1. October 20, 2011
Hans Wijers, CEO – Keith Nichols, CFO
Press Conference Q3 2011 results

2. Agenda
• Q3 2011 value and innovation highlights
• Financial review
• Strategic ambitions and performance improvement
program
• Q&A
Press conference Q3 2011 results 1

3. Q3 2011 value and innovation highlights
Press conference Q3 2011 results 2

4. Q3 2011 highlights
• Revenue up 5 percent driven by pricing actions to offset raw material
cost inflation
• Weaker economic conditions and continued raw material price
inflation impact results, particularly in Decorative Paints
• EBITDA* decreased to €507 million (2010: €574 million)
• Net income from continuing operations €148 million (2010: €217
million)
• Adjusted EPS €0.91 (2010: €1.19)
• Interim dividend of €0.33 per share declared, up 3 percent
• Major performance improvement program launched to deliver €500
million EBITDA in 2014
* Before incidentals
Press conference Q3 2011 results 3

5. Q3 2011 revenue and EBITDA
€ million Q3 2011 Δ%
Revenue 4,051 5
EBITDA* 507 (12)
Ratio, % Q3 2011 Q3 2010
EBITDA* margin 12.5 14.8
Revenue development Q3 2011 vs. Q3 2010
10 0%
-2%
5 +6%
+1% +5%
0
Volume Price/Mix Acquisitions/ Exchange rates Total
divestments
* Before incidentals Increase Decrease
Press conference Q3 2011 results 4

6. Price increases coming through
Quarterly volume development in % year-on-year
15
10
4%
5
1% -1% 1%
0
-5
Decorative Paints Performance Specialty AkzoNobel
Coatings Chemicals
Quarterly price/mix development in % year-on-year
10 8%
7% 6%
5 3%
0
-5
-10
Decorative Paints Performance Specialty AkzoNobel
Coatings Chemicals
2010 2011
Press conference Q3 2011 results 5

7. Decorative Paints key facts
2010
• Revenue €5.0 billion
• 21,950 employees
• EBITDA: €548 million*
• 38 percent of revenue from high-growth markets
• Largest global supplier of decorative paints
• Many leading positions, strong brands
Some of our strong brands Revenue by geography
3%
11% Mature Europe
Emerging Europe
42% Asia Pacific
20%
North America
Latin America
Other regions
17% 7%
* Before incidentals
Press conference Q3 2011 results 6

8. First ever global brand identity in the
industry
• Vision: Fewer, clearly positioned and stronger brands
• Deliver a consistent brand image around the world
• Compete directly against local and regional players
• Benefit from current and future global platforms (i.e. advertising &
sponsorship)
• Create more internal synergies and cost savings
Press conference Q3 2011 results 7

9. Decorative Paints Q3 2011
€ million Q3 2011 Δ%
Revenue 1,435 5
EBITDA* 148 (25)
Ratio, % Q3 2011 Q3 2010
EBITDA* margin 10.3 14.4
Revenue development Q3 2011 vs. Q3 2010
10 0%
+3% -2%
5
+4% +5%
0
Volume Price/Mix Acquisitions/ Exchange rates Total
divestments
* Before incidentals Increase Decrease
Press conference Q3 2011 results 8

10. Innovation: An automatic tinting machine at a
breakthrough price
Key Features Customer Benefits
• Half the cost of conventional tinting • Extends retailers’ colour offers
machine with similar functionalities • Improving retailer’s profitability and
• Innovative design and easy returns on investment
maintenance
Growth potential
• Underpins our color leadership
• Potential to drive distribution across high-
growth markets
• Roll-out in Latam, India, Turkey and SE Asia
Press conference Q3 2011 results 9

11. Performance Coatings key facts
2010
• Revenue €4.8 billion
• 21,020 employees
• EBITDA: €647 million*
• 47 percent of revenue from high growth markets
• Leading positions in performance coatings
• Innovative technologies, strong brands
Revenue by business unit Revenue by geography
Marine and Protective
7% Mature Europe
17% Coatings
28% 9%
Automotive and 30% Emerging Europe
Aerospace Coatings
Industrial Coatings Asia Pacific
16% 20%
North America
Wood Finishes and
Adhesives 9% Latin America
21%
18% Powder Coatings
25% Other regions
* Before incidentals
Press conference Q3 2011 results 10

