the strength to change - solvay strength to change ... 230 42 56 88 261 ... 9deploys best practices...

1

The strength to change

9m10 resultsOctober 28th 2010

Shaping our future

2

SOLVAY GROUP

9m10 results presentation© 2010 SOLVAY S.A. nv

Chemicals: +8% - Higher volumes (+14%) compensate lower sales prices (-10%)Plastics: +36%* - Strong volume improvement, especially in Specialty Polymers (+42%)

9m10 Group results – Continuing operations Sales and operating result

Sales: EUR 5.1b, up 22%*

3Q and 9m sales (in EURm)

6582064

7822226827

2180

918

2923

0

1000

2000

3000

4000

5000

3Q09 9m09 3Q10 9m10

Chemicals Plastics

*At constant scope

REBIT: EUR 447m, up 98%*

3Q and 9m REBIT (in EURm)

62195

8323042

56

88

261

-9 -29 -22 -43-50

50

150

250

350

450

3Q09 9m09 3Q10 9m10

Chemicals Plastics CBS /NBD

Energy expenses under controlCost and cash control across the board

Inergy Automotive Systems: since July 2010 no longer consolidated(3Q09 contribution to Solvay: sales: EUR 115m; REBIT: EUR 6m)

3

SOLVAY GROUP


Net income: EUR 1,807mNet capital gains on the sale of pharmaceutical activities (EUR 1.7b)

and on the sale of Inergy Automotive Systems (EUR 130m)

Impairments on industrial assets, primarily in soda ash in Europe; net impact of EUR -197m

Other non recurring items: EUR -117m

Financial charges: EUR -139m; low yield on cash: 0.4%

Effective tax rate (excl. impairments & capital gains): 24%

2010 interim dividend stable at EUR 1.2 gross/share

9m10 Group resultsNet income

4

SOLVAY GROUP


9m10 Chemicals resultsSales: EUR 2.226m, up 8%

REBIT: EUR 230m, up 18%

9m10 Chemicals results

Sales (in EURm)

955 1000

763 832

329 377

9m09 9m10OxygenElectrochemistry & fluorinated productsMinerals

UpOxygenUpElectrochemistry & fluorinated products

DownMinerals

+5%

+9%

+15%

Overall volume improvement (+14%)

Lower sales prices (-10%), primarily in soda ash

Expected price increase of caustic soda in 4Q10

Energy expenses under control

Expected energy expenses increase as from 4Q10

Strong REBIT improvement in electrochemistry, hydrogen peroxide and fluor; soda ash results remain depressed in Europe

5

SOLVAY GROUP


ChemicalsStrategic developments

Sustainable development and environmental footprintConstruction of Epicerol® plant in Thailand (2012) OngoingBicarbonate from unused soda ash by-products in USA Started 2Q10Fluor specialty for Li-ion batteries in South Korea Started end of 2009Construction of electronic grade hydrogen fluoride production unit in China (end of 2010) OngoingRefuse Derived Fuel cogeneration plant in Germany Started early 2010

Innovation and geographic expansionNew HPPO plant with Dow Chemicals in Thailand (3Q11) OngoingConstruction of H2O2 plant in China with Huatai Group (2011) Ongoing

Continued focus on competitivenessClosure of hydrogen peroxide plant in Germany 2009Restructuration of Fluor activities in Italy & Germany 2010

6

SOLVAY GROUP


9m10 Plastics results

Sales: EUR 2.923m, up 34% (at constant scope, up 36%)

REBIT: EUR 261m, significantly up

9m10 Plastics results

Sales (in EURm)

897 1151

12831772

9m09 9m10

Specialties Vinyls

UpVinylsUpSpecialties

+28%

+38%

Significant volume improvement

Primarily in Specialty Polymers (+42%); strong growth in Asia

And, to a lesser extent, in PVC; construction remains weak in some European countries

Prices up in PVC in Europe (margin improvement)

Strong REBIT improvement, in particular in Specialty Polymers

Inergy Automotive Systems: results not included since July 2010 following sale

7

SOLVAY GROUP


PlasticsStrategic developments

Sustainable development and environmental footprintSuccessful launch of new PVDF for Lithium-ion batteries 2010

Innovation and geographic expansionSpecialty polymers compounding plant in China (4Q12) OngoingRusVinyl: foundation stone laying and EBRDcommitment to financing July 2010

