Koninklijke DSM N.V. http://www.alacrastore.com/company-snapshot/Koninklijke_DSM_N_V-1004595 Saturday, July 26, 2008 1:36:10 PM 1004595 Koninklijke DSM N.V. en AlacraStore RSS Builder 1.0 30 US - Royal DSM NV acquired Valley Research Inc, a biotechnology company. Terms were not disclosed.7/12/2008 11:20:42 AM78024992005F78024992005FRoyal DSM NVValley Research IncRoyal DSM NVValley Research Inchttp://www.alacrastore.com/storecontent/Thomson_M%26A/Royal_DSM_NV_acquires_Valley_Research_Inc-1995300020sdc/19953000201995300020Copyright © 2008, Thomson Financial, All Rights ReservedAmsterdamChemicals and Allied ProductsNetherlandsChemicals and chemical preparations, nec2899FFForeignPublicDSMN2819:Industrial inorganic chemicals, nec2821:Plastics materials and synthetic resins2834:Pharmaceutical preparations2869:Industrial organic chemicals, nec2873:Nitrogenous fertilizers2874:Phosphatic fertilizers2875:Fertilizers, mixing only2899:Chemicals and chemical preparations, nec3087:Custom compounding of purchased plastics resins3089:Plastics products, nec2819:Industrial inorganic chemicals, nec2821:Plastics materials and synthetic resins2834:Pharmaceutical preparations2869:Industrial organic chemicals, nec2873:Nitrogenous fertilizers2874:Phosphatic fertilizers2875:Fertilizers, mixing only2899:Chemicals and chemical preparations, nec3087:Custom compounding of purchased plastics resins3089:Plastics products, necDrugsUnited StatesBiological products, except diagnostic substances2836INIndianaPrivate14165004Mnfr chem preparationsBiotechnology coUnspecifiedAssets1028447001Jul 12 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.0000010.500000.000000.000000.000000.000000.000000.000000.000000.0000031 Dec 0731 Dec 0731 Dec 0631 Dec 0531 Dec 0431 Dec 031.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.00000Royal DSM NV, located inHeerlen, Netherlands,manufactures chemicalpreparations, fertilizers,specialty polymers, resins,pharmaceuticals and plasticproducts for a wide range ofend markets and applicationssuch as human and animalnutrition and health,cosmetics, pharmaceuticals,automotive and transport,coatings, housing, electricsand electronics. The companywas founded in 1902.Royal DSM NV, located in Heerlen, Netherlands, manufactureschemical preparations, fertilizers, specialty polymers,resins, pharmaceuticals and plastic products for a widerange of end markets and applications such as human andanimal nutrition and health, cosmetics, pharmaceuticals,automotive and transport, coatings, housing, electrics andelectronics. The company was founded in 1902.Royal DSM NV, located in Heerlen, Netherlands, manufactures chemical preparations, fertilizers, specialty polymers, resins, pharmaceuticals and plastic products for a wide range of end markets and applications such as human and animal nutrition and health, cosmetics, pharmaceuticals, automotive and transport, coatings, housing, electrics and electronics. The company was founded in 1902.1.000002.000003.000004.000005.000006.000007.000008.00000Valley Research Inc, locatedin South Bend, Indiana, is abiotechnology company,offering a broad range ofenzymes, supported bytechnical laboratories andproduction facilities. It wasfounded in May 16, 1984.Valley Research Inc, located in South Bend, Indiana, is abiotechnology company, offering a broad range of enzymes,supported by technical laboratories and productionfacilities. It was founded in May 16, 1984.Valley Research Inc, located in South Bend, Indiana, is a biotechnology company, offering a broad range of enzymes, supported by technical laboratories and production facilities. It was founded in May 16, 1984.0.000000.000000.000000.00000Y11 Jul 08Fri, 11 Jul 2008 00:00:00 ESTDate Announced: 07/11/200811 Jul 08Date Effective: 07/11/200811 Jul 08Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.00000100.00000100.