Exhibit 99.1

Sasol-Huntsman GmbH & Co. KG,  MoersManagement Report and  Annual Financial Statements  as at 30 June 2007

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Sasol-Huntsman GmbH & Co. KG, Moers

Management Report of the Company for the 2006/2007 Annual Financial Statements

1.     Business Condition and Environment



The
upward trend of economic activity in Germany and Europe as well as of the resulting intra-European demand for maleic anhydride (MSA) continued. This is matched by a rapid development
of crude oil prices especially in the second half of the business year 2006/2007. The raw materials price increases were, however, curbed by an invariably weak U.S. dollar.

Overall Demand

Total demand for MSA grew by 2% to 3% in the reporting period. The UPR (unsaturated polyester resin) industry is still the main buyer of MSA, accounting for > 50%
of total demand. In this market segment, consumers report significant growth rates of around 10% also in the first half of 2007. The order backlog in the building sector in Central Europe is good.

Trend of Raw Materials Costs

The past business year continued to be characterised by the difficult raw materials cost trend. Thus, the Company's raw materials costs rose by 8% from the prior
year in 2006/2007, in line with the crude oil price trend, and even tripled during the last five years. At the time of reporting, the crude oil price was at a record high of USD 78/barrel
(prior year: USD 75/barrel).

Market Price Level

MSA prices were at a very positive level although raw-materials-side price increases were sometimes able to be passed on only partly and
with the time delay.

Supply and Demand

On account of plant stoppages for technical reasons last summer, which impacted still the new business year, the closed down benzene-based MSA facility of Polynt
(formerly Lonza) was temporarily put into operation again.

Furthermore,
significant quantities from European benzene-based MSA facilities were practically not existing any more in the market. On account of the specific costs disadvantage of
benzene, the trend towards reduction of plant capacities is expected to aggravate.

Despite
the generally balanced supply and demand situation, there has been an increasing volume of MSA pastille imports, which originate particularly from China, due to the weak dollar
and as a result
of short-term bottlenecks. Since the Chinese government announced to reduce export subsidies from 13% to around 5% as of 1 July 2007, these volumes are expected to decline
significantly. The business of liquid MSA, which accounts for around 90% to 95% of the overall business, has not been affected on account of the difficult logistics chain for overseas shipments and of
high follow-up costs.

2.     Results of Operations

Overview

The result from operating activities decreased from the prior year, which was primarily due to a standstill of production caused by a scheduled catalyst exchange
and the resulting lower sales volumes

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and
considerable quantities complementarily purchased without impact on costs. Furthermore, it was only possible to pass on raw materials cost increases with a time delay in the form of higher sales
prices.

Output
was around 10% below the prior year's level due to the catalyst exchange. Since then plant availability has been >95%, leading to record output in the last month but one of the
past business year.

The
strategic sales target of the Company of 50,000 tons was again exceeded in 2006/2007; the sales volume was at 54,700 tons, falling short of the prior year's volume by around 1% as a
result of insufficient availability during the 6-week standstill at the beginning of the calendar year. The portion of the sales volume secured through contractual supply agreements (one
to three years) with key accounts remained unchanged, accounting for around 80 to 85% of the Company's business.

Taking
into account a positive financing result in the amount of EUR 164 thousand, after-tax earnings, though declining by around 21%, were still at a positive level
after very good prior years.

Sales

In 2006/2007, the income generated by operations amounted to EUR 78,693 thousand (prior year: EUR 75,549 thousand) and consisted almost entirely of
sales revenues (prior year: 99.5%). Average revenues remained almost unchanged at EUR 1,364/ton (prior year: EUR 1,382/ton).

Result from Operating Activities

In 2006/2007, the result from operating activities amounted to EUR 12,443 thousand, which is EUR 4,613 thousand less than in the prior year, and
amounted to 15.8% as a percentage of income generated by operations (prior year: 22.6%). This variance was due to the catalyst exchange, the related non-availability and higher raw
materials costs.

Earnings before Income Taxes

In 2006/2007, the earnings before income taxes fell by EUR 4,147 thousand from the prior year to EUR 12,607 thousand. The earnings have been
affected by the one-off effect of the disposal of preparatory infrastructure measures for maintaining a medium-term capital spending opportunity from fixed assets in the amount
of EUR 1,372 thousand.

Net Income for the Financial Year

The net income for the financial year net of income taxes of EUR 607 thousand amounts to EUR 12,000 thousand. In comparison with the prior year, the
net income deteriorated by EUR 3,319 thousand, leading to a corresponding decrease of EUR 828 thousand in income tax expenditure.

Profit Margin

The profit margin (earnings before income tax + interest paid / sales revenues) is at 16.0% in comparison with 22.7% in the prior year.

3.     Financial Position



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Cash Flow

In comparison with the prior year, the cash inflow from operating activities remained at a very good level. The cash flow from current business activities was at
EUR 15,694 thousand (prior year: EUR 17,746 thousand).

Partner Loans

There were no cash outflows from repayment of partner loans (prior year: EUR 15,690 thousand) because the partner loans had been fully repaid as at
30 June 2006.

Capital Investment Analysis

In the past business year, capital expenditures on tangible assets amounted to EUR 1,817 thousand (prior year: EUR 3,055 thousand). These resulted
basically from the debottleneck project, which was carried out during the catalyst standstill and raised the nominal capacity of the facility by 4,000 annual tons to 60,000 annual tons.

4.     Net Asset Position



Current Assets

The Company's current assets rose by EUR 11,987 thousand (plus 65.9%) and amount to EUR 30,189 thousand (prior year: EUR 18,202 thousand).
While short-term receivables fell by around 18.6% to EUR 13,345 thousand (prior year: EUR 16,403 thousand), this increase in current assets is primarily due to higher liquid
funds, which rose to EUR 15,266 thousand (prior year: EUR 17 thousand). This increase in liquid funds is above all due to the fact that the Company had fully repaid the partner loans
with the cash flow in the prior year.

Equity

The equity rose by EUR 12,000 thousand to EUR 37,831 thousand (prior year: EUR 25,831 thousand).

The
equity ratio (equity / balance sheet total) amounts to 82.8% (prior year: 69.8%).

Liabilities

In 2006/2007, the Company managed to reduce its liabilities by EUR 1,823 thousand to EUR 6,377 thousand (prior year: EUR 8,200 thousand). The
present liabilities are of a short-term nature and relate basically to trade payables.

5.     Post-balance-sheet-date Events

No extraordinary measures are planned for the business year 2007/2008. There are no identifiable special effects that might have a negative impact on earnings.

6.     Environmental Aspects

The emission values are within admissible limits.

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7.     Risk Reporting

From today's point of view, there are the following risks, which are, however, all mitigated through appropriate measures within the scope of existing risk
management:



Overall Risk

From today's point of view and in the foreseeable future, there are and will be no specific risks threatening continued existence.

Risk of Economic Activity

There are no anticipated major risks of economic activity. The Company operates primarily in Europe; its export share is around 80%. Potential risks threatening
the macroeconomic development are the further crude oil price and the US dollar exchange rate trends.

Currency Risk

Although a potential increase in the exchange rate of the US dollar would lead to higher raw materials costs, it opens up sales opportunities in the export
business. The purchase-side currency risk is addressed by invoicing already a part of the business in U.S. dollar.

Industry Risk

For the MSA industry, the Company anticipates neither risks of economic activity nor major changes in market/competitive conditions.

The
realignment of the chemicals policy in the EU will require registration, valuation and permission of maleic anhydride. The related legislation has taken effect. The enterprise seeks
to be pre-registered and the Company expects that the expense will not have persisting financial effects on account of the one-product range.

Financial Risks

The Company's business is exposed to currency and price risks. Presently, there are, however, practically no risks of changing interest rates or credit risks.
Monitoring of financial risks has been centralised. Liquidity risks are not identifiable from today's point of view. Cash flow fluctuations are identified at an early stage within the scope of
liquidity planning.