Growth in Specialty PolymersCapacity extension of TECNOFLON® in Italy (1H12) OngoingSuccess of new DIOFAN® unit in France 2010Full benefit of capacity extensions of SOLEF® inFrance & of FLUOROLINK® in Italy 2010

Continued focus on competitivenessDecision to close Pipelife production plants in Spain, Portugal, Croatia and Romania Ongoing

8

SOLVAY GROUP


2010 developments:4Q10: EUR 13m investment in Korean technology venture capital fund focusing on renewable energy, printed electronics, clean technologies & green chemistry3Q10: USD 4m minority stake in Polyera Corporation, a leading materials developer for the printed electronics market1Q10: Further GBP 1.75m investment in UK-based fuel cell developer ACAL Energy Ltd1Q10: Construction of a semi-industrial fuel cell with a capacity of about 1 MW on the SolVin site at Antwerp.

2010 NBD expenses for the future:2010 budgeted REBIT: EUR -30m = R&D costs2010 budgeted CAPEX: ≈ EUR 25m

New Business Development

9

SOLVAY GROUP


“The Group's operating result benefits from the improvements in competitiveness and in sales volumes. Solvay expects a higher REBIT in Chemicals compared

to last year. Taking into account the significantly stronger demand for specialty polymers experienced in

the first nine months, Solvay will realize a sharply improved REBIT in Plastics compared to the low level

of last year. This year, the priority continues to go to the optimal

reinvestment after the disposal of the pharmaceuticals activities.”

Press release of October 28, 2010

Outlook

10

The strength to change

Background information

Shaping our future

11

SOLVAY GROUP


Solvay, a new industrial benchmark based onTwo existing strong pillars with clear leadership positionsWorld scale facilitiesGlobal presence with significant Asian and Latin American exposureStrong product development cultureVery strong financial structure

With global ambition, aimed at improving Solvay’s sustainability profile by focusing on investment in

High value added activitiesLow energy footprintReduction of the cyclicality of the portfolioContribution to the geographic expansionSustainability targets of the Group

Unchanged philosophy : sustained growth with leading positions; commitment to a conservative financial structure

Strategic refocus –Reinvestment process

12

SOLVAY GROUP


Worldwide diversified activities Breakdown of 2009 activities without Pharma

Sales 2009 by geographic area

Plastics; 2982

Chemicals; 2713

Sales 2009 by Sector (in MEUR)

Europe61%

The Americas30%

Others2%

Asia-Pacific7%

Fixed assets 2009 by geographic area

The Americas28%

Europe60%

Others3%

Asia-Pacific10%

13

SOLVAY GROUP


Overview of Solvay GroupDiversified customer base (CH & PL excl IAS)

11% of Group salesSBUs : Electrochemistry, Soda Ash, Fluor

Chemical industry

5% of Group sales SBUs : Vinyls, Specialty Polymers

Packaging

6% of Group salesSBUs : Specialty Polymers, Vinyls

Electricity and Electronics

21% of Group salesSBUs : Vinyls, Specialty Polymers, Fluor

Construction and architecture

6% of Group salesSBUs : Hydrogen peroxide, Electrochemistry

Paper

6% of Group salesSBUs : Soda Ash, Electrochemistry, Hydrogen peroxide

Detergents, cleaning andHygiene products

4% of Group sales SBUs : Specialty Polymers

Automotive industry

7% of Group salesSBUs : Pipelife, Soda ash, Electrochemistry

Water and Environment

9% of Group salesSBUs : Soda ash

Glass industry

in % of 2009 Sales (= EUR 5,250m)

14

SOLVAY GROUP


Strong leadership positions across the portfolioCompetitive cost structure due to above industry-average plant capacities, cogeneration plants and raw material integrationSound balance sheet and tight capital managementSolid track record of successful portfolio management

Solvay’s core competencies

15

SOLVAY GROUP


Clear leadership positions in Chemicals and Plastics

Solvay’s core competenciesLeadership positions

Source: Solvay, calculations based on information publicly available in external publications, in particular IMS, Harriman Chemsult, CMAI, SRI

Soda ash 1 1Hydrogen peroxide 1 1Caustic soda 2 3Fluorinated polymers 1 3HP engineering polymers 1 1Vinyls 2 3Pipelife 4 -

