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BASF Roundtable Agro Solutions

BASF
BASF

BASF is hosting a Roundtable Agricultural Solutions and providing in-depth insights into BASF's activities in both Crop Protection and Plant Biotechnology.

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Agricultural Solutions
Sustainable growth
through market-driven innovations
2




Disclaimer

 This presentation includes 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. This presentation contains a number of forward-looking
 statements including, 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 with respect to future events and financial performance. Actual financial
 performance of the entities described herein 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.


 Forward-looking statements represent estimates and assumptions only as of the date that
 they were made. 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 Roundtable Agricultural Solutions, August 8, 2011
3




1 | Introduction

2 | BASF Crop Protection

3 | BASF Plant Biotechnology

4 | Update Monsanto BASF Collaboration
                               BASF Roundtable Agricultural Solutions, August 8, 2011
Agricultural Solutions
                         Sustainable growth
                         through market-driven innovations




Dr. Stefan Marcinowski
Member of the Board
of Executive Directors

BASF Roundtable
Agricultural Solutions
New York & Monmouth
August 8, 2011
4




BASF Group results H1 2011

Business performance                           H1 2011            vs. H1 2010
 Sales                                         €37.8 billion         +19%
 EBITDA                                        €6.4 billion           +16%
 EBITDA margin                                 16.9%                 17.3%
 EBIT before special items (bSI)               €5.0 billion           +19%
 EBIT bSI adjusted for non-comp. oil taxes     €4.7 billion           +26%
 EBIT                                          €4.8 billion           +22%
 Net income                                    €3.9 billion           +75%
 EPS                                           €4.21                  +75%
 Adjusted EPS                                  €3.69                  +31%

 Significant sales and earnings growth in the chemicals business
 Excellent performance of the acquired former Cognis business
 Earnings in Agricultural Solutions increased despite adverse weather conditions
 Sales growth in Oil & Gas was price driven. Net income rose by 34%
                                                                         BASF Roundtable Agricultural Solutions, August 8, 2011
                                                                                                                             4
   Results        Agricultural Solutions     Sustainability    Verbund synergies               Summary, outlook
5




Outlook 2011

Assumptions
  We forecast Brent oil price of $110/bbl (from $100/bbl) and US$/€ of $1.40 (from $1.35)
  We are assuming that oil production in Libya will not restart during 2011
   → EBIT before special items from our Libyan oil production for the full year 2011
      will be about €1 billion lower compared with 2010
      (thereof about €700 million of non-compensable oil taxes)
Targets 2011
   We expect to generate significantly higher sales
   We aim to significantly exceed the 2010 EBIT before special items
   adjusted for non-compensable oil taxes (2010: €7.2 billion)
   We expect to achieve a high premium on our cost of capital
Medium-term targets
  We aim to grow sales on average by two percentage points per year
  faster than chemical production growth
  We strive to grow our earnings further year by year,
  and to achieve an EBITDA margin of 18% by 2012
                                                                       BASF Roundtable Agricultural Solutions, August 8, 2011

   Results        Agricultural Solutions   Sustainability   Verbund synergies                Summary, outlook 5

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BASF Roundtable Agro Solutions

