Address:DSM Investor RelationsP.O. Box 6500, 6401 JH HeerlenThe NetherlandsPhone: +31 45 5782864Fax: +31 10 45 90275Email: investor.relations@dsm.com

www.dsm.com

DSM Capital Markets Days Life Sciences and Materials Sciences

Royal DSM N.V.Presentations, Vaalsbroek 2011

DSM – Bright Science. Brighter Living.™

Royal DSM N.V. is a global science-based company active in health, nutrition and materials. By connecting its unique competences in Life Sciences and Materials Sciences DSM is driving economic prosperity, environmental progress and social advances to create sustainable value for all stakeholders. DSM delivers innovative solutions that nourish, protect and improve performance in global markets such as food and dietary supplements, personal care, feed, pharmaceuticals, medical devices, automotive, paints, electrical and electronics, life protection, alternative energy and bio-based materials. DSM’s 22,000 employees deliver annual net sales of around € 9 billion. The company is listed on NYSE Euronext. More information can be found at www.dsm.com.

1.1

1.2

• DSM uses its Bright Science to create BrighterLiving for people today and for generations tocome. Based on a deep understanding of keyglobal trends which are driving societies,markets and customers, DSM creates solutionsto some of the world’s great challenges — andby doing so, makes both itself and itscustomers more successful.

• DSM’s philosophy is that its continuing successwill be driven by creating value for itsstakeholders, being its customers, employees,shareholders and society. DSM innovates inways that allow its customers to provide bettersolutions for end-users and society, so thatthey make DSM their supplier of choice. DSM’semployees can share in the success andfulfilment which this brings. Shareholders willbenefit from the value created throughstronger growth and higher profitability.

• In this way: - DSM’s customers derive value from being able

to offer end-users improved products; - DSM’s employees feel engaged and motivated

both through the contribution they make toan improved world and the success thiscreates for the company in which they work;

- Society — which means both communities andthe planet benefit from the impact of moresustainable, longer-lasting, safer, healthierand more nutritious alternatives;

- DSM and its shareholders derive value fromstronger growth and higher profitability.

1.3

• DSM’s business is built around findinginnovative and sustainable solutions to some ofthe world’s most important challenges. Thesesolutions are based on a clear understanding ofthe key global societal trends and theirconsequences of them for consumers andsocieties.

• DSM sees three core global trends that aremost profoundly affecting its customer and end-user markets: - Global shifts — the accelerating transfer of

wealth from West to East and North to Southis the basis of a whole series of global shiftswhich are creating a more urban, moreconnected and more prosperous world — butwith huge resource and cultural challenges asa result.

- Health and wellness — the impact of agrowing, ageing population is being felt acrossthe world, but in remarkably different ways —the drive to improve wellbeing as well asincrease lifespan in the developed world andamong the growing middle-class of the highgrowth economies, contrasts with thecontinuing struggle to provide effectivenutrition and feed the population in less welloff parts of our world.

• Climate change & energy usage — the acceptedreality that our fossil-fuel age is causingconsiderable change to our climate is drivingthe search for alternative energy sources aswell as efforts to reduce energy consumption ina multitude of ways.

• DSM’s focus is to ensure that it provides itscustomers the innovation and sustainableproducts they need to meet these societalneeds. By making its customers moresuccessful, DSM becomes more successful too.

1.4

• ”DSM in motion: driving focused growth” - ourstrategy announced in 2010 - marked the shiftfrom an era of intensive portfoliotransformation to a strategy for the comingyears of maximizing sustainable and profitablegrowth of ‘the new DSM’. The currentbusinesses compose the new core of DSM in LifeSciences and Materials Sciences.

• DSM’s focus on Life Sciences (Nutrition andPharma) and Materials Sciences (PerformanceMaterials and Polymer Intermediates) is fueledby three societal trends: Global Shifts, Climateand Energy and Health and Wellness. DSM aimsto meet the unmet needs resulting from thesesocietal trends with innovative and sustainablesolutions.

• It is DSM’s ambition to fully leverage theunique opportunities in Life Sciences andMaterials Sciences, using four growth drivers(High Growth Economies, Innovation,Sustainability and Acquisitions & Partnerships)and bringing all four drivers to the next level.

• With its transformation completed, DSM is nowfocusing on, and accelerating, growth.

1.5

• DSM has set itself ambitious targets for thisnew strategy period. We have high aspirations,based on an assessment of the opportunities,particularly in high growth economies,innovation, sustainability and acquisitions andpartnerships, which lead us to believe we canaccelerate growth and increase profitability.

