COVESTRO AG (incorporated as a stock corporation (Aktiengesellschaft) in the Federal Republic of Germany) EUR 5,000,000,000 Debt Issuance Programme

Transcription

1 3rd Supplement, dated November 4, 2016 to the Base Prospectus dated February 26, 2016 as supplemented by the 1 st Supplement dated June 2, 2016 and the 2nd Supplement dated August 16, This document constitutes a supplement (the Supplement) for the purposes of Art. 16 (1) of Directive 2003/71/EC of the European Parliament and of the Council of November 4, 2003, as amended (the Prospectus Directive) and Art. 13 (1) of the Luxembourg law on prospectuses for securities (loi relative aux prospectus pour valeurs mobilières) dated July 10, 2005 as amended (the Luxembourg Prospectus Law) which implements the Prospectus Directive into Luxembourg law, to the base prospectus of Covestro AG, dated February 26, 2016, (the Base Prospectus) relating to issues of non-equity securities within the meaning of Art. 22 No. 6 (4) of Commission Regulation (EC) No. 809/2004 of April 29, 2004, as amended. COVESTRO AG (incorporated as a stock corporation (Aktiengesellschaft) in the Federal Republic of Germany) EUR 5,000,000,000 Debt Issuance Programme The Commission de Surveillance du Secteur Financier (the CSSF) of the Grand Duchy of Luxembourg in its capacity as competent authority under the Prospectus Directive has approved this Supplement as a supplement within the meaning of Art. 16 (1) of the Prospectus Directive pursuant to article 13 (1) of the Luxembourg Prospectus Law. By approving this Supplement, CSSF gives no undertaking as to the economic and financial soundness of the operation or the quality or solvency of the Issuer. The Issuer has requested the CSSF to provide the competent authorities in the Federal Republic of German y (Germany), the Republic of Austria and The Netherlands with a certificate of approval attesting that this Supplement has been drawn up in accordance with the Luxembourg Prospectus Law. The Issuer may request the CSSF to provide competent authorities in additional host member states within the European Economic Area with such notification. Right to withdraw In accordance with Article 13 paragraph 2 of the Luxembourg Pros pectus Law, investors who have already agreed to purchase or subscribe for securities before the Supplement is published have the right, exercisable within two working days after the publication of this Supplement, to withdraw their acceptances, provided that the new factor arose before the final closing of the offer to the public and the delivery of the securities. The final date for the right of withdrawal will be November 8, This Supplement together with the Base Prospectus, the 1st supplement to the Base Prospectus dated June 2, 2016, the 2nd supplement to the Base Prospectus dated August 16, 2016 and the documents incorporated by reference are also available for viewing at The purpose of this Supplement is to supplement the Base Prospectus with information from the unaudited consolidated interim financial statements of the Issuer as of and for the nine-month period ended September 30, 2016 and to amend other disclosure on the Issuer. This Supplement is supplemental to, and should be read in conjunction with the Base Prospectus as supplemented by the 1st supplement dated June 2, 2016 and the 2nd supplement dated August 16, Terms defined in the Base Prospectus have the same meaning when used in this Supplement. Covestro AG, Leverkusen (Covestro AG or the Issuer, together with its consolidated subsidiaries, Covestro Group or the Group ) with its registered office in Leverkusen, Germany accepts responsibility for the information given in this Supplement. The Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Supplement for which it is responsible is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import.