Europe World

16

SOLVAY GROUP


Energy savings programs:Co-generation units: savings of ≈ EUR 200m in 2008 and ≈ EUR 100m in 2009 New co-generation units:

- in Argentina (operational since 3Q 2009)- using secondary fuels in Germany (early 2010)

Long term energy contracts:- nuclear electricity supply contract with Exeltium (1H10)

New technologies: with higher energy efficiency:- HPPO technology = -35% energy usage- Membrane electrolysis

with higher fuels flexibility:- New unit for steam generation in Bulgaria (fuels: pet coke or coal)

Group’s target: -20% energy consumption by 2020 (compared to 2006)

Solvay’s core competenciesCompetitiveness - dynamic energy management

17

SOLVAY GROUP


Largely vertically integratedIndependence in main feedstocks & raw materialsContinued investments in this area

limestonetrona

saltbrine

fluorspar

Soda ash

Caustic soda

Sodiumbicarbonate

chlorine

hydrogenfluoride

Inorganicfluorides

HFC

HCFCFeedstock

Brazing, electronic, …

Refrigerants,foam blowing

agents, …

Fluoromonomers

PVDFPTFE

PFA/MFAECTFEFKMFFKMPFPE

PVC

Chlorinated derivatives : organic (epichlorhydrin)

inorganic

Peraceticacid

Persalts

hydrogen

Hydrogenperoxide

VCM

Ethylene(partly

integrated)

VDC PVDC

Solvay’s core competenciesCompetitiveness – raw material integration

18

SOLVAY GROUP


Solvay’s core competenciesCompetitiveness – HORIZON Project

Horizon project: optimize efficiency of Solvay’s organization and secure best prospects for future growth

Cost saving potential (external and internal) estimated to reach up to EUR 120m by end of 2012 on annual and recurrent basis

Based on established practices, one-off costs at least equal to one time the estimated annual savings

All decisions will be made in accordance with Solvay’s corporate governance rules and applicable legislation and procedures

19

SOLVAY GROUP


Build an organization and operating model for the future, more entrepreneurial and more motivating, with increased empowermentof people active in the markets:

employees interacting with our markets and customers;

employees close to technology, research and production in labs and plants.

Build a lean corporate structure that:

concentrates on the most strategic business issues; and

deploys best practices and tools.

Shape our service organizations to become even more customer-oriented and maximize value for the business

Achieve a profound change of our attitudes to further energize the way we work together

Project Horizon What we want to achieve

20

SOLVAY GROUP


Net debt / equity ratio end 09: 26%;

Cash surplus (42% of equity) end of September 10

No significant debt maturity dates before 2014:

Debt with fixed average coupon rate of 5.1% and duration of 5.4 years

Solvay long-term ratings: Moody’s: A3 with negative outlook (reconfirmed on September 28, 2009);

S&P: A- with stable outlook (August 24, 2010)

Solvay’s core competenciesA strong balance sheet

0.5

2016

0.50.5Retail bonds

0.5

2018

0.5

2014 2015

2.8Total gross debt

0.5Hybrid bonds

1.0EMTN bonds

20132011(End of September 2010)

21

SOLVAY GROUP


Solvay’s core competencies Solid track record of successful portfolio mgt

2002Acquisition of

Ausimont

2001Deal with BP:

Sale of PPJV in PE

Acquisition of Specialty Polymers

2005Acquisition Fournier Pharma

1999Solvin, JV with BASF in Vinyls

2000Inergy

Automotive Systems, JV with Plastic Omnium in

fuel systems

2008Acquisition

Innogenetics

2004Sale of

commercial Salt to K&S

2004Sale of stake in PE JV to

BP

2005Sale of

industrial foils

2001Sale of the Air

Intake Systems

2001Sale of

decoration

2007Sale of

Caprolactones

2008Sale of SEP

3 acquisition deals above EUR 1 billion each (Fournier, Ausimont, BPS JV)

2010Sale of Pharma

22

SOLVAY GROUP


RETURN ON EQUITYObjective: to achieve 15%

11%9%

15%12%

22%

14%

10%11%

19%

12%

19%

0%

5%

10%

15%

20%

25%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

NET DEBT TO EQUITYObjective: not to exceed durably 45%

0%

5%10%

15%20%

25%30%

35%40%

45%50%

55%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 20090

200

400

600

800

1000

1200

1400

1600

1800Net debt Net debt to equityM EUR

1,65 1,70 1,701,80 1,80

1,902,00

2,102,20 2,202,20 2,27 2,27

2,402,53

2,672,80

2,93 2,93 2,93

2,202,40

0,000,400,801,201,60

2,002,402,803,20

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Net dividend Gross dividend

DIVIDEND POLICYObjective: Increasing our dividend whenever possible, and if possible, never reducing it