• For 2013 two profitability targets have beenset: an increase in EBITDA to a level of € 1.4 —1.6 billion and an increase in Return on CapitalEmployed (ROCE) to more than 15%. In 2010EBITDA was € 1,127 million (if IFRS pensionadjustment is excluded). EBITDA in H1 2011improved considerably compared to H1 2010,with ROCE including Martek above target. Thisdemonstrates that we are well on track toachieve these targets.

• In terms of the sales targets established for thisstrategy period, DSM comfortably exceeded theorganic sales growth target, and demonstratedsolid growth in sales in China. Indeed, DSM sawa sharp growth in sales in high growtheconomies as a percentage of overall sales,moving us towards our announced goal of 50%of total net sales. Finally, innovation sales —measured as sales from innovative products and

applications introduced in the last five years —reached 18%, close to our target ofapproximately 20% of total net sales.

• Good progress has been made in our EmergingBusiness Areas (EBAs) to achieve the DSMaspiration of combined sales of more than€ 1 billion by 2020. The most advanced EBAsare DSM Biomedical and DSM Bio-basedProducts and Services.

1.6

• A key element of the new strategy, ”DSM inmotion: driving focused growth”, was for DSMto go to the next level in sustainability: fromresponsibility to a business driver.

• DSM’s sustainability strategy is stronglyconnected to the company’s mission to createbrighter lives for people today and forgenerations to come, and its brand promise ofBright Science, Brighter Living. DSM believessustainability is becoming a key differentiatorand value driver as the company creates valuefor society and itself by responding to societalneeds. DSM is uniquely positioned to capturenew value-creating opportunities.

• A number of ambitious aspirations were set in2010, and H1 2011 has seen good progresstowards meeting these aspirations: - DSM is proud to have retained its Top ranking

('Gold') in the Dow Jones Sustainability Index.Recently it was once again named the supersector leader in Chemicals.

- The Percentage of ECO+ solutions in theinnovation pipeline is well above the targetset, and the percentage of ECO+ solutions asa percentage of running business increasedfurther towards the 50% aspiration.

- DSM is on track with its drive to improveenergy efficiency by 20% by 2020 (comparedto 2008).

- DSM will report progress on greenhouse-gasemissions at the end of the year.

- In last year’s employee engagement surveyDSM improved its score compared to 2009 andwas close to the high performance norm.

- DSM will update its diversity and peopleaspirations at the end of the year.

1.7

• A key element of ”DSM in motion: drivingfocused growth” was to move from being aEuropean company reaching out to the world,to a truly global company.

• We have worked hard to drive our marketpenetration in the high growth economies,increasing from just 22% of sales in theseeconomies in 2005 to 37% now — and with atarget towards 50% of sales by 2015.

• There is also a clear focus on China, where wehave set a target to double the sales to a levelof at least US dollar 3 billion by 2015. H1 2011saw DSM make good progress towards thistarget: our China sales approached US dollar1 billion.

• Achieving these targets requires a trueinternationalization of the company. DSM isadjusting its organization in a variety of waysto facilitate local decision-making for examplevia local Presidents in China, India, Russia andBrazil, to drive local innovation throughInnovation Centers such as in China and India,and to establish clear accountability forregional growth at Managing Board level.Progress is being made on this front as well.

1.8

• The pace of our accelerated sales growth inhigh growth economies has continued in 2011,particularly in China and India.

1.9

• In innovation, DSM’s stated ambition is to moveto the next level: from building the machine todoubling innovation output.

• Since the announcement of the innovationboost back in 2005, as part of DSM’s Vision2010 strategy, the increased commitment toinnovation has significantly paid off, as shownby the achievement of numerous milestones.The most tangible milestone is the fact that in2010 DSM clearly exceeded its target ofachieving € 1 billion in additional sales throughinnovation compared to 2005 (the actual figureachieved was € 1.3 billion), despite the strongheadwinds encountered in Q4 2008 and 2009.

• In addition, the Emerging Business Areaprograms have resulted in strong, long-termgrowth platforms which optimally combine theavailable competences in Life Sciences andMaterials Sciences.

• Building on this track record, DSM is takingvalue creation by innovation to the next level.DSM has adopted a new innovation targetdefinition which is more in line with othermainstream innovators in the industry:percentage of sales created by new products

and applications introduced in the last fiveyears, replacing the previous target of anabsolute amount of additional sales throughinnovation.

