2014 A Year of Transformation

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1 CREATING TOMORROW`S SOLUTIONS Wacker Chemie AG, May 2014

2 Disclaimer The information contained in this presentation is for background purposes only and is subject to amendment, revision and updating. Certain statements and information contained in this presentation may relate to future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. In addition to statements which are forward-looking by reason of context, including without limitation, statements referring to risk limitations, operational profitability, financial strength, performance targets, profitable growth opportunities, and risk adequate pricing, other words such as "may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, or continue", "potential, future, or further", and similar expressions identify forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing business or other market conditions and the prospects for growth anticipated by the Company's management. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any statements contained in this presentation, whether as a result of new information, future events or otherwise. In particular, you should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. 1

3 Our Business Portfolio is a Foundation for Growth WACKER BIOSOLUTIONS High potential for future development WACKER POLYMERS No. 1 in dispersible polymer powders No. 1 in VAE dispersions Global footprint *) FY 2013 Sales 4.5 bn WACKER SILICONES No. 2 with global footprint Leading positions in key growth segments WACKER POLYSILICON No. 1 Cost and quality leader Enabling industry growth Siltronic Technology leader, ranking as no. 3 Balanced base of customers Note: Percentages based on external sales per segment *) Others 2

4 Strong Track Record: Expecting strong Growth into 2017 Long Term Historic Sales Growth m 7,000 6,000 5, bn 4.5bn ~6% CAGR Target 2017: bn 4,000 3,000 2,000 1,

5 Mid-term Financial Targets Target 2012 to 2017 Sales EBITDA bn (~6% CAGR)* 1.2 bn (~20% margin) ROCE > 11% * CAGR 2012/2017 4

6 Entering the Next Phase: From Asset Growth to Cash Generation Ratio of Capital Spending vs. Depreciation capex between 1.3 and 2.2x depreciation capex < depreciation capex >< depreciation Create Focus on capital intensive growth: Eight additional sites globally Increased capacities 7x in Polysilicon, 3x in VAE dispersions, 2x Siloxane, 6x 300 mm wafer The customer dimension: Global presence and market penetration with technical centers and global sales structures Leverage Focus on profitability and cash: Execute cost roadmaps Leverage global asset base Focus on quality growth, growing specialty sales Invest below depreciation Expand Focus on selective expansion of production network: Selective growth projects Exploring further Verbund and debottlenecking opportunities 5

7 Positioned for Sustained Sales and Earnings Growth WACKER: A Leading Specialty Chemicals Company Advanced Materials Tech-based products ranging from standard to high value added Focus on innovation and customized solutions Compelling Growth Addressing high-growth markets Local presence in all regions Capitalizing on emerging markets growth Strong Cost Position World-scale plants, integrated production, proprietary process know-how Targeted cost reduction programs implemented Significant CapEx program concluded, now leveraging a global asset base Leading Market Positions A global leader in most addressed segments and markets particularly at the individual customer level 6

8 Create: Global Market Presence Technical Center & WACKER ACADEMY Market Penetration in all Emerging Regions China Local products and services Chino Nünchritz Canton, OH Adrian Burghausen Jandira Moscow Beijing Akeno Dubai Kolkata Seoul Shanghai Mumbai Shunde Singapore Melbourne Korea Focus on products for the electronic market India Focus on textile applications Brazil Expanding Technical Center presence, local products and services 22 Technical Centers worldwide to service customers and develop products & applications 9 WACKER ACADEMY sites provide training and product know-how tailored to our customers needs. South East Asia Mobile technical center Sales TC Academy Plant 7

9 Create: Sales Network and Customer Relations - Building a Sustainable Competitive Advantage Chemicals: Establishing a global network of technical centers Global sales network to create and develop specialty solutions Leveraging centralized upstream facilities into local growth opportunities Customer focus drives product evolution WACKER POLYSILICON: Addressing the solar opportunity with specialized production technologies Supplier of choice, leading in quality and cost Siltronic: Improved global production footprint for 300 mm Repeated Quality Award wins from industry leaders 8

