STYROLUTION GMBH: 1st Quarter Results

  STYROLUTION GMBH: 1st Quarter Results

UK Regulatory Announcement

FRANKFURT, Germany

                            Styrolution Group GmbH

Unaudited Interim Financial Statements – the three months ended 31 March 2013

                          Forward Looking Statements

The following report includes “forward-looking statements”, based on our
current expectations and projections about future events, including:

  *the cyclical nature of our businesses and their sensitivity to changes in
    supply and demand;
  *raw material availability and costs, as well as supply arrangements,
    including arrangements with principal feedstock suppliers;
  *the highly competitive nature of our principal industries;
  *current or future environmental requirements, including those related to
    greenhouse gas and other air emissions, and the related costs of
    maintaining compliance and addressing liabilities;
  *currency fluctuations and economic downturns in the countries in which we
    operate;
  *our ability to implement our business and cost reduction strategies;
  *our ability to successfully integrate our businesses and realize
    anticipated synergies and cost savings; and
  *our substantial indebtedness following the consummation of the Joint
    Venture Transaction may affect our ability to service our outstanding
    indebtedness, which would likely impact the way we operate our business.

All statements other than statements of historical facts included in this
report, without limitation, statements regarding our future financial
position, risks and uncertainties related to our Company and the notes,
strategy, capital expenditures, projected costs and our plans and objectives
for future operations, may be deemed to be forward-looking statements. These
forward-looking statements are subject to a number of risks and uncertainties.
Words such as “believe,” “expect,” “anticipate”, “may”, “intend”, “will”,
“should”, “estimate” and similar expressions or the negatives of these
expressions are intended to identify forward-looking statements. In addition,
from time to time we or our representatives, acting in respect of information
provided by us, have made or may make forward-looking statements orally or in
writing and these forward-looking statements may be included in but are not
limited to press releases (including on our website), reports to our security
holders and other communications. Although we believe that the expectations
reflected in such forward-looking statements are reasonable, we can give no
assurance that such expectations will prove to be correct. We undertake no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.

       Styrolution Group GmbH – Unaudited Interim Financial Statements

Consolidated Statement of Income for the three months ended 31 March 2013 and
                                     2012

                                      1 January –     1 January –
In millions of EUR                                 
                                      31 March 2013   31 March 2012*
Revenue                               1,520.1         1,530.5
Cost of sales                         (1,382.5)       (1,347.0)
Gross profit                          137.6           183.5
                                                                     
Selling expenses                      (66.4)          (78.4)
General and administrative expenses   (23.3)          (19.5)
Research and development expenses     (3.3)           (2.5)
Other operating expenses (net)        (4.5)           (9.1)
Result from operating activities      40.1            74.0
                                                                     
Interest income                       0.9             (0.0)
Interest expense                      (12.5)          (12.0)
Other finance gain (loss) (net)       12.4            (3.0)
Net finance costs                     0.8             (15.0)
Income before tax                     40.9            59.0
Income tax expense                    (14.1)          (17.8)
Net income                            26.8            41.2           
Attributable to:
Non-controlling interests             0.3             0.4
Owners of the company                 26.5            40.8

* The consolidated statement of income for the three months ended 31 March
2012 has been adjusted (see note 2)

Styrolution Group GmbH – Unaudited Interim Financial Statements

 Consolidated Statement of Comprehensive Income for the three months ended 31
                             March 2013 and 2012

                                          1 January –     1 January –
In millions of EUR                                     
                                          31 March 2013   31 March 2012
                                                                        
Net income                                26.8            41.2
Other comprehensive loss:
Foreign currency translation reserve      20.2            (19.4)
Total other comprehensive income (loss)   20.2            (19.4)
Total comprehensive income                47.0            21.8
Attributable to:
                                          0.6             0.4
Non-controlling interests
Owners of the company                     46.4            21.4

       Styrolution Group GmbH – Unaudited Interim Financial Statements

                 Consolidated Statement of Financial Position

                                                       31 March   31 December
In millions of EUR                                             
                                                       2013       2012
Assets
Property, plant and equipment                          801.3      799.6
Intangible assets and goodwill                         1,306.0    1,312.0
Deferred tax assets                                    19.4       25.4
Other receivables and miscellaneous non-current        25.2       25.3
assets
Non-current assets                                     2,151.9    2,162.3
Inventories                                            594.0      581.4
Accounts receivable. trade                             785.8      682.5
Other receivables and miscellaneous current assets     145.0      138.4
Cash and cash equivalents                              174.4      190.1
Current assets                                         1,699.2    1,592.4
Total assets                                           3,851.1    3,754.7
Equity
Share capital                                          10.0       10.0
Contributed Surplus                                    1,641.4    1,641.4
Other reserves                                         37.2       17.3
Accumulated deficit                                    (11.5)     (38.0)
Equity attributable to owners of the Company           1,677.1    1,630.7
Non-controlling interest                               7.4        6.8
Total equity                                           1,684.5    1,637.5
Liabilities
Financial indebtedness                                 471.0      470.6
Employee benefits                                      61.3       60.9
Deferred tax liabilities                               404.6      407.0
Other liabilities and other long term provisions       84.3       89.0
Non-current liabilities                                1,021.2    1,027.5
Accounts payable. trade                                660.8      531.2
Financial indebtedness                                 271.4      359.1
Current tax liabilities                                48.9       35.9
Other liabilities and short term provisions            164.3      163.5
Current liabilities                                    1,145.4    1,089.7
Total liabilities                                      2,166.6    2,117.2
Total equity and liabilities                           3,851.1    3,754.7

       Styrolution Group GmbH – Unaudited Interim Financial Statements

                 Consolidated Statement of Changes in Equity


                                                                        Equity
              Share    ContributedSurplus  Accumulated  Other     attributable  Non-controlling  Total
                Capital                        deficit       Reserves   to owners of   interest          Equity
In millions                                                             the company
of EUR
31 December     10.0      1,641.4              (38.0)        17.3       1,630.7        6.8               1,637.5
2012
                                                                                                                 
Net income                                     26.5                     26.5           0.3               26.8
Other
Comprehensive                                             19.9       19.9           0.3               20.2
income
Total
comprehensive                                26.5          19.9       46.4           0.6               47.0
income
31 March 2013   10.0      1,641.4              (11.5)        37.2       1,677.1        7.4               1,684.5
                                                                                                  
