BASF’s sales to customers in emerging markets have almost tripled in the past 10 years and accounted for approximately one-third of total sales (excluding Oil & Gas) in 2011. By 2020, we aim to significantly increase sales to customers in emerging markets to around 45% of total sales (excluding Oil & Gas). Investments will also make an important contribution to our growth. Between 2011 and 2020, we plan capital expenditures of €30 billion to €35 billion. More than one-third of this amount will be invested in emerging markets in order to strengthen our leading position.