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Exhibit 4.2  

 
 

    List of Shares Held 2003  

   Contents  

	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)
	

 	

 	
 	

/*/ Germany
	

 	

 	
 	

/*/ Europe (excluding Germany)
	

 	

 	
 	

/*/ North America
	

 	

 	
 	

/*/ South America
	

 	

 	
 	

/*/ Asia, Pacific Area, Africa
	

 	

2.	
 	

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

 	

 	
 	

/*/ Germany
	

 	

 	
 	

/*/ Europe (excluding Germany)
	

 	

 	
 	

/*/ South America
	

 	

 	
 	

/*/ Asia, Pacific Area, Africa
	

 	

3.	
 	

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

 	

 	
 	

/*/ Germany
	

 	

 	
 	

/*/ Europe (excluding Germany)
	

 	

 	
 	

/*/ South America
	

 	

 	
 	

/*/ Asia, Pacific Area, Africa
	

 	

4.	
 	

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

 	

 	
 	

/*/ Germany
	

 	

 	
 	

/*/ Europe (excluding Germany)
	

II.	

Other subsidiaries, affiliates and other participating interests
	

 	

1.	
 	

Non-consolidated minor subsidiaries

(Section 296 [2] of the German Commercial Code)
	

 	

 	
 	

/*/ Germany
	

 	

 	
 	

/*/ Europe (excluding Germany)
	

 	

 	
 	

/*/ North America
	

 	

 	
 	

/*/ South America
	

 	

 	
 	

/*/ Asia, Pacific Area, Africa
	

 	

2.	
 	

Non-consolidated minor affiliates

(Section 311 [2] of the German Commercial Code)
	

 	

3.	
 	

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

 	

 	
 	

/*/ Germany
	

III.	

Information on subsidiaries

(exemptions under Section 264, Paragraph 3 and Section 264 b of the German Commercial Code)
	

 	

 	
 	

/*/ Germany

2

   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

held

(%)
	 	Thereof

BASF AG

(%)
	 	Stock-

holders'

equity

(millions)
	 	Net

income

(millions)
	 	Currency

(ISO code)

	Germany	 	 	 	 	 	 	 	 	 	 
	Achte BASF Finanzbeteiligungsgesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	1.8	 	7.8	 	EUR
	BASF Agro Trademarks GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	0.0	 	0.0	 	EUR
	BASF Beteiligungsgesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	1,749.0	 	(99.0	)	EUR
	BASF CIS Trading GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	2.7	 	(0.8	)	EUR
	BASF Coatings AG

Münster	 	100.0	 	 	 	239.6	 	*	 	EUR
	BASF Drucksysteme GmbH

Stuttgart	 	100.0	 	 	 	38.6	 	*	 	EUR
	BASF Handels- und Export GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	1.5	 	*	 	EUR
	BASF Immobilien-Gesellschaft mbH & Co. Pigment KG

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

Drucksysteme KG,

Ludwigshafen (Rhine)	 	100.0	 	 	 	6.2	 	1.9	 	EUR
	BASF IT Services GmbH

Ludwigshafen (Rhine)	 	100.0	 	 	 	23.3	 	9.3	 	EUR
	BASF PharmaChemikalien GmbH & Co. KG

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	37.9	 	(18.2	)	EUR
	BASF Pigment GmbH

Ludwigshafen (Rhine)	 	100.0	 	 	 	11.8	 	*	 	EUR
	BASF Plant Science GmbH

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

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	183.5	 	0.1	 	EUR
	BASF Schwarzheide GmbH

Schwarzheide	 	100.0	 	 	 	209.1	 	*	 	EUR
	Chemische Fabrik Wibarco GmbH

Ibbenbüren	 	100.0	 	 	 	10.0	 	2.6	 	EUR
	Dr. Wolman GmbH

Sinzheim	 	100.0	 	 	 	4.8	 	2.0	 	EUR
	 	 	 	 	 	 	 	 	 	 	 

3

 

	Elastogran GmbH

Lemförde	 	100.0	 	 	 	42.4	 	*	 	 
	GEWOGE Wohnungsunternehmen der BASF GmbH

Ludwigshafen (Rhine)	 	97.0	 	 	 	41.1	 	*	 	EUR
	Guano-Werke GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	1,908.0	 	45.6	 	EUR
	Haidkopf GmbH Kassel	 	100.0	 	 	 	0.2	 	*	 	EUR
	LUWOGE Wohnungsunternehmen der BASF GmbH

Ludwigshafen (Rhine)	 	100.0	 	 	 	41.7	 	*	 	EUR
	Ultraform GmbH & Co. KG

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	19.1	 	5.6	 	EUR
	Untertage-Speicher-Gesellschaft mbH Kassel

	 	100.0	 	 	 	1.4	 	2.7	 	EUR
	WINGAS GbR

Kassel

	 	65.0	 	 	 	0.0	 	*	 	EUR
	WINGAS GmbH

Kassel

	 	65.0	 	 	 	123.5	 	*	 	EUR
	Wintershall AG

Kassel

	 	100.0	 	 	 	2,065.7	 	*	 	EUR
	Wintershall Erdgas Beteiligungs-GmbH Kassel

	 	100.0	 	 	 	207.7	 	*	 	EUR
	Wintershall Explorations- und Produktions-Beteiligungsgesellschaft mbH, Kassel	 	100.0	 	 	 	46.6	 	*	 	EUR
	Wintershall Erdgas Verwaltungs-GmbH Kassel	 	100.0	 	 	 	156.5	 	*	 	EUR
	* Profit/loss transfer agreement	 	 	 	 	 	 	 	 	 	 
	
Europe (excluding Germany)	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	BASF (Schweiz) AG

Wädenswil/Au, Switzerland

	 	100.0	 	100.0	 	19.4	 	4.4	 	CHF
	BASF A/S

Copenhagen, Denmark

	 	100.0	 	100.0	 	73.8	 	1.7	 	DKK
	BASF AB

Göteborg, Sweden

	 	100.0	 	100.0	 	88.2	 	16.0	 	SEK
	BASF Agri-Production S.A. S.

Gravelines, France

	 	100.0	 	 	 	47.9	 	7.1	 	EUR
	 	 	 	 	 	 	 	 	 	 	 

4

 

	BASF Agro B.V.

Arnhem, the Netherlands

	 	100.0	 	 	 	1,246.4	 	0.2	 	EUR
	BASF Agro Hellas Industrial and Commercial S.A.

Athens, Greece

	 	100.0	 	100.0	 	6.3	 	1.4	 	EUR
	BASF Agro S.A. S.

Tassin-La-Demi-Lune, France

	 	100.0	 	 	 	61.7	 	(1.3	)	EUR
	BASF Agro SpA

Cesano Maderno, Italy

	 	100.0	 	100.0	 	7.9	 	(0.8	)	EUR
	BASF Agrochemical Products B.V. Arnhem, the Netherlands

	 	100.0	 	 	 	258.0	 	(0.6	)	USD
	BASF Antwerpen N.V.

Antwerp, Belgium

	 	100.0	 	 	 	1,239.9	 	261.0	 	EUR
	BASF AS

Asker, Norway	 	100.0	 	100.0	 	63.1	 	14.7	 	NOK
	BASF Belgium S.A.

Brussels, Belgium

	 	100.0	 	100.0	 	22.2	 	2.7	 	EUR
	BASF Coatings Holding B.V. Maarssenbroek, the Netherlands

	 	100.0	 	 	 	204.5	 	21.9	 	EUR
	BASF Coatings Ltd.

Deeside, United Kingdom

	 	100.0	 	 	 	4.9	 	1.1	 	GBP
	BASF Coatings S.A. S.

Clermont de l'Oise, France

	 	100.0	 	 	 	53.1	 	10.9	 	EUR
	BASF Coatings SpA

Burago Molgora, Italy

	 	100.0	 	 	 	10.9	 	(1.3	)	EUR
	BASF Coatings S.A.

Guadalajara, Spain

	 	99.7	 	 	 	44.2	 	12.3	 	EUR
	BASF Coordination Center Comm. V. Antwerp, Belgium

	 	100.0	 	73.4	 	8,216.7	 	217.2	 	EUR
	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	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

5

 

	BASF Española S.A.

Tarragona, Spain

	 	100.0	 	 	 	216.3	 	19.5	 	EUR
	BASF France S.A. S.

Levallois-Perret, France	 	100.0	 	100.0	 	49.0	 	7.2	 	EUR
	BASF Health & Nutrition A/S

Ballerup, Denmark

	 	100.0	 	100.0	 	209.1	 	12.2	 	DKK
	BASF Holding Española S. L.

Barcelona, Spain

	 	100.0	 	100.0	 	27.2	 	21.0	 	EUR
	BASF Hungaria Kft. Budapest, Hungary

	 	100.0	 	100.0	 	2,400.4	 	336.9	 	HUF
	BASF Interservice SpA

Cesano Maderno, Italy

	 	100.0	 	90.0	 	86.8	 	2.5	 	EUR
	BASF Intertrade AG

Zug, Switzerland	 	100.0	 	100.0	 	32.1	 	30.5	 	CHF
	BASF IT Services B.V.

Arnhem, the Netherlands	 	100.0	 	100.0	 	99.2	 	13.5	 	EUR
	BASF Italia SpA

Cesano Maderno, Italy

	 	100.0	 	 	 	48.4	 	1.7	 	EUR
	BASF Nederland B.V.