  • 2. 2 Disclaimer This presentation includes 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. This presentation contains a number of forward-looking statements including, 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 with respect to future events and financial performance. Actual financial performance of the entities described herein 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. Forward-looking statements represent estimates and assumptions only as of the date that they were made. 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 Roundtable Agricultural Solutions, August 8, 2011
  • 3. 3 1 | Introduction 2 | BASF Crop Protection 3 | BASF Plant Biotechnology 4 | Update Monsanto BASF Collaboration BASF Roundtable Agricultural Solutions, August 8, 2011
  • 4. Agricultural Solutions Sustainable growth through market-driven innovations Dr. Stefan Marcinowski Member of the Board of Executive Directors BASF Roundtable Agricultural Solutions New York & Monmouth August 8, 2011
  • 5. 4 BASF Group results H1 2011 Business performance H1 2011 vs. H1 2010 Sales €37.8 billion +19% EBITDA €6.4 billion +16% EBITDA margin 16.9% 17.3% EBIT before special items (bSI) €5.0 billion +19% EBIT bSI adjusted for non-comp. oil taxes €4.7 billion +26% EBIT €4.8 billion +22% Net income €3.9 billion +75% EPS €4.21 +75% Adjusted EPS €3.69 +31% Significant sales and earnings growth in the chemicals business Excellent performance of the acquired former Cognis business Earnings in Agricultural Solutions increased despite adverse weather conditions Sales growth in Oil & Gas was price driven. Net income rose by 34% BASF Roundtable Agricultural Solutions, August 8, 2011 4 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 6. 5 Outlook 2011 Assumptions We forecast Brent oil price of $110/bbl (from $100/bbl) and US$/€ of $1.40 (from $1.35) We are assuming that oil production in Libya will not restart during 2011 → EBIT before special items from our Libyan oil production for the full year 2011 will be about €1 billion lower compared with 2010 (thereof about €700 million of non-compensable oil taxes) Targets 2011 We expect to generate significantly higher sales We aim to significantly exceed the 2010 EBIT before special items adjusted for non-compensable oil taxes (2010: €7.2 billion) We expect to achieve a high premium on our cost of capital Medium-term targets We aim to grow sales on average by two percentage points per year faster than chemical production growth We strive to grow our earnings further year by year, and to achieve an EBITDA margin of 18% by 2012 BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook 5
  • 7. 6 BASF’s segment structure Performance Functional Agricultural Chemicals Plastics Oil & Gas Products Solutions Solutions Performance Dispersions & Crop Inorganics Catalysts Oil & Gas Polymers Pigments Protection Petro- Poly- Care Construction Plant chemicals urethanes Chemicals Chemicals Biotechnology Inter- Performance Coatings mediates Chemicals Paper Chemicals Nutrition & Health BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 8. 7 Sales 2010 by segments Chemicals Business Agricultural Solutions 6% Chemicals 18% Oil & Gas 17% Plastics Total sales 16% Other €64 billion 9% Performance Products 19% Functional Solutions 15% BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 9. 8 Agricultural Solutions R&D expenditures 2010 Capex 2011 – 2015 Chemicals Chemicals Business Business Agricultural Agricultural Solutions Chemicals Solutions Chemicals 4% 9% 26% 15% 35% Plastics 10% Plastics €1.5 14% €12.6 Performance Products billion Performance billion 19% Plant Biotech Products Oil & Gas* 10% 14% 35% Functional Solutions other Corp. R&D 12% Functional 12% Solutions Other Other Oil & Gas 6% 12% 1% 1% * Excluding investments in Nord Stream Agricultural Solutions: Innovation-driven business BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 10. 9 Agricultural Solutions EBIT before special items Agricultural Solutions, reliable in billion € EBIT generator for BASF 10 Not coupled to chemical cycle, 8.1 stable earnings 8 Substantial contribution to 6 Group earnings in 2009 trough 4.9 4 2 0 2009 2010 Agricultural Solutions Oil & Gas Chemical activities including Others Reliable earnings contribution to BASF Group BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 11. 10 Agriculture is resilient to crises Growth* in % World GDP Growth Agriculture Automotive 25 20 15 10 5 0 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 -5 -10 -15 1979/80: 1991: 2000: -20 2nd oil crisis Japan crisis Dotcom crisis 1973: 1981 1990/91: 1997/98: 2001: 2008/09: 1st oil crisis US-loan crisis Gulf war I Asia crisis 9/11 Financial crisis *GDP: Annual percentage change of a country's GDP in constant prices of base year 2005 Sectors: Annual percentage change of world's Production Index, 2005=100 Source: BASF analysis of FAO, IHS Global Insight and national statistics (e.g. Eurostat) BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 12. 11 Agriculture is a growth industry Growing / aging Urbanization, Globalization and Energy demand, global population metropolization emerging markets climate impact Rising demand for agricultural products Limited ressources (land, water) Yield increase via agricultural solutions needed BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 13. 