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BASF Credit Story January 2015 1 150 years We add value as one company 150 years LBBW Unternehmensforum Stuttgart BASF Credit Story January 29, 2015

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Page 1: LBBW Unternehmensforum Stuttgart€¦ · LBBW Unternehmensforum 150 years Stuttgart BASF Credit Story January 29, 2015 . BASF Credit Story January 2015 2 ... BASF Credit Story January

BASF Credit Story January 2015 1

150 years We add value as one company

150 years LBBW Unternehmensforum Stuttgart BASF Credit Story January 29, 2015

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BASF Credit Story January 2015 2

150 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.

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BASF Credit Story January 2015 3

BASF at a glance

Growth levers

Financing highlights

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BASF Credit Story January 2015 4

150 years

Chemistry as an enabler BASF has superior growth

opportunities: – sustainable innovations – investments – emerging markets

The #1 chemical company €74 billion sales, €7.2 billion

EBIT bSI in 2013 #1-3 in >75% of businesses,

present in >200 countries 6 integrated Verbund sites,

production in 60 countries

A track record of strong sales and earnings growth

14% average annual dividend increase, >3% yield in every single year*

~€64 billion market capitalization end of December 2014

Performance Perspective

* For 2004-2013

Ludwigshafen, Germany

Antwerp, Belgium

Nanjing, China

Kuantan, Malaysia Geismar,

USA Freeport, USA

Verbund site

Positioning

We create chemistry for a sustainable future

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BASF Credit Story January 2015 5

150 years

Percentage of sales 2013*

* Not depicted here: ~6% of Group sales reported as ‘Other‘

BASF today – a well-balanced portfolio Total sales 2013: €74 billion

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BASF Credit Story January 2015 6

150 years

Global reduction in carbon emissions of 6.1 million metric tons/a. and reduction of waste

Example Ludwigshafen: 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

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

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

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BASF Credit Story January 2015 7

150 years

Recent transaction with Statoil

Acquisition of participations in oil & gas fields in Norway

Purchase price amounts to US$1.25 billion

Increase of production to ~60,000 boepd in Norway

Additional reserves and resources of ~170 million boe

Transaction closed December 1st, 2014

Restructuring of Performance Products

Strengthening of R&D platforms

Important corporate developments

BASF to sell textile chemicals business to Archroma

Paper Chemicals division to be dissolved, product lines moved to other divisions

Strategic options for parts of kaolin business in evaluation

Total earnings improvement of ~€500 million by 2017

Future set up of global research platforms:

- Process Research & Chemical Engineering, led out of Europe

- Bioscience Research, led out of North America (from 2015)

- Advanced Materials & Systems Research, led out of Asia (from 2016)

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150 years

We aim to:

increase our sales volumes excluding the effects of acquisitions and divestitures

slightly increase EBIT bSi compared with 2013

Outlook 2014

GDP: 2.3% (previous: 2.5%)

Industrial production: 3.4% (previous: 3.7%)

Chemical production: 4.0% (previous: 4.4%)

US$ / Euro: 1.35 (unchanged)

Oil price (US$ / bbl): 105 (previous: 110)

Assumptions 2014

Outlook 2014

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BASF Credit Story January 2015 9

BASF at a glance

Growth levers

Financing highlights

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BASF Credit Story January 2015 10

150 years

BASF outperformed global chemical production by ~3 percentage points p.a. Sales to third parties billion €

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BASF Credit Story January 2015 11

150 years

Portfolio development Moving downstream towards customer industries

* Agriculture, Construction, Consumer Goods, Health & Nutrition, Electronics, Energy & Resources, Transportation ** Sales excluding Oil & Gas. Targets were published on November 29, 2011.

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BASF Credit Story January 2015 12

150 years

Catalysts Construction chemicals Water-based resins Pigments, plastic additives Oil & Gas Personal care & food Battery materials Functional crop care Omega-3 fatty acids Enzymes …

BASF core business

Strong partnerships

Gazprom Monsanto Petronas Shell Sinopec Statoil Total

Selected transactions 2005 − today

Acquisitions

~ €14 billion sales

Divestitures

Agro generics Vitamin premixes Styrenics Fertilizers Construction equipment,

flooring and wall systems Textile chemicals …

~ €7 billion sales

Portfolio development Towards more market driven and innovative businesses

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BASF Credit Story January 2015 13

150 years

Strong commitment to innovation Innovations for a sustainable future

1.4 1.5

1.6 1.7

1.8

0.0

0.5

1.0

1.5

2.0

2009 2010 2011 2012 2013

€1.8 billion R&D expenditure in 2013, further increase of R&D spending planned in 2014

~10,650 employees in R&D

~3,000 projects

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

Target 2015:

– €10 billion in sales from innovations younger 5 years

R&D expenditures in € billion

Chemicals 10%

Performance Products 20%

Functional Mat. & Sol. 20%

Agricultural Solutions 26%

Oil & Gas 3%

Corporate Research 21%

Key facts

2.0

1.5

1.0

0.5

0

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150 years

Chemistry-based innovations Growth and technology fields

Growth fields

Resources, Environment & Climate

Food & Nutrition

Quality of Life White Biotechnology

Materials, Systems & Nanotechnology

Raw Material Change

Key customer industries

Health & Nutrition

Consumer Goods

Transportation

Energy & Resources

Electronics

Agriculture

Construction

Technology fields Global needs

...

