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Raw materials

In Q2, we saw lower input prices as a result of lower TiO2 costs and the lower oil price, which has begun to impact some of our raw materials. We expect the price of TiO2 to remain stable for the rest of the year, which would imply slightly less benefit when compared with the second half of 2012, as the price had already started to come down in the second half of last year. We should also continue to see some benefit from the lower price of oil in the second half of 2013, although this is not expected to be significant as the derivative products are also impacted by supply and demand specifics. Nonetheless, we do expect that overall our raw materials cost for the year will be down marginally compared with 2012 on a like for like basis.

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