We add value as one company - BASF...* 2010, 2011 indicative, adjusted by IFRS 10 & 11; 2001 – 2009 as reported, without noncompensable foreign income taxes on oil - production EBIT

BASF Credit Story November 2015 1

150 years150 years

We add value as one company

150 years

Manfredo RübensPresident Finance

LondonNovember 10, 2015


150 years150 years

Cautionary note regarding forward-looking statements

This presentation may contain forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. Forward-looking statements may include, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. BASF has based these forward-looking statements on its views and assumptions with respect to future events and financial performance. Actual financial performance could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. The information contained in this presentation is subject to change without notice and BASF does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations.


BASF at a glance

Business review & outlook

Path forward: Our priorities

Financing highlights


150 years150 years

Chemistry as an enabler BASF has superior growth

opportunities: – sustainable innovations– investments– emerging markets

The #1 chemical company €74 billion sales, €7.4 billion

EBIT bSI in 2014 #1-3 in ~70% of businesses,

in almost all countries 6 integrated Verbund sites,

production in 60 countries

A track record of strong sales and earnings growth

12% average annual dividend increase, >3% yield in every single year*

~€63 billion marketcapitalization Oct´2015

Perspective

* For 2004-2014

Ludwigshafen,Germany

Antwerp,Belgium

Nanjing,China

Kuantan,MalaysiaGeismar,

USAFreeport,USA

Verbund site

Positioning

We create chemistry for a sustainable future

Performance

20

30

40

50

60

70

80

90

2008 2009 2010 2011 2012 20142013 2015


150 years150 years

BASF today – a well-balanced portfolioTotal sales 2014: €74 billionPercentage of sales 2014*

* Not depicted here: ~5% of Group sales reported as ‘Other‘. Paper Chemicals results have been incl. in Performance Products until the end of 2014. Thereafter Paper Chemicals has been dissolved; ** Natural Gas Trading has been sold Sep. 30, 2015 to Gazprom.


150 years150 years

Global reduction in carbon emissions of 6 million metric tons/a. and reduction of waste

Example Ludwigshafen site:avoidance of 7 million metric tons of freight/a.= 280,000 fewer truckloads

Shared use of on-site facilities: fire department, security, waste water treatment and analytics

* Savings include only tangible synergies. Additional (intangible) benefits and retained profits are not included.

Verbund generates >€1 billion p.a. global cost savings* & supports sustainability

Verbund: Unique competitive advantage


BASF at a glance





150 years150 years

Components of growth

* 2010, 2011 indicative, adjusted by IFRS 10 & 11

59,6

74,38,74,9 -1,7 2,8

20

40

60

80

2010 2014

Volumes

PricesFX M&A

Sales* analysis 2010 – 2014 (in billion €)

Net sales 2010 Volumes Prices FX M&A Sales CAGR 2010 - 2014

BASF Group w/o Oil & Gas 51.4 +3.2

(+1.5% CAGR) +3.9 -1.6 +2.2 +3.6%

Oil & Gas 8.2 +5.5 (+13.7% CAGR) +1.0 -0.1 +0.6 +15.7%

5.7%

CAGR


150 years150 years

Steady earnings growth

* 2010, 2011 indicative, adjusted by IFRS 10 & 11; 2001 – 2009 as reported, without non-compensable foreign income taxes on oil production

EBIT and EBITDA*(in billion €, 2001 - 2014)

3,7

4,7 4,6

7,0 7,2

8,48,9

7,7

6,5

9,9

11,2

10,010,4

11,0

8,8

0

2

4

6

8

10

12

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1 - 32015

EBITEBITDA

0,7

2,2 2,2

4,5 4,85,5

6,0

4,6

2,8

6,7

8,06,7 7,2

7,6

5,9

CAGREBITDA

8.9 %CAGREBIT

19.8 %


150 years150 years

Third-quarter sales and EBIT bSI down in a difficult economic environment

Sales developmentPeriod Volumes Prices Portfolio Currencies

Q3´15 vs. Q3´14 (1%) (8%) 0% 4%

Business performance Q3’15 Q3’14* vs. Q3’14*

Sales €17.4 billion €18.3 billion (5%)

EBITDA €2.9 billion €2.5 billion +14%

EBIT before special items €1.6 billion €1.8 billion (10%)