12 Agriculture needs innovation World Population Technology Waves in billion people 2011 9 8 Plant Biotechnology 7 6 Crop Protection 5 Breeding 4 Fertilizers 3 Mechanisation 2 Land & Irrigation 1 1850 1890 1930 1970 2010 2050 Technological innovations needed to fill the gap between demand and supply BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 14. 13 BASF’s offering: Agricultural Solutions Crop Protection BASF Plant Science BASF’s Agricultural Solutions offering helps to fill the gap BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 15. 14 Sustainable agriculture Sustainability: Value for BASF SUSTAINABILITY Integral part of R&D strategy Differentiation on product level Increased customer retention via new business models Transparency in our sustainability concepts supports positive perception of BASF by public and investors BASF’s definition of sustainable agriculture Achieving more yield with less land, water, and energy, while ensuring the profitability of farming, caring for the environment, and meeting the needs of society. Sustainability: Translating values into value BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 16. 15 Sustainable agriculture Product example Standard Plant Health effect • Improved stress tolerance and growth • Improved crop quality Yield increases of >10% • Higher return on farmer’s investment Improved land-use efficiency • Resource conservation Integrated offer from planting to harvest in launch: • Plant Health: Economic & ecological benefit BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 17. 16 Sustainable agriculture Mite AwayTM Quick Strips: Efficient control of mites Mites are one of the major causes for bee colony collapse disorder Biodegradable product: gel containing formic acid, sugar, starch wrapped in paper and Ecoflex® film Combination of BASF and beekeeper know-how Mites are efficiently killed Product launched in US in 2011 Mite AwayTM contributes to improving bee health BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 18. 17 Sustainable agriculture innovate explain care Product stewardship throughout the entire product life-cycle BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 19. 18 BASF Roundtable Agricultural Solutions, August 8, 2011
  • 20. 19 Verbund synergies along the value chain Know-how Verbund Production & Sourcing Verbund Know-how Verbund innovations a.i. discovery & raw active formulated beyond crop process design materials ingredient active ingredient protection BASF adjuvants, BASF‘s BASF production BASF products & back-integration formulation R&D experts network know-how expertise R&D partners External suppliers Partners and customers BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 21. 20 Verbund synergy example Know-how Verbund A + B People: Technical knowledge pool of 9,600 experts in R&D multi-step Suzuki: Processes and Products: alternatives 1 step Cross-divisional innovations A B Example: Suzuki-based Boscalid® production route Suzuki coupling offers great shortcut in reaction route, but is perceived as ‚academic‘ (not upscalable) BASF realized 1st & only industry-scale Suzuki process New plant started up in 2005 (Guarantinguetá, Brazil) Boscalid® global peak sales potential: €300 million Know-how Verbund leads to lower manufacturing costs for Boscalid® BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 22. 21 Verbund synergy example Top-100 raw materials* by value in 2010 Make/buy along Ag value chain in million € Upstream: Back-integration from 3rd parties €340 from Verbund 58% 42% – security & flexibility of supply million – market-based transfer pricing Sourcing synergies – economy of scale via joint A.i.’s sales share** from own production BASF procurement in % Generics BASF peers BASF Downstream: 0% 25% 50% 75% 100% Highest level of in-house a.i. production vs. peer group * without tolling, formulants, packaging Outsourcing: tollers are involved ** own estimates when economically attractive Highest level of value capture in the industry BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 23. 22 Verbund synergy example Polymers in seed treatment products Improved effectiveness, seed flow and sowing Reduction of seed dusting Targeted use of modern low-dose chemistry First product launch in 2012 Know-how synergies untreated soybeans Broad polymer portfolio and experience within BASF (properties, formulations, applications) Technology platform for development of differentiated seed treatment solutions Seed treatment solutions with advantages for farmers through BASF polymer know-how treated soybeans BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 24. 23 Profitability Crop Protection division Sales to 3rd parties EBITDA Crop Protection has delivered in billion € margin* 3 year-average EBITDA margin 4.5 4.500 30 % 30% has reached ~25% level 4.0 4.000 25% target 25 % Fluctuations due to weather, 3.500 crop prices, foreign exchange 3.0 3.000 20 % 20% rates 2.500 15 % 15% Ongoing investments for further 2.0 2.000 business expansion 1.500 10 % 10% 1.0 1.000 – R&D and sales, especially 5% % 5 in growth markets 500 0 0% – Capex 2002 2004 2006 2008 2010 2001 EBITDA 2002 2003 3-y-∅ EBITDA 2004 2005 2006 2007 2008 2009 2010 * before Special Items. 