List of Shares Held 2003

Contents

2 I. Fully, proportionally and equity consolidated subsidiaries and affiliates accounted for in the Consolidated Financial Statements

21.Fully consolidated subsidiaries (Section 290, Paragraph 2 of the German Commercial Code)

2 • 3 • Europe (excluding Germany) 6 • North America 7 • South America 7 • Asia, Pacific Area, Africa

92.Proportionally consolidated affiliates (Section 310 of the German Commercial Code)

9 • Germany 9 • Europe (excluding Germany) 9 • South America 9 • Asia, Pacific Area, Africa

93.Equity consolidated subsidiaries (Section 312 of the German Commercial Code)

9 • Germany 10 • Europe (excluding Germany) 10 • South America 11 • Asia, Pacific Area, Africa

11 4. Equity consolidated affiliates (Section 312 of the German Commercial Code)

11 • Germany 11 • Europe (excluding Germany)

12 II. Other subsidiaries, affiliates and other participating interests

12 1. Non-consolidated minor subsidiaries (Section 296 [2] of the German Commercial Code)

12 • Germany 14 • Europe (excluding Germany) 17 • North America 17 • South America 18 • Asia, Pacific Area, Africa

20 2. Non-consolidated minor affiliates (Section 311 [2] of the German Commercial Code)

27 3. Participating interests of between 5 and 20 percent in major corporations (Section 285, No. 11 of the German Commercial Code)

27 • Germany

28 III. Information on subsidiaries (exemptions under Section 264, Paragraph 3 and Section 264 b of the German Commercial Code)

28 • Germany

BASF – List of Shares Held 2003 1 BASF Group and BASF Aktiengesellschaft List of Shares Held 2003 Pursuant to Section 313, Paragraph 2 and Section 285, No. 11 of the German Commercial Code

I. Fully, proportionally and equity consolidated subsidiaries and affiliates accounted for in the Consolidated Financial Statements

1. Fully consolidated subsidiaries (Section 290, Paragraph 2 of the German Commercial Code)

Company and headquarters Capital Thereof Stock- Net Currency held BASF AG holders’ income equity (%) (%) (millions) (millions) (ISO code)

Germany

Achte BASF Finanzbeteiligungsgesellschaft mbH 100.0 100.0 1.8 7.8 EUR Ludwigshafen (Rhine)

BASF Agro Trademarks GmbH 100.0 100.0 0.0 0.0 EUR Ludwigshafen (Rhine)

BASF Beteiligungsgesellschaft mbH 100.0 100.0 1,749.0 (99.0) EUR Ludwigshafen (Rhine)

BASF CIS Trading GmbH 100.0 100.0 2.7 (0.8) EUR Ludwigshafen (Rhine)

BASF Coatings AG 100.0 239.6 * EUR Münster

BASF Drucksysteme GmbH 100.0 38.6 * EUR Stuttgart

BASF Handels- und Export GmbH 100.0 100.0 1.5 * EUR Ludwigshafen (Rhine)

BASF Immobilien-Gesellschaft mbH & Co. Pigment KG 100.0 9.1 (0.7) EUR Ludwigshafen (Rhine)

BASF Immobilien-Gesellschaft mbH & Co. 100.0 6.2 1.9 EUR Drucksysteme KG, Ludwigshafen (Rhine)

BASF IT Services GmbH 100.0 23.3 9.3 EUR Ludwigshafen (Rhine)

BASF PharmaChemikalien GmbH & Co. KG 100.0 100.0 37.9 (18.2) EUR Ludwigshafen (Rhine)

BASF Pigment GmbH 100.0 11.8 * EUR Ludwigshafen (Rhine)

BASF Plant Science GmbH 91.0 3.1 * EUR Ludwigshafen (Rhine)

BASF Plant Science Holding GmbH 100.0 100.0 183.5 0.1 EUR Ludwigshafen (Rhine)

BASF Schwarzheide GmbH 100.0 209.1 * EUR Schwarzheide

Chemische Fabrik Wibarco GmbH 100.0 10.0 2.6 EUR Ibbenbüren

Dr. Wolman GmbH 100.0 4.8 2.0 EUR Sinzheim

Elastogran GmbH 100.0 42.4 * Lemförde

* Profit/loss transfer agreement

2 BASF – List of Shares Held 2003 Company and headquarters Capital Thereof Stock- Net Currency held BASF AG holders’ income equity (%) (%) (millions) (millions) (ISO code)

GEWOGE Wohnungsunternehmen der BASF GmbH 97.0 41.1 * EUR Ludwigshafen (Rhine)

Guano-Werke GmbH 100.0 100.0 1,908.0 45.6 EUR Ludwigshafen (Rhine)

Haidkopf GmbH 100.0 0.2 * EUR Kassel

LUWOGE Wohnungsunternehmen der BASF GmbH 100.0 41.7 * EUR Ludwigshafen (Rhine)

Ultraform GmbH & Co. KG 100.0 100.0 19.1 5.6 EUR Ludwigshafen (Rhine)

Untertage-Speicher-Gesellschaft mbH 100.0 1.4 2.7 EUR Kassel

WINGAS GbR 65.0 0.0 * EUR Kassel

WINGAS GmbH 65.0 123.5 * EUR Kassel

Wintershall AG 100.0 2,065.7 * EUR Kassel

Wintershall Erdgas Beteiligungs-GmbH 100.0 207.7 * EUR Kassel

Wintershall Explorations- und Produktions- 100.0 46.6 * EUR Beteiligungsgesellschaft mbH, Kassel

Wintershall Erdgas Verwaltungs-GmbH 100.0 156.5 * EUR Kassel

Europe (excluding Germany)

BASF (Schweiz) AG 100.0 100.0 19.4 4.4 CHF Wädenswil/Au, Switzerland

BASF A/S 100.0 100.0 73.8 1.7 DKK Copenhagen,

BASF AB 100.0 100.0 88.2 16.0 SEK Göteborg, Sweden

BASF Agri-Production S.A.S. 100.0 47.9 7.1 EUR Gravelines,

BASF Agro B.V. 100.0 1,246.4 0.2 EUR Arnhem, the

BASF Agro Hellas Industrial and Commercial S.A. 100.0 100.0 6.3 1.4 EUR Athens, Greece

BASF Agro S.A.S. 100.0 61.7 (1.3) EUR Tassin-La-Demi-Lune, France

BASF Agro SpA 100.0 100.0 7.9 (0.8) EUR Cesano Maderno, Italy

* Profit/loss transfer agreement

BASF – List of Shares Held 2003 3 Company and headquarters Capital Thereof Stock- Net Currency held BASF AG holders’ income equity (%) (%) (millions) (millions) (ISO code)