2 The Arranger and the Dealers have not separately verified the information contained in this Supplement. Neither the Arranger nor any of the Dealers makes any representation, expressly or implied, or accepts any responsibility, with respect to the accuracy or completeness of any information contained in this Supplement. Neither this Supplement nor any other financial statements are intended to provide the basis of any credit or other evaluation and should not be considered as a recommendation by the Issuer, the Arranger or the Dealers that any recipient of this Supplement or any other financial statements should purchase the Notes. Each potential purchaser of Notes should determine for itself the relevance of the information contained in this Supplement and its purchase of Notes should be based upon such investigation as it deems necessary. None of the Arranger or the Dealers undertakes to review the financial condition or affairs of the Issuer during the life of the arrangemen ts contemplated by this Supplement nor to advise any investor or potential investor in the Notes of any information coming to the attention of any of the Dealers or the Arranger. To the extent that there is any inconsistency between any statement included in this Supplement and any statement included or incorporated by reference in the Base Prospectus, the statements in this Supplement will prevail. Save as disclosed on pages 2-14 of this Supplement, there has been no other significant new factor, material mistake or inaccuracy since the publication of the 2nd supplement to the Base Prospectus dated August 16, Summary - Section B - Issuer - Element B.12 On pages 8 and 9 of the Base Prospectus, in Element B.12 of the Summary, the section Selected historical key financial information shall be replaced by the following: B.12 Selected historical key financial information Consolidated Income Statement For the nine-month period ended September 30, Financial year ended December 31, (amounts in EUR million) (unaudited) (audited) Net sales 8,887 9,284 12,082 11,761 Gross profit 2,531 2,179 2,644 2,152 EBIT (1) 1, Financial result (164) (143) (175) (136) Income before income taxes Income after income taxes Basic earnings per share (2) Diluted earnings per share (2) (1) EBIT: Income after income taxes plus financial result and income taxes (2) Weighted average number of ordinary shares in issue: 202,500,000 (previous year: 140,000,000) Consolidated Statement of Financial Position 2 As of September 30, As of December 31, (amounts in EUR million) (unaudited) (audited) Noncurrent assets 6,005 6,294 6,011 Current assets 4,414 4,237 4,381 Total assets 10,419 10,531 10,392 Equity 3,618 3,612 1,787 Equity attributable to Covestro AG stockholders 3,595 3,596 1,770 Noncurrent liabilities 4,464 2,355 2,567 Current liabilities 2,337 4,564 6,038 Total equity and liabilities 10,419 10,531 10,392

3 Trend information There has been no material adverse change in the prospects of Covestro AG since the date of the last published audited consolidated financial statements dated December 31, Significant change in the financial and trading position Not applicable. There has been no significant change in the financial or trading position of Covestro AG since the last consolidated financial statements dated September 30, Summary - Section B - Issuer - Element B.13 On page 9 of the Base Prospectus, in Element B.13 of the Summary, the section Recent Events shall be replaced by the following: B.13 Recent Events Due to an unforeseeable loss of production at a supplier for nitric acid, the Group can currently only operate its European production facilities for the isocyanates MDI and TDI (including by-products) at reduced capacity and therefore declared force majeure in October The resulting effects of this incident on the net assets, financial position or results of operations of the Group cannot yet be reliably estimated at the date of this Supplement. 3. Summary - Section B - Issuer - Element B.16 On page 10 of the Base Prospectus, in Element B.16 of the Summary, the section Major shareholders shall be replaced by the following: B.16 Major shareholders On the basis of the notifications received by Covestro AG as of the date of this Base Prospectus in accordance with the German Securities Trading Act (Wertpapierhandelsgesetz - WpHG) and pursuant to information provided by the respective shareholders, the following shareholders directly or indirectly hold more than 3 per cent. of Covestro AG's ordinary shares. The percentage values shown in the table below are based on the amount of voting rights last notified to Covestro AG with regard to the stated reference date by the respective shareholder pursuant to Sections 21 et seqq. WpHG in relation to Covestro AG's share capital as of the date of this Base Prospectus. It should be noted that the number of voting rights last notified could have changed since such notifications were submitted to Covestro AG without requiring the relevant shareholder to submit a corresponding voting rights notification if no notifiable thresholds have been reached or crossed: Shareholder Bayer AG Bayer Pension Trust e. V. BlackRock Inc. Total Actual (direct or indirect ownership of Covestro AG Share of voting rights 130,000,000 voting rights (64.20%) 10,000,000 voting rights (4.94%) 6,190,552 voting rights (3.06%) 146,190,552 voting rights (72.19%) 3

