1. FFNEY2003 1 Safe Harbor Statement* This report contains statements which address such key issues as Akzo Nobel’s growth strategy, future financial results, market positions, product development, pharmaceutical products in the pipeline, and product approvals. Such statements, including but not limited to the “Outlook for 2003”, 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, 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. * Pursuant to the U.S. Private Securities Litigation Reform Act 1995

2. FFNEY2003 2 2002 – strong start; weak finish Excluding extraordinary and nonrecurring items. EUR mln +9% –2% –3% –21% Y-t-d –4% Net income

3. FFNEY2003 3 Coatings & Chemicals – strong performance Pharma – down Q-4, EUR bln Sales Δ% EUR mln EBIT Δ% 3.4314 3.4–314(13) 1.0180 Pharma1.0 (5)180(20) 1.179 Chemicals1.13797 1.381 Coatings1.3 18123 Fourth quarter

4. FFNEY2003 4 Q-4 – net income 21% down EUR mln 2002 Δ% / 2001 Sales3,383 – EBIT314 (13) Noncons. companies–20 Net income176 (21) ROS, % 9.3 10.6 Interest coverage 6.8 6.0 EPS, EUR 0.620.78 Excluding extraordinary and nonrecurring items. Fourth quarter

5. FFNEY2003 5 2002 – sales flat; EBIT down 5% EUR bln Sales Δ% EUR mln EBIT Δ% 14.01,492 14.0(1)1,492(5) 4.0768 Pharma4.0 (1)768(8) 4.6344 Chemicals4.6–3441 5.5465 Coatings5.5 (1)4659

6. FFNEY2003 6 Euro – strengthening throughout 2002 USD –5%+5%+10%+13% Y-t-d: +6% Changes of average rates. 2002

7. FFNEY2003 7 % TotalAutonomousCurrenciesAcquis./ growth growthdivest Pharma(1)6(4)(3) Coatings(1)3(3)(1) Chemicals –2(3)1 Akzo Nobel (1)3(3)(1) Sales – internal growth in all groups 2002

8. FFNEY2003 8 Pensions – impacted by stock markets  P&L charges –2002: up EUR 80 mln –2003: up EUR 130 mln  Cash –EUR 100 mln extra in Q-4 2002  Balance sheet –EUR 1.1 bln net provision against equity 2002

9. FFNEY2003 9 EBIT – increasingly affected by pensions and currencies EUR mln Full year 8080160 2002

10. FFNEY2003 10 EUR mln ChangePerformancePensions & improvementcurrencies Pharma(63)7(70) Coatings3974(35) Chemicals4 39(35) Other(59)(39)(20) Akzo Nobel(79) 81(160) EBIT – performance improvement exceeded by pensions and currencies 2002

11. FFNEY2003 11 2002 –earnings slightly down dividend unchanged EUR mln 2002Δ% EBIT1,492(5) Noncons. comps.38(45) Net income892(4) 20022001 ROS, % 10.711.1 Interest cover 7.36.1 EPS, EUR 3.123.25 Dividend, EUR 1.201.20 Excluding extraordinary and nonrecurring items 2002

12. FFNEY2003 12 Pharma – a challenging year EUR mln 2002 Δ% Sales4,008(1) EBIT768(8) ROS, % 19.220.5 R&D % sales15.013.2 ROI, % 30.533.7 EBITDA 948(5) Capex297(6) 2002

13. FFNEY2003 13 Pharma – a challenging year (2)  Autonomous growth 6% - negative currency impact 4%  Cost-cutting programs – affecting 800 jobs  Organon –Remeron ® patent case U.S. lost –new products – delay / slow take-off  Intervet – under pressure  Diosynth – strong performance 2002

14. FFNEY2003 14 Coatings –strong performance EUR mln 2002 Δ% Sales5,521(1) EBIT4659 ROS, % 8.47.6 ROI, % 20.018.1 EBITDA6236 Capex131(28) 2002

15. FFNEY2003 15  Autonomous growth 3% – negative currency impact 3%  Restructurings – extended and accelerated  Continuous strengthening of portfolio  Significant working capital reduction  Decorative Coatings – benefiting from cost savings  Industrial activities – improving despite weak business climate  Marine & Protective – excellent performance Coatings –strong performance (2) 2002

16. FFNEY2003 16 Chemicals –stable in difficult business conditions EUR mln 2002 Δ% Sales4,598– EBIT3441 ROS, % 7.57.4 ROI, % 11.511.0 EBITDA672(1) Capex248(20) 2002

17. FFNEY2003 17 Chemicals –stable in difficult business conditions (2)  Autonomous growth 2% – negative currency impact 3%  Restructurings – extended  Further portfolio strengthening  Catalysts – great year  Salt and Base Chemicals – solid performance  Pulp & Paper, Surface, Polymer Chemicals – fierce competition  Agreement on termination of regular chlorine transport in Netherlands 2002

18. FFNEY2003 18 Moderate net nonrecurring charge In EUR mln Restructuring and impairment(236) Divestment gains91 Others7 Gross(138) Taxes64 Total(74)  Restructurings at all groups – impacting 1,500 jobs  500 jobs at Pharma – not included  Divestment Rosemont U.K. 2002

19. FFNEY2003 19 ProgramsNew TotalRealized 20012002/2003programso far Pharma800800100 Coatings2,0005002,5001,400 Chemicals1,5007002,200700 Akzo Nobel3,5002,0005,5002,200 Number of employees – restructurings expanded 2002

20. FFNEY2003 20 Balance sheet – debt down EUR 0.8 bln EUR bln 2002  2001 Noncurrent assets7.30.3 Working capital 2.6 (0.5) 9.9 (0.2) Equity2.2(0.8) Provisions4.41.4 Net interest-bearing debt 3.3 (0.8) 9.9(0.2) 2002

21. FFNEY2003 21 Outlook 2003 Net income* significantly below 2002  Pensions costs – EUR 130 mln higher  Strong negative currency impact  Generic competition Remeron ® in U.S. * Excluding extraordinary and nonrecurring items. 2003

22. FFNEY2003 22 Determined to deliver  Focus on Customers, Costs and Cash  Debt reduction program continued  Capex – at 2002 level  Group priorities – Pharma – protect margins; prepare for growth – Coatings – growth and margins up – Chemicals – focus on cost and cash 2003