• DSM’s target is to increase innovation salesfrom ~ 12% towards 20% of total sales by 2015.Very good progress towards this target wasmade in 2010, with innovation sales reaching16% of total sales. This was continued in H12011: innovation sales totaled € 0.8 billion, or18% of total sales.

• DSM has fulfilled its commitment to expandinnovation by opening a new NutritionInnovation Center in the US as well as initiatingtwo more Innovation Centers in China andIndia. Moreover, DSM has created two otherfacilities in China: an animal nutrition center,and a materials & automotive developmentcenter.

1.10

• In sustainability, DSM has made it clear that itsambition is to go to the next level: from simpleresponsibility to where sustainability is abusiness driver, in line with the company’smission to create brighter lives for peopletoday and for generations to come.

• DSM believes sustainability is becoming the keydifferentiator and value driver and that we areuniquely positioned to capture new value-creating opportunities.

• DSM is setting new and ambitious businesstargets for sustainability. By 2015 ECO+products will account for over 80% of theinnovation pipeline and towards 50% of totalrunning business sales (compared to almost 40%now). These developments will make DSM theclear industry leader and preferred partner invalue creation through sustainability. Toachieve these ambitious goals, we areembedding sustainability into all our businessactivities.

• DSM is proud to have retained its top rankingin the Dow Jones Sustainability Index.Recently it was once again named supersector leader in Chemicals. DSM has achieved

this leading position in 6 out of the last 8years.

1.11

• When we launched ”DSM in motion: drivingfocused growth” we made it clear that,alongside stretching organic growth targets, wewould also use acquisitions and partnerships toadvance our ambitions more rapidly. Clearly,this would need to be partnerships that makestrategic sense in terms of meeting ourambitions, and acquisitions that meet DSM’sstrategic and financial criteria.

• DSM has identified several key areas where itsinterests would best be met through apartnership approach. In the meantime theDSM Sinochem Pharmaceutical joint venture inanti-infectives has been established and at theend of September 2011 the groundbreakingceremony of the second caprolactam line inChina took place.

• On the next page a list of acquisitions, otherpartnerships and venturing participations aregiven which have been concluded or announcedsince September 2010, when we launched ournew strategy. Our strategically most importantacquisitions in that period were Martek(PUFAs), AGI (UV curable resins) and C5 YeastCompany (yeast for 2nd generation biofuels).

1.12

• Above a list is given of the acquisitions,partnerships and venturing participations whichDSM has concluded or announced sinceSeptember 2010 in Nutrition, PerformanceMaterials and the Emerging Business Areas.

• The Shandong ICD high performance fiberacquisition in China and the premix acquisitionin Romania have not yet been completed.

• Our current portfolio of venturingparticipations and stakes can be found on ourwebsite at http://www.dsm.com/venturing.

1.13

1.14

• DSM is transforming to become a genuinelyglobal organization able to achieve its strategicambitions. By strengthening and empoweringthe regional businesses, DSM deepens localmarket insights and relationships. In parallel,the ‘One DSM’ program progressively enhancesknowledge-sharing and collaboration acrossbusinesses, functions and regions, enabling usto capture the full benefits of scale anddiversity.

• The business groups are the primaryorganizational and entrepreneurial buildingblocks with a focus on customers and markets.The regional organizations strengthen thebusiness groups by providing infrastructure andcapabilities. The regional organizations alsocater for local innovation in designatedcountries and present the ‘One DSM’ face tothe external constituencies. As a sharedresponsibility, the regional organizations alsodrive top-line growth.

• All this is supported and optimized by SharedServices (providing efficient high qualityservices in designated areas) and FunctionalExcellence groups (offering functionalexpertise and leveraging implementationcapabilities).

• The further transformation of DSM’sorganization is supported by DSM’s culturechange program, which has established ashared understanding of essential DSM valuesand principles to drive growth: - External Orientation: to fully anticipate

customer needs, to drive innovationpriorities, to track best practices for keybusiness functions, to broaden networks andto engage stakeholder groups.

- Accountability for Performance: to take fullresponsibility and ownership for individualactions and for the performance of teams.Successes are recognized and celebrated,issues are surfaced and mistakes are used asindividual and collective learningopportunities.

- Inspirational Leadership: the combination ofsetting direction through vision and targets,executed with passion, sense of urgency anddecisiveness, while connecting with people,via trust, authenticity and humility.

