COD (Chemical Oxygen Demand) measures the total quantity of oxygen required to chemically oxidize both biodegradable and non-biodegradable organic matter. BOD (Biochemical Oxygen Demand), on the other hand, measures only the oxygen needed by microorganisms to break down biodegradable organic matter.
A high COD to BOD ratio implies that a significant portion of the organic matter is non-biodegradable, since COD accounts for more than just the biodegradable fraction measured by BOD. Hence, the biodegradability is low.
\[
\text{High COD/BOD ratio} ⇒ \text{Low Biodegradability}
\]
Thus, the correct answer is option (2).