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.00000US - Royal DSM NV acquiredValley Research Inc, abiotechnology company. Termswere not disclosed.US - Royal DSM NV acquired Valley Research Inc, a biotechnology company. Terms were not disclosed.US - Royal DSM NV acquired Valley Research Inc, a biotechnology company. Terms were notdisclosed.US - Royal DSM NV acquired Valley Research Inc, a biotechnology company. Terms were not disclosed.US - Royal DSM NV acquired Valley Research Inc, a biotechnology company. Terms were not disclosed.Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.0000010.500000.000000.000000.000000.0000010.500000.000000.000000.000000.000000.000000.00000Status:CompletedUS-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000002836:Biological products, except diagnostic substances8071:Medical laboratories8731:Commercial physical and biological research8733:Noncommercial research organizations14165004AmsterdamNetherlands2899ForeignPublicDSMN2836:Biological products, except diagnostic substances8071:Medical laboratories8731:Commercial physical and biological research8733:Noncommercial research organizations1028447001United States2836IndianaPrivate0.000000.000000.000000.00000Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/fitch/392426_report_framefitch/392426_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Koninklijke DSM N.V.803605247/9/2008 10:20:19 AM010000000103000001031100165Credit UpdateDSM392426_report_frameCredit & Investment ResearchFitchResearchNETHERLANDS - Kali und Salz Beteiligungs AG was rumored to be planning to acquire the fertilizer division of Royal DSM NV, a manufacturer of fertilizers.5/7/2008 2:12:39 PM48194F78040H09344L780249Kali und Salz Beteiligungs AGRoyal DSM NV-Fertilizer divisionK+S AGRoyal DSM NVhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Kali_und_Salz_Beteiligungs_AG_is_rumored_to_be_planning_to_acquire_Royal_DSM_NV_Fertilizer_from_Royal_DSM_NV-1975159040sdc/19751590401975159040Copyright © 2008, Thomson Financial, All Rights ReservedFrankfurtChemicals and Allied ProductsGermanyNitrogenous fertilizers2873FFForeignPublicSDFG2873:Nitrogenous fertilizers2874:Phosphatic fertilizers5191:Farm supplies6719:Offices of holding companies, nec2873:Nitrogenous fertilizers2874:Phosphatic fertilizers2899:Chemicals and chemical preparations, nec5191:Farm supplies6719:Offices of holding companies, necWholesale Trade-Nondurable GoodsNetherlandsFarm supplies5191FFForeignSubsidiary158188003Mnfr,whl fertilizersMnfr chem preparationsNot ApplicableAssets1009185001May 7 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.00000Kali und Salz Beteiligungs AG,located in Kassel,manufactures and wholesalesfertilizers. The company wasfounded inKali und Salz Beteiligungs AG, located in Kassel,manufactures and wholesales fertilizers. The company wasfounded inKali und Salz Beteiligungs AG, located in Kassel, manufactures and wholesales fertilizers. The company was founded in1.000002.000003.000004.00000Royal DSM NV-Fertilizerdivision, located inNetherlands, manufacturesfertilizer products.Royal DSM NV-Fertilizer division, located in Netherlands,manufactures fertilizer products.Royal DSM NV-Fertilizer division, located in Netherlands, manufactures fertilizer products.0.000000.000000.000000.00000Y02 May 08Fri, 02 May 2008 00:00:00 ESTDate Announced: 05/02/2008Date Effective:Acq. of AssetsNot Appl.0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.00000NETHERLANDS - Kali und SalzBeteiligungs AG was rumored tobe planning to acquire thefertilizer division of RoyalDSM NV, a manufacturer offertilizers.NETHERLANDS - Kali und Salz Beteiligungs AG was rumored