QUARTERLY STATEMENT

as of September 30, 2021

LANXESS GROUP KEY DATA

€ million	Q3 2020	Q3 2021	Change %	9M 2020	9M 2021	Change %
Sales	1,461	1,951	33.5	4,601	5,475	19.0
Gross profit	350	482	37.7	1,179	1,384	17.4
Gross profit margin	24.0%	24.7%		25.6%	25.3%
EBITDA pre exceptionals1)	193	278	44.0	662	797	20.4
EBITDA margin pre exceptionals1)	13.2%	14.2%		14.4%	14.6%
EBITDA1)	170	237	39.4	587	699	19.1
EBIT pre exceptionals1)	76	146	92.1	312	428	37.2
EBIT1)	53	104	96.2	218	327	50.0
EBIT margin1)	3.6%	5.3%		4.7%	6.0%
Net income	26	74	> 100	888	238	(73.2)
from continuing operations	25	68	> 100	891	208	(76.7)
from discontinued operations	1	6	> 100	(3)	30	> 100
Weighted average number of shares outstanding	86,346,303	86,346,303	–	86,668,937	86,346,303	(0.4)
Earnings per share (€)	0.30	0.86	> 100	10.25	2.76	(73.1)
from continuing operations	0.29	0.79	> 100	10.28	2.41	(76.6)
from discontinued operations	0.01	0.07	> 100	(0.03)	0.35	> 100
Earnings per share from continuing operations adjusted for exceptional items and amortization of intangible assets (€)2)	0.66	1.41	> 100	2.68	3.96	47.8
Cash flow from operating activities – continuing operations	167	105	(37.1)	332	128	(61.4)
Depreciation and amortization	117	133	13.7	369	372	0.8
Cash outflows for capital expenditures	102	109	6.9	264	271	2.7
Total assets				8,8805)	9,570	7.8
Equity (including non-controlling interests)				2,9995)	3,602	20.1
Equity ratio3)				33.8%5)	37.6%
Provisions for pensions and other post-employment benefits				1,2055)	903	(25.1)
Net financial liabilities4)				1,0125)	2,343	> 100
Employees (as of Sep. 30)				14,7565)6)	14,8666)	0.7

1) EBIT: earnings before interest and taxes.

EBIT pre exceptionals: EBIT disregarding exceptional charges and income.

EBIT margin: EBIT in relation to sales.

EBITDA: EBIT before depreciation of property, plant and equipment and amortization of intangible assets, less reversals of impairment charges on property, plant, equipment and intangible assets.

EBITDA pre exceptionals: EBITDA disregarding exceptional charges and income.

EBITDA margin pre exceptionals: EBITDA pre exceptionals in relation to sales.

Please see "Notes on EBIT and EBITDA (Pre Exceptionals)" for details.

2) Earnings per share from continuing operations adjusted for exceptional items and amortization of intangible assets: earnings per share from continuing operations disregarding exceptional charges and income, amortization of intangible assets and attributable tax effects as well as non-recurring earnings effects in the second quarter of 2020 relating to the sale of the 40% interest in Currenta GmbH & Co. OHG. See "Net income/earnings per share/earnings per share from continuing operations adjusted for exceptional items and amortization of intangible assets" for details.

3) Equity ratio: equity in relation to total assets.

4) Net financial liabilities: sum of current and non-current financial liabilities (adjusted for liabilities for accrued interest) less cash, cash equivalents and near-cash assets.

See "Statement of Financial Position and Financial Condition" for details.

5) As of December 31, 2020.

6) There were 14,866 employees in continuing operations as of the reporting date after 14,309 as of December 31, 2020.

LANXESS Group Key Data
1 Quarterly Statement as of September 30, 2021
1 Reporting Focus and Material Transactions
2 Business Performance
5 Business Development by Region
6 Segment Information
11 Notes on EBIT and EBITDA (Pre Exceptionals)
12 Statement of Financial Position and Financial Condition
13 Outlook
14 Financial Data as of September 30, 2021
14 Statement of Financial Position LANXESS Group
15 Income Statement LANXESS Group
15 Statement of Comprehensive Income LANXESS Group
16 Statement of Changes in Equity LANXESS Group
17 Statement of Cash Flows LANXESS Group
18 Business Unit Key Data

Financial Calendar/Contacts/Masthead

QUARTERLY STATEMENT AS OF SEPTEMBER 30, 2021

› Acquisition of Emerald Kalama Chemical completed on August 3, 2021
› Agreement signed to acquire IFF Microbial Control
› Sales and earnings in all segments up year-on-year in the third quarter
› EBITDA pre exceptionals up 44% year-on-year to €278 million
› Strong business performance in the Specialty Additives and Engineering Materials segments
› Increased raw material costs passed on to customers
› High energy and freight costs counteract further earnings increase
› Earnings per share from continuing operations adjusted for exceptional items and amortization of intangible assets of €1.41 in the third quarter against €0.66 in the previous year
› Guidance for fiscal year 2021 specified: EBITDA pre exceptionals at the lower end of the range of €1,000 million to €1,050 million

REPORTING FOCUS AND MATERIAL TRANSACTIONS

As of January 1, 2021, the business with antioxidants and reaction accelerators was organizationally reassigned from the Advanced Intermediates segment's Advanced Industrial Intermediates business unit to the Specialty Additives segment's Rhein Chemie business unit. The previous year's figures have been restated accordingly. At the same time, the business with colorants and colorant additives was organizationally transferred within the Specialty Additives segment from the Rhein Chemie business unit to the Polymer Additives business unit.

We decided in 2019 to divest all operations of the Leather business unit, comprising chrome chemicals, the chrome ore mine and organic leather chemicals. In connection with this, LANXESS sold its chrome chemicals business on January 10, 2020. The organic leather chemicals business was disposed of on June 1 of the current fiscal year. The sale of the chrome ore mine was completed on September 15, 2021. The Leather business unit had been recognized as discontinued operations since December 2019.

As of January 1, 2021, LANXESS completed the sale of the reverse osmosis membranes business from the Liquid Purification Technologies business unit to SUEZ S.A., Paris, France. LANXESS has thus repositioned its water treatment technology business in order to focus on the ion exchange resins business in the future.

