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                                        Analysts & Consensus

                                        A wide range of sell-side analysts provide coverage of DSM for their clients and the broader market is contributing to the VARA consensus in 2018/19.
                                        Institution Analyst
                                        ABN AMRO Mutlu Gundogan
                                        AllianceBernstein Gunther Zechman
                                        Baader Helvea Laura Lopez Pineda
                                        Bank of America Merrill Lynch Matthew Yates
                                        Barclays Sebastian Satz
                                        Berenberg Bank Sebastian Bray
                                        Citigroup Thomas Wrigglesworth
                                        Credit Suisse Chris Counihan
                                        Davy Research Katy Hutchinson
                                        Deutsche Bank Virginie Boucher-Ferte
                                        Equita Massimo Bonisoli
                                        Goldman Sachs Theodora Lee Joseph
                                        HSBC Martin Evans
                                        ING Reg Watson
                                        JP Morgan Chetan Udeshi
                                        KBC Securities Wim Hoste
                                        Kepler Chevreux Martin Rödiger
                                        Macquarie James Knight
                                        Mainfirst Bank Andreas Heine
                                        Morgan Stanley Alexandra Thrum
                                        DeGroof Petercam Fernand de Boer
                                        Redburn Neil Tyler
                                        Société Générale Thomas Swoboda
                                        The Idea Paul Hofman
                                        UBS Andrew Stott

                                        Disclaimer
                                        Any opinions, forecasts, estimates, projections or predictions regarding DSM’s performance made by the analysts are theirs alone and do not represent the opinions, forecasts, estimates, projections or predictions of DSM or its management. By providing the names of the analysts, DSM does not imply its endorsement of or concurrence with their reports, conclusions or recommendations. DSM assumes no liability for the accuracy of the information provided by analysts and undertakes no obligation to update this information.

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