BASF Agrochemical Products B.V. 100.0 258.0 (0.6) USD Arnhem, the Netherlands

BASF Antwerpen N.V. 100.0 1,239.9 261.0 EUR Antwerp,

BASF AS 100.0 100.0 63.1 14.7 NOK Asker, Norway

BASF Belgium S.A. 100.0 100.0 22.2 2.7 EUR Brussels, Belgium

BASF Coatings Holding B.V. 100.0 204.5 21.9 EUR Maarssenbroek, the Netherlands

BASF Coatings Ltd. 100.0 4.9 1.1 GBP Deeside,

BASF Coatings S.A.S. 100.0 53.1 10.9 EUR Clermont de l'Oise, France

BASF Coatings SpA 100.0 10.9 (1.3) EUR Burago Molgora, Italy

BASF Coatings S.A. 99.7 44.2 12.3 EUR Guadalajara, Spain

BASF Coordination Center Comm. V. 100.0 73.4 8,216.7 217.2 EUR Antwerp, Belgium

BASF Curtex S.A. 100.0 25.7 3.5 EUR L'Hospitalet de Llobregat, Spain

BASF Drukinkt B.V. 100.0 6.5 1.0 EUR Doetinchem, the Netherlands

BASF Española S.A. 100.0 216.3 19.5 EUR Tarragona, Spain

BASF France S.A.S. 100.0 100.0 49.0 7.2 EUR Levallois-Perret, France

BASF Health & Nutrition A/S 100.0 100.0 209.1 12.2 DKK Ballerup, Denmark

BASF Holding Española S.L. 100.0 100.0 27.2 21.0 EUR Barcelona, Spain

BASF Hungaria Kft. 100.0 100.0 2,400.4 336.9 HUF Budapest, Hungary

BASF Interservice SpA 100.0 90.0 86.8 2.5 EUR Cesano Maderno, Italy

BASF Intertrade AG 100.0 100.0 32.1 30.5 CHF Zug, Switzerland

BASF IT Services B.V. 100.0 100.0 99.2 13.5 EUR Arnhem, the Netherlands

BASF Italia SpA 100.0 48.4 1.7 EUR Cesano Maderno, Italy

BASF Nederland B.V. 100.0 100.0 1,585.2 4.8 EUR Arnhem, the Netherlands

4 BASF – List of Shares Held 2003 Company and headquarters Capital Thereof Stock- Net Currency held BASF AG holders’ income equity (%) (%) (millions) (millions) (ISO code)

BASF Gesellschaft m.b.H. 100.0 1.00 12.7 1.1 EUR Vienna, Austria

BASF Operations B.V. 100.0 2.8 0.2 EUR Arnhem, the Netherlands

BASF OY 100.0 100.0 11.6 (10.6) EUR Helsinki, Finland

BASF plc 100.0 109.5 11.9 GBP Wembley, United Kingdom

BASF Polska Sp. z.o.o. 100.0 100.0 70.1 10.2 PLN Warsaw, Poland

BASF Printing Systems Ltd. 100.0 6.2 (0.6) GBP Horsham, United Kingdom

BASF SONATRACH Propanchem S.A. 51.0 47.4 (23.7) EUR Tarragona, Spain

BASF Systèmes d’Impression S.A.S. 100.0 23.3 (1.2) EUR Clermont de l’Oise, France

BASF UK Holdings Ltd. 100.0 100.0 30.8 – GBP Cheadle, United Kingdom

BASF Vernici e Inchiostri SpA 100.0 19.6 0.3 EUR Cinisello Balsamo, Italy

Elastogran France S.A. 100.0 4.7 0.1 EUR Mitry-Mory, France

Elastogran Italia SpA (ELIT) 100.0 21.7 2.4 EUR Villanova d'Asti, Italy

Elastogran S.A. 100.0 11.1 2.8 EUR Rubí (Barcelona), Spain

Elastogran U.K. Ltd. (EUK) 100.0 2.6 0.1 GBP Alfreton, United Kingdom

Frank Wright Limited 100.0 11.8 0.6 GBP Ashbourne, United Kingdom

Société Foncière et Industrielle S.A.S. 100.0 7.3 0.1 EUR Clermont de l’Oise, France

Wintershall Nederland Petroleum B.V. 100.0 20.3 18.5 EUR The Hague, the Netherlands

Wintershall Nederland-Group 100.0 135.9 44.6 EUR

Includes: Wintershall Dubai 100.0 20.3 1.6 EUR Petroleum B.V. The Hague, the Netherlands

Wintershall Nederland B.V. 100.0 59.3 4.1 EUR The Hague, the Netherlands

Wintershall Nederland 100.0 7.1 2.3 EUR Transport and Trading B.V. The Hague, the Netherlands

Wintershall Noordzee B.V. 100.0 65.2 36.5 EUR The Hague, the Netherlands

BASF – List of Shares Held 2003 5 Company and headquarters Capital Thereof Stock- Net Currency held BASF AG holders’ income equity (%) (%) (millions) (millions) (ISO code)

Wintershall Oil AG 100.0 2.7 1.0 CHF Zug, Switzerland

Wintershall Petroleum (E&P) B.V. 100.0 10.9 (7.2) USD The Hague, the Netherlands

ZAO BASF 100.0 100.0 16.1 3.6 EUR Moscow, Russia

North America

BASFIN Corporation 100.0 100.0 3,094.7 0.0 USD Mount Olive, New Jersey

BASF Americas Group 100.0 2,759.0 (59.6) USD

Includes: BASF Americas Corporation 100.0 3,140.0 11.6 USD Mount Olive, New Jersey

BASF Corporation 100.0 840.6 (110.4) USD Mount Olive, New Jersey

BASF AgGenetics LLC 100.0 (3.4) 0.2 USD Research Triangle Park, North Carolina

BASF Canada Inc. 100.0 100.0 139.8 30.3 CAD Toronto, Ontario, Canada

BASF FINA Petrochemicals Ltd. Partnership 60.0 143.4 16.7 USD Port Arthur, Texas

BASF Plant Science Holding’s Inc. 100.0 0.1 0.0 USD Mount Olive, New Jersey

BASF Plant Science LLC 100.0 (10.3) (5.7) USD Mount Olive, New Jersey

BASF Printing Systems LLC 100.0 1.8 0.3 USD Charlotte, North Carolina

BASF Properties Inc. 100.0 3.6 0.2 CAD Toronto, Ontario, Canada

BodyShopmall.com Inc. 100.0 (0.5) (0.2) CAD Toronto, Ontario, Canada

BodyShopmall.com LLC 100.0 11.1 2.0 USD Southfield, Michigan

Micro Flo Company LLC 100.0 90.5 18.0 USD Memphis, Tennessee

Sabina Petrochemicals LLC* 23.4 (62.0) (29.2) USD Wilmington, Delaware

Thousand Springs Trout Farms Inc. 100.0 0.0 0.0 USD Wilmington, Delaware

Tradewinds Chemicals Corporation 100.0 359.4 1.9 USD Mount Olive, New Jersey

BASF de Mexico Group 100.0 1,650.8 (318.0) MXN

BASF Coatings de Mexico, S.A. de C.V. 100.0 377.2 88.1 MXN Mexico City, Mexico

* Proportionally consolidated affiliate.

