d u c e s t h e r a t e o f h y p o g l y c a e m ia a n d in c re a s e s d o s in g f l e x i b il i t y wh e n n e e d e d . R e a d m o re a b o u t T re si b a ® o n p p 3 0 – 3 1 . • R y zo d e g ® , a s o l u b l e co f o r m ula t io n o f t h e b a s a l a n a l o g u e i n s u li n d e g l ud e c ( T re si b a ® ) a n d i n s u l in a s p a r t ( N ov o R a p i d ® , o r N ov o L o g ® in t h e U S , a r a p i d - a c t in g m e a lt i m e i n s u li n ) , w h i c h re d u c e s t h e r is k o f h y p o g l y c a e m ia c o m p a re d w it h p re m i x i n s u li n . • N ov o R a p i d ® ( m a r k e t e d a s N ov o L o g ® in t h e US ) , t h e w o r l d ’ s m o s t w i d e l y u s e d r a p i d - a c t in g i n s u l in f o r u s e a t m e a lt i m e s . • L e v e m i r ® ( i n s u l in d e t e m i r ) , a s o l u b l e , lo n g - a c t in g m o d e r n i n s u l in f o r o n c e - d a i l y u s e . I t p r o v i d e s g l u c o s e c o n t r o l w it h a f a vo u r a b l e w e i g h t p ro f i l e . • N ov o Mi x ® 7 0 / 5 0 / 3 0 ( N ov o L o g ® M i x 7 0 / 3 0 in t h e US ) , d ua l - re l e a s e m o d e r n i n s u li n s t h a t c ov e r b o t h m e a lt i m e a n d b a s a l re qu ire m e n t s . T h e s e i n s u l i n s c a n b e u s e d e it h e r t o i ni t ia t e o r i n t e n si f y i n s u l in t h er a p y . T h e p r i m a r y g o a l o f N ovo N o r d is k ’ s d i a b e t e s re s e a r c h is t o d i s c ov e r n e w t h e r a p i e s t h a t l o w e r b l oo d g l u c o s e w h il e re d u c in g t h e r is k o f l o w b l oo d s u g a r . A r e c e n t e x a m p l e o f t hi s is X u l t o p h y ® , a f i x e d c o m b i n a t io n o f i n s u l in d e g l ud e c a n d l i r a g l u ti d e ( t h e la t t e r b e i n g t h e a c t i v e in g re d i e n t in V i c t o z a ® ) . X u l t o p h y ® w a s a p p r ov e d in t h e E U i n S e p t e m b e r 2 0 1 4 a n d laun c h e d in S w i t ze r land a s t h e f i r s t c o u n t r y in J a n ua r y 2 0 1 5 . Re a d m o r e a b ou t X u l t o p h y ® o n p 3 1 . N ovo N o r d is k is a l s o d e v e lo p in g a n e w fa s t e r - a c t in g f o r m ula t io n o f i n s u li n a s p a r t t o b e t a k e n a t m e a lt i m e s , a n d r e c e n t l y i ni t ia t e d a n e x t e n s i v e p h a s e 3 a p r o g r a m m e . I n a d d it io n t o n e w a n d i m p r ov e d inj ec t a b l e i n s u li n s , N ovo N o r d is k is d e v e lo p in g f o r m ula t io n s o f i n s u li n t h a t , i f s u c c e ss f u l , c a n b e t a k e n a s t a b l e t s . G L P - 1 ( G L U C A G O N - L I K E P E P T I D E - 1 ) W it h t h e laun c h o f V i c t o z a ® in 2 0 0 9 , N ovo N o r d is k e n t e re d t h e G L P - 1 t h e r a p y s e g m e n t . V i c t o z a ® is a h u m a n G L P - 1 a n a l o g u e w it h 9 7 % s im i la r i t y t o t h e n a t u r a l g u t h o r m o n e . V i c t o z a ® is t a k e n o n c e d a i l y a n d , lik e n a t u r a l G L P - 1 , w o r k s b y s t im ula t i n g t h e b e t a c e l ls in t h e p a n c re a s t o re l e a s e i n s u l in o n l y wh e n b l oo d s u g a r l e v e ls a re hi g h . G L P - 1 t h e r a p y is a si g ni f i c a n t a d va n c e in t h e t re a t m e n t o f t y p e 2 d i a b e t e s b e c au s e it l o w e r s g l u c o s e w it h a l im i t e d r is k o f t r i g g e r in g l o w b l oo d s u g a r . V i c t o z a ® is a p p r ov e d f o r a d u l t s w it h t y p e 2 d i a b e t e s wh o a re u n a b l e t o a c h ie v e b l oo d g l u c o s e g o a ls w it h l i f e s t yl e c h a n g e s a n d o t h e r ini t ia l t re a t m e n t s f o r t y p e 2 d i a b e t e s . W it hin t w o y e a r s , V i c t o z a ® b e c a m e t h e l e a d i n g G L P - 1 t re a t m e n t g lo b a l l y a n d s t e a d i l y e x p a nd e d t h e m a r k e t f o r G L P - 1 t re a t m e n t . T h e m a r k e t is c u r re n t l y va l u e d a t a r o un d 2 0 b ill io n k r o n e r , o f w h i c h V i c t o z a ® a c c o u n t s f o r 7 2 % . A va i l ab l e in a r o un d 8 0 m a r k e t s , it is e s t im a t e d t h a t V i c t o z a ® is n o w u s e d b y a p p r o x im a t e l y 9 0 0 , 00 0 p e o p l e w o r l d w i d e . O U R B U S I N E SS 17 Th e N o v o No r d i s k W a y E ng i n e e ri n g, f o r mul a t i n g, d e v e l o p i n g an d d e l i v e ri n g p rot e i n - b a s e d t r e a t m e n t s D e ep d i s e ase u nd e r - s t an d i ng E f f ic i e nt l a r g e - s c a l e p r o du c ti o n o f p rot e i ns P l a n ni n g an d e x ec u t i n g gl o b al lau n c h e s o f new p r o du c t s B u i l d i n g an d m a in t a ini n g a l e a d i n g po s i t i o n in e m e r g i ng m a r k et s N O V O N O R D I S K ’ S S T R A T E G Y S T RA T E G I C F O C U S A R E A S E s t ab l i s h p r e s e n c e i n O B E S I T Y E x pa n d l e ad er s h i p i n D I AB E T E S P u r s u e l e ad er s h i p i n HAE M O P H I L I A E x pa n d l e ad er s h i p i n G R O W T H D I S O R D ERS C O R E C A P A B I L I TIE S

2 . E S T A B L I S H A P R E S E N C E I N O B E S I T Y A c c o r d in g t o t h e W o r l d H e a lt h O r g a n i z a t io n ( W H O ) , o b e si t y h a s re a c h e d p a nd e m i c p r o p o r t io n s , w it h up t o 1 . 9 b ill io n a d u l t s ( 1 8 y e a r s a n d o l d e r ) b ein g ov e r w e i g h t . O f t h e s e , a p p r o x im a t e l y 2 6 0 m ill io n m e n a n d 3 4 0 m ill io n w o m e n a re c l ini c a l l y o b e s e ( i e B M I ≥ 3 0 ) . 2 O b e si t y is k n o w n t o b e a m a jo r r is k f a c t o r in d e v e lo p in g s e r i o u s d i s e a s e s s u c h a s t y p e 2 d i a b e t e s a n d c a r d i o va s c ula r d i s e a s e s . D e s p i t e t h e g r o w in g p re va l e n c e o f o b e si t y g lo b a l l y , t h e re a re o n l y a f e w p h a r m a c e u t i c a l t re a t m e n t o pt io n s c u r re n t l y a va i l ab l e , a n d re i m bu r s e m e n t f o r t h e s e m e d i c a t io n s is l im i t e d . T h e p h a r m a c e u t i c a l m a r k e t f o r o b e si t y p r o d u c t s c u r re n t l y a m o u n t s t o 4 – 5 b ill io n k r o n e r . N ovo N o r d is k e x p ec t s t o laun c h i t s f ir s t p r o d u c t i n t hi s s e g m e n t , S a x e n d a ® ( l i r a g l u ti d e 3 m g ) , in k e y m a r k e t s d u r in g 2 0 1 5 . I n t h e U S , t h e p r o d u c t w a s a p p r ov e d b y t h e F D A in D e c e m b e r 2 0 1 4 f o r c h r o n i c w e i g h t m a n a g e m e n t o f p e o p l e w it h o b e si t y w it h a B M I o f 3 0 o r g re a t e r , o r 2 7 o r g re a t e r in t h e p re s e n c e o f a t l e a s t o n e w e i g h t - re la t e d c o m o r b i d i t y . I n J a n ua r y 2 0 1 5 , S a x e n d a ® r e c e i v e d a p o sit i v e o p ini o n f r o m t h e E u r o p e a n M e d i c i n e s A g e n c y ’ s e x p e r t c o mm i t t e e ( C H M P ) . R e a d m o re a b o u t o b e si t y o n p p 3 6 – 3 7 . 3 . P U R S U E L E A D E R S H I P I N HA E MO P H I L I A H a e m o p h i l ia is a n in h e r i t e d o r a c qu ire d b l e e d in g d i s o r d e r t h a t p re v e n t s b l oo d f r o m c l o t t i n g . A n e s t im a t e d 4 2 0 , 00 0 p e o p l e l i v e w it h h a e m o ph il i a . 3 O n l y a b o u t 1 8 0 , 00 0 o f t h e s e a re d ia g n o s e d , 1 2 0 , 00 0 o f wh o m h a v e m o d e r a t e o r s e v e re h a e m o p h i l ia A o r B , a n d t h e re f o re n e e d t r e a t m e n t . 4 T h e g lo b a l h a e m o p h i l ia d r u g m a r k e t is e s t im a t e d a t 5 6 b ill io n k r o n e r a n d h a s g r o w n b y m o re t h a n 5 % a nn ua l l y i n r e c e n t y e a r s . N ovo N o r d is k e n t e re d t h e h a e m o p h i l ia m a r k e t in 1 9 9 6 wh e n it i n t r o d u c e d N ov o S e v e n ® f o r t h e t re a t m e n t o f h a e m o p h i l ia p a t i e n t s wh o f o r m a n ti b o d i e s a g a i n s t t r a d it io n a l t re a t m e n t s . T h e laun c h o f N ov o E i g h t ® in 2 0 1 4 w a s a si g ni f i c a n t m i l e s t o n e in t h e c o m p a n y ’ s a m b it io n o f m o v in g f r o m t hi s n i c h e i n t o t h e m a in h a e m o p h i l ia A m a r k e t . W it h t w o lo n g - a c t in g c l o t t in g f a c t o r s in p h a s e 3 d e v e lo p m e n t , t h e a m b it io n is t o e x p a n d i n t o h a e m o p h i l ia A a n d B a n d a c h ie v e a l e a d e r s hi p p o sit io n in t h e s e s e g m e n t s . R e a d m o re a b o u t h a e m o p h i l ia o n p 38 . 18 O U R B U S I N E SS 4 . E X P A N D L E A D E R S H I P I N G R O W T H D I S O R D E R S N ovo N o r d is k h a s b e e n a c t i v e in t h e t re a t m e n t o f g r o w t h h o r m o n e d e f i c i e n c y f o r a l m o s t f o u r d e c a d e s . G r o w t h h o r m o n e t h e r a p y is m o s t f re q u e n t l y u s e d in d e v e lo p e d c o u n t r i e s . G lo b a l l y , it is e s t im a t e d t h a t m o re t h a n 2 m ill io n p e o p l e m e e t t h e c r i t e r ia f o r g r o w t h h o r m o n e t h er a p y . 4 T h e m a r k e t f o r g r o w t h d i s o r d e r t re a t m e n t s is e s t im a t e d a t 1 6 b ill io n k r o n e r a n d h a s g r o w n b y a r o un d 2 % a nn ua l l y s in c e 2 0 1 0 . N ovo N o r d is k ’ s g r o w t h h o rm o n e N o r d it r o p i n ® ( s o m a t r o p in ) is t h e m a r k e t l e a d e r w it h a g lo b a l m a r k e t s h a re o f 3 4 % m e a s u re d b y va l u e . N ovo N o rd is k ’ s s t r a t e g y in g r o w t h h o r m o n e t h e r a p y is t o e x p a n d i t s l e a d e r s hi p b y p r o v i d in g i n n o va t i v e a n d c o n v e n ie n t p r o d u c t s a n d d e vi c e s . N ovo N o r d is k ’ s n e w e s t inj ec t io n d e vi c e f o r g r o w t h h o r m o n e is N o r d it r o p i n ® F l e x P r o ® , w h i c h h a s a n e a s y - t o u c h d o s in g m e c h a ni s m . N ovo N o r d is k is a l s o d e v e lo p in g a o n c e - w e ek l y g r o w t h h o r m o n e p r o d u c t , w h i c h h a s r e c e n t l y e n t e re d p h a s e 3 t r ia l s . R e a d m o re a b o u t g r o w t h d i s o r d e r s o n p 3 9 . T H E C O R E C A P A B I L I T I E S E NG INE E R IN G , F O R MU L AT IN G , D E V E L O P ING A N D D E L I V E R I N G P R O T E I N - B A S E D T R EA T M E N T S N ovo N o r d is k h a s d e d i c a t e d re s e a r c h a n d d e v e lo p m e n t f a c il it i e s in D e n m a r k , C hi n a, t h e US a n d I n d ia . M o re t h a n 7 , 00 0 e m p l oy e e s a re i n v ol v e d in re s e a r c h a n d d e v e lo p m e n t a c t iv it i e s t h r o u g h o u t t h e c o m p a n y , m a n y o f t h e m w o r kin g in p a r t n e r s hi p s w it h e x t e r n a l b i ot e c h a n d a c a d e m i c re s e a r c h e r s . N ovo N o r d is k ’ s re s e a r c h e r s h a v e y e a r s o f e x p e r i e n c e w it h f o r m ula t io n t e c h n ol o g y , p r ot e i n e n g i n e e r i n g , e x p re s s io n a n d d e l i v e r y , e n a b l in g t h e c o m p a n y t o c o n t i n u o u s l y i m p r ov e t h e p r o p e r t i e s o f t h e r a p e u t i c p r ot e i n s s u c h a s i n s u li n a n d G L P - 1 . F u r t h e r m o r e , s in c e 1 9 8 5 , wh e n N ovo N o r d is k laun c h e d t h e w o r l d ’ s f ir s t i n s u l in inj e c t io n d e vi c e – N ov o P e n ® – t h e c o m p a n y h a s d e v e lo p e d w o r l d - c la s s e x p e r ti s e in d e si g n i n g a n d p r o d u c i n g s i m p l e a n d c o n v e n ie n t d e vi c e s f o r a d m i ni s t r a t io n o f p r ot e i n t h e r a p e u t i c s . T o d a y , N ovo N o r d is k o f f e r s t h e w o r l d ’ s m o s t w i d e l y u s e d d u r a b l e a n d d is p o s a b l e d e vi c e s f o r i n s u l in a n d G L P - 1 , N ov o P e n ® 4 a n d Fl e x P e n ® , a nd i s c u r re n t l y i n t r o d u c in g i t s la t e st in n o va tio n s , N ov o P e n ® 5 a nd F l e x T o u c h ® , in m a n y m a r k e t s . T h e d e v e lo p m e n t o f inj ec t io n d e vi c e s is b a s e d o n e x t e n s i v e s t u d i e s o f h o w p a t i e n t s e x p e r i e n c e t h e ir d a i l y inj ec t io n s a n d w h a t t h e y w a n t f r o m t h e ir d e vi c e . I t is a n a re a wh e re N ovo N o r d is k c a n m a k e a d i f f e re n c e b y d e v e lo p i n g d e vi c e s t h a t a re s i m p l e a n d u s e r - f r i e n d l y . D E E P D I S E A S E U N D E R S T AN D I N G S e r v in g p e o p l e w it h d i a b e t e s f o r d e c a d e s h a s g i v e n N ovo N o r d is k a d e e p und e r st a n d in g o f t h e m e d i c a l n e e d s a sso c ia t e d w it h t hi s c o n d it io n a n d o f w h a t it t a k e s t o l i v e w e l l w it h it . T o g e t h e r w it h s t r o n g re la t io n s hi p s a n d n u m e r o u s c o l l a b o r a t io n s w it h e x t e r n a l re s e a r c h e r s a n d c l ini c ia n s , t hi s p r o v i d e s a s o l i d f o un d a t io n f o r t h e c o m p a n y ’ s re s e a r c h , d e v e lo p m e n t a n d m a r k e t in g a c t iv it i e s . E FF I C I E N T L A R G E - S C A L E P R O D U C T I O N O F P R O T E I N S A hi g h - q ua l i t y , c o s t - e f f ec t i v e g lo b a l m a n u f a c t u r in g i n f r a s t r u c t u re is a p rere qu isi t e f o r c o m p e t in g s u c c e ss f u l l y in a n in c re a s i n g l y c o m p e tit i v e p h a r m a c e u t i c a l m a r k e t . I t a l s o e n a b l e s N ovo N o r d is k t o m a k e t re a t m e n t s a va i l ab l e a t v e r y l o w p r i c e s in d e v e lo p in g c o u n t r i e s . N ovo N o rd is k h a s a g lo b a l p r o d u c t io n s e t - up w it h f a c il it i e s s t r a t e g i c a l l y l oc a t e d i n f i v e c o u n t r i e s a c r o s s f o u r c o n t i n e n t s : • T h e p r o d u c t io n o f a c t i v e p h a r m a c e u t i c a l in g re d i e n t s ( A P I ) is a hi g h l y s p e c ia l i s e d p r o c e s s t h a t t a k e s p l a c e in D e n m a r k . I n 2 0 1 4 , N ovo N o r d is k a c qu ire d a n e x i s t in g b io p h a r m a c e u t i c a l A P I f a c il i t y in N e w H a m p shir e , U S , a n d e x p ec t s t o i ni t ia t e p r o d u c t io n o f h a e m o p h i l ia p r o d u c t s f o r c li n i c a l pu r p o s e s a t t h e si t e in 2 0 1 5 . • T h e p r o d u c t io n o f d i a b e t e s f ini s h e d p r o d u c t s t a k e s p l a c e i n f i v e c o u n t r i e s : D e n m a r k , F r a n c e , t h e U S , B r a z il a n d C hi n a . E a c h o f t h e s t r a t e g i c p r o d u c t io n si t e s a re a p p r ov e d f o r a n d a b l e t o e x p o r t t o o t h e r m a r k e t s . • I n a d d it io n , N ovo N o r d is k h a s a n u m b e r o f s m a l l e r m a n u f a c t u r i n g p la n t s t h a t s u pp o r t l oc a l d e m a n d in s e l ec t e d c o u n t r i e s .

• A l l p r o d u c t io n f a c il it i e s o p e r a t e und e r o n e g lo b a l q ua l i t y m a n a g e m e n t s ys t e m w it h c e n t r a l l y d e p l oy e d st a n d a rd o p e r a t in g p r o c e d u re s f o r a l l i n v ol v e d e m p l oy e e s . T hi s e n s u re s a u ni f o r m a n d hi g h q ua l i t y st a n d a r d f o r a l l p r o d u ct s d e l i v e re d t o p a t i e n t s a c r o s s t h e w o r l d . A l l m a n u f a c t u r in g si t e s h a v e a m b it i o u s t a r g e t s a n d p e r f o r m a n c e m e a s u re s t o m inim i s e t h e ir i m p a c t o n t h e e n v i r o n m e n t . T h e s e m e a s u re s in c l ud e e n e r g y a n d w a t e r c o n s u m pt io n , C O 2 e m i s s io n s a n d w a s t e g e n er a t e d d u r i n g p r o d u c t io n p r o c e ss e s . P L A NN IN G A N D E X E C U T ING G L O B A L L A U N C H E S O F N E W P R O D U C T S D u e t o t h e hi g h a n d in c re a s in g c o s t s a sso c ia t e d w it h d e v e lo p in g , o bt a inin g a p p r o va l f o r a n d m a r k e t in g a n e w m e d i c i n e , m o s t p h a r m a c e u t i c a ls m u s t b e laun c h e d g lo b a l l y t o o ptim i s e t h e re t u r n o n i n v e s t m e n t . A n d , i m p o r t a n t l y , s u c h laun c h e s m u s t h a pp e n ov e r a re la t i v e l y s h o r t t i m e s o t h e re is a re a s o n a b l e p e r i o d l e f t b e f o re t h e p r o d u c t’ s p a t e n t s e x p ir e . T h r o u g h t h e laun c h e s o f V i c t o z a ® in m u l - ti p l e m a r k e t s ov e r t h e p a s t y e a r s , N ovo N o r d is k h a s re f i n e d t hi s c a p a b il i t y , w h i c h is n o w b e i n g u t il i s e d in c o n n e c t io n w it h t h e laun c h o f T re si b a ® a n d o t h er p r o d u c t s . B U IL D IN G A N D M A I N T A IN ING A LE A D I N G P O S I T I O N I N E M E R G I N G M A R K E T S M a n y y e a r s o f e x p e r i e n c e h a v e h e l p e d N ovo N o r d is k und e r st a n d t h e n e e d s o f n e w m a r k e t s a n d f o r m p a r t n e r s hi p s w it h st a k e h o l d e r s t o a d d re s s s ys t e m i c c h a l l e n g e s s u c h a s l a c k o f a w a re n e s s , e d u c a t io n , d i s t r i b u t io n a n d c l inic s . T h e c o m p a n y ’ s s t r a t e g y h a s a l w a y s b e e n t o e st a b l is h a l oc a l o r g a ni s a t io n e a r l y – a s so o n a s t h e re a re si g n s o f a m a r k e t d e v e lo p in g – a n d t o g r o w o r g a n i c a l l y a s t h e m a r k e t d e v e lo p s . T hi s h a s e n a b l e d N ovo N o r d is k t o bu i l d a hi g h l y s k il l e d s a l e s f o r c e , lo n g - t e r m re la t io n s hi p s a n d a s u st a i n a b l e m a r k e t p re s e n c e , w h i c h a re k e y re a s o n s b e h i n d N ovo N o r d is k ’ s s u c c e s s in r a p i d l y d e v e lo p in g m a r k e t s . R e a d m o re a b o u t N ovo N o r d is k ’ s f i v e re g io n s o n p p 2 0 – 2 5 . T H E N O V O N O R D I S K W A Y N ovo N o rd is k h a s a va l u e s - b a s e d m a n a g e m e n t s ys t e m f o r m a l i s e d in t h e N ovo N o r d is k W a y ( s e e p 4 ) . A k e y e l e m e n t o f t h e N ovo N o r d is k W a y is t h e T r i p l e Bo t t o m L i n e bu s i n e s s p r in ci p l e , w h i c h w a s w r i t t e n i n t o t h e c o m p a n y ’ s A r t i c l e s o f A sso c ia t io n a t t h e A nn ua l G e n e r a l M e e t in g in 2 0 0 4 . I t st a t e s t h a t N ovo N o r d is k ‘ s t r i v e s t o c o n d u c t i t s a c t iv it i e s in a f i n a n c ia l l y , e n v i r o n m e n t a l l y a n d so c ia l l y re s p o n si b l e w a y ’ . T h e T r i p l e Bo t t o m L i n e bu s i n e s s p r in ci p l e f r a m e s N ovo N o r d is k ’ s lo n g - t e r m s t r a t e g y t o b e a s u st a i n a b l e bu s i n e s s . I t o b l i g a t e s e v e r y o n e in t h e c o m p a n y t o a l w a y s c o n si d e r h o w d e cis io n s a n d a c t io n s m a y a f f ec t p e o p l e , c o mm u ni t i e s a n d t h e e n v i r o n m e n t . T h e a im is t o e n s u re lo n g - t e r m p r o f i t a b il i t y b y re d u c in g r is k s c au s e d b y bu s i n e s s a c t iv it i e s , a n d t o e n h a n c e t h e p o sit i v e c o n t r i b u t io n s t o so c i e t y f r o m t h e c o m p a n y ’ s g lo b a l o p e r a t io n s . W o r kin g w it h a T r i p l e Bo t t o m L i n e re qu ire s s ys t e m a t i c a n d re s p ec t f u l e n g a g e m e n t s w it h st a k e h o l d e r s t o st a y a t t u n e d t o t h e ir i n t e re s t s a n d e x p ec t a t io n s . T hi s , in t u r n , m a k e s t h e c o m p a n y m o re a d a pt i v e t o c h a n g e s in i t s bu s i n e s s e n v i r o n m e n t a n d o f f e r s o pp o r t u ni t i e s f o r c o m p e tit i v e a d va n t a g e . N ovo N o r d is k p r o a c t i v e l y e n g a g e s w it h st a k e h o l d e r s t o a d d re s s g lo b a l a n d s ys t e m i c c h a l l e n g e s t h a t c o u l d a f f ec t t h e c o m p a n y ’ s s u c c e s s in t h e lo n g t e r m . O n e e x a m p l e is a n a c t i v e e n g a g e m e n t i n t h e f r a min g o f a n e w s e t o f g lo b a l s u st a i n a b l e d e v e lo p m e n t g o a ls b y t h e U ni t e d N a t io n s . R E S P O N S I B L E B U S I N E S S P R A C T I C E S N ovo N o r d is k h a s re s p o n si b l e m a n a g e m e n t p r a c t i c e s in p l a c e t h r o u g h o u t t h e g lo b a l o r g a ni s a t io n s u c h a s a n t i - c o rr u pt io n m e a s u re s a n d st a n d a r d s f o r bu s i n e s s e t h ic s . A c o m p l ian c e h o t li n e o f f e r s a n o pp o r t u ni t y f o r e m p l oy e e s a n d e x t e r n a l st a k e h o l d e r s t o c o n f i d e n t ia l l y re p o r t s u s p ec t e d m i s c o n d u c t s u c h a s s e r i o u s n o n - c o m p l ian c e w it h t h e N ovo N o r d is k W a y , f i n a n c ia l f r au d , c o n f l i c t o f i n t e re s t , c o rr u pt io n o r o t h er s e r i o u s m i s c o n d u c t . I n 2 0 1 4 , p a r t i c ula r f o c u s w a s g i v e n t o c o n t i n u e d d u e d il i g e n c e t o e n s u re t h a t re s p ec t o f h u m a n r i g h t s is i n t e g r a t e d i n t o p r o c e ss e s t h r o u g h o u t t h e va l u e c h a i n . M o r e ov e r , i n t h e l i g h t o f c o n t i n u e d g r o w t h , t h e e m p h a sis is p l a c e d o n e qu i pp in g m a n a g e r s w it h g u i d a n c e o n a n d t o o ls f o r h o w t o m a k e d e cis io n s t h a t c o n si d e r i m p a c t s f o r p e o p l e , c o mm u ni t i e s a n d t h e e n v i r o n m e n t , a n d s e e k t o b a lan c e t h e i n t e re s t s o f st a k e h o l d e r s w it h t h e c o m p a n y ’ s c o m m e r c ia l o b j e c t i v e s . F i n a n c ia l , so c ia l a n d e n v i r o n m e n t a l t a r g e t s f o r p e r f o r m a n c e h e l p s t e e r t h e bu s i n e s s t o w a r d s s u st a i n a b l e g r o w t h . R e a d m o re o n p 9 an d p p 1 2 – 1 3 . C O N T R I B U T I O N S T O S O C I E T Y C h ang i ng D i a b e t e s ® is N ovo N o r d is k ’ s c o mm it m e n t t o p re v e n t , t re a t a n d u lt im a t e l y c u re d i a b e t e s . I t is b o t h a n o b l i g a t io n a n d a bu s i n e s s o pp o r t u ni t y f o r N ovo N o r d is k t o e n g a g e in t h e f i g h t a g a i n s t d i a b e t e s . T h e a m b it io n is t o b re a k t h e ’ R u l e o f H a l v e s ’ – t o h e l p e n s u re t h a t p e o p l e c a n l i v e t h e ir l i v e s t o t h e f u l l w it h d i a b e t e s , t h a t p e o p l e h a v e a c c e s s t o q ua l i t y c a r e , t h a t t h e y a re d ia g n o s e d , a n d t h a t p e o p l e a t r is k b e c o m e a w a re o f d i a b e t e s a n d w h a t c a n b e d o n e t o p re v e n t o r d el a y i t s o n s e t . R e a d m o re o n p p 2 8 – 2 9 . I t is e s t im a t e d t h a t c lo s e t o h a l f o f a l l p e o p l e w it h d i a b e t e s a re un d ia g n o s e d , a n d m ill io n s a re l e f t u n t re a t e d a n d i n p o o r c o n t r o l . 5 N ovo N o r d is k ’ s s t r a t e g y f o r G lo b a l A c c e s s t o D i a b e t e s C a re a d d re ss e s t h e d is p a r it i e s in d i a b e t e s c a r e . I t a i m s t o p r o v i d e b e t t e r c a re f o r t h o s e wh o n e e d it a n d c u r re n t l y d o n o t h a v e a c c e s s t o it . I t s m a in f o c u s is o n t h e t w o - t hir d s o f t h e to t a l d i a b e t e s p o pula t io n wh o l i v e in l o w - a n d m i d d l e - in c o m e c o u n t r i e s 1 – c o u n t r i e s t h a t a re il l - e qu i pp e d t o t a c k l e t h e d au n t in g h u m a n , so c ia l a n d e c o n o m i c i m p a c t s o f t h e e p i d e m i c r i s e in d i a b e t e s p re va l e n c e . T h e lo n g - t e r m g o a l is t o re a c h 4 0 m ill io n p e o p l e in 2 0 2 0 w it h d i a b e t e s c a re p r o d u c t s . T h e c o m p a n y is e n g a g e d in t h e p re v e n t io n o f d i a b e t e s t h r o u g h t h e p r o m o t io n o f h e a lt h y l iv in g , a n d is w o r kin g t o i m p r ov e a w a re n e s s , d ia g n o sis a n d t re a t m e n t o f d i a b e t e s . A n e x a m p l e is t h e W o r l d D i a b e t e s F o un d a t io n , w h i c h N ovo N o r d is k f o und e d in 2 0 0 2 w it h t h e o b j ec t i v e t o s u pp o r t p re v e n t io n a n d t re a t m e n t o f d i a b e t e s in d e v e lo p i n g c o u n t r i e s . R e a d m o re o n w o r l d d i a b e t e s f o un d a t io n . o r g . A n o t h e r e x a m p l e is f r o m 2 0 1 4 , wh e n N ovo N o r d is k laun c h e d C it i e s C h a n g in g D i a b e t e s , a g lo b a l i ni t ia t i v e t o f i g h t d i a b e t e s i n cit i e s . R e a d m o re o n p p 3 4 – 3 5 . O U R B U S I N E SS 19 T H E S T R A T E G I C P L A NN I N G P R O C E S S N ovo N o r d is k ’ s B o a r d a n d M a n a g e m e n t re v isit t h e c o r p o r a t e s t r a t e g y e a c h y e a r . T h e d i s c u s s io n is i n f o r m e d b y 1 0 - y e a r f o r e c a s t s a n d s c e n a r io s p re p a re d o n t h e b a sis o f t re n d a n a l ys e s , m a r k e t d a t a a n d i n f o r m a t io n a b o u t c u r re n t a n d e m e r g in g c h a n g e s . T h e u p d a t e d s t r a t e g i c p la n , w h i c h is a p p r ov e d b y t h e B o a r d e a c h y e a r in J u n e , s e t s t h e lo n g - t e r m p r io r it i e s a n d is t r a n s la t e d i n t o a nn ua l bu s i n e s s a n d o r g a ni s a t io n a l p la n s , B a lan c e d S c o r e c a r d s a n d p e r f o r m a n c e t a r g e t s t o e n s u re e f f i c i e n t e x e c u t io n .

N O V O N O R D I S K A R O U N D T H E W O R LD I n t h e U n i t e d St a t e s , t h e a v e r a g e s p e n d i n g o n h e a lt h c a r e i s c lo s e t o 9 , 00 0 U S d o ll a r s p e r cit i z e n . I n s o m e d e v e l o p i n g c o u n t r i e s , i t i s l e ss t h an 1 0 0 d o ll a r s . 6 S o o f c o u r s e th e r e a r e h u g e d i f f e r en c e s i n w h a t c o u n tr i e s ’ h e a l th c a r e s ys t e m s o f f e r th e i r cit i z e n s a nd h o w t h ey w o r k . H a v i n g s a i d t h a t , t h e t r e n d s i n h o w h e a lt h c a r e s ys t e m s a r e d e v e l o p i n g a r e v e r y s i m il a r a l l o v e r t h e w o r l d . R e a d m o r e o n t h e f o l l o w i n g p a g e s . S a l e s i n No r t h A m e ri c a D K K b ill i o n 50 (+ 1 1 % ) 40 30 20 10 0 2010 2011 2012 2013 2014 K E Y D I A B E T E S F A C T S Nu m b e r o f p eopl e w i t h di a b e t e s ( m illi o n ) * D i a g n o s is r at e * D ia b e t e s p re v a l e n c e * * T h e 2 0 1 4 d a t a a r e b a s e d o n I D F A t la s, 6 t h E d i t i o n 2 0 1 4 r e v is io n . * * D a t a f r o m I M S H e a l t h, I D F a n d T h e W o r l d B a n k i n cl ud e C h i n a o n l y . North America Eu r ope Inte r national Operations Region China ** Japan & Ko r ea 29 34 215 99 10 72% 66% 53% 47% 46% 11% 8% 8% 9% 8%

21 C a me r o n H u b ba r d l i v e s i n th e U S a n d w a s d i a g n o s ed w it h t y p e 1 d i a b e t e s w h en h e w a s s ix y e a r s o l d . S a l es i n E u ro p e D K K b ill i o n 30 2010 2011 2012 2013 2014 0 10 20 ( + 0 %) S a l e s i n I n te rna t iona l O p e r a tio n s D K K b ill i o n 0 2010 2011 2012 2013 2014 10 20 ( + 4 % ) S a l e s i n R e g io n C hin a D K K b ill i o n 10 ( + 1 3 % ) 0 2010 2011 2012 2013 2014 S a l e s i n Ja p a n & K o r e a D K K b ill i o n 0 2010 2011 2012 2013 2014 10 ( – 8 %)

K å r e S c hul t z i s N o vo N o r d i s k ’ s p r e s ide n t a n d c h i e f o p e r a t i n g o f f i c e r . I n t h is c a p a c i t y h e is i n c h a r g e o f t h e c omp a n y ’ s o p e r a t i on s i n 1 8 0 c ou n t r i es . H e s ee s t h e s a m e t r e nd s i n a l m o s t a l l t h e c ou n t r i e s h e v i s i t s i n t h e c ou rs e o f a y e a r . “ I t ’s b e c o m i n g m o r e d i f f i c u l t t o g et m a r k et a c c e s s f o r n e w p r o d u ct s , t h e i n t e r a c tio n s b e t w e e n t h e i n d u s t r y a n d h e a lt h c a r e p r o - f e s sio n a l s a r e b e c o m i n g h e a v i l y r e g ula t e d , a n d t h e b a t t l e w it h c o mp e ti t o r s f o r ‘ s h a r e o f v o i c e ’ a n d m a r k et s h a r e j u s t g e t s t o u g h e r a n d t o u g h e r . T h a t ’s t h e s h o r t v e r sio n , ” s a y s K å re S c hu l t z . A l l ov e r t h e w o r l d , p a y e r s – g ov e r n m e n ts a n d i n s u r a n c e c o m p a n i es re p re s e n t in g e m p l oy e r s – t r y t o l im i t t h e g r o w t h i n h e a l t h c a r e c o s ts t h a t f o l l o w f r o m a g ein g p o p ula tio n s a n d d e m a n d s f o r hi g h e r q ua l i t y o f c a r e . D r u g p r i c es a n d re i m bu r s e m e n t a r e o f t e n a m o n g t h e f ir s t a re a s t o b e t a r g e t e d b y s u c h e f f o r t s . I n t h e US a n d o t h e r c o u n t r i es w h e r e la r g e p a r ts o f t h e m a r k e t a r e b a s e d o n f r e e p r i c in g , t his l e a d s t o t o u g h e r re b a t e n e g o t ia tio n s w i t h t h e la r g e pu r c h a s in g o r g a ni s a tio n s . I n E u r o p e , w h e re h e a lt h c a r e i s la r g e l y g ov e r n m e n t - f und e d , a w i d e a r r a y o f m e a s u re s a r e t a k e n t o l im i t p r i c es a n d re s t r i c t re i m bu r s e m e n t . O bt a ini n g m a r k e t a c c e s s i n E u r o p e o n c o n d i tio n s t h a t o f f e r a re w a r d f o r t h e i n v e s t m e n ts m a d e i n re s e a r c h a n d d e v e l o p m e n t h a s b e c o m e a c o m p l i c a t e d a f fa i r . H o w e v e r , K å r e S c hu l t z d o es n o t a g r e e w it h t h e w i d e s p re a d n o t io n t h a t t h e b u s i n e s s m o d e l o f t h e p h a r m a c e u ti c a l i n d u s t r y i s un d e r g oi n g f un d a m e n t a l c h a n g es a s a r e s u lt . “ O u r b u s i n e s s m o d e l a n d re a so n f o r b e i n g i s , a n d w il l c o n t i n u e t o b e , d e v e lo p i n g n e w a n d b e t t e r m e d i c a l t re a t m e n ts a n d m a k i n g t h e m a v a i l ab l e t o t h e p a t i e n ts w h o n e e d t h e m . W h a t h a s c h a n g e d i s t h a t t h e m a r k e t a c c e s s h u r d l e h a s b e c o m e h i g h e r a n d t h a t t h e r e a r e s t r i c t e r r u l es a n d r e g ul a t io n s g o v e r ni n g h o w t h e i n d u s t r y m a y i n t e r a ct w it h h e a lt h c a r e p r o f e s s io n a l s . I n r e s p o n s e w e a r e s t re n g t h e ni n g m a r k e t a c c e s s c ap ab i l it i es t h r ou g h ou t t h e c o mp a n y , s o t h a t w e a r e b e t t e r a b l e t o d e m o n s t r a t e t h e c o s t - e f f ic i e n c y o f o u r n e w m e d ic i n e s , a n d w e h a v e i m p l e m e n t e d c o m p r e h e n s i v e p r o g r a m m es a i m e d a t e n s u r i n g w e a r e i n c o m p l i an c e w it h r e g ul a t io n s . B u t t h e s e a r e t a c ti c a l m e a s u r e s , n o t a f un d a m e n t a l c h a n g e o f o u r b u s i n e s s m o d e l . ” D e s p i t e t h e p r e s s u r e s o n t h e i n d u s t r y , K å r e S c hu l t z re m a ins c o n vi n c e d t h a t t h e p h a r m a c e ut i c a l c o mp a n i e s t h a t p r ov e c ap ab l e o f d e v e l o p i n g n e w a n d b e t t e r p r o d u ct s w il l b e i n b u s i n e s s f o r m a n y y e a r s t o c o m e . “ U lt i m a t e l y t his i n d u s t r y , lik e o t h e r i n d u s t r i e s , i s d r i v e n b y s u p p l y a n d d e m a n d . A n d t h e d e m a n d f o r b e t t e r t re a t m e n t o p t io n s w il l o n ly i n c re a s e a s m o r e p e o p l e i n d e v e l o p i n g c o u n t r i e s g et a c c e s s t o h e a lt h c a r e a s e c o n o m i e s g r o w . ” T h e f o l l o w in g p a g e s p re s e n t a n ov e r vi e w o f N ovo N o r d is k ’ s bu s i n e s s in t h e f i v e re g io n s i n t o w h i c h it h a s o r g a ni s e d i t s g lo b a l o p er a t io n s . S on a R a s t o g i w o r k s i n G l ob a l Ma r k e ti n g a s g l ob a l p r o d u c t m ana g e r . C O M P E T I T O R S I n i t s a l l - i m p o r t a n t i n s u li n m a r k e t , N ovo N o r d is k ’ s m a in c o m p e ti t o r s a re t h e s a m e a l l ov e r t h e w o r l d : E l i L il l y a n d S a n o f i . I n a d d it io n , t h e re a re l oc a l c o m p e ti t o r s in s o m e c o u n t r i e s s u c h a s C hi n a a n d I n d ia . H o w e v e r , t h e y a re n o t i n n o va t io n - b a s e d a n d p r im a r i l y o f f e r h u m a n i n s u li n . S o fa r , t h e s e c o m p a n i e s h a v e n o t b e e n a b l e t o g a i n si g ni f i c a n t m a r k e t s h a re s . I n t h e b io p h a r m a c e u t i c a ls bu s i n e s s , N ovo N o r d is k f a c e s c o m p e tit io n f r o m a b r o a d e r g r o up o f p h a r m a c e u t i c a l c o m p a n i e s , in s o m e m a r k e t s in c l u d in g p r o d u c e r s o f b io s im i la r m e d i c i n e s ( p r o d u c t s t h a t a re s im i la r b u t n o t i d e n t i c a l t o a n o r i g i n a l m e d i c i n e ) . S o fa r , b io s im i la r c o m p e tit io n h a s n o t h a d a d r a m a t i c i m p a c t o n t h e bu s i - n e s s , w h i c h h a s c o n t i n u e d t o g r o w a t a g lo b a l l e v e l . C R E AT I N G V A L UE F O R C U S T O M E R S N ovo N o rd is k m a r k e t s i t s p r o d u c t s t h e s a m e w a y g lo b a l l y b y s h a r in g c li n i c a l k n o w l e d g e a b o u t t h e p r o d u c t s w it h d o c t o r s , s o t h a t t h e y c a n m a k e a n i n f o r m e d c h oi c e a b o u t wh e t h e r t h e s e p r o d u c t s a re r i g h t f o r t h e ir p a t i e n t s . A t t h e s a m e t i m e , p a y e r s a n d a d m ini s t r a t o r s – t y p i c a l l y pu b l i c h e a lt h s ys t e m s a n d p r i va t e h e a lt h p la n s – a re p re s e n t e d w it h e v i d e n c e a b o u t t h e c o s t - e f f i c i e n c y o f t h e p r o d u c t s , in o r d e r t o m a k e i n f o r m e d d e cis io n s a b o u t p r i c in g a n d re i m bu r s e m e n t . M o r e ov e r , N ovo N o r d is k o rg a ni s e s a n d s u pp o r t s e d u c a t io n o f h e a lt h c a re p r o f e s s io n a ls in m a n a g i n g d i a b e t e s , a n d e n g a g e s in a c t iv it i e s a i m e d a t i m p r o v in g a w a r e - n e s s , p re v e n t io n a n d d ia g n o sis o f t h e d i s e a s e . O R GAN I S AT I O N N ovo N o r d is k is a f i r m b e l i e v e r i n h a v in g wh o l l y o wn e d a f f il ia t e s a n d e x p a n d in g t h e m o r g a n i c a l l y a s t h e m a r k e t d e v e l o p s . W hi l e o t h e r p h a r m a - c e u t i c a l c o m p a n i e s m a y bu i l d a p r e s en c e t h r o ug h t h e a c qu isit io n o f l oc a l c o m p a n i e s , jo i n t v e n t u re s o r re n t e d s a l e s f o r c e s , N ovo N o r d is k p re f e r s t o hire i t s o w n p e o p l e a n d t r a in t h e m t o b e c o m e t h e b e s t . T hi s is a l s o s e e n a s t h e b e s t w a y t o c o n v e y a n d p re s e r v e a s t r o n g c o m p a n y cu l tu r e .

T h e m a i n d r i v e r s o f s a l e s h a v e b e e n – a n d c o n t i n u e t o b e – t h e p o r t f o l io o f m o d e r n in s u l i n a n d V i c t o z a ® . I n 2 0 1 4 , s a l e s o f d i a b e t e s c a re p r o d u c t s i n c re a s e d b y 1 1 % in l oc a l c u r re n c i e s i n N o r t h A m e r i c a . T hi s re f l ec t s c o n t i n u e d m a r k e t p e n e t r a tio n b y t h e m o d e r n i n s u l in s , e s p e c i a l l y L e v e m i r ® , a n d 20 % g r o w t h i n s a l e s o f V i c t o z a ® , m e a s u re d in l oc a l c u r re n c i e s . S a l e s o f b i o p h a r m a c e u t - i c a l s – N ov o S e v e n ® a n d N o r d i t r o p i n ® b ein g t h e m a i n p r o d u c t s – g re w b y 9 % i n 2 0 1 4 , m e a s u re d i n l oc a l c u r re n c i e s . N o r d i t r o p i n ® in p a r ti c ula r d i d w e l l , d u e t o b o t h t h e F l e x P r o ® inj ec tio n d e v i c e a n d t h e v e r y c o m p re h e n s i v e s u p p o r t p r o g r a m m e s t h a t N ov o N o r d is k o f f e r s b o th h e a l th c a r e p r o f e s s io n a l s a n d p a ti e nt s . A C O M P L E X H E A L T H C A R E S Y S T E M T h e U S h e a l t h c a re s ys t e m i s c o m p l e x a s i t i n v ol v e s m u l t i p l e p a y e r s a n d i n t e r m e d ia r i e s w i t h c o m p l e x i n t e r a c tio n s . R o u g h l y h a l f o f a l l A m e r i c a n s a re in s u re d b y t h e i r e m p l oy e r s a n d o n e - t hir d t h r o u g h pu b l ic p r o g r a m m e s s u c h a s M e d i c a re a n d M e d i c a i d , w h i l e a r o un d 1 5 % a re u nin s u re d . 7 T h e n u mb e r o f p e o p l e in s u re d t h r o u g h pu b l ic p r o g r a m m e s i s e x p ec t e d t o g r o w , w hi l e t h e n u mb e r o f u nin s u re d i s e x p ec t e d t o d r o p i n t h e c o min g y e a r s , a m o n g o t h e r re a s o n s d u e t o t h e A f f o r d a b l e C a re A c t , w h i c h i s c u r re n tly b ein g i m p l e m e n t e d . T o m a n a g e t h e pu r c h a s e a n d d e l i v e r y o f h e a l th c a r e , em p l oy e r s a n d th e g ov er n m e n t c o n t r a c t w i th i n t er m e d i a r i e s s u c h a s h e a l t h p lan s a n d p h a r m a c y b e n e f i t m a n a g e r s ( P B M s ) . T h e s e a re o f t e n re f e r re d t o a s ‘ p a y e r s ’ , b u t a re i n m o s t c a s e s m a n a g e r s o f h e a l t h c a re c o s t s o n b e h a l f o f p a y e r s . H e a l th p l a n s c o n t r a c t w i th p r o v i d e r s s u c h as p h y s i c ia n , h os p i t a l a n d p h a r m a c y n e t w o r k s t o p r o v i d e t h e re qu i re d s e r v i c e . T h e y p r o v i d e d i f f e re n t l e v e l s o f c ov e r a g e b a s e d o n t h e p a y e r s ’ w ill in g n e s s t o p a y f o r s e l ec t e d s e r v i c e s f o r t h e i r e m p l oy e e s . A PB M i s a n i n t e r m e d ia r y t h a t c o n t r a c t s w i t h p a y e r s a n d h e a l t h p lan s t o m a n a g e t h e p h a r m a c y b e n e f i t f o r a s p e c i f ic p o pula tio n . T h e h e a l t h p lan s u s e va r io u s m e t h o d s f o r m a n a g in g t h e u s e a n d c o s t o f p h a r m a c e u ti c a l s . A m o n g t h e m o s t w i d e ly u s e d i n t e r v e n tio n s a re g en er ic s u b s t i t u tio n , qu a n t i t y li m i t s, pr io r a u t h o r i s a tio n ( w h i c h m e a n s t h a t a m e d i - c a tio n w il l o n l y b e c ov e re d und e r c e r t a in c o n d i tio n s a n d s ub j ec t t o in d i v i d ua l a p p r o va l b y t h e h e a l t h p la n ) a n d t i g h tly c o n t r o l l e d P re f e r re d D r u g L i s t s . T h e m a n a g e d c a re s e g m e n t h a s s e e n s e v e r a l m e r g e r s a n d a c qu isi tio n s i n r e c e n t y e a r s , w h i c h h a v e l e d t o f e w e r , m o re p o w e r f u l p l a y e r s . A s a re s u l t re b a t e n e g o t ia tio n s h a v e b e c o m e t o u g h er f o r th e p h a r m a c e u ti c a l in d u s t r y . C o n t r a c t s a re g e n e r a l ly o f s h o r t e r d u r a tio n t h a n p re v io u s ly a n d o f t e n h a v e p r i c e p r ot ec tio n m e c h a nism s bu il t i n , w h i c h m e a n s t h a t li s t p r i c e i n c re a s e s a u t o m a ti c a l ly t r i g g e r a n i n c re a s e d re b a t e l e v e l . A n o t h e r t re n d o f n ot e i s t h e i n c re a s in g n u mb e r o f p e o p l e o bt a i ni n g c ov e r a g e t h r o u g h M e d i c a re P a r t D . T h e re b a t e s t h a t p h a r m a c e u ti c a l c o m p a n i e s mu s t o f f e r f o r t h e s e c o n t r a c t s a re i n g e n e r a l si g ni f i c a n tly hi g h e r t h a n f o r p r i va t e m a r k e t c o n t r a c t s . T o g e th er th e s e d e v e l o p m e nt s m e a n th a t N ov o N o r d is k e x p ec t s t h e U S p r i c e e n v ir o n m e n t t o b e c o m e m o re c h a l l e n g in g . G R O W I N G M A R K E T F O R D I A B E T E S P R O D U C T S N ov o N o r d is k h ol d s a r o un d 2 9 % o f t h e to t a l U S m a r k e t f o r d i a b e t e s c a re m e d i c a tio n s a n d 3 7 % o f t h e in s u l i n m a r k e t , m e a s u re d in va l u e . T h e in s u li n m a r k e t i s e x p ec t e d t o c o n t i n u e g r o w in g i n v o l u m e i n t h e c o min g y e a r s d u e t o t h e i n c re a s in g n u mb e r o f p e o p l e w i t h d i a b e t e s , m a n y o f w h o m w il l re qu ire in s u l i n t re a t m e n t . M o r e ov e r , i n t h e U S , o n l y a r o un d 4 6 % o f i n s u l i n v o l u m e i s d e l i v e re d in a p e n s ys t e m , w hi l e t h e f i g u re i s m o re t h a n 9 5 % i n E u r o p e . T hi s m e a n s t h e re i s s t il l si g n i f i c a n t p ot e n t ia l t o u p g r a d e t re a t m e n t i n t h e U S . I n 2 0 1 4 , N ov o N o r d is k lau n c h e d t h e b a s a l i n s u l i n L e v e m i r ® i n i t s n e w e s t p en s ys t e m , F l e x T o u c h ® , w h i c h h a s h e l p e d L e v e m i r ® g r o w i t s s h a re o f to t a l s c r i p t s f o r b a s a l in s u l in s t o a n a l l - t i m e hi g h o f 2 3 % . T h e U S G L P - 1 m a r k e t g r o w t h d e c e l e r a t e d in 2 0 1 4 , m a i n l y d u e t o c o mp e titio n f r o m a n e w c l a ss o f d i a b e t e s d r u g s , S G L T - 2 s . T h e G L P - 1 s e g m e n t ’ s va l u e s h a r e o f t h e t o t a l d i a b e t e s c a r e m a r k e t w a s s t a b l e a t a r o u n d 8 % in 2 0 1 4 . V i c to z a ® i s m a r k e t l e a d e r i n t h e G L P - 1 s e g m e n t w it h a 6 9 % va l u e m a r k e t s h a re c o m p a r e d t o 6 7 % i n 2 0 1 3 . I t i s N ov o N o r d is k ’ s a m b i tio n t o c o n s o l i d a t e i t s l e a d e r s hi p p o si tio n i n t h e d i a b e t e s m a r k e t b y d r i v in g v o l u m e g r o w t h o f L e v e m i r ® , N ov o L o g ® ( N ov o R a p i d ® ) a n d V i c t o z a ® . P R E P A R I N G F O R A N E W M A R K E T N ov o N o r d is k ’ s U S a f f il ia t e i s p re p a r in g t o e n t e r a n e w m a r k e t f o r t h e m e d i c a l t re a t m e n t o f o b e si t y w i t h S a x e n d a ® ( l i r a g l u ti d e 3 m g ) , w h i c h w a s f i l e d f o r re g ula t o r y re v i e w w i t h t h e U S F oo d a n d D r u g A d m ini s t r a tio n ( F D A ) i n D e c e mb e r 2 0 1 3 a n d w a s a p p r ov e d b y t h e F D A i n D e c e mb e r 2 0 1 4 . Re a d m o r e a b out o b e si t y o n pp 3 6 – 3 7 . D E V E L O P M E N T S T O L OO K O U T F O R T r e sib a ® ( in s u l in d e g l u d e c ) i s k e y to N o vo N o r d is k’ s g r o w t h in t h e c o m i n g y e a r s . I n F e b r u a r y 2 0 1 3 , t h e F D A r e qu e s t e d m o re d a t a o n t h e c a r d i o v a s c u l a r s af e t y p r o f i l e o f T r e sib a ® b e f o re i t c o u l d c o m p l e t e i t s re vi e w o f N o vo N o r d is k’ s a pp l i c a t io n . I n r e s p o n s e , N o vo N o r d is k i s c o n d u c t i n g a c a r d i o v a s c u l a r o u t c o m e s t r i a l , D E V O T E . D u r i n g t h e f i r s t h a l f o f 2 0 1 5 , N o vo N o r d is k w ill d e ci d e w h e t h e r to s ub m i t t h e r e s u l t o f a n in t e r im a n a l y si s to t h e F D A . O t h e r f a c t o r s t h a t m a y h a v e a n i m p a c t o n t h e in s u l i n m a r k e t p e r t a i n t o S a n o f i ’ s b a s a l in s u l i n p r o d u c t , in s u l i n g la r g i n e , w h i c h w il l lo s e U S p a t e n t p r ot ec tio n i n 2 0 1 5 . S a n o f i i s d e v e l o p in g a n e w f o r m ula tio n o f in s u l in g la r g i n e , a n d E l i L il ly h a s s ub m i t t e d a b io s im i la r v e r s io n o f in s u li n g la r g i n e f o r re g ula t o r y a p p r o va l . H o w e v e r , S a n o f i h a s s u e d L il ly f o r a l l e g e d p a t e n t i n f r in g e m e n t . H o w , a n d t o w h a t e x t e n t , t h e s e e v e n t s w il l c h a n g e t h e m a r k e t d y n a m i c s i s n o t p o s si b l e t o p re d i c t a t p re s e n t . I n t h e G L P - 1 s e g m e n t , t w o n e w p r o d u c t s e n t e re d t h e m a r k e t in 2 0 1 4 . T hi s w il l i n c re a s e c o mp e t i tio n i n t h e G L P - 1 s e g m e n t , b u t m a y a l s o h e l p re v i t a li s e g r o w th o f th e s e g m e n t . E U R O P E E u r o p e i s N ov o N o r d is k ’ s s e c o n d - la r g e s t re g io n i n t e r m s o f s a l e s . S a l e s g r o w t h h a s b e e n m o d e s t i n r e c e n t y e a r s – i n t h e l o w s in g l e - d i g i t r a n g e . T o a la r g e e x t e n t , t hi s i s a re s u l t o f t h e d e p re ss e d e c o n o m y i n m a n y E u r o p e a n c o u n t r i e s i n t h e w a k e o f t h e f i n a n c ia l c r isi s . T hi s h a s l e d g ov e r n m e n t s t o i m p l e m e n t c o s t - c u t t i n g m e a s u r e s, b o th t h r o u g h p r i c e c u t s o n m e d i c i n e s a n d b y l im i t in g a c c e s s t o n e w m e d i c i n e s . T re si b a ® h a s b e e n a f f ec t e d b y s u c h m e a s u re s in c o u n t r i e s s u c h a s t h e U K a n d D e n m a r k . I n 2 0 1 4 , N ov o N o r d is k ’ s s a l e s o f d i a b e t e s c a re p r o d u c t s i n E u r o p e i n c re a s e d b y 1 % in l oc a l c u r re n c i e s . S a l e s o f in s u l i n a n d p r ot e i n - re la t e d p r o d u c t s i n E u r o p e w e re u n c h a n g e d . T h e d e v e l o p m e n t re f l ec t s a c o n t r a c t in g p re m i x in s u l i n s e g m e n t a n d d e cl inin g h u m a n in s u l i n s a l e s , w h i c h a re o n l y p a r tly o f f s e t b y t h e p e n e t r a tio n o f T re si b a ® a n d t h e c o n t i n u e d p r o g re s s o f N ov o R a p i d ® . T h e u s e o f d e v i c e s f o r in s u l i n inj ec tio n s i s v e r y hi g h , w i t h 9 6 % o f N ov o N o r d is k ’ s in s u l i n v o l u m e b ein g u s e d i n d e v i c e s , p r im a r i ly N ov o P e n ® a n d F l e x P e n ® . S a l e s o f V i c t o z a ® i n c re a s e d b y 7 % i n l oc a l c u r re n c i e s . S a l e s g r o w t h w a s p r im a r i ly d r i v e n b y G e r m a n y a n d S p a i n . T h e G L P - 1 c l a s s ’ s s h a re o f t h e to t a l d i a b e t e s c a re m a r k e t in va l u e i n c re a s e d t o 8 . 0 % c o m p a re d w i t h 7 . 6 % i n 2 0 1 3 . V i c t o z a ® i s t h e G L P - 1 m a r k e t l e a d e r w i t h a va l u e m a r k e t s h a re o f 7 8 % . T h e re a re n o si g n s o f a re t u r n t o si g n i f i c a n tly hi g h e r s a l e s g r o w t h r a t e s i n t h e c o m i n g y e a r s a s g ov e r n m e n t c o s t - c u t t in g m e a s u re s a re e x p ec t e d t o c o n t i n u e . M o r e ov e r , t h e d i a b e t e s m a r k e t i s w e l l d e v e l o p e d , d i a g n o si s O U R B U S I N E SS 23 N O R T H A M E RI C A T h e N o r t h A m e r i c a n re g io n c o n si s t s o f t h e U S a n d C a n a d a a n d i s N ov o N o r d is k ’ s la r g e s t i n t e r m s o f s a l e s . N ov o N o r d is k h a s e x p e - r i e n c e d t re m e nd o u s g r o w t h i n t h e U S i n r e c e n t y e a r s . S i n c e 2 0 1 0 , s a l e s i n N o r t h A m e r i c a h a v e g r o w n f r o m 2 3 . 5 b ill io n D a ni s h k r o n e r ( 4 . 3 b ill io n U S d o l la r s ) t o 4 3 b ill io n k r o n e r ( 7 . 8 b ill io n U S d o l la r s ) i n 2 0 1 4 . S a l e s i n t h e U S a c c o u n t f o r m o re t h a n 9 0 % o f t h e re g io n ’ s to t a l s a l e s . I n t h e s am e p e r i o d , N ov o N o r d is k ’ s o r g a ni s a tio n i n t h e U S , i n c l u d in g re s e a r c h , d e v e l o p m e n t a n d p r o d u c tio n , h a s g r o w n f r o m c lo s e t o 4 , 5 0 0 e m p l oy e e s t o m o re t h a n 6 , 5 0 0 . C O N T I N U E D N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

T h e k e y t o a c c e l e r a t e d g r o w t h i s p r im a r i ly e x p ec t e d t o b e T re si b a ® a s i t b e c o m e s a va i l ab l e t o m o re p a ti e n t s , a n d X u l t o p h y ® , t h e f i x e d c o m b i n a tio n o f in s u l i n d e g l ud e c ( T r e si b a ® ) a n d l i r a g l u ti d e ( V i c t o z a ® ) f o r t re a t - m e n t o f t y p e 2 d i a b e t e s . X u l t o p h y ® w as lau n c h e d i n S w i t z e r lan d i n J a n ua r y 2 0 1 5 a n d w il l b e r o l l e d o u t i n m o re c o u n t r i e s d u r in g t h e y e a r . M o r e ov e r , s a l e s o f N ov o E i g h t ® a re e x p ec t e d t o c o n t r i b u t e t o g r o w t h a s t h e p r o d u c t g a in s s h a re i n t h e m a r k e t f o r h a e m o p hi l i a A p r o d u c t s . S a x e n d a ® ( l i r a g l u ti d e 3 m g ) f o r t re a t m e n t o f o b e si t y r e c e i v e d a p o si ti v e o p i n i o n f r o m t h e E u r o p e a n M e d i ci n e s A g e n c y ’ s e x p e r t c o m - m i t t e e ( C H M P ) i n J a n ua r y 2 0 1 5 . B a s e d o n t hi s , a p p r o va l b y t h e E U C o mm i s s io n i s e x p ec t e d d u r in g t h e s p r in g o f 2 0 1 5 f o l l o w in g w h i c h S a x e n d a ® w il l b e lau n c h e d i n t h e f ir s t E ur o p e a n c o u n t r i e s . I NT E R N A T IO NA L O P E R A T I O N S W i t h s a l e s o f 1 2 . 5 b ill io n D a ni s h k r o n e r in 2 0 1 4 a n d a v e r a g e a nn ua l s a l e s g r o w t h o f a r o un d 1 2 % s i n c e 2 0 1 0 , I n t e r n a tio n a l O p e r a tio n s c o n t i n u e s t o b e N ov o N o r d is k ’ s m a i n c o n t r i b u t o r t o g r o w t h a f t e r N o r t h A m e r i c a . T hin k in g o f I n t e r n a tio n a l O p e r - a tio n s a s o n e bu s i n e s s re g io n re qu ire s a s t re t c h o f t h e i m a g i n a tio n , t h o u g h . I t en c o m p as s e s 1 5 3 c o u n tr i e s a l l ov er th e w o r l d w i t h m o re t h a n 4 . 6 b ill io n p e o p l e – L a t i n A m e r i c a , A f r i c a , t h e M i d d l e E a s t , t h e G u l f , m o s t o f A s ia , A u s t r a l ia , O c e a ni a a n d N e w Z e a la n d . A re g io n o f e x t r a o r d i n a r y d i v e r si t y , i t c ov e r s s o m e o f t h e w o r l d ’ s p o o re s t c o u n t r i e s a n d s o m e o f t h e r i c h e s t . T hi s m e a n s t h a t N ov o N o r d is k m u s t b e a b l e t o m e e t d e m a n d f o r b o t h st a n d a r d t h e r a p y i n t h e f o r m o f h u m a n in s u l i n i n v ia l s a t v e r y l o w p r i c e s a n d a d va n c e d m o d e r n in s u l in p r o d u c t s i n so p h i s ti c a t e d p en s ys t e m s, w h i c h a re s ol d a t p r i c e s s im i la r t o t h o s e s e e n i n E u r o p e a n d t h e U S . W i t hi n m a n y o f t h e c o u n t r i e s i n I n t e r n a tio n a l O p e r a tio n s , t h e re i s b o t h a pu b l ic a n d a p r i va t e m a r k e t . I n m o s t c a s e s t h e pu b l ic m a r k e t o n l y re i m bu r s e s u s e o f h u m a n i n s u l in v ia l s , w hi l e t h e p r i va t e m a r k e t p r im a r i ly c o m p r i s e s m o d e r n in s u l i n p a i d f o r b y p e o p l e w h o e i t h e r h a v e p r i va t e in s u r a n c e o r c a n p a y o u t o f t h e i r o w n p o c k e t s . W h a t t h e s e c o u n t r i e s h a v e i n c o m m o n i s t h a t t h e i n c i d e n c e o f d i a b e t e s i s i n c re a s in g , a n d m a n y o f t h e m a re e n j o y in g e c o n o m ic g r o w t h a b ov e w h a t i s b ein g s e e n i n t h e w e s t e r n w o r l d . T hi s m e a n s t h e y c a n a f f o r d t o e x t e n d t h e re a c h a n d q ua li t y o f t h e i r h e a l t h c a re s ys t e m s . I n 2 0 1 4, N ov o N o r d is k ’ s s a l e s o f d i a b e t e s c a r e p r o d u c t s i n I n t er n a tio n a l O p e r a tio n s i n c re a s e d b y 14 % i n l oc a l c u r re n c i e s , d r i v e n b y a l l t h r e e m o d e r n in s u l in s . M o r e ov e r , T r e si b a ® , w h i c h h a s n o w b e e n lau n c h e d i n 1 0 c o u n t r i e s i n t h e re g io n , h a s b e e n w e l l r e c e i v e d . C u r re n tl y , 6 1 % o f N ov o N o r d is k ’ s in s u l in v o l u m e i n t h e m a jo r p r i va t e m a r k e t s i s u s e d i n d e v i c e s . N ov o N o r d is k ’ s in s u l i n v o l u m e m a r k e t s h a re i s a r o un d 5 5 % . V i c t o z a ® is b e c o min g a n i n c re a s in g ly i m p o r t a n t p r o d u c t i n I n t e r n a tio n a l O p e r a tio n s . S a l e s g re w b y 1 6 % m e a s u re d i n l oc a l c u r re n c i e s i n 2 0 1 4 a n d t h e p r o d u c t w a s m a r k e t e d i n 3 8 c o u n - t r i e s b y t h e e n d o f 2 0 1 4 . T h e G L P - 1 c l a s s ’ s s h a re o f t h e d i a b e t e s c a re m a r k e t i n va l u e h a s c o n t r a c t e d t o 2 . 3 % f r o m 2 . 6 % i n 2 0 1 3 . T hi s re f l ec t s a d e cl inin g s h a re f o r t h e G L P - 1 c l a s s i n B r a zi l f o l l o w in g s t r o n g ini t ia l p e n e t r a tio n . V i c to z a ® i s t h e G L P - 1 m a r k e t l e a d e r a c r o ss I n t e r n a tio n a l O p e r a tio n s w it h a va l u e m a r k e t s h a r e o f 76 % . G r o w th i n I n t er n a tio n a l O p e r a tio n s w il l c o n t i n u e t o b e d r i v e n b y t h e i n c re a s in g n u mb e r o f p e o p l e w i t h d i a b e t e s i n t h e re g io n a n d t h e f a c t t h a t m o re o f t h e m w il l h a v e a c c e s s t o m e d i c a l t re a t m e n t a s e c o n o m i e s d e v e l o p . N ov o N o r d is k ’ s k e y p r io r i ti e s a re t o i n c re a s e t h e u s e o f m o d e r n in s u l in s , lau n c h T re si b a ® i n m o re c o u n t r i e s , c o n t i n u e t h e r o l l - o u t o f V i c t o z a ® a n d e n s u re t h a t m o re p e o p l e a re t re a t e d w i t h in s u l in so o n e r t h a n i s t h e c a s e t o d a y . T o s u p p o r t g r o w t h , N ov o N o r d is k i s e x p a n d in g i t s o r g a ni s a tio n i n m a n y o f t h e k e y g r o w t h m a r k e t s a n d m a kin g si g n i f i c a n t i n v e s t m e n t s i n bu i l d in g h e a l t h c a re c a p a ci t y w i t hin d i a b e t e s . R EG I O N C H I N A W i t h s a l e s o f 8 . 1 b ill io n D a ni s h k r o n e r in 2 0 1 4 a n d a v e r a g e a nn ua l s a l e s g r o w t h o f a r o un d 1 6 % s i n c e 2 0 1 0 , C hi n a h a s b e e n a m a jo r c o n t r i b u t o r t o N ov o N o r d is k ’ s g r o w t h i n r e c e n t y e a r s . T hi s i s p re d i c t e d t o b e t h e c a s e i n t h e c o min g y e a r s t o o , p a r tly d u e t o t h e r a p i d ly i n c re a s in g n u mb e r o f p e o p l e w i t h d i a b e t e s i n C hi n a . A c c o r d in g t o t h e la t e s t e s t im a t e s f r o m t h e I n t e r n a tio n a l D i a b e t e s F e d e r a tio n , m o re t h a n 9 9 m ill io n p e o p l e in C hi n a h a v e d i a b e t e s t o d a y . 1 W i t h C hi n a ’ s e c o n o m ic g r o w t h c o m e s u r b a ni s a tio n , w i t h u r b a ni s a tio n c o m e s e d e n t a r y l i f e s t y l e s – a n d d i a b e t e s f o l l o w s . T hi s i s t h e s am e p a t t e r n s e e n i n o t h e r r a p i d ly d e v e l o p in g c o u n t r i e s , b u t o n a mu c h la r g e r sc a l e i n a c o u n t r y w i t h a n a g ein g p o pula tio n o f 1 . 3 b ill io n . 8 O n t o p o f t hi s , t h e re i s a n o t h e r c h a l l e n g e . T w e n t y y e a r s a g o , v e r y f e w d o c t o r s i n C hi n a k n e w h o w t o t re a t d i a b e t e s , a n d o u t s i d e t h e b i g g e r ci ti e s t hi s i s o f t e n s t il l t h e c a s e . N ov o N o r d is k e st a b lis h e d i t s o w n a f f il ia t e i n C hi n a i n 1 9 9 4 a n d , t o t hi s d a y , t h e c o m p a n y ’ s m a i n f o c u s h a s t h e re f o re b e e n t o e d u c a t e d o c t o r s a n d p a ti e n t s i n p r o p e r d i a b e t e s c a r e , i n c l u d in g h o w t o u s e in s u l i n e f f ec ti v e ly a n d s af e l y . W hi l e t h e s e ini t ia ti v e s p r im a r i ly t o o k p l a c e i n t h e b i g g e s t ci ti e s a t f ir s t , t o d a y t h e y a re b ein g r o l l e d o u t t o s m a l l e r ci ti e s a n d r u r a l a r e as . I n 2 0 1 4 , N ov o N o r d is k ’ s s a l e s o f d i a b e t e s c a re p r o d u c t s i n R e g io n C hi n a i n c re a s e d b y 1 3 % i n l oc a l c u r re n c i e s . T h e s a l e s g r o w t h w a s d r i v e n b y a l l t h r e e m o d e r n in s u l in s , w hi l e s a l e s o f h u m a n in s u l in s o n l y g re w m o d e s tl y . C u r re n tl y , 9 8 % o f N ov o N o r d is k ’ s in s u l i n v o l u m e i n C hi n a i s u s e d i n d e v i c e s , p r im a r i ly t h e d u r a b l e d e v i c e N ov o P e n ® . I n C hi n a t h e G L P - 1 c l a s s i s g e n e r a l ly n o t re i m bu r s e d a n d re p re s e n t s 0 . 7 % o f t h e to t a l d i a b e t e s c a re m a r k e t . V i c t o z a ® h ol d s a G L P - 1 va l u e m a r k e t s h a re o f 5 8 % . T h e C hi n e s e g ov e r n m e n t i s i m p l e m e n t i n g w i d e s p re a d re f o r m s o f t h e h e a l t h c a re s ys t e m w i t h a v i e w t o e x t e n d in g b o t h i t s re a c h a n d q ua li t y a n d , a s i n m a n y o t h e r c o u n t r i e s , s e v e r a l m e a s u re s a re b ein g t a k e n t o l im i t s p e n d in g o n p h a r m a c e u ti c a l s . O n e w a y t o d o t hi s i s b y c re a t in g li s t s o f e ss e n t ia l p h a r m a c e u ti c a l s t h a t a re pu r c h a s e d f r o m c o m p a n i e s i n la r g e q ua n t i ti e s a t l o w p r i c e s . P h a r m a c e u ti c a l s o n t hi s li s t a re p r im a r i ly o l d er p r o d u c t s th a t h a v e g o n e o f f p a t e n t , s u c h a s h u m a n in s u l i n . H o w e v e r , t h e re i s a l s o a g r o w in g m a r k e t f o r n e w e r a n d hi g h e r - p r i c e d p h a r m a c e u ti c a l s i n C hi n a a s b o t h t h e h e a l t h a w a re n e s s a n d t h e pu r c h a s in g p o w e r o f m a n y C hi n e s e fa m il i e s i n c re a s e . M o d e r n in s u l in s a re re i m bu r s e d w i d e l y . N ov o N o r d is k ’ s g r o w t h i n t h e c o min g y e a r s i s e x p ec t e d t o p r im a r i ly c o m e f r o m t h e p o r t - f o l io o f m o d e r n in s u l in s a n d V i c t o z a ® . G r o w t h i s p a r tly d r i v e n b y t h e c o n t i n u in g e x p a n s io n o f t h e c o m p a n y ’ s re a c h i n t o a n i n c re a s in g n u mb e r o f c o u n t y h os p i t a l s , a n d f r o m V i c t o z a ® . 24 O U R B U S I N E SS r a t e s a re hi g h , b i r t h r a t e s l o w a n d N ov o N o r d is k a lre a d y h a s a n in s u l i n m a r k e t s h a re o f 4 8 % m e a s u re d b y v o l u m e . T hi s m e a n s t h e re a re l im i t s a s t o h o w m u c h N ov o N o r d is k c a n g r o w i n E u r o p e . J A P A N & K O R E A W i t h a 5 2 % m a r k e t s h a re m e a s u re d in v o l u m e , N ov o N o r d is k i s t h e c l e a r in s u li n m a r k e t l e a d e r i n J a p a n . T h e u s e o f d e v i c e s re m a in s hi g h i n J a p a n , w i t h 9 8 % o f N ov o N o r d is k ’ s in s u l i n v o l u m e b e i n g u s e d in d e v i c e s , p r i m a r i ly F l e x Pe n ® a n d F l e x T o u c h ® . I n 2 0 1 4 , N ov o N o r d is k ’ s s a l e s o f d i a b e t e s c a re p r o d u c t s i n J a p a n & K o re a d e c re a s e d b y 2 % i n l oc a l c u r re n c i e s . T hi s re f l ec t s a d e cl inin g J a p a n e s e in s u l i n v o l u m e m a r k e t a n d c h a l - l e n g in g und e r l y in g m a r k e t d y n a m i c s , w h i c h a re p a r tly o f f s e t b y t h e s t r o n g u pt a k e o f T r e si b a ® . T re si b a ® w a s lau n c h e d i n M a r c h 2 0 1 3 w i t h b r o a d m a r k e t a c c e s s . S i n c e t h e n T r e si b a ® h a s s t e a d i ly e x p a nd e d i t s s h a re o f t h e b a s a l in s u l i n m a r k e t i n J a p a n a n d n o w re p re s e n t s 2 6 % o f t hi s m a r k e t m e a s u re d i n m o n t h l y va l u e m a r k e t s h a r e . N ov o N o rd is k e x p ec t s v e r y li t tl e g r o w t h i n J a p a n i n t h e c o min g y e a r s d u e t o p r i c e re d u c tio n s a n d t h e ov e r a l l l o w g r o w t h o f t h e to t a l in s u l i n m a r k e t . I n 2 0 1 5 , t h e f o c u s w il l b e o n t h e f u r t h e r p e n e t r a tio n o f T re si b a ® a n d N ov o E ig h t ® ( t u r o c t o c o g a l f a ) . T h e la t t e r p r o d u c t , w h i c h i s in d i c a t e d f o r t re a t m e n t o f h a e m o p hi l i a A , w a s lau n c h e d i n 2 0 1 4 a n d h a s b e e n w e l l r e c e i v e d . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

* T h e W o r l d B a n k . * * I M S H e a l t h, I M S M I D A S C u s t o m i z e d I n si g h t s , N ov e mb e r 2 0 1 4 . ** * D a t a f r o m I M S H e a l t h, I D F a n d T h e W o r l d B a n k i n cl ud e C h i n a o n l y . N g an C h u K i m i s a No v o N o r d i s k s a l e s r e p r e s e n t a t i ve i n H o C h i M i n h C i t y, V i etna m . M O D E R N I N S U LI N S G l o b a l v a l u e m a r k e t s h a r e b y b r a n d i n i t s r e s p e c t i v e ins u lin s e g m e n t * • N ov o Mi x ® • N ov o R ap i d ® • L e v e m i r ® % 80 60 40 20 0 2010 2011 2012 2013 2014 * L e ve m i r ® i n th e lo n g - a c ti n g s e g m e n t , N ov o R ap i d ® i n t h e r ap i d - a c ti n g s e g m e n t a n d N ov o M i x ® i n t h e d ua l - re le a se s e g m e nt . 2010 2011 2012 2013 2014 0 D I A B E TE S C A R E V a l u e m a r k e t s h a r e b y g e o g r a p h i c r e g io n • N o r th A m er i c a • E u r o p e • I n t er n a tio n a l O p er a tio n s • R e g io n C hi n a • J a p a n & K o r e a % 40 30 20 10 K E Y R E G I O N AL F A C T S N o r t h Am e r i c a E uro pe I nt e rna tio n a l O p e r a tio n s R e gi o n Chin a *** Japa n & K o r e a P op ula t i o n ( milli o n ) * 351 540 4,635 1,365 178 GD P p e r c a p i t a ( US D ) * 52,924 35,697 4,547 6,972 35,054 H eal th c a r e s p en d p e r c a p i t a ( US D ) * 8,578 3,375 269 320 3,889 P h ys ic i an s p e r 1 , 00 0 p eopl e * 2.4 3.3 1.0 1.9 2.3 N o v o N o r d i s k to t a l s a le s ( DK K b illi o n ) 43.1 20.1 12.5 8.0 4.9 In suli n v al u e mar k e t s ha r e ** 37% 46% 47% 55% 52% In suli n v o lu m e mar k e t s ha r e ** 37% 48% 55% 58% 49%

