3.1

• DSM’s Human Nutrition and Health business isfocused on advancing our understanding of theintricate relationship between nutrition andhuman health. At its heart is nutritionalscience supported by clinical studies aimed atimproved micronutrition, based around thewell-known vitamins and carotenoids as well asan array of new nutritional ingredients. Theimpact of micronutrition ranges fromcardiovascular and muscular-skeleton health,to cognition, brain health, and vision.

• Increasingly, we understand not only the needfor minimum dietary intake of vitamins,required to prevent illnesses, or even death inthe case of gross deficiencies, but also theimpact of dietary intake in relation todeveloping the human body and brain to its fullpotential, and on fertility and the healthydevelopment of the unborn child. Our needsand potential deficiencies in micronutritiondiffer at every stage in life, as they may dowith different lifestyles. Finally, our nutritionalstatus also impacts how we age.

• Micronutrition plays a vital role in optimizingthe production of animal and marine proteins.Through micronutrients and enzymes we can

impact the conversion of feed to meat and thegrowth rate of animals, as well as their generalhealth and well-being thereby reducingmortality and improving the quality of meatand eggs. Micro-nutrition also impacts milkproduction, fertility and breeding, and providesimportant solutions to minimize theenvironmental impact of animal and fishfarming.

• In Personal Care, DSM is focused on hair andskin care. Skin protection (UV filters andvitamin E), as well as the nourishment andhealth of the skin are key to our overall health.The skin is the largest organ in the humanbody, exposed to and protecting us from aharsh environment, yet its needs for nutritionare often overlooked. Besides, the skin, as wellas our hair, is central to outward appearance —and we know self-image and self-awarenessplay a key role in overall wellness.

3.2

• As the global leader in micronutrients, DSMNutritional Products continuously seeks todifferentiate itself from its competitors, notonly through the excellence of its product andservice offering, but through the Values thatunderpin its operations and the Scale it canbring to the marketplace.

• DSM Nutritional Products’ business is foundedon a set of strongly held values: - We address real and pressing nutritional needs

in the context of human health and wellness. - We contribute to food and nutrition security,

optimizing production of animal and marineproteins, optimizing feed conversion andminimizing environmental impact.

- We advance nutritional science, and developproducts and concepts which are solidlyanchored in science, technology and clinicalevidence.

- We produce and deliver products with theutmost commitment to quality management,meaning quality assurance, traceability, andreliability.

- We are improving our sustainabilityperformance, not only because it is the rightthing to do, but also because it is increasinglya value driver for our business.

• DSM Nutritional Products distinguishes itself inscale, which is reflected in its portfolio, itsunequaled global presence and its people, withmore than 7,000 professionals around theglobe. We have a long history based innutritional science and are committed togenerating new knowledge and insights in therelationship between nutrition and health.

• Consequently, we are proud that leadingplayers in the feed, food, beverage, infantnutrition, dietary supplement and personalcare industries choose DSM as their partner.Moreover, DSM is seen as the ‘partner ofchoice’ in the nutrition industry for jointinnovation, market development or channelbuilding.

• The result is that DSM is the leading player inthe nutrition industry, enabling us to deliver aCAGR of 6% over the last 5 years, withexpected revenues approaching €3.5 billion in2011.

3.3

• The ‘Core’ of DSM Nutritional Products ischaracterized by being a full value chain playerand by having a broad portfolio ofmicronutrients, with product offerings fullyanchored in nutritional science, and productionand delivery executed in a tight framework ofquality management.

• We offer the broadest range of vitamins,carotenoids, enzymes, and other nutritionalingredients in the marketplace. We not onlyproduce the key ingredients but also build theseinto effective solutions for our customers. Andour global footprint, with a strong presence inall international markets, means we are in closeproximity to these customers too.

• Finally, we recognize that our growth comesfrom continuing to provide new solutions tochanging needs — hence our focus oninnovation, with an annual spend in excess of€ 100 million.

• All of these elements combined are whatdifferentiates DSM, driving value for ourcustomers and, as a consequence, driving valuefor the communities and value chains in whichthey work and ultimately our shareholders.

3.4

• DSM is unique in being involved in all three ofthe main steps in our value chain: theproduction of pure active ingredients; theirincorporation into delivery systems (also knownas forms), and finally the production of tailoredblends and premixes. Being the only fullyintegrated player allows DSM to differentiateitself all the way through the chain. Managingthe interdependencies between activeingredients, forms and premixes, which haveimportant implications for innovation, logisticsand value delivery, is a core competence ofDSM.

