5.1

5.2

• DSM’s Materials Sciences businesses comprisethe Performance Materials and PolymerIntermediates clusters. In 2010 the two clustersrepresented 48% of DSM’s total net sales fromcontinuing operations.

• DSM Engineering Plastics is a global supplier ofhigh-performance engineering thermoplasticsolutions. DSM Dyneema is the global supplierof Dyneema®, the world’s strongest fiber™. DSMResins is a global supplier of innovative high-quality resins solutions for paints and coatings,composite materials and fiber optic coatings.

• DSM Fibre Intermediates is the global leader inthe production and supply of caprolactam, theraw material for polyamide 6 (nylon-6).

5.3

• DSM Engineering Plastics has a focusedportfolio of products and, with each of theseproducts it has realized global leadership. DSMEngineering Plastics is the global number 3 inthe overall market for semi-crystallineengineering plastics. DSM is the global marketleader in high-temperature polyamides. Inpolyamide 6, DSM holds a number 2 position, asit does in thermoplastic co-polyesters. DSMEngineering Plastics offers an industry-leadingportfolio of renewable thermoplastictechnologies. Its leadership in sustainablesolutions is demonstrated by its completeportfolio of halogen-free engineering plastics.An important prerequisite for DSM EngineeringPlastics’ leadership and growth is its strongupstream integration in a leading caprolactamplayer: DSM Fibre Intermediates.

• Dyneema® is respected as the global premiumbrand for ultra high molecular weightpolyethylene fiber. DSM Dyneema manufacturesand sells products in several forms includingfiber, tape and uni-directional (UD) sheets. Thepowerful Dyneema® brand is used in a wide andever-increasing range of applications. DSMDyneema is an undisputed and highly successfulleader in innovation.

• DSM Resins ranks among the global leaders inthe markets for resin systems for industrialcoatings and decorative coatings. DSM has aglobal leadership position in fiber opticcoatings, protecting more than one billionkilometers of fiber optic cables around theworld. As a leader in sustainable solutions, DSMis recognized as a front-runner in thedevelopment and production ofenvironmentally friendly coating resins. DSM isthe European market leader in unsaturatedpolyester resins and is rapidly building aposition in Asia.

• DSM Fibre Intermediates is the global leader inthe production and supply of caprolactam, theraw material for polyamide 6. It has productionfacilities on three continents (Europe, NorthAmerica, Asia). DSM supplies around 20% of themerchant market. With its market share of25%, DSM Fibre Intermediates is the leadingsupplier in the European merchant acrylonitrilemarket while globally it ranks third.

5.4

• The innovative products from DSM’s MaterialsSciences clusters are used in a wide variety ofattractive, fast growing end-markets. Thebuilding & construction industry is the largestend-market, followed by the electrical &electronics industry, the (food) packagingindustry, textiles, the automotive industry andothers, including the life protection, sports andleisure industries.

• DSM’s engineering plastics are used mainly intechnical components for the electrical andelectronics, automotive, engineering andpackaging industries. Dyneema®, the world’sstrongest fiber™, is used in many applicationsin various end-markets, such as life protection,shipping, fishing, offshore, sailing, medical andtextiles. DSM Resins’ main end-markets includebuilding and construction, automotive &transport and telecom. DSM FibreIntermediates’ materials are ultimately used inengineering plastics, textiles, floor coveringsand industrial yarns.

• The Materials Sciences clusters have built up astrong position in Asia. As economic prosperityis being spread more evenly over the world,rapid market growth in the high growth

economies is expected to continue. Growth ofengineering plastics, caprolactam and resins ishigh in these regions as a result of increasedlocal demand and a shift in globalmanufacturing bases.

• A substantial part of the capacity expansion ofDSM’s Materials Sciences businesses has takenplace in high growth economies such as Chinaand India. These investments will enable DSMto better capture the opportunities that thesefast-growing economies offer to its MaterialsSciences businesses.

5.5

5.6

• Global shifts, economic growth, need for morefunctionality and performance of products anddesire and need for ‘greener’, moresustainable, less energy consuming products areimportant trends driving the materials industry.

