Presentation Title

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Keith Nichols, CFO September, 2008

Credit Investor Meetings

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, changes in the final purchase price allocation for ICI, 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.

Credit Investor Meetings - September 2008

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Agenda

AkzoNobel history and business today

4

Financial results

11

Business line overviews

17

Financing strategy

35

Appendix

40

Credit Investor Meetings - September 2008

AkzoNobel history and business today

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History of AkzoNobel

AkzoNobel’s history goes back to 1777. Through the years, innovative individuals, mergers between companies and outstanding growth has formed what today is one of the world’s most successful industrial companies Key dates in AkzoNobel recent history: 1994 - Akzo and Nobel Industries merge to form AkzoNobel 1998 - AkzoNobel acquires UK company Courtaulds 1999 – AkzoNobel divests 79% of Acordis 2007 - AkzoNobel sells Organon BioSciences NV to Schering-Plough Corporation 2008 - AkzoNobel acquires Imperial Chemical Industries PLC (ICI) 2008 - Sale of ICI’s adhesives business to Henkel AG

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The new AkzoNobel – key facts

Pro forma 2007* • Revenue €14.4 billion • Around 60,000 employees

Revenue by segment Decorative Paints Specialty Chemicals Performance Coatings

• EBITDA: €1.9 billion • EBIT: €1.4 billion

32%

• Net income: €0.9 billion

31%

• Pension under funding €1.5 billion *Before incidentals and fair value adjustments

37%

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Diversified brand portfolio Decorative Paints

Specialty Chemicals

Performance Coatings

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Geographical diversified revenues

21% North America (incl. 7% US Deco)

49% Europe (incl. 7% Emerging Europe)

19% Asia Pacific

8% Latin America

3% Other regions Emerging market revenues are 35% of total revenue

*Pro forma 2007

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2008 and beyond: actions and targets Done: Well on track to capture €340mln of synergies from the ICI acquisition. 55% by 2009 85% by 2010 Completed by 2011

9On-sale to Henkel completed 9 Closed former ICI HQ 9 Integrated ICI financial reporting and consolidation flows 9 Management structures in place In progress / on going: ¾ Delivery of remaining ICI related synergies ¾ Margin management ¾ Maximize leadership and scale ¾ Roll out Brand program => Outgrow our markets => EBITDA margin to rank in upper half of our peer group Credit Investor Meetings - September 2008

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Peer Group EBITDA Performance Peer Group EBITDA Margins

2007

Begin 2008

August 2008

2009

DuPont

19.5 %

19.0 %

18.3 %

18.7 %

Hercules Inc.

18.3 %

19.1 %

17.6 %

19.4 %

BASF AG

17.7 %

17.3 %

17.2 %

16.7 %

PPG Industries Inc.

14.7 %

15.2 %

13.6 %

15.1 %

Sherwin- Williams Co.

14.3 %

14.3 %

11.9 %

14.0 %

Dow Chemical Co.

13.7 %

12.6 %

10.4 %

12.2 %

Kansai Paint Co.Ltd.

12.7 %

12.9 %

12.6 %

13.2 %

RPM International; Inc.

12.7 %

12.7 %

11.0 %

12.4 %

Kemira Group

12.4 %

10.9 %

9.9 %

11.6 %

CIBA

12.1 %

13.7 %

11.7 %

14.1 %

Valspar Corp.

11.7 %

11.4 %

11.7 %

11.6 %

Arkema Sa

8.8 %

9.7 %

9.9 %

10.6 %

Average

14.1 %

14.1 %

13.0 %

14.1 %

Median

13.2 %

13.3 %

11.8 %

13.6 %

AkzoNobel(1)

12.9 %

13.1 %

12.1 %

(1) Sources from IBES Estimates and Capital IQ. Ranked by 2007 EBITDA

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Financials

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Financial summary – key figures

In € millions

1H08

1H07

Δ%

pro forma

Revenue

FY2007 pro forma

7,376

7,277

1

14,442

(4,634)

(4,492)

(3)

(9,050)

2,742

2,785

(2)

5,392

EBITDA*

924

945

(2)

1,870

EBITDA margin* (in %)

12.5

13.0

12.9

EBIT

405

523

924

Profit before tax

348

475

869

Profit for the period from continuing operations

237

341

622

Cost of sales Gross profit

* Before incidentals

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Resilient performance in 1H08

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1H08: Strong autonomous revenue growth Total

% Decorative Paints

Volume

Price Currency Acq./div.