Arnhem, the Netherlands

	 	100.0	 	100.0	 	1,585.2	 	4.8	 	EUR
	BASF Austria Gesellschaft m. b. H.

	 	100.0	 	1.00	 	12.7	 	1.1	 	EUR
	Vienna, Austria	 	 	 	 	 	 	 	 	 	 
	BASF Operations B.V.

Arnhem, the Netherlands

	 	100.0	 	 	 	2.8	 	0.2	 	EUR
	BASF OY

Helsinki, Finland

	 	100.0	 	100.0	 	11.6	 	(10.6	)	EUR
	BASF plc

Wembley, United Kingdom

	 	100.0	 	 	 	109.5	 	11.9	 	GBP
	BASF Polska Sp. z. o. o.

Warsaw, Poland

	 	100.0	 	100.0	 	70.1	 	10.2	 	PLN
	BASF Printing Systems Ltd.

Horsham, United Kingdom

	 	100.0	 	 	 	6.2	 	(0.6	)	GBP
	BASF SONATRACH Propanchem S.A. Tarragona, Spain

	 	51.0	 	 	 	47.4	 	(23.7	)	EUR
	 	 	 	 	 	 	 	 	 	 	 

6

 

	BASF Systèmes d'Impression S.A. S. Clermont de l'Oise, France

	 	100.0	 	 	 	23.3	 	(1.2	)	EUR
	BASF UK Holdings Ltd.

Cheadle, United Kingdom

	 	100.0	 	100.0	 	30.8	 	–	 	GBP
	BASF Vernici e Inchiostri SpA

Cinisello Balsamo, Italy

	 	100.0	 	 	 	19.6	 	0.3	 	EUR
	Elastogran France S.A.

Mitry-Mory, France

	 	100.0	 	 	 	4.7	 	0.1	 	EUR
	Elastogran Italia SpA (ELIT)

Villanova d'Asti, Italy

	 	100.0	 	 	 	21.7	 	2.4	 	EUR
	Elastogran S.A.

Rubí (Barcelona), Spain

	 	100.0	 	 	 	11.1	 	2.8	 	EUR
	Elastogran U. K. Ltd. (EUK)

Alfreton, United Kingdom

	 	100.0	 	 	 	2.6	 	0.1	 	GBP
	Frank Wright Limited

Ashbourne, United Kingdom

	 	100.0	 	 	 	11.8	 	0.6	 	GBP
	Société Foncière et Industrielle S.A. S.

Clermont de l'Oise, France	 	100.0	 	 	 	7.3	 	0.1	 	EUR
	Wintershall Nederland Petroleum B.V.

The Hague, the Netherlands	 	100.0	 	 	 	20.3	 	18.5	 	EUR
	Wintershall Nederland-Group

	 	100.0	 	 	 	135.9	 	44.6	 	EUR
	 	Includes:	 	 	 	 	 	 	 	 	 	 
	 	Wintershall Dubai

Petroleum B.V.

The Hague, the Netherlands	 	100.0	 	 	 	20.3	 	1.6	 	EUR
	 	Wintershall Nederland B.V.

The Hague, the Netherlands	 	100.0	 	 	 	59.3	 	4.1	 	EUR
	 	Wintershall Nederland

Transport and Trading B.V.

The Hague, the Netherlands	 	100.0	 	 	 	7.1	 	2.3	 	EUR
	 	Wintershall Noordzee B.V.

The Hague, the Netherlands	 	100.0	 	 	 	65.2	 	36.5	 	EUR
	Wintershall Oil AG

Zug, Switzerland	 	100.0	 	 	 	2.7	 	1.0	 	CHF
	Wintershall Petroleum (E & P) B.V.

The Hague, the Netherlands

	 	100.0	 	 	 	10.9	 	(7.2	)	USD
	ZAO BASF

Moscow, Russia	 	100.0	 	100.0	 	16.1	 	3.6	 	EUR
	 	 	 	 	 	 	 	 	 	 	 

7

 

	
North America	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	BASFIN Corporation

Mount Olive,

New Jersey	 	100.0	 	100.0	 	3,094.7	 	0.0	 	USD
	BASF Americas Group

	 	100.0	 	 	 	2,759.0	 	(59.6	)	USD
	 	Includes:	 	 	 	 	 	 	 	 	 	 
	 	BASF Americas Corporation

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

Mount Olive,

New Jersey	 	100.0	 	 	 	840.6	 	(110.4	)	USD
	 	BASF AgGenetics LLC

Research Triangle Park, North Carolina	 	100.0	 	 	 	(3.4	)	0.2	 	USD
	 	BASF Canada Inc.

Toronto, Ontario, Canada	 	100.0	 	100.0	 	139.8	 	30.3	 	CAD
	 	BASF FINA Petrochemicals Ltd. Partnership

Port Arthur, Texas	 	60.0	 	 	 	143.4	 	16.7	 	USD
	 	BASF Plant Science Holding's Inc.

Mount Olive, New Jersey	 	100.0	 	 	 	0.1	 	0.0	 	USD
	 	BASF Plant Science LLC

Mount Olive, New Jersey	 	100.0	 	 	 	(10.3	)	(5.7	)	USD
	 	BASF Printing Systems LLC

Charlotte, North Carolina	 	100.0	 	 	 	1.8	 	0.3	 	USD
	 	BASF Properties Inc.

Toronto, Ontario, Canada	 	100.0	 	 	 	3.6	 	0.2	 	CAD
	 	BodyShopmall.com Inc.

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

Southfield, Michigan	 	100.0	 	 	 	11.1	 	2.0	 	USD
	 	Micro Flo Company LLC

Memphis, Tennessee	 	100.0	 	 	 	90.5	 	18.0	 	USD
	 	Sabina Petrochemicals LLC*

Wilmington, Delaware	 	23.4	 	 	 	(62.0	)	(29.2	)	USD
	 	Thousand Springs Trout Farms Inc.

Wilmington, Delaware	 	100.0	 	 	 	0.0	 	0.0	 	USD
	 	Tradewinds Chemicals Corporation

Mount Olive, New Jersey	 	100.0	 	 	 	359.4	 	1.9	 	USD
	 	BASF de Mexico Group	 	100.0	 	 	 	1,650.8	 	(318.0	)	MXN
	BASF Coatings de Mexico, S.A. de C. V.

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

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

Mexico City, Mexico	 	100.0	 	100.0	 	1,651.7	 	(318.0	)	MXN
	 	 	 	 	 	 	 	 	 	 	 

8

 

	BASF Mexicana, S.A. de C. V.

Mexico City, Mexico	 	100.0	 	 	 	2,168.0	 	(261.5	)	MXN
	* Proportionally consolidated affiliate	 	 	 	 
	
South America	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	BASF Argentina S.A.

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

Brazil	 	100.0	 	 	 	974.7	 	42.8	 	BRL
	 	Includes:	 	 	 	 	 	 	 	 	 	 
	 	BASF S.A.

São Bernardo do Campo, Brazil	 	100.0	 	 	 	832.5	 	(193.2	)	BRL
	 	BASF Poliuretanos Ltda.

Maua, Brazil	 	100.0	 	 	 	30.7	 	8.1	 	BRL
	BASF Chile S.A.

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

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

Lima, Peru	 	99.8	 	99.8	 	28.4	 	3.6	 	PEN
	BASF Quimica Colombiana S.A.

Bogotá, Colombia	 	100.0	 	100.0	 	65,891.0	 	14,800.0	 	COP
	Wintershall BM-C-10 Ltda.

Rio de Janeiro, Brazil	 	100.0	 	 	 	(172.4	)	(172.9	)	BRL
	Wintershall Energía S.A.

Buenos Aires, Argentina	 	100.0	 	 	 	577.3	 	258.8	 	ARS
	
Asia, Pacific Area, Africa	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	BASF (China) Company Ltd.

Peking, China	 	100.0	 	100.0	 	1,182.4	 	16.5	 	CNY
	BASF (Malaysia) Sdn. Bhd.

Petaling Jaya, Malaysia	 	100.0	 	 	 	95.5	 	19.5	 	MYR
	BASF (Thai) Ltd.

Bangkok, Thailand	 	100.0	 	100.0	 	1,398.6	 	173.8	 	THB
	BASF Agro Ltd.

Tokyo, Japan	 	100.0	 	 	 	229.0	 	173.0	 	JPY
	BASF Australia Group	 	 	 	 	 	 	 	 	 	 
	 	Includes:	 	 	 	 	 	 	 	 	 	 
	 	BASF Australia Ltd.

Melbourne, Victoria, Australia	 	100.0	 	100.0	 	32.0	 	9.6	 	AUD
	 	Cyanamid Agriculture PTY. Ltd.

Baulkham Hills, New South Wales, Australia	 	100.0	 	 	 	9.0	 	0.6	 	AUD
	BASF Chemicals Company Ltd.

Shanghai, China	 	100.0	 	 	 	767.0	 	0.0	 	CNY
	BASF China Limited

Kowloon, Hong Kong, China	 	100.0	 	100.0	 	265.7	 	113.1	 	HKD
	BASF Colorants and Chemicals Co., Ltd.