On March 1, 2021, LANXESS completed the acquisition of the French company INTACE SAS, Paris, France. This manufacturer of special fungicides for the packaging and paper industry will enhance LANXESS's position as one of the world's leading producers of biocides and antimicrobial active ingredients. The business was integrated into the Material Protection Products business unit of the Consumer Protection segment. The company generated sales in the mid-single-digit millions in euros in the previous year.

On April 1, 2021, LANXESS completed the acquisition of the French Theseo Group, a leading manufacturer of disinfection and hygiene solutions in Europe and Latin America headquartered in Laval, France. With this acquisition, LANXESS has expanded its portfolio with products for pest control, animal nutrition and animal health and now offers and extensive range of disinfection and hygiene solutions. The business with around 100 employees at its sites in Laval, France; Wietmarschen, Germany; Hull, Great Britain; and Descalvado, Brazil, was integrated into the Material Protection Products business unit of the Consumer Protection segment. In 2020, the acquired group generated sales in the lower double-digit millions in euros.

On August 3, 2021, LANXESS acquired 100% of the shares in Emerald Kalama Chemical from U.S. private equity firm American Securities LLC. As one of the world's leading manufacturers of specialty chemicals, the U.S. company generated around three-quarters of its sales from consumer goods. These include preservatives for use in food, household products and cosmetics, flavors and fragrances as well as preservative products for animal nutrition and animal health. LANXESS brought this business into the newly founded Flavors & Fragrances business unit, which is part of the Consumer Protection segment. In addition, the product portfolio is expanded by specialty chemicals for industrial applications, such as for the plastics and adhesives industries. These products were integrated into the Polymer Additives business unit of the Specialty Additives segment. As of October 1, 2021, the benzyl products of the Advanced Industrial Intermediates business unit were also added to the new Flavors & Fragrances business unit. The acquisition of Emerald Kalama Chemical is a targeted enhancement of LANXESS's position in the global business with antimicrobial active ingredients and preservatives, especially for consumer protection products and animal health. The enterprise value was US\$1.075 billion. LANXESS financed the purchase price with existing liquidity. LANXESS took on around 470 employees worldwide as well as production sites in Kalama, U.S.; Rotterdam, Netherlands; and Widnes, Great Britain. In 2020, the acquired company generated sales of around US\$425 million and EBITDA pre exceptionals of roughly US\$90 million.

On August 23, 2021, LANXESS signed an agreement with the U.S. corporation International Flavors & Fragrances Inc. (IFF) to acquire its Microbial Control business. IFF Microbial Control is one of the leading providers of antimicrobial active ingredients and formulations for material protection, preservatives and disinfectants. The products are used in numerous applications, especially in personal care and household products, in industrial water treatment, and in paints and coatings. IFF Microbial Control has around 270 employees and runs two production plants of its own in St. Charles, Louisiana, and Institute, West Virginia, U.S. The business also has a large network of partners including active ingredient manufacturers and formulators. Once the acquisition is completed, the business is to be integrated into the Material Protection Products business unit of the Consumer Protection segment. The enterprise value of the IFF Microbial Control business amounts to around US\$1.3 billion. The transaction is expected to be completed in the second quarter of the next fiscal year.

Due to the recent acquisitions, the Board of Management of LANXESS AG has decided to re-prioritize its capital allocation and not to continue the stock repurchase program, which has been suspended since the coronavirus crisis. 1,101,549 shares worth €37 million were acquired in March and April of the previous year, and were canceled on September 22, 2021.

BUSINESS PERFORMANCE

Sales

The LANXESS Group's sales of €1,951 million were €490 million, or 34%, higher than in the previous year, which was significantly affected by the coronavirus pandemic. The sales development was influenced in particular by significantly higher selling prices driven by raw material prices and the continued revival in demand. Overall, higher selling prices increased sales by 18.7% and higher volumes pushed up sales by 9.9%. The contributions from the U.S. company Emerald Kalama Chemical acquired at the beginning of August 2021, from the French company INTACE SAS acquired at the beginning of March 2021, and from the French Theseo Group acquired on April 1, 2021, also had a positive effect. The sale of the reverse osmosis membranes business from the Liquid Purification Technologies business unit had a slightly negative effect. Overall, the portfolio effect had a positive influence on sales at Group level of 5.1%. Shifts in exchange rates led to a slight sales decline.

Effects on Sales

%	Q3 2021	9M 2021
Price	18.7	8.3
Volume	9.9	12.0
Currency	(0.2)	(3.0)
Portfolio	5.1	1.7
	33.5	19.0

EBITDA and operating result (EBIT)

EBITDA Pre Exceptionals by Segment

€ million	Q3 2020	Q3 2021	Change %	9M 2020	9M 2021	Change %
Advanced Intermediates	71	84	18.3	256	257	0.4
Specialty Additives	59	102	72.9	210	265	26.2
Consumer Protection	59	60	1.7	194	194	0.0
Engineering Materials	33	62	87.9	110	189	71.8
Reconciliation	(29)	(30)	(3.4)	(108)	(108)	0.0
	193	278	44.0	662	797	20.4
Prior-year figures restated

In an economic environment that continues to recover, the operating result before depreciation, amortization, write-downs and reversals (EBITDA) pre exceptionals amounted to €278 million in the third quarter of 2021, considerably higher than the prioryear quarter. In the previous year, EBITDA pre exceptionals amounted to €193 million. The effect of continued good demand particularly benefited the Specialty Additives and Engineering Materials segments. All segments generally saw positive business development, but this was weakened by a sharp rise in energy and freight costs. The significantly increased raw material prices were passed on to the market via a successful increase of selling prices. The contribution of the U.S. company Emerald Kalama Chemical, acquired in August, also had a positive effect. The other businesses acquired over the year and the sale of the reverse osmosis membranes business from the Liquid Purification Technologies business unit also had a positive effect on earnings. The change in exchange rates mostly had a slightly negative effect in the segments. Please see the table below and "Segment Information" for details on the individual segments.

Primarily due to higher freight costs and volume effects, selling expenses rose by 31.0% to €241 million. Research and development costs amounted to €31 million, compared to €26 million in the prior-year period, while general administration expenses amounted to €70 million, compared to €57 million in the prior-year period, partly due to portfolio effects. The Group EBITDA margin pre exceptionals came in at 14.2%, against 13.2% in the prior-year quarter.