Procurement Market Risks

Risks with respect to the availability of raw materials, energy, fabricated materials and intermediate products are not identifiable from today's point of view.
The dependence on crude oil does constitute a potential risk, which is covered through the long-term contractual arrangements with raw materials suppliers. Raw materials price increases
can, however, not always be fully passed on to the market on a timely basis.

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Sales Market Risks

Cyclical fluctuations of demand in the UPR industry, which is deemed to be a key component supply industry for the building, automotive and shipbuilding
industries, constitute operative risks. The Company addresses these risks by means of a balanced customer portfolio, where the UPR industry does not account for more than 50% of total turnover.
Furthermore, it has to be noted in this context that, for example, the export share within Europe accounts for around 80% of the business, also leading to a balanced regional market structure.

Capital Investment Risk

Decisions on capital investments involve complex risks. Preparation, realisation and control are based on the responsibility regulations and approval processes of
the two partners.

Summary



8.     Outlook



Based
on the underlying planning assumptions, the Company anticipates clearly positive operating results both for the next two and for the following business years.

The
Company's budgeted turnover for the business year 2007/2008 is 59,000 tons. Taking into account the capacity expansion carried out last year, the output of the facility will be fully
sold. Major plant stoppages are not planned.

In
2006, MSA supply and demand were balanced worldwide, regionally and temporarily, however, scarce, especially in Europe. The situation in North America, which had still led to major
shifts in the prior year, seems to be less strained at present. Asian export volumes are available despite high logistics and raw materials costs (benzene), though they target primarily the MSA
pastille market, which accounts only for around 5% to 10% of the total market in Europe.

The
medium-term, global development is practically unchanged. The two plant expansions on the basis of n-butane announced in North America will not be completed
before 2008/2009. This is not expected to have any direct effects on Europe.

Assuming
that the crude oil markets remain at a high level and that the by far higher benzene price in relation to n-butane will not change significantly, MSA supply and
demand will remain balanced. The supply from n-butane-based MSA facilities will just be sufficient in Europe to cover

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medium-term
demand. As a result of this, the MSA price is expected to remain at a relatively stable level. Over the long term, assuming a moderate growth of around 2.5%, Europe will need
additional MSA capacities at the beginning of the next decade.

For
Europe, the Company anticipates that the supply and demand situation will ease in 2007/2008. Given the extremely high crude oil price, market prices are not expected to level out at
a significantly lower level.

The
Company's main competitor is still BASF. This Company discontinued production of MSA derivatives at the location in Feluy/Belgium in mid-2005 whereas MSA production for
the market is being continued. There are indications in the market that the higher MSA output of
BASF due to the closure of derivative production will cover already the short-term demand of a backward integrated UPR producer, which will discontinue non-profitable upstream
benzene-based MSA production. There are no identifiable effects on the free market that is relevant to the enterprise.

Finally,
it can be stated:



Generally,
it can not be excluded that there will be further short-term temporary scarcities in Europe.

Nevertheless,
it is anticipated that margins will level out at a somewhat lower level on account of the persisting rise of raw materials costs, while earnings will remain satisfactory.
The Company's short and medium-term forecasts do not take into account extraordinary positive price effects.

Moers,
27 August 2007

Sasol-Huntsman
Verwaltungs-GmbH

|(Rolf Dieter Gießel) |  | (Mike Dixon)      |  | 
|-------------------- |  | ----------------- |  | 
|Managing Director    |  | Managing Director |  | 

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Sasol-Huntsman GmbH & Co. KG, Moers

Balance Sheet as at 30 June 2007

Assets

|     |  |                                                 |  | 30 June 2007 EUR |  | Prior year EUR'000
|---- |  | ----------------------------------------------- |  | ---------------- |  | ------------------
|A.   |  | Fixed assets                                    |  |                  |  |                   
|     |  | Tangible fixed assets                           |  |                  |  |                   
|1.   |  | Buildings on third-party land                   |  | 507,769.97       |  | 536               
|2.   |  | Technical equipment and machinery               |  | 14,882,730.08    |  | 16,311            
|3.   |  | Other equipment, operating and office equipment |  | 125,923.06       |  | 71                
|4.   |  | Prepayments and assets under construction       |  | 0.00             |  | 1,892             
|     |  |                                                 |  |                  |  |                   
|     |  |                                                 |  | 15,516,423.11    |  | 18,810            
|     |  |                                                 |  |                  |  |                   
|B.   |  | Current assets                                  |  |                  |  |                   
|I.   |  | Inventories                                     |  |                  |  |                   
|1.   |  | Raw materials, consumables and supplies         |  | 1,044,942.06     |  | 949               
|2.   |  | Work in progress                                |  | 65,679.44        |  | 142               
|3.   |  | Finished goods and merchandise                  |  | 464,499.28       |  | 689               
|     |  |                                                 |  |                  |  |                   
|     |  |                                                 |  | 1,575,120.78     |  | 1,780             
|     |  |                                                 |  |                  |  |                   
|II.  |  | Receivables and other assets                    |  |                  |  |                   
|1.   |  | Trade receivables                               |  | 11,718,815.07    |  | 12,158            
|2.   |  | Receivables from partners                       |  | 56,301.09        |  | 0                 
|3.   |  | Receivables from related undertakings           |  | 1,058,769.71     |  | 3,532             
|4.   |  | Other assets                                    |  | 510,635.83       |  | 713               
|     |  |                                                 |  |                  |  |                   
|     |  |                                                 |  | 13,344,521.70    |  | 16,403            
|     |  |                                                 |  |                  |  |                   
|III. |  | Cash-in-hand, bank balances                     |  | 15,266,001.65    |  | 17                
|     |  |                                                 |  |                  |  |                   
|     |  |                                                 |  | 30,185,644.13    |  | 18,200            
|     |  |                                                 |  |                  |  |                   
|C.   |  | Prepaid expenses                                |  | 2,741.84         |  | 2                 
|     |  |                                                 |  |                  |  |                   
|     |  |                                                 |  | 45,704,809.08    |  | 37,012            
|     |  |                                                 |  |                  |  |                   

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Equity and Liabilities

|     |  |                                        |  | 30 June 2007 EUR |  | Prior year EUR'000 |  
|---- |  | -------------------------------------- |  | ---------------- |  | ------------------ | -
|A.   |  | Equity                                 |  |                  |  |                    |  
|I.   |  | General partner's capital share        |  |                  |  |                    |  
|1.   |  | General partner's contribution         |  | 10,225.84        |  | 10                 |  
|2.   |  | Accumulated losses                     |  | 0.00             |  | (1                 | )
|     |  |                                        |  |                  |  |                    |  
|     |  |                                        |  | 10,225.84        |  | 9                  |  
|     |  |                                        |  |                  |  |                    |  
|II.  |  | Limited partners' capital shares       |  |                  |  |                    |  
|1.   |  | Liable contributions                   |  | 1,012,357.92     |  | 1,012              |  
|2.   |  | Other compulsory capital contributions |  | 19,413,752.74    |  | 19,414             |  
|     |  |                                        |  |                  |  |                    |  
|     |  |                                        |  | 20,426,110.66    |  | 20,426             |  
|     |  |                                        |  |                  |  |                    |  
|III. |  | Retained profits brought forward       |  | 5,395,088.71     |  | 0                  |  
|     |  |                                        |  |                  |  |                    |  
|IV.  |  | Net income after profit appropriation  |  | 11,999,813.02    |  | 5,395              |  
|     |  |                                        |  |                  |  |                    |  
|     |  |                                        |  | 37,831,238.23    |  | 25,830             |  
|     |  |                                        |  |                  |  |                    |  
|B.   |  | Special item for investment grants     |  | 12,051.88        |  | 20                 |  
|     |  |                                        |  |                  |  |                    |  
|C.   |  | Provisions                             |  |                  |  |                    |  
|1.   |  | Provisions for taxes                   |  | 658,201.00       |  | 2,284              |  
|2.   |  | Other provisions                       |  | 826,588.36       |  | 677                |  
|     |  |                                        |  |                  |  |                    |  
|     |  |                                        |  | 1,484,789.36     |  | 2,961              |  
|     |  |                                        |  |                  |  |                    |  
|D.   |  | Liabilities                            |  |                  |  |                    |  
|1.   |  | Trade payables                         |  | 3,520,150.86     |  | 5,200              |  
|2.   |  | Liabilities to partners                |  | 7,878.30         |  | 5                  |  
|3.   |  | Liabilities to related undertakings    |  | 2,620,079.78     |  | 2,736              |  
|4.   |  | Other liabilities                      |  | 228,620.67       |  | 260                |  
|     |  |                                        |  |                  |  |                    |  
|     |  |                                        |  | 6,376,729.61     |  | 8,201              |  
|     |  |                                        |  |                  |  |                    |  
|     |  |                                        |  | 45,704,809.08    |  | 37,012             |  
|     |  |                                        |  |                  |  |                    |  