2004 onwards according to IFRS. 2006 onwards excl. corporate cost ** under optimal conditions Crop Protection EBITDA margin target: 25%** BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 25. 24 Summary and outlook Resilient industry, multiple sustained growth drivers Opportunities both in Crop Protection and Plant Biotechnology BASF’s innovation strength allows for differentiating offer Integral part of the Verbund Determined to grow Agro: – High R&D investments – In-licensing (Meiji Seika Kaisha) – Selective acquisitions (American Cyanamid, Sorex) – Cooperations with strong partners (Monsanto, …) BASF is fully committed to Agricultural Solutions BASF Roundtable Agricultural Solutions, August 8, 2011 Results Agricultural Solutions Sustainability Verbund synergies Summary, outlook
  • 26. 3 1 | Introduction 2 | BASF Crop Protection 3 | BASF Plant Biotechnology 4 | Update Monsanto BASF Collaboration BASF Roundtable Agricultural Solutions, August 8, 2011
  • 27. Agricultural Solutions Sustainable growth through market-driven innovations Markus Heldt President Crop Protection BASF Roundtable Agricultural Solutions New York & Monmouth August 8, 2011
  • 28. 4 Strategy: Creating farmer-focused solutions BASF’s integrated solution offer… Improve profitability and sustainability of farming Crop Protection is the core of Chemical Crop our solution offer Protection We invest in innovation beyond crop protection Traits & seed partnerships to Agricultural maximize the value of our Innovation Solutions solution offer Traits & seed beyond crop partnerships protection … enables farmers to increase marketable yield sustainably BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 29. 5 Financial results H1 2011 million € H1 2011 H1 2010 Δ% Δ% CER Sales* 2,435 2,356 3% 6% EBITDA** 757 739 2% 6% EBITDA margin** 31.1% 31.4% - - EBIT** 674 641 5% 10% EBIT margin** 27.7% 27.2% - - Assets (as of June 30)*** 5,326 5,478 (3%) 4% Research and development expenses 191 185 3% 4% * sales drivers in H1 2011: volumes 7%, prices -1%, currencies -3% ** before special items *** DSO 122 days (-16 days); DIV 166 days (-19 days); both as of June 30 Solid sales and earnings growth, further working capital improvement BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 30. 6 Sales by region H1 2011 Total sales H1 2011 to third parties Key facts in million € Europe: Strong contribution from herbicides and Central/Eastern North America Europe European growth markets 689 (-2%) 1,152 (+7%) North America: Sales reflecting weather-related €2,435 acreage reductions along with (+6%) competitive pricing in herbicides Asia Pacific 283 (+17%) South America, Africa, ME: Intense use of Fipronil-based South America, insecticides and high Africa, Middle East performance of AgCelence 311 (+12%) Asia Pacific: Strong herbicide business in In brackets growth at constant exchange rates in % vs. prior year India and favorable seasonal Growth from emerging markets, global volume development in other growth growth markets BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 31. 7 Sales by indication H1 2011 Sales by indication Key facts in million € Fungicides: Strong global volume gains and high demand supported by Fungicides Herbicides growth markets. Plant Health 1,122 (+12%) 893 (0%) business in full swing Herbicides: €2,435 High demand across our (+6%) portfolio compensating decline in North America based on product mix along with Insecticides/Other competitive pricing 420 (+5%) Insecticides: Continued above-market growth of our portfolio driven In brackets growth at constant exchange rates in % vs. prior year by growth in seed treatment and soil applied products Significant growth in fungicides BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 32. 8 Powerful Crop Protection pipeline 2011 Value up by €200 million to €2.4 billion Stage I* Stage II* Stage III* Market segments In development, 2011-2016 In launch, 2006-2010 Launched, 2002-2005 F 500® (F), Boscalid (F), Field crops, Metrafenone (F), Dimoxystrobin (F) specialty crops, Tritosulfuron (H), Chlorfenapyr (I) non-crop Oryzastrobin (F), F 500® seed treatment (F) Field crops, ® specialty crops, Topramezone (H), Kixor (H) Metaflumizone (I) seed treatment Initium® (F) Field crops, Xemium® (F) specialty crops, seed treatment HT Project Cultivance** HT Project Dicamba 1 Insecticide €700 million €1,700 million*** Peak sales potential * Launched: First registration in major market in 2002 (or more than 5 years before current year), In launch: First registration in major market 1 to 5 years prior to current year. In development: First registration in major market in current year or within next 5 years after current year. Points do not refer to exact launch year. ** Herbicide tolerance project Cultivance also reported in BASF Biotech Pipeline. *** In Stage II and Stage III, 70% of peak sales already achieved. BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 33. 9 Pipeline value development BASF R&D investments continuously paying off Total peak sales potential Examples of innovations in billion € launched / in launch since 2002 3.0 +33% 2.5 2.4 2.2 2.1 2.0 1.8 1.5 Rich portfolio of young products 1.0 basis for further growth 0.5 0.0 2008 2009 2010 2011 Pipeline value increased by >30% since 2008 BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 34. 