Pudong, Shanghai, China	 	100.0	 	 	 	995.6	 	191.8	 	CNY
	 	 	 	 	 	 	 	 	 	 	 

9

 

	BASF Company Ltd. Seoul,

South Korea	 	100.0	 	 	 	399,840.0	 	(24,016.0	)	KRW
	BASF FZE

Dubai, UAE Dubai	 	100.0	 	100.0	 	6.2	 	5.2	 	AED
	BASF India Ltd. Mumbai,

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

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

Auckland, New Zealand	 	100.0	 	100.0	 	12.7	 	2.0	 	NZD
	BASF Pakistan (Private) Ltd.

Karachi, Pakistan	 	51.0	 	51.0	 	302.5	 	77.4	 	PKR
	BASF PETRONAS Chemicals Sdn. Bhd.

Petaling Jaya, Malaysia	 	60.0	 	60.0	 	1,157.5	 	(26.2	)	MYR
	BASF Philippines, Inc.

Canlubang, Calamba Laguna, Philippines	 	100.0	 	100.0	 	741.5	 	17.5	 	PHP
	BASF Services (Malaysia) Sdn. Bhd.

Petaling Jaya, Malaysia	 	100.0	 	100.0	 	228.8	 	0.1	 	MYR
	BASF Singapore Pte. Ltd.

Singapore	 	100.0	 	100.0	 	15.2	 	2.5	 	SGD
	BASF South Africa (Pty.) Ltd.

Halfway House, South Africa	 	100.0	 	100.0	 	141.1	 	22.8	 	ZAR
	BASF South East Asia Pte. Ltd.

Singapore	 	100.0	 	100.0	 	402.4	 	70.8	 	SGD
	BASF Styrenics Holding Company Port Louis, Mauritius

	 	100.0	 	100.0	 	43.5	 	0.0	 	USD
	BASF Styrenics Private Ltd. Mumbai, India

	 	100.0	 	 	 	639.1	 	(200.5	)	INR
	BASF Taiwan Ltd.

Taipei, Taiwan	 	100.0	 	100.0	 	465.6	 	328.7	 	TWD
	BASF Trading (Shanghai) Co. Ltd.

Shanghai, China	 	100.0	 	 	 	52.1	 	28.9	 	CNY
	BASF Türk Kimya Sanayi ve Ticaret Ltd. Sti.

Istanbul, Turkey	 	100.0	 	99.0	 	3,585,349.0	 	196,905.0	 	TRL
	BASF Vitamins Company Ltd.

Shenyang, China	 	98.0	 	60.0	 	163.4	 	0.5	 	CNY
	P. T. BASF Indonesia

Jakarta, Indonesia	 	97.0	 	97.0	 	194,156.0	 	39,565.0	 	IDR
	Yangzi-BASF Styrenics Co. Ltd.

Nanjing, China	 	60.0	 	50.0	 	1,505.8	 	150.4	 	CNY
	
2. Proportionally consolidated affiliates (Section 310 of the German Commercial Code)
	

BASF GE Schwarzheide GmbH & Co. KG

Schwarzheide	
 	

50.0	
 	

50.0	
 	

15.3	
 	

4.1	
 	

EUR
	 	 	 	 	 	 	 	 	 	 	 

10

 

	Wintershall Erdgas Handelshaus GmbH (WIEH)

Berlin	 	50.0	 	 	 	0.1	 	*	 	EUR
	
Europe (excluding Germany)	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	ELLBA C. V.

Rotterdam, the Netherlands	 	50.0	 	 	 	150.8	 	41.7	 	EUR
	Produits et Engrais Chimiques du Rhin S.A. (PEC Rhin)

Ottmarsheim, France	 	50.0	 	50.0	 	27.9	 	5.9	 	EUR
	Wintershall Erdgas Handelshaus AG

Zug, Switzerland	 	50.0	 	 	 	15.4	 	64.8	 	CHF
	
North America	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	Polioles, S.A. de C. V.

Mexico City, Mexico	 	50.0	 	 	 	827.1	 	34.6	 	MXN
	
Asia, Pacific Area, Africa	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	BASF Inoac Polyurethanes, Ltd. (BIP)

Shinshiro-Shi, Aichi, Japan	 	50.0	 	 	 	3,708.0	 	290.0	 	JPY
	BASF NOF Coatings Co., Ltd.

Tokyo, Japan	 	50.0	 	 	 	19,963.0	 	230.0	 	JPY
	BASF-YPC Company Ltd.

Nanjing, China	 	50.0	 	10.0	 	7,034.5	 	0.0	 	CNY
	ELLBA Eastern Private Ltd.

Singapore	 	50.0	 	 	 	59.9	 	0.0	 	USD
	Shanghai Gao Qiao-BASF Dispersions Co. Limited

Shanghai, China	 	50.0	 	40.0	 	359.0	 	57.7	 	CNY
	
3. Equity consolidated subsidiaries (Section 312 of the German Commercial Code)
	

BASF Future Business GmbH

Ludwigshafen (Rhine)	
 	

100.0	
 	

100.0	
 	

25.7	
 	

*	
 	

EUR
	BASF Venture Capital GmbH

Ludwigshafen (Rhine)	 	100.0	 	 	 	22.8	 	(3.1	)	EUR
	Lucura Rückversicherungs GmbH

Ludwigshafen (Rhine)	 	100.0	 	 	 	34.7	 	4.7	 	EUR
	Tensid-Chemie Vertriebsgesellschaft mbH

Cologne	 	100.0	 	 	 	2.3	 	*	 	EUR
	Wintershall Lenkoran GmbH

Kassel	 	100.0	 	 	 	0.0	 	0.0	 	EUR
	Wintershall Wolga Petroleum GmbH**

Kassel	 	100.0	 	 	 	18.2	 	2.9	 	EUR
	* Profit/loss transfer agreement	 	 	 	 	 	 	 	 	 	 
	** Including earnings of consolidated subsidiaries/Group	 	 	 	 	 	 	 	 	 	 
	
Europe (excluding Germany)	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	BASF Coatings Refinish AG

Wädenswil/Au, Switzerland	 	100.0	 	 	 	1.2	 	0.1	 	CHF
	 	 	 	 	 	 	 	 	 	 	 

11

 

	BASF Coatings Refinish Ltd.

Didcot, United Kingdom	 	100.0	 	 	 	3.1	 	0.1	 	GBP
	BASF Coatings Refinish SpA

Burago Molgora, Italy	 	100.0	 	 	 	8.6	 	0.2	 	EUR
	BASF Ireland Limited

Dublin, Ireland	 	100.0	 	100.0	 	2.5	 	0.3	 	EUR
	BASF Sistemas de Impresión, S.A.

Vilanova del Valles, Spain	 	100.0	 	 	 	5.1	 	0.1	 	EUR
	
South America	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	BASF Ecuatoriana S.A.

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

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

Caracas, Venezuela	 	100.0	 	100.0	 	6,523.3	 	2,669.5	 	VEB
	Wintershall BM-C-19 Ltda.

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

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

Rio de Janeiro, Brazil	 	100.0	 	 	 	0.2	 	0.0	 	BRL
	* Profit/loss transfer agreement

** Including earnings of consolidated subsidiaries/Group	 	 	 	 	 	 	 	 	 	 
	
Asia, Pacific Area, Africa	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	BASF Polyurethanes (Taiwan) Co. Ltd.

Hsinchu, Taiwan	 	100.0	 	100.0	 	87.9	 	21.0	 	TWD
	BASF JCIC Neopentylglycol Company Ltd.

Jilin City, China	 	60.0	 	50.0	 	134.2	 	24.3	 	CNY
	BASF Polyurethanes (Malaysia) Sdn. Bhd.

Petaling Jaya, Malaysia	 	100.0	 	 	 	11.3	 	2.2	 	MYR
	BASF Shanghai Coatings Company Ltd.

Shanghai, China	 	60.0	 	 	 	98.7	 	26.2	 	CNY
	
4. Equity consolidated affiliates (Section 312 of the German Commercial Code)
	

Germany	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	Solvin GmbH & Co. KG*

Hanover	 	25.0	 	25.0	 	352.1	 	(5.6	)	EUR
	Basell N.V.*

Hoofddorp, the Netherlands	 	50.0	 	17.8	 	3,075.7	 	(69.3	)	EUR
	Svalöf Weibull AB*

Svalöv, Sweden	 	40.0	 	 	 	539.0	 	0.0	 	SEK
	* Including earnings of consolidated subsidiaries/Group	 	 	 	 	 	 	 	 	 	 

12

   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

held (%)
	 	Thereof

BASF AG (%)

	Germany	 	 	 	 
	ART-Autolack-Systeme GmbH

Dortmund	 	100.0	 	 
	Ausbildungsplatzinitiative Pfalz GmbH

Ludwigshafen (Rhine)	 	97.0	 	97.0
	BASF Akquisitions- und Objektverwertungs-gesellschaft mbH,

Ludwigshafen (Rhine)	 	100.0	 	100.0
	BASF Chemikalien GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	BASF ChemTrade GmbH

Burgbernheim	 	100.0	 	100.0
	BASF Immobilien-Gesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	BASF Innovationsfonds GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	BASF Isocyanate China Investment GmbH

Ludwigshafen (Rhine)	 	100.0	 	 
	BASF Jobmarkt GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	BASF Katalysatorproduktionsgesellschaft Cologne mbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	BASF Lizenz GmbH

