ALTANA Chemie - Altana AG

1
ALTANA Chemie
Capital Markets Day
Frankfurt, November 16, 2006

Disclaimer
This presentation contains forward-looking statements, i.e., current estimates or expectations of future events or future results. The forward-looking
statements appearing in this presentation include revenue and earnings projections for ALTANA and its divisions, information on the expected effects
of the disposal of the Pharma division of ALTANA AG and the distribution of the net proceeds resulting therefrom, information on the planned future
balance sheet structure of ALTANA, information on ALTANA’s expectations on the future development of the relevant markets and ALTANA’s strategy
and plans to grow organically and by further acquisitions. These statements are based on beliefs of ALTANA’s management as well as assumptions
made by and information currently available to ALTANA. Many factors that ALTANA is unable to predict with accuracy could cause ALTANA’s
revenues, development performance or achievements to be materially different from those that may be expressed or implied by such forward-looking
statements. These factors include the successful completion of the disposal of the Pharma division, the development of the markets relevant for
ALTANA and the prices of raw materials used by ALTANA, ALTANA’s ability to find attractive acquisition targets, sales and marketing methods used
by ALTANA and ALTANA’s ability to maintain close ties with customers.
Forward-looking statements speak only as of the date they are made. ALTANA does not intend, and does not assume any obligation, to update
forward-looking statements to reflect facts, circumstances or events that have occurred or changed after such statements have been made. No
information given in this presentation should be interpreted as a promotion or solicitation for any product that is not authorized by the laws and
regulations of the country where you are located.
This presentation furthermore contains information on markets, market segments or submarkets relevant for ALTANA, including information on the
size of those markets, market segments or submarkets and the market share of ALTANA and its competitors or customers therein. Those informations
are based on best estimates made by data and information available to ALTANA and shall not be deemed to be definite or complete. The definitions of
relevant markets, market segments or submarkets contained in this presentation are based on considerations ALTANA deemed appropriate for this
presentation including but not limited to technologies applied, quality standards and price segments and may not include all technologies or products
competitive to or exchangeable with products of ALTANA. Other definitions of the relevant markets, market segments or submarkets may be
appropriate and correct as well.
2

Agenda
� Welcome Address
Thomas Gauly,
Head of Corporate Communications
& Investor Relations ALTANA
� ALTANA Chemie – Group Overview
Matthias L. Wolfgruber,
President & CEO ALTANA Chemie
� ALTANA Chemie – Financials
Martin Babilas,
CFO ALTANA Chemie
� Q&A Session
– Lunch Break –
� Additives & Instruments
Roland Peter,
President Division Additives &
Instruments
3
� Electrical Insulation
Wolfgang Schütt,
President Division Electrical Insulation
– Coffee Break –
� Coatings & Sealants
Guido Forstbach,
President Division Coatings & Sealants
� Effect Pigments
Christoph Schlünken,
President Division Effect Pigments
� Q&A Session
� ALTANA Chemie – Summary
Matthias L. Wolfgruber,
President & CEO ALTANA Chemie

ALTANA Chemie – Group Overview
Presented by
Matthias L. Wolfgruber
President & CEO ALTANA Chemie
4

ALTANA Chemie:
We make ideas work
� Strict strategic and customer focus covering growing global markets
� Robust business model with market leadership positions throughout
� History of and commitment to long-term sustainable and profitable growth
� Value creation is the collective ambition and key to all decisions
5
AC
AI EP EI CS

ALTANA Chemie at a Glance
6
Additives & Instruments
BYK-Chemie
� Sales 2005 €364m
� EBITDA 2005 €102m
� EBITDA margin 28.1%
(a) 30 Sep 2006
ALTANA Chemie
Sales 2005PF €1,132m
EBITDA 2005PF €215m
EBITDA margin 18.9%
Employees (a) 4,434
Effect Pigments
ECKART
� Sales 2005PF €301m
� EBITDA 2005PF €64m
� EBITDA margin 21.3%
Electrical Insulation
� Sales 2005 €293m
� EBITDA 2005 €41m
� EBITDA margin 13.9%
AC
AI EP EI CS
Coatings & Sealants
� Sales 2005 €175m
� EBITDA 2005 €14m
� EBITDA margin 8.1%

Key Investment Highlights
7
1
2
3
4
5
6
7
8
Sustainable above-average top-line growth and consistent high profitability
Highly specialized product and service offering
Leader in all target markets
Leading innovator in focused and evolving niche markets
Global footprint ensuring customer proximity
Resilient against single market influences
Proven buy-and-build strategy and successful portfolio management
Experienced management team with excellent track-record
AC
AI EP EI CS

Sustainable Growth and Margins
above Industry Average
8
Sales (€m)
1,400
1,200
1,000
800
600
400
200
0
CAGR: 13%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006E
AC
AI EP EI CS
�� Average sales growth: 13% p.a. (1995-2005)
thereof 7% organic, 6% from acq./div.
�� Average EBITDA growth: 14% p.a. (1995-2005)
35
30
25
20
15
10
5
0
EBITDA margin (%)

Clear and Highly Focused Business Model
9
In the value
chain close to
industrial
customer
Focus on
growing
niche
markets
Our Guiding Principles
Decentral,
flexible
structure
Market
leadership
Only true
specialty
chemicals
business
Innovation
and service
orientation
Global
presence
Clear value-added specialty strategy
� High contribution margin
AI EP EI CS
� High spending for R&D and service
capabilities
� Significant share of sales from new
products
� Low capital intensity
Strategy development and active portfolio
management
� To move all businesses into target
range and to expand beyond existing
business divisions
AC

Our Understanding of Specialty Chemicals
� Differentiating, complex problem solutions or effects instead of product focus
� Customer buys performance, not product
� Value added through combination of customer application, formulation
and chemistry
� Critical factor for performance and process of customer products
� Specialty products are normally a small part of the production costs of
industrial customers
� Innovation, service and branding are key factors
� High barriers of entry, long product life cycle phases
� More knowledge intensive than capital intensive
� Less cyclical than commodity chemicals
�� Price is not the decisive factor for customer decisions
10
AC
AI EP EI CS

Leading Positions in Attractive Markets
11
Market Market Growth
Market
Business Line Volume 2006-11
Main Competitors
Position
2005 (€m) (CAGR %)
Paint Additives 1,700 5 1 Noveon, Cognis, Degussa, Ciba
Plastics Additives 120 5 1 Eastman, Cognis, Ciba, Exxon Mobil
Instruments 70 3 1 X-Rite, Konica Minolta
Coatings 730 3 1 Toyal, Silberline, Merck
Graphic Arts 200 (a) 3 1 Wolstenholme, Merck
Cosmetics 120 6 3 BASF, Merck
Plastics 120 5 3 Merck, Silberline, BASF
Technical 60 1 2 Schlenk, Carlfors Bruk
Primary Insulation 450 4 1 Essex Nexans, Hitachi, DuPont
Secondary Insulation 250 5 1 vonRoll, Hitachi, DuPont
Electronic &
Engineering Materials
1,300 4 6 ICI, Huntsman, Henkel
Converting Specialties 1,360 3 3 Rohm&Haas, Valspar, PPG, Grace, ICI
Graphic Arts 710 5 2 (b) Sun, C&A, Schmid Rhyner
(a) Without captive production of ink manufacturers
(b) Europe & NAFTA only
Note: Market shall be understood as the market segment relevant to ALTANA Chemie
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Clear Commitment to Application/Marketoriented
R&D …
� Historical R&D investment:
~ 5% of sales
� Short term target:
~ 6% of sales
� Investment in R&D doubled
within 10 years
� 20% of total workforce worldwide
in laboratories
� Focus on development
�� Effective generation of marketable products
�� Our way to avoid commoditization
12
(€m)
80
70
60
50
40
30
20
10
0
1995
1996
1997
R&D Expenditure
1998
1999
2000
2001
2002
2003
2004
2005
AC
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2006E
8%
7%
6%
5%
4%
3%
2%
1%
0%
(% of sales)

… leads to Significant Growth
through Innovations
Known Markets New
13
Additives
for paper
PUR foam
stabilizers
Core e.g. new
W&D additives
Additives &
pigments for
cosmetics
New rheology
additives
Nanotechnology
for coatings
Known Technology
New
New markets,
new technology
� New markets
Examples
� Compounds for electronic
applications
� New markets, new technology
� Cosmetics (pigments &
dispersion aids)
� New technology
�� Innovation is key element of growth
�� Pioneering applications and creating new market
space through innovations
AI EP EI CS
� Nanotechnology (Nano-UV
stabilizer), packaging adhesives
� 30 – 40% of sales with products
younger than 10 years (Additives)
AC

Global Footprint
14
26%
Sales (Q1-3 2006)
Assets (per 30 Sep 2006)
19% 15%
Americas
Employees (per 30 Sep 2006)
48%
Europe
3%
Other
Regions
�� Balanced geographic profile
�� Strong presence in growth regions
72% 71%
23%
9% 14%
Asia
AC
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Regional Expansion
Sales (€m)
15
1,200
1,000
800
600
400
200
0
1995
Broad-based Growth Profile
1996
1997
1998
1999
2000
2001
2002
2003
2004
Europe Americas Asia Other Regions
2005
2006E
� Home business in Europe with
continued strong growth
momentum
� U.S. acquisitions in 2005/2006
set scene for future growth in
the Americas
� Asia as growth engine in the
recent past as well as in the
future
�� ALTANA Chemie continues to diversify its global footprint
AC
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Significant Presence in China
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Sales Office
Technical Lab
Production
ECKART Ürümqi Sales Office
Hongkong
BYK-Chemie
Sales Office Guangzhou
BYK-Chemie Technical Lab
Guangzhou
Shunde Rhenacoat
Lhasa
ALTANA Electrical Insulation
Zhuhai
ECKART Zhuhai
Lanzhou Xi‘an
Chengdu
Chongqing
Beijing
Guangzhou
Harbin
Shenyan
Tianjin
Zhengzhou
Wuhan
Macao
Nanjing
Shanghai
Hangzhou
Xiamen
Hongkong
BYK-Chemie Sales Office
Beijing
BYK-Chemie Technical Lab
Lang Fang
BYK-Chemie Sales Office
Shanghai
BYK-Chemie Technical Lab
Shanghai
ECKART Technical Lab
Shanghai
BYK-Chemie Tongling
Tongling SIVA
AC
AI EP EI CS

Resilient Business Model
AI EP
AC
EI CS
Broad Range of Applications, Products and Suppliers
ALTANA Chemie has low dependency on
� Single large customers
� Single large suppliers
� Single products/technologies, applications and markets
� Individual industries
� Regional economic developments
� Raw materials
� Currencies
�� ALTANA Chemie has a robust business set up against single
external influences
17

Proven Track-Record in Active
Portfolio Management (1/2)
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Acquisitions
Divestments
Restructuring
� Enter new businesses
� Expand regional market
presence
� Round up existing businesses
� Exit non-core businesses
� Exit low-margin businesses
� Consolidation of sites
� Consequent synergy realization
�� Strengthen the portfolio and complement organic growth
AI EP EI CS
� 9 acquisitions within last
5years
� 5 divestments within last
3years
AC
� 4 site closures in 2006

Proven Track-Record in Active
Portfolio Management (2/2)
Growth Engine � Additives & Instruments
19
Buy & Build � Electrical Insulation
Repositioning
� Coatings & Sealants
New � Effect Pigments
�� Disciplined approach and stringent
application of acquisition criteria
�� Fragmented markets, most targets
below radar of big cap chemicals
(Sales)
2002 2003 2004 2005 2006
Guardian (EI)
ANI Can (CS)
Viking (EI)
Schenectady (EI)
Ranbar (EI)
Watson-Rhenania (CS)
Rhenacoat Coil (CS)
Salchi-Rhenacoat (CS)
Rembrandtin (CS)
ECKART
Kelstar (CS)
Rhenania Coil (CS)
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Invex (EI)
Rad Cure (CS)

Value-oriented Acquisition Criteria
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Market
Business
Fit
Profit
Contribution
Financing
Smooth
Integration
� €200m – €2,000m total target market for divisions
� Leading market position achievable
� Market growth > GDP
� Improvement of strategic position (markets, products/technologies)
� Realization of synergies
� Entrance into new business: compelling fit of business model necessary
� No dilution of margins
� Stringent return on capital and payback criteria
� Short-term earnings accretion (after all costs within 2 years)
� Acquired company to add value on stand alone basis
� Preference for debt-financed acquisitions or cash flow financed for smaller
acquisitions
� Acquisition of majority positions only (usually 100%)
� Identified key management should be willing to stay on board
�� Each acquisition must add measurable long-term value
AC
AI EP EI CS

Acquisition Case Studies
Market &
Business Fit
Value
Contribution
21
Integration
� High percentage of shared costumers
� Independent company with a global
organization that covers every activity with
respect of effect pigments
� World market leader in the business field of
Metallic Effect Pigments
� Compatible culture and business approach
� Acquisition price: €630m
� ~8.5x EBITDA
� Smooth integration as fourth business division
� Despite operative synergies, Additives &
Instruments as well as Effect Pigments will
operate as separate divisions
� Integration without essential changes within
group organization
� Completion of integration ahead of schedule
� Important regional expansion in same market
like Terra Lacke (Graphic Arts)
� Complementary technologies for pressroom
chemicals
� Reach-out into U.S. market
� Acquisition price: undisclosed
� ~7.5x EBITDA
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� Platform to leverage ALTANA Coatings &
Sealants technology in North America
� Operative synergies with sister companies
primarily in purchasing and R&D
� Lead investment for further bolt-on acquisitions

Key Challenges for ALTANA Chemie
� Maintain internal and external growth rate
� Remain on top of globalization
� Mitigation of product portfolio commoditization through further investments into
R&D and customer service
� Management of raw material price increases
� Further profitability expansion in Coatings & Sealants
� Further synergy realization within ALTANA Chemie and divisions
22
AC
AI EP EI CS

