of development. DSM is likely to use its strong balance sheet (0.5x 17E net debt/EBITDA) to broaden its ingredients portfolio. Deutsche Bank Gil DSM Nutrition organic growth now compares well to peers 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% • • I DSM Nutntion organic growth — — Food Ingredients org