31 December     10.0      1,641.4              (69.2)        24.0       1,606.2        8.4               1,614.6
2011
                                                                                                                 
Net income                                     40.8                     40.8           0.4               41.2
Other
Comprehensive                                             (19.4)     (19.4)                          (19.4)
loss
Total
comprehensive                                  40.8          (19.4)     21.4           0.4               21.8
income
                                                                                                                 
India share                                                  (4.5)      (4.5)          (2.1)             (6.6)
repurchase
                                                                                                  
31 March 2012   10.0      1,641.4              (28.4)        0.1        1,623.1        6.7               1,629.8

       Styrolution Group GmbH – Unaudited Interim Financial Statements

                     Consolidated Statement of Cash Flows

In millions of EUR                         1 January – 31  1 January – 31
                                             March 2013       March 2012
Cash flows from operating activities     
Income before tax                            40.9             59.0
Adjustment for:
Depreciation and impairment of property,     24.6             29.6
plant and equipment
Amortization and impairment of               25.4             14.0
intangible assets
Change in Other receivables                  (9.9)            78.3
Change in pension provisions, other          (1.6)            (31.3)
liabilities and charges
Net finance cost                             (0.8)            15.0
Current income tax paid                     (17.5)           (17.6)
Working capital adjustments:
  *Inventories                              (1.7)            (66.6)
  *Trade receivables                        (99.8)           (38.0)
  *Trade payables                          118.5            (38.4)
Cash generated from operating activities     78.1             4.0
Interest paid                               (1.9)            (3.2)
Net cash flows from operating activities    76.2             0.8
                                                                             
Cash flows from investing activities
Investments in property, plant and          (15.5)           (7.7)
equipment and intangible fixed assets
Net cash flows used in investing            (15.5)           (7.7)
activities
                                                                             
Cash flows from financing activities
Share repurchase India                       0.0              (6.6)
Repayments of asset securitization, net      (82.7)           (8.0)
Repayment of borrowings from related         0.0              (106.5)
parties
Receipts of receivables from related         10.2             29.0
parties
Receipt of other borrowings                  0.5              46.0
Repayment of other borrowings               (5.8)            0.0
Net cash flows used in financing            (77.8)           (46.1)
activities
                                                           
Net changes in cash and cash equivalents    (17.1)           (53.0)
                                                                             
Cash and cash equivalents at prior year      190.1            266.0
end
Effect of exchange rate fluctuations on     1.4              (0.6)
cash held
Total Cash and cash equivalents             174.4            212.4

       Styrolution Group GmbH – Unaudited Interim Financial Statements

                                    Notes

1. Reporting entity

Styrolution Group GmbH (the ‘Company’) is an intermediate holding Company
which is wholly owned by Styrolution Beteiligungs GmbH, a wholly owned
subsidiary of Styrolution Holding GmbH. Styrolution Holding GmbH is a joint
venture ultimately owned by two shareholders. INEOS Industries Holdings Ltd.
(“INEOS”), a subsidiary of INEOS AG owns 50% of the shares of Styrolution
Holding GmbH. BASF SE directly owns 18.09% of the shares of Styrolution
Holding GmbH and indirectly through BASF Antwerpen N.V. (a wholly owned
subsidiary) another 31.91%. The Company is domiciled in Germany and has its
registered office at Erlenstrasse 2, 60325 Frankfurt am Main, Germany.

The consolidated interim financial statements of the Company comprise the
Company and its subsidiaries (together referred to as the ‘Group’ and
individually as ‘Group entities’). The Group is the leading global producer,
marketer and merchant seller of styrene monomer and styrenics polymers.

2. Basis for preparation

(a) Statement of compliance

These consolidated interim financial statements of Styrolution Group GmbH for
the period ended 31 March 2013 have been prepared in accordance with IAS 34
Interim Financial Reporting. They do not provide all of the information and
disclosures included in complete consolidated financial statements and are
therefore to be read in conjunction with the consolidated financial statements
as of and for the period ending 31 December 2012.

The consolidated interim financial statements were authorized for issue by the
Managing Directors on 21 May 2013.

(b) Basis of measurement

The basis of measurement for the consolidated financial statements is
generally the historical cost basis except for those financial instruments
categories measured at fair value.

As of 1 January 2013 Company adopted IAS 19 (revised). The revised standard
requires that interest cost and expected return on plan assets were replaced
by a net interest cost which is calculated by applying the discount rate to
the net defined benefit obligation (or asset). In addition, past service costs
are recognized immediately instead of being accrued over the vesting period.
Further, according to IAS 19 (revised), it will no longer be possible to apply
the so called corridor method. Since the Group has not applied the corridor
method and estimated an expected return on plan assets for the preceding
period that did not exceed the discount rate on the benefit obligation, this
change has not had an effect on the Group's financial statements The actual
benefits and the cash contributions for these plans are not impacted by IAS 19
(revised).

The Group changed its presentation for certain time and location swaps of
commodities. These swap transactions amounted to EUR 74.8 million for the
three months ended 31 March 2012 and are not included as external sales and
cost of sales as management considers that to be a better presentation of the
actual trading and revenue of the Group. The amounts of revenue and cost of
sales in the period ended 31 March 2012 were changed accordingly.

(c) Functional and presentation currency

These consolidated interim financial statements are presented in EUR, which is
the Company’s functional currency. All financial information presented in EUR
has been rounded to the nearest tenth of a million, except when otherwise
indicated.

(d) Use of estimates and judgments

The preparation of financial statements in conformity with IFRS requires
management to make judgments, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these
estimates. Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognized in the period in which
the estimates are revised and in any future periods affected.

(e) Segment reporting

Segment results that are reported to the CEO include items directly
attributable to a segment as well as those that can be allocated on a basis
considered reasonable. Unallocated items comprise mainly assets that are used
across segments (primarily the Company’s headquarters), head office expenses
and tax assets and liabilities. The Company has defined the following
operating segments:

  *Polymers EMEA
  *Polymers Americas
  *Polymers Asia
  *Styrene Monomer

While for previous periods the management of the Group had identified three
operating business segments EMEA, Americas and Asia, which included the
Styrene Monomer business in the respective regional units the global Styrene
Monomer business of the Group has been separated and will be presented as a
global business unit from 1 January 2013. The comparative financial
information for the year 2012 has been adjusted respectively.

Detailed information by segment for the three months ended 31 March 2013 is
presented in the following tables. Inter-segment-sales of the Styrene Monomer
business contain external sales to other Styrolution entities as well as
internal consumption within one legal entity.