4 4. German Translation of the Summary- Abschnitt B - Emittentin - Element B.12 On pages 22 and 23 of the Base Prospectus, in Element B.12 of the German Translation of the Summary, the section Ausgewählte historische Finanzinformationen shall be replaced by the following: B.12 Ausgewählte historische Finanzinformationen Konsolidierte Gewinn-und Verlustrechnung Für den Neunmonatszeitraum endend am 30. September Für das Geschäftsjahr endend am 31. Dezember (Beträge in EUR Millionen) (ungeprüft) (geprüft) Umsatzerlöse Bruttoergebnis vom Umsatz EBIT (1) Finanzergebnis (164) (143) (175) (136) Ergebnis vor Ertragsteuern Ergebnis nach Ertragsteuern Unverwässertes Ergebnis je Aktie (2) 3,31 3,05 2,21 1,94 Verwässertes Ergebnis je Aktie (2) 3,31 3,05 2,21 1,94 (1) EBIT: Ergebnis nach Ertragsteuern zuzüglich Finanzergebnis und Ertragsteuern (2) Gewichtete durchschnittliche Anzahl der Stammaktien: (Vorjahr: ) Konsolidierte Bilanz Zum 30. September Zum 31. Dezember (Beträge in EUR Millionen) (ungeprüft) (geprüft) Langfristige Vermögenswerte Kurzfristige Vermögenswerte Gesamtvermögen Eigenkapital Aktionären der Covestro AG zurechenbarer Anteil am Eigenkapital Langfristiges Fremdkapital Kurzfristiges Fremdkapital Gesamtkapital Trendinformation Die Aussichten der Covestro AG haben sich seit dem Datum des letzten veröffentlichten, geprüften Konzernabschlusses zum 31. Dezember 2015 nicht wesentlich nachteilig verändert. Wesentliche Veränderungen in der Finanzlage und Handelsposition Nicht anwendbar. Es hat seit dem Datum des letzten Konzernabschlusses zum 30. September 2016 keine wesentlichen Veränderungen in der Finanzlage und Handelsposition der Covestro AG gegeben. 4

5 5. German Translation of the Summary - Abschnitt B - Emittentin - Element B.13 On page 23 of the Base Prospectus, in Element B.13 of the German Translation of the Summary, the section Jüngste Ereignisse shall be replaced by the following: B.13 Jüngste Ereignisse Aufgrund eines nicht vorhersehbaren Produktionsausfalls bei einem Lieferanten für Salpetersäure kann der Covestro-Konzern seine europäischen Produktionsanlagen für die Isocyanate MDI und TDI (inklusive Nebenprodukten) derzeit nur mit reduzierter Kapazitätsauslastung betreiben und hat deshalb im Oktober 2016 Force Majeure angemeldet. Die aus dem Vorfall resultierenden Auswirkungen auf die Vermögens-, Finanz- und Ertragslage des Covestro-Konzerns sind zum Zeitpunkt dieses Nachtrags noch nicht verlässlich abschätzbar. 6. German Translation of the Summary - Abschnitt B - Emittentin - Element B.16 On page 24 of the Base Prospectus, in Element B.16 of the German Translation of the Summary, the section Hauptanteilseigner shall be replaced by the following: B.16 Hauptanteilseigner Auf Grundlage der durch die Covestro AG empfangenen Benachrichtigungen gemäß Wertpapierhandelsgesetz und gemäß den von den jeweiligen Anteilseignern übermittelten Informationen halten die folgenden Anteilseigner direkt oder indirekt mehr als 3% der Aktien der Covestro AG. Die in der untenstehenden Tabelle dargestellten Anteile basieren auf der Anzahl der Stimmrechte wie sie der Covestro AG zuletzt zum dargestellten Zeitpunkt von den jeweiligen Anteilseignern gemäß 21 Wertpapierhandelsgesetz mitgeteilt wurden und beziehen sich auf das Stammkapital der Covestro AG zum Zeitpunkt dieses Basisprospekts. Zu beachten ist, dass sich die Anzahl der Stimmrechte dieser Anteilseigner seit der Mitteilung an die Covestro AG verändert haben könnte, ohne dass die jeweiligen Anteilseigner verpflichtet gewesen sind eine entsprechende Mitteilung zu veröffentlichen, da keine relevanten Stimmrechtsschwellen erreicht oder überschritten wurden. Anteilseigner Bayer AG Bayer Pension Trust e. V. BlackRock Inc. Gesamt Tatsächliche (direkte oder indirekte) Beteiligung an der Covestro AG Anzahl der Stimmrechte Stimmrechte (64,20%) Stimmrechte (4,94%) Stimmrechte (3,06%) Stimmrechte (72,19%) 5