EBIT €1.9 billion €1.7 billion +8%

Net income €1.2 billion €1.0 billion +19%

Reported EPS €1.31 €1.11 +18%

Adjusted EPS €1.07 €1.24 (14%)

Operating cash flow €3.4 billion €2.2 billion +51%

* Previous year values restated due to dissolution of disposal group “Natural Gas Trading“


150 years150 years

Asset swap with Gazprom*: Focus on upstream sector – Divestment of downstream business

Strengthening of E&P activities by acquiring shares in blocks IV/V in the Achimov formation

– Wintershall received a working interest of 25.01%

– BASF share (600 million boe) equivalent to approx. 20% of total BASF hydrocarbon resource base**

– Synergies through regional and technological expertise of both partners

– Start of production planned for 2018

Gazprom received assets of equivalent value

– Exit natural gas trading and storage business by transferring Wintershall`s shares (50%) in WINGAS, WIEE, WIEH and Astora

– Divestment of 50% of Wintershall Noordzee B.V.

– Sales 2014: €12.2 billion

– EBITDA 2014: €260 million

* Financially retroactive to April 1, 2013. Transaction closed on October 1st, 2015 ** As of Dec. 31, 2014

Assets out

Assets in


150 years150 years

Revised Outlook 2015

We aim to increase volumes excluding the effects of acquisitions and divestitures. Due to the divestment of the gas trading and storage business as part of the asset swap with

Gazprom and the lower oil price we expect sales to be slightly lower than in 2014. EBIT before special items is expected to be slightly below the level of 2014. The chemicals business

is expected to provide a larger contribution than in 2014. Earnings from crop protection will most likely come in slightly below the level of 2014. In Oil & Gas, results will decline significantly caused by the lower oil price and the divestment of the gas trading and storage business.

We aim to earn a substantial premium on our cost of capital, but on a lower levelthan in 2014.

Outlook 2015

GDP: +2.3% (+2.4%) Industrial production: +2.0% (+2.9%) Chemical production (excl. pharma): +3.5% (+3.8%) US$ / Euro: 1.12 (1.15) Brent oil price (US$ / bbl): 55 (60-70)

Assumptions 2015


150 years150 years

Fundamental trends intact; chemical production growing faster than GDP

CAGR 2015 - 2020 2011 view today’s view

Global GDP 3.2% 3.0%

Industrial production 3.7% 3.5%

Chemical production (excl. pharma) 4.0% 3.9%

► thereof growth contribution of emerging markets 89% 82%


150 years150 years

Profitability of BASF will grow faster thanglobal chemical production

Sales growth*Slightly faster than the global chemical production

EBITDA growthWell above global chemical production

Remain a strong cash providerContinuously generate high levels of free cash flow

Financial targets for next years

Deliver attractive returnsEarn a significant premium on cost of capital

* Without considering Natural Gas Trading and Storage business

Progressive dividend policy We want to grow or at least maintain our dividend


BASF at a glance





150 years150 years

Our strategic principles

We add value as one company.

We innovate to make our customers more successful.

We drive sustainable solutions.

We form the best team.


150 years150 years

The way forward: Our priorities

Grow sales and earnings faster than global chemical production, driven by

– Continued focus on innovations

– Capital expenditures

– Acquisitions

– Operational excellence and Verbund advantages

Focus on cash generation / conversion

Continue with our progressive dividend policy

Focus on pruning our portfolio

Maintain industry-leading position in sustainability


150 years150 years

Strategic lever:Strong commitment to innovation

~10,700 employees in R&D

~3,000 projects

Research Verbund: Cooperations with ~600 excellent partners from universities, start-upsand industry

Further increase of R&D spending in 2015

#1 in WHU‘s Patent Asset Index every year since 2009

Target 2015:

– €10 billion in sales from innovations launched within the last 5 years

Key facts

1.51.6

1.71.8 1.9

0,0

0,5

1,0

1,5

2,0

2010 2011 2012 2013 2014

R&D expenditures (in billion €)

Chemicals10%

Performance Products19%

Functional Mat. & Sol.20%

Agricultural Solutions27%

Oil & Gas3%

Corporate Research21%

2.0

1.5

1.0

0.5

0


150 years150 years

Innovation: Green Sense® Concrete for sustainable construction

Envi

ronm

enta

l Im

pact

Hig

h

ReferenceConcrete

High Low

Low

Total Cost of Ownership

BASF’s Green Sense® Concrete system consists of:

1) Innovative admixture products

2) Concrete mix services

3) Eco-efficiency analysis

Replaces up to 70% of cement with recycled materials

Superior eco-efficiency

Applied in the construction of landmark projects, e.g. One World Trade Center, NYC


150 years150 years

Strategic lever: Capital expenditures – our philosophy

Differentiated commodities With proprietary technology and/or Verbund advantages

Focus on:– emerging markets – backward integration in the US– upgrading our asset base in Europe

Specialties and solutions Incremental investments for new products Regional expansion of businesses

Oil & Gas Focus investment budget by active portfolio optimization to secure free cash flow Keep reserve-to-production ratio of approx. 10 years


150 years150 years

Implementation of increased capexprogram will drive profitable growthSelected major capex projects

Temporarily increased capex is necessary – to build the base for

further growth– to strengthen our value

chains– to increase our footprint

in emerging markets Capex peaked in 2014

with €5.4 billion**

Capex spending

* W/o China; ** Investments in property, plant and equipment (without acquisitions)

.

Care chemicals Polymer dispersions

Polyurethane specialtiesSpecialty plastics

North America

Cracker flexibilizationand expansion

Battery materialsDispersion polymers Asia Pacific*

South America

Automotive coatingsCrop protection products

Oil & Gas

Europe

Aroma chemicalsSAP

Crop protection productsAutomotive catalysts

ButadieneAdmixture systems

Specialty plasticsOil & Gas

China

Cracker expansionAmines

SurfactantsAcrylic acid & SAP

ResinsSpecialty plastics

Crop protectionproducts

Innovation Campus

Start-ups 2011 - 2014 Start-ups planned for 2015 - 2017

TDI complexPrecious metalrecyclingSpecialty aminesCrop protectionproductsOil & Gas

Acrylic acid & SAPAcrylatesCrop protection productsOil & Gas

Chelating agentsPolyurethane systemsFormic acidButanediol expansionCrop protection productsAmmonia

MDIPolyamidesButanediol / PolyTHF®

NeopentylglycolSpecialty aminesEthylene oxideIsononanolCoating resinsAutomotive catalystsProcess catalysts

Automotive catalystsPolymer dispersionsSpecialty plasticsAroma chemicals2-Ethylhexanoic acidPolyisobuteneInnovation Campus


150 years150 years

Investments for organic growth

Performance Products15%

Oil & Gas21%

€19.5billion

FunctionalMaterials &Solutions13%

Capex budget 2015-2019

Other12%

Chemicals33%

Capex budget 2015-2019

Asia Pacific18%

€19.5billion

South America*8%

North America27%

Europe45%

AgriculturalSolutions6%

Other2%

(by segment) (by region)

* Includes also regions Africa and Middle East


150 years150 years

Strategic lever: Acquisitions

Provide a minimum return on investment of 8% p.a. after tax

Are EPS accretive by year three at the latest

Financial acquisition criteria

Generate profitable growth above the industry average

Are innovation-driven

Offer a special value proposition to customers

Reduce earnings cyclicality

Strategic acquisition criteria

We want to acquire businesses which …


150 years150 years

Strategic lever: Operational excellenceDrivE with ~€1 bn earnings contribution

0

1,000

2,000

3,000

4,000

5,000

2015 2018

Annual earnings contribution(in million €)

Targeted annual earnings contribution of €1 billion by end of 2018

Optimization of processes and structures in all regions, e.g.– manufacturing– incremental capacities– productivity increase

Project timeline: 2016–2018

DrivE program

Former cost saving programs pre- 2008

NEXT 2008-2011 DrivE 2016-2018

STEP 2012-2015


150 years150 years

Strong track record in operational excellence

50

100

150

200

250

300

350

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

EBITDA

Sales

* Excl. companies with major IFRS 10/11 restatements, i.e. BASF YPC Nanjing, Libya onshore, other Oil & Gas and Catalysts companies

BASF Group* 2001–2014(Index; CAGR 2001–2014)

Fixed Costs

CAGREBITDA

9%

CAGRSales

7%

CAGRFixed Costs3%


150 years150 years

Strategic lever: Continuous portfolio development

Specialties and solutions Differentiated commodities

target(in % of sales*)

