Novo Nordisk A focused global healthcare company with biotech expertise Investor Presentation Spring 2001

Novo Nordisk Today Consistent, strong organic growth Focused on few therapeutic areas with large unmet medical needs Leadership in diabetes care and haemostasis management Strong presence in Europe and Japan, strong growth in the US Proven biotech and drug delivery capabilities Low exposure to patent expirations Track record of delivering on promises

Turnover by Therapy DKK billion Key observations: Diabetes business has delivered more than 10% growth on average per annum for 77 years Strong market penetration by NovoSeven ® Conversion from Norditropin ® to Norditropin ® SimpleXx TM Coagulation disorders Diabetes care Human growth hormone HRT Other

USA Europe Japan RoW Turnover by Region DKK billion Key observations: Stable underlying growth in Europe and Japan Increasing insulin sales and good market penetration of NovoSeven® in the US Strong foothold in emerging markets

Long-term Financial Targets Targets set out in 1996 EBIT growth of 15% per annum EBIT margin of 20% RONFA of 20% Positive cash flow All targets met by 2000 Observations from 2000 EBIT growth of 37% EBIT margin of 23.1% RONFA of 27.5% Free cash flow of DKK 2,712 million

HRT HRT Human growth hormone Intellectual property Diabetes care Coagulation disorders Primary growth drivers Secondary value drivers Novo Nordisk – Future Key Drivers

HRT HRT Human growth hormone Intellectual property Diabetes care Coagulation disorders Primary growth drivers Secondary value drivers Novo Nordisk – Future Key Drivers

Diabetes – an Unfolding Epidemic world wide will reach 300 million by 2025 World Health Organisation, September 1998 WHO estimates that the number of diabetics The cost of treating people with diabetes is expected to Increase in the number of people with diabetes from 150 million to 220 million – 10 years from now – yearly growth of 3.9%. Source: Amos A.., McCarty DJ, Zimmet P: Diabet. Med. 1997; amount to about USD 1 trillion annually – in the US in 2025 Dr G Bernstein, former president of ADA

Estimated number of diagnosed people with diabetes Estimated number of people with diabetes Increased rate of diagnosis will lead to increased use of insulin Only about One Third are Diagnosed

Treatment Matters Only a small number of patients are in control Intensive treatment matters Distribution of patients HbA1c * Measured according to Guidelines for Diabetes Care, IDF Europe ** According to epidemiological analysis of the UKPDS data, 1998 HbA1c lowering by one percentage point reduces micro vascular risk by 35%** Close to 80% are exposed to arterial or micro vascular risk*

Long acting Premixes Short acting More Intensive Treatment The share of sales of short-acting and pre- mixable insulin has increased substantially Note: Numbers are all MAT Q3 +3% +6% +4% +7% +9% 24% 39% 37%49% 32% 19% This indicates intensive/flexible treatment is being adapted Mega Units in 1,000

0%25%50%75%100% Japan Europe US Towards More Sophisticated Devices % pen users in volume split by region 81% 73% 7% Note: Numbers are all MAT Q3

Insulin analogue Analogues to Replace Human Insulin 2% 90% 8% Note: Numbers are all MAT Q3 Human insulin Animal insulin % insulin volume split by type of insulin

Full range of analogues NVO LLY AVE NVO LLY AVE Rapid-acting MarketedMarketed Ph1/Ph2 Basal Ph3 Marketed Premix, protracted ApprovedMarketed One new device each year Adding Value to Volume at Novo Nordisk

Upgrading the Insulin Market Human insulin Insulin analogue USD 1.0 USD 2.0 USD 1.3 USD 1.5 Estimated average treatment cost per day Vials Pens

