BASF Conference Call Speech (including slides) September

Dr. Hans-Ulrich Engel Vice Chairman of the Board of Executive Directors and Chief Financial Officer, BASF

Mario Mehren Chief Executive Officer, Wintershall

The spoken word applies.

BASF and LetterOne sign agreement to merge Wintershall and DEADr. Hans-Ulrich Engel, Chief Financial Officer, BASF Mario Mehren, Chief Executive Officer, Wintershall BASF Conference Call, LudwigshafenSeptember 28, 2018

BASF Conference Call Speech (including slides) September 28, 2018

Page 2

BASF Conference Call September 28, 2018

September 20182

Cautionary note regarding forward-looking statements This presentation contains forward-looking statements. These statements are based on currentestimates and projections of the Board of Executive Directors and currently available information.Forward-looking statements are not guarantees of the future developments and results outlined therein.These are dependent on a number of factors; they involve various risks and uncertainties; and they arebased on assumptions that may not prove to be accurate. Such risk factors include those discussed inthe Opportunities and Risks Report from page 111 to 118 of the BASF Report 2017. BASF does notassume any obligation to update the forward-looking statements contained in this presentation aboveand beyond the legal requirements.

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Hans-Ulrich Engel Ladies and gentlemen, good morning and thank you for joining us on

short notice.

I am delighted to tell you more about the agreement we signed late

last night with LetterOne on the formation of Wintershall DEA. We will

create significant value for both shareholders of the joint venture by

forming the leading independent European exploration and production

company, seizing additional growth opportunities, generating

synergies of at least €200 million per year and last but not least IPO

Wintershall DEA.

In the following, I will briefly highlight Wintershall DEA’s main

characteristics, the key elements of the transaction agreement and the

corporate governance structure of the company. Mario will later

provide you with further operational details.

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September 20183

BASF Group’s strategic rationale for the mergerof Wintershall and DEA This merger is an important value-creating step on BASF’s strategic path

Value creation through additional growth opportunities, realization of synergies and the envisaged IPO

Creating the leading independent European exploration and production company with strong international operations and significant scale

Combined business with pro-forma 2017 sales of €4.7 billion, EBITDA of €2.8 billion and net income of €740 million

Broadening and balancing the regional asset footprint: 2017 pro-forma production of 210 million boe and 2.2 billion boe 1P reserves

Portfolio upgrading across the whole E&P lifecycle, leveraging strategic partnerships and technologies

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[Chart 3: BASF Group’s strategic rationale for the merger of Wintershall and DEA]

Yesterday night, BASF and LetterOne signed a definitive transaction

agreement to merge their respective oil and gas businesses in a joint

venture, which will operate under the name Wintershall DEA. This

merger is an important value-creating step on BASF’s strategic path.

By combining these two German-based entities, we create the basis

for further profitable growth. Wintershall DEA will become the leading

independent European exploration and production company with

strong international operations and significant scale. In 2017, the

combined business had pro-forma sales of 4.7 billion euros, EBITDA

reached 2.8 billion euros and net income amounted to 740 million

euros.

We will strengthen the portfolio footprint of the combined business and

realize synergies, thus creating significant additional value.

Furthermore, BASF and LetterOne envisage to list Wintershall DEA

through an Initial Public Offering (IPO).

The merger will lead to a more balanced regional footprint with even

stronger operating companies. In 2017, pro-forma hydrocarbon

production totaled 210 million barrels of oil equivalent (boe); this

equals a production of around 575,000 boe per day.

Through leveraging strategic partnerships and sharing technological

expertise, Wintershall DEA will enhance its access to growth

opportunities.

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September 20184

Creation of the leading European E&P Independent with international operations and significant scale: Wintershall DEA A clear strategy for profitable growth based on solid project pipeline with access to high-potential acreage

Focus on core regions and activities with limited exploration risk

World-class partnerships in key countries

Success through operational excellence and technological expertise

Track record as cost-efficient operator with low reserve replacement costs and low production costs

High quality portfolio across the whole E&P lifecycle with strong free cash flow

Major operator in the non-cyclical European gas transportation business

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[Chart 4: Creation of the leading European E&P Independent with international operations and significant scale: Wintershall DEA]

Wintershall DEA has a clear strategy for profitable growth based on a

solid project pipeline. As a mid-size E&P company, the joint venture

will continue to focus its activities on core and development regions

where Wintershall and DEA built up specific know-how. Exploration

activities are near- and greenfield and operated with a limited

exploration risk profile.