10 Leverage: Shifting Focus to Downstream Products Raw Material Upstream Downstream Customers Industries Methanol Silicon Metal Siloxane Pyrogenic Silica Silicones Construction Automotive suppliers Paints and coatings Textiles, print and paper Personal care Polysilicon Solar wafers, cells and modules Electronic wafers Semiconductors Ethylene Acetic Acid Vinylacetate Monomer (VAM) Vinylacetate ethylene (VAE) Dispersible Polymer Powders (DPP) Polyvinyl Acetate (PVAc) Engineered fabrics, coatings, adhesives, carpet Construction, remodeling, insulation Food, automotive Starch/ Dextrose Microbiological fermentation Therapeutic proteins food ingredients Food, life sciences, household 9

11 Chemicals: The Way Forward Strong and well established global market presence Growth opportunities in emerging markets Addressing global trends with advanced chemical products Leveraging existing upstream capacities will reduce capital intensity of growth Continuous productivity improvements and Verbund production support cost competitiveness Target 2012 to 2017: Sales growth ~7% CAGR / EBITDA margin >16.0% 10

12 Global Trends Chemicals: Enhancing Quality of Life BELSIL Growing population & rising welfare in emerging countries Increasing sales of personal care products Our contribution: BELSIL for gloss and feel Silicone Fluids & Emulsions in Personal Care Living Comfort Urbanization Mobility ELASTOSIL LR Airbags in cars = Safety first Silicones used as an airtight coating of woven fabrics Low flammability Our contribution: ELASTOSIL LR Silicone liquid rubber for the Automotive Industry VINNAPAS dispersions/dispersible powders Buildings consume 40% of primary energy Need to reduce consumption of heating energy Resource Savings Our contribution: VINNAPAS dispersions and dispersible powders for external thermal insulation 11

13 Reduce Capital Intensity of Growth Leverage Existing Upstream Capacities Upstream Downstream Compounds & Formulations Global Regional Local Silicon Metal Siloxane VAM Elastomers Emulsions & Fluids Resins VAE dispersions Dispersible Powders Compounds SILMIX Emulsions Capital Intensity Value Creation growing share of specialties from 2/3 to 3/4 of sales 12

14 SILICONES: An Integrated Global Player in a Leading Market Position Supply Chain Sales Development ( m) 5 years 2 raw materials 7 product groups Siloxane Methanol Silicon Metal Silanes Resins Fumed Silica OF Silanes 1,600 1, ,239 1,581 1,594 1,648 1,672 Fluids & Emulsions Elastomers 400 > 3000 products & endless applications Competitive Landscape 2013 Others 14% Bluestar 7% Shin Etsu 11% Momentive 17% 10* bn WACKER 17% 29% Dow Corning 35% Market Characteristics Reduced cyclicality through broad market penetration and wide customer base Historic growth rates 3% above worldwide GDP High entry barriers (capital and technology) Key drivers spur sustainable market growth Innovations broaden scope of applications Silane/Siloxane backward integrated suppliers WACKER JV participations fully consolidated WACKER estimates 13

15 Customization: Combining a Unique Set of Properties Hydrophobic Formable Adhesive Electrically conducting Broad spectrum of adjustable properties Intrinsic properties Thermal stability UV-resistant Inert, Chemical resistant amongst others Hydrophilic Form stable Release Insulating Silicones are high performance products, suitable for multiple applications 14

16 SILICONES: Specialty focus creates Value Standards Exchangeable Specialities Specified properties Price elastic Value based pricing Standards Low requirement for technical service Technical service is a key success factor Customized solutions Business Strategy Increase our specialty business to 50% of Siloxane volume within 4 years Sell standards with low cost to serve Siloxane Volume Specialties 35% Specialties 50% Standards 65% 2013 Standards 50%

17 SILICONES: Growth Target 6% with Improved Profitability Our Roadmap Value creation We push our specialty business by investing in downstream production and service close to our customers 2 Innovation We permanently investigate opportunities for organic replacement to open up new markets for silicones 3 Cost We continuously improve our cost position through operational excellence 16