• In the production of active ingredients(untreated vitamins, carotenoids, enzymes andother nutritional ingredients), where cost is amore important factor, significant added valueis also generated by differentiation, throughfor example quality management, traceability,reliability of supply, sustainable productionpractices, and physical product attributes suchas polymorphisms, influencing stability and bio-availability.

• In the next step of the chain, where activeingredients are incorporated into deliverysystems or so-called ‘forms’, DSM has an array

of sophisticated technologies to deliver a rangeof application properties. Forms are singleproduct formulations, which can be solidparticles in which the active ingredients aredispersed or encapsulated in an inert matrix toprovide stability, extended shelf life, bio-availability or dispersability — the ability toform stable suspensions in a liquid matrix, forinstance for beverages.

• In the next step, a range of blends areproduced in so-called premix operations. Thisis how DSM meets specific customers’ needsthrough tailored solutions.

• Approximately 15% of DSM Nutritional Products’revenue is derived from sales of pure activeingredients; 85% of revenue is based on sales ofhigher value-added forms and premixes.

3.5

• There are three key elements to DSM’s growthstrategy: 1. To continue to strengthen our Core, building

and strengthening capabilities to ensure wedeliver more value, more efficiently.

2. To ensure that we increasingly leverage ourunique full value chain position bybroadening the portfolio of activeingredients.

3. To establish new growth platforms inadjacent areas that expand the breadth ofour operations. Within our existing businessPersonal Care is a good example of this.Acquisition is seen as the vehicle to deliverother new growth platforms, but this isoutside the scope of this presentation.

3.6

• There are essentially five different areas onwhich DSM Nutritional Products focuses in orderto drive increasingly more value from the corebusiness. They are listed above.

• This Capital Markets’ Day presentation focusesmostly on the first three of these.

• Nutritional science and advocacy is the subjectof a separate briefing on 23 November 2011.

3.7

• Excluding Martek, 85% of DSM NutritionalProducts’ business comes from forms andpremixes, but despite this focus on higheradded-value products, DSM continues to payclose attention to process innovation to ensurethe tightest focus on cost and the best possibleasset utilization.

• A number of projects have been implementedor are being developed with the aim ofachieving gains in efficiency of operating in oursupply chain.

• In the field of fermentation technology somegood examples are the following: - Our ongoing work on strain improvement in

the production of vitamin B2, where webelieve we have the most cost effectiveproduction in the industry.

- Our breakthrough fermentation technologyfor the production of KGA — a criticalintermediate in the production of vitamin C.Traditionally produced chemically, KGA isnow manufactured using two separatefermentation steps — but our unique newprocess can reduce that to a single step,reducing cost and improving environmentalfootprint.

- In our recently acquired Nutritional Lipidsbusiness (Martek), we focus strongly on yieldimprovement to further reduce cost- but alsoto create new market opportunities inapplications for which the cost of microbialPUFAs would currently be prohibitive, such asmarine feed applications.

• A few examples from the field of chemicalprocess technology: - DSM has developed a new process for the

production of vitamin B6, addressing ouradverse cost position in Grenzach, Germany.The process will also be used in China.

- An exciting process development project invitamin A, where we have developed newchemical routes involving fewer process steps,with potential to significantly reduce cost andcontribute to our sustainability targets.

• DSM is also responding to evolving societal andmarket needs, leading the drive towardsnature-identical and natural products. For thiswe bring together the best in sustainablechemical production on the one hand, withfermentation, biochemical and biologicalproduction processes on the other, drivingsustainability across all technology platforms.

3.8

• One of DSM Nutritional Products’ strengths isits extensive technology platform in deliverysystems as a means of impacting performancein end-use application and end-productformulation, shelf-life stability and bio-availability.

• Innovation in delivery systems is only possiblein the context of a deep knowledge andunderstanding of end-applications. DSMcontinues to lead in the science of applyingactive ingredients to human foods, and isincreasingly expanding its internationalnetwork of Nutrition Application & InnovationCenters, which feature state-of-the-artapplication laboratories. These centers arepivotal in market development and in drivingour delivery system/forms developmentprograms. The example shown here is our newNorth American nutrition innovation center,officially opened in May of this year.

• Similarly, in the Animal Nutrition business, DSMcontinues to advance its understanding of howto influence the metabolism of differentanimals, optimizing growth and minimizingenvironmental impact. For this purpose DSM isin the design/planning phase of a state-of-the-

art animal nutrition center forclinical/comparative feeding trials, to improveboth farming outputs and animal welfare. Thiscenter in the Chinese province HeBei, aboutone hour from Beijing, is planned to beoperational in Q1 2013.

