Conclusions with high level of assurance -Conclusions with moderate level of assurance  -
Commentary

We have performed an assurance engagement on the Novo Nordisk Sustainability Report 2003 (‘the Report’) and the underlying systems, structures and processes. These subject matters are the responsibility of Novo Nordisk’s Executive Management, with whom the objective and terms of the engagement were agreed. We are responsible for expressing our conclusions based on the engagement.

We have based our approach on emerging best practice for independent assurance on sustainability reporting, including the AA1000 Assurance Standard (AA1000AS) issued by AccountAbility; and the International Standard on Assurance Engagements (ISAE 100), issued by the International Auditing and Assurance Standards Board.

This independent statement concludes our engagement. Read our detailed recommendations for management as well as information on our independence.

On a test basis, we examined the evidence supporting conformity with criteria for the subject matters below. We performed such procedures as we deemed necessary and we believe that our examination provides a reasonable basis for our opinion. The subject matters are:

• The environmental information system CATCH at the corporate level as described in 'Key peformance data' .
• The energy and water consumption data for 2003 presented in the Report and consolidated from production sites as described in 'Key peformance data' .

In our opinion, in all material respects:

• CATCH is functioning as described, and the system ensures an appropriate data collection process at the corporate level.
• The data for energy and water consumption for 2003 are complete and accurately reported.

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On a test basis, we have gathered and evaluated evidence supporting the conformity with criteria for the subject matters below. This work included analytical procedures and interviews performed as necessary, but no substantial testing was undertaken. We believe that our work provides an appropriate basis for our conclusion. The subject matters are:

• Presentation of material sustainability management and performance information of Novo Nordisk in the Report and preparation of the Report in accordance with the GRI’s 2002 Sustainability Reporting Guidelines. The materiality concept for sustainability reporting is emerging. Hence we refer users of the Report to the management assertion that “we hope that by presenting the issues we see as material to Novo Nordisk’s future business we have also fairly reflected what matters to our stakeholders”.
• Description in the Report of Novo Nordisk’s response to the United Nations Global Compact principles and conditions. 
• Systems, structures and processes in place for identifying, understanding and responding to material sustainability aspects, including views of stakeholders, as required in the Novo Nordisk Way of Management pertinent to the com-
  pany’s Triple Bottom Line approach, and as described in the Report.
• Procedures for collection and validation of other 2003 quantitative performance data of Novo Nordisk compiled from reporting units and reflected in the Report, as described in the Report.

In conclusion nothing has come to our attention that causes us not to believe that:

• Management has designed and applied effective systems, structures and processes to identify, understand and respond to material sustainability aspects, including views of stakeholders, affecting Novo Nordisk.
• The Report met its objective to provide a reasonably balanced representation of material sustainability management and performance information of Novo Nordisk and that the Report has been prepared in accordance with the GRI’s 2002 Sustainability Reporting Guidelines. 
• The Report addresses appropriately Novo Nordisk’s response to the United Nations Global Compact principles and conditions.
• Other quantitative performance data for 2003 are compiled from reporting units and appropriately reflected in the Report by applying detailed data collection and validation procedures.

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Stakeholders would note that this Report is part of Novo Nordisk’s annual reporting and is approved by the Board of Directors and Executive Management. This underpins the weight and priority given to business sustainability aspects by these two tiers of management. Compared to last year, another noticeable step was taken to make the structure and content of the Report even better illustrate business opportunities and risks driven by the sustainability agenda and by stakeholders’ views and needs. With the first seven articles in ‘Acting on our commitments’ focusing on market opportunities; and the next 14 articles focusing on internal endeavours, the Report reflects how numerous complex sustainability areas are being managed by Novo Nordisk and maturing into business operations.

We recommend that Novo Nordisk establish indicators to measure and report progress in the National Diabetes Programme and other Global Health partnership initiatives. It would also be relevant to align reporting on business and societal benefits with the indicators of TBL performance.

Copenhagen, 5 February, 2004
Deloitte
Statsautoriseret Revisionsaktieselskab

Preben J. Sørensen
State Authorised Public Accountant