Trading by insiders in Novozymes A/S B shares

In accordance with Section 37 of the Danish Securities Trading Act, Novozymes reports the following:

ISIN Trading date Number of shares traded, net
November 11, 2003        -1,082
Market value of number of shares traded, net
Total number of shares held by insiders Market value of shares held by insiders
DKK 232,089 131,192 28,206,280

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