Last Update:
March 1, 2012

Report of the Supervisory Board

Dear Shareholder,

Despite the ongoing national debt crisis in the eurozone and the related uncertainty in the global financial markets, 2011 was once again a successful year for BASF, with very good results in sales and earnings. With the transfer of the styrenics business to the Styrolution joint venture and the divestiture of the fertilizer business, BASF has continued to successfully focus on fast-growing and innovative business areas. The BASF strategy “We create chemistry” sets out clear guidelines for BASF’s successful future development.

The Board of Executive Directors demonstrated impressive company leadership. BASF continues to occupy an excellent position under its new management and in 2011, took full advantage of the business opportunities which presented themselves. The high-quality, interconnected work of the entire team of the Board of Executive Directors and employees was once again crucial to BASF’s success. Again and again, maintaining continuity while embracing change has proven to be one of BASF’s strengths.

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