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Sasol-Huntsman GmbH & Co. KG, Moers

Income Statement for the Period from 1 July 2006 to 30 June 2007

|    |  |                                                                                                                                                      |  | 2006/2007
EUR |   | Prior year
EUR'000
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | - | ------------------
|1.  |  | Sales                                                                                                                                                |  | 78,768,747.42 |   | 75,195            
|2.  |  | Decrease (prior year: increase) in finished goods inventories and work in progress                                                                   |  | (298,382.55   | ) | 266               
|3.  |  | Other operating income                                                                                                                               |  | 222,463.99    |   | 88                
|4.  |  | Cost of materials                                                                                                                                    |  |               |   |                   
|a)  |  | Cost of raw materials, consumables and supplies and of purchased merchandise                                                                         |  | 46,119,878.30 |   | 42,858            
|b)  |  | Cost of purchased services                                                                                                                           |  | 9,298,075.11  |   | 7,169             
|5.  |  | Personnel expenses                                                                                                                                   |  |               |   |                   
|a)  |  | Salaries                                                                                                                                             |  | 435,902.95    |   | 466               
|b)  |  | Social security, post-employment and other employee benefit costs
Of which in respect of old age pensions: EUR 113,674 (prior year: EUR 95 thousand) |  | 170,735.22    |   | 152               
|6.  |  | Amortisation and write-downs of intangible fixed assets, depreciation and write-downs of tangible fixed assets                                       |  | 3,738,526.39  |   | 2,973             
|7.  |  | Other operating expenses                                                                                                                             |  | 6,485,145.00  |   | 4,873             
|8.  |  | Other interest and similar income                                                                                                                    |  | 169,358.49    |   | 0                 
|9.  |  | Interest and similar expenses                                                                                                                        |  | 4,921.68      |   | 302               
|    |  |                                                                                                                                                      |  |               |   |                   
|10. |  | Result from ordinary activities                                                                                                                      |  | 12,609,002.70 |   | 16,756            
|11. |  | Other taxes                                                                                                                                          |  | 1,999.80      |   | 2                 
|12. |  | Taxes on income                                                                                                                                      |  | 606,556.00    |   | 1,435             
|    |  |                                                                                                                                                      |  |               |   |                   
|13. |  | Net income for the financial year                                                                                                                    |  | 12,000,446.90 |   | 15,319            
|14. |  | Credited to general partner's capital account                                                                                                        |  | 633.88        |   | 9                 
|15. |  | Credited to limited partners' capital accounts                                                                                                       |  | 0.00          |   | 9,915             
|    |  |                                                                                                                                                      |  |               |   |                   
|16. |  | Net income after profit appropriation                                                                                                                |  | 11,999,813.02 |   | 5,395             
|    |  |                                                                                                                                                      |  |               |   |                   

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Sasol-Huntsman GmbH & Co. KG, Moers

Notes to the Financial Statements for the Business Year 2006/2007

General Information on the Annual Financial Statements

As at the balance sheet date, the Company meets the size criteria of a large commercial partnership in accordance with § 264a (1) in
connection with § 267 (3) German Commercial Code (HGB).

Foreign Currency Translation

Receivables and payables denominated in foreign currency are valued at the rate in effect at the date of invoicing. Exchange losses have been taken into account
through revaluation as at the balance sheet date.

Balance Sheet

Valuation Methods

Fixed Assets

Intangible fixed assets and tangible fixed assets have been valued at acquisition cost less scheduled amortisation and depreciation, respectively.
Low-value items with individual purchase cost of up to EUR 410 are fully depreciated in the year of acquisition according to § 6 (2) German Income Tax Law (EStG).

Amortisation,
depreciation and write-downs are based on estimated useful lives and the regulations under German tax law. As far as admissible, tangible assets are classified as major
assets. In accordance with R 7.3 (5) German Income Tax Regulations (EStR), additions to tangible fixed assets are deemed to be subsequent production costs. In accordance with R 7.4
(3) German Income Tax Regulations (EStR), the residual useful life has possibly to be re-estimated. The different useful lives are as follows:

|                                                |  | Depreciation method              |  | Useful life
|----------------------------------------------- |  | -------------------------------- |  | -----------
|Tangible fixed assets                           |  |                                  |  |            
|Buildings on third-party land                   |  |                                  |  |            
|Analysis station                               |  | Straight-line                    |  | 33 years   
|Distribution station                           |  | Straight-line                    |  | 25 years   
|Compressor hall                                |  | Straight-line                    |  | 25 years   
|Technical equipment and machinery               |  |                                  |  |            
|MSA facility                                   |  | Straight-line                    |  | 13 years   
|Containers (new MSA facility)                  |  | Straight-line                    |  | 20 years   
|Containers (old MSA facility)                  |  | Straight-line                    |  | 14.5 years 
|Loading station (new MSA facility)             |  | Straight-line                    |  | 15 years   
|Sundry                                         |  | Straight-line / reducing-balance |  | 4-10 years 
|Other equipment, operating and office equipment |  | Straight-line                    |  | 4-10 years 

Scheduled
depreciation is deducted on a straight-line or reducing-balance basis from depreciated acquisition and production cost.

The
statement of movements in fixed assets has been attached as a part of the annual financial statements (see Exhibit to the Notes).

Inventories

Raw materials, consumables and supplies and merchandise, which are included in inventories, are valued at the lower of acquisition or replacement cost.

Work
in progress and finished goods are valued at production costs, which, in addition to direct material and prime cost, also include appropriate portions of indirect material and
production

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overheads.
Interest on external capital is not capitalised. If anticipated sales revenues less the costs still to be incurred until the sale are lower, this value is recognised.

In
determining acquisition and production costs of similar inventories, it is assumed that the assets acquired or produced last are consumed or sold first (LIFO formula).

Trade Receivables

Receivables have been recognised at nominal value. Appropriate allowances are made on the nominal amount in order to cover the risk related to specific
receivables. In view of the customers' credit worthiness as well as existing empirical data concerning the risk of loss of receivables outstanding, general allowances have not been made so far.

The
receivables include short-term trade receivables from third parties in the amount of EUR 11,719 thousand (prior year: EUR 12,158 thousand).

Sundry Receivables and Other Assets

The sundry receivables and other assets have been recognised at nominal value.

On
account of the importance of the receivables from the partners and the other Sasol Group companies, the classification of the balance sheet was extended to the following items in
compliance with §§ 264c (1), 265 (5) German Commercial Code (HGB):



The
receivables from partners amount to EUR 56 thousand (prior year: EUR 0). They relate to advanced interest withholding tax, which was recharged to the partners.