• DSM’s customers are seeking products thatreduce energy use or emissions in their ownoperations or, even more importantly,throughout their value chains. In many casesDSM is active in the business of replacingmetals with lighter alternatives, for example,and supports customers who are increasinglyseeking polymer solutions that are based onrenewable (rather than fossil-based) rawmaterials or solvent-free products or processesthat can help create more sustainable valuechains. Resource scarcity, which also impactscosts, is increasingly contributing to thesedevelopments.

• Urbanization is an important driver for buildingand construction — one of the areas in whichDSM plays an important role with innovativeresins solutions. The building and constructionindustry needs paints and coatings withexceptional (environmental) performance andthe fewest possible health risks.

• E-waste and resource efficiency are growingconcerns for electronics manufacturers. Theywant materials in their products that not onlydeliver excellent performance, but are alsonon-hazardous and can be efficiently recycledor can even be produced bio-based, so as toavoid health risks and reputational problemsfor their brands.

• Workplace health and safety standards arebecoming more common across the world asprosperity grows. DSM provides solutions withDyneema® fiber for high performance fabrics.At the same time, concerns about personalsafety and global threats have not diminished.

5.7

• DSM expects to benefit from strong growth inits Materials Sciences end-markets in theperiod from 2011 to 2015. Automotive,personal protection and electrical andelectronics are all expected to see on averageabove-GDP growth during the coming period.

• Building & Construction end-markets in NorthAmerica and Western Europe have still notstarted yet to recover from the 2008/2009downturn. No real recovery is currentlyexpected before 2013(*). In Asia, especially inChina and India, building & constructionmarkets have remained healthy and areexpected to remain healthy, resulting in anoverall above global GDP growth expectationfor this important segment.

• End-market growth is very important for DSM’sMaterials Sciences businesses. However,besides end-market growth, substitution oftraditional materials by sustainable innovativehigh performance products is expected tocontinue, resulting in growth above the endmarket growth. This not only means replacingsteel by engineering plastics, steel wire ropeswith ropes from Dyneema® and replacingconcrete or steel with composites; it also

means for instance replacing less sustainableplastics by more sustainable plastics (halogenfree, made from renewable raw materials,recycling, lower footprint), addressing the bestand safest functionalities in life protection,applying resins in coatings that are solventfree.

* Source: IHS Global Insight

5.8

• Manufacturers are increasingly turning toadvanced performance materials that arecapable of facilitating the accommodation ofthe infotainment and safety devices thatdrivers increasingly regard as standard inmodern vehicles, as well as reducing weightand friction to minimize CO2 emissions and tocomply with regulations.

• Advanced materials from DSM enablemanufacturers to reduce the carbon footprintover the life cycle of their vehicles, helppreserve scarce raw materials and meet futureregulations on greater re-use and recovery ofmaterials at the end of a vehicle’s life, whileat the same time helping end-users to reducefuel consumption.

• Currently 12-15% of a small car’s parts aremade from plastics. This share is increasing.This results in fuel savings due to weightreduction of more than 5% or 750 liters duringthe life of a (small) car. Less fuel translatesdirectly into less emissions and savings for theowner.

• An example of a successful sustainableinnovation is: reducing friction by applying

DSM’s Stanyl® PA46 in chain tensioners inengines. This results in ~1% fuel saving.Replacing the aluminum structural support forthe guide by Stanyl® reduces friction andweight, lowers system cost and contributesfurther to noise reduction. The combination ofoil resistance, long term ageing resistance, andhigh temperature stiffness that Stanyl® offers isunmatched. Stanyl® presents excellent fatigueand creep resistance allowing for tensionerperformance even when exposed to hightemperatures.

• Applying sustainable innovative materials incars benefits not only the car owner and ourenvironment; fuel reduction and emissionreduction will support car manufacturers inreducing the average emissions of their fleet.The EU has set the target for the averageemission of newly registered vehicles at 120 gram CO2/km by 2015. Exceeding thistarget would result in a penalty of € 100 pergram per car registered.

