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.

The company aims to maintain a strong investment grade long-term credit rating for senior unsecured debt; most external funding needs being financed through long-term debt.?DSM also has a commercial paper program and?revolving committed credit facilities.

DSM’s credit is only rated by S&P Global Ratings (S&P) and Moody’s to which DSM provides accurate information necessary for their rating analyses, such as our management strategy, financial policies and financing matters.

DSM has not obtained a credit rating from Scope and DSM has not provided any information to Scope. Therefore Scope’s unsolicited opinions and publications regarding DSM are based on their subjective assumptions and hypotheses with no reasonable basis for support.

DSM aims to spread the maturity profile of outstanding bonds in order to have adequate financial flexibility. The average effective interest rate on the portfolio of borrowings outstanding in 2022, including hedge instruments related to these borrowings, amounted to 1.90% (2021: 1.86%).

Debt covenants are not included in the terms and conditions of outstanding bonds and financing arrangements.

DSM holds a €1.0 billion revolving committed credit facility (RCF), which serves as back-up funding.?The interest rate of this RCF is linked to DSM's Greenhouse Gas (GHG) emission reductions.

Royal DSM's Euro Commercial Paper Program is a framework with standard terms and 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?Memorandum.

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