Ludwigshafen (Rhine)	 	100.0	 	 
	BASF Mobilienleasing GmbH

Ludwigshafen (Rhine)	 	100.0	 	 
	BASF Performance Polymers GmbH

Rudolstadt	 	100.0	 	 
	BASF Power GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	BASF Spezialdünger – Pensionsverwaltung GmbH

Münster	 	100.0	 	 
	Dr. Heinrich von Brunck Gedächtnisstiftung für Werksangehörige der BASF GmbH,

Ludwigshafen (Rhine)	 	95.0	 	95.0
	Gesellschaft zur Förderung der Lackkunst mbH

Münster	 	100.0	 	 
	Gewerkschaft des konsolidierten Steinkohlenbergwerks Breitenbach GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	Gewerkschaft Röchling GmbH

Kassel	 	100.0	 	 
	Glasurit GmbH

Münster-Hiltrup	 	100.0	 	 
	Guano-Werke Pensionsverwaltung GmbH

Ludwigshafen (Rhine)	 	100.0	 	 
	 	 	 	 	 

13

 

	Guano-Werke Vermögensverwaltung AG

Ludwigshafen (Rhine)	 	99.8	 	 
	Ink Logistic Management GmbH

Stuttgart	 	100.0	 	 
	K + E Druckfarben Vertriebsgesellschaft mbH

Stuttgart	 	100.0	 	 
	LUCARA Immobilienverwaltungs GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	ME Projektabwicklung GmbH

Ludwigshafen (Rhine)	 	100.0	 	 
	Metanomics GmbH & Co. KGaA

Berlin-Charlottenburg	 	80.0	 	 
	Metanomics Health GmbH

Berlin	 	65.1	 	 
	Metanomics Verwaltungsgesellschaft mbH

Berlin-Charlottenburg	 	100.0	 	 
	Neunte BASF Chemiebeteiligungsgesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	Neunte BASF Erwerbsgesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	Neunte BASF Finanzbeteiligungsgesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	PEG Personalentwicklungsgesellschaft mbH

Cologne	 	100.0	 	 
	Projektentwicklungs-GmbH Friesenheimer Insel

Ludwigshafen (Rhine)	 	100.0	 	100.0
	R-M Autolacke Vertriebs GmbH

Heusenstamm	 	100.0	 	 
	SEWOGE Service- und Wohnungsunternehmen GmbH

Schwarzheide	 	100.0	 	100.0
	SGS-Schwarzheider Gastronomie und Service GmbH

Schwarzheide	 	100.0	 	 
	Simpex GmbH

St. Ingbert	 	100.0	 	 
	SunGene GmbH & Co. KGaA

Gatersleben	 	66.0	 	 
	SunGene Verwaltungsgesellschaft mbH

Gatersleben	 	100.0	 	 
	Ultraform Verwaltungsgesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	Vitamultina Pharmazeutische und Nahrungsergänzungsprodukte GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	Wintershall Bank GmbH

Kassel	 	100.0	 	 
	Wintershall Libyen Oil & Gas GmbH

Kassel	 	100.0	 	 
	Wintershall Nordkaspische Exploration und Production GmbH

Ludwigshafen (Rhine)	 	100.0	 	 
	 	 	 	 	 

14

 

	Wintershall Urengoi GmbH

Kassel	 	100.0	 	 
	Wintershall Vermögensverwaltungsgesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	 
	Zweite BASF Immobilien-Gesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	95.0
	
Europe (excluding Germany)	
 	

 	
 	

 
	ART Autolack-Systeme, S.A.

Guadalajara, Spain	 	99.7	 	 
	Auto Make-up S.A.R.L.

Maurepas, France	 	100.0	 	 
	Awiag Ltd.

Valetta, Malta	 	100.0	 	 
	BASCOM AG

Wädenswil/Au, Switzerland	 	100.0	 	 
	BASF Automotive Coatings Services S.A.R.L.

Clermont de l'Oise, France	 	100.0	 	 
	BASF Automotive Coatings Services S.R.O.

Bratislava, Slovakia	 	100.0	 	 
	BASF Automotive Coatings Services Sp. z. o. o.

Swarzedz, Poland	 	100.0	 	 
	BASF Automotive Storitve ZA Avtomobilske d. o. o.

Ljubljana, Slovenia	 	100.0	 	 
	BASF Biocides Ltd.

Ruddington, United Kingdom	 	100.0	 	100.0
	BASF Coatings Nederland B. V.

Maarssenbroek, the Netherlands	 	100.0	 	 
	BASF Coatings Refinish GmbH

Eugendorf, Austria	 	100.0	 	 
	BASF Coatings Refinish Norden AB

Hisings Kaerra, Sweden	 	100.0	 	 
	BASF Coatings Refinish S.A./N.V.

Brussels, Belgium	 	100.0	 	 
	BASF Coil Coatings SpA

Caronno Pertusella, Italy	 	100.0	 	 
	BASF Colorants Trading S. A.

San Vittore, Switzerland	 	100.0	 	100.0
	BASF Curtex Productos Químicos Ltda

Porto, Portugal	 	100.0	 	 
	BASF Croatia d. o. o.

Zagreb, Croatia	 	100.0	 	100.0
	BASF Drucksysteme Austria GmbH

Vienna, Austria	 	100.0	 	 
	BASF Drucksysteme Schweiz GmbH

Wädenswil/Au, Switzerland	 	95.0	 	 
	BASF EOOD

Sofia, Bulgaria	 	100.0	 	100.0
	BASF Finance Europe N.V.

Arnhem, the Netherlands	 	100.0	 	100.0
	 	 	 	 	 

15

 

	BASF IT Services Holding Ltd.

Cheadle, United Kingdom	 	100.0	 	 
	BASF IT Services Ltd.

Wilmslow, United Kingdom	 	100.0	 	 
	BASF IT Services N.V.

Antwerp, Belgium	 	100.0	 	 
	BASF IT Services S.A.

Barcelona, Spain	 	100.0	 	 
	BASF IT Services SpA

Cesano Maderno, Italy	 	100.0	 	 
	BASF Jugoslavija d. o. o.

Belgrade, Serbia-Montenegro	 	100.0	 	100.0
	BASF Masterbatch N.V.

Kuurne, Belgium	 	100.0	 	 
	BASF Portuguesa Lda.

Prior Velho, Portugal	 	100.0	 	70.5 _>
	BASF Printing Systems Ireland Ltd.

Blackrock, Ireland	 	100.0	 	 
	BASF Printing Systems S.A.

Vilvoorde, Belgium	 	99.9	 	 
	BASF Schou Tryksystemer A/S

Vamdrup, Denmark	 	100.0	 	 
	BASF Slovenija d. o. o.

Ljubljana, Slovenia	 	100.0	 	100.0
	BASF Slovensko spol. s r. o.

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

Prague, Czech Republic	 	100.0	 	100.0
	BASF SRL

Bucharest, Romania	 	100.0	 	100.0
	BASF Styrodur Iberica, S. L.

Tudela, Spain	 	100.0	 	 
	BASF Tovarystvo z Obmezenoju Vidpovdal'nistju

Kiev, Ukraine	 	100.0	 	99.0
	BASF Trading Centre-Distribuicao de productos químicos especials Lda.

Marinha Grande, Portugal	 	100.0	 	 
	BASF Wostok OOO

Moscow, Russia	 	100.0	 	 
	Boots Galenika d.o.o.

Belgrade, Serbia-Montenegro	 	51.0	 	51.0
	BTC Specialty Chemical Distribution S. L.

Barcelona, Spain	 	100.0	 	 
	BTC Specialty Chemical Distribution SpA

Cesano Maderno, Italy	 	100.0	 	 
	BTC Specialty Chemical Distribution B. V.

Arnhem, the Netherlands	 	100.0	 	 
	BTC Specialty Chemical Distribution GmbH

Vienna, Austria	 	100.0	 	 
	 	 	 	 	 

16

 

	BTC Specialty Chemical Distribution Ltd.

Cheshire, United Kingdom	 	100.0	 	 
	BTC Specialty Chemical Distribution S.A. S.

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

Brussels, Belgium	 	100.0	 	 
	BTC Specialty Chemical Distribution A/S

Copenhagen, Denmark	 	100.0	 	 
	COMPAREX Information Systems Ltd.

Cheadle, United Kingdom	 	100.0	 	 
	Couleurs-Paris S.A.R.L.

Clermont de l'Oise, France	 	100.0	 	 
	Cyanamid Agro S.A./N.V.

Gembloux, Belgium	 	100.0	 	 
	Cyanamid Ireland Limited

Clonee, Ireland	 	100.0	 	 
	Cyanamid Russ A/O

Moscow, Russia	 	100.0	 	100.0
	Cyanamid Slovakia S.R.O.

Bratislava, Slovakia	 	100.0	 	100.0
	Elastogran Kemipur Poliuretan System Kft.

Solymar, Hungary	 	90.0	 	 
	Fishburn Printing Ink Company, Ltd.

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

Ashbourne, United Kingdom	 	100.0	 	 
	Frank Wright (Transport) Limited

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

Ashbourne, United Kingdom	 	100.0	 	 
	Haus am Kai 1, OOO

Moscow, Russia	 	100.0	 	19.6
	Himmoba AG

Wädenswil/Au, Switzerland	 	100.0	 	 
	Inmont Limited

Cheadle, United Kingdom	 	100.0	 	 
	Knoll Polska Sp. z. o. o.