to be planning to acquire the fertilizer division of Royal DSM NV, a manufacturer of fertilizers.NETHERLANDS - Kali und Salz Beteiligungs AG was rumored to be planning to acquire thefertilizer division of Royal DSM NV, a manufacturer of fertilizers.NETHERLANDS - Kali und Salz Beteiligungs AG was rumored to be planning to acquire the fertilizer division of Royal DSM NV, a manufacturer of fertilizers.NETHERLANDS - Kali und Salz Beteiligungs AG was rumored to be planning to acquire the fertilizer division of Royal DSM NV, a manufacturerof fertilizers.Rumor0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Rumor-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000002819:Industrial inorganic chemicals, nec2873:Nitrogenous fertilizers2874:Phosphatic fertilizers5191:Farm supplies158188005FrankfurtGermany2873ForeignPublicSDFG2819:Industrial inorganic chemicals, nec2821:Plastics materials and synthetic resins2834:Pharmaceutical preparations2869:Industrial organic chemicals, nec2873:Nitrogenous fertilizers2874:Phosphatic fertilizers2875:Fertilizers, mixing only2899:Chemicals and chemical preparations, nec3087:Custom compounding of purchased plastics resins3089:Plastics products, nec14165004AmsterdamNetherlands2899ForeignPublicDSMN0.000000.000000.000000.00000Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/spcred/644528spcred/644528normThe latest Summary from S&Pglobal4/24/2008 8:18:16 AM175Summary644528NetherlandsSpecialty ChemicalsEurope, Middle East, AfricaGlobal IssuersCorporationsChemicalsSummaryThe ratings on Netherlands-based Royal DSM N.V. reflect the group's strong business profile as a highly diversified manufacturer of nutritional and pharmaceutical ingredients, industrial chemicals, and high-performance plastics. The ratings also reflect the group's modest financial risk profile and management's commitment to maintaining a conservative financial profile, notably with commensurate shareholder distributions and solid capitalization. 2007 sales reached €8.8 billion. DSM's financial risk profile is moderate. Its ratio of adjusted funds from operations (FFO) to debt reached 68% in 2007, well above the level required for the current rating, and the group's ratio of adjusted debt to EBITDA was only about 1.3x. DSM's good financial metrics continue to provide material headroom for further organic growth and bolt-on acquisitions, as theNLD23332P23332H23332T23332R15101050 151010 1510 15Royal DSM N.V.329144EUROMIDAFRDSMA@NASUMMARYGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/bir/1292465bir/1292465normKoninklijke DSM N.V.NetherlandsManufacturing: The company's activities are divided into four clusters: Pharmaceutical Products; Nutritonal Products; Performance Materials; and Industrial Chemicals. The Group's principal products are plastics, resins, rubbers, fibre feedstocks, base che28212819282228692873287428792899308187313252113251313251883252123253113253123253203259983261135417109IMDSM4/2/2008 6:22:00 AM1292465Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/moodys/COP_246510moodys/COP_246510htmlCredit Opinion1/4/2008 2:19:49 AMGlobal Credit Research Credit Opinion ## SEP #### Credit Opinion: Royal DSM N.V. Royal DSM N.V. Heerlen, Netherlands Ratings Category Moody's Rating Outlook Stable Issuer Rating A# Senior Unsecured A# Commercial Paper -Dom Curr P-#...Royal DSM N.V.246510150.0000NewshtmlRoyal DSM N.V.COP_246510Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/363392_report_framefitch/363392_report_framepdf80360524385Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Koninklijke DSM N.V.0103110001000000Full Rating ReportDSM0103000012/29/2007 3:06:00 PM363392_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/388756_pr_framefitch/388756_pr_framehtmlKoninklijke