Long-Term Group Objectives
23
Leading Position
in our Target Markets
Global Presence in
Global Markets
Strong Financial
Performance
Driving Innovation
Active Portfolio
Management
� #1 position in all relevant markets
� Leading position also in terms of quality, innovation and service
� Further increase of presence in North America, Asia and
emerging markets
� Sustainable average sales growth > 10% p/a
� High profitability with EBITDA margin 18 – 20%
� Consistent value creation (ROCE > WACC)
� Increase R&D spending to ~ 6% of sales
� More than 20% of sales with products younger than 5 years
� Ongoing screening
� Value-oriented approach
AC
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Management Team
24
Chief Executive Officer
Matthias L. Wolfgruber
Additives &
Instruments
Effect
Pigments
Board Members
& Division Presidents
Electrical
Insulation
AI EP EI CS
Chief Financial Officer
Martin Babilas
Coatings &
Sealants
Roland Peter Christoph Schlünken Wolfgang Schütt Guido Forstbach
AC

ALTANA Chemie – Financials
Presented by
Martin Babilas
CFO ALTANA Chemie
25

ALTANA Chemie:
A Strong Financial Set-up
� Strong growth profile across divisions and regions
� Sustainable and broad-based profitability at high level
� Value and portfolio-oriented capex management
� Solid approach to cash generation and balance sheet structure
� Value driven and transparent planning and performance measurement systems
� Limited exposure to and focused management of external risk
�� Commitment to clear and transparent reporting to capital markets
26
AC
AI EP EI CS

Key Figures Q1-3 2006
(€m) Q1-3 2006 Q1-3 2005 Δ % Δ % operat. FY 2005
(a)
Sales 985 624 58 11 907
EBITDA 188 113 66 15 164
EBITDA margin 19.0% 18.2% 18.1%
EBIT 131 85 55 113
EBIT margin 13.3% 13.6% 12.5%
Capital expenditure 49 24 > 100 44
% of sales 4.9% 3.9% 4.9%
R&D expenditure 50 30 68 47
Employees (30 Sep) 4,434 2,438 82 4,384
(a) Adjusted for acquisitions/divestments and currency
27
AC
AI EP EI CS

Sales by Division Q1-3 2006
(€m)
28
Q1-3
2006
Q1-3
2005
Δ %
Δ %
operat. (a)
Additives & Instruments 317 277 15 15
Effect Pigments (b) 254
Electrical Insulation 246 219 12 10
Coatings & Sealants 168 128 31 3
ALTANA Chemie 985 624 58 11
(a) Adjusted for acquisitions/divestments and currency
(b) EP Pro-Forma Q1-3 2005: Sales €226m (growth 13%)
25%
17%
AC
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26%
32%

Sales by Region Q1-3 2006
(€m)
29
Q1-3
2006
Q1-3
2005
Δ %
Δ %
operat. (a)
Europe 476 318 50 8
thereof Germany 169 93 82 8
Americas 253 134 89 9
thereof USA 186 95 96 11
Asia 227 149 53 17
thereof China 99 60 66 19
Other Regions 30 24 25 11
ALTANA Chemie 985 624 58 11
(a) Adjusted for acquisitions/divestments and currency
23%
26%
China
10%
USA
19%
AC
AI EP EI CS
3%
Germany
17%
48%

Income Statement Q1-3 2006
(€m)
Sales 985 100.0 624 100.0 58 907
Cost of sales -614 -62.3 -384 -61.5 60 -567
Gross profit 371 37.7 240 38.5 55 340
Selling & distribution -127 -12.9 -89 -14.3 42 -133
Research & development -50 -5.1 -30 -4.8 68 -47
General & administrative -61 -6.2 -37 -5.9 65 -58
Other operating inc./exp. -2 -0.2 1 0.2 n/m 10
Profit from operations (EBIT) 131 13.3 85 13.6 55 113
Financial result -9 -1.0 -4 -0.7 > 100 -10
Earnings before tax (EBT) 122 12.4 80 12.9 52 104
Tax -45 -4.6 -23 -3.8 94 -31
Net income (EAT) 76 7.8 57 9.1 34 72
30
Q1-3
2006
% sales
Q1-3
2005
% sales
Δ %
AC
AI EP EI CS
FY 2005

Income Statement Structure Q1-3 2006
(% of sales)
31
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
100.0%
44.4%
Sales Raw
Material
Costs
17.9%
Production
Costs
12.9%
Selling &
Distribution
5.1%
6.2%
0.2%
13.3%
AI EP EI CS
5.7%
19.0%
R&D General &
Administration
Others EBIT D&A EBITDA
AC

Quarterly Development
32
400
350
300
250
200
150
100
50
0
215 230 214 195 208 214 202
Q1 04
Q2 04
Quarterly Sales (€m) Quarterly EBITDA (€m)
Q3 04
Q4 04
Q1 05
(a) First time consolidation of ECKART
Q2 05
Q3 05
283
Q4 05
(a)
324 335 326
Q1 06
Q2 06
Q3 06
70
60
50
40
30
20
10
0
43
Q1 04
45
Q2 04
38
Q3 04
33
Q4 04
38 38 37
Q1 05
Q2 05
Q3 05
AI EP EI CS
51
Q4 05
(a)
60
Q1 06
AC
63
Q2 06
65
Q3 06

Segment Reporting Q1-3 2006
33
(€m)
Additives &
Instruments
Effect
Pigments
Electrical
Insulation
Coatings &
Sealants
Holding
AI EP EI CS
ALTANA
Chemie
Sales 317 254 246 168 985
EBITDA 96 53 34 18 -13 188
EBITDA margin 30.3% 20.8% 13.7% 10.7% 19.0%
EBIT 83 28 21 12 -13 131
EBIT margin 26.1% 11.1% 8.7% 7.1% 13.3%
Capital expenditure 15 20 11 2 49
% of sales 4.8% 7.8% 4.6% 1.4% 4.9%
AC

Holding Costs
34
ALTANA
Chemie
Holding,
Wesel
ALTANA AG
Holding,
Bad Homburg
(a) Without corporate transformation charges
Present Group Structure
� Organization covering operational
and corporate functions
� EBIT Q1-3 2006: -€13m
� Organization covering corporate
functions only
� EBIT Q1-3 2006: -€18m (a)
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Future Group Structure
� Future location of ALTANA AG
Holding in Wesel, closing of Bad
Homburg operations
� Expected total holding cost from
2007 onwards ~€30m – €35m p.a.
� Additional extraordinary holding
cost in 2007 from running/closure
of Bad Homburg site
� No corporate charges of holding
cost to divisions planned for the
future

Free Cash Flow Q1-3 2006
(€m) Q1-3 2006 Q1-3 2005 FY 2005
Net income 76 57 72
Depreciation & amortization 56 28 50
Changes net working capital/provisions -25 -17 -16
Other -5 3 -1
Cash flow from operating activities 103 71 106
Capital expenditures -49 -24 -44
Other 2 0 0
Cash flow from investing activities -46 -24 -45
Free cash flow before acq. & div. 57 47 61
Acquisitions -26 0 -579
Divestments 0 13 20
Free cash flow 31 61 -498
(a) thereof amortization of intangibles €23m
(b) thereof amortization of intangibles €9m
(c) thereof amortization of intangibles €20m
35
AC
AI EP EI CS
(a) (b) (c)

ALTANA AG Group Balance Sheet
36
Assets
30 Sep 2006 (€m)
Long-term Assets
� Intangible assets 521
� PPE 517
� Other long-term assets 45
1,083
Short-term Assets
� Inventories 206
� Trade receivables 261
� Other short-term assets 117
� Marketable securities 136
� Cash and cash equivalents 135
855
Assets held for sale 1,967
(a) Before minority interest
3,905
3,905
Liabilities
30 Sep 2006 (€m)
AC
AI EP EI CS
Shareholders’ Equity
� Shareholders' equity (a) 2,239
� Minority interest 2
2,241
Long-term Liabilities
� Long-term debt 30
� Pension provisions 94
� Deferred tax liab. 61
� Other long-term liab. and prov. 17
202
Short-term Liabilities
� Short-term debt 294
� Trade payables 79
� Tax provisions 54
� Other short-term prov. 80
� Other short-term liab. 35
542
Liabilities held for sale 920

Comments on
Balance Sheet Structure going forward
Effects of disposal ALTANA Pharma
� Sold for consideration of ~€4.5bn with expected completion as of 29 Dec 2006
� Net proceeds after deduction of ALTANA Pharma book value as well as related tax and
transaction costs to be distributed to shareholders via special dividend post
AGM 2007
� Additionally, ordinary dividend payment for 2006 planned with increase to 2005
Reps & Warranties from ALTANA Pharma divestiture
� Only limited reps & warranties compared to similar transactions
� Potential risks accounted for in opening balance sheet structure – however, no provisions
necessary
Treasury stocks
� Currently 4.4m treasury shares held by ALTANA AG
� No changes planned
37
AC
AI EP EI CS

Key Objectives for
Balance Sheet Structure going forward
� Flexibility for further growth through selected acquisitions
� Attractive dividend payout going forward (30 – 40% payout ratio)
� Appropriate leverage/WACC structure
� Investment grade rating targeted – initiation of rating process planned
�� Solid balance sheet structure in line with formulated
ALTANA Chemie strategy
38
AC
AI EP EI CS

Value-based Management
ALTANA Chemie’s definition of ROCE
� ROCE = operating performance / capital employed
� Operating performance = EBIT adjusted for pension interest; application of effective tax
rate
� Capital employed = equity plus net financial debt and pension provisions (period average)
� Adjustment of operating performance and capital employed for acquisition-related
intangible assets
Employment of ROCE within ALTANA Chemie
� Key planning and reporting parameter since 2000
� Compensation of management
ALTANA Chemie ROCE: 9% (a)
(a) Q1-3 2006
39
AC
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Executive Compensation
High share of variable pay (cash bonus) on all management levels
� Management Board: ~ 60%
� Division Presidents: ~ 50%
� Other: 30 – 40%
Bonus payments tied to personal and company performance (a)
� Personal performance based on agreed objectives
� Company performance measured by ROCE and EBIT
Long-term incentives
� To be considered post transformation of ALTANA AG’s group structure
40
(a) Management Board: only company performance
AC
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Managing Risk: Exposure to Key End-use
Industries
41
General Industry &
Others
~35%
Other Packaging
Applications
~10%
Automotive
~15%
Graphic Arts
~15%
Construction &
Heavy Industry
~15%
Electrical &
Electronic
Components
~10%
AC
AI EP EI CS

Managing Risk: Raw Material Costs
Raw Material Costs (% of sales)
42
60.7
60.6
48.7
31.4
59.9
57.7
47.1
30.9
59.5
58.8
48.2
32.7
2001 2002 2003 2004 2005 Q1-3 2006
Additives & Instruments
Effect Pigments
60.4
56.8
47.9
32.1
Coatings & Sealants
Electrical Insulation
60.4
60.2
47.6
34.7
31.7
ALTANA Chemie
AI EP EI CS
60.4
59.2
44.4
35.4
31.0
AC

Managing Risk: Raw Materials
� Most important raw materials
� Epoxy resins
� Metals (aluminum, copper, zinc)
� NMP
� Organic solvents (e.g. solvent naphta,
xylene, cresylic acid, phenol)
� Silicones
� Styrene acrylates
� THEIC
� TMA
� Forward purchasing strategy in place for key
metals
� Top raw material < 5% of total material costs
� Top 10 raw materials < 20% of total material costs
�� No dependency on individual critical raw materials
43
A
3%
B
3%
C
2%
AC
AI EP EI CS
D
2%
E
2%
Note: Raw material shares based on FY 2005 Pro-
Forma material costs (incl. ECKART)
F
1%
G
1%
H
1%
I
1%
J
1%

Managing Risk: Suppliers & Customers
44
Suppliers Customers
Material Cost (a)
74%
26%
8%
Top 10 suppliers

Managing Risk: Currency Impact
Exposure to currency fluctuation hedged by various means
� Natural hedging through ALTANA Chemie entities worldwide
� Invoicing in general done in local currency of respective entity
� Hedging of remaining transaction exposure from sales through forward contracts
45
(18 months rolling forward strategy with declining hedging levels)
Limited impact of potential currency fluctuations
� Illustrative effect of rise/fall of US$ rate by 10 cents on sales/earnings levels of upcoming 12 months
(mainly translation effects):
Net sales ~ €30m
EBITDA ~ €5m
EBT < €5m
AC
AI EP EI CS

Managing Risk: EHS, Regulatory Affairs
Environment, Health and Safety
� All subsidiaries and sites worldwide are committed to comply with the principles and
standards formulated in the “Responsible Care” initiative of the chemicals industry
� Group-wide established standards on workplace safety and environmental issues
� Major sites have formalized environmental management systems according to
ISO 14001/EMAS
� Accruals of best estimate of liabilities for investigation and clean-up costs in place
(as of 30 Sep 2006: €2m)
Regulatory Affairs
� No significant business activities in regulated chemicals (e.g. biocides)
� Additional costs implied by REACH (a) expected to be manageable
(low single digit €m impact in 2007 going forward)
46
(a) Based on current EU legislation status
AC
AI EP EI CS

How we run the Company:
Guidance for the Future
Profitability (EBITDA margin)
47
20%
18%
Growth
�� Financial performance tightly controlled
� Organic sales growth: ~6% p.a.
(on average)
� EBITDA margin: ~18 – 20%
� Raw material cost: ~45% of sales
� R&D investments: ~6% of sales
� Capex: 5 – 6% of sales
AI EP EI CS
� ROCE > WACC (~7.5% post tax)
AC

AC
Outlook 2006 AI EP EI CS
� Sales to grow by around +40%: > €1.25bn
� EBITDA to develop in line with sales growth
� EBT to increase in a clear double-digit range
� Preparations for new corporate structure on track
48
Positive Outlook 2006 Confirmed
�� ALTANA Chemie well under way with excellent perspectives