The company will further strengthen its world-class partnerships in key

countries and leverage operational excellence and technological

expertise. Wintershall DEA will be one of the most cost-efficient

operators with low reserve replacement costs and low production

costs. The joint venture will also be a major operator in the non-cyclical

European gas transportation business which provides earnings

stability. And last but not least, Wintershall DEA has a superior growth

portfolio across the whole E&P lifecycle and generates strong free

cash flows.

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September 20185

Key elements of the definitive transaction agreement

BASF’s oil and gas business is bundled in the Wintershall Group consisting of Wintershall Holding GmbH and its subsidiaries. LetterOne’s oil and gas business comprises DEA Deutsche Erdöl AG and its subsidiaries.

LetterOne will contribute all its shares in DEA Deutsche Erdöl AG into Wintershall Holding GmbH against the issuance of new shares to LetterOne.

BASF will initially hold 67% and LetterOne 33% of WintershallDEA’s ordinary shares reflecting the value of the respective E&P businesses of Wintershall and DEA.

To reflect the value of Wintershall’s gas transportation business, BASF will receive additional preference shares.* This will result in a total shareholding of BASF in Wintershall DEA of 72.7%.

* Preference shares will be converted into ordinary shares in Wintershall DEA no later than 36 months after closing but in all cases before an IPO.Initially, it was intended to reflect the value of the gas transportation business through a mandatory convertible bond.

Ordinary sharesPreference shares*

Wintershall Holding GmbH

DEA Deutsche Erdöl AG

100% 100%

Wintershall Holding,renamed: Wintershall DEA

67% (72.7%) 33% (27.3%)

DEA Deutsche Erdöl AG

5.7%

Existing shareholding structure

Post-merger shareholding structure

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[Chart 5: Key elements of the definitive transaction agreement]

To effect the merger, LetterOne will contribute all its shares in DEA

Deutsche Erdöl AG into Wintershall Holding GmbH against the

issuance of new shares of Wintershall to LetterOne. Wintershall will

then be renamed Wintershall DEA. BASF will initially hold 67 percent

and LetterOne 33 percent of Wintershall DEA’s ordinary shares

reflecting the value of the respective exploration and production

businesses of Wintershall and DEA. To reflect the value of

Wintershall’s gas transportation business, BASF will receive additional

preference shares following the closing resulting in a total

shareholding of BASF in Wintershall DEA of 72.7 percent. No later

than 36 months after closing but in all cases before an IPO, these

preference shares will be converted into ordinary shares of Wintershall

DEA.

Initially, it was intended to reflect the value of the gas transportation

business through a mandatory convertible bond. However, we now

agreed to replace the bond with preference shares, which offer a

higher degree of flexibility in terms of capital structuring.

Closing of the transaction is expected in the first half of 2019, subject

to approvals of merger control and foreign investment authorities as

well as several mining authorities and the German Federal Network

Agency. In the medium term, BASF and LetterOne envisage to list

Wintershall DEA through an IPO.

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September 20186

Three-tier corporate governance structure of Wintershall DEA

Management Board

Supervisory Board

Shareholders’ Committee

Responsible for day-to-day operations and overall management in accordance with business plans and annual budget

Responsible for supervision of the Management Board Co-determination level of one third

Shareholders will coordinate their interests based on the framework of a shareholders’ agreement

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[Chart 6: Three-tier corporate governance structure of Wintershall DEA]

BASF and LetterOne agreed on a corporate governance structure

which leads to joint control and determines our reporting. Later on,

I will explain the impact on BASF’s statement of income in detail.

BASF determined Mario Mehren as the Chief Executive Officer and

the Chairman of the Management Board; LetterOne determined Maria

Moraeus Hanssen as the deputy CEO and Chief Operating Officer of

Wintershall DEA. In total, the Management Board will comprise five

members with distinct responsibilities.

Wintershall DEA will have a Supervisory Board with a co-

determination level of one third. The Supervisory Board shall initially

consist of four representatives of BASF, two representatives of

LetterOne and three employee representatives. In preparation of an

IPO, the Supervisory Board shall later be composed of four

representatives of BASF, two representatives of LetterOne, four

employee representatives and two independent members.

The shareholders BASF and LetterOne will coordinate their interests

in a Shareholders’ Committee.

Wintershall DEA will be headquartered in Kassel and Hamburg.

With that I hand things over to Mario, who will tell you more about

Wintershall DEA.

