Performance Coatings – Overview

• Revenue up 11 percent and EBITDA up 15 percent, supported by margin management, acquisition and currency effects
• EBITDA margin at 12.0 percent (2011: 11.6 percent)
• Integration of acquired activities delivering results
• Continued focus on cost control and operational efficiencies

Revenue increased 11 percent compared with the previous year. Industrial Coatings – boosted by acquisition activity – achieved the strongest growth, followed by Marine and Protective Coatings. Although overall activity levels were flat, there was significant variability between individual segments. We continue to manage our selling prices in response to the raw material cost increases. Cost control and restructuring efforts in mature markets are ongoing and continue to support performance, as do recent acquisitions.

Revenue development Q1 2012