Additives & Instruments
Presented by
Roland Peter
President Division Additives & Instruments
49

Additives & Instruments:
Substance for Success
� Additives & Instruments has developed into the market leader for paint and plastics
additives through organic growth by offering superior solutions and services to its
customers
� We will continue to grow above market through
50
� Continuous innovations
� Worldwide technical service
� Superior quality
� BYK as THE global brand for additives and instruments
AC
AI EP EI CS

Additives & Instruments
Historic Sales Development
Sales (€m)
51
450
400
350
300
250
200
150
100
50
0
CAGR: 10%
AC
AI EP EI CS
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006E
�� Amazing track record of organic sales growth

Additives & Instruments
Global Footprint
52
BYK-Chemie, USA
BYK-Gardner, USA
Production, Sales
Sales office
BYK-Cera,
Netherlands
BYK-Gardner,
Germany
BYK-Chemie,
Germany
AC
AI EP EI CS
BYK-Chemie, Korea
BYK-Chemie, Japan
BYK-Chemie
Tongling, China
BYK-Chemie Solutions,
Shanghai, China
BYK-Chemie Asia-
Pacific, Singapore
�� BYK is wherever its clients are
�� Worldwide technical service with more than 115 local technical advisors

Additives & Instruments
Sales Split
53
Q1-3 2006
Asia
28%
Americas
23%
by Region
Other Regions
4%
China
9%
USA
18%
Germany
14%
Europe
45%
Plastics
Additives
20%
by Business Line
Instruments
8%
AC
AI EP EI CS
Paint Additives
72%

Additives & Instruments
Market and Strategic Position
54
Business Line Market Market Market Main
Volume Growth Position Competitors
2005 2006-11
(€m) (CAGR %)
Paint Additives
Plastics Additives
Instruments
1,700 5 1
120 5 1
70 3 1
Note: Market shall be understood as the market segment relevant to ALTANA Chemie
AC
AI EP EI CS

Additives & Instruments
Top Customers
55
�� Top 10 customers represent 20% of total sales
AC
AI EP EI CS

Additives & Instruments
Value Chain
Over 250
Raw Materials &
Intermediates
e.g.:
� Solvents
� Monomers
� Isocyanates
� Amines
� Alcohols
56
Success
Factors:
Polymerization
Polycondensation
Addition
Blending
R&D
Additives
Technical
Service
Paint + Plastics
Manufacturers
Customer
Relationship
AC
AI EP EI CS

Additives & Instruments
Raw Materials and Suppliers
� Additives & Instruments has a diversified portfolio of raw materials and
suppliers
� Raw materials are chemicals like solvents, monomers and functional building
blocks (isocyanates, amines etc.)
� Top 10 raw materials account for only 25% of total purchasing volume
� Suppliers are companies like BASF, Bayer, Degussa, Dow Chemical,
DuPont, Shell, Wacker
� Top 10 Suppliers account for 42% of total purchasing volume
57
AC
AI EP EI CS

Paint Additives
� The business line Paint Additives produces wetting and dispersing additives,
defoamers, surface active additives as well as rheology modifiers
� The range covers approximately 300 different products, about 15 new products
are developed every year
� Additives are applied only in a dosage of 0.1 – 1% in customer coatings and
inks applications optimizing the production process of the customer and are
crucial for the quality of the finished product
� Products often not easily replaceable for customer, therefore with long life cycle
� BYK Additives are an integral part of millions of formulations
58
– Additives & Instruments – Paint Additives
Coil Coatings Architectural coatings Wood and furniture coatings Automotive OEM
AC
AI EP EI CS
Paint Plastics Instrum

Paint Additives
Market Trends and Development
59
Products/Services
Applications
Markets/
Customer Sectors
Regions
Definition of Relevant Market
� Wetting & dispersing additives,
� Defoamers, surface additives, rheological
modifiers, nanoparticle based additives
� Coatings, inks, intermediates for the
coatings, plastics and inks industry
� Automotive REF and OEM, Wood &
Furniture, Can, Coil, Architectural, Printing
Inks, Pigment Concentrates, Powder,
General Industrial Coatings, Protective
� Global business, one third of global market
volume in Europe, NAFTA, Asia
Current/Future Market Trends
� Development of aqueous products
� High growth rate for nanoparticle-based additives
� Reduction of solvent emitting technologies
� Conversion to aqueous systems
� Low-VOC products
� Higher growth rate in Asia
� Moderate growth in Europe, NAFTA
AC
AI EP EI CS
Paint Plastics Instrum

Paint Additives
Competitors
60
ALTANA
Noveon
Cognis
Degussa
Lanxess
Cytec
Elementis
Ciba
Captive Use
Others
Key Competitors
Note: Market shall be understood as the market segment relevant to ALTANA Chemie
Market Definition
� Market volume (2005): €1,700m
� Market growth (2006-11): 5%
AI EP EI CS
Competitive Environment
� Increasing competition from regional suppliers
in Asia
AC
Paint Plastics Instrum

Paint Additives
R&D driven Growth Opportunities
Drivers/Areas for
New Product Development
61
VOC Regulations
Commoditization of
old products
Patent situation
compared to competition
Raw material
availability (e.g. REACH)
Projects which Concentrate on New
Products, Technologies, Processes, Services
� Introduction of a product range of VOC free additives
� New chemistry based on patented Controlled Radical
Polymerization
� Active patent strategy for all product groups
� Further backward integration to replace single sources
AC
AI EP EI CS
Paint Plastics Instrum

Plastics Additives
� The business line Plastics Additives produces viscosity reducers, wetting &
dispersing agents, air release and levelling agents, rheology modifiers and
PUR foam surfactants
� The additives are applied in order to optimize the production process of the
customer and/or improve the quality of the finished product
� The additives are applied in a wide range of thermoset applications: PVC
plastisols, UP-, epoxy-, acrylic-resins, cast and fibre reinforced thermoset
systems, SMC, BMC, PUR-Foam, PUR-Leather
62
PVC plastisols Closed Mold
Cold Cure systems
AC
AI EP EI CS
Paint Plastics Instrum
Polyurethane foams

Plastics Additives
Market Trends and Development
63
Products/Services
Applications
Markets/
Customer Sectors
Regions
Definition of Relevant Market
� Viscosity reducers, wetting & dispersing, air
release, levelling agents, pore control
additives, rheology modifiers, foam
surfactants
� PVC plastisols, UP-, epoxy-, acrylic-resins,
cast & fibre reinforced thermoset systems,
SMC, BMC, PUR foam, PUR-(C).A.S.E.,
PUR-leather
� Automotive, Construction, Electrical, Sports
& Leisure, Furniture, Clothing
Current/Future Market Trends
� Ongoing trend to solvent-free, low VOC and NPE-free
products
� Metals replaced by plastics (automotive/weight)
� PVC being replaced by wood laminate
� Ongoing concentration and shift of production to low
cost regions
� Cost pressure through increased raw material costs
� Global market � Strong market growth in Asia
AC
AI EP EI CS
Paint Plastics Instrum

Plastics Additives
Competitors
64
Altana BYK
Hydrocarbon
manufacturers
Eastman
Ciba
Exxon
Cognis
Degussa
Others
Key Competitors Market Definition
Note: Market shall be understood as the market segment relevant to ALTANA Chemie
� Market volume (2005): €120m
� Market growth (2006-11): 5%
AC
AI EP EI CS
Competitive Environment
Paint Plastics Instrum
� Some competitors continue their low price
strategy

Plastics Additives
R&D driven Growth Opportunities
Drivers/Areas for
New Product Development
65
Environmental awareness
and regulatory requirements
Fuel saving/weight
reduction in automotives
Higher quality
Unmet market needs
Projects which Concentrate on New
Products, Technologies, Processes, Services
� Low emission products for all end-uses
AI EP EI CS
� Plastics parts in automotive applications, processing additives
� Additives for improving appearance and mechanical properties
of parts
� Additives for better anti-scratch properties and higher color
strength
AC
Paint Plastics Instrum

Instruments
� BYK Gardner provides innovative and reliable testing instruments to measure
appearance, color and physical properties of coatings and plastics
66
Colour
Appearance
Physical properties
AC
AI EP EI CS
Paint Plastics Instrum

Instruments
Competitors
67
BYK-Gardner
x-rite / gretag
Paul N. Gardner
Paul N. Gardner
Sheen
Leneta
Elcometer
Konica Minolta
HunterLab
Rhopoint
Others
Others
Key Competitors
Note: Market shall be understood as the market segment relevant to ALTANA Chemie
Market Definition
� Market volume (2005): €70m
� Market growth (2006-11): 3%
Competitive Environment
AI EP EI CS
� Local competition in all markets
� Complex applications and relatively small
market size are large barriers to entry
AC
Paint Plastics Instrum

Additives & Instruments
Significant Barriers to Entry
68
High-tech/Niche Focus
Strong R&D Investments
Technology
Customer Relationships
Global Network
of Technical Service
Well Invested Facilities
� Profound knowledge of technologies and applications
� Continuous development of value-added products by research specialists
� Broadest field force for application specialists
� Foster and enable new application technologies
� Partnerships for developments and global sales
� Worldwide technical service with more than 115 local technical advisors and
10 laboratories
� State-of-the-art production and lab facilities
AC
AI EP EI CS

Additives & Instruments
Strengths & Challenges
� #1 in the market segments we have chosen
� High recognition of BYK as a brand
� Excellent reputation (quality, consistency,
service)
� Worldwide sales network combined with
technical service laboratories
� Market knowledge and global reach
� Broad technology basis and most complete
product portfolio
� Changes in legislation favour use of additives
� Fast time to market
� R&D excellence: cross-fertilization of
Paint Additives and Plastics Additives
� Lean organisation
� Lock-in position with most customers and close
cooperation with key accounts worldwide
69
Key Strengths
Key Challenges
� Major accounts look for second source
� New competitors (e.g. from China)
� Pressure on prices by competition and
global sourcing
� Replacement of additives by in-house
products
� “Commoditization” of some products,
i.e. viscosity reducers
� REACH
AC
AI EP EI CS

Additives & Instruments
Key Figures Q1-3 2006
(€m) Q1-3 2006 Q1-3 2005 Δ % Δ % operat. FY 2005
(a)
Sales 317 277 15 15 364
EBITDA 96 78 23 24 102
EBITDA margin 30.3% 28.1% 28.1%
EBIT 83 65 26 85
EBIT margin 26.1% 23.6% 23.4%
Capital expenditure 15 14 12 21
% of sales 4.8% 5.0% 5.7%
Employees (30 Sep) 1,035 980 6 983
�� Growth and profit engine
(a) Adjusted for acquisitions/divestments and currency
70
AC
AI EP EI CS

Additives & Instruments
Strategy going forward
� Expanding local organizations, regional products and services to capture
regional growth in Asia, particularly in China and India
� Innovation offensive towards low-VOC products and nanotechnology to be
prepared for technological changes towards aqueous paint systems
� Introduce innovative new products for color and appearance measurement
� Intensify key account management, global sales and distribution network to
follow globalization and consolidation of paint and plastics industry
71
AC
AI EP EI CS

Additives & Instruments
Long-Term Objectives
� Develop new businesses and markets, e.g. in thermoplastics
and polyurethanes
� Enter/employ new technologies, e.g. nanotechnology
� Strengthen synergies with Effect Pigments Division
� Explore acquisition targets based on strict criteria
� Maintain growth momentum
�� Maintain high profitability with target EBITDA margin
at around 30%
72
AC
AI EP EI CS

Additives & Instruments
Summary and Outlook
� Global market leader with highest brand recognition in our key markets
� Development partner of choice for our customers
� Substance for success resulting in amazing organic growth
and high profitability
73
AC
AI EP EI CS

Electrical Insulation
Presented by
Wolfgang Schütt
President Division Electrical Insulation
74

Electrical Insulation:
World’s First Choice of Reference
� Offering superior value to its customers by combining the world’s best
technology with a localized presence/services in all important regions
� Outstanding growth and margins superior to the market
� Developed a formerly moderately attractive market into a prominent
global business
� Building on successful M&A track record and superior integration history
75
AC
AI EP EI CS

Electrical Insulation
Historic Sales Development
Sales (€m)
76
350
300
250
200
150
100
50
0
CAGR: 26%
AI EP EI CS
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006E
�� Started with the acquisition of Wiedeking in 1988 for ~ €10m
�� Electrical Insulation built up its current global position with
17 additional transactions
AC

Electrical Insulation
Global Footprint
77
P.D. George,
USA Deatech,
Italy
ALTANA Isolantes
Elétricos do Brasil,
Brazil
Headquarters
Production, Sales
Sales office
Sterling, UK
Camattini,
Italy
Headquarters,
Germany
Beck Electrical
Insulation, Germany
Beck India,
India
Tongling SIVA,
China
AC
AI EP EI CS
ALTANA Electrical
Insulation Zhuhai,
China
�� With production, R&D and technical service in Americas, Europe and Asia,
Electrical Insulation is well positioned to benefit from ongoing globalization
�� A leading position in all important global growth regions

Electrical Insulation
Sales Split
Q1-3 2006
78
Asia
31%
by Region
Other Regions
3%
China
16%
USA
20%
Americas
27%
Germany
7%
Europe
39%
Secondary
Insulation
29%
by Business Line
Electronic &
Engineering
Materials
14%
AC
AI EP EI CS
Primary
Insulation
57%

Electrical Insulation
Market and Strategic Position
79
Business Line Market Market Market Main
Volume Growth Position Competitors
2005 2006-11
(€m) (CAGR %)
Primary Insulation
Secondary Insulation
Electronic and
Engineering
Materials
450 4 1
250 5 1
1,300 4 6
Note: Market shall be understood as the market segment relevant to ALTANA Chemie
AC
AI EP EI CS

Electrical Insulation
Top Customers
�� Top 10 customers account for 28% of total sales
80
AC
AI EP EI CS

