CSM has announced that it has entered into a joint venture agreement with the Tunisian based company GIAS s.a., that has a leading position in Bakery Ingredients and Margarines
in North Africa.

Furthermore, this joint venture, that will operate as CSM-GIAS, gives CSM access to a distribution network to a number of African countries and allows CSM to sell its
full bakery product portfolio into this market.

CSM's strategy is geared towards reinforcing its global leading market position, including expansion to emerging markets, in which this joint venture is another step. The transaction will not have a material effect on CSM's financials.