3.9

3.10

• Expansion of the premix network and servicesis an integral part of strengthening the core. Inthe last 2 years 7 new plants were built, ofwhich 2 were replacements. The alternative tobuilding is to acquire plants of the right qualitysuch as our latest addition in Rumania.

• To reduce capital costs, to increase flexibilityand to allow for expanding the network tosmaller markets, DSM Nutritional Products,jointly with an engineering partner, hasdeveloped the concept of standardized, modularpremix plants for Animal Nutrition. The modules(pre-assembled pieces) of the plant are skidmounted and put together on the productionlocation. These lower cost plants facilitatemarket development in smaller potential growthmarkets and are an important element of ourgrowth strategy. The first three modular ANHpremix plants have been built in Ecuador,Colombia and India. We expect to construct 7more modular plants in the coming 3 years.

• In larger markets DSM is expanding by buildingmore traditional, larger premix facilities, suchas our new site recently opened in the RussianRepublic of Tatarstan, and the new facility tobe opened in October in China.

• Acquisition is and will remain part of ourgrowth strategy in expanding the premixnetwork and services, such as the premixbusinesses recently acquired from Bayer Koreaand Fatrom in Rumania.

• As part of expanding our services DSMcontinues to strengthen its ANH premixfranchise business in China. Over the last 12-18months focus has been on consolidation and weare pleased to have a reliable network of 140franchise partners, to be expanded in Chinaand seen as template for the Indian market.

• DSM Nutritional Products enjoys a uniqueposition as a full value chain player. This meansit not only creates the pure active ingredients,but incorporates them into delivery systemsknown as forms, and finally incorporates theseinto tailored premixes and blends.

• The second element of DSM NutritionalProducts’ growth strategy is to add to itsportfolio of active ingredients (to ‘fill thefunnel’) through acquisitions or partnerships soas to drive additional value through the nextsteps in the value chain: DSM’s deliverysystems and global network of premixfacilities.

• A prominent example of this strategy was theacquisition of Martek. DSM is already using itsglobal market reach, technology base andapplication skill capabilities to begin tochannel and accelerate the growth of Martek’sproduct portfolio (Nutritional lipids, notablyARA/DHA) into other regions, applications andmarket segments beyond its existing strong US-based position in infant formula ingredients,and growing position in food and beverage anddietary supplement applications.

• Martek itself has also recently acquiredAmerifit, an attractive consumer business forbranded dietary supplements with very specific

3.11

health benefits (See also next presentation bySteve Dubin, CEO Martek). We have integratedour start-up business i-Nutrition (i-Flex®, i-Cool™, SLIMshots™) and consider this ‘B2C’business as a strategic market developmentplatform for new nutritional ingredients.

• We also recently completed the acquisitions ofMicrobia (a technology business, specialized inthe development of carotenoids throughfermentation) in the US and Vitatene (focusedon extraction, marketing and sale of naturalbeta-carotene and lycopene) in Spain, whichwill form a new platform for growth in naturalcarotenoids and other micronutrients.

• DSM is also investing and partnering to grow.Through its Venturing Unit, DSM has taken astake in Provexis, whose lead productFruitflow® - a bioactive, patented extract fromtomatoes that improves blood flow and henceheart health — is already attracting substantialinterest from world leading foodmanufacturers.

• Novozymes and DSM also have a successfulpartnership in the development and marketing& sales of feed enzymes, which leverages thestrengths of both companies. DSM contributesenzyme development and clinical testing, and achannel to market through its global network.

• As a consequence of the continued effectiveimplementation of this strategy, DSMNutritional Products is experiencing steadygrowth.

• The business continues to show positive volumetrends across the board, with organic salesgrowth of 3% in H1 of 2011 compared to prioryear. Due to our focus on value before volume,we have been able to deliver significant valueover market averages and, after 12 months ofindustry price decline, and are now graduallyimproving pricing through 2011.

• Overall, DSM continues to see strong marketconditions in animal nutrition, as highcommodity prices increase the importance offeed efficiency. Unsurprisingly, the humannutrition market is somewhat flat. Given thatDSM Nutritional Products is headquartered inSwitzerland, we have been impacted by thestrong valuation of the Swiss franc (CHF),which has inevitably affected our EBITDAperformance. At constant exchange rates thebusiness would have delivered another recordyear.

3.12

3.13

• DSM Nutritional Products maintains thefinancial targets laid out in 2011, to grow by 2%above global GDP growth and to operate at amargin of at least 20% with an overallaspiration of 23%.

DISCLAIMER

This document may contain forward-looking statements with respect to DSM's future(financial) performanceand position. Such statements are based on current expectations, estimates and projections of DSM andinformation currently available to the company.

