Investor Presentaiton

Acquisition Highlights (1/3) Transaction Strategic Fit Synergies • • • DSM to add world-leading animal nutrition and health specialty businesses with acquisition of Erber Group, for an enterprise value of €980 million EV/EBITDA multiple of about 14x the 2020 EBITDA (fiscal year ending September 2020) 2021 EPS contribution expected to be about €0.15 2 small units, Sanphar and EFB (representing 7% of Erber Group's total sales) are not included in the transaction The transaction, which is subject to customary conditions, is expected to close in Q4 2020 The acquisition will be debt financed, with DSM's balance sheet remaining strong Enhances DSM's animal health and nutrition solutions for farm productivity and sustainability, with an emphasis on animal welfare, emissions reduction, feed efficiency, tackling antimicrobial resistance and better use of water and land: Adds a new specialty feed ingredients segment with mycotoxin risk management Enhances DSM's position in eubiotics ✓ Enlarges DSM's global premix network Gives DSM access to feed and food diagnostics activities With mycotoxin risk management, DSM expands its portfolio of specialty feed ingredients. Mycotoxin risk management (enzymes, microbials, binders) have a strong strategic fit with DSM's advanced solutions offering Strengthens DSM's science-based gut health/eubiotics platform with additional pro- and prebiotics, acids, phytogenics Strengthens DSM's animal premix position in Central & Eastern Europe Animal and human diagnostic services are synergetic with DSM's precision nutrition developments in animal and its existing diagnostic activities in human nutrition & health Cross-selling, R&D and cost synergies after integration 2 DSM

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