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Raw materials

We expect our average raw material costs to increase by around 5 percent in 2010. Since Q4 2009, we have seen raw material prices starting to increase. This is mainly driven by the rising oil and oil derivative prices, the strengthening of the US dollar, increased demand (especially in Asia Pacific), force majeure situations for some basic materials, and unplanned shutdowns at some of our key raw material suppliers. We expect continued raw material price pressure into Q2 and Q3 with an expected stabilization in Q4 2010, albeit at a higher level than compared with Q4 2009. We will continue to focus on margin management.

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