Electrical Insulation
Value Chain
81
Raw Materials
Primary
Insulation
Magnet Wire
Producers
Secondary
Insulation
OEMs
Electronic &
Engineering
Materials
Equipment
Producers
AC
AI EP EI CS
Maintenance/
Repair
�� Our insulating polymers enter the value chain of electrical equipment
manufacturing at various entry points

Electrical Insulation
Raw Materials and Suppliers
� Raw materials are mainly polymer pre-cursors (MDA, TMA, MDI) and solvents
(cresol, phenol, NMP) for resin synthesis
� Top 10 raw materials account for 46% of total
� Important suppliers are BASF, Merisol, Dow Chemical, Huntsman etc.
� Top ten suppliers represent 32% of total
� Through flexible pricing strategies Electrical Insulation managed to stabilize
margins during recent raw material price fluctuations
82
AC
AI EP EI CS

Primary Insulation
�� Wire enamels for the primary insulation of magnet wire
�� Magnet wire is applied in electric motors, generators
and transformers
83
AC
AI EP EI CS
Primary Sec. Ins. E&EM

Primary Insulation
Market Trends and Development
Products/Services
Applications
Markets/
Customer Sectors
Regions
84
Definition of Relevant Market
� Enamels for magnet wire
� Electric motors, generators and
transformers
Current/Future Market Trends
� High degree of industry norm standardization
(IEEE, IEC) leads to stable technology. High copper
price induces aluminum wire usage
� Use of increasingly more, smaller devices, with higher
performance
� Industrial, automotive, household � Automotive: growth of peripheral devices but also
electric drives (e.g. hybrid)
� Trend in mobile electronic devices, each requiring
own power transformation
� Asia/Pacific, EMEA, Americas � Mature markets are stable while the world‘s
growth concentrates in emerging markets
(e.g. BRIC countries)
AC
AI EP EI CS
Primary Sec. Ins. E&EM

Primary Insulation
Competitors
85
Others
Key Competitors Market Definition
Note: Market shall be understood as the market segment relevant to ALTANA Chemie
� Market size (2005): €450m
� Market growth (2006-11): 4%
AI EP EI CS
Competitive Environment
� Major competitors focus on narrower product
portfolio and/or particular regions
� Upcoming low cost competition from Asia
AC
Primary Sec. Ins. E&EM

Primary Insulation
R&D driven Growth Opportunities
86
Drivers/Areas for New
Product Development
Environmental friendliness
Application improvement
Projects which Concentrate on New Products,
Technologies, Processes, Services
� Wire enamels reducing organic and NO x emissions in
enameling process
� Wire enamels improving efficiency at wire
manufacturing process
Performance improvement � Wire enamels for higher performance devices
AC
AI EP EI CS
Primary Sec. Ins. E&EM

Secondary Insulation
�� Secondary Insulation of winding wire after it is mounted in a device
(electric motor, generator or transformer)
�� Applied through various techniques
(dip, roll-dip, hot-dip, trickle, VPI etc.)
87
AC
AI EP EI CS
Primary Sec. Ins. E&EM

Secondary Insulation
Market Trends and Development
Products/Services
Applications
Markets/
Customer Sectors
Regions
88
Definition of Relevant Market
� Resins for secondary insulation of magnet
wire devices
� Electric motors, generators and
transformers
Current/Future Market Trends
� Faster curing products, increased thermal conductivity.
Environmental drivers: Low/no volatile organic
compounds in production process of customers
� Smaller, more powerful devices increase
requirements to secondary insulation
AI EP EI CS
� Industrial, automotive, household, power � Automotive: growth of peripheral devices but also
electric drives (e.g. hybrid)
� Growing investment by emerging markets in power
generation & distribution
� Asia/Pacific, EMEA, Americas � Environmental drivers in mature markets. The world‘s
growth concentrates in selected emerging markets
(China, South Asia, South America)
AC
Primary Sec. Ins. E&EM

Secondary Insulation
Competitors
89
Others
Key Competitors Market Definition
Note: Market shall be understood as the market segment relevant to ALTANA Chemie
� Market size (2005): €250m
� Market growth (2006-11): 5%
AI EP EI CS
Competitive Environment
� Main competitors have regional strengths
� Upcoming low cost competition from Asia
AC
Primary Sec. Ins. E&EM

Secondary Insulation
R&D driven Growth Opportunities
90
Drivers/Areas for New
Product Development
Environmental friendliness
Application efficiency
Performance improvement
Nanotechnology
Projects which Concentrate on New Products,
Technologies, Processes, Services
� Impregnating resins reducing organic and NO x
emissions in application process
� Impregnating resins improving efficiency in
manufacturing process of OEM’s
� Impregnating resins enhancing device performance
in end-use application
� Evaluation of potential applications in
Secondary Insulation
AC
AI EP EI CS
Primary Sec. Ins. E&EM

Electronic and Engineering Materials
�� Resin systems for the overall protection of electronic circuits and
electric devices
�� Resin systems with specific functionalities in electronic
components/assemblies
91
AC
AI EP EI CS
Primary Sec. Ins. E&EM

Electrical Insulation
Significant Barriers to Entry
92
High-tech/Niche Focus
Strong R&D Investments
Technology
Customer Relationships
‘Same breed’ Competitors
Well Invested Facilities
� Well defined niches with very specific performance requirements
� Successful players need to have application technology capabilities close to
their customers
� Important technologies patent protected
� Underwriter Laboratories' approvals and testing capacity are essential
� Wide array of chemistries need to be mastered to cover the whole market
� Proven joint development with customers fosters customer loyalty
� Capacity to market both globally and locally is growing in importance
� None: no competitor equals Electrical Insulation’s geographic and
product scope
AI EP EI CS
� Possession of multiple plants with world class technology is important to
secure supply to A-customers
AC

Electrical Insulation
Strengths & Challenges
� Leading market position provides economies of
scale in purchasing, production, R&D,
marketing and service
� Global, decentralized offering of world class
technology
� Wide global footprint allows global marketing to
global customers
� Underwriter Laboratories’ testing equipment
and product listings
� Safe and modern multiple plants provide
market’s most reliable supply
� Experienced people in group with global
product and customer knowledge
93
Key Strengths Key Challenges
� Fluctuations in raw materials
AI EP EI CS
� Standardization of industry norms limits
innovation in Primary Insulation
� Management of customer base migration to
emerging markets
AC

Electrical Insulation
Key Figures Q1-3 2006
(€m) Q1-3 2006 Q1-3 2005 Δ % Δ % operat. FY 2005
(a)
Sales 246 219 12 10 293
EBITDA 34 31 7 5 41
EBITDA margin 13.7% 14.3% 13.8%
EBIT 21 20 7 25
EBIT margin 8.7% 9.2% 8.7%
Capital expenditure 11 8 33 12
% of sales 4.6% 3.8% 4.0%
Employees (30 Sep) 880 866 7 873
94
(a) Adjusted for acquisitions/divestments and currency
AC
AI EP EI CS

Electrical Insulation
Strategy Moving Forward
� Maintain lean corporate structure
� Further unlock internal synergies through global programmes
(R&D, key account management, internal benchmarking, management of
business intelligence etc.)
� Keep flexible pricing strategy to cope with fluctuating raw material costs
� Cater to growing investments by emerging countries in power
distribution & generation
� Electronic and Engineering Materials is growth segment through increased
expenditures and acquisitions
95
AC
AI EP EI CS

Electrical Insulation
Long-Term Objectives
� Enhance R&D in wire enamels to strengthen differentiation profile
� Develop Electronic and Engineering Materials and liquid insulation business
� Further fine tune global site structure by evaluating presence in Asia,
Eastern Europe and Americas
� Dwell on source of competitive advantage:
96
� Economies of scale in production, procurement, product line,
regional presence, service, multi chemistry approach
�� Further organic growth and increase of profitability with
target EBITDA margin > 15%
AC
AI EP EI CS

Electrical Insulation
Summary and Outlook
� No technological substitutes for enamelled wires in transmitting electrical
energy in sight
� Sustainable growth comes from our end markets: long term shifts in energy
usage from fossil fuel to (renewable) electricity will drive demand for our
products (distributed power generation, wind energy, electric vehicles etc.)
� Electrical Insulation will explore its competitive advantages in terms of product
portfolio and global position to consistently outperform the market’s profitability
� Participation in future growth markets based on our excellent global footprint
97
AC
AI EP EI CS

Coatings & Sealants
Presented by
Guido Forstbach
President Division Coatings & Sealants
98

Coatings & Sealants:
Focus on Packaging
� Demand for packaging materials will continue to grow
� Customers demanding sophisticated solutions
99
� Inside and outside needs to look nice
� Inside needs to be kept fresh
AI EP EI CS
� Product life cycle of customers’ products getting shorter leading to increasing
demand for new packaging solutions
� Our materials protect the inside from the outside as well as the outside from
the inside
AC

Coatings & Sealants
Historic Sales Development
Sales (€m)
100
250
200
150
100
50
0
CAGR: 6%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006E
� In 2004/2005 transformation process from industrial to packaging applications
� Divestment of Rembrandtin and other industrial application businesses
� Acquisition of graphic arts operations in North America
� 2006 back on pre-transformation sales level facilitated by organic growth
and acquisitions
AC
AI EP EI CS

Coatings & Sealants
Global Footprint
101
Kelstar, Canada
Rad-Cure, USA
Kelstar, USA
Terra Lacke, Chile
Headquarters
Production, Sales
Sales office
DS-Chemie, Germany
Rhenania, Germany
La Artística, Spain
Terra Lacke, Germany
Rhenacoat, France
Terra Lacke, France
�� Our organization covers the triad region
Headquarters, Germany
AC
AI EP EI CS
Shunde Rhenacoat, China

Coatings & Sealants
Sales Split
102
Americas
32%
Q1-3 2006
(a) China 3%
Asia
8%
by Region by Business Line
Other
Regions
3%
(a)
USA
22%
Germany
22%
Europe
57%
Graphic
Arts
46%
AC
AI EP EI CS
Converting
Specialties
54%

Coatings & Sealants
Market and Strategic Position
BL
Converting Specialties
Graphic
Arts
103
Product Group
Flexible-Metal Coatings
Rigid-Metal Coatings
Closure Compounds
Water-based Varnishes
UV Varnishes
Market
Volume
2005
(€m)
Market
Growth
2006-11
(CAGR %)
(a) Worldwide
(b) Europe and NAFTA only
Note: Market shall be understood as the market segment relevant to ALTANA Chemie
Market
Position
150 5 2 (a)
800 3 5 (a)
250 3 1 (a)
410 5 1 (b)
300 6 2 (b)
AC
AI EP EI CS
Main Competitors
160 1 2 (a)
Can Sealants Silmar

Coatings & Sealants
Top Customers
�� Top 10 customers account for 21% of total sales
104
AC
AI EP EI CS

Coatings & Sealants
Packaging Value Chain
105
Primary
Raw Materials
� Paper/Board
� Plastic
� Metal/Aluminum
� Glass
� Other
(Wood, etc.)
� Printing inks
� Adhesives
� Overprint
varnishes
� Printing
auxiliaries
� Coatings
� Can sealants
� Closure
compounds
� Other
Secondary
Material
Packaging related Services
� Bottles
� Cans
� Paper boxes
� Plastic trays
� Foils
� Bags
� Labels
� Pouches
� Other
Type of
Package
� Food
Producers/
Packers
� Beverages
� Pharmaceuticals
� Cosmetics
� Non-Food
AC
AI EP EI CS
Brand owners

Coatings & Sealants
Raw Materials and Suppliers
� Raw materials are chemicals like resins, solvents, additives and pigments
which are sourced on global markets
� Coatings & Sealants purchases also tailor-made raw materials as a source of
differentiation in the properties of our specialty products
� Top 10 raw materials account for only 27% of total purchasing volume
� Suppliers are well-selected companies like BASF, Exxon, Dow Chemical,
Degussa and also sister companies within ALTANA Chemie
� Top 10 suppliers account for 45% of total purchasing volume
106
AC
AI EP EI CS

Converting Specialties
� Converting Specialties offers comprehensive product lines for metal and plastic
packaging including
107
� Coatings for flexible-metal foils for e.g. pharma blister foil, menu trays or coffee cartridges
� Coatings for rigid-metal sheets for aerosol cans, food cans and bottle closures
� Adhesives for plastic lamination
� Compounds for metal and plastic closures and crown corks
� Can sealants for can ends in food and beverage applications
� Assembly of special application equipment
� Our products are formulated to meet rigid FDA regulations (or equivalent)
in case of food applications
AC
AI EP EI CS
CS GA

Converting Specialties
Market Trends and Development
Products/Services
Applications
Markets/
Customer Sectors
Regions
108
Definition of Relevant Market
� Metal coatings
� Adhesives
� Closure compounds
� Can sealants
� Flexible-metal: lids, blister packs,
trays, plastic foils, tubes
� Rigid-metal: cans, closures
� Metal packaging converters
� Can makers
� Can end producers
� Closure producers
Current/Future Market Trends
� Solvent-based → water-based technology
� Solvent-based low solid → high solid or UV
� Peak free formulations
AI EP EI CS
� Increasing flexible packaging, stable rigid
packaging
� New packaging material combinations
� New filling/packaging material combinations
� New technical requirements
� Brand owners expect worldwide presence of
secondary material suppliers
� Coating operations are in consolidation mode
� Worldwide � Strong growth in Asia, South America and
Eastern Europe according to increasing living standard
� Moderate growth in Europe and North America
AC
CS GA

Converting Specialties
Competitors (1/2)
109
Market
Definition
Flexible-Metal Coatings
Others
Market size (2005): €150m
Market growth (2006-11): 5%
Note: Market shall be understood as the market segment relevant to ALTANA Chemie
Others
Rigid-Metal Coatings
Market size (2005): €800m
Market growth (2006-11): 3%
AC
AI EP EI CS
CS GA

