Fi i l l 2009CONFERENCE CALL

Financial results 2009

21.01.2010

2

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 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 driven price decreases for Novozymes products, and the introduction of competing products within Novozymes’ core areas.

3

2009 overviewAGENDA

Sales performance and outlook

R&DR&D

Focus on sustainability

Financial performance and outlook

Final remarks

Q&A sessionQ&A session

4

Overview FY 2009

P iti l thKey financials 2009 2008

• Positive sales growth• +2% in LCY, +4% in DKK

• Volatile and challenging year

Total revenue, DKKm 8,448 8,146

Sales growth LCY 2% -• Strong fourth quarter:Q409 vs. Q408 +13% in LCY

St i d h fl

Sales growth, LCY 2% -

Sales growth, DKK 4% -

O ti fit • Strong earnings and cash flow• EBIT growth +12%,Net profit growth +12%

Productivity improvements

Operating profit, DKKm 1,688 1,504

EBIT growth 12% -• Productivity improvements

• Cost cautiousness

• Currency

C h fl

EBIT margin 20.0% 18.5%

Net profit growth 12% -• Cash flow

• Investments proceed as planned

Free cash flow, DKKm 839 755

Net investments, 978 942

• Sustainable solutions in focusDKKm 978 942

ROIC 20.3% 19.5%

Detergent enzyme sales maintained solid

5

Detergent enzyme sales maintained solidperformance

FY 2009 sales: Detergent enzyme revenue, DKKmFY 2009 sales:

+6% in LCY, +7% in DKK

Detergent enzyme revenue, DKKm

• Strong Q409 +19% in LCY, +17% in DKK

• Increased enzyme penetration in detergents –both performance and substitution

2,239

2,4982,672

both performance and substitution

• Strong development in Europe and emerging markets

2,014 2,040

• Trading down and lower detergent consumption impacted negatively

• Lipoclean® launched in Q4, enabling larger-scale surfactant replacement

2005 2006 2007 2008 2009

Technical enzyme sales improved as

6

Technical enzyme sales improved asbiofuel industry performed well

FY 2009 sales: Technical enzyme revenue, DKKmFY 2009 sales:

+1% in LCY, +5% in DKK

2 600

Technical enzyme revenue, DKKm

• Q409 +12% in LCY, +2% in DKK

• Enzyme sales to the biofuels industry:Q409 +10% in LCY

1,977

2,250

2,4792,600

Q409 +10% in LCY

• FY09 enzyme sales to biofuel industry +3% in LCY and +7% in DKK

1,645

• Positive starch enzyme sales driven by higher sugar prices and solid demand for syrups

• Textile enzyme sales continue the upward trend Q409 over Q309. FY09 sales still below FY08

2005 2006 2007 2008 20092005 2006 2007 2008 2009

Food enzyme sales still impacted by the

7

FY 2009 sales:

Food enzyme sales still impacted by the recession, but show improvement

Food enzyme revenue, DKKmFY 2009 sales:

-3% in LCY, -1% in DKK

Food enzyme revenue, DKKm

• Q409 +8% in LCY, +4% in DKK

• Baking enzyme sales grew organically in 2009 as market demand picked up 1 491

1,6031,699

1,812 1,801

market demand picked up

• Brewing enzyme sales improved during the year, but still below 2008 level due to lower beer

1,491

volumes in key markets and lower raw material prices

• Ondea® Pro performs well after successful launch • Ondea Pro performs well after successful launch

2005 2006 2007 2008 2009

8

FY 2009 sales:

Feed enzyme sales experienced a volatile year

Feed enzyme revenue, DKKmFY 2009 sales:

-5% in LCY, -3% in DKK

Feed enzyme revenue, DKKm

• Q409 +13% in LCY, +8% in DKK

• RONOZYME® ProAct performed well. Introduction on the European market and potentially also the

748700 705

744 725

on the European market and potentially also the US market in 2010

• Competitive European phytase market; recently approved RONOZYME NP strengthens position

• Significant volatility from inventory level changes at distributor level in the first two quarters of at distributor level in the first two quarters of 2009

2005 2006 2007 2008 20092005 2006 2007 2008 2009

9

FY 2009, Enzyme Business overview

FY 2009 sales: Enzyme business sales development FY 2009 sales:

+1% in LCY, +4% in DKK

Enzyme business sales development ’08-’09, DKKm

• Q4 sales:+14% in LCY, +8% in DKK

• 2009 a volatile year with goodimprovement in latter part

7,798 173

improvement in latter part

• Detergent and technical industries drive growth

Tailwind from currency 7 533 -37

141

• Tailwind from currency

Outlook 2010• LCY sales growth: 2−6%

7,533 -46 34

LCY sales growth: 2 6% • DKK sales growth: 1−5%

BioBusiness delivers growth and streamlines

10

BioBusiness sales development

BioBusiness delivers growth and streamlinesbusiness

FY 2009 sales:

235-947

BioBusiness sales development’08-’09, DKKm

FY 2009 sales:

+8% in LCY, +6% in DKK

208235

-1Microorganisms• FY 2009 sales: flat in LCY, +2% in DKK• Strong growth in BioAg, exceeding expectations B

PI

BPI

405 415• Product pruning in core segments• Divestment of turf and landscape business

impacted growth negatively by 4 %-points

ms

ms

Biopharmaceutical ingredients• FY 2009 sales: 23% in LCY, +13% in DKK• Growth from cell culture ingredients, Protein A, ic

roorg

anis

icro

org

anis

g , ,and plectasin

Outlook 2010M M

• LCY sales growth: 2−6% • DKK sales growth: 1−5%

11

Acitivity update, BioBusiness

Milestone production and sale of plectasin to sanofi-aventis

Novartis’ Zalbin/Joulferon awaiting market approval in 2010

New partnership with Braskem on developing green polypropylene from sugar

Collaboration with Cetrel on turning bagasse into biogas

• New HA facility developing as planned; expected to be finalized end 2010

Research & Development delivers new

12

Research & Development delivers new products to generate future growth• 9 new products launched in 20099 new products launched in 2009

• More than 100 projects in the pipeline

• New applications

Product launches 2009

Cellic® CTec Technical

New applications

• Optimization of existing enzymes across industries

• Larger projects constitute an increasing share

Cellic HTec Technical

CellPrime® rAlbumin AF-G BioBusiness

of total pipeline

• New collaborations within conversion of bl

Ondea® Pro Food

Easyzyme® D t trenewables:• Green polypropylene with Braskem• Biogas with Cetrel

Easyzyme® Detergent

Gold Crust® Food

• 22% of revenue from new products/conceptsin 2009

Lipoclean® Detergent

Opticake® Fresh 50 BG Food

• 6−8 new products expected to be launched in 2010 Novamyl® Pro Food

Novozymes and sustainability 2009

13

Novozymes and sustainability 2009– All targets met but one

Water Energy Climate Occupational Rate of Employee Employee

Wate 4%

Utilization of resources

Utilization of resources

CO2 reduction

Climate change impact

Climate change impact

Stakeholder engagementStakeholder engagement

Satisfaction &

Employer performance

Employer performance

Water Energy Climate change

Occupational accidents

Rate of absence

Employee turnover

Employee satisfaction

Target 2% less than sales growth in

2% less than sales growth in

27–28 million ton CO2

< 4.5 occ. accidents per million

< 3% < 9% 72

Water: -4%Energy: -5%

CO educt oof 27 million tons

Maalsaetning..Sat s act o &Motivation: 77%

g o tLCY

g o tLCY

CO2emission reductions

pe owork hours

Realized -4% -5% 27 5.1 2.3% 6.7% 77

• Biotechnology sector leader in the Dow Jones Sustainability Index

• COP15 providing an opportunity to showcase Novozymes’ solutions• COP15 providing an opportunity to showcase Novozymes solutions

• New long-term environmental targetsI ffi i b 50% i 2020 d t 2005• Improve energy efficiency by 50% in 2020 compared to 2005

• Improve water efficiency by 40% in 2020 compared to 2005• Reduce CO2 emissions by 50% in 2015 compared to 2005

14

2009 financial performance

Proposed Proposed dividend of DKK 5.75/

share

15

2010 financial outlook

Outlook Key financials

Outlook

20102009 2008

Sales, DKKm - 8,448 8,146

Sales growth, LCY 2−6% 2% -

Sales growth, DKK 1−5% 4% -

Operating profit, DKKm - 1,688 1,504

EBIT growth 3−7% 12% -

EBIT margin ~ 20% 20.0% 18.5%

Net profit growth 9−13% 12% -

Free cash flow, DKKm 700−800 839 755

Net investments, DKKm 1,000−1,100 978 942

ROIC ~ 20% 20.3% 19.5%

16