Warsaw, Poland	 	100.0	 	100.0
	Lipogene AB

Svalöv, Sweden	 	91.0	 	 
	Minden Farmaceutical Lda.

Lisbon, Portugal	 	100.0	 	100.0
	Organchemie Gesellschaft m. b. H.

Vienna, Austria	 	100.0	 	1.0
	Plant Science Sweden AB

Svalöv, Sweden	 	91.0	 	 
	R-M Automotive Refinish Limited

Enfield, United Kingdom	 	100.0	 	 
	 	 	 	 	 

17

 

	Valentine Limited

Cheadle, United Kingdom	 	100.0	 	 
	WINGAS Belgium S. P. R. L. /B. V. B. A.

Brussels, Belgium	 	65.4	 	 
	Wintershall Gas spol. s r. o.

Prague, Czech Republic	 	100.0	 	 
	Wintershall Services B. V.

The Hague, the Netherlands	 	100.0	 	 
	North America	 	 
	Automotive Refinish Technologies, LLC

Dearborn, Michigan	 	100.0	 	 
	Automotive Refinish Technology, Inc. (ART)

Toronto, Ontario, Canada	 	100.0	 	 
	BASF Nichiyu Coatings North America Inc.

Mount Olive, New Jersey	 	100.0	 	 
	BASF Pipeline Holding LLC

Houston, Texas	 	100.0	 	 
	BASF Venture Capital America Inc.

Santa Barbara, California	 	100.0	 	 
	BASF Venture Capital Canada Inc.

Toronto, Ontario, Canada	 	100.0	 	 
	BF Textile Colours Holding Inc.

Wilmington, North Carolina	 	100.0	 	100.0
	DNA Landmarks Inc.

St.-Jean-sur-Richelieu, Quebec, Canada	 	81.9	 	 
	Micro Flo de Mexico S.A. de C.V.

Mexico City, Mexico	 	100.0	 	 
	Transpharm Inc.

Mount Olive, New Jersey	 	100.0	 	 
	South America	 	 	 	 
	Aislapol S.A.

Santiago, Chile	 	100.0	 	99.9
	Basanil S.A.

Buenos Aires, Argentina	 	100.0	 	100.0
	BASF Bolivia S. R. L.

La Paz, Bolivia	 	100.0	 	100.0
	BASF de El Salvador, S.A. de C.V.

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

Guatemala City, Guatemala	 	100.0	 	99.0
	BASF de Nicaragua S.A.

Managua, Nicaragua	 	99.9	 	 

18

  

	Company and headquarters
 
	 	Capital

held (%)
	 	Thereof

BASF AG (%)

	BASF Dominicana, S.A.

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

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

Montevideo, Uruguay	 	100.0	 	100.0
	Cyanamid El Salvador S. R. L.

San Salvador, El Salvador	 	100.0	 	100.0
	Cyanamid de Uruguay S.A.

Montevideo, Uruguay	 	100.0	 	 
	Tintas Graficas S.A.

Santiago, Chile	 	92.5	 	 
	Tintas Graficas S.A.

San Luis, Argentina	 	92.5	 	 
	Wintershall BM-ES-1 Ltda.

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

Rio de Janeiro, Brazil	 	100.0	 	 
	
Asia, Pacific Arca, Africa	
 	

 	
 	

 
	ART Automotive Refinish Technologies (PTY) Ltd.

Milnerton, South Africa	 	100.0	 	 
	BASF (Ethiopia) Ltd. P.L.c.

Addis Ababa, Ethiopia	 	100.0	 	100.0
	BASF (Ghana) Ltd.

Accra, Ghana	 	100.0	 	100.0
	BASF (Nigeria) Ltd.

Lagos, Nigeria	 	100.0	 	100.0
	BASF Agro Ltd.

Seoul, South Korea	 	100.0	 	 
	BASF Animal Nutrition (Pty.) Ltd.

Beaconvale, South Africa	 	100.0	 	 
	BASF Bangladesh Ltd.

Dacca, Bangladesh	 	76.4	 	76.4
	BASF Chemdyes Sdn. Bhd.

Perai, Malaysia	 	51.0	 	51.0
	BASF Chemicals and Polymers (Pvt.) Ltd.

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

Shanghai, China	 	100.0	 	 
	BASF Coatings (Pty.) Ltd.

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

Wetherill Park, New South Wales, Australia	 	51.0	 	 
	BASF Coatings + Inks Philippines Inc.

Makati, Metro Manila, Philippines	 	100.0	 	 
	BASF Coatings Inc.

Canlubang, Calamba, Laguna, Philippines	 	100.0	 	 
	 	 	 	 	 

19

 

	BASF Coatings (Pvt.) Ltd.

Mumbai, India	 	100.0	 	 
	BASF Coatings PMB (Pty.) Ltd.

Vanderbijlpark, South Africa	 	100.0	 	 
	BASF Colorants Pte. Ltd.

Singapore	 	100.0	 	100.0
	BASF East Africa Ltd.

Nairobi, Kenya	 	100.0	 	100.0
	BASF East Asia Regional Headquarters Limited

Hong Kong, China	 	100.0	 	100.0
	BASF Idemitsu Co. Ltd.

Tokyo, Japan	 	67.0	 	67.0
	BASF Industries Private Ltd.

Mumbai, India	 	100.0	 	100.0
	BASF Iran AG

Teheran, Iran	 	100.0	 	100.0
	BASF Ltd.

Cairo, Egypt	 	100.0	 	99.0
	BASF Maroc S.A.

Casablanca, Morocco	 	100.0	 	100.0
	BASF Polyurethanes (China) Co. Ltd.

Panyu Guangdong, China	 	100.0	 	 
	BASF S. P. A.

Hydra, Algeria	 	100.0	 	100.0
	BASF Tai Ching Crop Protection Chemicals Corp.

Taipai, Taiwan	 	55.0	 	55.0
	BASF Takeda Vitamins Ltd.

Tokyo, Japan	 	66.0	 	 
	BASF Textile and Leather Centre Asia Sdn. Bhd.

Petaling Jaya, Malaysia	 	100.0	 	100.0
	BASF-Finlay (Private) Limited

Colombo, Sri Lanka	 	66.7	 	66.7
	Cyanamid Agricultural Products Sdh. Bhd.

Petaling Jaya, Malaysia	 	100.0	 	100.0
	Cyanamid Limited

Lilongwe, Malawi	 	100.0	 	 
	Cyanamid Zimbabwe (PVT) Ltd.

Workington, Zimbabwe	 	100.0	 	 
	CSJ K. K.

Tokyo, Japan	 	100.0	 	 
	Elastogran Polürethan Sanayi ve Ticaret A. S.

Pendik-Istanbul, Turkey	 	100.0	 	 
	ME Vitamin Pte. Ltd. i. L.

Singapore	 	100.0	 	100.0
	Shanghai BASF Polyurethane Company

Shanghai, China	 	70.0	 	 
	
2. Non-equity-consolidated minor affiliates (Section 311 [2] of the German Commercial Code)
	

Germany	
 	

 	
 	

 
	 	 	 	 	 

20

 

	Aurentum Innovationstechnologien GmbH

Mainz	 	25.2	 	 
	Axaron Bioscience AG

Heidelberg	 	43.5	 	43.5
	Basell Bayreuth Chemie GmbH

Eschborn	 	47.0	 	 
	Basell Chemie Cologne GmbH

Wesseling	 	50.0	 	 
	Basell Deutschland GmbH

Mainz	 	50.0	 	 
	Basell Germany Holding GmbH

Düsseldorf	 	50.0	 	 
	Basell Holding Middle East GmbH

Wesseling	 	50.0	 	 
	Basell Polyolefine GmbH

Kehl	 	50.0	 	 
	BASF GE Schwarzheide Beteiligungs GmbH

Schwarzheide	 	50.0	 	50.0
	CWD Chemie-Wirtschaftsdatenbanken GmbH

Frankfurt (Main)	 	50.0	 	50.0
	CWK Software und Service GmbH

Mannheim	 	27.2	 	 
	DATASOUND Gesellschaft zur Entwicklung und Vermarktung

digitaler Audio- und Informationssysteme, Ludwigshafen (Rhine)	 	25.0	 	 
	DyStar Textilfarben GmbH*

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

Frankfurt (Main)	 	30.0	 	30.0
	Emsland-Erdölleitung GmbH

Osterwald	 	25.0	 	 
	Envimax GmbH

Heddesheim	 	50.0	 	 
	Erdgasverkaufsgesellschaft mbH

Münster	 	28.8	 	 
	Gesellschaft für Wohnungs-, Gewerbe- und Städtebau Aktiengesellschaft

Ludwigshafen (Rhine)	 	30.0	 	 
	Ginger GmbH

Ludwigshafen (Rhine)	 	22.0	 	22.0
	KGS KETO-Gulonsäure Vertriebsgesellschaft beschränkt haftende OHG

Krefeld	 	33.3	 	33.3
	M-Exchange AG

Frankfurt (Main)	 	46.5	 	 
	Projektförderung Initiative für Beschäftigung GmbH

Münster	 	25.0	 	 
	PSG Procurement Service GmbH

Lohmar	 	50.0	 	 
	RAIL4Chem Eisenbahnverkehrsgesellschaft mbH

Essen	 	25.0	 	25.0
	 	 	 	 	 

21

 

	Rheingas Erdgasleitungsgesellschaft mbH i. L.