The
receivables from related undertakings, which amount to EUR 1,059 thousand (prior year: EUR 3,532 thousand), fully relate to short-term trade.

The
other assets relate basically to VAT refund claims of EUR 441 thousand (prior year: EUR 588 thousand) and natural gas tax claims of EUR 0 (prior year: EUR
122 thousand).

Liquid Funds

The liquid funds have been recognised at nominal value.

Prepaid Expenses

Prepaid expenses are recognised at the amount which constitutes expenditure incurred in the reporting year and expense of the succeeding years.

Special Item for Investment Grants

The special item for investment grants relates to a subsidy granted from funds of the state of NorthRhine/Westphalia in connection with the setting up of the MSA
facility in the business year 1998/1999. This special item is released in line with depreciation on the subsidised assets.

Other Provisions

The other provisions are based on sound business judgment and cover all risks and contingent liabilities identifiable as at the balance sheet date. They relate
basically to bonuses granted to customers in the amount of EUR 566 thousand (prior year: EUR 552 thousand).

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Liabilities

On account of the importance of the liabilities to the partners and to the other Sasol Group and Huntsman Group companies, the classification of the balance sheet
was extended to the following items in compliance with §§ 264c (1), 265 (5) German Commercial Code (HGB):



The
liabilities are valued at the amounts at which they will be repaid. They can be analysed as follows:

|Item |  | Balance sheet
value
EUR             |  | Residual term
up to 1 year
EUR |  | Residual term
1 to 5 years
EUR |  | Residual term
more than 5 years
EUR
|---- |  | ----------------------------------- |  | ------------------------------ |  | ------------------------------ |  | -----------------------------------
|1.   |  | Trade payables                      |  | 3,520,150.86                   |  | 3,520,150.86                   |  | 0.00                               
|2.   |  | Liabilities to partners             |  | 7,878.30                       |  | 7,878.30                       |  | 0.00                               
|3.   |  | Liabilities to related undertakings |  | 2,620,079.78                   |  | 2,620,079.78                   |  | 0.00                               
|4.   |  | Other liabilities                   |  | 228,620.67                     |  | 228,620.67                     |  | 0.00                               
|     |  |                                     |  |                                |  |                                |  |                                    
|     |  |                                     |  | 6,376,729.61                   |  | 6,376,729.61                   |  | 0.00                               
|     |  |                                     |  |                                |  |                                |  |                                    

The
liabilities to partners relate exclusively to accounts payable to Sasol-Huntsman Verwaltungs-GmbH, Moers.

The
liabilities to related undertakings relate exclusively to trade payables.

The
other liabilities include basically liabilities to foreign fiscal authorities in the amount of EUR 199 thousand (prior year: EUR 214 thousand) and taxes in the amount
of EUR 19 thousand (prior year: EUR 18 thousand).

Other Financial Commitments

The annual payment commitments under tenancy agreements and under a lease amount to EUR 16,732 for the office rented by the Company at the factory site and EUR
12,205, respectively. The amounts remained unchanged from the prior year. The lease with Sasol Solvents Germany GmbH has a period of 30 years from the time the Company was established.

The
annual fixed payment commitments under service agreements with Sasol Solvents Germany GmbH amount to EUR 4,600 thousand (prior year: EUR 4,500 thousand).

The
increase results basically from changes to the underlying agreements and other contractual adjustments of the services.

Income Statement

Sales

A classification of sales by regional markets is as follows:

2006/2007
EUR'000

Prior year
EUR'000Germany

25,975

25,003Great Britain

15,941

16,900France

13,081

12,600Northern countries

10,058

6,600Other European countries

13,714

14,09278,769

75,195


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A
classification of sales by fields of activity is as follows:

2006/2007
EUR'000

Prior year
EUR'000MSA

71,560

67,991Steam generation

6,464

6,055Sundry sales

745

1,14978,769

75,195


Other Operating Income

The other operating income includes primarily exchange gains (EUR 204 thousand; prior year: EUR 74 thousand). It includes income from release of the
special item with equity portion in the amount of EUR 8 thousand (prior year: EUR 8 thousand).

Personnel Expenses

The personnel expenses include post-employment benefit costs of EUR 114 thousand (prior year: EUR 95 thousand).

Other Operating Expenses

The material items included in these expenses are freight and transport costs (EUR 2,765 thousand; prior year: EUR 2,811 thousand) and exchange
losses (EUR 144 thousand; prior year: EUR 137 thousand) as well as a loss from disposal of fixed assets of EUR 1,372 thousand.

Other Disclosures

Like in the prior year, the Company had five employees, all of whom were salaried employees, on the average of the year 2006/2007.

The
total emoluments paid to management were not disclosed in accordance with § § 264a in connection with 286 (4) German Commercial Code (HGB)
because the emoluments of a managing director could have been determined on the basis of this data.

The
personally liable partner Sasol-Huntsman Verwaltungs-GmbH, Moers, has sole power of representation of the Company. It is obliged to manage and represent the Company. The
subscribed capital of the personally liable partner amounts to EUR 26 thousand.

The
following persons had been appointed as managing directors of the personally liable partner Sasol-Huntsman Verwaltungs-GmbH, Moers, in the business year 2006/2007:



On
15 September 1999, Mr Dixon authorised Mr Gießel to represent Sasol-Huntsman Verwaltungs-GmbH, Moers, alone with respect to the following
transactions:



The
personally liable partner Sasol-Huntsman Verwaltungs-GmbH, Moers, is authorised to represent the Company without limitation in entering into legal transactions with
itselfor at the same time as the representative of a third party (§ 181 German Civil Code (B GB)).

Moers,
27 August 2007

Sasol-Huntsman
Verwaltungs-GmbH

|(Rolf Dieter Gießel) |  | (Mike Dixon)      |  | 
|-------------------- |  | ----------------- |  | 
|Managing Director    |  | Managing Director |  | 

---



[Independent] Auditors' Report

We have audited the annual financial statementscomprising the balance sheet, the income statement and the notes to the financial
statementstogether with the bookkeeping system, and the management report of Sasol-Huntsman GmbH & Co. KG, Moers, for the business year from 1 July 2006 to
30 June 2007. The maintenance of the books and records and the preparation of the annual financial statements and management report in accordance with German commercial law are the
responsibility of the Company's legal representatives. Our responsibility is to express an opinion on the annual financial statements, together with the bookkeeping system, and on the management
report based on our audit.

We
conducted our audit of the annual financial statements in accordance with § 317 HGB ("German Commercial Code") and German generally accepted standards for the audit
of financial statements promulgated by the Institut der Wirtschaftsprüfer. Those standards require that we plan and perform the audit such that misstatements materially affecting the
presentation of the net assets, financial position and results of operations in the annual financial statements in accordance with German principles of proper accounting and in the management report
are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Company and expectations as to possible misstatements are taken into account
in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the books and records, the annual financial
statements and the management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the accounting principles used and significant estimates
made by the legal representatives, as well as evaluating the overall presentation of the annual financial statements and management report. We believe that our audit provides a reasonable basis for
our opinion.

Our
audit has not led to any reservations.

In
our opinion, based on the findings of our audit, the annual financial statements of Sasol-Huntsman GmbH & Co. KG, Moers, comply with the legal requirements and
give a true and fair view of the net assets, financial position and results of operations of the Company in accordance with German principles of proper accounting. The management report is consistent
with the annual financial statements and as a whole provides a suitable view of the Company's position and suitably presents the opportunities and risks of future development.