10 Portfolio expansion: Xemium® Projected global fungicide market* Xemium® key facts in billion € Next-generation carboxamide 12 fungicide, ready for launch 10 BASF is carboxamide pioneer, Xemium® strengthens lead 8 Specialty crops Our 1st carboxamide fungicide 6 for all market segments Field Data submission started; 4 crops for all segments broad launch in >50 countries, >100 crops 2 Seed Market introduction from 2012 0 Treatment 2010 2015 2020 Xemium® global peak sales potential: >€200 million * Source: Philips McDougall, own estimation Xemium® can be applied in all market segments BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 35. 11 Portfolio expansion: Xemium® Xemium® key facts Xemium® provides protection against many fungal diseases in a wide range of crops: Effective preventative and curative control… …combined with long-lasting residual activity Key benefits for growers Consistently higher yields with better quality More flexible use Convenience and versatility World-wide launch of the Xemium® product family BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 36. 12 Success story in Plant Health continues sales to third parties Key facts about AgCelence in million € Market leadership position 700 in the Americas since 2007 600 Global roll-out in 2010: – Successful launch in Eastern 500 European growth markets 400 – Brand extension to 300 AgCelence® production CAGR 29%* system in South America 200 In 2011, further expansion in 100 North America, growth markets and additional crops 0 2007 2010 2011E 2015E Asia Europe South America North America * CAGR 2007-2010 Significant growth potential, global launch ongoing BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 37. 13 AgCelence® production system in Brazil Key facts AgCelence® production system for soybean growers in Brazil Standak® Top SeedSolutions innovation launched in Brazil: – Convenient insecticidal and fungicidal seed protection with benefits for plant health – Complements foliar offers (Comet®/Opera®) Successful launch in 2010: 1.2 million ha treated Integrated production system, planting to harvest BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 38. 14 SeedSolutions sales 2003-2010 Strong performance in million € BASF has clearly outgrown the 300 300 market (CAGR 17% vs. 9%) Ready-to-use insecticidal and 250 205 fungicidal seed protection 200 Focus on soybeans, cereals, CAGR +17%* corn, rice and vegetables 150 Investments in new application 100 70 technology facilities and product launches (e.g. Xemium® seed 50 treatment) will support further growth in all regions 0 2003 2010 2015E Fungicides Insecticides * CAGR 2003-2010 Since 2003, BASF more than doubled sales BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 39. 15 Herbicide renaissance BASF well positioned for growth Herbicide market is regrowing R&D strategies redirected after early adaption of HT* systems BASF re-focused R&D on novel chemistry Today, BASF’s herbicide portfolio contains 9 different modes of action Industry leading pipeline: – Kixor® in launch – Clearfield® expansion unmet weed control needs weeds with developed/growing resistance – Cultivance® – Promising pre-project candidates – Dicamba-tolerant cropping system BASF portfolio well-positioned to address weed gaps in partnership with Monsanto and resistant weeds * HT = Herbicide Tolerance BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 40. 16 Herbicide portfolio expansion BASF strategic path in weed control Key facts in billion € Kixor® global peak sales 2.0 potential >€200 million – Largest U.S. herbicide launch in the last 20 years* 1.5 – First market introduction in the Americas in 2010, Brazil 1.0 planned in 2012 – Substantial capacity expansion planned to meet high demand 0.5 Clearfield® crop expansion for oilseeds in Europe in 2012 0.0 Cultivance® launch for 2008 2010 2012 2014 2016 2018 2020 soybeans in Brazil in 2013 Existing portfolio Next generation AI’s delivers another solution for New product launches New herbicide tolerance traits weed resistance management Significant growth driven by innovative solutions * Source: GfK Kynetec BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 41. 17 Dicamba collaboration with Monsanto Innovative new formulations, proven chemistry 2011 Soybean field trial results, North Carolina, USA* Key facts Global herbicide licensing and supply agreement for the launch of the Dicamba tolerant system in major row crops Innovative formulations under Untreated Residual + Glyphosate Residual + Glyphosate development at BASF + Dicamba Complementing glyphosate * Monsanto field trial: Dicamba-tolerant Genuity Roundup Ready 2 Yield Soybeans, with a different mode of action glyphosate-resistant palmer amaranth for weed resistance management U.S. launch planned in mid of this decade for soybeans and cotton. Other countries and crops to follow Significant market expansion potential seen this decade in the Americas BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 42. 