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September 20187

Focused activities along the whole value chain

TransportationExploration – Development – Production

MidstreamUpstream

Growing profitably with E&P activities1 Contributing

stable earnings2

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Mario Mehren Welcome to our call also from my side.

[Chart 7: Focused activities along the whole value chain]

Let me highlight Wintershall DEA’s strategy, its strengths and key

capabilities as well as the position of the company within the E&P

industry.

Wintershall DEA has a focused business model and is active in the

exploration, development and production of natural gas and crude oil.

Going forward, our strategy is to further profitably grow our upstream

activities. We secure our lasting success by broadening our

technological expertise. Our focus is on increasing the yield from

producing fields as well as on operating as efficiently as possible.

In addition to exploration and production, we are also running

– together with our partner Gazprom and other companies – a well-

connected gas pipeline network in Europe, which contributes stable

earnings.

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September 20188

Strong financial and operational performance

1P reserves** Production 2017***Sales 2017

2.2billionboe

Wintershall 77%

DEA 23%

210million

boe

Wintershall 78%

DEA 22%

€4.7billion

Wintershall 69%*

DEA 31%

EBITDA 2017

€2.8billion

Wintershall 73%*

DEA 27%

** As of December 31, 2017* Including the gas transportation business *** Thereof: 67% gas, 33% liquids

Combined KPIs (pro-forma) of Wintershall DEA

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[Chart 8: Strong financial and operational performance]

The following slide depicts the financial and operational performance

of Wintershall DEA on a pro-forma 2017 basis. With sales of 4.7 billion

euros and an EBITDA of 2.8 billion euros, the company will be the

leading independent European E&P company.

Total production amounted to 210 million boe in 2017. The merger

leads to combined proven reserves of 2.2 billion boe and a healthy R/P

ratio of 10 years on a pro-forma basis at the end of 2017. This is in line

with our target range.

The 2P and 1P reserves stood at 3.9 billion boe which lead to an R/P

ratio of 18 years. Of these reserves, 46 percent are already developed

and will support production growth in the mid-term.

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September 20189

Geographically diversified footprint with significant growth potentialin core regions

Argentina

North Africa

Europe Russia

DEA production activities

Wintershall production activities

Norway

GermanyNetherlands

DenmarkU.K.

Mexico Middle East

Brazil

Development region

Algeria Libya Egypt

Combined share of production and 1P reservesby region, end of 2017 (pro-forma)

1P reserves: 30%Production: 35%



Latin America1P reserves: 7%Production: 12%

Core region

.

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[Chart 9: Geographically diversified footprint with significant growth potential in core regions]

When you look at the map on slide 9, you see the production asset

footprint of the combined business. I would call it “a perfect match”

with a strong presence in Western Europe, Russia, Latin America and

in North Africa.

Our strategy to concentrate on core regions will remain in place and

we will further establish partnerships in each region or country and

combine the regional expertise with our technological expertise to

create value for our shareholders. Examples are Gazprom in Russia

and Equinor (formerly Statoil) in Norway.

In addition to our existing core regions – that’s where we are already

producing – we have so-called development regions. In these regions,

we are evaluating projects and are conducting for example exploration

activities.

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September 201810

Leading position of Wintershall DEA in core regions

Source: Wood Mackenzie UDT. Note: North West Europe consists of production in UK, Germany, Norway, Denmark, the Netherlands; North Africa consists of production in Egypt, Algeria and Libya

Largest independent producer in North West Europe 2018E

Largest independent producer in Argentina 2018E

0

20

40

60

80

WintershallDEA

BridasEnergy

Holdings

PampaEnergia

Techint Pluspetrol CNOOC SinopecGroup

DowDuPont Capsa CorporacionAmerica

kboe/d

0

50

100

150

200

250

WintershallDEA

Chrysaor Centrica INEOS Engie Chevron OMV Apache EnQuest AKER

kboe/d

0

200

400

600

800

Eni BP Apache WintershallDEA

Shell SinopecGroup

Repsol Total Equinor Gazprom

kboe/d ** Excl. NOCs

Among Top 5 international producers in North Africa** 2018E

Largest international producer in Russia* 2018E

0

50

100

150

200

250

WintershallDEA

Shell ONGC OMV ExxonMobil Mitsui & Co SinopecGroup

MitsubishiCorporation

Oil India ExillonEnergy

kboe/d * Based on directly owned assets

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[Chart 10: Leading position of Wintershall DEA in core regions]

To dive a little bit deeper, the following benchmark shows Wintershall

DEA’s leading position in its core regions. Based on the expected

production volumes in 2018, the company will be:

• the largest independent producer in North West Europe,

• the largest independent producer in Argentina,

• the largest international producer in Russia and

• among the top 5 international producers in North Africa.