F a s t e r - a c t i n g i n suli n a s p a r t N N 1 2 1 8 T y p e 1 a n d 2 d i a b e t e s F a s t e r - a c t i n g i n s u li n a s p a r t is i n s u li n a s p a r t i n a n e w f o r m u l a tio n d e si g n e d to a c c e l e r a t e t h e o n s e t o f a c tio n w it h t h e p ot e nt i a l f o r i m p r ov e d m e a l - t i m e g l u c ose c o nt r o l . S e m a g lu tide N N 9 535 T y p e 2 d i a b e t e s A o n c e - w e ek l y G L P - 1 a n a l o g u e i nte n d e d to o f f e r t h e cli n i c a l b e n e f i t s o f a G L P - 1 a n a l o g u e w it h l e s s f r e qu ent i n j e c tio n s . L A T I N T 1 D N N 9 2 11 T y p e 1 d i a b e t e s L i r a g l u ti d e , a o n c e - d a i l y G L P - 1 a n a l o g u e , i nte n d e d to o f f e r cli n i c a l b e n e f i t s a s a d j u n c t to i n s u li n t h e r a p y i n t y p e 1 d i a b e t e s . O G 2 1 7 S C N N 9 9 24 T y p e 2 d i a b e t e s A lo n g - a c t i n g o r a l G L P - 1 a n a l o g u e i nte n d e d a s o n c e - d a i l y t ab l e t t r e a t m e n t . O G 9 8 7 GT N N 9 926 T y p e 2 d i a b e t e s A lo n g - a c t i n g o r a l G L P - 1 a n a l o g u e i nte n d e d a s o n c e - d a i l y t ab l e t t r e a t m e n t . O G 9 8 7 S C N N 9 9 27 T y p e 2 d i a b e t e s A lo n g - a c t i n g o r a l G L P - 1 a n a l o g u e i nte n d e d a s o n c e - d a i l y t ab l e t t r e a t m e n t . L A I 2 8 7 N N 1 4 3 6 T y p e 1 a n d 2 d i a b e t e s A lo n g - a c t i n g b a s a l i n s u li n a n a l o g u e i nte n d e d f o r o n c e - w e ek l y d o s i n g . L A I 3 38 N N 1 4 3 8 T y p e 1 a n d 2 d i a b e t e s A lo n g - a c t i n g b a s a l i n s u li n a n a l o g u e i nte n d e d f o r d a i l y a d m i n i s t r at io n. O I 3 3 8 G T N N 1 9 5 3 T y p e 1 a n d 2 d i a b e t e s A lo n g - a c t i n g o r a l b a s a l i n s u li n a n a l o g u e i nte n d e d a s o n c e - d a i l y t ab l e t t r e a t m e n t . P I PE L I N E O V ER V I E W P h a se 2 P h a se 1 S t u d i e s i n a s m a ll g r o u p ( u s u a l l y 1 0 – 1 0 0 ) o f h e a lt h y v o l u nt e e r s , a n d s o m e t i m e s p a t i e n t s , to i n v e s ti g a t e h o w t h e b o d y h a n d l e s , d i s t r i bu t e s a n d e li m i n a t e s n e w m e d i c a tio n a n d e st a b li s h m a x i m u m t ol e r a t e d d os e . 26 O U R B U S I N E SS D I A B E T E S A N D O B E S I T Y C A RE Co m p ou n d I n d i c a t i o n D e s cr i pt i o n D i a b e t e s P h a se 1 P h a se 2 P h a se 3 F i l e d / r e g ul ator y app ro v a l T r e s i ba ® ( ins u lin d e g l u d e c ) N N 1 2 5 0 T y p e 1 a n d 2 d i a b e t e s A n e w - g e n e r a tio n o n c e - d a i l y b a s a l i n s u li n a n a l o g u e w it h a d u r a tio n o f a c tio n b e y o n d 4 2 h o u r s a n d a f l a t a n d st a b le a c tio n p rof i le t h a t c o m p a r e d w it h ins u lin g l a r g i n e r e d u c e s t h e r a t e of h y p o g l y c a e m i a a n d i n c r e a s e s d o s i n g f l e x i b il i t y w h e n n ee d e d . L a u n c h e d i n t h e E U , J a p a n a n d o t h e r m a r k e t s . A dd itio n a l d a t a r e q u i r e d b y t h e U S F D A a r e b e i n g g e n e r a t e d f o r t h e p l a n n e d r e s ub m i s sio n . Ry z o d e g ® ( ins u lin d e g l u d e c a n d ins u lin a s p a r t ) N N 54 01 T y p e 1 a n d 2 d i a b e t e s A so l ub le co f o r m u l a tio n o f t h e b a s a l a n a l o g u e i n s u li n d e g l u d e c ( T r e sib a ® ) a n d i n s u li n a s p a r t ( N ov o R a p i d ® , o r N ov o L o g ® i n t h e U S , a r a p i d - a c t i n g m e a lt i m e i n s u li n ) , w h i c h r e d u c e s t h e r i s k o f h y p o g l y c a e m i a c o m p a r e d w it h p re m i x ins u lin . A pp ro v e d in t h e E U , J a p a n a n d o t h e r m a r k e t s . A dd itio n a l d a t a r e q u i r e d b y t h e U S F D A a r e b e i n g g e n e r a t e d f o r t h e p l a n n e d r e s ub m i s sio n . X u lt o p h y ® ( a f i x e d c o m b i n a tio n of ins u lin d e g l u d e c a n d li r ag l uti d e ) N N 90 6 8 T y p e 2 d i a b e t e s A c o m b i n a tio n o f i n s u li n d e g l u d e c a n d li r a g l u ti d e i n a o n c e - d a i l y s i n g le i n j e c tio n. A pp r ov e d i n t h e E U . S t u d i e s o f v a r io u s d ose l e v e ls i n a l a r g e r g r o u p o f p a t i e n t s ( u s u a l l y 1 0 0 – 1 , 00 0 ) to l e a r n a b o u t t h e n e w m e d i c a tio n ’ s e f f e c t o n t h e c o n d itio n a n d i t s si d e e f f e c t s . I n p h a se 2 , cli n i c a l t r i a ls a r e c a rr i e d o u t to e v a l u a t e e f fi c a c y ( a n d s af e t y ) i n s p e c i f i e d p o p u l a tio n s o f p a t i e n t s . T h e o u t c o m e o f p h a se 2 t r i a ls is cli n i c a l p r o o f o f c o n c e p t a n d t h e s e l e c tio n o f d ose f o r e v a l u a tio n i n p h a se 3 t r i a l s . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

G 5 3 0 L N N 9 0 3 0 O b e si t y A n ov e l g l u c a g o n a n a lo g u e , w h ic h i n c o m b i n a t io n w it h li r a - g l u ti d e is i nte n d e d f o r t r e a t m e nt o f o b e si t y . O U R B U S I N E SS 27 Co m p ou nd I n d i c a t i on D e s cr i pt i o n P h a se 1 P h a se 2 P h a se 3 F i l e d / r e g ul ator y app ro v a l O b e s i t y S a x enda ® ( li r ag l uti d e 3 m g ) NN 8 0 22 O b e si t y A o n c e - d a i l y G L P - 1 a n a l o g u e f o r u se a s a d j u n c t to l i f e s t yle c h a n g e s o f f e r i n g w e i g ht l os s f o r p e o p le w it h o b e si t y o r ov e r w e i g ht i n c o m b i n a tio n w it h w e i g h t - r e l a t e d c o m o r b i d it i e s . A pp r ov e d i n t h e U S a n d u n d e r r e g u l a t o r y r e vi e w i n t h e E U a n d a nu mb e r o f o t h e r c o u nt r i e s . NN9 8 3 8 O b e si t y A n ov e l lo n g - a c t i n g a m y li n a n a l o g u e i nte n d e d f o r t r e a t m ent o f o b e si t y. B I O P HAR M A C E U T I C A L S H a e mo p hili a N8 - GP NN7088 H a e m o p h ili a A A glycoPEGylated long - acting recombinant coagulation factor VIII intended to offer prophylaxis and treatment of bleeds. N9 - GP NN7999 H a e m o p h ili a B A glycoPEGylated long - acting recombinant coagulation factor IX intended to offer prophylaxis and treatment of bleeds. Concizumab NN7415 H a e m o p h ili a A , B a n d w it h i nhi b i t o r s A monoclonal antibody against Tissue Factor Pathway Inhibitor (TFPI) intended for bleeding prevention after subcutaneous administration . G r o w t h d i so r d e r s NN8640 G r o w t h d i s o r de r s A once - weekly human growth hormone. S t u d i e s i n l a r g e g r o up s o f p a t i e n t s ( u s u a l l y 1 , 00 0 – 3 , 00 0 ) c o m p a r i n g a n e w m e d i c a tio n w it h a c o mm o n l y u s e d d r u g o r p l a c e b o f o r b o t h s af e t y a n d e f fi c a c y . P h a se 3 a cov e r s t r i a ls c o n d u c t e d a f t e r e f fi c a c y is d e m o n s t r a t e d a n d p r io r to r e g u l a t o r y s ub m i s sio n . P h a se 3 b cov e r s cli n i c a l t r i a ls c o m p l e t e d d u r i n g a n d a f t e r r e g u l a t o r y s ub m i s sio n . I n s m a ll t h e r a p e u ti c a r e a s s u c h a s h a e m o p h ili a , r e g u l a t o r y g u i d e li n e s m a y a l lo w t h e d e si g n o f s i n g l e - a r m t h e r a p e u ti c c o n fi r m a t o r y t r i a ls o r t r i a ls t h a t c o m p a r e a g a i n s t e g h i s t o r i c a l c o nt r o l i n s t e a d o f e x i s t i n g t r e a t m ent o r p l a c e b o . P h a se 3 T h e p h a se i n w h i c h a p r o d u c t is u n d e r g o i n g r e g u l a t o r y a u t h o r i t y r e vi ew . P r o d u c t s li s t e d u n d e r t h is p h a se a r e c u r r e nt l y u n d e r r e g u l a t o r y r e vi e w i n a t l e a s t o n e o f t h e t r i a d m a r k e t s : t h e U S , t h e E U an d J a pan . Fi l e d / r e g ulat o r y app ro v a l N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4 R e a d m o r e a t n o v ono r d is k . c o m / i n v e s t o r s a n d cli n i c a l t r ia l s . g o v . 2 0 1 5 K E Y MI L E S T ON E S T r e s i ba ® D E V O T E i nt er i m a n a l y si s F a s t e r - a c t i n g i n suli n a spa r t Re m a ini n g p h a s e 3a r e su l t s L A T I N T 1 D A ll p h a s e 3a r e su l t s Sema glu tide F i rs t p h a s e 3a r e su l t s O G 2 1 7 S C P h a s e 2 r e su l t s

D ia b e t e s O f t h e e s t i m a t ed 3 8 7 m ill io n peo p l e w it h d i a b e t e s D i a gn o s e d A b out 5 0 % a re d ia g n o s ed * Re c e i v e c a r e O f wh o m a b ou t 5 0 % r e c e i v e c a r e * A c hi e v e t r e a t men t t a r g et s O f wh o m a b ou t 5 0 % a c h ie v e t r e a t m e n t t a r g e t s * A c hi e v e d e s i r e d out c o m e s O f wh o m a b ou t 5 0 % a c h ie v e d e s ire d ou t c o m e s * * A c t u a l r a t e s o f d i a g n o si s , t r e a t m e n t , t a r g e t s a n d o u tc o m e s v a r y i n d i f f e r e n t c o u n t r i e s . T HE ‘ R U LE O F H A L V ES ’ A c c o r d in g t o t h e R u l e o f H a l v e s 5 , o n l y a r o un d 6 % o f p e o p l e w it h d i a b e t e s l i v e a l i f e f r e e f r o m d i a b e t e s - re la t e d c o m p l i c a t io n s . H O W I S D I A B ET E S T R E A T E D ? P e o p l e w it h t y p e 1 d i a b e t e s n ee d t o s t a r t t a kin g in s u li n a s so o n a s t h e y a r e d i a g n o s e d a n d m u s t c o n t i n u e t o d o so f o r t h e r e s t o f t h e i r l i v e s . P e o p l e w it h t y p e 2 d i a b e t e s n ee d di f f er e n t t r e a t m e nt s as the d i s e as e p r o g r e ss e s . I n i t ia l l y , l i f e s t y l e c h a n g e s , i n cl u d - in g d i e t a n d e x e r ci s e , a n d o n e o r m o r e o r a l m e d i c i n e s m a y b e s u f f i c i e n t . I f t re a t m e n t g o a l s a r e n o t m e t , m e d i c i n e s s u c h a s G L P - 1 t h e r a p y o r b a s a l in s u l i n ( lo n g - a c t in g in s u li n ) m a y b e a d d e d t o b et t e r b a la n c e t h e b l oo d g l u c o s e l e v e l r o u n d t h e c l o c k . I f t re a t m e n t t a r g et s a r e s t il l n o t a c h ie v e d , i n t e n s i v e in s u l in t re a t m e n t m a y b e n e c e s s a r y . T hi s m a y i n cl u d e a d d in g a r a p i d - a c t i n g in s u l i n a t m e a lt i m e s , i n a d d itio n t o a b a s a l in s u l i n , t o c o u n t e r t h e r i s e i n g l u c o s e t h a t f o l l o w s a m e a l . I n t o t a l , a pp r o x im a t e l y 4 5 – 5 0 m ill io n p e o p l e w o r l d - w i d e a r e u si n g in s u l i n . 4 A si g n i f i c a n t c h a l l e n g e i n m a n a g i n g d i a b e t e s w it h i n s u l i n i s t o m a i n t a i n a pp r o p r ia t e b l oo d g l u c o s e l e v e l s , a d j u s t in g i n s u l i n d o s in g a s n e c e s s a r y t o b a la n c e t h e i m p a c t o f f oo d a n d e x e r ci s e t o a v oi d e it h e r hi g h b l oo d g l u c o s e l e v e l s ( h y p e r g l y c a e m i a ) , w h i c h c a n l e a d t o lo n g - t e r m c o m p l i c a tio n s s u c h a s b l i nd n e ss a n d a m pu t a tio n s , o r l o w b l oo d g l u c o s e l e v e l s ( h y p o g l y c a e m i a ) , w h i c h c a n l e a d t o s e i zu r e s , u n c o n s c io u s n e ss o r , i n r a r e c a s e s , d e a t h . W H A T I S D I A B ET E S ? D i a b e t e s a f f ec t s t h e w a y t h e b o d y u s e s f oo d f o r g r o w t h a n d e n e r g y . T h e re a re t w o m a i n f o r m s o f d i a b e t e s : t y p e 1 a n d t y p e 2 . T y p e 1 d i a b e t e s is a l i f e lo n g a u t o im m u n e d i s e a s e t h a t d e v e lo p s wh e n t h e b o d y p r o d u c e s a n im m u n e re s p o n s e a g a i n s t i t s o w n c e l ls , d e s t r o y i n g t h e i n s u li n - p r o d u c in g b e t a c e l ls in t h e p a n c re a s . A s a re s u l t , t h e p a n c re a s s t o p s p r o d u c in g i n s u l i n , o f t e n – b u t n o t a l w a y s – a t a yo un g a g e . F a r m o re c o m m o n is t y p e 2 d i a b e t e s , w h i c h a c c o u n t s f o r a r o un d 9 0 % o f a l l p e o p l e w it h d i a b e t e s 9 a n d is c au s e d b y a c o m b i n a t io n o f l i f e s t yl e a n d g e n e t i c f a c t o r s . P e o p l e w it h t y p e 2 d i a b e t e s m a y s t il l p r o d u c e t h e ir o w n i n s u l i n , b u t t h e a m o u n t is i n s u f f i c i e n t t o re s t o re t h e b a lan c e o f g l u c o s e in t h e b l oo d a n d w il l o f t e n d e c re a s e ov e r t i m e , a n d t h e i n s u li n is n o t u s e d e f f e c t i v e l y b y t h e b o d y . M o s t o f t h e lon g - t e r m h e a lt h c om p l i c a t io n s a ss o - c ia t e d w it h d i a b e t e s a re d u e t o p e r si s t e n t l y hi g h b l oo d g l u c o s e l e v e ls , w h i c h c a n c au s e d a m a g e t o t h e k i d n e y s , n e u r ol o g i c a l s ys t e m, c a r d i o va s c ula r s ys t e m, re t i n a a n d f e e t a n d l e g s t h r o u g h e f f ec t s o n b o t h la r g e a n d s m a l l b l oo d v e ss e l s . B LI N D N E S S D i a b e t e s is a l e a d in g c au s e o f b li n d n e s s H E A R T A T T A C K H e a r t a t t a c k is t h r e e t i m e s a s lik e l y a n d h e a r t d i s e a s e is up t o f o u r t i m e s a s lik e l y TO T A L K I D NE Y F A I L U R E T o t a l k i d n e y fa il u re is t h r e e t i m e s a s lik e l y S T R OKE S t r o k e s a re up t o f o u r t i m e s a s lik e l y AM P U T A T I O N D i a b e t e s is a l e a d in g c au s e o f n o n - t r aum a t i c l o we r - li m b a m pu t a t io n s P O T E N T IA L C O M P LI C AT I O N S O F U N C ON T R O LL E D D I A B E T ES

K o b r a B ei g l o u h a s t y p e 2 d i a b e t e s a n d l i v e s i n Ir an . 29 O F C H A NG I N G D I A B E T E S 3 8 7 m ill i o n p e o p l e i n t h e w o r l d h a v e d i a b e t e s t o d a y – a n u mb e r p r e d i c t e d t o g r o w t o a r o u nd 5 9 2 m ill i o n b y 2 0 3 5 . N o w o n d e r i t h a s b e e n c a l l e d an e m e r g e n c y i n s l o w m o t i o n . T HE C HALL E N G E O n W o r l d D i a b e t e s D a y , 1 4 N ov e m b e r 2 0 1 4 , t h e I n t e r n a t io n a l D i a b e t e s F e d e r a t io n ( I D F ) a n n o un c e d i t s la t e s t f o r e c a s t f o r h o w d i a b e t e s w il l d e v e lo p in t h e c o min g y e a r s : I D F e s t im a t e s t h a t 3 8 7 m ill io n p e o p l e in t h e w o r l d h a v e d i a b e t e s t o d a y a n d t h a t t h e n u m b e r w il l g r o w t o a r o un d 59 2 m ill io n by 2 03 5 . 1 7 7 % o f t h e to t a l n u m b e r a f f ec t e d l i v e in l o w - a n d m i d d l e - in c o m e c o u n t r i e s , wh e re t h e p a nd e m i c is g a t h e r in g p a c e a t a la r m i n g r a t e s d u e t o t h e l i f e s t yl e c h a n g e s a sso c ia t e d w it h e c o n o m i c g r o w t h a n d u r b a n i s a t io n . 1 J u s t a s w o r r yi n g i s t h e f a c t t h a t v e r y f e w p e o p le w it h d i a b e t e s w il l h a v e a l i f e f r e e f r o m d i a b e t e s - re la t e d c o m p l i c a t i o n s . T h e si t ua t i o n c a n b e s t b e ill u s t r a t e d b y w h a t h a s b e c o m e k n o w n a s t h e ‘ R u le o f H a l v e s ’ 5 ( s e e o pp o si t e p a g e ) . I t ill u s t r a t e s t h a t o n l y h a l f o f t h e m a n y m ill i o n s o f p e o p le w it h d i a b e t e s h a v e b e e n d i a g n os e d . O f t h ose w h o a r e d i a g n os e d , o n l y h a l f r e c e i v e t re a t m e n t f r o m a q u a l i f i e d h e a lt h c a re p r o f e s s i o n a l a n d , a g a i n , j u s t h a l f o f t h e se p e o p le a c h ie v e t h e i r t re a t m e n t t a r g e t s . Y e t i t d o e s n o t e n d t h e r e . O n l y h a l f o f t hi s re la t i v e l y s m a l l g r o u p a c t u a l l y a c h ie v e t h e d e s ir e d o u t c o m e a n d l i v e a l i f e f r e e f r o m d i a b e t e s - re la t e d c o m p l i c a t i o n s . R E G I O N A L D I F F E R E N C E S T h e R u l e o f H a l v e s e s t im a t e s a g lo b a l a v e r a g e . F o r s o m e c o u n t r i e s , f o r e x a m p l e V i e t n a m, K e n ya a n d C hi n a, d ia g n o sis r a t e s a re e v e n l o w e r t h a n 5 0 % . 1 F o r s o m e , t re a t m e n t m a y b e a l m o s t n o n - e x i s t e n t , w h il e in o t h e r c o u n t r i e s a k e y i s s u e is t h a t e v e n t h o s e p e o p l e wh o a re d ia g n o s e d a n d t re a t e d d o n o t re a c h t h e ir t re a t m e n t t a r g e t s a n d t h e re f o re h a v e a hi g h r is k o f d e v e lo p in g c o m p l i c a t io n s . F in d in g s f r o m a land m a r k s t ud y in t h e U K s h o w e d t h a t re d u c in g b l oo d s u g a r l e v e ls b y a p p r o x im a t e l y 1 % m a y re d u c e d i a b e t e s - re la t e d d e a t h s b y m o re t h a n 20 % a n d re d u c e m i c r o va s c ula r c o m p l i c a t io n s b y n e a r l y 4 0 % . 1 0 M i c r o va s c ula r c o m p l i c a t io n s in c l ud e d i a b e t i c re t i n o p a t h y , w h i c h c au s e s m o re t h a n 1 2 , 00 0 c a s e s o f b l in d n e s s a nn ua l l y i n t h e US a lo n e . 11 C A NN O T B E I G N O R E D I n h u m a n a s w e l l a s f i n a n c ia l t e r m s , t h e bu r d e n o f d i a b e t e s is hi g h , b ein g a f a c t o r in 4 . 9 m ill io n d e a t h s a n d a c c o u n t in g f o r s o m e 6 1 2 b ill io n US d o l la rs 1 in h e a lt h s p e n d in g ( 1 1 % o f t h e to t a l s p e n d w o r l d w i d e ) 1 2 in 2 0 1 4 , a c c o r d i n g t o t h e I D F . W h a t a l l c o u n t r i e s h a v e in c o m m o n is t h a t t h e d i a b e t e s p a nd e m i c c a n n o t b e i g n o re d . F r o m b o t h t h e h u m a n a n d e c o n o m i c p e r s p ec t i ve , it is i m p o r t a n t t h a t c o u n t r i e s h a v e a p lan f o r h o w t o a d d re s s t h e i r o w n R u l e o f H a l v e s w it h a vi e w t o m inim is i n g b o t h t h e p e r s o n a l s t r a i n s a n d t h e f i n a n c ia l bu r d e n s o f d i a b e t e s . N ovo N o r d is k is w o r kin g w it h g ov e r n m e n t s a n d n o n - g ov e r n m e n t a l o r g a ni s a t io n s i n m a n y c o u n t r i e s t o h e l p a d d re s s t h e s e c h a l l e n g e s – o f t e n w it h t h e p a r t i ci p a t io n o f t h e W o r l d D i a b e t e s F o un d a t io n , a n in d e - p e nd e n t n o n - p r o f it o r g a ni s a t io n e st a b - l is h e d a n d c o - f und e d b y N ovo N o r d is k w it h t h e o b j ec t i v e t o s u pp o r t p re v e n t io n a n d t re a t m e n t o f d i a b e t e s i n d e v e l o p i n g c o u n t r i e s . W H A T I S CH A N G I N G D I A B ET E S ® ? C h ang i ng D i a b e t e s ® is N ovo N o r d is k ’ s re s p o n s e t o t h e g lo b a l d i a b e t e s c h a l l e n g e . I t c o m p r i s e s a w i d e r a n g e o f a c t iv it i e s a i m e d a t h e l p in g a s m a n y p e o p l e a s p o s si b l e l i v e a g oo d l i f e w it h d i a b e t e s . T h e c o m p a n y ’ s k e y c o n t r i b u t io n is t o d i s c ov e r a n d d e v e lo p i n n o va t i v e b iol o g i c a l m e d i c i n e s a n d m a k e t h e m a c c e s si b l e t o p e o p l e w it h d i a b e t e s a l l ov e r t h e w o r l d . H o w e v e r , N ovo N o r d is k is w e l l a w a re t h a t i t s p r o d u c t s o n l y d o p a r t o f t h e jo b : it t a k e s m o re t h a n m e d i c i n e t o c h a n g e d i a b e t e s . O n e o f t h e la t e s t ini t ia t i v e s t h a t a d d re ss e s t hi s is C it i e s C h a n g in g D i a b e t e s ( re a d m o re o n p p 3 4 – 3 5 ) a n d a t n ov o n o r di sk . c o m / a b o u t _ u s / c h ang i n g - di a b e t e s . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

F in d in g t h e o ptim a l m e d i c a l t h e r a p y f o r a p e r s o n w it h d i a b e t e s c a n b e v e r y c h a l l e n g i n g , a s n o t w o p e o p l e w it h d i a b e t e s h a v e a n i d e n t i c a l re s p o n s e t o t h e s a m e m e d i c a t io n , d u e t o t h e ir p e r s o n a l p h y s iol o g y , g e n e t i c m a k e - up a n d l i f e s t yl e . I n a d d it io n , t re a t m e n t o f t y p e 2 d i a b e t e s o f t e n h a s t o b e i n t e n si f i e d ov e r t i m e a s t h e f un c t io n o f t h e i n s u li n - p r o d u c in g b e t a c e l ls p r o g re s s i v e l y d e c l i n e s . N ovo N o r d is k h a s lo n g b e e n a w a re o f t h e s e c h a l l e n g e s a n d o f f e r s a r a n g e o f t re a t m e n t o pt io n s . W h a t t h e n e w t re a t m e n t s h a v e i n c o m m o n is t h a t t h e y a re i n t e nd e d t o m a k e t h e l i f e o f p e o p l e l iv i n g w it h d i a b e t e s e a s i e r , b y p r o v i d i n g m e d i c a l t h e r a p y t h a t m e e t s in d iv i d ua l n e e d s . F LE X I B I L I T Y W H E N N E E D E D W h e n a p e r s o n w it h d i a b e t e s r e qu ir e s in s u li n t h e r a p y , t h e f ir s t t re a t - m e n t c h o s e n i s o f t e n a o n c e - d a i l y inj ec tio n o f b a s a l in s u l i n . T h e c h a l l e n g e w it h b a s a l in s u li n s h a s a l w a ys b e e n t h e va r i ab l e s p ee d a t w h i c h t h e in s u l i n i s a b s o r b e d . I t c a n c h a n g e f r o m d a y t o d a y , a n d m a y n o t a l w a ys p r o v i d e t h e i n t e n d e d 2 4 - h o u r c ov e r a g e , w h i c h m e a n s t h a t inj ec tio n s mu s t b e t a k e n a t p r e ci s e l y t h e s am e t i m e o f d a y , e v e r y d a y . N ovo N o r d is k ’ s n e w - g e n e r a t io n o n c e - d a i l y b a s a l i n s u li n a n a l o g u e T r e si b a ® ( i n s u li n d e g l ud e c ) is d i f f e re n t , in t h a t it h a s a d u r a t io n o f a c t io n o f m o re t h a n 4 2 h o u r s w it h a f la t , st a b l e a c t io n p r o f i l e t h a t c o m p a re d w it h i n s u li n g la r g i n e re d u c e s t h e r a t e o f h y p o g l y c a e m ia a n d i n c re a s e s d o s in g f l e x i b il i t y wh e n n e e d e d . T hi s g i v e s t h e u s e r f l e x i b il i t y wh e n n e e d e d , w it h o u t c o m p r o m is in g o n t h e d e s ire d e f f e c t T R E S I B A ® : A UN I QUE M O L E C UL E T r e si b a ® ( i n s u l in d e g l ud e c ) is a o n c e - d a i l y , lo n g - a c t i n g b a s a l i n s u li n w it h a d u r a t io n o f a c t io n b e y o n d 4 2 h o u r s . I t is t h e o n l y i n s u li n t o f o r m m u lt i - h e x a m e r s u p o n s u b c u t a n e o u s inj ec t io n , re s u lt i n g in a s o l u b l e d e p o t f r o m w h i c h it is s l o w l y a n d c o n t i n u o u s l y a b s o r b e d i n t o t h e b l oo d s t re a m . T hi s a b s o r pt io n p r o c e s s a l l o w s f o r a f l e x i b l e d o s in g i n t e r va l o f b e t w e e n e i g h t a n d 4 0 h o u r s w h il e m a i n t a i nin g t h e l o w r is k o f h y p o g l y c a e m ia a sso c ia t e d w it h T re si b a ® . W AN T E D M O R E T R E A T M E N T O P T I O N S I n d i a b e t e s , t h e r e i s n o s u c h t h i n g a s a ‘ o n e - s i z e - f i t s - a l l ’ t r e a t m e n t . W h a t s u i t s o n e p e r s o n ’ s n e e d s m a y n o t b e t h e r i g h t t r e a t m e n t f o r s o m e o n e e l s e , a n d w h a t w o r k s w e l l f o r a p e r s o n t o d a y m a y b e c o m e i n e f f e c t i v e o v e r t i m e . A r a n g e o f t r e a t m e n t o p t io n s i s t h e r e f o r e n e e d e d t o e n s u r e t h e b e s t p o s si b l e b l o o d g l u c o s e c o n t r o l a n d qu a l i t y o f l i f e f o r e a c h i n d i v i d u a l w it h d i a b e t e s . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

31 X u l t o p h y ® , a c o m b i n a tio n o f T r e si b a ® a n d t h e h u m a n G L P - 1 an a l o g u e li r a g l ut i d e ( V i c to z a ® ) , f e w e r p a ti e nt s e x p er i en c e d l o w b l oo d s u g a r t h a n p a ti e n t s u s in g T r e si b a ® . M o r e ov e r , f e w e r o f t h e p a ti e n t s o n X u l t o p h y ® h a d t h e w e i g h t g a i n t h a t o f t e n c o m e s w it h in s u l i n t h e r a p y . X u l t o p h y ® w a s a pp r ov e d i n t h e E U i n S epte mb e r 2 0 1 4 a n d lau n c h e d i n S w i t z e r la n d a s t h e f ir s t c o u n t r y i n J a n ua r y 2 0 1 5 . “ X u l t o p h y ® o f f e r s p e o p l e a n e w w a y t o i n t e n s i f y t re a t m e n t a n d i m p r ov e t h e i r b l oo d g l u c o s e c o n t r o l , w it h o u t i n c re a si n g t h e n u mb e r o f inj ec tio n s , ” D r M o s e s p o i n t s o u t . “ I n f a c t , a s X u l t o p h y ® h as b e en s h o wn t o p r o d u c e a g re a t e r r e d u c tio n i n b l oo d s u g a r l e v e l s t h a n T r e si b a ® a n d V i c t o z a ® o n t h e i r o wn a n d a n e v e n l o w e r r a t e o f h y p o - g l y c a e m i a t h a n T r e si b a ® o n i t s o w n , X u l t o p h y ® c o u l d b e a n a t t r a c ti v e t re a t m e n t o p t io n f o r p e o p l e w it h t y p e 2 d i a b e t e s . ” ” W e’ r e v e r y e x c i t e d a b o u t t h e r e c e n t lau n c h o f X u l t o p h y ® i n S w i t z e r la n d a s w e l l a s t h e u p c o min g lau n c h e s i n t h e E U i n t h e f i r s t h a l f o f 2 0 1 5 , ” a dd s J a k o b R ii s . ” I t ’ s t h e la t e s t e x a m p l e o f N ov o N o r d is k ’ s a m b itio n o f d r i v in g in n o va tio n t o c re a t e m o r e t re a t m e n t o p t io n s f o r p e o p l e w it h d i a b e t e s . ” o r t h e s af e t y o f t h e t re a t m e n t . “ T o b e a b l e t o c h a n g e t h e t i m e yo u inj ec t f r o m d a y t o d a y , i f t h e si t ua t io n re qu ire s , g i v e s a re m a r k a b l e s e n s e o f f r e e d o m f o r p a t i e n t s , ” s a y s D r A lan M o s e s , g lo b a l c h ie f m e d i c a l o f f i c e r a t N ovo N o r d is k . “ M o r e ov e r , s t u d i e s s h o w t h a t p e o p l e u s in g T re si b a ® e x p e r i e n c e f e w e r e p i so d e s o f l o w b l oo d s u g a r , p a r t i c ula r l y a t ni g h t , t h a n t h o s e o n a n o t h e r b a s a l i n s u li n , i n s u l in gl ar g i n e . ” T hi s is i m p o r t a n t , ” n ot e s D r M o s e s , “ b e c au s e t h e f e a r o f l o w b l oo d s u g a r m e a n s t h a t m a n y p e o p l e w it h t y p e 2 d i a b e t e s a re n o t t re a t i n g t h e ir c o n d it io n i n t e n s i v e l y e n o u g h t o l o w e r b l oo d s u g a r t o t h e r e c o m m e nd e d l e v e l . T hi s in c re a s e s t h e ir r is k o f d e v e lo p in g s e v e re lo n g - t e r m c o m p l i c a t io n s . ” M A N Y N E W L A U N C H E S A H E A D J a k o b R ii s , e x e c u ti v e v i c e p r e s i d e n t o f M a r k e t in g , M e d i c a l A f fa ir s a n d S t a k e h ol d e r E n g a g e m e n t , re p o r t s t h a t T r e si b a ® i s b e i n g m a d e a va i l ab l e i n m o r e a n d m o r e c o u n t r i e s : “ B y t h e e n d o f 2 0 1 4 , w e h a d lau n c h e d T r e si b a ® i n 2 2 c o u n t r i e s , a n d w e a i m t o h a v e m o r e t h a n 30 lau n c h e s ov e r t h e n e x t t w o y e a r s . F u r t h e r m o r e , w e h o p e t o s u bm i t i n t e r i m d a t a f r o m o u r la r g e c a r d i o v a s c ula r o u tc o m e s s t u d y , D E V O T E , t o t h e US F oo d a n d D r u g A d m inis t r a tio n i n t h e f i r s t h a l f o f 2 0 1 5 , w h i c h c o u l d p ot e n t ia l l y l e a d t o t h e a pp r o va l o f T r e si b a ® f o r t h e U S m a r k e t b y 2 0 1 6 . ” S ee b o x f o r i n f o r m a tio n o n D E V O T E . A G O O D C O M B I N AT IO N D u e t o t h e p r o g re s s i v e n a t u re o f t y p e 2 d i a b e t e s , w it hin t h e f ir s t y e a r a f t e r b a s a l t h e r a p y ini t ia t io n m o re t h a n s e v e n o u t o f 1 0 p e o p l e u s in g b a s a l i n s u l in d o n o t re a c h t h e ir t re a t m e n t g o a l . 1 3 W h e n b a s a l i n s u l in a lo n e is n o lo n g e r e n o u g h t o e n s u re g oo d b l oo d g l u c o s e c o n t r o l , t h e n e x t s t e p c a n b e t o i n t e n si f y t re a t m e n t b y c h a n g in g t o a n i n s u l in p r o d u c t t h a t c o n t a i n s b o t h fa s t - a c t in g a n d b a s a l i n s u l i n s in o n e inj ec t io n . N ovo N o r d is k ’ s n e w i n s u li n , R y zo d e g ® , t a k e n t w i c e a d a y , is s u c h a c o m b i n a t io n i n s u li n . “ R y z o d e g ® i s a c o m b in a tio n o f t h e o n c e - d a i l y in s u l i n d e g l u d e c T r e si b a ® a nd t h e f a s t - a c t in g in s u l i n a s p a r t N ov o R a p i d ® . T h e la t t e r lo w e r s t h e s p ik e s i n b l oo d g l u c os e a r o u nd m e a lt i m e s , ” e x p l a i n s D r M os e s . M e x i c o w a s t h e f ir s t c o u n t r y t o laun c h R y zo d e g ® in S e p t e m b e r 2 0 1 4 , a n d m o re laun c h e s a re p la n n e d f o r 2 0 1 5. A N I N T E R E S T I N G A L T E R N A TI VE H o w e v e r , N ov o N o r d is k a l so h a s a u n i q u e t hi r d t re a t m e n t o p t io n in i t s d e g l u d e c fa m i l y o f t re a t m e n t s . I n cl ini c a l s t u d i e s o f o n c e - d a i l y W H A T I S D E V O T E ? T r e si b a ® w a s a p p r ov e d in t h e E U in J a n ua r y 2 0 1 3 , a n d b y t h e e n d o f 2 0 1 4 it h a d b e e n laun c h e d in 22 c o u n t r i e s , b o t h w it h i n a n d o u t si d e E u r o p e . I n F e b r ua r y 2 0 1 3 , N ovo N o r d is k r e c e i v e d a C o m p l e t e R e s p o n s e L e t t e r f r o m t h e US F oo d a n d D r u g A d m ini s t r a t io n ( F D A ) , in w h i c h t h e a g e n c y re q u e s t e d a d d it io n a l c a r d i o va s c ula r s af e t y d a t a f r o m a d e d i c a t e d c a r d i o va s c ula r o u t c o m e s t r ia l b e f o re t h e re vi e w o f t h e N e w D r u g A pp l i c a t io n c o u l d b e c o m p l e t e d . W h il e N ovo N o r d is k re m a i n s c o n f i d e n t a b o u t t h e c a r d i o va s c ula r s af e t y p r o f i l e o f T re si b a ® b a s e d o n b o t h i t s o w n i n t e r p re t a t io n o f t h e d a t a d e r i v e d f r o m t h e c li n i c a l d e v e lo p m e n t p r o g r a m m e a n d re vi e w s b y t h e E u r o p e a n a n d J a p a n e s e re g ula t o r y a u t h o r it i e s , t h e c o m p a n y a l s o r e c o g ni s e s t h e i m p o r t a n c e o f re a s s u r in g t h e F D A a b o u t t h e c a r d i o va s c ula r s af e t y o f t h e p r o d u c t . H e n c e , in O c t o b e r 2 0 1 3 , t h e d e d i c a t e d c l ini c a l t r ia l D E V O T E w a s ini t ia t e d t o a ss e s s c a r d i o va s c ula r r is k . D E V O T E is a d o u b l e - b l in d t r ia l , u s in g i n s u l in g la r g i n e a s c o m p a r a t o r , w h i c h i n c l ud e s a r o un d 7 , 5 0 0 p e o p l e w it h t y p e 2 d i a b e t e s wh o h a v e e x i s t i n g o r hi g h r is k o f c a r d i o va s c ula r d i s e a s e . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

S i n c e N o v o N o r d i s k w a s f o u n d e d m o r e t h a n 90 y e a r s a g o , t h e c o m p a n y h a s b e e n c o m m i t t e d t o i m p r o v i n g t h e l i v es o f p e o p l e w it h d i a b e t e s . N o t h i n g w o u l d c h a n g e t h e l i f e o f a c h i l d w it h t y p e 1 d i a b e t es m o r e t h a n a c u r e f o r t h i s l i f e lo n g s e r i o u s c o n d it io n , bu t i s a c u r e j u s t a d r e a m – o r a p ot e n t i a l r e a l i t y ? T Y P E 1 D IA B E T E S I N S E A R C H O F A C U RE W o r r y i n g l y , t h e in ci d e n c e o f t y p e 1 d i a b e t e s is g r o w in g , a n d u n l ik e t y p e 2 d i a b e t e s , n o o n e re a l l y k n o w s w h y . Y e t t y p e 1 d i a b e t e s is r a re l y in t h e s p o t l i g h t , a s t h e w o r l d f o c u s e s o n t h e t y p e 2 d i a b e t e s p a nd e m i c i n s t e a d . “ I t’ s a m a t t e r o f n u m b e r s , ” p o i n t s o u t D r M a t t hia s v o n H e r r a t h , h e a d o f N ovo N o r d is k ’ s t y p e 1 d i a b e t e s re s e a r c h u ni t in S e a t t l e , U S . “ Y e s , t h e re a re m a n y m o re c a s e s o f t y p e 2 d i a b e t e s , b u t w e c a n ’ t i g n o re t h e s p e c ia l n e e d s o f t h e c h i l d re n a n d a d u l t s w it h t y p e 1 d i a b e t e s . ” A C O M PL E X D I S E A SE N ovo N o r d is k h a s f o r m a n y y e a r s b e e n c o n d u c t i n g re s e a r c h i n t o d el a y in g t h e o n s e t o f t y p e 1 d i a b e t e s . “ T hi s is n o s m a l l c h a l - l e n g e , ” e x p la i n s M a t t hia s v o n H e r r a t h . “ I t’ s o n l y in t h e la s t f i v e y e a r s t h a t w e ’ v e b e g un t o und e r st a n d t h e und e r ly in g m e c h a ni s m s b e hind t hi s d i s e a s e . O n e re a s o n is t h a t t h e h u m a n p a n c re a s is n ’ t a s a c c e s si b l e a s a m o u s e p a n c re a s d u e t o i t s l oc a t io n in t h e b o d y . I t’ s a l s o a s e n sit i v e o r g a n t h a t d o e s n ’ t re a c t w e l l t o i n t e r f e re n c e , s o i t’ s d i f f i c u lt t o d e r i v e i n f o r m a t io n f r o m it – a n d t h a t inhi b i t s W H A T I S T Y P E 1 D I A B ET E S ? T y p e 1 d i a b e t e s is a l i f e lo n g c o n d it io n t h a t d e v e lo p s wh e n t h e b o d y c re a t e s a n ti b o d i e s a g a i n s t i t s o w n i n s u li n - p r o d u c in g b e t a c e l ls in t h e p a n c re a s . T hi s a u t o im m u n e re a c t io n d e s t r o y s t h e b e t a c e l ls a n d s o t h e p a n c re a s s t o p s p r o d u c in g i n s u l in o r c a n n o t p r o d u c e e n o u g h i n s u l in o n i t s o w n . T y p e 1 d i a b e t e s m o s t o f t e n o c c u r s in p e o p l e und e r 2 0 y e a r s o l d . I t is t re a t e d w it h inj ec t io n s o f i n s u l i n , w it h t h e a im o f re s t o r in g t h e b a lan c e o f g l u c o s e i n t h e b l oo d . L e f t u n t re a t e d o r w it h o u t t h e p r o p e r t re a t m e n t , g l u c o s e l e v e ls c a n b e c o m e e it h e r t o o hi g h o r t o o l o w , l e a d in g t o c o m p l i c a t io n s s u c h a s b l in d n e s s , k i d n e y fa il u r e , l i m b a m p u t a t io n a n d u lt im a t e l y c o m a a n d d e a t h . o u r und e r st a n d in g o f w h a t c au s e s t y p e 1 d i a b e t e s .” W h a t is k n o w n is t h a t , in a p e r s o n w it h t y p e 1 d i a b e t e s , t h e b o d y ’ s im m u n e s ys t e m is t r i g g e re d , w h i c h re s u l t s in t h e b o d y p r o - d u c in g l y m p h o c y t e s w h i c h a t t a c k – a n d d e s t r oy – t h e i n s u li n - p r o d u c in g b e t a c e l ls in t h e p a n c re a s . M u lti p l e f a c t o r s a re t h o u g h t t o p l a y a r ol e in t h e o n s e t o f t h e a u t o im m u n e re a c t io n , in c l u d in g t h e e n v i r o n m e n t a n d v i r u s e s . I n a d d it io n , t h e re is a h e re d i t y f a c t o r , w h i c h c a n b e s e e n w it h g e n e t i c a l l y i d e n t i c a l t w i n s : i f o n e t w in d e v e lo p s t y p e 1 d i a b e t e s , t h e o t h e r t w in h a s a 3 5 % r is k o f d e v e lo p i n g it t o o . 14 A W I N D O W O F O P P O R T U N I T Y W h il e t h e und e r ly in g c au s e o f t y p e 1 d i a b e t e s re m a i n s un c l e a r , r e c e n t re s e a r c h h a s l e d t o i m p o r t a n t i n si g h t s . “ I t h a s n o w b e e n d i s c ov e re d t h a t , e v e n la t e a f t e r o n s e t , s o m e p e o p l e w it h t y p e 1 d i a b e t e s s t il l h a v e f un c t io nin g b e t a c e l ls – t h e y h a v e n ’ t a l l b e e n d e s t r oy e d . W e ’ v e e v e n s e e n p e o p l e 5 0 y e a r s p a s t d ia g n o sis wh o h a v e s o m e b e t a c e l l No v o N o r d i s k ’ s r e s e a r c h c e n tre i n S e at t l e , W a s h i n g t o n , i s pa r t of No v o N o r d i s k ’ s G l ob a l R e s e a r c h u n i t , w h i c h ha s s i t e s i n D e n m a r k , t h e U S an d Ch i na .

S T E M C E L L S S t e m c e ll s h a v e t h e a b il i t y t o d e v e l o p i n t o m a n y d i f f e re n t c e l l t y p e s , w h i c h m e a n s t h e y h a v e g re a t t h e r a p e u ti c p ot e n t ia l . C e ll s f o u n d i n t h e e a r l y e m b r y o c a n g i v e r i s e t o p l u r i p ot e n t e m b r y o n i c s t e m c e l l c u l t u r e s t h a t m a i n t a i n t h e a b il i t y t o m a t u r e i n t o a n y c e l l t y p e – i n cl u d in g in s u li n - p r o d u c in g b e t a c e ll s – w hi l e s t e m c e ll s i n t h e a d u l t b o d y c a n n o r m a l l y o n l y m a t u r e i n t o a l im i t e d n u mb e r o f s p e c ia li s e d c e ll s . A s i t h a s n o t y e t b e e n d e m o n s t r a t e d t h a t t h e s am e s c i e n ti f i c re s u l t s c a n b e o bt a i n e d u s in g a d u l t s t e m c e ll s , N ovo N o r d is k i s u s in g h u m a n e m b r y o n i c s t e m c e ll s i n o r d e r t o p r o g r e ss t h e c o m p a n y ’ s r e s e a r c h i n t o d e v e l o p in g b e t a c e ll s f o r p o t e n t ia l t r a n s p la n t a tio n i n t o p a ti e n t s a s a c u r e f o r d i a b e t e s . f u n c t io n . 1 5 T hi s in d i c a t e s t h a t t h e s p e e d o f t h e a t t a c k o n t h e b e t a c e l ls va r i e s – w h i c h is t h e r a p e u t i c a l l y i m p o r t a n t a s it g i v e s u s a w in d o w wh e re w e c a n p o s si b l y p re s e r v e t h e b e t a c e l ls a n d d el a y t h e c l ini c a l o n s e t o f t h e d i s e a s e , ” s a y s M a t t hia s v o n H e r r a t h . N ovo N o r d is k h a s a n u m b e r o f o n g o in g re s e a r c h p r o j ec t s l o o k i n g i n t o d el a y i n g t h e o n s e t o f t y p e 1 d i a b e t e s . “ W e w a n t t o r e - e d u c a t e t h e i mm u n e s ys t e m n o t t o a t t a c k t h e b e t a c e l l s . W e’ re l o o kin g a t c o m b i n a t io n t h e r a p y t o in c re a s e t h e e f f i c a c y o f t h e t re a t m e n t s w h il e a t t h e s a m e t i m e re d u c in g a n y si d e e f f ec t s . O n e o f o u r p r o j ec t s i n v ol v e s b o t h im m u n e - a c t i v e a n d m e t a b o l i c - a c t i v e c o m p o un d s . T h e d a t a a re v e r y s t r o n g a n d w e’ re m a kin g g oo d p r o g re s s : w e h o p e t o m ov e i n t o h u m a n t r ia ls in t h e n e x t y e a r o r s o , ” s a y s M a t t hia s v o n H e r r a t h . T H E P R O M I S E O F S T E M C E L L S N ovo N o r d is k is a l s o i n v e s ti g a t in g t h e u s e o f s t e m c e l ls a s a p ot e n t ia l c u re f o r t y p e 1 d i a b e t e s . “ F o r m a n y y e a r s w e ’ v e b e e n w o r kin g t o f in d a m e t h o d t o d e v e lo p e m b r y o n i c s t e m c e l ls i n t o b e t a c e l ls , w h i c h c o u l d t h e n b e t r a n s p la n t e d i n t o a p e r s o n w it h d i a b e t e s t o re p l a c e t h e i r d e s t r oy e d b e t a c e l ls , ” e x p la i n s O l e D r a g s b æ k M a d s e n , s e n i o r p r i n ci p a l s c i e n ti s t a t N ovo N o r d is k . “ I f w e c o u l d m a k e t h e m w o r k in t h e b o d y f o r lo n g p e r i o d s o f t i m e , t h a t w o u l d in e f f ec t b e a c u r e . P r o d u c t io n o f a t h e o re t i c a l l y l im it l e s s s u pp l y o f b e t a c e l ls f r o m a s t e m c e l l l i n e is w h a t w e’ re h o p in g t o a c h ie v e o n e d a y , b u t t h e p r o c e s s is e x t re m e l y c o m - p l i c a t e d , ” h e c o n t i n u e s . “ N e v e r t h e l e s s , it s e e m s t h a t s o m e m e d ia re p o r t s c i e n ti f i c b re a k t h r o u g h s in s t e m c e l l re s e a r c h w it h in c re a s i n g f re q u e n c y , hi n t in g t h a t a c u re f o r t y p e 1 d i a b e t e s w il l so o n b e a va i l ab l e . A n d , w it h o u t d o u b t , b re a k t h r o u g h s a re b ein g m a d e , b u t s o fa r n o o n e h a s d e v e lo p e d f u l l y f un c t io nin g b e t a c e l ls i n v it r o . I b e l i e v e N ovo N o r d is k c o u l d b e o n e o f t h e f i r s t c o m p a n i e s t o d o s o . ” S L O W L Y B U T S T E A D I L Y Y e t t hi s w il l b e j u s t t h e st a r t o f d e v e lo p in g a c u r e . A t s o m e p o i n t , t h e b o d y w il l r e c o g ni s e a n d a t t a c k t h e t r a n s p la n t e d b e t a c e l ls , j u s t a s it d i d w it h t h e o r i g i n a l b e t a c e l ls i n t h e p a n c re a s . I t w il l a l w a y s h a v e t hi s m e m o r y t h a t b e t a c e l ls a re a f o re i g n e l e m e n t t h a t s h o u l d b e d e s t r oy e d . T h e re f o r e , t h e b e t a c e l ls m u s t b e e n c a p s ula t e d in a w a y t h a t p r ot ec t s t h e m f r o m t h e l y m p h o c y t e s w h il e s t il l e n a b l in g t h e m t o h a v e a c c e s s t o t h e b l oo d s u pp l y wh e re t h e y m o ni t o r g l u c o s e l e v e ls a n d e x c re t e i n s u li n . O n c e t hi s o b st a c l e h a s b e e n ov e r c o m e , a ‘ c e l l f a c t o r y ’ w il l b e n e e d e d t o m a n u f a c t u re t h e e n c a p s ula t e d b e t a c e l ls – a n d a f a c t o r y o f t hi s t y p e h a s n e v e r b e e n bu i lt b e f o r e . “ W h e n w il l a c u re b e a va i l ab l e ? T h a t’ s t h e m ill io n d o l la r q u e s tio n , ” s a y s M a t t hi a s v o n H e r r a t h . “ O u r re s e a r c h i s li k e s t e pp in g s t o n e s – w e bu i l d o n t h e p o si ti v e re s u l t s t o g e t t o t h e n e x t s t e p – b u t i t’ s a lo n g p a t h . T h e re a re n o s h o r t c u t s . H o w e v e r , N ov o N o r d is k h a s c o re e x p e r t i s e i n p r ot e i n e n g i n e e r in g a n d c e l l c u l t u r in g , a d e e p und e r st a n d in g o f d r u g d e v e l o p m e n t a n d t h e w ill in g n e s s t o w o r k w i t h a c a d e m i a t o d r i v e i n n o va tio n w i t hin d i a b e t e s . W e’ re t h e re f o re i n a s t r o n g p o si tio n t o m a k e a c u re f o r t y p e 1 d i a b e t e s a re a li t y o n e d a y . I t’ s o n l y a q u e s tio n o f t i m e . ” I F O N E T W I N D EV E L O P S T Y P E 1 D I A B E TE S T HE O T H E R T W I N H A S A 3 5 % R I S K O F D EV E L O P I N G I T T O O O U R B U S I N E SS 33 D r M a t t h i a s v o n H e r r ath ( c ent re ) l e a d s No v o N o r d i s k ’s t y p e 1 d i a b e t e s r e s ea rch a c t i v i t i e s i n S ea t t le . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

D o w n to w n T i a nj i n , C h i na . A c i t y w it h 1 1 m i l li o n p e op l e o f w ho m 1 m i l li o n h a v e d i a b e t e s . F o r t h e f ir s t t i m e in hi s t o r y , m o re t h a n h a l f o f t h e w o r l d ’ s p o pula t io n l i v e in cit i e s – b y 2 05 0 t hi s w il l r i s e t o a l m o s t 7 0 % . 1 6 P e o p l e m ov e t o cit i e s f o r o pp o r t u ni t i e s – f o r s e c u r i t y , jo b s a n d e d u c a t io n . U n f o r t u n a t e l y , u r b a n l iv in g a l s o p o s e s a h e a lt h r is k . I n S u b - S a h a r a n A f r i c a, f o r e x a m p l e , m o v in g f r o m a r u r a l a re a i n t o a ci t y p o s e s a 2 – 5 t i m e s i n c re a s e d r is k o f d e v e l o p in g t y p e 2 d i a b e t e s . 17 T h e re a re m a n y re a s o n s f o r t hi s , in c l u d in g r is in g w e a lt h , a m o re s e d e n t a r y l i f e s t yl e a n d in c re a s i n g f oo d c o n s u m pt io n . T o d a y , t w o - t hir d s o f p e o p l e w it h d i a b e t e s l i v e in cit i e s – a r o un d 2 5 2 m ill io n u r b a n dw e l l e r s . 1 C it i e s a re g r o w i n g t h e fa s t e s t in l o w - a n d m i d d l e - i n c o m e c o u n t r i e s , w h i c h a re a l s o e x p e r i e n c in g a d r a m a t i c in c re a s e in t h e p re va l e n c e o f d i a b e t e s . T hi s p l a c e s a h u g e bu r d e n o n h e a lt h s e r vi c e s in c o u n t r i e s w it h e m e r g in g e c o n o m i e s t h a t a re a lre a d y und e r si g ni f i c a n t s t r a i n . I n 2 0 1 4 , N ovo N o rd is k laun c h e d C it i e s C h a n g in g D i a b e t e s – a p a r t n e r s hi p p r o - g r a m m e t o i d e n ti f y a n d a d d re s s t h e r o o t c au s e o f u r b a n d i a b e t e s in m a jo r cit i e s a r o un d t h e w o r l d . “ N ovo N o rd is k is a t t h e f o re f r o n t o f o n e o f t o d a y ’ s g re a t h e a lt h c h a l l e n g e s , a n d w e’ re c o mm i t t e d t o p l a y in g o u r p a r t i n t h e g lo b a l f i g h t a g a i n s t d i a b e t e s . W e laun c h e d C it i e s C h a n g in g D i a b e t e s b e c au s e w e b e l i e v e w e c a n u s e o u r e x p e r ti s e a n d k n o w l e d g e t o b e a t ‘ u r b a n d i a b e t e s ’ – t h e r i s e o f t y p e 2 d i a b e t e s in cit i e s . W e w a n t t o s t o p u r b a n d i a b e t e s f r o m r u inin g m ill io n s m o re l i v e s , ” s a y s L a r s R e b i e n S ø re n s e n , c h ie f e x e c u t i v e o f f i c e r a t N ovo N o r d is k . A L L CI T I E S H A V E U NIQ U E C H A L L E N G E S C it i e s C h a n g in g D i a b e t e s w a s f ir s t laun c h e d w it h M e x i c o C i t y , o n e o f t h e la r g e s t m e t r o p o l i t a n a re a s in t h e w o r l d . M a y o r o f M e x i c o C i t y D r M i g u e l Á n g e l M a n c e r a E s p i n o s a c a l ls d i a b e t e s i t s n u m b e r o n e h e a lt h c h a l l e n g e : “ T hi s ini t ia t i v e is a c a t a l ys t f o r s h a r in g a n d l e a r nin g a b o u t t h e d y n a m i c s o f u r b a n d i a b e t e s , a n d is a s pu r t o c o n c e r t e d a c t io n f r o m a l l o f u s wh o c a n m a k e a d i f f e r - e n c e a c r o s s m y ci t y a n d b e y o n d . ” O t h e r cit i e s t h a t h a v e jo i n e d a re C o p e n - h a g e n , H o u s t o n , T ia nj i n a n d S h a n g h a i . E a c h c i t y b r in g s i t s u n i q u e c h a l l e n g e s a n d c o re c a p a b il iti e s t o t h e t a b l e . T h r o u g h l e a d e r - s hi p , a s t r o n g c o a l itio n i s f o r m e d t h a t c a n in s p ir e a g l o b a l m ov e m e n t a g a in s t u r b a n d i a b e t e s . I n M e x i c o C i t y , f o r e x a m p l e , t h a n k s t o a c o n c e r t e d c o mm u n i t y e f f o r t , t h e g r o w t h in p re va l e n c e o f ov e r w e i g h t a n d o b e s i t y h a s b e e n r e d u c e d si g n i f i c a n tl y i n t h e a d u l t p o p ula tio n i n t h e p e r i o d 2 0 0 6 – 2 0 1 2 . 1 8 S t il l , f u r t h e r e f f o r t s a r e n ee d e d t o r e d u c e t h e p re va l e n c e o f o b e s i t y . I n C o p e nh a g e n , k n o wn a s o n e o f t h e w o r l d ’ s b e s t c iti e s f o r c ycl in g , t h e m u n i ci p a l i t y h a s d e c la r e d w a r o n i n e q ua l iti e s i n h e a lt h , t a c k l in g t h e la r g e d i f f e re n c e s i n d i a b e t e s m o r t a l i t y a n d m o r - b i d i t y i n d i f f e re n t p a r t s o f t h e c i t y . I n H o u s t o n , t h e f o u r t h - la r g e s t ci t y in t h e U S , M a y o r A n ni s e D P a r k e r laun c h e d H e a lt h y H o u s t o n in 2 0 1 2 t o t a c k l e t h e hi g h p r e - va l e n c e o f o b e si t y a n d d i a b e t e s in t h e ci t y . F i n a l l y , in T ian j in a n d S h a n g h a i – h o m e t o s o m e 4 m ill io n p e o p l e w it h d i a b e t e s – d e c i - s i v e a c t io n h a s b e e n t a k e n t o b r in g d o w n t h e p re va l e n c e a n d bu r d e n o f o b e si t y a n d d i a b e t e s . A P A R TN E R S H I P P R O G R A MM E I n a d d it io n t o a r a n g e o f l oc a l p a r t n e r s in c l u d in g a c a d e m ia, ci t y a u t h o r it i e s , u r b a n p la n n e r s , c o mm u ni t y l e a d e r s a n d bu s i - n e ss e s , C it i e s C h a n g in g D i a b e t e s h a s b e e n d e v e lo p e d in p a r t n e r s hi p w it h U n i v e r si t y C o l l e g e L o n d o n ( U C L ) , U K , a n d S t e n o D i a b e t e s C e n t e r , D e n m a r k . “ A p a r t n e r s hi p a p p r o a c h is e ss e n t ia l a s u r b a n d i a b e t e s is a b i g a n d c o m p l e x c h a l l e n g e . W e n e e d a m u lt i - p r o n g e d , c r o s s - d i s ci p l i n a r y a p p r o a c h , w h i c h re qu i re s e x - p e r ti s e in e p i d e m iol o g y , g e o g r a p h y , c l im a t e , e c o n o m i c s , p o l it i c s a n d p re v e n t i v e m e d i c i n e – t o n a m e j u s t a f e w o f t h e s p e c ia lt i e s i n v ol v e d , ” e x p la i n s P r o f e ss o r J o h n N o la n , d ir e c t o r a n d C E O o f S t e n o D i a b e t e s C e n t e r . “ A t S t e n o , o u r m a jo r f o c u s is p re v e n t io n a n d e a r l y d ia g n o sis o f d i a b e t e s , a n d w e ’ v e b e e n l o o kin g a t h o w t h e s e t t in g , s u c h a s h o m e , w o r k , fa m i l y a n d m e a n s o f t r a n s p o r t , a n d o u r b iol o g i c a l v u l n e r a b il i t y , i m p a c t d i a b e t e s e v o l u t io n . T hi s is t h e e x p e r ti s e w e b r in g t o C it i e s C h a n g in g D i a b e t e s . ” U R B A N D IA B E T E S U r b a n i s a t i o n i s f u e lli n g t h e t y p e 2 d i a b e t e s p a n d e m i c . C it i e s C h a n g i n g D i a b e t e s i s N ov o N o r d is k ’ s n e w p a r t n e r s h i p p r o g r a m m e t o t a c k l e t h e i s s u e . C I T I E S F IG H T N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

35 T R A N SF O R M A TI V E A C T I O N O n c e t h e r o o t c au s e s o f u r b a n d i a b e t e s h a v e b e e n i d e n ti f i e d a n d und e r s t oo d , c o n c e r t e d a n d f o c u s e d a c t io n p la n s w il l b e d e v e lo p e d in t h e cit i e s in c o l l a b o r a t io n w it h p o l i c y m a k e r s , h e a lt h a u t h o r it i e s a n d t h e p r i va t e a n d v o l u n t a r y s ec t o r s . “ D i a b e t e s a n d o b e si t y p o s e a si g ni f i c a n t h e a lt h t h re a t t o o u r ci t y , ’ ’ s a i d H o u s t o n M a y o r A n ni s e D P a r k e r wh e n h e r ci t y jo i n e d C it i e s C h a n g in g D i a b e t e s . “ W e l o o k f o r w a r d t o c o l l a b o r a t in g w it h p a r t n e r s l oc a l l y a n d a r o un d t h e w o r l d t o d e v e lo p s o l u t io n s t o t hi s g lo b a l e p i d e m i c . ” T h e C it i e s C h a n g i n g D i a b e t e s p r o g r a m m e c o u l d p ot e n t ia l l y b e t r a n s f o r m a t i v e f o r d i a b e t e s c a r e , b e l i e v e s P r o f e ss o r J o h n N o la n : “ T h e a u t h o r it i e s i n t h e p a r t i ci p a t in g cit i e s a re a c k n o w l e d g i n g t h a t s o m e t hin g n e e d s t o b e d o n e a t t h e m a c r o l e v e l . T hi s is a c o m p l e t e c h a n g e t o t h e c o m m o n a p p r o a c h t o d i a b e t e s , wh e re u s ua l l y v e r y l i t t l e is d o n e u n t i l a p a t i e n t p re s e n t s w it h s y m p t o m s . W e h a v e i n v e r t e d t h e R u l e o f H a l v e s a p p r o a c h , a s w e ’ l l b e d o i n g s o m e t h i n g a b o u t d i a b e t e s b e f o re p e o p l e h a v e d e v e lo p e d it . T hi s is a v is io n a r y p r o j ec t w it h h u g e s c o p e t o m a k e a d i f f e re n c e . ” L a r s R e b i e n S ø re n s e n h o p e s t h a t C it i e s C h a n g in g D i a b e t e s w il l b e l i f e - c h a n g in g f o r e v e r y o n e i n v ol v ed : “ W it h t hi s i ni t ia t i ve , m o re p e o p l e w it h d i a b e t e s w il l b e d ia g n o s e d a n d t re a t e d – w h i c h w il l b e g oo d f o r p a t i e n t s , so c i e t y a n d N ovo N o r d is k ’ s bu s i n e s s . B u t u lt i m a t e l y w e h o p e t o p re v e n t d i a b e t e s . T hi s is w h a t d r i v e s m e a n d m o t i va t e s o u r e m p l oy e e s . I n t h e p a s t , t h e w o r l d h a s c o m e t o g e t h e r t o t a k e c o n c e r t e d a c t io n t o s t o p g lo b a l t h re a t s s u c h a s s m a l l p o x , H I V a n d m a la r ia . M a s s i v e pu b l i c h e a lt h c a m p a i g n s h a v e b e e n laun c h e d t o r a i s e a w a re n e s s , m o b il i s e re s o u r c e s a n d f i g h t t h e s e k il l e r d i s e a s e s . N o w w e n e e d t o t a k e s i m i la r a c t io n a g a i n s t d i a b e t e s . ” G A T H E R IN G E V I D E N C E T h e C it i e s C h a n g in g D i a b e t e s p r o g r a m m e w il l c o m p r i s e t h r e e p h a s e s : m a pp in g t h e c h a l l e n g e , s h a r in g s o l u t io n s a n d t a kin g a c t io n . D u r in g 2 0 1 4 – 2 0 1 5 , t h e p a r t n e r s a re w o r kin g t o g e t h e r t o b e t t e r und e r st a n d t h e d y n a m i c s o f u r b a n d i a b e t e s , in c l u d in g t h e i n t e r p l a y o f so c ia l , e c o n o m i c a n d e n v i r o n m e n t a l f a c t o r s in t h e s t ud y cit i e s . By t h e e n d o f t hi s p h a s e , k e y b a rr i e r s a n d f u t u re p r io r it i e s w il l b e i d e n ti f i e d . “ A t U C L w e h a v e in c re a s in g l y b e e n l o o kin g a t t h e i m p a c t s o f u r b a ni s a t io n a n d h o w t o s h a p e cit i e s f o r h e a lt h , s o w e’ re d e l i g h t e d t o u s e o u r e x p e r ti s e t o s u pp o r t re s e a r c h t h a t w il l und e r p in C it i e s C h a n g in g D i a b e t e s b y w o r kin g o n t h e g r o un d t o g a t h e r d a t a a c r o s s t h e g lo b e w h i c h w il l s e t a b a s e l i n e f o r t h e c h a l l e n g e o f d i a b e t e s , ” s a y s D a v i d N a p i e r , p r o f e ss o r o f M e d i c a l A n t h r o p ol o g y a t U n i v e r si t y C o l l e g e L o n d o n . T h e k n o w l e d g e g a i n e d d u r in g t h e m a pp in g p h a s e o f t h e p r o g r a m m e w il l b e s h a re d g lo b a l l y , t o bu i l d k n o w l e d g e a n d c o l l a b o r a t io n a n d t o i n f o r m t h e g lo b a l h e a lt h a g e n d a . “ W e a im t o p r o v i d e u r b a n p la n n e r s a n d p o l it i c ia n s w o r l d w i d e w it h a b e t t e r und e r st a n d in g o f h o w t o i n t e g r a t e p re v e n t io n a n d t re a t m e n t o f d i a b e t e s i n t o u r b a n p la n nin g , s o t h a t cit i e s c a n b e c re a t e d t h a t h e l p u s l i v e h e a lt h ie r l i v e s , ” e x p la i n s L a r s R e b i e n S ø re n s e n . 6 0 0 UR B AN C E N T R ES G E N E R A T E A B O UT OF G L O B A L G D P 19 6 0% 6 5 % O F P E O P L E W I T H D I A B E T E S L I V E I N U R B A N A R E A S 1

W H A T I S O B E S I T Y ? O b e si t y is d e f i n e d a s a b n o r m a l o r e x c e s s i v e fa t a c c u m ula t io n t h a t m a y i m p a ir h e a lt h f o r p e o p l e w it h a B M I ov e r 3 0 . B M I p r o v i d e s t h e m o s t c o n - v e n ie n t p o pula t io n - l e v e l m e a s u re o f ov e r w e i g h t a n d o b e si t y c u r re n t l y a va i l ab l e . 2 B M I i t s e l f , h o w e v e r , d o e s n o t d e f i n e h e a lt h r is k . B o d y m a s s i nd e x ( B M I ) is a s i m p l e w e ig h t - f o r - h e ig h t i n d e x t h a t is c o m - m o n l y u s e d t o c la s si f y ov e r w e i g h t a n d o b e si t y in a d u l t s . I t is d e f i n e d a s a p e r s o n ’ s w e i g h t in k i l o g r a m s d iv i d e d b y t h e s q ua re o f hi s h e i g h t in m e t e r s ( k g / m 2 ) . T H E N U M B E R O F A D U L T S W I T H O B E S I T Y H A S M O R E T H A N DO U B L E D S I N CE 1 9 80 * 6 0 0 m illi o n 1 9 8 0 2 0 14 W o r l dw i d e r a t e s o f o b e si t y h a v e d o u b l e d si n c e 1 9 8 0 , w i t h m o r e t h a n 6 0 0 m ill io n a d u l t s cl a s si f i e d a s o b e se i n 2 0 1 4 – m o r e t h a n 1 0 % o f t h e w o r l d ’ s a d ul t p o p ul at io n * W H O . O b e si t y a nd ov e r w e i g h t . F a c t s h e e t 3 1 1 , 2 0 1 5 . F o r s o m e p e op l e li f e s t y l e c han g e s – h e a lt h y d i e t a n d i n c r e a s ed p h y s i c a l a c t i v i t y – a r e no t e no u g h t o a c h ie v e a s u s t a i n ed w e i g h t l o s s . W E I G H T T H E S T R U G G L E T O L O S E W it h t h e p l a n n e d l a u n c h o f S a x e n d a ® ( li r a g l uti d e 3 m g ) i n 2 0 1 5 , t h e r e w il l b e a n e w t r e a t m e n t o p t i o n f o r peo p l e w it h o b e si t y .