6 7. Description of Covestro AG and the Covestro Group Shareholder Structure On page 120 of the Base Prospectus, in the section Shareholder Structure the content shall be replaced by the following: Shareholder Structure Covestro AG's share capital as of the date of this Base Prospectus amounts to EUR 202,500,000 divided into 202,500,000 ordinary registered shares with no par value (Stückaktien). On the basis of the notifications received by Covestro AG as of the date of this Base Prospectus in accordance with the German Securities Trading Act (Wertpapierhandelsgesetz - WpHG) and pursuant to information provided by the respective shareholders, the following shareholders directly or indirectly hold more than 3 per cent. of Covestro AG's ordinary shares. The percentage values shown in the table below are based on the amount of voting rights last notified to Covestro AG with regard to the stated reference date by the respective shareholder pursuant to Sections 21 et seqq. WpHG in relation to Covestro AG's share capital as of the date of this Base Prospectus. It should be noted that the number of voting rights last notified could have changed since such notifications were submitted to Covestro AG without requiring the relevant shareholder to submit a corresponding voting rights notification if no no tifiable thresholds have been reached or crossed: Shareholder Actual (direct or indirect) ownership of Covestro AG Share of voting rights Bayer AG 130,000,000 voting rights (64.20%) Bayer Pension Trust e. V. 10,000,000 voting rights (4.94%) BlackRock Inc. 6,190,552 voting rights (3.06%) Total 146,190,552 voting rights (72,19%) 8. Description of Covestro AG and the Covestro Group Selected Consolidated Financial Information On pages 124 and 125 of the Base Prospectus, in the section Selected Consolidated Financial Information the content shall be replaced by the following content: Selected Consolidated Financial Information The following selected historical financial information for the Group is based on the audited consolidated financial statements of Covestro AG as of and for the financial year ended December 31, 2015 and on the unaudited consolidated interim financial statements of Covestro AG as of and for the nine-month period ended September 30,

7 Consolidated Income Statement For the nine-month period ended September 30, Financial year ended December 31, (amounts in EUR million) (unaudited) (audited) Net sales 8,887 9,284 12,082 11,761 Gross profit 2,531 2,179 2,644 2,152 EBIT (1) 1, Financial result (164) (143) (175) (136) Income before income taxes Income after income taxes Basic earnings per share (2) Diluted earnings per share (2) (1) EBIT: Income after income taxes plus financial result and income taxes (2) Weighted average number of ordinary shares in issue: 202,500,000 (previous year: 140,000,000) Consolidated Statement of Financial Position As of September 30, As of December 31, (amounts in EUR million) (unaudited) (audited) Noncurrent assets 6,005 6,294 6,011 Current assets 4,414 4,237 4,381 Total assets 10,419 10,531 10,392 Equity 3,618 3,612 1,787 Equity attributable to Covestro AG stockholders 3,595 3,596 1,770 Noncurrent liabilities 4,464 2,355 2,567 Current liabilities 2,337 4,564 6,038 Total equity and liabilities 10,419 10,531 10,392 7

8 9. Description of Covestro AG and the Covestro Group Recent Events On page 140 of the Base Prospectus, in the section Recent Events the content shall be replaced by the following: Recent Events Due to an unforeseeable loss of production at a supplier for nitric acid, the Group can currently only operate its European production facilities for the isocyanates MDI and TDI (including by-products) at reduced capacity and therefore declared force majeure in October The resulting effects of this incident on the net assets, financial position or results of operations of the Group cannot yet be reliably estimated at the date of this Supplement. 10. Description of Covestro AG and the Covestro Group Significant Changes On page 140 of the Base Prospectus, in the section Significant changes the content shall be replaced by the following: Significant Changes There has been no significant change in the financial or trading position of Covestro AG since the last consolidated financial statements dated September 30, Description of Covestro AG and the Covestro Group Consolidated Financial Information On page 140 of the Base Prospectus, in the section Consolidated Financial Information the content shall be replaced by the following content: Consolidated Financial Information The following historical financial information for the Group is based on the audited consolidated financial statements of Covestro AG as of and for the financial year ended December 31, 2015 and on the unaudited consolidated interim financial statement of Covestro AG as of and for the nine-month period ended September 30, 2016, which are incorporated by reference in this Base Prospectus and should be read together with them. The former annual financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted in the European Union, the latter interim financial statements were prepared in accordance with International Accounting Standard 34: Interim Financial Reporting. The consolidated annual financial statements of the Group were audited by PwC and PwC issued with an unqualified auditor's report. 8