(4)

–

1

(6)

1

Performance Coatings

–

2

3

(7)

2

Specialty Chemicals

6

5

7

(6)

–

AkzoNobel

1

3

4

(7)

1

Versus H1, 2007 pro-forma

Revenue

EBITDA before incidentals 800 In € millions

In € millions

4,136

4,200 3,715

403 3,450

3,486

3,506

3,400

526

517 408

398

Q4 07

Q1 08

568

Constant currencies

3,800

542

600

3,870

Constant currencies

3,791

400 200 0

3,000 Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q2 08

Q2 08

Q1 07

Q2 07

Q3 07

Q2 08

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Q2 08

14

Managing raw material costs Group

Dealing with suppliers: - Purchasing power from our size - Centralized procurement for key raw materials - Differentiated supplier base Passing on price increases: - Leading market positions Number one coatings company by revenue - Product positioning that supports pass on of price increases Value added rather than commodity products Leading brands

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Outlook

2008 EBITDA estimated to end up close to FY2007 in constant currencies

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Business line overviews and results

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Coatings – an attractive industry

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Coatings – an attractive industry with strong growth potential Industry characteristics: - Strong and stable cash flow generation - Low cyclicality - Low capital intensity Industry consolidation: - Clear signs of consolidation in mature markets - Emerging markets still highly fragmented High growth potential – increased exposure to emerging markets

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Stable margins through the cycle

Coatings industry – average LTM EBITDA margins (1) 15.0%

14.0%

13.0%

12.0%

2002

2003

2004

2005

2006

2007

2008

(1) Average LTM EBITDA Margins sourced from Capital IQ. Companies included: DuPont, Kansai Paint, PPG, RPM International, Sherwin- Willliams and Valspar

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World leader in Coatings

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Strong growth potential

(1) Spent per annum

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Decorative Paints

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Decorative Paints around the world Revenue by origin

57% Europe 31% Americas (US 16%)

12% Asia Pacific

Source: Actual 1H 08

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Decorative Paints: geographical spread allows for stable margins Underlying growth and acquisitions contributed 2 percent to revenue Continued double-digit autonomous growth in Asia and Latin America Revenue in Europe in constant currencies was ahead of 2007, US and UK revenue down in local currencies Leading brands and market positions (in 15 countries # 1 and in 18 countries # 2 or 3) protect margins Stable EBITDA margin

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Decorative Paints In € millions Revenue

1H08

Decorative Paints Europe

Δ%

1H07

FY2007

pro forma

pro forma

1,474

1,494

(1)

2,869

Decorative Paints Americas

786

897

(12)

1,768

Decorative Paints Asia

318

299

6

669

(1)

(2)

2,577

2,688

(4)

5,303

EBITDA

297

303

(2)

630

EBITDA margin (in %)

11.5

11.3

Intragroup revenue / other Total

(3)

Before incidentals

11.9

Revenue

EBITDA before incidentals

1,800

300

1,400

1,412

1,412 1,203

1,215

1,497

1,165

1,200

In € millions 204

201

200

Constant currencies

1,473

1,600

250

1,000

150

126

99

204

195 102

Constant currencies

In € millions

100 50 0

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q2 08

Q2 08

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q2 08

Q2 08

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Performance Coatings

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Leading positions in Performance Coatings, technology driven leadership

Industrial Activities: wood, coil, powder and plastic coatings. Contributes to a highly diversified range of end products Marine & Protective Coatings: marine, protective, aerospace and yacht coatings. Value-added proposition to customers is amongst others saving energy Car Refinishes: leading presence in the maintenance and repair segment of the automotive market Packaging Coatings: beverage and food. Attractive business that services distinct and different end markets

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1H08 Performance Coatings: EBITDA margin up at 12.7 percent A strong half overall EBITDA margin increased to 12.7 percent Excellent half for Marine & Protective Coatings Solid results at Car Refinishes and Powder Coatings Industrial Finishes continues to be affected by weak US market conditions

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Performance Coatings In € millions Revenue

1H08

1H07

Δ%

FY2007

pro forma

pro forma

Industrial Activities

999

1,007

(1)

2,032

Marine & Protective Coatings

662

632

5

1,251

Car Refinishes

455

467

(3)

910

Packaging Coatings

174

174

–

340

Intragroup revenue/other

(19)

(20)

–

(36)

2,271

2,260

–

4,497

EBITDA

288

284

1

566

EBITDA margin (in %)