5.9

• Demand for coatings and thus resins is drivenby higher living standards, especially in thehigh growth economies. Customers and end-users are demanding an ever-expanding rangeof high quality, innovative and sustainablecoatings to meet lifestyle desires and improvedurability and functionality.

• Regulation aimed at reducing or eliminatinghazardous substances and minimizing carbonfootprint is driving change within the globalcoatings industry. Increasingly stringent VOCregulations are leading to further uptake ofmore sustainable technologies such aswaterborne, powder and UV-curable coatings.Following a trend that began in North Americaand then moved to Europe, Asia’s high growtheconomies, including China, are looking totransition to more sustainable technologies.Demand for sustainable resins is expected togrow clearly above demand for solvent-borneresins systems. Solvent-borne resins areexpected to show global growth too, however,this growth is strongest in Asia.

• DSM is meeting sustainability demands today aswell as addressing the future performance andfunctionality needs of the paint industry by

moving towards a range of innovative solvent-free, high performance products for the paintsand coatings industry. DSM’s shift to moresustainable resins systems is outpacing globalsubstitution of solvent-borne systems.

• Customers request new milestones in terms ofimproving performance, appearance andfunctionality delivered by DSM’s innovationleadership in coating resins. DSM Resins’waterborne coatings range already deliverssignificant advantages to paint customers, whoare faced with regulatory pressures and socialresponsibility demands. An example isNeoCryl®, a family of waterborne resins thatmeet food safety standards and can be used ininks and overprint varnishes that come intodirect contact with foods.

• DSM’s improvements to paints are not onlybenefiting the painter or brightening lives ofthe end-customers; DSM’s sustainableinnovations are reducing the impact on ourenvironment. Today, DSM is working withNovomer on a breakthrough technology toproduce polycarbonate resins from CO2,significantly reducing our carbon footprint.

5.10

• The electronics industry continues toexperience rapid growth, driven by risingwealth in the high growth economies as well asthe speed of innovation and shrinking productlifespan in the consumer electronics sector.

• The trend for miniaturization is increasinglyleading manufacturers to turn to materials thathave excellent mechanical properties and arelightweight. Consumer electronics companiesare seeking to satisfy demand forminiaturization and productivity through thedevelopment of high-temperature and high-flow plastics.

• Sustainability and product safety demands arerising, in particular with regard to e-waste,which is a growing problem. Faced with moreenvironmentally conscious end-users, consumerbrand OEMs are outpacing regulation in terms ofelimination of hazardous substances,demanding, for example, halogen-freetechnology and solutions for lead-free soldering,as well as managing the growing problem of e-waste and fostering recycling initiatives.

• NGOs are fueling consumer consciousness. Anexample is Greenpeace, which updates their

“Guide to Greener Electronics” on a regularbasis (see above the 2010 version of the Guide,which — according to the website ofGreenpeace — will be updated November 2011).The Guide ranks the 18 top manufacturers ofpersonal computers, mobile phones, TV setsand games consoles according to their policieson hazardous substances (including halogens),recycling and climate change impacts of theiroperations and products.

• Through its unique portfolio of hightemperature materials with high flow and highperformance polymers with good flexibilitycombined with in-house technologies onhalogen-free flame retardants and solutions forlead-free soldering, DSM is contributing tofinding a solution to the growing problem of e-waste, helping foster recycling initiatives anddelivering environmental, health and safetyimprovements. An example of DSM’s halogen-free alternatives is Arnitel® XG, used inconsumer electronics cables. DSM is supportingconsumer electronics companies’ sustainabilitystrategies through its increasing portfolio ofmaterials that are bio-based and/or made fromrecycled content.

5.11

5.12

• The above slide is a wrap-up of what DSMpresented in September last year at the CapitalMarkets Days as strategic aspirations of theMaterials Sciences clusters.