9 Consolidated Income Statement For the nine-month period ended September 30, Financial year ended December 31, (amounts in EUR million) (unaudited) (audited) Net sales 8,887 9,284 12,082 11,761 Cost of goods sold (6,356) (7,105) (9,438) (9,609) Gross profit 2,531 2,179 2,644 2,152 Selling expenses (988) (936) (1,257) (1,097) Research and development expenses (192) (188) (257) (212) General administration expenses (317) (348) (480) (343) Other operating income Other operating expenses (38) (71) (98) (80) EBIT (1) 1, Equity-method income (loss) (13) (4) (10) (15) Result from other affiliated companies Interest income Interest expense (41) (76) (89) (104) Other financial result (114) (66) (81) (47) Financial result (164) (143) (175) (136) Income before income taxes Income taxes (268) (184) (153) (104) Income after income taxes of which attributable to noncontrolling interest of which attributable to Covestro AG stockholders (net income) Basic earnings per share (2) Diluted earnings per share (2) (1) EBIT: Income after income taxes plus financial result and income taxes (2) Weighted average number of ordinary shares in issue: 202,500,000 (previous year: 140,000,000) 9

10 Consolidated Statement of Financial Position As of September 30, As of December 31, (amounts in EUR million) (unaudited) (audited) Noncurrent assets 6,005 6,294 6,011 Goodwill Other intangible assets Property, plant and equipment 4,527 4,934 4,893 Investments accounted for using the equity method Other financial assets Other receivables Deferred taxes Current assets 4,414 4,237 4,381 Inventories 1,712 1,783 1,904 Trade account receivable 1,710 1,486 1,561 Other financial assets Other receivables Claims for income tax refunds Cash and cash equivalents Total assets 10,419 10,531 10,392 Equity 3,618 3,612 1,787 Capital stock of Covestro AG Capital reserves of Covestro AG 4,908 4,908 - Other reserves (1,516) (1,515) 1,770 Equity attributable to Covestro AG stockholders 3,595 3,596 1,770 Equity attributable to noncontrolling interest Noncurrent liabilities 4,464 2,355 2,567 Provisions for pensions and other post-employment benefits 2,171 1,462 1,395 Other provisions Financial liabilities 1, Other liabilities Deferred taxes Current liabilities 2,337 4,564 6,038 Other provisions Financial liabilities 232 2,507 3,943 Trade accounts payable 1,339 1,403 1,522 Income tax liabilities Other liabilities Total equity and liabilities 10,419 10,531 10,392 10

11 Consolidated Cashflow Statement For the nine-month period ended September 30, 2016 (1) 2015 (1) (amounts in EUR million) (unaudited) Income after income taxes Income taxes Financial result Income taxes paid (259) (143) Depreciation, amortization and impairments Change in pension provisions (3) (25) (Gains) losses on retirements of noncurrent assets 1 (16) Decrease (increase) in inventories Decrease (increase) in trade accounts receivable (242) (80) (Decrease) increase in trade accounts payable (53) (180) Changes in other working capital, other noncash items Net cash provided by (used in) operating activities 1, Cash outflows for additions to property, plant, equipment and intangible assets (216) (352) Cash inflows from sales of property, plant, equipment and other assets 4 45 Cash outflows for noncurrent financial assets (14) (95) Cash inflows from noncurrent financial assets Cash outflows for acquisitions less acquired cash - (13) Interest and dividends received 6 3 Cash inflows from (outflows for) other current financial assets (452) 77 Net cash provided by (used in) investing activities (669) (164) Capital contribution from Bayer AG Financial transactions with the Bayer Group - (1,797) (Cash outflows for) inflows from profit transfer to Bayer AG - (155) Dividends paid (143) (11) Issuances of debt 1,769 4,079 Retirements of debt (2,559) (3,386) Interest paid (38) (83) Net cash provided by (used in) financing activities (971) (498) Change in cash and cash equivalents due to business activities (464) 261 Cash and cash equivalents at beginning of year Change in cash and cash equivalents due to exchange rate movements (3) (38) Cash and cash equivalents at end of year (1) Presentation changed to provide more relevant information pursuant to IAS 1.41 et seqq. 11