Depreciation, amortization and write-downs rose by €16 million, or 12.8%, compared with the figure for the prior-year quarter

Reconciliation of EBITDA Pre Exceptionals to EBIT

€ million	Q3 2020	Q3 2021	Change %	9M 2020	9M 2021	Change %
EBITDA pre exceptionals	193	278	44.0	662	797	20.4
Depreciation and amortization	(117)	(133)	(13.7)	(369)	(372)	(0.8)
Exceptional items in EBITDA	(23)	(41)	(78.3)	(75)	(98)	(30.7)
Operating result (EBIT)	53	104	96.2	218	327	50.0

to €133 million, primarily due to the acquisition of Emerald Kalama Chemical in August. The depreciation, amortization and write-downs include write-downs of €4 million. Net negative exceptional items of €42 million included in other operating income and expenses, which impacted EBITDA by a total of €41 million and resulted primarily from expenses in connection with the M&A and integration activities as part of the acquisition of Emerald Kalama Chemical and with digitalization projects. In the prior-year quarter, the operating result included negative exceptional items totaling €23 million.

Financial result

The financial result for the third quarter of 2021 was minus €10 million, compared with minus €19 million for the prior-year period. The improvement in earnings resulted primarily from an increase in the fair value of warrants to acquire shares of the company Standard Lithium Ltd., Canada. The net interest result was minus €14 million, compared with minus €11 million in the prior-year quarter. The other financial result improved from minus €8 million in the prior-year quarter to €4 million.

Income before income taxes

In the third quarter of 2021, income before income taxes came to €94 million, against €34 million for the prior-year period. The effective tax rate was 27.7%, compared with 26.5% for the prior-year quarter.

Net income/earnings per share/earnings per share from continuing operations adjusted for exceptional items and amortization of intangible assets

Net income for the reporting period amounted to €74 million, of which €68 million was attributable to continuing operations. In the prior-year quarter, €25 million of the net income of €26 million was allocable to continuing operations. The increase in earnings resulted primarily from the good development of the operating businesses and the contribution from the acquired business of Emerald Kalama Chemical. Net income of €6 million was attributable to discontinued operations in the third quarter, which largely resulted from the gain on disposal from the sale of the chrome ore mine completed on September 15, 2021. In the prior-year quarter, net income of minus €1 million was attributable to discontinued operations. No earnings were attributable to non-controlling interests in the third quarter of 2021. In the prior-year period, negative earnings from continuing operations of €1 million were attributable to non-controlling interests.

Earnings per share are calculated by dividing net income by the weighted average number of LANXESS shares outstanding during the reporting period. Earnings per share amounted to €0.86, which was higher than the prior-year figure of €0.30. Earnings per share from continuing operations were €0.79 against €0.29 in the prior-year quarter.

Earnings per Share

	Q3 2020	Q3 2021	9M 2020	9M 2021
Net income (€ million)	26	74	888	238
from continuing operations (€ million)	25	68	891	208
from discontinued operations (€ million)	1	6	(3)	30
Weighted average number of shares outstanding	86,346,303	86,346,303	86,668,937	86,346,303
Earnings per share (€)	0.30	0.86	10.25	2.76
from continuing operations (€)	0.29	0.79	10.28	2.41
from discontinued operations (€)	0.01	0.07	(0.03)	0.35

We also calculate earnings per share from continuing operations pre exceptionals and amortization of intangible assets, which are not defined by International Financial Reporting Standards. This value was calculated from the earnings per share from continuing operations adjusted for exceptional items, amortization of intangible assets and attributable tax effects. Earnings per share from continuing operations pre exceptionals and amortization of intangible assets were €1.41 in the third quarter of 2021 against €0.66 in the corresponding prior-year period.

Reconciliation to Earnings per Share from Continuing Operations Adjusted for Exceptional Items and Amortization of Intangible Assets

€ million	Q3 2020	Q3 2021	9M 2020	9M 2021
Net income from continuing operations	25	68	891	208
Exceptional items1)	23	42	94	101
Amortization of intangible assets/reversals of impairment charges1)	21	29	65	79
Income in connection with the sale of Currenta GmbH & Co. OHG1)	0	0	(890)	0
Income taxes1)	(12)	(17)	72	(46)
Net income from continuing operations adjusted for exceptional items and amortization
of intangible assets	57	122	232	342
Weighted average number of shares outstanding	86,346,303	86,346,303	86,668,937	86,346,303
Earnings per share from continuing operations adjusted for exceptional items and
amortization of intangible assets (€)	0.66	1.41	2.68	3.96

1) Excluding items attributable to non-controlling interests

BUSINESS DEVELOPMENT BY REGION

Group sales in the third quarter of 2021 amounted to €1,951 million, up 34% on the previous year's figure of €1,461 million. All regions saw positive business development.

Sales by Market

	Q3 2020			Q3 2021		9M 2020		9M 2021		Change
	€ million	%	€ million	%		% € million	%	€ million	%	%
EMEA (excl. Germany)	430	29.4	587	30.1	36.5	1,401	30.4	1,716	31.4	22.5
Germany	265	18.1	343	17.6	29.4	849	18.5	1,007	18.4	18.6
North America	359	24.6	454	23.3	26.5	1,097	23.8	1,223	22.3	11.5
Latin America	74	5.1	118	6.0	59.5	220	4.8	303	5.5	37.7
Asia-Pacific	333	22.8	449	23.0	34.8	1,034	22.5	1,226	22.4	18.6
	1,461	100.0	1,951	100.0	33.5	4,601	100.0	5,475	100.0	19.0

SEGMENT INFORMATION

Advanced Intermediates

		Q3 2020		Q3 2021	Change	9M 2020		9M 2021		Change
	€ million	Margin %	€ million	Margin %	%	€ million	Margin %	€ million	Margin %	%
Sales	414		533		28.7	1,327		1,527		15.1
EBITDA pre exceptionals	71	17.1	84	15.8	18.3	256	19.3	257	16.8	0.4
EBITDA	71	17.1	84	15.8	18.3	254	19.1	257	16.8	1.2
Operating result (EBIT) pre exceptionals	43	10.4	53	9.9	23.3	171	12.9	165	10.8	(3.5)
Operating result (EBIT)	43	10.4	53	9.9	23.3	169	12.7	165	10.8	(2.4)
Cash outflows for capital expenditures	28		31		10.7	79		83		5.1
Depreciation and amortization	28		31		10.7	85		92		8.2
Employees as of Sep. 30 (previous year: as of Dec. 31)	3,340		3,363		0.7	3,340		3,363		0.7
Prior-year figures restated

Our Advanced Intermediates segment recorded sales of €533 million in the third quarter, up 28.7%, or €119 million, on the figure for the prior-year period. The sales development was particularly influenced by the sharp rise in selling prices in both business units, which were above the previous year's level as much higher raw material prices were passed on. Overall, there was a positive price effect on sales of 22.7% at segment level. At segment level, the continued good demand in both business units also resulted in volume-driven sales growth of 6.3%. Shifts in exchange rates had a slightly negative effect on the segment. Sales in all regions were above the level of the prior-year quarter.