In millions of    External sales      Inter-segment sales  EBITDA before
EUR                                                           Special Items
                  3M 2013  3M 2012*   3M 2013   3M 2012*   3M      3M
                                                              2013     2012
Polymers EMEA      550.2     537.7      22.0       17.9       49.0     44.4
Polymers           309.0     360.8      2.2        2.7        14.3     12.8
Americas
Polymers Asia      264.4     278.8      1.5        1.5        9.2      8.4
Styrene Monomer    396.5     353.2      648.4      647.5      21.4     53.1
Corporate and                         (674.1)    (669.6)            
eliminations
Total              1,520.1   1,530.5    0.0        0.0        93.9     118.7

* In the first quarter 2012, the Group reported certain internal sales of
styrene monomer sales in the Polymers Americas segment as external sales.
These sales have been properly reported in Polymers Americas in the tables
above. In addition, the Group changed its presentation for certain time and
location swaps of commodities. These swap transactions amounted to EUR 74.8
million for the three months ended 31 March 2012 and are not included as
external sales and cost of sales as management considers that to be a better
presentation of the actual trading and revenue of the Group.

The reconciliation of EBITDA before special items to Income before tax is as
following:

In millions of EUR                      1 January –    1 January –
                                         31 March 2013   31 March 2012
EBITDA before special items              93.9            118.7
Special items (restructuring expenses)   (3.8)           (1.1)
Depreciation and Amortization            (50.0)          (43.6)

Results from operations                  40.1            74.0

Net finance costs                        0.8             (15.0)
Income before tax                        40.9            59.0

The special items primarily include costs related to the implementation of a
common ERP system that cannot be recorded as an asset and contract termination
costs.

3. Equity

As a result of the Joint Venture transactions the Company undertook and on 6
February 2012 completed a public offer to purchase the non-controlling
interest in Styrolution ABS (India) Limited (formerly INEOS ABS (India) Ltd.).
As a result of this process the Company increased its share in Styrolution ABS
(India) Limited from 83.33% to 87.26%. The total amount paid from this
increase was EUR 6.6 million. The reduction in the total value of the
non-controlling interest is EUR 2.0 million.

4. Financial Indebtedness

In millions of EUR                         31 March 2013  31 December 2012
Current liabilities                      
Short term borrowings from asset             251.8           334.2
securitizations
Short term borrowings other                 19.6            24.9
Total                                       271.4           359.1

5. Related parties

In millions of   Transaction    Balance       Transaction    Balance
EUR               value           outstanding    value           outstanding
                  1 January –     31 March       1 January –     31 December
                 31 March 2013                  31 March 2012
                                  2013                           2012
Sale of
products
BASF**            76.8                           68.0
INEOS             36.6                           38.6
Purchase of raw
materials
BASF**            371.3                          463.1
INEOS             103.6                          239.6
Services
received
BASF              53.4                           16.6
INEOS             5.6                            8.8
Trade and other
receivables
BASF                              56.7                           68.1
INEOS                             9.7                            10.1
Shareholder                       32.3                           41.5
Trade and other
payables
BASF                              (341.0)                        (279.0)
INEOS                            (42.8)                        (42.0)

** In the first two quarters of 2012, the Group reported external sales for
certain location and time swaps. To the extent that these swaps involve a
shareholder of the Company, they are not included as sales of product in the
table above – see also note 2.

The Company completed a settlement agreement with its shareholder who assumed
trade payable balances of EUR 119.6 million in exchange for the Company’s
receivable due from shareholder. The corresponding receivables and payables
were extinguished as a result of the settlement agreement.

On 19 March 2012 the Company announced the termination of tolling agreements
with INEOS concerning the styrenics plant of INEOS in Marl. Germany. Supply of
polystyrene and styrene from Marl continued through October 2012. As a result
of the termination of the agreement, the Company will accelerate payments of
approximately EUR 43.2 million under the contract of which EUR 33.5 million
was identified as an unfavorable contractual agreement in accounting for the
business combination.

6. Income taxes

Income tax expense is recognized based on management’s best estimate of the
income tax rate expected for the year 2013 applied to the income before taxes
of the first quarter 2013. The Group’s consolidated tax rate for the first
quarter of 2013 was 34.5%.

    PRESENTATION OF THE STYROLUTION FIRST QUARTER 2013 BUSINESS RESULTS OF

                                  OPERATION

The Company prepared this discussion and analysis of its results of operations
by comparing its unaudited consolidated interim financial statements of income
and cash flows for the first quarters of 2013 and 2012.

                                      1 January –     1 January –
In millions of EUR                                                 %
                                      31 March 2013   31 March 2012
Revenue                               1,520.1         1,530.5         (0.7)
Cost of sales                         (1,382.5)       (1,347.0)       2.6
Gross profit                          137.6           183.5           (25.0)
                                                                             
Selling expenses                      (66.4)          (78.4)          (15.3)
General and administrative expenses   (23.3)          (19.5)          19.5
Research and development expenses     (3.3)           (2.5)           32.0
Other operating expenses (net)        (4.5)           (9.1)           (50.5)
Result from operating activities      40.1            74.0            (45.8)
                                                                             
Interest income                       0.9             (0.0)           n/a
Interest expense                      (12.5)          (12.0)          4.2
Other finance gain (loss) (net)       12.4            (3.0)           n/a
Net finance income (costs)            0.8             (15.0)          n/a
                                                                   
Income before tax                     40.9            59.0            (30.7)
Income tax expense                    (14.1)          (17.8)          (20.8)
Net income                            26.8            41.2            (35.0) 
Attributable to:
Non-controlling interests             0.3             0.4             (25.0)
Owners of the company                 26.5            40.8            (35.0)

Revenue in the first quarter of 2013 amounts to EUR 1,520.1 million a decrease
of EUR (10.4) million or (0.7%) compared to EUR 1,530.5 million in the first
quarter 2012. Revenue reduced due to lower polymers sales volumes that were
almost offset by higher sales prices.

Revenue in Polymers Americas decreased due to weaker sales volumes. Sales
volumes decreased as a result of record high PS sales pricing leading to lower
demand. The main impact was in Polystyrene. Sales prices increased because of
higher feedstock prices (mainly benzene) passed on to our customers.

Revenue in Polymers EMEA increased, despite the weak market economic
conditions in Europe. Sales prices increased because of higher feedstock
prices (mainly Styrene Monomer) passed on to our customers. Sales volumes in
Polymers EMEA declined slightly. Specialties volumes decreased because sales
to our former subsidiary ELIX in Q1-2012 did not continue in Q1-2013.