6 BASF – List of Shares Held 2003 Company and headquarters Capital Thereof Stock- Net Currency held BASF AG holders’ income equity (%) (%) (millions) (millions) (ISO code)

BASF Interservicos, S.A. de C.V. 100.0 0.01 (26.8) (28.3) MXN Mexico City, Mexico

BASF de Mexico, S.A. de C.V. 100.0 100.0 1,651.7 (318.0) MXN Mexico City, Mexico

BASF Mexicana, S.A. de C.V. 100.0 2,168.0 (261.5) MXN Mexico City, Mexico

South America

BASF Argentina S.A. 100.0 99.9 137.9 169.1 ARS Buenos Aires, Argentina

BASF S.A. Group 100.0 974.7 42.8 BRL Brazil

Includes: BASF S.A. 100.0 832.5 (193.2) BRL São Bernardo do Campo, Brazil

BASF Poliuretanos Ltda. 100.0 30.7 8.1 BRL Maua, Brazil

BASF Chile S.A. 100.0 99.9 22,889.0 1,509.0 CLP Santiago, Chile

BASF de Costa Rica, S.A. 100.0 100.0 4,421.4 960.7 CRC San José, Costa Rica

BASF Peruana S.A. 99.8 99.8 28.4 3.6 PEN Lima, Peru

BASF Quimica Colombiana S.A. 100.0 100.0 65,891.0 14,800.0 COP Bogotá, Colombia

Wintershall BM-C-10 Ltda. 100.0 (172.4) (172.9) BRL Rio de Janeiro, Brazil

Wintershall Energía S.A. 100.0 577.3 258.8 ARS Buenos Aires, Argentina

Asia, Pacific Area, Africa

BASF (China) Company Ltd. 100.0 100.0 1,182.4 16.5 CNY Peking, China

BASF (Malaysia) Sdn. Bhd. 100.0 95.5 19.5 MYR Petaling Jaya, Malaysia

BASF (Thai) Ltd. 100.0 100.0 1,398.6 173.8 THB Bangkok, Thailand

BASF Agro Ltd. 100.0 229.0 173.0 JPY Tokyo, Japan

BASF Australia Group Includes: BASF Australia Ltd. 100.0 100.0 32.0 9.6 AUD Melbourne, Victoria, Australia Cyanamid Agriculture PTY. Ltd. 100.0 9.0 0.6 AUD Baulkham Hills, New South Wales, Australia

BASF – List of Shares Held 2003 7 Company and headquarters Capital Thereof Stock- Net Currency held BASF AG holders’ income equity (%) (%) (millions) (millions) (ISO code)

BASF Chemicals Company Ltd. 100.0 767.0 0.0 CNY Shanghai, China

BASF China Limited 100.0 100.0 265.7 113.1 HKD Kowloon, Hong Kong, China

BASF Colorants and Chemicals Co., Ltd. 100.0 995.6 191.8 CNY Pudong, Shanghai, China

BASF Company Ltd. 100.0 399,840.0 (24,016.0) KRW Seoul, South Korea

BASF FZE 100.0 100.0 6.2 5.2 AED Dubai, UAE Dubai

BASF India Ltd. 52.7 52.7 2,458.5 338.9 INR Mumbai, India

BASF Japan Ltd. 100.0 100.0 18,601.0 1,735.0 JPY Tokyo, Japan

BASF New Zealand Ltd. 100.0 100.0 12.7 2.0 NZD Auckland, New Zealand

BASF Pakistan (Private) Ltd. 51.0 51.0 302.5 77.4 PKR Karachi, Pakistan

BASF PETRONAS Chemicals Sdn. Bhd. 60.0 60.0 1,157.5 (26.2) MYR Petaling Jaya, Malaysia

BASF Philippines, Inc. 100.0 100.0 741.5 17.5 PHP Canlubang, Calamba Laguna, Philippines

BASF Services (Malaysia) Sdn. Bhd. 100.0 100.0 228.8 0.1 MYR Petaling Jaya, Malaysia

BASF Singapore Pte. Ltd. 100.0 100.0 15.2 2.5 SGD Singapore

BASF South Africa (Pty.) Ltd. 100.0 100.0 141.1 22.8 ZAR Halfway House, South Africa

BASF South East Asia Pte. Ltd. 100.0 100.0 402.4 70.8 SGD Singapore

BASF Styrenics Holding Company 100.0 100.0 43.5 0.0 USD Port Louis, Mauritius

BASF Styrenics Private Ltd. 100.0 639.1 (200.5) INR Mumbai, India

BASF Taiwan Ltd. 100.0 100.0 465.6 328.7 TWD Taipei, Taiwan

BASF Trading (Shanghai) Co. Ltd. 100.0 52.1 28.9 CNY Shanghai, China

BASF Türk Kimya Sanayi ve Ticaret Ltd. Sti. 100.0 99.0 3,585,349.0 196,905.0 TRL Istanbul, Turkey

BASF Vitamins Company Ltd. 98.0 60.0 163.4 0.5 CNY Shenyang, China

P. T. BASF Indonesia 97.0 97.0 194,156.0 39,565.0 IDR Jakarta, Indonesia

Yangzi-BASF Styrenics Co. Ltd. 60.0 50.0 1,505.8 150.4 CNY Nanjing, China

8 BASF – List of Shares Held 2003 Company and headquarters Capital Thereof Stock- Net Currency held BASF AG holders’ income equity (%) (%) (millions) (millions) (ISO code)

2. Proportionally consolidated affiliates (Section 310 of the German Commercial Code)

Germany

BASF GE Schwarzheide GmbH & Co. KG 50.0 50.0 15.3 4.1 EUR Schwarzheide

Wintershall Erdgas Handelshaus GmbH (WIEH) 50.0 0.1 * EUR Berlin

Europe (excluding Germany)

ELLBA C.V. 50.0 150.8 41.7 EUR Rotterdam, the Netherlands

Produits et Engrais Chimiques du Rhin S.A. (PEC Rhin) 50.0 50.0 27.9 5.9 EUR Ottmarsheim, France

Wintershall Erdgas Handelshaus AG 50.0 15.4 64.8 CHF Zug, Switzerland

North America

Polioles, S.A. de C.V. 50.0 827.1 34.6 MXN Mexico City, Mexico

Asia, Pacific Area, Africa

BASF Inoac Polyurethanes, Ltd. (BIP) 50.0 3,708.0 290.0 JPY Shinshiro-Shi, Aichi, Japan

BASF NOF Coatings Co., Ltd. 50.0 19,963.0 230.0 JPY Tokyo, Japan

BASF-YPC Company Ltd. 50.0 10.0 7,034.5 0.0 CNY Nanjing, China

ELLBA Eastern Private Ltd. 50.0 59.9 0.0 USD Singapore

Shanghai Gao Qiao-BASF Dispersions Co. Limited 50.0 40.0 359.0 57.7 CNY Shanghai, China

3. Equity consolidated subsidiaries (Section 312 of the German Commercial Code)

Germany

BASF Future Business GmbH 100.0 100.0 25.7 * EUR Ludwigshafen (Rhine)

BASF Venture Capital GmbH 100.0 22.8 (3.1) EUR Ludwigshafen (Rhine)

* Profit/loss transfer agreement BASF – List of Shares Held 2003 9 Company and headquarters Capital Thereof Stock- Net Currency held BASF AG holders’ income equity (%) (%) (millions) (millions) (ISO code)