EBITDA pre exceptionals in the Advanced Intermediates segment increased by 18.3% to €84 million, compared with the previous year's figure of €71 million. The continued significant rise in raw material prices was passed on to the market in the third quarter. The predominantly higher sales volumes in the segment also led to an improvement in earnings. In contrast, earnings were burdened by higher energy and freight costs. Shifts in exchange rates also reduced earnings in both business units. The EBITDA margin pre exceptionals was 15.8%, against 17.1% in the prior-year quarter.

Specialty Additives

	Q3 2020		Q3 2021		Change		9M 2020		9M 2021
	€ million	Margin %	€ million	Margin %	%	€ million	Margin %	€ million	Margin %	%
Sales	466		605		29.8	1,482		1,690		14.0
EBITDA pre exceptionals	59	12.7	102	16.9	72.9	210	14.2	265	15.7	26.2
EBITDA	54	11.6	98	16.2	81.5	198	13.4	256	15.1	29.3
Operating result (EBIT) pre exceptionals	14	3.0	58	9.6	> 100	77	5.2	139	8.2	80.5
Operating result (EBIT)	9	1.9	54	8.9	> 100	65	4.4	129	7.6	98.5
Cash outflows for capital expenditures	29		30		3.4	69		70		1.4
Depreciation and amortization	45		44		(2.2)	133		127		(4.5)
Employees as of Sep. 30 (previous year: as of Dec. 31)	3,083		3,048		(1.1)	3,083		3,048		(1.1)
Prior-year figures restated

Sales in our Specialty Additives segment rose by 29.8% in the third quarter of 2021 to €605 million. Higher selling prices due to passing on the sharp rise in raw material prices and generally improved demand resulted in positive sales development in all business units of the segment. Higher selling prices increased sales by 14.8% at segment level. Increased volumes raised sales by 13.1%. In addition, a positive sales contribution of 2.8% was made by the specialty chemicals business, integrated into the Polymer Additives business unit, of the U.S. company Emerald Kalama Chemical, which was acquired at the beginning of August. By contrast, the change in exchange rates decreased sales slightly. Sales in all regions were above the level of the prior-year quarter.

EBITDA pre exceptionals in the Specialty Additives segment significantly increased by €43 million, or 72.9%, to €102 million. The strong earnings development resulted primarily from higher selling prices due to the rise in raw material prices since the start of the year as well as increasing demand from the construction, oil, gas, and aviation industries and the associated rise in sales volumes in all business units of the segment. In contrast, earnings were burdened by increased energy and freight costs. Earnings were likewise reduced by adverse exchange rate effects. The contribution from Emerald Kalama Chemical's specialty chemicals business, acquired at the beginning of August, had a slightly positive effect on earnings. The EBITDA margin pre exceptionals was 16.9%, against 12.7% in the prior-year period.

The segment recorded negative exceptional items of €4 million in the third quarter, which impacted EBITDA and primarily related to the strategic realignment. In the previous year, negative exceptional items of €5 million were incurred in the operating result. Please see "Notes on EBIT and EBITDA (Pre Exceptionals)" for details.

Consumer Protection

		Q3 2020		Q3 2021 Change		9M 2020		9M 2021		Change
	€ million	Margin %	€ million	Margin %	%	€ million	Margin %	€ million	Margin %	%
Sales	278		353		27.0	858		957		11.5
EBITDA pre exceptionals	59	21.2	60	17.0	1.7	194	22.6	194	20.3	0.0
EBITDA	59	21.2	54	15.3	(8.5)	191	22.3	188	19.6	(1.6)
Operating result (EBIT) pre exceptionals	40	14.4	33	9.3	(17.5)	134	15.6	129	13.5	(3.7)
Operating result (EBIT)	40	14.4	27	7.6	(32.5)	113	13.2	123	12.9	8.8
Cash outflows for capital expenditures	15		22		46.7	37		48		29.7
Depreciation and amortization	19		27		42.1	78		65		(16.7)
Employees as of Sep. 30 (previous year: as of Dec. 31)	2,439		2,932		20.2	2,439		2,932		20.2

In our Consumer Protection segment, sales amounted to €353 million in the reporting quarter of 2021, up 27.0% from the prior-year level. This was particularly attributable to the sales of the new Flavors & Fragrances business unit, which includes the business with specialty chemicals for the consumer goods sector of U.S. company Emerald Kalama Chemical, which was acquired at the beginning of August. In addition, the Material Protection Products business unit posted higher sales due to the integration of the French company INTACE SAS acquired at the beginning of March 2021 and the French Theseo Group acquired on April 1, 2021, whereas the Liquid Purification Technologies business unit saw a decline in sales as a result of the sale of the reverse osmosis membranes business. Overall, there was a positive portfolio effect of 21.9% at segment level. All business units achieved higher selling prices, which pushed up sales by 3.3%. The Material Protection Products business unit also achieved slightly higher sales volumes. By contrast, the Saltigo business unit saw lower sales volumes, which was particularly attributable to an unscheduled production shutdown. At segment level, higher volumes resulted in sales growth of 1.1%. Shifts in exchange rates had a largely positive effect in the business units and generally had a slightly positive effect on sales at segment level. Sales in all regions were above the level of the prior-year quarter.

EBITDA pre exceptionals in the Consumer Protection segment increased by €1 million, or 1.7%, compared with the prior-year level of €59 million. A positive earnings contribution resulted in particular from the integration of the business with specialty chemicals for the consumer goods sector of U.S. company Emerald Kalama Chemical, which was acquired at the beginning of August, into the new Flavors & Fragrances business unit. The sale of the reverse osmosis membranes business from the Liquid Purification Technologies business unit, the contribution of the French company INTACE SAS acquired at the beginning of March 2021 and the integration of the French Theseo Group acquired on April 1 also had a positive effect on earnings. Higher sales volumes in the Material Protection Products business unit and increased selling prices in all of the segment's business units had a positive effect on earnings. Increased energy costs, a generally difficult logistics situation, an unscheduled production shutdown, and the change in exchange rates had a negative impact on earnings development. The EBITDA margin pre exceptionals was 17.0%, against 21.2% in the prior-year period.