Converting Specialties
Competitors (2/2)
110
Market
Definition
ATF
Srisol
Others
Closure Compounds Can Sealants
Market size (2005): €250m
Market growth (2006-11): 3%
Note: Market shall be understood as the market segment relevant to ALTANA Chemie
Silmar
Others
Market size (2005): €160m
Market growth (2006-11): 1%
AC
AI EP EI CS
CS GA

Converting Specialties
R&D driven Growth Opportunities
111
Drivers/Areas for New
Product Development
New product development/
differentiation of packaging
Packaging convenience/
increased travelling/
transfer from metal to plastic material
Health awareness/
non-harmful raw materials
AI EP EI CS
Projects which Concentrate on New Products,
Technologies, Processes, Services
� Alu-look-alike coatings for beer & beverage cans
� Adhesives for lamination of different plastic foils and/or aluminum
� Coatings for alu-long caps for wine bottles
� Build-up own laminating adhesives product line to enter
plastic market
� Enforce flexible packaging product lines
� Water-based sealants for beer & beverage cans
� Peak-free formulations for optimized health and safety properties
� Water-based coatings for aluminum foil
AC
CS GA

Graphic Arts
� Graphic Arts offers comprehensive product lines for paper and board applications including
� Overprint varnishes (OPV) in water-based or UV technology
� Effect lacquers, gold and silver scratch-off lacquers
� Adhesives for paper and board as well as plastic applications
� Fountain solution and other pressroom chemicals
� Assembly of special printing equipment
� Overprint varnishes improve gloss and abrasion properties of folding cartons and
high-end magazines. They also provide special effects and improve overall appearance of
products
� Our products are formulated to meet rigid FDA regulations (or equivalent) in case of food
applications
112
AC
AI EP EI CS
CS GA

Graphic Arts
Market Trends and Development
Products/Services
Applications
Markets/
Customer Sectors
Regions
113
� Folding cartons
� Magazines
� Labels
Definition of Relevant Market
� Overprint varnishes
� Adhesives
� Pressroom Chemicals
� Folding carton printers
� Magazine printers
� Label printers
AI EP EI CS
Current/Future Market Trends
� Increasing demand due to increased requirements
for gloss, abrasion, special effects and FDA
� Growth in UV segment
� OPV becomes increasingly important for
commercial printers
� Label market is a growing segment with strong
technological impetus
� Brand owners expect worldwide presence of
secondary material suppliers
� Printing operations are in consolidation mode
� Worldwide � Strong growth in Asia, South America and
East Europe according to increasing living standards
� Moderate growth in Europe and North America
AC
CS GA

Graphic Arts
Competitors – Overprint Varnishes (OPV)
114
Market
Definition
Inx
Others
Water-based
Market size (2005): €410m
Market growth (2006-11): 5%
Note: Market shares based on Europe and NAFTA only
Market shall be understood as the market segment relevant to ALTANA Chemie
Sovereign
Others
UV
Market size (2005): €300m
Market growth (2006-11): 6%
AC
AI EP EI CS
CS GA

Graphic Arts
R&D driven Growth Opportunities
115
Drivers/Areas for New
Product Development
New product development/
Differentiation of packaging
Packaging convenience/
increased travelling
Health awareness/
non-harmful raw materials
Safety aspects of packaging
Projects which Concentrate on New Products,
Technologies, Processes, Services
� Effect varnishes (improved gloss and/or effects)
� Primer and OPV for metallized papers
� Cold-seal for ice cream and chocolate bar foils
� Coatings for digital printing
� Non-fingerprint UV varnish
� Paper and paper board is the material of choice for light weight
packaging hence all projects tackle this business driver
� OPV based on renewable primary products
� Low odor and low migration varnish
AI EP EI CS
� Laser markable coatings for security and personalization
of packaging
AC
CS GA

Coatings & Sealants
Significant Barriers to Entry
116
High-tech/Niche focus
Strong R&D Investments
Technology
Customer Relationships
‘Same breed’ Competitors
AI EP EI CS
� Packaging industry strives for constant improvement of packaging
� Competence and track record provides industry with constantly
new technical and optical features to enhance packaging
� Significantly higher commitment to R&D (> 3.5% of sales) than
competitors
� Mastery of all key technologies in our relevant markets, constant
R&D efforts and combination of know-how with sister companies
allows us to be at the forefront of new developments
� Intimate knowledge of customer applications and key account
management sets the ground for long term trusted relationship
� No competition with a same breed competitor due to the unique
global capability of providing chemical packaging material for all
major primary materials i.e. paper/board, plastic and metal
AC

Coatings & Sealants
Strengths & Challenges
117
Key Strengths
� Global partner for multiple packaging materials,
i.e. paper/board, plastic, metal
� Highly specialized products and specific
application know-how
� System supplier for entire packaging solutions
� Material approvals at large specifiers
(brand owners) such as Coca-Cola,
McDonalds, Heinz, Heineken, Ferrero,
Procter & Gamble, Nestle, Danone, Interbrew,
Unilever, Mars, Coors etc.
� Compared to large competitors flexible and
customer oriented organization
� Together with Graphic Arts business within
ECKART, Coatings & Sealants delivers the
most comprehensive product portfolio to
printers
Key Challenges
� Provide consistently high technical service
network in all regions esp. Asia
� Build up a truly global sales organization
� Constant search for new raw material sources
� Provide high innovation rate and investments
in R&D
� Pass on raw material price increase to
customers
AC
AI EP EI CS

Coatings & Sealants
Key Figures Q1-3 2006
(€m) Q1-3 2006 Q1-3 2005 Δ % Δ % operat. FY 2005
(a)
Sales 168 128 31 3 175
EBITDA 18 7 > 100 90 14
EBITDA margin 10.7% 5.6% 8.1%
EBIT 12 2 > 100 5
EBIT margin 7.1% 1.2% 2.7%
Capital expenditure 2 2 29 2
% of sales 1.4% 1.4% 1.2%
Employees (30 Sep) 650 572 14 660
(a) Adjusted for acquisitions/divestments and currency
118
AC
AI EP EI CS

Coatings & Sealants
Strategy Going Forward
� Innovation leader to help packaging converters tackle all the challenges of dynamic
business environment
� Maintain and expand market leadership in all businesses
� Further market penetration in Europe and North America. Build up a position in Asia and
South America
� Use strong technology basis of sister companies ECKART in effect inks and BYK-Chemie
in additives to make a unique offer to the market
� Make use of strong platform in niche markets like narrow web applications
� Promote water-based technology in can sealants market
� Build up specialty packaging adhesives business
� Build up global brand recognition and be first choice of customers
119
AC
AI EP EI CS

Coatings & Sealants
Long-Term Objectives
� Sharpen market profile as the #1 supplier for chemical packaging materials for
top packaging converters on a global basis
� Consolidate Graphic Arts market and integrate bolt-on acquisitions quick and
smoothly
� Further develop the common market approach of the two business lines
Converting Specialties and Graphic Arts
� Continued organic growth
�� Increase profitability towards target EBITDA margin of 15%
120
AC
AI EP EI CS

Coatings & Sealants
Summary and Outlook
� Innovation
� Build up product portfolio for plastics applications
� Exploitation of synergies within ALTANA Chemie especially with
ECKART and BYK-Chemie
� Regional expansion
� Expand regional footprint of Coatings & Sealants in Asia
� Increase Converting Specialties position in NAFTA
� Operational excellence
� Install competence centers/local production facilities
� Dwell on best practice programs
� Bolt-on acquisitions
� Further market consolidation in Graphic Arts
� Expansion of product portfolio of Coatings & Sealants through
bolt-on acquisitions
121
AC
AI EP EI CS

Effect Pigments
Presented by
Christoph Schlünken
President Division Effect Pigments
122

Good afternoon!
How often has ECKART already had the
pleasure with you today –
only this morning …?
123

… you already took ECKART this morning in the
shower …
BL Graphic Arts & Plastics
The ECKART Effect : makes appealing tempting
124

… the ladies among us already applied ECKART
on their bodies this morning …
BL Cosmetics
The ECKART Effect :
makes beauty irresistible
125

BL Coatings - Industrial
126
… the gentlemen among
us as well were
in contact with ECKART
this morning …
The ECKART Effect :
turns ordinary mornings into brilliant
moments

… you already went this morning with ECKART
to work …
BL Coatings - automotive
The ECKART Effect : turns lacquer into look
127

… you already made a phone call holding
ECKART this morning in your hands …
BL Coatings - Industrial
The ECKART Effect : turns mobiles into models
128

129
In what other
occasions will you
have contact with
ECKART before the
end of this day …?

Effect Pigments
The ECKART Effect: creates infinite attraction
� Market leader in a highly attractive market
� ECKART is an outstanding brand in the industry
� Attractive growth potential
� Leading technology position
� Global reach of production and distribution network
� Further synergy potential within the ALTANA Chemie-group
� ECKART – strong on its own, even stronger as part of ALTANA Chemie
130
AC
AI EP EI CS

Effect Pigments
Historic Sales Development
Sales (€m)
131
400
350
300
250
200
150
100
50
0
CAGR: 11%
AI EP EI CS
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006E
�� A growth rate of 11% (CAGR: 1995-2005) underlines the technological
leading position of ECKART
Note: Pro-Forma
AC

Effect Pigments
Global Footprint
ECKART America L.P,
Painesville, Ohio
ECKART America L.P,
Louisville, Kentucky
132
Pinturas Art.
America Ltda.,
Mexico
Production, Sales
Sales office
ECKART UK Ltd.
ECKART Benelux B.V.
ECKART
France S.A.
ECKART
Switzerland,
Vetroz ECKART
Italia S.r.l.,
Rivanazzano
Aldoro, Brazil
(39% participation)
ECKART Germany:
Güntersthal,
Wackersdorf
ECKART Pigments, Oy,
Pori, Finland
BYK-Chemie,
South Korea
BYK-Chemie,
Japan
AC
ECKART Shanghai,
China
ECKART Zhuhai,
China (a)
(a) Start of operations end of 2006
�� ECKART serves the global markets with regional production and sales
organisation
�� Production has recently been expanded into China and sales
organisation has been strengthened in Asia
AI EP EI CS
ECKART Hongkong,
China

Effect Pigments
Sales Split
Q1-3 2006
133
Asia
21%
Americas
22%
by Region
Other Regions
1%
China
10%
USA
16%
Germany
28%
Europe
56%
Cosmetics
2%
Graphic Arts
25%
by Business Line
Technical
Applications
Plastics 6%
6%
AC
AI EP EI CS
Coatings
61%

Effect Pigments
Market and Strategic Position
134
Business Line Market Market Market Main
Volume Growth Position Competitors
2005 2006-11
(€m) (CAGR %)
Coatings
Graphic Arts
Cosmetics
Plastics
Technical
730 3 1
200 (a) 3 1
120 6 3
120 5 3
60 1 2
(a) Without captive production of ink manufacturers
Note: Market shall be understood as the market segment relevant to ALTANA Chemie
AC
AI EP EI CS

Effect Pigments
Top Customers
�� Top 10 customers represent 35% of total sales
135
AC
AI EP EI CS

Effect Pigments
Value Chain
136
Primary
Metal
Atomizing Factory Milling Factory Chemical Factory Ink Factory
Atomizing/
Classifying
Secure raw material
quality
Powder
Milling/
Classifying
The bread and butter
business and the base
for the next step
Pigment
Coating
High performance
=
High value
�� Entire value chain controlled by Effect Pigments
High-
Tech
Pigment
Mixing/
Formulation
AC
AI EP EI CS
Value added
Covering the metallic
printing inks niche
Press-
Ready
Ink

Effect Pigments
Product Market Matrix
Product Group
137
Metallic
Pearl
Aluminum
pigments
Gold bronze
pigments
Zinc
pigments
PVD-aluminum
pigments
Printing inks
Pearlescent
Market size
Coatings
••
•
••
••
••
••
—
••
Market Segments
Technical
••
•
—
—
Other
•
•
•
—
Market
size
€750m
€80m
€20m
€50m
— — — €70m (a)
— —
••
Graphic
arts
••
••
Cosmetics
•
•
—
•
••
Plastics
••
••
—
—
••
—
—
€490m
€200m €120m €120m €60m €230m
(a)
€730m €1,460m
(a) Without captive production of ink manufacturers
Note: Market shall be understood as the market segment relevant to ALTANA Chemie
�� = Strong relevance � = Moderate relevance — = Almost no relevance
�� Metallic and Pearlescent Pigments are sold into
the same end markets
AC
AI EP EI CS
€970m

Effect Pigments
Raw Materials and Suppliers
� The most important raw material for the production of effect pigments
is aluminum
� Most of the top 10 raw materials are commodities that are traded on raw
material markets
� Forward purchasing strategy in place for key metals
� Top 10 raw materials account for 56% of total purchasing volume
� Suppliers are companies like Avery Dennison, Alcoa, Alu-Met,
BHP Billiton, Hemeyer
� Top 10 suppliers account for 64% of total purchasing volume
� Cost for raw materials increased in 2006. These increases were forwarded to
our customers as metal surcharges
138
AC
AI EP EI CS

Effect Pigments
Key Growth Drivers
139
Coatings
Graphic Arts
Cosmetics
Plastics
� Demand for high-end silver metallic finishes
� Further trend to value-added pigments for environmentally friendly coating
systems (water-based, powder coatings)
� Leverage extraordinary growth in Asia using BYK organization in South
Korea and Japan and improving market position in China through local
production and technical services in Zhuhai
� Increasing demand for effect pigments within label and packaging industry
through brand owner need for differentiation and product attractiveness
� Replacement of foil stamping and metallized substrates
� Local ink manufacturing in Asia and the U.S.
� Continuous innovation and changing fashion
� Higher consumer spending in Asia, South America and Eastern Europe
� Regional expansion in Asia and the U.S. through new organizational structure
supported by local production and technical services
� New market entrance through functional applications
Technical Applications � Opportunity for light weight concrete in Eastern Europe and Middle East
�� Growing trend towards differentiation through styling and prestigious colors
�� Metallic pigments bring luxurious effects adding value
to end-user products
Coatings
Graphic
Arts
Cosmetics
AC
AI EP EI CS
Plastics Technical