Hanover	 	50.0	 	50.0
	Solvin Europe GmbH

Hanover	 	25.2	 	25.2
	Stuttgarter IT Gesellschaft mbH

Stuttgart	 	50.0	 	 
	S. T. E. P. Personalentwicklungsgesellschaft mbH

Ludwigshafen (Rhine)	 	33.4	 	33.4
	Thermische Rückstandsverwertung Verwaltungs-GmbH

Wesseling	 	30.0	 	 
	Thermische Rückstandsverwertung GmbH & Co KG (TRV)

Wesseling	 	30.0	 	 
	WV Elektro GmbH & Co. Handels-KG

Frankfurt (Main)	 	50.0	 	 
	WV Energie AG

Frankfurt (Main)	 	50.0	 	 
	WV Service GmbH

Frankfurt (Main)	 	50.0	 	 
	WV Versicherungsmakler GmbH

Frankfurt (Main)	 	25.0	 	 
	* Included under other assets	 	 	 	 
	
Europe (excluding Germany)	
 	

 	
 	

 
	Amylogene Handelsbolaget

Svalöv, Sweden	 	45.5	 	 
	Basell Arabia Holding B. V.

Hoofddorp, the Netherlands	 	50.0	 	 
	Basell Belgium S.A.

Brussels, Belgium	 	50.0	 	 
	Basell Benelux B. V.

Rotterdam, the Netherlands	 	50.0	 	 
	Basell Brindisi SpA

Milan, Italy	 	50.0	 	 
	Basell Coordination Company N.V.

Zaventem, Belgium	 	50.0	 	 
	Basell Europe Holding B. V.

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

Hoofddorp, the Netherlands	 	50.0	 	 
	Basell Finance Italia S. R. L.

Milan, Italy	 	50.0	 	 
	Basell Fos S.A.

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

Levallois-Perret, France	 	50.0	 	 
	Basell Iberica Poliolefinas Holding S. L.

Barcelona, Spain	 	50.0	 	 
	Basell International Holding B. V.

Hoofddorp, the Netherlands	 	50.0	 	 
	 	 	 	 	 

22

 

	Basell Investissements S.A.

Paris, France	 	50.0	 	 
	Basell Italia S. R. L.

Cesano Maderno, Italy	 	50.0	 	 
	Basell Italy Holding SpA

Milan, Italy	 	50.0	 	 
	Basell Nederland B. V.

Arnhem, the Netherlands	 	50.0	 	 
	Basell Nordic AB

Göteborg, Sweden	 	50.0	 	 
	Basell Orlen Polyolefins Sp. z. o. o.

Plock, Poland	 	50.0	 	 
	Basell Plasticos, Lda

Lisbon, Portugal	 	50.0	 	 
	Basell Poliolefinas Comercial Española S. L.

Barcelona, Spain	 	50.0	 	 
	Basell Poliolefinas Iberica S.A.

Barcelona, Spain	 	50.0	 	 
	Basell Polipropilene S. R. L.

Milan, Italy	 	50.0	 	 
	Basell Polyethylene S.A.

Strasbourg, France	 	50.0	 	 
	Basell Polyolefine Italia SpA

Milan, Italy	 	50.0	 	 
	Basell Polyolefines France S.A.

Paris, France	 	50.0	 	 
	Basell Polyolefins Company N.V.

Zaventem, Belgium	 	50.0	 	 
	Basell Polyolefins UK Ltd.

Manchester, United Kingdom	 	50.0	 	 
	Basell Polypropylene S.A.

Lillebonne, France	 	50.0	 	 
	Basell Polypropylene Ltd.

Manchester, United Kingdom	 	50.0	 	 
	Basell Production France S.A.

Levallois-Perret, France	 	50.0	 	 
	Basell Service Company B. V.

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

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

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

Hoofddorp, the Netherlands	 	50.0	 	 
	Basell UK Holding Ltd.

Carrington, United Kingdom	 	50.0	 	 
	Basell UK Ltd.

Cheadle, United Kingdom	 	50.0	 	 
	 	 	 	 	 

23

 

	BASF Huntsman Shanghai Isocyanate Investment B. V.

Arnhem, the Netherlands	 	50.0	 	 
	BASF Naber S.A.

Valencia, Spain	 	50.0	 	 
	BASF Nutrition Animale S.A. S.

Chateau Gontier, France	 	50.0	 	 
	BASF Poligrafia Polska Sp. z. o. o.

Lodz, Poland	 	50.0	 	 
	Compagnie Industrielle des Polyethylenes de Normandie

Notre-Dame de Gravenchon, France	 	25.0	 	 
	CSEBER Csomagoloeszköz Begyüjtesi Rendeszer KHT

Budapest, Hungary	 	22.8	 	 
	Compleyo Industrial Taqsa AIE

Tarragona, Spain	 	42.5	 	 
	Elastokam OOO

Nishnekamsk Promsona, Russia	 	50.0	 	 
	ELLBA B. V.

Rotterdam, the Netherlands	 	50.0	 	 
	Gestio de residus especiales de Catalunya S.A.

Tarragona, Spain	 	33.3	 	 
	Hisane A. I. E.

Reus (Tarragona), Spain	 	37.5	 	 
	Indurisk Rückversicherungs-GmbH

Luxembourg, Luxembourg	 	50.0	 	 
	Lameskin S. R. L.

Milan, Italy	 	50.0	 	 
	L5C Production B. V.

The Hague, the Netherlands	 	30.0	 	 
	L8B Production B. V.

The Hague, the Netherlands	 	25.0	 	 
	N.V. Noordwinning K 13

The Hague, the Netherlands	 	30.3	 	 
	Noordwinning L8AB. V.

The Hague, the Netherlands	 	30.3	 	 
	Omnexus N.V. i. L.

Amsterdam, the Netherlands	 	21.0	 	21.0
	OOO Achimgaz

Novy Urengoy, Russia	 	50.0	 	 
	P2A (Groep) B. V.

The Hague, the Netherlands	 	22.2	 	 
	P6-(Groep) B. V.

The Hague, the Netherlands	 	27.0	 	 
	Q4 (Groep) B. V.

The Hague, the Netherlands	 	29.9	 	 
	Q8 (Groep) B. V.

The Hague, the Netherlands	 	30.0	 	 
	Retiflex SpA

Milan, Italy	 	50.0	 	 
	 	 	 	 	 

24

 

	SCI de Plastiques de Normandie

Lillebonne, France	 	50.0	 	 
	Severoceska Plynarenska A. S.

Usti Nad Labem, Czech Republic	 	20.2	 	 
	Societe Civile Immobiliere des Plastiques de Normandie

Lillebonne, France	 	41.4	 	 
	Societe du Craqueur de L'Aubette SAS

Berre L'Etang, France	 	25.0	 	 
	Stredoceska Plynarenska A.S.

Prague, Czech Republic	 	31.0	 	 
	Société de participation dans l'industrie et le Transport du Petrole

Neuilly-sur-Seine, France	 	27.2	 	 
	TDP A. I. E.

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

Tarragona, Spain	 	25.0	 	 
	Texmet SpA

Lamezia Terme, Italy	 	50.0	 	 
	UNA S.A.

Barcelona, Spain	 	25.0	 	 
	WIEE Romania SRL

Bucharest, Romania	 	50.0	 	 
	Wirom Gas S.A.

Bucharest, Romania	 	25.0	 	 
	Wolgodeminoil OOO

Volgograd, Russia	 	50.0	 	 
	
North America	
 	

 	
 	

 
	Aislantes y Acusticos de Monterrey, S.A. de C.V.

Santa Catarina, N. L. C. P., Mexico	 	50.0	 	 
	Basell American Finance Corporation

Wilmington, Delaware	 	50.0	 	 
	Basell Asia-Pacific Inc.

Wilmington, Delaware	 	50.0	 	 
	Basell Canada Inc.

Mississauga, Ontario, Canada	 	50.0	 	 
	Basell Capital Corporation

Wilmington, Delaware	 	50.0	 	 
	Basell de Mexico, S.A. de C.V.

Colonia del Valle, Mexico	 	50.0	 	 
	Basell Finance USA Inc.

Albany, New York	 	50.0	 	 
	Basell Impact Holding Company

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

Wilmington, Delaware	 	50.0	 	 
	Basell Polyethylene Inc.

Wilmington, Delaware	 	50.0	 	 
	Basell USA Inc.

Wilmington, Delaware	 	50.0	 	 
	 	 	 	 	 

25

 

	BasellTech USA Inc.

Wilmington, Delaware	 	50.0	 	 
	CHD Enterprises Inc.

Wilmington, Delaware	 	50.0	 	 
	Indelpro S.A. de C.V.

Garza Garzia, Mexico	 	24.5	 	 
	Polymer Resource Group Inc.

Wilmington, Delaware	 	50.0	 	 
	
South America	
 	

 	
 	

 
	Basell Brasil Poliolefinas Ltda.

São Paulo, Brazil	 	50.0	 	 
	Petroken Petroquimica Ensenada S.A.