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September 201811

Balanced portfolio across the whole E&P lifecycle

Europe

Russia

Latin America

North Africa/ Middle East

Norway: Njord area, Skarv, Vega, Gjøa, Maria, Edvard Grieg, Brage

Germany: Mittelplate, Emlichheim, Völkersen

Yuzhno Russkoye Cenomanian

Achimgaz

Wolgodeminoil

Egypt: West Nile Delta, Disouq, Golf of Suez

Algeria: Reggane Nord

Libya: Al Jurf C137, C96/97

Argentina: Cuenca Marina Austral 1 (Canadon-Alfa, Carina-Aries, Vega Pleyade), Aguada Pichana

Mexico: Ogarrio oil field

Norway: Asta Hansteen, Nova, Dvalin, Snorre

Yuzhno Russkoye Turonian Achimov blocks 4 and 5

Egypt: Giza, Fayoum and Raven in West Nile Delta

Algeria: Reggane Nord development phase III

Libya: Concessions NC193 and NC195

Argentina: Cuenca Marina Austral 1 follow-up projects (Fenix, Leo) and significant growth potential in Vaca Muerta shale play

EuropeDevelopmentExploration Production

Libya: Exploration wells in theCyrenaica Plateau, Sirte Basin

Abu Dhabi: Appraisal of the gas/condensate field Shuwaihat

Yuzhno Russkoye, additional layers

Norway: ~22,000 km² exploration acreage with 50 licenses

Argentina: Exploration Mendoza CN-V

Brazil: Seven offshore exploration licenses

Mexico: Four exploration licensesshallow water Gulf of Mexico

NL/DK/UK: ~5,500 km² offshore exploration acreage with 35 licenses

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[Chart 11: Balanced portfolio across the whole E&P lifecycle]

Wintershall DEA has a solid project pipeline with access to high-

potential acreage. Along the whole E&P value chain from exploration,

development and production, the company has a balanced portfolio of

producing assets and projects, which will fuel future growth.

Let me briefly mention some of the major projects:

• Together with our partners, we will develop the Turon layers of

the giant gas field Yuzhno Russkoye and thus prolong the

plateau production for several years.

• Another example is the Nova oil discovery in Norway.

Wintershall will develop the project as operator. To secure a cost

efficient and an environmentally friendly development, we will

use a subsea tie-back and the existing infrastructure in this area.

As both companies did in the past, Wintershall DEA will continue to

actively manage and upgrade its portfolio. The combination of the

portfolios offers further possibilities to enhance the value of the assets.

We will apply our technological expertise, further increase the share

of own-operated assets and ultimately optimize the free cash flow.

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September 201812

Well-positioned to further grow production

* Restated: 51% Libya onshore, incl. 50% Achimgaz Source: Wood Mackenzie, Wintershall

0

200

400

600

800

1,000

2010* 2017

750-800

~575

Wintershall DEA

~425

Wintershall DEA production growth (pro-forma)

kboe/day

Wintershall DEA

2021-2023

Wintershall DEA production growth vs. international peers

0% 3% 5% 8% 10% 13% 15%

Production CAGR 2017-2023

Wintershall DEA

Wintershall

DEA

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[Chart 12: Well-positioned to further grow production]

Based on the underlying E&P projects, I would like to give you an

indication on the growth opportunities of Wintershall DEA within the

next years. Through the merger, the company is on track to reach a

production level of 750,000 to 800,000 boe per day by 2021 to 2023

from currently 575,000 boe per day. This equals an annual production

growth rate of 6 to 7 percent. If you compare this to our peer group,

you can see that we are well positioned with respect to future growth.

To deliver shareholder value, Wintershall DEA will set the focus on

project execution and operational excellence.

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September 201813

Competitive cost position supported by highreserve replacement ratio

171%

189%

224%

0% 50% 100% 150% 200% 250%

Production costs*US$/boe; five-year average 2013-2017

Reserve replacement ratio%; five-year average 2013-2017

11.1

8.6

8.0

0 5 10 15 20

12.4

Average peersPeers

Wintershall

Wintershall DEA

Wintershall

DEA**

Wintershall DEA

147%

* Production costs include also transportation expenses and production relevant taxes; ** DEA figures only available for the last 3 years; Source: IHS, own calculation. Peer group represents an average of the E&P industry

DEA**

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[Chart 13: Competitive cost position supported by high reserve replacement ratio]

Cost efficiency is key for Wintershall. We strictly manage our costs

and we are one of the companies with the lowest production costs in

the industry. We have several initiatives in place which target to further

reduce our costs. This focus will also be kept in the merged entity.