Düsseldorf,
27 August 2007

Deloitte & ToucheGmbH
Wirtschaftsprüfungsgesellschaft

|Signed: Graetz          |  | Signed: Löhr            |  | 
|----------------------- |  | ----------------------- |  | 
|Wirtschaftsprüfer       |  | Wirtschaftsprüfer       |  | 
|[German Public Auditor] |  | [German Public Auditor] |  | 

---





Sasol-Huntsman GmbH & Co. KG,  MoersManagement Report and  Annual Financial Statements  as at 30 June 2006

---



Sasol-Huntsman GmbH & Co. KG, Moers

Management Report of the Company for the 2005/2006 Annual Financial Statements

1.     Business Condition and Environment



Following
the noticeable recovery of economic activity in Germany and Europe, intra-European demand for maleic anhydride (hereafter referred to as MSA) also showed an upward trend. This
is matched by a continuous rapid development of crude oil prices in the business year 2005/2006, which could, however, be curbed by an invariably weak US dollar.

Overall Demand

Total demand for MSA normalised again in the reporting period, growing on average by around 2-3%. The UPR (unsaturated polyester resin) industry is
still the main buyer of MSA, accounting for > 50% of total demand. In this market segment, consumers report significant growth rates of up to 10% in the first half of 2006 due to the recovery of
building activities in Central Europe.

Trend of Raw Materials Costs

The past business year continued to be characterised by the difficult raw materials cost trend. Thus, the Company's raw materials costs rose by 25% from the prior
year in 2005/2006, in line with the crude oil price trend. The raw materials cost increase of the past four years is, hence, around 175%. At the time of reporting, the crude oil price was at a record
high of USD 75/barrel (prior year: USD 65/barrel).

Market Price Level

MSA prices were at a very satisfactory level although raw-materials-side price increases could sometimes be passed on via the price only
with the time delay.

Supply and Demand

On account of a force majeure statement of the competitor Lonza (Italy) with respect to its n-butane-based facility (technical problems over a period
of more than two months from May 2006), its closed down benzene-based MSA facility was temporarily put into operation again.

Furthermore,
significant quantities from benzene-based MSA facilities were practically not available any more. The trend towards reduction of plant capacities on the MSA supply side has,
hence, generally persisted in Europe. This situation led temporarily to serious shortages on the supply side; as at the business year end, MSA prices were at a record high.

2.     Results of Operations

Overview

The results from operating activities decreased from the prior year, which was primarily due to a continued increase in raw materials costs. Sales prices could be
raised with a time delay.

Output
was around 5% below the prior year's level due to lower efficiency of the catalyst, which had to be exchanged due to obsolescence in August 2006. There were no major plant
stoppages; both reactors ran with an availability of >95%.

---



The
strategic sales target of the Company of 50,000 tons was again exceeded in 2005/2006; the sales volume was at 55,200 tons, exceeding the budget by around 2%. The portion of the sales
volume secured through contractual supply agreements (one to three years) with key accounts remained unchanged, accounting for around 80 to 85% of the Company's business.

Taking
into account a slightly improved financing result, after-tax earnings, though declining by around 30%, were still at an above average level after a very good prior
year.

Sales

In 2005/2006, the income generated by operations amounted to EUR 75,549 thousand (prior year: EUR 69,561 thousand) and consisted at 99.5% of sales
revenues (prior year: 98.6%). Average revenues rose to EUR 1,382/ton (prior year: EUR 1,218/ton). The profit margin (earnings before income tax + interest paid / sales revenues) is at
22.7% (prior year: 32.8%).

Results from Operating Activities

In 2005/2006, the results from operating activities amounted to EUR 17,056 thousand, which is EUR 5,407 thousand less than in the prior year, and
amounted to 22.7% as a percentage of sales (prior year: 32.7%). This variance was primarily due to higher raw materials costs.

Earnings before Income Taxes

In 2005/2006, the earnings before income taxes fell by EUR 5,264 thousand from the prior year to EUR 16,754 thousand. This decrease is due to the
marked increase in cost of materials, which could be passed on to the market only proportionately and with a time delay.

Net Income for the Year

The net income for the year net of income taxes of EUR 1,435 thousand amounts to EUR 15,319 thousand. In comparison with the prior year, the net
income deteriorated by EUR 5,849 thousand, which is caused by higher raw materials costs and an increase of EUR 585 thousand in income tax expenditure.

3.     Financial Position



Cash Flow

In comparison with the prior year, the cash inflow from operating activities remained at a very good level. The cash flow from current business activities was at
EUR 17,746 thousand (prior year: EUR 20,714 thousand).

Partner Loans

The cash outflow from repayment of partner loans amounted to EUR 15,690 thousand (prior year: EUR 3,372 thousand). The partner loans were fully
repaid as at 30 June 2006.

Capital Investment Analysis

In the past business year, capital expenditures on property, plant and equipment amounted to EUR 3,055 thousand (prior year: EUR 257 thousand).
These resulted basically from the purchase of a pastillising facility for producing MSA in solid form (pastilles).

---



4.     Net Asset Position



Current Assets

The Company's current assets rose by EUR 3,373 thousand (up by 22.7%) and amount to EUR 18,200 thousand (prior year: EUR 14,827 thousand).
This increase is basically due to higher short-term receivables as at the balance sheet date.

Equity in a Wider Sense

The equity in a wider sense rose by EUR 15,320 thousand to EUR 25,831 thousand (prior year: EUR 10,511 thousand). The equity ratio (equity /
balance sheet total) amounts to 69.8% (prior year: 31.3%).

Liabilities

In 2005/2006, the Company managed to reduce its liabilities by EUR 13,327 thousand to EUR 8,200 thousand (prior year: EUR 21,527 thousand).
The partner loans were fully repaid; the current liabilities are of a short-term nature and relate basically to trade payables. They are matched by short-term receivables in
the amount of EUR 16,403 thousand.

5.     Post-balance-sheet-date Events



Catalyst Exchange

At the beginning of the business year 2006/2007, the Company carried out a routine catalyst exchange, which entailed an around five-week plant
stoppage. The necessary scheduled expense of around EUR 5 million was provided from cash flows.

Complementary Purchase of Products

The output budgeted for the business year 2006/2007 is 52,200 tons/year. To be able to fulfil contractual obligations and to reach the sales target of 56,500
tons/year, it is intended to complementarily purchase a considerable quantity of finished goods.

Maintenance Measures

Besides, a number of capital investments, inspection and precautionary maintenance measures were taken during the five-week plant stoppage in August
2006. These included three major measures:



---





The
total expenditure on these three measures was around EUR 3 million, which were also financed from the Company's cash flows.

Infrastructure Measures

To maintain the option of potential capacity expansion, it will be necessary to take preparatory infrastructure measures next business year; the related costs
amount to EUR 700 thousand.

Summary

The catalyst exchange and the related expense as well as the loss of production, which will fully materialise in the business year 2006/2007, will affect budgeted
earnings in the order of around EUR 5 to 6 million.

The
liquidity is expected to be fully sufficient to fulfil current and extraordinary payment commitments due to the catalyst exchange and project realisation.

6.     Environmental Aspects

The emission values are within the admissible limits.

7.     Risk Reporting

From today's point of view, there are the following risks, which are, however, all mitigated through appropriate measures within the scope of existing risk
management:



Overall Risk

From today's point of view and in the foreseeable future, there are and will be no specific risks threatening continued existence.

Risk of Economic Activity

There are no anticipated major risks of economic activity. The Company operates primarily in Europe; its export share is around 80%. Potential risks threatening
the macroeconomic development are the further crude oil price and the US dollar exchange rate trends.

Currency Risk

Although an increase in the exchange rate of the US dollar leads to higher raw materials prices, it opens up sales opportunities in the export business. The
purchase-side currency risk is addressed by invoicing already a part of the business in US dollar.

---



Industry Risk

For the MSA industry, the Company anticipates neither risks of economic activity nor major changes in market/competitive conditions.

The
realignment of the chemicals policy in the EU will require registration, valuation and permission of maleic anhydride. The related legislation is due to take effect only in 2007. The
enterprise is prepared for registration and the Company expects that the expense will not be significant on account of the one-product range.

