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NOVOZYMES THE BIOAG ALLIANCE

Trevor Thiessen, VP BioAg

Bank of America Merryll Lynch Global Agricultural Conference,

February 26-27, 2014

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Safe Harbor Statement

This presentation and its related comments contain forward-looking statements, including financial expectations.

Forward-looking statements are by their very nature associated with risks and uncertainties that may cause actual results to differ materially from expectations.

The uncertainties may include unexpected developments in the international currency exchange and securities markets, market-driven price decreases for Novozymes’ products, and the launch of competing products in Novozymes’ core areas.

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Novozymes – The World Leader in Bioinnovation

Household Care

Food & Beverages

Bioenergy Agriculture

& Feed Technical &

Pharma

Who are we?

*A+B shares Feb, 2014

Founded 1925

Listed 2000

Ticker NZYM B

Exchange Copenhagen

Market Cap* US$ 14.7bn

Long-term targets: > 10% organic sales growth from 2015 > 24% EBIT margin > 22% ROIC

Global: +6,000 employees, 700 products in 140 countries

R&D intensive: ~7,000 patents, 13-14% of sales spent on R&D

Profitable: $2.1bn in sales and 24.7% EBIT margin in 2013

Majority owner Novo A/S controls 25.9% of the capital and 70.5% of the votes

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Bioenergy

• Corn ethanol • Cellulosic biofuels

• Unique biotech-focused business with a strong legacy of delivering growth, earnings, and cash flow

• ~13-14% of annual sales invested in R&D

• Global provider of enzymes to all market segments creates global market leader position

• Leveraging competencies across segments accelerates pace of innovation, reduces competition and creates

high barriers to entry

Uniquely Diversified Group - Creates Synergies and New Opportunities

Household Care

• Laundry & Dishwasher detergents

• Cleaning products

Food & Beverages

• Baking • Starch to syrups • Brewing & Alcohol • Healthy concepts

Agriculture & Feed

• Animal feed • BioAgriculture

Technical & Pharma

• Textile & Leather • Pulp & Paper • Wastewater • Pharma ingredients

4

16% 36% 27% 14% 7%

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Crop farming Crop processing Animal farming Food production

Grains

Corn

Soy

Oilseeds

Pulses

Fruits

Cotton 5

Where are We in Agriculture? -More than 50% of Novozymes business is agriculture related!

Bio

ag

Ethanol & Alcohols

Starch

Textile milling

Animal Feed

Brewing & Baking

Oils & Fats

Wine & Juice

Bubble sizes do not denote relative business sizes, merely business presence

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Becker Underwood

USD 1bn

Pasteuria USD 110m

Prophyta USD Xm

Agradis USD Xm

IPO

Alliance

2012 2013 2007 2010 2011

BioAgriculture – Novozymes’ Position Built via Acquisitions at an Early Stage

PhilomBios USD ~25m

Turfal USD ~5m

EMD/Merck USD ~285m

Natural Industries USD ~10m

TJ Technologies

USD ~40m

AgraQuest USD 500m

6

In 2012 and 2013, significantly higher interest from many major players:

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Novozymes BioAg Is Early Part of Value Chain

Technology provider

BioAg manufacturer

Distributor

(wholesalers, seed

companies, etc.)

Retailer Farmer

Retailer: Plays the most important role in determining if a farmer will use seed treatment inoculants and what brand

Distributor: Most distributors have only a small amount of influence on farmers' decision process

Tech provider/BioAg manufacturer: Will in most cases be the same company within the BioAg space Buying criteria for farmer: *

1. Past experience 2. Retailer advice 3. Agronomist input 4. Peer recommendation 5. Brand

• Majority of sales go through distributor channels – some through seed companies

• Distributors (e.g. Cargill, Winfield, Agrium/Loveland)

• Seed companies (e.g. Bayer)

• Products sold through regional seed and crop input retailers

* Novozymes & markets 2010

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AG BIOLOGICALS MARKET1 Market Segmented by Product Class

MARKET ECONOMICS:

Microbial Pesticides

Microbial Innoculants

Beneficial Insects

Biochemical

Other

NOVOZYMES BIOAG’s SALES DEVELOPMENT2

2003 – 2012 HISTORICAL RESULTS: 2003 = 100

FACTORS:

• Novozymes BioAg 2012 annual revenue of approximately $120 million

• North America accounts for roughly 2/3 of sales

• Innoculants for nitrogen fixation for soy and other pulse crops account

for the single biggest application

0

50

100

150

200

250

300

350

400

450

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

1. Monsanto estimates of Ag Biologicals industry based on a combination of research data from DunhamTrimmer, Agrow, MarketsandMarkets, Frost & Sullivan, Boston Consulting Group, BCC Research

2. Novozymes Internal analysis. Combined sales development from the combined business of EMD/Merck Crop Bioscience, Philom Bios, EBS and Turfal. Does not include Natural Industries and TJ

Technology

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Ag Biologicals Market: Novozymes Has Developed a Significant Business in Fast Growth Market

NOVOZYMES BIOAG SALES GROWTH: Fast growth through key investments and core

competencies in Microbials

Industry growth driven by increasing

demand for green ag chemical options

Annual Growth Mid-Teens CAGR

IND

EX

ED

RE

VE

NU

E

2012

Estimated Sales $2.3B

2/3rd Microbials

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The BioAg Alliance with Monsanto - Aiming to Build Next Important Yield Platform for Farmers