18 Innovations beyond crop protection Goals Focus Areas Approach Support growers to Plant Health BASF broadening its increase marketable view & offering yields sustainably solutions beyond Crop Protection Reach higher profitability Dedicated resources Nitrogen management and structure established Profitable contribution from 2015 onwards Water management Leverage on Verbund products and technologies as unique competitive advantage BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 43. 19 Strong expansion in emerging markets Sales development in emerging markets (third parties) Emerging markets in billion € CAGR +17% 2007-2010 3.0 2.7 2010: >40% of sales in 2.5 emerging markets (2007: 35%) 2.0 Sales from emerging markets CAGR +17%* 1.7 expected >50% by 2015 1.5 1.1 Proven track-record of tailored 1.0 business models as basis for further expansion 0.5 Ongoing increase of resources 0.0 and R&D investments 2007 2008 2009 2010 2015E Latin America other emerging markets* * Eastern Europe, South Africa, Asia (w/o Japan, Australia, New Zealand) BASF well-positioned to tap future growth potential BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 44. 20 Asia – €1 billion rising Sales development in Asia (third parties) Key facts in billion € Megatrends will increase the 1.2 1,2 role of Asia in global economy 1,0 1.0 with positive implication on 1.0 1,0 Agriculture 0.8 0,8 Strong yield increase and technification necessary to 0.6 0,6 CAGR +18%* 0,4 0.4 meet growing demand 0.4 0,4 0.4 0,4 0.3 0,3 Target to reach €1 billion sales in Asia by 2020 0.2 0,2 Particularly China and India 0.0 0,0 have significant business 2008 2009 2010 2020E opportunities and outstanding profitable growth potential * CAGR 2008-2010 Target: €1 billion sales in 2020 BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 45. 21 Capturing growth opportunities in India Sales and market development India BASF prepared for future index growth 700 700 In 2010, India generated second highest sales in Asia 600 BASF has been outgrowing the 500 market since 2006, tripled sales 400 Sales force extension 322 310 CAGR +34%* supporting growth, ~ doubled 300 198 since 2006 200 100 India gained core strategic 100 market status in 2010 0 Investments in local technology 2006 2007 2008 2009 2010 2015E platform planned BASF sales to third party in India Market growth Further significant growth * CAGR 2006-2010 potential BASF outgrows the Indian market since 2006 BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 46. 22 South East Europe and Black Sea Market development driven by Area increases, especially in cereals and oilseeds Intensification of agriculture in terms of treated area and technological upgrades Good basis for agricultural development and productivity increase: e.g. access to Black Sea ports, high soil quality, improved liquidity BASF growth pillars Further expand Clearfield® technology in oilcrops Leverage portfolio potential in cereal fungicides Launch of AgCelence® Sales force expansion Potential to more than double sales by 2015 BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 47. 23 Increasing footprint in Africa/ Middle East Market development driven by BASF growth built on stronger Increase of cropped land: +30 million ha (2007-2013)** presence and innovations Strategy-shift and strong BASF Increasing agricultural intensity/technification investments since 2009 Need for productivity gains: Rising value of export crops Future sales growth and High soft commodity prices attracting investments improved footprint supported by in agriculture – Launch of innovations AgCelence® and Kixor® – Planned launch of HT* technology Clearfield® – Successful marketing of insecticide solutions Compared to 2008, sales will be doubled by end of 2011 BASF targeting to triple sales by 2015 BASF targeting to triple sales by 2015 * HT = Herbicide Tolerance ** source: FAO BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 48. 24 Summary and outlook All regions and indications will contribute to profitable business growth in 2011 We build on a solid basis in Crop Protection, including Seed Treatment and traits Untapped growth opportunities: innovation beyond crop protection We have the opportunity to grow and differentiate by evolving from offering products to solutions Continued commitment to R&D and investments in growth markets For 2011, record sales and earnings expected BASF Roundtable Agricultural Solutions, August 8, 2011 Strategy Results Pipeline Growth segments Growth markets Summary
  • 49. 3 3 1 | Introduction 2 | BASF Crop Protection 3 | BASF Plant Biotechnology 4 | Update Monsanto BASF Collaboration BASF Roundtable Agricultural Solutions, August 8, 2011
  • 50. Agricultural Solutions Sustainable growth through market-driven innovations Dr. Peter Eckes President BASF Plant Science BASF Roundtable Agricultural Solutions New York & Monmouth August 8, 2011 1
  • 51. 4 Market development plant biotechnology Global GM crop area Key facts in million hectares; 1 ha = 2.47 acres 148 Global GM crop area 140 continued to grow in 2010 120 Biotech crops cover about 10% of the cultivated land 100 CAGR 22%* In 2010, 15.4 million farmers 80 grew GM crops in 29 countries 60 Market expected to grow to 40 USD50 billion by 2025 20 11 0 1997 2000 2003 2006 2010 * CAGR 1997-2010 Source: ISAAA 2010 Continued strong growth Strategy Partners Pipeline Platform