12 Financial year ended December 31, (amounts in EUR million) (audited) Income after income taxes Income taxes Financial result Income taxes paid or accrued (230) (84) Depreciation, amortization and impairments Change in pension provisions (21) (23) (Gains) / losses on retirements of noncurrent assets (13) 1 Decrease / (increase) in inventories 213 (164) Decrease / (increase) in trade accounts receivable 172 (110) (Decrease) / increase in trade accounts payable (270) 117 Changes in other working capital, other noncash items Net cash provided by (used in) operating activities (net cash flow) 1, Cash outflows for additions to property, plant, equipment and intangible assets (509) (612) Cash inflows from sales of property, plant, equipment and other assets 42 9 Cash inflows from divestitures 0 4 Cash inflows from / (outflows for) noncurrent financial assets Cash outflows for acquisitions less acquired cash (14) - Interest and dividends received / (paid) 6 2 Cash inflows from / (outflows for) current financial assets (1) - Net cash provided by (used in) investing activities (380) (585) Capital contribution from Bayer AG 1,855 - Capital contribution from IPO 1,485 - Financial transactions with the Bayer Group (1) (1,806) (22) Cash outflows for / (inflows from) profit (loss) transfer to Bayer AG (5) 20 Dividend payments and withholding tax on dividends (12) (1) Issuances of debt 4, Retirements of debt (6,310) (332) Interest paid (93) (32) Net cash provided by (used in) financing activities (645) (192) Change in cash and cash equivalents due to business activities Cash and cash equivalents at beginning of year Change in cash and cash equivalents due to exchange rate movements (7) 16 Cash and cash equivalents at end of year (1) This line includes all financial transactions with Bayer Group companies in fiscal

13 12. Documents incorporated by reference On page 175 of the Base Prospectus, the section Document incorporated by reference shall be replaced by the following: DOCUMENTS INCORPORATED BY REFERENCE This Base Prospectus should be read and construed in conjunction with the following document s which have been previously published or are published simultaneously with this Base Prospectus and which ha ve been filed with the CSSF and shall be deemed to be incorporated by reference in, and form part of, this Base Prospectus and which shall be deemed to modify or supersede the contents of this Base Prospectus to the extent that a statement contained in this document is inconsistent with such contents. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Base Prospectus with respect to any Notes issued thereafter: Incorporation by Reference The following information is incorporated by reference into this Base Prospectus: (1) Audited Consolidated Financial Statements (prepared in accordance with IFRS as adopted in the European Union) of the Covestro Group as of and for the financial year ended December 31, 2015 Consolidated Income Statements... page 110 Consolidated Statements of Comprehensive Income... page 111 Consolidated Statements of Financial Position... page 112 Consolidated Statement of Cash Flows... page 113 Consolidated Statements of Changes in Equity... page 114 Notes to the Consolidated Financial Statements... pages Report of the Independent Auditors of the Consolidated Financial Statements... pages (2) Unaudited consolidated interim financial statements (prepared in accordance with International Accounting Standard 34: Interim Financial Reporting) of Covestro AG as of and for the threemonth period ended March 31, 2016 Consolidated Income Statements... page 21 Consolidated Statements of Comprehensive Income... page 22 Consolidated Statements of Financial Position... page 23 Consolidated Statement of Cash Flows... page 24 Consolidated Statements of Changes in Equity... page 25 Notes to the Condensed Consolidated Interim Financial Statements... pages (3) Unaudited consolidated interim financial statements (prepared in accordance with International Accounting Standard 34: Interim Financial Reporting) of Covestro AG as of and for the half-year period ended June 30, 2016 Consolidated Income Statement... page 23 Consolidated Statement of Comprehensive Income... page 24 Consolidated Statement of Financial Position... page 25 Consolidated Statement of Cash Flows... page 26 Consolidated Statement of Changes in Equity... page 27 Notes to the Consolidated Interim Financial Statements... pages

14 (4) Unaudited consolidated interim financial statements (prepared in accordance with International Accounting Standard 34: Interim Financial Reporting) of Covestro AG as of and for the ninemonth period ended September 30, 2016 Consolidated Income Statement... page 23 Consolidated Statement of Comprehensive Income... page 24 Consolidated Statement of Financial Position... page 25 Consolidated Statement of Cash Flows... page 26 Consolidated Statement of Changes in Equity... page 27 Notes to the Consolidated Interim Financial Statements... pages All of these pages shall be deemed to be incorporated in by reference, and to form part of, this Base Prospectus. The non-incorporated parts of the documents, i.e. the pages not listed in the table above, are either not relevant for the investor or covered elsewhere in the Base Prospectus pursuant to Art 28.4 of the Commission Regulation (EC) 809/2004. Copies of the documents which are incorporated herein by reference will be available free of charge from the specified office of the Principal Paying Agent set out at the end of this Base Prospectus. This Base Prospectus and the documents incorporated by reference are also available for viewing at 14

15 Registered Office of the Issuer Covestro AG Kaiser-Wilhelm-Allee Leverkusen Germany 15