EUR/share

NET PROFITObjective: average annual growth of 10%

430

541449

553

817

423

828

433 403494

816

0

200

400

600

800

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

M EUR

+26%+1%

-7%

+23%

-13% +51%

record

+3%/y

-46%

Solvay’s core competenciesTrack record of achieving LT financial targets

+23%

23

SOLVAY GROUP


New Business Development

Creation of new reporting segment as of Jan 1st 2010

Create innovative materials and systems using leading edge technologies which go beyond those applied in current Solvay’s existing businesses. Supplement current activities or help create new entities which will later be integrated into the existing Sectors.

Two Competence Centers: Future Businesses and Advanced Technologies and four platforms, selected for their consistency with mega trends:

Climate changeLimited resourcesNew consumers (mainly in Asia)Shifting centers of economic activity

24

SOLVAY GROUP


New Business Development - Future BusinessesSustainable Energies Platform

Fuel cellsBest energy & environmental balance by converting hydrogen into electrical powerWill be developed for large range of applications, from portable and stationnarysegments to automotive

Organic photovoltaic cellsLow-cost solution to renewable energy based on organic materials printed on flexible supportsIn medium term: should prove more competitive than silicon-base cells

New generation of batteries

Hydrogen storage

25

SOLVAY GROUP


New Business Development - Future Businesses Organic Electronics Platform

Organic (printed) electronics will develop as a complement to silicon-based technologies opening up a wide range of new

mass market applications

Focus on three segments:Organic light emitting diodes (OLEDs)Organic field effect transistors (OFETs)Organic Memories

Solvay positioned as supplier of very high added value materials for these applications

Prospects are very promising:revenues of the organic components industry set to run into EUR billions by 2015

26

SOLVAY GROUP


Platform Nanotechnologies• Supports the Group and its businesses to increase its use of

nanotechnologies

Two concrete applications:

FLUOROLINK ® : Soft lithography for micro lenses, microfluidic, …NanoVin: Plastisols for thick coating, soft grip for tooling, …

Platform Renewable Based Materials and White Biotechnologies

• Develops business opportunities based on sustainable use of renewable resources or industrial biotechnologies.

Two concrete applications:

EPICEROL® to produce epichlorohydrinProject of a first ethanol-based ethylene unit for PVC in Brazil

New Business DevelopmentAdvanced Technologies

27

SOLVAY GROUP


Group’s long term vision: Chemistry and life sciences are key elements in achieving sustainable developmentICCA report (McKinsey analysis)

Total lifecycle analysis - positive contribution of the chemicals industry: 2.6 tons CO2 saved per ton CO2 producedExpected further improvements by 2030: 4.6 tons CO2 saved per ton CO2 produced

It involves:Rethinking our product & research portfoliosImproving energy efficiencySecuring raw material and energy sources without competing with food chain

2020 targets to improve environmental and social footprint:Energy consumption: - 20%CO2 emissions: - 20%Product transport by road: - 20%Accident FR1: 0

Solvay’s long term commitment Sustainable development

28

SOLVAY GROUP


Corporate governanceManagement compensation

Bonus linked to :Achievement of strategic targetsRoEIndividual performance targetsOther executive specific targets as approved by the Board

Up to 50% of total cash pay for Top management is performance-based

Long Term Incentives :Share options with 3 year vesting periodTotal awarded to Top management in 09: 556k optionsTotal eligible population: 300 executives

29

SOLVAY GROUP


Corporate governanceShareholders & Board

Total issued capital 84,701,133 shares

Solvac 30%(Founding families’ holding company listed on NYSE Euronext)Solvay (to cover share option program) 3%Solvay (treasury share: 880,766 shares as of 25 October 10) 1%

16 Board MembersNationalities: 8 Belgian, 1 Dutch, 3 French, 1 German, 1 Spanish, 1 CH Executives: 2 (CEO & CFO), Chairman is previous CEOIndependent Directors: 10 Some Directors are members of the founding families