• DSM’s culture change program is deployed onthe basis of DSM’s strong belief in sustainabilityas a business driver on the one hand anddiversity & inclusion on the other.

1.15

• DSM’s goal is to truly internationalize itsbusiness. This will bring us closer to our keymarkets and customers, strengthen theregional businesses and stimulate diversity andinnovation. DSM combines a stronger regionalinfrastructure with clear board levelaccountability for regional growth.

• The following changes are in progress tofurther internationalize DSM: - Relocation of business group headquarters:

DSM Fibre Intermediates to Shanghai, DSMEngineering Plastics to Singapore and DSMAnti-Infectives to Hong Kong.

- Relocation of the DSM Biomedical (DBM)business headquarters to the United States(California).

- Relocation of the Biofuel (BF) business, a partof DSM Bio-based Products & Services (DBPS)to the United States (Illinois).

- Initiation of new Innovation Centers in Chinaand India, and expansion of the existingInnovation Centers in the US and Japan.

- Strengthening of regional capabilities,infrastructure and management to provideregional views to the business and supportgrowth and innovation in the regions. Wehave established full-time presidents in India

and Russia (these roles already existed inChina, Japan and the US) and, initially, acombined business / president role in LatinAmerica.

- Allocation of regional growth and synergyaccountability to designated members of theManaging Board (dual desk in combinationwith cluster oversight).

1.16

• Because of its internationalization drive, itsstrategy to grow in high growth economies,DSM wants the number of executives and highand top potentials to grow much faster in thehigh growth economies than in the otherregions. In 2015 approximately one third willbe from and working in high growth economies.Currently only 12% of the executives and 22% ofthe high and top potentials are coming fromthese regions.

1.17

• The most important step forward in creating anew culture at DSM has been the launch of ournew brand. Not only does the Bright Science,Brighter Living positioning succinctly capturefor our people (as well as stakeholders externalto the business) the challenge that motivatesus as a company, it has also signaled a clearmoment of change: the end of ourtransformation and the need for us to movetowards the next phase of ”driving focusedgrowth”.

• Employee engagement towards the companyand its strategy is crucial, particularly througha period of change — hence the importance thatwe give to measuring and improving levels ofengagement, which is proving to be successful.Step by step we are moving close to the highperformance norm in employee engagement.Achieving this norm is our aspiration for 2015.

• Fostering an inclusive culture that embracesdifferences will enable us to drive superiorbusiness results and innovation. Inclusion anddiversity workshops are helping to increase amore outside-in approach, achieve a betterconnection with end customers, and increasethe focus on innovation, which will result in

higher performance.

• In order to facilitate learning across thebusinesses and regions, several initiatives havebeen started to secure the exchange of bestpractices and experience sharing. We are usingthe power of global communities to enablefaster organizational and individual learningand thus speed up the culture change.

• DSM is actively addressing the challengesinherent in becoming a genuinely globalcompany. New ways of working are beingdeveloped and tested to facilitate achievingcollaboration and a high performance culture inthis global context.

1.18

• The drive for a global high performanceorganization is supported by FunctionalExcellence programs, one of which focuses onachieving excellence in Marketing & Sales.

• DSM is taking its focus on ”customer centricity”to the next level to enhance its competitivenessand profitability, which means going beyond thetraditional sales driven relationship to developan in-depth understanding of the needs of ourcustomers and the evolving markets in whichthey operate.

• To better understand and therefore work withcustomers, DSM is focusing on: - Value Creation: enhancing market

understanding, customer insights andstrategic marketing planning. This includesprojects focused on identifying the mostpromising growth business options based onin-depth market understanding.

- Capture Value: through customersegmentation, value based pricing and marginmanagement. This program is for instanceapplied to prepare businesses for increasinglycompetitive markets by developing a future-oriented customer segmentation approachand pricing structures.

- Customer Management: key accountmanagement and customer relationshipmanagement (CRM) to increase theeffectiveness of marketing & sales activities.CRM has been instrumental in strengtheningcustomer relations and the agility of the M&Sorganizations throughout DSM.

- People & Performance: assessment anddevelopment programs to further build theskill base and expertise of the individuals andteams and to boost direct customer facingtime.

• To support the change towards more customercentricity, DSM is using the Net Promoter Scoremetric, which has become the leading metricfor loyalty and advocacy tracking in allindustries. A better understanding of what isdriving customer behavior will help DSMachieve its margin goals by securing longerlasting, more profitable relationships.