Lucura Rückversicherungs GmbH 100.0 34.7 4.7 EUR Ludwigshafen (Rhine)

Tensid-Chemie Vertriebsgesellschaft mbH 100.0 2.3 * EUR Cologne

Wintershall Lenkoran GmbH 100.0 0.0 0.0 EUR Kassel

Wintershall Wolga Petroleum GmbH** 100.0 18.2 2.9 EUR Kassel

Europe (excluding Germany)

BASF Coatings Refinish AG 100.0 1.2 0.1 CHF Wädenswil/Au, Switzerland

BASF Coatings Refinish Ltd. 100.0 3.1 0.1 GBP Didcot, United Kingdom

BASF Coatings Refinish SpA 100.0 8.6 0.2 EUR Burago Molgora, Italy

BASF Ireland Limited 100.0 100.0 2.5 0.3 EUR Dublin, Ireland

BASF Sistemas de Impresión, S.A. 100.0 5.1 0.1 EUR Vilanova del Valles, Spain

South America

BASF Ecuatoriana S.A. 100.0 99.9 3.7 0.4 EUR Quito, Ecuador

BASF Poliuretanos S. A. 100.0 3.2 (45.3) (40.8) ARS Buenos Aires, Argentina

BASF Venezolana, S.A. 100.0 100.0 6,523.3 2,669.5 VEB Caracas, Venezuela

Wintershall BM-C-19 Ltda. 100.0 0.2 0.0 BRL Rio de Janeiro, Brazil

Wintershall BM-ES-7 Ltda. 100.0 0.2 0.0 BRL Rio de Janeiro, Brazil

Wintershall BM-S-14 Ltda. 100.0 0.2 0.0 BRL Rio de Janeiro, Brazil

** Profit/loss transfer agreement ** Including earnings of consolidated subsidiaries/Group

10 BASF – List of Shares Held 2003 Company and headquarters Capital Thereof Stock- Net Currency held BASF AG holders’ income equity (%) (%) (millions) (millions) (ISO code)

Asia, Pacific Area, Africa

BASF Polyurethanes (Taiwan) Co. Ltd. 100.0 100.0 87.9 21.0 TWD Hsinchu, Taiwan

BASF JCIC Neopentylglycol Company Ltd. 60.0 50.0 134.2 24.3 CNY Jilin City, China

BASF Polyurethanes (Malaysia) Sdn. Bhd. 100.0 11.3 2.2 MYR Petaling Jaya, Malaysia

BASF Shanghai Coatings Company Ltd. 60.0 98.7 26.2 CNY Shanghai, China

4. Equity consolidated affiliates (Section 312 of the German Commercial Code)

Germany

Solvin GmbH & Co. KG* 25.0 25.0 352.1 (5.6) EUR Hanover

Europe (excluding Germany)

Basell N.V.* 50.0 17.8 3,075.7 (69.3) EUR Hoofddorp, the Netherlands

Svalöf Weibull AB* 40.0 539.0 0.0 SEK Svalöv, Sweden

* Including earnings of consolidated subsidiaries/Group

BASF – List of Shares Held 2003 11 II. Other subsidiaries, affiliates and other participating interests

1. Non-consolidated minor subsidiaries (Section 296 [2] of the German Commercial Code)

Company and headquarters Capital Thereof held BASF AG (%) (%)

Germany

ART-Autolack-Systeme GmbH 100.0 Dortmund

Ausbildungsplatzinitiative Pfalz GmbH 97.0 97.0 Ludwigshafen (Rhine)

BASF Akquisitions- und Objektverwertungs- 100.0 100.0 gesellschaft mbH, Ludwigshafen (Rhine)

BASF Chemikalien GmbH 100.0 100.0 Ludwigshafen (Rhine)

BASF ChemTrade GmbH 100.0 100.0 Burgbernheim

BASF Immobilien-Gesellschaft mbH 100.0 100.0 Ludwigshafen (Rhine)

BASF Innovationsfonds GmbH 100.0 100.0 Ludwigshafen (Rhine)

BASF Isocyanate China Investment GmbH 100.0 Ludwigshafen (Rhine)

BASF Jobmarkt GmbH 100.0 100.0 Ludwigshafen (Rhine)

BASF Katalysatorproduktionsgesellschaft Cologne mbH 100.0 100.0 Ludwigshafen (Rhine)

BASF Lizenz GmbH 100.0 Ludwigshafen (Rhine)

BASF Mobilienleasing GmbH 100.0 Ludwigshafen (Rhine)

BASF Performance Polymers GmbH 100.0 Rudolstadt

BASF Power GmbH 100.0 100.0 Ludwigshafen (Rhine)

BASF Spezialdünger – Pensionsverwaltung GmbH 100.0 Münster

Dr. Heinrich von Brunck Gedächtnisstiftung für Werksangehörige 95.0 95.0 der BASF GmbH, Ludwigshafen (Rhine)

Gesellschaft zur Förderung der Lackkunst mbH 100.0 Münster

Gewerkschaft des konsolidierten Steinkohlenbergwerks Breitenbach GmbH 100.0 100.0 Ludwigshafen (Rhine)

Gewerkschaft Röchling GmbH 100.0 Kassel

Glasurit GmbH 100.0 Münster-Hiltrup

Guano-Werke Pensionsverwaltung GmbH 100.0 Ludwigshafen (Rhine)

12 BASF – List of Shares Held 2003 Company and headquarters Capital Thereof held BASF AG (%) (%)

Guano-Werke Vermögensverwaltung AG 99.8 Ludwigshafen (Rhine)

Ink Logistic Management GmbH 100.0 Stuttgart

K + E Druckfarben Vertriebsgesellschaft mbH 100.0 Stuttgart

LUCARA Immobilienverwaltungs GmbH 100.0 100.0 Ludwigshafen (Rhine)

ME Projektabwicklung GmbH 100.0 Ludwigshafen (Rhine)

Metanomics GmbH & Co. KGaA 80.0 Berlin-Charlottenburg

Metanomics Health GmbH 65.1 Berlin

Metanomics Verwaltungsgesellschaft mbH 100.0 Berlin-Charlottenburg

Neunte BASF Chemiebeteiligungsgesellschaft mbH 100.0 100.0 Ludwigshafen (Rhine)

Neunte BASF Erwerbsgesellschaft mbH 100.0 100.0 Ludwigshafen (Rhine)

Neunte BASF Finanzbeteiligungsgesellschaft mbH 100.0 100.0 Ludwigshafen (Rhine)

PEG Personalentwicklungsgesellschaft mbH 100.0 Cologne

Projektentwicklungs-GmbH Friesenheimer Insel 100.0 100.0 Ludwigshafen (Rhine)

R-M Autolacke Vertriebs GmbH 100.0 Heusenstamm

SEWOGE Service- und Wohnungsunternehmen GmbH 100.0 100.0 Schwarzheide

SGS-Schwarzheider Gastronomie und Service GmbH 100.0 Schwarzheide

Simpex GmbH 100.0 St. Ingbert

SunGene GmbH & Co. KGaA 66.0 Gatersleben

SunGene Verwaltungsgesellschaft mbH 100.0 Gatersleben

Ultraform Verwaltungsgesellschaft mbH 100.0 100.0 Ludwigshafen (Rhine)