18 POLYMERS: Global Leader in High Growth Markets Supply Chain Sales Development ( m) 5 years Raw Material Upstream Downstream Key Markets Acetic Acid & Ethylene VAE VAM Dispersions PVAc VAE = Vinyl acetate ethylene, VAM = Vinyl acetate monomer, PVAc = Polyvinyl acetate, PVOH = Polyvinyl alcohol DPP = Dispersible Polymer Powders DPP PVOH Construction Nonwovens & Textiles Adhesives Carpet Coatings & Paints 1, , Capacity Landscape 2013 (Capacities) Others 2 nd in the market Dispersible Polymer Powders WACKER Others VAE Dispersions 2 nd in the market WACKER Source: WACKER estimates Market Characteristics Diverse market and customer base Historic growth above GDP Key trends, innovation and new applications drive growth Moderate capital entry barriers and high technology barriers in most segments Innovations and in-depth formulating expertise broaden scope of applications 17

19 Solid: Transformation of unmodified to Polymer modified Dry Mortar Market is One of the Key Growth Driver Dry Mortar Market 2012 volume in thousand tons ~3,000 ~80% unmodified ~20% modified ~50% Dry mortar market PVOH* Resins DPP* market Competition WACKER market share Transformation Expansion Source: Kline, Data base, WACKER-estimation / * Dispersible Polymer Powder (DPP), Polyvinyl alcohol (PVOH) 18

20 Dispersions: opportunities for substitution based on properties overlap in applications and cost advantages ~1,600 kt 6% 10% 15% 32% ~16,700 kt Other* ~3,900 kt 4% 64% 34% Vinyl Acetate Ethylene 2006 VAE market Total 2009market SBL market % 23% Styrene Butadiene Latex 19% 6% 2% 5% Construction Adhesives Coatings Nonwovens Carpet Paper Other Sources: Kline; F&S-study Strategic Assessment of the World Emulsion Polymer Markets 2012; WACKER analysis * Other: Pure acrylics, styrene acrylics, PVAc, vinyl acrylics, VA-copolymers 19

21 Polymers Targets Continued Growth of 8% p.a. Our Roadmap Expansion We invest in downstream production and service close to our customers 2 Innovation We push new solutions beyond our core, working in a global set-up with our R&D activities 3 Substitution We explore new substitution opportunities in the non VAE systems 20

22 BIOSOLUTIONS: Acquisition SCIL Bioengineered Pharmaceutical Proteins - 1,500l fermenter capacity for pharmaceutical actives - GMP* certified operations - Protein refolding technology complements WACKER portfolio WACKER BIOSOLUTIONS becomes a full-service provider for the microbial manufacture of biologics *GMP = Good Manufacturing Practice, a standard in pharmaceutical manufacturing, 21

23 POLYSILICON: The Way Forward Fast cost decrease in Solar PV unlocks growth Polysilicon Market: 14% growth expected ( ) Prices expected to rise to reinvestment levels Pricing differentiates between Polysilicon qualities Competitive pressure drives cost and conversion efficiency WACKER leads in cost and quality Cost reduction roadmaps implemented to maintain leading cost and quality position Target 2012 to 2017: Sales growth ~7% CAGR / *EBITDA margin >20.0% * excl. salt and fumed silica 22

24 WACKER POLYSILICON Leading in Cost and Quality Production Chain Sales Development ( m) 5 years Raw Material Salt Silicon Metal Upstream Polysilicon Downstream Electronic wafer Key Markets Semiconductors 1,800 1,200 1,121 1,369 1,448 1, Hydrogen Solar wafer Solar Modules 600 Competitive Landscape 2013 Others 10% TBEA 2% WACKER 23% DAQO 2% Tokuyama 3% 29% REC 9% 212 kt GCL 23% Hemlock 12% OCI 16% Source: Industry announcements; WACKER estimate Market Characteristics PV market growth still intact driven by increasing competitiveness of PV electricity, despite declining subsidies Excellent product quality is key to highest conversion efficiencies in solar Cost and quality are both decisive for market success Prices stabilized, but delayed capacity expansion announced Intense competition further drives industry consolidation 23