Financial Risks

The Company's business is exposed to currency and price risks. Presently, there are, however, practically no risks of changing interest rates or credit risks.
Monitoring of financial risks has been centralised. Liquidity risks are not identifiable from today's point of view. Cash flow fluctuations are identified at an early stage within the scope of
liquidity planning.

Procurement Market Risks

Risks with respect to the availability of raw materials, energy, fabricated materials and intermediate products are not identifiable from today's point of view.
The dependence on crude oil does constitute a potential risk, which is covered through the long-term contractual arrangements with raw materials suppliers.

Raw
materials price increases can, however, not always be fully passed on to the market on a timely basis.

Sales Market Risks

Cyclical fluctuations of demand in the UPR industry, which is deemed to be a key component supply industry for the building, automotive and shipbuilding
industries, constitute operative risks. The Company addresses these risks by means of a balanced customer portfolio, where the UPR industry does not account for more than 50% of total turnover.
Furthermore, it has to be noted in this context that, for example, the export share within Europe accounts for around 80% of the business, also leading to a balanced regional market structure.

Capital Investment Risk

Decisions on capital investments involve complex risks. Preparation, realisation and control are based on the responsibility regulations and approval processes of
the two partners.

Summary



8.     Outlook



---





Based
on the underlying planning assumptions, the Company anticipates positive operating results both for the next two and for the following business years.

The
Company's budgeted turnover for the business year 2006/2007 is 56,500 tons; in the business year 2007/2008, the output of the facility is intended to be fully sold (roughly 59,000
tons).

In
2006, MSA supply and demand were balanced worldwide, regionally and temporarily, however, scarce, especially in Europe. The situation in North America, which had still led to major
shifts in the prior year, seems to be less strained at present. Asian export volumes are available only to a limited extent on account of high logistics and raw materials costs (benzene).

The
medium-term, global development is practically unchanged. The two plant expansions on the basis of n-butane announced in North America will not be completed
before 2008/2009. This is not expected to have any direct effects on Europe.

Assuming
that the crude oil markets remain at a high level and that the by far higher benzene price in relation to n-butane will not change significantly, MSA supply and
demand will remain balanced. The supply from n-butane-based MSA facilities will just be sufficient in
Europe to cover medium-term demand. As a result of this, the MSA price is expected to remain at a relatively stable level. Over the long term, assuming a moderate growth of 1 to 3%, Europe
will need additional MSA capacities.

For
Europe, the Company anticipates in 2006/2007 on account of further technically necessary plant stoppages that the supply and demand situation will ease, and that market prices will
stabilise at a lower level, only in the middle of the new business year.

The
Company's main competitor is still BASF. This Company discontinued production of MSA derivatives at the location in Feluy/Belgium in mid-2005. In September 2005, it
declared, however, publicly that MSA production for the market will be continued. The answer to the question as to whether a medium-term increase in MSA output for the market is to be
expected due to the closure of derivative production remains, however, to be awaited. Corresponding indications are not identifiable in the market to date.

Finally,
it can be stated:



Generally,
it can not be excluded that there will be further short-term temporary scarcities in Europe.

---



Nevertheless,
it is anticipated that margins will level out at a somewhat lower level on account of the persisting rise of raw materials costs, while earnings will remain satisfactory.
The Company's short and medium-term forecasts do not take into account extraordinary positive price effects.

As
a result of the described medium to long-term market forecasts, the Company carried out the basic engineering for implementing a further facility in 2005/2006. This
facility is intended to be set up on the Company's premises next to the existing facility. The engineering relates to setting up of a further reactor including the necessary downstream processing
facilities with a capacity of 40,000 tons/year at the same location. The amount invested from corporate funds in the past business year and in the upcoming business year is around EUR
1.8 million and around EUR 0.7 million, respectively.

Moers,
18 December 2006

Sasol-Huntsman
Verwaltungs-GmbH

|(Rolf Dieter Gießel) |  | (Mike Dixon)      |  | 
|-------------------- |  | ----------------- |  | 
|Managing Director    |  | Managing Director |  | 

---



Sasol-Huntsman GmbH & Co. KG, Moers

Balance Sheet as at 30 June 2006

Assets

|     |  |                                                   |  | 30 June 2006 EUR |  | Prior year EUR'000
|---- |  | ------------------------------------------------- |  | ---------------- |  | ------------------
|A.   |  | Fixed assets                                      |  |                  |  |                   
|     |  | Tangible assets                                   |  |                  |  |                   
|1.   |  | Buildings on third party land                     |  | 535,837.59       |  | 564               
|2.   |  | Technical equipment and machines                  |  | 16,310,964.99    |  | 17,891            
|3.   |  | Other equipment, factory and office equipment     |  | 70,982.50        |  | 27                
|4.   |  | Payments on account and assets under construction |  | 1,891,864.79     |  | 247               
|     |  |                                                   |  |                  |  |                   
|     |  |                                                   |  | 18,809,649.87    |  | 18,729            
|     |  |                                                   |  |                  |  |                   
|B.   |  | Current assets                                    |  |                  |  |                   
|I.   |  | Inventories                                       |  |                  |  |                   
|1.   |  | Raw materials and supplies                        |  | 948,931.52       |  | 716               
|2.   |  | Work in process                                   |  | 141,863.01       |  | 96                
|3.   |  | Finished goods and merchandise                    |  | 688,859.66       |  | 467               
|     |  |                                                   |  |                  |  |                   
|     |  |                                                   |  | 1,779,654.19     |  | 1,279             
|     |  |                                                   |  |                  |  |                   
|II.  |  | Receivables and other assets                      |  |                  |  |                   
|1.   |  | Trade receivables                                 |  | 12,157,602.19    |  | 10,910            
|2.   |  | Receivables from partners                         |  | 0.00             |  | 29                
|3.   |  | Receivables from related undertakings             |  | 3,532,194.24     |  | 1,078             
|4.   |  | Other assets                                      |  | 713,686.31       |  | 515               
|     |  |                                                   |  |                  |  |                   
|     |  |                                                   |  | 16,403,482.74    |  | 12,532            
|     |  |                                                   |  |                  |  |                   
|III. |  | Cash-in-hand, bank balances                       |  | 17,388.19        |  | 1,016             
|     |  |                                                   |  |                  |  |                   
|     |  |                                                   |  | 18,200,525.12    |  | 14,827            
|     |  |                                                   |  |                  |  |                   
|C.   |  | Prepaid expenses                                  |  | 2,275.28         |  | 2                 
|     |  |                                                   |  |                  |  |                   
|     |  |                                                   |  | 37,012,450.27    |  | 33,558            
|     |  |                                                   |  |                  |  |                   

