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Outlook and medium-term targets


We have strong market positions in a number of highly attractive sectors with a wide geographical spread. We have a robust balance sheet with manageable 2009 refinancing needs. The actions we are taking mean that our company is well positioned to meet the current challenges and, as a result, will be in good shape to take advantage of the recovery when it comes. We are acutely aware that global market conditions and lack of visibility do not allow for any certainty. The harsh trading conditions experienced towards the end of the fourth quarter have continued into 2009 and, as a result, we expect this year to be very challenging. Nevertheless, we remain focused on achieving our medium-term target of an EBITDA margin of 14 percent by the end of 2011, on continuing to deliver the €340 million ICI synergies, on driving margin management programs across the company and on rigorous cost management.

Amsterdam, February 23, 2009
The Board of Management

Hans Wijers
Chief Executive Officer and Board member responsible for Decorative Paints

Keith Nichols
Chief Financial Officer

Leif Darner
Board member responsible for Performance Coatings

Rob Frohn
Board member responsible for Specialty Chemicals

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