The segment recorded negative exceptional items of €6 million in the third quarter, which impacted EBITDA and primarily related to the strategic realignment of the specialty chemicals business and the associated integration of Emerald Kalama Chemical. No exceptional items were attributable to the segment result in the prior-year quarter. Please see "Notes on EBIT and EBITDA (Pre Exceptionals)" for details.

Engineering Materials

		Q3 2020		Q3 2021		9M 2020		9M 2021		Change
	€ million	Margin %	€ million	Margin %	%	€ million	Margin %	€ million	Margin %	%
Sales	285		436		53.0	876		1,237		41.2
EBITDA pre exceptionals	33	11.6	62	14.2	87.9	110	12.6	189	15.3	71.8
EBITDA	32	11.2	62	14.2	93.8	109	12.4	188	15.2	72.5
Operating result (EBIT) pre exceptionals	16	5.6	44	10.1	> 100	60	6.8	136	11.0	> 100
Operating result (EBIT)	15	5.3	44	10.1	> 100	59	6.7	135	10.9	> 100
Cash outflows for capital expenditures	19		12		(36.8)	39		34		(12.8)
Depreciation and amortization	17		18		5.9	50		53		6.0
Employees as of Sep. 30 (previous year: as of Dec. 31)	2,191		2,250		2.7	2,191		2,250		2.7

In the third quarter of 2021, sales in our Engineering Materials segment increased significantly by 53.0% compared with the previous year's figure, which was influenced by the effects of the coronavirus pandemic, to €436 million. Both selling prices and sales volumes of the two business units exceeded the previous year. 35.4% of the significant sales increase resulted from increased prices and 17.2% from higher volumes. Particularly in the High Performance Materials business unit, this was driven by continued good demand from the automotive industry. The change in exchange rates had a slightly positive influence on both business units. Sales in all regions were above the level of the prior-year quarter.

EBITDA pre exceptionals in the Engineering Materials segment increased by €29 million, or 87.9%, to €62 million. The earnings development resulted primarily from the good demand from the automotive industry and the associated rise in sales volumes in the High Performance Materials business unit. Sharply increased procurement prices for raw materials were passed on to the market. Higher energy and freight costs had a negative effect on earnings. Shifts in exchange rates had no material effect. The EBITDA margin pre exceptionals of 14.2% was above the figure of 11.6% posted in the prior-year quarter.

No exceptional items were attributable to the segment result in the third quarter. In the previous year, negative exceptional items of €1 million were incurred in the operating result. Please see "Notes on EBIT and EBITDA (Pre Exceptionals)" for details.

Reconciliation

€ million	Q3 2020	Q3 2021	Change %	9M 2020	9M 2021	Change %
Sales	18	24	33.3	58	64	10.3
EBITDA pre exceptionals	(29)	(30)	(3.4)	(108)	(108)	0.0
EBITDA	(46)	(61)	(32.6)	(165)	(190)	(15.2)
Operating result (EBIT) pre exceptionals	(37)	(42)	(13.5)	(130)	(141)	(8.5)
Operating result (EBIT)	(54)	(74)	(37.0)	(188)	(225)	(19.7)
Cash outflows for capital expenditures	11	14	27.3	40	36	(10.0)
Depreciation and amortization	8	13	62.5	23	35	52.2
Employees as of Sep. 30 (previous year: as of Dec. 31)	3,256	3,273	0.5	3,256	3,273	0.5

EBITDA pre exceptionals for the reconciliation came to minus €30 million in the third quarter, compared with minus €29 million in the corresponding prior-year period. In the third quarter, negative exceptional items of €32 million were incurred, €31 million of which impacted EBITDA. The exceptional items resulted primarily from expenses in connection with digitalization projects and M&A activities. In the prior-year period, there were negative exceptional items of €17 million, which fully impacted EBITDA. Please see "Notes on EBIT and EBITDA (Pre Exceptionals)" for details.

NOTES ON EBIT AND EBITDA (PRE EXCEPTIONALS)

In order to better assess our operational business and to steer earning power at Group level and for the individual segments, we additionally calculate the earnings indicators EBITDA, and EBITDA and EBIT pre exceptionals, none of which are defined by International Financial Reporting Standards. These indicators are viewed as supplementary to the data prepared according to IFRS; they are not a substitute.

EBITDA is calculated from earnings (EBIT) by adding back depreciation and impairments of property, plant and equipment as well as amortization and impairments of intangible assets and subtracting reversals of impairment charges on property, plant, equipment and intangible assets.

EBIT pre exceptionals and EBITDA pre exceptionals are EBIT and EBITDA before exceptional items. The latter are effects that, by nature or extent, have a significant impact on the earnings position, but for which inclusion in the evaluation

Reconciliation to EBIT/EBITDA

	EBIT	EBIT	EBITDA	EBITDA	EBIT	EBIT	EBITDA	EBITDA
€ million	Q3 2020	Q3 2021	Q3 2020	Q3 2021	9M 2020	9M 2021	9M 2020	9M 2021
EBIT/EBITDA pre exceptionals	76	146	193	278	312	428	662	797
Advanced Intermediates	0	0	0	0	(2)	0	(2)	0
Strategic realignment	–	–	–	–	(2)	–	(2)	–
Specialty Additives	(5)	(4)	(5)	(4)	(12)	(10)	(12)	(9)
Strategic realignment	(5)	(4)	(5)	(4)	(12)	(10)	(12)	(9)
Consumer Protection	0	(6)	0	(6)	(21)	(6)	(3)	(6)
Strategic realignment	–	(6)	–	(6)	(20)	(6)	(2)	(6)
Other	–	–	–	–	(1)	–	(1)	–
Engineering Materials	(1)	0	(1)	0	(1)	(1)	(1)	(1)
Strategic realignment	(1)	0	(1)	0	(1)	(1)	(1)	(1)
Reconciliation	(17)	(32)	(17)	(31)	(58)	(84)	(57)	(82)
Strategic realignment	(2)	–	(2)	–	(4)	–	(4)	–
Adjustment of the production network	–	–	–	–	(10)	–	(10)	–
Strategic IT projects (SAP S/4HANA and other IT
applications)	(5)	(5)	(5)	(5)	(18)	(18)	(18)	(18)
Digitalization, M&A expenses and other	(10)	(27)	(10)	(26)	(26)	(66)	(25)	(64)
Total exceptional items	(23)	(42)	(23)	(41)	(94)	(101)	(75)	(98)
EBIT/EBITDA	53	104	170	237	218	327	587	699