---



Equity and Liabilities

|     |  |                                        |  | 30 June 2006 EUR |   | Prior year EUR'000 |  
|---- |  | -------------------------------------- |  | ---------------- | - | ------------------ | -
|A.   |  | Equity                                 |  |                  |   |                    |  
|I.   |  | General partner's capital share        |  |                  |   |                    |  
|1.   |  | General partner's contribution         |  | 10,225.84        |   | 10                 |  
|2.   |  | Accumulated losses                     |  | (633.88          | ) | (9                 | )
|     |  |                                        |  |                  |   |                    |  
|     |  |                                        |  | 9,591.96         |   | 1                  |  
|     |  |                                        |  |                  |   |                    |  
|II.  |  | Limited partners' capital shares       |  |                  |   |                    |  
|1.   |  | Liable contributions                   |  | 1,012,357.92     |   | 1,012              |  
|2.   |  | Other compulsory capital contributions |  | 19,413,752.74    |   | 19,414             |  
|3.   |  | Accumulated losses                     |  | 0.00             |   | (9,916             | )
|     |  |                                        |  |                  |   |                    |  
|     |  |                                        |  | 20,426,110.66    |   | 10,510             |  
|     |  |                                        |  |                  |   |                    |  
|III. |  | Net retained profits                   |  | 5,395,088.71     |   | 0                  |  
|     |  |                                        |  |                  |   |                    |  
|     |  |                                        |  | 25,830,791.33    |   | 10,511             |  
|     |  |                                        |  |                  |   |                    |  
|B.   |  | Special item for investment grants     |  | 20,086.46        |   | 28                 |  
|     |  |                                        |  |                  |   |                    |  
|C.   |  | Accruals                               |  |                  |   |                    |  
|1.   |  | Tax accruals                           |  | 2,284,531.00     |   | 850                |  
|2.   |  | Other accruals                         |  | 676,771.06       |   | 641                |  
|     |  |                                        |  |                  |   |                    |  
|     |  |                                        |  | 2,961,302.06     |   | 1,491              |  
|     |  |                                        |  |                  |   |                    |  
|D.   |  | Liabilities                            |  |                  |   |                    |  
|1.   |  | Trade payables                         |  | 5,200,169.04     |   | 3,334              |  
|2.   |  | Payables to partners                   |  | 5,245.12         |   | 15,698             |  
|3.   |  | Payables to related undertakings       |  | 2,735,395.18     |   | 2,423              |  
|4.   |  | Other liabilities                      |  | 259,461.08       |   | 73                 |  
|     |  |                                        |  |                  |   |                    |  
|     |  |                                        |  | 8,200,270.42     |   | 21,528             |  
|     |  |                                        |  |                  |   |                    |  
|     |  |                                        |  | 37,012,450.27    |   | 33,558             |  
|     |  |                                        |  |                  |   |                    |  

---



Sasol-Huntsman GmbH & Co. KG, Moers

Profit and Loss Account for the Period from 1 July 2005 to 30 June 2006

|    |  |                                                                                                                           |  | 2005/2006
EUR  |   | Prior year
EUR'000 |  
|--- |  | ------------------------------------------------------------------------------------------------------------------------- |  | -------------- | - | ------------------ | -
|1.  |  | Sales                                                                                                                     |  | 75,195,595.22  |   | 68,599             |  
|2.  |  | Increase in finished goods inventories and work in process                                                                |  | 266,015.48     |   | 231                |  
|3.  |  | Other operating income                                                                                                    |  | 87,999.88      |   | 731                |  
|4.  |  | Cost of materials                                                                                                         |  |                |   |                    |  
|a)  |  | Cost of raw materials, consumables and supplies and of purchased merchandise                                              |  | (42,858,125.10 | ) | (32,377            | )
|b)  |  | Cost of purchased services                                                                                                |  | (7,169,069.20  | ) | (6,990             | )
|5.  |  | Personnel expenses                                                                                                        |  |                |   |                    |  
|a)  |  | Salaries                                                                                                                  |  | (465,551.01    | ) | (378               | )
|b)  |  | Social security and other pension costs
Of which in respect of old-age pensions: EUR 95,046 (prior year: EUR 64 thousand) |  | (152,427.83    | ) | (121               | )
|6.  |  | Depreciation on intangible fixed assets and tangible assets                                                               |  | (2,973,183.85  | ) | (2,764             | )
|7.  |  | Other operating expenses                                                                                                  |  | (4,872,831.83  | ) | (4,466             | )
|8.  |  | Other interest and similar income                                                                                         |  | 18.82          |   | 52                 |  
|9.  |  | Interest and similar expenses                                                                                             |  | (302,176.32    | ) | (497               | )
|    |  |                                                                                                                           |  |                |   |                    |  
|10. |  | Results from ordinary activities                                                                                          |  | 16,756,264.26  |   | 22,020             |  
|11. |  | Other taxes                                                                                                               |  | (1,853.76      | ) | (2                 | )
|12. |  | Taxes on income                                                                                                           |  | (1,435,026.00  | ) | (850               | )
|    |  |                                                                                                                           |  |                |   |                    |  
|13. |  | Net income for the year                                                                                                   |  | 15,319,384.50  |   | 21,168             |  
|14. |  | Credited to general partner's capital account                                                                             |  | (8,534.31      | ) | (10                | )
|15. |  | Credited to limited partners' capital accounts                                                                            |  | (9,915,761.48  | ) | (31,072            | )
|    |  |                                                                                                                           |  |                |   |                    |  
|16. |  | Net retained profits/net accumulated losses                                                                               |  | 5,395,088.71   |   | (9,914             | )
|    |  |                                                                                                                           |  |                |   |                    |  

---



Sasol-Huntsman GmbH & Co. KG, Moers

Notes to the Financial Statements for the Business Year 2005/2006

General Information on the Annual Financial Statements

As at the balance sheet date, the Company meets the size criteria of a large commercial partnership in accordance with § 264a (1) in
connection with § 267 (3) German Commercial Code (HGB).

Foreign Currency Translation

Receivables and payables denominated in foreign currency are valued at the rate in effect at the date of invoicing. Exchange losses have been taken into account
through revaluation as at the balance sheet date.

Balance Sheet

Valuation Methods Fixed Assets

Intangible assets and property, plant and equipment have been valued at acquisition cost less scheduled amortisation and depreciation. Low-value items
with individual purchase cost of up to EUR 410 are fully depreciated in the year of acquisition according to § 6 (2) German Income Tax Law (EStG).

Amortisation
and depreciation are based on estimated useful lives and the regulations under German tax law. As far as admissible, property, plant and equipment are classified as major
assets. In accordance with R 7.3 (5) German Income Tax Regulations (EStR), additions to property, plant and equipment are deemed to be subsequent production costs. In accordance with R 7.4
(3) German Income Tax Regulations (EStR), the residual useful life has possibly to be re-estimated. The different useful lives are as follows:

|                                              |  | Depreciation method              |  | Useful life
|--------------------------------------------- |  | -------------------------------- |  | -----------
|Property, plant and equipment                 |  |                                  |  |            
|Buildings on third party land                 |  |                                  |  |            
|Analysis station                             |  | Straight-line                    |  | 33 years   
|Distribution station                         |  | Straight-line                    |  | 25 years   
|Compressor hall                              |  | Straight-line                    |  | 25 years   
|Technical equipment and machines              |  |                                  |  |            
|New MSA facility                             |  | Straight-line                    |  | 13 years   
|Containers (new MSA facility)                |  | Straight-line                    |  | 20 years   
|Containers (old MSA facility)                |  | Straight-line                    |  | 14.5 years 
|Loading station (new MSA facility)           |  | Straight-line                    |  | 15 years   
|Sundry                                       |  | Straight-line / reducing-balance |  | 4-10 years 
|Other equipment, factory and office equipment |  | Straight-line                    |  | 4-10 years 

Scheduled
depreciation is deducted on a straight-line or reducing-balance basis from depreciated acquisition and production cost.

The
statement of movements in fixed assets has been attached as a part of the annual financial statements (see Exhibit to the Notes).

Inventories

Raw materials, consumables and supplies, which are included in inventories, are valued at acquisition costs or at lower replacement costs.

Work
in process and finished goods are valued at production costs, which, in addition to direct material and prime cost, also include appropriate portions of indirect material and
production

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overheads.
Interest on external capital is not capitalised. If anticipated sales revenues less the costs still to be incurred until the sale are lower, this value is recognised.

In
determining acquisition and production costs of similar inventories, it is assumed that the assets acquired or produced last are consumed or sold first (LIFO formula).

Trade Receivables

Receivables have been recognised at nominal value. Appropriate allowances are made on the nominal amount in order to cover the risk related to specific
receivables. In view of the customers' credit worthiness as well as existing empirical data concerning the risk of loss of receivables outstanding, general allowances have not been made so far.

Sundry Receivables and Other Assets

The sundry receivables and other assets have been recognised at nominal value.

