Exploring for SuccessBernhard SchmidtMember of the Board of Wintershall

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Disclaimer

This presentation contains forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections of BASF management and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict and are based upon assumptions as to future events that may not prove tobe accurate.

Many factors could cause the actual results, performance or achievements of BASF to be materially different from those that may be expressed or implied by such statements. Such factors includethose discussed in BASF’s Form 20-F filed with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking statements contained in this presentation.

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The Wintershall value chain

Production Gas TradingExploration & Development

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Production Gas TradingExploration & Development

Cradle of future E&P growth

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1 | Value Chain

2 | Geographical Positioning

3 | Technology & People

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6

The E&P value chain –Entry and positioning

NOCEOR

NOCBrownfield

Greenfield, nearfield,frontier concessions

Asset & corporateacquisitionsFarm in

ProductionDevelopmentExploration

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Nearfield exploration• Clear area of strength for Wintershall

- Focus on Southern North Sea, Germany, Libya and Russia

Greenfield exploration• Strengthening of our portfolio in recent years

- Add significant greenfield opportunities through bidding rounds and farm-ins, e.g. UK, Norway, Libya, Argentina, Caspian Region

Frontier exploration• Excellent opportunities in selected countries,

e.g. Mauritania, Turkmenistan- Continue limited frontier activities –

“Company Maker not Company Breaker”

Exploration –Entry and positioning in the value chain

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0

5 0

10 0

15 0

2 0 0

2 5 0

2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 10 E

Exploration costs incurred, incl. ROW at equity – 20Fin million Euro

No free lunch –Exploration budget

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10152025

2000 2001 2002 2003 2004 2005

Wells drilledSuccess ratio 44% (five year average 2001–2005)

Net undeveloped acreagein million acres

0

5

10

15

2000

2001

2002

2003

2004

20052000 2001 2002 2003 2004 20052000 2001 2002 2003 2004 2005

250

200

150

100

50

0

107137 122

159 151

250

8

18 1612

24

16

5.9 7.2 8.111.1

14.6 14.1

50

2010E2000 2002 2003 2004 20052001

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Entering the value chain –A preferred partner of NOCs and IOCs

Wintershall – The German E&P leader:

• Focused technical expertise

• Capability for large integrated projects with NOCs

• Building further on existing partnerships (Gazprom, Norsk Hydro, Total, Maersk)

• Wintershall strength due to German and BASF reputation

• Focused approach i.e. able to deploy the technology, resources and political support of a major in certain niches

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Entering the value chain –Acquisitions

Acquisitions as one element of growth strategy

Acquisitions, if…

• Assets predominantly in core regions

• Assets undeveloped or in early stage of production

• Significant strategic drivers, synergies & restructuring, portfolio improvement, exploitation or acquisition of a competitive advantage, etc.

• Wintershall “Natural Owner”, i.e. drivers for an acquisition are competitive advantages and the ability to add value

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1 | Value Chain

2 | Geographical Positioning

3 | Technology & People

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OPCO

Core region

Production and / or Exploration

Core region strategy –Progress 2005 & 2006

GermanyNetherlands

Argentina

Libya

Russia

New branch offices in Norway, Turkmenistan, Mauritania

• Denmark: Three new operated licenses

• Norway: Four new licenses

• Russia: Achimgaz, Yuzhno Russkoye

• Mauritania: Two onshore operated licenses. One deepwater offshore license

• Qatar: Operated appraisal drilling ongoing

• Turkmenistan: Operatorship in two licenses

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General• Mature exploration area• Successful new

geological concepts• Expanding from Dutch/

German strongholdinto neighboring areas

New license awards 2005/2006• Netherlands: 3 licenses• Germany: 2 onshore

and 1 offshore license• Denmark: 3 licenses• UK: 9 licenses and

1 farm in discovery(Maersk Duart)

Southern North Sea –Expansion in a traditional core area

Wintershall Concessions 1999

Additions up to 20060 100 km

UKDenmark

GermanyNetherlands

Netherlands

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Mazeikiai

RIGA

Ventspils

Klaipeda

Panevezys

DENMARK

SWEDEN

LITHUANIA

ESTO

LATVIA

0 2500 250

Norw

ay

Barents SeaBlocks 6607/11a & 12b (PL 385)Wintershall 20%Hydro 60%Noreco 20%

Blocks 6608/10(PL 353)Wintershall 40%Hydro 60%

Blocks 2/4e (PL 355) Wintershall 20%Hydro 40%Maersk 40 %

Blocks 2/9 (PL 273)Wintershall 25%ConocoPhillips 35%Hydro 30%DONG 10%

0 250 km

General• Access to the largest

remaining upside potential in Europe

• Natural expansion ofNorth Sea focus

• Wintershall positioningwith strategic partners (Hydro, Maersk, Conoco)

• Branch office since 2006

• Licensed as operator

New 2005/06 block awards to Wintershall• Four blocks awarded so far

• Applied for 6 blocks for APA 2006 with partners

• Evaluation of further farm-in and acquisition opportunities

Norway –Growth beyond the Southern North Sea

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Mauritania –New E&P hot spot

General• New E&P hot spot• Strong support for

German investments• Wintershall with

excellent reputation• Branch office since 2006

Block 8 (offshore)• Drilled exploration well• Further exploration /

appraisal pending on final evaluation

Taoudeni TA 05 / TA 06(onshore)• Commencing field work• Geological mapping,

aeromagnetic surveys

Block 8Wintershall 25.0%Dana 41.5%GdF 13.5%Hardman 18.0%Roc 2.0%

Blocks TA05 / TA06Wintershall 100%

Mauritania

0 250km

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Turkmenistan –Caspian target for the future