Vitamultina Pharmazeutische und Nahrungsergänzungsprodukte GmbH 100.0 100.0 Ludwigshafen (Rhine)

Wintershall Bank GmbH 100.0 Kassel

Wintershall Libyen Oil & Gas GmbH 100.0 Kassel

BASF – List of Shares Held 2003 13 Company and headquarters Capital Thereof held BASF AG (%) (%)

Wintershall Nordkaspische Exploration und Production GmbH 100.0 Ludwigshafen (Rhine)

Wintershall Urengoi GmbH 100.0 Kassel

Wintershall Vermögensverwaltungsgesellschaft mbH 100.0 Ludwigshafen (Rhine)

Zweite BASF Immobilien-Gesellschaft mbH 100.0 95.0 Ludwigshafen (Rhine)

Europe (excluding Germany)

ART Autolack-Systeme, S.A. 99.7 Guadalajara, Spain

Auto Make-up S.A.R.L. 100.0 Maurepas, France

Awiag Ltd. 100.0 Valetta, Malta

BASCOM AG 100.0 Wädenswil/Au, Switzerland

BASF Automotive Coatings Services S.A.R.L. 100.0 Clermont de l’Oise, France

BASF Automotive Coatings Services S.R.O. 100.0 Bratislava, Slovakia

BASF Automotive Coatings Services Sp. z.o.o. 100.0 Swarzedz, Poland

BASF Automotive Storitve ZA Avtomobilske d.o.o. 100.0 Ljubljana, Slovenia

BASF Biocides Ltd. 100.0 100.0 Ruddington, United Kingdom

BASF Coatings Nederland B.V. 100.0 Maarssenbroek, the Netherlands

BASF Coatings Refinish GmbH 100.0 Eugendorf, Austria

BASF Coatings Refinish Norden AB 100.0 Hisings Kaerra, Sweden

BASF Coatings Refinish S.A./N.V. 100.0 Brussels, Belgium

BASF Coil Coatings SpA 100.0 Caronno Pertusella, Italy

BASF Colorants Trading S.A. 100.0 100.0 San Vittore, Switzerland

BASF Curtex Productos Químicos Ltda 100.0 Porto, Portugal

BASF Croatia d.o.o. 100.0 100.0 Zagreb, Croatia

BASF Drucksysteme Austria GmbH 100.0 Vienna, Austria

14 BASF – List of Shares Held 2003 Company and headquarters Capital Thereof held BASF AG (%) (%)

BASF Drucksysteme Schweiz GmbH 95.0 Wädenswil/Au, Switzerland

BASF EOOD 100.0 100.0 Sofia, Bulgaria

BASF Finance Europe N.V. 100.0 100.0 Arnhem, the Netherlands

BASF IT Services Holding Ltd. 100.0 Cheadle, United Kingdom

BASF IT Services Ltd. 100.0 Wilmslow, United Kingdom

BASF IT Services N.V. 100.0 Antwerp, Belgium

BASF IT Services S.A. 100.0 Barcelona, Spain

BASF IT Services SpA 100.0 Cesano Maderno, Italy

BASF Jugoslavija d.o.o. 100.0 100.0 Belgrade, Serbia-Montenegro

BASF Masterbatch N.V. 100.0 Kuurne, Belgium

BASF Portuguesa Lda. 100.0 70.5 Prior Velho, Portugal

BASF Printing Systems Ireland Ltd. 100.0 Blackrock, Ireland

BASF Printing Systems S.A. 99.9 Vilvoorde, Belgium

BASF Schou Tryksystemer A/S 100.0 Vamdrup, Denmark

BASF Slovenija d.o.o. 100.0 100.0 Ljubljana, Slovenia

BASF Slovensko spol. s r.o. 100.0 100.0 Bratislava, Slovakia

BASF spol. s r.o. 100.0 100.0 Prague,

BASF SRL 100.0 100.0 Bucharest, Romania

BASF Styrodur Iberica, S.L. 100.0 Tudela, Spain

BASF Tovarystvo z Obmezenoju Vidpovdal'nistju 100.0 99.0 Kiev, Ukraine

BASF Trading Centre-Distribuicao de productos químicos especials Lda. 100.0 Marinha Grande, Portugal

BASF Wostok OOO 100.0 Moscow, Russia

Boots Galenika d.o.o. 51.0 51.0 Belgrade, Serbia-Montenegro

BASF – List of Shares Held 2003 15 Company and headquarters Capital Thereof held BASF AG (%) (%)