Batteries for Mobility

Enzymes

Heat Management for Construction

Organic Electronics

Functional Crop Care

Plant Biotechnology

E-Power Management

Wind Energy

Lightweight Composites

Water Solutions

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BASF Credit Story January 2015 15

150 years

Performance Products 15%

Oil & Gas 20%

€20 billion

Functional Materials & Solutions 12%

Capex budget 2014-2018

Other 13%

Chemicals 33%

Capex budget 2014-2018

Asia Pacific 18%

€20 billion

South America 4%

North America 25%

Europe 49%

Agricultural Solutions 7%

Other 4%

by segment by region

Investments Capex budget 2014-2018 by segment and region*

* Source: BASF Report 2013

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150 years

Expansion oil & gas activities

Aroma Ingredients Kuantan, Malaysia

Investments Major projects

Ammonia and gas-to-propylene in USA*

MDI plant Chongqing, China

Acrylic acid complex Camacari, Brazil

TDI plant Ludwigshafen, Germany

* Under evaluation

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150 years

Operational excellence Strong track record

BASF Group* 2001–2013 Index

50

100

150

200

250

300

350

2001 2006 2009 2012

CAGR 2001 – 2013

10 %

8 %

3 %

EBITDA

Sales

Fixed costs

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

2013

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BASF Credit Story January 2015 18

BASF at a glance

Growth levers

Financing highlights

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150 years

0

1

2

3

4

2004 2005 2006 2007 2008 2009** 2010 2011 2012 2013 Q1-Q32014

Strong free cash flow generation

* 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

2.6

3.3 3.5

3.2

2.5

3.2

3.9 3.7

2.6

3.2

1.3

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BASF Credit Story January 2015 20

150 years

Diversified Debt Financing Instruments As of September 30, 2014

EUR 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 EUR 3 billion each (maturing in 2018 and 2019, respectively)

Funding Strategy Highlights

Commercial Papers 7%

Bank Loans

18%

EUR-denominated Bonds

60%

€15.8 billion

Financing strategy

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

* Last Confirmation Moody’s: October 31, 2014 Last Confirmation S&P: December 11, 2014

Other Bonds 15%

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150 years

2.2

1.1 1.1

1.8

0.8

0.3

0.71.0

0.5

2.1

0.0

0.5

1.0

1.5

2.0

2.5

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 >2024

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

Profile as of September 30, 2014 (billion €)*

Well balanced bond maturity profile

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150 years

Highlights of BASF’s credit

1. Strong track record, outperforming chemical production by 3% p.a. (2001-2013)

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 Focus on 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 in every single year over the last decade

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BASF Credit Story January 2015 23

Appendix

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150 years

Q3 2014: BASF with higher sales and earnings despite declining demand

Sales development Period Volumes Prices Portfolio Currencies

Q3’14 vs. Q3’13 7% (4%) 0% 0%

Q1-Q3 2014 vs. Q1-Q3 2013 6% (3%) 0% (2%)

Business performance Q3’14 vs. Q3’13 Q1-Q3’14 vs. Q1-Q3’13

Sales €18.3 billion +3% €56.3 billion +1%

EBITDA €2.5 billion +1% €8.2 billion +4%

EBIT before special items €1.8 billion +9% €6.0 billion +5%

EBIT €1.8 billion +8% €6.1 billion +8%

Net income €1.0 billion (5%) €3.8 billion +3%

Reported EPS €1.14 (5%) €4.16 +3%

Adjusted EPS €1.27 (1%) €4.45 +2%

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150 years

Monomers

Intermediates

Dispersions & Pigments

Performance Chemicals

Care Chemicals

Paper Chemicals

Coatings

Catalysts

Construction Chemicals

BASF sales by first customer industry*

> 15 %

> 10 %

< 10 %

> 15 %

Consumer goods

Transportation

Construction

Energy & Resources

Market approach Cross-divisional customer industry approach

* Excluding Oil & Gas, Crop Protection and Other. 2012 numbers

Petro- chemicals

Performance Materials

Bubble Size: BASF divisional sales by first customer industry*/**

** Nutrition & Health sales predominantly into Health & Nutrition market

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150 years

E-textiles

Solar roof with transparent organic solar panels and OLED modules

Multifunctional seat

Infrared-reflective coating

Infrared-reflective film

High performance foams

Lightweight tridion cell

All-plastic wheel

Cross-divisional approach BASF’s technology Verbund combined with customer know-how

Daimler & BASF concept car ‘Smartforvision’

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150 years

Customer Verbund - adidas and BASF Working together for disruptive innovation: Infinergy™