  • 52. 5 BASF Plant Science Key facts Plant Science Founded in 1998 Crop Sweden DNA  LandMarks Design Metanomics SunGene Leading platform for Plant Ames  Iowa Limburgerhof Biotechnology Midsouth RTP North  Carolina 7 R&D and 13 field site centers Hawaii Puerto Rico 750+ employees worldwide Tamil  Nadu Annual R&D spending ~€150 million Ceara Sao Paulo St. Catarina R&D sites Field site center Global research network at biotech hotspots Strategy Partners Pipeline Platform
  • 53. 6 BASF Plant Science strategy What? Increase crop yield through Plant Biotechnology How? Focus on yield traits for major crops Develop the leading technology platform to deliver the best traits for the best seed Access market through partnerships with leading seed companies Trait Technology Partner strategy Strategy Partners Pipeline Platform
  • 54. 7 BASF Plant Science partnerships Global GM crop area Partner Rank in million hectares; 1 ha = 2.47 acres market share -* Wheat* *** 1 Corn **** 1 Rice *** 1 Soybean Canola 2 Cotton 2 Sugar cane** 2 Sugar beet 1 * Wheat: very fragmented global market 0 50 100 150 200 250 ** Sugar cane: market data for Brazil only (main producing country) Total harvested crop area GM crop area *** Monsanto: including licensing business Source: USDA, ISAAA, BASF Plant Science **** Rice: hybrid rice market excluding China Strong partners for yield traits in major crops Strategy Partners Pipeline Platform
  • 55. 8 Plant Biotechnology pipeline Expected gross trait sales 2020 before partner share+: €1.9 bn. Trait Discovery Stage I Stage II Stage III Stage IV total development gene identification proof of concept early product adv. product pre-launch time: 10-12 years & proof of concept in target crops development development Higher-yielding corn* Higher-yielding soybean* 2 1 generation Higher-yielding canola* Drought-tolerant corn* 2 1 Drought-tolerant cotton* Yield & Stress Improved nitrogen utilization in corn* Higher-yielding wheat* Higher-yielding sugar cane** Higher-yielding sugar beet*** Higher-yielding rice**** Feed Improved corn feed Healthy fatty acids in canola Specialties Amylopectin potatoes 3 2 1 Herbicide-tolerant soybean***** Nematode resistant soybean* Input traits Fungal-resistant potato Fungal-resistant soybean New project Advancement 2010 + €1=USD1.3 Partners: *Monsanto **CTC ***KWS ****Bayer *****Embrapa Innovation yields results Strategy Partners Pipeline Platform
  • 56. 9 EPA/DHA-omega-3 (Ω-3) fatty acid production in canola
  • 57. 10 EPA/DHA-omega-3 (Ω-3) fatty acid production in canola New EPA/DHA Ω-3 food product launches Key facts 500 Growing consumer interest in products with EPA/DHA-Ω-3 fatty acids due to proven 250 health effects: arteriosclerosis Source: Frost and Sullivan prevention, decreasing risk of 0 2009, BASF cardiovascular diseases 1994 1996 1998 2000 2002 2004 2006 2008 Current EPA/DHA-Ω-3 market EPA/DHA Ω -3 source in food product launches is expected to double to about Fish Algae USD2.8 bn. by end of decade 60% 18% Innovative production of EPA/DHA-Ω-3 fatty acid in canola Unknown/Other 22% Opportunity for plant-produced EPA/DHA-Ω-3 fatty acids Strategy Partners Pipeline Platform
  • 58. 11 EPA/DHA-omega-3 (Ω-3) fatty acid production in canola Elucidation of EPA/- Transfer into plants Product development in canola DHA-Ω-3 biosynthesis Scientific groundwork EPA/DHA-Ω-3 Concerted expression of 10 genes produce jointly established with production of >20% EPA/DHA Ω-3 content in canola oil: academic partners >500 different gene – sustainable production Genes identified combinations tested in model and crop plants – cost leadership position and candidates for expression in plants Identification of most – ease of incorporation into food products selected from algal promising gene – efficient scale-up and fungal genomes combinations World record in plant metabolic engineering Strategy Partners Pipeline Platform
  • 60. 13 Increased yield in rice Crop Global Global Gross Sales Value Key facts Production Crop Value* 10% Yield Increase** Rice is the world’s largest food (million MT/y) (billion USD) (billion USD) crop. Half of the world’s Corn 866 125 ~4 population consumes at least one meal of rice every day Wheat 664 124 ~4 Besides insect resistance and Rice 456 102 ~4 herbicide tolerance, yield Soybean 263 87 ~3 increase in rice offers an * Basis: corn USD144/MT, soybeans USD329/MT, wheat USD186/MT, attractive value potential rice USD224/MT Hybrid rice seeds are gaining ** Based upon a single 10% yield increase trait example, assuming 60-70% popularity and market share of value is kept by farmer, depending on product and crop from traditional varieties due to their ability to produce higher yields Large market potential for increased yield in rice Strategy Partners Pipeline Platform
  • 61. 14 Key hybrid rice markets North America Brazil India Total rice area (M ac): 3 8 104 Hybrid market* 2010: 30% <1% 3% 2020: ~70% ~20% ~20% 20 20 20 Hybrid market (M ac) Hybrid market (M ac) Hybrid market (M ac) 15 15 15 0 0 0 2010 2020 2010 2020 2010 2020 * estimated percentage of total rice market (M ac): million acres Source: USDA, BASF Plant Science Focus on future key hybrid rice markets Strategy Partners Pipeline Platform