BIOTECHNOLOGY BREEDING AGRONOMICS CHEMISTRY

INTEGRATED SYSTEM EMERGING TRENDS

• Plant health & bionutrients

• Extended disease protection

• In-season insect control

• Improved biofertility

BIOLOGICALS

• Multiple components converging to drive yield and productivity with more platforms coming together in more ways than ever

• Biologicals offer farmers another tool to improve yield

• Replacing agricultural inputs with sustainable, cost-effective solutions that can increase yield using less input

• Increasing pressure to bring market solutions with faster development cycles compared with other Ag innovations

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Combined Leadership: Combination of Novozymes and Monsanto Establishes Industry's Most Advanced Microbials Platform

The BioAg

Alliance

ELEVATES MICROBIALS AS NEXT MAJOR “BEYOND-THE-SEED” OPPORTUNITY TO DRIVE YIELD AND SUSTAINABILITY

PLATFORM Industry’s only integrated platform with established capability in discovery, development and commercialization of microbial solutions

PRODUCTS Current commercial product portfolio that generated ~$120M in 2012 revenue

PIPELINE Complementary organizations to co-fund significant R&D effort and leverage existing microbials from both companies for industry’s most advanced microbials pipeline

ESTABLISHED MICROBIAL LEADERSHIP

• World leader in microbial technology; discovery, development and production

• Existing microbial business including stand-alone pipeline, extensive microbial libraries and intellectual property

• Current commercial portfolio including products and infrastructure

INDUSTRY-LEADING R&D CAPABILITY

AND COMMERCIAL FOOTPRINT

• Industry-leading R&D network that allows for scaled testing and development

• Complementary microbial assets including extensive microbial libraries and intellectual property

• Global commercial reach across crops, brands and geographies to drive commercial opportunity

+

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Power of Microbial Technology: Novozymes’ Proven Microbials portfolio

Nitrogen fixation

Biofertility products

Bioyield enhancers

Biocontrol products

Biofungicides Bioinsecticides Phosphate

solubilization

• A phosphate inoculant that grows along the roots, making more soil and fertilizer phosphate available to the plant

• Nitrogen-fixating inoculants

• Combined products utilize a combination of traditional nitrogen inoculant with LCO (lipochitooligo-saccharide) & JumpStart

• Unique LCO molecule enhances nutritional capabilities, driving natural growth processes, which enhances plant health and crop performance

• Microbial seed inoculant for increased yield

• Slows down the resistance of current spray chemicals, thereby extending the life of those chemicals, within high-value fruits and vegetables

• Bacterial-based biofungicide for disease control

• Wide mode of action to help break resistance in current chemical products within high-value fruits and vegetables as well as turf and ornamentals

Taegro®, Actinovate®

MET52® Torque®, Proventus®, Ratchet®, QuickRoots®

JumpStart® TagTeam®, Cell-Tech®, Optimize®

3 2 1

Plant growth & health

CURRENT PRODUCT PORTFOLIO CASE: JUMPSTART ®

1. Microorganism applied to the seed

before planting

2.

The active ingredient, a soil fungus,

grows on the roots and solubilizes the

residual soil phosphate, unavailable for

plant use

3. Yield increases due to superior nutrient

uptake in plant’s early life stage

Microorganism applied to the seed

before planting

The active ingredient, a soil fungus,

grows on the roots and solubilizes the

residual soil phosphate, unavailable for

plant use

Yield increases due to superior nutrient

uptake in plant’s early life stage

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2

5

%

2

5

%

2

5

%

n/a n/a n/a n/a

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Our Current Biologicals Offer Ample Opportunities for Growth

Biofertility

Bioyield enhancers

Biocontrol

Phosphate solubilization

Nitrogen fixation

Biofungicide

Plant growth promoters

Bioinsecticides

Soy Pulses Fruit & veg. Canola Corn Wheat Novozymes' relative market penetration

Just launched

Just launched

= Market close to full penetration

= Market less penetrated – still significant potential

= Unpursued market opportunity with existing products and technololgies

JumpStart®

TagTeam®, Cell-Tech® & Optimize®

Torque®, Proventus®, Ratchet® & QuickRoots®

Taegro® & Actinovate®

MET52®

BioAg Alliance Roadmap: Opportunity Begins in 2014, With Commercial Products and Expanded R&D

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PRIORITY AREA: Focus on seed-treatment deployment in core crops: • Corn and Soybeans in Americas • Cotton, Canola • Fruits and Vegetables in key

markets

MARKET R

EACH

PRIORITY AREA: Expand offerings to broader commercial set: • Fruits and Vegetables in

expanded markets • Improved Core Crop Products • Wheat, rice and other row crops • Expanded geographical reach

NEAR-TERM

Leveraging Alliance Capabilities and Establishing Microbial Platform

MID-TERM

Expanding Market Opportunity

LONG-TERM

Building synergy with “Beyond-the-Seed” technology like precision agriculture

PRIORITY AREA: Focus on advanced microbial solutions with significant product offerings and applied on-farm synergy with platforms like precision agriculture

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guide 14