25 household power price POLYSILICON: Fast Cost Decrease of Solar PV Unlocks Growth Roof-top System Prices* LCOE & Electricity Price Off-grid Applications young market mature market Germany China TX CA PV becoming very competitive and easy-to-install PV can be built very fast and in small increments Steep price decline of storage solutions Cheap electricity for remote areas with no access to grid annual solar energy yield(kwh/kwp) US Germany Module BOS BOS = Balance of System *best practice Q /Wp 1.0 /Wp 0.5 /Wp size of electricity market Δ LCOE vs. power price = room for positive NPV (assumes full grid access) 24

26 Polysilicon Market: Strong Market Growth at 14% CAGR Expected Global Polysilicon Shipments (kt) CAGR : 14% shipments with stronger 2 nd half, flat due to continued inventory correction and lower consumption per Watt Increasingly competitive C-Si PV drives polysilicon demand Silicon-based PV offers highest conversion efficiencies and proven long-term stability at lowest cost e Electronic Solar Assumption: 2017: 80 GW (incl. 10% thinfilm share); Silicon consumption < 5 g/wp in 2017; Shipment figures incl. time-delay shipment/installation 25

27 Polysilicon Supply & Demand Balanced High Quality Poly Supply Tightening Global Polysilicon Demand (kt) versus Capacity of Still Active Manufacturers PV market: 2013: ~40 GW 2014: ~43-52 GW 2015: ~49-65 GW Only a limited number of producers still operating after consolidation phase in 2012 & 2013 Limited additional capacity to come online in 2014 Questionable whether new entrants will produce cost-effective Capacity Announcements Active Capacities Total Demand (HIGH CASE) Total Demand (LOW CASE) Electronic Demand Sources: market surveys, industry announcements, WACKER estimate 26

28 Decreasing Prices open up New Markets USA and Asia with highest Growth Potential Country e France Germany Italy Europe other Europe total Australia China India Japan USA Rest of World Total 18 GW 28 GW 32 GW 40 GW ~43 52 GW Sources: EPIA 05/2010, 02/2012 and 05/2013, Industry announcements, WACKER estimate 27

29 Number of cells Competitive Pressure drives Cost and Conversion Efficiency WACKER leads in Cost and Quality Usable Ingot Length (%) Solar Cell Efficiencies (%) Cell Efficiency Distribution 100% Production Costs (%) 25 Mainstream Multi Mainstream Mono Super Mono high-purity Polysilicon low-quality Polysilicon 86% 76% 66% 20 cells with price discount cells with price premium 15 Ingot Yield 60% 70% 80% 90% Cell efficient Higher quality longer usable length lower cost per wafer Higher quality supports greater efficiencies lower cost per wafer Narrow distribution and higher mean lower cost per wafer Source: WACKER estimates 28

30 POLYSILICON Expansion Tennessee (Poly 11): establishing a Platform for Future Growth in the US Tennessee 20kt p.a. Lower Electricity Cost in the US (indexed) 100 Germany = Electricity Price + FiT Surcharge (2013) + Grid usage fee + Other charges US = List price TN provider Feb Planned ramp up of Polysilicon production in Currency diversification for the Group Growth platform for chemical products in the USA Germany (Industry High- Voltage) USA (TN) Assumptions: Data based on Year end 2012, USD/EUR: 1.35 Source: WACKER estimates, market data 29

31 Strong Focus on Cost and Productivity Process Innovation Specific Energy Consumption (kwh/kg)* Index = % Labor Productivity (kg/h)* Index = % e New deposition reactors New conversion reactors New process design e Economies of scale Yield improvements Automation * Solar polysilicon process only, indexed weighted ø of all plants. * Total average for all sites, direct labor including analytics 30

32 POLYSILICON: Maintain Leadership in Cost and Quality Our Roadmap Cost Competitive pressure drives module cost and conversion efficiency Cost reduction roadmap implemented to maintain WACKER s leading cost position 2 Quality C-Si-PV moving towards efficiencies above 20% (module) Pricing differentiates between polysilicon qualities 3 Customer Develop products for all crystallization technologies in close cooperation with our customers Keep broad customer portfolio to react flexibly on market changes Expand capacities according to market demand 31

