Chairman’s AGM Statement

12 May 2004

Demand during the first four months of the year has remained encouraging and in line with expectations. This includes an improvement in North America and continued strong demand from Asia, albeit with somewhat lower growth in Europe.

The operational gearing impact of this volume growth, after taking into account year-on-year currency effects, underpins the expectations of good progress for the year.

John Poulter
Chairman

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