Statement of the Board of Management

We prepared this Report 2022 in line with International Financial Reporting Standards (IFRS), as adopted by the EU, and the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code.

To the best of our knowledge:

• The financial statements in this Report 2022 give a true and fair view of the assets and liabilities; financial position and profit or loss of our company and the undertakings included in the consolidation taken as a whole
• The management report in this Report 2022 includes a fair review of the position at December 31, 2022, the development and performance during the financial year 2022 of AkzoNobel, and the undertakings included in the consolidation taken as a whole, and describes our principal risks

The Board of Management is responsible for the establishment and adequate functioning of a system of governance, risk management and internal controls within our company. Consequently, a broad range of processes and procedures has been implemented, designed to provide control by the Board of Management over the company’s operations. These include measures regarding the general control environment, such as a Code of Conduct, policies and procedures and authority rules, as well as specific measures, such as a risk management system, a system of controls and a system of letters of financial representation by responsible management at various levels within our company. All these processes and procedures are aimed at providing a reasonable level of assurance that we have identified and managed the significant risks of our company, and that we meet our operational and financial objectives in compliance with applicable laws and regulations. For a detailed description of the company’s internal risk management, please refer to the Risk management section.

The Integrity and Compliance function makes policies, rules and procedures available through the Policy portal, manages the online and face-to-face compliance training program, provides legal expert support and manages investigations related to our SpeakUp! complaints procedure. For a more detailed description of the integrity and compliance framework, please refer to the Integrity and compliance management section.

The Internal Control function maintains AkzoNobel’s Internal Control Framework, monitors the compliance and includes updates regarding the emergence of new risks. They support the annual review of the effectiveness of the system of governance, risk management and internal controls of the Board of Management. Internal Audit provides comfort to the Board of Management, as well as the Supervisory Board, that our system of risk management and internal controls – as designed and represented by management – is adequate and effective. While we routinely work towards continuous improvement of our processes and procedures regarding financial reporting, the Board of Management confirms that according to the current state of affairs, to the best of its knowledge:

• The Report 2022 provides sufficient insights into any failings in the effectiveness of the internal risk management and control systems. There have been no material failings in the effectiveness of internal risk management and control systems
• These systems provide reasonable assurance that the financial reporting does not contain material inaccuracies
• It is justified that the financial reporting is prepared on a going concern basis
• There are no material risks or uncertainties that could reasonably be expected to have a material adverse effect on the continuity of the company’s operations for the 12-month period after report preparation

We have discussed the above opinion and conclusions with the Audit Committee, the Supervisory Board and the external auditor.

Amsterdam, February 27, 2023
The Board of Management
Greg Poux-Guillaume, CEO and Chair of the Board of Management
Maarten de Vries, CFO and member of the Board of Management