of business performance over several reporting periods does not seem to be appropriate. Exceptional items may include write-downs, reversals of impairment charges or the proceeds from the disposal of assets, certain expenses for strategic projects in the fields of IT and digitalization, restructuring expenses and income from the reversal of provisions established in this connection, and reductions in earnings resulting from portfolio adjustments or purchase price allocations. Grants and subsidies from third parties for the acquisition and construction of property, plant and equipment are accounted for as deferred income using the gross method. In this respect, no adjustments other than for gross depreciation and amortization are made when calculating EBITDA pre exceptionals.

Every operational decision or achievement is judged in the short and long term by its sustainable impact on EBITDA pre exceptionals. As part of the annual budget (target) planning process, targets are set for this benchmark of our company's success, which are then taken into account in determining variable income components for the Board of Management, senior executives and the rest of the workforce.

The earnings margins are calculated from the ratios of the respective earnings indicators to sales. For example, the EBITDA margin (pre exceptionals) is calculated as the ratio of EBITDA (pre exceptionals) to sales and serves as an indicator of relative earning power at Group level and for the individual segments.

STATEMENT OF FINANCIAL POSITION AND FINANCIAL CONDITION

Structure of the statement of financial position

As of September 30, 2021, the LANXESS Group's total assets stood at €9,570 million, up €690 million, or 7.8%, from €8,880 million on December 31, 2020. This development was attributable in particular to the acquisition of Emerald Kalama Chemical. Equity increased by €603 million compared with December 31, 2020, to €3,602 million. The equity ratio at the end of the third quarter was 37.6%, after 33.8% as of December 31, 2020.

Financial position

Changes in the statement of cash flows

The following comments on the statement of cash flows relate to LANXESS's continuing operations.

In the first nine months of 2021, there was a net cash inflow of €128 million from operating activities, against €332 million in the prior-year period. Income before income taxes declined from €1,050 million to €287 million. This was adjusted for the financial result, which in the previous year primarily resulted from the sale of the 40% interest in Currenta GmbH Co. OHG, Leverkusen, Germany. In the reporting period, non-cash depreciation, amortization and write-downs amounted to €372 million, against €369 million in the previous year. The change in net working capital resulted in a net cash outflow of €511 million, compared with €98 million in the prior-year period. The outflow resulted in particular from the increase in inventories due to the sharp rise in raw material prices. Income taxes paid resulted in a net cash outflow of €40 million, against €135 million in the previous year.

There was a €56 million net cash inflow from investing activities in the first nine months of 2021, compared with a €61 million net cash outflow in the same period a year ago. The net cash inflow of the reporting period resulted primarily from cash inflows from financial assets due to the maturity of short-term money market investments. The cash outflow for the successfully completed acquisitions, particularly of Emerald Kalama Chemical, had the opposite effect. Cash outflows for purchases of intangible assets and property, plant and equipment resulted in a net cash outflow of €271 million, compared with €264 million in the first nine months of the previous year.

Net cash used for financing activities came to €159 million in the reporting period, compared with €206 million in the first nine months of 2020. The cash outflow in the reporting period was due in particular to dividend payments of €86 million to LANXESS shareholders as well as interest paid and other financial disbursements. In the previous year, there were also cash outflows for the acquisition of own shares. Repayments

of borrowings and proceeds from borrowings reflected the early repayment of the Eurobond that would have matured in October 2021 and the borrowing of a six-year Eurobond, both with a volume of €500 million.

Financing and liquidity

Net financial liabilities totaled €2,343 million as of September 30, 2021, compared with €1,012 million as of December 31, 2020. The increase in net financial liabilities resulted primarily from the payment of the purchase price for the acquisition of Emerald Kalama Chemical. The purchase price was financed with existing liquidity.

In mid-September, LANXESS successfully issued a euro benchmark bond of €500 million with a term of six years and a coupon of 0.0% on the European capital market. LANXESS will use the funds to finance the planned acquisition of the Microbial Control business from U.S. corporation International Flavors & Fragrances Inc.

Net Financial Liabilities

€ million	Dec. 31, 2020	Sep. 30, 2021
Non-current financial liabilities	2,265	2,684
Current financial liabilities	566	188
Less:
Liabilities for accrued interest	(25)	(29)
Cash and cash equivalents	(271)	(274)
Near-cash assets	(1,523)	(226)
Net financial liabilities	1,012	2,343

Provisions for pensions and other post-employment benefits totaled €903 million as of September 30, 2021, compared with €1,205 million as of December 31, 2020. This decrease was chiefly due to an increase in the interest rates used to discount provisions for pensions and good asset performance.

OUTLOOK

The economic environment has continued to improve over the course of the year thanks to growing demand from major end user industries. However, the current development of energy prices in Europe is a negative factor. In addition, the effects of the coronavirus pandemic, especially bottlenecks in deliveries from China and the currently difficult global logistics situation, are an uncertainty factor for the global economy and for our businesses.

In some cases significant cost increases for logistics as well as interruptions to production as a result of power rationing in China are leading to further negative effects. Restrictions on production at German sites attributable to lower waste management capacity as a result of the incident at Currenta in Leverkusen-Bürrig must also be taken into account.

Against this background, we are specifying our forecast for fiscal year 2021 and expect EBITDA pre exceptionals to be at the lower end of the range of €1,000 million to €1,050 million.

