Sector update: Final cut…or is there more to come? 4
How to be positioned in the next few Weeks 8
Company Overview 9
Air Liquide 10
Akzo Nobel 12
Arkema 14
BASF 16
Bayer 18
Clariant 20
DSM 22
Givaudan 24
K+S 26
Lanxess 28
Linde 30
Solvay 32
Symrise 34
Syngenta 36
Wacker Chemie 38

FINAL CUT…OR IS THERE MORE TO COME?
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01/07 04/07 07/07 10/07 01/08 04/08 07/08 10/08 01/09
DJ S Chemicals DJ STOXX (rebased)
After heavy cuts in our estimates, mainly for cyclical chemicals, in
November, we have to revisit our spreadsheets again. This is
necessary due to the latest company information that December
has been horrible in terms of customer demand, with no signs of
any future improvement whatsoever. It looks like the negative
dynamics have accelerated, and 2009, in our view, will most likely
be the worst year in chemicals history in quite a few decades. This
product shows our earnings and recommendation adjustments.
Christian Faitz, CFA
Telephone +49 (0) 69/71 34 - 55 01
christian.faitz@oppenheim.de
Oppenheim Research GmbH, Frankfurt
Dr. Jürgen Reck, CEFA, Dipl.-Chem.
Telephone +49 (0) 221/1 45 - 27 65
juergen.reck@oppenheim.de
Oppenheim Research GmbH Cologne
12 month high/low