Global Chemicals FITT Research Company Company 24 March 2010 Fundamental, Industry, Thematic, Thought Leading Deutsche Bank's Product Committee China Chemicals deems this report F.I.T.T for investors. We recently visited 16 European, US and Chinese chemical companies in China. Short-term trading is strong and Tour confidence in the stimulus programme and management of the economy remain high. State support for petrochemicals is the long-term risk, but doing business in China is easier. Companies best positioned for growth have a growing consumer focus and/or orientation increasingly inland. Top picks for China The growth engine continues are Linde, BASF & Bayer (Europe), Celanese & DuPont (US). to deliver Fundamental: In-depth review of prospects for Western companies in Global Markets Research China Industry: Growing confidence over doing business in China Thematic: Stimulus efforts shift inland and increasingly consumer focused Thought leading: Many European (and US) names well positioned in China Tim Jones David Begleiter, CFA Martin Dunwoodie, CFA Virginie Boucher-Ferte Research Analyst Research Analyst Research Analyst Research Analyst (+44) 20 754-76763 (+1) 212 250-5473 (+44) 20 754-72852 (+44) 20 754-57940
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