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Biotech-based world leader Biotech-based world leader in enzymes & microorganisms Novozymes Novozymes Financial results Q1 2006 Conference call April 26, 2006 Unlocking the magic of nature

Conference call April 26, 2006 Conference call April 26, 2006 DK time 4:30 pm UK time 3:30 pm US east coast time 10:30 am Dial-in numbers Access code “ Novozymes” +45 7026 5040 DK +44 20 7769 6432 UK +1 877 204 0753 US Today’s call is also being broadcasted live via the Internet at www.novozymes.com/investors, tab Conference call. Members of Executive Management will present the financial results, which will be followed by a Q&A session. In total, today’s call is expected to last up to an hour. Following the call, a replay will be available at the Internet site above. 2 Unlocking the magic of nature

Good start with strong earnings and cash flow Good start with strong earnings and cash flow • Q1 sales were as expected and Key financials YTD Q1 2006 support full-year expectations for S ales growth, DKK 11% both segments S ales growth, local 5% currency • S trong EBIT & cash flow mainly as a EBIT growth 14% result of continued productivity and currency gains • Continued fuel ethanol focus in Q1 • Acquisition of Qingdao Huayuan Fine Bio-Products Co. Ltd., China, providing production capacity for hyaluronic acid • S hare capital reduction of 6.6% or DKK 46 million approved at the AGM in March – execution pending • Financial expectations for 2006 unchanged 3 Unlocking the magic of nature

S ales overview - business update S ales overview - business update • Q1 2006 sales up 11% in DKK and S ales in DKK million 5% in local currency 500 • S ignificant growth in other 400 technical enzymes 300 505 500 476 • Very positive development within 387 200 374 356 food enzymes, confirming a strong position 100 172 171 94 74 • Growth expectation for the full year 0 Technical - Technical - others Food Feed M icroorganisms retained – both overall and for the detergent Q1 2005 Q1 2006 main industries 4 Unlocking the magic of nature

Detergent enzymes - business update Detergent enzymes - business update • Q1 2006 sales up 1% in DKK and S ales in DKK million slightly negative in local currency • The impact from higher ingredient costs has stabilised 505 500 • Continued healthy growth in emerging markets • FY 2006 sales expectation retained at slightly positive, both in DKK and Q1 2005 Q1 2006 local currency S ALES CAGR ’99–’05 of -2% 2,000 2,404 2,313 2,140 2,050 2,052 2,038 2,014 1,000 0 1999 2000 2001 2002 2003 2004 2005 5 Unlocking the magic of nature

Other Technical enzymes - business update Other Technical enzymes - business update • S ales up 27% in DKK and 19% in S ales in DKK million local currency • Growth in fuel ethanol enzymes was the strongest contributor 476 • Growth in fuel ethanol enzymes in US A was above US market growth 374 • Good growth in enzymes for starch conversion due to increased demand for sweeteners Q1 2005 Q1 2006 • Growth in textile enzymes in line with expectations 1,800 S ALES CAGR ’99–’05 of 11% • Continued nice growth from pharma proteins, although from a 1,720 900 1,515 1,441 1,350 low level 1,237 1,144 976 • FY 2006 sales growth expected to 0 be around 15% in local currency 1999 2000 2001 2002 2003 2004 2005 and more in DKK 6 Unlocking the magic of nature

Food enzymes - business update Food enzymes - business update • S ales up 9% in DKK and 4% in local S ales in DKK million currency • New distribution set up in the US implemented 387 356 • Enzymes for oils and fats and beverage alcohol continued to support the positive development Q1 2005 Q1 2006 • Nice growth in enzymes for processed foods, Asia in particular S ales CAGR ’99-’05 of 7% 1,500 • FY 2006 sales growth expected to 1,000 be 6-8% in DKK and slightly below 1,491 1,482 1,439 1,413 1,387 in local currency 1,187 983 500 0 1999 2000 2001 2002 2003 2004 2005 7 Unlocking the magic of nature

