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Conclusion

9 Multi-national company

9 Vast access to natural resources

9 Sustainable low cost position Æ high margins

9 Prospering fertilizer markets driving revenues and profitability

9 Strong cash flows and high dividend yield

9 Cost reduction expected as of the beginning of 2009 due to the availability of natural gas

9 Focused synergistic growth strategy based on core businesses and competencies

46

Focused Synergistic Responsible

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