Revenue in Polymers Asia decreased as a result of lower sales volumes which
were partly offset by higher sales prices. Customers maintained a wait and see
approach due to declining feedstock prices.

Revenue in Styrene Monomer increased because volumes were higher on the back
of stronger third-party sales, primarily into the spot market, ahead of the
beginning of significant scheduled turnarounds in both Europe and Asia. Prices
increased because of higher feedstock prices passed on to our customers.

Cost of Sales: Cost of sales increased by EUR 35.5 million or 2.6% to EUR
(1,382.5) million compared to EUR (1,347.0) million in the previous year. This
increase is due to higher raw material prices and depreciation and
amortization related to the purchase price allocation which increased by EUR
6.4 million in accordance with the greater estimated economic benefits of the
assets, partly offset by lower sales volumes in Polymers.

Gross profit: Gross profit decreased by EUR (45.9) million or (25.0%) to EUR
137.6 million compared to EUR 183.5 million in the previous year.

In Q1-2012 the gross profit was positively impacted by strong increasing
feedstock prices. The Group was able to benefit from selling the inventory
which was carried at lower cost of the feedstock at higher sales prices when
converted into finished products. This so-called flow through effect
contributed approximately EUR 60 million in Q1-2012. In Q1-2013, however,
feedstock prices decreased slightly, leading to a negative flow through of
approximately EUR 5 million.

In addition gross profit decreased as a result of a reduction of sales volumes
as described under revenue.

Partially offsetting effects relate to improved margins in polystyrene
products within Polymers EMEA in Q1-2013 compared to Q1-2012 which continued
to benefit from capacity reductions in the market (o.a. closure of Marl) that
occurred in the last quarter of 2012 and lower plant fixed costs.

Selling expenses: Selling expenses decreased by EUR (12.0) million or (15.3%)
to EUR (66.4) million compared to EUR (78.4) million in the previous year. The
decrease mainly results from savings in freight costs because of lower sales
volumes and diesel prices.

General and administrative expenses: General and administrative expenses
increased by EUR3.8 million or 19.5% to EUR(23.3) million compared to
EUR(19.5) million in the previous year. The increase is due to the insourcing
of services that were provided under service level agreements.

Research and development expenses: Research and development expenses increased
by EUR0.8 million or 32.0% to EUR(3.3) million compared to EUR(2.5) million
in the previous year. The Group invests in new products or product
applications.

Other operating expenses: Other operating expenses were EUR (4.5) million, a
decrease of EUR (4.6) million compared to other operating expenses of
EUR(9.1) million in the previous year. The decrease is mainly because of the
start-up costs of the joint venture incurred in 2012.

EBITDA before special items: EBITDA* before special items decreased by
EUR(24.8) million or (20.9%) from EUR 118.7 million to EUR 93.9 million. The
first quarter of 2013 was an acceptable volume and margin quarter in an
uncertain economic environment. The decrease mainly results from the
comparison with the very successful first quarter of 2012, largely driven by
positive flow through. Special items were incurred in the integration of
activities.

Net finance results: While interest income and expense were at a similar level
compared to the first quarter of 2012, other finance gains and losses that
result from foreign currency gains increased from (3.0) million to 12.4
million. The effect mainly comes from translation effects on intra group
loans.

The development of the product groups on a global level for the three months
period ended 31 March was as following:

In millions of EUR  External sales             EBITDA before Special Items
                    3M 2013  3M 2012  %       3M 2013   3M 2012  %
Polystyrene          601.1     611.4     (1.7)   24.3       13.9      74.8
ABS Standard         219.3     240.1     (8.7)   16.2       20.5      (21.0)
Specialties          303.2     325.8     (6.9)   32.0       31.2      2.6
Styrene Monomer      396.5     353.2     12.3    21.4       53.1      (59.7)
Total                1,520.1   1,530.5   (0.7)   93.9       118.7     (20.9)

* EBITDA represents income from operations plus depreciation of property,
plant and equipment and amortization of intangible assets. EBITDA before
special items represents EBITDA less special items. Although EBITDA and EBITDA
before special items should not be considered substitute measures for profit
and net cash flow from operating activities, we believe that they provide
useful information regarding our ability to meet future debt service
requirements, EBITDA and EBITDA before special items may not be comparable to
similarly titled measures used by other companies.

                       LIQUIDITY AND CAPITAL RESOURCES

The cash flow statement is prepared in accordance with the indirect method.
Cash and cash equivalents do not include deposits and guarantees that are not
immediately available. These amounts are included in other receivables.

Cash provided from operating activities

Cash provided from operating activities by Styrolution in the first three
month of 2013, excluding interest payments was EUR 78.1 million. The cash
flows provided from operations were significantly higher than the result from
operations on the income statement due to material depreciation and
amortization amounts included in the result from operations. In the first
quarter of 2012 the cash flow from operating activities was significantly
impacted due to cash flow requirements of the working capital in an
environment of higher feedstock prices. While in the first quarter 2012 EUR
143.0 million were used to finance the Group´s working capital needs, the
Group released EUR 17.0 million during the first quarter of 2013 from a
reduction of its working capital.

Cash used in investing activities

The cash used in investing activities consists of Investment activities in
tangible fixed assets (EUR 12.0 million) and its internal use software (EUR
3.5 million).

Cash used in financing activities

The Group used cash flow in financing activities primarily to reduce the
balance from asset securitizations by EUR 82.7 million, partly offset by
receipts of EUR 10.2 million for receivables from shareholders that resulted
from the formation of the joint venture.

Financing of Styrolution

The financing of the Group is through the issuance of Senior Secured Notes of
EUR480 million, a Trade Receivables Securitization Facility (up to EUR 500
million) and ancillary lines for instruments such as guarantees and letters of
credit.

The financing of Styrolution and the use of funds at the end of March 2013 of
the Group was as follows:

In millions of EUR                         31 March 2013  31 December 2012
Senior secured bond*                        480.0           480.0
Short term borrowings from asset             271.4           359.1
securitizations and other borrowings
Total Financing                              751.4           839.1
Cash and cash equivalents                   (174.4)         (190.1)
Net Debt*                                   577.0           649.0

* Net debt includes the notional amount of the senior secured bond rather than
the carrying amount in accordance with IFRS which is lower than the notional
amount due to debt issuance cost that are amortized over the term of the bond.