Feed enzymes - business update Feed enzymes - business update • S ales flat in DKK and down by 6% in S ales in DKK million local currency • Quarterly fluctuations in alliance partner’s inventory affected growth 172 171 negatively • Increased penetration of feed enzymes in North America and Asia Q1 2005 Q1 2006 • S ales in Latin America challenged by S ales CAGR ’99-’05 of 22% cheap phosphorous sources 750 • FY 2006 sales growth is retained at 500 748 698 5-7% in DKK and single-digit in local 608 545 250 418 currency 298 229 0 1999 2000 2001 2002 2003 2004 2005 8 Unlocking the magic of nature

Microorganisms - business update Microorganisms - business update • S ales up 27% in DKK and 18% in S ales in DKK million local currency • Overall double-digit growth in all industries and in all geographical 94 regions 74 • Especially strong growth in the industrial & household cleaning Q1 2005 Q1 2006 industry Growth through acquisitions ’01-’03 • Waste treatment shows strong 400 growth, especially in Europe 300 • FY 2006 sales expected to grow 200 308 298 261 above long-term expectations in 205 100 both DKK and local currency 70 0 2001 2002 2003 2004 2005 9 Unlocking the magic of nature

S ales development - geographical split S ales development - geographical split Total +11% +5% DKK LCY Europe, MEA +3% +2% North America DKK LCY +22% +12% 683 DKK LCY 42% 505 Asia Pacific 31% +14% +7% 104 341 DKK LCY 6% 21% Latin America +6% -4% DKK LCY 10 LCY = Local Currency Unlocking the magic of nature

R&D news R&D news • Confident outlook for the project pipeline; • 5 - 7 new product launches expected during 2006, • No material product launches in Q1 11 Unlocking the magic of nature

Profit & loss and cash flow Profit & loss and cash flow DKK million Q1 2006 Q1 2005 % change Sales 1,633 1,476 11 Gross profit 882 783 13 EBITDA 420 392 7 Depreciation (107) (117) (7) EBIT 313 275 14 EBIT margin % 19.2 18.6 - Net financials (48) (8) >100 Tax (69) (74) (7) Net profit excl. minority interest 196 193 2 Minority interest (2) (1) 100 Net profit incl. minority interest 194 192 1 EPS (diluted) 2.97 2.82 5 CF from operations 368 335 10 Investments before acquisitions (64) (68) (6) Free cash flow before acquisitions 304 267 14 12 Unlocking the magic of nature

Currency risk management Currency risk management • Favourable currency rates support (DKK) USD J PY ’00 growth in sales and EBIT, while net Average 2005 6.00 5.45 financials are affected negatively, January 23, 2006 6.08 5.32 depending on hedging activities April 25, 2006 6.00 5.25 • Novozymes' policy is to hedge April 25, 2006 compared 0% -4% existing net assets in foreign with avg. exch. rate 2005 currency, and expected future net April 25, 2006 compared -1% -1% exposure from the company's with spot January 23, 2006 operations Impact to operating profit from a 5% change in the • 2006 net cash flow in US D and JPY value of (annualised): is hedged and included in financial US D DKK 30-40 million outlook: - approx. DKK 5.86/US D - approx. DKK 5.57/JPY ‘00 JPY DKK 5-15 million 13 Unlocking the magic of nature

Expectations for 2006 Expectations for 2006 Provided that current exchange rates remain unchanged for the rest of the year, the expectations for 2006 are: S ales growth 7-9% Operating profit growth 7-9% Operating margin Around 19% Net financials DKK minus ~100 million Net profit growth 5-7% Cash flow before acquisitions DKK 750-850 million Return on invested capital after tax 18-19% 14 Unlocking the magic of nature

Expected news & events 2006 Expected news & events 2006 March 1 Annual general meeting of shareholders 2006 April 26 Group financial statement Q1 2006 August 8 Group financial statement Q2 2006 October 25 Group financial statement Q3 2006 November Capital Markets Day Other news Important product introductions Acquisitions & alliances Overall progress 15 Unlocking the magic of nature

Forward-looking statements Forward-looking statements 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 introduction of competing products within Novozymes’ core areas. 16 Unlocking the magic of nature

Biotech-based world leader Biotech-based world leader in enzymes & microorganisms Novozymes Novozymes www.novozymes.com Unlocking the magic of nature