33 Siltronic: The Way Forward Rising demand for 300 mm Continuous cost reduction programs in place Customer focus recognized for outstanding performance Siltronic strategy - Focus on cash generation Target 2012 to 2017: Sales growth ~2% CAGR / *EBITDA margin >20.0% * pro forma, excluding restructuring

34 Siltronic: Focusing on 300 mm and Asia Value Chain WACKER Polysilicon Ingots Siltronic Wafer Key Markets Semiconductors Sales Development ( m) 5 years 1,600 1,200 1, Sales Semi Sales non Semi Competitive Landscape 2012 Silicon Wafer Market Share (on USD basis) Global Wafers 6% Others 5% Siltronic 14% LG / Siltron 10% Sun Edison 10% S.E.H. 28% SUMCO Group 28% Source: Gartner (June 2013) Market Characteristics Semi and silicon wafer markets move in tandem Historic silicon market growth of 8-12% CAGR with last 3 years moving sideways High volatility both annually and quarterly 300 mm continues to grow while legacy diameter are trending down PC era coming to an end. Market growth increasingly coming from smartphone and tablets Source: Siltronic estimates 33

35 Leading Wafer Area Growth: Shift from PC to Megatrend Mobility (Smartphones, Tablets, mobile Infrastructure) Wafer Demand 2013, bn. cm² Growth 2014 vs Ø ~ 5% Mobility 18.5 ~ 20% PC and periphery 14.0 ~ -10% Living 10.5 ~ 0% Industry 5.5 ~ 5% Automotive 5.0 ~ 10% Storage 3.5 ~ 10% Others 1.5 ~ -20% 34

36 Siltronic: 300 mm continuous Cost Reduction Program Siltronic 300 mm variable Costs, relative per Wafer -9% -12% -16% Targeting annual cost declines in variable costs of 10% for the next two years 35

37 Siltronic Acquires Majority Ownership of Singapore JV in 2014 Siltronic Silicon Wafer Pte. Ltd. (SSW) Capital increase and other funds to pay off external debt (~ 210m) Ownership: Siltronic 78%, Samsung 22%; Samsung remains an important customer to the fab Total cash layout: 150m Leveraging efficiency measures Siltronic moves further to Asia Global 300 mm integration benefits Full consolidation pro-forma results: ( m) 2011* 2012* 2013 Sales 1,134 1, Capacity: >300 kw/m EBITDA EBITDA % * incl. restructuring 36

38 Siltronic Strategy: Focus on Cash Generation Create High capital intensity 300 mm expansion Strengthen market position with JV Leading edge technology Harvest 2013 onwards Focus on 300 mm in Asia No 450 mm investment Continue rationalization outside of Asia CapEx below depreciation CapEx above depreciation Strategy: Focus on low capex and 300 mm in Asia 37

39 WACKER: The Way Forward Financial Targets for 2017 Financial Stability & Profitability Summary: The Path to 2017 Outlook

40 WACKER Financial Targets for 2017 Sales of bn with Profit above Costs of Capital guidance guidance 2017 target Sales 4,635 ~ 4,500 4,479 Mid-single-digit % increase 6,000 6,500 CAGR ~6% EBITDA 795 Lower 679 At least 10 percent higher 1,200 Margin 17% Lower 15% Slight increase ~20% ROCE 5% lower 2.2% Slight increase > 11% CapEx (% of sales) 24% ~ %; 504 Approx. 550 Below depreciation 39

41 Balance Sheet: Financial Stability Target Capital Structure Group Balance Sheet Target Structure 2017 Drivers Drivers : CapEx below depreciation Non-current assets Equity Equity ratio: Historical level ~40% Dividend policy: in general, minimum 25% of net income Depreciation of certain polysilicon assets accelerated from 2012 onwards Financial debt incl. prepayments Prepayments almost fully repaid by 2017 Target: Net financial debt = 1x EBITDA DIO: ~50 days and DSO: ~50 days despite increasing globalization Minimum level for operations Working capital Liquidity Pension provisions Liabilities / other accruals Impact of IAS 19 considered 40