37 O b e si t y h a s b e c o m e a pu b l i c h e a lt h i s s u e w it h h u g e i m p l i c a t io n s f o r n a t io n a l h e a lt h c a re s ys t e m s a l l ov e r t h e w o r l d . I n t h e US a lo n e , it is e s t im a t e d t h a t 3 5 % o f a d u l t s , o r 8 0 m ill io n p e o p l e , 20 hav e o b e si t y , a n d t h a t o b e si t y - re la t e d il l n e s s a c c o u n t s f o r 2 7 . 5 % o f t h e to t a l US h ea lt h c a r e bu d g et . 21 T h e p r o b l e m is t h a t o b e si t y c a n h a v e m a n y s e r i o u s – e v e n l i f e - t h re a t e nin g – h e a lt h c o n s e q u e n c e s , in c l u d i n g t y p e 2 d i a b e t e s , h e a r t d i s e a s e , hi g h b l oo d p re s s u r e , o b s t r u c t i v e s l e e p a p n o e a a n d s o m e t y p e s o f c a n c e r . A lt h o u g h n o t a l l p e o p l e w it h o b e si t y w il l h a v e t h e s e h e a lt h p r o b l e m s , a B M I o f 3 5 a n d a b ov e is a sso c ia t e d w it h a si g ni f i c a n t l y g re a t e r r is k o f h e a lt h c o m p l i c a t io n s . 2 2 A l l t o l d , o b e si t y is l in k e d t o a d e c re a s e d l i f e e x p e c t a n c y . 23 L IF E S T Y L E C H A N G E S A R E N O T A L W A Y S E N O U G H L i f e s t yl e c h a n g e s – h e a lt h y d i e t a n d in c re a s e d p h y s i c a l a c t iv i t y – s h o u l d a l w a y s b e p a r t o f t h e t re a t m e n t f o r p e o p l e w it h o b e si t y . H o w e v e r , f o r s o m e p e o p l e , t hi s is n o t e n o u g h , a n d a c h ie v in g a s u st a i n e d w e i g h t lo s s a n d k e e p in g w e i g h t o f f is a c h a l l e n g e . T o m a k e t hin g s w o r s e , p o pula r o p ini o n is t h a t p e o p l e wh o a re n o t a b l e t o lo s e w e i g h t s i m p l y l a c k w il l p o w e r . Y e t t h e a b il i t y t o lo s e w e i g h t is , t o a g re a t e x t e n t , g e n e t i c a l l y p re d e s t i n e d , a n d s e v e r a l und e r ly i n g p h y s iol o g i c a l f a c t o r s m a k e a c h ie v in g a n d m a i n t a inin g w e i g h t lo s s e xt r e m e l y d i f f i c u lt . P r o f e ss o r R o b e r t F K u s h n e r f r o m N o r t h w e s t e r n U n i v e r si t y F e i n b e rg S c h o o l o f M e d i c i n e , C h i c a g o , U S , a n e x p e r t in t h e c a re o f p e o p l e wh o a re ov e r w e i g h t o r o b e s e , e x p la i n s : “ T h e re a re m a n y b i o - l o g i c a l re a s o n s w h y i t’ s d i f f i c u lt t o lo s e w e i g h t . T h e b o d y is p re p r o g r a m m e d t o c o n t i n ua l l y f i g h t w e i g h t lo s s , a s i t’ s n a t u r a l l y d e f e n d in g i t s e l f in a fa mi n e - lik e si t ua t io n . S o wh e n yo u e a t l e s s , yo u r m e t a b o l is m w il l s l o w d o w n a n d yo u ’ l l g e t h un g r i e r a n d h un g r i e r a s yo u r b o d y s u b c o n s c i o u s l y t r i e s t o m a k e yo u e a t m o r e . T hi s is a v e r y p o w e r f u l f e e l in g. I t’ s a l s o v e r y d i f f i c u lt f o r u s t o c h a n g e o u r b e h a vi o u r s , t o bu r n e x t r a c a lo r i e s wh e n o u r l i f e s t yl e s d o n ’ t pu s h u s t o e x t e n d o u r s e l v e s p h y s i c a l l y o r t o li m it c a lo r i e i n t a k e in a w o r l d o f p l e n t y . T o b e o n a d i e t is t o g o a g a i n s t so c ia l c o n v e n t io n , so c i e t y a n d t h e ‘ n o r m ’. ” A d d in g t o t h e p r o b l e m is t h a t p e o p l e w it h o b e si t y m a y t a k e m e d i c a t io n s t o t re a t c o m o r b i d it i e s ( t y p e 2 d i a b e t e s , f o r e x a m p l e ) – a n d s o m e o f t h e s e t re a t m e n t s c a n l e a d t o w e i g h t g a i n . I n m a n y re s p e ct s , a p e r s o n w it h o b e si t y is t h e re f o re f i g h t i n g a t o u g h b a t t l e wh e n it c o m e s t o w e i g h t lo s s . “ S u r e , e v e r y o n e c a n a pp l y t h e m s e l v e s t o a h e a lt h ie r l i f e s t yl e , b u t t h e r e ’ s d e f ini t e l y a n e e d f o r s o m e p e o p l e t o a l s o t re at t h e ir o b e si t y m e d i c a l l y , ” s t re ss e s R o b e r t K u s h n e r . S a x e n d a ® ( li r a g l u ti d e 3 m g ) , N ovo N o r di s k ’ s o n c e - dai l y h u m a n gl u c a g o n - lik e p ept i d e - 1 ( G L P - 1 ) a n a l o g u e f o r t h e t re a t m e n t o f o b e si t y , m a y b e c o m e a n e w t re a t m e n t o pt io n f o r s o m e o f t h e s e p e o p l e . I n t h e U S , t h e p r o d u c t w a s a p p r ov e d b y t h e F D A in D e c e m b e r 2 0 1 4 f o r c h r o n i c w e i g h t m a n a g e m e n t in p e o p l e w it h o b e si t y w it h a B M I o f 3 0 o r g re a t e r , o r 2 7 o r g re a t e r in t h e p re s e n c e o f a t l e a s t o n e w e i g h t - re la t e d c o m o r b i d i t y . I n J a n ua r y 2 0 1 5 , S a x e n d a ® r e c e i v e d a p o sit i v e o p ini o n f r o m t h e E u r o p e a n M e d i c i n e s A g e n c y ’ s e x p e r t c o mm i t t e e ( C H M P ) . “ W it h S a x e nd a ® , w e’ re bu i l d in g o n p a r t o f t h e b o d y ’ s o w n a pp e ti t e - re g ula t in g m e c h a ni s m s . T h e a c t i v e m ol e c u l e , l i r a g l u ti d e , h a s 9 7 % s im i la r i t y t o n a t u r a l l y o c c u rr in g h u m a n G L P - 1 , a g u t h o r m o n e i n v ol v e d in a pp e ti t e re g ula t io n t h a t o u r b o d y re l e a s e s wh e n w e e a t . S o , j u s t lik e G L P - 1 , S a x e n d a ® re g ula t e s h o w m u c h w e e a t b y d e c re a s in g h un g e r a n d i n c re a s in g f e e l in g s o f f u l l n e s s , ” s a y s M a d s K r o g s g aa r d T h o m s e n , e x e c u t i v e vi c e p re si d e n t a n d c h ie f s c i e n c e o f f i c e r a t N ovo N o r d is k . S U S T A I N E D W E I GH T L O S S C l ini c a l t r ia ls h a v e s h o w n t h a t in p e o p l e w it h o b e si t y S a x e n d a ® , in c o m b i n a t io n w it h d i e t a n d e x e r ci s e , e n a b l e s ni n e o u t o f 1 0 p e o p l e t o lo s e w e i g h t , w it h a n a v e r a g e w e i g h t lo s s o f 8 % a f t e r 5 6 w e e k s a n d w it h 3 3 % o f p e o p l e lo s in g m o re t h a n 1 0 % . F u r t h e r m o r e , in a s e p a r a t e t r ia l f o c u s e d o n w e i g h t lo s s m a i n t e n a n c e , p e o p l e w e re ini t ia l l y p u t o n a l o w - c a lo r i e d i e t t o a c h ie v e a m inim u m o f 5 % w e i g h t lo s s , a t w h i c h p o i n t t h e y w e re g i v e n S a x e n d a ® . 2 4 8 1 % o f t h o s e t re a t e d w it h S a x e n d a ® w e re a b l e t o m a i n t a in t h e ini t ia l l y a c h ie v e d 5 % w e i g h t lo s s a f t e r 5 6 w e e k s . “A s a w e i g h t lo s s o f 5 – 1 0 % h a s si g ni f i c a n t h e a lt h b e n e f i t s f o r p e o p l e w it h o b e si t y , w e’ re re a l l y p l e a s e d w it h t h e s e re s u l t s , ” 2 5 s a y s M a d s K r o g s g aa r d T h o m s e n . “ O u r a im is t o re d u c e t h e r is k s o f c e r t a i n c o m o r b i d it i e s a sso c ia t e d w it h o b e si t y , r a t h e r t h a n ‘ j u s t ’ w h a t yo u s e e wh e n yo u s t e p o n t h e sc a l e s , ” s a y s J a k o b R i is , e x e c u t i v e vi c e p re si d e n t o f M a r k e t in g , M e d i c al A f f a i r s an d S t a ke h o l d e r E nga g e m e n t a t N ovo N o r di sk . “ W e’ re t h e re f o re f o c u s in g o n a s u b s e t o f p e o p l e w it h o b e si t y wh o , w e b e l i e ve , st a n d t o b e n e f it m o s t f r o m t re a t m e n t w it h S a x e n d a ® . ” T H E T R EA T M E N T C H A L L E N G E E v en wh en S a x en d a ® h a s b e e n a p p r ov e d b y re g ula t o r s in a c o u n t r y , a n u m b e r o f h u r d l e s m u s t s t il l b e ov e r c o m e t o e n s u re a c c e s s t o t hi s t r e a t m e n t . “ T h e c u r re n t c o m m e r c ia l m a r k e t f o r a n t io b e si t y t re a t m e n t is v e r y s m a l l, ” J a k o b R i is p o i n t s o u t . “ F u r t h e r m o r e , t hi s is a n e w a re a f o r u s . E v e n t h o u g h o b e si t y is n o w r e c o g ni s e d a s a d i s e a s e , n a t io n a l h e a lt h - c a re s ys t e m s g e n e r a l l y a re n ’ t y e t w ill in g t o p a y f o r t re a t m e n t . W e h o p e t h a t , b y t a r g e t in g S a x e n d a ® f o r t h e t re a t m e n t o f a s u b s e t o f p e o p l e wh o unq u e s t io n a b l y n e e d t re a t m e n t , w e c a n u lt im a t e l y c h a n g e t hi s . U n t i l t h e n , w e w il l ini t ia l l y b e f o c u s in g o n p r i va t e i n s u re r s t o e n s u re re i m bu r s e m e n t f o r S a x e n d a ® . A f u r t h e r c h a l l e n g e is t h a t o n l y a s m a l l n u m b e r o f p h y s i c ia n s c u r re n t l y p re s c r i b e a n t io b e si t y m e d i c a t io n s . O u r f o c u s w il l t h e re f o re b e t o w o r k w it h t h e s e p h y s i c ia n s w h il e o u r u lt im a t e g o a l is o bv i o u s l y t o e x p a n d t hi s g r o u p . ” B R O A D E N I N G T R EA T M E N T O P T I O N S “ W it h t h e p la n n e d laun c h o f S a x e n d a ® , a n e w o pt io n t o t re a t o b e si t y w il l b e c o m e a va i l ab l e , b u t N ovo N o rd is k d o e s n ’ t p lan t o s t o p t h e r e , ” s a y s M a d s K r o g s g aa r d T h o m s e n . “ W e’ re c o n t i n u i n g t o i n v e s ti g a t e t h e p ot e n t ia l o f S a x e n d a ® , a n d w e h a v e o t h e r d r u g c a n d i d a t e s i n o u r re s e a r c h a n d d e v e lo p m e n t p i p e l i n e w h i c h c o u l d p o s si b l y b e c o m e st a n d - a lo n e a n t io b e si t y t re a t m e n t s o r b e u s e d in c o m b i n a t io n w it h S a x e n d a ® . W e’ re u s in g o u r k n o w l e d g e o f p r ot ein c h e m i s t r y , und e r - st a n d in g o f h o r m o n e s a n d d i s e a s e i n si g h t t o b re a k n e w g r o un d . O u r re s e a r c h is t a kin g u s i n t o a n e w e r a o f p o s si b il it i e s , a n d I b e l i e v e w e’ re o n l y a t t h e b e g i n nin g o f t h e i n n o va t io n c u r ve . ”

W H E N B L O OD D O ES N ’ T C L O T W it h t h e r e c e n t l a u n c h o f N o v o E i g h t ® ( r e c om b i n a n t f a c t or V II I) a nd t h e d e v e l o p m e n t o f l o n g - a c t i n g v e r s i o n s o f f a c t o r V II I a nd f a c t o r I X , N o v o N o r d i s k i s a c t i n g o n i t s c o mm it m e n t t o p e o p l e w it h h a e m o p h ili a . N O V O N O RD I S K H A E M O P H I L I A F O UND A T I O N O n 2 5 J a n ua r y 2 0 1 5 , t h e N ov o N o r d is k H a e m o p hi l i a F o u n d a tio n ( N N H F ) c e l e b r a t e d i t s 1 0 t h a n n i v e r s a r y . T h e N N H F i s a g r a n t - m a kin g n o n - p r o f i t o r g a ni s a tio n t h a t s t r i v e s t o i m p r ov e a c c e s s t o c a r e f o r p e o p l e w it h h a e m o - p hi l i a a nd a ll i e d b l ee d in g d i s o r d e r s . S i n c e i t w a s e st a b lis h e d , t h e N N H F h a s s up p o r t e d 1 68 p r o g r a m m e s i n 6 3 c o u n t r i e s i n t h e d e v e l o p i n g w o r l d w h e r e m a n y p e o p l e w it h b l ee d in g d i s o r d e r s s t il l l a c k p r o p e r d i a g n o si s o r a d e q ua t e c a r e . R e a d m o r e o n nn h f . o r g . E i g h t e e n y e a r s a g o , N ov o N o r d is k lau n c h e d N ov o S e v e n ® , m e e t in g a si g n i f i c a n t un m e t m e d i c a l n ee d a n d e s t a b lis hin g i t s e l f a s a n in n o va t o r i n t h e h a e m o p hi l i a m a r k e t . T o d a y , N ov o S e v e n ® i s s t il l a v e r y i m p o r t a n t t re a t m e n t o p t io n f o r t h e c o mm u n i t y o f a pp r o x im a t e l y 4 , 00 0 – 5 , 00 0 p e o p l e w it h h a e m o p hi l i a A o r B w h o f o r m inhi b i t o r s a g a in s t t h e s t a n d a r d t r e a t m e n t . 26 N ov o N o r d is k re m a i n s c o mm i t t e d t o c re a t i n g r e c o m b in a n t t h e r a p i e s f o r r a r e b l ee d in g d i s o r d e r s : t h e r e s e a r c h o r g a ni s a tio n i s w o r k - in g o n w a ys t o i m p r ov e p r o p h y l a c ti c t re a t - m e n t f o r p e o p l e w it h h a e m o p hi l i a w it h inhi b i t o r s ; N ov o S e v e n ® h a s n o w b e e n a pp r ov e d i n t h e U S a n d t h e E U f o r u s e in p e o p l e w it h G la nz m a n n ’ s t h r o m b a s t h e nia re f r a c t o r y t o p la t e l et s ; a n d i n 2 0 1 3 t h e c o m p a n y lau n c h e d N ov o T hi r t e e n ® f o r c o n - g e n i t a l f a c t o r X II I d e f i c i e n c y . “ W e’ r e f u l l y c o mm i t t e d t o p e o p l e w it h b l ee d in g d i s o r d e r s , a s c a n b e s e e n f r o m t h e p r o d u c t s w e h a v e a lre a d y lau n c h e d a n d o u r cl ini c a l d e v e l o p m e n t p r o g r a m m e – w h i c h i s o n e o f t h e b r o a d e s t in t h e i nd u s t r y , ” s a ys S t e p h a n i e S e re m e t i s , c o r p o r a t e v i c e p r e s i d e n t a n d c h i e f m e d i c a l o f f i c e r f o r h a e m o p hi l ia . S ER V I N G T H E W I D E R HA E MO P H I L I A C OM MU NI T Y I n 2 0 1 4 , N ov o N o r d is k lau n c h e d N ov o E i g h t ® , t h e f ir s t n e w r e c o m b in a n t f a c t o r V II I t re a t - m e n t f o r p e o p l e w it h h a e m o p hi l i a A i n ov e r a d e c a d e a n d t h e c o m p a n y ’ s f i r s t t re a t m e n t f o r t h e w i d e r h a e m o p hi l i a c o mm u n i t y . T e c h - W H A T I S HA E M O P H I L I A ? H a e m o p hi l i a i s a n in h e r i t e d o r a c qu ir e d b l ee d in g d i s o r d e r t h a t p re v e n t s b l oo d f r o m c l o t t in g . P e o p l e w it h h a e m o p hi l ia l a c k , e it h e r p a r t ia l l y o r c o m p l e t e l y , a n e ss e n t ia l c l o t t in g f a c t o r n ee d e d t o f o r m s t a b l e b l oo d c l o t s . W it h o u t t re a t - m e n t , u n c o n t r o l l e d i n t e r n a l b l ee d in g c a n c au s e s ti f f n e s s , p a i n , s e v e r e jo i n t d a m a g e a n d e v e n d e a t h . T re a t m e n t w it h re p l a c e m e n t c l o t t i n g f a c t o r s m a y b e a d m inis t e r e d w h e n b l ee d in g o c c u r s o r , i n c re a si n g l y , o n a p re v e n ti v e b a s i s ( p r o p h y l a c ti c t r e a t m e n t ) . P e o p l e w it h h a e m o p hi l i a A , a n e s t im a t e d 3 5 0 , 00 0 , 2 7 h a v e a b s e n t , d e c re a s e d o r d e f ec ti v e p r o d u c tio n o f the b l oo d c l o t t in g f a c t o r V II I . P e o p l e w it h h a e m o p hi l i a B , o f w h i c h t h e r e a re s o m e 7 0 , 00 0 , 2 8 h a v e d e f i c i e n c i e s in p r o d u c in g c l o t t i n g f a c t o r I X . B o t h t y p e s a r e in h e r i t e d . n i c a l l y a d i f f e re n t p r o d u c t f r o m o t h e r r e c o m b in a n t f a c t o r V II I t re a t m e n t s o n t h e m a r k et , N ov o E ig h t ® h as a p r o d u c tio n p r o c e ss t h a t p r o v i d e s a n e w , hi g h l y p u r i f i e d a n d w e l l - d e f i n e d m ol e c u l e u s in g c u t t in g - e d g e t e c h n ol o g y , w h i c h S t e p h a n i e S e re m e t i s b e l i e v e s i s i m p o r t a n t f o r b o t h s a f e t y a n d e f fi c a c y . ” N ov o E ig h t ® h a s b e e n w e l l r e c e i v e d i n E u r o p e a n d J a p a n , ” s a ys P au l H u g g i n s , c o r p o r a t e v i c e p r e s i d e n t r e s p o n si b l e f o r b r in g in g N ov o E ig h t ® t o t h e m a r k e t . “ S o fa r i t h a s e x c ee d e d o u r m a r k e t e x p ec t a tio n s , a s a s u b - s t a n t ia l n u mb e r o f p a ti e n t s a r e n o w c h o o s in g i t i n a n a re a w h e r e p a ti e n t s d o n ’ t u s ua l l y s w i t c h t re a t m e n t . ” N ov o N o r d is k p lan s t o lau n c h N ov o E i g h t ® i n t h e U S i n t h e s e c o n d q ua r t e r o f 2 0 1 5 . L I G H T E N I N G T H E T R E A T M E N T B U R D E N T re a t m e n t f o r h a e m o p hi l i a c u r re n tl y re l i e s o n i n t r a v e n o u s i n f u s io n s , w h i c h a r e o f t e n n ee d e d e v e r y o t h e r d a y , c a n t a k e 4 0 mi n u t e s e a c h a n d c a n b e v e r y p a i n f u l . “ T h e t re a t m e n t b u r d e n f o r h a e m o p hi l i a e x c ee d s j u s t a b o u t a n y o t h e r c o n d itio n , ” re p o r t s S t e p h a n i e S e re m e t i s . “ T h a t ’ s w h y I ’ m e x c i t e d a b o u t t h e cli n i c a l t r ia l r e s u l t s o f o u r lo n g - a c t i n g r e c o m b in a n t f a c t o r I X , N 9 - G P , w h i c h i s b ein g d e v e l o p e d t o r e d u c e t h e f r e q u e n c y o f i n f u s io n . ” N 9 - G P , f o r h a e m o p hi l i a B , c o m p l e t e d t h e l a s t p a r t o f t h e p h a s e 3 a p r o g r a m m e i n 2 0 1 4 a n d h a s b e e n s h o wn i n cl ini c a l t r ia l s t o b e w e l l t ol e r a t e d , a n d o n c e - w e ek l y i n j ec tio n s h a v e b e e n s h o wn t o r e d u c e b l ee d in g a t l e a s t o n p a r w it h t re a t m e n t s r e qu i r in g m o r e f r e q u e n t inj ec tio n s . F u r t h e r m o r e , p a ti e n t s t re a t e d p r o - p h y l a c ti c a l l y re p o r t e d a n i m p r ov e m e n t in q ua l i t y o f l i f e d u r in g t h e t r ia l . “ W it h N 9 - G P w e h o p e t o b e a b l e t o o f f e r p e o p l e w it h h a e m o p hi l i a B a n e w w a y o f t re a t m e n t , ” a dd s S t e p h a n i e S e re m e t i s . N ov o N o r d is k h o p e s t o s u bm i t N 9 - G P f o r r e g ula t o r y a pp r o va l i n t h e U S a n d E u r o p e i n t h e s e c o n d h a l f o f 2 0 1 5 . T h e c o m p a n y ’ s lo n g - a c t in g r e c o m b i n a n t f a c t o r V II I , N 8 - G P , w h i c h cl ini c a l t r ia l s s ug g e s t w il l o f f er e f f ec ti v e p r o p h y l a c tic t re a t m e n t w i t h re d u c e d inj ec tio n f re q u e n c y f o r p e o p l e w i t h h a e m o p hi l i a A , h a s a l s o c o m p l e t e d p h a s e 3 cli n i c a l t r ia l s . T h e c o m - p a n y h o p e s t o s ub m i t N 8 - G P f o r re g ula t o r y a p p r o va l i n 2 0 1 8 . T o e n s u re a r o bu s t p r o d u c t s u pp ly f o r N 8 - G P a n d N 9 - G P , i n S e p t e mb e r 2 0 1 4 N ov o N o r d is k a c qu ire d a p r o d u c tio n p la n t i n N e w H a m p shir e , U S , w h i c h w il l e x p a n d p r o d u c tio n c a p a ci t y f o r i t s h a e m o - p h ili a p ro d u c t s . 38 O U R B U S I N E SS B i n t an g a n d B i o n d i b e n ef i t f r o m th e e d u c a ti on a l p r o g r a m m e , w h i c h i s pa r t o f t h e NN H F - s u pp o r t ed p r o j e c t i n I nd on e s i a . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

G r o w t h h o r m o n e i s n o t o n l y re s p o n si b l e f o r h e i g h t ; i t i s c r u c ia l f o r n o r m a l g r o w t h a n d d e v e l o p m e n t , h as a l i f e lo n g e f f ec t o n th e b o d y ’ s o r g a n s , b o n e s , m u s c l e s a n d fa t , a n d p r o m ot e s g en e r a l w e l l - b e i n g a n d en er g y l e v e l s . G r o w th h o r m o n e def i c i en c y i n c hi l d re n i m p a c t s t h e b o d y ’ s c o mp o si tio n , w h i c h c au s e s in s u f f i c i e n t lo n g i t u d i n a l g r o w t h a n d m a y n e g a ti v e ly a f f ec t t h e h e a r t , l un g s , b o n e s , b r a i n , q ua li t y o f l i f e a n d l i f e e x p ec t a n c y . G r o w t h i s t h e re f o re a n i m p o r t - a n t in d i c a t o r o f h e a l t h a n d w e l l - b ein g in c hi l d re n . Y e t m a n y c hi l d re n a n d a d u l t s w h o h a v e a m e d i c a l n ee d f o r g r o w t h h o r m o n e t re a t m e n t a r e n o t t re a t e d w e l l e n o u g h . T h e r e a r e t w o m a i n re a s o n s f o r t hi s , e x p la in s M a d s K r o g s g aa r d T h o m s e n , e x e c u ti v e v i c e p r e s - i d e n t a n d c h i e f s c i en c e o f f i c er : “ G r o w th d i s o r d e r s a r e o f t e n d i a g n o s e d la t e , b e c au s e s y m p t o m s a r e h a r d t o d i s t in g u is h f r o m w h a t i s ‘ n o r m a l ’ . A pp r o x im a t e l y 8 0 % o f a c hi l d ’ s a d u l t h e i g h t i s c o m p l e t e d p r io r t o p u b e r t y ; h o w e v e r , i n v e s t i g a tio n s a r e o f t e n n o t m a d e u n t i l a f t e r t hi s t i m e . B u t e a r l y t re a t m e n t c a n h a v e a si g n i f i c a n t i m p a c t o n t h e c o u r s e o f a p e r s o n ’ s l i f e . T h e s e c o n d p r o b l e m i s t h a t o n c e d i a g n o s e d , m a n y f i n d i t t o u g h t o i n j ec t e v e r y d a y a n d t h e re f o r e s k i p inj ec tio n s . R e s e a r c h h a s s h o wn t h a t a pp r o x im a t e l y 2 5 % o f c hi l d re n o n g r o w t h h o r m o n e t re a t m e n t m i ss m o r e t h a n t w o inj ec tio n s p e r w e e k . ” 29 P A T I E N T F O C U S AN D S U P P O R T N ov o N o r d is k h a s b e e n a p io n e e r i n g r o w t h h o r m o n e t h e r a p y f o r m o re t h a n 4 0 y e a r s . T h e c o m p a n y w a s t h e f ir s t t o d e v e l o p a l i qu i d h u m a n g r o w t h h o r m o n e i n a p e n d e v i c e a n d t o d a y i s t h e g l o b a l m a r k e t l e a d e r w i t h N o r d i t r o p i n ® . “ W e li s t e n t o t h e n e e d s o f t h e c hi l d re n , t h e ir fa m il i e s a n d t h e p h y s i c ia n s , ” s a y s M a d s K r o g s g aa r d T h o m s e n . “A s a re s u l t , w e n o w h a v e g r o w t h h o rm o ne w i t h r o o m - t e mp e r a t u re st a b ili t y , w h i c h m e a n s t h a t i t c a n b e k e p t b y t h e b e d s i d e , r a t h e r t h a n in t h e f r i d g e , m a kin g inj ec tio n s m o re c o n - v e n i e n t – p a r ti c ula r ly i f t h e fa m i ly i s o n h o l i d a y . W e h a v e a l s o u s e d o u r d e v i c e t e c h n ol o g y t o c o n t i n u o u s ly i m p r ov e t h e inj ec tio n p e n , a n d t o d a y w e h a v e F l e x P r o ® , w h i c h a im s t o m a k e inj ec tio n s a s e a s y , a c c u r a t e a n d p a inl e s s a s p o s si b l e . ” I n r e c e n t y e a r s , N o r d i t r o p i n ® h a s b e e n d o in g p a r ti c ula r ly w e l l i n t h e U S . E d d i e W ill ia m s , s e n i o r v i c e p re s i d e n t f o r N ov o N o r d is k ’ s b i o p h a r m a c e u ti c a l s bu s i n e s s i n t h e U S , b e l i e v e s t h a t i t i s t h e c o m p a n y ’ s u n w a v e r i n g c o mm i t m e n t a n d h e r i t a g e i n t hi s a re a t h a t h a v e l e d t o t h e s u c c e s s . “ W e’ re un p a r a l l e l e d i n o u r p a ti e n t f o c u s a n d s u p p o r t t o t h e g r o w t h h o rm o ne c o mm un i t y . ” D E S I R E F O R A L O N G - A C T I N G G R O W T H H O R M O N E W hi l e t h e a d m ini s t r a tio n o f g r o w t h h o r m o n e h as b e en si m p l if i e d w i th l i q u id g r o w th h o r m o n e i n a n inj ec tio n p e n , d a i ly i n j ec tio n s a re s t il l d au n t in g f o r c hi l d re n a n d a d u l t s w h o n e e d g r o w t h h o rm o ne t h e r a p y . A lo n g - a c t in g g r o w t h h o r m o n e t h a t c a n b e inj ec t e d l e s s f re q u e n tly i s t h e re f o re a s t r o n g d e s ire a m o n g p e o p l e w h o n e e d g r o w t h h o rm o ne th e r a p y . I n r e s p o n s e , N ov o N o r d is k i s d e v e l o p in g a o n c e - w e ek l y g r o w t h h o rm o n e , NN 8 6 4 0 , w h i c h i n 2 0 1 4 e n t e r e d i n t o p h a s e 3 d e v e l o p m e n t . “ W e ’ v e u s e d o u r e x p er i en c e a n d k n o w l e d g e i n p r ot e i n e n g i n e e r in g t o a d d a s i d e c h a i n t o t h e g r o w t h h o r m o n e m ol e c u l e , w h i c h p r olo n g s t h e e f f ec t o f t h e h o r m o n e – t h e s am e a s w e h a v e d o n e , f o r e x a m p l e , w it h T r e si b a ® , o u r lo n g - a c t in g in s u l i n , ” s a ys M a d s K r o g s g aa r d T h o m s e n . “ T h e d a t a w e h a v e so fa r i nd i c a t e t h a t NN 8 6 4 0 h a s a n e f fi c a c i o u s a n d w e l l - t ol e r a t e d p rof i l e . ” M A T T E R S E a r l y d i a g n o si s a nd t r e a t m e n t o f g r o w t h d i s o r d e r s i s i mp o r t a n t f o r a c h i l d ’ s p h y si c a l a nd p s y c h o s o c i a l h e a lt h . N o v o N o r d is k ’ s g o a l i s t o p r o v i d e t h e b e s t a nd e a s i e s t t r e a t m e n t s o l ut i o n f o r c h i l d r e n a nd a d u l t s w h o n e e d g r o w t h h o r m o n e th e r ap y . G R O W T H G R O W T H D I S O R D E R S G r o w t h h o r m o n e d e f i c i e n c y o c c u r s wh e n t h e p i t u i t a r y g land d o e s n o t m a k e e n o u g h g r o w t h h o r m o n e f o r t h e n o r m a l d e v e lo p m e n t a n d m a i n t e n a n c e o f t h e b o d y . W h il e s o m e g r o w t h - re la t e d d i s o r d e r s m a y b e d ia g n o s e d a t b i r t h , o t h e r s m a y n o t b e c o m e o bv i o u s u n t i l la t e r in c h i l d h oo d. A c qu ire d g r o w t h h o r m o n e d e f i c i e n c y f ir s t a pp e a r s in a d u lt h oo d a n d c a n b e t h e re s u lt o f d a m a g e t o t h e p i t u i t a r y g land d u e t o d i s e a s e , h e a d in j u r y o r b l o c k a g e o f t h e b l oo d s u pp l y . D a m a g e m a y a l s o re s u lt f r o m p re vi o u s s u r g i c a l o r r a d i o t h e r a p y t re a t m e n t o f t h e p i t u i t a r y g lan d. T h e st a n d a r d o f c a re f o r g r o w t h h o r m o n e d e f i c i e n c y in c h i l d re n a n d a d u l t s is o n c e - d a i l y g r o w t h h o r m o n e i n j ec t io n s , u s ua l l y a d m ini s t e re d in t h e e v e nin g. I n s o m e c o u n t r i e s , g r o w t h h o r m o n e is a l s o a p p r ov e d f o r t h e t re a t m e n t o f o t h e r c au s e s o f g r o w t h d i s o r d e r s . B r i an L an g l i v e s i n th e U S a n d h a s g r o w t h h or mon e d i s or d e r . H e w a s n i ne y e a r s o l d w h en t h i s p ic t u r e w a s t a k e n .

T H E P E O P L E S I D E O F T H E B U S I N E S S N o v o N o r d is k i s g r o w i n g , w h ic h m e a n s m o r e c a r e e r o p p o r t u n it i e s f o r n e w a nd e x i s t i n g e m p l o y e e s . Y e t g r o w t h b r i n g s c h a l l e n g e s – a nd t h e c o m p a n y k n o w s t h a t a t t r a c t i n g a nd d e v e l o p i n g k ey t a l e n t s i s c r u c i a l i n o r d e r t o d r i v e f u t u r e s u c c e s s . N ovo N o r d is k c u r re n t l y e m p l oy m o re t h a n 4 1 , 00 0 p e o p l e , a n d t hi s f i g u re is e x p ec t e d t o r i s e t o 6 0 , 00 0 i n t h e n e x t d e c a d e . Y e t w it h t h e m a jo r i t y o f t h e c o m p a n y ’ s g r o w t h t a kin g p l a c e o u t si d e D e n m a r k – in c o u n t r i e s wh e re N ovo N o r d is k is n o t a h o u s e h o l d n a m e – a t t r a c t in g t a l e n t e d e m p l oy e e s c a n b e a c h a l l e n g e . “ I n D e n m a r k w e’ re a b i g , w e l l - k n o w n c o m p a n y , f is hin g f o r t a l e n t i n a s m a l l p o n d . B u t w e’ re o n l y j u s t b e c o min g v isi b l e in o t h e r c o u n t r i e s , s o a t t r a c t in g t h e b e s t i n t e r n a t io n a l t a l e n t is n ’ t a l w a y s e a s y , ” e x p la i n s E x e c u t i v e V i c e P re si d e n t a n d C h ie f o f S t a f f L a r s F r u e r g aa r d J ø r g e n s e n . W AN T E D : T O P T A L E N T S O n e s o l u t io n t o t hi s r e c r u it m e n t c h a l l e n g e is N ovo N o r d is k ’ s g lo b a l G r a d ua t e P r o g r a m m e , w h i c h a t t r a c t e d ov e r 1 0 , 00 0 a pp l i c a n t s f r o m 1 2 0 c o u n t r i e s f o r 6 0 p o sit io n s la s t y e a r . “ T h e G r a d ua t e P r o g r a m m e is a g re a t w a y f o r u s t o s o u r c e g lo b a l t a l e n t s f r o m d i f f e re n t b a c k g r o un d s f o r s p e c ia l i s e d f un c t io n a l a re a s . T hi s is a fa n t a s t i c o pp o r t u ni t y f o r n e w g r a d ua t e s , a s it p r o v i d e s a d e e p und e r st a n d in g o f t h e o r g a n - i s a t io n , a g lo b a l p e r s p ec t i v e o f o u r bu s i n e s s a n d t h e o pp o r t u ni t y t o w o r k w it h d i f f e re n t c u l t u re s . W e h a v e f o r m e r p a r t i ci p a n t s f r o m t h e P r o g r a m m e in m a n y hi g h - l e v e l r ol e s t h r o u g h o u t t h e c o m p a n y – in c l u d in g m e ! ” s a y s L a r s F r u e r g aa r d J ø r g e n s e n , wh o t o o k p a r t in t h e v e r y f ir s t G r a d ua t e P r o g r a m m e in 1 9 9 1 . F in d in g t h e r i g h t p e o p l e is n o e a s y m a t t e r . “ W e w o r k in a hi g h l y re g ula t e d in d u s t r y a n d o p e r a t e in a c o m p l e x bu s i n e s s e n v i r o n m e n t . E v e r y p a t i e n t n e e d s d e d i c a t e d t re a t m e n t a n d e v e r y c o u n t r y is d i f f e re n t . S o o n t o p o f s t r o n g p r o f e s s io n a l c o m p e t e n c e s o u r e m p l o y - e e s m u s t h a v e a g oo d und e r st a n d in g o f so c i e t a l d y n a m i c s a n d w h a t st a k e h o l d e r s e x p ec t o f t h e m . T h e y m u s t e x e r ci s e in d iv i d ua l j u d g e - m e n t a n d w o r k w it h c o l l e a g u e s f r o m d i f f e re n t f un c t io n a l a re a s a n d c o u n t ri e s . ” W e e x p ec t a v e r y hi g h s t a n d a r d , ” h e a c k n o w l e d g e s . T h a t i s w h y e n s u r i n g d i v e r s i t y h a s p r io r i t y . “ I t i s o u r a s p i r a tio n t o e nh a n c e d i v e r s i t y i n a l l m a n a g e m e n t t e a m s . O u r o b j ec ti v e i s t o h a v e a hi g h - p e r f o r min g o r g a ni s a tio n w h e r e e v e r y o n e h a s t h e o p p o r t u n i t y t o re a li s e t h e ir p ot e n t ia l . W e n ee d t o a t t r a c t t h e b e s t t a l e n t a c r o ss g e n d e r s a n d c u l t u r a l b a c k g r o u n d s . I t hin k w e’ r e a c h ie v in g t hi s w it h o u r n e w r e c r u i t s , bu t l e ss so hi g h e r u p t h e r a n k s . W e’ r e a D a ni s h c o m p a n y , so i t ’ s n a t u r a l t h a t hi s t o r i c a l l y w e e m p l oy e d m o r e D a n e s w h o ’ v e n o w b e c o m e l e a d e r s . A s w e’ r e g r o w in g o u t s i d e D e n m a r k , w e w a n t m o r e m a n a g e r s o f o t h e r n a tio n a l iti e s . W hi l e w e’ r e m a kin g p r o g r e s s , w e h a v e a l e a kin g p i p e l i n e o f w o m e n f o r s e n i o r m a n a g e m e n t p o s itio n s , a n d t hi s s i m p l y is n ’ t g oo d e n o u g h . W e va l u e d i v e r s i t y o f p e r s p ec ti v e s a n d s h o u l d b e a l e a d e r – bu t w e a re n ’ t y e t , ” h e c o n cl u d e s . E N H A N C I N G D I V E R S I T Y N ov o N o r d is k ’ s a s p i r a tio n i s t o ‘ e nh a n c e d i v e r s i t y i n a l l m a n a g e m e n t t e a m s ’ . T o m o n i t o r p r o g r e s s , t w o p e r f o r m a n c e i n d i c a t o r s w il l b e f o l lo w ed : p e r c e n t a g e o f m a l e s / f e m a l e s a nd p e r c e n t a g e o f l oc a l / n o n - l oc a l n a tio n a l i t y ac r os s t h r e e la y e r s o f m a n a g e m e n t : e n t r y l e v e l ( t e a m l e a d e r s , man a g e r s ) , m i d d l e m a n - a g e m e n t ( v i c e p r e s i d e nt s , c o r p o r a t e v i c e p r e s i d e nt s , g en e r a l m a n a g e r s ) a nd s e n i o r m a n a g e m e n t ( s e n i o r v i c e p r e s - i d e nt s a nd e x e c u t i v e v i c e p r e s i d e nt s ) . Y e a r - e nd 2 0 1 4 d a t a w il l b e u s e d a s t h e b a s e l i n e . N o t a r g et s h a v e b e e n s e t a s t hi s w o u l d b e c o n s i d e r e d a d i s c r i m - in a t o r y p r a c ti c e i n s o m e c o u n t r i e s . G i u li a S c h i v a r d i i s a g r adua te i n No v o N o r d i s k ’s P r o d u c t Su p p l y o r g a n i s a ti on .

O U R B U S I N E SS 41 M O S T I NN O V A TI V E P H A R M A C E UT I C A L C O M P AN Y I N E U R O P E I n D e n m a r k , re s e a r c h a n d d e v e lo p m e n t is t h e hi g h e s t a re a o f g r o w t h f o r N ovo N o r d is k , re qu i r in g m a n y n e w t a l e n t e d in d iv i d ua l s . “ I n t h e la s t d e c a d e , C o p e n h a g e n h a s b e c o m e a h o t s p o t f o r d i a b e t e s a n d p r ot ein re s e a r c h . W e n u r t u re l oc a l t a l e n t , b u t t h e c h a l l e n g e is a l s o t o a t t r a c t i n t e r n a t io n a l t a l e n t s t o w o r k a t o u r h e a d q ua r t e r s , ” e x p la i n s M a d s K r o g s g aa r d T h o m s e n , e x e c u t i v e vi c e p re s - i d e n t a n d c h ie f s c i e n c e o f f i c e r . “ W e t h e re f o re o f f e r a n u m b e r o f P h D a n d p o s t - d o c t o r a l f e l l o w s hi p s a n d f un d re s e a r c h p r o g r a m m e s t o t r a n s la t e b a s i c re s e a r c h i n t o re a l m e d i c i n e . I t hink t h a t t h e a m p l e f un d in g f o r o u r p r o j ec t s , a c c e s s t o st a t e - o f - t h e - a r t t e c h n ol o g y a n d la r g e p i p e l i n e o f p a t i e n t - f o c u s e d p r o d u c t c a n d i d a t e s a re w h a t a t t r a c t t a l e n t e d re s e a r c h e r s t o w o r k h e r e , ” h e s a y s . J a c o b F ug ls b j er g J e pp e s e n , wh o w as a pp o i n t e d s e n i o r s c i e n ti s t a t N ovo N o r d is k la s t y e a r , a g r e e s : “ A f t e r a l m o s t 1 0 y e a r s d o in g b a s i c re s e a r c h in p h y s iol o g y a n d m e t a b o l i s m , I w a n t e d t o g e t c lo s e r t o wh e re it m a t t e r s f o r p a t i e n t s . M y i m p re s s io n w a s t h a t N ovo N o r d is k w a s a n i n n o va t i ve , f o c u s e d a n d l e a d in g c o m p a n y w it hin t h e s e a re a s , s o it w a s a n o bv i o u s c h oi c e f o r m e . ” I n 2 0 1 4 , N ovo N o r d is k w a s r a n k e d n u m b e r t w o in S c i e n c e C a r e e r s T o p E m p l oy e r s S u r v e y a n d t h e m o s t i n n o va t i v e p h a r m a - c e u t i c a l c o m p a n y in E u r o p e b y s u r v e y p a r t i ci p a n t s . “ A c c o l ad e s s u c h a s t hi s w il l r a i s e o u r p r o f i l e g lo b a l l y a n d h e l p u s a t t r a c t t h e b e s t p e o p l e in t h e in d u s t r y , ” a d d s M a d s K r o g s g aa r d T h o m s e n . G L O B A L R E C OG NI T IO N F o r m a n y y e a r s , N ov o N o r d is k h a s b e e n r a n k e d h i g h l y i n s u r v e ys o f t h e b e st w o r k p l a c e s i n c o u n t r i e s i n cl u d in g D e n m a r k , t h e U S , B r a zi l , A u s t r a l ia, I n d i a a nd M e x i co . “ T o d a y , p e o p l e w a n t t o w o r k i n a c o m p a n y t h a t p r o v i d e s a g oo d b l e nd o f o p p o r t u n i ti e s s o t h a t t h e y c an a c h i e v e t h e ir c a r e e r a s p i r a tio n s , bu t t h e y a l s o w a n t a m e a nin g f u l j o b i n a v a l u e s - b a s e d c o m - p a n y – a nd t hi s i s w h a t w e o f f e r , ” s a ys L a r s F r u e r g aa r d J ø r g e n s e n . A lan J o h n M i c h e l i c h , a n R & D e n g i n e e r f r o m t h e US wh o w a s e m p l oy e d a t t h e c o m p a n y ’ s h e a d q ua r t e r s in D e n m a r k la s t y e a r , b e l i e v e s N ovo N o r d is k is o n t h e r i g h t t r a c k : “ I t h i nk N ovo N o r d is k is u ni q u e in t h e w a y it a t t r a ct s t a l e n t , e s p e c ia l l y t h o s e f r o m t h e m il l e n nia l g e n e r a t io n s u c h a s m e . N e w g r a d ua t e s a re l o o kin g f o r m o re t h a n j u s t a jo b ; t h ey ’ re l o o kin g f o r a c au s e t o b e l i e v e i n . T h e y w a n t t o w o r k f o r a c o m p a n y t h a t t re a t s i t s e m p l oy e e s lik e re a l p e o p l e , a n d n o t j u s t e x p en d a b l e e n tit i e s . N ovo N o r d is k en c o m - p a ss e s a l l o f t hi s . ” D E V E L O P I N G F U T U R E LE A D E R S N ovo N o rd is k p r o m i s e s e m p loy e e s a l i f e - c h a n g in g c a r e e r : w o r kin g h e re p r o v i d e s t h e o pp o r t u ni t y t o h e l p i m p r ov e q ua l i t y o f l i f e f o r m ill io n s o f p e o p l e a r o un d t h e w o r l d . H o w e v e r , t h e re is a n o t h e r d i m e n s io n t o t hi s p r o m i s e t o o . E m p l oy e e s h a v e t h e o pp o r - t u ni t y t o t a k e c h a r g e o f t h e i r o w n c a r e e r s . A r e c e n t s u r v e y o f n e w e m p l oy e e s s h o w e d t h a t f u t u re c a r e e r p r o s p ec t s , a n d l e a r nin g a n d d e v e lo p m e n t o pp o r t u ni t i e s w e re t h e t w o t o p a t t r a c t io n s t h a t d re w t h e m t o w o r kin g f o r N ovo N o r d is k . ‘ L e a r nin g b y d o in g ’ is a t t h e h e a r t o f N ovo N o r d is k ’ s d e v e lo p m e n t f r a m e w o r k , w it h 7 0 % o f l e a r nin g a c h ie v e d t h r o u g h d ir e c t e x p e r i en c e , s uc h as p r o j e ct s, jo b r o t a t io n s a n d e x t e nd e d bu s i n e s s t r i p s , 20 % t h r o u g h e x p o s u r e , in c l u d in g m e n t o r s hi p s a n d p e r - f o r m a n c e f e e d b a c k , a n d t h e la s t 1 0 % v ia t r a d it io n a l t r a inin g c o u r s e s . “ R e a l - l i f e t r a inin g is fa r s u p e r io r t o c la s s - r o o m t r a inin g , ” p o i n t s o u t L a r s F r u e r g aa r d J ø r g e n s e n . “ Y e s , l e a r nin g t o o ls in t h e c la s s - r o o m a re va l u ab l e , b u t w e w a n t e m p l oy e e s t o g e t a d e e p e r und e r st a n d in g o f o u r bu s i n e s s a n d d e v e lo p s o l i d re la t io n s hi p s w it h i n t e r n a l st a k e h o l d e r s – t hi s c a n o n l y b e a c h ie v e d t h r o u g h re a l - w o r l d e x p e r i e n c e . ” I n 2 0 1 4 , t h e c o m p a n y a pp o i n t e d m o re t h a n 1 , 5 0 0 e m p l oy e e s t o l e a d e r s hi p p o sit io n s , a n d t hi s f i g u re is e x p e c t e d t o g r o w . “ I t’ s c r it i c a l l y i m p o r t a n t t h a t w e s p o t a n d d e v e lo p f u t u re l e a d e r s . I t hink b e i n g a f r o n t - l i n e m a n a g e r is t h e m o s t c h a l l e n g in g t a s k in t h e c o m p a n y , a s t h ey ’ re s q u e e z e d b e t w e e n e m p l oy e e s a n d s e n i o r m a n a g e m e n t . I t h i nk w e s o m e t i m e s und e r p r io r iti s e t r a inin g o f e m p l oy e e s wh e n t h ey ’ re f ir s t p r o m ot e d t o a m a n a g e m e n t p o sit io n a n d p e r h a p s d o n ’ t s u pp o r t t h e m e n o u g h . T hi s is s o m e t hin g w e ’ l l b e l o o kin g a t g o in g f o r w a r d , ” p r o m i s e s L a r s F r u e r g aa r d J ø r g e n s e n . T H E C U L T U R E C H A L L E N G E N ovo N o r d is k h a s a s t r o n g c u l t u re a n d va l u e s bu i lt b y i t s e m p l oy e e s ov e r t h e la s t 9 0 y e a r s . I n a d d it io n t o d r iv i n g lo n g - t e r m bu s i - n e s s s u c c e s s , t h e c o m p a n y ’ s va l u e s a t t r a c t m a n y e m p l oy e e s t o w o r k f o r N ovo N o r d is k – a s w a s t h e c a s e f o r M i r k o C e r ian i , wh o jo i n e d N ovo N o r d is k ’ s E u r o p e a n B u s i - n e s s M a n a g e m e n t G r a d ua t e P r o g r a m m e i n 2 0 1 4 : “ W h a t w a s , a n d s t il l is , a pp e a l in g t o m e a b o u t b ein g a N ovo N o r d is k e m p l oy e e is t h e i d e a o f w o r kin g f o r a g lo b a l c o m p a n y t h a t is n ’ t ‘ s i m p l y ’ t h e l e a d e r o f t h e m a r k e t it o p e r a t e s i n , b u t a l s o a c h ie v e s i t s bu s i n e s s s u c c e s s i n a s u st a i n a b l e w a y – so c ia l l y , f i n a n c ia l l y a n d e n v i r o n m e n t a l l y . ” T hi s a p p r o a c h a l s o p l a y s a si g ni f i c a n t f a c t o r in k e e p in g e m p l oy e e s w o r kin g a t N ovo N o r d is k . “ W e re t a in a b o u t 9 6 % o f o u r hi g h p e r f o r m e r s , a n d w e n e e d t o m a i n t a in t hi s a s w e g r o w . W e’ re b e c o min g a m o re a t t r a c t i v e e m p l oy e r , b u t w e n e e d t o e n s u re t h a t w e m a i n t a in o u r va l u e s , bu s i n e s s e t h ic s a n d c u l t u r e , a s t hi s is w h a t m a k e s u s s p e c ia l, ” c o nc l u d e s L a r s F r u er g aa r d J ø r g e n s e n . N O V O N O RD I S K : S E C O N D - B E S T S C I E NCE E M P L O Y E R I N T H E W O R L D I n O c t o b e r 2 0 1 4 , N ovo N o r d is k r a n k - e d s e c o n d in t h e S c i e n c e C a r e e r s T o p E m p l oy e r s S u r v e y , up f r o m 1 1 t h p o s i - t io n in 2 0 1 3 . T h e s u r v e y i s b a s e d o n 5 , 3 9 4 r e s p o n s e s f r o m re a d e r s o f S c i e n c e a n d f r o m e m p l oy ee s i n t h e b i ot e c h n ol o g y a n d p h a r m a c e u ti c a l i nd u s t r y , w h o w e re a sk e d t o r a n k t h e 2 0 b e s t e m p l oy e r s b a s e d o n a n u mb e r o f c h a r a c t e r i s ti c s . T h e d r i v in g c h a r a c t e r i s ti c s , li s t e d i n d e s c e n d in g o r d e r o f i m p a c t o n ov e r a l l e m p l oy e r r a n k in g s , w e r e : 1. I n n o va t i v e l e a d e r in t h e in d u s t r y 2. T re a t s e m p l oy e e s w it h re s p ec t 3. L o ya l e m p l oy e e s 4. S o c ia l l y re s p o n si b l e 5. W o r k c u l t u re va l u e s a l i g n e d. G r ou p ex e r c i s e a t a g r adua t e r e c r u i t me n t ev e n t i n D e n m a r k , A p r i l 2 0 1 4 . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

O n e o f t h e r ol e s t h a t c o m e w it h J e s p e r B r a n d g aa r d ’ s jo b a s N ovo N o r d is k ’ s c h ie f f i n a n c ia l o f f i c e r is t h a t o f c h a i r m a n o f t h e c o m p a n y ’ s R is k M a n a g e m e n t B o a r d . I n t hi s c a p a ci t y h e m u s t e n s u re t h a t k e y r is k s a r e e f f ec t i v e l y i d e nti f i e d , a s s e ss e d a n d m a n a g e d s o t h a t t h e y w il l n o t a f f ec t t h e c o m p a n y ’ s a b il i t y t o a c h ie v e i t s bu s i n e s s o b j e c t i v e s . D u e t o t h e n a t u re o f i t s bu s i n e s s , t h e p h a r m a c e u t i c a l in d u s t r y is a sso c ia t e d w it h m a n y p ot e n t ia l l y s e r i o u s r is k s t h a t i n v e s t o r s s h o u l d k e e p in min d wh e n m a kin g i n v e s t - m e n t d e cis io n s . W h e n a s k e d a b o u t w h a t h e s e e s a s t h e m a in c h a n g e s t o N ovo N o rd is k ’ s r is k p r o f i l e d u r in g 2 0 1 4 , J e s p e r B r a n d g aa r d ci t e s in c re a s e d m a r k e t r is k s c au s e d b y s t r o n g e r p re s s u re o n p r i c e s a n d re i m bu r s e - m e n t – e s p e c ia l l y in t h e a l l - i m p o r t a n t US m a r k e t – a n d a l o w e r r is k o f s u pp l y d is r u p - t io n s . “ W e h a d a ti g h t s u pp l y si t ua t io n f o r s o m e p r o d u c t s e a r l y in t h e y e a r w h il e w e w e re in t h e p r o c e s s o f u p g r a d i n g a n d u p sc a li n g c e r t a in p r o d u c t io n p la n t s , b u t s in c e m i d - 2 0 1 4 w e ’ v e s e e n a m u c h b e t t e r s u pp l y – d e m a n d b a lan c e , ” s a y s J e s p e r B r an d ga ar d . T h e US m a r k e t si t ua t io n is c ov e re d in m o re d e t a i l in t h e a r t i c l e o n p 2 3 . J e s p e r B r a n d g aa r d e m p h as i s e s t h a t c o m p e tit i v e p re s s u re s t h a t i n c re a s e t h e r is k o f l o w e r p r o f i t a b il i t y o f c o n t r a ct s w it h t h e la r g e pu r c h a s i n g o rg a ni s a t io n s in t h e US a re n o t a n e w p h e n o m e n o n : “ T h e r e ’ s a l w a y s b e e n c o m p e tit i v e p re s s u re – t h a t’ s t h e n a t u re o f bu s i n e s s . I s c o m p e tit io n in t h e b a s a l i n s u l in s e g m e n t t o u g h e r t o d a y t h a n it w a s a c o u p l e o f y e a r s a g o ? C e r t a inl y , b u t i t’ s n o t a s i f i t’ s s o m e t hin g t h a t h a s h a pp e n e d ov e r ni g h t , a s s o m e s e e m t o t hink . I n c o n n ec t io n w it h a l l o u r q ua r t e r l y f i n a n c ia l re p o r t s in 2 0 1 4 , I ’ v e s a i d t h a t t h e p r i c in g a n d re b a t in g e n v i r - o n m e n t h a s b e c o m e t o u g h e r , a n d it w a s e v i d e n t e v e n b e f o re t h a t . O u r lo s s o f a la r g e c o n t r a c t w it h ES I [ a p h a r m a c y b e n e f it m a n a g e r , e d . ] f o r V i c t o z a ® a n d N ov o L o g ® b a c k in 2 0 1 3 is a c a s e in p o i n t . ” T h e f o l l o w in g is a n ov e r vi e w o f t h e m a in t y p e s o f r is k t h a t N ovo N o r d is k f a c e s . D E L A Y S O R F A I L U R E O F P I P E L I N E P R O D U C T S D e v e lo p in g a n e w p h a r m a c e u t i c a l p r o d u c t is a n e x p e n s i v e und e r t a kin g t h a t c a n t a k e m o re t h a n 1 0 y e a r s . I t in c l ud e s e x t e n s i v e n o n - c li n i c a l t e s t s a n d c li n i c a l t r ia ls a s w e l l a s a n el a b o r a t e re g ula t o r y a p p r o va l p r o c e s s , in c l u d in g a p p r o va l o f t h e p r o d u c t io n f a c il it i e s . D u r in g t h e p r o c e s s , va r i o u s h u r d l e s m a y d el a y t h e d e v e lo p m e n t o f a p ot e n t ia l p r o du c t c an di da t e an d a d d s u b st a n ti al e x p e n s e s . I n s o m e c a s e s , si g ni f i c a n t o b - st a c l e s c o u l d l e a d t o t h e c o m p a n y e v e n t ua l l y d e ci d in g t o a b a n d o n t h e d e v e lo p m e n t o f t h e p ot e n t ia l p r o d u c t c a n d i d a t e . I n N ovo N o r d is k ’ s e x p e r i e n c e , t h e re is a l e s s t h a n 3 5 % c h a n c e o f a d i a b e t e s p r o d u c t c a n d i d a t e in p h a s e 1 c l ini c a l t r ia ls u lt im a t e l y b ein g a p p r ov e d f o r m a r k e t i n g , w h il e t h e c h a n c e o f s u c c e s s is a r o un d 4 0 % f o r p r o d u c t s in p h a s e 2 t r ia ls , r is in g t o a r o un d 7 0 % f o r p r o d u c t s i n p h a s e 3 t r ia l s . H o w e v e r , t h e re is si g ni f i c a n t un c e r t a i nt y re g a r d in g t h e t im in g a n d s u c c e s s o f t h e re g ula t o r y a p p r o va l p r o c e s s . M A R K E T R I S K S T h e p r in ci p a l m a r k e t r is k s N ovo N o r d is k e x p e r i en c e s a r e : • P r i c e p re s s u re a n d re i m bu r s e m e n t re s t r i c t io n s b y p a y e r s • T h e laun c h o f n e w p r o d u ct s b y e st a b l is h e d c o m p e ti t o r s • I nc r e a s e d c o m p e tit io n f r o m p r o d u c e r s o f b io s im i la r m e d i c i n e s i n k e y m a r k e t s . E u r o p e , C hi n a a n d t h e US a re a l l m a in m a r k e t s f o r N ovo N o r d is k wh e re p a y e r s – b o t h g ov e r n m e n t s a n d p r i va t e p a y e r s – t a k e m e a s u re s t o l im it s p e n d i n g o n m e d i c i n e s , t y p i c a l l y b y d r iv in g d o w n p r i c e s , d e m a n d in g hi g h e r re b a t e s a n d / o r re s t r i c t in g a c c e s s t o a n d re i m bu r s e m e n t o f p r o d u c t s . T hi s is u n l ik e l y t o c h a n g e in t h e f o re s e e a b l e f u t u r e . F o r N ov o N o r d is k , re i m bu r s e m e n t re s t r i c tio n s p o s e a si g ni f i c a n t r is k wh e n laun c hin g a n e w p r o d u c t s u c h a s T re si b a ® . D e s p i t e t h e p a t i e n t b e n e f i t s a n d d a t a s u pp o r t in g t h e h e a lt h - e c o n o m i c b e n e f i t s o f t hi s n e w b a s a l i n s u li n , w h i c h h a s a d u r a t io n o f a c t io n b e y o n d 4 2 h o u r s , it is n o t a l w a y s p o s si b l e t o o bt a in m a r k e t a c c e s s o n w h a t N ovo N o r d is k c o n si d e r s re a s o n a b l e c o n d it io n s . I n s o m e c o u n t r i e s , t h e c o m p a n y m a y t h e re f o re n o t laun c h T re si b a ® o r o t h e r n e w p r o d u c t s und e r t h e c u r re n t c o n d it io n s . N e w p r o d u c t s f r o m e st a b l is h e d o r n e w c o m p e ti t o r s a re a n o t h e r in h e re n t m a r k e t r is k . I n 2 0 1 4 , c o m p e ti t o r s laun c h e d n e w G L P - 1 p r o d u c t s a n d , w it hin t h e i n s u l in s e g m e n t , n e w p r o d u c t s a re und e r w a y , in c l u d in g a b io s im i la r v e r s io n o f t h e b e s t - s e lli n g m o d e r n i n s u l in p r o d u c t . H o w a n d t o w h a t e x t e n t s u c h e v e n t s w il l c h a n g e t h e m a r k e t d y n a m i c s is n o t p o s si b l e t o p re d i c t a t p re s e n t . I n a d d it io n t o t h e s e g lo b a l r is k s , in s o m e c o u n t r i e s in t h e I n t e r n a t io n a l O p e r - a t io n s re g io n , p o l it i c a l i n st a b il i t y o r a r m e d c o n f l i ct s m a y p o s e a r is k t o N ovo N o rd is k ’ s bu s i n e s s f o r va r y in g l e n g t h s o f t i m e . S UP P L Y D I S R U PT I O N S F a il u re o r b re a k d o w n a t o n e o f N ovo N o r d is k ’ s o r t h e c o m p a n y ’ s k e y s u pp l i e r s ’ v i t a l p r o d u c t io n f a c il it i e s c o u ld a d v e r s e l y a f f ec t o p e r a t io n s a n d p ot e n t ia l l y c au s e e m p l oy e e in j u r i e s o r i n f r a s t r u c t u re d a m a g e . M iti g a t in g a c t io n s in c l ud e m e a s u re s t o p re v e n t a n d re s p o n d t o f i re s , a nn ua l i n s p ec t io n s , b a c k - up f a c il it i e s a n d s af e t y i n v e n t o r i e s . T o re d u c e s u pp l y r is k s a n d o ptim i s e c o s t s a n d l o g i s t i c s , N ovo N o r d is k h a s e st a b l is h e d p r o d u c t io n si t e s in s e v e r a l c o u n t ri e s . B E A W A R E O F T H E R I SK T h e r e a r e , a nd a l w a ys w il l b e , r is k s a s s o c i a t e d w it h N o v o N o r d is k ’ s b u s i n e ss – r is k s t h a t a l l i n v e s t o r s s h o u l d b e a w a r e o f . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

43 Q U A L I T Y A N D P R O D U C T S A F E T Y IS S U E S Q ua l i t y a n d p r o d u c t s af e t y i s s u e s m a y a r i s e i f , f o r e x a m p l e , a p r o d u c t io n f a c il i t y is n o t c o n t i n u o u s l y in c o m p l ian c e , a p r o d u c t is n o t w it hin s p e ci f i c a t io n s o r i f si d e e f f ec t s t h a t w e re n o t d e t ec t e d in c l ini c a l t r ia ls b e c o m e a pp a re n t wh e n a p r o d u c t is u s e d f o r lo n g p e r i o d s o f t i m e . N ovo N o r d is k p r o a c t i v e l y m a n a g e s s u c h r is k s t h r o u g h i t s q ua l i t y m a n a g e m e n t s ys t e m, a k e y p r io r i t y o f w h i c h is t o s af e g ua r d p r o d u c t q ua l i t y a n d m i n i m i s e r is k s t o p a t i e n t s af e t y . T h e q ua l i t y m a n - a g e m e n t s ys t e m a im s t o e n s u re t h a t t h e c o m p a n y is in c o m p l ian c e w it h a l l re g ula t o r y re qu ire m e n t s , a n d it in c l ud e s st a n d a rd o p e r a t in g p r o c e d u re s , q ua l i t y a n d re l e a s e c o n t r o ls , q ua l i t y au d i t s , q ua l i t y i m p r ov e m e n t p la n s a n d s ys t e m a t i c s e n i o r m a n a g e m e n t r e v ie w s . F I N A N C I A L R I S K S N ovo N o r d is k ’ s m a in f i n a n c ia l r is k s re la t e t o e x c h a n g e r a t e s a n d t a x d is p u t e s . N ovo N o r d is k ’ s re p o r t in g c u r re n c y a n d t h e f un c - t io n a l c u r re n c y o f c o r p o r a t e o p e r a t io n s is t h e D a ni s h k r o n e , w h i c h is c lo s e l y l in k e d t o t h e e u r o w it hin a n a r r o w r a n g e o f “ 2 . 2 5 % . H o w e v e r , t h e m a jo r i t y o f t h e c o m p a n y ’ s s a l e s a re in US d o l la r s , C hi n e s e y ua n , J a p a n e s e y e n a n d B r itis h p o un d s . E x c h a n g e r a t e r is k is t h e re f o re t h e c o m p a n y ’ s b i g g e s t f i n a n c ia l r is k , a n d t h e r is k h a s g r o w n in i m p o r t a n c e a s t h e s i ze o f i n t e r n a t io n a l m a r k e t s a n d t h e s h a re o f s a l e s in d i f f e re n t c u r re n c i e s h a v e in c re a s e d . T o m a n a g e t hi s r is k , t h e c o m p a n y h e d g e s e x p ec t e d f u t u re c a s h f l o w s f o r s e l ec t e d k e y c u r re n c i e s . R e a d m o re a b o u t h o w N ovo N o r d is k m a n a g e s t hi s r is k in n ot e s 4 . 2 an d 4 . 3 o n p p 8 1 – 8 4 . I n t h e c o u r s e o f c o n d u c t i n g bu s i n e s s g lo b a l l y , t r a n s f e r p r i c in g d is p u t e s w it h t a x a u t h o r it i e s m a y o c c u r . N ovo N o r d is k ’ s p o l i c y is t o pu r s u e a c o m p e tit i v e t a x l e v e l , m e a nin g a t o r b e l o w t h e a v e r a g e f o r t h e c o m p a n y ’ s p e e r g r o u p , in a re s p o n si b l e w a y . T hi s m e a n s p a y in g re l e va n t t a x in j u r i s d i c t io n s wh e re i t s bu s i n e s s a c t iv i t y g e n e r a t e s p r o f i t s . A s a g e n e r a l r u l e , N ovo N o r d is k ’ s a f f il ia t e s p a y c o r p o r a t e t a x e s in t h e c o u n t r i e s in w h i c h t h e y o p e r a t e . T o m a n a g e un c e r t a i n t i e s re g a r d in g t a x , N ovo N o r d is k h a s n e g o t ia t e d m u lt i - y e a r t r a n s f e r p r i c in g a g r e e m e n t s w it h t a x a u t h o r it i e s in k e y m a r k e t s . R e a d m o re a b o u t t h e t a x e s p a i d b y N ovo N o r d is k in 2 0 1 4 in n ot e 2 . 6 o n p p 6 9 – 7 0 . I N F O R M AT IO N T E C HNO L OG Y R I S K S W e l l - f un c t io nin g I T s ys t e m s a re c r it i c a l f o r N ovo N o r d is k ’ s a b il i t y t o o p e r a t e e f f ec t i v e l y . F u r t h e r m o r e , t h e y h o l d c o n f i d e n t ia l i n f o r - m a t io n t h a t , i f d i s c lo s e d , c o u l d h a v e a s e v e re i m p a c t o n N ovo N o r d is k ’ s c o m p e tit i v e si t ua t io n . A n i n f o r m a t io n s e c u r i t y s t r a t e g y is in p l a c e t o m iti g a t e t h e r is k o f i n t r ud e r s c au s in g d a m a g e t o s ys t e m s a n d g a inin g a c c e s s t o c r it i c a l d a t a a n d s ys t e m s . S p e ci f i c m e a s u re s in c l ud e a w a re n e s s c a m p a i g n s , a c c e s s c o n t r o ls , a n d i n t r u s io n d e t ec t io n a n d p r e v e n t io n s ys t em s . B U S I N E S S E T H I C S A N D L E G A L R I S K S B u s i n e s s e t h ic s vio la t io n s , p a t e n t a n d c o n t r a c t d is p u t e s a re t h e m a in r is k s in t hi s a re a . T h e p h a r m a c e u t i c a l in d u s t r y is ti g h t l y re g ula t e d in m a n y re s p e ct s , in c l u d in g w h a t p r o m o t io n a l c la im s it c a n m a k e a b o u t i t s p r o d u c t s a n d h o w it c a n i n t e r a c t w it h d o c t o r s a n d o t h e r h e a lt h c a re p r o f e s s io n a l s . I n C hi n a, t h e g ov e r n m e n t a n n o un c e d m e a s u re s in 2 0 1 3 t o c r a c k d o w n o n il l e g a l bu s i n e s s a c t iv it i e s in t h e p h a r m a c e u t i c a l in d u s t r y , a n d s e v e r a l c o m p a n i e s , in c l u d in g N ovo N o r d is k , w e re i n s p e c t e d b y t h e a u t h o r it i e s a s p a r t o f t hi s e f f o r t . T h e i n s p ec t io n s c o n c l ud e d s o fa r re la t in g t o N ovo N o r d is k re s u l t e d i n a f e w o b s e r va t io n s t h a t h a d n o m a t e r ia l i m p a c t o n t h e c o m - p a n y ’ s bu s i n e s s in C hi n a . I n t h e U S , N ovo N o r d is k s e t t l e d t w o c iv i l c a s e s w it h t h e US D e p a r t m e n t o f J u s t i c e in J u n e 2 0 1 1 re g a r d i n g a l l e g e d i m p r o p e r m a r k e t in g o f N ov o S e v e n ® . A s p a r t o f t h e s e t t l e m e n t , N ovo N o r d is k ’ s US a f f il ia t e e n t e re d i n t o a f i v e - y e a r C o r p o r a t e I n t e g r i t y A g r e e m e n t w it h t h e O f f i c e o f t h e I n s p ec t o r G e n e r a l o f t h e US D e p a r t m e n t o f H e a lt h a n d H u m a n S e r vi c e s . U nd e r t h a t a g r e e m e n t , t h e US a f f il ia t e a d d e d a d d it io n a l re p o r t in g a n d o t h e r p r o c e d u re s t o i t s a lre a d y r o bu s t c o m p l ian c e p r o g r a m m e . A l s o in t h e U S , N ovo N o r d is k is a d e f e n d a n t i n p r o d u c t l i ab il i t y la w s u i t s re la t e d t o h o r m o n e t h e r a p y p r o d u c t s a n d V i c t o z a ® . R e a d m o re a b o u t t h e s e a n d o t h e r p e n d in g l iti g a t io n s a g a i n s t N ovo N o r d is k a n d i n v e s ti g a t io n s i n v olv in g t h e c o m p a n y i n n ot e 3 . 7 o n p p 7 7 – 7 8 . T h e c a s e s m e n t io n e d a b ov e und e r l i n e t h e p ot e n t ia l bu s i n e s s e t h ic s r is k s a sso c ia t e d w it h b ein g a p h a r m a c e u t i c a l c o m p a n y . T o m inim i s e t h e r is k o f vio la t i n g n a t io n a l a n d i n t e r n a t io n a l re g ula t io n s , N ovo N o r d is k h as, ov er t h e p a s t d e c a d e , s t r en g t h e n e d i t s g lo b a l a n d re g io n a l bu s i n e s s e t h ic s c o m p li an c e p r o g r amm e s . G lo ba l g o v e r n an c e , a bu s i n e s s e t h ic s p o l i c y a n d g lo b a l bu s i n e s s e t h ic s p r o c e d u re s , t o g e t h e r w it h el a b o r a t e t r a ini n g p r o g r a m m e s a n d t e s t s f o r e m - p l oy e e s , c lo s e m o ni t o r in g o f p e r f o r m a n c e , re p o r t in g re qu ire m e n t s a n d au d i t s , a l l a i m t o m i t i g a t e bu s i n e s s e t h i c s r is k s . P rot ec t io n o f i n t e l l ec t u a l p ro p e r t y t hr o u g h p a t e n t s is v e r y i m p o r t a n t f o r p r o m o t in g i n n o va t io n a n d s t im ula t in g lo n g - t e r m e c o n o m i c g r o w t h a n d jo b c re a t io n . N ovo N o r d is k ’ s bu s i n e s s m o d e l is b a s e d o n d e v e lo p i n g n e w , i n n o va t i v e p r o d u ct s , a n d wh e n t h e c o m p a n y m a k e s si g ni f i c a n t n e w i n v e n t io n s , it w il l t y p i c a l l y s e e k t o p a t e n t t h e m . I n t e l l ec t ua l p r o p e r t y r is k s o c c u r i f , f o r e x a m p l e , a g ov e r n m e n t d o e s n o t r e c o g ni s e t h e va l i d i t y o f p a t e n t s o r is u n a b l e t o up h o l d p a t e n t r i g h t s , o r i f a c o m p e ti t o r i n f r in g e s a N ovo N o r d is k p a t e n t o r c h a l l e n g e s i t s v a l i di t y . N O V O N O RD I S K ’S R I S K MAN A G E M E N T P O L I C Y “ I n N ovo N o r d is k w e w il l p r o a c t i v e l y m a n a g e r is k t o e n s u re c o n t i n u e d g r o w t h o f o u r bu s i n e s s a n d t o p r ot ec t o u r p e o p l e , a ss e t s a n d re p u t a t io n . T hi s m e a n s t h a t w e w il l : • u t il i s e a n e f f ec t i v e a n d i n t e g r a t e d r is k m a n a g e m e n t s ys t e m w h il e m a i n t a in i n g bu s i n e s s f l e x i b il i t y • i d e nti f y a n d a s s e s s m a t e r i a l r is k s a sso c ia t e d w it h o u r bu s i n e s s • m o ni t o r , m a n a g e a n d m iti g a t e r is k s .” R e a d m o re a b o u t N ovo N o r d is k ’ s r is k ma n a g e m e n t p r o c e s s at n ov o n o rd is k . c o m / a b ou t _ u s . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

A N D C A P I T A L S T R UC T U R E T h r o u g h o p e n a nd p r o a c t i v e c o mm u n i c a t i o n , N o v o N o r d is k s e e k s t o p r o v i d e t h e b a si s f o r f a i r a nd e f f ic i e n t p r ic i n g o f i t s s h a r e s . S HA R E S S H A R E C A P I T A L A N D O W N E R S H I P N ovo N o r d is k ’ s to t a l s h a re c a p i t a l o f D K K 5 3 0 , 00 0 , 00 0 is d iv i d e d i n t o a n A s h a re c a p i t a l o f n o mi n a l l y D K K 1 0 7 , 4 8 7 , 2 0 0 a n d a B s h a re c a p i t a l o f n o m i n a l l y D K K 4 2 2 , 5 1 2 , 8 0 0 . T h e c o m p a n y ’ s A s h a re s a re n o t l i s t e d a n d a re h e l d b y N ovo A / S , a D a ni s h pu b l i c l im i t e d l i ab il i t y c o m p a n y wh o l l y o wn e d b y t h e N ovo N o r d is k F o un d a t io n . T h e F o un d a t io n h a s a d ua l o b j ec t i v e : t o p r o v i d e a st a b l e b a sis f o r c o m m e r c ia l a n d re s e a r c h a c t iv it i e s c o n - d u c t e d b y t h e c o m p a n i e s w it hin t h e N ovo G r o up ( o f w h i c h N ovo N o r d is k is t h e la r g e s t ) , a n d t o s u pp o r t s c i e n ti f i c a n d h u m a ni t a r ian pu r p o s e s . A c c o r d in g t o t h e A r t i c l e s o f A sso c ia t io n o f t h e F o un d a t io n , t h e A s h a re s c a n n o t b e d i v e s t e d . A s o f 3 1 D e c e m b e r 2 0 1 4 , N ovo A / S a l s o h e l d a n o mi n a l va l u e o f D K K 32 , 7 6 2 , 8 0 0 o f B s h a re c a p i t a l . N ovo N o r d is k ’ s B s h a re s a re l i s t e d o n N a s d a q C o p e n h a g e n a n d o n t h e N e w Y o r k S t o c k E x c h a n g e a s A m e r i c a n D e p o si t o r y R e c e i p t s ( A D R s ) . N ovo N o r d is k ’ s A a n d B s h a re s a re c a l c ula t e d in u nit s o f D K K 0 . 2 0 . E a c h A s h a re c a rr i e s 2 0 0 v ot e s a n d e a c h B s h a re c a rr i e s 2 0 v ot e s . A s N ovo N o r d is k ’ s B s h a re s a re in b e a re r f o r m, n o c o m p l e t e r e c o r d o f a l l s h a re h o l d e r s e x i s t s . B a s e d o n a va i l a b l e s o u r c e s o f i n f o r m a t io n a b o u t t h e c o m p a n y ’ s s h a re h o l d e r s a s o f 3 1 D e c e m b e r 2 0 1 4 , it is e s t im a t e d t h a t s h a re s w e re g e o g r a p h i c a l l y d i s t r i b u t e d a s s h o w n in t h e c h a r t o n t h e n e x t p a g e . A s o f 3 1 D e c e m b e r 2 0 1 4 , t h e f r e e f lo a t o f l i s t e d B s h a re s w a s 8 9 . 6 % , e x c l u d in g t h e N ovo A / S h o l d in g a n d N ovo N o r d is k ’ s h o l d in g o f t re a s u r y s h a re s , w h i c h a s o f 3 1 D e c e m b e r 2 0 1 4 w a s D K K 1 1 , 3 61 , 4 3 1 n o mi n a l l y . F o r d e t a i ls o n s h a re c a p i t a l , s e e n ot e 4 . 1 o n p p 7 9 – 8 0 . C A PI T A L S T R U C TU R E AN D D IV I D E N D P O L I C Y N ov o N o rd is k ’ s B o a r d o f D i r e c t o r s a n d E x e c u ti v e M a n a g e m e n t c o n s i d e r t h a t the c u r re n t c a p i t a l a n d s h a r e s t r u c t u r e o f N ov o N o r d is k s e r v e s t h e i n t e r e s t s o f t h e s h a r e - h ol d e r s a n d t h e c o m p a n y w e l l , a s i t p r o v i d e s s t r a t e g i c f l e x i b il i t y t o p u r s u e N ov o N o r d is k ’ s v is io n a n d a g oo d b a la n c e b e t w e e n lo n g - t e r m s h a re h ol d e r va l u e c re a tio n a n d c o m - p e titi v e s h a re h ol d e r re t u r n i n t h e s h o r t t e r m . N ov o N o rd is k ’ s g u i d i n g p r i n ci p l e i s t h a t a n y e x c e ss c a p i t a l , a f t e r t h e f u n d in g o f o r g a n i c g r o w t h o p p o r t u n i ti e s a n d p ot e n t ia l a c qu is itio n s , s h o u l d b e re t u r n e d t o i n v e s t o r s . T h e c o mp a n y ap p l i e s a p h a r m a c e ut i c a l i nd u s t r y p a y o u t r a ti o t o d i v i d e n d p a y m e n t s , w h i c h a r e c o m p l e m e n t e d b y s h a r e re p u r c h a s e p r o g r a m m e s . A s ill u s t r a t e d o n t h e r i g h t , N ov o N o r d is k h a s c o n t i n u o u s l y i n c re a s e d b o t h t h e p a y o u t r a ti o a n d t h e d i v i d e n d p a i d ov e r t h e l a s t f i v e y e a r s . T h e d i v i d e n d f o r 2 0 1 3 r e c o r d e d i n M a r c h 2 0 1 4 w a s e q ua l t o D KK 4 . 5 0 p e r A a n d B s h a r e o f D KK 0 . 2 0 , a s w e l l a s f o r A D R s . T hi s c o r r e s p o n d s t o a p a y o u t r a ti o o f 4 7 . 1 % , w h i c h i s i n li n e w it h t h e 2 0 1 3 p e e r g r o u p a v e r a g e o f 4 8 . 0 % . F o r 2 0 1 4 , t h e B o a r d o f D ir e c t o r s w il l p r o p o s e a d i v i d e n d o f 5 . 0 0 D K K , w h i c h c o r r e s p o n d s t o a p a y o u t r a ti o o f 4 8 . 7 % , a n d a n i n c re a s e o f 1 1 % vs l a s t y e a r . N ov o N o r d is k d o e s n o t p a y a d i v i d e n d o n i t s h ol d in g o f t re a s u r y s h a r e s . S h a re h ol d e r s ’ e n qu i r i e s c o n c e r nin g d i v i d e n d p a y m e n t s a n d s h a re h ol d e r a cc o u n t s s h o u l d b e a d d r e ss e d t o I n v e s t o r S e r v i c e . R e a d m o re o n t h e b a c k c ov e r . D u r in g t h e 1 2 - m o n t h p e r i o d b e g i n nin g 3 0 J a n ua r y 2 0 1 4 , N ovo N o r d is k re pu r c h a s e d s h a re s w o r t h D K K 1 5 b ill io n . S in c e 2 0 0 8 , t h e s h a re re pu r c h a s e p r o g r a m m e h a s p r im a r i l y b e e n c o n d u c t e d i n a c c o r d a n c e w it h t h e p r o v is io n s o f E u r o p e a n C o mm i s s io n R e g ula t io n N o 2 2 7 3 / 2 0 0 3 o f 22 D e c e m b e r 2 0 0 3 ( a l s o k n o w n a s t h e S af e H a r b o u r R e g ula t io n ) . I n t h e p r o g r a m m e a f i n a n c ia l i n s ti t u t io n is a pp o i n t e d a s l e a d m a n a g e r t o e x e c u t e t h e re pu r c h a s e s in d e p e nd e n t l y a n d w it h o u t i n f l u e n c e f r o m N ovo N o rd is k . S H A R E R E P U RC H A S E P R O G R A MM E F O R 3 0 J A N U A R Y 2 0 1 5 T O 2 F E B R U A R Y 2 0 1 6 F o r t h e n e x t 1 2 m o n t h s , N ov o N o r d is k h a s d e c i d e d t o i m p l e m e n t a n e w s h a r e re p u r c h a s e p r o g r a m m e . T h e e x p ec t e d t o t a l re p u r c h a s e va l u e o f B s h a r e s am o u n t s t o a c a s h va l u e o f u p t o D KK 1 5 b ill io n . N ov o N o r d is k e x p ec t s t o i m p l e m e n t t h e m a jo r p a r t o f t h e n e w s h a re r e p u r c h a s e p r o g r a m m e a cc o r d in g t o t h e S a f e H a r b o u r R e g ula tio n . A t t h e 2 0 1 5 A n n ua l G e n e r a l M e e t in g , t h e B o a r d o f D ir e c t o r s w il l p r o p o s e a f u r t h e r r e d u c tio n o f t h e c o m p a n y ’ s B s h a r e c a p i t a l , c o r r e s p o n d in g t o a pp r o x - im a t e l y 1 . 9 % o f t h e t o t a l s h a r e c a p i t a l , b y c a n c e ll in g 5 0 m ill io n t re a s u r y s h a r e s . A f t e r t h e i m p l e m e n t a t io n o f t h e s h a re c a p i t a l re d u c t io n , N ovo N o r d is k ’ s s h a re c a p i t a l w il l a m o u n t t o D K K 5 2 0 , 00 0 , 00 0 d iv i d e d i n t o a n A s h a re c a p i t a l o f D K K 1 0 7 , 4 8 7 , 2 0 0 a n d a B s h a re c a p i t a l o f D K K 4 1 2 , 5 1 2 , 8 0 0 . S H A R E P R I C E D E V E L O P M E N T N ovo N o r d is k ’ s s h a re p r i c e in c re a s e d b y 3 1 % f r o m i t s 2 0 1 3 c lo s e o f D K K 1 9 8 . 8 t o i t s 3 1 D e c e m b e r 2 0 1 4 c lo s e o f D K K 2 6 0 . 3 . F o r c o m p a r i s o n t h e D a ni s h O M X C 2 0 C A P s t o c k in d e x g re w 1 8 % a n d t h e p h a r m a p e e r g r o up g re w 1 2 % d u r i n g 2 0 1 4 . T h e in c re a s e in N ovo N o r d is k ’ s s h a re p r i c e d u r in g 2 0 1 4 is a s s u m e d t o re f l ec t i t s s u st a i n e d l e a d e r s hi p p o sit io n in t h e g r o w i n g d i a b e t e s c a re m a r k e t , c o u p l e d w it h a c o n t i n u e d i m p r ov e - m e n t in o p e r a t in g m a r g i n s a n d t h e p r o - g re s s io n o f k e y R & D p r o j ec t s , in c l u d in g t h e a p p r o va ls o f X u l t o p h y ® in E u r o p e a n d S a x e n d a ® i n t h e U S . T h e to t a l m a r k e t va l u e o f N ovo N o r d is k ’ s B s h a re s , e x c l u d in g t re a s u r y s h a re s , w a s D K K 53 5 b ill io n a t t h e e n d o f 2 0 1 4 . C OMMU NI C AT IO N W IT H S H A R E H OLD E R S T o k e e p i n v e s t o r s u p d a t e d o n p e r f o r m a n c e a n d t h e p r o g re s s o f c l ini c a l d e v e lo p m e n t p r o g r a m m e s , N o v o N o r d is k h o s t s c o n f e re n c e c a l ls w it h E x e c u t i v e M a n a g e m e n t f o l l o w in g t h e re l e a s e o f f i n a n c ia l re s u l t s a n d a t o t h e r k e y e v e n t s . E x e c u t i v e M a n a g e m e n t a n d I n v e s t o r R e la t io n s a l s o t r a v e l e x t e n s i v e l y t o e n s u re t h a t a l l i n v e s t o r s w it h a m a jo r h o l d in g o f N ovo N o rd is k s h a re s c a n m e e t w it h t h e c o m p a n y o n a re g ula r b a sis a n d o t h e r s h a re h o l d e r s a n d p ot e n t ia l i n v e s t o r s a l s o h a v e a c c e s s t o t h e c o m p a n y ’ s M a n a g e m e n t a n d I n v e s t o r R e la t io n s . A NA L Y S T C O V E R A G E N ovo N o r d is k is c u r re n t l y c ov e re d b y 3 4 s e l l - si d e a n a l ys t s , in c l u d in g t h e m a jo r g lo b a l i n v e s t m e n t b a n k s t h a t re g ula r l y p r o d u c e re s e a r c h re p o r t s o n N ovo N o r d is k . A l i s t o f a n a l ys t s c ov e r in g N ovo N o r d is k c a n b e f o un d a t n ov o n o rd is k . c o m / i n v es t o r s , wh e re A nn ua l R e p o r t s a n d F o r m 2 0 F a re a va i l ab l e f r o m 2 00 0 o n w a r d s , c o m p a n y a n n o un c e - m e n t s a n d A nn ua l G e n e r a l M e e t in g i n - f o r m a t io n a s o f 2 0 0 5 . T h e m o s t r e c e n t f i n a n c ia l , so c ia l a n d e n v i r o n m e n t a l re s u l t s , a c a l e n d a r o f i n v e s t o r - re l e va n t e v e n t s , i n v e s t o r p r e s e n t a t io n s , b a c k g r o un d i n f o r m a t io n , a n d s o o n a re a l s o a va i l ab l e .