~ 50% ~ 50%

Keep a balanced portfolio

Divestment of businessese.g. due to loss of differentiation

Divestment of businesses e.g. due to

lower market attractiveness

Commoditization leads to restructuring

Growth fields

Innovation pipeline

Acquisitions

Attractive markets Differentiation by process

technologies and integration

Attractive markets Differentiation by customer

proximity and innovations


150 years150 years

Portfolio development towards more market-driven and innovative businesses

Functional crop care Personal care & food Omega-3 fatty acids Enzymes Battery materials Specialty plastics Selected assets in

Oil & Gas …

BASFcore business

Strong partnerships

Gazprom Monsanto Petronas Shell Sinopec Statoil Total Yara

Selected transactions 2010 − until today

Acquisitions

~ €4.5 billion salesin emerging and innovation-driven

businesses

Divestitures

Styrenics Fertilizers Construction equipment,

flooring and wall systems Decorative paints in Europe Selected assets in Oil &

Gas Natural gas trading Custom synthesis business

~ €20 billion sales*in businesses with

limited fit and differentiation

potential* Includes sales of non-consolidated businesses (Styrenics, VNG participation)


BASF at a glance





150 years150 years

Strong free cash development Q1-Q3 2015

0

1

2

3

4

5

2005 2006 2007 2008 2009** 2010 2011 2012 2013 2014 Q1-Q32015

* Cash provided by operating activities less capex (in 2005 before CTA) ** 2009 adjusted for re-classification of settlement payments for currency derivatives

Free cash flow*(in billion €)

3.33.5

3.2

2.5

3.2

3.93.7

2.6

3.2

1.7

4.1


150 years150 years

Diversified Debt Financing InstrumentsAs of September 30, 2015

€20 billion debt issuance program (for long-term debt financing)

USD 12.5 billion commercial paper program (for short-term debt financing)

Two broadly syndicated backup-lines of €3 billion each (maturing in 2020)

Funding Strategy Highlights

Commercial Papers15%

Bank Loans18%

€-denominated Bonds

49%

€15.5billion

Financing strategy

Keep a solid A rating (current ratings* S&P A+ / Moody’s A1)Our target:

* Last Confirmation Moody’s: May 5, 2015 Last Confirmation S&P: September 8, 2015

Other Bonds18%


150 years150 years

0.9

1.4

1.8

0.8

0.3

0.7

1.3

0.5 0.4

1.7

0.0

0.5

1.0

1.5

2.0

2.5

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 >2025

* Nominal values, excluding industrial revenue and pollution control bonds from BASF Corporation Group.

Profile as of September 30, 2015 (billion €)*

Well balanced bond maturity profile


150 years150 years

Highlights of BASF’s credit

1. Strong track record of sales and earnings growth

6. Combining economic success with social commitment and environmental protection

Diversified financing strategy with a strong commitment to keep a solid A rating

Focus on operational excellence

Advantageous cost position due to unique Verbund concept Disciplined cost management

2. Well positioned for profitable growth

Excellent innovation platform Leading positions in growth industries and emerging markets Ongoing portfolio optimization

5.

3.

4. Strong free cash flow over the last decade


150 years150 years

BASF Creditor Relations TeamFrank WilhelmiHead of Capital Market Financing

Dr. Lars BuddeIR Manager Creditor Relations

Contact Details:Email: [email protected]: +49 621 60 91386Websites: www.basf.com/bonds