BTC Specialty Chemical Distribution S.L. 100.0 Barcelona, Spain

BTC Specialty Chemical Distribution SpA 100.0 Cesano Maderno, Italy

BTC Specialty Chemical Distribution B.V. 100.0 Arnhem, the Netherlands

BTC Specialty Chemical Distribution GmbH 100.0 Vienna, Austria

BTC Specialty Chemical Distribution Ltd. 100.0 Cheshire, United Kingdom

BTC Specialty Chemical Distribution S.A.S. 100.0 Levallois Perret, France

BTC Specialty Chemical Distribution Benelux S.A. 100.0 Brussels, Belgium

BTC Specialty Chemical Distribution A/S 100.0 Copenhagen, Denmark

COMPAREX Information Systems Ltd. 100.0 Cheadle, United Kingdom

Couleurs-Paris S.A.R.L. 100.0 Clermont de l’Oise, France

Cyanamid Agro S.A./N.V. 100.0 Gembloux, Belgium

Cyanamid Ireland Limited 100.0 Clonee, Ireland

Cyanamid Russ A/O 100.0 100.0 Moscow, Russia

Cyanamid Slovakia s.r.o. 100.0 100.0 Bratislava, Slovakia

Elastogran Kemipur Poliuretan System Kft. 90.0 Solymar, Hungary

Fishburn Printing Ink Company, Ltd. 100.0 Cheadle, United Kingdom

Frank Wright (Feed Supplements) Limited 100.0 Ashbourne, United Kingdom

Frank Wright (Transport) Limited 100.0 Ashbourne, United Kingdom

Frank Wright Feeds (International) Limited 100.0 Ashbourne, United Kingdom

Haus am Kai 1, OOO 100.0 19.6 Moscow, Russia

Himmoba AG 100.0 Wädenswil/Au, Switzerland

Inmont Limited 100.0 Cheadle, United Kingdom

Knoll Polska Sp. z.o.o. 100.0 100.0 Warsaw, Poland

16 BASF – List of Shares Held 2003 Company and headquarters Capital Thereof held BASF AG (%) (%)

Lipogene AB 91.0 Svalöv, Sweden

Minden Farmaceutical Lda. 100.0 100.0 Lisbon, Portugal

Organchemie Gesellschaft m.b.H. 100.0 1.0 Vienna, Austria

Plant Science Sweden AB 91.0 Svalöv, Sweden

R-M Automotive Refinish Limited 100.0 Enfield, United Kingdom

Valentine Limited 100.0 Cheadle, United Kingdom

WINGAS Belgium S.P.R.L./B.V.B.A. 65.4 Brussels, Belgium

Wintershall Gas spol. s r.o. 100.0 Prague, Czech Republic

Wintershall Services B.V. 100.0 The Hague, the Netherlands

North America

Automotive Refinish Technologies, LLC 100.0 Dearborn, Michigan

Automotive Refinish Technology, Inc. (ART) 100.0 Toronto, Ontario, Canada

BASF Nichiyu Coatings North America Inc. 100.0 Mount Olive, New Jersey

BASF Pipeline Holding LLC 100.0 Houston, Texas

BASF Venture Capital America Inc. 100.0 Santa Barbara, California

BASF Venture Capital Canada Inc. 100.0 Toronto, Ontario, Canada

BF Textile Colours Holding Inc. 100.0 100.0 Wilmington, North Carolina

DNA Landmarks Inc. 81.9 St.-Jean-sur-Richelieu, Quebec, Canada

Micro Flo de Mexico S. A. de C.V. 100.0 Mexico City, Mexico

Transpharm Inc. 100.0 Mount Olive, New Jersey

South America

Aislapol S.A. 100.0 99.9 Santiago, Chile

Basanil S.A. 100.0 100.0 Buenos Aires, Argentina

BASF – List of Shares Held 2003 17 Company and headquarters Capital Thereof held BASF AG (%) (%)

BASF Bolivia S.R.L. 100.0 100.0 La Paz, Bolivia

BASF de El Salvador, S.A. de C.V. 100.0 100.0 San Salvador, El Salvador

BASF de Guatemala S.A. de C.V. 100.0 99.0 Guatemala City, Guatemala

BASF de Nicaragua S.A. 99.9 Managua, Nicaragua

BASF Dominicana, S.A. 100.0 100.0 Santo Domingo, Dominican Republic

BASF Panama S.A. 100.0 100.0 Panama City, Panama

BASF Uruguaya S.A. 100.0 100.0 Montevideo, Uruguay

Cyanamid El Salvador S.R.L. 100.0 100.0 San Salvador, El Salvador

Cyanamid de Uruguay S.A. 100.0 Montevideo, Uruguay

Tintas Graficas S.A. 92.5 Santiago, Chile

Tintas Graficas S.A. 92.5 San Luis, Argentina

Wintershall BM-ES-1 Ltda. 100.0 Rio de Janeiro, Brazil

Wintershall do Brasil Serviços Ltda. 100.0 Rio de Janeiro, Brazil

Asia, Pacific Area, Africa

ART Automotive Refinish Technologies (PTY) Ltd. 100.0 Milnerton, South Africa

BASF (Ethiopia) Ltd. P.L.C. 100.0 100.0 Addis Ababa, Ethiopia

BASF (Ghana) Ltd. 100.0 100.0 Accra, Ghana

BASF (Nigeria) Ltd. 100.0 100.0 Lagos, Nigeria

BASF Agro Ltd. 100.0 Seoul, South Korea

BASF Animal Nutrition (Pty.) Ltd. 100.0 Beaconvale, South Africa

BASF Bangladesh Ltd. 76.4 76.4 Dacca, Bangladesh

BASF Chemdyes Sdn. Bhd. 51.0 51.0 Perai, Malaysia

BASF Chemicals and Polymers (Pvt.) Ltd. 100.0 100.0 Karachi, Pakistan

18 BASF – List of Shares Held 2003 Company and headquarters Capital Thereof held BASF AG (%) (%)

BASF Coatings International Trade (Shanghai) Co. Ltd. 100.0 Shanghai, China

BASF Coatings (Pty.) Ltd. 100.0 Kinshasa, Democratic Republic of Congo (Zaire)

BASF Coatings (Pty.) Ltd. 51.0 Wetherill Park, New South Wales, Australia

BASF Coatings + Inks Philippines Inc. 100.0 Makati, Metro Manila, Philippines

BASF Coatings Inc. 100.0 Canlubang, Calamba, Laguna, Philippines

BASF Coatings (Pvt.) Ltd. 100.0 Mumbai, India

BASF Coatings PMB (Pty.) Ltd. 100.0 Vanderbijlpark, South Africa

BASF Colorants Pte. Ltd. 100.0 100.0 Singapore

BASF East Africa Ltd. 100.0 100.0 Nairobi, Kenya

BASF East Asia Regional Headquarters Limited 100.0 100.0 Hong Kong, China

BASF Idemitsu Co. Ltd. 67.0 67.0 Tokyo, Japan

BASF Industries Private Ltd. 100.0 100.0 Mumbai, India

BASF Iran AG 100.0 100.0 Teheran, Iran

BASF Ltd. 100.0 99.0 Cairo, Egypt

BASF Maroc S.A. 100.0 100.0 Casablanca, Morocco

BASF Polyurethanes (China) Co. Ltd. 100.0 Panyu Guangdong, China

BASF S.P.A. 100.0 100.0 Hydra, Algeria

BASF Tai Ching Crop Protection Chemicals Corp. 55.0 55.0 Taipai, Taiwan

BASF Takeda Vitamins Ltd. 66.0 Tokyo, Japan

BASF Textile and Leather Centre Asia Sdn. Bhd. 100.0 100.0 Petaling Jaya, Malaysia

BASF-Finlay (Private) Limited 66.7 66.7 Colombo, Sri Lanka

Cyanamid Agricultural Products Sdh. Bhd. 100.0 100.0 Petaling Jaya, Malaysia

Cyanamid Limited 100.0 Lilongwe, Malawi

BASF – List of Shares Held 2003 19 Company and headquarters Capital Thereof held BASF AG (%) (%)

Cyanamid Zimbabwe (PVT) Ltd. 100.0 Workington, Zimbabwe

CSJ K.K. 100.0 Tokyo, Japan

Elastogran Polürethan Sanayi ve Ticaret A.S. 100.0 Pendik-Istanbul, Turkey

ME Vitamin Pte. Ltd. i.L. 100.0 100.0 Singapore

Shanghai BASF Polyurethane Company 70.0 Shanghai, China

2. Non-equity-consolidated minor affiliates (Section 311 [2] of the German Commercial Code)

Germany

Aurentum Innovationstechnologien GmbH 25.2 Mainz

Axaron Bioscience AG 43.5 43.5 Heidelberg

Basell Bayreuth Chemie GmbH 47.0 Eschborn

Basell Chemie Cologne GmbH 50.0 Wesseling

Basell Deutschland GmbH 50.0 Mainz

Basell Germany Holding GmbH 50.0 Düsseldorf

Basell Holding Middle East GmbH 50.0 Wesseling

Basell Polyolefine GmbH 50.0 Kehl

BASF GE Schwarzheide Beteiligungs GmbH 50.0 50.0 Schwarzheide

CWD Chemie-Wirtschaftsdatenbanken GmbH 50.0 50.0 Frankfurt (Main)

CWK Software und Service GmbH 27.2 Mannheim

DATASOUND Gesellschaft zur Entwicklung und Vermarktung 25.0 digitaler Audio- und Informationssysteme, Ludwigshafen (Rhine)