                            Styrolution Group GmbH

Unaudited Interim Financial Statements – the three months ended 31 March 2013

                          Forward Looking Statements

The following report includes “forward-looking statements”, based on our
current expectations and projections about future events, including:

  *the cyclical nature of our businesses and their sensitivity to changes in
    supply and demand;
  *raw material availability and costs, as well as supply arrangements,
    including arrangements with principal feedstock suppliers;
  *the highly competitive nature of our principal industries;
  *current or future environmental requirements, including those related to
    greenhouse gas and other air emissions, and the related costs of
    maintaining compliance and addressing liabilities;
  *currency fluctuations and economic downturns in the countries in which we
    operate;
  *our ability to implement our business and cost reduction strategies;
  *our ability to successfully integrate our businesses and realize
    anticipated synergies and cost savings; and
  *our substantial indebtedness following the consummation of the Joint
    Venture Transaction may affect our ability to service our outstanding
    indebtedness, which would likely impact the way we operate our business.

All statements other than statements of historical facts included in this
report, without limitation, statements regarding our future financial
position, risks and uncertainties related to our Company and the notes,
strategy, capital expenditures, projected costs and our plans and objectives
for future operations, may be deemed to be forward-looking statements. These
forward-looking statements are subject to a number of risks and uncertainties.
Words such as “believe,” “expect,” “anticipate”, “may”, “intend”, “will”,
“should”, “estimate” and similar expressions or the negatives of these
expressions are intended to identify forward-looking statements. In addition,
from time to time we or our representatives, acting in respect of information
provided by us, have made or may make forward-looking statements orally or in
writing and these forward-looking statements may be included in but are not
limited to press releases (including on our website), reports to our security
holders and other communications. Although we believe that the expectations
reflected in such forward-looking statements are reasonable, we can give no
assurance that such expectations will prove to be correct. We undertake no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.

       Styrolution Group GmbH – Unaudited Interim Financial Statements

Consolidated Statement of Income for the three months ended 31 March 2013 and
                                     2012

                                      1 January –     1 January –
In millions of EUR                                 
                                      31 March 2013   31 March 2012*
Revenue                               1,520.1         1,530.5
Cost of sales                         (1,382.5)       (1,347.0)
Gross profit                          137.6           183.5
                                                                     
Selling expenses                      (66.4)          (78.4)
General and administrative expenses   (23.3)          (19.5)
Research and development expenses     (3.3)           (2.5)
Other operating expenses (net)        (4.5)           (9.1)
Result from operating activities      40.1            74.0
                                                                     
Interest income                       0.9             (0.0)
Interest expense                      (12.5)          (12.0)
Other finance gain (loss) (net)       12.4            (3.0)
Net finance costs                     0.8             (15.0)
Income before tax                     40.9            59.0
Income tax expense                    (14.1)          (17.8)
Net income                            26.8            41.2           
Attributable to:
Non-controlling interests             0.3             0.4
Owners of the company                 26.5            40.8

* The consolidated statement of income for the three months ended 31 March
2012 has been adjusted (see note 2)

Styrolution Group GmbH – Unaudited Interim Financial Statements

 Consolidated Statement of Comprehensive Income for the three months ended 31
                             March 2013 and 2012

                                          1 January –     1 January –
In millions of EUR                                     
                                          31 March 2013   31 March 2012
                                                                        
Net income                                26.8            41.2
Other comprehensive loss:
Foreign currency translation reserve      20.2            (19.4)
Total other comprehensive income (loss)   20.2            (19.4)
Total comprehensive income                47.0            21.8
Attributable to:
                                          0.6             0.4
Non-controlling interests
Owners of the company                     46.4            21.4

       Styrolution Group GmbH – Unaudited Interim Financial Statements

                 Consolidated Statement of Financial Position

                                                       31 March   31 December
In millions of EUR                                             
                                                       2013       2012
Assets
Property, plant and equipment                          801.3      799.6
Intangible assets and goodwill                         1,306.0    1,312.0
Deferred tax assets                                    19.4       25.4
Other receivables and miscellaneous non-current        25.2       25.3
assets
Non-current assets                                     2,151.9    2,162.3
Inventories                                            594.0      581.4
Accounts receivable. trade                             785.8      682.5
Other receivables and miscellaneous current assets     145.0      138.4
Cash and cash equivalents                              174.4      190.1
Current assets                                         1,699.2    1,592.4
Total assets                                           3,851.1    3,754.7
Equity
Share capital                                          10.0       10.0
Contributed Surplus                                    1,641.4    1,641.4
Other reserves                                         37.2       17.3
Accumulated deficit                                    (11.5)     (38.0)
Equity attributable to owners of the Company           1,677.1    1,630.7
Non-controlling interest                               7.4        6.8
Total equity                                           1,684.5    1,637.5
Liabilities
Financial indebtedness                                 471.0      470.6
Employee benefits                                      61.3       60.9
Deferred tax liabilities                               404.6      407.0
Other liabilities and other long term provisions       84.3       89.0
Non-current liabilities                                1,021.2    1,027.5
Accounts payable. trade                                660.8      531.2
Financial indebtedness                                 271.4      359.1
Current tax liabilities                                48.9       35.9
Other liabilities and short term provisions            164.3      163.5
Current liabilities                                    1,145.4    1,089.7
Total liabilities                                      2,166.6    2,117.2
Total equity and liabilities                           3,851.1    3,754.7

       Styrolution Group GmbH – Unaudited Interim Financial Statements

                 Consolidated Statement of Changes in Equity


                                                                        Equity
              Share    ContributedSurplus  Accumulated  Other     attributable  Non-controlling  Total
                Capital                        deficit       Reserves   to owners of   interest          Equity
In millions                                                             the company
of EUR
31 December     10.0      1,641.4              (38.0)        17.3       1,630.7        6.8               1,637.5
2012
                                                                                                                 
Net income                                     26.5                     26.5           0.3               26.8
Other
Comprehensive                                             19.9       19.9           0.3               20.2
income
Total
comprehensive                                26.5          19.9       46.4           0.6               47.0
income
31 March 2013   10.0      1,641.4              (11.5)        37.2       1,677.1        7.4               1,684.5
                                                                                                  