DSM N.V.80360524010000000103110012/3/2007 10:14:00 AMPress Release01030000DSMFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.75388756_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/spcred/610370spcred/610370normThe latest Summary from S&P10/31/2007 3:04:22 AMSummary175global610370NetherlandsSpecialty ChemicalsEurope, Middle East, AfricaGlobal IssuersCorporationsChemicalsSummaryThe ratings on Netherlands-based Royal DSM N.V. reflect the group's strong business profile as a highly diversified manufacturer of nutritional and pharmaceutical ingredients, industrial chemicals, and high-performance plastics. The ratings also reflect the group's modest financial risk profile and management's commitment to maintaining a conservative financial profile, notably with commensurate shareholder distributions and solid capitalization. DSM's moderate financial risk profile is evidenced by its ratio of funds from operations (FFO) to adjusted debt, which reached 55% for the 12 months ended Sept. 30, 2007, and is well above the level required for the current rating, as well as by the group's adjusted debt to EBITDA, which was only about 1.3x. DSM's good financial metrics continue to provide material headroom forNLD23332T23332R23332P23332H15101050 151010 1510 15Royal DSM N.V.329144EUROMIDAFRDSMA@NASUMMARYGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/375532_pr_framefitch/375532_pr_framehtmlKoninklijke DSM N.V.8036052410/15/2007 10:10:00 AM010300000103110075Press ReleaseDSMFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.375532_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/moodys/PBC_105147moodys/PBC_105147pdfAnalysis10/9/2007 12:14:01 PM...Headquartered in Heerlen, The Netherla nds, Royal DSM N.V. (DSM; rated A#, stable outlook) is a leading global life science, performance materials and industrial chemicals group with sales of #.# billion and operating profit before special items of ### million in ####. The company benefits from a diversified customer base ranging from pharmaceutical, nutritional, medical, agricultural and personal care markets to construction, coat ing, textile, transportation, defense and electronics industries. ... Royal DSM N.V.246510300.0000AnalysispdfRoyal DSM N.V.PBC_105147Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_141392_246510moodys/PR_141392_246510htmlRating Action9/28/2007 12:17:35 AMGlobal Credit Research Rating Action ## SEP #### Rating Action: Royal DSM N.V. Moody's lowers DSM's debt ratings to A#/P-#. Outlook stable London, ## September #### -- Moody's Investors Service has today lowered the senior unsecured...Royal DSM N.V.246510150.0000NewshtmlRoyal DSM N.V.PR_141392_246510Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/604510spcred/604510normThe latest News from S&P9/27/2007 4:28:00 AMNews100global604510NetherlandsSpecialty ChemicalsEurope, Middle East, AfricaGlobal IssuersCorporationsChemicalsNewsPARIS (Standard&Poor's) Sept. 27, 2007--Standard&Poor's Ratings Services said today that its ratings on Netherlands-based Royal DSM N.V. (A-/Stable/A-2) are not affected by the group's updated strategy, "accelerated Vision 2010". We view the updated strategy as an acceleration of the "Vision 2010" plan. DSM is now targeting organic growth of above 5%, from below 5% previously. The company will dispose of some assets, which are to be moved to a new cluster (base chemicals and materials). As a result, DSM has slightly higher target EBITDA margins per cluster. The group also expects to increase shareholder distributions, with both a potentially higher dividend payout ratio, and a new €750 million share buyback program, similar to the previous one.NLD23332T23332R23332P23332H15101050 151010 1510 15Royal DSM