0 7 14 21 28 35 400 450 500 550 600 45 S H A R E A N D O W N E R S H I P S T R UC T U R E P R I C E D E V E L O P M EN T A N D M O N T H L Y T U RN O V ER O F N O V O N O R D I S K B S H A R ES T u r n ov e r o f B s h a r e s ( l e f t ) N ovo N o r d i s k’ s B s h a r e c l o s i n g p r i c e s ( r i g ht ) D E V E L O P M EN T I N S H A R E C A P I T A L S h a r e c a p i t al D K K m ill io n % 4 0 D K K b ill io n S H A R E P R I C E P ER F O R M AN C E N ovo N o r d i s k s h a r e p r i c e a n d i n d e x e d p e e r s N ovo N o r d i s k P h ar m a c eu ti c a l i n d u s t r y p e e r s * O M X C 2 0 C A P D K K 300 S H A R E P RI C E P E RFO R M A N C E C A S H R E T U RN T O S H A R E H O L D E R S A NN U A L C A SH R E T U RN T O S H A R E H O L D ERS D ivi d end  S h a r e r e p u r c h a se F r e e c a s h f l o w G E O G R A P H I C D I S T R I B U T I O N O F S H A R E HOLD E RS * % o f s h a r e c a p i t a l  2 0 1 3  2 0 14 D e n m a r k N o r t h A m e ric a U K a n d I r e l a n d O t h e r * C a l c u l a t e d u si n g s h a r e h ol d e r s ’ r e g i s t e r e d h o m e c o u n t r i e s . N ote : D ivi d e n d s a r e a l l o c a t e d to t h e y e a r o f d ivi d e n d p a y . * P h a r ma p e e r s c o m p r i se A s t r a Z e n e c a , B r i s t o l - M y e r s S qu i b b , E l i L il l y , G l a x o S m i th K li n e , L u nd b e c k , M e r c k , N ov a r t i s , P f i z e r , R o c h e a n d S a n o f i . 0 10 20 30 0 5 10 15 20 25 0 60 120 180 240 300 180 210 240 270 J a n F e b M a r A p r M a y J un J u l A u g S e p O c t N ov D e c 2 0 14 M a r J un S e p De c M ar 2 0 1 3 J un S e p De c 2 0 14 2 0 1 1 2 0 1 2 2 0 1 3 2 0 14 2 0 11 ( – 3 %) ( – 2 %) ( – 2 %) 2 0 1 2 2 0 1 3 2 0 14 2 0 1 5 E 2 0 1 5 E D K K b ill io n N ote : T r e a s u r y s h a r e s i n cl ud e d i n s h a r e c a p i t a l b u t h a v e n o vo t i n g r i g h t . O W N E R S H I P S T R U C T U RE N o v o N o r d i s k F ou n da t i o n N o v o A / S I n st i t u t i o n a l an d p ri vat e i n v e s to r s 7 4 . 5 % o f v o t e s 2 6 . 5 % of c ap i t a l 2 5 . 5 % o f v o t e s 7 3 . 5 % of c ap i t a l B s ha r e s 2 , 1 1 3 m s ha r e s A s ha r e s 5 3 7 m s ha r e s N o v o N o r d i s k A / S ( – 4 %)

C O R P O R A T E G O V E R NA N C E I n 2 0 1 4 , t h e f o c u s h a s b e e n t o f u r t h e r d e v e l o p t h e g ov e r n a n c e o f t h e c o m p a n y . T h e y e a r l y b o a r d e v a l u a t i o n f a c il i t a t e d b y e x t e r n a l c o n s u l t a n t s r e v e a l e d s t r o n g g o v e r n a n c e a nd p e r f o r m a n c e b y t h e B o a r d o f D i r ec t o r s a nd E x e c u t i v e M a n a g e m e n t . T h e p r o c e ss a l so r e s u l t e d i n c l e a r e r d e li m i t a t i o n o f t h e r ol e s a nd r e s p o n si b il it i e s o f t h e B o a r d o f D i r ec t o r s a nd E x e c u t i v e M a n a g e m e n t , e s t a b l is h m e n t o f a c o n t i n u e d d e v e l o p m e n t p r o g r a m m e f o r t h e B o a r d o f D i r ec t o r s a s w e l l a s a d e cis i o n t o e s t a b l is h a R e m u n e r a t i o n C o mm i t t e e i n 2 0 1 5 . G O V E R N A N C E ST R UC T U R E S H A R E H OLD E R S S h a re h o l d e r s h a v e u lt im a t e a u t h o r i t y ov e r t h e c o m p a n y a n d e x e r ci s e t h e ir r i g h t s t o m a k e d e cis io n s a t g e n e r a l m e e t i n g s . R e s o l u t io n s c a n g e n e r a l l y b e p a ss e d b y a s i m p l e m a jo r i t y . H o w e v e r , re s o l u t io n s t o a m e n d t h e A r t i c l e s o f A sso c ia t io n re qu ire t w o - t hir d s o f v ot e s c a s t a n d c a p i t a l re p re s e n t e d , u n l e s s o t h e r a d o pt io n re qu ire m e n t s a re i m p o s e d b y t h e D a ni s h C o m p a n i e s A c t . A t t h e a nn ua l g e n e r a l m e e t i n g , s h a re h o l d e r s a p p r ov e t h e a nn ua l re p o r t a n d a n y a m e n d m e n t s t o t h e c o m p a n y ’ s A r t i c l e s o f A sso c ia t io n . S h a re h o l d e r s a l s o e l ec t b o a r d m e m b e r s a n d t h e in d e p e nd e n t au d i t o r . N ovo N o r d is k ’ s s h a re c a p i t a l is d iv i d e d i n t o A s h a re s a n d B s h a re s . S p e c ia l r i g h t s a t t a c h e d t o A s h a re s in c l ud e p r e - e m pt i v e s u b s c r i pt io n r i g h t s in t h e e v e n t o f a n in c re a s e in t h e A s h a re c a p i t a l , p r e - e m pt i v e pu r c h a s e r i g h t s in t h e e v e n t o f a s a l e o f A s h a re s , w h il e B s h a re s t a k e p r io r i t y f o r l iq u id a t io n p r o c e e d i n g s . * R e a d m o re a b o u t s h a re s a n d c a p i t a l s t r u c t u re o n p p 4 4 – 4 5 . B O A R D O F D I R E C T O R S N ovo N o r d is k h a s a t w o - t i e r m a n a g e m e n t s t r u c t u re c o n si s t in g o f t h e B o a r d o f D ir e c t o r s a n d E x e c u t i v e M a n a g e m e n t . T h e t w o b o d i e s a re s e p a r a t e a n d n o o n e s e r v e s a s a m e m b e r o f b o t h . T h e B o a r d o f D ir e c t o r s d e t e r m i n e s t h e c o m p a n y ’ s ov e r a l l s t r a t e g y a n d f o l l o w s up o n i t s i m p l e m e n t a t io n , s u p e r v i s e s t h e p e r f o r m a n c e , e n s u re s a d e q ua t e m a n a g e m e n t a n d o r g a ni s a t io n a n d , a s s u c h , a c t i v e l y c o n t r i bu t e s t o d e v e lo p i n g t h e c o m p a n y a s a f o c u s e d , s u st a i n a b l e , g lo b a l p h a r m a - c e u t i c a l c o m p a n y . T h e B o a r d o f D ir e c t o r s s u p e r v i s e s E x e c u t i v e M a n - a g e m e n t in i t s d e cis io n s a n d o p e r a t io n s . T h e B o a r d o f D ir e c t o r s m a y a l s o i s s u e n e w s h a re s o r b u y b a c k s h a re s in a c c o r d a n c e w it h a u t h o r i s a t io n s g r a n t e d b y t h e a nn ua l g e n e r a l m e e t i n g a n d r e c o r d e d in t h e m e e t in g mi n u t e s . F o r mi n u t e s f r o m a nn ua l g e n e r a l m e e t i n g s , s e e n ov o n o rd is k . c o m / a b o u t _ u s . T h e B o a r d o f D ir e c t o r s h a s 1 1 m e m b e r s , s e v e n o f wh o m a re e l ec t e d b y s h a re h o l d e r s a n d f o u r b y e m p l oy e e s in D e n m a r k . N ovo N o r d is k ’ s B o a r d o f D ir e c t o r s m e t s e v e n t i m e s d u r in g 2 0 1 4 . S h a re h o l d e r - e l ec t e d b o a r d m e m b e r s s e r v e a o n e - y e a r t e r m a n d m a y b e r e - e l ec t e d . M e m b e r s m u s t re t ire a t t h e f i r s t a nn ua l g e n e r a l m e e t in g a f t e r re a c hin g t h e a g e o f 7 0 . F i v e o f t h e s e v e n s h a re h o l d e r - e l ec t e d b o a r d m e m b e r s a re in d e p e nd e n t a s d e f i n e d b y t h e D a ni s h C o r p o r a t e G ov e r n a n c e R e c o m m e n d a t io n s . R e a d m o re o n p p 52 – 5 3 . A p r o p o s a l f o r n o mi n a t io n o f b o a r d m e m b e r s is p re s e n t e d b y t h e N o mi n a t io n C o mm i t t e e t o t h e B o a rd o f D ir e c t o r s , t a kin g i n t o a c c o u n t re qu ire d c o m p e t e n c e s a s d e f i n e d b y t h e B o a r d o f D ir e c t o r s ’ c o m p e t e n c e p r o f i l e a n d re f l ec t in g t h e re s u lt o f a s e l f - a ss e s s m e n t p r o c e s s f a c il i t a t e d b y i n t e r n a l o r e x t e r n a l c o n s u l t a n t s . T h e a ss e s s m e n t p r o c e s s is b a s e d o n w r i t t e n q u e s t io nn a ire s a n d e va l ua t e s t h e B o a r d o f D ir e c t o r s ’ c o m p o sit io n a n d t h e s k il ls o f i t s m e m b e r s , in c l u d in g wh e t h e r e a c h b o a r d m e m b e r a n d e x e c u t i v e p a r t i ci p a t e s a c t i v e l y i n b o a r d d i s c u s s io n s a n d c o n t r i b u t e s w it h in d e p e nd e n t j u d g e m e n t . T o e n s u re t h a t d i s c u s s io n s in c l ud e m u lti p l e p e r s p ec t i v e s re p re s e n t i n g t h e c o m p l e x , g lo b a l p h a r m a c e u t i c a l e n v i r o n m e n t , t h e B o a r d o f D ir e c t o r s a s p i re s t o b e d i v e r s e in g e nd e r a n d n a t io n a l i t y . C u r re n t l y , o n e s h a re h o l d e r - e l ec t e d b o a r d m e m b e r is f e m a l e a n d s i x o f t h e s e v e n s h a re h o l d e r - e l e c t e d b o a r d m e m b e r s a re n o n - D a n e s . I n 2 0 1 3 , t h e B o a r d o f D ir e c t o r s in c re a s e d i t s d i v e r si t y a m b it io n a n d s e t o u t n e w t a r g e t s w it h t h e a im t h a t b y 2 0 1 7 it w il l c o n si s t o f a t l e a s t t w o s h a re h o l d e r - e l ec t e d b o a r d m e m b e r s w it h D a ni s h n a t io n a l i t y a n d a t l e a s t t w o s h a re h o l d e r - e l ec t e d b o a r d m e m b e r s w it h a n a t io n a l i t y o t h e r t h a n D a ni s h – a n d a t l e a s t t w o s h a re h o l d e r - e l ec t e d b o a r d m e m b e r s o f e a c h g e nd e r . I n a c c o r d a n c e w it h s ec t io n 99 b o f t h e D a ni s h F i n a n c ia l S t a t e m e n t s A c t , N ovo N o r d is k d i s c lo s e s i t s d i v e r si t y p o l i c y , t a r g e t s a n d c u r re n t p e r f o r m a n c e in t h e U N G lo b a l C o m p a c t C o mm u n i c a t io n o n P r o g re s s , w h i c h is a va i l ab l e a t n ov o n o rd is k . c o m / a nn ua lre p o r t . No v o N o r d i s k ’s n e w h e a d qua r t e r s i n B a g s v æ r d , D e n m a r k , w e r e i n a u g u r a t ed i n F e b r ua r y 2 0 1 4 . * A s h a r e s t a k e p r io r i t y f o r d ivi d e n d s b e l o w 0 . 5 % . B s h a r e s t a k e p r io r i t y f o r d ivi d e n d s b e t w e e n 0 . 5 % a n d 5 % . H o w e v e r , i n p r a c ti ce , A s h a r e s a n d B s h a r e s r e c e i v e t h e s am e am o u n t o f d ivi d e n d p e r s h a r e o f D K K 0. 0 1 .

47 in d e p e nd e n t . O n e m e m b e r is a n e m p l oy e e re p re s e n t a t i ve . T h e A u d it C o mm i t t e e a s si s t s t h e B o a r d o f D ir e c t o r s w it h ov e r si g h t o f t h e e x t e r n a l au d i t o r s , t h e i n t e r n a l au d it f un c t io n , t h e p r o c e d u re f o r h a n d l in g c o m p la i n t s re g a r d i n g a c c o u n t in g , i n t e r n a l a c c o u n t in g c o n t r o ls , au d it i n g o r f i n a n c ia l re p o r t in g m a t t e r s a n d bu s i n e s s e t h ic s m a t t e r s , f i n a n c ia l , so c ia l a n d e n v i r o n m e n t a l re p o r t i n g , bu s i n e s s e t h ic s c o m p l ian c e , p o s t - c o m p l e t io n re vi e w s a n d p o s t - i n v e s t m e n t re vi e w s , lo n g - t e r m in c e n t i v e p r o g r a m m e s a n d I T s e c u r i t y . I n 2 0 1 4 , t h e B o a r d o f D ir e c t o r s r e - e l ec t e d H a nn u R y ö pp ö n e n a s c h a i r m a n a n d L i z H e w i t t a n d S ti g S t r ø b æ k a s m e m b e r s o f t h e A u d it C o mm i t t e e a n d , f u r t h e r m o r e , e l ec t e d H e l g e L un d a s a n e w m e m b e r . S e e n ov o n o rd is k . c o m / a b o u t _ us f o r a re p o r t o n t h e A u d it C o mm i t t e e ’ s a c t iv it i e s . NOMI N AT IO N C OMMI T T E E T h e N o mi n a t io n C o mm i t t e e c o n si s t s o f f o u r m e m b e r s . T w o m e m b e r s q ua l i f y a s in d e p e nd e n t , w h il e o n e m e m b e r is a n e m p l oy e e re p re s e n t a t i ve . T h e N o mi n a t io n C o mm i t t e e a s si s t s t h e B o a r d w it h ov e r si g h t o f t h e c o m p e t e n c e p r o f i l e a n d c o m p o sit io n o f t h e B o a r d , n o mi n a t io n o f m e m b e r s a n d c o mm i t t e e s , a n d o t h e r t a s k s o n a n a d h o c b a sis a s s p e ci f i c a l l y d e ci d e d b y t h e B o a r d . I n 2 0 1 4 , t h e B o a r d o f D ir e c t o r s e l ec t e d G ö r a n A n d o a s c h a i r m a n a n d B r u n o A n g e l i c i , L i z H e w i t t a n d S ø re n T h u e s e n P e d e r s e n a s m e m b e r s o f t h e N o mi n a t io n C o m mi t t e e . S e e n ov o n o rd is k . c o m \ a b o u t _ us f o r a re p o r t o n t h e N o m i n a t io n C o mm i t t e e ’ s a c t iv it i e s . E X E C UTI V E MA N A G E M E N T E x e c u t i v e M a n a g e m e n t is re s p o n si b l e f o r t h e d a y - t o - d a y m a n a g e - m e n t o f t h e c o m p a n y . I n N ov e m b e r 2 0 1 4 , o n e e x e c u t i v e l e f t a n d E x e c u t i v e M a n a g e m e n t n o w c o n si s t s o f t h e c h ie f e x e c u t i v e o f f i c e r , t h e p re si d e n t p l u s f o u r e x e c u t i v e s . T h e y a re re s p o n si b l e f o r ov e r a l l c o n d u c t o f t h e bu s i n e s s a n d a l l o p e r a t io n a l m a t t e r s , t h e o r g a ni s a t io n o f t h e c o m p a n y a s w e l l a s a l l oc a t io n o f re s o u r c e s , d e t e r mi n a t io n a n d i m p l e m e n t a t io n o f s t r a t e g i e s a n d p o l i c i e s , d ir e c t io n - s e t t i n g , a n d e n s u r in g t i m e l y re p o r t in g a n d p r o v is io n o f i n f o r m a t io n t o t h e B o a r d o f D ir e c t o r s a n d N ovo N o r d is k ’ s st a k e h o l d e r s . E x e c u t i v e M a n a g e m e n t m e e t s a t l e a s t o n c e a m o n t h a n d o f t e n m o re f re q u e n t l y . T h e B o a r d o f D i r e c t o r s a pp o i n t s m e m b e r s o f E x e c u t i v e M a n a g e m e n t a n d d e t e r mi n e s re mu n e r a t io n . T h e C h a i r m a n s hi p re vi e w s t h e p e r f o r m - a n c e o f t h e e x e c u t i v e s . C O N T I N U E D T h e B o a r d o f D ir e c t o r s ’ s e l f - a ss e s s m e n t c o n d u c t e d in 2 0 1 4 w a s f a c il i t a t e d b y e x t e r n a l c o n s u l t a n t s a n d re v e a l e d s t r o n g g ov e r n a n c e a n d p e r f o r m a n c e b y t h e B o a r d a n d E x e c u t i v e M a n a g e m e n t . T h e p r o c e s s a l s o re s u l t e d in c l e a re r d e l im i t a t io n o f t h e r ol e s a n d re s p o n si b il it i e s o f t h e B o a r d a n d E x e c u t i v e M a n a g e m e n t , e st a b l is h - m e n t o f a c o n t i n u e d d e v e lo p m e n t p r o g r a m m e f o r t h e B o a rd a s w e l l a s a d e cis io n t o e st a b l is h a R e m u n e r a t io n C o mm i t t e e in 2 0 1 5 . I n o r d e r t o s u pp o r t c o n t i n u e d f u l f i l m e n t o f t h e N ovo N o r d is k W a y , c r i t e r ia f o r b o a r d m e m b e r s in c l ud e i n t e g r i t y , a c c o u n t a b il i t y , fa i r n e s s , f i n a n c ia l l i t e r a c y , c o mm it m e n t a n d d e s ire f o r i n n o va t io n . M e m b e r s a re a l s o e x p ec t e d t o h a v e e x p e r i e n c e o f m a n a g in g m a jo r c o m p a n i e s t h a t d e v e lo p , m a n u f a c t u re a n d m a r k e t p r o d u ct s a n d s e r vi c e s g lo b a l l y . T h e c o m p e t e n c e p r o f i l e , w h i c h in c l ud e s t h e n o m i n a t io n c r i t e r ia, is a va i l ab l e a t n ov o n o rd is k . c o m / a b o u t _ u s . U nd e r D a ni s h la w , N ovo N o rd is k ’ s e m p l oy e e s in D e n m a r k a re e n tit l e d t o b e re p re s e n t e d b y h a l f o f t h e to t a l n u m b e r o f b o a r d m e m b e r s e l ec t e d a t t h e a nn ua l g e n e r a l m e e t i n g . I n 2 0 1 4 , e m p l oy e e s e l ec t e d f o u r b o a r d m e m b e r s f r o m a m o n g t h e m s e l v e s – t w o m a l e a n d t w o f e m a l e , a l l D a n e s . B o a r d m e m b e r s e l ec t e d b y e m p l oy e e s s e r v e a f o u r - y e a r t e r m a n d h a v e t h e s a m e r i g h t s , d u t i e s a n d re s p o n si b il it i e s a s s h a re h o l d e r - e l ec t e d b o a r d m e m b e r s . C H A I R M A N S H IP T h e a nn ua l g e n e r a l m e e t in g d ir e c t l y e l ec t s t h e c h a i r m a n a n d t h e vi c e c h a i r m a n o f t h e B o a r d o f D ir e c t o r s . T h e C h a i r m a n s hi p c a rr i e s o u t a d m ini s t r a t i v e t a s k s s u c h a s p la n nin g b o a r d m e e t in g s t o e n s u re a b a lan c e b e t w e e n ov e r a l l s t r a t e g y - s e t t in g a n d f i n a n c ia l a n d m a n - a g e r ia l s u p e r v is io n o f t h e c o m p a n y . O t h e r t a s k s i n c l ud e re vi e w i n g t h e f i x e d a ss e t i n v e s t m e n t p o r t f o l i o a n d r e c o m m e n d in g t h e re m u n e r a t io n o f b o a r d m e m b e r s a n d E x e c u t i v e M a n a g e m e n t . I n p r a c t i c e , t h e C h a i r m a n s hi p h a s up u n t i l n o w h a d t h e r ol e a n d re s p o n si b il i t y o f a R e m u n e r a t io n C o mm i t t e e , t h o u g h t h e B o a r d o f D ir e c t o r s h a s d e ci d e d t o e st a b l is h a R e m u n e r a t io n C o mm i t t e e in 2 0 1 5 . I n M a r c h 2 0 1 4 , t h e A nn ua l G e n e r a l M e e t in g r e - e l ec t e d t h e c h a i r m a n , G ö r a n A n d o , a n d t h e vi c e c h a i r m a n , J e pp e C h r i s t ia n s e n . S e e n ov o n o r d is k . c o m / a b o u t _ us f o r a re p o r t o n t h e C h a i r m a n s hi p ’ s a c t iv it i e s . A U D I T C OMMI T T E E T h e f o u r m e m b e r s o f t h e A u d it C o mm i t t e e a re e l ec t e d b y t h e B o a r d o f D ir e c t o r s f r o m a m o n g i t s m e m b e r s . T h r e e m e m b e r s q ua l i f y a s in d e p e nd e n t a n d h a v e b e e n d e si g n a t e d a s f i n a n c ia l e x p e r t s a s d e f i n e d b y t h e US S e c u r it i e s a n d E x c h a n g e C o mm i s s io n ( S E C ) . U nd e r D a ni s h la w , t h r e e m e m b e r s q ua l i f y a s f i n a n c ia l e x p e r t s a n d a s

C O R P O R A T E G O V E R N A N C E C O D E S A N D P R A C T I C E S C O M P L IA N C E G O V ER N A N C E S T R U C T U R E A S S U R A N C E D an i s h a n d f o r e i g n l a w s a n d r e g u l a ti on s C o r po r a te g o v e rn a n c e s t a n da r d s N ovo No r d i s k W ay A u d it o f f i na n c i a l da t a a n d re v i e w o f s o c i a l a n d e n vi r on me n t a l da t a ( i n t e r n a l a n d e x t e r n a l ) F a c il i t a ti o n a n d o r g an i s a ti on a l a u d it ( i n t e r n a l ) Q u a l i t y a u d it a n d i n s p e c t i on s ( i n t e r n a l a n d e x t e rn a l ) B O A R D O F D I R E C T O R S S HA R E H O LD ERS E X E C U T I V E M A N A G E MEN T O R GA N I S A T ION * T h e C h a i r m a n s h i p i s d i r e c tl y e l e c t e d b y t h e a nnu a l g e n e r a l m e e t i n g . C H A I R M A N S H IP * N O MI N A T ION C O M M I T TE E A U D I T C O M M I T TE E A SS U R A N C E T h e c o m p a n y ’ s f i n a n c ia l re p o r t in g a n d t h e i n t e r n a l c o n t r o ls ov e r f i n a n c ia l re p o r t in g p r o c e ss e s a re au d i t e d b y a n in d e p e nd e n t au d it f i r m e l ec t e d a t t h e a nn ua l g e n e r a l m e e t i n g . A s p a r t o f N ovo N o r d is k ’ s c o mm it m e n t t o i t s so c ia l a n d e n v i r o n m e n t a l re s p o n si b il i t y , t h e c o m p a n y v o l u n t a r i l y in c l ud e s a n a s s u r a n c e re p o r t f o r so c ia l a n d e n v i r o n m e n t a l re p o r t in g in t h e a nn ua l re p o r t . T h e a s s u r a n c e p r o v i d e r re vi e w s wh e t h e r t h e so c ia l a n d e n v i r o n m e n t a l p e r f o r m a n c e i n f o r m a t io n c ov e r s a s p ec t s d e e m e d t o b e m a t e r ia l a n d v e r i f i e s t h e i n t e r n a l c o n t r o l p r o c e ss e s f o r t h e i n f o r m a t io n re p o r t e d . N ovo N o r d is k ’ s i n t e r n a l au d it f un c t io n p r o v i d e s in d e p e nd e n t a n d o b j ec t i v e a s s u r a n c e , p r im a r i l y w it hin i n t e r n a l c o n t r o l o f f i n a n c ia l p r o c e ss e s a n d bu s i n e s s e t h ic s . T o e n s u re t h a t t h e i n t e r n a l f i n a n c ia l au d it f un c t io n w o r k s in d e p e nd e n t l y o f E x e c u t i v e M a n a g e m e n t , i t s c h a r t e r , au d it p lan a n d bu d g e t a re a p p r ov e d b y t h e A u d it C o mm i t t e e . T h r e e o t h e r t y p e s o f a s s u r a n c e a c t iv i t y – q ua l i t y au d i t s , o r g a ni s a t io n a l au d i t s a n d va l u e s au d i t s , c a l l e d f a c il i t a t io n s – h e l p e n s u re t h a t t h e c o m p a n y a d h e re s t o hi g h q ua l i t y st a n d a r d s a n d o p e r a t e s i n a c c o r d - a n c e w it h t h e N ovo N o r d is k W a y . C O M P LIA N C E N ovo N o rd is k ’ s B s h a re s a re l i s t e d o n N a s d a q C o p e n h a g e n a n d o n t h e N e w Y o r k S t o c k E x c h a n g e ( N Y S E ) a s A m e r i c a n D e p o si t o r y R e c e i p t s ( A D R s ) . T h e a pp l i c a b l e c o r p o r a t e g ov e r n a n c e c o d e s f o r e a c h s t o c k e x c h a n g e a n d a re vi e w o f N ovo N o r d is k ’ s c o m p l ian c e a re a va i l ab l e a t n ov o n o rd is k . c o m / a b o u t _ u s . I n a c c o r d a n c e w it h s ec t io n 1 0 7 b o f t h e D a ni s h F i n a n c ia l S t a t e m e n t s A c t , N ovo N o r d is k d i s c lo s e s i t s m a n d a t o r y c o r p o r a t e g ov e r n - a n c e re p o r t a t n ov o n o r d is k . c o m / a b o u t _ u s / c o r p o r a t e _ g ov e r n a n c e / c o mp l i a n c e . a s p . N ovo N o r d is k a d h e re s t o a l l b u t t h e f o l l o w i n g r e c o m m e n d a t io n s : • T h e B o a rd o f D i r e c t o r s h a s n o t e st a b l is h e d a R e m u n e r a t io n C o mm i t t e e ( a s m e n t io n e d a b ov e a R e m u n e r a t io n C o mm i t t e e w il l b e e st a b l is h e d in 2 0 1 5 ) . • C u r re n t e m p l o y m e n t c o n t r a c t s f o r E x e c u t i v e M a n a g e m e n t a l l o w in s o m e i n st a n c e s f o r s e v e r a n c e p a y m e n t s o f m o re t h a n 2 4 m o n t h s ’ f i x e d b a s e s a la r y p l u s p e n s io n c o n t r i b u t io n . • T h e m a jo r i t y o f t h e N o mi n a t io n C o mm i t t e e ’ s m e m b e r s a re n o t in d e p e nd e n t . T w o m e m b e r s a re n o t in d e p e nd e n t , in c l u d i n g t h e C h a i r m a n , a n d t w o m e m b e r s a re in d e p e nd e n t . N ovo N o r d is k c o m p l i e s w it h t h e c o r p o r a t e g ov e r n a n c e st a n d a r d s o f N Y S E a pp l i c a b l e t o f o re i g n l i s t e d p r i va t e i s s u e r s . A s a c o n t r o l l e d c o m p a n y , N ovo N o r d is k is n o t o b l i g e d t o c o m p l y w it h a l l t h e st a n d a r d s e st a b l is h e d b y N Y S E . F u r t h e r m o r e , N ovo N o r d is k , a s a f o re i g n p r i va t e i s s u e r , is p e r m i t t e d t o f o l l o w h o m e c o u n t r y p r a c t i c e , w h i c h is t h e c a s e in re la t io n t o in d e p e nd e n c e re qu ire m e n t s , au d it c o mm i t t e e , e qu i t y c o m p e n s a t io n p la n s , c o d e o f bu s i n e s s c o n d u c t a n d e t h ic s , a n d C E O c e r ti f i c a t io n . A s u mm a r y o f t h e si g ni f i c a n t w a y s in w h i c h N ovo N o r d is k ’ s c o r p o r a t e g ov e r n a n c e p r a c t i c e s d i f f e r f r o m t h e N Y S E c o r p o r a t e g ov e r n a n c e l i s t in g st a n d a r d s c a n b e f o un d in t h e c o r p o r a t e g ov e r n a n c e re p o r t a t n ov o n o rd is k . c o m / a b o u t _ u s / c o r p o r a t e _ g ov e r n a n c e / c o m p l i a n c e . as p . N ovo N o r d is k is p a r t o f t h e N ovo G r o up a n d a d h e re s t o t h e C h a r t e r f o r C o m p a n i e s in t h e N ovo G r o u p , w h i c h is a va i l ab l e a t n ov o . d k . H o w e v e r , a l l s t r a t e g i c a n d o p e r a t io n a l m a t t e r s a re s ol e l y d e ci d e d b y t h e B o a r d o f D ir e c t o r s a n d E x e c u t i v e M a n a g e m e n t o f N ovo N o r d is k . R e a d m o re a b o u t t h e N ovo G r o up o n p 4 4 .

49 R E M U N E R A T ION B O AR D O F DIR E C T ORS I N 2 0 1 4 , T H E B A S E F E E F O R M EMB E R S O F T H E B O A R D O F D I RE C T O R S W A S D K K 5 0 0 , 00 0 ( D K K 5 0 0 , 00 0 I N 2 0 1 3 ) 2 0 1 4 2 0 13 F e e f o r a d ho c t a s k s F e e f o r a d ho c t a s k s 5 1 . J e pp e C h ri s t i a n s e n w a s fi r s t e l e c t e d a t t h e A n n u a l G e n e r a l M e e t i n g i n M a r ch 2 0 1 3 . H e l g e L un d a n d L i s e l o t te H y v e l e d w e r e fi r s t e l e c t e d i n M a r ch 2 0 1 4 . 2 . S t e n S c h e i b y e a n d K u r t A n k e r N i e l s e n r e s i g n e d a s o f M a r ch 2 0 1 3 . H e n ri k G ü r tl e r a n d U lri k H j u l m a n d - L a s s e n r e s i g n e d a s o f M a r ch 2 0 1 4 . 3 . N o v o No r d i s k p r o v i d e s s e c r et a ri a l a s s i st a n c e t o t h e c h a ir m an i n D e n m a r k a n d t h e U K . 4 . A s G ö r an A n d o a l s o ho l d s t h e po s i ti o n o f c h a ir m an o f t h e B o a r d, h e h a s n o t r ece i v e d a f e e a s c h a ir m an o f t h e Nom i n a ti o n C omm i t t e e . 5 . E x c l ud i n g s o c i a l s e c u ri t y t a xe s p a i d b y N o v o No r d i s k a m oun t i n g t o l e s s t h an D K K 1 m ill i o n ( l e s s t h an D K K 1 m ill i o n i n 2 0 1 3 ) . FI X E D B A S E S A L A R Y T h e f i x e d b a s e s a la r y is i n t e nd e d t o a t t r a c t a n d re t a in e x e c u t i v e s w it h t h e p r o f e s s io n a l a n d p e r s o n a l c o m p e t e n c e s re qu ire d t o d r i v e t h e c o m p a n y ’ s p e r f o r m a n c e . C O N T I N U E D T h e lo n g - t e r m s h a r e - b a s e d in c e n t i v e p r o - g r a m m e f o r E x e c u t i v e M a n a g e m e n t h a s , u n t i l n o w , b e e n b a s e d o n a c a l c ula t io n o f e c o n o m i c va l u e c re a t io n c o m p a re d w it h p la n n e d p e r f o r m a n c e a n d a d j u s t e d i f c e r t a in n o n - f i n a n c ia l t a r g e t s w e re n o t m e t . A s t h e s a l e s g r o w t h t o a la r g e e x t e n t d r i v e s t h e f i n a n c ia l d e v e lo p m e n t o f t h e c o m p a n y a n d h e n c e s h a re h o l d e r re t u r n , a n e w a d j u s t m e n t f a c t o r w a s i n t r o d u c e d in 2 0 1 4 . R e m u n e r a t io n o f t h e B o a r d o f D ir e c t o r s a n d E x e c u t i v e M a n a g e m e n t is a ss e ss e d o n a n a nn ua l b a sis a g a i n s t a b e n c h m a r k o f N o r d i c c o m p a n i e s a s w e l l a s E u r o p e a n p h a r m a - c e u t i c a l c o m p a n i e s t h a t a re s im i la r t o N ovo N o r d is k in s i z e , c o m p l e x i t y a n d m a r k e t c a p i t a l i s a t io n . T h e re s u l t s a re p re s e n t e d t o t h e B o a r d o f D ir e c t o r s b y t h e C h a i r m a n a t i t s O c t o b e r m e e t in g . T h e c o m p a n y s t r i v e s f o r s i m p l i ci t y wh e n d e v is in g t h e re m u n e r a t io n p a c k a g e , a n d i t s re m u n e r a t io n p r in ci p l e s p r o v i d e g u id a n ce f o r t h e r em u n er a t io n o f t h e B o a r d o f D ir e c t o r s a n d E x e c u t i v e M a n - a g e m e n t . T h e s e p r in ci p l e s a re a va i l ab l e a t no v ono r d is k . c o m / a b o u t _ u s / c or p or a t e _ g ov e r n a n c e / r em u n er a t io n . as p . B O A R D O F D I R E C T O R S ’ R E M U N E R A T I O N T h e re m u n e r a t io n o f N ovo N o r d is k ’ s B o a r d o f D ir e c t o r s c o m p r i s e s a f i x e d b a s e f e e , a m u lti p l i e r o f t h e f i x e d b a s e f e e f o r t h e C h a i r m a n s hi p a n d m e m b e r s o f t h e c o m p an y ’ s A u di t C o m mi t t e e an d N o m i n a - t io n C o mm i t t e e , f e e s f o r a d h o c t a s k s a n d a t r a v e l a l l o w a n c e . A t t h e D e c e m b e r m e e t i n g , t h e B o a r d o f D ir e c t o r s a g r e e s o n r e c o m - m e n d a t io n s f o r re m u n e r a t io n l e v e ls f o r t h e n e x t f i n a n c ia l y e a r . I n c o n n e c t io n w it h t h e a p p r o va l o f t h e a nn ua l re p o r t , t h e B o a r d o f D ir e c t o r s e n d o r s e s t h e a c t ua l re m u n e r a t io n f o r t h e p a s t f i n a n c ia l y e a r a n d t h e r e c o m - m e n d a t io n o n re m u n e r a t io n l e v e ls f o r t h e c u r re n t f i n a n c ia l y e a r . T h e s e a re t h e n p re s e n t e d t o t h e a nn ua l g e n e r a l m e e t i n g f o r a p p r ov a l . T R A V E L A N D O T H ER E X P E N S E S A l l b o a r d m e m b e r s wh o re si d e o u t si d e D e n m a r k a re p a i d a f i x e d t r a v e l a l l o w a n c e p e r b o a r d m e e t in g : 3 , 00 0 e u r o s f o r E u r o p e - b a s e d b o a r d m e m b e r s a n d 6 , 00 0 e u r o s f o r b o a r d m e m b e r s b a s e d o u t si d e E u r o p e . O t h e r w i s e , n o t r a v e l a l l o w a n c e is p a i d t o b o a r d m e m b e r s wh e n a t t e n d in g b o a r d m e e t in g s o u t si d e D e n m a r k . E x p e n s e s s u c h a s t r a v e l a n d a c c o m m o d a t io n in re la t io n t o b o a r d m e e t in g s a s w e l l a s t h o s e a sso c ia t e d w it h c o n t i n u in g e d u c a t io n a re re i m bu r s e d . N ovo N o r d is k a l s o p a y s so c ia l s e c u r i t y t a x e s i m p o s e d b y f o re i g n a u t h o r it i e s . V A R I A B L E R E MUN E R AT I O N B o a r d m e m b e r s a re n o t o f f e re d s t o c k o pt io n s , w a r r a n t s , re s t r i c t e d s t o c k o r p a r t i - ci p a t io n in o t h e r in c e n t i v e s c h e m e s . E X E C UTI VE M A N A G E M E N T ’S R E MUN E R AT I O N T h e re m u n e r a t io n o f N ovo N o r d is k ’ s E x e c u t i v e M a n a g e m e n t is p r o p o s e d b y t h e C h a i r m a n s hi p a n d a p p r ov e d b y t h e B o a r d o f D ir e c t o r s . R e m u n e r a t io n p a c k a g e s f o r e x e c - u t i v e s c o m p r i s e a f i x e d b a s e s a la r y , a c a s h - b a s e d i n c e n t i ve , a s h a r e - b a s e d i n c e n t i ve , a p e n s io n c o n tr i b u t io n a n d o t h er b e n e f i t s . T h e s p l it b e t w e e n f i x e d a n d va r i ab l e re m u n - e r a t io n is i n t e nd e d t o re s u lt in a re a s o n a b l e p a r t o f t h e s a la r y b ein g l in k e d t o p e r f o r m - a n c e , w h il e p r o m o t in g s o un d , lo n g - t e r m bu s i n e s s d e cis io n s t o m e e t t h e c o m p a n y ’ s o b j ec t i v e s . A l l in c e n t i v e s a re s ub j ec t t o c la w - b a c k i f it is s u b s e q u e n t l y d e t e r mi n e d t h a t p a y m e n t w a s b a s e d o n i n f o r m a t io n t h a t w a s m a ni f e s t l y m i sst a t e d . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4 F i x e d D K K mill io n b a s e f e e an d c o m - mi t t e e w or k T r av e l al l owan ce T o t a l F i x e d b a s e f e e an d c o m - mi t t e e w or k T r av e l al l owan ce T o t a l G ö r a n A n d o 3, 4 ( ch a i r m a n of th e Bo a rd an d 1 .6 1 . 4 – 0 . 1 1 .5 of th e N om ina tio n C ommi t t e e ) 1 .5 – 0 . 1 J e p p e C h r i s t i a n s e n 1 ( v i ce ch a i r m a n of th e Bo a r d ) 1 .0 – – 1 .0 0 . 8 – – 0 . 8 Ha nnu R y ö p p öne n ( ch a i r m a n of th e A udi t C ommi t t e e ) 0.5 0.5 0 . 1 1 . 1 0.5 0.5 0 . 1 1 . 1 L iz H e w i t t ( m em b e r of th e A udi t C ommi t t e e an d th e N om ina tio n C ommi t t e e ) 0.5 0 . 4 0 . 1 1 .0 0.5 0 . 3 0 . 1 0 . 9 H el g e L u n d 1 ( m em b e r of th e A udi t C ommi t t e e ) 0 . 4 0 . 2 0 . 1 0 . 7 – – – – S ti g S t r ø bæ k ( m em b e r of th e A udi t C ommi t t e e ) 0.5 0 . 3 – 0 . 8 0.5 0 . 2 – 0 . 7 Br u n o A n g e l i ci ( m em b e r of th e N om ina tio n C ommi t t e e ) 0.5 0 . 1 0 . 1 0 . 7 0.5 0 . 1 0 . 1 0 . 7 L i s el o t te H y v e le d 1 0 . 4 – – 0 . 4 – – – – T ho m a s Paul K o e s t l e r 0.5 – 0 . 3 0 . 8 0.5 – 0 . 3 0 . 8 A n n e M ar i e K v erne l an d 0.5 0.0 – 0.5 0.5 0 . 1 – 0.6 Sø r e n T h u es e n P ed e r s e n ( m em b e r of th e N om ina tio n C ommi t t e e ) 0.5 0 . 1 – 0.6 0.5 – – 0.5 H e n r ik G ü r t l e r 2 0 . 1 – – 0 . 1 0.5 – – 0.5 U l r ik H julm an d - L a ss en 2 0 . 1 – – 0 . 1 0.5 – – 0.5 S t e n S c hei by e 2 – – – – 0 . 4 – – 0 . 4 K u r t A n k e r Ni e l s en 2 – – – – 0 . 1 0 . 1 – 0 . 2 T o t a l 7 .0 1 .6 0 . 8 9 . 4 5 7 . 2 1 . 3 0 . 7 9 . 2

C A S H - B A S E D I N C E N T I V E T h e c a s h - b a s e d in c e n t i v e is d e si g n e d t o in c e n t iv i s e i n d iv i d ua l p e r f o r m a n c e a n d t h e a c h ie v e m e n t o f a n u m b e r o f p re d e f i n e d s h o r t - t e r m f un c t io n a l a n d in d iv i d ua l bu s i - n e s s t a r g e t s l in k e d t o g o a ls in t h e c o m p a n y ’ s B a lan c e d S c o r e c a r d . S h o r t - t e r m t a r g e t s f o r t h e c h ie f e x e c u t i v e o f f i c e r a re s e t b y t h e C h a i r m a n o f t h e B o a r d o f D ir e c t o r s , w h il e t h e t a r g e t s f o r t h e o t h e r m e m b e r s o f E x e c u t i v e M a n a g e m e n t a re s e t b y t h e C E O . T h e C h a i r m a n s hi p e va l ua t e s t h e d e g r e e o f a c h ie v e m e n t f o r e a c h m e m b e r o f E x e c u t i v e M a n a g e m e n t b a s e d o n in p u t f r o m t h e C E O . I n M a r c h 2 0 1 4 , t h e B o a r d o f D ir e c t o r s d e t e r mi n e d t h a t t h e 2 0 1 4 m a x im u m b o n u s w o u l d b e up t o 1 2 m o n t h s ’ f i x e d b a s e s a la r y p l u s p e n s io n c o n t r i b u t io n f o r t h e C E O a n d up t o ni n e m o n t h s ’ f i x e d b a s e s a la r y p l u s p e n s io n c o n t r i b u t io n f o r t h e re m a in i n g f i v e m e m b e r s o f E x e c u t i v e M a n a g e m e n t . S H A R E - B A S E D I N C E N T I V E S T h e lo n g - t e r m s h a r e - b a s e d in c e n t i v e p r o - g r a m m e is d e si g n e d t o p r o m ot e t h e c o l l ec t i v e p e r f o r m a n c e o f E x e c u t i v e M a n - a g e m e n t a n d a l i g n t h e i n t e re s t s o f e x e c u t i v e s a n d s h a re h o l d e r s . S h a r e - b a s e d in c e n t i v e s a re l in k e d t o b o t h f i n a n c ia l a n d n o n - f i n a n c ia l t a r g e t s . T h e lo n g - t e r m in c e n t i v e p r o g r a m m e is b a s e d o n a c a l c ula t io n o f e c o n o m i c va l u e c re a t io n c o m p a re d w it h p la n n e d p e r f o r m - a n c e . I n l i n e w it h N ovo N o r d is k ’ s lo n g - t e r m f i n a n c ia l t a r g e t s , t h e c a l c ula t io n o f e c o n o m i c va l u e c re a t io n is b a s e d o n re p o r t e d o p e r a t in g p r o f it a f t e r t a x re d u c e d b y a w e i g h t e d a v e r a g e c o s t o f c a p i t a l - b a s e d re t u r n re qu ire m e n t o n a v e r a g e i n v e s t e d c a p i t a l . G i v e n t h a t t h e s a l e s g r o w t h t o a la r g e e x t e n t d r i v e s t h e f i n a n c ia l d e v e lo p m e n t o f t h e c o m p a n y a n d h e n c e e c o n o m i c va l u e c re a - t io n , a n e w a d j u s t m e n t f a c t o r w a s i n t r o - d u c e d in 2 0 1 4 re la t e d t o t hi s . T h e c a l c ula t e d e c o n o m i c va l u e c re a t io n is f u r t h e r a d j u s t e d i f c e r t a i n n o n - f i n a n c ia l t a r g e t s a re n o t m e t . N o n - f i n a n c ia l t a r g e t s a re d e t e r mi n e d o n t h e b a sis o f a n a ss e s s m e n t o f t h e o b j ec t i v e s re g a r d e d a s p a r t i c ula r l y i m p o r t a n t f o r t h e f u l f i l m e n t o f t h e c o m p a n y ’ s lo n g - t e r m p e r f o r m a n c e . B e si d e s f i n a n c ia l a n d s a l e s g r o w t h t a r g e t s , t h e 2 0 1 4 t a r g e t s c o n si s t e d o f 1 6 t a r g e t s l in k e d t o t h e c o m p a n y ’ s B a lan c e d S c o r e c a r d w it hin t h e c a t e g o r i e s o f re s e a r c h a n d d e v e lo p m e n t , q ua l i t y , p a t i e n t s , e m p l oy e e s , e n v i r o n m e n t a n d re p u t a t io n . T a r g e t s w it hin re s e a r c h a n d d e v e lo p m e n t w e re re la t e d t o s p e ci f i c m i l e s t o n e s s u c h a s e x e c u t io n o f t r ia ls , p r o d u c t a p p r o va ls a n d p r o d u c t laun c h e s . B oa r d of E x e c ut i v e Com me nt s r e l a t i ng B a s e d o n t h e s e p r in ci p l e s , a p r o p o r t io n o f t h e c a l c ula t e d e c o n o m i c va l u e c re a t io n is a l l oc a t e d t o a jo i n t p o o l f o r t h e p a r t i ci p a n t s , wh o in c l ud e E x e c u t i v e M a n a g e m e n t a n d o t h er m e m b e r s o f t h e S en io r M a n a g e m e n t B o a r d . I n M a r c h 2 0 1 4 , t h e B o a r d o f D ir e c t o r s d e t e r mi n e d t h a t t h e 2 0 1 4 m a x imum f o r E x e c u t i v e M a n a g e m e n t w o u l d b e 1 2 m o n t h s f o r t h e C E O a n d ni n e m o n t h s f o r t h e o t h e r m e m b e r s o f E x e c u t i v e M a n a g e m e n t . I f t h e t a r g e t s a re m e t f o r e c o n o m i c va l u e c re a t io n a n d s a l e s g r o w t h , a n d a t l e a s t 8 5 % p e r f o r m a n c e is re a c h e d f o r n o n - f i n a n c ia l t a r g e t s , t h e a l l oc a t io n t o t h e jo i n t p o o l w o u l d c o r re s p o n d t o s i x m o n t h s ’ b a s e s a la r y p l u s p e n s io n c o n t r i b u t io n f o r t h e C E O a n d f o u r a n d a h a l f m o n t h s ’ b a s e s a la r y p l u s p e n s io n c o n tr i b u t io n f o r t h e o t h er m e m b e r s o f E x e c u t i v e M a n a g e m e n t . F u r t h e r i n f o r m a - t io n o n N ovo N o r d is k ’ s s h a r e - b a s e d i n c e n t - i v e s i s a v a i l a b l e a t n ov o n o r d is k . c o m / a b o u t _ u s . P E N S I O N P e n s io n c o n t r i bu tio n s a r e p a i d t o e n a b l e e x e c u ti v e s t o b u i l d u p a n i n c o m e f o r re t i re m e n t . O T H E R B E N E F I T S O t h e r b e n e f i t s a re a d d e d t o e n s u re t h a t ov e r a l l re m u n e r a t io n is c o m p e tit i v e a n d a l i g n e d w it h l oc a l p r a c t i c e . S u c h b e n e f i t s a re a p p r ov e d b y t h e B o a r d o f D ir e c t o r s v ia d e l e g a t io n o f p o w e r s t o t h e C h a i r m a n s hi p . I n a d d it io n , e x e c u t i v e s m a y p a r t i ci p a t e in e m p l oy e e b e n e f it p r o g r a m m e s s uc h as e m p l oy e e s h a re pu r c h a s e p r o g r a m m e s . S E V E R A N C E P A Y M E N T N ov o N o r d is k m a y t e r min a t e e m p l o y m e n t b y g i v i n g e x e c u ti v e s 1 2 m o n t h s ’ n o ti c e . E x e c u ti v e s m a y t e r m i n a t e t h e i r e m p l o y m e n t b y g i v in g N ov o N o r d is k s i x m o n t h s ’ n o ti c e . I n a d d itio n t o t h e n o ti c e p e r i o d , e x e c u ti v e s a re e n titl e d t o a s e v e r a n c e p a y m e n t . C u r r e n t em p l o y m e nt c o n t r a ct s a l lo w s e v er a n c e p a y m e n t s o f u p t o 3 6 m o n t h s ’ f i x e d b a s e s a l a r y p l u s p e n sio n c o n t r i bu tio n i n t h e e v e n t o f a m e r g e r , a c q u i sitio n o r t a k e ov e r o f N ov o N o r d i s k . I f an e x e c u t i v e ’s e m p l o y m e n t i s t e r m in a t e d b y N ov o N o r d i s k f o r o t h e r re a s o n s , t h e s e v e r a n c e p a y m e n t i s t h r e e m o n t h s ’ f i x e d b a s e s a l a r y p l u s p e n sio n c o n t r i bu tio n p e r y e a r o f e m p l o y m e n t a s an e x e c u t i v e , t a k i n g i n t o a cc o u n t p re v io u s e m p l o y m e n t hi s t o r y . I n n o e v e n t w il l t h e s e v e r a n c e p a y m e n t b e l e s s t h an 1 2 m o n t h s ’ o r m o r e t h an 3 6 m o n t h s ’ f i x e d b a s e s a l a r y p l u s p e n sio n c o n t r i bu tio n . T h e e x i s t in g e m p l o y m e n t c o n t r a c t s w il l n o t b e c h a n g e d . F o r t h e t w o e x e c u ti v e s w h o jo i n e d E x e c u ti v e M a n a g e m e n t i n 2 0 1 3 a n d f o r a l l f u t u r e e m p l o y m e n t c o n t r a c t s f o r e x e c u ti v e s , t h e s e v e r a n c e p a y m e n t w il l b e n o m o r e t h a n 2 4 m o n t h s ’ f i x e d b a s e s a la r y p l u s p e n s io n c o n t r i bu tio n , w h i c h w il l b r in g N ov o N o r d is k i n t o a li g n m e n t w it h t h e D a ni s h C o r p o r a t e G ov e r n a n c e R e c o m m e n d a tio n s i n t h e lo n g t e r m . C O M P O S I T I O N O F E X E C U T I V E R E M U N E R A T I ON 2 0 1 4 O N - T A R GE T P ER F O R M AN C E F i x e d b a se s a l a r y  C a s h b o nu s  S h a r e - b a s e d i n c e n t i v e  P e ns io ns C EO 0 B e n ef it s 10 20 30 40 50 60 70 80 9 0 1 0 0 % O t h e r me m b er s o f E xe c u t i v e M ana g eme n t * T h e i n t e r v a l 2 5 – 5 0 % st a t e s t h e s p a n b e t w e e n ‘ m a x i m um p e r f o r m a n c e ’ a n d ‘ o n - t a r g e t p e r f o r m a n c e ’ . R E M U N E R A T IO N P A C K A G E C O M PON E NT S R e mun e r a t ion D i r e ct o r s Mana g eme n t t o E x e c ut i v e Mana g e m e n t F i x e d f e e / b a se s a l a r y A cc o u n t s f o r a p p r o x i m a t e l y 2 5 – 5 0 % o f t h e to t a l v a l u e o f t h e r e m u n e r a t i o n p a c k a g e * F e e f o r c o mm i t t e e w o r k F e e f o r a d h o c t a s k s C a s h b o n u s U p to 6 – 1 2 m o n t h s ’ f i x e d b a se s a l a r y + p e n s i o n p e r y e a r S h a r e - b a s e d i n c e n t i v e U p to 9 – 1 2 m o n t h s ’ f i x e d b a se s a l a r y + p e n s i o n c o n tr i bu t i o n p er y e a r P e ns i o ns 2 5 – 3 0 % o f f i x e d b a se s a l a r y a n d c a s h - b a s e d i n c e n t i v e T r a v e l a l l ow an c e an d o th er e x p e n s e s E x e c u ti v e M a n a g e m e n t r e c e i v e s a m i n o r t r a v e l a l lo w a n c e e qu a l t o t h a t o f a l l o t h e r D e n m a r k - ba s e d e mpl oy e e s B enefi t s N o n - m o n et a r y b e n e f i t s s u c h a s c o m p a ny c a r a n d p ho n e S e v er a n c e p a y m e n t U p to 2 4 m o n t h s ’ f i x e d b a se s a l a r y + p e n s i o n. T h e e m p l o y m e n t c o n t r a ct s e n t e r e d i n to b e f o r e 2 0 0 8 e x c ee d t h e 2 4 - m o n t h li m i t , t h o u g h w ill n ot e x c ee d 3 6 m o n t h s ’ f i x e d b a se s a l a r y p l u s p e n s i o n c o n tr i bu t i o n

51 S A L E S BE L O W I N C E N T I V E T A R G E T R E D U C E S H A R E A L L O C A T I O N FO R 2 0 1 4 W hi l e N ov o N o r d is k e x c ee d e d t h e p lan n e d t a r g e t f o r e c o n o m i c va l u e c re a tio n i n 2 0 1 4 , t h e c o m p a n y d i d n o t m e e t i t s s a l e s g r o w t h o b j ec ti v e e s t a b lis h e d f o r t h e s h a r e - b a s e d lo n g - t e r m i n c e n ti v e p r o g r a m m e . T h e s a l e s g r o w t h i n l oc a l c u r re n c i e s w a s re a li s e d a t 8 . 3 % v e r s u s a n i n c e n ti v e t a r g e t o f 1 0 . 0 % . A s a c o n s e q u e n c e , t h e a l l oc a tio n o f s h a r e s u n d e r t h e lo n g - t e r m i n c e n ti v e p r o g r a m m e h a s b e e n r e d u c e d t o re f l ec t t h e l o w e r s a l e s p e r f o r m a n c e . T h e p e r f o r m a n c e f o r n o n - f in a n c ia l t a r g et s i n 2 0 1 4 d i d m e e t t h e p r e d e f i n e d t a r g et s a n d h e n c e n o f u r t h e r r e d u c tio n i n a l l oc a tio n h a s b e e n a pp l i e d . R E MUN E R A TIO N O F E X E C UTIVE MAN A G E M E N T AN D O T H E R M E M B E RS OF THE S E N I OR MAN A G E M E NT B O ARD 2 0 1 4 2 0 13 F i x e d S h a r e - F i x e d S h a r e - 1 . F o l l o w i n g a c h a n g e i n t h e d i s t r i bu t io n o f r e s p o n si b ilit i e s am o n g t h e m e mb e r s o f E x e c u t i v e M a n a g e m e n t , i t h a s b e e n d e ci d e d to r edu c e the n u m b er o f e x e c utive p osition s f r o m s e v e n to s i x . I n t h i s c o n n ec t io n EV P L i se K i n g o h a s d e ci d e d to l e a v e N ov o N o r d is k a s o f N ov e mb e r 2 0 1 4 . T h e 2 0 1 4 r e m u n e r a t io n f o r L i se K i n g o i s i n cl u d e d i n t h e a b ov e t a b l e , wh e r a s s e ve ran c e p a y m e n t s o f D K K 32 . 2 mill i o n ar e n o t in clu d e d . 2 . T h e t o t a l r e m u n e r a t io n f o r 2 0 1 4 i n cl u d e s r e m u n e r a t io n to 3 1 s e n io r vi c e p r e si d e n t s ( 3 3 i n 2 0 1 3 ) , n o n e o f wh o m h a v e r e ti r e d o r l e f t t h e c o mp a n y ( fi v e i n 2 0 1 3 ) . 3 . T h e jo i n t p o o l o f s h a r e s i s l o c k e d u p f o r t h r e e y e a r s b e f o r e i t i s t r a n s f e r r e d to t h e p a r t i ci p a n t s e mp l oy e d a t t h e e n d o f t h e t h r e e - y e a r p e r io d . T h e v a l u e i s t h e c a s h am o u nt o f t h e s h a r e b o n u s g r a n t e d i n t h e y e a r u si n g t h e g r a n t - d a t e m a r k e t v a l u e o f N ov o N o r d is k B s h a r e s . B a s e d o n t h e s p li t o f p a r t i ci p a n t s a t t h e e st a b lis h m e n t o f t h e jo i n t p o o l , a p p r o x i m a t e l y 4 0 % o f t h e p o o l w il l b e a l l o c a t e d to t h e m e mb e r s o f E x e c u t i v e M a n a g e m ent a n d 6 0 % to ot h e r m e mb e r s o f t h e S e n io r M a n a g e m e n t B o a r d ( 2 0 1 3 : 4 0 % a n d 6 0 % r e s p ec t i v e l y ) . I n t h e l o c k - u p p e r io d , t h e jo i n t p o o l m a y p ot e n ti a l l y b e r e d u c e d i n the eve n t o f lowe r - th a n - p lan n e d val u e c r e a t io n i n s ub s e q u e n t y e a r s . 4 . I n cl u d i n g s o ci a l s e c u r i t y t a x e s p a i d am o un ti n g t o D K K 2 . 7 m ill io n ( D K K 2 . 0 m ill io n i n 2 0 1 3 ) . M AN A G E M E N T ’ S L O N G - T E R M I N C E NTIVE P R O G R A MM E T h e shar e s al l o c a t e d t o the j o i n t p o o l f o r 2 0 1 1 ( 4 4 8 , 5 6 0 shar e s ) w e r e r e l e a s e d t o t h e i n d iv i d u a l p a r ti ci p a n t s s ub s e q u e n t t o t h e a p p r ov a l o f t h e A nnu a l R e p o r t 2 0 1 4 b y t h e B o a r d o f D i r e c t o r s and the announ c e m e n t o n 3 0 Janua r y 2 0 1 5 of the full - y ear fin a n ci a l r e s u l t s f o r 2 0 1 4 . B a s e d o n t h e s h a r e p r i c e a t t h e e n d of 2 0 1 4 , the val u e of the re l e a s e d shar e s is as f o l l o w s : 1 . T h e m a r k e t v a l u e o f t h e s h a r e s r e l e a s e d i n 2 0 1 5 i s b a s e d o n t h e N ov o N o r d is k B s h a r e p r i c e o f D K K 2 6 0 . 3 0 a t t h e e n d o f 2 0 1 4 . 2 . I n a d d it io n, 1 0 7 , 1 8 0 s h a r e s ( m a r k e t v a l u e : D K K 2 7 . 9 m ill io n ) w e r e r e l e a s e d t o r e ti r e d E x e c u t i v e M a n a g e m e n t a n d S e n io r M a n a g e m e n t B o a r d m e mb e r s . L a r s R e b i e n S ø r e n s e n s e r v e s a s a m e mb e r o f t h e S u p e r v i so r y B o a r d o f B e r t e ls m a n n AG , f r o m w h i c h h e r e c e i v e d r e m u n e r a t io n o f E U R 1 1 7 , 00 0 i n 2 0 1 4 ( E U R 1 2 2 , 00 0 i n 2 0 1 3 ) a n d a s a b o a r d m e mb e r o f T h e r m o F is h e r S ci e n t i fi c I n c , f r o m w h i c h h e r e c e i v e d r e m u n e r a t io n o f U S D 2 9 9 , 0 6 3 i n 2 0 1 4 (U S D 3 1 4 , 7 8 6 i n 2 0 1 3 ) . J e s p e r B r a n d g aa r d s e r v e s a s c h a i r m a n o f t h e B o a r d o f D i r ec t o r s o f S i m C o r p A / S, f r o m w h i c h h e r e c e i v e d r e m u n e r a t io n o f D K K 9 1 3 , 5 0 0 i n 2 0 1 4 ( D K K 8 7 1 , 06 8 i n 2 0 1 3 ) . K å r e S c h u l t z s e r v e s a s a b o a r d m e mb e r o f L E G O A / S, f r o m w h i c h h e r e c e i v e d r e m u n e r a t io n o f D K K 4 0 0 , 00 0 i n 2 0 1 4 ( D K K 3 5 0 , 00 0 i n 2 0 1 3 ) . K å r e S c h u l t z a l s o s e r v e s a s c h a i r m a n o f t h e B o a r d o f D i r ec t o r s o f R oy a l U n i b r e w A / S, f r o m w h i c h h e r e c e i v e d r e m u n e r a t io n o f D K K 6 2 5 , 00 0 i n 2 0 1 4 ( D K K 6 2 5 , 00 0 i n 2 0 1 3 ) . M a d s K r o g s g aa r d T h o m s e n s e r v e s a s a b o ar d m e m b er o f the U n i v e r si t y of C o p e nha g e n, f r o m w h i c h h e r e c e i v e d re m u n e r at io n of D K K 8 1 , 2 0 0 in 2 0 1 4 ( D K K 4 0 , 5 0 0 in 2 0 1 3 ) . J a k o b R ii s s e r v e s a s a b o a r d m e mb e r o f A L K - A b e l l ó A / S, f r o m w h i c h h e r e c e i v e d r e m u n e r a t io n o f D K K 3 7 5 , 00 0 i n 2 0 1 4 ( D K K 3 7 5 , 00 0 i n 2 0 1 3 ) . D K K mill io n ba s e s ala r y C ash bo n u s P ens ion B e nefi t s ba se d in c e n t i v e T o t a l ba s e s ala r y C ash bo n u s P ens ion B e nefi t s ba se d in c e n t i v e T o t a l Executive Management 2 5 . 2 1 0 . 1 5 . 1 3 . 8 0 . 3 – 1 9 . 3 L a r s R e b i e n Sø r e n s e n 1 0 . 4 9 .5 5.0 0 . 3 – J e s p e r B r andg a a rd 5 . 8 3 . 9 2 .5 0 . 3 – 1 2 .5 5 . 7 2 . 4 2 .0 0 . 3 – 1 0 . 4 L a r s F rue r g a a rd Jø r g e n s e n 4 . 4 2 . 2 1 .6 0 . 3 – 8 .5 4 . 1 1 . 4 1 . 4 0 . 3 – 7 . 2 L i s e K i n g o 1 4. 8 2 .0 1 . 7 0 . 3 – 8 . 8 5 . 1 1 . 9 1 . 8 0 . 3 – 9 . 1 Ja k o b R iis 4 . 4 1 . 8 1 .5 0 . 3 – 8 .0 4 . 1 1 . 4 1 . 4 0 . 3 – 7 . 2 K å re S chu l t z 7 . 3 4 . 3 3 . 1 0 . 3 – 1 5.0 6 . 3 2 . 7 2 . 4 0 . 3 – 1 1 . 7 M ad s K r o gsg a a rd T hom s e n 5 . 8 3 . 9 2 .5 0 . 3 – 1 2 .5 5 . 7 2 . 4 2 .0 0 . 3 – 1 0 . 4 E x e c ut i ve M a n a g e m e nt in to t a l 4 2. 9 2 7 .6 1 7 . 9 2 . 1 – 9 0.5 4 1 . 1 1 7 . 3 1 4. 8 2 . 1 – 7 5 . 3 O the r m em b e r s of th e S e n io r M a n a g e m e nt Bo a rd in to t al 2 8 3 . 3 4 2 8 . 7 2 1 . 9 2 1 .6 – 1 5 5.5 8 2 . 7 4 32 . 3 2 5.5 1 4 . 4 – 1 5 4 . 9 Shar e all oc a tio n 3 66 . 2 66 . 2 5 1 .5 5 1 .5 V a l u e a s at 3 1 De c em b e r 2 0 1 4 of s h a r e s r e l ea se d o n 3 0 Ja nu a r y 2 0 1 5 N um b e r o f shar e s M ar k e t val u e 1 ( D K K mill io n ) Executive Management L a r s Rebie n Sø r e n s en 3 7 , 5 1 5 9 . 7 J e s p e r B r andg a a rd 2 5 , 0 1 0 6 .5 L a r s F rue rgaard J ø r g en s e n 1 2 , 50 5 3 . 3 Ja k o b R iis 1 2 , 50 5 3 . 3 K å re S chu l t z 2 5 , 0 1 0 6 .5 M ad s K r o gsg a a rd T hom s e n 2 5 , 0 1 0 6 .5 E x e c ut i ve M a n a g e m e nt in to t al 2 1 3 7 , 55 5 3 5 . 8 O the r m em b e r s of th e S e n io r M a n a g e m e nt Bo a rd in to t a l 2 203 , 8 2 5 5 3 . 1

E x e c u t i v e w it h V a t e r a H o l d i n g s L LC , U S . M e mb e r o f t h e B o a r d o f N ovo N o r d i s k A / S s i n c e 2 0 1 1 . M a n a g e m e n t du ti e s : M e li n t a T h er a p euti c s I n c . , U S ( c h a i r ) . M e mb e r o f t h e b o a r d s o f M o m e n t a P h a r m a c euti c a ls I n c . , I m m u s a n T I n c . , A r i s aph P h a r m a c e u ti c a l s I n c . a n d E d g e m o n t P h a r m a - c e uti c a l s L LC , a ll i n t h e U S . Sp e c ia l c o m p e t e n c e s : E x t e n s i v e R & D k n o w l e d g e , b o t h g e n e r a l ly a n d w i t h i n t h e fi e l d o f r e g u l a t o r y a f f ai r s . Sign i fi c an t k n o w - h o w a b o u t t h e p h a r m a - c e u ti c a l i n d u s t r y i n g e n e r a l an d h o w lar g e i n t er n a tio n a l c o r p o r a tio n s o p e r a t e . A d d i tio n a l k n o w l e d g e o f t h e U S m a r k e t . Ed u c a t io n : P h D i n M e d i ci n e & P a t h o l o g y ( 1 9 8 2 ) f r o m t h e R o s w e ll P a r k M e m o r i a l I n s ti t u t e a n d B S c i n B i o l o g y ( 1 97 5 ) f r o m D a e m e n C o l l e g e , b o t h i n t h e U S . Th om a s P a u l K oe s t l e r B O A R D OF D I R E C T O R S F o r m e r l y G r o u p D i r e c t o r C o r p o r a t e A f fa i r s o f S m it h & N e ph e w p lc , U K (r e t i r e d ) . M e mb e r o f t h e B o a r d o f N ovo N o r d i s k A / S s i n c e 2 0 1 2 , a n d m e mb e r o f t h e A u d i t C o mm i t t e e s i n c e 2 0 1 2 a n d o f t h e N o m i n a tio n C o mm i t t e e s i n c e 2 0 1 3 . M a n a g e m e n t du ti e s : M e mb e r o f t h e b o a r d s o f M e l r ose I n d u s t r i e s p l c a n d S a v il l e s p lc , b o t h i n t h e U K . E x t e r n a l m e mb e r o f t h e a u d i t c o mm i t t e e o f t h e H o u se o f L o r d s , U K . S p e ci a l c om p e t e n c e s : E x t e n s i v e e x p er i en c e w it h i n t h e f i e l d o f m e d i c a l d e v i c e s , si g n i fi c a nt fi n a n ci a l k n o w l e d g e a n d k n o w l e d g e o f h o w l a r g e i n t e r na tio na l c o m p a n i e s o p e r a t e . Ed u c a t io n : B S c ( Ec o n ) (H o n s ) ( 1 9 77 ) f r o m U n i v e r si t y C o l l e g e L o n d o n , UK , a n d F C A ( U K I n s ti t u t e o f C h a r t e r e d A c c o u n t a n t s ) ( 1 9 8 2 ) . P r oj e c t v i c e p r e si d ent f o r N ovo N o r d i s k’ s p r a n d i a l ins u lin p ro j e c t s F a s t e r - a c t i n g ins u lin a s p a r t a n d P r a n d i a l B i o E d g e i n I n s u li n , G H & D e v i c e s i n G l o b a l D e v e l o p m e nt . M e mb e r o f t h e B o a r d o f N ovo N o r d i s k A / S s i n c e 2 0 1 4 . Ed u c a t io n : M a s t e r o f S c i e n c e ( 1 9 9 2 ) f r o m C o p e nh a g e n U n i v e r si t y , a n d M a s t e r o f M e d i c a l B u s i n e s s S t r a t e g i e s ( 2 0 1 1 ) f r o m C o p e nh a g e n B u s i n e s s S c h oo l , b o t h i n D e n m a r k . L i z H e w i t t L i s e l o t te H y v e l e d F o r m e r l y C E O o f C e l l t e c h G r o u p p lc , U K (r e t i r e d ) . M e mb e r o f t h e B o a r d o f N ovo N o r d i s k A / S s i n c e 2 0 0 5 , v i c e c h a i r s i n c e 2 0 0 6 , c h a i r s i n c e 2 0 1 3 a n d c h a i r o f t h e N o m i n a tio n C o mm i t t e e s i n c e 2 0 1 3. M a na g e m e n t du t i e s : S y m ph o g en A / S , D e n m a r k ( c h a i r ) , m e mb e r o f t h e b o a r d s o f N ovo A / S , D e n m a r k , M ol e c u l a r P a r t n e r s A G , S w i t z e r l a n d , a n d R A ND H e a lt h , U S. S e n io r a d v i s o r to Ess e x W oo d l a n d s H e a lt h V ent u r e s L t d . , U K . S p e ci a l c om p e t e n c e s : M edi c a l q ua l i fi c a tio n s a n d e x t e n s i v e e x e c u t i v e b a c k g r o u n d w it h i n t h e i n t er n a tio n a l p h a r m a c euti c a l i n d u s t r y . Ed u c a t io n : S p e ci a lis m i n g e n e r a l m e d i ci n e ( 1 9 7 8 ) a n d d e g r e e i n m e d i ci n e ( 1 9 7 3 ) , b o t h f r o m L i n k ö p i n g M e d i c a l U n i v e r si t y , S w e d e n . G ö r an A n do ( c h a i r ) C h i e f e x e c u t i v e o f fi c e r o f F o n d s m æ g l e r s e l s k a b e t M a j I n v e s t A / S , D e n m a r k . M e mb e r a n d v i c e c h a i r o f t h e B o a r d o f N ovo N o r d i s k A / S s i n c e 2 0 1 3 . M a n a g e m e n t du ti e s : H a l d o r T o p søe A / S ( v i c e c h a i r ) , m e mb e r o f t h e b o a r d s o f N ovo A / S , K I R K B I A / S a n d S y m ph o g e n A / S , a ll i n D e n m a r k . S p e ci a l c om p e t e n c e s : E x t e n s i v e b a c k g r o u n d a n d e x p e r i e n c e w it h i n t h e fi n a n ci a l s e c t o r , i n p a r ti c u l a r i n r e l a tio n to fi n a n ci a l a n d c a p i t a l m a r k e t i s s u e s , a s w e ll a s i n si g ht i nto t h e i n v e s t o r p e r s p e c t i ve . Ed u c a t io n : M S c i n Ec o n o m i c s ( 1 9 8 5 ) f r o m t h e U n i v e r si t y o f C o p e n h ag e n , D e n m a r k . F o r m er l y e x e c ut i v e v i c e p r e s i d e n t o f A s t r a Zen e c a (r e t i r e d ) . M e mb e r o f t h e B o a r d o f N ovo N o r d i s k A / S s i n c e 2 0 1 1 a n d m e mb e r o f t h e N o m i n a tio n C o mm i t t e e s i n c e 2 0 1 3 . M a n a g e m e n t du ti e s : V e c t u r a G r o u p p l c ( c h a i r ) , m e mb e r o f t h e b o a r d s o f S m it h s G r o u p p lc , UK , a n d W o l t e r s K l u w e r , t h e N e t h e r l a n d s . M e mb e r o f t h e G l o b a l A d v i s o r y B o a r d o f T a k e d a P h a r m a - c eu ti c a l C o m pa n y L i mi t e d , J a pan . S p e ci a l c om p e t e n c e s : E x t e n s i v e g l o b a l e x p e - r i e n c e w it h t w o c o m p a n i e s i n t h e f i e l d s o f p h ar m a c eu ti c a l s an d m edi c a l d e v i c e s , an d i n - d e p t h k n o w l e d g e o f s t r a t e g y , s a l e s , m a r k e t i n g a n d g ov e r n a n c e o f m a jo r c o m p a n i e s . Ed u c a t io n : A M P ( 1 9 9 3 ) f r o m H a r v a r d B u s i n e s s S c h oo l a nd M B A ( 1 9 7 8 ) f r o m K e l l o g g S c h oo l o f M a n a g e m e n t a t N o r t h w e s t e r n U n i v e r si t y , b o t h i n t h e U S . L a w d e g r e e ( 1 9 7 3 ) f r o m R e i m s U n i v e r si t y a nd B A i n B u s i n e s s A d m i n i s t r a tio n ( 1 9 7 1 ) f r o m Éc ol e S u p é r i e u r e d e C o m m e r c e d e R e i m s , b o t h i n F r a n ce . B r uno A n g e l ici 52 G O V E R N A N C E , L E A D E R S H IP A ND S H A R E S J e pp e C h r i stia n s e n ( v i c e c h a i r) 1 . A s d e si g n a t e d b y N a s d a q C o p e nh a g e n i n a cc o r d a n c e w i t h s e c tio n 3 . 2 . 1 o f R e c o m m e n d a tio n s o n C o r p o r a t e G ov e r n a n c e ( u p d a t e d 2 0 1 4 ) . 2 . M e mb e r o f t h e B o a r d o f N ov o A / S . 3. E l e c t e d b y e m p l oy e e s o f N ov o N o r d is k . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4 Name (male/female) First elected T erm Nationality Bo r n Independenc e 1 Göran Ando (m) 2005 2015 Swedish Ma r ch 1949 Not independen t 2 Jeppe Christiansen (m) 2013 2015 Danish November 1959 Not independen t 2 Bruno Angelici (m) 2011 2015 F r ench April 1947 Independent Liz Hewitt (f) 2012 2015 British November 1956 Independen t 4,5 Liselotte Hyveled (f) 2014 2018 Danish January 1966 Not independen t 3 Thomas Paul Koestler (m) 2011 2015 American June 1951 Independent

E l e c t r i ci a n a n d f u l l - t i m e s h o p s t e w a r d . M e mb e r o f t h e B o a r d o f N ovo N o r d i s k A / S s i n c e 1 99 8 a n d m e mb e r o f t h e A u d i t C o mm i t t e e s i n c e 2 0 1 3 . Ed u c a t io n : Q u a l i f i e d e l e c t r i ci a n . D i p lo m a i n f u r t h e r t r a i n i n g f o r b o a r d m e mb e r s ( 2 0 0 3 ) f r o m t h e D a n i s h E m p l oy ee s ’ C a p i t a l P e n sio n F u n d ( L D ) . S t i g S t r ø b æk F o r m e r l y C F O a n d d e pu t y C E O o f S t o r a E n s o O y j , F i n l a n d (r e t i r e d ) . M e mb e r o f t h e B o a r d o f N ovo N o r d i s k A / S s i n c e 2 0 0 9 a n d c h a i r o f t h e A u d i t C o mm i t t e e s i n c e 2 0 1 2 ( m e mb e r s i n c e 2 0 0 9 ) . M a n a g e m e n t du ti e s : P r i v a t e e q u i t y f u n d s A l t o r 2 0 0 3 GP L i m i t e d ( c h a i r ) , A l t o r F u n d I I GP L i m i t e d ( c h a i r ) a n d A l t o r II I GP L i m i t e d ( c h a i r ) , a ll i n J e r s e y , C h a n n e l I s l a n d s . M e mb e r o f t h e b o a r d s o f A m e r S p o r t s O y j , F i n l a n d , a n d t h e p r i v a t e e q u i t y f u n d V a l u e Cr e a tio n I n v e s t m e n t s L i m i t e d I I , J e r s e y , C h a n n e l I s l a n d s . C h a i r o f t h e a u d i t c o mm i t t e e o f A m e r S p o r t s O y j , F i n l a n d . S p e ci a l c om p e t e n c e s : I n t er n a tio n a l e x e c ut i v e b a c k g r o u n d an d t h o r o u g h u n d e r st an d i n g o f man a g i n g fi n an c e o p e r a tio n s i n gl o ba l o r ga n - i s a tio n s , i n p a r ti c u l a r i n r e l a tio n to a c c o u nt i n g , fi n a n ci a l a n d c a p i t a l m a r k e t i s s u e s , bu t a l s o e x p e r i e n c e i n p r i v a t e e q u i t y a n d m e r g e r s & a c q ui s itio n s ( M & A ) . Ed u c a t io n : B A i n B u s i n e s s A d m i n i s t r a tio n ( 1 9 7 6 ) f r o m H a n k e n S c h oo l o f Ec o n o m i c s , H e l s i n k i , F i n l a n d . Han n u R y ö pp ön e n E x t e r n a l A f fa i r s d i r e c t o r i n Q u a l i t y I nte ll i g e n ce . M e mb e r o f t h e B o a r d o f N ovo N o r d i s k A / S s i n c e 2 0 0 6 a n d m e mb e r o f t h e N o m i n a tio n C o mm i t t e e s i n c e 2 0 1 4 . M a n a g e m e n t du ti e s : M e mb e r o f t h e b o a r d s o f HO FO R A / S , HO FO R F o r s y n i n g Ho l d i n g P S , H O F O R F o r s y n i n g K o m p l e m e n t a r A / S a n d H O F O R F o r s y n i n g A / S , a ll i n D e n m a r k . Ed u c a t io n : B S c i n C h e m i c a l E n g i n e e r i n g ( 1 9 8 8 ) f r o m t h e E n g i n e e r i n g A c a d e m y o f D e n m a r k . S ø r en Th u e s en P e d e rs en L a b o r a t o r y t e c hn i ci a n a n d f u l l - t i m e s h o p s t e w a r d . M e mb e r o f t h e B o a r d o f N ovo N o r d i s k A / S s i n c e 2 00 0 . M a n a g e m e n t du ti e s : M e mb e r o f t h e N ovo N o r d i s k F o u n d a tio n s i n c e 2 0 1 4 . Ed u c a t io n : D e g r e e i n M e d i c a l L a b o r a t o r y T e c h - n o l o g y ( 1 9 8 0 ) f r o m C o p e nh a g e n U n i v e r si t y H o s p i t a l , D e n m ar k . F o r m e r l y C E O o f St a t o il A S A , N o r w a y . C h i e f e x e c u t i v e o f fi c e r o f B G G r o u p , UK , w it h e f f e c t f r o m 2 M a r c h 2 0 1 5 . M e mb e r o f t h e B o a r d o f N ovo N o r d i s k A / S a n d t h e A u d i t C o mm i t t e e s i n c e 2 0 1 4 . S p e ci a l c om p e t e n c e s : E x t e n s i v e e x e c u t i v e a n d b o a r d e x p e r i e n c e i n l a r g e m u lt i n a tio n a l c o m p a n i e s h e a d q u a r t e r e d i n S c a n d i n a v i a w it h i n r e g u l a t e d m ar k e t s , an d s ig n i fi c an t fi n an ci a l k n o w l e d g e . Ed u c a t io n : M A i n Ec o n o m i c s ( 1 9 8 7 ) f r o m t h e N o r w e g i a n S c h oo l o f Ec o n o m i c s & B u s i n e s s A d m i n i s t r a tio n ( N H H ) a n d M B A f r o m I N S E A D ( 1 9 9 1 ) , F r a n ce . A nn e M a r i e Kv e r n e la n d H e lg e L u nd G O V E R N A N C E , L E A D E R S H IP A ND S H A R E S 53 4 . M r R y ö pp ö n e n, M r L un d a n d M s H e w i t t qu a li f y a s i nd e p e nd e n t A u d i t C o mm i t t e e m e mb e r s a s d e f i n e d b y t h e U S S e c u r i ti e s a n d E x c h a n g e C o mm i s s io n ( S E C ) . 5 . M r R y ö pp ö n e n, M r L un d a n d M s H e w i t t qu a li f y a s i nd e p e nd e n t A u d i t C o mm i t t e e m e mb e r s a s d e f i n e d und e r p a r t 8 o f t h e D a n is h A c t o n A p p r ov e d A u d i t o r s a n d A u d i t F i r m s . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4 Name (male/female) First elected T erm Nationality Bo r n Independenc e 1 Anne Marie Kve r neland (f) 2000 2018 Danish July 1956 Not independen t 3 Helge Lund (m) 2014 2015 Norwegian October 1962 Independen t 4,5 Sø r en Thuesen Pedersen (m) 2006 2018 Danish December 1964 Not independen t 3 Hannu R yöppönen (m) 2009 2015 Finnish Ma r ch 1952 Independen t 4,5 Stig St r øbæk (m) 1998 2018 Danish January 1964 Not independen t 3