US – Positioned for Growth New management recruited and sales force tripled in 2000 Insulin market shares in volume up from 20.2% in 1999 to 24.6% in 2000 (both MAT Q3) Co-marketing deal with Wal-Mart (approx 5% of US market) and Veteran Adm. deal NovoRapid ® launch in H Innovo ® launch in H US insulin market share and sales development MAT Q3/95 MAT Q3/96 MAT Q3/97 MAT Q3/98 MAT Q3/99 MAT Q3/00 Index MATQ3.1995=100 10% 12% 14% 16% 18% 20% 22% 24% 26% Insulin sales (USD) Market share in MU (right-hand scale)

Emerging Markets Likely to Add Growth Increased wealth (western lifestyle) and health care spending lead to increased insulin consumption Novo Nordisk has been present in markets like India and China for years and hold a leading position in both markets China India Japan Europe USA Weighted average of USA, Europe and Japan Estimated insulin consumption per cap (USA index 100)

9.3% 10.5% 10.1% 15.8% 2.9% World RoW Japan Europe USA Insulin Market Overview (’99/ ’00 MAT Q3 Volumes) Novo Nordisk Market share Market growth (‘00/’99) 44% 46% 4% 4% 6%6%6%6% % market size MAT Q % Notes: Industrialised world only. Mail-order panel now included in the US figures. Market growth in Europe is affected by about +4 %-point from conversion of formulation in Italy and France. Market growth in Europe is affected by about +4 %-point from conversion of formulation in Italy and France. The effect on the world market is estimated to be just above +2 percentage point. The effect on the world market is estimated to be just above +2 percentage point. 25% 58% 80% 61% 44%

Key Insulin Market Observations Volume to deliver approx 5% growth Product mix adding growth of approx 5% Few players with strong core competences competences Large-scale recombinant protein production capacity Access to superior delivery technology Analogues are patented Branded among specialists Global reach Estimated 10%* growth in attractive market * Excluding pulmonary insulin

Therapy:Diet/Exercise Oral productsOral/InsulinInsulin Therapy:Diet/Exercise Oral productsOral/InsulinInsulin Approx 66% Approx 7% Approx 27% Approx 66% Approx 7% Approx 27% From Diet and Exercise to Insulin Type 1: (4 million patients*) Type 2: (147 million patients*) * Estimated year 2000 incl. undiagnosed. An estimated million using medication An estimated million using medication

Growth Opportunity in Type 2 Diabetes Broad pipeline of innovative approaches for treating Type 2 diabetes NovoNorm TM /Prandin ® Turnover of DKK 1,087 million in 2000 Increased awareness on prandial glucose regulation (PGR) Experience in the OAD market Well positioned for further growth in USD 5.2 bn (+18% in MATQ3.00) market

Type 2 Diabetes – the Metabolic Syndrome Glucose-induced insulin secretion Tissue response to insulin Hepaticglucoseproduction Glucoseuptake Impaired beta cell function Basal hyper- insulinemia Postreceptordefect Glucosetransport Insulinbinding Genetic Acquired Obesity Age Genetic Acquired Obesity Age Insulin deficiency Insulin resistance Hyperglycemia Genetic Acquired Glucotoxicity Lipotoxicity Genetic Acquired Glucotoxicity Lipotoxicity

NovoNorm TM /Prandin ® NN304 NN1998 NN2344 Glucose-induced insulin secretion Tissue response to insulin Hepaticglucoseproduction Glucoseuptake Impaired beta cell function Basal hyper- insulinemia Postreceptordefect Glucosetransport Insulinbinding NN414 NN4201 Genetic Acquired Obesity Age Genetic Acquired Obesity Age Insulin deficiency Insulin resistance NovoRapid Type 2 Diabetes – the Metabolic Syndrome Insulin deficiency Insulin resistance Hyperglycemia NN2211 NN2211 NN622 NN622 Genetic Acquired Glucotoxicity Lipotoxicity Genetic Acquired Glucotoxicity Lipotoxicity