Examples of forward-looking statements include statements made or implied about the company’s strategy,estimates of sales growth, financial results, cost savings and future developments in its existing business aswell as the impact of future acquisitions, and the company’s financial position. These statements can bemanagement estimates based on information provided by specialized agencies or advisors.

DSM cautions readers that such statements involve certain risks and uncertainties that are difficult to predictand therefore it should be understood that many factors can cause the company's actual performance andposition to differ materially from these statements.

These factors include, but are not limited to, macro-economic, market and business trends and conditions,(low-cost) competition, legal claims, the ability to protect intellectual property, changes in legislation,changes in exchange and interest rates, changes in tax rates, pension costs, raw material and energy prices,employee costs, the implementation of the company’s strategy, the company’s ability to identify and completeacquisitions and to successfully integrate acquired companies, the company’s ability to realize planneddisposals, savings, restructuring or benefits, the company’s ability to identify, develop and successfullycommercialize new products, markets or technologies, economic and/or political changes and otherdevelopments in countries and markets in which DSM operates.

As a result, DSM’s actual future performance, position and/or financial results may differ materially from theplans, goals and expectations set forth in such forward-looking statements.

DSM has no obligation to update the statements contained in this document, unless required by law. The English language version of this document is leading.

A more comprehensive discussion of the risk factors affecting DSM’s business can be found in the company’slatest Annual Report, a copy of which can be found on the company's corporate website, www.dsm.com

6.41

6.42

6-APA 6-amino-penicillanic acid AGI AGI Corporation TaiwanAMEA Asscociation of Machinery and

Equipment AppraisersANH Animal Nutrition & HealthAPI Active pharmaceutical ingredientsAR Anti-reflectiveARA Arachidonic Acid B&C Building and ConstructionB2 Vitamin B2B2C Business-to-ConsumerB6 Vitamin B6BCM Billion Cubic MeterBF Bio-FuelBMM Biomedical Materialbn billionBP&S Bio-based Products & ServicesC/E Central / EastCAGR Compound Annual Growth RateCAPEX Capital ExpendituresCEO Chief Executive OfficerCFO Chief Financial OfficerCH4 MethaneCHF Swiss francCHP Combined heat and powerCIO Chief Innovation OfficerCIS Commonwealth of Independent

StatesCMD Capital Markets DaysCMO Contract Manufacturing

OutsourcingCRM Customer Relationship

ManagementCTO Chief Technology OfficerDA Depreciation and amortizationDAI DSM Anti-InfectivesDBM DSM BioMedicalDBPS DSM Bio-based Products &

ServicesDD DSM DyneemaDEP DSM Engineering PlasticsDEP DSM Engineering PlasticsDHA Docosahexaenoic acidDPP DSM Pharmaceutical ProductsDS Dietary SupplementsDSP DSM Sinochem PharmaceuticalsE&E Electrical & Electronic IndustryEBA Emerging Business AreaEBITDA Earnings Before Interest, Taxes,

Depreciation and Amortization ECO+ The Greenhouse DialogueEFSA European Food and SafetyEP Engineering plasticsEPA Environmental Protection AgencyEPS Earnings per Share

EU European UnionF&B Food & BeverageFD Finished dosage / final doseFDA Food and Drugs AdministrationGBP Pound Sterling GDP Gross Domestic ProductGHG Greenhouse GasGUR Global Utilization RateHGE High Growth EconomiesHMDA Healthcare distribution

management associationHQ HeadquartersIFRS International Financial Reporting

StandardsINF Infant FormularJPY Japanese YenJV Joint VentureKA KuibyshevAzot OJSCKGA Ketoglutaric Acidkt kilotonLATAM Latin AmericaLCD Liquid crystal displaym millionM&A Merger & AcquisitionsMB Managing BoardNGO Non-governmental organizationOEM Original equipment manufacturerOWC Operating Working CapitalP&L Profit and Lossp/a per annumPA6 Polyamide 6PEN PenicillinPI Polymer IntermediatesPM Performance MaterialsPTG The Polymer Technology GroupPUFA Polyunsaturated fatty acidsR&D Research and DevelopmentROCE Return on Capital EmployedSSC Shared Service CenterSSP Supplies Service PartnerUD Unidirectional UHMwPE Ultra-High Molecular Weight

PolyethyleneUOR Urgent Operational RequestsUS United States (of America)US$ United States dollarUSA United States of AmericaUSD United States dollarUV Ultra VioletVA Vitamin AVE Vitamin EVOC Volatile organic compoundsy-o-y Year-on-yearYTD Year-to-Date

Abbreviation ExplanationAbbreviation Explanation