E X E C U T I V E M A N A G E M E N T J e s p e r B r a n d g a a r d j o i n e d N ovo N o r d i s k i n 1 99 9 a s s e n io r v i c e p r e si d ent o f C o r p o r a t e F i n a n ce . H e w a s a p p o i nt e d e x e c u t i v e v i c e p r e si d ent a n d c h i e f fi n a n ci a l o f fi c e r i n N ov e mb e r 2 00 0 . O t he r m a n a g e m e n t d u t i e s : C h a i r o f t h e b o a r d s o f S i m C o r p A / S a n d NN I T A / S , b o t h i n D e n m a r k . B o rn : O c t o b e r 1 9 63. J e s p er B r a nd g aa r d C h i e f fi n a n ci a l o f fi c e r L a r s R e b i e n S ø r e n s e n j o i n e d N ovo N o r d i s k’ s E nz y m e s M a r k e t i n g i n 1 9 8 2 . O v e r t h e y e a r s , h e h a s c o m p l e t e d s e v er a l ov e r s e a s p o s t i n g s, i n cl u d i n g i n t h e M i dd le E a s t a n d t h e U S . H e w a s a p p o i nt e d a m e mb e r o f C o r p o r a t e M a n a g e m ent i n M a y 1 9 9 4 , a n d i n D e c e mb e r 1 9 9 4 w a s g i v e n s p e ci a l r e s p o ns i b il i t y w it h in C o r p o r a t e M a n a g e - m ent f o r H e a lt h C a r e . H e w a s a p p o i nt e d p r e si d ent a n d c h i e f e x e c u t i v e o f fi c e r i n N ov e mb e r 2 00 0 . O t he r m a n a g e m e n t d u t i e s : M e mb e r o f t h e b o a r d s o f T h e r m o F i s h e r S c i e nt i fi c I n c . , U S , a n d B e r t e ls m ann A G , G e r m a n y . B o rn : O c t o b e r 1 9 5 4 . L a rs R eb i en S ø r en s en C h i e f e x e c u ti v e o f fi c e r K å r e S c hu l t z j o i n e d N ovo N o r d i s k i n 1 98 9 a s a n e c o n o m i s t i n H e a lt h C a r e , Ec o n o m y & Pl a nn i n g . I n N ov e mb e r 2 00 0 , h e w a s a p p o i nt e d e x e c u t i v e v i c e p r e si d ent a n d c h i e f o f st a f f . I n M a r c h 2 0 0 2 , h e t o o k ov e r t h e p o sitio n o f e x e c u t i v e v i c e p r e si d ent a n d c h i e f o p e r a t i n g o f fi c e r . I n F e b r u a r y 2 0 1 4 , h e w a s a p p o i nt e d p r e si d ent a n d c h i e f o p e r a t i n g o f fi c e r . O t he r m a n a g e m e n t d u t i e s : C h a i r o f t h e b o a r d o f R oy a l U n i b r e w A / S a n d m e mb e r o f t h e b o a r d o f L E G O A / S , b o t h i n D e n m a r k . B o rn : M a y 1 9 61 . K å r e S c hul t z P r e s i d e n t a n d c h i e f o p e r a t i n g o f fi c e r L a r s F r u e r g a a r d J ø r g e n s e n j o i n e d N ovo N o r d i s k i n 1 9 9 1 a s a n e c o n o m i s t i n H e a lt h C a r e , Ec o n o m y & Pl a nn i n g a n d h a s , ov e r t h e y e a r s , c o m p l e t e d ov e r s e a s p o s t i n g s i n t h e U S a n d J a p a n . I n 2 0 0 4 , h e w a s a p p o i nt e d s e n io r v i c e p r e si d ent f o r I T & C o r p o r a t e D e v e l o p m e nt . I n J a nu a r y 2 0 1 3 , h e w a s a p p o i nt e d e x e c u t i v e v i c e p r e si d ent a n d c h i e f in f o r m a tio n of fi c e r , a s s u m i n g r e s p o ns i b il i t y f o r I T , Q u a l i t y & C o r p o r a t e D e v e l o p m e nt . I n N ov e mb e r 2 0 1 4 , h e a l s o t o o k ov e r r e s p o n si b il i t y f o r C o r p - o r a t e P e o p le & O r g a n i s a tio n a n d B u s i n e s s A s s u r a n c e . O t he r m a n a g e m e n t d u t i e s : C h a i r o f t h e b o a r d o f NN E P h a r m a p l a n A / S a n d m e mb e r o f t h e b o a r d o f NN I T A / S , b o t h i n D e n m a r k . B o rn : N ov em b er 1 9 66 . L a rs F r u e r g aa r d Jø rge n s e n E x e c u ti v e v ice p r e s i d e n t o f C o r p o r a te D e v e l o p m e n t a n d c h i e f o f st a f f M a d s K r o g s g a a r d T h o m s e n j o i n e d N ovo N o r d i s k i n 1 9 9 1 a s h e a d o f G r o w t h H o r m o n e R e s e a r c h . H e w a s a p p o i nt e d e x e c u t i v e v i c e p r e si d ent a n d c h i e f s c i e n c e o f fi c e r i n N ov e mb e r 2 00 0 . H e is a m e mb e r o f t h e e d i t o r i a l b o a r d s o f i nte r n a tio n a l jo u r n a l s . H e h a s s e r v e d a s p r e si d ent o f t h e N a tio n a l A c a d e m y o f T e c hn i c a l S c i e n c e s ( A T V ) , D e n m a r k . H e is a d j u n c t p r o f e ss o r o f p h a r m a c o l o g y a t t h e F a c u l t y o f H e a lt h a n d M e d i c a l S c i e n c e s o f th e U n i v e r si t y o f C o p e n h ag e n , D e n m a r k . O t he r m a n a g e m e n t d u t i e s : C h a i r o f t h e b o a r d o f S t e n o D i a b e t e s C ente r A / S a n d m e mb e r o f t h e b o a r d o f t h e U n i v e r si t y o f C o p e nh a g e n , b o t h i n D e n m ar k . B o rn : D e c em b er 1 9 6 0 . M a d s K r o g s ga a r d T h o m s e n C h i e f s c i e n ce o f fi c e r J a k o b R iis j o i n e d N ovo N o r d i s k i n 1 9 9 6 a s a h e a lt h e c o n o m i s t i n m a r k e t i n g , a n d h a s ov e r t h e y e a r s c o m p l e t e d ov e r s e a s p o s t i n g s i n t h e U S a n d J a p a n . I n 2 0 0 5 , h e w a s a p p o i nt e d s e n io r v i c e p r e si d ent f o r M a r k e t i n g . I n J a nu a r y 2 0 1 3 , h e w a s a p p o i nt e d e x e c u t i v e v i c e p r e si d e nt , a s s u m i n g r e s p o n si b il i t y f o r M a r k e t i n g & M e d i c a l A f fa i r s . I n N ov e mb e r 2 0 1 4 , h e t o o k ov e r r e s p o n si b il i t y f o r C o r p o r a t e St a k e h ol d er E n g ag e m e n t . O t he r m a n a g e m e n t d u t i e s : C h a i r o f t h e b o a r d o f C o p e nh a g e n I n s ti t u t e o f I nte r a c tio n D e si g n a n d m e mb e r o f t h e b o a r d a n d a u d i t c o mm i t t e e o f A L K - A b e l l ó A / S , b o t h i n D e n m a r k . B o rn : A p r il 1 9 66 . Ja k o b R i i s E x e c u ti v e v ice p r e s i d e n t o f M a r k e t i n g , M e d i c a l A f fa i r s a n d S t a ke h ol d e r E nga g e m e n t 54 G O V E R N A N C E , L E A D E R S H IP A ND S H A R E S N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4

C O N S O L I D A T E D F I N A N C I A L , S O C I A L A N D E N V I R O N M EN T A L S TA T E M E N T S 2 0 1 4 A s Nov o No r disk ’ s busines s continue s t o develop , th e company r emains committed to r eporting its performance th r ough its integrated r eporting . In line with the Novo No r disk T riple Bottom Line principle, the Consolidated financial, social and envi r onmental statements a r e p r esented separately along with the r elated notes . W ithin each of the financial, social and envi r onmental statements, the no te s a r e g r ou ped int o se cti on s bas e d o n ho w Nov o No r di s k v ie ws its business . Each of the sections has an int r oduction explaining the l in k betw ee n lo ng - ter m t arg ets , bu sin es s pr ior it ies , an d ho w th is i s r eflecte d i n Nov o No r disk ’ s financial , socia l an d envi r onmental statements . T o p r ovide transpa r ency on the disclosed amounts, each note includes the r elevant accounting policy, key accounting estimates and numerical disclosu r e . No v o N o r d i s k ’s r e s e a r c h c e nt r e i n B e i j i n g , C h i na . C O N S O L I D A T E D F I N A N C IAL S TA T E M E NT S C O N S O L I D A T E D S O C IA L S T A T E M E NT ( S U P P L E M E N T A R Y I N FO R M A T I O N ) C O N S O L I D A T E D E N V I R ON M E N T AL S TA T E M E NT ( S U P P L E M E N T A R Y I N FO R M A T I O N ) 56 I n c o m e st at e m e n t an d S t at e m e n t o f c omp r ehe n s i v e i n c o m e 57 Ba l an c e sh e e t 5 8 S t at e m e n t o f c as h flo w s 59 S t at e m e n t o f ch an ge s i n e q u i t y 60 N ot e s t o th e C o n so l id at e d f in an ci a l st at e m e n t s 96 S t at e m e n t o f s o ci a l p e r f or m an c e 97 N ot e s t o th e C o n so l id at e d s o ci a l st at e m e n t 1 0 2 S t at e m e n t o f e n v ir o n m e n t a l p e r f or m an c e 1 0 2 N ot e s t o th e C o n so l id at e d e n v ir o n m e n t a l st at e m e n t

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 56 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S I N C O M E S T A T E M E N T AN D S T A TEMEN T O F COMPREHENSIV E INCOM E FO R TH E YEA R ENDE D 3 1 DECEMBER ) ) ) ) DK K million Note 2014 2013 201 2 S TA TEMEN T O F COMPREHENSIV E INCOME 3.6 26,481 25,184 21,43 2 Ne t p r ofi t fo r th e year Othe r comprehensiv e income: Remeasu r ement s o f define d benef i t plans (247) 54 (28 1 Item s tha t wil l no t subsequentl y b e r eclassifie d t o th e Incom e statement (247) 54 (28 1 Exchang e rat e adjustment s o f investment s i n subsidiaries (39) (435) (17 2 Cas h f lo w hedges , r ealisatio n o f p r eviousl y defer r e d (gains)/losses (1,229) (809) 1,18 2 Cas h f lo w hedges , defer r e d gains/(losses ) incur r e d durin g th e period (2,225) 1,195 84 9 Othe r items 111 75 35 Item s tha t wil l b e r eclassifie d subsequentl y t o th e Incom e statement (3,382) 26 1,89 4 whe n specifi c condition s a r e met Othe r comp r ehensiv e incom e befo r e tax (3,629) 80 1,61 3 T a x o n othe r comp r ehensiv e income , income/(expense) 2.6 977 (211) (58 7 Othe r comprehensiv e incom e fo r th e yea r , ne t o f tax (2,652) (131) 1,02 6 T ota l comprehensiv e incom e fo r th e year 23,829 25,053 22,45 8 DK K million Note 2014 2013 201 2 INCOM E S TA TEMENT 2.1 , 2.2 88,806 83,572 78,026 Ne t sales Cos t o f good s sold 2.2 , 2.4 14,562 14,140 13,465 G r os s p r ofi t 74,244 69,432 64,561 Sale s an d distributio n costs 2.2 , 2.4 23,223 23,380 21,544 Resea r c h an d developmen t costs 2.2 , 2.3 , 2.4 13,762 11,733 10,897 Administrativ e costs 2.2 , 2.4 3,537 3,508 3,31 2 Othe r operatin g income , net 2.2 , 2.4 , 2.5 770 682 66 6 Operatin g p r ofi t 34,492 31,493 29,474 Financia l income 4.7 167 1,702 12 5 Financia l expenses 4.7 563 656 1,78 8 P r ofi t befo r e incom e taxes 34,096 32,539 27,81 1 Incom e taxes 2.6 7,615 7,355 6,37 9 Ne t profi t fo r th e year 26,481 25,184 21,432 EARNING S PE R SHARE Basi c ea r ning s pe r sha r e (DKK) 4.1 10.10 9.40 7.82 Dilute d ea r ning s pe r sha r e (DKK) 4.1 10.07 9.35 7.77

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 57 B A L A N C E SHE E T A T 3 1 DECEMBER EQUIT Y AN D LIABILITIES ) DK K million Note 2014 2013 ASSETS 1,378 1,615 Intangibl e assets 3.1 P r opert y , plan t an d equipment 3.2 23,136 21,882 Defer r e d incom e ta x assets 2.6 5,399 4,231 Othe r f inancia l assets 4.6 856 551 T ota l non - curren t assets 30,769 28,279 Inventories 3.3 11,357 9,552 T rad e r eceivables 3.4 13,041 10,907 T a x r eceivables 3,210 3,155 Othe r r eceivable s an d p r epayments 3.5 2,750 2,454 Marketabl e securities 4.2 , 4.6 1,509 3,741 Derivativ e f inancia l instruments 4.3 30 1,521 Cas h a t ban k an d o n hand 4.2 , 4.4 14,396 10,728 T ota l curren t assets 46,293 42,058 T ota l assets 77,062 70,337 Sha r e capital 4.1 530 550 T r easur y sha r es 4.1 (11) (21 Retaine d ea r nings 41,277 41,137 Othe r r eserves (1,502) 903 T ota l equity 40,294 42,569 Defer r e d incom e ta x liabilities 2.6 7 672 Reti r emen t benefi t obligations 3.6 1,031 688 P r ovisions 3.7 2,041 2,183 T ota l non - curren t liabilities 3,079 3,543 Cur r en t debt 4.6 720 215 T rad e payables 4.6 4,950 4,092 T a x payables 2,771 2,222 Othe r liabilities 3.8 11,051 9,386 Derivativ e f inancia l instruments 4.3 2,607 – P r ovisions 3.7 11,590 8,310 T ota l curren t liabilities 33,689 24,225 T ota l liabilities 36,768 27,768 T ota l equit y an d liabilities 77,062 70,337

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 58 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S S T A T EME N T O F C A S H F L O W S FO R TH E YEA R ENDE D 3 1 DECEMBER DK K million Note 2014 2013 2012 Ne t profi t fo r th e year 26,481 25,184 21,432 Adjustmen t fo r non - cas h items: Incom e taxes 2.6 7,615 7,355 6,379 Dep r eciation , amortisatio n an d impairmen t losses 3. 1 , 3.2 3,435 2,799 2,693 Othe r non - cas h items 5.3 4,163 584 2,181 Chang e i n workin g capital 4.5 (2,148) (265) 274 Inte r es t r eceived 131 131 207 Inte r es t paid (78) (39) (61) Incom e taxe s paid 2.6 (7,907) (9,807) (10,891) Ne t cas h generate d fro m operatin g activities 31,692 25,942 22,214 P r oceed s f r o m sal e o f othe r f inancia l assets 35 29 – Pu r chas e o f intangibl e asset s an d othe r f inancia l assets 3. 1 , 4.6 (345) (406) (250) P r oceed s f r o m sal e o f p r opert y , plan t an d equipment 4 31 53 Pu r chas e o f p r opert y , plan t an d equipment 3.2 (3,990) (3,238) (3,372) Sale/(pu r chase ) o f marketabl e securities 2,232 811 (501) Ne t cas h use d i n investin g activities (2,064) (2,773) (4,070) Repaymen t o f loans – – (502) Pu r chas e o f t r easur y sha r es , net 4.1 (14,667) (13,924) (11,896) Dividend s paid 4.1 (11,866) (9,715) (7,742) Ne t cas h use d i n f inancin g activities (26,533) (23,639) (20,140) Ne t cas h generate d fro m activities 3,095 (470) (1,996) Cas h an d cas h equivalent s a t th e beginnin g o f th e year 10,513 11,053 13,057 Exchang e gains/(losses ) o n cas h an d cas h equivalents 68 (70) (8) Cas h an d cas h equivalent s a t th e en d o f th e year 4.4 13,676 10,513 11,053

NOVO NORDISK ANNUAL REPORT 2014 CONSOLIDATED FINANCIAL STATEMENTS 59 S T A T E M E N T O F CHANG E S I N E Q UI T Y A T 3 1 DECEMBER Other r eserves Exchange rate Cash T ax and T otal 2013 Balanc e a t th e beginnin g o f th e year 560 (17) 39,001 226 847 15 1,088 40,632 Ne t p r ofi t fo r th e year Other comp r ehensiv e incom e fo r th e year 25,184 54 25,184 (131) (435) 386 (136) (185) T ota l comp r ehensiv e incom e fo r th e year 25,238 (435) 386 (136) (185) 25,053 T ransaction s with owners: Dividend s (not e 4 . 1) Sha r e - base d payment s (not e 5 . 1) T ax c r edi t r elate d t o shar e optio n scheme Pu rchas e o f t r easur y shar e s (not e 4 . 1) Sal e o f t r easur y shar e s (not e 4 . 1) Reductio n o f th e B shar e capita l (not e 4 . 1) (9,715) 409 114 (15 ) (13,974) 1 64 10 (9,715) 409 114 (13,989) 65 – (10) Balanc e a t th e en d o f th e year 550 (21) 41,137 (209) 1,233 (121) 903 42,569 DK K million Sha r e capital T r easur y sha r e s Retaine d ea r ning s adjust - ment f low hedge s other item s other r eserve s T otal 2014 42,569 Balanc e a t th e beginnin g o f th e year 550 (21) 41,137 (209) 1,233 (121) 903 Ne t p r ofi t fo r th e year 26,481 26,481 Othe r comp r ehensiv e incom e fo r th e year (247) (39) (3,454) 1,088 (2,405) (2,652 ) T ota l comp r ehensiv e incom e fo r th e year 26,234 (39) (3,454) 1,088 (2,405) 23,829 T ransaction s wit h owners: Dividend s (not e 4 . 1) (11,866) (11,866 ) Sha r e - base d payment s (not e 5 . 1) 371 371 T a x c r edi t r elate d t o sha r e optio n scheme 58 58 Pu r chas e o f t r easur y sha r e s (not e 4 . 1) (11) (14,717) (14,728 ) Sal e o f t r easur y sha r e s (not e 4 . 1) 1 60 61 Reductio n o f th e B sha r e capita l (not e 4 . 1) (20) 20 – Balanc e a t th e en d o f th e year 530 (11) 41,277 (248) (2,221) 967 (1,502) 40,294 2012 Balanc e a t th e beginnin g o f th e year 580 (24) 37,111 398 (1,184) 567 (219) 37,448 Ne t p r ofi t fo r th e year 21,432 21,432 Othe r comp r ehensiv e incom e fo r th e year (281) (172) 2,031 (552) 1,307 1,026 T ota l comp r ehensiv e incom e fo r th e year 21,151 (172) 2,031 (552) 1,307 22,458 T ransaction s wit h owners: Dividend s (not e 4 . 1) (7,742) (7,742) Sha r e - base d payment s (not e 5 . 1) 308 308 T a x c r edi t r elate d t o sha r e optio n scheme 56 56 Pu r chas e o f t r easur y sha r e s (not e 4 . 1) (15) (12,147) (12,162) Sal e o f t r easur y sha r e s (not e 4 . 1) 2 264 266 Reductio n o f th e B sha r e capita l (not e 4 . 1) (20) 20 – Balanc e a t th e en d o f th e year 560 (17) 39,001 226 847 15 1,088 40,632

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 60 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S N O T E S S E C T I O N S I N TH E C O N S O L I D A T E D F I N A N C I A L S T A T EME N T S SECTION 1 BASIS O F PRE P AR A TION Read thi s sectio n t o ge t a n overvie w o f th e fi nancia l accountin g policie s in genera l an d a n overvie w o f Management ’ s key accountin g estimates. 1. Summary o f signifi can t accountin g policies , p 61 2. Summary o f key accountin g estimates , p 61 3. Changes i n accountin g policie s an d disclosu r es , p 62 4. Genera l accountin g policies , p 62 SECTION 2 RESU L T S FO R TH E YEAR Read thi s sectio n t o ge t mo r e detail s o n th e r esult s fo r th e yea r , including operatin g segments , taxe s an d employe e costs. 1. Ne t sale s an d sale s deductions, p 63 2. Segmen t information , p 65 3. Resea r c h an d development costs , p 66 4. Employe e costs , p 68 5. Other operatin g income , net , p 69 6. Incom e an d defer re d incom e taxes , p 69 SECTION 3 OPER A TIN G ASSET S AND LIABILITIES Read thi s sectio n t o ge t mo r e detail s o n th e asset s tha t form th e basi s for th e activitie s o f Nov o No r disk, an d th e r elate d liabilities. 1. Intangibl e assets , p 71 2. P r opert y , plan t an d equipment, p 72 3. Inventories, p 74 4. T rad e r eceivables , p 74 5. Other r eceivable s an d p r epayments , p 75 6. Reti r ement benefi t obligations , p 75 7. P r ovision s an d contingen t liabilities , p 77 8. Other liabilities , p 78 SECTION 4 CAPI T A L STRUCTUR E AND FINANCIN G ITEMS Read thi s sectio n t o gai n a n insight into th e capital structu r e , cas h flow and fi nancin g items. 1. Sha r e capital, distributio n t o shar eholder s an d ea r ning s pe r shar e , p 79 2. Financia l risks , p 81 3. Derivativ e fi nancia l instruments, p 82 4. Cas h an d cas h equivalents , fi nancia l r esou r ce s an d f r e e cas h f l o w , p 84 5. Chang e i n workin g capital, p 84 6. Financia l asset s an d liabilities , p 84 7. Financia l incom e an d expenses , p 86 SECTION 5 OTHE R DISCLOSURES Read thi s sectio n fo r mo r e detail s o n th e statutor y note s tha t have secondar y importanc e f r o m th e perspectiv e o f Nov o No r disk. 1. Sha r e - base d payment schemes , p 87 2. Management ’ s holding s o f Nov o No rdis k shar es , p 89 3. Other non - cas h items, p 90 4. Commitments, p 91 5. Relate d part y transactions, p 92 6. Fe e t o statutor y auditors , p 92 7. Companies i n th e Nov o No rdis k G r oup , p 93 8. Financia l defi nitions, p 94

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 61 S E C T I O N 1 B A S I S O F P R E P A R A T IO N O F THE C O N S O L I D A T E D F I N A N C I A L S TA T E M E N T S • Derivativ e fi nancia l instrument s (not e 4.3) Nov o No r d is k hedge s comme r cia l exposu r es , with fo r eig n exchang e risk bein g th e principa l f i nancia l ris k fo r th e G r oup . Th e overal l objectiv e of fo r eig n exchang e ris k managemen t i s t o limi t th e short - ter m negative impac t o n ne t p r ofi t an d cas h f lo w f r o m exchang e rat e f l uctuations, the r eb y inc r easin g th e p r edictabilit y o f th e f i nancia l r esults . Th e purpose o f hedg e accountin g i s t o matc h th e impac t o f th e hedge d ite m an d the hedgin g instrument i n th e consolidate d incom e statement . Management ha s chose n t o classif y th e r esult o f hedgin g activitie s as par t o f f i nancial items . Thus , a s th e majorit y o f Nov o No r disk ’ s sale s a r e i n USD , EUR, CN Y , JP Y , GBP an d CAD , ne t sale s wil l b e impacte d b y exchang e rate f l uctuation s whe r ea s th e impac t o f exchang e rat e f l uctuation s o n P r ofi t befo r e incom e taxe s depend s o n th e r e sult s o f th e hedgin g activitie s and th e development i n non - hedge d cur r encies I n addition , th e followin g othe r accountin g policie s ar e considere d r elevant t o a n understandin g o f th e Consolidate d fi nancia l statements: • Incom e taxe s (not e 2.6) • P r opert y , plan t an d equipment includin g impairment (not e 3.2) • Inventorie s (not e 3.3) • T rad e r eceivable s an d allowanc e fo r doubtfu l trad e r eceivable s (not e 3.4) • P r ovision s fo r lega l dispute s (not e 3.7). Applyin g materiality Th e Consolidate d f i nancial statement s ar e a r esul t o f p r ocessin g large number s o f transaction s an d agg r egatin g thos e transaction s int o classes acco r din g t o thei r natu r e o r function . When agg r egated , th e transaction s a r e p r esente d i n classe s o f similar item s i n th e Consolidate d fi nancia l statements . I f a lin e ite m i s no t individuall y material , i t i s agg r egate d with othe r items o f a similar natu r e i n th e Consolidate d fi nancia l statement s o r i n th e notes . Ther e a r e substantia l disclosu r e requi rement s th r oughou t IFRS . Management p r ovide s specifi c disclosu r e s requi re d b y IFR S unles s th e informatio n is conside r e d immateria l t o th e economic decision - makin g o f th e user s o f these fi nancia l statement s o r no t applicable . 1 . 2 SUMMA R Y O F KE Y ACCOUNTING ESTIM A TES Th e us e o f r easonabl e estimate s i s a n essentia l par t o f th e p reparatio n o f the Consolidate d f i nancia l statements . Give n th e uncertaintie s inhe r en t i n Novo No r disk ’ s busines s activities, Management must mak e certai n estimate s and judgement s tha t a f fec t th e applicatio n o f accountin g policie s an d r eported amount s o f assets , liabilities , sales , costs , cas h fl ows an d r elate d disclosu r es a t th e date(s ) o f th e Consolidate d fi nancia l statements . Management bases it s estimate s o n historica l experienc e an d variou s other assumption s tha t a r e hel d t o b e r easonabl e unde r th e ci rcumstances . The estimate s an d underlyin g assumption s ar e r eviewe d o n a n ongoin g basis and, if necessar y , changes a r e r ecognise d i n th e perio d i n whic h th e estimate i s r evised . Managemen t consider s th e carryin g amount s r ecognise d in relatio n t o th e ke y accountin g estimate s mentione d belo w t o b e r eason - abl e an d app r opriat e base d o n cur r entl y availabl e information . Howeve r , the actual amount s may di f fe r f r o m th e amount s estimate d as mo r e detailed informatio n becomes available . 1 . 1 SUMMA R Y O F SIGNIFICANT ACCOUNTIN G POLICIES Th e Consolidate d f i nancial statement s include d i n thi s Annua l Report hav e bee n p r epare d i n accordanc e with Inte r nationa l Financia l Reporting Standar ds (IFRS ) a s issue d b y th e Inte r national Accountin g Standar ds Boa r d (IASB) , i n acco r danc e wit h IFR S a s endorse d b y th e Eu r opea n Unio n an d also i n accordanc e with additiona l Danis h disclosur e r equi r ement s fo r annual r eport s o f liste d companies . Measuremen t basis Th e Consolidate d fi nancia l statement s hav e bee n p r epa r e d o n th e historical cos t basi s excep t fo r derivativ e fi nancia l instruments, equit y investment s and marketabl e securitie s measur e d a t fai r value . Th e principa l accountin g policie s set ou t belo w hav e bee n applied consistentl y i n th e p r eparatio n o f th e Consolidate d fi nancia l statement s for al l th e year s p r esented . Principa l accounting policies Nov o No r disk ’ s accountin g policie s a r e describe d i n eac h o f th e individual note s to th e Consolidate d f i nancia l statements . Considerin g al l the accountin g policie s applied, Management r ega r ds th e followin g a s th e most signifi can t accountin g policie s fo r th e r ecognitio n an d measur emen t of r eporte d amounts : • Ne t sale s an d sale s deduction s (note s 2 . 1 an d 3.7) Revenu e i s onl y r ecognise d when , i n Management ’ s judgement , the signifi can t risk s an d rewa r d s o f ownershi p hav e bee n transfer re d and whe n th e G r ou p doe s no t r etai n managerial involvement i n o r e f fective cont r o l over th e good s sold . T o arriv e a t ne t sales , r ebate s an d discounts to gove r nmen t agencies , wholesalers , healt h insuranc e companies, manage d healthca r e organisation s an d retail customer s a r e deducte d f r om g r os s sales . Thes e deduction s includ e estimate s o f unsettle d obligations, r equirin g th e us e o f judgement whe n estimatin g th e e f fec t o f thes e sales deduction s o n g r os s sale s fo r a r eportin g period . • Resea r c h an d development (note s 2.3 , 3 . 1 an d 3.2) Inte r nal r esea r c h cost s a r e full y charge d to th e consolidate d income statement i n th e perio d i n whic h the y a r e incur red , consistent wit h industry practice . Nov o No rdis k consider s tha t regulator y an d othe r uncertainties inhe r en t i n th e developmen t o f ne w p roduct s p r eclud e th e capitalisation o f inte r nal developmen t cost s a s a n intangibl e asse t unti l marketing app r oval f r o m th e regulator y authorit y i n a r elevan t majo r marke t is obtaine d o r highl y p robable . Th e same principle s a r e applie d t o plan t and equipmen t with n o alte r nativ e us e develope d as par t o f a r esea r c h and development p r oject . Howeve r , plan t an d equipment wit h alte r nativ e use o r use d fo r genera l r esea r c h an d development purpose s i s capitalise d and dep reciate d over it s estimate d useful lif e as r esea r c h an d development costs . Fo r acqui r e d in - p r ocess r esea r c h an d development p r ojects, th e p r obability e f fec t i s r e fl ecte d i n th e cos t o f th e asset , an d th e p robabilit y recognition criteri a a r e the r efo r e alway s conside r e d satisfi ed . As th e cos t o f acqui r ed in - p r oces s r esea r c h an d developmen t p r oject s ca n ofte n b e measur ed r eliabl y , thes e p r oject s fulfi l th e capitalisatio n criteri a as intangibl e assets upo n acquisition . Howeve r , furthe r inte r na l development cost s subsequent t o acquisitio n ar e t r eate d i n th e same way a s othe r inte r na l development costs . Nov o No rdis k p r esent s it s Consolidate d fi nancia l statement s o n th e basi s of th e lates t development s i n inte r nationa l f i nancia l r eportin g an d strive s for earl y adoptio n o f EU - endorse d IFR S accountin g standa r ds . Al l entitie s i n the Nov o No rdis k G r ou p follo w th e same G r ou p accountin g policies . Thi s section give s a summar y o f th e signifi cant accountin g policies, Management ’ s key accountin g estimates , ne w IFR S requi rement s an d othe r accountin g policies i n general . A detaile d descriptio n o f accountin g policie s an d key accounting estimate s r elate d t o specif i c reporte d amount s i s p r esente d i n eac h not e to th e r elevan t fi nancia l items .

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 62 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S Managemen t r egar d s th e followin g as th e ke y accountin g estimate s and assumption s use d i n th e p r eparatio n o f th e Consolidate d f i nancia l state - ments : • Sale s deduction s an d p r ovision s fo r sale s r ebate s (note s 2 . 1 an d 3.7) • Indi r ect p r oductio n cost s (not e 3.3) • Allowanc e fo r doubtfu l trad e r eceivable s (not e 3.4) • Incom e taxe s (not e 2.6) • P r ovision s fo r lega l dispute s (not e 3.7). Pleas e r efe r to th e specifi c note s fo r furthe r informatio n o n th e key accountin g estimate s an d assumption s applied. 1 . 3 CHANGE S I N ACCOUNTIN G POLICIES AN D DISCLOSURES Adoption o f ne w o r amende d IFRSs Base d o n a n assessmen t o f ne w o r amende d an d r evise d accounting standa r d s an d interp r etation s (‘IFRS’) issue d b y IAS B an d IFR S endorsed b y th e Eu r opea n Unio n e ffectiv e o n o r afte r 1 Januar y 2014 , i t ha s been assesse d tha t th e applicatio n o f thes e ne w IFRS s ha s no t ha d a material impact o n th e Consolidate d fi nancia l statement s i n 2014 , an d Management doe s no t anticipat e an y signifi can t impac t o n futu r e period s fr o m the adoptio n o f thes e ne w IFRS . New o r amende d IFRS s tha t hav e bee n issued bu t hav e no t ye t come into effec t an d hav e no t bee n earl y adopted I n additio n t o th e above , IAS B has issue d a number o f ne w o r amende d and r evise d accountin g standa r ds an d interp r etation s tha t hav e no t yet com e into e f fect . Th e followin g standa r d s a r e i n genera l expecte d t o chang e cur r ent accountin g r egulatio n most signifi cantly : • IAS B has issue d IFR S 9 ‘Financia l Instruments ’ , wit h e f fectiv e dat e 1 January 2018 . I t cur r entl y await s E U endorsement . IFR S 9 i s par t o f th e IASB ’s p roject t o r eplac e IA S 39 , an d th e ne w standa r d wil l substantiall y change th e classifi catio n an d measu r ement o f fi nancia l instrument s an d hedging r equi r ements . Nov o Nor dis k has assesse d th e impact o f th e standar d and determine d tha t it wil l no t hav e an y signifi can t impact o n th e Consolidated fi nancia l statements . • IAS B ha s issue d IFR S 1 5 ‘Revenu e f r o m contract s with customers ’ , with e f fectiv e dat e 1 Januar y 201 7 . I t cur r entl y await s E U endorsement . IFR S 15 i s par t o f th e convergenc e p rojec t with F AS B t o r eplac e IA S 18 . Th e new standar d wil l establis h a single , comp r ehensiv e framewor k fo r r evenue r ecognition . Nov o No rdis k ha s assesse d th e impac t o f th e standa r d and determine d tha t it wil l no t hav e an y signifi can t impact o n th e Consolidated fi nancia l statements . • IAS B has issue d a r e - exposu r e draf t o n IA S 1 7 ‘Leasing ’ . Dependin g o n the wo r din g o f th e fi na l standa r d , th e chang e i n leas e accountin g i s expected t o requi r e capitalisatio n o f th e majorit y o f th e G r oup ’ s operational lease contracts, r ep r esentin g les s tha n 10 % o f tota l assets , wit h a mino r impact o n th e G r oup ’ s assets , liabilitie s an d f i nancia l ratios , an d n o signifi cant impact o n ne t p r ofi t . 1 . 4 GENERA L ACCOUNTIN G POLICIES Principle s o f consolidation Th e Consolidate d fi nancia l statement s incorporat e th e fi nancia l statements o f Nov o No rdis k A/ S an d entitie s cont r olle d b y Nov o No rdis k A/S . Cont r ol exist s whe n Nov o Nor dis k own s mo r e tha n 50 % o f th e votin g right s o r has th e powe r t o gove r n th e entit y i n some othe r wa y . Whe r e necessar y , adjustment s a r e mad e to th e f i nancial statement s of subsidiarie s t o brin g thei r accountin g policie s int o lin e with Nov o No rdisk G r ou p policies . Al l intra - G r ou p transactions, balances , incom e an d expenses a r e eliminate d i n ful l whe n consolidated . Th e r esult s o f subsidiarie s acqui r e d o r dispose d o f durin g th e year a r e include d i n th e consolidate d incom e statemen t f r o m th e e f fectiv e date o f acquisitio n an d u p to th e e f fectiv e dat e o f disposal , a s app r opriate . Comparativ e fi gu r e s a r e no t r estate d fo r dispose d o r acqui r e d companies . T ranslation o f foreig n currencies Functiona l an d presentation currency Item s include d i n th e fi nancia l statement s o f eac h o f Nov o No r disk ’ s entities a r e measur e d usin g th e cur r enc y o f th e primar y economi c envi r onmen t in whic h th e entit y operate s (functiona l cur r ency) . Th e Consolidate d f i nancial statement s a r e p r esente d i n Danis h k roner (DKK) , whic h i s als o th e functional an d p resentatio n cur r ency o f th e pa r en t compan y . T ranslatio n o f transaction s an d balances Fo r eig n cur r enc y transaction s ar e translate d int o th e functiona l cur r ency usin g th e exchang e rate s p r evailin g a t th e transactio n dates . Fo r eign exchang e gain s an d losse s resultin g f r o m th e settlement o f suc h transactions an d f r o m th e translatio n a t yea r - en d exchang e rate s o f monetar y asset s and liabilitie s denominate d i n fo r eig n cur r encie s a r e r ecognise d i n th e Income statement . T ranslatio n di f fe r ence s o n non - monetar y items , suc h a s f i nancial assets classifi e d a s availabl e fo r sal e includin g equit y investments, a r e r ecognise d in Other comp r ehensiv e income . T ranslatio n o f Grou p companies Financia l statement s o f fo r eig n subsidiarie s a r e translate d into Danis h k roner a t th e exchang e rate s p r evailin g a t th e en d o f th e r eportin g perio d for balanc e shee t items , an d a t averag e exchang e rate s fo r incom e statement items . Al l e ffect s o f exchang e rat e adjustment s a r e r ecognise d i n th e Income statement, wit h th e exceptio n o f exchang e rat e adjustment s o f investments i n subsidiarie s arisin g f r om : • th e translatio n o f fo r eig n subsidiaries ’ ne t asset s a t th e beginnin g o f the yea r t o th e exchang e rate s a t th e en d o f th e r eportin g period • th e translatio n o f fo r eig n subsidiaries ’ statement o f comp r ehensiv e income f r o m averag e exchang e rate s t o th e exchang e rate s a t th e en d o f the r eportin g period • th e translatio n o f non - cur r en t intra - G r ou p r eceivable s tha t a r e conside r ed t o b e a n additio n t o ne t investment s i n subsidiaries . Thes e specifi c exchang e rat e adjustment s a r e r ecognise d i n Othe r com - p r ehensiv e income.

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 Revenu e recognitio n fo r ne w p r oduc t launche s i s base d o n specifi c facts an d ci r cumstance s r elatin g t o thos e p roducts , includin g estimate d demand an d acceptanc e rate s fo r well - establishe d p roduct s with simila r market characteristics . Wher e shipment s o f ne w p r oduct s ar e mad e o n a sal e or r etu r n basis, withou t suffi cien t historica l experienc e fo r estimatin g sales r etu r ns , r evenu e i s onl y r eco r de d whe n the r e i s evidenc e o f consumptio n or whe n th e righ t o f r etu r n has expi r ed . C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 63 S E C T I O N 2 R E S U L T S FO R TH E Y E AR Ke y accounting estimate s – Sale s deductions Sale s discount s an d sale s r ebate s ar e p r edominantl y issue d i n Regio n North America . I n thi s region , signifi can t sale s r ebate s a r e pai d i n connection with U S publi c healthca r e insuranc e p r ogrammes , namel y Medica r e and Medicaid , as wel l as r ebate s t o pharmac y benefi t manager s an d managed healthca r e plans . Th e most signifi can t discount s a r e o ffe r e d under contracts with gove r nmen t p r ogramme s suc h a s Medicaid . I n addition , political p r essu r e to contai n healthca r e cost s ha s le d severa l othe r countrie s to impos e signifi cant pric e reduction s o n pharmaceutical p roducts . As such, concerte d austerit y measur es hav e bee n implemente d b y gove r nment s in countrie s i n Regio n Eu r ope , whil e gove r nment - mandate d pric e cut s have bee n int r oduce d i n Regio n China , Japa n an d majo r countrie s i n Region Inte r national Operations . U S wholesale r charge - backs Wholesale r charge - back s r elat e t o contractua l arrangement s betwee n Novo No rdis k an d indi r ec t customer s i n th e U S whe r eb y p roduct s a r e sol d at contract price s lowe r tha n th e lis t pric e originall y charge d t o wholesalers . A wholesaler charge - bac k r ep r esent s th e di ffe r enc e betwee n th e invoic e price t o th e wholesale r an d th e indi r ec t customer ’ s contrac t price . P r ovision s a r e calculate d fo r estimate d charge - back s usin g a combinatio n o f factor s suc h as historica l experience , cur r en t wholesaler inventor y levels , contract term s and th e valu e o f claim s r eceive d bu t no t yet p r ocessed . Wholesale r charge - backs a r e generall y settle d within 3 0 day s o f th e liabilit y bein g incur r ed . 2 . 1 NE T SALE S AN D SALE S DEDUCTIONS Accountin g policies Revenu e f r o m goods sol d i s r ecognise d whe n Nov o Nor dis k has transfer r ed th e signifi cant risk s an d rewa r d s t o th e buye r , an d th e amoun t o f r evenue ca n b e measur e d r eliabl y . Sale s ar e measu r e d a t th e fai r valu e o f th e consideratio n r eceive d o r r eceiv - able . When sale s ar e r ecognised , Nov o Nor dis k als o r ecor ds estimate s fo r a variet y o f sale s deductions, includin g r ebates , discounts, refunds, incentives an d p r oduc t r etu r ns . Sale s deduction s a r e r ecognise d a s a r eductio n o f g r oss sale s t o arriv e a t ne t sales . Whe r e contract s contai n customer acceptance p r ovisions, Nov o No rdis k r e cognise s sale s whe n th e acceptanc e criteri a a r e satisfied . Thi s sectio n comprises note s r elate d t o th e r esult s fo r th e yea r , suc h a s sales includin g detail s o n g ross - to - ne t sale s an d segment information , r esea r ch an d developmen t costs , employe e cost s as wel l as detail s o n incom e and defer re d incom e taxes . Consequentl y , thi s sectio n p r ovide s information r elate d to performanc e agains t tw o o f Nov o Nor disk ’ s fou r long - term fi nancia l targets : Operatin g p r of i t margi n an d G r owth i n operatin g p r of i t . Nov o No r disk ’ s g r owth i n sale s i s a r esul t o f continue d g r owth i n th e number o f patient s du e t o th e diabete s pandemic, Nov o No r disk ’ s abilit y t o bring innovativ e p roduct s t o th e marke t an d th e global comme r cia l p r esenc e of ou r business . Th e g r owt h i n operatin g p r ofi t an d margi n r e f l ect s no t onl y g r owt h in sale s bu t als o th e inc r eas e i n g r os s margi n primaril y drive n b y a favourable pricin g development , an d a positiv e p r oduc t mi x du e t o inc r ease d sale s of mode r n insulin s an d V ictoza ® , o f fset b y a negativ e impact f r o m p r oductivit y . Additionall y a modes t inc r eas e i n administrativ e cost s an d tigh t cost managemen t withi n sale s an d marketin g ha s bee n r ealised . Resea r c h and developmen t cost s hav e bee n g r owin g faste r tha n sales , r e f l ectin g an expandin g r esea r c h an d development portfolio . Th e articl e ‘201 4 performanc e an d 201 5 outlook ’ o n p 6 include s Manage - ment ’ s r evie w o f th e r esult s fo r th e yea r . Currenc y f l uctuation s impac t reporte d sale s growth Nov o Nor dis k maintain s a soli d g r owth i n loca l cur r encies , thoug h cur r ency f l uctuatio n ha s a di r ec t impac t o n reporte d Ne t sale s an d reported Operatin g p r ofi t . I n 201 4 th e r eporte d g r owt h i n Net sale s an d Operating p r ofi t ha s bee n r educe d b y 2 % ( 5 % i n 2013 ) an d 3 % ( 8 % i n 2013 ) compar e d wit h g r owt h i n loca l cur r encies . Th e impac t o f cur r ency f l uctuation s i n th e ke y cur r encie s (USD , JP Y , CN Y , GB P an d CAD) is mitigate d th r oug h hedgin g contracts , th e r esul t o f whic h i s include d in Financia l incom e an d expenses . Henc e r eporte d Ne t p r ofi t i s onl y impacte d to a limite d deg r e e b y key cur r ency fl uctuations . Howeve r , hedgin g i s no t conside r e d feasibl e fo r emergin g market cur r encies . Consequentl y , suc h cur r enc y f l uctuation s hav e a di r ec t impact o n bot h r eporte d Ne t sale s an d Ne t p r ofi t . Note s 4 . 2 an d 4 . 3 includ e informatio n o n th e fo r eig n exchang e ris k and sensitivit y analysi s fo r th e key cur r encies . 0 3 6 9 12 15 % 2013 Ne t sales Operatin g p r ofit 2014 2014 2013 CURRENC Y IM P AC T O N GROWTH G r owt h DK K G r owt h loca l cur r encies D K K B I L L I O N I N N E T PR O F I T ( + 5 . 2 % ) 2 6 .5

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 64 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 2 . 1 NE T SALE S AN D SALE S DEDUCTIONS (CONTINUED) U S Medicaid , Medicar e an d manage d healthcar e rebates Medicai d an d Medica r e r ebate s hav e bee n calculate d usin g a combination o f historica l experience , p r oduc t an d populatio n g r owth , pric e inc r eases , the impac t o f contractin g strategie s an d specifi c term s i n th e individua l ag r ee - ments . Fo r Medicaid , th e calculatio n o f r ebate s als o involve s interp r etation o f r elevan t regulation s tha t a r e subjec t t o changes i n interp r etativ e guidance f r o m gove r nmen t authorities . Althoug h p r ovision s a r e mad e fo r Medicaid an d Medica r e r ebate s a t th e tim e sale s a r e r e co r ded , th e actua l r ebates r e late d t o th e specifi c sal e wil l typicall y b e invoice d t o Nov o No rdis k 6 – 9 month s late r . Du e t o th e tim e lag , th e r ebat e adjustment s t o sale s i n any particula r perio d ma y incorporat e adjustment s o f p r ovision s fo r prio r periods . manager s an d manage d healthca r e plans . Thes e r ebat e p r ogrammes allo w th e customer t o r eceiv e a r ebat e afte r attainin g certai n performance parameter s relatin g t o formular y statu s o r p r e - establishe d marke t sha r es r elativ e t o competitors . Rebate s a r e estimate d acco r din g t o th e specif i c terms i n eac h ag r eement, historical experience , anticipate d channe l mix, g r owth rate s an d marke t shar e information . Nov o No rdis k adjust s th e p r ovision periodicall y t o r e fl ect actua l sale s performance . Discounts , sale s return s an d othe r rebates Other discount s a r e p rovide d t o wholesalers , hospitals, pharmacie s etc, and a r e usuall y linke d t o sale s volum e o r p rovide d a s cas h discounts . Sale s r etu r ns a r e r elate d t o damage d o r expi r e d p roducts . Accrual s a r e calculate d based o n historica l data, an d r eco r de d a s a r eductio n i n g r os s sale s a t th e tim e the r elate d sale s a r e r eco r ded . Arrangements wit h certai n healthca r e p r ovider s ma y requi r e Nov o No rdis k to mak e refund s t o th e healthca r e p r ovider s if anticipate d t r eatment outcomes d o no t meet p r edefi ne d targets . GROSS - TO - NET SALES RECONCILI A TION DKK millio n 2014 G r os s sale s 131,841 2013 2012 115,906 103,948 U S manage d car e an d Medica r e (17,522) (12,858) (5,578) (2,972) (12,504) (10,126) (3,851) (2,063) (9,239) (8,196) (3,418) (1,872) U S wholesaler charge - backs U S Medicai d r ebates U S discount s an d sale s r etu r ns Non - U S r ebates , discount s and sale s r etu r ns (4,105) (3,790) (3,197) T ota l g ross - to - net sale s adjustments (43,035) (32,334) (25,922) Ne t sale s 88 , 80 6 83 , 57 2 78 , 026 P r ovision s fo r sale s r ebate s a r e adjuste d t o actual amount s as r ebate s and discount s a r e p r ocessed . Pleas e refer t o not e 3 . 7 fo r furthe r informatio n on sales - r elate d p r ovisions .

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 65 Ther e a r e n o sale s o r othe r transaction s betwee n th e busines s segments . Cost s hav e bee n spli t betwee n busines s segment s acco r din g t o a specifi c allocatio n with th e additio n o f a mino r numbe r o f corporat e overhead cost s allocate d systematicall y betwee n th e segments . Othe r operating incom e has bee n allocate d t o th e tw o segment s base d o n th e same principle . Segmen t asset s compris e th e asset s tha t a r e applie d di r ectl y t o th e activities o f th e segment , includin g intangibl e assets , p ropert y , plan t an d equipment, othe r f i nancia l assets , inventories , trad e r eceivables , an d othe r r eceivables an d p r epayments . N o singl e customer r epr esent s mo r e tha n 10 % o f th e tota l sale s an d no operatin g segment s hav e bee n agg r egate d t o for m th e r eporte d business segments . 2 . 2 SEGMEN T INFORM A TION Accountin g policies Operatin g segment s a r e r eporte d i n a manner consisten t with th e inte r nal r eportin g p rovide d t o Executiv e Management an d th e Boa r d o f Di r ectors. Segmen t performanc e i s evaluate d o n th e basi s o f operatin g p r ofi t consistent wit h th e Consolidate d fi nancia l statements . Financia l incom e an d expenses an d incom e taxe s a r e manage d a t G r ou p leve l an d a r e no t allocate d to busines s segments . W e consider Executiv e Managemen t t o b e th e operatin g decision - making body as all signifi cant decisions r egar ding business development and di rection a r e take n i n tha t forum . Busines s segments Nov o Nor dis k operate s i n tw o busines s segment s base d o n therapies: Diabete s car e an d Biopharmaceuticals. Th e Diabete s car e busines s segmen t include s r esea r ch , development, manufacturin g an d marketin g o f p roduct s within th e a r eas o f insulin, GLP - 1 an d r elate d deliver y systems , oral antidiabeti c p roduct s (OAD ) an d obesit y . Th e Biopharmaceutical s busines s segment include s r esea r ch , development, manufacturin g an d marketin g o f p r oduct s within th e ar eas o f haemophilia, g r owt h hormon e therap y , hormon e r e placemen t therap y , infl ammation therap y an d othe r therap y a r eas . I n addition , non - recurrin g cost s i n r elation to th e discontinuatio n o f infl ammator y diso r der s a r e include d i n the Biopharmaceutical s busines s segmen t i n 2014 . Pleas e refer t o not e 2 . 3 . BUSINESS SEGMENTS DKK million 2014 2013 2012 2014 2013 2012 2014 2013 2012 1 . Th e par t o f tota l asset s tha t r emain s unallocate d t o eithe r o f th e two busines s segment s include s Cas h a t bank an d o n hand, Marketabl e securities , Derivativ e f i nancia l instruments, Defer re d incom e ta x assets , T a x r eceivable s an d Other f i nancia l assets. Segmen t sales Diabete s ca r e Biopharmaceutic a ls T otal New - generatio n insulin 658 14 3 – NovoRapi d ® / NovoLo g ® 17,449 16,84 8 15,693 NovoMi x ® / NovoLo g ® Mix 9,871 9,75 9 9,342 Levemi r ® 14,217 11,54 6 9,786 T ota l mode r n insulins 41,537 38,15 3 34,821 Huma n insulins 10,298 10,86 9 11,302 V ictoz a ® 13,426 11,63 3 9,495 P r otein - r elate d p r oducts 2,333 2,41 2 2,511 Ora l antidiabeti c p r oduct s (OAD) 1,728 2,24 6 2,758 Diabete s car e tota l sales 69,980 65,45 6 60,887 NovoSeve n ® 9,142 9,256 8,933 No r dit r opi n ® 6,506 6,114 5,698 Othe r p r oducts 3,178 2,746 2,508 Biopharmaceutical s tota l sales 18,82 6 18,11 6 17,139 Segmen t ke y f igures T ota l ne t sales Chang e i n DK K (%) Chang e i n loca l cur r encie s (%) Cos t o f good s sold Sale s an d distributio n costs Resea r c h an d developmen t costs Administrativ e costs Othe r operatin g income , net Operatin g profi t Operatin g margin Dep r eciation , amortisatio n and impairmen t losse s expensed Addition s t o Intangibl e asset s and P r opert y , plan t an d equipment Asset s allocate d t o busines s segments Asset s no t allocate d t o business segments 1 T ota l assets 69,980 65,456 60,887 18,826 18,116 17,139 88,806 83,572 78,026 6.9% 7.5% 20.7% 3.9% 5.7% 7.7% 6.3% 7.1% 17.6% 8.8% 12.0% 14.5% 6.2% 11.5% 2.4% 8.3% 11.9% 11.6% 12,482 11,909 11,435 2,080 2,231 2,030 14,562 14,140 13,465 20,373 20,584 18,894 2,850 2,796 2,650 23,223 23,380 21,544 9,318 7,786 7,322 4,444 3,947 3,575 13,762 11,733 10,897 2,790 2,767 2,604 747 741 708 3,537 3,508 3,312 516 510 464 254 172 202 770 682 666 25,533 22,920 21,096 8,959 8,573 8,378 34,492 31,493 29,474 36.5% 35.0% 34.6% 47.6% 47.3% 48.9% 38.8% 37.7% 37.8% 2,438 2,209 2,167 997 590 526 3,435 2,799 2,693 3,245 2,651 2,800 1,066 990 770 4,311 3,641 3,570 40,748 36,436 36,030 10,914 10,525 9,119 51,662 46,961 45,149 25,400 23,376 20,520 77,062 70,337 65,669

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 66 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 2 . 2 SEGMEN T INFORM A TIO N (CONTINUED) Geographica l areas Nov o No rdis k operate s i n fi v e geographical r egions: • Nort h America: th e U S an d Canada • Eu r ope: th e EU , EF T A , Albania, Bosnia - Her cegovina , Macedonia , Serbia, Monteneg r o an d Kosovo • Japa n & Ko r ea : Japa n an d Sout h Ko r ea • Regio n China : China , Hon g Kon g an d T aiwan • Inte r national Operations: al l othe r countries. Sale s ar e attribute d t o geographica l r egion s accor din g t o th e locatio n of th e custome r . Allocatio n o f p ropert y , plan t an d equipment, trad e r eceivables, allowanc e fo r trad e r eceivable s an d tota l asset s goes bac k t o allocatio n based o n th e locatio n o f th e assets . Th e countr y o f domicil e i s Denmark , whic h i s par t o f Regio n Eu r ope . Denmark i s immateria l t o Nov o Nor disk ’ s activitie s i n term s o f geographical siz e an d th e operationa l busines s segments . Mo r e tha n 99 . 5 % o f total sale s a r e r ealise d outsid e Denmark . Resea r c h an d developmen t activitie s a r e carrie d ou t b y Nov o No r disk ’ s r esea r c h an d developmen t cent r es , mainl y i n Denmark, th e US an d China, whil e r esea r c h an d developmen t trial s ar e carrie d ou t all over th e world . W ithou t establishin g join t ventu r e s o r operations , Nov o No rdis k also enter s into partnershi p ag reement s t o a limite d extent, primaril y i n term s of development an d licenc e ag reements . Resea r c h an d development cost s primaril y compris e employe e costs , inte r nal an d exte r na l cost s r e late d t o executio n o f studie s includin g manufacturing costs , facilit y cost s o f th e r esea r c h cent r es , an d amortisatio n dep r eciation an d impairmen t losse s r elate d t o intangibl e asset s an d p ropert y , plan t and equipment use d i n th e r esea r c h an d development activities . GEOGRAPHICAL AREAS DKK million 2014 2013 2012 2014 2013 2012 1 . Additiona l non - IFR S measu r e ; pleas e refer t o p 9 4 fo r defi nition. 2 . 3 RESEARC H AN D DEVELOPMEN T COSTS Accountin g policies Nov o No r disk ’ s r esea r c h an d development i s focuse d o n therapeuti c p r oteins withi n insulins, GLP - 1 , bloo d clottin g factor s an d huma n g r owt h hormone . Th e r esea r c h activitie s utilis e biotechnological method s base d o n genetic engineering , advance d p r otei n chemistr y an d p r otei n engineering . These method s hav e playe d a ke y rol e i n th e developmen t o f th e p r oduction technolog y use d i n th e manufactu r e o f insulin , GLP - 1 , recombinan t blood clottin g factors, huma n g r owth hormon e an d glucagon . I n lin e with industr y practice , Nov o No rdis k expense s all inte r na l r esea r ch costs . Inte r na l development cost s a r e als o expense d a s incur re d a s thes e do no t qualif y fo r capitalisatio n a s intangibl e asset s unti l marketin g app r ova l by a regulator y authorit y i s obtaine d o r highl y p robable, du e t o regulator y and othe r uncertaintie s inhe r en t i n th e development o f ne w p roducts . Nort h America Eu r ope Sale s b y busines s segment: NovoRapi d ® / NovoLo g ® NovoMi x ® / NovoLo g ® Mix Levemi r ® Mode r n insulin s (insuli n analogues) Huma n insulins V ictoz a ® Othe r diabete s ca r e 10,191 2,483 9,386 22,060 1,997 9,046 846 9,953 2,694 6,823 19,470 1,976 7,537 1,590 9,033 2,488 5,290 16,811 1,959 5,930 1,998 3,999 2,317 2,939 9,255 2,222 3,130 1,009 3,819 2,450 2,909 9,178 2,427 2,896 885 3,707 2,544 2,833 9,084 2,642 2,427 965 Diabete s ca r e total 33,949 30,573 26,698 15,616 15,386 15,118 NovoSeve n ® 4,415 4,459 4,397 2,111 2,294 2,206 No r dit r opi n ® 2,750 2,273 1,721 1,654 1,729 1,741 Othe r biopharmaceuticals 2,009 1,719 1,404 769 654 642 Biopharmaceutical s total 9,174 8,451 7,522 4,534 4,677 4,589 T ota l sale s b y busines s an d geographica l segment 43,123 39,024 34,220 20,150 20,063 19,707 Underlyin g sale s g r owt h i n loca l cur r encies 1 10.8% 17.8% 19.2% 0.2% 2.5% 2.0% Cur r enc y e f fec t (loca l cur r enc y impact) (0.3%) (3.8%) 9.5% 0.2% (0.7%) 0.8% T ota l sale s growt h a s reported 10.5% 14.0% 28.7% 0.4% 1.8% 2.8% P r opert y , plan t an d equipment 2,215 1,571 1,500 17,411 16,801 16,200 T rad e r eceivables 4,359 3,076 2,278 3,866 3,779 3,688 Allowanc e fo r doubtfu l trad e r eceivables (20) (20) (18) (194) (245) (239) T ota l assets 9,131 7,057 5,867 54,526 51,205 47,663

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 67 Sale s t o exte r na l customer s attribute d t o th e US a r e collectivel y th e most materia l t o th e G r oup . Th e US i s th e onl y countr y whe r e sale s contribute mo r e tha n 10 % o f tota l sales , an d sale s t o th e U S r ep r esen t mo r e tha n 90 % o f sale s i n Regio n Nort h America . Fo r paten t expir y i n key market s b y p roducts, pleas e refer t o not e 2 . 5 i n the socia l statement . A ver y limite d par t o f th e r esea r c h an d development activitie s i s r ecognised outsid e Resea r c h an d development costs: • Up - f r on t payment s an d milestone s pai d t o partnership s prio r t o o r upon regulator y app r ova l a r e capitalise d as intangibl e asset s an d amortise d as Cos t o f goods sol d ove r th e usefu l life • Royalt y expense s pai d to partnership s afte r r egulator y app r ova l a r e expense d a s Cos t o f goods sold • Royalt y incom e r eceive d f r o m partnership s i s r ecognise d a s par t o f Other operatin g income , net • Contractua l r esea r c h an d development obligation s t o b e pai d i n th e futu r e a r e disclose d separatel y a s Commitment s i n not e 5 . 4 . 201 4 2013 2012 2014 2013 2012 201 4 2013 Japa n & Ko r ea 2012 Inte r national Operations Regio n China RESEARCH AND DEVELOPMENT COSTS Fo r a r evie w o f development i n r esea r c h an d development costs , refer t o p 7 an d 10 , ‘201 4 performanc e an d 201 5 outlook ’ . DK K million 2014 2013 2012 Inte r na l an d exte r na l r esea r c h and 7,646 6,587 6,136 developmen t costs Employe e cost s (not e 2.4) 5,200 4,680 4,298 Amortisatio n an d impairmen t losses, intangibl e asset s (not e 3 . 1) 425 126 47 Dep r eciatio n an d impairmen t losses, p r opert y , plan t an d equipmen t (not e 3.2) 491 340 416 T ota l researc h an d developmen t costs 13,762 11,733 10,897 A s pe r centag e o f sales 15% 14% 14% 1,802 1,639 1,408 618 486 370 839 951 1,175 2,077 1,875 1,708 2,338 1,951 1,574 656 789 1,028 1,344 1,290 1,106 334 236 171 214 288 386 5,223 4,804 4,222 3,290 2,673 2,115 1,709 2,028 2,589 2,660 2,954 3,073 3,051 3,022 2,860 368 490 768 799 741 613 171 128 70 280 331 455 820 692 632 1,388 1,163 1,181 656 471 493 9,502 9,191 8,540 7,900 6,986 6,226 3,013 3,320 4,305 1,891 1,716 1,526 171 158 158 554 629 646 900 853 780 13 13 14 1,189 1,246 1,442 247 247 234 4 4 4 149 122 224 3,038 2,816 2,540 188 175 176 1,892 1,997 2,312 12,540 12,007 11,080 8,088 7,161 6,402 4,905 5,317 6,617 14.4% 17.0% 16.2% 13.3% 12.7% 16.3% (0.8%) (0.1%) (1.5%) (10.0%) (8.6%) 2.1% (0.4%) (0.8%) 11.7% (6.9%) (19.5%) 7.8% 4.4% 8.4% 18.3% 12.9% 11.9% 28.0% (7.7%) (19.6%) 6.3% 1,145 1,292 1,508 2,230 2,078 2,157 135 140 174 2,978 2,196 2,177 1,538 1,587 1,161 300 269 335 (776) (716) (710) 0 0 (54) (5) (8) (3) 6,821 5,945 6,660 5,629 5,108 4,490 955 1,022 989 BY BUSINESS SEGMENT (NOTE 2.2) Diabete s ca r e 9,318 7,786 7,322 Biopharmaceuticals 4,444 3,947 3,575 T otal 13,762 11,733 10,897

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 ) ) 1 . Thi s r e f l ect s annual g r oss employe e cost s include d i n intangibl e asset s an d p ropert y , plan t an d equipmen t tha t wil l subsequentl y b e include d i n dep r eciatio n and impairment losses . REMUNER A TION TO EXECUTIVE MANAGEMENT AND BOARD OF DIRECTORS 1. Excludin g shar e - base d payments, a s thes e a r e allocate d i n th e join t poo l between Executiv e Management an d othe r members o f th e Senio r Management Boa r d . Please r efer t o not e 5 . 1 an d ’Remuneration ’ , p p 4 9 – 5 1 , fo r furthe r information . 2. I n Novembe r 201 4 EV P Lis e King o decide d t o leav e Nov o Nordisk . Th e 2014 remuneratio n fo r Lis e King o i s include d i n th e abov e table . I n additio n severance payments o f DKK 32 . 2 millio n we r e als o paid . 3. Excludin g socia l securit y taxe s pai d amountin g t o les s tha n DKK 1 millio n (les s than DKK 1 millio n i n 2013 ) . 68 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 2 . 3 RESEARC H AN D DEVELOPMEN T COSTS (CONTINUED) HISTORICAL R A TIO OF RESEARCH AND DEVELOPMENT COSTS 2 . 4 EMPLOYE E COSTS Accountin g policies W ages , salaries , socia l securit y contributions , annual leav e an d sic k leave, bonuse s an d non - monetar y benef i t s ar e r ecognise d i n th e yea r i n which th e associate d service s ar e r endere d b y employee s o f Nov o Nordisk . Wher e Nov o No r d is k p r ovide s long - ter m employe e benefi ts, th e cost s a r e accrue d to matc h th e renderin g o f th e service s b y th e employee s conce r ned . EMPLOYEE COSTS Th e split betwee n r esea r c h an d development wil l fl uctuat e i n individual years dependin g o n th e compositio n o f th e clinical developmen t portfolio . Costs incur re d u p unti l fi rst huma n dos e trial s a r e conside r e d a s r esea r c h costs . NON - RECURRING COSTS REL A TED TO DISCONTINU A TION OF ACTIVITIES WITHIN INFLAMM A TO R Y DISORDERS I n Septembe r 2014 , Managemen t decide d t o discontinu e all r esea r c h and development activitie s within infl ammator y diso rders . Thi s decisio n was not base d o n safet y conce r ns . Th e decisio n t o discontinu e all r esea r c h an d developmen t withi n infl am - mator y diso r der s followe d a r evie w o f Nov o No r disk ’ s strategi c positio n i n the therapeuti c a r e a afte r th e discontinuatio n o f th e most advance d compound withi n infl ammation , anti - IL - 2 0 fo r th e t r eatmen t o f rheumatoi d arthritis . Th e fi nancia l impact i s a non - recurrin g impairment cos t r ega r din g intangible an d tangibl e asset s an d othe r cost s suc h as p rojec t closu r es an d severance payments . I n total , a cos t o f DKK 60 0 millio n has bee n r eco r de d a s par t o f r esea r c h and development cost s an d negativel y impacte d operatin g p r ofi t i n 201 4 i n the Biopharmaceutical s busines s segment . DKK millio n 2014 Impairment o f intangibl e assets Impairment o f p ropert y , plan t an d equipment Clinica l trial s etc Employe e costs , incl severanc e payment 395 85 40 80 T ota l costs 600 DK K million 2014 2013 2012 W age s an d salaries 21,306 19,077 17,301 Sha r e - base d paymen t cost s (not e 5 . 1) 371 409 308 Pension s – define d contributio n plans 1,607 1,428 1,302 Pension s – r eti r emen t benefi t obligation s (not e 3.6) 142 113 150 Othe r socia l securit y contributions 1,617 1,489 1,358 Othe r employe e costs 1,944 1,891 1,779 T ota l employe e cost s fo r th e year 26,987 24,407 22,198 Employe e cost s include d i n intangible asset s an d p r opert y , plan t and equipment 1 (866) (772) (53 3 Chang e i n employe e cost s included i n inventories (206) (29) (7 0 T ota l employe e costs 25,915 23,606 21,595 Include d i n th e Incom e statement: 6,224 5,160 4,627 Cos t o f good s sold Sale s an d distributio n costs 10,334 9,831 8,784 Resea r c h an d developmen t costs 5,200 4,680 4,298 Administrativ e costs 2,426 2,250 2,205 Othe r operatin g income , net 1,731 1,685 1,681 T ota l employe e costs 25,915 23,606 21,595 DK K million 2014 2013 2012 Salar y an d cash - base d incentive 71 58 37 Pension 18 15 9 Othe r benefits 2 2 1 Executiv e Managemen t i n total 1 , 2 91 75 47 Fe e t o Boa r d o f Di r ectors 3 9 9 9 A verag e numbe r o f full - tim e employees 40,164 36,144 33,061 Y ea r - en d numbe r o f full - tim e employees 40,957 37,978 34,286 % o f cost s b y busines s segment Resea r ch Development Diabete s ca r e Biopharmaceutical s 1 5 – 25% 2 5 – 35% 7 5 – 85% 6 5 – 75% T otal 2 0 – 30% 7 0 – 80%

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 69 Adjustment s r ecognise d fo r prio r period s includ e adjustment s cause d by event s tha t occur r e d i n th e cur r en t yea r r elate d t o cur r en t an d defer re d ta x of prio r periods . Suc h adjustment s p redominantl y aris e f r o m ta x payment s on ta x dispute s r elate d t o transfer pricin g an d r eversa l o f associate d ta x liability r ecognise d i n prio r periods . ) ) ) ) INCOME T AXES P AID DKK million 2014 2013 2012 Incom e taxe s pai d i n Denmark Incom e taxe s pai d outsid e Denmark 4,936 2,971 7,363 2,444 7,895 2,996 T ota l incom e taxe s paid 7 , 90 7 9 , 80 7 10 , 891 Th e incom e taxe s pai d i n Denmar k i n 201 2 an d 201 3 includ e adjustments arisin g f r o m ongoin g ta x dispute s primaril y r elate d t o transfe r pricin g f r om prio r periods . Deferred incom e taxes Accountin g policies Defer r e d incom e taxe s aris e f r o m temporar y di f f e r ence s betwee n the accountin g an d taxabl e value s o f th e individua l consolidate d companies an d f r o m r ealisabl e tax - los s carry - forwa r d s usin g th e liabilit y method . The ta x valu e o f tax - los s carry - forwa r ds i s include d i n defer r e d ta x asset s t o the extent tha t th e ta x losse s an d othe r ta x asset s a r e expecte d t o b e utilise d in futu r e taxabl e income . Th e defer re d incom e taxe s a r e measur e d acco r ding t o cur r en t ta x rule s an d a t th e ta x rate s expecte d t o b e i n fo r c e o n elimina - tio n o f th e temporar y di f fe r ences . I n genera l th e Danis h ta x rule s r elated t o compan y distribution s p r ovid e exemptio n f r o m ta x fo r mos t r epatriated p r ofi ts . No p r ovisio n i s mad e fo r incom e taxe s tha t woul d b e payabl e upon th e distributio n o f un r emitte d ea r ning s unles s a conc r et e distributio n of ea r ning s i s planned . 2 . 5 OTHE R OPER A TIN G INCOME , NET Accountin g policies Othe r operatin g incom e (net ) comprise s licenc e incom e an d incom e o f a secondary natu r e i n relatio n t o th e mai n activitie s o f Nov o Nordisk . Licence incom e i s r ecognise d o n a n accrua l basi s i n accordanc e wit h th e term s and substanc e o f th e r elevan t ag r eement . Ne t p r ofi t , no t r elate d t o Nov o No r disk, f r o m th e tw o wholl y owne d subsidiarie s NN E Pharmapla n A/ S an d fo r NNIT A/ S i s r ecognise d as othe r operatin g income . Othe r operatin g incom e also includ e incom e f r o m sal e o f intellectual p ropert y rights . 2 . 6 INCOM E AN D DEFERRE D INCOME T AXES Incom e taxes Accountin g policies Th e ta x expens e fo r th e perio d comprise s cur r en t an d defer re d ta x and inte r es t o n ta x case s ongoin g o r settle d durin g th e yea r , includin g adjust - ments t o p r eviou s year s an d changes i n p r ovisio n fo r uncertai n ta x positions . T ax i s r ecognise d i n th e Incom e statement, excep t t o th e extent tha t it r elates t o item s r ecognise d i n Other comp r ehensiv e income . Ongoin g ta x disputes , primaril y r elate d t o transfer pricin g cases , a r e included individuall y a s par t o f defer re d ta x assets , ta x r eceivable s an d ta x payables. Ke y accounting estimat e – Incom e taxes Nov o No rdis k i s subjec t to incom e taxe s a r oun d th e world . Significant judgemen t i s requi r e d i n determinin g th e worldwid e accrual fo r income taxes , defer r e d incom e ta x asset s an d liabilities , an d p r ovisio n fo r uncertain ta x positions . Nov o No rdis k r ecognise s defer re d incom e ta x asset s i f it i s p r obabl e tha t suff i cien t taxabl e incom e wil l b e availabl e i n th e futu r e against which the temporary di f fe r ences and unused tax losses can be utilised . Managemen t ha s considere d futu r e taxabl e incom e i n assessin g whether defer re d incom e ta x asset s shoul d b e r ecognised . I n th e cours e o f con ducting busines s globall y , transfe r pricin g dispute s with ta x authoritie s may occu r , an d Managemen t judgemen t i s applie d t o asses s th e possibl e outcom e of suc h disputes . Nov o Nor dis k believe s tha t th e p r ovisio n mad e fo r uncertain ta x position s no t yet settle d wit h loca l ta x authoritie s i s adequate . Howeve r , th e actua l obligatio n ma y deviat e an d i s dependen t o n th e r esul t of litigation s an d settlement s wit h th e r elevan t ta x authorities . INCOME T AXES EXPENSED ) T a x o n othe r comp r ehensiv e incom e fo r th e yea r r elate s t o ta x o n defer red (gains)/losse s o n cas h f lo w hedge s an d inte r na l p r ofi t i n inventories . Thi s is o f fse t b y cur r enc y adjustmen t o f DK K 9 9 millio n (DK K 4 8 millio n i n 2013 ) r ecognise d a s cur r en t ta x i n Other comp r ehensiv e incom e i n 2014 . DK K million 2014 201 3 2012 Computatio n o f e f fectiv e ta x rate: 24.5% 25.0 % 25.0% Statutor y corporat e incom e ta x rate i n Denmark Deviatio n i n fo r eig n subsidiaries’ ta x rate s compa r e d wit h th e Danish ta x rat e (net) (1.9%) (2.0% ) (2.1% Non - taxabl e incom e les s non - tax - deductibl e expense s (net) 0.0% 0.0 % 0.1% E f fec t o n defer r e d ta x r elate d to chang e i n th e Danis h corporat e ta x rate – (0.3% ) – Other (0.3%) (0.1% ) (0.1% E f fectiv e ta x rate 22.3% 22.6 % 22.9% Computatio n o f e f fectiv e ta x amount: 8,354 8,13 5 6,953 Corporat e incom e ta x a t ta x rate i n Denmark Impac t f r o m deviatio n i n fo r eign subsidiaries ’ ta x rate s compa r e d with th e Danis h ta x rat e (net) (623) (636 ) (57 1 Non - taxabl e incom e less non - tax - deductibl e expense s (net) (12) (8 ) 28 E f fec t o n defer r e d ta x r elate d to chang e i n th e Danis h corporat e ta x rate – (99 ) – Other (104) (37 ) (3 1 E f fectiv e ta x amount 7,615 7,35 5 6,379 DK K million 2014 2013 2012 Cur r en t ta x o n p r ofi t fo r th e year Defer r e d ta x o n p r ofi t fo r th e year 8,562 (748) 8,540 (682) 6,001 645 T a x o n p r ofi t fo r th e year 7,814 7,858 6,646 Adjustment s r ecognise d for cur r en t ta x o f prio r periods (313) (74) 4,042 Adjustment s r ecognise d for defer r e d ta x o f prio r periods 114 (429) (4,30 9 Incom e taxe s i n the Incom e statement 7,615 7,355 6,379 T a x o n othe r comp r ehensiv e income fo r th e yea r , (income)/expense (977) 211 587

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 7 0 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 2 . 6 INCOM E AN D DEFERRE D INCOM E T AXE S (CONTINUED) DEVELOPMENT IN DEFERRED INCOME T AX ASSETS AND LIABILITIES P r opert y , T ax - loss O ffset 1. O f whic h DKK ( 1 14 ) millio n (DK K 42 9 millio n i n 2013 ) r elate s t o r e - assessment s o f prio r - yea r estimates . 2. Includin g e f fec t r elate d t o chang e i n th e Danis h corporat e ta x rate . Th e ta x valu e o f th e tax - los s carry - forwa r d o f DKK 21 5 millio n (DK K 18 2 millio n i n 2013 ) has no t bee n r ecognise d i n th e Balanc e shee t du e t o th e likelihoo d that th e ta x losse s wil l no t b e r ealise d i n th e futu r e . Non e o f th e un r ecognise d tax - los s carry - forwa r d expi r e s within on e yea r . DKK 8 millio n expi r e s within tw o t o fi ve year s an d DKK 20 7 millio n afte r mo r e tha n fi v e years . DK K million plan t and equipment Intangible assets Inventories carry - forwa r d Other within countrie s T otal 2014 3,559 Ne t defer r e d ta x asset/(liability ) a t 1 January (853) 64 1,761 54 2,533 – Income/(charge ) t o th e Incom e statement 1 163 (57) 733 (19) (186) 634 Income/(charge ) t o Othe r comp r ehensiv e income 174 902 1,076 Exchang e rat e adjustment (25) 8 – (3) 143 123 Ne t deferre d ta x asset/(liability ) a t 3 1 December (715) 15 2,668 32 3,392 – 5,392 Classifie d a s follows: 5,399 Defer r e d ta x asse t a t 3 1 December 229 286 3,665 32 3,460 (2,273) Defer r e d ta x liabilit y a t 3 1 December (944) (271) (997) – (68) 2,273 (7) 2013 Ne t defer r e d ta x asset/(liability ) a t 1 January (997) 133 1,336 66 974 – 1,512 Prio r - yea r adjustmen t - T a x r eceivables/ T a x payables 1,330 1,330 Income/(charge ) t o th e Incom e statement 1 , 2 141 (44) 593 (7) 428 1,111 Income/(charge ) t o Othe r comp r ehensiv e income (168) (91) (259) Exchang e rat e adjustment 3 (25) – (5) (108) (135) Ne t defer r e d ta x asset/(liability ) a t 3 1 December (853) 64 1,761 54 2,533 – 3,559 Classifie d a s follows: Defer r e d ta x asse t a t 3 1 December 109 378 2,637 54 3,567 (2,514) 4,231 Defer r e d ta x liabilit y a t 3 1 December (962) (314) (876) – (1,034) 2,514 (672)