Diabetes Pipeline NN2211 (GLP-1 analogue) NN1215 (LABI) NN1215 (LABI) NN1998 (AERx) NN4201 (Hepatic glucose regulator) regulator) NN304 (Basal analogue) NovoMix® 30 (Premix analogue) NovoMix® 30 (Premix analogue) NN2344 (Insulin sensitiser) NN414 (Insulin secretion) NN622 (Dual acting sensitiser) NovoMix® ( other mixes) Phase 1 Phase 2 Phase 3 Registration (Premix analogue)

Novo Nordisk – Future Key Drivers Diabetes care Coagulation disorders Primary growth drivers Secondary value drivers HRT HRT Human growth hormone Intellectual property

DKK million Launched: Launched: Europe Feb 1996 USA April 1999 Japan May 2000 Inhibitor indication: Inhibitor indication: Estimated market potential USD 350 million NovoSeven® Sales

Mechanism of Action and Characteristics The key features of NovoSeven ® are: Injury site selective activation of platelets creates high local thrombin formation which secures a tight fibrin clot Correction of coagulation within 10 minutes Good safety profile Rupture Tissue factor FVIIa / NovoSeven®

Growing Current Indication Launch NovoSeven ® globally and establish a leadership position in congenital inhibitor treatment via Superior product benefits Customer relations Synergies between markets Pharma economic research Enhance NovoSeven ® position as first line therapy in Hospital treatment Home treatment Orthopaedic surgery Acquired haemophilia Develop new formulations of NovoSeven ® Expand global market leadership within current indication

Surgical bleeding Single Factor Multiple Factors Spontaneous bleeding Lack of platelets Defective platelets Expanding the Use of NovoSeven® Coagulation Factor Deficiency Platelet Disorder General Haemostasis Haemophilia with inhibitors Liver transplantations Upper gastrointestinal bleedings Liver resection Intra-cerebral bleeds Traumatology Vitamin K- antagonists Bone marrow transplantation Liver resection Hip replacements Haemorrhagic dilution coagulopathy Oozing after cardiac valve replacement Colon cancer surgery GlanzmannBernard-Souliers Upper gastro- intestinal bleedings Current indication Von Willebrand’s

Novoseven® Is Expected to Make a Difference Control of bleedings Higher rate of success Fewer complications Dry surgical field Flexibility in timing Less dependent on blood bank PatientsPayers Physicians N7 in generalhaemostasis Higher chance of survival Fewer days at hospital Fewer infections Reduced ICU and ward-days Reduced mortality Less transfusions

Towards the First General Haemostatic Agent 8 studies within 6 clinical areas: Orthotopic liver transplantations* Liver resection* Upper GI bleeds* Liver resection Reversal of anti-coagulantia therapy Bone marrow transplantation Intra-cerebral bleeds Traumatology Criteria for moving into clinical area: Medical need Probability of success Market potential Competitive situation Strategic leverage * Patients with chronic liver disease

Clinical areaStatus on project Building Strong Scientific Evidence Orthotopic liver transplantation*Ongoing Ph 2/3 project Liver resectionExploratory Ph 2 study has been initiated Upper GI bleeds*Ph 2 study expected to start in first half 2001 Liver resection*Ph 2 study expected to start in first half 2001 Reversal of anti-coagulantia therapyPh 2 study expected to start in first half 2001 Bone marrow transplantationsPh 2 study expected to start in first half 2001 Intra-cerebral bleedsExploratory Ph 2 study expected to start mid 2001 TraumatologyPh 2 study expected to start by year end 2001 * Patients with chronic liver disease.