31 December     10.0      1,641.4              (69.2)        24.0       1,606.2        8.4               1,614.6
2011
                                                                                                                 
Net income                                     40.8                     40.8           0.4               41.2
Other
Comprehensive                                             (19.4)     (19.4)                          (19.4)
loss
Total
comprehensive                                  40.8          (19.4)     21.4           0.4               21.8
income
                                                                                                                 
India share                                                  (4.5)      (4.5)          (2.1)             (6.6)
repurchase
                                                                                                  
31 March 2012   10.0      1,641.4              (28.4)        0.1        1,623.1        6.7               1,629.8

       Styrolution Group GmbH – Unaudited Interim Financial Statements

                     Consolidated Statement of Cash Flows

In millions of EUR                         1 January – 31  1 January – 31
                                             March 2013       March 2012
Cash flows from operating activities     
Income before tax                            40.9             59.0
Adjustment for:
Depreciation and impairment of property,     24.6             29.6
plant and equipment
Amortization and impairment of               25.4             14.0
intangible assets
Change in Other receivables                  (9.9)            78.3
Change in pension provisions, other          (1.6)            (31.3)
liabilities and charges
Net finance cost                             (0.8)            15.0
Current income tax paid                     (17.5)           (17.6)
Working capital adjustments:
  *Inventories                              (1.7)            (66.6)
  *Trade receivables                        (99.8)           (38.0)
  *Trade payables                          118.5            (38.4)
Cash generated from operating activities     78.1             4.0
Interest paid                               (1.9)            (3.2)
Net cash flows from operating activities    76.2             0.8
                                                                             
Cash flows from investing activities
Investments in property, plant and          (15.5)           (7.7)
equipment and intangible fixed assets
Net cash flows used in investing            (15.5)           (7.7)
activities
                                                                             
Cash flows from financing activities
Share repurchase India                       0.0              (6.6)
Repayments of asset securitization, net      (82.7)           (8.0)
Repayment of borrowings from related         0.0              (106.5)
parties
Receipts of receivables from related         10.2             29.0
parties
Receipt of other borrowings                  0.5              46.0
Repayment of other borrowings               (5.8)            0.0
Net cash flows used in financing            (77.8)           (46.1)
activities
                                                           
Net changes in cash and cash equivalents    (17.1)           (53.0)
                                                                             
Cash and cash equivalents at prior year      190.1            266.0
end
Effect of exchange rate fluctuations on     1.4              (0.6)
cash held
Total Cash and cash equivalents             174.4            212.4

       Styrolution Group GmbH – Unaudited Interim Financial Statements

                                    Notes

7. Reporting entity

Styrolution Group GmbH (the ‘Company’) is an intermediate holding Company
which is wholly owned by Styrolution Beteiligungs GmbH, a wholly owned
subsidiary of Styrolution Holding GmbH. Styrolution Holding GmbH is a joint
venture ultimately owned by two shareholders. INEOS Industries Holdings Ltd.
(“INEOS”), a subsidiary of INEOS AG owns 50% of the shares of Styrolution
Holding GmbH. BASF SE directly owns 18.09% of the shares of Styrolution
Holding GmbH and indirectly through BASF Antwerpen N.V. (a wholly owned
subsidiary) another 31.91%. The Company is domiciled in Germany and has its
registered office at Erlenstrasse 2, 60325 Frankfurt am Main, Germany.

The consolidated interim financial statements of the Company comprise the
Company and its subsidiaries (together referred to as the ‘Group’ and
individually as ‘Group entities’). The Group is the leading global producer,
marketer and merchant seller of styrene monomer and styrenics polymers.

8. Basis for preparation

(f) Statement of compliance

These consolidated interim financial statements of Styrolution Group GmbH for
the period ended 31 March 2013 have been prepared in accordance with IAS 34
Interim Financial Reporting. They do not provide all of the information and
disclosures included in complete consolidated financial statements and are
therefore to be read in conjunction with the consolidated financial statements
as of and for the period ending 31 December 2012.

The consolidated interim financial statements were authorized for issue by the
Managing Directors on 21 May 2013.

(g) Basis of measurement

The basis of measurement for the consolidated financial statements is
generally the historical cost basis except for those financial instruments
categories measured at fair value.

As of 1 January 2013 Company adopted IAS 19 (revised). The revised standard
requires that interest cost and expected return on plan assets were replaced
by a net interest cost which is calculated by applying the discount rate to
the net defined benefit obligation (or asset). In addition, past service costs
are recognized immediately instead of being accrued over the vesting period.
Further, according to IAS 19 (revised), it will no longer be possible to apply
the so called corridor method. Since the Group has not applied the corridor
method and estimated an expected return on plan assets for the preceding
period that did not exceed the discount rate on the benefit obligation, this
change has not had an effect on the Group's financial statements The actual
benefits and the cash contributions for these plans are not impacted by IAS 19
(revised).

The Group changed its presentation for certain time and location swaps of
commodities. These swap transactions amounted to EUR 74.8 million for the
three months ended 31 March 2012 and are not included as external sales and
cost of sales as management considers that to be a better presentation of the
actual trading and revenue of the Group. The amounts of revenue and cost of
sales in the period ended 31 March 2012 were changed accordingly.

(h) Functional and presentation currency

These consolidated interim financial statements are presented in EUR, which is
the Company’s functional currency. All financial information presented in EUR
has been rounded to the nearest tenth of a million, except when otherwise
indicated.

(i) Use of estimates and judgments

The preparation of financial statements in conformity with IFRS requires
management to make judgments, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these
estimates. Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognized in the period in which
the estimates are revised and in any future periods affected.

(j) Segment reporting

Segment results that are reported to the CEO include items directly
attributable to a segment as well as those that can be allocated on a basis
considered reasonable. Unallocated items comprise mainly assets that are used
across segments (primarily the Company’s headquarters), head office expenses
and tax assets and liabilities. The Company has defined the following
operating segments:

  *Polymers EMEA
  *Polymers Americas
  *Polymers Asia
  *Styrene Monomer

While for previous periods the management of the Group had identified three
operating business segments EMEA, Americas and Asia, which included the
Styrene Monomer business in the respective regional units the global Styrene
Monomer business of the Group has been separated and will be presented as a
global business unit from 1 January 2013. The comparative financial
information for the year 2012 has been adjusted respectively.

Detailed information by segment for the three months ended 31 March 2013 is
presented in the following tables. Inter-segment-sales of the Styrene Monomer
business contain external sales to other Styrolution entities as well as
internal consumption within one legal entity.