Both companies, Wintershall and DEA, continuously invested in the

reserve replacement and also secured their leading positions with

respect to the reserve replacement. Strict cost management for

investment projects and stringent selection criteria for new projects

are also key to replace the reserves in a profitable manner.

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September 201814

Merger offers synergy potential of at least €200 million per year*

Portfolio upgrading through combining businesses and active portfolio management

- Focus on most profitable assets and most promising discoveries

- Cash flow and capital expenditure optimization

Cost synergies through joint procurement, exploration and R&D

Combination of operating companies in Germany and Norway

Combination of corporate functions

* As of the third year following the closing of the transaction

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[Chart 14: Merger offers synergy potential of at least €200 million per year]

By combining the German-based companies Wintershall and DEA we

will be able to realize significant synergies.

Through active portfolio management, we will focus on the most

profitable assets and the most promising discoveries. The cash flow

and capital expenditures will be optimized. Synergies are also

targeted through joint corporate functions, procurement, exploration

and R&D activities. Especially the portfolio overlap of the operating

companies in Germany and Norway offers substantial cost synergy

potential. We will form a joint headquarters with two locations.

In total, we expect a synergy potential of at least 200 million euros per

year as of the third year following the closing of the transaction.

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September 201815

Pipeline network connecting major European distribution hubswith stable earnings contribution Major operator in the non-cyclical European gas transportation business

- Germany as distribution hub for Europe; direct connections to European hubs

- GASCADE is number two in the German market with a pipeline grid of ~2,400 km

- Participation in Nord Stream 1 (15.5%), OPAL (40%), NEL (25.5%)

- Financing of Nord Stream 2*

Gas transportation business generates stable earnings and cash flows

- Non-regulated pipelines: long-term ship-or-pay contracts; earnings independent from demand fluctuations

- Regulated pipelines: fixed tariffs

* Gazprom is the sole shareholder of Nord Stream 2 AG. ENGIE, OMV, Shell, Uniper and BASF/Wintershall have committed to provide long-termfinancing for 50% of the total cost of the project, which is currently estimated to be €9.5 billion. Each European company will fund up to €950 million.

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[Chart 15: Pipeline network connecting major European distribution hubs with stable earnings contribution]

In addition to our exploration and production activities, the natural gas

transportation business of Wintershall is also part of the merger.

Wintershall DEA – with its partner Gazprom and other companies –

will be active in the construction and operation of natural gas pipelines

in Europe. Our pipeline network is well connected to major European

hubs, and the transit pipeline Nord Stream 1 is contributing to supply

security in Europe. We form a major part of the German gas

distribution hub for Europe.

As a major operator in the non-cyclical gas transportation business,

Wintershall DEA will generate stable earnings and cash flows from its

regulated and non-regulated pipelines.

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September 201816

Solid financial policy for Wintershall DEA

Wintershall DEA is committed to long-term profitable growth with appropriate financial resources.

The company targets an investment grade credit rating. Its capital structure will be consistent with the rating target.

The joint venture will be financed on a stand-alone basis through third-party loans and/or bonds effective from closing; shareholder loans will be repaid.

An Initial Public Offering (IPO) is envisaged in the medium term.

Following the IPO, Wintershall DEA strives to offer an attractive dividend to its shareholders.

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[Chart 16: Solid financial policy for Wintershall DEA]

Let’s now move on to the financing strategy of Wintershall DEA.

First of all, Wintershall DEA will be committed to long-term profitable

growth, which will be supported by appropriate financial resources.

Following the closing, Wintershall DEA targets an investment grade

rating. To achieve such a rating target, the capital structure will be set

up accordingly.

The joint venture will be financed on a stand-alone basis through

diversified debt financing instruments such as third-party loans and

bonds. Shareholder loans will be repayed.

As already mentioned, in the medium term an IPO is envisaged by the

shareholders BASF and LetterOne. Going forward, Wintershall DEA

strives to offer an attractive dividend to its shareholders.

And with that, back to Hans.