12.7

12.6

Total Before incidentals

Revenue

EBITDA before incidentals

1,099

1,139

1,098

1,096

1,175

Constant currencies

1,161

1,258

1,000 800 600

In € millions

200 150

150 134

145

137

127

Q4 07

Q1 08

161

171

Q2 08

Q2 08

Constant currencies

250

1,400 In € millions 1,200

12.6

100 50 0

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q2 08

Q2 08

Q1 07

Q2 07

Q3 07

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Specialty Chemicals

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Leading positions in specialty chemicals markets and differentiation of end markets Functional Chemicals - leading positions in 3 market sectors. Products contribute to a wide range of end products. Pulp & Paper – #1 worldwide in wet chlorine bleaching. “On site” supplier service at larger plants Base Chemicals – #1 globally in MCA regional N/W Europe leadership in chlorine alkali business Surface Chemistry – good progress in turning around. Value added products for attractive end markets Polymer Chemicals – #1 globally in organic peroxides and metal alkyls

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Specialty Chemicals In € millions Revenue

1H08

1H07

Δ%

FY2007

pro forma

pro forma

Functional Chemicals

562

531

6

1,057

Pulp & Paper Chemicals

495

492

1

993

Base Chemicals

467

435

7

877

Surface Chemistry

412

390

6

770

Chemicals Pakistan

278

238

17

504

Polymer Chemicals

271

268

1

524

Intragroup revenue / other

(67)

(70)

2,418

2,284

6

4,587

EBITDA

400

400

–

786

EBITDA margin (in %)

16.5

17.5

Total

(138)

Before incidentals

EBITDA before incidentals

1,250

In € millions 1,137 1,147

1,157

1,146

1,199

1,219

Constant currencies

1,000

1,309

750 500 250

300

In € millions

202

198

208

Q1 07

Q2 07

Q3 07

200

178

205

195

Q4 07

Q1 08

Q2 08

100 0

0 Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q2 08

Q2 08

217

Constant Constant currencies currencies

Revenue 1,500

17.1

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Q2 08

33

1H08 Specialty Chemicals: securing topline growth Stable performance 12 percent underlying growth driven by significant price increases (7 percent) and higher volumes (5 percent) Higher raw materials and energy prices led to a lower EBITDA margin of 16.5 percent EBITDA, in constant currencies, up 10 percent Strong results at Surface Chemistry and Polymer Chemicals Weaker demand experienced in Pulp & Paper Chemicals

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Overview of financing strategy

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Debt profile AkzoNobel has significant liquidity headroom available Current debt profile 1200

In € million (equiv.) DEM Bonds

900

EUR Bonds USD Bonds Note: all USD bonds were originally from ICI

600

300

0 2008

2009

2010

2011

2012

2013

2014

$1 billion and €1.5 billion CP program backed up by €1.5 billion RCF maturing 2013 (all undrawn) €2.7 billion of cash and cash equivalents as at 1H 2008 €2.9 billion (equiv.) of public bonds currently outstanding, with €852 million (equiv.) maturing by the end of 2008 Note: EUR equivalent amounts of bonds outstanding are based on exchange rates as of 29th August 2008

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Solid credit profile AkzoNobel Rating A3 by Moody’s and A- by S&P, both with negative outlook AkzoNobel is committed to maintain a strong investment grade rating through the cycle Rating agency ratios in line with A3 / A- guidance are monitored 1) Business profile is exceptionally strong - Transformational portfolio changes completed - Largest coatings company - Reduced capital intensity - Geographical revenue diversification - Product line diversification - Leading brands in Decorative Paints - Technology driven niche market positioning in Specialty Chemicals and Performance Coatings Credit Investor Meetings - September 2008

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Solid credit profile 2) Conservative financial strategy in place -

Directed towards conservative funding structure

-

Significant liquidity headroom

3) Board of Management commitment to financial strategy -

Acquisition of ICI and share buy back program was funded from divestments, not incremental gross debt

-

Pro-active management of pension deficit

-

Commitment to optimize AkzoNobel’s working capital

4) Business cash flow generation is strong and stable -

Low cyclicality of end markets

-

Economies of scale supporting procurement

-

Well positioned to pass on price increases

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Questions?

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Appendix

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US decorative market

Largest (25%) and most attractive coatings market worldwide Under pressure since mid-2006 New build estimated 22% of decorative market new construction - non residential new construction - residential maintenance/ repair

commercial and institutional residential

78%

12%

54%

10%

46%

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US Decorative paints at AkzoNobel

US Deco paints sales FY 08 estimated at 6% of total company revenues Management action – new US Decorative Paints strategy Further restructuring, focus on selected end-user segments Cost reduction and margin improvement while maintaining market share.

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Resilient margins through the cycle

3.0

14 12 10 8 6 4 2 0

GBP Billion

2.5 2.0 1.5 1.0 0.5 0.0

%

ICI Decorative Paints

85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 Turnover

TP/Sales

7 6 5 4 3 2 1 0

20 15 10

%

€ Billion

Akzo Nobel Coatings

5 0 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 Sales

EBITDA margin

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