Coatings (1/2)
ECKART offers a complete range of metallic pigments and metalliceffect
pigments for the various segments in the coating industry:
Industrial Coatings
� Effect pigments can be found in the various fields of industrial coatings like
can & coil coatings and for the decoration of consumer and investment goods
� High demand for brilliant and high gloss colors to follow fashion trend in
consumer electronics
� High volume-business in marine and roof coatings
Automotive Coatings
� 75% of automotive colors in the world are styled with effect pigments
� Provision of optical effects to underline the 3-dimensional shape of the
OEM-body
� Segment faces highest demand for product quality, dedicated service and
latest state of the art technology
� Solvent-based and water-based systems
140
Coatings
Graphic
Arts
Cosmetics
AC
AI EP EI CS
Plastics Technical

Coatings (2/2)
Powder Coatings
� Metallic powder coatings can be found on window frames, steel furniture,
household & garden appliances, machinery
� ECKART serves the market with various product ranges to meet the different
requirements on weather stability
� Process chain for customers can be optimized by new innovative products like
extrudable pigment preparations
Protective Coatings
� Zinc flakes for high-end corrosion protective application in the automotive industry
� Superior protection by innovative coating systems with zinc flakes such as
industrial facilities and bridges
141
Coatings
Graphic
Arts
Cosmetics
AC
AI EP EI CS
Plastics Technical

Coatings
Market Trends and Development
Products/Services
Applications
Markets/
Customer Sectors
Regions
142
Definition of Relevant Market
� Aluminum pigments, pearlescent pigments,
PVD-pigments, goldbronce pigments, zinc
pigments, bonding
� Automotive, industrial, powder, corrosion
protection
� Automotive OEM and refinish, industrial coatings
for consumer electronics and household
appliances, wood coating, coil coating,
anti-corrosive applications
Coatings
Graphic
Arts
Cosmetics
Current/Future Market Trends
AI EP EI CS
Plastics Technical
� Increased usage of water-based coating systems will
increase demand
� UV-protection through metallic effect pigments will play
more dominant role in automotive coatings due to high
savings potential for car manufacturer
(3-layer coating systems)
� Water-based systems due to environmental regulations and
increasing environmental awareness
� Growing trend towards differentiation through styling and
prestigious colors across all industry sectors
� Colors based on high-end metallic pigments bring luxurious
effects/differentiate commoditized consumer products
� Tailor-made pigments for high-end brands
� Worldwide services and supply required by global
customers
� Global � Increasing metallic usage in Europe, the U.S. and Asia
� Strong growth in Asia
� Increasing share of water-based systems in Europe and
U.S. (Water-based coatings in Europe obligatory
(VOC 2007))
AC

Coatings
Competitors
143
Others
Key Competitors Market Definition
Note: Market shall be understood as the market segment relevant to
ALTANA Chemie
Coatings
Graphic
Arts
Cosmetics
� Market volume (2005): €730m
� Market growth (2006-11): 3%
Competitive Environment
� Competitors are dedicated either to metallic or
pearlescent pigments
� Increasing competition from Chinese
competitors
AC
AI EP EI CS
Plastics Technical

Coatings
R&D driven Growth Opportunities
144
Drivers/Areas for New
Product Development
Improve shear stability for pigments
in high solid systems
Trend to environmental-friendly
coating systems
Improve insulation behaviour and chemical
resistance for one-coat-systems
Architectural paint market
New effects and higher brilliance for
pearlescent pigments
Higher weather resistance pearlescent
pigments for outdoor applications
Coatings
Graphic
Arts
Cosmetics
Projects which Concentrate on New
Products, Technologies, Processes, Services
� NDF-pigment series; market penetration in NAFTA with non-degrading flakes
� Ongoing improvement of coated pigments for water-based applications;
superior hydro pigments
� Launch High Chemical Performance (HCP)-pigment series
� Development of speciality pigment for wall paints in cooperation with BYK
� Develop new generation of effect pigments based on artificial substrates
� Market penetration with special coated pearlescent pigments
AC
AI EP EI CS
Plastics Technical

Graphic Arts
Over the last 15 years, ECKART has expanded its value chain into the
development and formulation of finished metallic inks. Now ECKART is the global
market leader for pigments and finished metallic printing inks
� Effect pigments widely used in the graphic arts industry to upgrade the image
of packages, labels, publications and other printed means of advertising
� Generation of significant cost savings through use of high performance metallic inks by
selective application to replace other technologies like foil stamping or metallized
substrates
� High market penetration of Aluminum, PVD-aluminum, gold bronze and pearlescent
pigments in the graphics arts industry
145
Coatings
Graphic
Arts
Cosmetics
AC
AI EP EI CS
Plastics Technical

Graphic Arts
Market Trends and Development
Products/Services
Applications
Markets/
Customer Sectors
Regions
146
Definition of Relevant Market
� Bronze, Aluminum, pearlescent and PVD
pigments
� Inks, concentrates, pellets, pastes and powder
� Formulation and application guidelines, technical
support (also on-site)
� Support of brand owners and designers
� Customer specific R&D activities
� Offset, Flexo, Gravure
� Screen, Letterpress, Bronzing
� Solvent, oil-based, water-based, UV-curing
� Self adhesive labels, wet glue labels,
folding carton
� Flexible film/paper packaging, wallpaper,
corrugated board
� Tissue, giftwrap, commercial, specials (screen),
decoration printing
� Germany & Austria, Rest Europe, NAFTA,
Rest Americas, China & Vietnam, Rest Asia,
Rest of World
Coatings
Graphic
Arts
Cosmetics
Current/Future Market Trends
� Increasing demand for environmental friendly products
� Sensorically improved and low migration systems
� Compliance with the new guideline REACH
� Demand for higher service levels on a global basis by
customers
� Trend towards Aluminum based products
� Strong market growth expected for digital printing
� Hybrid presses (combination of various printing techniques)
� Digital technologies on press
� Flexo growing, gravure market shrinking
AC
AI EP EI CS
� Increasing demand for functional applications (RFID)
� “Brand protection on packages/declining tobacco market”
� Wallpaper trend to PVC-substrate
� Shrink sleeves
� Clear look labels replacing wet glue labels
� Print business in Eastern Europe and Asia growing
� Europe stagnant or decreasing (additional REACH
impact possible)
Plastics Technical

Graphic Arts
Value Chain
147
Designer,
Advertising Agents
OEM
(Presses,
Substrates etc.)
Promotion & back selling
Brand owners
Printers
Ink Manufacturers
Sales & Supply
Coatings
Graphic
Arts
Cosmetics
AI EP EI CS
Plastics Technical
� ECKART believes it is essential to
understand the needs of key
industry leaders including brand
owners, designers, printers,
substrate and ink suppliers and
therefore is partnering with all
those industries in order to further
expand the use of effect inks
AC

Graphic Arts
Competitors
148
Others
Key Competitors Market Definition
Note: Market shall be understood as the market segment relevant to
ALTANA Chemie
Coatings
Graphic
Arts
Cosmetics
� Market volume (2005): €200m (a)
� Market growth (2006-11): 3%
(a) Without captive production of ink manufacturers
Competitive Environment
� Market consolidation required, new competition
from emerging markets (e.g. China) and new
products (e.g. pearl)
� Cost reduction, more inline solutions
(e.g. cold foil)
AC
AI EP EI CS
Plastics Technical

Graphic Arts
R&D driven Growth Opportunities
149
Drivers/Areas for New
Product Development
Designers/customers asking for metallic
effects for ink-jet applications
Ink manufacturers asking for improved shelf
stability and better performance
Demand for functional applications
(e.g. security printing (RFID))
Specifiers and printers looking for
cheaper alternatives to metallized fil,
hot foil stamping
Coatings
Graphic
Arts
Projects which Concentrate on New
Products, Technologies, Processes, Services
� Effect pigment for digital printing market
� New UV-curing effect inks with improved performance stability
and migration properties
� ECKART-wide evaluation of suitable pigments
� PVD-pigments providing new effects
Cosmetics
AC
AI EP EI CS
Plastics Technical

Cosmetics
hair mousse, shampoos
150
face make up
Applications
body lotions, shower gel nail polish
Coatings
Graphic
Arts
Cosmetics
eye shadow, eye liner, mascara
lip sticks, lip liner
toothpaste
AC
AI EP EI CS
Plastics Technical

Plastics
� Effect pigments in plastics make coatings redundant because the visual effects
are generated in the plastic medium itself
� Effect pigments used for plastics: aluminum, gold bronze and
pearlescent pigments. Coverage of the majority of this market segment with
pearlescent pigments
� Application of effect pigments in wide range of consumer products such as
consumer electronic goods and packaging materials (e.g. shampoo bottles) and
foils. Playful color effects change with the viewing angle, motion, and mysterious
elegant color nuances
� Our clients are masterbatchers, compounders and PVC-manufacturer.
ECKART is as well in close contact to brand owners to generate new ideas for
innovative designs
151
Coatings
Graphic
Arts
Cosmetics
AC
AI EP EI CS
Plastics Technical

Technical Applications
� Technical Applications summarizes all applications in which metallic effect
pigments react chemically
� Metal flakes are sources of energy and can be used as gasforming agents and
reducing agents
� Applications:
� Use in building material industry for production of light weight concrete, plasters and
mortars
� Use in pyrotechnics (fireworks)
� Use in chemical industry as reducing agent
� By-products are primarily being used in the value chain for technical
applications
� Technical applications complement and diversify end-markets of ECKART
152
Coatings
Graphic
Arts
Cosmetics
AC
AI EP EI CS
Plastics Technical

Effect Pigments
Significant Barriers to Entry
153
Product Portfolio
Global Scale
Technology
Customer Relationships
R&D
Capacity
� Ability to provide pigments best tailored for individual client’s need
� Formulators demand broad variety of effect pigments and prefer one-stopshopping
to get same quality and reliability
� OEMs across all industries have turned towards global production and look for
suppliers who take over the worldwide supply
� ECKART is widely recognized as technologically leading provider
� Development of proprietary production technology
AI EP EI CS
� Customers expect the technical advice of a solution provider
� Unattractiveness for customers to change the formulations and therefore
supplier
� Market is strongly driven by innovation
� Long product life-cycles of 20-25 years and product launch taking 3-5 years
� Identical pigments may react very dissimilarly in different coating systems
� Most important customers are large OEMs and coating formulators who
require sufficient capacity and flexible production systems
AC

Effect Pigments
Strengths & Challenges
� Global leadership with coated products for water-based
and powder coatings
� Existing sales and technical services network of BYK
� Excellent long term relationships to major customers
� Broadest product portfolio for metallic pigments
� Own in-house know-how for process engineering
� Market leader in metallic pigments
� Newly developed pearlescent products and dedicated
manufacturing site
� Market leader in effect pigments and inks
� Existing Asian platform of ALTANA Chemie
� Close cooperation with major brand owners
(good perception of value concept)
� Inhouse printing capabilities
154
Key Strengths Key Challenges
� Grow position in U.S. with strong concentration on
high-end applications
� Above average growth in South Korea and Japan
� Redefine global production strategy with establishment
of own production plant and lab in Zhuhai, China
� Complement metallic pigment portfolio with
pearlescent pigments in automotive market
� Exploit additional market potential in Asia
� Meet demand for regional technical services in Asia
� Decrease shelf life-issue of products in Asia
� Generate demand for metallic printing inks
AC
AI EP EI CS

Effect Pigments
Key Figures Q1-3 2006
(€m) FY 2005 (a)
Q1-3 2005 Δ %
(a)
Q1-3 2006
Sales 254 226 13 301
EBITDA 53 47 12 64
EBITDA margin 20.8% 21.0% 21.3%
EBIT 28
EBIT margin 11.1%
Capital expenditure 20 13 52 23
% of sales 7.8% 5.8% 7.6%
Employees (30 Sep) 1,829 1,858 -2 1,845
�� Consistently high EBITDA margin despite higher raw material costs
(a) Pro-Forma
155
AC
AI EP EI CS

Effect Pigments
Strategy going forward
� Worldwide increasing trend towards metallic colors and effects and demand for
environmental-friendly coating systems
� Keep leading position in Europe and benefit from further growth of water-based systems
in automotive and industrial coatings
� 3-layer coating systems drive demand in automotive coatings due to high cost savings
potential for automotive manufacturers; establish pearlescent in automotive sector
� Fully benefit from strong growth in corrosion protection coatings; substitution of
zinc dust by zinc flakes
� Enter digital ink business, launch products and ensure growth in Asia
� Accelerate back selling activities at brand owner level within Graphic Arts and Plastics
� Above average growth at key accounts and through active market consolidation
156
AC
AI EP EI CS

Effect Pigments
Long-Term Objectives
� Increase global market share
� Enhance market leadership in quality, services, innovation and cost structure
� Local manufacturing sites in all regions: Europe, Asia, NAFTA and
South America
� Improve significantly position with pearlescent pigments
� Be first choice of each customer offering first class products in every quantity
and technical services globally
� Take leading position in safety & environmental technologies
157
AC
AI EP EI CS
�� Long-term sustainable growth with high profitability at around
20% EBITDA margin

Effect Pigments
Summary and Outlook (1/2)
� Strong concentration on innovation with spending 6% of sales annually on
R&D
� Drive trend towards differentiation and luxurious effects through styling and prestigious
colors across all industry sectors
� Maintain and further develop leading position with water-based systems
� Realize synergy potential by leveraging know-how of BYK and ECKART in respect of
production and formulation of new products
� Broaden product portfolio for new effects and colors
� Regional expansion in the area of high end-applications especially in Asia and
NAFTA
� Build-up additional own resources in sales and technical services in China, Japan,
South Korea and India
� Execute identified synergies with BYK
� Introduce new products in NAFTA
158
AC
AI EP EI CS