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September 201817

Expected timeline and next steps of the Wintershall DEA merger

* Subject to approvals of merger control and foreign investment authorities as well as several mining authorities and the Bundesnetzagentur; ** At the earliest

Letter of intent signed Transaction agreement signed

Mergerto be closed*

Integrationto be finalized

Envisaged IPO

December 2017 September 2018 H1 2019 H1 2020 H2 2020**

Preparation of IPO readiness

Preparation and implementation of integration

Page 33


Hans-Ulrich Engel

[Chart 17: Expected timeline and next steps of the Wintershall DEA merger]

Thank you, Mario. Now let’s have a brief look at the expected timeline

and next steps of the merger.

As we have signed the business combination agreement, we are now

entering the approval phase of the merger, which is expected to take

at least 6 months. Approvals are required by merger control and

foreign investment authorities as well as several mining authorities

and the German Federal Network Agency. We expect closing to take

place in the first half 2019.

In parallel, we start with the detailed preparation of the integration

phase. We expect that the integration will take roughly 12 months after

the closing. We will also work on preparing the IPO readiness. We

expect that a going public will not take place before the second half of

2020. The exact timing will obviously depend on market conditions.

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September 201818

Impact of the merger on BASF’s statement of income

Statement of income BASF Group Oil & Gas segment’s sales

and earnings are no longer included in sales and EBIT of BASF Group –retroactively as of January 1, 2018. Prior-year figures will be restated. Earnings will be presented in

the income before minority interests of the BASF Group as a separate item, income from discontinued operations. Between signing and

closing, depreciation will be suspended. Oil & Gas will not be

reported as a segment of BASF Group anymore.

Other BASF’s share of net

income generated by Wintershall DEA will be accounted for at equity and will be reported in the EBIT before special items of Other.

At-equity consolidation(share of net income shown in EBIT before special items)

Sales revenue

Gross profit on sales

Income from operations

Financial result

Income before taxes and minority interestsIncome taxesIncome before minority interestsIncome from discontinued operationsMinority interestsNet income

As of signing of the transaction agreement As of closing of the merger

SalesIncome from operations before depreciation and amortization (EBITDA)Amortization and depreciation2

Income from operations (EBIT)Special itemsEBIT before special items

Thereof costs for cross-divisional corporate researchcosts of corporate headquartersother businessesforeign currency results, hedging and other measurement effectsmiscellaneous income and expenses

Page 35


[Chart 18: Impact of the merger on BASF’s statement of income]

Let me also explain the impact of the merger on BASF’s statement of

income and how we will account for our share in Wintershall DEA in

future.

The signing has immediate effect on the reporting of BASF Group:

Sales and earnings of Oil & Gas are no longer included in BASF

Group’s reporting – retroactively as of January 1, 2018 and with the

prior-year figures restated. Until closing, which is expected in the first

half of 2019, earnings will be presented in the income before minority

interests of BASF Group as a separate item: “income from

discontinued operations.”

From the transaction closing date, BASF will account for its share in

the joint venture Wintershall DEA using the equity method and include

its share of Wintershall DEA’s net income in EBIT before special items

of the BASF Group. The gain from the transition from full consolidation

to the equity method will be shown in income from discontinued

operations as of the closing of the transaction.

Page 36


September 201819

Outlook 2018 for BASF Group*

Outlook 2018 Now PreviousSales Slight increase Slight increaseEBIT before special items Slight decline Slight increaseEBIT Considerable decline Slight decline

*Following the changed reporting of Wintershall Group after the signing of the definitive transaction agreement between BASF and LetterOne.For sales, “slight” represents a change of 1–5%, while “considerable” applies to changes of 6% and higher. For earnings, “slight” means a change of 1–10%,while “considerable” is used for changes of 11% and higher.

2017 Restated (continued operations) PreviousSales €61.2 billion €64.5 billionEBIT before special items €7.6 billion €8.3 billionEBIT €7.6 billion €8.5 billion

Page 37


[Chart 19: Outlook 2018 for BASF Group]

As a result of the changed reporting of Wintershall Group following the

signing of the definitive transaction agreement, BASF Group’s outlook

for the full year 2018 is adjusted.

We continue to expect a slight increase in sales compared to the

adjusted 2017 figure. We now expect a slight decline in EBIT before

special items compared to the adjusted 2017 figure, while EBIT is now

expected to decline considerably.

Before taking the accounting effects of the transaction into

consideration, a slight increase in sales and EBIT before special items

and a slight decline in EBIT was expected.

And now, Mario and I are glad to take your questions.

Documents

BASF Conference Call Speech (including slides) September