Investor Presentaiton

Financial Strength Strong balance sheet supports Erber Group acquisition Balance sheet DSM continues to benefit from a strong balance sheet, with Q1 2020 Net Debt to EBITDA of 0.8x (1.2x after settlement of the Glycom acquisition in April), supported by strong cash generation As a prudent measure given the current Covid-19 environment and given the acquisition of Erber Group, DSM has decided to cancel the remainder of its €1bn share buy-back program which was first announced on 14 February 2019. The total number of shares repurchased to date under this program is 6.6 million shares for a total consideration of €745 million Available liquidity . • . • DSM has strong available liquidity, supported by committed, undrawn revolving credit facilities of €1.5 billion. DSM's banking facilities, comprised of a €1 billion revolving credit facility maturing in 2025 and €500 million new revolving credit facilities concluded in April 2020, are not subject to any financial covenants or a MAC clause Furthermore, the company has no bond maturities in 2020 and 2021 Financing Erber Group acquisition 24 Acquisition of Erber will be debt financed, with committed bridge financing in place DSM's balance sheet remains strong post acquisition Furthermore, DSM remains committed to maintaining a strong investment-grade credit profile DSM

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