Effect Pigments
Summary and Outlook (2/2)
� Continuous focus on operational excellence
159
� Optimization of global manufacturing network and production capacities,
e.g. closure of Italian site in Porto Marghera (December 2006)
� Build-up local production for aluminum pigments and metallic printing inks in China
� Efficiency improvement projects regularly on all sites
� Continuous screening of bolt-on acquisitions
� Regional expansion
� Consolidation
� Expansion of product portfolio
AC
AI EP EI CS

ALTANA Chemie – Summary
Presented by
Matthias L. Wolfgruber
President & CEO ALTANA Chemie
160

ALTANA Chemie set for Profitable Growth
Markets
� Focus on growing specialty markets
� Leading positions on global scale
� Strong brands
� High barriers to entry
Acquisitions
� Additional growth through acquisitions
� Careful target selection process combined
with stringent financial criteria and diligence in
integration
161
Profitable
Growth
AI EP EI CS
Organic Growth
� Organic growth ~6% p.a. through the cycle
� Market growth plus new business
development, innovation and regional
expansion
Stable Profitability
� High resilience of business model
� Pricing power
� Operational excellence
� Synergies within and across all divisions
AC

Key Investment Highlights
1
2
3
4
5
6
7
8
162
Sustainable above-average top-line growth and consistent high profitability
Highly specialized product and service offering
Leader in all target markets
Leading innovator in focused and evolving niche markets
Global footprint ensuring customer proximity
Resilient against single market influences
Proven buy-and-build strategy and successful portfolio management
Experienced management team with excellent track-record
�� High value – low risk
AC
AI EP EI CS

163
ALTANA Chemie
APPENDIX
Capital Markets Day
Frankfurt, November 16, 2006

Appendix
� Organization
� Financials
� Additional Information on Additives & Instruments
� Additional Information on Effect Pigments
� Additional Information on Electrical Insulation
� Additional Information on Coatings & Sealants
� Management CVs
� Financial Calendar
� Contact Details
164
AC
AI EP EI CS

APPENDIX I
Organization
165

AC
Organization AI EP EI CS
� BYK-Chemie Wesel
� BYK-Chemie USA
� BYK Gardner
� BYK Cera
� BYK-Chemie Japan
� BYK-Chemie Korea
� BYK-Chemie Asia Pacific
� BYK-Chemie Solutions
� BYK-Chemie Tongling
� MIVERA
166
ALTANA Chemie AG
100% 100% 100% 100%
BYK-Chemie GmbH
Additives & Instruments
ECKART GmbH &
Co. KG
Effect Pigments
� ECKART Fürth
� ECKART Finland
� ECKART UK
� ECKART Benelux
� ECKART France
� ECKART Switzerland
� Doral Switzerland
� ECKART Italia
� ECKART America
� Pinturas Art. America Mexico
� ECKART Shanghai
� ECKART Hongkong
� ECKART Zhuhai
ALTANA Electrical
Insulation GmbH
Electrical Insulation
� Beck Electrical Insulation
� Sterling
� Deatech
� Camattini
� P.D. George
� Beck India
� Tongling SIVA
� ALTANA Electrical Insulation
Zhuhai
� ALTANA Isolantes Elétricos do
Brasil
ALTANA Coatings &
Sealants GmbH
Coatings & Sealants
� DS-Chemie
� Rhenania
� Terra Lacke
� Rhenacoat
� La Artística
� Kelstar International
� Shunde Rhenacoat
� Rad-Cure Corporation

APPENDIX II
Financials
167

Key Figures FY 2005
(€m) 2005 2004
Δ %
Δ % operat. (a)
Sales 907 854 6 3
EBITDA 164 156 5 -2
EBITDA margin 18.1% 18.3%
EBIT 113 118 -4
EBIT margin 12.5% 13.8%
Capital expenditure 44 60 -25
% of sales 4.9% 7.0%
R&D expenditure 47 38 22
Employees (31 Dec) 4,384 2,521 74
(a) Adjusted for acquisitions/divestments and currency
168
AC
AI EP EI CS

Sales by Division FY 2005
(€m) 2005
169
2004
Δ %
Δ %
operat. (a)
Additives & Instruments 364 348 4 5
Effect Pigments (b) 75
Electrical Insulation 293 291 1 1
Coatings & Sealants 175 215 -19 5
ALTANA Chemie 907 854 6 3
(a) Adjusted for acquisitions/divestments and currency
(b) First consolidation in Q4 2005
19%
32%
AC
AI EP EI CS
9%
40%

Sales by Region FY 2005
(€m)
170
2005
2004
Δ %
Δ %
operat. (a)
Europe 455 454 0 3
thereof Germany 142 120 19 7
Americas 205 174 17 3
thereof USA 144 122 18 2
Asia 214 195 10 3
thereof China 91 81 13 2
Other Regions 33 31 10 9
ALTANA Chemie 907 854 6 3
(a) Adjusted for acquisitions/divestments and currency
24%
22%
China
10%
USA
16%
AC
AI EP EI CS
4%
Germany
16%
50%

Income Statement FY 2005
(€m)
Sales 907 100.0 854 100.0 6
Cost of sales -567 -62.5 -520 -61.0 9
Gross profit 340 37.5 333 39.0 2
Selling & distribution -133 -14.7 -134 -15.7 -1
Research & development -47 -5.1 -38 -4.4 22
General & administrative -58 -6.4 -49 -5.7 18
Other operating inc./exp. 10 1.2 5 0.6 > 100
Profit from operations (EBIT) 113 12.5 118 13.8 -4
Financial result -10 -1.1 -5 -0.6 86
Earnings before tax (EBT) 104 11.4 113 13.2 -8
Tax -31 -3.5 -47 -5.5 -33
Net income (EAT) 72 7.9 66 7.7 9
171
2005
% sales
2004 % sales
AC
AI EP EI CS
Δ %

Free Cash Flow FY 2005
(€m) 2005 2004
Net Income 72 66
Depreciation & amortization 50 38
Changes net working capital/provisions -16 -26
Other -1 -1
Cash flow from operating activities 106 77
Capital expenditures -44 -60
Other 0 -5
Cash flow from investing activities -45 -65
Free cash flow before acq. & div. 61 12
Acquisitions -579 -1
Divestments 20 11
Free cash flow -498 22
(a) Thereof amortization of intangibles €20m
(b) Thereof amortization of intangibles €13m
172
(a) (b)
AC
AI EP EI CS

10-year Overview
(€m) 1995 1996 1997 1998 1999 2000
Sales 274 344 445 501 552 666 717 748 755 854 907
thereof AI 145 162 199 209 242 283 283 304 308 348 364
thereof EP 75
thereof EI 30 62 106 145 159 204 216 223 225 291 293
thereof CS 99 119 140 147 151 179 218 221 222 215 175
EBITDA 44 60 90 100 126 144 134 146 135 156 164
EBITDA margin 15.9% 17.5% 20.3% 19.9% 22.9% 21.6% 18.7% 19.5% 17.8% 18.3% 18.1%
EBIT 30 43 72 76 104 117 98 103 92 118 113
EBIT margin 11.1% 12.4% 16.1% 15.2% 18.8% 17.5% 13.7% 13.9% 12.2% 13.8% 12.5%
173
AC
AI EP EI CS
2001 2002 2003 2004 2005

Additives & Instruments
Key Figures FY 2005
(€m)
Sales
EBITDA
EBITDA margin
EBIT
EBIT margin
Capital expenditure
% of sales
Employees (31 Dec)
174
2005
2004
364 348
102 106
28.1% 30.5%
85
23.4%
21
5.7%
(a) Adjusted for acquisitions/divestments and currency
91
26.3%
26
7.4%
983 935
Δ% Δ % operat. (a)
4 5
-4
-7
-16
5
AC
AI EP EI CS
-2

Effect Pigments
Key Figures FY 2005 Pro-Forma
2005 (a)
2004 (a)
(€m) Δ %
Sales 301 302 0
EBITDA 64
65 -1
EBITDA margin 21.3%
21.4%
Capital expenditure 23
26 -12
% of sales 7.6%
8.6%
Employees (31 Dec) 1,845
1,855 -1
(a) Pro-Forma
175
AC
AI EP EI CS

Electrical Insulation
Key Figures FY 2005
(€m)
Employees (31 Dec)
176
2005 2004 Δ% Δ % operat. (a)
Sales 293 291 1 1
EBITDA 41 41 -1
-1
EBITDA margin 13.8%
14.2%
EBIT 25 26
-3
EBIT margin 8.7%
9.3%
Capital expenditure 12 27
-57
% of sales 4.0%
9.5%
(a) Adjusted for acquisitions/divestments and currency
873 864 1
AC
AI EP EI CS

Coatings & Sealants
Key Figures FY 2005
(€m) 2005 2004
Δ% Δ % operat. (a)
Sales
EBITDA
EBITDA margin
EBIT
EBIT margin
Capital expenditure
% of sales
Employees (31 Dec)
177
175 215
14 13
8.1% 5.9%
5
2.7%
2
1.2%
(a) Adjusted for acquisitions/divestments and currency
660 707
5
2.4%
6
2.6%
-19 5
12
-10
-63
-7
AC
AI EP EI CS
16

APPENDIX III
Additional Information on
Additives & Instruments
178

Additives & Instruments
Division Profile
� BYK Chemie is the world market leader with high-quality paint
additives and a strong platform with plastics additives for thermosets
� BYK additives are applied in order to optimize the production process
of the customer and/or improve the quality of the finished product
� BYK Gardner provides innovative and reliable testing instruments for
objective quality control of coatings and plastics
� The division has 5 state-ofthe-art
production sites in
the triad regions, a
comprehensive worldwide
marketing and sales
organization with clear
end-use orientation and
a high technical service
level with more than
115 technical advisors
worldwide
179
Business Description Key Financials
Global Footprint
Asia
28%
Americas
23%
Other Regions
4%
China
9%
USA
18%
Germany
14%
Europe
45%
Plastics Additives
20%
Business Lines
Instruments
8%
AC
AI EP EI CS
(€m) Q1-3 2006
Sales 317
∆ vs. Q1-3 2005 15%
EBITDA 96
EBITDA margin 30.3%
Employees (30 Sep) 1,035
Paint Additives
72%

Paint Additives
Products and Applications
180
Products/Services Applications
� Wetting- & Dispersing-
Additives
� Defoamers
� Surface Additives
� Silicones
� Acrylates
� Waxes
� Solvent blends
� Rheological Modifiers
� Catalysts
� Electrostatic Additives
� Nano particle-based
Additives
� Adhesion Promotors
� Coatings
� Inks
� Intermediates for the
coatings, plastics and inks
industry
AC
AI EP EI CS
Paint Plastics Instrum
Markets/Customer Sectors
� Automotive REF
� Automotive OEM
� Wood & Furniture
� Can
� Coil
� Architectural
� Printing Inks
� Pigment Concentrates/
Grinding Houses
� Powder
� General Industrial
Coatings
� Protective & Marine

Plastics Additives
Products and Applications
� Viscosity Reducers
� W & D
� Air Release
� Levelling Agents
� Pore Control Additives
� Rheology Modifiers
� Antiseptive Additives
� Foam Surfactants
181
� PVC Plastisols
� UP-, Epoxy-, Acrylic-
Resins. Cast and Fibre
Reinforced Thermoset
Systems
� SMC, BMC
� PUR-Foam, PUR-
(C).A.S.E., PUR-Leather
� Automotive
� Construction
� Electrical
� Sports & Leisure
� Furniture
� Clothing
AC
AI EP EI CS
Paint Plastics Instrum
Products/Services Applications Markets/Customer Sectors

Instruments
Products and Applications
Instruments/solutions to
measure
� Color
� Appearance
� Physical Properties (PTE)
182
� Quality control where
inspection of color,
appearance, and physical
properties adds important
value to the customer’s
product
� Paint maker
� Paint user
(e.g. automotive)
� Plastic maker
� Plastic user
� Raw material
manufacturer
AC
AI EP EI CS
Paint Plastics Instrum
Products/Services Applications Markets/Customer Sectors

APPENDIX IV
Additional Information on
Effect Pigments
183

Effect Pigments
Division Profile
184
Business Description
� ECKART GmbH & Co. KG is the global market leader in metallic
pigments. The company is an innovation and service oriented
specialty chemicals company supplying high quality effect pigments
for different applications, such as coatings and ink formulations
� ECKART develops and produces aluminum, gold bronze, zinc and
pearlescent pigments as well as metallic printing inks
� The products are used in the coatings, graphic arts, plastics and
cosmetic industries as well as for various technical applications
� ECKART managed to leverage
its leading position in
Europe globally
� ECKART has production
sites in Germany, Italy,
Finland, USA,
Switzerland,
and is building
up a new facility in
Zhuhai, China
Global Footprint
Asia
21%
Americas
22%
Other Regions
1%
China
10%
USA
16%
Germany
28%
Europe
56%
Cosmetics
2%
Plastics
6%
Graphic Arts
25%
Key Financials
(€m) Q1-3 2006
Sales 254
∆ vs. Q1-3 2005 13%
EBITDA 53
EBITDA margin 20.8%
Employees (30 Sep) 1,829
Business Lines
Technical
Applications
6%
A&I EP EI CS
Coatings
61%
AC

Coatings
Products and Applications
� Aluminum pigments
� PVD-pigments
� Pearl pigments
� Goldbronze pigments
� Zinc flakes
185
� Solvent- and water-based
coatings
� Powder coatings
Coatings
Graphic
Arts
Cosmetics
AI EP EI CS
Plastics Technical
Products/Services Applications Markets/Customer Sectors
AC
� Automotive OEM and
Refinish
� Industrial coatings
� Powder coatings
� Protective coatings

