This share repurchase program is anticipated to continue into Q1 2014 and is the first part of a program to repurchase 4-5 million shares in total, which was announced in September 2013.

DSM has signed a Discretionary Management Agreement with the bank that will execute the repurchase. The repurchase price will be based on the daily VWAP (Volume Weighted Average Price). Volumes to be repurchased will on average be 5% of the daily trading volume on Euronext Amsterdam, within a bandwidth of 2-8% per day.

Royal DSM