FINANCIAL DATA AS OF SEPTEMBER 30, 2021

STATEMENT OF FINANCIAL POSITION LANXESS GROUP

€ million	Dec. 31, 2020	Sep. 30, 2021
ASSETS
Intangible assets	1,647	2,469
Property, plant and equipment	2,674	2,961
Investments in other affiliated companies	2	46
Non-current derivative assets	4	20
Other non-current financial assets	41	50
Non-current income tax receivables	81	81
Deferred taxes	326	274
Other non-current assets	48	50
Non-current assets	4,823	5,951

Inventories	1,070	1,505
Trade receivables	745	1,076
Cash and cash equivalents	271	274
Near-cash assets	1,523	226
Current derivative assets	19	16
Other current financial assets	65	219
Current income tax receivables	101	86
Other current assets	145	217
Assets held for sale and discontinued operations	118	–
Current assets	4,057	3,619
Total assets	8,880	9,570

€ million	Dec. 31, 2020	Sep. 30, 2021
EQUITY AND LIABILITIES
Capital stock and capital reserves	1,317	1,317
Other reserves1)	1,359	2,382
Net income	885	238
Other equity components	(560)	(341)
Equity attributable to non-controlling interests	(2)	6
Equity	2,999	3,602
Provisions for pensions and other post-employment benefits	1,205	903
Other non-current provisions	349	363
Non-current derivative liabilities	1	3
Other non-current financial liabilities	2,265	2,684
Non-current income tax liabilities	75	77
Other non-current liabilities	51	48
Deferred taxes	113	244
Non-current liabilities	4,059	4,322
Other current provisions	332	422
Trade payables	681	824
Current derivative liabilities	15	19
Other current financial liabilities	566	188
Current income tax liabilities	24	31
Other current liabilities	129	161
Liabilities directly related to assets held for sale and discontinued operations	75	1
Current liabilities	1,822	1,646
Total equity and liabilities	8,880	9,570

1) Also includes the reserve for own shares

INCOME STATEMENT LANXESS GROUP

€ million	Q3 2020	Q3 2021	9M 2020	9M 2021
Sales	1,461	1,951	4,601	5,475
Cost of sales	(1,111)	(1,469)	(3,422)	(4,091)
Gross profit	350	482	1,179	1,384
Selling expenses	(184)	(241)	(580)	(674)
Research and development expenses	(26)	(31)	(80)	(87)
General administration expenses	(57)	(70)	(195)	(213)
Other operating income	12	13	55	45
Other operating expenses	(42)	(49)	(161)	(128)
Operating result (EBIT)	53	104	218	327
Interest income	2	1	7	5
Interest expense	(13)	(15)	(48)	(47)
Other financial income and expense	(8)	4	873	2
Financial result	(19)	(10)	832	(40)
Income before income taxes	34	94	1,050	287
Income taxes	(9)	(26)	(159)	(79)
Income after income taxes from
continuing operations	25	68	891	208
Income after income taxes from
discontinued operations	0	6	(8)	30
Income after income taxes	25	74	883	238
of which attributable to non-controlling interests	(1)	0	(5)	0
of which attributable to LANXESS AG
stockholders (net income)	26	74	888	238
Earnings per share (basic/diluted) (€)
from continuing operations	0.29	0.79	10.28	2.41
from discontinued operations	0.01	0.07	(0.03)	0.35
from continuing and discontinued operations	0.30	0.86	10.25	2.76

STATEMENT OF COMPREHENSIVE INCOME LANXESS GROUP

€ million	Q3 2020	Q3 2021	9M 2020	9M 2021
Income after income taxes	25	74	883	238
Items that will not be reclassified subsequently
to profit or loss
Remeasurements of the net defined benefit liability for
post-employment benefit plans	(54)	89	(96)	311
Financial instruments fair value measurement	–	22	–	27
Income taxes	16	(29)	21	(94)
	(38)	82	(75)	244
Items that may be reclassified subsequently to
profit or loss if specific conditions are met
Exchange differences on translation of operations
outside the eurozone	(127)	92	(170)	215
Financial instruments fair value measurement	15	(10)	1	(22)
Financial instruments cost of hedging	0	1	0	0
Income taxes	(5)	3	0	6
	(117)	86	(169)	199
Other comprehensive income, net of income tax	(155)	168	(244)	443
Total comprehensive income	(130)	242	639	681
of which attributable to non-controlling interests	(1)	0	0	0
of which attributable to LANXESS AG stockholders	(129)	242	639	681
Total comprehensive income attributable to
LANXESS AG stockholders	(129)	242	639	681
from continuing operations	(130)	231	625	642
from discontinued operations	1	11	14	39

STATEMENT OF CHANGES IN EQUITY LANXESS GROUP

	Capital	Capital	Other	Net income		Other equity components		Equity	Equity Equity
	stock	reserves	reserves	(loss)	Currency	Financial instruments		attributable to	attributable to non
€ million					translation adjustment	Fair value measurement	Cost of hedging	LANXESS AG stockholders	controlling interests
Dec. 31, 2019	87	1,230	1,429	205	(274)	(9)	1	2,669	(22)	2,647
Allocations to retained earnings			205	(205)				0		0
Acquisition of own shares			(37)					(37)		(37)
Dividend payments			(82)					(82)	–	(82)
Total comprehensive income			(75)	888	(175)	1	0	639	–	639
Income after income taxes				888				888	(5)	883
Other comprehensive income, net of income tax			(75)		(175)	1	0	(249)	5	(244)
Other changes			(2)			2		0		0
Sep. 30, 2020	87	1,230	1,438	888	(449)	(6)	1	3,189	(22)	3,167
Dec. 31, 2020	87	1,230	1,359	885	(569)	9	0	3,001	(2)	2,999
Allocations to retained earnings			885	(885)				0		0
Acquisition of own shares	(1)	1	–					–		0
Dividend payments			(86)					(86)		(86)
Total comprehensive income			224	238	215	4	0	681	0	681
Income after income taxes				238				238	0	238
Other comprehensive income, net of income tax			224		215	4	0	443	0	443
Other changes			0			–		0	8	8
Sep. 30, 2021	86	1,231	2,382	238	(354)	13	0	3,596	6	3,602