Graphic Arts
Products and Applications
Pigment types
� Aluminum pigments
� Goldbronze pigments
� Pearlescent pigments
� PVD-pigments
Supply forms
� Finished ink
� Concentrate
� Dust-free pellets,
granulates
186
� Sheetfed offset
� Heatset offset
� UV offset
� Solvent gravure
� Water-based gravure
� Solvent flexo
� Water-based flexo
� UV flexo
� Screen
� Dusting
Coatings
Graphic
Arts
Cosmetics
AC
AI EP EI CS
� Self adhesive labels
� Wet glue labels
� Fokling carton (e.g. food,
cosmetics, tobacco)
� Flexible film packaging
� Flexible paper packaging
� Wallpaper
� Corrugated board
� Tissue
� Giftwrap
� Magazines
� Others (e.g. screen
printing)
Plastics Technical
Products/Services Applications Markets/Customer Sectors

Cosmetics
Products and Applications
� Pearlescent pigments
� Metallic pigments
� PVD pigments
187
� Nail polishes
� Powders
� Lipsticks, pencils
� Colored emulsions
(mascara, eyeliners)
� Cremes
� Lotions
Coatings
Graphic
Arts
Cosmetics
� Color cosmetics
� Skin care
� Sun care
� Oral care
� Personal care
� Hair care
AC
AI EP EI CS
Plastics Technical
Products/Services Applications Markets/Customer Sectors

Plastics
Products and Applications
� Aluminum pigments
� Pearlescent pigments
� Goldbronze pigments
188
� Extrusion
(Masterbatch, Profiles)
� Film
� Bottles
� Injection Moulding
Coatings
Graphic
Arts
Cosmetics
� Masterbatch
� Compounds
� PVC
AC
AI EP EI CS
Plastics Technical
Products/Services Applications Markets/Customer Sectors

Technical Applications
Products and Applications
189
� Autoclaved aerated
concrete (AAC)
� Pyrotechnics
� Building materials
� Detonations
� Lubricants
� Pest control
� Titanium dioxide
Coatings
Graphic
Arts
Cosmetics
� Building industry
AC
AI EP EI CS
Plastics Technical
Products/Services Applications Markets/Customer Sectors
� Aluminum pigments in
paste and powder form
� Aluminum Compounds
� Non ferrum metals and
alloys
� Chemical industry
� Pyrotechnic industry
� Metallurgical industry

APPENDIX V
Additional Information on
Electrical Insulation
190

Electrical Insulation
Division Profile
� Primary Insulation:
Enamels for the electrical insulation of magnet wire
� Secondary Insulation:
impregnating resins and oils for the secondary insulation of electric
motors, generators and transformers
� Electronic & Engineering Materials:
compound resins for secondary insulation and protection of electric
motors, generators, transformers and electronic assemblies
� Wide global footprint with
facilities in all important
regions (Europe, U.S.,
India, China, Brazil)
191
Business Description Key Financials
Global Footprint
Asia
31%
Other Regions
3%
China
16%
USA
20%
Americas
27%
Germany
7%
Europe
39%
Secondary
Insulation
29%
Electronic &
Engineering
Materials
14%
AC
AI EP EI CS
(€m) Q1-3 2006
Sales 246
∆ vs. Q1-3 2005 12%
EBITDA 34
EBITDA margin 13.7%
Employees (30 Sep) 880
Business Lines
Primary
Insulation
57%

Primary Insulation
Products and Applications
� Polyester enamels
� Polyesterimide enamels
� Polyamidimide enamels
� Polyurethane enamels
� Others
192
� Fine and ultra fine wire
(< 0.2mm)
� Intermediate wire
(0.2 – 1.5mm)
� Heavy round and shaped
wires (> 1.5mm)
� Insulation to provide
chemical dielectric and
mechanical protection
AC
AI EP EI CS
Primary Sec. Ins. E&EM
Products/Services Applications Markets/Customer Sectors
� Transportation
� Automotive
� Household appliances
(white goods, consumer
goods, air conditioners)
� Industrial drives and
controls (motors &
transformers, industrial
electronics & medical)
� Power generation and
distribution
� Lighting
� Aerospace and defence

Secondary Insulation
Products and Applications
� Epoxy resins
� Unsaturated polyester
� Alkyd resins
� Water-based varnishes
� Emulsions
� Insulating fluids
� Others
193
� CV transformers
� Electric motor repair
� Electronic transformers
� Large motors and
generators
� Hermetic motors
� High intensity
transformers
� High voltage transformers
� Open ventilation
transformers
� Small motors
AC
AI EP EI CS
Primary Sec. Ins. E&EM
Products/Services Applications Markets/Customer Sectors
� Industrial
� Household
� Automotive
� Power generation &
distribution
� Transportation
� Lighting
� Aerospace & military
� Consumer electronic &
office equipment
� Whitegoods & HVAC
� Others

Electronic and Engineering Materials
Products and Applications
� Compounds for secondary
insulation of electrical
equipment
� Compounds/resins for
overall protection of
electronic circuits
� Functional compounds in
electronic components
and assemblies
194
� Electric motors,
generators and
transformers
� Electronic applications
under environmental
stress
� General electronic
applications
AC
AI EP EI CS
Primary Sec. Ins. E&EM
Products/Services Applications Markets/Customer Sectors
� General electric
applications (household,
power generation &
distribution, industrial,
automotive etc.)
� Electronics in automotive,
aerospace & defence and
industrial
� General electronic
applications (consumer,
industrial, automotive etc.)

APPENDIX VI
Additional Information on
Coatings & Sealants
195

Coatings & Sealants
Division Profile
(a) China 3%
196
Americas
32%
Business Description Key Financials
� Coatings & Sealants is a leading supplier of secondary chemical
packaging materials on a global basis. Our companies supply
innovative coatings, compounds, sealants, adhesives and
varnishes to solve ever increasing packaging challenges
� Coatings & Sealants products are applied on paper/board, plastic
as well as metal packaging materials to protect the filling good as
well as the outside environment
� Our end applications include food, beverage, cosmetics,
pharmaceuticals, cosmetics and non-food applications
Global Footprint
Asia
8%
(a)
USA
22%
Other
Regions
3%
Germany
22%
Europe
57%
Graphic Arts
46%
AC
AI EP EI CS
(€m) Q1-3 2006
Sales 168
∆ vs. Q1-3 2005 31%
EBITDA 18
EBITDA margin 10.7%
Employees (30 Sep) 650
Business Lines
Converting
Specialties
54%

Converting Specialties
Products and Applications
Products
� Flexible-metal coatings
� Rigid-metal coatings
� Laminating adhesives
� Closure compounds for metal
and plastic material
� Can sealants water-based
� Heat seal coatings for metal
� Print primers for metal
Services
� R&D co-operations with sister
companies, raw material
suppliers and machine
manufacturers
� Equipment and lining solutions
incl. financing
� Auditing of customers plants
197
� Food packaging e.g.
� Rigid-metal: cans, closures
� Flexible-metal: lids, blister
packs, trays, plastic foils,
tubes
� Beverage packaging e.g.
� Cans, closures
� Other packaging e.g.
� Rigid: Aerosol cans, Non-
FDA cans
� Flexible: Pharma blisters,
tubes
AC
AI EP EI CS
CS GA
Products/Services Applications Markets/Customer Sectors
� Markets
� Food
� Beverage
� Pharmaceuticals
� Cosmetics
� Industrial
� Customer sectors
� Metal packaging converters
- Can makers
- Can end producers
- Closure producers
� Plastic converters
- Laminators
- Closure producers

Graphic Arts
Products and Applications
Products
� Water-based and UV overprint
varnishes (OPV)
� Effect lacquers
� Fountain solution and
pressroom chemicals
� Adhesives for paper/board and
plastic applications
� Print primers for paper and
board
Services
� R&D co-operations with sister
companies, raw material
suppliers and machine
manufacturers
� Special equipment (e.g.
pumps)
198
By Printing Method
� Sheet-fed offset
� Web offset
� Flexo (post and preprint)
� Gravure
� Screen
� Offline
� Narrow Web
By Substrate
� Paper
� Board
� Plastic film
� Composites
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Markets
� Food
� Beverage
� Tobacco industry
� Cosmetics industry
� Pharmaceuticals
� Industrial
� Publication printing
Customer Sectors
� Folded box printers
� Label printers
� Commercial printers
� Publication printers
� Others
CS GA
Products/Services Applications Markets/Customer Sectors

APPENDIX VII
Management CVs
199

Matthias L. Wolfgruber
President & CEO ALTANA Chemie
200
Born 24 Jan 1954
Education
Professional
Career
1975 - 1983
1984 - 1985
1985 - 1990
1990 - 1994
1995 - 1996
1996 - 2000
2000 - 2002
Since 2002
� Anger
� Studied chemistry (chemistry graduate with doctorate)
� Research fellowship at UC Berkeley
� Wacker-Chemie GmbH, Burghausen
� Various positions in Marketing, Manufacturing and R&D
� Wacker Silicones Corp., Adrian, MI
Business Manager Building, Sealants Coatings
Industries
� Wacker Silicones Corp, Adrian, MI
Vice President Operations
� Wacker-Chemie GmbH, München
Global Business Unit Manager Fluids / Emulsionen
� Wacker Chemical Corp., Adrian, MI
President & CEO
� ALTANA AG, Bad Homburg v.d. Höhe
Member of the Management Board
� ALTANA Chemie AG, Wesel
President & CEO
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Member of the
Management Board
ALTANA AG
President & CEO
ALTANA Chemie AG

Martin Babilas
CFO ALTANA Chemie
201
Born 23 Sep 1971
Education
Professional
Career
1991 - 1993
1993 - 1998
1998 - 2001
2001 - 2005
Since 2006
� Aachen
� Bank traineeship
� Studied business administration (Dipl.-Kaufmann, MBA)
� ALTANA AG, Bad Homburg
Project manager for the CFO
� Project work in the areas of Financial Reporting,
Controlling, Corporate Finance / Capital Markets,
M&A
� Project manager for the NYSE Listing of
ALTANA AG
� ALTANA Chemie AG, Wesel
Head of Strategic Business Development
� Responsibility for Strategic Planning, M&A,
Special Projects
� Member of the Management Board ALTANA Chemie AG
Chief Financial Officer
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Member of the
Management Board
ALTANA Chemie AG
Chief Financial Officer

Roland Peter
President Division Additives & Instruments
202
Born 13 Mar 1957
Education 1975 - 1983
Professional
Career
1984 - 1996
1996 - 1998
Since 1998
� Ballersbach
� Studied chemistry (chemistry graduate with doctorate)
� BASF AG
Various positions in the departments of Research and
Development, Product Management and Applied
Technology; most recently Division Manager for Joint
Ventures at BASF Japan
� BYK-Chemie GmbH, Wesel
Business Manager Plastic Additives
� BYK-Chemie GmbH, Wesel
President Division Additives & Instruments,
Managing Director
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President Division
Additives &
Instruments
Chairman of the
Management Board
BYK-Chemie GmbH

Christoph Schlünken
President Division Effect Pigments
203
Born 21 Feb 1962
Education 1982 - 1993
Professional
Career
1993 - 1994
1994 - 2001
Since 2001
� Duisburg
� Studied chemistry (chemistry graduate with doctorate)
� Rütgerswerke AG, Frankfurt
Sales trainee
� Bakelite AG
Various positions in the Sales and Marketing sector;
most recently Global Business Unit Manager Molding
Compounds
� ALTANA Electrical Insulation GmbH, Wesel
Managing Director
Since 2003 � President Division Electrical Insulation
President Division
Effect Pigments
Since 2005 � President Division Effect Pigments
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Chairman of the
Management Board
ECKART GmbH
& Co. KG

Wolfgang Schütt
President Division Electrical Insulation
204
Born 22 Dec 1964
Education
Professional
Career
1985 - 1993
1991 - 1995
1994 - 2001
1998 - 2001
2001 - 2005
Since 2005
� Wildthurn
� Chemistry degree course (Graduate chemist and
subsequent doctorate)
� Master of Business Administration
� Wacker-Chemie GmbH (Division Silicone)
Various positions in Marketing & Sales
� Wacker Silicones Corporation (Michigan, USA),
Business Team Leader Technical Specialties
� Degussa AG
Business Line Manager BioActives
� President Division Electrical Insulation
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President Division
Electrical Insulation
Chairman of the
Management Board
ALTANA Electrical
Insulation GmbH

Guido Forstbach
President Division Coatings & Sealants
205
Born 29 Mar 1959
� Cologne
Education 1978 - 1987 � Studied chemistry (chemistry graduate with doctorate)
Professional
Career
1987 - 1998
1998 - 2000
Since 2000
Since 2001
� AkzoNobel
Various positions in the technical sector in Germany, the
Netherlands and Italy
� Sun Chemicals, the Netherlands
Division Manager Liquid Inks
� Rhenania GmbH, Grevenbroich
Managing Director
� ALTANA Coatings & Sealants GmbH, Wesel
President Division Coatings & Sealants
Managing Director
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President Division
Coatings & Sealants
Chairman of the
Management Board
ALTANA Coatings &
Sealants GmbH

APPENDIX VIII
Financial Calendar
206

Financial Calendar 2006/2007
19 Dec 2006 Extraordinary General Meeting
26 Jan 2007 Report on Sales 2006
15 Mar 2007 Report on Business Year 2006
26 Apr 2007 Report on Q1 2007
3 May 2007 Annual General Meeting
Kindly note that the above mentioned dates might be subject to change
207
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APPENDIX IX
Contact Details
208

ALTANA Contact Details
ALTANA AG Investor Relations
Dr. Thomas Gauly
Sandra Fabian / Dr. Harald F. Schäfer
Herbert-Quandt-Haus P +49 (0) 6172 17 12-185
Am Pilgerrain 15 F +49 (0) 6172 17 12-158
61352 Bad Homburg v. d. H. IR@altana.de
Germany www.altana.com
IR-Contact U.S.:
Claudia Diller (IR-Assistant)
Corporate Office New York P +1 212 974 6192
712 Fifth Avenue F +1 212 974 6190
New York, NY 10019
USA
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