Buenos Aires, Argentina	 	25.0	 	 
	Polibrasil Participacoes S.A.

São Paulo, Brazil	 	25.0	 	 
	Tintas Graficas Vencedor S.A.

San Juan de Lurigancho Lima, Peru	 	46.2	 	 
	Ingredia S.A.

Caracas, Venezuela	 	37.2	 	 
	
Asia, Pacific Area, Africa	
 	

 	
 	

 
	Basell Australia Holding PTY

Melbourne, Victoria, Australia	 	50.0	 	 
	Basell Australia PTY Ltd.

Melbourne, Victoria, Australia	 	50.0	 	 
	Basell China Ltd.

Hong Kong, China	 	50.0	 	 
	Basell Korea Ltd.

Seoul, South Korea	 	50.0	 	 
	BASF AKZO Nobel Automotive OEM Coatings PTY. Limited

Melbourne, Victoria, Australia	 	50.0	 	 
	BASF Kanoo Gulf FZE

Dubai, UAE Dubai	 	49.0	 	 
	BASF Kanoo Gulf LLC

Dubai, UAE Dubai	 	49.0	 	49.0
	BASF Tunisie S.A.

Megrine, Tunisia	 	49.0	 	49.0
	Chunichi Paint Co., Ltd.

Nagoya, Japan	 	50.0	 	 
	Kartal Kimya San. ve Tic. A. S.

Istanbul, Turkey	 	25.1	 	25.1
	Kyushu Nissan Paint Co., Ltd.

Fukuoka, Japan	 	50.0	 	 
	Machino-Basell India Ltd.

Delphi, India	 	25.0	 	 
	Nisso BASF Agro Co., Ltd.

Tokyo, Japan	 	45.0	 	45.0
	NOF Kansai Marine Coatings Co., Ltd.

Tokyo, Japan	 	25.0	 	 
	 	 	 	 	 

26

 

	NOF (Thailand) Ltd.

Bangkok, Thailand	 	20.0	 	 
	Pigment Manufacturers of Australia Ltd. i. L.

Laverton, Victoria, Australia	 	50.0	 	 
	Poly Pacific Polymers Sdh. Bhd.

Kuala Lumpur, Malaysia	 	25.0	 	 
	Poly Pacific PTY Ltd.

Dandenong, Victoria, Australia	 	25.0	 	 
	Shanghai Lianheng Isocyanate Company

Shanghai, China	 	35.0	 	 
	Taiwan NOF Coatings Ltd.

Taipei, Taiwan	 	35.0	 	 
	Vitacolor Industries, Inc.

Manila, Philippines	 	40.0	 	40.0
	Yasar BASF Automotive Coatings Company Ltds.

Izmir, Turkey	 	50.0	 	 
	
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

held

(%)
	
 	
Thereof

BASF AG

(%)
	
 	

Stock-

holders'

equity

(millions)
	
 	

Net

income

(millions)
	
 	

Currency

(ISO code)

	Germany	 	 	 	 	 	 	 	 	 	 
	K + S Aktiengesellschaft

Kassel	 	10.0	 	10.0	 	513.4*	 	103.8*	 	EUR
	VNG-Verbundnetz Gas AG

Leipzig	 	15.8	 	465.3	 	105.0	 	EUR	 	 

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

QuickLinks

List of Shares Held 2003Exhibit 10.7.1

 

SECOND
AMENDMENT TO OFFICE LEASE

 

This Amendment dated September 16, 2003, is by and
between Trizec Realty, Inc., a California corporation (“Landlord”, and
successor in interest to Landmark Square Associates, L.P. and Stevens Creek
Associates), and First Consulting Group, Inc., a Delaware corporation
(“Tenant”).

 

BACKGROUND

 

A.            Landlord
and Tenant are parties to a Lease dated October 3, 1996 (as amended by that
First Amendment to Office Lease dated November 11, 1998) concerning Suites 400,
1000, 1075 and 1550, located at Landmark Square, 111 West Ocean Boulevard, Long
Beach, California.

 

B.            Tenant
desires to renew this Lease for a portion of the existing Premises, and each
party agrees to do so on the following terms.

 

AGREEMENT

 

ADDENDUM TO ARTICLE 1 – REAL PROPERTY, BUILDING AND
PREMISES

 

1.4           Effective
February 1, 2004, the Premises will be Suite 400, only, deemed to consist of
approximately 16,751 usable square feet and 18,408 rentable square feet.

 

1.5           If
Landlord does not enter into direct leases with the existing subtenants
collectively occupying Suite 1550, then Tenant will tender any portion of Suite
1550 that Landlord does not so lease to Landlord on or before January 31, 2004,
in the condition required under Article 15.  If Landlord enters into direct leases with the existing
subtenants collectively occupying Suite 1550 for a term commencing February 1,
2004, Tenant’s legal right to possess Suite 1550 shall end
January 31, 2004, and Tenant shall have no obligation to take any
action to tender Suite 1550 to Landlord, or any make any improvements, repairs
or corrections to Suite 1550 that may be otherwise required under
Article 15.

 

1.6           Section
1.2, Verification of Rentable Square Feet of Premises and Building, and
Section 1.3, Right of First Refusal/Right of First Offer, are each
deleted and will be of no further force or effect.

 

ADDENDUM TO ARTICLE 2 – LEASE TERM

 

2.4           The
Lease Term is extended by 61 months commencing February 1, 2004, and the Lease
Expiration Date is amended to be February 28, 2009.  This extended term from February 1, 2004 to
February 28, 2009 is referred to herein as the “First Renewal Term.”

 

2.5           Article
2.2, Option Terms, is deleted and will be of no further force or effect.

 

2.6           Option
to Terminate.  Tenant may terminate this Lease on the Early
Termination Date (defined below), on the following terms:

 

(a)                                  Certain terms used in this Option are defined as
follows:

 

(1)                                  “Early Termination Date” means February 28, 2007.

 

(2)                                  “Termination Exercise Date” means Landlord’s
close of business on June 30, 2006.

 

(3)                                  “Termination Fee” means $342,639.83.

 

(b)                                 This
Option is personal to Tenant and may only be exercised by the Tenant defined in
this Amendment or a successor of Tenant under §14.5 of the Lease by giving
Landlord written notice of the unconditional exercise of this Option by the
Termination Exercise Date.  Tenant’s
notice of exercise of this Option must be accompanied by the Termination Fee
payable to Landlord.

 

(c)                                  Tenant’s notice of exercise of this Option will
be deemed void and this Lease will continue as if Tenant never exercised this
Option if either:

 

(1)                                  Tenant fails to pay the Termination Fee when due;
or

 

(2)                                  Tenant is in material default of this Lease on or
after the Termination Exercise Date, with all applicable notices having
been given and cure periods having expired.

 

(d)                                 Tenant’s
exercise of this Option will be documented in an amendment to this Lease
prepared by Landlord and to be executed and delivered by each party; however,
completion of this amendment is not a condition of the effectiveness of this
Option.

 

2.7           Option
to Renew.  Tenant may renew this
Lease for the Second Renewal Term (defined below) with respect to the entire
Premises leased by Tenant as of the end of the First Renewal Term on the following
terms and conditions:

 

(a)                                  Certain terms used in this Option are defined as
follows:

 

(1)                                  “Second
Renewal Term” means 1 additional term of 60 months, from March 1, 2009 to
February 28, 2014.

 

(2)                                  “Renewal
Exercise Date” means Landlord’s close of business
on February 29, 2008.

 

(3)                                  “Renewal
Rent” means 95% of the “Fair Market Rent” (defined below), in which:

 

(A)                              The
Base Year for the Second Renewal Term is the calendar year 2009; and

 

(B)                                The
“Market Area” means real property fronting Ocean Boulevard in Downtown Long
Beach, located to the west of Elm Avenue.

 

1

 

(4)                                  “Arbitration
Date” means July 31, 2008.

 

(b)                                 This
Option is personal to Tenant and may only be exercised by the Tenant defined in
this Amendment or a successor of Tenant under §14.5 of the Lease by giving
Landlord written notice the unconditional exercise of this Option by the
Renewal Exercise Date.  Tenant’s (or the
Permitted Transferee’s) exercise of this Option will not be valid if Tenant (or
the Permitted Transferee’s) is then in material monetary default of this Lease,
with all applicable notices having been given and cure periods having expired.

 

(c)                                  If
this Option is exercised according to (b), then the Term of this Lease will be
extended by the Second Renewal Term and Tenant will continue in the Premises on
the same terms, except that the Base Rent and Base Year for the Second Renewal
Term will be the Renewal Rent.

 

(d)                                 “Fair
Market Rent” means the Base Rent that landlords of comparable high-rise office
properties located in the Market Area of a comparable size and age, and with
comparable amenities (“Comparable Buildings”) will accept from new or renewing
tenants of comparable credit-worthiness, unaffiliated with Landlord, for a comparable
amount of improved space, for a comparable use for a comparable term with a
commencement date within 6 months before or after the commencement of the
Second Renewal Term.