Spontaneousbleeding Single SingleFactorMultipleFactorsSurgicalbleeding Lack of plateletsDefectiveplatelets Coagulation Factor Deficiency Platelet Disorder General Haemostasis Expanding the Use of Novoseven® Haemophilia with inhibitors Liver transplantations Upper gastrointestinal bleedings Liver resection Intra-cerebral bleeds Traumatology Vitamin K- antagonists Bone marrow transplantation Liver resection Hip replacements Haemorrhagic dilution coagulopathy Oozing after cardiac valve replacement Colon cancer surgery GlanzmannBernard-Souliers Upper gastro- intestinal bleedings Current indication Von Willebrand’s Patients with chronic liver disease

Novo Nordisk – Future Key Drivers Diabetes care Coagulation disorder Primary growth drivers Secondary value drivers HRT HRT Human growth hormone Intellectual property

Human growth hormone 2, ,000 1,500 2, Norditropin ® SimpleXx™: Launched: EU: April 1999 Japan: July 2000 USA: Oct DKK million

Conversion rate by Q Europe Launch Q Market share has increased Japan Launch Q Share of new patients has increased USA Launch Q %20%40%60%80%100% Norditropin ® Norditropin ® Norditropin ® SimpleXx TM Norditropin ® SimpleXx TM Europe: Japan: Conversion to Norditropin ® SimpleXx TM

Novo Nordisk – Future Key Drivers Diabetes care Coagulation disorders Primary growth drivers Secondary value drivers HRT HRT Human growth hormone Intellectual property

Hormone Replacement Therapy (HRT) Activelle TM - the best low- dose product in the fast- growing continuous combined segment Further geographic expansion of Activelle TM Out-licensed to Pharmacia in the US DKK million

Maximising the Potential within HRT Trends in HRT Low-dose products are increasingly favoured Women demand ‘no period’ therapy Direct-to-Consumer marketing is increasing with focus on lifestyle aspects Activelle TM positioned to benefit from trends

Novo Nordisk – Future Key Drivers Diabetes care Coagulation disorder Primary growth drivers Secondary value drivers HRT HRT Human growth hormone Intellectual property

A total of 2,102 valid patents by year-end 2000 First filing for 77 new inventions during patents issued to Novo Nordisk during 2000 alone mostly related to diabetes and devices Three major settlements on Novo Nordisk patents within the last 12 months Novo Nordisk will continue to enforce patents pro-actively A Strong Portfolio of Intellectual Property Patents by year-end

Source: ArosMaizels Research and Novo Nordisk % of 1999 sales with patents expiring in No Major Patent Expirations

Financials

Key Financials for 2000 Net turnover20,81116, Operating profit as reported 4,8163, Net profit3,087 2, Earnings per share (DKK) Free cash flow2,7121,53377 DKK million % change

Margin Development Note: EBIT margin as reported DKK million R&D costs S&D costs Adm. costs DKK million Production costs Development in gross- and EBIT-margin % 27.9% 12.1% 16.3% 9.0% 30.1%

Long-term Financial Targets New financial targets EBIT growth of 15% per annum EBIT margin of 25% ROIC of 25% (post-tax) per annum Cash to earnings of 60% Targets set out in 1996 EBIT growth of 15% per annum EBIT margin of 20% RONFA of 20% per annum Positive cash flow All reached by 2000 Balancing growth and value

Focus on Shareholder Value Split of shares – effective as of 4 April B share (nom DKK 10)  5 B shares (nom DKK 2 each) 1 ADS (nom DKK 5)  2.5 ADSs (nom DKK 2 each) Reduction in share capital corresponding to 6% of the total capital Share buy-back programme part of the strategy Shareholder value driven management incentive programmes Top management have all invested equal to one year’s gross salary in Novo Nordisk shares Four options received on each purchase of Novo Nordisk shares Annual option programme based on performance continues

Increasing Dividend per Share Dividend per share of DKK in 2000 Increased 64% from 1999 to 2000 adjusting for Novozymes A/S DKK per share 20% 23% 29% Payout ratio = 30% Note: Historic dividends are split between Novozymes and Novo Nordisk (HC) based on share of total earnings. Novozymes’ share of dividend

