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                                        Bonds & Credit Rating

                                        As a basis for and contribution to effective risk management and to ensure that the company will be able to pursue its strategies even during periods of economic downturn, Koninklijke DSM N.V. retains a solid financial policy.

                                        In June 2018 DSM presented its Strategy Update: Growth & Value - Purpose led, Performance driven. With this new strategy DSM will evolve further towards being a purpose-led, science-based company in Nutrition, Health and Sustainable Living. We have created a strong platform for growth, centered on developing innovative solutions addressing Nutrition & Health, Climate & Energy and Resources & Circularity. Increased customer centricity and large innovation projects will enable above-market growth, while we will remain focused on cost control and operational excellence, allowing us to accelerate profit and cash generation. Organic growth will be complemented by acquisitions predominantly in Nutrition.

                                        Most of DSM's external funding needs are financed through long-term debt. Debt covenants are not included in the terms and conditions of outstanding bonds and financing arrangements. DSM aims to spread the maturity profile of outstanding bonds in order to have adequate financial flexibility.

                                        DSM has a commercial paper program of €1,500 million that is available and a committed €1,000 million credit facility maturing in May 2023.

                                        DSM's policy in the various sub-disciplines of the finance function is strongly oriented toward solidity, reliability and protection of cash flows. The finance function plays an important role in business steering.

                                        Credit rating

                                        Royal DSM aims to maintain a strong investment grade long-term credit rating for senior unsecured debt. To this purpose, regular review meetings between rating agencies and DSM senior management are arranged. The rating agencies Moody’s and Standard & Poors have awarded the following ratings for the company’s short-term debt and long-term debt:

                                        Rating Agency Long/short term rating Outlook Last Update
                                        Moody's A3 / P-2 Stable 31 July 2018
                                        Standard & Poor's A- / A-2 Stable 29 March 2018

                                        The weighted average interest rate of the bonds (including derivatives) was 3.28% in 2017 (3.40% in 2016).

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