1.19

1.20

• DSM Nutritional Products has made steadyprogress, with continued strong businessfundamentals.

• DSM Nutritional Products’ strength is derivedfrom its unique dual positioning of being botha full value chain player and having a broadportfolio of micronutrients, with productofferings fully anchored in nutritionalscience, and production and deliveryexecuted in a tight framework of qualitymanagement.

• To meet its growth aspirations DSM NutritionalProducts focuses on ensuring continuousimprovements in its manufacturing operations,while also searching for science based nutritioninnovations. Some examples are the ongoingwork on strain improvement in the productionof vitamin B2, where we believe to have themost cost effective production in the industry,and our breakthrough fermentation technologyfor the production of KGA — a criticalintermediate in the production of vitamin C. In our recently acquired Nutritional Lipidsbusiness (Martek), we focus strongly on yieldimprovement to further reduce cost. Inaddition DSM has developed a new process for

the production of vitamin B6, addressing ouradverse cost position in Grenzach, Germany.

• An additional element of DSM’s nutritionstrategy is to expand the range and scope ofavailable active ingredients, and to increasethe geographic reach of our products. Majorprogress has been made in 2011 through theacquisition of Martek and of two companies inthe field of natural carotenoids, Microbia fromthe US and Vitatene in Spain.

• In addition, to expand the geographic reach,new premix plants have been added in the lasttwo years in China, India, South Korea,Rumania, Russia, Ecuador and Colombia, andwe have strengthened our franchise storenetwork in China.

1.21

• DSM successfully completed the acquisition ofMartek Biosciences Corporation in early 2011.

• Martek had a strong position in PUFAs for infantnutrition and an emerging position in food andbeverage applications, especially in the UnitedStates. In addition, their acquisition ofAmerifit, a growing business supplying brandeddietary supplements with very specific healthbenefits, provided an innovative marketingchannel for Martek ingredients (and now alsosome DSM ingredients).

• In line with its strategy, DSM NutritionalProducts is utilizing its global market reach,technology base and application capabilities tofurther accelerate the growth of Martek’sproduct portfolio into other regions,applications and market segments such asanimal feed, food, beverage and dietarysupplement applications worldwide. The DSMMartek combination will drive continued, rapidand profitable growth.

• Furthermore, Martek’s algal and othermicrobial-based biotechnology platform and itsrobust biotechnology pipeline, whichcomplements DSM’s own portfolio, are

expected to deliver new growth opportunitiesin Life Sciences and Materials Sciences.

• The preparation for the integration of DSM andMartek started when the transaction was firstannounced in December and is now in fullimplementation, driven by a dedicated team ofDSM and Martek representatives.

• The Martek acquisition is included in the DSMNutritional Products’ sales as of 25 Februaryand added € 121 million to Nutrition sales and€ 40 million to EBITDA in H1. DSM expects thefull year impact to be around € 80 million inadditional EBITDA in 2011 (10 months).

• Martek’s sales growth is expected to remain inthe double digit levels with stable to risingmargins.

1.22

• DSM was clear in presenting its strategy for thenext period, ”DSM in motion: driving focusedgrowth”, that it saw the future for both of itspharma businesses as being in partnership withother players who could acceleratetransformation and growth. This has beenactively taken forward, with the establishmentof our JV with Sinochem for the Anti-Infectivesbusiness, and the furthering of discussion withregard to the DSM Pharmaceutical Productsbusiness.

• In addition, DSM Anti-Infectives has continuedthe development of its new 6-APA plant inChina, whilst the promise to forward integrateinto final dosage products has been met withprogress on DSM’s 1st product for oral dosage inregulated markets and expansion of theproduct portfolio through the launch of fivenew APIs.

• DSM Pharmaceutical Products has strengthenedits project pipeline to further optimize assetutilization and continues to control costs toimprove profitability. DSM Biologics continuesto develop its technology and will open theworld’s first commercial scalebiopharmaceutical manufacturing site in

Australia in 2013, funded by the AustralianGovernment.

1.23

• World demand for — and production of — anti-infectives is moving rapidly towards Asia andother high growth economies. Global demandgrowth for beta-lactam antibiotics is expectedto accelerate from 2010 onwards driven byincreased demand in the high growtheconomies, of which China and the rest of Asiaare key components.