www.basf.com/anleihen

Thomas LangguthSenior Specialist Capital Market Financing

Lüthje BrandtSpecialist Capital Market Financing


150 years


150 years150 years

Overview of bonds (1/2) as of September 30, 2015

Bond Term Issuer Volume ISIN Code

1.375% GBP Bond 2014/2017 BASF SE GBP 250 million XS1144218804

EUR Floating Rate Note 2014/2017 BASF SE € 300 million XS1043167433

2.5% Euro Bond 2014/2024 BASF SE € 500 million XS1017833242

1.375% Euro Bond 2014/2019 BASF SE € 750 million XS1017828911

3.89% USPP Series A 2013/2025 BASF SE USD 250 million N/A

4.09% USPP Series B 2013/2028 BASF SE USD 700 million N/A

4.43% USPP Series C 2013/2034 BASF SE USD 300 million N/A


3.675% NOK Bond 2013/2025 BASF SE NOK 1.45 billion XS0932079717


2.875% EUR Bond 2013/2033 BASF SE € 200 million XS0932307100



3% EUR Bond 2013/2033 BASF SE € 500 million XS0885399583



150 years150 years

Overview of bonds (2/2) as of September 30, 2015

Bond Term Issuer Volume ISIN Code

2.0% EUR Bond 2012/2022 BASF SE € 1.25 billion DE000A1R0XG3




5.875% GBP Bond 2009/2017 BASF SE GBP 400 million XS0420401779

4.5% EUR Bond 2006/2016 BASF SE € 500 million DE 000 A0JRFB0

4.875% EUR Bond 2003/2018 Ciba Specialty Chemicals Finance Luxembourg S.A. € 500 million XS0170386998


Appendix I – Q 3 2015 results


150 years150 years

ChemicalsSlight earnings growth despite start-up costs

Intermediates707+1%

Monomers1,522(4%)

Petrochemicals1,411(26%)

€3,640(13%)

Sales development Period Volumes Prices Portfolio Currencies

Q3’15 vs. Q3’14 (2%) (16%) (2%) 7%

Q3’15 segment sales (in million €) vs. Q3’14 EBIT before special items (in million €)

616 580

726

548633

0

200

400

600

800

Q3 Q4 Q1 Q2 Q3

20152014


150 years150 years

Performance Chemicals1,009(2%)

Performance ProductsEarnings impacted by challenging market conditions

CareChemicals

1,218+1%

€3,899(1%)

Nutrition& Health496(5%)

Dispersions& Pigments

1,176+1%


Q3’15 vs. Q3’14 (2%) (4%) (1%) 6%

Q3’15 segment sales (in million €) vs. Q3’14 EBIT before special items (in million €)

376

217

515

304 319

0

200

400

600

Q3 Q4 Q1 Q2 Q3

20152014


150 years150 years

Functional Materials & SolutionsEarnings growth on continued good demand in automotive and construction

Catalysts1,472(6%)

ConstructionChemicals

614+9%

Coatings753+2%

€4,5170%

Q3’15 segment sales (in million €) vs. Q3’14


Q3’15 vs. Q3’14 (1%) (5%) 0% 6%

Performance Materials1,678+1%

EBIT before special items (in million €)

310220

431 458371

0

200

400

600

Q3 Q4 Q1 Q2 Q3

20152014


150 years150 years

Agricultural SolutionsDifficult market environment impacts earningsin seasonally slow quarter

Sales developmentPeriod Volumes Prices Portfolio Currencies

Q3’15 vs. Q3’14 6% 10% 0% (10%)

Q3’15 segment sales (million €) vs. Q3’14

0

50

100

Q3 Q30

300

600

900

1.200

Q3 Q3

1,077

7

43

1,018

EBIT before special items (million €)

20152014 20152014

+6%


150 years150 years

Oil & GasHigher earnings in Exploration & Production

Sales development Period Volumes Price/Currencies Portfolio

Q3’15 vs. Q3’14 2% (6%) 2%


9

176

236

79

625

0100200300400500600700

Q3/2014 Net Income Q3/2015 Net Income

Exploration &Production

667+9%

Natural GasTrading 2,939(4%)

€3,606(2%)

Q3’15 segment sales (million €) vs. Q3’14 EBIT bSI/Net income (million €)

Natural Gas Trading

Exploration & Production

Net income

436*

260292

371


150 years150 years

* incl. Gas Marketing Company ** Economic interest of BASF

Oil & GasImpact of projects with Gazprom on BASF’s P&L

Oil & Gas EBIT

Financial results

= Income before taxesand minority interests

./. Income taxes

./. Minority interests

= Net income

OPAL

50.02%

At-equity consolidation(share of net income shown in the EBIT)

Achimgaz(Achimov area IA)

Wintershall AG(Libya)

51%

Nord Stream (I)(offshore)

15.5%

GASCADE

50.02%

PlannedNord Stream (II)

(offshore)

10%

NEL

PlannedAchimovarea IV/V*

25% + 1 share

WintershallNoordzee

(Netherlands)

50% 50%

YuzhnoRusskoye

(SNGP)

35%**

YuzhnoRusskoye

Gas Mktg C.