Estimated market potential for current NovoSeven® indication of USD 350 million Entering 6 new clinical areas with 8 new studies in 2001 Strategy for making NovoSeven® the first general haemostatic agent Moving towards haemostasis management Patent protection in Europe and the US until 2011 Patent protection in Japan until 2007 Primary growth drivers Secondary value drivers Novo Nordisk – Key Drivers World leader with steady growth for 77 years 2/3 of business (insulin) growing >10% p.a. Growth platform in the US The most comprehensive insulin and insulin device portfolio in the industry – one new device per year Sensitisers (NN2344 and NN622) Reduction of glucose output from the liver (NN4201) GLP-1 analogue (NN2211) Insulin secretion (NN414) Diabetes care Coagulation disorders HRT HRT Human growth hormone Intellectual property

Novo Nordisk – Positioned for Growth Well positioned to capture future growth Consistent, strong organic growth Focused on a few therapeutic areas with large unmet medical needs Leadership position in diabetes care and haemostasis management Strong presence in Europe and Japan, strong growth in US Proven biotech and drug delivery capabilities Low exposure to patent expirations Track record of delivering on promises

Forward-looking Statements Forward-looking Statements This presentation contains forward-looking statements as the term is defined in the US Private Securities Litigation Reform Act of 1995 Such forward-looking statements are subject to risk and uncertainties that may cause actual results to differ materially from expectations, including unexpected developments in the international currency exchange and securities markets, government-mandated or market-driven price decreases for Novo Nordisk's products in the company's major markets and the introduction of competing products within Novo Nordisk's core businesses These and other risks and uncertainties, are further described in reports filed with the US Securities and Exchange Commission (SEC) by Novo Nordisk and readily available to the public, including the company's Form 20-F, which was filed on 2 May A Form 20-F for 2000 will be filed by the end of June 2001

Estimated market potential for current NovoSeven® indication of USD 350 million Entering 6 new clinical areas with 8 new studies in 2001 Strategy for making NovoSeven® the first general haemostatic agent Moving towards haemostasis management Patent protection in Europe and the US until 2011 Patent protection in Japan until 2007 Primary growth drivers Secondary value drivers Novo Nordisk – Key Drivers World leader with steady growth for 77 years 2/3 of business (insulin) growing >10% p.a. Growth platform in the US The most comprehensive insulin and insulin device portfolio in the industry – one new device per year Sensitisers (NN2344 and NN622) Reduction of glucose output from the liver (NN4201) GLP-1 analogue (NN2211) Insulin secretion (NN414) Diabetes care Coagulation disorders HRT HRT Human growth hormone Intellectual property

Appendix

Investor Information Investor Relations Contacts: Novo Nordisk A/S Investor Relations Novo Allé DK­2880 Bagsværd Denmark Fax (+45) Peter Haahr Phone (+45) Palle Holm Olesen Phone (+45) Rasmus Holm-Jørgensen Phone (+1) Share information Novo Nordisk’s B shares are listed on the stock exchanges in Copenhagen and London. Its ADSs are listed on the New York Stock Exchange under the symbol "NVO". For further company information, visit Novo Nordisk on the World Wide Web at

The Vision of Novo Nordisk We will be the world’s leading diabetes care company Our aspiration is to defeat diabetes by finding better methods of diabetes prevention, detection and treatment We will work actively to promote collaboration between all parties in the healthcare system in order to achieve our common goals Our focus is our strength. We will stay independent and form alliances whenever they serve our business purpose and the cause we stand for

Profit & Loss DKK million Net turnover 13,64716,42320,811 Y/Y growth +8.4%+20.3%+26.7% Gross profit 9,89612,19615,767 EBIT2,9333,5274,816 EBIT-margin21.5%21.5%23.1% Net finance Pre-tax profit 3,1763,3494,840 Tax rate 36.5%40.3%36.2% Net profit 2,0162,0013,087

DKK million % of total 2000 % change Insulin etc13,49111, NovoNorm ® /Prandin™1, Diabetes Care, Total14,57811, Coagulation disorders*2,2701, Growth disorders2,107 1, HRT1,3061, Other Total20,81116, * NovoSeven ® * NovoSeven ® Turnover by Therapy 2000 and 1999