• DSM is the global market leader in beta-lactams, the largest class of anti-infectives,with a broad global footprint and market-leading technology. However, until recentlyDSM was underrepresented in China, given thesize of the market opportunity there and thesize of DSM’s current international capabilities.The JV with Sinochem, one of China’s biggestcentral-state owned enterprises, will allowboth companies to seize this opportunity — notonly in anti-infectives, but also in widergeneric pharmaceutical sales, with Sinochemutilizing its vast pharma distributioninfrastructure in China, the rest of Asia andacross the world.

• In line with DSM’s strategy ”DSM in motion:driving focused growth”, this partnership willbenefit from the strengths of both Sinochem

and DSM and will allow DSM SinochemPharmaceuticals JV to grasp marketopportunities in China and other high growtheconomies, in addition to securing Europeanand American access to high quality products.Furthermore, this partnership will acceleratethe process of forward integration into dossiersand finished dosage in selected markets.

1.24

• The Sinochem Group has taken a 50% equityinterest in the business group for a total cashconsideration of € 210 million on a cash anddebt-free basis with 1 January 2011 aseffective date. Sinochem Group and DSM sharethe cash inflows and outflows of DSM Anti-Infectives as from that date, on a 50/50 basis.On balance DSM will report a book profit ofapproximately € 45 million after tax as a resultof this transaction in Q3 2011 as an exceptionalitem.

• DSM is very excited about this partnership, andexpects sales from the joint venture toincrease by 2015 to over € 600 million,generating EBITDA margins in excess of 15%.

• The JV will be proportionally consolidated at50% of its value in the DSM accounts as of 1 September.

1.25

• DSM’s Performance Materials businesses arewell-positioned to capture growthopportunities that arise from the global trends,supplying business sectors where performanceand sustainability are the key drivers impactingdemand. Helping to meet the need to addressclimate change and reduce energy usage, toconserve resources and reduce waste, tofurther innovation and meet the needs of anageing population, DSM is developing materialswhich are lighter, healthier, safer, moredurable and have lower environmentalfootprints through their entire value chainsthan traditional materials such as metals.

• In this context, DSM’s Materials businesses aremaking steady progress towards the ambitionsoutlined in ”DSM in motion: driving focusedgrowth”. They have seen strong sales growth,particularly in the high growth economies andin more sustainable innovative solutions.

• There has been an active focus on margin andcost management, and a concentrated effort togrow margins over and above raw materialsprice increases especially in DSM Resins andDSM Engineering Plastics.

• DSM has also moved forward on its acquisitionsand partnerships strategy, strengthening itsproduct portfolio, technology base and market

access especially in the high growth economies.DSM and the Russian company KuibyshevAzotOJSC have commenced their strategiccooperation and joint ventures in the field ofengineering plastics and caprolactam helpingDSM to better serve the fast-growing Russianautomotive market.

• We have also concluded a partnership withKemrock in India for the production of highquality specialty composite resins to servegrowing local demand. In China we are buildinga new composite resins plant with our existingpartner Sinopec. In both cases, DSM has amajority share in the joint venture. Still inAsia, our Coating Resins business unit hasrefined its focus on the coating technologies ofthe future by acquiring a majority share in AGICorporation, a Taiwan-based specialist in UV-curable coating systems. This significantlyboosts our innovation platform at a time whenthe coatings industry is accelerating its moveaway from solvent-based resins in favor ofmore sustainable technologies.

• In addition, DSM has announced that it hassigned an agreement to acquire the majorityshareholding in Shandong ICD High PerformanceFibre Co Ltd. (“ICD”), based in Laiwu,Shandong province, China. Closing of thistransaction is expected in the course of 2011.

1.26

• Performance and sustainability are the two keydrivers for materials innovation.

• New chain tensioner in car engines made fromStanyl® gives higher endurance, lowers weightand friction and saves 1% fuel used during thelife of a car and 1 gram CO2 reduction per km(~ € 100 penalty/car registered for carmanufacturer).

• DSM’s Dyneema® fiber will be used in mooringropes for a semi-submersible mobile offshoredrilling unit of Petrobras, one of the world’sleading integrated energy companies. To moorone drilling unit, more than 15 kilometers ofrope is needed.

• DSM is leading the way in moving towardssolvent-free resins systems for paints andcoatings, driven by the need to createhealthier, more sustainable products.

1.27

• Polymer Intermediates has a uniquely strongstarting point: its global market position, asolid partnership in China, excellentperformance, technological leadership and asecured supply to DSM Engineering Plastics.Building on these foundations, PolymerIntermediates further strengthened itsbackward integration with DSM EngineeringPlastics through the partnership withKuibyshevAzot in Russia, securing supply ofcompetitive priced raw materials for DSMEngineering Plastics.