42 Profit & Loss Statement: Improving Profitability through 2017 WACKER P&L 2013 ( m) Targeted Development until 2017: m 2013 Sales 4,479 Cost of goods sold -3,815 Gross profit from sales Gross profit margin (in %) Selling expenses Research and development expenses General administrative expenses Other operating income Other operating expenses % Operating result 151 Equity result -36 EBIT 114 Interest result Other financial result Income before taxes 31 Income taxes -89 Net income for the period 6 EBIT 114 Depreciation/amortization 564 EBITDA 679 Gross profit margin with increase of up to 550 bps, driven by Accelerating growth in specialties Improving market environment in POLYSILICON Lower D&A in relation to sales Limited overhead growth SG&A to decrease to less than 7% of sales EBIT growth compensates higher interest expense Tax rate > 50% in 2014, reverting back to statutory tax rate mid-term (~30%) Prior to Poly 11 ramp-up: Tennessee investment reduces ROCE by up to 150 bps 41

43 Measures Aggressive Cost Roadmaps: Targeting > 100m in 2014 Chemicals POLYSILICON Siltronic WOS WACKER Operating System: targeting continuous cost decrease in specific operating costs Raw material and energy cost: optimized yields, loss reduction, raw material and energy recovery, process optimization Labor: reduce set-up times and non-value-added activities Logistics: lean processes, optimized packaging Technical spending: optimize inspection cycles, spare part storage Asset utilization: debottlenecking Raw Materials: expanded supplier portfolio Supplies: expanded supplier portfolio Electricity: reduced consumption in major process steps (conversion, deposition) Personnel Expenses: continuous productivity improvement Maintenance Expenses: standardization, spare parts logistics (sourcing/storage level) Process yield enhancement Raw materials and energy costs: optimize specific raw material and energy consumption, increase yield Supplies: reduce consumption of supplies Labor: reduce personnel costs, set-up times Site loading rules Process optimization across the entire value chain Total expected cost savings 2013: 200m reached 225m 42

44 Price Decline over 1 bn within Two Years (22% of Sales) Mainly in POLYSILICON WACKER Group: Sales Development ( m) 5,000 4,500 4,000 4, , ,479 3,500 3,000 2,500 2,000 1,500 1, Price Volume Currency Spalte Price Volume Currency

45 2014 CapEx determined by Tennessee Project CapEx vs. Depreciation Expense WACKER Group ( m) ~ 600 ~ 600 ~ 550 ~ 400 Ø e Ø 2015e-2017e Depreciation CapEx (asset additions) 44

46 Financial Debt incl. Prepayments to be Reduced over Leverage Phase Development of Financial Indebtedness ( m) 1,749 1,639 1,107 1, reduction 864 1, Ø et seqq. Net financial debt Prepayments (Group) 45

47 Annual Prepayment Reduction of about 200m expected POLYSILICON Prepayments ( m) 1, ,012 1, m p.a e et seqq. Retained prepayments and damages from cancelled contracts to continue with effects on earnings as market consolidation takes place Expecting prepayments to decline by ~ 200 m p.a. 46

48 The Path to 2017: WACKER Is an Attractive Investment Advanced Materials Compelling Growth Strong Cost Position Leading Market Positions Leading market shares and global presence Lower CapEx Growing share of chemicals specialty products Well defined cost roadmaps Well positioned to harvest the solar opportunity 2017 Sales bn (~6% CAGR) EBITDA 1.2 bn (~20% margin) ROCE >11% 47

49 WACKER: Guidance FY Outlook 2014 Sales ( m) 4,478.9 Mid-single-digit % increase EBITDA ( m) At least 10 percent higher EBITDA margin (%) 15.2 Slight increase Group net income ( m) 6.3 Improve Net cash flow ( m) Balanced net cash flow CapEx ( m) Approx. 550 Net financial debt ( m) Increase of between 300 and 400 Depreciation Approx. 600 ROCE 2.2 Slight increase 48

50 CREATING TOMORROW`S SOLUTIONS 1 st Quarter 2014 Conference Call Note Wacker Chemie AG, May 2014

51 WACKER: Strong Demand Supports Sales and Earnings in m Q Q % QoQ Q % YoY Sales 1, , , EBITDA EBITDA margin 24.6% 14.5% % - EBIT n.a >100 EBIT margin 11.6% -0.5% - 3.0% - Result for the period n.a. 5.1 >100 EPS in n.a >100 50

