Wintershall –Focused growthReinier ZwitserlootChairman 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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1 | Wintershall

2 | E&P Business

3 | Gas Trading Business

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Exploration and Production Gas Trading

OPCOCore region

Wintershall core activities

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D

F

UKDK

AURO

BUL

BCZ

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Wintershall core team

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Division HeadReinier Zwitserloot

ExplorationBernhard Schmidt

Gas TradingRainer Seele

FinanceKarsten Heuchert

ProductionTies Tiessen

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Productionin million boe

• 6% CAGR 2000-2006

• Gas share improved to ~40%

• International production at 84%

WINGAS

• 13% CAGR 2000-2006

• Base load sales to BASF at 18%

• Sales outside Germany at 38%

0

40

80

120

2000 2001 2002 2003 2004 2005 2006E

0

10

20

30

40

2000 2001 2002 2003 2004 2005 2006E

Oil & Gas –Production and gas trading

Gas tradingin billion m³

Wholesale

WINGAS

Oil

Gas

8093 94

105 108 112 112

22 2124

29 3033

36

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• 14% CAGR 2000-2005

• Boost from higher gas production / sales

• YTD turnover up 48% vs. Q1-Q3 2005

• 13% CAGR 2000-2005

• 2005 WINGAS EBIT impacted by pricing lag

• YTD EBIT up 49 % vs. Q1-Q3 2005

0

3

6

9

2000 2001 2002 2003 2004 2005 Q1-Q3

0

1

2

3

2000 2001 2002 2003 2004 2005 Q1-Q3

Oil & Gas –Sales and EBIT

E&P

Gas

E&P

Gas

Salesin billion Euro

4.0 4.5 4.2 4.8 5.3

7.7 7.6

2006

EBITin billion Euro

1.3 1.3 1.2 1.4 1.6

2.4 2.5

2006

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1 | Wintershall

2 | E&P Business

3 | Gas Trading Business

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General trends in the E&P industry

Trends

• Continuous demand growth (1.5-2.0% p.a. through 2020)

• Limited opportunitiesoutside OPEC / Russia

• Increased global competition for resources

• Reserve replacement the key challenge

• High exploration and development activity

• Equipment and manpower constraints

Consequences

• Higher finding, development and production costs

• Prices will stay above historical levels

• Growing influence of OPEC / National Oil Companies

• Partial shift to enhanced recovery and non-conventional resources

• Growing opportunity for new technologies

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All sizes fit in E&P

• Over 1,000 E&P companies worldwide, all sizes

• Very large number of projects, all sizes

• Large companies forced to focus on big projects

• Economies of scale not decisive in upstream

• High degree of outsourcing to service industry, available for all but with growing constraints

• High level of risk sharing through partnerships

• Focused approach key to success

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Wintershall E&P Long experience – unique partnerships - focus

Wintershall is the starting point of a world-class hydrocarbon value chain called BASF

• #1 German E&P company, #10 in Europe

• 75 years of E&P experience on- / offshore

• We practice Enhanced Oil Recovery (EOR)since the mid 60’s

• Unique partnership with Gazprom

• Up- / midstream integration basis for“Gas for Europe” strategy

• Selective technology development

• World class operational excellence

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Production growth [% p.a.]

Production costs [USD/boe]Return on capital [% p.a.]**

Finding & Development costs [USD/boe]F&D/Production [USD/boe]

Finding rate [%]Reserve replacement [%]Reserve/Production ratio [yrs.]

Source: CERA, Herolds, Woodmac, SEC

*Peer Group (upstream only): ExxonMobil, Shell, BP, Total, Hydro, BG, Amerada Hess, OMV, Apache, Marathon, Occidental, Talisman, Woodside**(Income before tax + interest on borrowed capital) / average total assets

Wintershall E&P competitive position

Five year average 2001 - 2005 Wintershall Peers Average* Range Peers

13 24 49 49

-6.3 13.91.9 4.8

3.4 7.65.53.5

4.8 18.710.94.8

13.18.8

26 44

14494

11.59.3

4.0 4.0

12 44

67 266

8.1 15.3

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0,000

1,000

2,000

3,000

Resources and reserves

Achimgaz

Base

YR/Libya Swap

Resources* (3P) **(in million boe)

SEC Reserves ***(in million boe)

* As of closing of Yuzhno Russkoye deal

** Sum of proven, probable and possible reserves

*** Proven reserves according to SEC guidelines

871937

0,000

1,000

2,000

3,000

2000 2005 2010

R/P ratio ≥ 10 from 2007

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• Continue production growth into next decade- Short term focus on Russian gas projects- 2015 overall production target: 150+ million

boe/a

• Ensure adequate reserve base in (re)balanced asset portfolio

- Continue near field exploration, enhance greenfield activities

- Acquire additional brownfield development opportunities (oil)

• Keep geographic focus, core region concept

• Evolve from smart follower to one of the leaders in selected technologies

• LNG optional if sufficiently big remote gasfield is identified

Wintershall – E&P way forward

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1 | Wintershall

2 | E&P Business

3 | Gas Trading Business

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General trends in the gas industry

Trends

• Continuous demand growth (2% p.a. through 2020)

• Power generation demand major uncertainty

• EU / USA rely increasingly on imports

• Global LNG growth, limited by liquefaction capacity

• Increased global gas competition

• European market liberalization

Consequences

• Cheap gas era is over / growing competition from coal and renewable resources

• Substantial new infrastructure needed

• Storage capability increasingly important

• Convergence of regional prices towards global pricing

• Long term access to gas: key for growth

• Local players go European

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Wintershall gas tradingDynamic – unique partnership – expanding

• WINGAS # 3 in German market, expanding into Europe

• Gazprom’s partner for “Gas for Europe”-strategy• Large long term supply contracts (2030)• Modern, expanding own infrastructure• Direct connections to European gas hubs• Largest gas storage facility in Europe (Rehden)• Partner in Nord Stream* offshore, leader in

Nord Stream onshore• Born into competition, lean & mean

WINGAS is a daughter of two formidable parents, the largest gas holder in the world and the largest gas consumer in Europe

* Former project name NEGP

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Gas sales growth [% p.a.]

Sales per employee [million €/employee]EBIT per employee [million €/employee]

Return on capital [% p.a.]**Return on sales [% p.a.]

WINGAS competitive position

Source: Annual Reports, own calculation

*Peer Group: E.ON Ruhrgas, Verbundnetz Gas AG, Gaz de France, Centrica**(Income before tax + interest on borrowed capital) / average total assets

Five year average 2001 – 2005

-6.0 15.2

10.6 12.1

7.1 8.5

1.3 15.2

2.8 12.30.4

0.16 1.01

12.3

0.04 1.01

6.8 12.6

5.0 10.5

WINGAS Peers Average* Range Peers

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WINGAS way forward

• Continue profitable growth above market average in Germany and Europe

• 2015 WINGAS gas sales target: 40+ billion m³• Reap benefits of market liberalization, minimize

cost of regulation• Capture logistical optimization through swap potential• Complete ongoing East-West transit capacity

de-bottlenecking• Implement Haidach and Saltfleetby to become

# 3 storage company in Europe• Target earliest Nord Stream implementation • LNG supply only as an option to additional deliveries

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Wintershall –Fit for the future

– in summary –

Wintershall contributes substantially to BASF Group results …

• … and will continue to do so in a challenging business environment …

• … through tailored organic growth strategies in both up- and midstream …

• … in growth markets focused on Europe’s increasing gas import requirements.

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