N.V.329144EUROMIDAFRDSMA@NANEWSGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/590068spcred/590068norm7/11/2007 2:32:17 PMThe latest Full Report from S&PFull ReportDIVESTMENT DISTRIBUTIONS POLYCARBONATES OLIGOPOLISTIC CAPROLACTAM DERIVES PAYOUT PARAMETERS TRANSPORT AMMONIA FIBER BASF THOROUGHLY BENEFIT RAW MATERIALIZED APPROPIRATE INFECTIVE PET CONSUMERS FINANCED POLYAMIDE RECONCILIATION RESTORE INGREDIENT VITAMINS ROBUST MINORITY BUYBACK CYCLICAL HIGHLY PBT MANUFACTURES ADJUSTMENTS SUSCEPTIBILITY COMFORTABLE CONTRIBUTOR COMPARISON POLYETHYLENE AGROCHEMICAL DIFFERENTIATION RESTRUCTURED PRICES SERIOUS EBIT METRICS CLARIANT RESTRUCTURE CUSTOM AGRICULTURAL MOLASSES POLYESTERS HEADING PRODUCTION PENSIONS SCIENCES SPECIALIZED IMBALANCES INFECTIVES TAKE EXTERNALLY INTENSIFIED TIGHT FIBERS BLENDS TRACK FORESEES NITROGEN OVERCAPACITY SOLVAY LOYALTY INTERNALLY RHODIA AKZO SCORE DEPRESSED NUTRITIONAL RUBBERS LEADERSHIP TEXTILES DIVERSIFIED SYNGENTA BIOTECH FACED VISION STARTED PENICILLIN BIOCHEMICALS RESINS ELECTRICS PLASTICS DSM CLUSTER AGROCHEMICALS WEIGHT DYNEEMA NOTABLY TRANSFORMED NOBEL SERVE COATING FFO DIVISIONS IFRS CRINA BREAKDOWN SCIENCE TRANSLATING UNUSED FERTILIZERS AG¦ INGREDIENTS MATERIALS SUGGESTING INNOVATIVE UNDERPERFORMING HEADROOM GEARING PAYOUTS WHOLESALERSLeading positions in core, value-added nutritional, plastics, and chemicals segments End-market, client, and geographic diversification Modest financial risk, with strong cash flow metrics and low leverage Competition from Asia for basic vitamins and anti-infectives Exposure to highly cyclical fibers markets The ratings on Netherlands-based Royal DSM N.V. reflect the group's strong business profile as a highly diversified manufacturer of nutritional and pharmaceutical ingredients, industrial chemicals, and high-performance plastics. The ratings also reflect the group's modest financial risk profile and management's commitment to maintaining a conservative financial profile, notably with commensurate shareholder distributions and solid capitalization. The group's financial profile remains modest, with a ratio of funds from operations (FFO) to debt of 78% at Dec. 31, 2006, and debt toRoyal DSM N.V.15101050 151010 1510 15NLDglobal180.00329144590068Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/590070spcred/590070norm7/11/2007 2:32:17 PMThe latest Summary from S&PSummaryDISTRIBUTIONS CHEMICALS PHARMACEUTICAL PARAMETERS INFECTIVE FINANCED FINE VITAMINS CYCLICAL HIGHLY EXPECT PRICES METRICS RESTRUCTURE CUSTOM DIVISION ENVISAGED POSITIVELY EXTERNALLY INTENSIFIED BOLT OVERCAPACITY INTERNALLY SYNDICATED NUTRITIONAL KEY DIVERSIFIED ORGANIC VISION STARTED PENICILLIN PLASTICS DSM EURO NOTABLY FFO EUR DIVISIONS TRIGGERS SCIENCE ANTI UNUSED STEMMING INGREDIENTS MATERIALS ROYAL HEADROOM PAYOUTS EBITDA ASIANThe ratings on Netherlands-based Royal DSM N.V. reflect the group's strong business profile as a highly diversified manufacturer of nutritional and pharmaceutical ingredients, industrial chemicals, and high-performance plastics. The ratings also reflect the group's modest financial risk profile and management's commitment to maintaining a conservative financial profile, notably with commensurate shareholder distributions and solid capitalization. The group's financial profile remains modest, with a ratio of funds from operations (FFO) to debt of 78% at Dec. 31, 2006, and debt to EBITDA at 1x. DSM's good financial metrics continue to provide headroom for further organic growth and midsize bolt-on acquisitions, as envisaged by the company in its "Vision 2010" strategy. DSM's 2006 results benefited from favorable industry conditions in its chemicalsRoyal DSM N.V.15101050 151010 1510 15NLDglobal100.00329144590070Credit & Investment ResearchS&P Credit Research