 

(e)                                  Landlord
and Tenant will negotiate the Fair Market Rent for the Second Renewal Term in
good faith by the exchange of written proposals.  Landlord will initiate this exchange by giving Tenant a written
proposal not later than 10 business days after the Renewal Exercise Date.  If the parties do not agree upon the Fair
Market Rent by the Arbitration Date, then the parties will proceed as follows:

 

(1)                                  “Final
Offer” means the last written proposal for the Fair Market Rent submitted by
each party to the other before the Arbitration Date.  Either party may accept the other’s Final Offer within 10 days
after the Arbitration Date.  If both
offers are accepted, then the higher Final Offer, as selected by Landlord, will
be the Base Rent.

 

(2)                                  If
neither Final Offer is accepted, then Tenant and Landlord shall each appoint 1
arbitrator within 15 days after the Arbitration Date.  These 2 arbitrators will jointly appoint a 3rd
arbitrator.  Each arbitrator must be a
licensed real estate professional that is active over the 5 year period
immediately prior to the date of such appointment in the leasing of office
space in the Market Area, and that is not then representing or adverse to
either party in any transaction or proposed transaction, or have any other
relationship to either party that would reasonably be considered to be a
conflict of interest.  If the 2
arbitrators cannot agree on a 3rd arbitrator, the 3rd
arbitrator may be appointed by application to the American Arbitration
Association by either party.

 

(3)                                  On
a schedule established by the agreement of a majority of the arbitrators
(considering the deadline for decision in (5), below), each party may present
in writing evidence of comparable transactions to each arbitrator and the other
party, and each party shall have a reasonable opportunity to comment in writing
on the other party’s submitted evidence transactions.

 

(4)                                  In
comparing transactions, appropriate adjustments shall be made and consideration
given to:  differences in the method of
measuring the area of the premises, the ratio of rentable to usable square
area, if rent is based upon usable or rentable area; if additional rent is
payable (and if increases in additional rent for operating expenses or taxes
are determined on a net or gross basis and, if gross, whether increases are
determined using a base year or a base dollar amount expense stop); if the
premises have been or are obligated to be improved; if a brokerage commission
is payable; and, any other customary economic provision.

 

(5)                                  The
determination of the arbitrators is limited solely to whether Landlord’s or
Tenant’s Final Offer best represents the Fair Market Rent for the
Premises.  The arbitrators may not issue
any decision other than the selection of either Landlord’s or Tenant’s Final
Offer.  Each arbitrator will render its
decision in writing within 60 days after the Arbitration Date.  The concurrence of any 2 of the 3
arbitrators is binding on Landlord and Tenant, absent a showing of fraud by
either party or lack of qualification by a concurring arbitrator.

 

(6)                                  Each
party will bear the fees of the arbitrator chosen by that party.  The party that submits the Final Offer that
is not selected by the arbitrators will pay the fees of the 3rd
arbitrator.

 

(f)                                    Tenant’s
exercise of this Option will be documented in an amendment to this Lease
prepared by Landlord and to be executed and delivered by each party; however,
completion of this amendment is not a condition of the effectiveness of this
Option.

 

ADDENDUM TO ARTICLE 3 – BASE RENT

 

3.3           Notwithstanding
anything to the contrary contained in the Lease, effective October 1, 2003,
Tenant’s Base Rent for Suite 400, only, is amended to be $425,224.90, annually,
payable in equal monthly installments of $35,435.40.

 

3.4           Tenant’s
Base Rent for Suite 400 for the First Renewal Term is:

 

	
  Period

  	
   

  	
  Annual Base Rent

  	
   

  	
  Monthly Base Rent

  	
   

  
	
  February 1, 2004 – July 31, 2005

  	
   

  	
  $

  	
  430,747.20

  	
   

  	
  $

  	
  35,895.60

  	
   

  
	
  August 1, 2005 – January 31, 2007

  	
   

  	
  $

  	
  452,836.80

  	
   

  	
  $

  	
  37,736.40

  	
   

  
	
  February 1, 2007 – February 28, 2009

  	
   

  	
  $

  	
  463,881.60

  	
   

  	
  $

  	
  38,656.80

  	
   

  

 

Notwithstanding
the above, Tenant will be excused from the payment of 100% of the Monthly Base
Rent for the 1st, 13th, 25th and 37th
months of the First Renewal Term and 50% of the Monthly Base Rent for the 61st
month of the First Renewal Term (the “Excused Rent”); however, if Tenant is in
default of this Lease after notice and failure to cure, Tenant will not be
entitled to any future Excused Rent.

 

2

 

ADDENDUM TO ARTICLE 4 –ADDITIONAL RENT

 

4.8           Tenant
is excused from the payment of Additional Rent for Suite 400, only, from
October 1, 2003 to January 31, 2004.

 

4.9           Tenant’s
Share for the First Renewal Term is 4.38%. 
Tenant’s Base Year for the First Renewal Term is the calendar year 2004.

 

ADDENDUM TO ARTICLE 8 –ADDITIONS AND ALTERATIONS

 

8.6           Tenant
shall continue in the Premises (as redefined) in their “as is” condition and
Landlord shall not be required to make any improvements to the Premises in
consideration of this Amendment; however, Landlord shall provide Tenant with a
“Tenant Improvement Allowance” in the amount of $165,672.00 for Tenant Improvements (including Landlord’s Work) to
the Premises, all to be made in accordance with the Work Letter attached to the
Lease as Exhibit B.  Notwithstanding
anything to the contrary contained in Exhibit B, if any Tenant Improvement
Allowance remains unused as of October 31, 2004, then the lesser of (a) the
then unused portion of the Tenant Improvement Allowance, or (b) $55,224.00 will be applied toward Tenant’s
obligation to pay monthly Base Rent for November 1, 2004 (and monthly Base Rent
due thereafter, until exhausted); and, any unused Tenant Improvement Allowance
exceeding $55,224.00 will be deemed
forfeited.  Out of the Tenant
Improvement Allowance, Tenant shall pay to Landlord a supervision fee in the
amount of 2% of the cost of the improvements performed using the Tenant
Improvement Allowance (but, the supervision fee shall not apply to any Tenant
Improvement Allowance applied against Base Rent under this §8.6).

 

ADDENDUM TO ARTICLE 23 –SIGNS

 

23.6         Tenant
shall have the right to continue to maintain Tenant’s existing Sign on the
monument sign at the Ocean Boulevard entrance to the Building for the First
Renewal Term.

 

ADDENDUM TO ARTICLE 28 –PARKING

 

28.3         Tenant’s
Parking Pass Ratio for the First Renewal Term (and Second Renewal Term, if
Tenant exercises its Option to Renew under §2.7) shall remain 4 unreserved
passes for each 1,000 rentable square feet of the Premises (which is 74 passes
for the Premises described in §1.4, above). 
Notwithstanding anything to the contrary contained in Article 28,
throughout the First Renewal Term (and Second Renewal Term, if Tenant exercises
its Option to Renew under §2.7), Tenant shall purchase monthly parking passes
in an amount not less than 2 unreserved passes for each 1,000 rentable square
feet of the Premises (which is 37 passes for the Premises described in §1.4,
above).

 

28.4         Notwithstanding
anything to the contrary contained herein, up to 6 monthly passes out of the
total passes allotted under Tenant’s Parking Pass Ratio may be in the reserved
mode.

 

28.5         The
parking rates for the First Renewal Term applicable to the passes purchased by
Tenant (up to the amount allotted under Tenant’s Parking Pass Ratio) shall be
as follows:

 

	
  Period

  	
   

  	
  Monthly Rate per Pass

  for Unreserved Parking

  	
   

  	
  Monthly Rate per Pass

  for Reserved Parking

  	
   

  
	
  February 1, 2004 –
  January 31, 2005

  	
   

  	
  $

  	
  48.00

  	
   

  	
  $

  	
  78.00

  	
   

  
	
  February 1, 2005 –
  January 31, 2006

  	
   

  	
  $

  	
  52.00

  	
   

  	
  $

  	
  84.50

  	
   

  
	
  February 1, 2006 –
  January 31, 2007

  	
   

  	
  $

  	
  56.00

  	
   

  	
  $

  	
  91.00

  	
   

  
	
  February 1, 2007 –
  January 31, 2008

  	
   

  	
  $

  	
  60.00

  	
   

  	
  $

  	
  97.50

  	
   

  
	
  February 1, 2008 –
  January 31, 2009

  	
   

  	
  $

  	
  64.00

  	
   

  	
  $

  	
  104.00

  	
   

  

 

The foregoing rates do
not include any taxes or other government fees that may imposed on the parking
fees payable by Tenant, which may be separately collected by Landlord.

 

28.6         The
rates applicable to Tenant for the Second Renewal Term shall be Landlord’s
scheduled rates for each mode of monthly parking, as established by Landlord
from time to time.

 

28.7         For
the First Renewal Term, Tenant shall continue to have the right to purchase up
to $20,000.00 of visitor parking validations at a 25% discount off Landlord’s
scheduled rates for validations, as established by Landlord from time to time.

 

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3

 

REAFFIRMATION OF LEASE

 

Each term of this Lease not modified by this Amendment
is reaffirmed by each party, and will remain unchanged and in full force and
effect.  Each capitalized term not
defined in this Amendment has the same meaning as in the Lease.

 

LANDLORD AND TENANT EXECUTE THIS AMENDMENT AS
FOLLOWS.

 

	
  FIRST
  CONSULTING GROUP, INC.

  	
   

  	
  TRIZEC
  REALTY, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
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4

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