Share Structure

According to the Articles of Association Royal DSM has two types of shares: one class of ordinary shares and three classes of Cumulative Preference shares series A, B, and C. At this time, next to ordinary shares only Cumprefs A and C have been issued, and only Cumprefs A are outstanding. All issued Cumprefs C were bought back by DSM in November 2004.

• issued as per 31 December 2007: 181,425,000 shares
• outstanding as per 31 December 2007: 166,896,860 shares
• nominal value of € 1.50 per share
• no certificates on these shares are issued, the voting rights are not limited

• listed on the stock market at Euronext Amsterdam

• issued and outstanding in 2007: 44.04 million shares
• not listed on the stock market
• owned by three Dutch institutional investors
• nominal value of € 1.50 per share
• as of 1 january 2007 the annual dividend amounts to € 0.23 per share ( 4.348% of the issuance price of € 5.2942)

• are not issued nor outstanding at this time
• by virtue of DSM's Articles of Association the Cumprefs B can de issued and placed by DSM by the DSM Preference Shares Foundation, in order to provide protection against a hostile takeover bid
• the DSM Preference Shares Foundation is independent in accordance with the requirement laid down in Appendix X to the Listing and Issuing Rules or Euronext

• as far as they had been issued, all Cumprefs C were bought back by DSM on 28 November 2004

Pursuant to a resolution of the General Meeting of Shareholders held on 22 August 2005 the ordinary shares and the Cumprefs A and B were split per 5 September 2005 two-for-one. In the figures mentioned above this stock split has already been implemented.