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In 2010, our business growth in Asia was strong. Revenue increased 33 percent from 2009 (in constant currencies 22 percent). All countries in Asia contributed to this growth. Our revenue growth in China significantly outpaced market growth in 2010. Investment in brand building has started to come to fruition, with increased brand awareness across China. As part of the successful global program, the Let’s Color campaign was launched in selected cities to further extend our color leadership. We have opened and upgraded close to 1,000 Dulux customer stores this year to accelerate the expansion of our controlled distribution footprint. Further to this, a new Dulux Decorator Center Network store with state-of-the-art design was introduced in Ningbo, emphasizing our continuous drive for innovation, not only in the traditional territory of new product launches, but also in the areas of service improvement and channel development. Helped by increased coverage in the mass distribution channel, as well as successful penetration into more tier 2 and tier 3 cities, our mid-tier range products have enjoyed the highest growth rate among all product segments. The above strategic thrusts have been fully supported by our commitment in people development, while at the same time we are continuing to build organizational and system capabilities for future growth. We have welcomed more than 500 new colleagues to our organization, with the majority being deployed in field sales. We have continued to build capability in our Dulux Easy Paint service and started to establish a stronger foundation in the project channel, a relatively underdeveloped market for us, but one which offers unparalleled opportunities for the future. Our successful implementation of SAP in June will also provide a better system platform to deliver our strategic ambitions in the future.

In South East Asia and Pacific we had a record year. In almost every country in South East Asia we grew faster than the market and improved our competitive position, cementing our overall number one position in the region. Performance in the key markets of Indonesia and Vietnam was particularly strong. This was achieved through continuing to invest in the Dulux brand across the region, especially through key product and innovation launches such as WeatherShield Keep Cool and our new Dulux offering in Indonesia designed for the mid-market. We continued to invest in our business partners – painters, architects, interior designers – and our channels and customers, including continued expansion of our tinting machine footprint. In order to stay ahead of our growth, we made a major transition in our distribution system in Indonesia and continued to build up our supply chain footprint and capabilities accordingly.

Growth in India continued to be healthy in 2010. We revised our product portfolio and re-established Dulux as a quality leader in the market.

The growth momentum in Asia continued in Q4. However, the China growth rate moderated as a result of measures introduced by the central government to curb rising property prices. Asia revenue increased by 34 percent in Q4 (in constant currencies 20 percent), while maintaining healthy profit levels. We completed the acquisition of the non-controlling interest in our joint venture partner in Thailand in Q4.

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