Head of the Executive Board of BASF Honored for Fostering Stronger German-American Relations; One of Two World Business Leaders Selected for The John J. McCloy Award.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 7, 2001

Dr. Jurgen F. Strube, Chairman of the Board of Executive Directors of global chemical corporation BASF AG, will be honored tonight by the American Council on Germany at the organization's annual dinner at the Grand Hyatt Hotel in New York.

Dr. Strube will receive the John J. McCloy Award for his outstanding economic and cultural contributions to German-American relations. Past McCloy award recipients have included Douglas A. Warner, Chairman of the Board of J.P. Morgan, William Steere of Pfizer Inc, Lee Raymond, Chairman and CEO of the Exxon Corporation, Edzard Reuter of Daimler-Benz; Hilmar Kopper of Deutsche Bank, and Eberhard von Kuenheim of BMW. Dr. Strube will share tonight's honor with Michael Bonsignore, Chairman and CEO of Honeywell Inc.

As Chairman of the Board of Executive Directors of BASF AG, Strube has greatly expanded the company's operations worldwide with particular emphasis on North America--operating more than 50 facilities, employing approximately 15,000 people, and selecting the United States as a home for a $1 billion industrial investment in Port Arthur, Texas.

In his acceptance speech, Dr. Strube reflected on his tenure at BASF and the similarities between the US and Germany, stressing the critical role that global business leaders can play in facilitating international exchange which, he remarked, "fosters new ideas and information" and "produces better citizens and strengthens our communities." Dr. Strube has a long-standing record of promoting and strengthening transatlantic and international business relationships and exemplifies the mission of the American Council on Germany --to promote open communication and mutual understanding between the United States and Germany.

About the John J. McCloy Award:

The John J. McCloy Awards are presented to two business leaders each year - one American and one German - for outstanding contributions to the economic, political, cultural relationship between Germany and the U.S. The annual awards, first presented in 1993, are named in honor of John J. McCloy, a founder of the American Council on Germany, and one of the first U.S. High Commissioners in Germany after World War II. Since then, these coveted awards have achieved an exceptionally high profile.

About Dr. Jurgen Strube:

Dr. Strube joined BASF in 1969 where he began working in the finance division. After an assignment with BASF Antwerp, he moved to the company's logistics division where he held a position from 1970 to 1974. In March of 1974, Dr. Strube was transferred as a delegate to BASF Brasileira S.A. in Sao Paulo, where in 1975 he took on responsibility for the group's logistics and administrative activities. In 1978, his responsibilities expanded to include the company's chemicals and plastics activities, and in 1980 he was named director of Glasurit do Brasil Ltda. Dr. Strube became head of the Brazil Regional division at the beginning of 1982.

As of January 1, 1985, Dr. Strube was appointed to the Board of Executive Directors of BASF Aktiengesellschaft, and was initially responsible for BASF's information systems and fiber products division as well as for the company's activities in North America. Returning from the United States to Ludwigshafen in 1988, Dr. Strube oversaw the foams, polyolefins and PVC businesses, as well as the Brazilian and Latin American regional divisions.

Dr. Strube has been Chairman of the Board of Executive Directors of BASF Aktiengesellschaft since July 1990.

About BASF:

BASF Aktiengesellschaft is a transnational chemical company that aims to increase and sustain its corporate value through growth and innovation. The company's product range includes high-value chemicals, plastics, colorants and pigments, dispersions, automotive and industrial coatings, agricultural products and fine chemicals as well as crude oil and natural gas. BASF's approach to integration, known in German as "Verbund," is one of its particular strengths, ensuring cost leadership and a unique competitive advantage. With sales of about Euro 36 billion (circa $34 billion) and a workforce of approximately 100,000 employees in 2000, BASF is one of the world's leading chemical companies. BASF acts in accordance with the principles of Sustainable Development. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and New York (BF). The company's Internet address is www.basf.com.