• With a key focus on growth via innovativesustainable solutions, DSM has set its salesgrowth aspiration for the PerformanceMaterials cluster at double GDP growth leveland has set an EBITDA margin aspiration ofabove 17% by 2015.

• For the Polymer Intermediates cluster, DSM hasset an EBITDA margin aspiration of ~14% onaverage over the cycle and has announced thatit will double its capacity in China by 2014.

• In the next few slides we will focus on theachievements and progress of the MaterialsSciences businesses in the first year of DSM’s newstrategy; DSM in motion: driving focused growth.

• We will address why DSM is convinced that itsPerformance Materials & PolymerIntermediates clusters are well positioned tocapture growth opportunities that arise fromthe global trends and will achieve the strategicaspirations as set in 2010.

5.13

• The Performance Materials cluster has shownhealthy sales growth since 2009, which isreflected in clear EBITDA improvements. DSMEngineering Plastics has been capturing marketshare, whereas DSM Resins has been improvingits unit margins despite the ongoing weaknessin its main market: building & construction.DSM Dyneema has continued its growth.

• The Polymer Intermediates cluster has emergedstronger from the downturn, with improvedyields, reduced variable and fixed costs, goodprofitability and a continued full focus oncustomers and sustainability. Its significantfoothold in high growth economies hasparticularly benefited its caprolactam business.

• Polymer Intermediates showed unprecedentedresults as a result of strong volumes andexcellent prices and margins over benzene.Due to favorable trading conditions, strongdemand in China & Asia, a unique position, thefirst half of 2011 saw Polymer Intermediatesdeliver a record performance.

5.14

• DSM Engineering Plastics focuses onstrengthening its leading positions in heat-resistant resins, polyamides — in particular PA6— and co-polyester elastomers and using itsapplications leadership to meet the needs of itscustomers, who are increasingly focused oncreating sustainable, and at the same timeprofitable, products and value chains.

• To realize the opportunities in high growtheconomies, DSM will continue to invest in thesemarkets. DSM Engineering Plastics has started apartnership with KuibeyshevAzot to capture itspart of Russia’s fast growing automotivemarket. DSM has set up a Materials Researchand Automotive Development Center inShanghai. This will be DSM’s biggest researchcenter for engineering plastics outside theNetherlands.

• DSM has moved the global headquarters of DSMEngineering Plastics from the Netherlands toSingapore. It is essential that the managementof the business is close to the markets showingthe strongest growth. DSM believes this willfurther increase our awareness of customerneeds and will also help to internationalize thispart of our organization.

• DSM strives to further improve theenvironmental performance of its products.The most innovative developments in this fieldare new bio-based polymers and bio-basedbuilding blocks. DSM is already making goodprogress on this front: EcoPaXX™ is the best-performing renewable polymer available, andhas a zero carbon footprint.

• An important prerequisite for DSM EngineeringPlastics’ ambitious growth is its strongupstream integration in a leading caprolactamplayer.

5.15

• DSM has shown excellent sales growth inengineering plastics. DSM has gainedsubstantial credit for ongoing support to theindustry and offering winning solutions to ourcustomers through environmentally friendlyproducts and supporting new customerdesigns.

• DSM Engineering Plastics holds strong positionsin high growth economies, enabling thebusiness to capture growth in the end markets.In China, DSM has a long-standing presence anda good reputation and is strengthened by theintegration with its own domestic caprolactamproduction. In India, DSM is the leader inengineering plastics, focusing on the fastgrowing automotive industry.

• DSM Engineering Plastics has been successful inlaunching innovations that actively replacehazardous materials, for instance byintroducing halogen-free alternatives, such asArnitel® XG (used in consumer electronicscables), Stanyl® and Arnite® XG (used inelectrical insulation in white goods).

• DSM and KuibyshevAzot OJSC have a strategiccooperation, With this partnership DSM is

expected to be in an excellent position tocapitalize on the anticipated growth in Russia.

• In 2010 DEP strengthened its position in PA6with the acquisition of the Novamid business inJapan and Taiwan and the full acquisition ofNylon Polymer Corporation LLC in the US.

