Tough market conditions in Western Europe, worsening in US and stillfavourable overall in Emerging Markets; higher fuel prices

Higher than expected negative volumes lead to H1 results deteriorationdespite positive net prices/variable costs effect

Strong commitment to substantially reduce 2008 slide in profitswith expected H2 characterised by:

• still negative volume effect, even if improving vs. H1
• still positive net prices/variable costs effect
• stable fixed costs on like for like basis
• positive cash impact in H2 from Turkish disposal
•  selective attention to Capex