STATEMENT OF CASH FLOWS LANXESS GROUP

€ million	Q3 2020	Q3 2021	9M 2020	9M 2021
Income before income taxes	34	94	1,050	287
Amortization, depreciation, write-downs and
reversals of impairment charges of intangible assets,
property, plant and equipment	117	133	369	372
Gains on disposals of intangible assets and property,
plant and equipment	0	0	(1)	0
Financial losses (gains)	14	3	(845)	24
Income taxes paid/refunded	(31)	8	(135)	(40)
Changes in inventories	110	(114)	26	(328)
Changes in trade receivables	(72)	(52)	(13)	(248)
Changes in trade payables	(11)	(34)	(111)	65
Changes in other assets and liabilities	6	67	(8)	(4)
Net cash provided by operating activities –
continuing operations	167	105	332	128
Net cash (used in) provided by operating
activities – discontinued operations	1	(10)	(16)	(26)
Net cash provided by operating activities – total	168	95	316	102
Cash outflows for purchases of intangible assets and
property, plant and equipment	(102)	(109)	(264)	(271)
Cash inflows from sales of intangible assets and
property, plant and equipment	0	0	4	0
Cash outflows for financial and other assets held for
investment purposes	(102)	(100)	(1,443)	(253)
Cash inflows from financial and other assets held for
investment purposes	222	430	794	1,447
Cash outflows for the acquisition/sale of subsidiaries
and other businesses, less acquired cash and cash
equivalents	–	(911)	(25)	(987)
Cash inflows from the sale of subsidiaries and other
businesses, less acquired cash and cash equivalents	6	33	818	113
Interest and dividends received	2	1	155	7

€ million	Q3 2020	Q3 2021	9M 2020	9M 2021
Cash outflows for external funding of pension
obligations (CTAs)	(100)	–	(100)	–
Net cash (used in) provided by investing activities – continuing operations	(74)	(656)	(61)	56
Net cash used in investing activities – discontinued operations	(1)	0	(2)	(1)
Net cash (used in) provided by investing
activities – total	(75)	(656)	(63)	55
Proceeds from borrowings	–	505	1,000	510
Repayments of borrowings	(9)	(516)	(1,036)	(541)
Interest paid and other financial disbursements	(6)	(2)	(51)	(42)
Dividend payments	(82)	0	(82)	(86)
Cash outflows for the acquisition of own shares	–	–	(37)	–
Net cash used in financing activities –
continuing operations	(97)	(13)	(206)	(159)
Net cash used in financing activities –
discontinued operations	(1)	0	(1)	0
Net cash used in financing activities – total	(98)	(13)	(207)	(159)
Change in cash and cash equivalents –
continuing operations	(4)	(564)	65	25
Change in cash and cash equivalents – discontinued operations	(1)	(10)	(19)	(27)
Change in cash and cash equivalents – total	(5)	(574)	46	(2)
Cash and cash equivalents at beginning of period –
total	340	847	296	271
Exchange differences and other changes in cash and
cash equivalents – total	(3)	1	(10)	5
Cash and cash equivalents at end of period –
total	332	274	332	274
of which continuing operations	332	274	332	274
of which discontinued operations	0	–	0	–

BUSINESS UNIT KEY DATA

Key Data by Segment/Third Quarter

	Advanced Intermediates		Specialty Additives			Consumer Protection	Engineering Materials			Reconciliation		LANXESS
€ million	Q3 2020	Q3 2021	Q3 2020	Q3 2021	Q3 2020	Q3 2021	Q3 2020	Q3 2021	Q3 2020	Q3 2021	Q3 2020	Q3 2021
External sales	414	533	466	605	278	353	285	436	18	24	1,461	1,951
Inter-segment sales	10	9	2	2	11	9	0	0	(23)	(20)	0	0
Segment/Group sales	424	542	468	607	289	362	285	436	(5)	4	1,461	1,951
Segment result/EBITDA
pre exceptionals	71	84	59	102	59	60	33	62	(29)	(30)	193	278
EBITDA margin pre exceptionals (%)	17.1	15.8	12.7	16.9	21.2	17.0	11.6	14.2			13.2	14.2
EBITDA	71	84	54	98	59	54	32	62	(46)	(61)	170	237
EBIT pre exceptionals	43	53	14	58	40	33	16	44	(37)	(42)	76	146
EBIT	43	53	9	54	40	27	15	44	(54)	(74)	53	104
Segment capital expenditures	28	34	30	43	16	22	20	13	13	19	107	131
Depreciation and amortization/
reversals of impairment charges	28	31	45	44	19	27	17	18	8	13	117	133
Prior-year figures restated

Key Data by Segment/First Nine Months

	Advanced Intermediates		Specialty Additives			Consumer Protection		Engineering Materials		Reconciliation		LANXESS
€ million	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021
External sales	1,327	1,527	1,482	1,690	858	957	876	1,237	58	64	4,601	5,475
Inter-segment sales	30	27	8	6	38	38	0	0	(76)	(71)	0	0
Segment/Group sales	1,357	1,554	1,490	1,696	896	995	876	1,237	(18)	(7)	4,601	5,475
Segment result/EBITDA pre exceptionals	256	257	210	265	194	194	110	189	(108)	(108)	662	797
EBITDA margin pre exceptionals (%)	19.3	16.8	14.2	15.7	22.6	20.3	12.6	15.3			14.4	14.6
EBITDA	254	257	198	256	191	188	109	188	(165)	(190)	587	699
EBIT pre exceptionals	171	165	77	139	134	129	60	136	(130)	(141)	312	428
EBIT	169	165	65	129	113	123	59	135	(188)	(225)	218	327
Segment capital expenditures	84	92	79	87	41	52	42	37	50	48	296	316
Depreciation and amortization/ reversals of impairment charges	85	92	133	127	78	65	50	53	23	35	369	372
Employees as of Sep. 30 (previous year: as of Dec. 31)	3,340	3,363	3,083	3,048	2,439	2,932	2,191	2,250	3,256	3,273	14,309	14,866

Prior-year figures restated

Financial Calendar 2021/2022

Contacts & Masthead

MASTHEAD

LANXESS AG Kennedyplatz 1 50569 Cologne, Germany Tel. +49 (0) 221 8885 0 www.lanxess.com

Agency: Kirchhoff Consult AG, Hamburg, Germany

English edition: EVS Translations GmbH, Offenbach, Germany

CONTACTS

Corporate Communications Christiane Minderjahn Tel. +49(0) 221 8885 2674 [email protected]

Investor Relations André Simon Tel. +49(0) 221 8885 3494 [email protected]

Date of publication: November 4, 2021

Disclaimer

This publication contains certain forward-looking statements, including assumptions, opinions and views of the company or cited from third-party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial position, development or performance of the company to differ materially from the estimations expressed or implied herein. The company does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed herein or the actual occurrence of the forecasted developments. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the company nor any of its parent or subsidiary undertakings nor any officers, directors or employees of such entities accepts any liability whatsoever arising directly or indirectly from the use of this document.

PUBLISHER

LANXESS AG

50569 Cologne

Germany