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The macroeconomic signals from the customer markets relevant to LANXESS remain inconsistent. Coupled with still conflicting growth indicators, this makes it difficult to forecast developments for the remainder of the year. We believe that the greatest risks currently lie in the euro debt crisis and its effects on European economic development. Thus the weak development in Europe is likely to continue, with the pace of growth again varying widely from one country to another. We are aware of the possibility of an economic slowdown and only moderate growth in the Asia and Latin America regions in the months ahead. We anticipate continued growth in the United States, possibly with a slight weakening of the positive signals. Overall, no additional momentum is to be expected in the second half of the year in light of the anticipated macroeconomic developments. On the contrary, we believe the economic challenges will intensify.

We anticipate mixed trends in our customer industries over the coming months. We assume the automotive sector will continue to expand, albeit with some softening of the current high growth rates. The European automotive sector will in our opinion be unable to provide any significant impetus. Regarding the demand from the tire industry for our synthetic rubbers, we expect a continuing decline in volumes, though with regional variations. We expect the overall demand for agrochemicals, particularly from the Asian market, to remain stable. However, the severe drought in parts of North America may be expected to hold back the demand for fungicides. We believe that the chemical industry as a whole will experience only a modest improvement for the rest of the year.

We expect raw material and energy costs to stay volatile in the second half of the year, especially in the case of petrochemicals. It remains our aim to counteract this development by firmly adhering to our price-before-volume strategy.

With our products, we are well positioned in our customer markets to meet the growing economic challenges. Accordingly, we confirm our forecast that EBITDA pre exceptionals for 2012 will come in 5% to 10% ahead of the €1,146 million figure for 2011. We expect to achieve EBITDA pre exceptionals in the second half of 2012 on the level of the corresponding period of 2011.

We proceeded with the implementation of a number of strategic investment projects in the first half of 2012 and also initiated new, promising projects. Capital expenditures of €650 to €700 million are now planned for the full year 2012 as part of our targeted investment strategy to strengthen our position in the key markets.

Forecasts Unchanged in the Reporting Period
Information in the Annual Report 2011 Page
Future organization and corporate structure 115 ff.
Future corporate objectives and strategy 115 ff.
Future production and products 116 ff.
Future sales markets and competitive position 115 ff.
Future research and development activities 104 ff., 116
Future dividend policy 119
Future financing 119