• In India we continue to expand our presenceand are studying the next round of expansionof our production capacities to maintain ourleading position.

• In China and the US new capacity expansionsfor compounding are under way to cope withincreased customer demand.

5.16

• DSM Dyneema is committed to supportingwinning customers and to developing newproducts, forms, applications and markets. DSM Dyneema’s fiber solutions business isexperiencing double digit growth typically insegments like marine and industrialapplications. Growth projections for DSM’s LifeProtection business continue to be healthy, butthe tender driven dynamics of the vehicleprotection business, a part of Life Protection,can cause volatility.

• Innovation remains key: DSM Dyneema’sproduct portfolio already includes over 100inventions protected by more than 500 patentsor patent applications. DSM Dyneema hasinnovated in various applications such as thepatented new Dyneema® Tape Technology forthe life protection or electromagnetic windowsmarket (radomes).

• Another innovative breaktrough is theapplication of Dyneema® in mooring ropes fora semi-submersible mobile offshore drillingunit of Petrobras (see later in thispresentation). DSM will further accelerateinnovations and get them to market evenquicker by extending its co-creation

partnerships with leading value chainplayers.

• DSM signed an agreement to acquire themajority shareholding in Shandong ICD HighPerformance Fibre Co. Ltd. based in Laiwu,Shandong province, China. Closing of thistransaction is expected in the course of 2011.ICD is a manufacturer of UHMWPE (ultra highmolecular weight polyethylene) fiber and apotential strong player in the Chinese marketfor high performance fiber.

• The Dyneema® brand is well known in theindustries served. DSM Dyneema hasimplemented a comprehensive brand licensingstrategy which will result in a number of newlicensees and enhanced control of their keyassets. This strategy is particularly targeted atsupporting key customers. The Dyneema® brandis recognized as a vital ingredient in a growingvariety of applications, and is therefore anextremely valued asset for both DSM and itslicensed partners.

5.17

• Within DSM Dyneema, the various businesseshave their own dynamics. The fiber solutionsbusiness — with key markets in commercialmarine, offshore, industrial, high performancetextiles, sports & leisure, sailing — is showingongoing strong double digit growth. However,its industry segments are not independent ofconsumer spending and industrial activity.During the 2009 downturn, the fiber solutionsbusiness of DSM Dyneema clearly felt the effectof unfavorable market conditions. Growthrates, however, recovered fast to the levels ator above the downturn.

• The life protection business consists of thepersonal protection business, which includesarmor for instance for vests, inserts andhelmets for military, law enforcement and civilstaffs, and the vehicle protection businesswhich includes armor for military and lawenforcement vehicles. Both businesses havetheir own dynamics and show healthy growth.

• Because of the size of the tenders, the vehicleprotection business can cause largerfluctuations in the performance of the businessgroup. Next to size, there is the “winner takesall” dynamics which means that sometimes you

win the tender (and get all the business) andsometimes you loose (and get nothing out ofthat specific tender). A special tender is a so-called urgent operational request whereproducers of armor are asked to supply onshort notice.

5.18

• DSM Resins’ growth strategy is focusing ongrowth in high growth economies. This meansits investments will also largely be in the highgrowth economies. For DSM Resins, the mainhigh growth economies are Asia and Turkey.The US market is also an interesting growthmarket for DSM Resins.

• In 2011 DSM announced that, together with itsJV partner Sinopec, it will invest in a newfacility for composite resins in China. This willbe among the largest manufacturing plants forcomposite resins in the world. This new facilitywill boost the sustainable development of ourcomposite resins business in China. DSM’s resinsdeliver considerable advantages in creatinglightweight composites used in containers,cars, trucks and trains, wind-turbine bladesand a range of other applications related toimproving energy efficiency. The new unit isexpected to come on stream early 2012.

• DSM Resins’ focus is on accelerating growth,particularly via sustainability-driveninnovations. DSM has introduced Palapreg®ECO,DSM’s bio-based resin with 55% bio-renewablecontent, which has excellent properties. DSMResins’ waterborne coatings range deliverssignificant advantages to its paint customers,who are faced with regulatory pressures and

have to meet social responsibility demands.DSM will further increase the flow of radicalinnovations.