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 71 S E C T I O N 3 O P E R A T I N G A S S E T S A N D LIAB I L I T I E S Asset s tha t a r e subjec t to amortisation , suc h a s intangibl e asset s i n use o r with defi nit e useful life , an d othe r non - cur r en t asset s a r e r eviewe d for impairment wheneve r event s o r changes i n ci r cumstances indicat e tha t the carryin g amoun t may no t b e r ecoverable . Factor s conside r e d materia l that coul d trigge r a n impairment test includ e th e following : • Developmen t o f a competin g drug • Changes i n th e lega l framewor k coverin g patents, right s an d licences • Advances i n medicin e and/or technolog y tha t a f fec t th e medical t r eatments • Lowe r - than - p r edicte d sales • Advers e impact o n r eputatio n and/or bran d names • Changes i n th e economic live s o f similar assets • Relationshi p wit h othe r intangibl e asset s o r p ropert y , plan t and equipment • Changes o r anticipate d changes i n participatio n rate s o r r eimbursement policies. I f th e carryin g amoun t o f intangibl e asset s exceed s th e r ecoverabl e amount base d upo n th e existenc e o f on e o r mo r e o f th e abov e indicator s of impairment , an y impairmen t i s measu r e d base d o n discounte d p r ojected cas h f l ows . Impairment s a r e r eviewe d a t eac h r eportin g dat e fo r possible r eversal . 3 . 1 IN T ANGIBL E ASSETS Accountin g policies Patent s an d licences , includin g acqui re d patent s an d licence s fo r in - p r ocess r esea r c h an d developmen t p r ojects , a r e carrie d a t historica l cos t less accumulate d amortisatio n an d an y impairment loss . Amortisatio n i s base d on th e straight - lin e metho d ove r th e estimate d usefu l life , whic h i s th e shorter o f th e lega l duratio n an d th e economic usefu l life , no t exceedin g 1 0 years . Th e amortisatio n o f patent s an d licence s begin s afte r regulator y app r ova l has bee n obtained . Inte r na l developmen t o f compute r softwa r e an d othe r di r ectl y attributable development cost s r elate d t o major I T p r oject s fo r inte r na l us e a r e r ecognised a s intangibl e asset s i f th e r ecognitio n criteri a a r e met , i e a signifi cant busines s syste m whe r e th e expenditu r e lead s t o th e c r eatio n o f a durable asset . Amortisatio n i s base d o n th e straight - lin e metho d ove r th e estimated useful lif e o f 3 – 1 0 years . Th e amortisatio n begin s whe n th e asse t i s i n the locatio n an d conditio n necessar y fo r i t t o b e capabl e o f operatin g i n the manne r intende d b y Management . Impairmen t o f assets Intangibl e asset s with a n indef i nit e useful lif e an d intangibl e asset s no t yet availabl e fo r us e ar e no t subjec t t o amortisatio n bu t ar e teste d annuall y for impairment, ir r espectiv e o f whethe r the r e i s an y indicatio n tha t the y ma y be impai r ed . Thi s sectio n p r esent s detail s o n th e operatin g asset s tha t for m th e basis fo r th e activitie s o f Nov o No r disk , an d r elate d liabilities . Thes e ne t assets impact Nov o No r disk ’ s long - ter m targe t fo r ‘Operatin g p r ofi t afte r ta x t o net operatin g asset s (O P A T/NOA) ’ . Fo r 2014 , O P A T/NO A amount s t o 9 7 . 2 % , r epresentin g a n inc r eas e o f mo r e tha n 50 % over th e last f i v e year s an d r e f l ectin g th e g r owt h i n Operating p r ofi t afte r ta x generate d o n a stabl e bas e o f ne t operatin g assets . Thi s i s drive n b y Nov o Nor disk ’ s organi c g r owt h strateg y with limited acquisitio n o f intangibl e asset s o r businesse s i n general . I t als o r e fl ect s the fac t that , i n lin e with industr y practice , Nov o Nor dis k doe s no t capitalise inte r na l development costs . Th e overal l app roac h t o managin g operatin g asset s i s t o r etai n asset s for r esea r ch , developmen t an d p r oductio n activitie s unde r th e company ’ s own cont r ol , an d generall y t o leas e non - co r e asset s r elate d t o administratio n and distribution . Thi s i s a key facto r i n maintainin g hig h qualit y i n th e company ’ s p r oducts . Furthermo r e , bein g abl e a t al l time s to delive r p r oduct s to customer s i s a ke y priority ; consequentl y th e tota l p r oductio n capacity r e fl ect s thi s priorit y an d th e inventor y leve l include s a leve l o f safet y stock . IM P AC T O F U S REB A TES A signifi cant facto r i n ne t operatin g asset s als o r elate s t o movemen t i n the p r ovisio n fo r sale s r ebate s i n th e US , p r esente d as Short - ter m p r ovision s in th e balanc e sheet . Th e movemen t i n 201 4 r e f l ect s g r owt h i n US sales , and changes i n p r oduc t an d r ebat e p r ogramm e mix , counte r e d b y th e e f fec t of faster collectio n f r o m pharm a benefi t manager s an d authorities . Th e inc r ease i n inventor y leve l partl y r e fl ect s additional safet y stock . T rad e r eceivable s and fi xe d asset s hav e develope d i n lin e wit h Operatin g p r of i t . 0 7 14 21 28 35 MAI N MOVEMENT S I N NE T OPER A TING ASSETS Ne t operatin g asset s Fixe d asset s Inventories Receivable s Liabilitie s an d U S r ebates DK K billion 2013 2014 1 0 1 % O P ER A T I N G P R O F I T A F T E R T A X T O N E T O P E R A T I N G A S S E TS

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 7 2 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 3 . 1 IN T ANGIBL E ASSET S (CONTINUED) IN T ANGIBLE ASSETS 3 . 2 PROPE R T Y , PLAN T AN D EQUIPMENT Accountin g policies P r opert y , plan t an d equipmen t i s measur e d a t historica l cost les s accu - mulate d dep r eciatio n an d an y impairment loss . Th e cos t o f self - constructed asset s include s cost s di r ectl y an d indi r ectl y attributabl e t o th e construction o f th e assets . Subsequen t cos t i s include d i n th e asset ’s carryin g amoun t or r ecognise d a s a separat e asse t onl y whe n it i s p robabl e tha t futu r e economic benefi t s associate d with th e ite m wil l f lo w t o Nov o No rdis k an d th e cost o f th e ite m ca n b e measur e d r eliabl y . I n general , constructio n o f major investment s i s self - fi nance d an d thu s n o inte r es t o n loan s i s capitalise d as par t o f th e cost . Depr eciatio n i s base d o n th e straight - lin e metho d ove r the estimate d usefu l live s o f th e assets : • Buildings : 1 2 – 5 0 years • Plan t an d machinery: 5 – 1 6 years • Other equipment: 3 – 1 0 years • Land : no t dep r eciated. Th e dep r eciatio n commences whe n th e asse t i s availabl e fo r use , i e whe n it i s i n th e locatio n an d conditio n necessary fo r it t o b e capabl e o f operatin g in th e manne r intende d b y Management . Th e assets ’ r esidua l value s an d useful live s ar e r eviewe d an d adjusted , if app r opriate, a t th e en d o f eac h r eportin g period . A n asset ’ s carryin g amount i s writte n dow n t o it s r ecoverabl e amoun t i f th e asset ’s carryin g amoun t is highe r tha n it s estimate d r ecoverabl e amoun t (pleas e refe r t o not e 3 . 1 for a descriptio n o f impairmen t o f assets) . Gain s an d losse s o n disposal s ar e determine d b y comparin g th e p r oceed s with th e carryin g amoun t an d a r e r ecognise d i n th e Incom e statement . ) ) I n 2014 , a n impairmen t los s o f DK K 42 3 millio n (DK K 1 1 3 millio n in 2013 ) r elate d t o patent s an d licence s ha s bee n r ecognise d primaril y due t o discontinuatio n o f al l infl ammatio n development p r ojects . Intangibl e asset s no t yet i n us e amoun t t o DKK 65 6 millio n (DK K 83 1 million i n 2013 ), primaril y patent s an d licence s i n r elatio n t o development p r ojects . Impairmen t test s i n 201 4 an d 201 3 o f patent s an d licence s no t ye t i n use a r e base d upo n Management ’ s p r ojection s an d anticipate d ne t p r esen t value o f futu r e cas h f l ow s f r o m cash - generatin g units . Managemen t ha s use d a p r e - ta x discount rat e ( W ACC ) o f 8 % base d o n th e ris k inhe r en t i n th e r elated activity ’ s cur r en t busines s mode l an d industr y comparisons . T ermina l values use d a r e base d o n th e expecte d lif e o f p roducts , fo r e caste d lif e cycl e and cas h flow ove r tha t period, an d th e usefu l lif e o f th e underlyin g assets . AMO R TIS A TION AND IM P AIRMENT LOSSES Fo r furthe r informatio n r ega r din g impairmen t o f infl ammatio n p r ojects, pleas e refer t o not e 2.3. DK K million 2014 2013 Cos t a t th e beginnin g o f th e year 3,099 2,712 Addition s durin g th e year 321 403 Disposal s durin g th e year (527) – E f fec t o f exchang e rat e adjustment 14 (16 Cos t a t th e en d o f th e year 2,907 3,099 Amortisatio n an d impairmen t losses 1,484 1,217 a t th e beginnin g o f th e year Amortisatio n fo r th e year 143 166 Impairmen t losse s fo r th e year 423 113 Amortisatio n an d impairmen t losse s r eversed o n disposal s durin g th e year (527) – E f fec t o f exchang e rat e adjustment 6 (12 Amortisatio n an d impairmen t losses a t th e en d o f th e year 1,529 1,484 Carryin g amoun t a t th e en d o f th e year 1,378 1,615 Specifie d as: 454 810 Patent s an d licences Inte r nall y develope d softwa r e an d softwa r e unde r development 924 805 T otal 1,378 1,615 DK K million 2014 2013 2012 Cos t o f good s sold 105 97 81 Sale s an d distributio n costs 28 41 50 Resea r c h an d developmen t costs 425 126 47 Othe r operatin g income , net 8 15 14 T ota l amortisatio n and impairmen t losses 566 279 192

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 73 3 . 2 PROPE R T Y , PLAN T AN D EQUIPMEN T (CONTINUED) PROPE R T Y , PLANT AND EQUIPMENT Asset s in 1 . Fo r furthe r informatio n r ega r din g impairment o f infl ammatio n p r ojects, pleas e r efer t o not e 2.3. DK K million Lan d and building s Plan t and machiner y Other equipment cours e of construction T otal 2014 44,037 Cos t a t th e beginnin g o f th e year 16,184 18,964 3,457 5,432 Addition s durin g th e year 234 459 384 2,913 3,990 Disposal s durin g th e year (392) (324) (279) – (995) T ransfe r f r om/(to ) othe r items 1,156 1,168 250 (2,574) 0 E f fec t o f exchang e rat e adjustment 209 143 70 30 452 Cos t a t th e en d o f th e year 17,391 20,410 3,882 5,801 47,484 Dep r eciatio n an d impairmen t losse s a t th e beginnin g o f th e year 6,267 13,614 2,274 – 22,155 Dep r eciatio n fo r th e year 855 1,436 362 – 2,653 Impairmen t losse s fo r th e year 1 94 42 80 – 216 Dep r eciatio n an d impairmen t losse s r everse d o n disposal s durin g th e year (297) (265) (260) – (822) E f fec t o f exchang e rat e adjustment 14 83 49 – 146 Dep r eciatio n an d impairmen t losse s a t th e en d o f th e year 6,933 14,910 2,505 – 24,348 Carryin g amoun t a t th e en d o f th e year 10,458 5,500 1,377 5,801 23,136 DK K million 2014 2013 2012 Cos t o f good s sold 2,141 1,984 1,909 Sale s an d distributio n costs 36 37 46 Resea r c h an d developmen t costs 491 340 416 Administrativ e costs 83 59 53 Othe r operatin g income , net 118 100 77 T ota l depreciatio n an d impairmen t losses 2,869 2,520 2,501 2013 Cos t a t th e beginnin g o f th e year 15,345 18,022 3,359 5,878 42,604 Addition s durin g th e year 521 581 230 1,906 3,238 Disposal s durin g th e year (195) (655) (259) – (1,109) T ransfe r f r om/(to ) othe r items 804 1,283 186 (2,273) 0 E f fec t o f exchang e rat e adjustment (291) (267) (59) (79) (696) Cos t a t th e en d o f th e year 16,184 18,964 3,457 5,432 44,037 Dep r eciatio n an d impairmen t losse s a t th e beginnin g o f th e year 5,881 12,975 2,209 – 21,065 Dep r eciatio n fo r th e year 688 1,464 337 – 2,489 Impairmen t losse s fo r th e year 4 22 5 – 31 Dep r eciatio n an d impairmen t losse s r everse d o n disposal s durin g th e year (192) (643) (243) – (1,078) E f fec t o f exchang e rat e adjustment (114) (204) (34) – (352) Dep r eciatio n an d impairmen t losse s a t th e en d o f th e year 6,267 13,614 2,274 – 22,155 Carryin g amoun t a t th e en d o f th e year 9,917 5,350 1,183 5,432 21,882 DEPRECI A TION AND IM P AIRMENT LOSSES

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 7 4 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 3 . 3 INVENTORIES Accountin g policies Inventorie s ar e state d a t th e lowe r o f cos t an d ne t r ealisabl e value . Cost i s determine d usin g th e f i rst - in , f i rst - ou t method . Cost comprise s di r ect p r oductio n cost s suc h as ra w materials, consumable s an d labou r as wel l as indi r ect p r oductio n costs . P r oductio n cost s fo r wor k i n p r og r ess an d fi nished good s includ e indi r ec t p r oductio n cost s suc h as employe e costs , dep r ecia - tion , maintenanc e etc . 3 . 4 TRAD E RECEI V ABLES Accountin g policies T r ad e r e ceivable s a r e r e cognise d initiall y a t fai r valu e an d subsequently measur e d a t amortise d cos t usin g th e e f fectiv e inte r est method , less allowanc e fo r doubtfu l trad e r eceivables . Th e allowanc e i s deducte d f r o m th e carryin g amoun t o f T rad e r eceivables an d th e amoun t o f th e los s i s r e cognise d i n th e Incom e statemen t under Sale s an d distributio n costs . Subsequen t r ecoverie s o f amount s p r eviously written o f f a r e c r edite d agains t Sale s an d distributio n costs . Ke y accounting estimat e – Allowanc e fo r doubtfu l trad e receivables Th e custome r bas e o f Nov o No rdis k comprises gove r nmen t agencies , whole - salers , retail pharmacies , manage d car e an d othe r customers . Management make s allowanc e fo r doubtfu l trad e r eceivable s i n anticipatio n o f estimated losse s resultin g f r o m th e subsequen t inabilit y o f customer s t o mak e requi red payments . I f th e f i nancia l ci r cumstance s o f customer s we r e t o deteriorate, resultin g i n a n impairmen t o f thei r abilit y t o mak e payments, a n additional allowanc e coul d b e r equi re d i n futu r e periods . Whe n evaluatin g the adequac y o f th e allowanc e fo r doubtfu l trad e r eceivables, Management analyse s trad e r e ceivable s an d examine s historica l ba d debt , customer concentrations , custome r c r editworthines s an d paymen t histor y , cur r ent economi c t r end s an d change s i n customer paymen t terms . Pleas e refe r to not e 4 . 2 fo r a genera l descriptio n o f c r edi t risk . As a r esult o f th e signifi cant sale s t o countrie s withi n Regio n Inte r national Operations, an d th e fac t tha t many o f thes e countrie s hav e lo w c r edi t ratings, th e r elativ e impac t o f countrie s withi n Regio n Inte r nationa l Operations o n th e allowanc e fo r doubtfu l trad e r eceivable s i s inc r easing . Th e political climat e i n Russi a an d Argentin a i s impacte d b y instabilit y an d shar p cur r ency dep r eciation . Nov o No rdis k monitor s th e development closel y . Nov o No rdisk als o continue s t o monito r th e cr edi t exposur e r elate d t o r egio n Eu r op a due t o th e generall y t r ouble d economi c climat e i n Eu r op e an d th e Eu r ozone countries , Paymen t histor y a s wel l a s cur r en t economi c condition s and indicator s a r e take n into accoun t i n th e valuatio n o f trad e r eceivables . Pleas e r efe r t o not e 2. 2 fo r a geographica l spli t o f trad e r eceivable s and allowanc e fo r doubtfu l trad e r eceivables. INVENTORIES TRADE RECEI V ABLES ) ) ) I f th e expecte d sale s pric e les s completio n cost s t o execut e sale s (net r ealis - abl e value ) i s lowe r tha n th e carryin g amount , a write - dow n i s r ecognise d for th e amoun t b y whic h th e carryin g amoun t exceed s it s ne t r ealisabl e value . Inventor y manufactu r e d prio r t o regulator y app r ova l (p r e - launc h inventory) i s capitalise d bu t immediatel y p rovide d fo r , unti l the r e i s a hig h p r obability o f regulator y app r oval o f th e p r oduct . Befo r e tha t point , a p r ovisio n is mad e against th e carryin g amoun t o f inventor y t o it s r ecoverabl e amount an d r eco r de d a s r esea r c h an d development costs . A t th e poin t whe n a high p r obabilit y o f regulator y app r oval i s obtained , th e p r ovisio n r eco r de d is r eversed , u p t o n o mo r e tha n th e original cost . Ke y accounting estimat e – Indirec t production costs Indi r ec t p r oductio n cost s account fo r mo r e tha n 50 % o f th e ne t inventory value, r e f l ectin g a length y p r oductio n p r oces s compar e d with low di r ect ra w materia l cost . Th e p r oductio n o f bot h diabete s car e an d biopharma - ceutical s p r oduct s i s highl y comple x fr o m fermentatio n to purifi cation an d formulation , includin g qualit y cont r o l o f al l p roductio n p r ocesses . Furthermo r e, th e p r oces s i s ver y sensitiv e to manufacturin g conditions . Thes e factor s al l infl uenc e th e parameter s fo r capitalisatio n o f indi r e ct p r oductio n cost s i n Nov o No rdis k an d ful l cost o f th e p roducts . Indi r ect p r oductio n cost s a r e measur e d usin g a standa r d cost method , whic h is r eviewe d r egularl y to ensur e r elevan t measu r e s o f capacit y utilisation, p r oductio n lea d time , cos t bas e an d othe r r elevan t factors, henc e inventor y is valuate d a t actua l cost . When calculatin g tota l inventor y , Management must mak e certai n judgements abou t cos t o f p r oduction , standa r d cos t variances an d idl e capacit y i n estimatin g indi r e c t p r oductio n cost s fo r capitalisation . Changes i n th e parameter s fo r calculatio n o f indi r ect p r oductio n cost s could hav e a n impact o n th e g r os s margi n an d th e overal l valuatio n o f inventories . ) ) Ther e i s n o inventor y carrie d a t ne t r ealisabl e valu e a t 3 1 Decembe r fo r either 201 3 o r 2014. DK K million 2014 2013 Ra w materials 1,723 1,66 0 W or k i n p r og r ess 7,539 6,22 7 Finishe d goods 3,260 2,62 5 T ota l inventorie s (g r oss) 12,522 10,51 2 Inventor y write - down s a t yea r - end 1,165 96 0 T ota l inventorie s (net) 11,357 9,55 2 Indi r ec t p r oductio n cost s include d i n work 5,759 4,83 4 i n p r og r es s an d f inishe d goods Sha r e o f tota l inventorie s (net) 51% 51% MOVEMENTS IN INVENTO R Y 960 864 WRITE - DOWNS Inventor y write - down s a t th e beginnin g o f th e year Inventor y write - down s durin g th e year 467 465 Utilisatio n o f inventor y write - downs (123) (15 6 Reversa l o f inventor y write - downs (139) (21 3 Inventor y write - down s a t th e en d o f th e year 1,165 960 DK K million 2014 2013 T rad e r eceivable s (g r oss) Allowanc e fo r doubtfu l trad e r eceivables 14,036 995 11,896 989 T rad e receivable s (net) 13,041 10,907 T rad e r eceivable s (net ) equal s a c r edi t period 12,664 9,985 o f 5 4 day s (4 8 day s i n 2013). Ag e analysi s o f trad e r eceivables Non - impaire d trad e receivables – No t ye t due – Ove r du e b y betwee n 1 an d 17 9 days 337 844 – Ove r du e b y betwee n 18 0 an d 36 0 days 40 78 – Ove r du e b y mo r e tha n 36 0 days 0 0 T rad e r eceivable s wit h c r edi t ris k exposu r e 13,041 10,907 Allowanc e fo r doubtfu l trad e r eceivables 995 989 T rad e receivable s (gross) 14,036 11,896 MOVEMENT IN ALLO W ANCE FOR 989 1,024 DOUBTFUL TRADE RECEI V ABLES Carryin g amoun t a t th e beginnin g o f th e year Confirme d losses (13) (8 Reversa l o f allowanc e fo r confirme d losses (11) (10 Allowanc e fo r possibl e losse s durin g th e year 57 51 E f fec t o f exchang e rat e adjustment (27) (68 Allowanc e a t th e en d o f th e year 995 98 9

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 75 3 . 6 RETIREMEN T BENEFI T OBLIG A TIONS Accountin g policies Nov o Nor dis k operate s a number o f def i ne d contributio n plan s th roughout th e world . Nov o No r disk ’ s contribution s t o th e defi ne d contributio n plans a r e charge d t o th e Incom e statemen t i n th e yea r t o whic h the y r elate . I n a fe w countries, Nov o No rdis k stil l operate s defi ne d benef i t plans . Th e def i ned benefi t plan s fo r Germany cove r al l employee s employe d befo r e November 2003 . Obligation s r elatin g t o employee s employe d afte r 200 3 a r e cove r e d by a defi ne d contributio n plan . I n Switzerlan d th e employe e pensio n scheme is setu p as a combine d def i ne d benef i t pla n an d a def i ne d contributio n plan . Th e pla n i n Switzerlan d i s mandator y . Th e pla n i n Japa n cover s al l employees an d i s se t u p as a combine d cas h balanc e pla n an d a defi ne d contribution plan . Th e pla n i n th e US i s structu r e d as a post - r eti r emen t healthca r e plan coverin g all employees . Sinc e 201 2 all employee s a r e cove r e d b y a def i ned contributio n plan . 3 . 5 OTHE R RECEI V ABLE S AND PRE P A YMENTS Accountin g policies Othe r r eceivable s an d p r epayment s a r e r ecognise d initiall y a t fai r value an d subsequentl y measur e d a t amortise d cos t usin g th e e f fectiv e inte r est method . P r epayment s r elat e t o ongoin g r esea r c h an d development activities suc h a s clinica l trial s an d cost s conce r nin g subsequen t fi nancia l years . Other r eceivable s compris e miscellaneou s dutie s an d wor k i n p r og r es s fo r thi r d partie s etc . OTHER RECEI V ABLES AND PRE P A YMENTS Th e cost s fo r th e yea r fo r defi ne d benefi t plan s a r e determine d usin g the p rojecte d uni t c r edi t method . Thi s r e fl ect s service s r ende r e d b y employee s to th e valuatio n date s an d i s base d o n actuaria l assumption s primaril y r ega r ding discoun t rate s use d i n determinin g th e p r esent valu e o f benefi t s and p rojecte d rate s o f remuneratio n g r owth . Discoun t rate s a r e base d o n the market yield s o f high - rate d corporat e bonds i n th e countr y conce r ned . Actuaria l gain s an d losse s arisin g f r o m experienc e adjustment s an d changes i n actuarial assumption s a r e charge d o r c r edite d t o Othe r comp r ehensive incom e i n th e perio d i n whic h the y arise . Pas t servic e cost s a r e r ecognised immediatel y i n th e Incom e statement . Pensio n asset s a r e onl y r ecognise d t o th e extent tha t Nov o No rdis k i s abl e to deriv e futu r e economic benefi t s suc h a s refund s f r o m th e pla n o r reductions o f futu r e contributions . Th e G r oup ’ s defi ne d benefi t plan s ar e pensio n plan s an d medica l plan s and a r e usuall y funde d b y payment s f r o m G r ou p companie s an d b y employees t o fund s independent o f Nov o No r disk . Whe r e a pla n i s unfunded , a liability fo r th e r eti r emen t obligatio n i s r ecognise d i n th e Balanc e sheet . Costs r ecognise d fo r post - employmen t benefi t s a r e include d i n Cost o f goods sold , Sale s an d distributio n costs, Resea r c h an d developmen t costs, and Administrativ e costs . Th e ne t obligatio n r ecognise d i n th e Balanc e shee t i s r eporte d a s non - cur r ent liabilities . DK K million 2014 2013 P r epayments 1,222 1,110 Inte r es t r eceivable 26 75 Amount s owe d b y r elate d parties 138 141 Deposit 251 232 V A T r eceivable 350 197 Othe r r eceivables 763 699 T ota l othe r receivable s an d prepayments 2,750 2,454

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 ) ) ) 1. Employe e cost s comprisin g servic e costs , ne t inte r est , settlement s an d othe r . Please r efer t o not e 2.4. 2. A s par t o f exchang e rat e adjustment s i n subsidiaries. Pleas e refe r to not e 5. 4 fo r maturit y analysi s o f ne t r eti r emen t benefi t obligation. Nov o No rdis k doe s no t expect th e contribution s over th e next fi v e year s to di ffe r signifi cantl y f r o m cur r en t contributions. 7 6 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 3 . 6 RETIREMEN T BENEFI T OBLIG A TION S (CONTINUED) RETIREMENT BENEFIT OBLIG A TIONS NET RETIREMENT BENEFIT OBLIG A TIONS ) ) ) ) 2 F AIR V ALUE OF PLAN ASSETS ) ) ) Ne t retiremen t benefi t obligations a t the en d o f the yea r 26 9 7 7 6 8 38 1 23 6 1,031 688 1. Remeasu r ement r elate s primaril y t o change s i n f i nancia l assumptions. 2. P r esen t valu e o f partl y funde d r eti rement benef i t obligation s amounts t o DKK 1 ,47 8 millio n (DK K 1 ,1 1 5 millio n i n 2013). P r esen t valu e o f unfunde d r eti rement benefi t obligations amount s t o DKK 49 7 millio n (DK K 42 9 millio n i n 2013). WEIGHTED A VERAGE ASSET ALLOC A TION OF FUNDED RETIREMENT OBLIG A TIONS 1 . Nov o Nor disk ’ s defi ne d benefi t plan s mainl y i n German y an d Switzerlan d ar e r eimburse d b y th e inte r nationa l insu rer Allian z r ega r dles s o f th e valu e o f th e plan assets . Th e ris k r elate d t o th e fundin g i n thes e countrie s i s the r efo r e counterpart y risk against Allianz . DK K million Germany Switzerland Japan US Other 2014 T otal 2013 T ota l A t th e beginnin g o f th e year 519 213 288 285 239 1,544 1,664 Cur r en t servic e costs 20 26 28 22 25 121 129 Settlements – – – – (2) (2) (127 Inte r es t costs 19 5 4 14 7 49 44 Remeasu r emen t (gains)/losses 1 157 8 9 31 45 250 (33 Pla n participan t contribution s etc – 9 – – 6 15 16 Benefit s pai d t o employees (4) (18) (10) (8) (1) (41) (52 Exchang e rat e adjustment (1) 3 (1) 37 1 39 (97 A t th e en d o f th e year 710 246 318 381 320 1,975 2 1,544 A t th e beginnin g o f th e year 414 154 221 – 67 856 904 Inte r es t income 16 4 2 – 2 24 23 Settlements – – – – – – (92 Remeasu r emen t gains/(losses) (7) (2) 15 – (3) 3 21 Employe r contributions 21 20 23 8 13 85 89 Pla n participan t contribution s etc 2 9 – – 6 17 18 Benefit s pai d t o employees (4) (18) (10) (8) (1) (41) (52 Exchang e rat e adjustment (1) 2 (1) – – – (55 A t th e en d o f th e year 441 169 250 – 84 944 856 DK K million 2014 2013 A t th e beginnin g o f th e year 688 760 Cost s r ecognise d i n th e Incom e statement 1 142 113 Remeasu r ement s r ecognise d in Othe r comp r ehensiv e income 247 (54 Employe r contributions (85) (89 Exchang e rat e adjustmen t r ecognise d in Othe r comp r ehensiv e income 2 39 (42 A t th e en d o f th e year 1,031 688 2014 DKK millio n % 2013 DKK millio n % Coverag e insurance 1 632 67% 584 68% Bonds 204 22% 167 20% Equities 76 8% 78 9% Cas h a t bank 21 2% 17 2% P r operty 11 1% 10 1% T otal 944 100% 856 100%

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 77 Nov o No rdis k issue s c r edi t note s fo r expi r e d good s a s a par t o f normal business . Whe r e the r e i s historica l experienc e o r a r easonabl y accurate estimat e o f expecte d futu r e r etu r ns ca n otherwis e b e made , a p r ovisio n for estimate d p r oduc t r etu r n s i s r eco r ded . Th e p r ovisio n i s measur e d a t g r oss sale s value . 3 . 6 RETIREMEN T BENEFI T OBLIG A TIONS (CONTINUED) ASSUMPTIONS USED FOR V ALU A TION 2014 2013 Weighted average Weighted average Discount rate P r ojecte d futu r e remuneratio n inc r eases Medica l cos t t r en d rate Infl atio n rate 2% 2% 6% 2% 3% 2% 4% 2% Actuarial valuation s ar e performe d annuall y fo r all majo r def i ne d benefi t plans . Assumption s r ega r din g futu r e mortalit y a r e base d o n actuaria l advice i n acco r danc e wit h publishe d statistic s an d experienc e i n eac h countr y . Signifi cant actuarial assumption s fo r th e determinatio n o f th e r eti rement benefi t obligatio n a r e discoun t rat e an d expecte d futu r e remuneration inc r eases . Th e sensitivit y analyse s belo w hav e bee n determine d base d on r easonabl y likel y change s i n th e assumption s occurrin g a t th e en d o f the period . Futu r e remuneration 77 ( 54) Th e sensitivitie s abov e consider th e singl e chang e show n with th e other assumption s assume d to b e unchanged . I n practice , change s i n one assumptio n ma y b e accompanie d b y o ffsettin g changes i n another assump - tion (althoug h thi s i s no t always th e case) . 3. 7 PROVISION S AN D CONTINGENT LIABILITIES Accountin g policies P r ovision s fo r sale s r ebate s an d discount s grante d t o gove r nmen t agencies, wholesalers, retai l pharmacies, manage d car e an d othe r customer s a r e r ecor ded at the time the r elated r evenues ar e r ecor ded or when the incentives a r e o ffe r ed . P r ovision s a r e calculate d base d o n historica l experienc e an d the specifi c term s i n th e individual ag reements . P r ovision s fo r lega l dispute s ar e r ecognise d whe r e a lega l o r constructive obligatio n has bee n incur re d a s a r esul t o f pas t event s an d it i s p robabl e that the r e wil l b e a n outfl o w o f r esou r ce s tha t ca n b e r eliabl y estimated . I n this case , Nov o No rdis k arrive s a t a n estimat e o n th e basi s o f a n evaluatio n o f the mos t likel y outcome . Dispute s fo r whic h n o r eliabl e estimat e ca n b e made a r e disclose d a s contingen t liabilities . PROVISIONS P r ovision s a r e measur e d a t th e p r esen t valu e o f th e anticipate d expenditu r e fo r settlement o f th e lega l o r constructiv e obligatio n usin g a p r e - ta x discount rat e tha t r e fl ect s cur r en t market assessments o f th e tim e valu e o f money and th e risk s specif i c t o th e obligation . Th e inc r eas e i n th e p r ovisio n du e t o the passag e o f tim e i s r ecognise d a s a fi nancia l expense . Ke y accounting estimat e – Provision s fo r sale s rebates Nov o No rdis k r eco r d s p r ovision s fo r expecte d sale s r ebates, wholesaler charge - back s an d othe r r ebates , includin g Medicai d an d Medica r e i n th e US. Suc h estimate s a r e base d o n analyse s o f existin g contractua l obligation s and historica l experience . P r ovision s ar e calculate d o n th e basi s o f a percentage o f sale s fo r eac h p r oduc t a s defi ne d b y th e contract s with th e various custome r g r oups . P r ovision s fo r sale s r ebate s a r e adjuste d to actua l amount s a s r ebates, discount s an d r etu r n s ar e p r ocessed . Pleas e r efe r t o not e 2 . 1 fo r further informatio n o n sale s r ebate s an d p r ovisions . Nov o Nor dis k consider s th e p r ovision s establishe d fo r sale s r ebate s t o be r easonabl e an d app r opriat e base d o n cur r entl y availabl e information . Howeve r , th e actual amoun t o f r ebate s an d discount s may di f fe r f r o m the amount s estimate d b y Management a s mo r e detaile d informatio n becomes available . Ke y accounting estimat e – Provision s fo r lega l disputes P r ovision s fo r lega l dispute s consist o f variou s type s o f p r ovisio n linke d to ongoin g lega l disputes . Managemen t makes judgement s abou t p r ovisions an d contingencies, includin g th e p r obabilit y o f pendin g an d potentia l futu r e litigatio n outcomes which , b y thei r ver y natu r e , a r e dependent o n inhe r ently uncertai n futu r e events . When determinin g likel y outcomes o f litigation s etc, Management consider s th e inpu t o f exte r na l counsel s o n eac h case , a s well a s know n outcomes i n cas e la w . Althoug h Managemen t believe s tha t th e tota l p r ovision s fo r legal p r o ceeding s a r e adequat e base d upo n cur r entl y availabl e information , the r e ca n b e n o assuranc e tha t the r e wil l no t b e an y changes i n fact s o r matter s or tha t an y futu r e lawsuits, claims , p r oceeding s o r investigation s wil l not b e material . ) ) ) 1 . Other p r ovision s consis t o f variou s type s o f p r ovision, includin g employe e benefi t s suc h as jubile e benefi ts, company - owne d lif e insuranc e etc. Asset s r elate d t o company - owned lif e insuranc e ar e p r esente d as par t o f Other f i nancia l assets. DK K million P r ovision s fo r sales r ebates P r ovision s fo r legal dispute s P r ovision s fo r p r oduct r etu r ns Other p r ovisions 1 2014 T otal 2013 T ota l A t th e beginnin g o f th e year 7,950 1,151 681 711 10,493 9,563 Additiona l p r ovisions , includin g inc r ease s t o existin g p r ovisions 26,107 310 365 426 27,208 17,078 Amoun t use d durin g th e year (23,876) (283) (305) (290) (24,754) (15,493 Adjustments , includin g unuse d amount s r everse d durin g th e year (220) (306) 53 11 (462) (267 E f fec t o f exchang e rat e adjustment 1,041 64 3 38 1,146 (388 A t th e en d o f th e year 11,002 936 797 896 13,631 10,493 Non - cur r en t liabilities – 936 478 627 2,041 2,183 Cur r en t liabilities 11,002 – 319 269 11,590 8,310 1 % - point 1 % - point DK K million inc r ease dec r ease Discoun t rate (296) 274

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 7 8 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 3. 7 PROVISION S AN D CONTINGENT LIABILITIE S (CONTINUED) Contingen t liabilities Nov o No rdis k i s cur r entl y involve d i n pendin g litigations, claim s an d investiga - tion s arisin g ou t o f th e normal conduct o f it s business . Whil e p r ovision s that Management deem s t o b e r easonabl e an d app r opriat e hav e bee n mad e for p r obabl e losses , the r e ar e uncertaintie s connecte d with thes e estimates . Nov o No rdis k does no t expec t th e pendin g litigations, claim s an d investiga - tions , individuall y an d i n th e agg regate, t o hav e a material impact o n Novo Nor disk ’ s f i nancia l position, operatin g p r of i t o r cas h f l ow i n additio n t o the amount s accrue d a s p r ovisio n fo r lega l disputes . Pendin g litigation agains t Nov o Nordisk I n Novembe r 2006 , Nov o Nor dis k A/ S an d th e Italia n affi liat e Nov o Nor disk Farmaceutici S . p . A . we r e sue d b y tw o Italia n companie s i n th e pharma - ceutical sector s (th e “Italia n Companies” ) i n th e Civil Cour t i n Rome . The Italia n Companies claim s tha t Nov o No rdis k b r eache d a n allege d contract for th e sal e an d distributio n o f insuli n an d insuli n analogue s i n th e Italia n market o r , alte r nativel y , ha s incur re d a p re - contractual o r extra - contractua l liability arisin g f r o m negotiation s betwee n th e parties . Nov o No rdis k dispute s the claim s mad e b y th e Italia n Companies . Th e partie s hav e no w ente re d into an d performe d a mutuall y acceptabl e settlement . As a consequence , the Cour t o f Appeal o f Rome i s expecte d t o decla r e th e extinguishmen t o f the cas e i n Q 1 2015 . Th e settlemen t doe s no t hav e a materia l impac t o n Novo No r disk ’ s fi nancia l position, operatin g p r of i t o r cas h f l o w . A numbe r o f claim s allegin g panc r eati c cance r an d panc r eatiti s hav e been f i le d i n U . S . court s against variou s inc r etin - clas s manufactu r es , including Nov o No r disk . Nov o No rdis k i s cur r entl y name d i n 12 0 p r oduc t liability case s r e late d t o V ictoz a ® , p redominantl y r e late d t o panc r eati c cance r . On 2 6 August 2013 , a r eques t fo r centralisatio n o f al l federal panc r eati c cancer case s wa s granted , an d a singl e multidistric t litigatio n (MDL ) cour t i s now p r esidin g over all federa l cases . Nov o No rdis k doe s no t expect th e pending claim s to hav e a materia l impac t o n Nov o No r disk ’ s f i nancial position, operatin g p r ofi t o r cas h f l o w . Nov o No r disk, alon g wit h 9 3 othe r defendants, has bee n name d i n a lawsuit fi le d i n 200 9 i n th e Unite d State s b y th e Republi c o f Iraq . Th e lawsuit alleges damage s r elate d to th e defendants ’ participatio n i n th e Unite d Nations’ defunc t Oil fo r Foo d P r ogram . Nov o No rdis k doe s no t expect th e pending clai m to hav e a materia l impac t o n Nov o Nor disk ’ s f i nancial position, operatin g p r ofi t o r cas h f l o w . I n additio n t o th e above, th e Nov o Nor dis k G r ou p i s engage d i n certain litigatio n p r oceedings . I n th e opinio n o f Management , settlemen t o r con - tinuatio n o f thes e p r oceeding s i s no t expecte d t o hav e a material e f fec t on Nov o No r disk ’ s fi nancia l position, operatin g p r of i t o r cas h f l o w . Pendin g claim s agains t Nov o Nordisk an d investigations involvin g Nov o Nordisk I n Februar y 20 1 1 , th e offi c e o f th e US Atto r ne y fo r th e Distric t o f Massa - chusett s serve d Nov o No rdis k with a subpoen a callin g fo r th e p r oduction o f documents r egar din g potentia l civil an d criminal o f fence s relatin g t o the company ’ s marketin g an d p r omotiona l practice s fo r th e followin g p roducts : NovoLo g ® , Levemi r ® an d V ictoza ® . Thi s matte r i s no w bein g conducte d by th e US Attor ne y fo r th e Distric t o f Columbia . Nov o No rdis k i s cooperating with th e US Atto r ne y i n thi s investigation . Nov o No rdis k doe s no t expect th e investigatio n to hav e a materia l impac t o n Nov o No r disk ’ s f i nancial position, operatin g p r ofi t o r cas h f l o w . I n October 2014 , th e offi c e o f th e US Atto r ne y fo r th e Distric t o f Massa - chusett s serve d Nov o No rdis k with a subpoen a callin g fo r th e p r oduction o f document s r egar din g potentia l manufacturin g issue s withi n certain p roductio n unit s locate d i n Kalundborg , Denmark . Nov o Nor dis k is cooperatin g with th e US Attor ne y i n thi s investigation . Nov o No r d is k does no t expect th e investigatio n t o hav e a materia l impac t o n Nov o No r disk ’ s fi nancia l position, operatin g p r of i t o r cas h f l o w . P r eviousl y pendin g befo r e th e Distric t Cour t fo r th e Easte rn Distric t of Michiga n wa s a consolidate d clas s actio n (fi le d i n Ma y , 2010 ) whe r e a putativ e clas s o f di r ec t pu r chaser s o f Prandi n ® asserted s tha t Nov o No rdisk ha s violate d US antitrus t law s i n delayin g th e entr y o f generi c version s of Prandi n ® . On 5 Septembe r 2014 , th e partie s agr ee d t o settl e thi s litigation . On 2 0 Januar y 2015 , th e Cour t app rove d th e settlement . I n additio n t o th e above, th e Nov o Nor dis k G r ou p i s engage d i n various ongoin g audit s an d investigations . I n th e opinio n o f Management , these pendin g audit s an d investigation s a r e no t expecte d t o hav e a material e f fect o n Nov o No r disk ’ s fi nancia l position, operatin g p r of i t o r cas h f l o w . 3 . 8 OTHE R LIABILITIES OTHER LIABILITIES DK K million 2014 2013 Employe e cost s payable 4,454 3,962 Accruals 3,684 3,155 Accrue d r ebates 912 649 V A T an d dutie s payable 744 761 Resea r c h an d Developmen t clinica l trials 763 410 Othe r payables 494 449 T ota l othe r liabilities 11,051 9,386

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 4 . 1 SHAR E CAPI T AL , DISTRIBUTIO N T O SHAREHOLDER S AN D EARNING S PE R SHARE SHARE CAPI T AL A stoc k spli t o f th e company ’ s B shar es wa s conducte d with e f fectiv e dat e 2 Januar y 2014 , changin g th e tradin g uni t f r o m DK K 1 t o DK K 0.20 . A t th e end o f 2014 , th e shar e capital amounte d t o DKK 10 7 millio n i n A shar e capital an d DKK 42 3 millio n i n B shar e capital (equa l t o 2 , 1 1 3 millio n B shar e s o f DKK 0.20). Nov o Nor dis k ha s a low debt - to - equit y rati o r e f l ectin g g r owt h base d on limite d deb t f i nancing . Thi s i s als o i n lin e with th e long - ter m investment horizo n generall y applie d i n th e pharmaceutica l industr y wit h typicall y mo r e tha n 1 0 years ’ developmen t time . Further informatio n o n th e company ’ s capital structu r e ca n b e foun d i n  Sha r e s an d capital structu r e ’ o n p p 4 4 – 45 . Th e mai n f i nancia l ris k i s fo r eig n exchang e exposu r e , whe r e Nov o No rdisk aims t o r educ e th e short - ter m impact f r o m movements i n key cur r encie s by hedgin g futu r e cas h f l ows . Note s 4 . 2 an d 4 . 3 includ e mo r e informatio n in thi s r espect . Ne t cas h distribution t o shareholders I n 2014 , th e ne t cas h distributio n t o shar eholder s i n th e for m o f dividends an d shar e buy - back s amount s t o DKK 26 . 5 billio n compa re d wit h a f r e e cash f lo w o f DK K 2 7 . 4 billio n i n lin e with th e guidin g principl e o f payin g out exces s capita l t o investor s afte r fundin g o f organi c g r owt h an d potential acquisitions . C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 79 S E C T I O N 4 C A PI T A L ST R UC T U R E A N D F I NAN C I N G IT E M S Th e note s i n thi s sectio n p r ovid e a n insigh t int o Nov o No r disk ’ s capital structu r e , ea r ning s per shar e , f r e e cas h f lo w an d f i nancin g items . Th e f r ee cas h f lo w impact s Nov o Nor disk ’ s long - ter m targe t fo r ‘Cas h t o ea r nings (th r ee - year average) ’ . Cas h t o ea r ning s i s defi ne d as ‘f r e e cas h f lo w as a percentag e o f ne t p r ofi t ’ . F r e e cas h flow i s th e cas h amoun t generate d that ar e availabl e fo r furthe r investment s i n Nov o Nor dis k an d distributio n to shar eholder s withou t consumin g prio r year s cas h c r eatio n retaine d i n the compan y . 0 6 12 18 24 30 2013 2014 NE T PROFI T AN D FRE E CAS H FLOW Ne t p r ofi t F r e e cas h flow Billio n DKK 9 7 % N E T C A S H D I STR I B U T ED T O S H A R E H O L D E R S I N P E R C E N T O F FR E E C A S H F L OW DK K million A sha r e capita l B sha r e capita l T ota l share capital Developmen t i n sha r e capital: 600 2010 107 493 2011 – (20) (20) 2012 – (20) (20) 2013 – (10) (10) A t th e beginnin g o f th e year 107 443 550 2014 – (20) (20) A t th e en d o f th e year 107 423 530

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 80 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 4 . 1 SHAR E CAPI T AL , DISTRIBUTIO N T O SHAREHOLDER S AN D EARNING S PE R SHARE (CONTINUED) TREASU R Y SHARES Accountin g policies T r easur y shar e s a r e deducte d f r o m th e shar e capital upo n cancellatio n a t thei r nominal valu e o f DKK 0.2 0 pe r shar e . Di f fe r ence s betwee n thi s amoun t an d the amoun t pai d t o acqui r e o r r eceive d fo r disposin g o f t r easur y shar e s a r e deducte d di r ectl y i n equit y . ) ) ) Th e pu r chas e o f t r easur y shar e s durin g th e yea r r elate s t o th e remainin g par t o f th e 201 3 shar e repu r chas e p rogramm e totallin g DKK 1 . 0 billio n an d th e DKK 15 billio n shar e repu r chas e p rogramm e o f Nov o No rdis k B shar e s fo r 201 4 o f whic h DKK 1 . 3 billio n r emain s a t yea r - end . Th e p r ogramm e ends o n 2 8 Januar y 2015 . Th e purpos e o f th e p r ogrammes i s t o r educ e th e company ’ s shar e capital . T ransfe r o f t r easur y shar e s r elate s t o exer cise d shar e options, long - ter m shar e - based incentiv e p rogramm e an d employe e share - saving s p r ogrammes . A t yea r - en d th e holdin g o f t r easur y shar e s amount s t o 56 , 80 7 , 15 3 shar e s cor r espondin g t o DKK 1 1 millio n o f th e shar e capital ( 1 02 , 852 , 02 5 shar e s i n 201 3 or DKK 2 1 millio n o f th e sha r e capital) . A t yea r - en d 8 . 9 millio n sha r e s o f th e holdin g o f t r easur y B sha r e s ar e r egar de d a s hedge s fo r th e long - ter m sha re - based incentiv e p rogramm e an d shar e option s t o employees . A t th e en d o f 2014 , p r opose d dividend s (no t yet decla red ) o f DKK 12 , 90 5 millio n (DK K 5 . 0 0 pe r shar e ) a r e include d i n Retaine d e a r nings . Th e decla r e d dividend include d i n Retaine d ea r ning s wa s DK K 1 1 , 86 6 millio n (DK K 4 . 5 0 per shar e ) i n 201 3 an d DK K 9 , 71 5 millio n (DK K 3 . 6 0 per shar e ) i n 2012 . N o dividen d is decla r e d o n t r easur y shar es . EARNINGS PER SHARE Accountin g policies Ea r ning s pe r shar e i s p r esente d a s bot h basi c an d dilute d ea r ning s pe r shar e . Basi c ea r ning s pe r shar e i s calculate d a s ne t p r o fi t divide d b y th e averag e number o f shar e s outstanding . Dilute d ea r ning s pe r shar e i s calculate d a s ne t p r ofi t divide d b y th e su m o f averag e number o f shar e s outstanding, includin g th e dilutive e f fec t o f outstandin g shar e bonus poo l an d option s ‘i n th e money ’ . Pleas e refer t o ‘Financia l definitions ’ o n p 9 4 fo r a descriptio n o f th e calculatio n o f th e dilutive e f fect . 1 . Th e dilutiv e e f fec t i s r educe d as th e exe r cis e perio d fo r option s r elate d t o th e 200 5 p rogra m i s matu r ed . Fo r furthe r inform atio n o n outstandin g sha r e bonu s poo l an d options, r efer to not e 5 .1 . Marke t value DK K million A s % o f sha r e capita l befo r e cancellation A s % o f sha r e capita l after cancellatio n 2014 Numbe r of B sha r es o f DK K 0.20 (million) 2013 Numbe r of B sha r es o f DK K 0.20 (million) Holdin g a t th e beginnin g o f th e year Cancellatio n o f t r easur y sha r es 20,446 (19,880) 3.7% (3.6%) 103 (100) 87 (50 Holdin g o f t r easur y sha r es , adjuste d fo r cancellation 566 0.1% 0.1% 3 37 T ransfe r r ega r din g option s an d r estricte d stoc k units (360) (0.1%) (2) (3 Pu r chas e durin g th e year 14,728 2.2% 59 73 Sal e durin g th e year (61) (0.1%) (3) (4 V alu e adjustment (86) – – Holdin g a t th e en d o f th e year 14,787 2.1% 57 103 DK K million 2014 2013 2012 Ne t p r ofi t fo r th e year 26,481 25,184 21,432 A verag e numbe r o f sha r e s outstanding i n 1 ,00 0 sha r es 2,621,226 2,679,362 2,741,690 Dilutiv e e f fec t o f outstandin g sha r e bonu s poo l an d option s ‘i n th e money’ 1 i n 1 ,00 0 sha r es 8,992 14,263 16,650 A verag e numbe r o f sha r e s outstanding , includin g dilutiv e e f fec t o f option s ‘i n th e money’ i n 1 ,00 0 sha r es 2,630,218 2,693,625 2,758,340 Basi c earning s pe r share DKK 10.10 9.40 7.82 Dilute d earning s pe r share DKK 10.07 9.35 7.77 NET CASH DISTRIBUTION TO SHAREHOLDERS DK K million 2014 2013 2012 Dividends 11,866 9,715 7,742 Sha r e r epu r chases 14,667 13,924 11,896 T otal 26,533 23,639 19,638

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 Foreign exchang e risk Fo r eig n exchang e ris k i s th e principal fi nancia l ris k fo r Nov o Nor dis k an d as suc h has a signifi can t impact o n th e Incom e statement, Other comp r ehensive income , Balanc e shee t an d Statemen t o f cas h fl ows . Th e overal l objectiv e o f fo r eig n exchang e ris k management i s t o r educ e the short - ter m negativ e impac t o f exchang e rat e f l uctuation s o n ea r ning s and cas h flo w , the r eb y inc r easin g th e p r edictabilit y o f th e fi nancia l r esults . Th e majorit y o f Nov o No r disk ’ s sale s a r e i n USD , EUR , CN Y , JP Y , GBP and CAD . Consequentl y , Nov o No r disk ’ s fo r eig n exchang e ris k i s most signifi cant i n USD , CN Y , JP Y , GB P an d CAD , whil e th e EU R exchang e rat e ris k i s r ega r ded a s lo w du e t o Denmark ’ s fi xed - rat e polic y towa r ds EUR . Nov o No rdis k hedge s existin g asset s an d liabilitie s i n key cur r encie s a s wel l as futu r e expecte d cas h fl ows u p t o a maximu m o f 2 4 month s forwa r d . During 2014 , th e hedgin g horizo n varie d betwee n 1 0 an d 1 4 month s fo r USD , CN Y , JP Y , GBP an d CAD . Cur r enc y hedgin g i s base d upo n expectation s o f futu r e exchang e rate s an d mainl y use s fo r eig n exchang e forwa r d s an d fo r eign exchang e option s matchin g th e du e date s o f th e hedge d items . Expected cas h f l ow s ar e continuall y assesse d usin g historical infl ows , budget s and monthl y sale s fo r ecasts . Hedge e f fectivenes s i s assesse d o n a r egular basis . KEY CURRENCIES Exchang e rate DKK per 100 USD CNY JPY GBP CAD 2013 A verage Y ea r - end Y ea r - en d change 562 541 (4.4%) 9 1 5.77 8 9 5.14 (2.2% ) (21.8%) 878 892 (2.3%) 545 505 (11.2%) Th e f i nancia l contract s existin g a t yea r - en d cover th e expecte d futu r e cash flow fo r th e followin g number o f months: 201 4 2013 USD CNY 1 JPY GBP CAD 1 1 months 1 1 months 1 3 months 1 1 months 1 1 months 1 2 months 1 2 months 1 4 months 1 2 months 1 0 months 1 . US D use d as p r ox y whe n hedgin g Nov o No r disk ’s CNY cur r enc y exposu r e. C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 81 Foreign exchang e sensitivit y analysis: A 5% inc r ease/dec r eas e i n th e followin g cur r encie s wil l impac t Novo No r disk ’ s operatin g p r ofi t a s outline d i n th e tabl e below: 4 . 2 FINANCIA L RISKS Nov o No rdis k has centralise d management o f th e G r oup ’ s fi nancia l risks . The overal l objective s an d policie s fo r th e company ’ s fi nancia l ris k management a r e outline d i n a n inte r na l T r easur y Polic y , whic h i s app rove d b y th e Boa r d o f Di r ectors . Th e T r easur y Polic y consist s o f th e Fo r eig n Exchang e Polic y , the Investmen t Polic y , th e Financin g Polic y an d th e Polic y r ega r din g C r edi t Risk o n Financia l Counterparts, an d include s a descriptio n o f permitte d fi nancial instrument s an d ris k limits . Nov o No rdis k onl y hedge s comme r cia l exposu r e s an d consequentl y does not enter into derivativ e transaction s fo r tradin g o r speculativ e purposes . Novo Nor dis k uses a full y integrate d T r easur y Management Syste m t o manag e all f i nancia l positions . Al l position s a r e marked - to - marke t base d o n real - time quotes, an d ris k i s assesse d usin g generall y accepte d standa rds . Estimate d for A t yea r - en d a 5 % inc r ease/dec r eas e i n all othe r cur r encie s versu s EU R and DKK woul d a f fec t th e hedgin g instruments ’ impact o n Other comp r ehensive incom e an d th e Incom e statement a s outline d i n th e tabl e below : T ota l ( 1 , 394 ) 1 , 451 Th e fo r eig n exchang e sensitivit y analysi s comprises e ffect s f r o m th e G r oup ’ s Cash , T rad e r eceivable s an d T rad e payables , Cur r en t an d non - cur r en t loans, Cur r en t an d non - cur r en t f i nancia l investment s an d Fo r eig n exchange forwa r ds an d Fo r eig n exchang e options . No t include d a r e anticipate d cur r enc y transactions , investment s an d non - cur r en t assets. Interes t rat e risk Changes i n inte r es t rate s a f fec t Nov o No r disk ’ s fi nancia l instruments . A t the en d o f 2014 , a 1 percentag e poin t inc r eas e i n th e inte r es t rat e leve l would, all els e bein g equal , r e sul t i n a dec r eas e i n th e fai r valu e o f Nov o No r disk ’ s f i nancia l instrument s o f DK K 3 millio n ( a dec r eas e i n th e fai r valu e o f DKK 2 0 millio n i n 2013 ) . Th e f i nancial instrument s include d i n th e sensitivit y analysi s consis t of marketabl e securitie s an d non - cur r en t loans . Fo r eig n exchang e forwa r ds and fo r eig n exchang e option s a r e no t include d du e t o th e limite d e f fec t tha t a paralle l shif t i n inte r es t rate s i n al l cur r encie s has o n thes e instruments . Liquidit y risk Nov o No rdis k ensu r e s th e availabilit y o f r equi re d liquidit y th r oug h a com binatio n o f cas h management , highl y liqui d investment portfolio s and uncommitte d as wel l as committe d facilities . Nov o No rdis k use s cas h pools fo r optimisatio n an d centralisatio n o f cas h management . Credi t risk C r edi t ris k arise s f r o m th e possibilit y tha t transactiona l counterpartie s may defaul t o n thei r obligations , causin g f i nancia l losse s fo r th e G r oup . Novo No rdis k consider s it s maximu m c r edi t ris k o n fi nancia l counterpartie s t o be DK K 15 , 93 5 millio n ( 2013 : DK K 15 , 99 0 million) . I n addition , Nov o No r d isk consider s it s maximu m c r edi t ris k o n T rad e r eceivables , Other r eceivable s less p r epayment s an d Othe r f i nancia l asset s t o b e DK K 15 , 42 5 millio n ( 2013 : DKK 12 , 80 2 million) . Pleas e refer t o not e 4 . 6 fo r detail s o f th e G r oup ’ s total fi nancia l assets . DK K million 5 % inc r eas e i n all cur r encie s against DK K an d EUR 5 % dec r eas e i n all cur r encie s against DK K an d EUR 2014 (1,724) 1,729 Othe r comp r ehensiv e income Incom e statement 124 (107) T otal (1,600) 1,622 2014 A verage 562 91 5.32 925 509 Y ea r - end 612 99 5.12 952 527 Y ea r - en d change 13.1% 11.2% (0.4%) 6.7% 4.4% DK K million 201 5 2014 USD 1,60 0 1,300 CNY 26 0 220 JPY 11 5 145 GBP 8 0 75 CAD 6 0 60 2013 Othe r comp r ehensiv e income (1,318) 1,397 Incom e statement (76) 54

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 Al l contract s ar e initiall y r ecognise d a t fai r valu e an d subsequently r emeasu r e d a t fai r valu e base d o n cur r en t bi d price s a t th e en d o f the r eportin g period . V alu e adjustment s o f fai r valu e hedge s ar e r ecognise d i n th e Income statement alon g wit h an y valu e adjustment s o f th e hedge d asse t o r liability tha t i s attributabl e t o th e hedge d risk . V alu e adjustment s o f cas h f lo w hedge s a r e r ecognise d di r ectl y i n Other comp r ehensiv e income, give n hedg e e f fectiveness . Th e cumulativ e value adjustmen t o f thes e contract s i s transfer re d f r o m Othe r comp r ehensive incom e to th e Incom e statemen t a s a r eclassifi catio n adjustmen t under Financia l incom e o r Financia l expense s whe n th e hedge d transactio n is r ecognise d i n th e Incom e statement . Furthermo r e , Nov o No rdis k use s cur r enc y optio n hedge s o f fo r ecas t trans - actions . Cur r enc y option s a r e initiall y r e cognise d a t cost, whic h equal s fair valu e o f consideration s paid , an d subsequentl y r e measu r e d a t fai r value a t th e en d o f th e r eportin g period . Th e cumulativ e valu e adjustmen t of th e cur r enc y option s fo r whic h hedg e accountin g i s applied , whic h is th e intrinsi c valu e o f th e options , i s transfer re d f r o m Othe r comp r ehensive incom e to th e Incom e statemen t a s a r eclassifi catio n adjustmen t under Financia l incom e o r Financia l expense s whe n th e hedge d transactio n is r ecognise d i n th e Incom e statement . Gain s an d losse s o n cur r enc y options tha t d o no t meet th e criteri a fo r hedg e accountin g a r e r ecognise d di r ectl y in th e Incom e statement under Financia l incom e o r Financia l expenses . Th e fai r valu e o f derivativ e fi nancia l instrument s i s measur e d o n th e basi s of quote d market price s o f fi nancia l instrument s trade d i n activ e markets . I f an activ e market exists , fai r valu e i s base d o n th e most r e centl y observe d market pric e a t th e en d o f th e r eportin g period . I f a f i nancial instrumen t i s quote d i n a marke t tha t i s no t active , Novo No rdis k bases it s valuatio n o n th e most r ecen t transactio n price . Adjustment i s mad e fo r subsequen t change s i n marke t conditions , fo r instanc e by includin g transaction s i n simila r f i nancia l instrument s assume d to be motivate d b y normal busines s considerations . Whe n a hedgin g instrumen t expi r es o r i s sold, o r whe n a hedg e n o longer meet s th e criteri a fo r hedg e accounting, an y cumulativ e gai n o r los s existing i n equit y a t tha t tim e r emain s i n equit y an d i s r ecognise d whe n th e fo r ecast transactio n i s ultimatel y r ecognise d i n th e Incom e statement . Whe n a fo r ecas t transactio n i s n o longe r expecte d t o occu r , th e cumulativ e gai n or los s tha t wa s r eporte d i n equit y i s immediatel y transfer re d t o th e Income statement under Financia l incom e o r Financia l expenses . 82 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 4 . 2 FINANCIA L RISK S (CONTINUED) T o manag e cr edi t ris k o n fi nancia l counterparties, Nov o Nor dis k onl y enters into derivativ e fi nancia l contract s an d money market deposit s wit h fi nancial counterpartie s possessin g a satisfactor y long - ter m cr edi t ratin g f r o m two ou t o f th e th r e e selecte d rating s agencies : Standar d an d Poor ’ s , Moody ’ s an d Fitch . Furthermo r e , maximu m c r edi t line s defi ne d fo r eac h counterparty diversif y th e overal l counterpart y risk . Th e c r edi t ris k o n bond s i s limite d as investment s a r e mad e i n highl y liqui d bond s with soli d c r edi t ratings . The tabl e belo w show s Nov o Nor disk ’ s cr edi t exposur e o n cash , f i xed - income marketabl e securitie s an d fi nancia l derivatives . 4 . 3 DERI V A TIV E FINANCIA L INSTRUMENTS Accountin g policies Th e derivativ e f i nancia l instrument s ar e use d t o manag e th e exposur e to marke t risk . Non e o f th e derivative s a r e hel d fo r trading . Howeve r , no t all derivative s a r e designate d fo r hedg e accounting . Nov o No rdis k use s forwa rd exchang e contract s an d cur r enc y option s to hedg e fo r ecas t transactions, asset s an d liabilities . Cur r entl y , ne t investments i n fo r eig n subsidiarie s a r e no t hedged . Upo n initiatio n o f th e contract , Nov o Nor dis k designate s eac h derivative fi nancia l contract tha t qualif i e s fo r hedg e accountin g a s on e of: • hedge s o f th e fai r valu e o f a r ecognise d asse t o r liabilit y o r a fi rm commitmen t (fair valu e hedge) • hedge s o f th e fai r valu e o f a fo r ecas t fi nancia l transactio n (cas h f l ow hedge). Credi t exposur e o n Cas h at ban k an d o n hand , Marketabl e securitie s and Derivativ e f inancia l instrument s (marke t value) Cas h a t Derivative 2013 AAA - range AA - range A - range BBB - range No t rate d or belo w BBB - range 2,726 1,013 2,726 8,054 4,976 141 6,497 3,999 141 544 977 91 2 93 T ota l 10,72 8 3,74 1 1,521 1 . Redemptio n yiel d o n th e bon d portfolio i s 0.35 % (0.4 1 % i n 2013). 15,990 Nov o No rdis k ha s n o signifi can t concentratio n o f c r edi t ris k r elate d to T rad e r eceivable s o r Othe r r eceivable s an d p r epayments, as th e exposu r e is spr ea d ove r a larg e number o f counterpartie s an d customers . Nov o No rdisk continue s t o monito r th e c r edi t exposu r e i n Regio n Inte r national Operations du e t o th e inc r easin g sale s an d low c r edi t rating s o f man y countrie s i n this r egion . Nov o Nor dis k als o continue s t o focu s i n th e developmen t i n the outstandin g trad e r eceivable s i n th e Eu r ozone . Asse t securitisation Nov o No r disk ’ s Japanes e subsidiar y employ s a n asset securitisation p rogramm e i n th e for m o f a ful l non - r ecours e o f f - balanc e shee t arrange - men t t o imp r ov e liquidit y an d tak e advantag e o f marke t opportunitie s by r eceivin g fund s prio r t o schedule d paymen t dates . A t yea r - end , th e G r oup ha d der ecognise d r eceivable s withou t r ecours e havin g du e date s after 3 1 Decembe r amountin g to : I n addition , ful l non - r ecours e o f f - balanc e sheet factorin g arrangement p r ogramme s a r e occasionall y applie d b y Nov o No rdis k aff i liate s a r oun d the worl d wit h limite d impact o n th e G r oup ’ s trad e r eceivables . Pleas e refe r to not e 2. 2 fo r spli t o f allowanc e fo r trad e r eceivable s by geographical segment. DK K million ban k or o n hand Marketabl e securities 1 f inancial instrument s T otal 2014 1,004 AAA - range 1,004 AA - range 6,501 502 20 7,023 A - range 7,641 10 7,651 BBB - range 183 183 No t rate d or belo w BBB - range 71 3 74 T otal 14,396 1,509 30 15,935 I f a n activ e marke t doe s no t exist , th e fai r valu e o f standa rd an d simple DK K million Sol d trad e r eceivables 2014 1,669 2013 1,685 2012 2,027 f inancia l instruments , suc h a s fo r eig n exchang e forwa r d contracts , inte r est rat e swaps , cur r enc y swap s an d unliste d bonds , i s measu r e d acco r din g to generall y accepte d valuatio n techniques . Market - base d parameter s a r e used t o measu r e fai r value.

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 83 4. 3 DERI V A TIV E FINANCIA L INSTRUMENT S (CONTINUED) 1. Realisatio n i n 201 4 o f p r eviousl y defer r e d gai n amounts t o DKK 1 ,22 9 million. 2. Fai r value s a t yea r - en d ar e p r esente d as ne t amoun t fo r eac h cur r enc y o r su m o f cur r encies , withi n th e r espectiv e hedgin g ac tivit y . HEDGING OF FORECAST TRANSACTIONS (CASH FLOW HEDGE) HEDGING ACTIVITIES DK K million Contract amount a t yea r - end 2014 Positiv e fai r value a t yea r - end Negativ e fai r value a t yea r - end Contract amount a t yea r - end 2013 Positiv e fai r value a t yea r - end Negativ e fai r value a t yea r - end Forwa r d contracts , cas h f lo w hedges 32,095 10 2,252 26,982 1,104 Cur r enc y options , cas h f lo w hedges 2,429 29 – 2,195 148 Forwa r d contracts , fai r valu e hedges 3,490 – 355 3,508 365 T ota l hedgin g activities 2 38,014 39 2,607 32,685 1,617 – T ota l fai r valu e adjustment s r ecognise d i n the 8 355 384 – Incom e statement T ota l fai r valu e adjustment s r ecognise d i n Other comp r ehensiv e income 1 31 2,252 1,233 – P r esente d i n th e Balanc e shee t as: Derivativ e f inancia l instrument s (cur r en t assets) 30 1,521 Derivativ e f inancia l instrument s (cur r en t liabilities) 2,607 – Equit y , Othe r r eserves 9 96 DK K million Contract amount a t yea r - end 2014 Positiv e fai r value a t yea r - end Negativ e fai r value a t yea r - end Contract amount a t yea r - end 2013 Positiv e fai r value a t yea r - end Negativ e fai r value a t yea r - end Hedgin g o f forecas t transaction s qualifying 26,540 – 2,252 22,020 742 fo r hedg e accounting USD JP Y , GB P an d othe r cur r encies 5,555 10 – 4,962 362 T ota l forwa r d contract s (fo r ecaste d cas h f low) 32,095 10 2,252 26,982 1,104 – USD 2,051 – – 1,739 33 JPY 378 21 – 456 96 T ota l cur r enc y option s (fo r ecaste d cas h f low) 2,429 21 – 2,195 129 – T ota l cas h f lo w hedge s fo r whic h hedge accountin g i s applied 34,524 31 2,252 29,177 1,233 – Othe r forecas t transactio n hedge s fo r which hedg e accountin g i s no t applied Cur r enc y option s fo r whic h hedge accountin g i s no t applied – 8 – – 19 – T ota l contract s o f forecas t transactions 34,524 39 2,252 29,177 1,252 –

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 84 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 4. 3 DERI V A TIV E FINANCIA L INSTRUMENT S (CONTINUED) HEDGING OF ASSETS AND LIABILITIES ( F AIR V ALUE HEDGE) Th e tabl e abov e shows th e fai r valu e o f fai r value - hedgin g activitie s fo r 201 4 an d 201 3 specifie d b y hedgin g instrument an d th e major cur r encies . Al l changes in fai r value s a r e r ecognise d i n th e Incom e statement, amountin g t o a ne t los s o f DKK 35 5 millio n i n 201 4 ( a ne t gai n o f DKK 36 5 millio n i n 2013 ) . Th e f i nancia l contract s existin g a t th e en d o f th e yea r hedg e th e cur r ency exposu r e o n asset s an d liabilitie s i n th e G r oup ’ s major c ur r encie s excludin g DKK and EUR . Th e contrac t amount s o f othe r cur r encie s a t yea r - en d a r e JP Y a t DK K 31 0 millio n (DK K 53 9 millio n i n 2013 ) , GBP a t DK K 31 3 millio n (DK K 44 9 million i n 2013 ), an d ‘other ’ comprisin g AU D a t DKK 5 6 millio n (DK K 52 5 millio n i n 2013 ), CA D a t DKK 44 4 millio n (DK K 20 8 millio n i n 20 13 ) an d PL N a t DKK 0 million (DK K 43 2 millio n i n 2013 ) . 4. 4 CAS H AN D CAS H EQUI V ALENTS, FINANCIA L RESOURCE S AN D FRE E CASH FLOW Accountin g policies Cas h an d cas h equivalent s consist o f cas h o f fse t b y short - ter m ban k loans . Financial r esou r ce s consis t o f cas h an d cas h equivalents , marketable securitie s with origina l maturit y o f les s tha n th r e e month s an d undrawn committe d c r edi t facilitie s expirin g afte r mo r e tha n on e yea r . Th e Statement o f cas h f l ow s i s p r esente d i n accordanc e with th e indi r ec t metho d com - mencin g wit h Ne t p r ofi t fo r th e yea r . ) 1 . Th e undraw n committe d c r edi t facilit y i n 201 4 i s a EU R 1 , 10 0 millio n facilit y ( 201 3 and 2012 : EU R 65 0 million) committe d by a portfolio o f inte r national banks . Th e facility matu r es i n 2019 . 2 . Additiona l non - IFR S measure ; pleas e r efer t o p 9 4 fo r defi nitions. 4. 5 CHANG E I N WORKIN G CAPI T AL Accountin g policies W orkin g capita l i s defi ne d a s cur r en t asset s les s cur r en t liabilitie s and measur e s th e liqui d asset s Nov o No rdis k has availabl e fo r th e business. CHANGE IN WORKING CAPI T AL ) ) ) ) 4. 6 FINANCIA L ASSET S AN D LIABILITIES Accountin g policies Dependin g o n th e purpos e o f eac h investment, Nov o No rdis k classifi e s these into th e followin g categories: • Available - fo r - sal e fi nancia l assets • Loans an d r eceivables • Financia l asset s a t fai r valu e th r oug h th e Incom e statement (derivatives). amortise d cos t base d o n th e e f fectiv e inte r es t method. Fai r valu e disclosu r e s a r e mad e separatel y fo r eac h clas s o f f i nancial instrument s a t th e en d o f th e r eportin g period . Derecognition Investment s a r e de r ecognise d whe n th e right s t o r eceiv e cas h fl ows f r o m the investment s hav e expi r e d o r hav e bee n transfer red, an d Nov o No rdis k has transfer re d substantiall y al l th e risk s an d rewa r ds o f ownership . DK K million 2014 2013 2012 CASH AND CASH EQUI V ALENTS Cas h a t ban k an d o n han d (not e 4.2) Cur r en t deb t (ban k ove r drafts) 14,396 (720) 10,728 (215) 11,553 (50 0 Cas h an d cas h equivalents a t th e en d o f th e year 13,676 10,513 11,053 FINANCIAL RESOURCES 13,676 10,513 11,053 Cas h an d cas h equivalents Marketabl e securities 1,509 3,741 4,552 Undraw n committe d c r edi t facility 1 8,188 4,849 4,849 T ota l f inancia l resources 23,373 19,103 20,454 DK K million 2014 2013 2012 T rad e r eceivables (2,134) (1,268) (29 0 Othe r r eceivable s an d p r epayments (296) 251 (32 9 Inventories (1,805) (9) (11 0 T rad e payables 858 233 568 Othe r liabilities 1,665 404 448 Chang e i n workin g capita l before exchang e rat e adjustments (1,712) (389) 287 Exchang e rat e adjustments (436) 124 (1 3 Cas h f lo w chang e i n workin g capital (2,148) (265) 274 DK K million Contract amount a t yea r - end 2014 Positiv e fai r value a t yea r - end Negativ e fai r value a t yea r - end Contract amount a t yea r - end 2013 Positiv e fai r value a t yea r - end Negativ e fai r value a t yea r - end USD 2,367 – 333 1,355 141 – JP Y , GB P an d othe r cur r encies 1,123 – 22 2,153 224 – T ota l forwar d contracts 3,490 – 355 3,508 365 – FREE CASH FLOW Managemen t determine s th e classificatio n o f it s investment s o n initial r ecognitio n an d r e - evaluate s thi s a t th e en d o f ever y r eportin g perio d t o the exten t tha t suc h a classificatio n i s permitte d an d r equi r ed. Ne t cas h generate d f r om operatin g activities 31,692 25,942 22,214 Recognitio n an d measurement Ne t cas h use d i n investin g activities (2,064) (2,773) (4,070) Pu r chase s an d sale s o f investment s a r e r ecognise d o n th e settlemen t date. Ne t pu r chas e o f marketabl e securities (2,232) (811) 501 Investment s a r e initiall y r ecognise d a t fai r value. Fre e cas h f low 2 27,396 22,358 18,645 A vailable - fo r - sal e f inancia l asset s an d f inancia l asset s a t fai r valu e a r e subsequentl y carrie d a t fai r value . Loan s an d r eceivable s a re carrie d at

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 85 Loan s an d receivables Loan s an d r eceivable s ar e non - derivativ e f i nancial asset s with f i xe d or determinabl e payment s tha t a r e no t quote d i n a n activ e market . I f collection i s expecte d within on e yea r (or i n th e normal operatin g cycl e o f th e business if longer), the y ar e classifi e d a s Cur r en t assets . I f not , the y ar e p r esente d as Non - cur r en t assets . T rad e r eceivable s an d Othe r r eceivable s a r e r ecognise d initiall y a t fai r value an d subsequentl y measur e d a t amortise d cos t usin g th e e f fectiv e inte r est method , les s p r ovisio n fo r allowance . P r ovisio n fo r allowanc e i s mad e for T rad e r eceivable s whe n the r e i s objectiv e evidenc e tha t Nov o No rdis k will no t b e abl e t o collect al l amount s du e acco r din g t o th e original term s o f the r eceivables . Th e p r ovisio n fo r allowanc e i s deducte d f r o m th e carryin g amoun t o f T rade r eceivable s an d th e amoun t o f th e los s i s r ecognise d i n th e Incom e statement under Sale s an d distributio n costs . When a trad e r eceivabl e i s uncollectible, i t i s writte n o f f against th e allowanc e account fo r trad e r e ceivables . Sub - sequent r ecoverie s o f amount s p r eviousl y writte n o f f a r e c r edite d against Sale s an d distributio n cost s i n th e Incom e statement . 4. 6 FINANCIA L ASSET S AN D LIABILITIES (CONTINUED) A vailable - fo r - sal e f inancia l assets A v ailable - fo r - sal e fi nancia l asset s consis t o f equit y investment s an d market - abl e securities . Equit y investment s a r e include d i n Othe r f i nancial assets unles s Management intend s t o dispos e o f th e investmen t within 1 2 months o f th e en d o f th e r eportin g period . I f tha t i s th e case , th e cur r en t par t is include d i n Other r eceivable s an d p r epayments . Un r ealise d gain s an d losse s arisin g f r o m changes i n th e fai r valu e o f fi nancial asset s classifi e d a s availabl e fo r sal e a r e r ecognise d i n Other comp r ehensive income . Whe n f i nancial asset s classif ie d a s availabl e fo r sal e a r e sol d or impai red , th e accumulate d fai r valu e adjustment s a r e include d i n th e Income statement . Th e fai r value s o f quote d investment s (includin g marketabl e securities ) a r e base d o n cur r en t bi d price s a t th e en d o f th e r eportin g period . Financial asset s fo r whic h n o activ e marke t exist s a r e carrie d a t fai r valu e base d on a valuatio n methodolog y o r a t cos t i f n o r eliabl e valuatio n model ca n be applied . FINANCIAL ASSETS BY C A TEGO R Y T ota l fi nancia l asset s a t th e en d o f th e yea r b y categor y , 2013 3,916 1,521 12,627 10,728 28,792 FINANCIAL LIABILITIES BY C A TEGO R Y Fo r a descriptio n o f th e c r edi t qualit y o f f i nancia l asset s suc h a s T rad e r eceivables , Cas h a t ban k an d o n hand, Marketabl e securities , Cur r en t deb t an d Derivative fi nancia l instruments, refer t o note s 4. 2 an d 4.3. DK K million asset s at fai r value Incom e statement and r eceivable s an d cash equivalent s T otal 2014 856 Othe r f inancia l assets 366 490 T rad e r eceivable s (not e 3.4) 13,041 13,041 Othe r r eceivable s (not e 3.5) 2,750 2,750 - les s p r epayment s (not e 3.5) (1,222) (1,222) Marketabl e securitie s (bonds ) (not e 4.2) 1,509 1,509 Derivativ e f inancia l instrument s (not e 4.3) 30 30 Cas h a t ban k an d o n han d (not e 4.4) 14,396 14,396 T ota l f inancia l asset s a t th e en d o f th e yea r b y category 1,875 30 15,059 14,396 31,360 DK K million Incom e statement amortised cost comp r ehensive income T otal 2014 720 Cur r en t debt 720 T rad e payables 4,950 4,950 Othe r liabilitie s (not e 3.8) 11,051 11,051 – les s V A T an d dutie s payabl e (not e 3.8) (744) (744) Derivativ e f inancia l instrument s (not e 4.3) 2,607 2,607 T ota l f inancia l liabilitie s a t th e en d o f th e yea r b y category 1 2,607 15,977 – 18,584 2013 Cur r en t debt 215 215 T rad e payables 4,092 4,092 Othe r liabilitie s (not e 3.8) 9,386 9,386 – les s V A T an d dutie s payabl e (not e 3.8) (761) (761) T ota l f inancia l liabilitie s a t th e en d o f th e yea r b y category 1 – 12,932 – 12,932 1 . Al l fi nancia l liabilitie s a r e du e withi n on e yea r . Financial assets A vailable - measu r e d at fo r - sale fai r value f inancial th r oug h the Loans Cash Financial Financial liabilities liabilities measu r e d at Financial measu r e d at fai r value liabilities fai r value th r oug h the measu r e d at th r oug h Other