Upstream

Natural Gas Transport

100%

100%

49.98% entitled to Gazprom

Upstream

Natural Gas Transport

50.02%

50.02% entitled to BASF

Proportionally/fully consolidated


150 years150 years

Review of ’Other’

Million € Q3´15 Q3´14

Sales 685 977EBIT before special items (98) (7)Thereof corporate research costs

group corporate costscurrency results, hedges and other valuation effectsother businesses

(104)(53)

2230

(96)(53)100

23

Special items 26 (20)

EBIT (72) (27)


150 years150 years

Million € Q1-Q3’15 Q1-Q3’14*Cash provided by operating activities 8,494 4,932Thereof changes in net working capital

miscellaneous items 2,500(497)

(900)(181)

Cash used in / provided by investing activities (4,955) (3,785)Thereof payments related to tangible / intangible assets (4,387) (3,587)

acquisitions / divestitures 227 355Cash used in financing activities (3,504) (995)Thereof changes in financial liabilities

dividends (649)

(2,900)1,661

(2,656)

* Previous-year figures restated due to dissolution of disposal group “Natural Gas Trading“

Q1-Q3 2015 Cash flow from operating activities increased by 72% to €8.5 billion Cash inflow from changes in net working capital of €2.5 billion Free cash flow improved to €4.1 exceeding free cash flow of FY 2014

Cash FlowStrong cash flow in Q1-Q3 2015


150 years150 years

Balance sheet remains strong

Balance sheet September 30, 2015vs. December 31, 2014* (in billion €)

Liquid funds

Trade accountsreceivable

Long-termassets

10.4

1.7Dec 312014

Sep 302015

Inventories

Other assets

11.3

4.19.7

1.8

9.7

4.3

28.2

27.8

30.6

43.9

71.4

72.3

45.715.4

25.3

15.5

1.1

0.5

Disposalgroup

Highlights September 30, 2015

Total assets increased slightly by ~€1 billion to €72.3 billion

Inventories decreasedby ~€1.6 billion

Trade accounts receivable down by €0.7 billion

Net debt nearly unchanged at €13.8 billion

Equity up ~€2 billion and an equity ratio of 42%Provisions &

other liabilities

Financialdebt

Equity

Sep 302015

Dec 312014

71.4

72.3

Disposal group

28.2

27.8

30.1

15.4

26.2

15.5

0.5



Back up


150 years150 years

Managing volatility: BASF almost perfectlyhedged on hydrocarbon price changesBASF production and consumption of oil and gas(in million boe, 2014)

BASF hydrocarbon consumption almost equals hydrocarbon production

Production of oil, liquids and gas Consumption of oil derivatives and gas

136

>100

Naturalgas

Oil andliquids

Natural gas for energyand as raw material

Naphtha andother oil basedraw materials

31

105


150 years150 years

Strategic direction chemicals business*:Profitable growth

Utilize and expand unique Verbund integration

Flexible business models

Strong operational excellence

Specialties and solutions:– Focus on fast-moving, customer-facing end markets– Differentiate through knowledge-based offerings, innovative and

sustainable products and solutions

Differentiated commodities:– Focus on integrated value chains with competitive advantages– Differentiate through process innovations and stringent cost management– Focused capex to support growth

* Our chemicals business comprises of the Chemicals, Performance Products, Functional Materials & Solutions segment


150 years150 years

Strategic direction Agricultural Solutions: Feeding a growing population

Continue profitable growth in all indications

Differentiate through strong innovation pipeline

Continue to expand our portfolio to Innovations beyond Crop Protection

Net sales target of €6 billion in 2015 and €8 billion in 2020

25% average annual EBITDA* margin target

* Before special items


150 years150 years

Strategic direction Oil & Gas: Selective growth in E&P

Continue to generate industry-leading profit margins

Continue to provide hydrocarbon hedge

Strengthen E&P activities in core regions and activities with limited exploration risk

Focus on – key partnerships– operational excellence– active portfolio management

Keep ambitious production growth target for 2018 of ~190 million boe

Generate strong free cash flow

Documents

We add value as one company - BASF...* 2010, 2011 indicative, adjusted by IFRS 10 & 11; 2001 – 2009 as reported, without noncompensable foreign income taxes on oil - production EBIT