• With its range of innovative specialty resins,DSM is able to differentiate itself from thecompetition. As the resin is the keydifferentiator for the end-product, DSM cancreate value by understanding what itscustomers need and where it can add to thevalue chain.

• DSM Resins will also grow through selectiveM&A. In 2011, DSM announced a partnershipwith Kemrock for the production of specialtycomposite resins in India. DSM will focus on thesupply of innovative specialized compositeresin solutions to the fast growing Indianmarket while Kemrock will concentrate on theproduction of high-end composite parts. DSMwill hold 51% and Kemrock 49% in the jointventure, which will be based in Pune, India.

• In 2011 DSM has acquired a 51% stake in AGICorporation of Taiwan. This acquisition isconsistent with DSM’s strategic focus on highgrowth economies, sustainability, innovationand partnerships. AGI offers a broad range ofenvironmentally friendly UV curable resins andother products.

5.19

• The building & construction market is a veryimportant market for DSM Resins.Approximately half of its sales are to thebuilding & construction industry, of which theEuropean and North American markets havetraditionally been very important for DSM.

• The building & construction industry in Europeand the US was severely hit by the downturnend of 2008 / 2009. And although thedeterioration of output came to an end in2010, no real recovery has taken place yet.According to data of IHS Global Insight, wehave to wait until 2013 before any realrecovery will take place (with recovery in USbefore Western Europe).

• At the same time, building & constructionmarkets in India and China have continued toshow high single digit or even double digitgrowth numbers. Growth forecasts continue tobe healthy.

• This is why DSM Resins is focusing on buildingup its positions in Asia, for instance with themajority partnerships in resins in India withKemrock and in China with Sinopec. And at thesame time, DSM Resins is actively managing the

subdued demand in some the more traditionalregions.

• The ongoing weakness in European and USbuilding & construction has kept pressure onmargins at DSM Resins and the cluster as awhole. Recovery in Europe and the US, will,however, lead to improved results due toincreased gearing of existing capacities inthese regions. However, as we write thissentence in September 2011, there are no signsof a fast recovery in this sector in Europe andthe US.

5.20

• 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).

5.21

• In the Chinese region (China and Taiwan),consumption of polyamide 6, and thereforedemand for caprolactam, will grow rapidly inthe coming years, primarily driven by stronggrowth in engineering plastics and filmsegments (CAGR > 10%).

• Largest applications in China & Taiwan are inTextiles (~ 0.9 MMt), EP & film (~ 0.5 MMt), andIndustrial (~0.5 MMt); highest growth is in EP &film.

• China is largely dependent on imports to satisfythe demand for polyamide 6. Currently, onethird of the polyamide 6 demand is covered byimports and half of the caprolactam to producepolyamide 6 locally is imported as well. Chinawill reduce this dependency and consequentlymuch more locally produced caprolactam willbe needed.

• 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 more

than 3% (~150kt per year), global utilizationrates are expected to stay above the healthylevel of 90%.

• DSM Engineering Plastics has ambitious plans toaccelerate its growth in polyamide 6 in thecoming years. DSM Fibre Intermediates isconfident that it can fully support DSMEngineering Plastics, while simultaneouslygrowing in high growth economies. The secondcaprolactam line in Nanjing will be crucial forthis support, for strengthening its own costleadership position, and for benefiting from thegrowth in China.

5.22

5.23

• With major investments in high growtheconomies such as China and India, DSM’sMaterials Sciences clusters are making a majorcontribution to DSM’s growth in Asia. Forinstance, both DSM Engineering Plastics andDSM Resins have opened new plants in China inthe last few years. DSM Engineering Plastics hasopened a new facility in China and DSM Resinshas announced a joint ventures in India (withKemrock) and the construction of a newcomposites facility together with its existingpartner (Sinopec) in China. At the end ofSeptember 2011 the groundbreaking ceremonyof the second caprolactam line in China tookplace. DSM has set up a Materials Research andAutomotive Development Center forengineering plastics in Shanghai.