DyStar Textilfarben GmbH* 30.0 30.0 Frankfurt (Main)

DyStar Textilfarben GmbH & Co. Germany KG* 30.0 30.0 Frankfurt (Main)

Emsland-Erdölleitung GmbH 25.0 Osterwald

* Included under other assets

20 BASF – List of Shares Held 2003 Company and headquarters Capital Thereof held BASF AG (%) (%)

Envimax GmbH 50.0 Heddesheim

Erdgasverkaufsgesellschaft mbH 28.8 Münster

Gesellschaft für Wohnungs-, Gewerbe- und Städtebau Aktiengesellschaft 30.0 Ludwigshafen (Rhine)

Ginger GmbH 22.0 22.0 Ludwigshafen (Rhine)

KGS KETO-Gulonsäure Vertriebsgesellschaft beschränkt haftende OHG 33.3 33.3 Krefeld

M-Exchange AG 46.5 Frankfurt (Main)

Projektförderung Initiative für Beschäftigung GmbH 25.0 Münster

PSG Procurement Service GmbH 50.0 Lohmar

RAIL4Chem Eisenbahnverkehrsgesellschaft mbH 25.0 25.0 Essen

Rheingas Erdgasleitungsgesellschaft mbH i.L. 50.0 50.0 Hanover

Solvin Europe GmbH 25.2 25.2 Hanover

Stuttgarter IT Gesellschaft mbH 50.0 Stuttgart

S.T.E.P. Personalentwicklungsgesellschaft mbH 33.4 33.4 Ludwigshafen (Rhine)

Thermische Rückstandsverwertung Verwaltungs-GmbH 30.0 Wesseling

Thermische Rückstandsverwertung GmbH & Co KG (TRV) 30.0 Wesseling

WV Elektro GmbH & Co. Handels-KG 50.0 Frankfurt (Main)

WV Energie AG 50.0 Frankfurt (Main)

WV Service GmbH 50.0 Frankfurt (Main)

WV Versicherungsmakler GmbH 25.0 Frankfurt (Main)

Europe (excluding Germany)

Amylogene Handelsbolaget 45.5 Svalöv, Sweden

Basell Arabia Holding B.V. 50.0 Hoofddorp, the Netherlands

Basell Belgium S.A. 50.0 Brussels, Belgium

BASF – List of Shares Held 2003 21 Company and headquarters Capital Thereof held BASF AG (%) (%)

Basell Benelux B.V. 50.0 Rotterdam, the Netherlands

Basell Brindisi SpA 50.0 Milan, Italy

Basell Coordination Company N.V. 50.0 Zaventem, Belgium

Basell Europe Holding B.V. 50.0 Hoofddorp, the Netherlands

Basell Finance Company B.V. 50.0 Hoofddorp, the Netherlands

Basell Finance Italia S.R.L. 50.0 Milan, Italy

Basell Fos S.A. 50.0 Levallois-Perret, France

Basell France S.A. 50.0 Levallois-Perret, France

Basell Iberica Poliolefinas Holding S.L. 50.0 Barcelona, Spain

Basell International Holding B.V. 50.0 Hoofddorp, the Netherlands

Basell Investissements S.A. 50.0 Paris, France

Basell Italia S.R.L. 50.0 Cesano Maderno, Italy

Basell Italy Holding SpA 50.0 Milan, Italy

Basell Nederland B.V. 50.0 Arnhem, the Netherlands

Basell Nordic AB 50.0 Göteborg, Sweden

Basell Orlen Polyolefins Sp. z.o.o. 50.0 Plock, Poland

Basell Plasticos, Lda 50.0 Lisbon, Portugal

Basell Poliolefinas Comercial Española S.L. 50.0 Barcelona, Spain

Basell Poliolefinas Iberica S.A. 50.0 Barcelona, Spain

Basell Polipropilene S.R.L. 50.0 Milan, Italy

Basell Polyethylene S.A. 50.0 Strasbourg, France

Basell Polyolefine Italia SpA 50.0 Milan, Italy

Basell Polyolefines France S.A. 50.0 Paris, France

22 BASF – List of Shares Held 2003 Company and headquarters Capital Thereof held BASF AG (%) (%)

Basell Polyolefins Company N.V. 50.0 Zaventem, Belgium

Basell Polyolefins UK Ltd. 50.0 Manchester, United Kingdom

Basell Polypropylene S.A. 50.0 Lillebonne, France

Basell Polypropylene Ltd. 50.0 Manchester, United Kingdom

Basell Production France S. A. 50.0 Levallois-Perret, France

Basell Service Company B.V. 50.0 Hoofddorp, the Netherlands

Basell Taiwan Holding B.V. 50.0 Hoofddorp, the Netherlands

Basell Technology Company B.V. 50.0 Hoofddorp, the Netherlands

Basell (Thailand) Holdings B.V. 50.0 Hoofddorp, the Netherlands

Basell UK Holding Ltd. 50.0 Carrington, United Kingdom

Basell UK Ltd. 50.0 Cheadle, United Kingdom

BASF Huntsman Shanghai Isocyanate Investment B.V. 50.0 Arnhem, the Netherlands

BASF Naber S.A. 50.0 Valencia, Spain

BASF Nutrition Animale S.A.S. 50.0 Chateau Gontier, France

BASF Poligrafia Polska Sp. z.o.o. 50.0 Lodz, Poland

Compagnie Industrielle des Polyethylenes de Normandie 25.0 Notre-Dame de Gravenchon, France

CSEBER Csomagoloeszköz Begyüjtesi Rendeszer KHT 22.8 Budapest, Hungary

Compleyo Industrial Taqsa AIE 42.5 Tarragona, Spain

Elastokam OOO 50.0 Nishnekamsk Promsona, Russia

ELLBA B.V. 50.0 Rotterdam, the Netherlands

Gestio de residus especiales de Catalunya S.A. 33.3 Tarragona, Spain

Hisane A.I.E. 37.5 Reus (Tarragona), Spain

Indurisk Rückversicherungs-GmbH 50.0 Luxembourg, Luxembourg

BASF – List of Shares Held 2003 23 Company and headquarters Capital Thereof held BASF AG (%) (%)

Lameskin S.R.L. 50.0 Milan, Italy

L5C Production B.V. 30.0 The Hague, the Netherlands

L8B Production B.V. 25.0 The Hague, the Netherlands

N.V. Noordwinning K 13 30.3 The Hague, the Netherlands

Noordwinning L8A B.V. 30.3 The Hague, the Netherlands

Omnexus N.V. i.L. 21.0 21.0 Amsterdam, the Netherlands

OOO Achimgaz 50.0 Novy Urengoy, Russia

P2A (Groep) B.V. 22.2 The Hague, the Netherlands

P6-(Groep) B.V. 27.0 The Hague, the Netherlands

Q4 (Groep) B.V. 29.9 The Hague, the Netherlands

Q8 (Groep) B.V. 30.0 The Hague, the Netherlands

Retiflex SpA 50.0 Milan, Italy

SCI de Plastiques de Normandie 50.0 Lillebonne, France

Severoceska Plynarenska A.S. 20.2 Usti Nad Labem, Czech Republic

Societe Civile Immobiliere des Plastiques de Normandie 41.4 Lillebonne, France

Societe du Craqueur de L’Aubette SAS 25.0 Berre L’Etang, France

Stredoceska Plynarenska A.S. 31.0 Prague, Czech Republic

Société de participation dans l’industrie et le Transport du Petrole 27.2 Neuilly-sur-Seine, France

