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Board of Directors The remuneration of the Board of Directors comprises a fixed fee and is not incentive based.

This ensures that the Board pursues the company’s long-term interests without taking into consideration what this may mean in terms of the value of incentive-based remuneration.

Members of the Board of Directors are not granted stock options or stock awards.

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This is because the Board of Directors sets the base salary for members of the Executive Leadership Team at a level slightly below the average for a sample of comparable Danish companies.In 2016, the ratio of the CEO’s remuneration to the median employee’s remuneration was 46, which is below the average ratio of 55 for the 800 companies assessed by Robeco SAM in 2015.The Board of Directors assesses the fees paid to the Board annually, based on recommendations from the Chairmanship.In making its recommendations, the Chairmanship is guided by relevant benchmarks, including Novozymes’ peers in Denmark and the rest of Europe.The Chairman and other members of the Audit Committee also receive one base fee and half a base fee respectively.

The fixed base fee was DKK 500,000 in 2016, unchanged from 2015.The Board of Directors’ remuneration for the year is approved at the Annual Shareholders’ Meeting.Board members receive a fixed base fee, while the Chairman and the Vice Chairman receive a fee that is three times and two times the base fee respectively.The new members of the Executive Leadership Team have been included in the program as of their appointment.The incentive program offered a combination of stock and stock options, with half of the incentive program allocated in stock and half in stock options.In 2016, a 2.5% salary increase was awarded to the members of the Executive Leadership Team with the exception of Thomas Videbæk, who received a 15% salary increase to reflect his increased organizational responsibilities due to his appointment as COO following the reorganization in February 2016.