CONFERENCE CALL Q1 2015

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CONFERENCE

CALL

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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) the political conditions, such as acceptance of enzymes produced by genetically modified organisms; vii) the 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 on input 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.

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Q1 2015 Summary

709 923 979 24.9% 30.4% 27.4% 20% 25% 30% 35% 500 1,000 1,500 EBIT and EBIT margin

Q1 2013 – Q1 2015 2,845 3,033 3,579 5% 11% 8% 0% 2% 4% 6% 8% 10% 12% Q1 2013 Q1 2014 Q1 2015 0 1,000 2,000 3,000 4,000

Sales and organic growth Q1 2013 – Q1 2015

+6%

DKKm

Q1 2015 – overall in line with expectations

• 8% organic sales growth, in line with expectations. Sales up 18% in DKK compared with Q1 2014 • Strong growth in Agriculture & Feed – driven both

by performance and positive timing impact. Good contribution from Food & Beverages

• Uncertainty and challenging market environment in Household Care and Bioenergy

• Currency-driven EBIT margin expansion of ~1 %-point adjusted for The BioAg Alliance in Q1 2014

FY 2015 outlook adjusted for currencies only

• Organic sales growth: 7-9%

• DKK sales growth: 16-18%, up from 13-15% • EBIT margin: ~27%, adjusted from 26-27% • Net profit growth: 11-13%, up from 10-12%

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Household Care: growth fluctuates

Volatility in Household Care

-10% 0% 10% 20% 30%

Quarterly organic growth rates, 2008-2015

Quarterly growth rates Annual growth rates

• Quarterly growth rates vary between -2% and +19%

• Annual growth rates between +4% and +13%

Current trading environment

1. Dynamic North American market with

trading-down and strong competition

among detergent producers creates

challenging market and focus on cost

reduction of formulations

2. Certain emerging markets softer too

3. Continued strong interest in other parts

of the business for improving wash

performance and optimizing

formulations using more enzymes

4. Organic sales growth in 2015 expected

on level with 2014 or slightly below

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Sales & Markets

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Q1 2015 sales: DKK +18%, organic +8%

455 514 797 1,080 649 660 921 1,127 Agriculture & Feed Bioenergy Food & Beverages Household Care

Sales by industry, DKKm

Q1 2015 Q1 2014

• Household Care: Strong comparison in Q1 2014. Soft Latin America sales. Dynamic consumer market

tempers growth in North America

+28%/+8%

+16%/+5%

+4%/-2%

+43%/+40%

• Food & Beverages: Good performance across markets. Baking and healthy concepts the most significant contributors to growth as starch stabilizes

• Bioenergy: Continued solid growth supported by ~5% growth in U.S ethanol production. Low ethanol margins make market more challenging

• Agriculture & Feed: Strong performance in both BioAg and animal feed. Positive timing impact supports quarterly growth figure

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Q1 2015 Financial Performance & Outlook

Satisfactory financial performance

• Gross margin on par with Q1 2014

• Disregarding the net one-time impact from The BioAg Alliance, EBIT grew by ~20%, driven by underlying performance and currencies

• Net financial costs increased – impacted by currency hedging

• Net investments & cash flow generation on track

2015 outlook adjusted for currencies only

Returns to shareholders

• Dividend of DKK 3.00 per share paid out

• Stock buyback program of up to DKK 2 billion in 2015 on track. About 20% concluded

• 6.7 million treasury shares cancelled on March 27; New total share count = 313 million shares

Capital Markets Days coming up May 5-6

Key financials Q1 2015 Realized

2015 Outlook Apr. 23 2015 Outlook Jan. 20

Sales growth, org. +8% 7-9% 7-9%

Sales growth, DKK +18% 16-18% 13-15%

EBIT growth +6% 15-17% 12-14%

EBIT margin 27.4% ~27% 26-27%

Net profit growth 2% 11-13% 10-12%

Net investments excl.

acq., DKKm 152 ~1,000 ~1,000 Free cash flow before

acq., DKKm 610 2,500-2,700 2,500-2,700

ROIC incl. goodwill 26.6% 25-26% 25-26%

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