12. Performance Coatings Q3 2011
€ million Q3 2011 Δ%
Revenue 1,295 5
EBITDA* 157 (5)
Ratio, % Q3 2011 Q3 2010
EBITDA* margin 12.1 13.4
Revenue development Q3 2011 vs. Q3 2010
10 0%
-3%
5 +7%
+1% +5%
0
Volume Price/Mix Acquisitions/ Exchange rates Total
divestments
* Before incidentals Increase Decrease
Press conference Q3 2011 results 11

13. Innovation: First powder coating used on a
passenger vehicle in Europe
Key features Customers benefits
• Beautiful matt black textured finish, • Fewer process steps reduces both
developed with OEM stylists complexity and energy consumption
• Superior environmental advantages • Improved environmental footprint
Growth potential
• Commercial launch by PSA is under
discussion following successful trials
with prototype vehicle
• Potential penetration of the automotive
body-shell market
Press conference Q3 2011 results 12

14. Specialty Chemicals key facts
2010
• Revenue €4.9 billion
• 11,080 employees
• EBITDA: €939 million*
• 32 percent of revenue from high-growth markets
• Major producer of specialty chemicals
• Leadership positions in many markets
Revenue by business unit Revenue by geography
6% Functional Chemicals 3%
9%
Mature Europe
17% Industrial Chemicals
36% Emerging Europe
20% 44% North America
Pulp and Paper
Chemicals Asia Pacific
20% Surface Chemistry Latin America
Other Regions
21% Chemicals Pakistan 21% 3%
* Before incidentals
Press conference Q3 2011 results 13

15. Specialty Chemicals Q3 2011
€ million Q3 2011 Δ%
Revenue 1,349 6
EBITDA* 238 (6)
Ratio, % Q3 2011 Q3 2010
EBITDA* margin 17.6 20.0
Revenue development Q3 2011 vs. Q3 2010
-1%
10 0%
5
-1% +8% +6%
0
-5
Volume Price/Mix Acquisitions/ Exchange rates Total
divestments
* Before incidentals Increase Decrease
Press conference Q3 2011 results 14

16. Innovation: Sustainable polymers for clear
hair styling gels
Key Features Customer Benefits
• Novel polymer • Clear hair gels with improved
• Provides humidity resistance in sustainability profile
hair gels and styling products • Attractive cost in use
Growth potential
• Launching in October 2011
• Early evaluations at local and
multinational customers in progress
Press conference Q3 2011 results 15

17. Financial review
Press conference Q3 2011 results 16

18. Strong operating returns on invested
capital
30% 28.2%
24.4%
25%
22.2
20%
15%
10%
5%
8.9% 11.0% 9.7%
0%
Q4 08 - Q3 09 Q4 09 - Q3 10 Q4 10 - Q3 11
Moving Average ROI %
* Operating ROI is calculated as EBIT before amortization divided by
average invested capital excluding intangible assets
Operating ROI %*
Press conference Q3 2011 results 17

19. Year-on-year Operating Working Capital %
of revenue reducing towards 12%
OWC
€ million
2500 18%
17%
15.6% 15.0% 16%
14.6% 15.3%
2000 14.9%
14.1% 14.5%
15%
13.9%
13.7%
14%
13%
1500
12%
2,007 1,691 2,037 2,346 2,191 2,016 2,317 2,389 2,433
11%
1000 10%
3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
OWC
OWC as % of LQ revenue*4
Press conference Q3 2011 results 18

20. Dividend increases
Our policy is to pay a stable to rising dividend
• An interim and a final dividend will be paid
• Cash dividend default, stock dividend optional
Intended 2011€1.20 dividend €1.45€1.80 share€1.35 3%
€1.20
total per – up
• 2011 interim dividend €0.33 per share, up 3%
• Our intention is to grow the total 2011 dividend by around €0.05
per share to €1.45
Press conference Q3 2011 results 19

21. Strategic ambitions and performance
improvement program
Press conference Q3 2011 results 20

22. Our medium term strategic ambitions
• Top quartile safety
performance
• Top 3 position in sustainability
• Top quartile performance in
diversity, employee engagement,
and talent development
• Top quartile eco-efficiency
improvement rate
• Grow to €20 billion revenues
• Increase EBITDA each year,
maintaining 13-15% margin
• Reduce OWC/revenues by 0.5
p.a. towards a 12% level
• Pay a stable to rising dividend
Press conference Q3 2011 results 21