  • 62. 15 Increased yield in rice Project goal Seed count Develop & commercialize hybrid rice seeds that offer yield advantages of 10% over conventional hybrid rice First partnership signed Seed size Global non-exclusive license agreement with Bayer CropScience (BCS) BASF Plant Science: trait development, de-regulation BCS: introgression of traits in its hybrids, commercialization Panicle size First product launches expected by end of the decade Target market India and selected countries in SE-Asia, USA, Brazil New partnership provides market access Control BASF Strategy Partners Pipeline Platform
  • 64. 17 BASF Plant Science Trait technology platform Select the best candidates Expertise Scouting Proprietary data Public data Academic partners Select the best genes Ghent Large capacity at high speed Yield in crops Acquired by BASF in 2006 Understand gene action Berlin Worlds largest industrial-scale metabolite profiling platform Investigates Mode of Action Founded by BASF in 1998 Deliver best trait genes Strategy Partners Pipeline Platform
  • 65. 18 BASF Plant Science Trait technology platform Select the best candidates Timeline (months) Evaluation agreement with 3-6 a technology management company Strategy Partners Pipeline Platform
  • 66. 19 BASF Plant Science Trait technology platform Select the best candidates Timeline (months) Select the best genes 3-6 Yield increase in rice under standard and stress conditions: Up to 30% yield increase 12-18 Up to 20% more filled seeds Roots Flowering Leaves Mode of Action hypothesis: Reduced secondary stress effects Maintains growth under limited conditions Filled seeds Panicle Seed Seed number weight Total yield Strategy Partners Pipeline Platform
  • 67. 20 BASF Plant Science Trait technology platform Select the best candidates Timeline (months) Select the best genes tbd 3-6 Understand gene action Re-programmed central metabolism 12-18 2nd secondary shifting towards sugars and lipids metabolites metabolite Mode of Action confirmed: s Reduced secondary stress effects 4-6 Maintains growth under limited conditions sugars & amino lipids acids Strategy Partners Pipeline Platform
  • 68. 21 BASF Plant Science Trait technology platform Select the best candidates Timeline (months) Select the best genes 3-6 Understand gene action Deliver best trait genes 12-18 IP extended Definition of constructs 4-6 and gene combinations 3-6 Strategy Partners Pipeline Platform
  • 69. 22 BASF Plant Science Trait technology platform Select the best candidates Timeline (months) Select the best genes 3-6 Understand gene action Field trial results Deliver best trait genes 2010 2009 12-18 Field testing 4-6 On fast-track in Monsanto collaboration Product concept Strongest gene in Phase I 3-6 Promoted to Phase II in 2010 Successful results for 2 years in the field Event1 Event2 Event3 Event4 Event1 Event2 Event3 Event4 24-48 New promising events for collaboration 5-6 years Strategy Partners Pipeline Platform
  • 70. 23 Plant biotechnology pipeline Expected gross trait sales 2020 before partner share+: €1.9 bn. Trait Discovery Stage I Stage II Stage III Stage IV total development gene identification proof of concept early product adv. product pre-launch time: 10-12 years & proof of concept in target crops development development Higher-yielding corn* Higher-yielding soybean* 2 1 generation Higher-yielding canola* Drought-tolerant corn* 2 1 Drought-tolerant cotton* Yield & Stress Improved nitrogen utilization in corn* Higher-yielding wheat* Higher-yielding sugar cane** Higher-yielding sugar beet*** Higher-yielding rice**** Feed Improved corn feed Healthy fatty acids in canola Specialties Amylopectin potatoes 3 2 1 Herbicide-tolerant soybean***** Nematode resistant soybean* Input traits Fungal-resistant potato Fungal-resistant soybean New project Advancement 2010 + €1=USD1.3 Partners: *Monsanto **CTC ***KWS **** Bayer ***** Embrapa Innovation yields results Strategy Strategy Partners Pipeline Platform
  • 71. 24 Plant biotechnology pipeline Expected gross trait sales 2020 before partner share+: €1.9 bn. Trait Discovery Stage I Stage II Stage III Stage IV total development gene identification proof of concept early product adv. product pre-launch time: 10-12 years & proof of concept in target crops development development Higher-yielding corn* Higher-yielding soybean* 2 1 generation Higher-yielding canola* Drought-tolerant corn* 2 1 Drought-tolerant cotton* Yield & Stress Improved nitrogen utilization in corn* Higher-yielding wheat* Higher-yielding sugar cane** Higher-yielding sugar beet*** Higher-yielding rice**** Feed Improved corn feed Healthy fatty acids in canola Specialties Amylopectin potatoes 3 2 1 Herbicide-tolerant soybean***** Nematode resistant soybean* Input traits Fungal-resistant potato Fungal-resistant soybean New project Advancement 2010 + €1=USD1.3 Partners: *Monsanto **CTC ***KWS ****Bayer *****Embrapa BASF / Monsanto collaboration leading in yield trait technology Strategy Strategy Partners Pipeline Platform
  • 72. 1 | Introduction 2 | BASF Crop Protection 3 | BASF Plant Biotechnology 4 | Update Monsanto BASF Collaboration
  • 73. Monsanto and BASF Yield-and-Stress Collaboration Update New York, August 8, 2011 Dr. Robert Fraley Chief Technology Officer, Monsanto