Standardized measure of discounted future net cash flows relating to proven oil and gas reserves

The following information was calculated in accordance with the rules of U.S. GAAP standard SFAS 69 and the Securities and Exchange Commission. Based on this, a standardized measure of discounted future net cash flows with the relevant revenues, costs and income tax rates is to be made. The proven reserves are valued at the average price calculated from the prices on the first day of the month. The values thus determined are discounted at a 10% annual discount rate.

The projected values should not be understood as a realistic estimate of future cash flows. Furthermore, the total value of future net cash flows should not be interpreted as representing the current enterprise value.

In the future, expected proven reserves may differ significantly from current estimates. Development and production of the reserves may not occur in the period assumed and actual prices and costs may vary considerably.

BASF’s operating decisions and the implementation of its investment projects are not based on the information presented below, but on a wider range of reserve estimates, as well as on different price and cost assumptions.

Beyond the above considerations, the “standardized measure of future net cash flows” is also not directly comparable with asset balances appearing elsewhere in the Consolidated Financial Statements because any such comparison would require a reconciliation adjustment.