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 86 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 4. 6 FINANCIA L ASSET S AN D LIABILITIES (CONTINUED) F AIR V ALUE MEASUREMENT HIERARCHY Financia l asset s an d liabilitie s measur e d a t fai r valu e ca n b e categorised usin g th e fai r valu e measu r emen t hiera r ch y above . The r e hav e no t been an y transfer s betwee n th e categorie s ’ Activ e marke t data ’ an d ’Di r ectly o r indi r ectl y observabl e marke t data ’ durin g 201 4 o r 2013 . The r e ar e no intangibl e asset s o r item s o f p ropert y , plan t an d equipment measur e d a t fair value . 4 . 7 FINANCIA L INCOM E AN D EXPENSES Accountin g policies Financia l asset s an d liabilitie s an d bor r owing s generat e Nov o No r disk ’ s f i nancia l incom e an d expenses . Th e ne t f i nancial s i n th e Incom e statement ar e mainl y r elate d t o fo r eig n exchang e element s an d ca n b e specifie d as follows : FINANCIAL INCOME FINANCIAL EXPENSES 1 . Primaril y relate d t o trad e r eceivables , othe r r eceivable s an d trad e payables. FINANCIAL IM P ACT FROM FO R W ARD CONTRACTS AND CURRENCY OPTIONS, SPECIFIED DK K million 2014 2013 2012 Inte r es t income 101 56 124 Financia l gai n f r o m forwa r d contract s (net) – 1,631 – Financia l gai n f r o m cur r ency option s (net) 32 – – Capita l gai n o n investment s etc. 34 – – Incom e f r o m othe r f inancia l assets – 15 1 T ota l f inancia l income 167 1,702 125 DK K million 2014 2013 2012 Inte r es t expenses 39 55 58 Fo r eig n exchang e los s (net) 1 288 435 161 Financia l los s f r o m forwa r d contract s (net) 125 – 1,289 Financia l los s f r o m cur r ency option s (net) – 50 79 Capita l los s o n investment s etc. – 20 118 Othe r f inancia l expenses 111 96 83 T ota l f inancia l expenses 563 656 1,788 DK K million 2014 2013 2012 Forwar d contracts T ransfer r e d f r o m Othe r comp r ehensive income 1,104 809 (1,250) V alu e adjustmen t o f transfer r ed contracts (1,160) 678 (10) Fo r eig n exchang e gain/los s o n forwa r d contracts (69) 144 (29) Financia l income/(expense ) from forwar d contracts (125) 1,631 (1,289) Currenc y options T ransfer r e d f r o m Othe r comp r ehensive income 125 – 68 V alu e adjustmen t o f transfer r e d options (12) 25 – Fo r eig n exchang e gain/los s o n cur r ency options (81) (75) (147) Financia l income/(expense ) from currenc y options 32 (50) (79) DK K million 2014 2013 Activ e marke t data 1,870 3,908 Di r ectl y o r indi r ectl y observabl e marke t data 30 1,521 No t base d o n observabl e marke t data 5 8 T ota l f inancia l asset s a t fai r value 1,905 5,437 Activ e marke t data Di r ectl y o r indi r ectl y observabl e marke t data No t base d o n observabl e marke t data – 2,607 – – – – T ota l f inancia l liabilitie s a t fai r value 2,607 –

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 87 S E C T I O N 5 O T H E R D I S C L O S U R E S 5 . 1 SHARE - BASE D P A YMEN T SCHEMES Accountin g policies Share - based compensation Nov o No rdis k operate s equity - settled , shar e - base d compensatio n plans . The fai r valu e o f th e employe e service s r eceive d i n exchang e fo r th e gran t o f the option s o r shar e s i s r ecognise d a s a n expens e an d allocate d ove r th e vesting period . Th e tota l amoun t t o b e expense d over th e vestin g perio d i s determine d by refe r enc e t o th e fai r valu e o f th e option s o r shar es granted , excludin g the impac t o f an y non - marke t vestin g conditions . Th e fai r valu e i s f i xe d a t the gran t date . Non - marke t vestin g condition s a r e include d i n assumptions abou t th e number o f option s o r shar e s tha t a r e expecte d t o vest . A t th e end o f eac h r eportin g period , Nov o No rdis k r evise s it s estimate s o f th e number o f option s o r shar e s expecte d t o vest . Nov o No rdis k r ecognise s th e impact of th e r evisio n o f th e original estimates , if an y , i n th e Incom e statement an d i n a cor r espondin g adjustment t o Equit y (chang e i n p r oceeds ) ove r th e remaining vestin g period . Adjustment s r elatin g t o prio r year s a r e include d i n th e Income statement i n th e yea r o f adjustment . SHARE - BASED P A YMENT Expense d i n th e Incom e statement 1. Expens e fo r th e yea r r e f l ect s th e ful l valu e a t launc h o f th e p r ogramm e fo r th e yea r . 2. Expens e fo r th e yea r r e f l ect s th e valu e a t launc h o f th e last fou r p r ogrammes, amortise d ove r fou r years. Restricte d stoc k unit s t o employees Followin g th e 90 t h anniversar y i n 2013 , al l employee s i n th e company (exc l NNE Pharmapla n an d NNIT ) we r e o f fe r e d 10 0 r estricte d stoc k units . A r estricte d stoc k uni t give s th e righ t t o r eceiv e on e Nov o No rdis k B shar e f r e e o f charg e o n 1 Apri l 201 6 subjec t t o continue d employment an d average sale s g r owth o f a t leas t 5 % pe r yea r measu r e d i n DKK i n th e perio d 201 2 – 2015 . Th e cos t o f th e DK K 44 0 millio n p rogramm e i s amortise d over the perio d 201 3 – 201 6 a t a n annua l amoun t o f DKK 13 5 million . Thi s sectio n p r ovide s detail s o n note s tha t b y thei r natu r e a r e o f statutor y or secondary importanc e fo r understandin g th e fi nancia l performanc e o f Novo No r disk . A lis t o f subsidiarie s i n th e Nov o No rdis k G r ou p i s als o include d in thi s section . Long - ter m share - base d incentiv e programme Fo r a descriptio n o f th e p rogramme , pleas e refe r to ‘Remuneration ’ in ‘Gove r nance , leadershi p an d shar es ’ , p p 4 9 – 5 1 . Senio r Managemen t Board On 2 9 Januar y 2014 , th e Boa r d o f Di r ector s app rove d th e establishment, for members o f th e Senio r Management Boa r d , o f a join t poo l fo r th e fi nancial year 201 4 b y allocatin g a tota l o f 293 , 04 4 Nov o No rdis k B shar es . This allocatio n amount s o n averag e to 7 . 4 month s o f f i xe d bas e salar y plus pensio n contributio n fo r th e CEO , 5 . 6 month s o f f i xe d bas e salar y plus pensio n contributio n pe r membe r o f Executiv e Management an d 5 . 0 months o f f i xe d bas e salar y fo r Senio r V ic e P r esidents, cor r espondin g t o a valu e at launc h o f th e p r ogramm e o f DKK 6 6 million . Thi s amoun t was expense d in 2014 . Th e shar e pric e use d fo r th e conversio n wa s th e averag e shar e price (DK K 226 ) fo r Nov o No rdis k B shar e s o n NASDA Q OMX Copenhage n i n the perio d 3 0 Januar y – 1 3 Februar y 2014 . Base d o n th e spli t o f participants whe n th e join t poo l was established , app r oximatel y 40 % o f th e poo l wil l be allocate d t o members o f Executiv e Management an d 60 % t o othe r members o f th e Senio r Management Boa r d . Th e shar e s allocate d to th e join t poo l fo r 20 1 1 ( 448 , 56 0 shar es ) we r e r elease d t o th e individua l participant s subsequent t o th e app r ova l o f the Annual Report 2014 by the Boa r d of Di rectors and after the announcement of th e 201 4 full - year fi nancia l r esult s o n 3 0 Januar y 2015 . Th e shar e s allocated cor respon d to a valu e a t launc h o f th e p rogramm e o f DK K 5 7 million, expense d i n 20 1 1 . Managemen t grou p belo w Senio r Managemen t Board Th e managemen t g r ou p belo w th e Senio r Managemen t Boa r d ha s a shar e - base d incentiv e p rogramm e with simila r performanc e criteria . For 2014 , a tota l o f 683 , 72 8 shar es we r e allocate d t o th e poo l fo r thi s g r oup cor r espondin g t o a valu e a t launc h o f th e p rogramm e o f DKK 15 5 million . Th e shar e s allocate d t o th e poo l fo r 20 1 1 ( 1 , 485 , 66 5 shar es ) we r e r e lease d to th e individual participant s subsequen t t o th e app r ova l o f th e Annual Report 201 4 b y th e Boa r d o f Di r ector s an d afte r th e announcement o f th e 201 4 full - yea r f i nancia l r esult s o n 3 0 Januar y 2015 . Th e shar es allocate d cor respond t o a valu e a t launc h o f th e p rogramm e o f DK K 18 8 millio n amortise d over th e perio d 20 1 1 – 2014 . Th e number o f shar e s t o b e transfer re d ( 1 , 343 , 235 ) i s lowe r tha n th e origina l numbe r o f shar es allocate d t o th e shar e poo l as some participant s hav e lef t th e company befo r e th e r eleas e condition s o f the p rogramm e we r e met . Shar e options No sha r e option s hav e bee n grante d sinc e 200 6 a s th e long - ter m incentive p rogramm e f r o m 200 7 onwa r ds has bee n shar e - based. Th e 200 6 shar e option s we r e exer cisabl e th r e e year s afte r th e issu e dat e and wil l expi r e afte r eigh t years . Th e exercis e pric e fo r option s grante d base d on performanc e target s fo r th e f i nancia l yea r 200 6 wa s equa l t o th e market pric e o f th e Nov o No rdis k B shar e a t th e tim e th e pla n was established . The option s ca n onl y b e settle d i n shar es . Each optio n give s th e righ t t o pu r chase on e Nov o No rdis k B shar e . A t th e en d o f 201 4 a tota l o f 955 , 57 0 option s a t strik e 3 5 a r e outstanding . Th e option s wil l b e exer cise d o n 3 0 Januar y 2015 . Th e valu e a t yea r en d was DK K 21 5 millio n calculate d as th e di f fe r enc e betwee n th e marke t valu e on 3 1 Decembe r 201 4 an d th e strik e price . DK K million 2014 2013 2012 Restricte d stoc k unit s t o employees 141 188 50 Long - ter m sha r e - base d incentive p r ogramm e (Senio r Management Boa r d) 1 66 51 73 Long - ter m sha r e - base d incentive p r ogramm e (managemen t g r ou p below Senio r Managemen t Boa r d) 2 164 170 185 Share - base d paymen t expensed i n th e Incom e statement 371 409 308

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 88 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 5 . 1 SHARE - BASE D P A YMEN T SCHEMES ) ) ) EXERCISABLE SHARE OPTIONS 2014 2013 1 . A v erag e exercis e pric e per optio n (excludin g r e stricte d stoc k units ) amounts t o DKK 35 (DK K 3 4 i n 2013 ), an d calculate d fai r valu e per optio n amounts t o DKK 22 5 (DK K 161 i n 2013 ) . OUTS T ANDING RESTRICTED V alu e at STOCK UNITS AND EXERCISABLE 1. Al l r estricte d stoc k units , sha r es allocate d t o Management pool s an d sha r e option s ar e hedge d by t r easur y sha r es. 2. 201 4 p r ogramm e r elease d subsequen t t o app r ova l o f th e Annual Repor t 201 4 o n 3 0 Januar y 2015. 3. Includin g join t poo l r elate d t o prio r years , no t ye t r eleased. STOCK UNITS 2014 2013 Outstandin g a t th e beginnin g o f th e year 10,528,372 12,374,845 Release d r estricte d stoc k unit s t o employees (24,500) (1,356,000 Release d sha r e s f r o m 2010 Managemen t pools (3,341,692) (3,529,670 Cancelle d sha r e s f r o m Managemen t pool (178,872) (207,410 Issue d r estricte d stoc k unit s t o employees 0 2,370,000 Sha r e s allocate d t o Managemen t pools 976,772 876,607 Outstandin g a t th e en d o f th e year 7,960,080 10,528,372 SHARE OPTIONS Issued 1 Released Cancelled (accumulated ) Outstanding launc h date DK K millio n V estin g date Restricte d stoc k unit s t o employees 0 1/12/14 201 2 Restricte d stoc k unit s – NNIT 35,300 (24,500) (10,800) 201 3 Restricte d stoc k units 2,370,000 – – 2,370,000 1/04/16 Outstandin g r estricte d stoc k unit s to 2,370,000 64 30/1/14 employee s a t th e en d o f 2014 2,405,300 (24,500) (10,800) Share s allocate d t o join t pools fo r Senio r Managemen t Board 201 0 Sha r e s allocate d t o join t pool 842,880 (842,880) – 0 201 1 Sha r e s allocate d t o join t pool 448,560 – – 448,560 57 Q 1 2015 201 2 Sha r e s allocate d t o join t pool 487,730 – – 487,730 73 Q 1 2016 201 3 Sha r e s allocate d t o join t pool 254,513 – – 254,513 51 Q 1 2017 201 4 Sha r e s allocate d t o join t pool 2 293,044 – – 293,044 66 Q 1 2018 Outstandin g sha r e s i n join t poo l for 1,483,847 208 30/1/14 Senio r Managemen t Boa r d 2,326,727 (842,880) – Share s allocate d t o pools fo r managemen t grou p below Senio r Managemen t Board 201 0 Sha r e s allocate d t o pool 3 2,814,320 (2,498,812) (303,318) 12,190 201 1 Sha r e s allocate d t o pool 1,485,665 – (142,430) 1,343,235 188 Q 1 2015 201 2 Sha r e s allocate d t o pool 1,559,235 – (89,790) 1,469,445 234 Q 1 2016 201 3 Sha r e s allocate d t o pool 622,190 – (24,555) 597,635 126 Q 1 2017 201 4 Sha r e s allocate d t o pool 2 683,728 – – 683,728 155 Q 1 2018 Outstandin g sha r e s i n poo l fo r management g r ou p belo w Senio r Managemen t Boa r d 7,165,138 (2,498,812) (560,093) 4,106,233 Issued 1 Exe r cised Cancelled Exercisable Exe r cis e pric e DKK Exe r cis e period Exercisabl e shar e options 0 30.6 31/01/0 9 – 30/01/14 200 5 Sha r e options 8,202,340 (7,358,750) (843,590) 200 6 Sha r e options 11,145,420 (9,209,585) (980,265) 955,570 35.0 31/01/1 0 – 30/01/15 Exe r cisabl e sha r e option s a t th e en d o f 2014 19,347,760 (16,568,335) (1,823,855) 955,570 Outstanding/exercisable a t th e en d o f 2014 31,244,925 (19,934,527) (2,394,748) 8,915,650 (CONTINUED) Exe r cisabl e a t th e beginnin g o f th e year 2,801,920 5,040,700 OUTS T ANDING RESTRICTED Exe r cised (1,787,350) (2,017,700) Cancelled (59,000) (221,080) Exercisabl e a t th e en d o f th e year 955,570 1 2,801,920 1

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 89 5 . 1 SHARE - BASE D P A YMEN T SCHEME S (CONTINUED) A verage market price Exe r cised sha r e 5. 2 MANAGEMENT’ S HOLDING S O F NOV O NORDIS K SHARE S AN D SHAR E OPTIONS Th e inte r na l rule s fo r tradin g i n Nov o No rdis k securitie s b y boa r d members , executive s an d certai n employee s onl y permi t trading i n th e 15 - calenda r - da y period followin g eac h quarterl y announcement. 1. Calculatio n o f th e market valu e i s base d o n th e quote d sha r e pric e o f DKK 260.3 0 a t th e en d o f th e yea r . 2. Th e annual allocatio n t o th e join t poo l i s locke d u p fo r th r e e year s befo r e i t i s transfer r e d t o th e participant s employe d a t th e en d o f eac h th r ee - yea r period . Base d o n th e spli t of participant s whe n th e join t poo l was established , app roximatel y 40 % o f th e poo l wil l b e allocate d t o th e members o f Executiv e M anagemen t an d app roximatel y 60 % t o other members o f th e Senio r Management Boa r d . I n th e lock - u p period, th e join t poo l ma y potentiall y b e r educe d i n th e even t o f lowe r - than - planne d valu e c r eatio n i n subsequen t years . 3. Joint poo l include s 20 1 1 p r ogramm e r elease d o n 3 0 Januar y 201 5 an d exclude s 249,73 4 sha r es assigne d t o r eti r e d Executiv e Man agement an d Senio r Management Boa r d members. 1 . Th e fai r valu e ha s bee n calculate d as th e di ffe r enc e betwee n th e strik e pric e o f DKK 3 5 an d th e market valu e a t th e en d o f t h e yea r . MANAGEMENT’S HOLDING OF SHARES A t th e beginning o f th e year Additions durin g th e year Sold/transfer r e d durin g th e year A t th e end o f th e year Marke t value 1 DK K million Göra n Ando 13,000 13,000 3.4 Brun o Angelici 2,500 2,500 0.7 Jepp e Christiansen – – – Li z Hewitt 2,000 725 2,725 0.7 Liselott e Hyveled 3,255 4,000 (3,400) 3,855 1.0 Thoma s Pau l Koestler 8,000 8,000 16,000 4.1 Ann e Mari e Kve r neland 11,735 (636) 11,099 2.9 Helg e Lund – 3,000 3,000 0.8 Sø r e n Thuese n Pedersen 1,615 1,615 0.4 Hann u R yöppönen 11,250 11,250 2.9 Sti g Strøbæk 1,950 1,950 0.5 Boa r d o f Di r ector s i n total 55,305 15,725 (4,036) 66,994 17.4 Lar s Rebie n Sø r ensen 324,850 75,085 (45,085) 354,850 92.3 Jespe r Brandgaa r d 198,215 49,990 (62,000) 186,205 48.5 Lar s Fruergaa r d Jørgensen 90,860 24,995 (20,000) 95,855 25.0 Jako b Riis 52,150 24,995 (5,000) 72,145 18.8 Kå r e Schultz 320,000 49,990 (39,990) 330,000 85.9 Mad s K r ogsgaa r d Thomsen 257,420 54,600 (32,885) 279,135 72.6 Executiv e Managemen t i n total 1,243,495 279,655 (204,960) 1,318,190 343.1 Othe r member s o f th e Senio r Managemen t Boa r d 557,945 515,885 (389,933) 683,897 178.0 Join t poo l fo r Executiv e Managemen t and othe r member s o f th e Senio r Managemen t Boa r d 2 1,744,909 293,044 (803,840) 1,234,113 3 321.3 T otal 3,601,654 1,104,309 (1,402,769) 3,303,194 859.8 A VERAGE MARKET PRICE OF NOVO NORDISK B SHARES PER TRADING PERIOD IN 2014 DKK options 3 0 Januar y – 1 3 February 226 1,065,812 1 Ma y – 1 5 May 235 230,562 7 Augus t – 2 1 August 249 131,850 3 0 Octobe r – 1 3 November 263 359,126 T ota l exe r cise d options 1,787,350 MANAGEMENT’S HOLDING OF SHARE OPTIONS A t the Exe r cised Sha r e option s i n Nov o No r disk beginning o f th e year during th e year A t th e end o f th e year Fai r value 1 DK K million Executiv e Management – – – – Othe r member s o f th e Senio r Managemen t Boa r d 161,500 74,000 87,500 20 T otal 161,500 74,000 87,500 20

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 90 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 5. 3 OTHE R NON - CAS H ITEMS Fo r th e purpos e o f p r esentin g th e Statemen t o f cas h fl ows, non - cas h item s wit h e f fec t o n th e Incom e statement must b e r everse d t o identif y th e actua l cas h flow e f fec t f r o m th e Incom e statement. Th e adjustment s a r e specifie d a s follows: OTHER NON - CASH ITEMS ) ) ) DK K million 2014 201 3 2012 Reversal s o f non - cas h incom e statemen t items (62) (1 ) (6 6 Inte r es t incom e an d inte r es t expenses , ne t (not e 4.7) Sha r e - base d paymen t cost s (not e 5 . 1) 371 40 9 308 Change s i n non - cas h balanc e shee t items Inc r ease/(dec r ease ) i n p r ovision s (not e 3.7) 3,138 93 0 1,299 Inc r ease/(dec r ease ) i n r eti r emen t benefi t obligation s (not e 3.6) 343 (72 ) 321 O f whic h r emeasu r ement s o f r eti r emen t benefi t obligations (247) 5 4 (28 1 Othe r adjustments (Gains)/losse s f r o m sal e o f p r opert y , plan t an d equipment 1 (1 ) 21 Un r ealise d (gain)/los s f r o m othe r f inancia l assets – (17 ) 43 Reclassificatio n f r o m workin g capita l (othe r liabilities) – – 739 Exchang e rat e adjustment s o n workin g capital 436 (124 ) 13 Othe r , includin g un r ealise d exchang e (gain)/los s etc 183 (594 ) (21 6 T ota l othe r non - cas h items 4,163 58 4 2,181

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 91 Th e operatin g leas e commitment s a r e r elate d t o non - cancellable operatin g lease s primaril y fo r p r emises , company car s an d offi c e equipment . App r oximatel y 68 % o f th e commitment s a r e r elate d to lease s outside Denmark . Th e leas e cost s fo r 201 4 an d 201 3 we r e DK K 1 , 31 0 millio n and DKK 1 , 17 5 millio n r espectivel y . 5. 4 COMMITMENTS Commitments T ota l contractua l obligation s an d r ecognise d non - cur r en t deb t ca n be specifie d a s follow s (payment s du e b y period): 2014 Less Mo r e Balanc e sheet 5,505 3,696 1,905 2,426 13,532 T ota l contractual obligation s 5,53 3 3,74 9 1,954 1 . No material fi nanc e leas e obligation s exis t i n 201 4 an d 2013. 2,984 14,220 Th e pu r chas e obligation s primaril y r e lat e to contractua l obligation s in connectio n with investment s i n p ropert y , plan t an d equipmen t as wel l as pu r chas e ag reement s r ega r din g medica l equipmen t an d consume r goods . Nov o No r d is k expect s t o fun d thes e commitment s with existin g cas h and cas h flow f r o m operations . Resea r c h an d development obligation s entail uncertaintie s i n r elatio n t o the perio d i n whic h payment s a r e du e becaus e a p r oportio n o f th e obligations ar e dependen t o n mileston e achievements . Th e du e period s disclosed a r e base d o n Management ’ s best estimate . Nov o No rdis k ha s engage d in r esea r c h an d developmen t p r oject s with a numbe r o f exte r na l enterprises . Mos t o f thes e obligation s r elat e t o th e car diovascula r outcome s stud y for T r esib a ® , th e DEVOTE p rogramme . W orld Diabete s Foundation (WDF) Th e E U T a keove r Bid s Di r ective , a s partiall y implemente d b y th e Danish Financia l Statement s Act , contain s certai n rule s r elatin g t o liste d companies o n disclosu r e o f informatio n tha t ma y b e o f inte r es t to th e marke t and potentia l takeove r bidders , i n particula r i n r elatio n t o disclosu r e o f change o f cont r o l p r ovisions . Th e company ’ s A shar es a r e no t liste d an d a r e hel d b y Nov o A/S , a Danish publi c limite d liabilit y compan y wholl y owne d b y th e Nov o No rdisk Foundation . Acco r din g t o th e Article s o f Associatio n o f th e Foundation, the A shar e s cannot b e divested . Fo r informatio n o n th e ownershi p structu r e of Nov o No r disk , pleas e refe r t o ‘Sha r es an d capita l structu r e ’ o n p p 4 4 – 45 . Fo r informatio n o n chang e o f cont r o l clause s i n shar e optio n p r ogrammes, pleas e refe r t o not e 5 . 1 , ‘Sha re - base d paymen t schemes ’ , an d i n r elatio n to employe e contract s fo r Executiv e Management o f Nov o No r disk, pleas e refer t o ‘Remuneration ’ o n p p 4 9 – 5 1 . I n addition , Nov o No rdis k disclose s tha t th e G r ou p ha s on e signifi cant ag r eemen t with a supplie r whic h take s e f fect , alte r o r terminat e upon a chang e o f cont r o l o f th e G r oup . I f e f fected , a take - ove r coul d – a t the discr etio n o f th e r elevant counterpart y – lea d t o th e terminatio n o f such ag r eement . Give n th e ownershi p structu r e o f Nov o No rdis k th e ris k is conside r e d remot e an d wit h limite d fi nancia l impact . DK K million than 1 year 1 – 3 years 3 – 5 years than 5 years T otal Reti r emen t benefi t obligations 52 98 88 793 1,031 T ota l non - current liabilitie s recognised i n th e Balanc e sheet 52 98 88 793 1,031 Operatin g leases 1 1,060 1,613 1,260 2,356 6,289 Pu r chas e obligations 2,175 1,551 1,061 – 4,787 Resea r c h an d develop - men t obligations 1,896 1,490 305 – 3,691 T ota l obligations no t recognise d i n the Balanc e sheet 5,131 4,654 2,626 2,356 14,767 T ota l contractual obligations 5,183 4,752 2,714 3,149 15,798 DK K million 2014 2013 Othe r guarantees 960 830 Othe r guarantee s primaril y r elat e t o guarantees issue d b y Nov o No r dis k i n r elatio n t o r ented p r operty Securit y fo r debt 237 230 Land , building s an d equipmen t et c a t carrying amount 2013 Less Mo r e DK K million than 1 year 1 – 3 years 3 – 5 years than 5 years T otal A t th e Annua l Genera l Meetin g i n 2008 , a ne w donatio n wa s ag r ee d to Reti r emen t benefi t b y th e sha r eholders . Acco r din g t o thi s ag r eement , Nov o No r dis k i s obliged obligations 28 53 49 558 688 t o mak e annua l donation s t o th e Foundatio n i n th e perio d 20 1 1 – 201 7 of T ota l non - current 0 . 125 % o f th e ne t insuli n sale s o f th e G r ou p i n th e p r ecedin g f inancia l yea r . liabilitie s recognised i n th e Balanc e sheet 28 53 49 558 688 Th e annua l donatio n i n th e perio d 201 2 – 201 7 wil l no t excee d th e lowe r of DK K 8 0 millio n o r 15 % o f th e taxabl e incom e o f Nov o No r dis k A/ S i n the f inancia l yea r i n question. Operatin g leases 1 924 1,452 1,072 2,426 5,874 Pu r chas e obligations 1,969 369 44 – 2,382 I n 2014 , th e donatio n amount s t o DK K 6 6 millio n (DK K 6 4 millio n i n both Resea r c h an d develop - 201 3 an d 2012) , whic h i s r ecognise d i n Administrativ e cost s i n th e Income men t obligations 2,612 1,875 789 – 5,276 statement . Th e 201 2 donatio n include d a n extr a donatio n o f DK K 1 1 million t o suppor t p r edetermine d WD F activities. T ota l obligations no t recognise d i n the Disclosur e regardin g chang e o f control

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 9 2 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 5. 5 REL A TE D P A R T Y TRANSACTIONS 5. 6 FE E T O S T A TUTO R Y AUDITORS ) ) ) ) The r e hav e no t bee n an y transaction s with th e Boa r d o f Di rector s or Executiv e Managemen t o f Nov o Nor dis k A/S, Novozyme s A/S, Novo A/S , th e Nov o No rdis k Foundation , Xelli a Pharmaceutical s o r associated companies . Fo r informatio n o n remuneratio n t o th e Managemen t o f Novo Nordisk, pleas e refer t o ‘Remuneration ’ , p p 4 9 – 5 1 , an d not e 2 . 4 , ‘Employee costs ’ . Ther e hav e no t bee n an d a r e n o loan s t o th e Boa r d o f Di r ector s or Executiv e Management i n 2014 , 201 3 o r 2012 . The r e ar e n o material unsettle d transaction s wit h r elate d partie s a t th e end o f th e yea r . DK K million 2014 2013 2012 Nov o Nordis k Foundation (51) (45) (4 6 Donation s t o Sten o Diabetes Cente r A/ S vi a Nov o No r disk Nov o A/S Service s p r ovide d b y Nov o No r disk (5) (4) (2 Pu r chas e o f Nov o No r dis k B sha r es 0 2,504 4,198 Novozyme s A/S Service s p r ovide d b y Nov o No r disk (189) (214) (25 5 Service s p r ovide d b y Novozymes 142 109 92 Xelli a Pharmaceuticals Service s p r ovide d b y Nov o No r disk (28) (0) (0 Nov o No r dis k A/ S i s cont r olle d b y Nov o A/ S (incorporate d i n Denmark) , which own s 26 . 5 % o f th e sha r e capita l i n Nov o No r dis k A/S , r ep r esentin g 74 . 5 % o f th e tota l numbe r o f votes , excludin g t r easur y sha r es . Th e r emaining DK K million Statutor y audit 2014 24 2013 24 2012 25 sha r e s a r e widel y held . Th e ultimat e pa r en t o f th e G r ou p i s th e Nov o No r disk Audit - r elate d services 4 4 4 Foundatio n (incorporate d i n Denmark) . Bot h entitie s a r e conside r e d r elated T a x advisor y services 8 11 12 parties. Othe r services 11 5 6 Othe r r elate d partie s a r e conside r e d t o b e th e Novozyme s G r ou p an d Xellia T ota l fe e t o statutor y auditors 47 44 47 Pharmaceutical s du e t o join t ownership , associate d companies , th e di r ectors an d officer s o f thes e entities , an d Managemen t o f Nov o No r dis k A/S. I n 2014 , Nov o No r dis k A/ S di d no t acqui r e ne w B sha r e s f r o m Nov o A/S I n 2013 , Nov o No r dis k A/ S acqui r e d 12,750,00 0 B sha r es , wort h DK K 2.5 billion , f r o m Nov o A/ S a s par t o f th e DK K 14. 0 billio n sha re r epu r chase p r ogramme . Th e transactio n pric e wa s DK K 196. 4 pe r sha r e an d was calculate d a s th e averag e marke t pric e f r o m 1 Ma y t o 3 Ma y 201 3 i n the ope n windo w followin g th e announcemen t o f th e f inancia l r esult s fo r the f irs t quarte r o f 2013. I n 2012 , Nov o No r dis k A/ S acqui r e d 25,500,00 0 B sha r es , wort h DK K 4.2 billion , f r o m Nov o A/ S a s par t o f th e DK K 12. 0 billio n sha re r epu r chase p r ogramme . Th e transactio n pric e wa s DK K 164. 6 pe r sha r e an d was calculate d a s th e averag e marke t pric e f r o m 2 7 Apri l t o 1 Ma y 201 2 i n the ope n windo w followin g th e announcemen t o f th e f inancia l r esult s fo r the f irs t quarte r o f 2012. Th e G r ou p ha s ha d th e followin g materia l transaction s wit h r elate d parties, (income)/expense:

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 93 5 . 7 COM P ANIE S I N TH E NOV O NORDIS K GROUP Activity: • Sales and marketing • P r oduction • Resea r ch and development • Services/investments Novo No rdisk V enezuela Casa de Rep r esentación C.A., V enezuela 100 • REGION CHINA Novo No rdisk (China) Pharmaceuticals Co . , Ltd . , China 100 Beijing Novo No rdisk Pharmaceuticals Science & T echnology Co . , 100 Ltd . , China Novo No rdisk Region China A/S, Denmark 100 Novo No rdisk Hong Kong Limited, Hong Kong 100 Novo No rdisk Pharma ( T aiwan) Ltd . , T aiwan 100 OTHER SUBSIDIARIES • • • • • • 1 . I n additio n t o th e liste d companies , NNI T A/ S an d NNE Pharmapla n A/ S hav e their ow n subsidiaries. P ARENT COM P ANY Novo No rdisk A/S, Denmark – • • • • Subsidiaries by region EUROPE Novo No rdisk Pharma GmbH, Austria 100 • S.A. Novo No rdisk Pharma N. V ., Belgium 100 • Novo No rdisk Pharma d.o.o., Bosnia - He r cegovina 100 • Novo No rdisk Pharma EAD, Bulgaria 100 • Novo No rdisk Hrvatska d.o.o., C r oatia 100 • Novo No rdisk s. r .o., Czech Republic 100 • FeF Chemicals A/S, Denmark 100 • • Novo No rdisk Region Eu r ope A/S, Denmark 100 • Steno Diabetes Center A/S, Denmark 100 • • Novo No rdisk Farma O Y , Finland 100 • Novo No r disk, France 100 • Novo No rdisk P r oduction SAS, France 100 • Novo No rdisk Pharma GmbH, Germany 100 • Novo No rdisk Hellas Epe., G r eece 100 • Novo No rdisk Hungária Kft., Hungary 100 • Novo No rdisk Limited, I r eland 100 • Novo No rdisk S. P .A., Italy 100 • UAB Novo No rdisk Pharma, Lithuania 100 • Novo No rdisk Farma dooel, Macedonia 100 • Novo No rdisk B. V ., Netherlands 100 • Novo No rdisk Scandinavia AS, Norway 100 • Novo No rdisk Pharmaceutical Services Sp. z.o.o., Poland 100 • Novo No rdisk Comé r cio P r odutos Farmac e ˜ uticos Lda., Portugal 100 • Novo No rdisk Farma S.R.L., Romania 100 • Novo No rdisk Pharma d.o.o. Belgrade (Serbia), Serbia 100 • Novo No rdisk Slovakia s. r .o., Slovakia 100 • Novo No rdisk d.o.o., Slovenia 100 • Novo No rdisk Pharma S.A., Spain 100 • Novo No rdisk Scandinavia AB, Sweden 100 • Novo No rdisk FemCa r e AG, Switzerland 100 • • Novo No rdisk Health Car e AG, Switzerland 100 • • Novo No rdisk Pharma AG, Switzerland 100 • Novo No rdisk Holding Limited, United Kingdom 100 • Novo No rdisk Limited, United Kingdom 100 NO R TH AMERICA Novo No rdisk Canada Inc., Canada 100 Novo No rdisk Region North America II A/S, Denmark 100 • • • Nov o No rdis k U S Bi o P r oduction , Inc., Unite d State s 10 0 • Novo No rdisk US Holdings Inc . , United States 100 Novo No rdisk Pharmaceutical Industries Inc . , United States 100 Novo No rdisk Inc . , United States 100 JA P AN & KOREA • • • • Novo No rdisk Region Japan & Ko r ea A/S, Denmark 100 • Novo No rdis k Pharm a Ltd. , Japan 100 Novo No rdis k Pharm a Ko r e a Ltd. , Sout h Ko r ea 100 • • • INTERN A TIONAL OPER A TIONS Aldaph SpA, Algeria 100 • • Novo No r disk Pharma Argentina S.A., Argentina 100 • Novo No r disk Pharmaceuticals Pt y . Ltd., Australia 100 • Novo No r disk Pharma (Private) Limited, Bangladesh 100 • Novo No r disk P r odução Farmacêutica do Brasil Ltda., Brazil 100 • Novo No r disk Farmacêutica do Brasil Ltda., Brazil 100 • Novo No r disk Farmacêutica Limitada, Chile 100 • Novo No r disk Colombia SAS, Colombia 100 • Novo No r disk Pharma Operations A/S, Denmark 100 • Novo No r disk Region Inte r national Operations A/S, Denmark 100 • Novo No r disk Egypt LLC, Egypt 100 • Novo No r disk India Private Limited, India 100 • Novo No r disk Service Cent r e (India) Pvt. Ltd., India 100 • P T . Novo No r disk Indonesia, Indonesia 100 • Novo No r disk Pars, Iran 100 • Novo No r disk Ltd, Israel 100 • Novo No r disk Pharma SARL, Lebanon 100 • Novo No r disk Pharma (Malaysia) Sdn Bhd, Malaysia 100 • Novo No r disk Pharma Operations (BAOS) Sdn Bhd, Malaysia 100 • Novo No r disk Mexico S.A. de C. V ., Mexico 100 • Novo No r disk Servicios P r ofesionales S.A. de C. V ., Mexico 100 • Novo No r disk Farmacéutica S.A. de C. V ., Mexico 100 • Novo No r disk Pharma SAS, Mo r occo 100 • Novo No r disk Pharmaceuticals Ltd., New Zealand 100 • Novo No r disk Pharma Limited, Nigeria 100 • Novo No r disk Pharma (Private) Limited, Pakistan 100 • Novo No r disk Pharmaceuticals (Philippines) Inc., Philippines 100 • Novo No r disk Limited Liability Compan y , Russia 100 • Novo No r disk P r oduction Support LLC, Russia 100 • Novo Investment Pte Limited, Singapo r e 100 • Novo No r disk Pharma (Singapo r e) Pte Ltd., Singapo r e 100 • Novo No r disk (Pty) Limited, South Africa 100 • Novo No r disk Pharma (Thailand) Ltd., Thailand 49 • Novo No r disk T unisie SARL, T unisia 100 • Novo No r disk Saglik Ürünleri T ic. Ltd. Sti., T urkey 100 • Novo No r disk Pharma Gulf FZ - LLC, United Arab Emirates 100 • NNIT A/S 1 , Denmark 100 • NNE Pharmaplan A/S 1 , Denmark 100 • Pe r centag e of Pe r centag e of Compan y an d country sha r e s owned Activity Compan y an d country sha r e s owned Activity

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 94 C O N S O L I D A T E D F IN A N C I A L S TA T E M E N T S 5. 8 FINANCIA L DEFINITIONS ADR A n America n Depositar y Receip t (or ADR ) r ep r esent s ownershi p i n th e shar es o f a non - U S company an d trade s i n U S fi nancia l markets. Basi c earning s pe r shar e (EPS) Ne t p r ofi t divide d b y th e averag e number o f shar e s outstanding. Diluted earning s pe r share Net p r ofi t divide d b y averag e numbe r o f shar es outstanding , includin g the dilutiv e e f fec t o f shar e option s ‘i n th e money ’ . Th e dilutiv e e f fec t o f shar e option s ‘i n th e money’ i s calculate d a s th e di ffe r enc e betwee n th e following : 1) th e numbe r o f shar es tha t coul d hav e bee n acqui r e d a t fai r valu e with p r oceeds f r o m th e exercis e o f th e shar e options 2) th e number o f shar e s tha t woul d hav e bee n issue d assumin g th e exer cise o f th e shar e options. Th e di f fe r enc e (th e dilutiv e e f fect ) i s adde d t o th e denominato r as a n issue o f shar e s fo r n o consideration. E ffectiv e ta x rate Incom e taxe s a s a pe r centag e o f p r ofi t befo r e incom e taxes. Equit y ratio T ota l equit y a t yea r - en d a s a pe r centag e o f tota l asset s a t yea r - end. Gros s margin G r os s p r ofi t a s a pe r centag e o f sales. Ne t profi t margin Ne t p r ofi t a s a pe r centag e o f sales. Numbe r o f share s outstanding Th e tota l number o f shar es , excludin g th e holdin g o f t r easur y shar es. Operatin g margin Operatin g p r ofi t a s a pe r centag e o f sales. Othe r comprehensiv e incom e (OCI) Other comp r ehensiv e incom e comprises al l item s r ecognise d i n Equit y fo r the yea r othe r tha n thos e r e late d t o transaction s with owner s o f th e co mpan y . Examples o f item s tha t a r e requi re d t o b e p r esente d i n OC I a r e : • Exchang e rat e adjustment s o f investment s i n subsidiaries • Remeasu r ement s o f defi ne d benef i t plans • Changes i n fai r valu e o f fi nancia l instrument s i n a cas h f l ow hedge. Payou t ratio T ota l dividend s fo r th e yea r a s a pe r centag e o f ne t p r ofi t. Retur n on equit y (ROE) Ne t p r ofi t fo r th e yea r a s a pe r centag e o f shar eholders ’ equit y (average). Non - IFR S f i nancia l measures I n th e Annua l Report, Nov o No rdis k disclose s certai n f i nancia l measur es of th e G r oup ’ s f i nancia l performance , f i nancia l positio n an d cas h f l ow s that r e fl ect adjustment s t o th e most di r ectl y comparabl e measur e s calculate d and p r esente d i n acco r danc e with IFRS . Thes e non - IFR S f i nancia l measur es may no t b e defi ne d an d calculate d b y othe r companie s i n th e same manne r , and ma y thu s no t b e comparabl e wit h suc h measur es . Th e non - IFR S fi nancia l measur e s p r esente d i n th e Annual Repor t a r e: • Cas h t o ea r nings • Financia l r esou r ce s a t th e en d o f th e year • F r e e cas h flow • Operatin g p r ofi t afte r ta x t o ne t operatin g assets • Underlyin g sale s g r owth i n loca l cur r encies. Cas h t o earnings Cas h t o ea r ning s i s defi ne d a s ‘f r e e cas h f l ow a s a pe r centag e o f ne t p r of i t ’ . Financia l resource s a t th e en d o f th e year Financia l r esou r ce s a t th e en d o f th e yea r i s defi ne d a s th e su m o f cas h and cas h equivalent s a t th e en d o f th e yea r , bonds wit h original ter m t o maturity exceedin g th r e e month s an d undraw n committe d c r edi t facilities . Fre e cas h f l ow Nov o Nor dis k defi nes f r e e cas h flow a s ‘ne t cas h generate d f r o m operating activitie s les s ne t cas h use d i n investin g activities ’ excludin g ‘Ne t chang e in marketabl e securities ’ . Ne t asse t valu e pe r share Define d as th e compan y valu e per shar e , calculate d b y dividin g th e total ne t asse t valu e o f Nov o No rdis k A/ S b y th e number o f shar e s outstanding. Operatin g profi t afte r ta x t o ne t operatin g assets (O P A T / NOA) Operatin g p r ofi t afte r ta x t o ne t operatin g asset s i s defi ne d as ‘ operating p r ofi t afte r ta x (usin g th e e ffectiv e ta x rate ) as a percentag e o f average inventories, r eceivables , p ropert y , plan t an d equipment, intangibl e asset s and defer re d ta x asset s les s non - inte rest - bearin g liabilitie s includin g p r ovisions an d defer re d ta x liabilitie s (whe r e averag e i s th e su m o f th e abov e asset s and liabilitie s a t th e beginnin g o f th e yea r an d a t yea r - en d divide d b y two) ’ . Underlyin g sale s growth i n loca l currencies Underlyin g sale s g r owt h i n loca l cur r encie s i s defi ne d as sale s fo r th e year measur e d a t prio r - yea r averag e exchang e rate s compa re d wit h sale s fo r the prio r yea r measur e d a t prio r - yea r averag e exchang e rates .

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 Q U A R T E R L Y F IN A N C I A L F I G U R E S 2 0 1 3 A N D 2 0 1 4 95 Pa r t of M a n a g e m e nt ’ s re v i e w Q U A R TER L Y FINAN CIA L FIGUR E S 2 0 1 3 AN D 2 0 1 4 1 . Fo r def i nitions, pleas e r efer t o p 94. DK K million Q1 2013 Q 2 Q3 Q4 Q1 2014 Q 2 Q3 Q4 Ne t sales 19,983 21,380 20,511 21,698 20,343 21,629 22,249 24,585 Sale s b y busines s segment: New - generatio n insulin 9 24 42 68 80 141 175 262 Mode r n insulin s (insuli n analogues) 8,991 9,626 9,393 10,143 9,377 10,351 10,641 11,168 Huma n insulins 2,824 2,779 2,572 2,694 2,573 2,475 2,478 2,772 V ictoz a ® 2,678 2,877 2,847 3,231 2,916 3,059 3,441 4,010 P r otein - r elate d p r oducts 597 619 624 572 587 579 571 596 Ora l antidiabeti c p r oduct s (OAD) 694 681 504 367 426 452 382 468 Diabete s ca r e total 15,793 16,606 15,982 17,075 15,959 17,057 17,688 19,276 NovoSeve n ® 2,027 2,542 2,428 2,259 2,247 2,292 2,057 2,546 No r dit r opi n ® 1,537 1,479 1,436 1,662 1,500 1,509 1,686 1,811 Othe r biopharmaceuticals 626 753 665 702 637 771 818 952 Biopharmaceutical s total 4,190 4,774 4,529 4,623 4,384 4,572 4,561 5,309 Sale s b y geographica l segment: 9,265 10,561 11,133 12,164 Nort h America 9,009 10,038 9,763 10,214 Eu r ope 4,761 5,123 4,994 5,185 4,703 4,989 5,045 5,413 Inte r nationa l Operations 3,094 3,077 2,697 3,139 3,032 2,968 2,938 3,602 Regio n China 1,880 1,774 1,745 1,762 2,171 1,947 1,881 2,089 Japa n & Ko r ea 1,239 1,368 1,312 1,398 1,172 1,164 1,252 1,317 G r os s p r ofi t 16,374 17,774 16,986 18,298 16,877 17,958 18,823 20,586 Sale s an d distributio n costs 5,530 5,834 5,529 6,487 5,086 5,559 5,899 6,679 Resea r c h an d developmen t costs 2,657 2,715 2,795 3,566 3,168 3,075 3,654 3,865 Hereo f cost s relate d t o discontinuatio n o f activitie s wi thin inflammato r y disorders – – – – – – 600 – Administrativ e costs 801 815 822 1,070 805 795 870 1,067 Othe r operatin g income , net 176 175 152 179 215 204 169 182 Operatin g p r ofi t 7,562 8,585 7,992 7,354 8,033 8,733 8,569 9,157 Ne t f inancials 207 96 307 436 268 256 (115) (805) P r ofi t befo r e incom e taxes 7,769 8,681 8,299 7,790 8,301 8,989 8,454 8,352 Incom e taxes 1,787 1,947 1,884 1,737 1,843 1,995 1,954 1,823 Ne t p r ofi t 5,982 6,734 6,415 6,053 6,458 6,994 6,500 6,529 Dep r eciation , amortisatio n an d impairmen t losses 691 676 643 789 657 667 1,183 928 T ota l assets 62,447 64,289 68,134 70,337 63,241 63,681 71,283 77,062 T ota l equity 33,801 35,357 39,125 42,569 33,583 36,661 37,967 40,294 FINANCIAL R A TIOS A s pe r centag e o f sales 25.0% 25.7% 26.5% 27.2% Sale s an d distributio n costs 27.7% 27.3% 27.0% 29.9% Resea r c h an d developmen t costs 13.3% 12.7% 13.6% 16.4% 15.6% 14.2% 16.4% 15.7% Administrativ e costs 4.0% 3.8% 4.0% 4.9% 4.0% 3.7% 3.9% 4.3% G r os s margin 1 81.9% 83.1% 82.8% 84.3% 83.0% 83.0% 84.6% 83.7% Operatin g margin 1 37.8% 40.2% 39.0% 33.9% 39.5% 40.4% 38.5% 37.2% Equit y ratio 1 54.1% 55.0% 57.4% 60.5% 53.1% 57.6% 53.3% 52.3% SHARE R A TIOS Basi c ea r ning s pe r sha r e/AD R (i n DKK) 2.21 2.50 2.41 2.28 2.44 2.66 2.49 2.51 Dilute d ea r ning s pe r sha r e/AD R (i n DKK) 2.20 2.49 2.39 2.27 2.43 2.66 2.47 2.51 A verag e numbe r o f sha r e s outstandin g (million ) – basi c 2,708 2,689 2,668 2,653 2,642 2,629 2,614 2,600 A verag e numbe r o f sha r e s outstandin g (million ) – dilu te d 2,724 2,703 2,682 2,667 2,653 2,637 2,622 2,608 EMPLOYEES Numbe r o f full - tim e employee s a t th e en d o f th e perio d 35,154 35,869 36,851 37,978 39,579 40,226 40,700 40,957

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 96 C O N S O L I D A T E D S O C I A L S TA T E M E N T Su ppl e m e n t a r y in for m a t io n S T A T EME N T O F SO C I A L PERF O R M A N C E FO R TH E YEA R ENDE D 3 1 DECEMBER Note 2014 2013 201 2 P A TIENTS 24.4 24.3 22. 8 Patient s r eache d wit h Nov o No r dis k diabete s ca r e p r oduct s (estimat e i n million) 2.1 Leas t develope d countrie s whe r e Nov o No r dis k sell s insuli n acco r ding t o th e di f fe r entia l pricin g policy 2.2 32 35 35 Donation s (DK K million) 2.3 84 83 84 Animal s pu r chase d fo r r esea r ch 2.4 64,533 72,662 73,601 Ne w paten t familie s (firs t f i lings) 2.5 93 77 65 EMPLOYEES Employees 3.1 41,450 38,436 34,731 Employe e tu r nover 3.1 9.0% 8.1% 9.1% W orkin g th e Nov o No r dis k W a y (scal e 1 – 5) 4.3 4.4 4.3 Divers e senio r managemen t teams 3.1 76% 70% 66% F r equenc y o f occupationa l accident s (number/millio n workin g hours) 3.2 3.2 3.5 3.6 ASSURANCE Relevan t employee s traine d i n busines s ethics 98% 97% 99% Busines s ethic s r eviews 42 45 48 Fulfilmen t o f actio n point s f r o m facilitation s o f th e Nov o No r dis k W ay 4.1 95% 96% 94% Supplie r audits 4.2 224 221 21 9 P r oduc t r ecalls 4.3 2 6 6 W a r nin g Letter s an d r e - inspections 4.4 0 1 1 Compan y r eputatio n (scal e 1 – 7) 5.8 5.8 5.7

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D S O C I A L S TA T E M E N T 97 Su ppl e m e n t a r y in for m a t io n S E C T I O N 1 B A S I S O F P R E P A R A T I O N Genera l reportin g standard s an d principles Th e Consolidate d socia l statement has bee n p r epa r e d i n acco r danc e wit h the Danis h Financia l Statement s Ac t (FSA) , section s 99 a an d 99 b . Sectio n 99 a r equi r es Nov o Nor dis k t o account fo r th e company ’ s activitie s relatin g to socia l r esponsibilit y , r eportin g o n busines s strategies, an d activitie s i n the a r ea s o f huma n rights , labou r standa r ds , envi r onment , anti - corruptio n and climate . Companies tha t subscrib e t o th e U N Globa l Compact an d annually submi t thei r Communicatio n o n P r og r es s wil l b e i n complianc e with th e FSA , p rovide d tha t th e annua l r epor t include s a refe r enc e to whe r e th e informatio n ha s bee n mad e publicl y available . Rea d Nov o No r disk ’ s Communicatio n o n P r og r es s 201 4 a t novono rdisk . com/annual r epor t and o n U N Globa l Compact ’ s websit e a t unglobalcompact . org/CO P . Sectio n 99 b requi r es Nov o No rdis k t o account fo r th e gender diversit y a t Boa r d leve l by r eportin g o n target s an d policie s ensurin g inc r ease d gender diversit y over time . Nov o Nor dis k adher e s t o th e followin g inte r nationall y r ecognise d voluntary r eportin g standa r ds an d principle s (fo r overvie w , r ea d mo r e o n p 1 13): • U N Globa l Compact . A s a signator y t o th e U N Globa l Compact, a strategic polic y initiativ e fo r businesse s tha t a r e committe d to alignin g their operation s an d strategie s with 1 0 universall y accepte d principle s i n the ar ea s o f huma n rights , labou r , envir onmen t an d anti - corruption , Novo Nor disk r eports on p r og r ess during 2014 in its Communication on P r og r ess, whic h ca n b e foun d a t novono r disk . com/annual r eport . As a member of U N Global Compac t LEAD , a platfor m fo r a selec t g r ou p o f companies t o driv e leadershi p t o th e next generatio n o f sustainabilit y performance, Nov o No rdis k demonstrate s it s sustainabilit y gove r nanc e an d management p r ocesse s th r oug h th e Blueprin t fo r Corporat e Sustainabilit y Leadership, whic h i s als o par t o f th e Communicatio n o n P r og r ess . • AA 100 0 framewor k fo r accountabilit y . Th e framewor k (AA 1000 APS( 2008 ) an d AA 1000 AS( 2008 )) state s tha t r eportin g mus t p r ovid e a complete, accurate , r elevan t an d balance d pictu r e o f th e organisation ’ s app roac h to an d impact o n societ y . T o Nov o No r disk, AA 1000 APS( 2008 ) i s a component i n c r eatin g a generally applicabl e app r oac h t o assessin g an d st r engthenin g th e cr edibilit y o f the G r oup ’ s publi c r eportin g o f socia l an d envi r onmenta l information . Novo No r disk ’ s assuranc e p r ocess has bee n designe d t o ensu r e tha t th e qualitative an d quantitativ e informatio n tha t document s th e socia l an d envi r onmental dimension s o f performanc e as wel l as th e system s tha t underpi n th e data an d performanc e ar e assu r ed . Th e principle s outline d i n AA 1000 APS( 2008 ) hav e bee n applie d a s describe d belo w . Inclusivity A s a pharmaceutica l busines s wit h globa l r each , Nov o No rdis k i s committed to bein g accountabl e to thos e stakeholder s wh o ar e impacte d b y the organisation . Nov o No rdis k maps it s stakeholder s an d has p r ocesses i n place t o ensu r e inclusio n o f stakeholde r conce r n s an d expectations . I n addition, Nov o No rdis k continuousl y develop s it s stakeholde r engagemen t and sustainabilit y capacit y a t corporat e an d affi liat e levels . Materiality Ke y issue s a r e identifi e d th r oug h ongoin g stakeholde r engagemen t and t r endspotting, an d a r e add r esse d b y p r ogrammes o r actio n plan s wit h clear an d measurabl e targets . Long - ter m target s ar e se t t o guid e performanc e in strategi c a r eas . Th e issue s p r esente d i n th e annua l r epor t a r e deeme d t o have a signifi cant impac t o n th e G r oup ’ s futu r e busines s performanc e an d may support stakeholder s i n thei r decision - making . N O T E S P A T I E N T S , E M P L O Y E E S A N D A SS U R A N C E I n th e Consolidate d social statement , Nov o No rdis k r eport s o n th r ee dimension s o f performance : patients , employee s an d assurance . P r og r ess is r eporte d o n th r e e long - ter m targets : r eac h mo r e patient s wit h diabete s car e p roducts, ensu r e tha t th e organisatio n i s workin g th e Nov o No rdis k W ay and nurtu r e a divers e workin g envi r onment . T o suppor t th e th r e e long - ter m target s th e social statemen t contains additiona l performanc e informatio n o f strategi c importance , suc h as Least develope d countrie s buyin g insuli n acco r din g to th e di f fe r entia l pricing polic y , employe e tu r nove r , trainin g o f employee s i n busines s ethics, supplier audit s an d p r oduc t qualit y . Enhancin g diversity Diversit y i s a ke y priorit y fo r Nov o No rdis k an d a t th e en d o f 2014 , 76 % o f th e senio r managemen t team s we r e divers e i n term s o f bot h gender an d nationalit y . Th e grap h o n th e righ t show s tha t 3 2 o f th e 3 3 senior management team s a r e divers e i n term s o f gende r an d tha t diversit y i n terms o f nationalit y i s als o p r ominent , bu t no t satisfactor y . T o ensur e a r obust pipelin e o f talen t fo r management positions, a ne w diversit y aspiratio n has bee n se t wit h a focu s o n enhancin g diversit y i n al l management teams . Produc t recall s signifi cantl y reduced I n 2014 , Nov o No rdis k signifi cantl y r educe d th e number o f p r oduc t r ecall s to tw o f r o m si x i n 201 3 despit e sale s g r owth o f 6 % . Th e r eductio n i s attributed t o continuou s focu s o n ensurin g a hig h leve l o f qualit y i n th e p r oductio n and packagin g o f p roducts . 0 8 16 24 32 40 DIVERS E SENIO R MANAGEMEN T TEAMS Gende r Nationalit y Bot h gende r an d nationality Numbe r o f senio r managemen t teams 2013 2014 T arget P R OD UC T R E C A L L S DO W N F R O M 2 6 I N 2 0 1 3

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 98 C O N S O L I D A T E D S O C I A L S TA T E M E N T Responsiveness Th e r epor t r eache s ou t t o a wid e rang e o f stakeholders, eac h with their specifi c need s an d inte r ests . T o mos t stakeholders , howeve r , th e annual r epor t i s just on e elemen t o f interactio n an d communicatio n wit h th e com - pan y . Th e annual r epor t r e f l ect s ho w th e compan y i s managin g operations i n way s tha t r espon d t o an d conside r stakeholder conce r ns an d inte r ests . Su ppl e m e n t a r y in for m a t io n I n addition , Nov o No rdis k r eport s with refe r enc e t o th e conten t elements an d guidin g principle s o f th e Inte r national Integrate d Reportin g Framework develope d b y th e Inte r n ationa l Integrate d Reportin g Council . Th e frame - work , whic h wa s r elease d i n a f i na l versio n i n Decembe r 2013 , i s being pilote d b y a g r ou p o f companies , includin g Nov o No r disk . Defi ning materiality I t i s Nov o Nor disk ’ s r esponsibilit y t o ensur e tha t Management prioritie s and thos e a r eas i n whic h th e G r ou p has signifi can t impact a r e add r essed . Issues with r e spec t t o socia l an d envi r onmenta l r eportin g a r e prioritised , an d the issue s conside r e d most material a r e include d i n th e annua l r eport . I n assessin g whic h informatio n t o includ e i n th e annua l r eport , lega l requi re - ment s an d disclosu r e commitment s mad e b y Nov o No rdis k a r e conside r ed . Furthermo r e , it i s assesse d whethe r informatio n i s tie d di r ectl y o r indi r ectl y to Nov o No r disk ’ s abilit y t o c r eat e value . Short - an d long - ter m valu e c r eatio n is take n into consideration . Th e outcome s o f forma l r eviews , r esea r ch , stakeholde r engagement and inte r nal materialit y discussion s a r e p r esente d a s a p r oposal fo r annual r eportin g conten t t o Executiv e Management an d th e Boa r d o f Di r ectors . Th e conclusio n f r o m th e exte r nal assuranc e p r ovide r i s availabl e i n the Independen t assuranc e r epor t o n p 11 1 . Principle s o f consolidation Th e Consolidate d socia l statemen t an d disclosu r e s cover th e Nov o No r d isk G r ou p comprisin g Nov o No rdis k A/ S an d entitie s cont r olle d b y Nov o No rdisk A/S . Socia l accountin g policies Th e accountin g policie s se t ou t belo w an d i n th e note s hav e bee n applied consistentl y i n th e p reparatio n o f th e Consolidate d socia l statemen t fo r all th e year s p r esented . Disclosure s take n out Th e followin g disclosu r es hav e bee n take n ou t t o alig n with Management priorities : • ‘ Annual trainin g cost s pe r employee ’ has bee n take n ou t a s it i s no t use d as Management informatio n a t a consolidate d level. • ‘Employment impact ’ has bee n take n ou t a s it i s no t use d a s Management information. Othe r accountin g policies W orking th e Nov o Nordis k W a y W orkin g th e Nov o No rdis k W a y i s a n employe e assessmen t measur e d o n a scal e o f 1 – 5 , wit h 5 bein g th e best , an d i s a simpl e averag e o f r espondents’ answers t o al l mandator y question s i n th e annua l employe e surve y , e V oice, coverin g th e Nov o No rdis k W a y . Fo r 2014 , th e e V oic e r espons e rat e was 94 % compa re d wit h 89 % i n 2013 . Relevan t employee s traine d i n busines s ethics Th e mandator y busines s ethic s trainin g i s base d o n globall y applicable e - lea r ning , standar d operatin g p r ocedur e s (SOPs ) an d r elate d test s r eleased annuall y b y th e Nov o No rdis k Busines s Ethic s Complianc e Offi ce . Th e target g r oup s fo r th e individual SOP s var y i n siz e an d a r e defi ne d b y Nov o No rdisk i n eac h SO P . Th e employee s i n th e targe t g r oup s cove r al l employee s i n Novo No rdis k a t th e en d o f th e r eportin g perio d excep t employee s o n leave, studen t assistants , PhDs an d pos t docs . Th e percentag e o f employees completin g th e trainin g i s calculate d as th e percentag e o f completio n of bot h th e SOP s an d th e r elate d tests , base d o n inte r na l r egistrations . Busines s ethic s reviews Th e numbe r o f busines s ethic s r eview s i s r ecor de d a s th e numbe r of conducte d busines s ethic s r eview s performe d b y G r ou p Inte r na l Audi t in affi liates , p r oductio n site s an d headquarte r a r eas . Furthermo r e , th e number include s othe r busines s ethic s assuranc e activitie s suc h a s t r en d r eport s and r evie w o f thi r d parties . Compan y reputation Company r eputatio n wit h exte r na l key stakeholder s i s measur e d a s th e mean corporat e bran d sco r e i n th e to p seve n market s (th e US , Canada , China, Japan , German y , th e U K an d France) , weighte d i n acco r danc e with actual sale s o f diabete s p r oduct s (excludin g oral antidiabeti c p r oducts) . Th e mean corporat e bran d sco r e i s base d o n company rating s (o n a scal e o f 1 – 7 , with 7 bein g th e best) o f peer s collecte d th r oug h interview s with primar y and secondar y healthca r e p r ofessional s wh o a r e cur r en t p r escriber s o f Novo No rdis k injectabl e diabete s p roducts . Each market i s surveye d ever y yea r . The surve y i s carrie d ou t b y a n independent exte r na l consultanc y fi rm .

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T E D S O C I A L S TA T E M E N T 99 Su ppl e m e n t a r y in for m a t io n S E C T I O N 2 P A T I E N T S 2 . 1 P A TIENTS REACHE D WIT H NOVO NORDIS K DIABETE S CAR E PRODUCTS (ESTIM A TE) Accountin g policies Th e numbe r o f full - yea r patient s r eache d with Nov o No rdis k diabete s car e p roducts , excep t device s an d PrandiMe t ® , i s estimate d b y dividin g Novo No r disk ’ s annua l sale s volum e b y th e annua l usag e dos e pe r patien t fo r each p r oduc t clas s as defi ne d b y th e WHO . PrandiMe t ® i s no t include d as no WHO - defi ne d dosag e exists . Nov o No rdis k i s unabl e t o guarante e tha t th e pric e a t whic h th e company sell s th e insuli n wil l b e r e f l ecte d i n th e f i na l pric e t o th e consume r . Printing th e pric e o n th e actua l p r oduc t has bee n on e initiativ e trie d t o avoi d mark - up s o n price . Whil e Nov o No rdis k p r efer s t o sel l insuli n a t th e di f fe r ential pric e th roug h gove r nmen t tenders, th e company i s willin g t o sel l t o private distributor s an d agents . I n 1 4 LDC s Nov o No rdis k ha d n o sale s i n 201 4 fo r variou s r easons . I n several cases , th e gove rnmen t di d no t r espon d t o th e o f fe r , the r e we r e n o private wholesaler s o r othe r partner s t o wor k with , o r wa r o r political un r es t mad e it impossibl e t o d o business . 2 . 3 DON A TIONS Accountin g policies Donation s b y Nov o No rdis k t o th e W orl d Diabete s Foundatio n an d th e Novo No rdis k Haemophili a Foundatio n a r e r e cognise d as a n expens e whe n the donatio n i s pai d ou t o r whe n a n unconditiona l commitmen t to donate ha s bee n made . Fo r additiona l informatio n r ega r din g th e W orl d Diabetes Foundation , pleas e r efe r t o not e 5 . 4 i n th e Consolidate d f i nancia l state - ments . 2 . 4 ANIMAL S PURCHASE D FO R RESEARCH Accountin g policies Animal s pu r chase d fo r r esea r c h i s r ecor de d a s th e numbe r o f animals pu r chase d fo r all r esea r c h undertake n b y Nov o No rdis k eithe r in - hous e or b y exte r nal contractors . Th e numbe r o f animal s pu r chase d i s base d on inte r na l r egistratio n o f pu r chase d animal s an d yearl y r eport s f r o m exte r nal contractors . 1 . Other r odent s ar e gerbils, guine a pig s an d hamsters. Th e numbe r o f animal s pu r chase d fo r r esea r c h i n 201 4 dec r ease d b y 1 1 % compa re d with 201 3 du e t o th e discontinuatio n o f inf l ammatio n r esea r ch . I n all , 97 % o f th e animal s pu r chase d we r e r odent s an d th e variatio n i n the pu r chase of large animals f r om year to year r e fl ects the di f fe r ent development phase s th e r esea r c h p r oject s hav e r eached . Th e WHO - defi ne d dail y dosag e has no t change d sinc e 198 2 an d it ma y not r e fl ect th e r ecommende d o r p r escribe d dail y dos e p r ecisel y . Actua l dose s a r e base d o n individual characteristic s (e g ag e an d weight ) an d pharmacokinetic considerations . Despit e thi s uncertaint y , it i s Nov o No r disk ’ s assessmen t that thi s i s th e most consistent way o f r eporting . Development Th e estimate d numbe r o f full - yea r patient s r eache d with Nov o Nor disk ’ s diabete s car e p roduct s inc r ease d f r o m 24 . 3 millio n i n 201 3 t o 24 . 4 million i n 2014 . Th e ne t inc r eas e i n patient s r e f l ect s a n underlyin g development with mo r e patient s t r eate d with mode r n an d new - generatio n insuli n and V ictoz a ® , counte r e d b y fewe r patient s t r eate d wit h huma n insuli n du e t o loss o f a larg e tender contract . 2. 2 LEAS T DEVELOPE D COUNTRIES WHER E NOV O NORDIS K SELL S INSULIN ACCORDIN G T O TH E DIFFERENTIAL PRICIN G POLICY Accountin g policies Nov o No rdis k ha s formulate d a di f fe r entia l pricin g polic y fo r th e least develope d countrie s (LDCs ) as defi ne d b y th e UN . Th e di f fe r entia l pricing polic y i s par t o f Nov o Nor disk ’ s globa l initiativ e to p romot e acces s to healthca r e fo r al l LDCs . Th e purpos e o f th e polic y i s t o o ffe r huma n insuli n in vial s t o al l LDC s a t o r belo w a market pric e o f 20 % o f th e averag e price s for huma n insuli n i n vial s i n th e weste r n world . Th e weste r n worl d i s defi ne d as Eu r op e (th e EU , Switzerlan d an d Norway) , th e US , Canad a an d Japan . The numbe r o f LDC s whe r e Nov o No rdis k sell s huma n insuli n i n vial s acco r ding t o th e di f fe r entia l pricin g polic y i s measur e d b y di r ec t o r indi r ec t sale s by Nov o No rdis k vi a gove r nmen t tender o r privat e market sale s t o wholesalers, distributor s o r non - gove r nmental organisations . I n 2014 , 4 8 countrie s we r e o n th e U N LD C lis t agains t 4 9 countrie s i n 201 3 an d 2012 . Nov o No rdis k operate d i n Angol a an d Myanmar bu t di d no t sel l insuli n a t the di ffe r ential pric e he r e . Th e gove r nments i n thos e tw o countrie s we r e o ffe r ed th e opportunit y t o bu y insuli n a t th e di f fe r entia l pric e bu t th e insuli n sold the r e i n 201 4 was sol d t o th e privat e market . DON A TIONS IN DKK MILLION 2014 201 3 2012 W orl d Diabete s Foundation Nov o No r dis k Haemophili a Foundation 66 18 6 4 64 1 9 20 T ota l donations 84 8 3 84 ANIMALS PURCHASED 2014 2013 2012 Mic e an d rats 62,034 69,741 70,668 Pigs 818 1,177 1,170 Rabbits 574 1,124 691 Dogs 374 238 434 Non - huma n primates 344 240 355 Othe r r odents 1 389 142 283 T ota l animal s purchased 64,533 72,662 73,601 NUMBER OF LDCs 2014 2013 2012 T ota l LDCs 48 49 49 LDC s no t buyin g acco r ding t o pricin g policy 2 3 2 LDC s wit h n o sales 14 11 12 T ota l LDC s buyin g insulin accordin g t o pricin g policy 32 35 35

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 S E C T I O N 3 E M P L O Y E E S 3 . 1 EMPLOYEES Accountin g policies Th e numbe r o f employee s i s r e co r de d as all employee s except exte r nals, employee s o n unpai d leave , inte r ns , bachelor an d maste r thesi s employees, an d substitute s a t yea r - end . Th e rat e o f tu r nover i s measur e d as th e numbe r o f employees , excluding temporary employees, who left the G r oup during the fi nancial year compar ed wit h th e averag e number o f employees , excludin g temporar y employees . Divers e senior management team s i s measu r e d a s th e percentag e o f teams tha t a r e divers e i n term s o f bot h gender an d nationalit y . A senio r manage - men t tea m include s al l manager s an d executiv e assistant s r eportin g di r ectly t o a n executiv e vic e p r esident/senio r vic e p r esident . Th e g r owth i n headcount i s i n lin e wit h expectation s an d i s primaril y driven b y expansio n o f Inte r national Operation s an d i n th e r esea r c h & development an d p r oductio n organisations , primaril y i n Denmark . Employe e tu r nover inc r ease d slightl y overall . Diversit y i n th e company ’ s senio r managemen t team s inc r ease d f r o m 70 % ( 2 3 o f 3 3 teams ) i n 201 3 t o 76 % ( 2 5 o f 3 3 teams) , an d 3 2 o f th e teams we r e divers e i n term s o f gende r b y th e en d o f 2014 . Amon g employee s a s a whole , th e gende r split was app r oximatel y 50 / 5 0 i n 2014 , whic h i s th e same a s i n 2013 . 1 0 0 C O N S O L I D A T E D S O C I A L S TA T E M E N T Su ppl e m e n t a r y in for m a t io n 2 . 5 NE W P A TEN T F AMILIE S (FIRST FILINGS) Accountin g policies Ne w paten t familie s (fi rst fi lings) i s r eco r de d a s th e number o f ne w paten t application s tha t we r e f i le d durin g th e yea r . Activ e paten t familie s i s r eco r de d a s the tota l number o f singl e invention s cove r e d b y a t leas t on e pendin g o r issue d paten t i n on e o r mo r e countries . Development A tota l o f 9 3 ne w paten t familie s we r e establishe d i n 2014 , a n inc r eas e o f 2 1 % compa re d with th e f i lin g activit y i n 201 3 whe n 7 7 paten t familie s we r e established . Th e inc r eas e was drive n b y a higher leve l o f patent - filin g activit y i n th e devic e a r ea . B y th e en d o f 2014 , Nov o No rdis k ha d 77 6 activ e paten t families compa re d wit h 79 6 i n 2013 , r e fl ectin g a sligh t dec r eas e i n th e paten t estat e o f 3 % resultin g f r o m ongoin g prunin g o f th e paten t portfolio . Th e paten t expir y date s fo r th e p r oduc t portfolio a r e show n i n th e tabl e belo w . Th e date s p rovide d a r e fo r expir y i n th e US , Ge rman y , Chin a an d Japa n o f patents o n th e activ e ing redient, unles s otherwis e indicated , an d includ e extension s o f paten t ter m (includin g fo r paediatri c extensio n , whe r e applicable) . Fo r several p r oducts, i n additio n t o th e compoun d patent , Nov o Nor d is k hold s othe r patent s o n manufacturin g p r ocesses , formulation s o r uses tha t ma y b e r e levant for exclusivit y beyon d th e expiratio n o f th e activ e ing redient patent . Furthermo r e , regulator y dat a p r otectio n ma y appl y . 1. Formulatio n paten t unti l 201 7 . I t ha s bee n r evoke d i n China, bu t th e decisio n has bee n appealed. 2. Cur r en t estimate. 3. Formulatio n paten t p rovidin g exclusivit y t o th e compositio n o f excipient s use d i n the dru g p r oducts. 4. Roo m temperatu r e - stabl e formulatio n paten t unti l 2024. 5. P r oces s patent s unti l 202 8 i n China, Germany an d Japa n an d unti l 203 0 i n th e US. 6. Dat a p r otectio n run s unti l 2025. 7. Paten t cover s low - dos e t r eatment r egimen. 8. V alidit y o f th e US paten t i s challenge d i n litigation. 9. Formulatio n paten t expirin g i n 2016. EMPLOYEES 2014 2013 2012 Nort h America 6,465 6,162 5,758 Eu r ope 22,136 20,286 18,715 – o f whic h i n Denmark 17,664 16,027 14,792 Inte r nationa l Operations 6,666 6,054 5,143 Japa n & Ko r ea 1,086 1,084 1,071 Regio n China 5,097 4,850 4,044 T ota l employees 41,450 38,436 34,731 Employee s (FTEs) 40,957 37,978 34,286 Employe e turnover 9.0% 8.1% 9.1% Inc r eas e i n employees 8% 11% 6% MARKETED PRODUCTS IN KEY MARKETS (ACTIVE INGREDIENTS) US Germany China Japan Diabete s care: NovoRapi d ® (NovoLo g ® ) Expi r ed 1 Expi r ed 1 Expi r ed 1 Expi r ed 1 NovoMi x ® 3 0 (NovoLo g ® Mi x 70/30) Expi r ed 1 2015 Expi r ed Expi r ed Levemi r ® 2019 2018 Expi r ed 2019 NovoNor m ® (Prandi n ® ) PrandiMe t ® V ictoz a ® Expi r ed N / A 2022 Expi r ed N / A 2022 Expi r ed N / A 2017 2016 N / A 2022 T r esib a ® 2030 2 2028 2 2024 2027 R yzode g ® 2030 2 2028 2 2024 2027 Xultoph y ® 2030 2 2028 2 2024 2027 Obesity: Saxend a ® 2022 2022 2017 2022 Biopharmaceuticals: No r dit r opi n ® (No r dit r opi n ® SimpleX x ® ) 2017 3 2017 3 2017 3 2017 3 NovoSeve n ® NovoEigh t ® NovoThirtee n ® (TRETTE N ® ) Expi r ed 4 N / A 5 2021 6 Expi r ed 4 N / A 5 Expi r ed 9 Expi r ed 4 N / A 5 N / A 9 Expi r ed 4 N / A 5 N / A 9 V agife m ® 1 0 mcg 2022 7 , 8 2021 7 N / A 2021 7

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 S E C T I O N 4 A S S U R A N C E 4 . 1 FULFILMEN T O F ACTIO N POINTS FRO M F ACILI T A TION S O F TH E NOVO NORDIS K W A Y Accountin g policies Facilitatio n i s th e inte r na l audi t p r oces s fo r assessin g complianc e with the Nov o No rdis k W a y . Th e assessmen t i s base d o n r evie w o f documentation followe d b y a n on - sit e visi t whe r e randoml y selecte d employee s and managemen t ar e interviewed . An y gap s betwee n th e Nov o Nor dis k W a y an d performanc e o f th e p r ocesses ar e identifi e d an d p r esente d t o manage - men t a s fi ndings . Th e facilitato r an d management ag r e e upo n a n actio n plan t o clos e th e f i ndings . Th e pe r centag e o f fulfi lmen t o f actio n point s arising f r o m facilitation s o f th e Nov o No rdis k W a y i s measur e d a s a n average o f timel y closu r e o f actio n point s issue d i n th e cur r en t yea r an d th e two p r eviou s years . Th e r easo n fo r usin g a th r ee - yea r averag e a s th e basi s fo r the calculatio n i s tha t actio n lea d time s typicall y var y f r o m a coupl e o f months t o mo r e tha n a yea r . C O N S O L I D A T E D S O C I A L S TA T E M E N T 1 0 1 Development I n 2014 , as i n 2013 , the r e we r e n o work - r elate d fatalities . Th e numbe r of occupational accident s wit h absenc e dec r ease d b y 2 % compa re d wit h 2013 despit e compan y g r owth , an d th e f r equenc y o f occupationa l accidents dec r ease d f r o m 3 . 5 per millio n workin g hour s i n 201 3 t o 3 . 2 per million workin g hour s i n 2014 . Th e imp r ove d performanc e i s attribute d to the continue d focu s o n healt h an d safet y an d implementatio n o f uniform p r ocedu r es . Su ppl e m e n t a r y in for m a t io n 3 . 2 FREQUENC Y O F OCCU P ATIONAL ACCIDENTS Accountin g policies Th e f r equenc y o f occupationa l accident s with absenc e i s measur e d as the inte r nally reported number of accidents for all employees, excluding exte r nals, employee s o n unpai d leave , inte r ns , bachelor an d maste r thesi s employees, an d substitutes , pe r millio n nomina l workin g hours . A n occupational acciden t with absenc e i s an y work - r elate d acciden t causin g a t least one da y o f absenc e i n additio n t o th e da y o f th e accident . 4 . 3 PRODUC T RECALLS Accountin g policies Th e numbe r o f p r oduc t r ecall s i s r ecor de d as th e numbe r o f time s Novo No rdis k has institute d a r ecal l an d include s r ecall s i n connectio n wit h clinical trials . A r ecal l ca n a f fec t variou s countrie s bu t onl y count s a s on e r ecall . Development I n 2014 , Nov o No rdis k ha d tw o instance s o f p r oduc t r ecall s compa red with si x i n 2013 . On e r ecal l wa s du e to inapp r opriat e p r oduc t storage i n th e exte r nal distributio n chain . Th e othe r wa s du e to a packaging issue . Loca l healt h authoritie s we r e informe d i n bot h instance s t o ensu r e tha t distributors , pharmacies, doctor s an d patient s r eceive d app r opriate information . 4. 4 W ARNIN G LETTER S AND RE - INSPECTIONS Accountin g policies Th e numbe r o f W a r nin g Letter s i s measur e d a s th e numbe r o f W a r ning Letter s r eceive d f r o m th e U S Foo d & Dru g Administratio n (FDA). Th e number o f r e - inspection s i s measur e d a s th e number o f r e - inspection s at Nov o No rdis k site s performe d b y a n ISO - certifyin g bod y , FDA , EMA o r PMDA i n connectio n wit h GxP - r egulate d an d ISO - certif i e d ar eas wit h globa l r e ach an d hig h busines s impact . Th e numbe r o f inspection s i s measu r e d as th e tota l numbe r o f authority inspection s a t Nov o No rdis k site s as wel l as a t clinics/hospital s performing clinica l studie s fo r Nov o No r disk . Development In 2014 no W a r ning Letters we r e issued to Novo Nor disk and no r e - inspections we r e conducted. I n 2014 , 5 9 inspection s we r e conducte d b y a n ISO - certifyin g bod y , FDA, EM A o r PMD A i n connectio n with GxP - r egulate d an d ISO - certifie d a r eas . 3 2 inspection s we r e passe d an d fo r th e remainin g 2 7 inspections , the f i nal inspectio n r eport s ha d no t bee n r eceive d a t yea r - en d o r th e f i nal authorit y acceptanc e was pending . I n all , 5 3 inspection s we r e conducte d by othe r authorities , bringin g th e tota l numbe r o f inspection s t o 1 1 2 i n 2014 , compa re d wit h 8 4 i n 2013 . F ACILI T A TIONS AND FINDINGS 201 4 201 3 2012 Fulfi lmen t o f actio n point s f r om facilitation s o f th e Nov o No rdis k W ay 95% 96% 94% Facilitations Findings 69 213 75 178 61 166 A tota l o f 6 9 unit s we r e facilitate d coverin g app r oximatel y 16 , 50 0 employees o f whic h 16 % we r e interviewed . Overall, th e facilitation s i n 201 4 sho w a ’hig h level’ o f complianc e with th e Nov o No rdis k W a y . Cor rectiv e actions an d cor respondin g deadline s hav e bee n agr ee d wit h loca l management for all f i ndings . Th e mai n a r ea s o f imp rovemen t identifi e d conce r ne d Essential 7 (’personal performanc e an d development’) , Essentia l 8 (’health y and engagin g workin g envi r onment’ ) an d Essentia l 9 (’w e striv e fo r simplicity’) . Th e Essentials , o f whic h the r e a r e ten , a r e th e basi s fo r th e implementation o f th e Nov o No rdis k W a y . 4 . 2 SUPPLIE R AUDITS Accountin g policies Th e numbe r o f supplie r audit s conclude d b y Nov o No r disk ’ s Supplie r Audit department include s th e number o f r esponsibl e sour cin g audit s an d quality audit s conducte d i n th e a r eas o f di r ect an d indi r ect spen d o n materials . Th e leve l o f audit s conclude d i n 201 4 wa s stabl e compa re d with 2013 . No critical fi nding s we r e identifi e d i n 2014. BY TYPE OF AUDIT 2014 2013 2012 Responsibl e sou r cin g audits 25 25 45 Qualit y audits 199 196 174 T ota l supplie r audits 224 221 219

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 Su ppl e m e n t a r y in for m a t io n N O T E S R E S O U R C E S , E M I S S I O N S , O R G A N I C R E S I D U E S A N D W A S T E I n th e Consolidate d envi r onmenta l statement , Nov o No rdis k r eport s on performanc e i n term s o f input s o f r esour ce s an d output s i n th e for m of emissions , organi c r esidue s an d waste . P r og r ess i s r eporte d agains t th e long - ter m target s t o continuousl y r educ e envi r onmental impacts . T o suppor t th e th r e e long - ter m targets , th e envi r onmenta l statement contain s additiona l performanc e informatio n o f strategi c importanc e such a s organi c r esidue , wast e an d b r eache s o f regulator y limi t values . Challenge s i n decouplin g wate r consumptio n fro m sales Decouplin g energ y an d wate r consumptio n f r o m sale s i s a priorit y and wate r r emain s a challenge . Nov o No rdis k ha s stric t requi rement s r ega r ding th e qualit y o f wate r use d i n p r oduction , an d a s a r esul t wate r usag e is r elativel y high . Couple d wit h p r oductio n inc r eases , wate r consumptio n r ose b y 10 % i n 2014 . Ther e i s particula r focu s o n wate r stewa r dshi p a t the p r oductio n plan t i n Kalundborg , whe r e 56 % o f th e wate r i s consumed, as wel l a s a t th e p r oductio n plant s i n Monte s Cla r os , Brazil , an d T ianjin , China, whe r e wate r i s sca r ce . CO 2 emissio n targe t reached B y th e en d o f 2014 , CO 2 emission s f r o m energ y consumptio n amounte d to 120 , 00 0 ton s o f CO 2 , a r eductio n o f 5 , 00 0 ton s compa re d with 2013 , or 4 % . Thi s imp rovement i s largel y attribute d t o r educe d energ y consumption globall y an d conversio n t o les s CO 2 - intensiv e energ y suppl y a t on e o f the fi llin g plants . A s a r esult, th e targe t t o r educ e CO 2 emission s b y 10 % compa re d wit h 2004 was r eache d wit h a substantia l margin. 1 0 2 C O N S O L I D A T ED E N V I R O N M E N T A L S T A T E M E N T S T A T EME N T O F E N V I R O NME N T A L P E R F O R M A N C E FO R TH E YEA R ENDE D 3 1 DECEMBER 0 3 6 9 12 15 DEVELOPMEN T I N ENERG Y AND W A TE R CONSUMPTIO N VERSU S SALES Energ y W ate r Sale s i n loca l cur r encies 2013 2014 % T O N S R E D U C T I ON O F C O 2 E M I S S I O N S FR O M E N E R GY C O N S U M P T I O N ( – 4 % ) 5 , 000 Note 2014 2013 201 2 RESOURCES 2,556 2,572 2,43 3 Energ y consumptio n ( 1 ,00 0 GJ) 2.1 W ate r consumptio n ( 1 ,00 0 m 3 ) 2.2 2,959 2,685 2,47 5 EMISSIONS , ORGANI C RESIDUE S AN D W ASTE CO 2 emission s f r o m energ y consumptio n ( 1 ,00 0 tons) 3.1 120 125 12 2 CO 2 emission s f r o m r efrigerant s ( 1 ,00 0 tons) 3.1 1 1 2 CO 2 emission s f r o m transpor t ( 1 ,00 0 tons) 3.1 57 59 55 Organi c r esidue s (tons) 3.2 110,095 110,228 99,209 W ast e (tons) 3.3 30,720 20,387 19,213 Non - haza r dou s wast e (ratio) 3.3 50% 63% 61% B r eache s o f r egulator y limi t values 3.4 9 14 27

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 C O N S O L I D A T ED E N V I R O N M E N T A L S T A T E M E N T 1 0 3 Su ppl e m e n t a r y in for m a t io n S E C T I O N 1 B A S I S O F P R E P A R A T I O N Genera l reportin g standard s an d principles Th e Consolidate d envi r onmenta l statemen t i s p r epa r e d i n acco r danc e with th e sam e standa r d s as thos e fo r th e Consolidate d socia l statement . Read mo r e i n sectio n 1 ‘Basi s o f p reparation ’ , o f th e Consolidate d socia l statement o n p 9 7 . Principle s o f consolidation Th e Consolidate d envi r onmenta l statemen t cover s th e p r oductio n sites includin g offi c e buildings , except fo r CO 2 emission s f r o m transport , which cover s forwa r der s use d t o distribut e Nov o No rdis k p roducts . Environmenta l accountin g policies Th e accountin g policie s se t ou t belo w hav e bee n consistentl y applie d in p reparatio n o f th e Consolidate d envi r onmenta l statemen t fo r all th e years p r esente d excep t ‘ W aste ’ , fo r whic h pleas e refer t o th e informatio n belo w . Ne w disclosure ‘Organi c r esidues ’ has bee n adde d a s a separat e disclosu r e . I t was p r eviously include d i n th e wast e volume, bu t sinc e organi c r esidue s ar e considered valuabl e by - p r oducts , i t i s no w r eporte d separatel y . Th e accountin g policy an d dat a r eporte d a s wast e hav e bee n adjuste d acco r dingl y . Disclosure s take n out Th e followin g disclosu r es hav e bee n take n ou t t o alig n with Management priorities: • ‘ W astewater ’ has bee n take n ou t a s it i s no t use d a s Management information. • ‘Chemica l oxyge n deman d (COD) ’ has bee n take n ou t a s it i s no t use d as Management information. S E C T I O N 2 R E S O U R C E S 2 . 1 ENERG Y CONSUMPTION Accountin g policies Energy consumptio n i s measu r e d a s bot h di r ect suppl y o f energ y (inte r nally p r oduce d energy), whic h i s energ y Nov o No rdis k p r oduce s f r o m mainly natura l ga s an d wood , an d indi r ec t suppl y o f exte r na l energ y (exte r nally p r oduce d energy) , whic h i s electricit y , stea m an d district heat . Th e consump - tio n o f fue l (inte r nall y p r oduce d energy) an d exte r nall y p r oduce d energ y is base d o n meter r eading s an d invoices . ENERGY CONSUMPTION IN 1 ,000 GJ 2014 2013 2012 Diabete s car e Biopharmaceuticals No t allocated 1 1,816 316 424 1,762 362 448 1,680 316 437 T ota l energ y consumptio n 2,55 6 2,57 2 2,433 1 . No t allocate d consist s o f consumptio n tha t cannot b e di r ectl y linke d t o th e p r oduction o f eithe r diabete s ca r e o r biopharmaceuticals , i e offi c e building s an d r e sea r ch activities . I n 2014 , energ y consumptio n dec r ease d b y 1 % , compa re d wit h 201 3 despite inc r ease d p r oductio n withi n diabete s car e an d biopharmaceutical s t o meet market demands . P r ocess optimisations , optimise d utility suppl y an d weather fl uctuation s explai n th e dec r ease . 2. 2 W A TER CONSUMPTION Accountin g policies W ate r consumptio n i s measur e d base d o n mete r r eading s an d invoices. It include s drinkin g wate r , industrial wate r an d steam. W A TER CONSUMPTION IN 1 ,000 M 3 2014 2013 2012 Diabete s car e Biopharmaceuticals No t allocated 1 2,568 209 182 2,261 244 180 2,156 201 118 T ota l wate r consumptio n 2,95 9 2,68 5 2,475 1 . No t allocate d consist s o f consumptio n tha t cannot b e di r ectl y linke d t o th e p r oduction o f eithe r diabete s ca r e o r biopharmaceuticals , i e offi c e building s an d r e sear ch activities . I n 2014 , wate r consumptio n inc r ease d b y 10 % compa re d with 2013 . This developmen t r e f l ect s th e inc r ease d p r oductio n volume, as wel l as raised inte r na l r equi r ement s r egar din g th e qualit y o f wate r use d i n p r oduction . 70 % o f th e wate r i s use d a t p r oductio n site s locate d i n wate r - sca rc e r egions i n Brazil, Chin a an d Denmark . Thes e site s hav e particula r focu s o n water stewa r dship .