23. High-growth markets will become
significantly more important
% of revenue, indicative
32%
‘Mature’ Europe
9%
18% ‘Emerging’ Europe
North America
25%
5%
Asia Pacific
ME&A
11%
Latin America
High-growth markets will be around 50% of revenue in this decade
Press conference Q3 2011 results 22

24. The next step in the evolution of
AkzoNobel
Accelerated
Portfolio Integration &
and sustainable
transformation restructuring
growth
• Divestiture of fibers • Integration of ICI • New Value & Values
and pharma • €340 million structural growth strategy Sept ‘10
• Restructuring of synergies achieved • Performance
chemicals portfolio by 2Q2010 improvement program
• Acquisition of ICI • Footprint rationalized, logical next step
• Building global scale key people retained • Combination of driving
in paints & coatings • More than €200 operational excellence
• Onward sales of million of cost and restructuring
National Starch savings via underperforming parts of
completed restructuring the business
Press conference Q3 2011 results 23

25. Stepping up operational and functional
excellence
• Underpin our growth and margin objectives
• Enhance our ability to grow
• Expected to bring us at or above the mid-point of our 13-15 percent EBITDA
margin guidance.
• Delivers structural competitive advantage
• Leveraging scale, simplify support structures, reduce cost base
• Transfer best practices, standardize key processes
• Restructuring of underperforming parts of the portfolio
• Full EBITDA impact of €500 million by 2014
• Expected total incidental costs €425 million
• 2012: €200 million EBITDA, incidental costs of €200 million
• Reporting on program deliverables every six months
Press conference Q3 2011 results 24

26. A comprehensive program
• Comprehensive – all functions,
all businesses
Decorative Perf. Specialty
• Margin management, R&D and Paints Coatings Chemicals
restructuring (~50%)
• Supply Chain and Sourcing Finance
projects (~40%) Information
Management
Research,
• Improvements implemented over Dev’t & Innov.
three years (2012 to 2014) Human
Resources
Integrated
• All business areas contribute to Supply Chain
delivering the €500 million Margin
Management
• >40 percent Decorative Paints
• >30 percent Performance Academy
Coatings
• Close to 25 percent Specialty
Chemicals
Press conference Q3 2011 results 25

27. Performance improvement initiatives
examples
Supply Chain – Creating a sustainable, customer-driven supply chain that
operates at world-class safety, operational and customer service levels:
• Improve the efficiency of all of our 225 factories
• Reduce the cost of warehousing and transportation
RD&I – Delivering bigger, bolder, better and faster innovation by focusing
on four key areas:
• Rationalizing RD&I’s footprint in Europe and North America
• Reducing the number of raw materials we use
• Improving the efficiency of our manufacturing processes
• Linking customers’ needs more effectively to our research activities
Decorative Paints – Restructuring will continue in mature markets:
• In North America and Europe, focus will be placed on reducing product
complexity, optimizing distribution and increasing employee productivity
Press conference Q3 2011 results 26

28. Organization and governance
• Joint responsibility of the Executive Committee, led by CEO Hans Wijers
• The Executive Committee Support Office (ESO) will operate the
implementation to track progress, intervene where necessary and support
the overall program
• Set priorities and identify improvement potential from
Masterplans 20 design stages, build into a business case and action plan
• ExCo members to lead each plan
• Defined measures to address priority opportunities
• Clear objectives and deliverables identified
Initiatives 100 • Risks and dependencies identified
• ExCo member still accountable, execution assigned to
operational management
Press conference Q3 2011 results 27

29. In summary
• Strong fundamentals with leading positions and brands
• Diverse geographical spread
• Delivering on price increases
• Medium term strategic ambitions unchanged
• Actions underway to further unlock value potential
Press conference Q3 2011 results 28

30. Questions?
Press conference Q3 2011 results 29

31. Safe Harbor Statement
This presentation contains statements which address such key issues as
AkzoNobel’s growth strategy, future financial results, market positions, product
development, products in the pipeline, and product approvals. Such statements
should be carefully considered, and it should be understood that many factors could
cause forecasted and actual results to differ from these statements. These factors
include, but are not limited to, price fluctuations, currency fluctuations, developments
in raw material and personnel costs, pensions, physical and environmental risks, legal
issues, and legislative, fiscal, and other regulatory measures. Stated competitive
positions are based on management estimates supported by information provided by
specialized external agencies. For a more comprehensive discussion of the risk
factors affecting our business please see our latest Annual Report, a copy of which
can be found on the company’s corporate website www.akzonobel.com.
Press conference Q3 2011 results 30