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                                        Euro Commercial Paper Program

                                        Euro Commercial Paper Program – €1.5 billion

                                        The Euro Commercial Paper Program of Royal DSM is a framework with standard terms & conditions, which are applicable if Notes are issued. The Euro Commercial Paper Program is not quoted on a Stock Exchange. The terms & conditions of this program are laid down in the Prospectus.

                                        Commercial Paper Program in detail:

                                        Issuer Koninklijke DSM N.V.
                                        Short term rating Moody's: P-2,
                                        Standard & Poor's: A-2
                                        Date of implementation 13 September 2011
                                        Maximum Volume € 1,500,000,000
                                        Tenor Between 1 and 364 days
                                        Minimum denomination €100,000 or GBP 100,000
                                        Clearing agent Euroclear & Clearstream
                                        Dealers Citibank International, Royal Bank of Scotland, Deutsche Bank, BNP Paribas Fortis, ING Bank and RABO Bank.
                                        Issuing & Paying agent Citibank, London

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