In millions of    External sales      Inter-segment sales  EBITDA before
EUR                                                           Special Items
                  3M 2013  3M 2012*   3M 2013   3M 2012*   3M      3M
                                                              2013     2012
Polymers EMEA      550.2     537.7      22.0       17.9       49.0     44.4
Polymers           309.0     360.8      2.2        2.7        14.3     12.8
Americas
Polymers Asia      264.4     278.8      1.5        1.5        9.2      8.4
Styrene Monomer    396.5     353.2      648.4      647.5      21.4     53.1
Corporate and                         (674.1)    (669.6)            
eliminations
Total              1,520.1   1,530.5    0.0        0.0        93.9     118.7

* In the first quarter 2012, the Group reported certain internal sales of
styrene monomer sales in the Polymers Americas segment as external sales.
These sales have been properly reported in Polymers Americas in the tables
above. In addition, the Group changed its presentation for certain time and
location swaps of commodities. These swap transactions amounted to EUR 74.8
million for the three months ended 31 March 2012 and are not included as
external sales and cost of sales as management considers that to be a better
presentation of the actual trading and revenue of the Group.

The reconciliation of EBITDA before special items to Income before tax is as
following:

In millions of EUR                      1 January –    1 January –
                                         31 March 2013   31 March 2012
EBITDA before special items              93.9            118.7
Special items (restructuring expenses)   (3.8)           (1.1)
Depreciation and Amortization            (50.0)          (43.6)

Results from operations                  40.1            74.0

Net finance costs                        0.8             (15.0)
Income before tax                        40.9            59.0

The special items primarily include costs related to the implementation of a
common ERP system that cannot be recorded as an asset and contract termination
costs.

9. Equity

As a result of the Joint Venture transactions the Company undertook and on 6
February 2012 completed a public offer to purchase the non-controlling
interest in Styrolution ABS (India) Limited (formerly INEOS ABS (India) Ltd.).
As a result of this process the Company increased its share in Styrolution ABS
(India) Limited from 83.33% to 87.26%. The total amount paid from this
increase was EUR 6.6 million. The reduction in the total value of the
non-controlling interest is EUR 2.0 million.

10. Financial Indebtedness

In millions of EUR                         31 March 2013  31 December 2012
Current liabilities                      
Short term borrowings from asset             251.8           334.2
securitizations
Short term borrowings other                 19.6            24.9
Total                                       271.4           359.1

11. Related parties

In millions of   Transaction    Balance       Transaction    Balance
EUR               value           outstanding    value           outstanding
                  1 January –     31 March       1 January –     31 December
                 31 March 2013                  31 March 2012
                                  2013                           2012
Sale of
products
BASF**            76.8                           68.0
INEOS             36.6                           38.6
Purchase of raw
materials
BASF**            371.3                          463.1
INEOS             103.6                          239.6
Services
received
BASF              53.4                           16.6
INEOS             5.6                            8.8
Trade and other
receivables
BASF                              56.7                           68.1
INEOS                             9.7                            10.1
Shareholder                       32.3                           41.5
Trade and other
payables
BASF                              (341.0)                        (279.0)
INEOS                            (42.8)                        (42.0)

** In the first two quarters of 2012, the Group reported external sales for
certain location and time swaps. To the extent that these swaps involve a
shareholder of the Company, they are not included as sales of product in the
table above – see also note 2.

The Company completed a settlement agreement with its shareholder who assumed
trade payable balances of EUR 119.6 million in exchange for the Company’s
receivable due from shareholder. The corresponding receivables and payables
were extinguished as a result of the settlement agreement.

On 19 March 2012 the Company announced the termination of tolling agreements
with INEOS concerning the styrenics plant of INEOS in Marl. Germany. Supply of
polystyrene and styrene from Marl continued through October 2012. As a result
of the termination of the agreement, the Company will accelerate payments of
approximately EUR 43.2 million under the contract of which EUR 33.5 million
was identified as an unfavorable contractual agreement in accounting for the
business combination.

12. Income taxes

Income tax expense is recognized based on management’s best estimate of the
income tax rate expected for the year 2013 applied to the income before taxes
of the first quarter 2013. The Group’s consolidated tax rate for the first
quarter of 2013 was 34.5%.

    PRESENTATION OF THE STYROLUTION FIRST QUARTER 2013 BUSINESS RESULTS OF

                                  OPERATION

The Company prepared this discussion and analysis of its results of operations
by comparing its unaudited consolidated interim financial statements of income
and cash flows for the first quarters of 2013 and 2012.

                                      1 January –     1 January –
In millions of EUR                                                 %
                                      31 March 2013   31 March 2012
Revenue                               1,520.1         1,530.5         (0.7)
Cost of sales                         (1,382.5)       (1,347.0)       2.6
Gross profit                          137.6           183.5           (25.0)
                                                                             
Selling expenses                      (66.4)          (78.4)          (15.3)
General and administrative expenses   (23.3)          (19.5)          19.5
Research and development expenses     (3.3)           (2.5)           32.0
Other operating expenses (net)        (4.5)           (9.1)           (50.5)
Result from operating activities      40.1            74.0            (45.8)
                                                                             
Interest income                       0.9             (0.0)           n/a
Interest expense                      (12.5)          (12.0)          4.2
Other finance gain (loss) (net)       12.4            (3.0)           n/a
Net finance income (costs)            0.8             (15.0)          n/a
                                                                   
Income before tax                     40.9            59.0            (30.7)
Income tax expense                    (14.1)          (17.8)          (20.8)
Net income                            26.8            41.2            (35.0) 
Attributable to:
Non-controlling interests             0.3             0.4             (25.0)
Owners of the company                 26.5            40.8            (35.0)

Revenue in the first quarter of 2013 amounts to EUR 1,520.1 million a decrease
of EUR (10.4) million or (0.7%) compared to EUR 1,530.5 million in the first
quarter 2012. Revenue reduced due to lower polymers sales volumes that were
almost offset by higher sales prices.

Revenue in Polymers Americas decreased due to weaker sales volumes. Sales
volumes decreased as a result of record high PS sales pricing leading to lower
demand. The main impact was in Polystyrene. Sales prices increased because of
higher feedstock prices (mainly benzene) passed on to our customers.

Revenue in Polymers EMEA increased, despite the weak market economic
conditions in Europe. Sales prices increased because of higher feedstock
prices (mainly Styrene Monomer) passed on to our customers. Sales volumes in
Polymers EMEA declined slightly. Specialties volumes decreased because sales
to our former subsidiary ELIX in Q1-2012 did not continue in Q1-2013.

