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2017 performance

Financial performance Sustainability performance* Paints and Coatings Return on sales (ROS) We use return on sales (ROS) as a performance indicator to reflect profitability relative to revenue. ROS as a financial guidance aims to focus management on delivery and quality of profits. ROS is defined as EBIT as percentage of revenue. Focus on growth is delivering, with volume up Positive impact of continuous improvement and cost control Various measures to mitigate current market challenges, including increased selling prices and cost discipline, continue to be implemented 2020 guidance* 15% Return on sales (ROS) development EBIT as % of revenue 2016 is represented to [...]

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Value creation summary

Our Performance Coatings businesses supply high performance coatings, primarily to business-to-business customers. We are increasingly incorporating low energy processes and working to reduce our carbon footprint across the value chain. Innovation is also key to our product development, which is often highly technical in order to meet strict customer specifications. Particular emphasis is placed on supplying products that offer environmental benefits for our customers. The aim is to help us create economic, environmental and social value. We continue to be committed to safety, as well as our talent development programs and our contribution to various community [...]

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Sustainability performance*

Eco-premium solutions During 2017, sales of eco-premium solutions with customer benefits totaled 20% of our revenue. We aim to maintain eco-premium solutions at a sustainable 20% of revenue through 2020 by constantly innovating. The eco-premium portfolio is dynamic, as some solutions have stopped being classified as eco-premium due to competitive offerings having caught up. At the same time, new solutions have been introduced to the portfolio. Another 21% of our products met the eco-performer criteria in 2017, having clear sustainability features and being at least as good as mainstream alternatives. Target 20% Eco-premium solutions with customer benefits in % of [...]

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Our share price increased 23% in 2017, outperforming both the DJ Stoxx Chemicals and AEX indices. For more details about our share price performance, please refer to the following graph. Share price performance 2017 AkzoNobel share price in €

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Implementation in 2017

[...] levels cannot be justified in any given circumstance. To ensure remuneration is linked to performance, a significant proportion of the remuneration package is variable and dependent on the short and long-term performance of the individual Board member and the company. Performance targets must be realistic and sufficiently stretching. In addition, and particularly with regard to the variable remuneration components, the Supervisory Board ensures that the relationship between the chosen performance criteria and the strategic objectives applied – as well as the relationship between remuneration and performance – are properly reviewed and accounted for both ex-ante [...]

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Supervisory Board activities

Meetings The Supervisory Board held eight regular scheduled meetings and 30 additional meetings during 2017. The additional meetings were required to ensure the Supervisory Board was sufficiently informed and could make considered decisions regarding the exceptional events that occurred during the year (further details can be found in the Timeline of key events in 2017). The Board of Management attended all eight meetings and the vast majority of the 30 additional meetings. The Executive Committee attended the majority of the scheduled meetings, while the additional meetings were mostly held without the Executive Committee present. Almost all plenary sessions of [...]

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Note 5: Employee benefits

Salaries, wages and other employee benefits in operating income In € millions 2016* 2017 * Represented to present the Specialty Chemicals business as discontinued operations. Salaries and wages (1,467) (1,515) Post-retirement cost (35) (126) Other social charges (292) (294) Total (1,794) (1,935) Average number of employees Average number during the year 2016* 2017 * Represented to present the Specialty Chemicals business as discontinued operations. Decorative Paints 14,800 14,700 Performance Coatings 19,300 19,800 Corporate and other 2,100 1,700 Total 36,200 36,200 The average number of employees working outside the Netherlands was 33,600 (2016: 33,300). [...]

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Note 23: Remuneration of the Supervisory Board and the Board of Management

[...] of the Netherlands. Shares held by the members of the Supervisory Board Number of shares at year-end 2016 2017 * In the form of ADRs. Antony Burgmans 551 551 Peggy Bruzelius 500 500 Sue Clark – – Byron E. Grote* 2,008 2,000 Louis Hughes 548 548 Michiel Jaski – – Pamela Kirby – – Dick Sluimers – – Patrick Thomas – – Ben Verwaayen – – Supervisory Board Total remuneration Remuneration Attendance fee Committee allowance fees Employer’s charges Total remuneration In € 2016 2017 1 Until December 1, 2017. 2 Deputy Chairman as of October 18, 2016. 3 As of May 1, 2016. 4 As of November 30, 2017. Antony Burgmans, Chairman 165,000 130,000 20,000 [...]

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Note 2: Scope of consolidation

[...] of corporation Akzo Nobel Industrial Chemicals B.V. The Netherlands Akzo Nobel Pulp and Performance Chemicals AB Sweden Akzo Nobel Surface Chemistry LLC United States Akzo Nobel Surface Chemistry AB Sweden Akzo Nobel Functional Chemicals LLC United States Akzo Nobel Functional Chemicals B.V. The Netherlands Acquisition of BASF’s Industrial Coatings business On December 14, 2016, we acquired BASF’s Industrial Coatings business. The transaction included two manufacturing plants, technologies, patents and trademarks, as well as securing supply to customers worldwide. The business supplies products for a number of end uses, including coil, furniture foil and panel [...]

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Note 1: Summary of significant accounting policies

[...] Code consists of the following parts of the annual report: AkzoNobel at a glance How AkzoNobel performed in 2017 How AkzoNobel created value in 2017 CEO statement Strategic performance Leadership: Statement of the Board of Management Governance and compliance: Corporate governance statement Governance and compliance: Remuneration report Financial information: Note 4 Operating income Financial information: Note 24 Financial risk management The section Strategic performance provides information on the developments during 2017 and the results. This section also provides information on cash flow and net debt, capital expenditures, innovation activities and employees. [...]

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