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 1 0 4 C O N S O L I D A T ED E N V I R O N M E N T A L S T A T E M E N T S E C T I O N 3 E M I S S I O N S , O R G A N I C R E S I D U E S A N D W A S T E Su ppl e m e n t a r y in for m a t io n Biomass dec r ease d b y 2 % i n 201 4 compa re d wit h 201 3 du e t o a chang e in th e p r oduc t mix p r oduced , whil e ethanol wast e inc r ease d b y 42 % mainl y due t o extrao r dinar y challenge s with regeneratio n o f use d ethano l i n diabetes car e p r oduction . 3 . 3 W ASTE Accountin g policies Wast e i s measur e d a s th e su m o f non - haza rdou s an d haza r dou s waste dispose d o f base d o n weigh t r eceipts. Non - haza r dou s wast e i s calculate d as a pe r centag e o f th e tota l amoun t of wast e dispose d of. 1 . W ast e handle d by companies specialise d i n chemica l wast e disposal . I n 2014 , 40 % wa s wastewate r r equirin g specia l t r eatmen t an d 33 % wa s ethano l no t suitabl e for r ecycling . Wast e inc r ease d b y 5 1 % f r o m 201 3 t o 201 4 primaril y du e t o a chang e i n the disposa l metho d o f wate r waste , whic h was p r eviousl y t r eate d a t wastewater t r eatment plant s bu t i s now dispose d o f a s hazar dou s wast e an d t r eate d in incineratio n plants . I n addition , th e amoun t o f non - r ecyclabl e ethanol waste inc r ease d du e t o extrao r dinar y challenge s wit h regeneratio n o f use d ethanol i n diabete s car e p r oduction . Th e inc r eas e i n non - haza rdou s wast e was mainl y du e t o inc r ease d disposa l of pape r an d car dboa r d a s wel l a s othe r wastes fo r r ecyclin g an d mixe d waste fo r incineration . 3 . 4 BREACHE S O F REGUL A TO R Y LIMIT V ALUES Accountin g policies B reache s o f regulator y limi t value s cover s al l b r eache s r eporte d to the envi r onmental authorities. Development B reaches of regulatory limit values dec r eased by 36 % in 2014 to nine b r eaches compa re d wit h 1 4 b r eache s i n 2013 . Al l b r eache s a r e mino r violation s r elated t o wastewater wit h n o signifi can t impact o n th e envi r onment . 3 . 1 CO 2 EMISSIONS Accountin g policies CO 2 emission s fro m energ y consumption Th e amoun t o f CO 2 emission s f r o m energ y consumptio n cover s consumption r e late d t o p r oductio n measur e d i n metri c tons . C O 2 emission s f r o m energy consumptio n i s calculate d acco r din g t o th e G reenhous e Ga s (GHG ) P r otocol an d base d o n emissio n factor s f r o m th e p r eviou s yea r . CO 2 emission s fro m refrigerants CO 2 emission s f r o m refrigerant s i s calculate d b y convertin g t o metri c tons usin g standa r d factors . Th e calculation s a r e base d o n GWP 100 factor s as specifie d i n th e GH G P r otoco l guidelines . CO 2 emission s fro m transpor t (produc t distribution) CO 2 emission s f r o m p r oduc t distributio n i s calculate d b y exte r nal trans - portatio n supplier s as th e estimate d emission s f r o m p r oduc t distributio n in metri c tons . I t i s calculate d as th e worldwid e distributio n o f semi - fi nished an d f i nishe d p r oducts , ra w material s an d component s b y ai r , se a and r oa d betwee n p roductio n site s an d fr o m p roductio n site s to affi liates, di r ec t customer s an d importin g distributors . CO 2 emission s f r o m p r oduct distributio n f r o m affi liate s t o pharmacies , hospital s an d wholesaler s a r e not included . 1 . No t allocate d consist s o f consumptio n tha t cannot b e di r ectl y linke d t o th e p r oduction o f eithe r diabete s ca r e o r biopharmaceuticals , i e offi c e building s an d r esea r ch activities . CO 2 emission s f r o m energ y consumptio n dec r ease d b y 4 % i n 2014 compa re d with a n inc r eas e o f 2 % i n 2013 . Th e dec r eas e i n C O 2 i s a r esult o f dec reasin g energ y consumptio n overal l an d on e o f th e fi llin g plant s having change d t o a supplier wit h les s CO 2 intensiv e powe r p r oduction . Th e emissio n f r o m r efrigerant s i s a s expecte d du e t o leak s an d evaporation f r o m coolin g systems. CO 2 emission s fr o m transpor t (p r oduc t distribution ) decr ease d slightly despit e inc r ease d distributio n volumes . Th e decr eas e i s du e t o inc r eased distributio n vi a se a f r eight , whic h accounte d fo r 72 % o f selecte d f r eight r oute s whe r e se a f r eigh t i s possibl e (fo r selecte d p roduct s whe r e Novo No rdis k ca n meet requi rement s within packagin g an d i s abl e t o fulfi l p r oduct temperatu r e r equi r ement s durin g transport) . Distributin g a s many p r oducts as possibl e b y se a i s a priorit y fo r Nov o Nordisk , as i t r educe s bot h CO 2 emission s an d costs . 3 . 2 ORGANI C RESIDUES Accountin g policies Organi c r esidues , consistin g o f biomas s an d ethanol , f r o m th e p r oduction o f th e activ e ing r edient s ar e use d fo r r ecycling . Th e biomass i s measu r e d in m 3 an d converte d t o tons . Th e amoun t o f ethano l i s calculate d base d on volum e an d concentratio n an d the n converte d t o tons . Th e r esidue s ar e primaril y use d i n bioga s plant s whe r e energ y i s r ecover ed . App r oximately 39 % o f th e organi c r esidue s a r e t r eate d a t facilitie s i n Novozymes befo r e endin g u p i n NovoG r o ® 30 . Th e biomas s an d NovoG r o ® 3 0 a r e use d as fertilizer s o n loca l farmland . W ASTE TRE A TMENT 2014 2013 2012 Recycling 26% 28% 31% Incineratio n wit h energ y r ecovery 30% 42% 36% Incineratio n withou t energ y r ecovery 5% 3% 3% Specia l t r eatment 1 36% 22% 24% Landfilling 3% 5% 6% T ota l wast e treatment 100% 100% 100% CO 2 EMISSIONS IN 1 ,000 TONS 2014 2013 2012 – Diabete s ca r e 94 96 95 – Biopharmaceuticals 10 11 9 – No t allocated 1 16 18 18 CO 2 emission s f r o m energ y consumption 120 125 122 CO 2 emission s f r o m r efrigerants 1 1 2 CO 2 emission s f r o m transport 57 59 55 T ota l CO 2 emissions 178 185 179 ORGANIC RESIDUES (TONS) 2014 2013 2012 Biomass 101,729 104,324 93,813 Ethanol 8,366 5,904 5,396 T ota l organi c residues 110,095 110,228 99,209 TONS OF W ASTE 2014 2013 2012 Non - haza r dou s waste 15,492 12,813 11,744 Haza r dou s waste 15,228 7,574 7,469 T ota l waste 30,720 20,387 19,213 Non - haza r dou s wast e (ratio) 50% 63% 61%

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 F IN A N C I A L S T A T E M E N T S O F T H E P A R E N T C O M P A N Y 1 0 5 F I N A N C I A L S T A T EME N T S OF T H E P A R E N T C O M P AN Y 2 0 1 4 I N C O M E S T A T E M EN T F O R T H E Y E A R E N D E D 3 1 D E C E M B E R B A L A N C E SHE E T A T 3 1 D E C E M B E R Th e followin g page s encompas s th e f i nancial statement s o f th e pa r ent compan y bein g th e lega l entit y Nov o No rdis k A/S . Apar t f r o m ownership o f th e subsidiarie s i n th e Nov o No rdis k G r oup , th e activit y within th e pa r ent compan y mainl y comprise s sales , r esea r c h an d development , p r oduction, corporat e activitie s an d support functions. EQUIT Y AN D LIABILITIES DK K million Note 2014 2013 Sales Cos t o f good s sold 2 3 55,739 12,260 49,500 11,711 G r os s p r ofi t 43,479 37,789 Sale s an d distributio n costs 3 10,715 10,483 Resea r c h an d developmen t costs 3 11,737 9,903 Administrativ e costs 3 1,627 1,560 Othe r operatin g income , net 932 832 Operatin g p r ofi t 20,332 16,675 P r ofi t i n subsidiaries , ne t o f tax 10 10,963 12,134 Financia l income 4 160 1,573 Financia l expenses 4 788 394 P r ofi t befo r e incom e taxes 30,667 29,988 Incom e taxes 5 4,254 4,798 Ne t profi t fo r th e year 26,413 25,190 P r opose d app r opriatio n o f ne t p r ofit: 12,905 11,866 Dividends Ne t r evaluatio n r eserv e acco r din g to th e equit y method (1,856) 2,255 Retaine d ea r nings 15,364 11,069 26,413 25,190 DK K million Note 2014 2013 ASSETS 1,124 1,299 Intangibl e assets 7 P r opert y , plan t an d equipment 8 15,686 15,221 Financia l assets 10 18,939 19,848 T ota l non - curren t assets 35,749 36,368 Ra w materials 1,327 1,279 W or k i n p r og r ess 5,828 4,894 Finishe d goods 1,254 1,220 Inventories 8,409 7,393 T rad e r eceivables 1,950 1,490 Amount s owe d b y affiliates 10,272 9,332 T a x r eceivables 3,053 3,021 Othe r r eceivables 780 794 Receivables 16,055 14,637 Defer r e d incom e ta x assets 6 1,484 – Marketabl e securities 1,505 3,739 Derivativ e f inancia l instruments 30 1,521 Cas h a t ban k an d o n hand 13,268 9,605 T ota l curren t assets 40,751 36,895 T ota l assets 76,500 73,263 Sha r e capital 530 550 Ne t r evaluatio n r eserv e acco r din g to th e equit y method 8,696 10,591 Retaine d ea r nings 31,068 31,428 T ota l equity 9 40,294 42,569 Defer r e d incom e ta x liabilities 6 – 171 Othe r p r ovisions 11 565 776 T ota l provisions 565 947 Cur r en t debt 462 1 Derivativ e f inancia l instruments 2,607 – T rad e payables 2,231 1,901 Amount s owe d t o affiliates 25,404 23,724 T a x payable 186 183 Othe r liabilities 4,751 3,938 Curren t liabilities 35,641 29,747 T ota l liabilities 35,641 29,747 T ota l equit y an d liabilities 76,500 73,263

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 T o th e exten t i t exceed s decla r e d dividend s f r o m suc h companies , net revaluatio n o f investment s i n subsidiarie s i s transfer re d t o Net revaluation r eserv e under Equit y accor din g t o th e equit y method . P r of i t s i n subsidiaries a r e disclose d a s p r ofi t afte r tax . Fai r valu e adjustment s o f fi nancia l asset s categorise d a s ‘ A vailabl e fo r sale ’ in th e pa r en t company a r e r ecognise d i n th e Incom e statement . T a x Fo r Danis h ta x purposes , th e par en t compan y i s assesse d jointl y with its Danis h subsidiaries . Th e Danis h jointl y taxe d companie s a r e include d i n a Danis h on - accoun t ta x paymen t schem e fo r Danis h corporat e incom e tax . Al l cur r en t taxe s under th e scheme a r e r eco r de d i n th e individual companies . Nov o No rdis k A/ S an d it s Danis h subsidiarie s a r e include d i n th e join t taxation o f th e pa r en t compan y , Nov o A/S . 2 SALES Sale s a r e attribute d to geographica l segmen t base d o n locatio n o f the custome r . Fo r defi nition s o f segments, pleas e refe r to not e 2 . 2 to the Consolidate d fi nancia l statements . 1 0 6 F IN A N C I A L S T A T E M E N T S O F T H E P A R E N T C O M P A N Y N O T E S 1 ACCOUNTIN G POLICIES Th e f i nancial statement s o f th e pa r en t compan y hav e bee n p r epa r e d in acco r danc e with th e Danis h Financia l Statement s Ac t (Clas s D ) an d other accountin g regulation s fo r companie s liste d o n NASDA Q OMX Copenhagen . Th e accountin g policie s fo r th e f i nancial statement s o f th e pa r en t com - pan y a r e unchange d f r o m th e last f i nancia l yea r an d a r e th e sam e as for th e Consolid ate d f i nancia l statement s with th e followin g additions . Fo r a descriptio n o f th e accountin g policie s o f th e G r oup , pleas e refe r to the Consolidate d fi nancia l statements, p p 61 – 62 . N o separat e statemen t o f cas h f l ow s ha s bee n p r epa r e d fo r th e pa r ent company ; pleas e refer t o th e Statemen t o f cas h fl ows fo r th e G r ou p o n p 58. Supplementar y accounting policie s fo r th e paren t company Financia l assets I n th e fi nancia l statement s o f th e pa r en t compan y , investment s i n subsidiaries a r e r eco r de d under th e equit y method , whic h i s a t th e r espectiv e shar e o f the ne t asse t value s i n subsidiaries . Ne t p r ofi t o f subsidiarie s les s un r ealise d intra - G r ou p p r ofi t s i s r eco r de d i n th e Incom e statement o f th e pa r en t compan y . 3 EMPLOYE E COSTS Fo r informatio n r ega r din g remuneratio n to th e Boa r d o f Di r ector s and Executiv e Management , pleas e refe r t o ‘Remuneration’ o n p p 4 9 – 5 1 and not e 2 . 4 t o th e Consolidate d fi nancia l statements . 201 4 2013 A verag e number o f full - time employee s i n Nov o No rdis k A/S 14,821 12,849 4 FINANCIA L INCOM E AND FINANCIA L EXPENSES 5 INCOM E T AXES Uncertai n ta x position s a r e p r esente d individuall y a s par t o f T ax r e ceivables/ T ax payables. Nov o No rdis k A/ S an d it s Danis h subsidiaries ’ ta x contributio n t o th e joint taxatio n i n 201 4 amount s t o DKK 5 , 08 2 millio n (DK K 4 , 25 1 millio n i n 2013 ) . I n 2014 , Nov o No rdis k A/ S pai d incom e taxe s o f DKK 5 , 52 0 millio n r elate d to th e cur r en t yea r (DK K 4 , 75 3 millio n i n 2013 ) an d r eceive d DKK 60 3 million i n taxe s r ega r din g prio r year s (pai d DKK 2 , 55 0 millio n i n 2013 ) . Furthermo re, DK K 1 9 millio n ha s bee n pai d i n incom e taxe s b y Danis h subsidiarie s (a payment o f DKK 6 0 millio n i n 2013 ) . 6 DEFERRE D INCOM E T A X ASSETS/(LIABILITIES) ) ) ) ) Th e Danis h corporat e ta x rat e wa s 24 . 5 % i n 2014 . Defer r e d ta x ha s been calculate d base d o n expecte d r ealisation , r e f l ectin g th e r e ductio n i n the Danis h corporat e ta x rat e (dow n t o 22 % i n 2016 ) . Th e e f fec t o f th e change DK K 1 1 9 millio n (DK K 10 9 millio n i n 2013 ) i s include d i n th e tota l defer red incom e tax . DK K million 2014 2013 Sale s b y busines s segment Diabete s ca r e Biopharmaceuticals 55,476 263 49,275 225 T ota l sales 55,739 49,500 Sale s b y geographica l segment 23,961 20,829 Nort h America Eu r ope 13,764 12,978 Inte r nationa l Operations 8,985 8,370 Japa n & Ko r ea 2,472 2,377 Regio n China 6,557 4,946 T ota l sales 55,739 49,500 DK K million 2014 2013 W age s an d salaries 9,080 7,792 Sha r e - base d paymen t costs 172 174 Pensions 829 727 Othe r socia l securit y contributions 219 192 Othe r employe e costs 313 300 T ota l employe e costs 10,613 9,185 Chang e i n employe e cost s include d i n inventories 157 37 DK K million 2014 2013 Inte r es t incom e r elatin g t o subsidiaries Othe r f inancia l income 64 96 42 1,531 T ota l f inancia l income 160 1,573 Inte r es t expense s r elatin g t o subsidiaries 18 25 Fo r eig n exchang e los s (net) 540 308 Othe r f inancia l expenses 230 61 T ota l f inancia l expenses 788 394 DK K million 2014 2013 Th e defer r e d ta x assets/liabilitie s a r e allocated (690) (77 6 t o th e variou s balanc e shee t item s a s follows: P r opert y , plan t an d equipment Indi r ec t p r oductio n costs (1,007) (87 6 Un r ealise d inte r na l p r ofi t 2,760 2,024 Other 421 (54 3 T ota l incom e ta x assets/(liabilities) 1,484 (17 1

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 F IN A N C I A L S T A T E M E N T S O F T H E P A R E N T C O M P A N Y 1 0 7 7 IN T ANGIBL E ASSETS Intangibl e asset s primaril y r elat e t o patent s an d licences , inte r nall y develope d softwa r e an d cost s r elate d t o major I T p r oject s. 8 PROPE R T Y , PLAN T AN D EQUIPMENT Payments o n account an d assets ) ) 9 S T A TEMEN T O F CHANGE S I N EQUITY Net ) ) ) ) Pleas e r efer t o not e 4 . 1 t o th e Consolidate d fi nancia l statement s r egar din g averag e number o f sha r es , t r easur y sha r e s an d tota l number o f A an d B sha r e s in Nov o No rdis k A/S. DK K million 2014 2013 Cos t a t th e beginnin g o f th e year 2,351 1,991 Addition s durin g th e year 317 360 Disposal s durin g th e year (463) – Cos t a t th e en d o f th e year 2,205 2,351 Amortisatio n a t th e beginnin g o f th e year 1,052 838 Amortisatio n durin g th e year 98 101 Impairmen t losse s fo r th e year 394 113 Amortisatio n an d impairmen t losse s r everse d o n disposal s durin g th e year (463) – Amortisatio n a t th e en d o f th e year 1,081 1,052 Carryin g amoun t a t th e en d o f th e year 1,124 1,299 DK K million Lan d and building s Plan t and machiner y Other equipment i n cours e of construction 2014 2013 Cos t a t th e beginnin g o f th e year 11,661 15,458 1,974 3,571 32,664 31,071 Addition s durin g th e year 156 253 148 1,990 2,547 2,384 Disposal s durin g th e year (329) (243) (68) – (640) (791 T ransfe r f r om/(to ) othe r items 863 625 161 (1,649) – – Cos t a t th e en d o f th e year 12,351 16,093 2,215 3,912 34,571 32,664 Dep r eciatio n an d impairmen t losse s a t th e beginnin g o f th e year 4,813 11,250 1,380 – 17,443 16,443 Dep r eciatio n fo r th e year 632 1,054 161 1,847 1,738 Impairmen t losse s fo r th e year 27 2 55 84 31 Dep r eciatio n r everse d o n disposal s durin g th e year (237) (187) (65) (489) (769 Dep r eciatio n an d impairmen t losse s a t th e en d o f th e year 5,235 12,119 1,531 – 18,885 17,443 Carryin g amoun t a t th e en d o f th e year 7,116 3,974 684 3,912 15,686 15,221 DK K million Sha r e capita l r evaluation r eserve Retaine d ea r ning s 2014 2013 Balanc e a t th e beginnin g o f th e year 550 10,591 31,428 42,569 40,632 App r opriate d f r o m Ne t p r ofi t fo r th e year 15,364 15,364 11,069 P r opose d dividends 12,905 12,905 11,866 App r opriate d f r o m Ne t p r ofi t fo r th e yea r t o Ne t r evaluatio n r eserve (1,856) (1,856) 2,255 E f fec t o f hedge d fo r ecas t transaction s transfer r e d t o th e Incom e statement (1,201) (1,201) (832 Fai r valu e adjustment s o f cas h f lo w hedge s fo r th e year (2,162) (2,162) 1,205 Dividend s paid (11,866) (11,866) (9,715 Sha r e - base d payment s (not e 3) 172 172 174 T a x c r edi t r elate d t o sha r e optio n scheme 54 54 57 Pu r chas e o f t r easur y sha r es (14,728) (14,728) (13,989 Sal e o f t r easur y sha r es 61 61 65 Reductio n o f th e B sha r e capital (20) 20 0 0 Exchang e rat e adjustment s o f investment s i n subsidiaries (39) 4 (35) (454 Othe r adjustments 1,017 1,017 236 Balanc e a t th e en d o f th e year 530 8,696 31,068 40,294 42,569

N OVO N O R D I S K A NN U A L R E P O R T 2 0 1 4 1 0 8 F IN A N C I A L S T A T E M E N T S O F T H E P A R E N T C O M P A N Y P r ovision s fo r pendin g litigation s a r e r ecognise d a s Other p r ovisions . Furthe r - mo r e, a s par t o f norma l busines s Nov o No r d is k issue s c r edi t note s for expi r e d goods . Consequentl y , a p r ovisio n fo r futu r e r etu r n s i s made, based o n historica l p r oduc t r etu r n statistics . Fo r informatio n o n pendin g litigations , pleas e refe r to not e 3 . 7 to the Consolidate d fi nancia l statements . 1 2 REL A TE D P A R T Y TRANSACTIONS Fo r informatio n o n transaction s wit h r elate d parties, pleas e refer t o not e 5 . 5 t o th e Consolidate d fi nancia l statements . Nov o No rdis k A/ S an d it s Danis h subsidiarie s a r e jointl y taxe d with the Danis h companie s i n th e Nov o A/ S G r oup . Th e join t taxatio n als o covers wit holdin g taxe s i n th e form o f dividen d tax, r oyalt y ta x an d inte r es t tax . The Danis h companie s a r e jointl y an d individuall y liabl e fo r th e join t taxation . Any subsequen t adjustment s t o incom e taxe s an d withholdin g taxe s ma y lea d to a large r liabilit y . Th e ta x fo r th e individua l companie s i s allocate d i n ful l on th e basi s o f th e expecte d taxabl e income . Fo r informatio n o n pendin g litigatio n an d othe r contingencies, pleas e r efer t o note s 3 . 6 an d 5 . 4 t o th e Consolidate d fi nancia l statements . Carryin g amoun t o f investment s i n subsidiarie s does no t includ e capitalise d goodwil l a t th e en d o f th e yea r . A lis t o f compani e s i n th e Nov o No rdis k G r ou p is foun d i n not e 5. 7 t o th e Consolidate d fi nancia l statements. 1 0 FINANCIA L ASSETS Investments Amounts owe d by Other securitie s and DK K million i n subsidiaries affiliates investments 2014 2013 Cos t a t th e beginnin g o f th e year 8,879 210 514 9,603 9,713 Investment s durin g th e year 101 960 78 1,139 530 Divestment s durin g th e year (244) (31) (110) (385) (640) Cos t a t th e en d o f th e year 8,736 1,139 482 10,357 9,603 V alu e adjustment s a t th e beginnin g o f th e year 26,346 (4) (342) 26,000 19,667 P r ofit/(loss ) befo r e tax 17,077 17,077 15,533 Incom e taxe s o n p r ofi t fo r th e year (3,339) (3,339) (2,564) Reclassificatio n t o un r ealise d inte r na l p r ofi t – 4,219 Amortisatio n an d impairment (3) (3) (26) Reclassificatio n e f fec t o f uncertai n ta x positions – 637 Dividend s r eceived (11,154) (11,154) (10,423) Divestment s durin g th e year (628) 77 (551) 107 E f fec t o f exchang e rat e adjustment 674 8 150 832 (1,020) Othe r adjustments (335) (335) (130) V alu e adjustment s a t th e en d o f th e year 28,641 4 (118) 28,527 26,000 Un r ealise d inte r na l p r ofi t a t th e beginnin g o f th e year (15,755) (15,755) (11,334) Chang e fo r th e yea r – charge d t o Incom e statement (2,775) (2,775) (835) Chang e fo r th e yea r – charge d t o Equity (706) (706) (37) Reclassificatio n t o valu e adjustment – (4,219) E f fec t o f exchang e rat e adjustment (709) (709) 670 Un r ealise d inte r na l p r ofi t a t th e en d o f th e year (19,945) – – (19,945) (15,755) Carryin g amoun t a t th e en d o f th e year 17,432 1,143 364 18,939 19,848 DK K million 2014 2013 Commitments 1,525 1,664 Leas e commitments Contractua l obligation s r elatin g to investment s i n p r opert y , plan t an d equipment 244 404 Guarantee s give n fo r subsidiaries 4,529 4,390 Obligation s r elatin g t o r esea r c h and developmen t p r ojects 3,691 5,276 Othe r guarantee s an d commitments 3,879 1,677 Leas e commitment s expiring withi n th e followin g periods fro m th e balanc e shee t date W ithi n on e year 217 201 Betwee n on e an d f iv e years 681 659 Afte r f iv e years 627 804 T ota l leas e commitments 1,525 1,664 Th e leas e cost s fo r 201 4 an d 201 3 we r e DK K 28 5 millio n an d DK K 31 5 millio n r espectivel y . Securit y fo r debt Land , building s an d equipmen t etc a t carryin g amount 80 90 1 1 OTHE R PROVISIONS 1 3 COMMITMENT S AN D CONTINGENCIES DK K million 2014 2013 Non - cur r ent 565 776 Cur r ent 332 – T ota l othe r provisions 897 776

N O VO N O R D I S K A NN U A L R E P O R T 2 0 1 4 Bagsvæ r d , 2 9 Januar y 2015 Executiv e Management Lar s Rebie n Sø r ensen CEO Kå r e Schultz P r esiden t an d COO Jespe r Brandgaa r d CFO Lar s Fruergaa r d Jørgensen Mad s K r ogsgaa r d Thomsen Jako b Riis Liz Hewitt Audi t Committe e member Liselott e Hyveled Thoma s Pau l Koestler Ann e Mari e Kve r neland Helg e Lund Audi t Committe e member Sø r e n Thuese n Pedersen Hann u R yöppönen Chairma n of th e Audi t Committee Stig Strøbæk Audi t Committe e member W e r ecommen d tha t th e Annua l Repor t b e adopted a t th e Annua l General Meeting. Ma n a g e m e n t st a t e m e n t C O N S O L I D A T E D FI N A N C I A L S TA T E M E N T S 1 0 9 S T A T E M EN T B Y TH E B O A R D O F D I R E C T OR S AND EX E C UTIV E MAN A G E M E N T O N T H E ANN U A L R E PORT T oda y , th e Boa r d o f Di r ector s an d Executiv e Managemen t app r ove d the Annua l Repor t o f Nov o No r dis k A/ S fo r th e yea r 2014. Th e Consolidate d f i nancia l statement s hav e bee n p r epa r e d i n acco r dance with Inte rnational Financial Reporting Standa r ds as issued by the Inte rnational Accountin g Standa r d s Boa r d (IASB) , an d Inte rnationa l Financia l Reporting Standa r d s a s endorse d b y th e EU . Th e Financia l statement s o f th e pa r ent compan y , Nov o No r dis k A/S , hav e bee n p r epa r e d i n acco r danc e wit h the Danish Financia l Statement s Act . Furthe r , th e Consolidate d f inancia l statements , th e Financia l statements o f th e pa r en t comp an y an d Managem ent ’ s Revie w ha v e bee n p r epa r e d in acco r danc e wit h additiona l Danis h disclosu r e r equi r ement s fo r listed companies . I n ou r opinion , th e Consolidate d f inancia l statement s an d th e Financial statement s o f th e pa r en t compan y giv e a tru e an d fai r vie w o f the f i nancia l positio n a t 3 1 Decembe r 2014 , th e r esult s o f th e G r oup ’ s and pa r en t company ’ s operations , an d consolidated cash f l ow s fo r th e f inancial yea r 2014 . Furthermo r e , i n ou r opinion , Management ’ s Revie w include s a tru e an d fai r accoun t o f th e developmen t i n th e operation s an d f inancial c i r c um st a n c e s , o f t h e r e s u l t s fo r t h e y e a r , a n d o f t h e f i n a n c i a l po s i t i o n o f th e G r ou p an d th e pa r en t compan y a s wel l a s a descriptio n o f th e most significan t risk s an d element s o f uncertaint y facin g th e G r ou p an d th e pa r ent compan y . No v o No r dis k ’ s C on s o li d at ed s oc i a l an d e n vi r on m e n t a l st atem e n t s ha v e bee n p r epa r e d i n acco r danc e wit h th e r eportin g principle s o f materialit y , inclusivit y an d r esponsivenes s o f AA 1000 APS( 2008 ) . The y giv e a balanced an d r easonabl e p r esentatio n o f th e organisation ’ s socia l an d envi r onmental performance . Boar d o f Directors Göra n Ando Jepp e Christiansen Brun o Angelici Chairman V ic e chairman

N O VO N O R D I S K A NN U A L R E P O R T 2 0 1 4 A n audi t involve s performin g p r ocedu r e s t o obtai n audi t evidenc e about th e amount s an d disclosu r e s i n th e Consolidate d f inancia l statement s and th e Financia l statement s o f th e Pa r en t Compan y . Th e p r ocedu r e s selected depen d o n th e auditor ’ s judgement , includin g th e assessmen t o f th e risks o f materia l misstatemen t o f th e Consolidate d f i nancia l statement s and th e Financia l statement s o f th e Pa r en t Compan y , whethe r du e t o fraud o r er r o r . I n makin g thos e ris k assessments , th e audito r consider s inte r nal cont r o l r elevan t t o th e Company ’ s p r eparatio n o f Consolidate d f inancial statement s an d Financia l statement s o f th e Pa r en t Compan y tha t give a true an d fai r vie w i n o r de r t o desig n audi t p r ocedu r e s tha t a r e app r opr iat e in th e ci r cumstances . A n audi t als o include s evaluating th e app r opriatenes s of accountin g policie s use d an d th e r easonablenes s o f accountin g estimates mad e b y th e Management , a s wel l a s evaluating th e overal l p r esentatio n of th e Consolidate d f i nancia l statement s an d th e Financia l statement s o f the Pa r en t Compan y . We believ e tha t th e audi t evid enc e w e hav e obtaine d i s suff i cien t and app r opriat e to p r ovid e a basi s fo r ou r audi t opinion. Ou r audi t ha s no t r esulte d in an y qualifi cation. Opinion I n ou r opinion , th e Consolidate d f i nancia l statement s giv e a tru e an d fair vie w o f th e f i nancia l positio n a t 3 1 Decembe r 201 4 o f th e G r ou p an d of th e r esult s o f th e G r oup ’ s operation s an d consolidate d cas h f l ow s fo r the f i nancia l yea r 201 4 i n acco r danc e wit h Inte r nationa l Financia l Reporting Standa r d s a s issue d b y th e Inte r nationa l Accountin g Standa r d s Boa r d , and Inte rnationa l Financia l Reportin g Standa r d s a s endorse d b y th e E U and additiona l Danish disclosu r e r equi r ement s fo r liste d companies . Mo r eove r , in ou r opinion th e Financia l statement s o f th e Pa r en t Compan y give a tru e and fai r view o f th e f i nancia l position a t 3 1 Decembe r 201 4 an d o f th e r esult s of th e Pa r en t Company ’ s operation s fo r th e f i nancia l yea r 201 4 in acco r dance wit h th e Danis h Financia l Statement s Ac t an d additiona l Danis h disclosu re r equi r ement s fo r liste d companies . Statemen t o n Management ’s Review W e hav e r ea d Management ’ s Revie w , p p 1 – 5 4 an d p 9 5 in acco r dance with th e Danish Financia l Statement s Act. O n thi s basis , i t i s ou r opinion tha t th e information p r ovide d in th e Manage - ment ’ s Review i s consisten t with th e Consolidate d f i nancia l statement s and th e Financia l statement s o f th e Pa r en t Compan y . Bagsvæ r d , 2 9 Januar y 2015 PricewaterhouseCoopers Statsautorise r e t Revisionspartnerselskab Lar s Holtug Stat e Authorised Public Accountant T orbe n Jensen Stat e Authorised Public Accountant T o th e Shareholder s o f Nov o Nordisk A/S Repor t o n Consolidated f i nancia l statement s and Financia l statement s o f the Paren t Company W e hav e audite d th e Consolidate d f i nancia l statement s an d th e Financial statement s o f Nov o No r dis k A/ S fo r th e f i nancia l yea r 2014 , p p 5 5 – 9 4 and pp 10 5 – 108 , whic h compris e Incom e Statement , Balanc e Sheet , Statement o f Change s in Equit y an d Note s includin g accountin g policie s fo r th e G r oup a s wel l a s fo r th e Pa r en t Compan y an d Statemen t o f Comp rehensiv e Income an d Cash Flo w Statemen t fo r th e G r oup . Th e Consolidate d f i nancia l statement s a re p r epa r e d i n acco r danc e with Inte rnationa l Financia l Reportin g Standa r d s a s issue d b y th e Inte r national Accountin g Standa r d s Boa r d , an d Inte r nationa l Financia l Reportin g Standa r ds a s endorse d b y th e EU . Th e Financia l statement s o f th e Pa r en t Compan y a r e p r epa r e d in acco r dance with th e Danish Financia l Statement s Act . Mo r eove r , bot h th e Consolida te d f i nancia l statement s an d th e Financia l statements o f th e Pa r en t Compan y a r e p r epa r e d i n acco r danc e wit h additiona l Danish disclosu r e r equi r ement s fo r liste d companies . Management ’s Responsibilit y fo r th e Consolidated f i nancia l statement s an d th e Financia l statement s o f the Paren t Company Th e Managemen t i s r esponsibl e fo r th e p r eparatio n o f th e Consolidated f i nancia l statement s an d th e Financia l statement s o f th e Pa r en t Company t ha t g iv e a t r u e an d f a i r vi e w i n acco r danc e w i t h t h e abo v e l e g i sl a t i o n an d accountin g standa r ds , an d fo r suc h inte r na l cont r o l a s Management determine s i s necessar y t o enabl e p r eparatio n o f Consolidate d f inancial statement s an d Financia l statement s o f th e Pa r en t Compan y tha t a r e f r ee f r om materia l misstatement , whethe r du e to fraud o r er r o r . Auditor ’ s Responsibility Ou r r esponsibilit y i s t o exp r es s a n opinio n o n th e Consolidate d f i nancial statement s an d th e Financia l statement s o f th e Pa r en t Compan y based o n ou r audit . W e conducte d ou r audi t i n acco r danc e wit h Inte rnational standa r d s o n Auditin g an d additiona l r equi r ement s unde r Danis h Audit r egulation . Thi s r equi r e s tha t w e compl y with ethica l r equi r ement s an d plan an d perfor m th e audi t t o obtai n r easonabl e assuranc e abou t whethe r the Consolidate d f i nancia l statement s an d th e Financia l statement s o f th e Pa r ent Compan y a r e f r e e f r om materia l misstatement . 1 1 0 I N D E P E N D E N T A U D IT O R ’S R E P O R T INDE P E NDEN T A U DI T O R ’ S RE P O RTS

N O VO N O R D I S K A NN U A L R E P O R T 2 0 1 4 Th e assuranc e engagemen t ha s furthermo r e cove r e d th e natu r e and exten t o f Nov o No r disk ’ s incorporatio n o f th e AA 100 0 AccountAbility Principle s Standa r d (AA 1000 AP S ( 2008 ) ) principle s (inclusivit y , materiality an d r esponsiveness ) with r espec t to stakeholde r dialogue . Criteri a fo r th e preparatio n o f reportin g on data Th e Consolidate d socia l an d envi r onmenta l informatio n i s p r epa r e d in acco r danc e wit h th e socia l accountin g policie s an d envi r onmental accountin g policie s describe d o n p p 97 – 10 1 an d 10 3 – 104 . Management ’s Responsibility Th e Managemen t i s r esponsibl e fo r p r eparin g th e socia l an d envi r onmental information , includin g fo r establishin g dat a collectio n an d r egistration, inte r na l cont r o l system s wit h a vie w t o ensurin g r eliabl e information, specifyin g acceptabl e r eportin g criteri a an d choosin g dat a t o b e collected fo r intende d user s o f th e r eport . Also , adhe r enc e t o AA 1000 AP S ( 2008 ) i . e . th e th r e e pri nciple s o f inclu sivit y , mater ialit y an d r e sp onsivenes s i s the r esponsibilit y o f Management . Assuranc e provider ’ s Responsibility Ou r r esponsibilit y is , o n th e basi s o f ou r work , to exp r es s a conclusion o n the r eliabilit y o f th e Consolidate d socia l an d envi r onmenta l informatio n i n the Annua l Report . Furthermo r e , ou r r esponsibilit y is , b y applyin g th e AA 1000 Assurance Standa r d (AA 1000 A S ( 2008 )) , to exp r es s a conclusion o n a s well a s t o mak e r ecommendation s fo r th e natu re an d exten t o f Nov o No r disk ’ s adhe r enc e to th e AA 1000 AP S ( 2008 ) principles . Ou r team ha s competence s in r espec t o f assuranc e engagement s r elate d to Consolidat e d socia l an d en vi r onmenta l i nformatio n . I n addition , ou r team ha s competence s i n assessin g socia l an d envi r onmenta l informatio n and sustainabilit y management , an d thu s qualif i e s to conduc t thi s independent assuranc e engagement . Durin g 201 4 w e hav e no t performe d an y tasks o r service s t o Nov o No r dis k o r othe r client s tha t woul d conf l ic t wit h our independence , no r hav e w e bee n r esponsibl e fo r th e p r eparatio n o f any par t o f th e r eport ; an d the r efo re qualif y a s independen t a s defi ne d b y in AA 1000 A S ( 2008 ) . Scope , standard s an d criteri a used W e hav e pla nne d an d perfor me d ou r wor k i n acco r danc e wi t h th e Inte r - nationa l Standa rd o n Assuranc e Engagement s (ISAE ) 3000 , ‘ Assurance Engagement s othe r tha n Audit s o r Review s o f Historica l Financial Information ’ , t o obtai n limite d assuranc e tha t th e Consolidate d social an d envi r onmenta l informatio n i n th e Annua l Repor t i s f r e e o f material misstatement s an d tha t th e information ha s bee n p r esente d i n acco r dance wit h th e socia l accountin g policie s an d envi r onmenta l accountin g policies he r e fo r . Th e assuranc e obtaine d i s limited , a s ou r wor k compa r e d to tha t of a n engage men t wit h r easonabl e assur anc e ha s bee n li mite d to , principall y , inquiries , interview s an d analytica l p r ocedu r e s r elate d t o r egistratio n and communication systems , dat a an d underlying documentation . Mo r eove r , w e hav e planne d an d performe d ou r wor k base d o n the AA 1000 A S ( 2008 ) , using th e criteri a in th e AA 1000 AP S ( 2008 ) , to perform a T yp e 2 engagemen t an d to obtain a moderat e leve l o f assuranc e r ega r ding th e natu r e an d exten t o f Nov o No r disk ’ s adhe r enc e t o th e principle s of inclusivit y , materialit y an d r esponsiveness . Methodolog y , approach , limitation an d scop e o f work Base d o n a n assessmen t o f materialit y an d risk , ou r wor k included : (i ) Inquirie s r ega r din g p r ocedu r e s an d method s t o ensu r e tha t socia l and envi r onmenta l information include dat a f r om th e G r oup ’ s affi liates , an d that thes e dat a hav e bee n incorporate d in complianc e with th e socia l accounting policie s an d envi r onmenta l accountin g policies . Furthermo r e , base d on ou r assessmen t o f materialit y an d risk , w e hav e selecte d an d conducted interview s wit h dat a an d r eportin g r esponsibl e personnel , an d based o n r equest s an d selecte d documentation , w e hav e assesse d th e existing system s fo r dat a collectio n an d r egistration , an d p r ocedu r e s t o ensu r e r eliabl e information ; Conclusion Base d o n ou r r evie w , nothin g ha s com e t o ou r attentio n whic h cause s us no t t o believ e tha t th e Consolidate d socia l an d envi r onmenta l information p r esente d in th e Annua l Repor t o f Nov o No r dis k A/ S fo r 201 4 (o n p p 1 – 54 , 9 5 an d 9 6 – 104 ) i s f r e e o f materia l misstatement s an d ha s bee n stated i n acco r danc e wit h th e socia l accountin g policie s an d envi r onmental accountin g policie s he r e fo r . Furthermo r e , nothin g ha s com e to ou r attentio n causin g u s to believ e that Nov o No r dis k doe s no t adhe r e to th e AA1000AP S (2008 ) principles. Observation s an d recommendations Acco r din g t o AA 1000 A S ( 2008 ) , w e a r e r equi r e d t o includ e observations an d r ecommendation s fo r imp r ovement s i n r elatio n t o adhe r enc e t o the AA 1000 AP S ( 2008 ) principles : Regarding inclusivity Nov o No r dis k continue s t o demonstrat e a st r on g commitmen t to accountabilit y wit h system s an d p r ocesse s i n plac e t o suppor t stakeholder engagemen t a r oun d sustainabilit y issue s a t corporat e level . Stakeholder inclusivit y i s integrate d ac r os s th e business . Nov o No r dis k ha s further develope d it s app r oac h t o stakeholde r engagemen t a t G r ou p an d Country leve l to suppor t executio n o n busines s strateg y . I n 201 4 ke y opinion leaders we r e invite d to challenge an d infor m futu r e strategi c priorities . W e hav e n o significan t r ecommendation s r ega r din g inclusivit y . Regarding materiality N o v o N o r d i s k c on t i nu e s t o d i s c u ss , e v a l u a t e a n d d e t e r m i n e t h e ma t e r i a li t y o f sustainabilit y issue s o n a n ongoin g basi s th r oug h a n umbe r o f r el evant gove r nanc e bodie s an d co re busines s p r ocesses , involvin g senio r manage - men t inpu t f r o m ac r os s th e business . Embeddin g o f th e TB L principl e is supporte d vi a guidanc e t o lin e manager s an d ancho r e d i n Changing Diabete s p r ogrammes . W e hav e n o significan t r ecommendation s r ega r din g materialit y . Regarding responsiveness Nov o No r disk ’ s commitmen t t o bein g r esponsiv e t o stakeholde r need s and conce r n s i s eviden t f r o m Senio r Management ’ s inc r easin g engagemen t in dialogue , a t both inte r nationa l an d countr y level , o n ca r e an d p r eventio n of diabete s an d othe r ch r oni c diseases . A t countr y leve l Changin g Diabete s and th e Rul e o f Halve s infor m Nov o No r disk ’ s stakeholde r engagements . W e hav e n o significan t r ecommendation s r ega r din g r esponsiveness. Nov o No r dis k continue s t o develo p it s sustainabilit y strateg y a t globa l and countr y level . W e r ecommen d tha t Nov o No r dis k continue s t o explo re opportunitie s fo r Senio r Managemen t t o engag e wit h ’non - traditional’ stakeholder s an d o n ne w exte r na l platforms . I N D E P E N D E N T A S S UR A N C E R E P O R T 111 INDE P E NDEN T A S S U R A NC E RE P O R T O N TH E S O C I AL AN D ENV I R ONMEN T A L RE P O R T IN G FO R 2 0 14 T o th e Stakeholder s o f Nov o Nordisk A/S We hav e r eviewe d th e Consolidate d socia l an d envi r onmenta l informa - tio n i n th e Annua l Repor t o f Nov o No r dis k A/ S fo r th e f i nancia l yea r 2014 , whic h comprise s Management ’ s Revie w an d th e Consolidate d socia l and envi r onmenta l statement s o n p p 1 – 54 , 9 5 an d 9 6 – 104 . (ii ) Inquirie s an d interview s wit h member s o f th e Executiv e Management, Corporat e Stakeholde r Engagement , Corporat e Sustainabilit y , P r oduct Suppl y , a s wel l a s Managemen t o f affi liate s in Russia , China , U S an d T urke y , r ega r din g Nov o No r disk ’ s commitmen t an d adhe r enc e t o th e principle s of inclusivit y , materialit y an d r esponsiveness , th e existenc e o f system s and p r ocedu r e s t o suppor t integratio n o f ‘th e T ripl e Botto m Lin e (TBL ) business principle ’ in th e busines s an d in ke y decisio n makin g p r ocesses . Bagsvæ r d , 2 9 Januar y 2015 PricewaterhouseCoopers Statsautorise r e t Revisionspartnerselskab Lar s Holtug Stat e Authorised Public Accountant T orbe n Jensen Stat e Authorised Public Accountant

11 2 A D D I T IO N A L I N F O R M A T ION A s e l e c ti o n o f No v o N o r d i s k i n j e c ti o n d e v i c e s . F r o m th e f r o nt : No v o P e n ® 5 , T r e s i b a ® F le xT o u c h ® , V ic t o z a ® a n d N o r d i t r op i n ® F l ex P r o ® . P R O DU C T O V E R V I E W HA E M O S T A S IS • N ov o S e ve n ® , r e c o m b i n a n t f a c t o r V I I a, a l s o a va i l a b l e w it h p re f il l e d s y r in g e in a n in c re a s in g n u m b e r o f c o u n t r i e s • N ov o T hi r t e e n ® , r e c o m b i n a n t f a c t o r X II I • N ov o E ig h t ® , r e c o m b i n a n t f a c t o r V II I H U M A N G R O W T H H O R M O N E • N o r d it ro p i n ® , s o m a t r o p in ( r D N A o r i g in ) • N o r d it ro p i n ® F l e x P r o ® , p r e f il l e d m u l ti d o s e d e l i v e r y s ys t em • N o r d it ro p i n ® N o rd i F l e x ® , p r e f il l e d m u l ti d o s e d e l i v e r y s ys t em • N o r d i P e n ® , d u r a b l e m u lti d o s e d e l i v e r y s ys t e m • N o rd i L et ® , p r e f il l e d m u l ti d o s e d e l i v e r y s ys t em • P e n M a t e ® , a u t o m a t i c n e e d l e i n s e r t e r ( a va i l a b l e f o r N o r d it r o p i n ® F l e x P r o ® , N o r d i F l e x ® a n d S i m p l e Xx ® ) H O R M O N E R E P LA C E M E N T T H E R A P Y • V a g i f e m ® , e s t r a d io l h e m i h y d r a t e • A c t i v e l l e ® , e s t r a d io l / n o r e t h i s t e r o n e a c e t a t e • Es tro f e m ® , e s t r a d io l • N ov o f em ® , e s t r a d io l / n o r e t h i s t e r o n e a c e t a t e B I O P HAR M A C E U T I C A L S N E W - G E N E R AT I O N I N S ULI N S • T r e si b a ® , i n s u li n d e g l ud e c • R y z o d e g ® , i n s u li n d e g l ud e c / i n s u l in a s p a r t • X u l t o p h y ® , i ns u li n d e g l u d e c / li r a g l u ti d e G L U C A G O N - L I K E PE P T I D E - 1 • V i c t o z a ® , li r a g l u ti d e M O D E RN I N S UL I NS • L e v e m i r ® , i n s u li n d e t e m ir • N ov o R a p i d ® , i n s u li n a s p a r t • N ov o R a p i d ® P u m p C a r t ® , p re f il l e d i n s u l in pu m p c a r t r i d g e • N ov o Mi x ® 3 0 , b i p h a s i c i n s u l in a s p a r t • N ov o Mi x ® 5 0 , b i p h a s i c i n s u l in a s p a r t • N ov o Mi x ® 7 0 , b i p h a s i c i n s u l in a s p a r t H U M A N I N S UL I NS • I n s ul a t a r d ® , i s o p h a n e ( N P H ) i n s u l in • A c t r a p i d ® , re g ula r h u m a n i n s u l in • Mi x t a r d ® 3 0 , b i p h a s i c h u m a n i n s u l in • Mi x t a r d ® 4 0 , b i p h a s i c h u m a n i n s u l in • Mi x t a r d ® 5 0 , b i p h a s i c h u m a n i n s u l in D I A B E T E S C A RE D I A B E T E S D E V I C ES • F l e x T o u c h ® , p re f il l e d i n s u l in d e l i v e r y s ys t e m • F l e x P e n ® , p re f il l e d i n s u l in d e l i v e r y s ys t e m • N ov o P e n E c h o ® , d u r a b l e i n s u l in d e l i v e r y s ys t e m w it h m e m o r y f u n c t io n • N ov o P e n ® 5 , d u r a b l e i n s u l in d e l i v e r y s ys t e m w it h m e m o r y f u n c t io n • N ov o P e n ® 4 , d u r a b l e i n s u l in d e l i v e r y s ys t e m • I n n o L et ® , p re f il l e d i n s u l in d e l i v e r y s ys t e m • N ov o F i n e ® P l u s , n e e d le • N ov o F i n e ® A u t o C o v e r ® , n e e d l e • N ov o F i n e ® , n e e d l e • N ov o T w i s t ® , n e e d l e • G l uc a G e n ® , g l u c a g o n • G l uc a G e n ® Hy p o k i t , g l u c a g o n O R A L ANT I D I A B ET I C A G E N T S • N ov o N o rm ® , re p a g l ini d e • P r an d i M et ® , re p a g l ini d e / m e t f o r min

A D D I T IO N A L I N F O R M A T IO N 113 M O R E I N F O R M A T I O N F I N A N C I A L C A L E N D A R 2 0 1 5 F O R M O R E N E W S F R O M N O V O N O R D I S K , V I S I T n ov o n o rd is k . c o m / i n v es t o r s n ov o n o rd is k . c o m / p r e s s n ov o n o rd is k . c o m /s us t a i n a b il i t y F O L L O W N O V O N O R D I S K O N S O C I A L M E D I A f a c e b o o k . c o m / n ov o n o r d is k t w i t t e r . c o m / n ov o n o rd is k li n k e d i n . c o m / c o m p an y / n ov o - n o r di sk p i n t e r e s t . c o m / n ov o n o rd is k yo u t u b e . c o m / n ov o n o rd is k N E W S A N D U P D A T E S I n a d d it io n t o t h e A nn ua l R e p o r t , N ovo N o r d is k p r o v i d e s d i s c lo s u re in s e p a r a t e re p o r t s t o s a ti s f y s p e ci f i c l e g a l re qu ire m e n t s a n d st a k e h o l d e r i n t e re s t s . A d d it io n a l re p o r t s c a n b e d o w n l o a d e d a t n ov o n o rd is k . c o m / a nn ua lre p o r t . F O R M 2 0 - F A nn ua l re p o r t in g re qu ire m e n t b y t h e US S e c u r it i e s a n d E x c h a n g e C o mm i s s io n ( S E C ) f o r f o re i g n p r i va t e i s s u e r s w it h e qu i t y s h a re s l i s t e d o n e x c h a n g e s in t h e U ni t e d S t a t e s . F o r m 2 0 - F is f i l e d u s in g a st a n d a r d i s e d re p o r t in g f o r m s o t h a t i n v e s t o r s c a n e va l ua t e t h e c o m p a n y a lo n g si d e US d o m e s t i c e qu it i e s . C O R P O R A T E G O V E R N A N C E R E P O R T R e qu ire m e n t a c c o r d in g t o t h e D a ni s h F i n a n c ia l S t a t e m e n t s A c t . R e p o r t in g o f c o m p l ian c e w it h D a ni s h C o r p o r a t e G ov e r n a n c e R e c o m m e n d a t io n s . U NI T E D N AT IO N S G L O B A L C O M P A C T V o l u n t a r y C o mm u n i c a t io n o n P r o g re s s re p o r t in g in t h e f o r m o f t h e U ni t e d N a t io n s a n d i t s 1 0 p r in ci p l e s in t h e a re a s o f h u m a n r i g h t s , l a b o u r r i g h t s , e n v i r o n m e n t a n d a n t i - c o rr u pt io n . A s a L E A D m e m b e r , N ovo N o rd is k p r o v i d e s a d d it io n a l p r o g re s s re p o r t in g o n c o r p o r a t e s u st a i n a b il i t y l e a d e r s hi p a n d U N g o a l s . T hi s re p o r t i n g a l s o f u l f i ls t h e re qu ire m e n t s o f t h e D a ni s h F i n a n c ia l S t a t e m e n t s A c t , s ec t io n s 9 9 a a n d 99 b , o n p o l i c i e s a n d a c t io n s f o r c o r p o r a t e re s p o n si b il i t y a n d p r o g re s s a g a i n s t t a r g e t s f o r d i v e r si t y in m a n a g e m e n t . A D D I T I O N A L R E P O R T I N G D e s i g n a n d p r odu c ti on : A D t om i c C om m un ic a t ion s . A cc ou n t s a n d no t e s : T e a m 2 G r aph i c s . P ri n t in g : B o r d i n g P R O a s , F e b r u a r y 2 0 1 5 . P h ot o g ra p h y : G e r a r d o L a r ios , A D t o m i c C o mm un ic a tio n s , W ill i H a n s e n, N AS A , A l i y a r R a s t i , G e o r g e D o yl e / G e t t y I m a g e s , J e s p e r W e s tl e y , S i lv i n a B e n e d e t t o , C a r l L a r so n, M i c h a e l F o r t n e r , C h r i s t i a n A lsi n g , K i m V a d s k æ r , B e n j a m i n B e n s c h n e i d e r , N a k e a n W i c k li f f , R a s m u s D a n i e l T a u n, O l e k s i y M a r k s / S h u t t e r s t o c k , J e n s L i n d h e a n d M a r t i n J uu l . R efe r e n c e s : 1 . I n t e r na tio na l D i a b e t e s F e d e r a tio n . I D F D i a b e t e s A t l a s , 6 t h e dn u p d a t e , p o s t e r . I n t e r n a tio n a l D i a b e t e s F e d e r a tio n, 2 0 1 4 . 2 . W o r l d H e a lt h O r g a n i z a tio n . O b e si t y a n d o v e r w e i g h t . F a c t s h e e t N o 3 1 1 . W o r l d H e a lt h O r g a n i z a tio n, J a nu a r y 2 0 1 5 . 3 . W o r l d F e d e r a tio n o f H a em o p h ili a . A b ou t Bl e e d i n g D i s o r d e r s , H a em o p h ili a . W o r l d F e d e r a tio n o f H a em o p h ili a , M a y 2 0 1 2 . 4 . N o vo N o r d i s k . I n t e r n a l d a t a o n f i le . 2 0 1 4 . 5 . H a r t J T . R u l e o f H a l v e s : i m p l i c a tio n s o f i n c r e a s i n g d i a g n os is a n d r e d u c i n g d r o p o u t f o r f u t u r e w o r k l o a d a n d p r e s c r i b i n g c o s t s i n p r i m a r y c a r e . B r J G en Pra c t 1 9 9 2 ; 4 2 ( 3 56 ) : 1 1 6 – 1 1 9 , a n d S m it h W C S , L e e A J , Cr o m b i e I K , T u n st a l l - P e d oe H . C o n t r o l o f b l oo d p r e s s u r e i n S co t l a nd : t h e r u l e o f h a l v e s . BM J 1 9 9 0 ; 3 0 0 : 9 8 1 – 9 8 3 . 6 . W o r l d B a n k . H e a lt h e x p e n d i t u r e p e r c a p i t a ( c u r r e n t U S $ ) . 2 0 1 4 . 7 . K a i s e r F a m i l y F o un d a tio n . H e a lt h I n s u r a n c e C o v e r a g e o f t h e T o t a l P o p u l a tio n . 2 0 1 4 . 8 . W o r l d B a n k . P o p u l a tio n, to t a l . 2 0 1 4 . 9 . W H O . D e f i n itio n, d i a g n os is a n d c l a s si f i c a tio n o f d i a b e t e s m e ll i t u s a n d i t s c o m p l i c a tio n s . P a r t 1 : D i a g n os is a n d c l a s si f i c a tio n o f d i a b e t e s m e ll i t u s . W o r l d H e a lt h O r g a n i z a tio n, 1 999 . 1 0 . S t r a t t o n I M , A d l e r A I , N e il H A , M a t t h e w s D R , M a n l e y S E , C u ll C A , H a d d e n D , T u r n e r R C , H o l m a n R R , f o r t h e U n i t e d K i n g d o m P r os p ec ti v e D i a b e t e s S t ud y G r o u p . A sso c i a tio n o f g l y c a e m i a w it h m a c r o v a s c u l a r a n d m ic r o v a s c u l a r c o m p l i c a tio n s o f t y p e 2 d i a b e t e s ( U K P D S 3 5 ) : p r os p ec ti v e o b s e r v a tio n a l s t ud y . B M J 2 00 0 ; 3 2 1 ( 7 2 5 8 ) : 4 0 5 – 41 2 . 1 1 . S h a h C P & C h e n C . R e v i e w o f T h e r a p e u ti c A d v a n c e s i n D i a b e ti c R e t i n o p a t h y . T h e r Ad v E ndo c ri no l M e ta b 2 0 1 1 ; 2 ( 1 ) : 3 9 – 5 3 . 1 2 . I n t e r na tio na l D i a b e t e s F e d e r a tio n . I D F D i a b e t e s A t l a s , 6 t h e dn u p d a t e , P o w e r P o i n t . I n t e r n a tio n a l D i a b e t e s F e d e r a tio n, 2 0 1 4 . 1 3 . H o l m a n R R 1 , T h o r n e K I , F a r m e r A J , D a v i e s M J , K e e n a n J F , P a u l S , L e v y J C , f o r t h e 4 - T S t ud y G r o u p . A dd itio n o f b i p h a sic , p r a n d i a l , o r b a s a l i n s u li n to o r a l t h e r a p y i n t y p e 2 d i a b e t e s . N E ng l J M ed 2 0 0 7 ; 35 7 ( 1 7 ) : 1 71 6 – 1 7 3 0 . 1 4 . R e d o nd o M J , J e f f r e y J , F a i n P R , Ei s e nb a r t h G S , O r b a n T . C o n c o r d a n c e f o r i sl e t a u t o i m mu n i t y a m o n g m o n o z y g o ti c t w i n s . N E ng l J M ed 2 0 0 8 ; 35 9 ( 2 6 ) : 2 8 4 9 – 2 8 5 0 . 1 5 . K e e n a n H A 1 , S u n J K , L e v i n e J , D o r i a A , A i e l l o L P , Ei s e nb a r t h G , B o n n e r - W e i r S , K i n g G L . R e si du a l i n s u li n p r o d u c tio n a n d p a n c r e a ti c ß - c e ll t u r n o v e r a f t e r 5 0 y e a r s o f d i a b e t e s : J os li n M e d a li s t S t ud y . D i a b et e s 2 0 1 0 ; 5 9 ( 1 1 ) : 2 8 4 6 – 2 8 5 3 . 1 6 . U n i t e d N a tio n s , D e p a r t m e n t o f Ec o n o m i c a n d S o c i a l A f f a i r s , P o p u l a tio n D i v i sio n . Wo rld U r b a n i z a t io n Pr o s p e c t s : T h e 2 0 1 4 R e v i s i o n , H i g h li g h t s . U n i t e d N a tio n s , 2 0 1 4 . 1 7 . M b a n y a J C , M o t a l a A A , S o bn g w i E , A ss a h F K , E n o r u S T . D i a b e t e s i n s u b - S a h a r a n A f r i c a . L a n ce t 2 0 1 0 ; 37 5 ( 9 733 ) : 2 2 5 4 – 2 2 6 6 . 1 8 . N a tio n a l I n s ti t u t e o f P ub l i c H e a lt h . N a t i o n al H e a l th a n d N u t ri t i o n E xa m i n a t i o n S u r v e y . N a tio n a l I n s ti t u t e o f P ub l i c H e a lt h, 2 0 1 2 . O r i g i n a l titl e : E n c ue s t a N a c io n a l d e S a l u d y N u tri c ió n . 1 9 . D o bb s R , S m i t S , R e m e s J , M a n y i k a J , R o x bu r g h C , R e s t r e p o A . U r b a n wo rl d : M a pp i n g t h e e c onom i c p ow e r of c i t i e s . M c K i n s e y G l o b a l I n s ti t u t e , 2 0 1 1 . 2 0 . O g d e n C L , C a r r o ll M D , K i t B K , F l e g a l K M . P r e v a l e n c e o f C h i l d h oo d a n d A du l t O b e si t y i n t h e U n i t e d St a t e s , 2 0 1 1 – 2 0 1 2 . J A M A 2 0 1 4 ; 3 1 1 : 8 0 6 – 8 1 4 . 21 . C aw l e y J , M e y e r h o e f e r C , B i e n e r A , H a m m e r M , W i n t f e l d N . S a v i n g s i n M e d i c a l E x p e n d i t u r e s A sso ci a t e d w it h R e d u c tio n s i n B o d y M a s s I nd e x A m o n g U S A du l t s w it h O b e si t y b y D i a b e t e s St a t u s . P h ar m a c o e c onom i c s 2 0 1 4 [ p r io r to p r i n t i n g ] . 2 2 . G uh D P , Z h a n g W , B a n s b a c k N , A m a r s i Z , B i r m i n g h a m C L , A n is A H . T h e i n ci d e n c e o f c o - m o r b i d iti e s r e l a t e d to o b e si t y a n d o v e r w e i g h t : A s ys t e m a ti c r e v i e w a n d m e t a - a n a l y s i s . B M C P u bl ic H e a l t h 2 0 0 9 ; 9 : 8 8 . 23 . B e rr i n g t o n d e G o n z a l e z A , H a r t g e P , C e r h a n J R e t a l . B o d y - M a s s I nd e x a n d M o r t a l i t y a m o n g 1 . 4 6 M ill io n W h i t e A du l t s . N E ng l J M ed 2 0 1 0 ; 3 6 3 : 2 2 1 1 – 2 2 1 9 . 2 4 . G r e e n w a y F , L e R o u x C , L a u D , e t a l . A dd itio n a l a n a l ys e s o f t h e w e i g h t - lo w e r i n g e f f i c a c y o f li r a g l u ti d e 3 . 0 m g i n o v e r w e i g h t a n d o b e se a du l t s : t h e S C A L E O b e si t y a n d P r e d i a b e t e s r a nd o m i ze d t r i a l . O b e si t y W e e k 2 0 1 4 . O r a l p r e s e n t a tio n . 2 5 . J e n s e n M D , R y a n D H , A p o v i a n C M , e t a l . G u i d e li n e f o r t h e M a n a g e m e n t o f O v e r w e i g h t a n d O b e si t y i n A du l t s : A R e p o r t o f t h e A m e r i c a n C o l l e g e o f C a r d iol o g y / A m e r i c a n H e a r t A sso c i a tio n T a s k F o r c e o n P r a c ti c e G u i d e li n e s a n d T h e O b e si t y S o ci e t y . C ir c ul a t i o n 2 0 1 4 ; 1 2 9 : S 1 0 2 – S 1 38 . 2 6 . W o r l d F e d e r a tio n o f H a em o p h ili a . R e po r t o n t h e A nn ual G l ob al S u r v e y 2 0 1 3 . W o r l d F e d e r a tio n o f H a e m o p h ili a , 2 0 1 4 . 2 7 . S t o n e b r a k e r J S , B ol t o n - M a gg s P H B , S o u ci e J M , W a lk e r I , B r o o k e r M . A s t ud y o f v a r i a tio n s i n t h e r e p o r t e d h a e m o p h ili a A p r e v a l e n c e a r o un d t h e w o r l d . H a e mop h il ia 2 0 1 0 ; 1 6 , 2 0 – 3 2 . 2 8 . S t o n e b r a k e r J S , B ol t o n - M a gg s P H , M ic h a e l S o u ci e J , W a lk e r I , B r o o k e r M . A s t ud y o f v a r i a tio n s i n t h e r e p o r t e d h a e m o p h ili a B p r e v a l e n c e a r o un d t h e w o r l d . H a e mop h il ia 2 0 1 2 ; 1 8 ( 3 ) : e 9 1 - 4 . 2 9 . K a p o o r R R , B u r k e S A , S p a r r o w S E , H u g h e s I A , D un g e r D B , O n g KK , A c e r i n i C L . M o n i t o r i n g o f c o n c o r d a n c e i n g r o w t h h o r m o n e t h e r a p y . A r c h D i s C h il d 2 0 0 8 ; 93 : 1 4 7 – 1 4 8 . M a r k e t d a t a o n p p 5 , 1 7 , 1 8 , 2 3 , 2 4 a n d 2 5 a r e f r o m I M S H e a l t h, I M S M I D A S C u s t o m i z e d I n si g h t s ( N ov e mb e r 2 0 1 4 ) a n d s h o w n a s M A T N ov e mb e r 2 0 1 4 un l e s s st a t e d o t h e r w i s e . M a r k e t d e f i n i tio n f o r r et a i l : A l g e r ia , A r g e n t i n a , A u s t r a l ia , A u s t r ia , B e l g i u m , B r a z i l , B u l g a r ia , C a n a d a , C olo m b ia , C z e c h R e pu b l i c , D e n m a r k , E g y pt , Es t o nia , F i nla n d, G e r m a n y , G r ee ce , H un g a r y , I n dia , I r e land, I t a l y , Ja p a n, K o r e a, L a t v ia , L i t huania , L u x e m b o u rg , M e x i c o , N e t h e r land s , N e w Z e a la n d, N o r w a y , P o land, P o r t u g a l , R o m a nia , S au d i A r a b ia , S l o va k ia , S l o v e nia , S o u t h A f r ic a , S p a i n, S w e d e n, S w i t z e r land, T u r k e y , U K a n d U S . M a r k e t d e f i ni tio n f o r h os p i t a l s : A u s t r a l ia , B u l g a r ia , C a n a d a , C hi n a , C z e c h R e pu b l i c , D e n m a r k , F i nla n d, G e r m a n y , H un g a r y , I t a l y , Ja p a n, L a t v ia , L i t huania , N e w Z e a la n d, N o r w a y , P o land, R o m a nia , R u s s ia, S l ov a k i a , S l ov e n i a , S o u t h A f r ic a , S p a i n, S w e d e n, S w i t z e r l a n d, U K a n d U S . R et a i l d a t a f o r F r a n c e a r e so u r c e d f r o m G E R S ( N ov e mb e r 2 0 1 4 ) . N O V O N O R D I S K A NN U A L R E P O R T 2 0 1 4 19 Ma rch 2 0 15 A nn u a l g en er a l m e e t i n g A N N O U N C E M E N T O F F I N A N C I A L R E S U L T S D IV I D E ND 3 0 A p ril 2 0 15 F i rs t t hr e e m o n t hs 6 2 9 A ug u s t O c t o b e r 2 0 1 5 2 0 15 3 F ebrua r y 2 0 16 F u ll yea r H al f yea r F i rs t n i n e m o n t hs 20 March 2 0 15 E x - d iv i d en d 2 3 24 Marc h March 2 0 1 5 2 0 15 31 March 2 0 15 Pa ym e n t , A D R s R e c or d da te Pa ym e n t , B s h a r e s

H ea d q ua r t e r s N ovo N o rd is k A / S N ovo A l l é 2 88 0 B a g s v ærd D e n m a r k T e l +4 5 444 4 888 8 C V R n u m b e r 2 4 2 5 67 9 0 n o v on o r d is k . c om I n v e s t o r S e r v i c e E nqu i r i e s a n d f e e d b a c k o n t h e A nn ua l R e p o r t s h o u l d b e a d d re ss e d t o : ann u a l r e p o r t @n o v on o r d is k . c om S h a re h o l d e r s ’ e nqu i r i e s c o n c e r n i n g d iv i d en d p a y m e nt s a n d s h a r e h o l d er a c c o u n t s s h o u l d b e a d d re ss e d t o : s ha r e h o l d e r @n o v on o r d is k . c om A D R h o l d e r s ’ e nqu i r i e s c o n c e r n i n g d iv i d e n d p a y m e nt s, t r a n s f er o f A D R c e r ti f i c a t e s, c o n s o l i d a t io n o f a c c o u n t s a n d t r a c kin g o f A D R s s h o u l d b e a d d re ss e d t o : J P M o r g a n C h a s e B a n k , N . A . P O Bo x 6 4 5 0 4 4 N e w Y o r k P l a z a, F l o o r 1 2 N e w Y o r k , N Y 1 0 0 4 A t t e n t io n : D e p o si t a r y R e c e i p t s G r o up T e l + 1 8 0 0 9 9 0 1 1 3 5 T e l + 1 6 5 1 45 3 2 1 2 8 ( F r o m o u t si d e t h e U ni t e d S t a t e s ) j pmo r ga n . ad r @ w e l l s f a r g o . c o m M e x i c o C i t y i s on e o f th e b i gg e s t me t r o p o l i t an a r e a s i n th e w o r l d w it h a r ou n d 2 1 m i l li o n p e op le . U r ba n i s a ti o n i s d r i vi n g th e r i s e i n t y p e 2 d i a b e t e s w o r l d w i d e , b u t l i t t l e i s k n o w n a b o u t w ha t t o d o a b o u t i t . No v o N o r d i s k a n d th e g o v e r n me n t o f M e x i c o C i t y a r e w o r k i n g t o g ethe r t o fi n d o u t .