52 One-Off Events mask good underlying Performance WACKER Q Comments Increasing volumes in all divisions Negative FX effect in Chemicals and Siltronic One-offs of around 114m Capex 89m, mostly for Tennessee, POLYSILICON Net Cash Flow of 105m Net debt 900m, increase driven by the refinancing of the former JV-project financing Net income of 64m 2014 Challenges and Opportunities Volume growth in all segments Further focus on cost roadmap Sales slightly above 2013 (single digit %) EBITDA at least 10% yoy 51

53 Special Effect on EBITDA in Polysilicon of 114m Q Sales 1 Q EBITDA 20% 3% 17% 1% 5% 17% 3% Total: 1,157.4m 63% Total: 285.2m 12% 20% 36% 2% Siltronic WACKER SILICONES WACKER POLYMERS WACKER BIOSOLUTIONS WACKER POLYSILICON Others 1 based on external sales 52

54 First-Time Consolidation of Singapore 300 mm and S Protein increase Total Assets Balance Sheet (%) Assets Total 6.6bn 6.3bn Liabilities Total 6.6bn 6.3bn 33% 35% Characteristics 03/31/14 Non current assets: 4,571m Securities, cash and cash equivalents: 548m Provisions for pensions: 1,227m Net financial debt: 900m Noncurrent Assets Current Assets 67% 65% 24% 22% 19% 17% 13% 13% 22% 22% Equity Pension Accruals Prepayments Financial Debt Equity: 2,156m Prepayments received per 03/31/14: 881m CapEx: 89m Capital employed: 5,175m Securities, Cash & Cash E. 8% 9% 03/31/14 12/31/13 14% 13% 03/31/14 12/31/13 Accruals & Liabilities 53

55 EBITDA and EBIT Impact of Special Effects Special Effects Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Silicones: Siloxane JV effects Polysilicon: Retained prepayments & damages from cancelled contracts EBITDA Siltronic: Special depreciation for disused assets EBIT

56 03/12 07/12 11/12 03/13 07/13 11/13 03/14 03/12 07/12 11/12 03/13 07/13 11/13 03/14 Raw Materials: Methanol and VAM* trending upwards Ethylene Contract ( /MT) Si-Metal Contract ( /MT) Raw Materials 2013 ( m) Chemicals 1,400 2,100 Others Si Metal 1,300 2,050 1,200 1,100 2,000 1,000 1,950 VAM* Methanol Ethylene 900 1,900 Source: ICIS, Ethylene Market Price Europe, free delivered Source: Source: CRU-Provider, Si-Metal Contract Price Europe free delivered Costs of top 4 raw materials 21% of chemicals segment sales *VAM = Vinylacetate monomer 55

57 03/12 05/12 07/12 09/12 11/12 01/13 03/13 05/13 07/13 09/13 11/13 01/14 03/14 1 Cent Change in USD/ Exchange Rate had an Impact of 4.4m on FY-EBITDA in 2013, unhedged* USD/EURO Development External Sales and Net USD Exposure Chemicals 202 2, Polysilicon Siltronic External Sales FY 2013 Net USD Exposure FY 2013 Source: *Standard Hedging policy = 50% of net exposure, 12 months rolling forward 56

58 WACKER: Issuer, Contact and Additional Information Issuer and Contact Additional Information WACKER CHEMIE AG Hanns-Seidel-Platz 4 D Munich Investor Relations contacts Mr. Joerg Hoffmann, CFA Tel Mrs. Judith Distelrath Tel Mrs. Manuela Ellmerer Tel Financial Calendar 05/15/14 Annual Shareholders Meeting 08/01/14 Q2 Results 2014 (CHANGE) 10/30/14 Q3 Results 2014 ISIN: WKN: Deutsche Börse: Ticker Bloomberg: Ticker Reuters: Listing: DE000WCH8881 WCH888 WCH CHM/WCH:GR CHE/WCHG.DE Frankfurt Stock Exchange Prime Standard 57

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