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Akzo Nobel N.V.

AkzoNobel Q1 2012 Analyst Factsheet

19 April 2012 Q1 Revenue up 6 percent, mainly driven by pricing actions EBITDA 3 percent lower at €423 million (2011 Q1: €437 million) as weak end markets and cost inflation impacted results Increased cash outflow primarily due to one-time pension payment and seasonal buildup of operating working capital Net income from continuing operations €70 million (2011: €132 million), due to higher incidental charges Adjusted EPS €0.63 (2011: €0.72) Performance Improvement Program on track The economic environment and certain raw materials remain key sensitivities in 2012. Figure 1: key Q1 metrics 2011 € million unless stated otherwise Decorative Paints Performance Coatings Specialty Chemicals Other Group Revenue Decorative Paints Performance Coatings Specialty Chemicals Other EBITDA D&A Incidentals Operating Income Finance Income/expenses Associates PBT Tax Charge Non-controlling interests Net Income (continuing operations) Tax Rate

Q1 1,196 1,237 1,351 -22 3,762 90 143 241 -37 437 -148 -12 277 -63 7 221 -73 -16 132 33%

Q2 1,461 1,312 1,350 -26 4,097 191 170 220 -30 551 -150 27 428 -64 8 372 -99 -22 251 27%

Q3 1,435 1,295 1,349 -28 4,051 148 157 238 -36 507 -155 -51 301 -70 9 240 -74 -18 148 31%

Q4 1,204 1,326 1,285 -28 3,787 11 141 207 -58 301 -168 -97 36 -141 -1 -106 52 -8 -62 49%

2012 Q1 1,242 1,369 1,399 -38 3,972 76 164 235 -52 423 -168 -64 191 -65 4 130 -46 -14 70 35%

Q 1 Highlights Revenue growth was achieved in all three Business Areas, largely due to pricing actions taken in relation to raw material cost inflation that offset volume declines. Volumes declined across all three business areas in the first quarter, with specific weakness in B2C offset by some recovery in B2B volumes from Q4 levels. Overall, managing raw material price inflation remains a challenge, particularly with regard to Titanium Dioxide and Oil. In Decorative Paints, lower volumes impacted EBITDA, particularly in North America which benefited last year from a one-time positive customer load-in. Restructuring and cost reduction actions are underway in Europe and North America to offset weaker demand. In Performance Coatings, EBITDA increased 15 percent supported by margin management, Schramm/SSCP acquisition and currency effects. Specialty Chemicals’ EBITDA fell 2% against a strong Q1 2011, and driven mainly by Functional Chemicals. Surface Chemistry completed the acquisition of Boxing Oleochemicals in China. Figure 2: volume & price/mix in % (quarterly basis year-on-year) Volume Decorative Paints Performance Coatings Specialty Chemicals Total development

Q4 2% -2% -4% -2%

Q1 -4% -1% -1% -3%

Price/mix

Q4 4% 7% 5% 6%

Q1 6% 8% 1% 5%

Acquisitions/ Divestments

Q4

Q1

1%

1%

2%

2%

-

2%

1%

2%

Exchange rates

Q4 -1% 1% -

Q1 1% 2% 2% 2%

Total

Q4 6% 7% 2% 5%

Q1 4% 11% 4% 6%

The Performance Improvement Program is on track. Incidental charges of €64 million (Q1 2011 12 million) include €46 million restructuring and an environmental provision €21 million. Q1 2012 RoI was 8.4% (Q1 2011, 10.9%), operational RoI was 20.8% (Q1 2011, 27.6%). Cash Flow for Q1 includes: o €322 million top up payments to certain defined benefit plans o Additional one-time payment of €239 million into the UK ICI pension Fund o Operating Working Capital seasonal increase of €423 million o CapEx of €143 million Net debt increased from €1,895 million at year-end 2011 to €2,860 million at the end of Q1 2012. Pension deficit at the end of Q1 2012 was estimated at €0.3 billion compared to €0.5 billion at year end 2011. This is due to; o o o o

Top-Up payments Higher inflation in the UK Lower discount rates Asset returns lower than expected

2

Figure 3: Quarter Analysis Group

Q1 2012

Q1 2011

Revenue

3,972

3,762

6

EBITDA

437

423

(3)

EBITDA margin (in %)

11.6

10.6

70

132

Net income (continuing operations)

%

Q1 2012

Q1 2011

Revenue

1,242

1,196

4

EBITDA

76

90

(16)

EBITDA margin (in %)

6.1

7.5

Performance Coatings

Q1 2012

Q1 2011

Revenue

1,369

1,237

11

EBITDA

164

143

15

EBITDA margin (in %)

12.0

11.6

Q1 2012

Q1 2011

Revenue

1,399

1,351

4

EBITDA

235

241

(2)

EBITDA margin (in %)

16.8

17.8

Decorative Paints

Specialty Chemicals

3

%

%

%