• Polymer Intermediates is capitalizing on theopportunities that are arising by variable costreduction in the US, by doubling productioncapacity in China with our partner Sinopec, bycontinuously improving existing assets bymeans of improving production reliability andperformance in Europe and by maintaining itsfirm commitment to sustainability.

• DSM’s strong position in China is veryimportant. DSM is the only caprolactamproducer with production assets on 3continents. In the Chinese region (China andTaiwan), consumption of PA6 is expected togrow rapidly in the coming years, primarily

driven by strong growth in engineering plasticsand film segments (CAGR > 10%). Being the onlyWestern producer with production assets inChina, in combination with a partnership with astrong Chinese company (Sinopec), DSM has anexcellent position to grow in Asia. DSM’snewest and best-in-class technology, which isbeing implemented in the second line in China,is expected to demonstrate that lower costs(economy) goes hand in hand with better eco-footprint (reduction of waste, reduction ofenergy use).

• Until 2015, ~ 500kt of caprolactam capacitymight come on stream. Not all of this has,however, been confirmed. Apart from DSM-Sinopec’s 200kt second line in China in 2014,another ~ 300kt might come on streamincluding some smaller debottlenecking. As theglobal market is expected to grow by morethan 3% (~150kt per year), global utilizationrates are expected to stay above the healthylevel of 90%.

1.28

• DSM’s Emerging Business Areas program isdesigned to create new growth platforms basedon the synergies and strengths of DSM’s LifeSciences and Materials Sciences businesses. Sofar, three EBAs have been established — DSMBiomedical and DSM Bio-based Products andServices being the most advanced — whileAdvanced Surfaces is in early stage. ”DSM inmotion: driving focused growth” set a target tocreate € 1 billion in sales from thesebusinesses by 2020, with a high EBITDA.

• DSM Biomedical, which has already built aleading position in the development of novelmaterials-based solutions to meet the presentand future needs of the medical device andbiopharmaceutical industries, continues toenjoy strong growth — with a focus oncardiovascular, orthopedic and ophthalmicmarkets. The joint venture in surgicalbiomedical materials with DuPont, (ActamaxSurgical Materials LLC) received anti-trustapproval and started up its activities earlierthis year. In addition, DSM Biomedical isworking on a range of new developments, aswell as working to create different kinds ofbusiness models such as royalties from licensesand so on.

• DSM Bio-based Products and Services seesopportunities in the move towards a bio-based

economy, particularly in bio-energy and bio-based building blocks and materials. Currentlythe following businesses are in developmentcellulosic biofuels, biogas, biodiesel, biosuccinic acid and bio-based adipic acid.

• Recently DSM completed the acquisition of C5Yeast Company B.V. from Royal Cosun, throughwhich it increased its leadership position in thefield of cellulosic biofuels. DSM is currentlyinvolved in several tens of research anddevelopment projects with partners fromaround the world.

• DSM and Roquette are currently building acommercial scale plant for the production ofbio-based succinic acid in Italy, which isexpected to come on stream in H2 2012.

• Last year DSM announced that the focus on theEBA Personalized Nutrition and SpecialtyPackaging would be reduced and that they willbe partnered, exited or transferred to otherparts in DSM. In September 2011 DSMannounced that it has sold DSM PersonalizedNutrition, LLC to Viocare, Inc. The food relatedpart of Specialty Packaging has beentransferred to DSM Food Specialties and for thepharma related part discussions are ongoingwith third parties.

1.29

1.30

• The world faces an uncertain macro-economicoutlook, which has the potential to impactDSM’s future performance.

• The political ability to solve debt crises on bothsides of the Atlantic is undermining confidencewhilst also creating huge uncertainty. Thesame goes for the Euro. These factors areexacerbating turmoil in the financial sectorwhich — together with the consequent lack ofconfidence and regulatory moves to preventfurther crises — is causing interbank lending totighten once again. Furthermore, currencymarkets are unusually volatile, as can be seenin the impact of the Swiss franc over the lastfew quarters.

• Currently consumer and business confidenceare declining in the Western World. Both NorthAmerica and Europe are seeing slowdowns ineconomic activity, but the large governmentdebt overhangs are preventing the kind ofmarket stimulus seen in 2009 and 2010. And inthe high growth economies, especially China,there are inflation and growth risks.