30

PHARMACEUTICALS

Solvay Pharmaceuticals

(Discontinued Operations)

31

PHARMACEUTICALS


Continuing strong success of AndroGel® in USAndroGel® low volume submitted in Q1/09; PDUFA date end Q1/10FTC challenge of Watson and Par co-promotion agreementsANDA filed by Perrigo but AndroGel ® low volume not within ANDA scopeAgreement with Lipocine for development of oral testosterone productCash payments from Abbott to Solvay of up to EUR 300 million if certain milestones are met between 2011 and 2013

AndroGel®

0

100

200

300

400

500

600

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

M USDAndroGel® (US)

32

CHEMICALS

Solvay Chemicals

Driving towards sustainable solutions

33

CHEMICALS


Minerals cluster 47 %41% Soda Ash5% Advanced Functional Minerals

Electrochemistry andFluorinated Products cluster 36 %

24% Electrochemicals12% Fluorinated Products

Oxygen cluster 16 %16% Hydrogen peroxide

Organic cluster 1 %

Sales breakdown 2009: EUR 2 713 million

17%19% 11% 12% 4%Chemicals Detergents Human/Animal foodPaperGlass

1

16%

47%

36%

1

16%

47%

36%

Our Chemicals Sector

34

CHEMICALS


Leadership positionsMarket leader in soda ash

SODA ASH - Nameplate capacities as of 1 January 2010 in million tons

0

1

2

3

4

5

6

7

8

SOLV

AY

TATA

CHEM

ICALS FM

CO

RIEN

TAL

CHEM

ICAL

SHANDO

NG HAIH

UA

NIR

MA

CIEC

H

STER

LITA

MAK

TANG

SHAN S

ANYO

U

SISE

CAM

EUROPE + CIS NAFTA AFRICA ASIA-PACIFIC

35

CHEMICALS


Leadership positionsAmongst the top 3 players in caustic soda

Caustic soda - Nameplate capacities as of 1 January 2010 in million tons

0

1

2

3

4

5

6

7

DO

W C

HEM

ICAL

OXYC

HEM

SOLV

AYFO

RMO

SA P

LAST

ICS

OLI

N

PPG

ASAHI

GLASS

BAYER

AKZO N

OBEL

INEO

S CH

LORVIN

YLS

EUROPE NAFTA MERCOSUR ASIA PACIFIC AFRICA

36

CHEMICALS


Leadership positionsMarket leader in hydrogen peroxide

H2O2 - Nameplate capacities as of 1 January 2010 in thousand tons

0

100

200

300

400

500

600

700

800

900

1,000

SOLVAY EVONIK ARKEMA FMC EKA KEMIRA MIGAS OCI HUNANZICHENG

EUROPE NAFTA MERCOSUR ASIA PACIFIC AFRICA

37

CHEMICALS


Key financials

0

500

1000

1500

2000

2500

3000

3500

2005 2006 2007 2008 2009

Minerals Electrochemistry & Fluor

Oxygens Organic

M EUR

SALES

0

100

200

300

400

500

2005 2006 2007 2008 2009

REBITDAM EUR

15%13%

17%16%16%14%

15%

0%

5%

10%

15%

20%

2003 2004 2005 2006 2007 2008 2009

REBITDA margin

AVG 03-07 REBITDA / sales : 16%


In a tough economic context, the 2008 & 2009 results of the Chemicals Sector showed a good

resilience

38

CHEMICALS


Vertical integration in raw materials

Salt (caustic soda / soda ash)

Covered 93 % of 2008 consumption

Fluorspar (fluorinated prod.)

Covered 100 % of 2008 consumptionCovered 60% of 2008 consumption

Hydrogen (H2O2)

Limestone / Trona (soda ash)

Covered 100% of 2008 consumption

39

PLASTICS

Solvay Plastics

Performing for the world

40

PLASTICS


Specialties 42 %27% Specialty Polymers15% Inergy Automotive Systems

Vinyls cluster 58 %46% Vinyls12% Pipelife (pipes and fittings)

Sales breakdown 2009: EUR 2 982 million

12%

46%

27%

15%

12%

46%

27%

15%

Our Plastics Sector

10%Electrics &Electronics

20%Automotive

34%Building &

Construction

8%Packaging

10%Water &

Environment

41

PLASTICS


Solutions provider, with broadest portfolio of high performance polymers

Polidan®,Polidiem

me®

Cogegum®

PEX, XLPEEPR3,EPDM3

xxEvonik

(2)