TDP A.I.E. 25.0 Tarragona, Spain

Transformadora de Propileno A.I.E. 25.0 Tarragona, Spain

Texmet SpA 50.0 Lamezia Terme, Italy

UNA S.A. 25.0 Barcelona, Spain

WIEE Romania SRL 50.0 Bucharest, Romania

24 BASF – List of Shares Held 2003 Company and headquarters Capital Thereof held BASF AG (%) (%)

Wirom Gas S.A. 25.0 Bucharest, Romania

Wolgodeminoil OOO 50.0 Volgograd, Russia

North America

Aislantes y Acusticos de Monterrey, S.A. de C.V. 50.0 Santa Catarina, N.L.C.P., Mexico

Basell American Finance Corporation 50.0 Wilmington, Delaware

Basell Asia-Pacific Inc. 50.0 Wilmington, Delaware

Basell Canada Inc. 50.0 Mississauga, Ontario, Canada

Basell Capital Corporation 50.0 Wilmington, Delaware

Basell de Mexico, S.A. de C.V. 50.0 Colonia del Valle, Mexico

Basell Finance USA Inc. 50.0 Albany, New York

Basell Impact Holding Company 50.0 Wilmington, Delaware

Basell North America Inc. (US) 50.0 Wilmington, Delaware

Basell Polyethylene Inc. 50.0 Wilmington, Delaware

Basell USA Inc. 50.0 Wilmington, Delaware

BasellTech USA Inc. 50.0 Wilmington, Delaware

CHD Enterprises Inc. 50.0 Wilmington, Delaware

Indelpro S.A. de C.V. 24.5 Garza Garzia, Mexico

Polymer Resource Group Inc. 50.0 Wilmington, Delaware

South America

Basell Brasil Poliolefinas Ltda. 50.0 São Paulo, Brazil

Petroken Petroquimica Ensenada S.A. 25.0 Buenos Aires, Argentina

Polibrasil Participacoes S.A. 25.0 São Paulo, Brazil

BASF – List of Shares Held 2003 25 Company and headquarters Capital Thereof held BASF AG (%) (%)

Tintas Graficas Vencedor S.A. 46.2 San Juan de Lurigancho Lima, Peru

Ingredia S.A. 37.2 Caracas, Venezuela

Asia, Pacific Area, Africa

Basell Australia Holding PTY 50.0 Melbourne, Victoria, Australia

Basell Australia PTY Ltd. 50.0 Melbourne, Victoria, Australia

Basell China Ltd. 50.0 Hong Kong, China

Basell Korea Ltd. 50.0 Seoul, South Korea

BASF AKZO Nobel Automotive OEM Coatings PTY. Limited 50.0 Melbourne, Victoria, Australia

BASF Kanoo Gulf FZE 49.0 Dubai, UAE Dubai

BASF Kanoo Gulf LLC 49.0 49.0 Dubai, UAE Dubai

BASF Tunisie S.A. 49.0 49.0 Megrine, Tunisia

Chunichi Paint Co., Ltd. 50.0 Nagoya, Japan

Kartal Kimya San. ve Tic. A.S. 25.1 25.1 Istanbul, Turkey

Kyushu Nissan Paint Co., Ltd. 50.0 Fukuoka, Japan

Machino-Basell India Ltd. 25.0 Delphi, India

Nisso BASF Agro Co., Ltd. 45.0 45.0 Tokyo, Japan

NOF Kansai Marine Coatings Co., Ltd. 25.0 Tokyo, Japan

NOF (Thailand) Ltd. 20.0 Bangkok, Thailand

Pigment Manufacturers of Australia Ltd. i.L. 50.0 Laverton, Victoria, Australia

Poly Pacific Polymers Sdh. Bhd. 25.0 Kuala Lumpur, Malaysia

Poly Pacific PTY Ltd. 25.0 Dandenong, Victoria, Australia

Shanghai Lianheng Isocyanate Company 35.0 Shanghai, China

Taiwan NOF Coatings Ltd. 35.0 Taipei, Taiwan

26 BASF – List of Shares Held 2003 Company and headquarters Capital Thereof held BASF AG (%) (%)

Vitacolor Industries, Inc. 40.0 40.0 Manila, Philippines

Yasar BASF Automotive Coatings Company Ltds. 50.0 Izmir, Turkey

3. Participating interest of between 5 and 20 percent in major corporations (Section 285, No. 11 of the German Commercial Code)

Company and headquarters Capital Thereof Stock- Net Currency held BASF AG holders’ income equity (%) (%) (millions) (millions) (ISO code)

Germany

K + S Aktiengesellschaft 10.0 10.0 513.4* 103.8* EUR Kassel

VNG-Verbundnetz Gas AG 15.8 465.3 105.0 EUR Leipzig

* 2002 Financial Statements BASF – List of Shares Held 2003 27 III. Information on subsidiaries The German subsidiaries listed below, which have the legal form of either a corporation or a partnership, make use of the exemptions offered by Section 264, Paragraph 3 or Section 264 b of the German Commercial Code, respectively.

Company and headquarters

Germany

BASF Coatings AG Münster

BASF Drucksysteme GmbH Stuttgart

BASF PharmaChemikalien GmbH & Co. KG Ludwigshafen (Rhine)

BASF Pigment GmbH Ludwigshafen (Rhine)

BASF Schwarzheide GmbH Schwarzheide

Elastogran GmbH Lemförde

GEWOGE Wohnungsunternehmen der BASF GmbH Ludwigshafen (Rhine)

Haidkopf GmbH Kassel

LUWOGE Wohnungsunternehmen der BASF GmbH Ludwigshafen (Rhine)

Tensid-Chemie Vertriebsgesellschaft mit beschränkter Haftung Cologne

Ultraform GmbH & Co. KG Ludwigshafen (Rhine)

WINGAS GmbH Kassel

Wintershall AG Kassel

Wintershall Erdgas Beteiligungs-GmbH Kassel

Wintershall Erdgas Handelshaus GmbH Berlin

Wintershall Explorations- und Produktions-Beteiligungsges. mbH Kassel

Wintershall Libyen Explorations- und Produktions-GmbH Kassel

28 BASF – List of Shares Held 2003

Germany 67056 Ludwigshafen Corporate DepartmentCommunications BASF Aktiengesellschaft Publisher: Germany 67056 Ludwigshafen BASF Aktiengesellschaft www.basf.com Internet: [email protected] E-mail: +49621 60-42525 Fax: +49621 60-0 Phone: General inquiries: +49621 60-22500 Fax: +49621 60-48230 Phone: Magdalena Moll Investor Relations: +49621 60-20129 Fax: +49621 60-99938 Phone: Michael Grabicki Corporate MediaRelations: Contacts

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