Conference call FY January 19, 2016

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1 Conference call FY 2015 January 19, 2016

2 Forward-Looking Statements This presentation and its related comments contain forward-looking statements, including statements about future events, future financial performance, plans, strategies and expectations. Forward-looking statements are associated with words such as, but not limited to, "believe," "anticipate," "expect," "estimate," "intend," "plan," "project," "could," "may," "might" and other words of similar meaning. Forward-looking statements are by their very nature associated with risks and uncertainties that may cause actual results to differ materially from expectations, both positively and negatively. The risks and uncertainties may, among other things, include unexpected developments in i) the ability to develop and market new products; ii) the demand for Novozymes products, market-driven price decreases, industry consolidation, and launches of competing products or disruptive technologies in Novozymes core areas; iii) the ability to protect and enforce the company s intellectual property rights; iv) significant litigation or breaches of contract; v) the materialization of the company s growth platforms, notably the opportunity for marketing biomass conversion technologies or the development of microbial solutions for broad-acre crops; vi) political conditions, such as acceptance of enzymes produced by genetically modified organisms; vii) global economic and capital market conditions, including, but not limited to, currency exchange rates (USD/DKK and EUR/DKK in particular, but not exclusively), interest rates and inflation; viii) significant price decreases for inputs and materials that compete with Novozymes biological solutions. The company undertakes no obligation to update any forward-looking statements as a result of future developments or new information. 2

3 2015 Summary Solid financial results; strong earnings on moderate sales growth 4% organic sales growth driven by Agriculture & Feed and Food & Beverages. 12% growth in DKK. 2% organic sales growth in Q4 Challenging market conditions, particularly in Bioenergy Close to 20% EBIT growth and EBIT margin expansion of ~1.5 percentage points, adjusted for net positive one-time impact from The BioAg Alliance agreement in Q outlook, highlights Organic and DKK sales growth: 3-5% EBIT margin: ~28% Net profit growth: 8-10% Annual dividend proposed up 17% to DKK 3.5 per share New DKK 2 billion stock buyback program in 2016 Updated long-term targets Organic sales growth from 2017 through to the end of the decade expected to be in line with the historical performance of 6-7% due to lower contribution from Bioenergy and slower growth in emerging markets. All other long-term targets unchanged 3 Sales and organic growth % 8% 6% 4% 2% 0% EBIT and EBIT margin % 28% 26% 24% 22% 20% 7% 7% 11, % 2,901 12, % 27.7% 3,384 14,002 4% , DKKm 15,000 14,000 13,000 12,000 11,000 10,000 DKKm 4,500 4,000 3,500 3,000 2,500 2,000

4 Index (2010 = 100) U.S. Ethanol Production Bioenergy Sales, USD +5% +1% -5% -9% +1% +12% +8% +19% +3% -5% U.S. biofuels a slow-growth industry 14.8 billion gallons of ethanol produced by the U.S. ethanol industry in 2015*, up ~3% U.S. ethanol production grew by 2% per year on average from 2010 to Novozymes global Bioenergy sales grew organically by 4% on average 2016 ethanol production expected to be on par with 2015 production. Volatility in pricing of ethanol, corn and gasoline expected to continue New innovation in corn ethanol expected to contribute positively to sales Biomass conversion remains a significant growth opportunity, but is delayed * * Production estimate.

5 Household Care market remains attractive despite challenging 2015 Unique negative events in 2015 not deemed systemic One customer reducing spend on specific enzymes Latin America weak due to currencies and macro Sales growth to improve in 2016 as we work through challenges; growth skewed toward second half of year New innovation and increased penetration to drive growth Compaction, low-temperature wash and sustainability trends support significant opportunities within Household Care Emerging markets remain underpenetrated New innovation platform of Hygiene to expand enzyme market 5

6 Sales & markets Full-year 2015 sales: DKK +12%, organic +4% Q sales: DKK +9%, organic +2% Household Care: Strong growth from a number of important customers across markets offset by a challenging Latin America and lower sales to one customer Food & Beverages: Good performance in most markets, with baking, healthy concepts and starch the most significant contributors to growth Bioenergy: Sales under pressure, mainly due to negative mix effects and lower market share, as customers focus on costs in period of low ethanol margins. U.S ethanol production estimated up by ~3% in 2015 Agriculture & Feed: Strong performance in North America drove growth. Stable season in Latin America. Good performance in feed enzymes Technical & Pharma: Performance driven by Pharma sales. Albumin business to operate as stand-alone company Sales by industry, DKKm Household Care Food & Beverages Bioenergy Agriculture & Feed Technical & Pharma ,543 2,270 2,130 1,728 3,715 3,278 4,632 4,353 DKK growth /org. growth +6% / +1% +13% / +5% +12% / -5% +23% / +19% +18% / +6% 6

7 Pipeline of significant market-expanding growth opportunities On top of the flow of innovation to existing markets, Novozymes is currently investing in innovation to expand the market for enzyme and microbial technology. Each of the innovation clusters below can potentially make a significant positive impact on sustainability and sales. Area Innovation Feasibility Discovery Development Launch Commercial Household Care Household Care Food & Beverages Bioenergy Agriculture & Feed Agriculture & Feed Agriculture & Feed Hygiene solutions Tailored emerging markets solutions Vegetable oil processing Biomass conversion Natural growth promotion Enhanced corn inoculant New transformative BioAg solutions 7

8 Financial performance & outlook 2015: Strong earnings performance EBIT grew by close to 20%. EBIT margin expanded by ~1.5 %- points on a like-for-like basis Gross margin up 0.7 %-point due to productivity improvements and lower raw material prices Slightly higher than expected CAPEX and receivables toward the end of 2015 reduced cash flow in Q4 2016: Challenging growth and high profitability Organic and DKK growth of 3-5% Contribution from all sales areas except Bioenergy EBIT growth: 3-5% EBIT margin: ~28% Net profit growth: 8-10% Annual dividend proposed up 17% New DKK 2 billion stock buyback program in 2016 Key financials Realized outlook Jan. 19 Sales growth, org. +4% 3-5% Sales growth, DKK +12% 3-5% EBIT growth +15% 3-5% EBIT margin 27.7% ~28% Net profit growth 12% 8-10% Net investments excl. acq., DKKm Free cash flow before acq., DKKm 1,015 1,100-1,200 2,324 2,400-2,600 ROIC incl. goodwill 25.9% 25-26% 8

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