Revenue in Polymers Asia decreased as a result of lower sales volumes which
were partly offset by higher sales prices. Customers maintained a wait and see
approach due to declining feedstock prices.

Revenue in Styrene Monomer increased because volumes were higher on the back
of stronger third-party sales, primarily into the spot market, ahead of the
beginning of significant scheduled turnarounds in both Europe and Asia. Prices
increased because of higher feedstock prices passed on to our customers.

Cost of Sales: Cost of sales increased by EUR 35.5 million or 2.6% to EUR
(1,382.5) million compared to EUR (1,347.0) million in the previous year. This
increase is due to higher raw material prices and depreciation and
amortization related to the purchase price allocation which increased by EUR
6.4 million in accordance with the greater estimated economic benefits of the
assets, partly offset by lower sales volumes in Polymers.

Gross profit: Gross profit decreased by EUR (45.9) million or (25.0%) to EUR
137.6 million compared to EUR 183.5 million in the previous year.

In Q1-2012 the gross profit was positively impacted by strong increasing
feedstock prices. The Group was able to benefit from selling the inventory
which was carried at lower cost of the feedstock at higher sales prices when
converted into finished products. This so-called flow through effect
contributed approximately EUR 60 million in Q1-2012. In Q1-2013, however,
feedstock prices decreased slightly, leading to a negative flow through of
approximately EUR 5 million.

In addition gross profit decreased as a result of a reduction of sales volumes
as described under revenue.

Partially offsetting effects relate to improved margins in polystyrene
products within Polymers EMEA in Q1-2013 compared to Q1-2012 which continued
to benefit from capacity reductions in the market (o.a. closure of Marl) that
occurred in the last quarter of 2012 and lower plant fixed costs.

Selling expenses: Selling expenses decreased by EUR (12.0) million or (15.3%)
to EUR (66.4) million compared to EUR (78.4) million in the previous year. The
decrease mainly results from savings in freight costs because of lower sales
volumes and diesel prices.

General and administrative expenses: General and administrative expenses
increased by EUR3.8 million or 19.5% to EUR(23.3) million compared to
EUR(19.5) million in the previous year. The increase is due to the insourcing
of services that were provided under service level agreements.

Research and development expenses: Research and development expenses increased
by EUR0.8 million or 32.0% to EUR(3.3) million compared to EUR(2.5) million
in the previous year. The Group invests in new products or product
applications.

Other operating expenses: Other operating expenses were EUR (4.5) million, a
decrease of EUR (4.6) million compared to other operating expenses of
EUR(9.1) million in the previous year. The decrease is mainly because of the
start-up costs of the joint venture incurred in 2012.

EBITDA before special items: EBITDA* before special items decreased by
EUR(24.8) million or (20.9%) from EUR 118.7 million to EUR 93.9 million. The
first quarter of 2013 was an acceptable volume and margin quarter in an
uncertain economic environment. The decrease mainly results from the
comparison with the very successful first quarter of 2012, largely driven by
positive flow through. Special items were incurred in the integration of
activities.

Net finance results: While interest income and expense were at a similar level
compared to the first quarter of 2012, other finance gains and losses that
result from foreign currency gains increased from (3.0) million to 12.4
million. The effect mainly comes from translation effects on intra group
loans.

The development of the product groups on a global level for the three months
period ended 31 March was as following:

In millions of EUR  External sales             EBITDA before Special Items
                    3M 2013  3M 2012  %       3M 2013   3M 2012  %
Polystyrene          601.1     611.4     (1.7)   24.3       13.9      74.8
ABS Standard         219.3     240.1     (8.7)   16.2       20.5      (21.0)
Specialties          303.2     325.8     (6.9)   32.0       31.2      2.6
Styrene Monomer      396.5     353.2     12.3    21.4       53.1      (59.7)
Total                1,520.1   1,530.5   (0.7)   93.9       118.7     (20.9)

* EBITDA represents income from operations plus depreciation of property,
plant and equipment and amortization of intangible assets. EBITDA before
special items represents EBITDA less special items. Although EBITDA and EBITDA
before special items should not be considered substitute measures for profit
and net cash flow from operating activities, we believe that they provide
useful information regarding our ability to meet future debt service
requirements, EBITDA and EBITDA before special items may not be comparable to
similarly titled measures used by other companies.

                       LIQUIDITY AND CAPITAL RESOURCES

The cash flow statement is prepared in accordance with the indirect method.
Cash and cash equivalents do not include deposits and guarantees that are not
immediately available. These amounts are included in other receivables.

Cash provided from operating activities

Cash provided from operating activities by Styrolution in the first three
month of 2013, excluding interest payments was EUR 78.1 million. The cash
flows provided from operations were significantly higher than the result from
operations on the income statement due to material depreciation and
amortization amounts included in the result from operations. In the first
quarter of 2012 the cash flow from operating activities was significantly
impacted due to cash flow requirements of the working capital in an
environment of higher feedstock prices. While in the first quarter 2012 EUR
143.0 million were used to finance the Group´s working capital needs, the
Group released EUR 17.0 million during the first quarter of 2013 from a
reduction of its working capital.

Cash used in investing activities

The cash used in investing activities consists of Investment activities in
tangible fixed assets (EUR 12.0 million) and its internal use software (EUR
3.5 million).

Cash used in financing activities

The Group used cash flow in financing activities primarily to reduce the
balance from asset securitizations by EUR 82.7 million, partly offset by
receipts of EUR 10.2 million for receivables from shareholders that resulted
from the formation of the joint venture.

Financing of Styrolution

The financing of the Group is through the issuance of Senior Secured Notes of
EUR480 million, a Trade Receivables Securitization Facility (up to EUR 500
million) and ancillary lines for instruments such as guarantees and letters of
credit.

The financing of Styrolution and the use of funds at the end of March 2013 of
the Group was as follows:

In millions of EUR                         31 March 2013  31 December 2012
Senior secured bond*                        480.0           480.0
Short term borrowings from asset             271.4           359.1
securitizations and other borrowings
Total Financing                              751.4           839.1
Cash and cash equivalents                   (174.4)         (190.1)
Net Debt*                                   577.0           649.0

* Net debt includes the notional amount of the senior secured bond rather than
the carrying amount in accordance with IFRS which is lower than the notional
amount due to debt issuance cost that are amortized over the term of the bond.

Contact:

STYROLUTION GMBH
 
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