DSM Investor Presentation — December 2016

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HEALTH NUTRITION MATERIALSROYAL DSMPresentation to Investors

Full Year and Q4 2016 resultsSafe harbor statement

This presentation may contain forward -looking statements with respect to DSM’s future (financial) performance and

position. Such statements are based on current expectations, estimates and projections of DSM and information

currently available to the company. DSM cautions readers that such statements involve certain risks and uncertainties

that are difficult to predict and therefore it should be understood that many factors can cause actual performance and

position to differ materially from these statements. DSM has no obligation to update the statements contained in this

presentation, unless required by law.

More details on DSM’s Full Year and Q4 2016 performance can be found in the Full Year and Q4 2016 results press

release, published together with this presentation . A more comprehensive discussion of the risk factors affecting DSM’s

business can be found in the company’s latest Annual Report, which can be found on the company's corporate website,

Page 1Highlights | Full Year 2016

Page 2Very strong 2016, well ahead of strategic goals

Sales up 3% to €7,920m, with 4% organic growth

Adjusted EBITDA1up 17% to €1,262m

ROCE up 280 bps to 10.4% driven by 38% increase in Adjusted EBIT1

Cash from operating activities up 27% to €1,018m

Net profit of €629m compared to €92m in 2015

Proposed dividend increase from €1.65 to €1.75 per ordinary share

Outlook 2017 : DSM aims to deliver high single -digit percentage Adjusted EBITDA growth and high double -digit basis point

ROCE growth in line with the targets set out in its Strategy 2018

1Main non -IFRS terms are explained on page 25 of this presentation and in the Press Release under 'Notes to the condensed financial statements 'Highlights | Q4 2016

Page 3Sales up 5% to €2,015m, with 2% organic growth

Adjusted EBITDA1up 21% to €315m

Nutrition : 2% organic sales growth; Adjusted EBITDA up 16%

Materials : 7% volume growth; Adjusted EBITDA up 17 %

Cash from operating activities up 19% to €374m

1Main non -IFRS terms are explained on page 25 of this presentation and in the Press Release under 'Notes to the condensed financial statements 'Quote from CEO Feike Sijbesma

Page 4“With today’s results, we are clearly delivering on the goals we set out at the end of 2015. We

are pleased to report a very good year, in which we achieved strong EBITDA and ROCE growth,

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