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Investor Presentaiton

Shale gas in the U.S.: Lower energy and feedstock cost Price development of oil / natural gas 150 years Q-BASF We create chemistry Crude oil in US$/bbl 120 100 80 60 60 40 40 20 20 de-coupling of crude oil & natural gas prices Natural gas in US$/MMBTU 20 Crude Oil WTI Game changer shale gas ■ Increased U.S. shale gas production disconnected crude oil prices from natural gas prices in North America ■ Increased production of natural gas liquids (NGLS): ethane, propane, butane ■ NGL price drop drives shift to lighter cracker feed slates - Improved profitability of light feed crackers Narrow cracker output 15 Natural Gas Germany 10 10 Natural Gas 5 USA 0 0 1990 1995 2000 2005 2010 2015 2020 BASF Capital Market Story January 2015 Source: IHS Inc. The use of this content was authorized in advance by IHS. Any further use or redistribution of this content is strictly prohibited without written permission by IHS. All rights reserved. Natural gas price Germany: Statistisches Bundesamt "Grenzübergabepreis" Germany 33
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