On
account of the importance of the receivables from the partners and the other Sasol Group companies, the classification of the balance sheet was extended to the following items in
compliance with §§ 264c (1), 265 (5) German Commercial Code (HGB):



Like
in the prior year, the receivables from related undertakings fully relate to trade.

The
other assets relate to VAT refund claims of EUR 588 thousand (prior year: EUR 379 thousand) and natural gas tax claims of EUR 122 thousand (prior year: EUR
135 thousand).

Liquid Funds

The liquid funds have been recognised at nominal value.

Prepaid Expenses

Prepaid expenses are recognised at the amount which constitutes expenditure incurred in the reporting year and expense of the succeeding years.

Special Item for Investment Grants

The special item for investment grants relates to a subsidy granted from funds of the state of NorthRhine/Westphalia in connection with the setting up of the MSA
facility in the business year 1998/1999. This special item is released in line with depreciation on the subsidised assets.

Other Provisions and Accruals

The other provisions and accruals are based on sound business judgment and cover all risks and contingent liabilities identifiable as at the balance sheet date.
They relate mainly to bonuses granted to customers in the amount of EUR 552 thousand (prior year: EUR 571 thousand).

Liabilities

On account of the importance of the payable s to the partners and to the other Sasol Group and Huntsman Group companies, the classification of the balance sheet
was extended to the following items in compliance with §§ 264c (1), 265 (5) German Commercial Code (HGB):



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The
liabilities are valued at the amounts at which they will be repaid. They can be analysed as follows:

|Item |  | Balance sheet
value
EUR          |  | Residual term
up to 1 year
EUR |  | Residual term
1 to 5 years
EUR |  | Residual term
more than 5 years
EUR
|---- |  | -------------------------------- |  | ------------------------------ |  | ------------------------------ |  | -----------------------------------
|1.   |  | Trade payables                   |  | 5,200,169.04                   |  | 5,200,169.04                   |  | 0.00                               
|2.   |  | Payables to partners             |  | 5,245.12                       |  | 5,245.12                       |  | 0.00                               
|3.   |  | Payables to related undertakings |  | 2,735,395.18                   |  | 2,735,395.18                   |  | 0.00                               
|4.   |  | Other liabilities                |  | 259,461.08                     |  | 259,461.08                     |  | 0.00                               
|     |  |                                  |  |                                |  |                                |  |                                    
|     |  |                                  |  | 8,200,270.42                   |  | 8,200,270.42                   |  | 0.00                               
|     |  |                                  |  |                                |  |                                |  |                                    

The
payables to partners relate exclusively to accounts payable to Sasol-Huntsman Verwaltungs-GmbH, Moers.

The
payables to related undertakings relate exclusively to trade payables.

The
other liabilities include liabilities to foreign fiscal authorities in the amount of EUR 214,493.83 (prior year: EUR 16,721.53) and taxes in the amount of EUR 17,713.51 (prior year:
EUR 10,741.67).

Other Financial Commitments

The annual payment commitments under tenancy agreements and under a lease amount to EUR 16,732 for the office rented by the Company at the factory site and EUR
12,205, respectively. The amounts remained unchanged from the prior year.

The
annual fixed payment commitments under service agreements with Sasol Germany GmbH amount to EUR 3,266 thousand (prior year: EUR 2,897 thousand).

The
increase results basically from changes to the underlying agreement and other contractual adjustments of the services.

Profit and Loss Account

Sales

A classification of sales by regional markets is as follows:

2005/2006
EUR'000

Prior year
EUR'000Germany

25,003

21,373Great Britain

16,900

14,658France

12,600

9,872Northern countries

6,600

7,050Other European countries

14,093

15,64675,196

68,599


A
classification of sales by fields of activity is as follows:

2005/2006
EUR'000

Prior year
EUR'000MSA

67,991

63,098Steam generation

6,055

4,899Sundry sales

1,150

60275,196

68,599


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Other Operating Income

The other operating income includes primarily exchange gains (EUR 74 thousand; prior year: EUR 295 thousand). It includes income from release of the
special item with equity portion in the amount of EUR 8 thousand (prior year: EUR 8 thousand).

Personnel Expenses

The personnel expenses include other pension costs of EUR 95 thousand (prior year: EUR 64 thousand).

Other Operating Expenses

The material items included in these expenses are freight and transport costs (EUR 2,811 thousand; prior year: EUR 2,689 thousand) and exchange
losses (EUR 137 thousand; prior year: EUR 133 thousand).

Other Disclosures

Like in the prior year, the Company had five employees, all of whom were salaried employees, on the average of the year 2005/2006.

The
total emoluments paid to management were not disclosed in accordance with § § 264a in connection with 286 (4) German Commercial Code (HGB)
because the emoluments of a managing director could have been determined on the basis of this data.

The
personally liable partner Sasol-Huntsman Verwaltungs-GmbH, Moers, has sole power of representation of the Company. It is obliged to manage and represent the Company. The
subscribed capital of the personally liable partner amounts to EUR 26 thousand.

The
following persons had been appointed as managing directors of the personally liable partner SasolHuntsman Verwaltungs-GmbH, Moers, in the business year 2005/2006:



On
15 September 1999, Mr Dixon authorised Mr Gießel to represent Sasol-Huntsman VerwaltungsGmbH, Moers, alone with respect to the following transactions:



The
personally liable partner Sasol-Huntsman Verwaltungs-GmbH, Moers, is authorised to represent the Company without limitation in entering into legal transactions with
itselfor at the same time as the representative of a third party (§ 181 German Civil Code (B GB)).

Moers,
18 December 2006

Sasol-Huntsman
Verwaltungs-GmbH

|(Rolf Dieter Gießel) |  | (Mike Dixon)      |  | 
|-------------------- |  | ----------------- |  | 
|Managing Director    |  | Managing Director |  | 

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[Independent] Auditors' Report

We have audited the annual financial statementscomprising the balance sheet, the income statement and the notes to the financial
statementstogether with the bookkeeping system, and the management report of Sasol-Huntsman GmbH & Co. KG, Moers, for the business year from 1 July 2005 to
30 June 2006. The maintenance of the books and records and the preparation of the annual financial statements and management report in accordance with German commercial law are the
responsibility of the Company's legal representatives. Our responsibility is to express an opinion on the annual financial statements, together with the bookkeeping system, and on the management
report based on our audit.

We
conducted our audit of the annual financial statements in accordance with § 317 HGB ("German Commercial Code") and German generally accepted standards for the audit
of financial statements promulgated by the Institut der Wirtschaftsprüfer. Those standards require that we plan and perform the audit such that misstatements materially affecting the
presentation of the net assets, financial position and results of operations in the annual financial statements in accordance with German principles of proper accounting and in the management report
are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Company and expectations as to possible misstatements are taken into account
in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the books and records, the annual financial
statements and the management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the accounting principles used and significant estimates
made by the legal representatives, as well as evaluating the overall presentation of the annual financial statements and management report. We believe that our audit provides a reasonable basis for
our opinion.

Our
audit has not led to any reservations.

In
our opinion, based on the findings of our audit, the annual financial statements of Sasol-Huntsman GmbH & Co. KG, Moers, comply with the legal requirements and
give a true and fair view of the net assets, financial position and results of operations of the Company in accordance with German principles of proper accounting. The management report is consistent
with the annual financial statements and as a whole provides a suitable view of the Company's position and suitably presents the opportunities and risks of future development.

Düsseldorf,
18 December 2006

Deloitte & ToucheGmbH
Wirtschaftsprüfungsgesellschaft

|Signed: Graetz          |  | Signed: Schober         |  | 
|----------------------- |  | ----------------------- |  | 
|Wirtschaftsprüfer       |  | Wirtschaftsprüfer       |  | 
|[German Public Auditor] |  | [German Public Auditor] |  | 

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