• Since 2008 sales to high growth economies as apercentage of overall sales has increased frombelow 30% to almost 40% in 2010, driven byhealthy volume growth in PerformanceMaterials due to new facilities and Acquisitions& Partnerships and strong growth and pricedevelopments in Polymer Intermediates.

• The Performance Materials clusteroutperformed its 2010 innovation target.

Despite the downturn, innovations inperformance materials continued toaccelerate. With the great majority of theseinnovations driven by sustainability, DSM’sPerformance Materials cluster is recognized asa front-runner in creating and introducingsustainable innovative solutions.

5.24

• DSM has recently launched a number ofexciting innovations. Two are illustrated on thispage. Both are innovations in high growtheconomies.

• DSM Resins and its Indian partner Kemrock havecompleted two composite modular buildingswith four classrooms each for the Shakti schoolin the village Kushuan. The composite buildingsare factory built and shipped in a modular kit.The composite buildings are lightweight, easyto transport & handle (in one truck) and easyto install and can be set up in less than twoweeks (compared to ~90 days for a comparabletraditional brick building). The school is ademonstration of DSM’s commitment to use itsbright science (Life Sciences and MaterialsSciences) to create brighter living today andfor generations to come.

• 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. Petrobras is going to useDyneema® fibers in its new Pre-Salt deepwaterfields off the coast of Brazil. Pre-Salt is one of

the largest recent oil discoveries in theWestern Hemisphere.

5.25

• Partnerships & Acquisitions are part of DSM’sstrategy in Materials Sciences. Two excitingpartnerships in high growth economies arehighlighted on this slide.

• According to the Boston Consulting Group,Russia will be among the top six automanufacturers worldwide by 2020. They expectgrowth in the Russian market to vary between8-14% throughout this decade. The Russianmarket is expected to be the third largest inEurope within three years. DSM EngineeringPlastics has two joint ventures withKuibyshevAzot. These joint ventures, in whichDSM holds a majority share, relate to marketingand sales of engineering plastics in Russia & CISand secondly for the production of engineeringplastics compounds in a plant located inTogliatti (Russia). By acquiring 80% in thecompounding plant, DSM is the first westernPA6 supplier with its own manufacturingpresence in Russia and the CIS. The cooperationhas also resulted in a license grant under DSM’sproprietary cyclohexanone technology to beapplied at KA’s caprolactam plant.

• Another exciting project in high growtheconomies is the construction of the second

200kt caprolactam line in China, together withSinopec. The rapidly increasing demand (bothcaptive and merchant), the Chinesegovernment’s intention to replace importedcaprolactam by local production, and goodmargins provide sound foundations forexpanding capacity. By building a second linein China, DSM aims to double its capacity in thecountry by 2014 (with the second line in Chinaon stream in 2013).

5.26

5.27

• DSM reconfirms its strategic aspirations in both Performance Materials and PolymerIntermediates.

• Continuing to meet customer needs for higherperforming, more sustainable products — whichin turn enjoy higher margins and above averagegrowth — will drive value creation in DSM’sPerformance Materials businesses. The DSMDyneema business and the innovations in DSMResins and DSM Engineering Plastics are goodexamples of this.

• In addition, DSM believes that general marketgrowth above GDP growth level, a recovery inthe building and construction sector over thecourse of this strategy period as well as activemargin management to ensure that DSM passeson raw material price rises, will enable thecompany to achieve its target of an EBITDAmargin of at least 17%.

• Growth in DSM’s Polymer Intermediatesbusiness will be driven by expansion in China in2014 to support growing caprolactam demand.By marrying this with continual operationalexcellence and strong margin management, weare confident we can deliver an EBITDA

performance of around 14% over the economiccycle.

5.28

• 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 theelectrical and electronics (E&E) segment areslowing and the building and constructionmarket has not yet emerged from therecession.

5.29

5.30

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