• All these factors increase the concern of a slideback into global recession.

• However, limited impact of these factors isvisible in DSM’s markets so far. DSM’s newportfolio after its transformation into a LifeSciences and Materials Sciences company ismore resilient and the (share of total) sales tothe high growth economies is much larger thanthree years ago. With increased concerns abouta global recession, it should also be noted thatDSM’s financial position is very strong. In Q22011 gearing was 5% and DSM had € 1.9 billionin cash, cash equivalents and currentinvestments.

1.31

• DSM is confident that its transformation hascreated a more resilient portfolio.

• Compared to 2007 — the year before thefinancial crisis created a real economyrecession — DSM’s business results were muchmore exposed to commodity chemicals such asfertilizers, melamine, elastomers andcaprolactam. However, this has changedmarkedly, with the much more resilient LifeSciences businesses now making up 59% ofEBITDA.

• DSM has exited its Base Chemicals andMaterials businesses in the last two years.

1.32

• High growth economies make up a far largerproportion of DSM’s sales compared with 2007across the board, increasing from 30% to 37% -a trend which is continuing toward 50% in 2015.As a consequence, in a global slowdown wherethe high growth economies are less affectedthan the developed Western world, DSM in turnwill be less dramatically impacted than wouldpreviously have been the case.

1.33

• DSM also believes that its business has alreadyproven to be increasingly resilient through thislatest highly unusual economic cycle. In 2009,EBITDA for the current continuing business,excluding Martek, was around € 850 million,approximately 15-20% lower than in theprevious years.

• Post 2009, DSM recovered very quickly, and in2010 recorded an EBITDA higher than pre-recession levels.

1.34

• DSM’s financial base is now considerably moresecure than at the moment the last recessionhit in Q4 2008.

• We have reduced our net debt position, whilstcash in hand is substantial, meaning we areindependent of financial markets in order tofinance the company and our growth.

• Similarly, our decisive and disciplined moves toreduce operating working capital have beenhighly effective — and this in spite of the factthat we have sold businesses such as ouragriculture and elastomers subsidiaries, whichhad relatively low OWC requirements, andreplaced them with businesses such as Martek,whose business and market structurenecessitates a much higher OWC level.

1.35

• Trading conditions remain in line with theenvironment as reported in Q2, with stronggrowth in high growth economies and aslowdown of growth in Western Europe andNorth America. The Japanese economy is stillweak, following the natural disasters in Q1.

• Within this macro-economic context themajority of DSM’s end-markets can bedescribed as good or strong. Building &construction remains weak while the custommanufacturing pharma market can bedescribed as moderate. During the last months,however, we have experienced someweakening in some of our end markets.

1.36

• The fundamental growth drivers for thenutrition business remain fully intact andunchanged despite the uncertain economicclimate. In Animal Nutrition & Health there isstrong year-on-year volume growth withmoderate to good growth in other segments.The cluster is making further progress withprice increases.

• The adverse impact of the strong Swiss francand weak US dollar are approximately € 20 - 25 million net of hedges in Q3 comparedto last year.

• Martek continues its excellent performanceduring the quarter.

• The pharma cluster continues to be impactedby challenging business conditions. DSMPharmaceutical Products is strengthening itsproject pipeline and is experiencing highervolumes. DSM Anti-Infectives is experiencinglower prices compared to a year ago.

• The joint venture with Sinochem has beenestablished. As of 1 September 2011 DSMproportionally consolidates DSM SinochemPharmaceuticals (DSP) for 50%.

• Overall business trading for the Pharma clusteris in line with Q2.

1.37

• Performance Materials is experiencingcontinued growth in end-user demand, albeitat a lower pace. Asia remains the growthengine and markets like automotive continueto grow. However, engineering plastics for theelectronics and electrical (E&E) segment areslowing and the building and constructionmarket has not emerged from the recession.

• DSM Dyneema fiber solutions is experiencingdouble digit growth typically in segments likemarine and industrial applications. However,DSM Dyneema is experiencing lower sales in the tender driven vehicle protection market.

• Compared to Q2 2011 volumes are lower andunit margins are slightly up for the cluster.

• Polymer Intermediates continues to enjoyexcellent business conditions with continuedstrong demand in China. Prices and marginshave remained at high levels, wherecaprolactam margins are in line with Q2 2011and acrylonitrile margins are slightly lowercompared to Q2.

1.38

• DSM confirms its 2011 outlook.

1.39

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