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Letter to the Editor

Akzo Nobel Reports that Upgrading the Company Has Improved Performance

At its Spring Analysts Meeting, Akzo Nobel CEO Cees van Lede emphasized that the company is focusing more strongly on all activities and ensuring that all aspects of the business deliver a positive contribution to overall performance. EVA, completely rolled out in 2001, is the performance measure and bonuses are linked to added value, thus aligning the interests of both shareholders and management.

"A strong balance sheet is a critical success factor in today's uncertain business environment and Akzo Nobel has reinforced its balance sheet by reducing debt a further EUR 175 million in the course of the first quarter," said Mr. Van Lede.

Pointing out Akzo Nobel's Q1-2002 net income, up nine percent, CFO Fritz Frohlich commented, "We had robust performance in Pharma, Coatings showed slight improvement and in Chemicals the downward trend is bottoming out."

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