CSM updates on the trading environment

Our indication to the financial markets at the time of our full year results reflected: � optimism about improving our EBITA in 2011 � increased raw material costs of at least � 200 million � an unavoidable time-lag in adjusting selling prices to compensate for raw material cost increases in the earlier part of the year. Our Q1 sales and EBITA before one-off costs were broadly as expected and showed only a limited lagging effect as a result of our prices being increased by 6 % year on year. In Q2 raw material costs increased even further than expected and are now trending towards an increase of � 240 million for the full year. We have stepped up the level of price increases to compensate. However we have not yet been able to fully compensate the increased raw material cost in the quarter and also we have had some loss of volume as the market adjusted to higher prices. The EBITA trend was further exacerbated by the weaker US dollar. Whilst we expect sales for the 1st half to be higher, EBITA before one-off costs will be below last year and around � 80 million.

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