General• Underexplored country

with very large potential• Limited competition• Wintershall with excellent

regional knowledge• Branch office since 2005Blocks 11 and 12 (offshore)• Operatorship• Drilled one exploration

well in 2006• One exploration well with

large upside in 2007/08Further activities• Block 2-6: Study

agreement• Block 28: PSA signature

pending on border resolution

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11

12

33

-12Oil

32

34

15

16

17

18 19 20

21

22

23

31

30

29

28

27

26

25

24

23

7

8

9

10

12

13

14

Block III

Block 11-12

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18

22

23

31

30

29

28

25

24

3

5

6

4

Turkmenistan

Block 28

Block 2-6

2

Caspian Sea

Block 11&12Wintershall 34 %Maersk 66%

0 100 km

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Qatar –E&P foothold in the Middle East

General• Very attractive E&P

country with large remaining upside

• Very stable business environment

• Wintershall with long term experience

Block 11• Operatorship• Activities: One success-

ful exploration well in 2005, one appraisal well drilled in 2006

• Planned activities:3D-Seismic in 2006, appraisal drilling in 2007; followed by development

Qatar

Block 2ENCANA

RAS LAFFAN

Qatar

Block 2ENCANA

Block 11

RAS LAFFAN

Block 4

Qatar

Block 3

Block 2

Al Shaheen Field

Block 5

Arabian Gulf

Block 7Block 7

Arabian Gulf

Block 7Block 7Block 11Wintershall 51%Anadarko 49%

0 20 km

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Russia – Key to our future

Achimgaz Yuzhno Russkoye

Megatron

Wolgodeminoil

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Successful Russian joint venture history –Wolgodeminoil

• Joint venture 50/50 with Lukoil

• Established in 1992 – excellent relationship with JV partner Lukoil

• Stable and profitable production at 1.6 million bbl (2005) in three license areas

• Continuing exploration successes to sustain long term future of Wolgodeminoil

• Two successful exploration wells in 2006

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• Field license holder OOO Urengoygazprom

• Exclusive service provider and operator ZAO Achimgaz (Wintershallshare 50%)

• Fieldsize approx. 200 billion m³ gas, 40 million tons condensate

• Plateau production approx. 8 billion m³ p.a. gas and approx. 3 million tons p.a. condensate

• Price split (25% export price/ 75% domestic price)

• At present, no booking of reserves according to SEC guidelines

Key projects – Achimgaz

Urengoy-gazprom

Achimgaz

Urengoy-gazprom

Gas-/condensate(Achimov)

Producing gas field(Cenoman)

Producing oil & gas field(Valangin)

Depth (m)

-1,000

-2,000

-3,000

-4,000

gas

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Key projects – Achimgaz

• Field data:- Target formation Achimov 3/4 and 5- Target depth: 3,580-3,650 m- Well length 3,600-4,500 m

• Phase I:- Two wells drilled thus far in 2006,

expectations confirmed- First two trains of gas plant under construction

(start up in first half 2007); infrastructure and condensate pipeline complete

• Phase II: - Starting in 2008/2009

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• Fieldsize approx. 600 billion m³

• Plateau production 25 billion m³ p.a.

• 43 exploration and appraisal wells drilled since discovery; infrastructure and gas plant currently under construction

• Tie-in into Russian unified pipeline system

• Production start 2008,plateau production as of 2011

• 48 of a total of 142 production wells planned for 2007

Key projects – Yuzhno Russkoye

Delivery point accordingto gas sales agreement

KaratchayevaRailwayStation Beregovoye

Yuzhno Russkoye

Zapolyarnoye

TazovskoyeTazov

YamburgskoyeYamburg

North Urengoyskoye

(Northgas)

Urengoyskoye

NovyyUrengoy

Achimgaz

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Exploration JV in the Caspian Region –Megatron

• Exploration acreage in highly prolific trend

• Wintershall share in Megatron 70% (operator)

• Attractive prospect identified

• Ecologically and operationally sensitive area – Wintershallstrength

• Currently forming partnership with established players in the region

• One exploration well to be drilled in 2007/2008

Tyuleni North

Tyuleni

Russia

CaspianSea

0 200 km

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1 | Value Chain

2 | Geographical Positioning

3 | Technology & People

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Technology for operational excellence

Reduction of exploration risk• Integrated basin analysis• Seismic reservoir characterisation

Improvement of oil recovery• Enhanced and improved oil recovery methods• Frac technology

Production optimisation• Horizontal drilling & completion• Tight gas developments

Build-up of selected non conventional expertise• Heavy oil extraction• CO2 sequestration

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Technology development in BASF VerbundMerging chemical and upstream competencies

• Chemical flooding• Microbial recovery methods

Enhanced Oil Recovery

• Innovative drilling fluids • Corrosion protection• Separation• Proppants

Oil & Gas Field Chemicals

Material Sciences

• Pipeline coatings• Processing equipment

Processing

• Catalysts• Gas purification

Oil & Gas

Plastics

Performance Products

Chemicals

Biotechnology

Hydro-carbons Know-How

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• World class develop-ment program for graduates – SPEAD, since 2000 around 100 trainees of 16 different nationalities

• Nine target universities (recruitment & research)

• Local staff development & integration

• Work & Life Balance™

Wintershall – People Winning the war for talent

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Wintershall the German E&P-Leader

• Continue nearfield and expand greenfieldexploration

– Increase exploration effort

• Increased focus on NOCs– German and BASF background to develop

long term business

• Strategic acquisitions– To balance the portfolio

“Sharpening the Profile”

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