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                                        Cash Flow Policy

                                        Cash flow

                                        An important element of DSM's financial strategy is the allocation of cash flow. DSM primarily allocates cash flow to investments aimed at strengthening its business positions and to dividend payments to its shareholders. In terms of cash flow policy, DSM will adhere to the following guidelines:
                                        • The cash flow is further used for strengthening the life sciences and materials sciences businesses by means of selective acquisitions.
                                        • As the occasion arises, the company may choose to buy back shares, if excess cash is available in the context of a medium-term analysis of primary cash-flow allocation requirements and a sustained strong investment grade rating.
                                        • DSM will continue its systematic, risk management-oriented hedging strategy.

                                        Additionally, DSM is leaving its cash allocation priorities unchanged:

                                        • CAPEX for organic growth
                                        • Dividend (stable and preferably rising)
                                        • Acquisitions
                                        • Cash return to shareholders
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