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150 years

Acquisitions … will contribute to profitable growth in the future

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 …

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150 years

0

1,000

2,000

3,000

4,000

2013 2015

Former cost saving programs NEXT STEP

Operational excellence programs ~€1.3 billion earnings contribution from STEP by 2015

Annual earnings contribution in € million Targeted annual earnings

contribution increased from €1 billion to ~€1.3 billion by end of 2015

Optimization of processes and structures in all regions, e.g. manufacturing, maintenance supply chain engineering, best-cost country

sourcing

Project timeline: 2012–2015

Between €0.9 and €1 billion by the end of 2014 expected

One-time cost : ~€1 billion

STEP program

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150 years

Restructuring in Performance Products Announced measures to strengthen competitiveness

Measures

Leather and textile chemicals (March 18, 2013 & October 16, 2014)

Establishment of global innovation center in China Divestiture of textile chemicals

Water, oilfield and mining chemicals (March 27, 2013)

Establishment of global business unit to realize synergies Divestment of industrial water management business

Plastic additives and pigments (April 23, 2013)

Adjustments at sites in the Basel area to adapt to changed market conditions

Downsizing of R&D activities

Pigments (October 23, 2013)

Optimization of global production network Closure, restructuring and evaluation of strategic options for

production assets

Paper Chemicals (January 23, 2014 & September 24, 2014)

Latex plant in EU shut down. Kaolin: Strategic options under evaluation

From Jan. 1, 2015: Division dissolved, new set-up follows value chains

Nutrition & Health (April 25, 2014)

Adaption of product portfolio and organizational processes to market realities

Care Chemicals (June 5, 2014)

Set of measures to adapt to changed customer needs and market conditions within its Home Care, Industrial & Institutional Cleaning and Formulation Technologies businesses

Further measures Ongoing

Reduction of >2,400 positions until end of 2017

Annual earnings contribution of ~€500 Million from 2017 onwards

One-time costs in the magnitude of ~€250-300 Million

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150 years

2009

2013

Cumulative capex** 2009-2013 (billion €)

BASF Group w/o Oil & Gas

7.4 (76%)

BASF Group w/o Oil & Gas

14.5 (69%)

Oil & Gas 2.3 (24%)

Oil & Gas 6.4 (31%)

2009

2013 -

-

Average EBITDA* 2009-2013 (billion € p.a.)

* Excluding non-deductible oil taxes; restated figures from 2012 onwards in accordance with changes in IFRS ** Including additions to property, plant, equipment resulting from acquisitions, capitalized exploration, restoration obligations and IT investments; restated figures from 2012 onwards in accordance with changes in IFRS

2009-2013: – Oil & Gas: Solid profit

contributor to BASF Group – Oil & Gas accounted for ~30%

of BASF Group capex

Oil & Gas will remain a significant contributor to BASF’s total EBITDA

Capex share of Oil & Gas business in BASF’s portfolio will decline

Key facts

Share of Oil & Gas in BASF portfolio

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150 years

Strong earnings contribution from Oil & Gas

* Positive impact from special income due to the deconsolidation of Gascade Gastransport GmbH and the disposal of a share in the Edvard Grieg oilfield (BASF Report 2013, pp. 86-87)

480 601

857 789 951

712 923

1,064 1,201

1,780

1,100

0

500

1,000

1,500

2,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013* Q1-Q32014

Net income Oil & Gas (million €)

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150 years

Oil & Gas – Focus on upstream activities

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150 years

Overview of bonds (1/2) as of December 31, 2014

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

EUR Floating Rate Note 2013/2016 BASF SE € 200 million XS0963402572

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

EUR Floating Rate Note 2013/2020 BASF SE € 300 million XS0931272776

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

EUR Floating Rate Note 2013/2018 BASF SE € 300 million XS0903325206

3.25% EUR Bond 2013/2043 BASF SE € 200 million XS0888667200

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

1.875% EUR Bond 2013/2021 BASF SE € 700 million XS0883560715

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150 years

Overview of bonds (2/2) as of December 31, 2014

1 Guaranteed by BASF SE

Bond Term Issuer Volume ISIN Code

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

1.5% EUR Bond 2012/2018 BASF SE € 750 million XS0836260975

4.25% EUR Bond 2009/2016 BASF SE € 200 million XS0439773002

4.625% EUR Bond 2009/2017 BASF SE € 300 million XS0437957086

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

5.125% EUR Bond 2009/2015 BASF Finance Europe N.V. 1 € 2 billion XS0412154378

3.625% CHF Bond 2008/2015 BASF Finance Europe N.V. 1 CHF 200 million CH0039943292

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

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150 years

BASF Creditor Relations Team Frank Wilhelmi Head of Capital Market Financing

Hannes Koske IR Manager Creditor Relations

Contact Details: Email: [email protected] Hotline: +49 621 60 48230 Websites: www.basf.com/bonds www.basf.com/anleihen

Juliane Beckmann Senior Specialist Capital Market Financing

Lüthje Brandt Specialist Capital Market Financing

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150 years

150 years