Investor Relations

Novo Nordisk IR strategy and process

Klaus Bülow DavidsenHead of Investor Relations

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March 2011Investor Relations

Agenda

1. Overall purpose and aspiration of Novo Nordisk IR

2. IR strategy deliverables

3. IR strategy process

4. Challenges working with IR strategy

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March 2011Investor Relations

Novo Nordisk’s IR purpose

• Ensure that relevant, accurate, balanced and timely information is made available to capital markets as a basis for regular trading and fair pricing of Novo Nordisk shares

• Ensure compliance with relevant rules and regulations

• Ensure that Novo Nordisk is perceived as a visible, accessible, reliable, and professional company by the capital markets

• Ensure that information is channelled back from the capital markets to Novo Nordisk's Executive Management and Board of Directors

• Maintain an admired team culture and develop key talents for Novo Nordisk

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March 2011Investor Relations

IR strategy and aspirationThe best IR team in the European pharma industry

• Maintaining broad coverage by both domestic and foreign equity analysts

• Ensuring a diverse shareholder base in terms of both investment horizon and geographical location

• Arranging and participating in frequent investor meetings throughout the year, including roadshows after each quarterly group financial statement

• Arranging and participating in presentations for investors and equity analysts on relevant topics and contributing to industry conferences

• Being, knowledgeable, responsive and proactive in our investor communication maintaining a fair balance between expectations and performance

• Maintaining good access to and support by senior management

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March 2011Investor Relations

Deliverables from the IR strategy work

• IR policy

• IR strategy document and scorecard

• Core equity story and slide deck

• Procedures, primarily ensuring compliance with regulations

February 2011

Investor presentation

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March 2011Investor Relations

Basis for developing the IR strategy

• Dialogue with capital markets

• Perception studies

• Shareholding and trading developments

• Regulatory changes

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March 2011Investor Relations

The IR policy

• Purpose of Novo Nordisk’s IR

• Authorised spokespersons

• Quiet period

• Conference call broadcast requirements

• Company Announcements

• Financial guidance

• Interactions with analysts

• Product pipeline information

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March 2011Investor Relations

The IR strategy document content

• Purpose and aspiration

• Novo Nordisk’s equity story (now + future)

• Target characteristics of shareholders

• Share liquidity assessment

• The shareholder base and changes

• Shareholder targeting and interaction strategy

• Money centre ranking

• Sell side interaction strategy

• Internal relations approach

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March 2011Investor Relations

The IR scorecard

• Perception study rankings

• Roadshow activity measures

• Investor activity measures

• Broker activity measures

• Share metrics & liquidity

• Conference activity measures

• Certain IR activities

• Scores from NN IR established events

MEASURE TARGET STATUS

IR BUDGET < 100% of LE

PERCEPTION STUDY RANKINGS IR magazine Inst. Inv. Thompson ExtelEU Pharma 0 0 0 6 0Denmark 0 0 0 3 0

EVENT SCORES BASED ON CUSTOMER SURVEYS (SCALE 1-5)Capital Markets Day 4 0ADA 4 0EASD 4 0

ROADSHOWS w MANAGEMENT Q1 Q2 Q3 Q4 Conference w mgt Conference IRRoadshow FY target

r Copenhagen 1 4 1r London 1 4 1r Boston 1 4 1r New York 1 3 1r Edinburgh 1 3 1r Frankfurt 1 3 1r Paris 1 2 1r Zurich 1 2 1r Stockholm 1 2 1r San Francisco 1 2 1r Chicago 1 2 1r Greater Amsterdam 1r Toronto 1 0r Los Angeles 1 1 1r Santa Fe 1 0r Houston 1 0

TOP 30 INVESTOR POINTS SCORED Live management interaction

Conf call w management

Live IR only interaction

Conf call w IR only

1 Capital Research Global Investors 1 10 42 Capital World Investors 10 03 Fidelity Management & Research 10 04 Thornburg Investment Management, Inc. 10 05 Walter Scott & Partners Ltd. 10 06 Northern Cross LLC 1 10 47 Nordea Investment Management (Denmark) 1 10 48 Fidelity International Limited 1 10 49 Norges Bank Investment Management (NBIM) 0 0

10 BlackRock Institutional Trust Company, N.A. 1 10 411 SAFE Investment Company Limited 0 012 ATP 1 10 413 Legal & General Investment Management Ltd. 10 014 Carmignac Gestion 10 015 BlackRock Advisors (UK) Limited 1 10 416 Threadneedle Asset Management Ltd. 1 10 417 Baillie Gifford & Co. 10 018 Hermes Fund Managers Limited 10 019 Danske Capital 1 10 420 SEB Asset Management (Denmark) 1 10 421 Vanguard Group, Inc. 10 022 Delaware Investments 10 023 Grantham, Mayo, Van Otterloo & Co., L.L.C. 10 024 Fondsmæglerselskabet LD Invest A/S 1 10 425 PGGM Vermogensbeheer B.V. 1 10 426 Jupiter Asset Management Ltd. 1 10 127 Industriens Pensionsforsikring A/S 1 10 428 State Street Global Advisors (US) 10 029 Invesco Management Group, Inc. 10 030 Government of Singapore Investment Corp. 10 0

TIER 1 BROKER POINTS SCORED Key city roadshow 1-1 with management

1-1 with IR only (business review meeting)

Conference participation with management

Monthly IR interaction

Informal interaction with management

Bank of America Merrill Lynch 1 1 1 6 3Goldman Sachs 1 1 1 6 3J.P. Morgan 1 6 1Morgan Stanley 1 6 1Barclays Capital 1 6 1Credit Suisse 1 6 1Citi 1 6 1Danske Markets 1 1 6 2SEB Enskilda 1 6 1Nordea 1 6 1

TIER 2 BROKER POINTS SCORED Roadshow 1-1 with IR only (business review meeting)

Conference participation with IR only

Bi-monthly IR interaction

Informal interaction with management

Sales force teach-in (IR only)

UBS Limited 1 5 1Deutsche Bank 1 5 1Carnegie 1 5 1Sanford C. Bernstein 5 0ABG Sundal Collier 1 5 1Jefferies International 5 0Royal Bank of Scotland 5 0CA Cheuvreux 5 0Exane BNP Paribas 1 5 1SG Securities 5 0

IR ACTIVITIES Q1 Q2 Q3 Q4r NN consensus forecast conducted 1 4 1r # of shareholder IDs completed 4 0r % of shares outstanding held by top 30 39% 60% #DIV/0!r # of targeted investors having fully divested NN shares in quarter 3 0r Average daily trading volume (# shares) >800,000 #DIV/0!

Conduct NN perception study by 31-12-2011 1 0r Completion of QAPs 2 3 2r Q&A new format - cover all pipeline projects 14 22 14r # of CMS events in ThompsonOne 0r # of broker interactions in analyst tracker 45 0r # of conferences attended w mgt 10 0r # of conferences attended IR only 10 0

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March 2011Investor Relations

The strategy process

IR targets translated into individual targets

Perception studies conclude

Own perception study and technical

analysis planned

Strategy revisited internally and subsequently

approved by CFO Ongoing:

Interactions with capital markets

Quarterly shareholder IDs

Weekly trading volume input

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March 2011Investor Relations

Challenges working with IR strategy

• Define true measures of performance

• Defining the ‘appropriate’ shareholder base

• Defining the ‘appropriate’ share liquidity

• Judge value of certain activities in the short term

• IR-rationality of capital markets …

• Not fun to update scorecard …