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Raw materials

Raw materials have continued to impact our margins in the third quarter, particularly visible in Decorative Paints. Sequentially compared to the second quarter, raw material costs have risen around 2 percent, and compared to the third quarter last year around 15 percent. For the quarters to come we anticipate most of the raw materials to rise, albeit with a more moderate pace, except for titanium dioxide which continues to be faced with tight supply circumstances, causing further upward price pressure. We continue to mitigate the pressures by using our margin management programs.

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