Novo Nordisk is committed to pursuing its business goals as a profitable enterprise in a way that is socially and environmentally responsible. As a subscriber to the United Nations Global Compact, we share its values and are responding to the Secretary-General?s leadership challenge: harnessing the potential of markets and business leadership by putting values into action.

Sustainability reporting is one way to show how we build our business on this premise. Such reporting is done through our Sustainability Report 2003, which was prepared in accordance with the Global Reporting Initiative?s (GRI?s) 2002 Sustainability Reporting Guidelines and the AA1000 Framework. The information provided and the underlying data set have been assured according to the AA1000 Assurance Standard.

The printed report is backed by an internet version (http://www.novonordisk.com/sustainability/performance/default.asp) which provides an index of the report in accordance with the GRI?s 2002 Sustainability Reporting Guidelines (http://www.novonordisk.com/sustainability/performance/gri_summary.asp). The website also provides a cross-reference table between the Global Compact principles and the current Annual Report
(http://www.novonordisk.com/sustainability/performance/global_compact_summary.asp).

Deloitte conducted an assurance engagement on the Novo Nordisk Sustainability Report 2003 based on AA1000 Assurance Standard and the International Standard on Assurance Engagement (ISAE 100). Deloitte?s detail recommendations for management are available on the internet version of the Report (http://www.novonordisk.com/images/Sustainability/sr03/2.6.1d%20Deloitte%20independence%20statement,%20final.pdf).

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As in previous years, we have invited stakeholders to help us address the dilemmas we are facing. We ask their opinion as well as their advice on how to resolve the issues. By framing these dilemmas, we can learn how to respond to stakeholder concerns and how to develop our business in tune with society?s expectations and needs (see the details http://www.novonordisk.com/sustainability/dilemmas/default.asp).

Awards and recognitions.

During the year, Novo Nordisk has received 18 awards and recognitions for our sustainability approach and for our reporting. A list is available at http://www.novonordisk.com/sustainability/honours.