DKK million Fixed assets 12,53410,57612,065 Stocks3,2533,5833,972 Debtors4,8955,4814,711 Cash and current inv. 1,4763,4423,845 Total assets 22,15823,08224,593 Shareholder’s funds 15,28715,18515,738 Provisions1,1211,2581,493 Long-term debt 9971, Short-term debt 4,7535,6326,412 Total liabilities 22,15823,08224,593 Balance Sheet

Characteristics of the OAD Market Low but increasing awareness among decision makers Low degree of diagnosis Need for education Low focus on pharmacoeconomics Mainly GP driven Chronic and complicated disease Serious late-stage complications Age-adjusted death rate increasing Novo Nordisk products/projects NovoNorm™/Prandin® NN622 (currently in Phase 2) NN2344 (currently in Phase 2) NN2211 (currently in Phase 2) NN4201 (currently in Phase 1) NN414 (currently in Phase 1)

The OAD Market and PGR OAD market continues to grow strongly The number of treated patients increased by 8.5% in MATQ The OAD market increased 18.3% to USD 5.2 bn in MATQ New treatment options fuel an increase in combination therapy Growing acceptance in both US and EU, that both insulin secretion and insulin resistance defects need to be treated Sensitiser growth has leveled off in US – uptake is limited in Europe Strong support for post-prandial blood glucose (PPG) control PPG is an independent risk factor for cardiovascular disease ADA consensus meeting held in January 2001 Formation of the Diabetic-cardiovascular Initiative (DCVD)

0600 Normal Type 2 diabetes Insulin Secretion (pmol/min) Kilde: O'MEARA et al. Am. J. Medicine, 1990; 89. Insulin Secretion in Normal People and People with Type 2 Diabetes

Positive Outlook for NovoNorm TM /Prandin ® Strong support for post-prandial blood glucose (PPG) control PPG is an independent risk factor for cardiovascular disease ADA consensus meeting January 2001 Formation of the Diabetic-cardiovascular Initiative (DCVD) Strengthening of clinical profile in progress Trials with NovoNorm TM /Prandin ® in combo and comparison to sensitisers ongoing Other trials in progress to broaden utilisation Over 25 publications in support of NovoNorm TM /Prandin ® in 2000

Insulin etc NovoRapid ® /NovoLog ® : EU: Roll out ongoing US: Launch H Japan: Filed New innovative devices: Innovo ® : EU and Japan InnoLet ® : EU 1,000 2,000 3,000 4,000 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 DKK million Sales by quarter

Characteristics of the Insulin Market Both Type 1 and Type 2 diabetes Mainly specialist driven, but GPs very important in the US Few players, large volumes Inexpensive and reimbursed treatment Cumbersome with multiple daily injections and glucose monitoring Patients start too late on insulin Devices increasingly important Need for education on importance of treating more assertively Novo Nordisk products/projects Insulin products Actrapid®, Insulatard®, Monotard®, Mixtard®, Ultratard®, Velosulin®, Novolin®, NovoRapid®, NovoMix® (registration), NN304 (Phase 3), LABI (Phase 1) Type of device Vials, NovoPen®, NovoLet®, PenMate™, Innovo®, InnoLet®, AERx/NN1998 (Phase 2) ”New Device Each Year”

AERx NN1998 – Pulmonary Insulin Pulmonary Insulin Opportunity Non-invasive insulin delivery Mainly poorly controlled Type 2 diabetes patients Expanded insulin sales Product Requirements Accuracy, precision, dose adjustment Patient friendly device interface Scaleable manufacturing Aradigm is the Optimal Partner Liquid insulin formulation Breath control Increments of single insulin units Performance monitoring