(2)

(2)

Fomblin ®

Galden ®

Fluorolink ®

PFPE

Halar ®

Primospire®

Tecnoflon ®Hyflon ®Solef ®

Hylar ®

Algoflon®

Polymist®

Udel ®

Veradel ®

Radel R ®Epispire ®

Acudel ®

(1)

Mindel ®(1)

Torlon ®Ketaspire

®

Avaspire ®

IXEF ®Amodel ®Xydar ®Primef ®

(1)Ixan®

Diofan ®SOLVAY

Trade Marks

x

x

x

FKM/FFKM

xEMS

x

x

x

PTFE

xxTicona

xVictrex

xSABIC

xxxDyneon

xxxxDuPont

xxDaikin

xBASF

xxxArkema

Solvay

OTHERSFEP/PFAPVDF

PSUPES

PPSUPIPEIPAIPEEKHPPALCPPPSPVDC

(1) : Blends/compounds(2) : Marketing some functional equivalent products

(3) : Crosslink elastomeric based compounds

42

PLASTICS


Among the market leaders in PVC

PVC - Nameplate capacities as of 1 January 2010 in million tons

0

1

1

2

2

3

3

4

4

SHINETSU FORMOSAPLASTICS

SOLVAY OXIVINYLS INEOSVINYLS

GEORGIAGULF

LG GROUP TIANJINBOHAIGROUP

ARKEMA MEXICHEM

EUROPE NAFTA CENTRAL/SOUTH AMERICA ASIA PACIFIC

43

PLASTICS


0500

10001500200025003000350040004500

2005 2006 2007 2008 2009

Vinyls SpecialtiesM EUR

SALES

0

100

200

300

400

500

600

2005 2006 2007 2008 2009

REBITDA M EUR

10%

12%

16%16%16%17%

13%

0%

5%

10%

15%

20%

2003 2004 2005 2006 2007 2008 2009

REBITDA margin



Strong impact of the crisis on the 2009

results of the Plastics Sector, mitigated by global cost-cutting

program

Key financials

44

PLASTICS


SBU 2009 sales by application

Pharma packaging : blister packaging

Medical : trays and instruments withstand

the rigors of repeated sterilization

Building & Construction : Coatings provide protection against UV radiation, pollution, and severe weather

Automotive : Solvents and high temperature resistance in air induction, fuel systems, electrical connectors,

powertrain, lighting

Electrics and electronics : Fiber optic connectors, compo-nents for metering devices, wire coating, mobile phones, micro-

chips fabrication and testing, hard disk drivers, seals

3%5%

5%

13%

9%

13%

17%

21%

12%

Water & Environm.

Chemical Industry

Consumer goods

Specialty polymers Sales by application

45

PLASTICS


VinylsCompetitiveness & exposure to different regions

1. Leading competitiveness by regional market

2. Exposure to different economic cycles: Europe, Asia and Mercosur

0%

20%

40%

60%

80%

100%

1999 2001 2003 2005 2007 2009

Average plant capacitySolvin (Europe)

Fixed cost SolVin (Europe)

0

50

100

150

200

250

300

350

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

average SolVin plants

average European plants (excl SolVin)

46

SOLVAY GROUP

“To the extent that any statements made in this presentation contain information that is not historical, these statements are essentially forward-looking. The achievement of forward-looking statements contained in this presentation is subject to risks and uncertainties because of a number of factors, including general economic factors, interest rate and foreign currency exchange rate fluctuations; changing market conditions, product competition, the nature of product development, impact of acquisitions and divestitures, restructurings, products withdrawals; regulatory approval processes, all-in scenario of R&D projects and other unusual items. Consequently, actual results may differ materiallyfrom those expressed or implied by such forward-looking statements. Forward-looking statements can be identified by the use of words such as "expects," "plans," "will," "believes," "may," "could" "estimates," "intends", "goals", "targets", "objectives", "potential", and other words of similar meaning. Should known or unknown risks or uncertainties materialize, or should our assumptions prove inaccurate, actual results could vary materially from those anticipated. The Companyundertakes no obligation to publicly update any forward-looking statements"

the strength to change - solvay strength to change ... 230 42 56 88 261 ... 9deploys best practices...

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