Diabetes – Source of Innovation R&D projects Clinical research Steno Diabetes Centre Oxford Diabetes Centre Clinical research centres worldwide Evidence-based medicine NN disease mgt programmes Outcomes data from > individuals with diabetes Molecular diversity & design Protein chemistry since ’23 Medicinal chemistry since ’68 Computational chemistry since ’75 Rational drug design since ’83 Combinatorial chemistry since ’93 Trinomics Genomics: Incyte since ’95 Proteomics: CPA since ’97 Metabonomics since ’99 Drug target & screening Molecular biology since ’80 HT screening: Amersham since ’92 Chemoinformatics since ’95 Dundee MRC consortium since ’98 Ultra HT Screening since ’00 Basic research Hagedorn Research Institute Oxford and Steno Diabetes Centre Academic collaborations Consortia

Identify & clone target Establish biological function High throughput screening In vitro biological profile Chemistry In vivo diabetes models PLPc Stable cell lines DiabetesexpertiseDiabetesmodels Evolution of a Diabetes Project

ß -cell - PGR - PCO - GLP-1. Liver - Hepatic enzyme inh - PPAR  - Glucokinase - Glucagon antagonists - Insulin - Insulin mimetics. Muscle/Fat - Insulin sensitisers - Insulin - Insulin mimetics - PPAR  - GLUT4 - TNF  - PTPase. Brain - GLP-1. Diabetes – a Metabolic Syndrome Gut - GLP-1.

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 DKK million Inhibitor indication: Inhibitor indication: Estimated market potential of USD 350 million Launched EU: Feb 1996 USA: April 1999 Japan: May Sales by quarter Coagulation Disorders (NovoSeven®)

AustriaBelgiumDenmarkFinlandFranceGermanyGreeceIrelandItalyLuxembourgNetherlandsNorwayPortugalSpainSwedenSwitzerlandUKBahrainKuwaitBrazilBulgariaCroatiaCyprus Czech Rep Hong Kong IsraelJordanMaltaNewZealandRomaniaSlovakia S Africa YugoslaviaHungaryLithuaniaPolandSingaporeSlovenia S Korea TaiwanThailandAustraliaBosniaCanada Costa Rica USAArgentinaGuatamalaJapanRussia 50 Countries Orange = not yet launched Registration Status

Novoseven® Mechanism of Action (NovoSeven ® ) rFVIIa Activation of platelets without NovoSeven ® Tissue factor Tissue factor - only at site of injury - only at site of injury FXa Platelet activation Thrombin activation and burst Local activation of platelets & clot formation with NovoSeven ® The key impact of NovoSeven® is through injury site selective platelet activation to ensure high local thrombin formation which secures a tight fibrin clot

Est number of orthotopic liver transplantations: 8,000 Est number of bleeding episodes: Est no of potential targeted severe bleeding episodes per year: 100, ,000 Est no of potential targeted severe bleeding episodes per year: 200,000 Est no of potential targeted severe bleeding episodes per year: 13,000 Est no of potential targeted severe bleeding episodes per year: 600,000 Est number of spontaneous upper GI bleeds: 170,000 Liver resection* Traumatology Intra-cerebral bleeds Bone marrow transplant Reversal of anti- coagulant therapy Upper GI bleeds* Orthotopic liver transplantation* Estimated Number of Bleeding Episodes Clinical area * Patients with chronic liver disease

‘E’-commerce : Background & Strategy We will utilise our device leadership to build a platform for future e-commerce activities Increasing focus on empowered patients & DTC Multiple retail/distribution formats developing Strict regulation of pharma sales/distribution Unique opportunity to gain experience with devices Opportunities of gaining efficencies B2B & B2C

Triple Bottom Line EnvironmentallysoundSociallyResponsible Economicallyviable

Triple Bottom Line (continued) To obtain trust and licence to operate and innovate To attract and retain the most talented people To minimise risks and create possibilities To understand signs from stakeholders To be part of defining new legislation and requirements To meet rising demand from investors (eg Dow Jones/ Sustainable Group Index) Why combine business, environment, and stakeholders?