The (current) cycle will continue for some further time.

I'm confident for this year. We have an upside potential if in Europe, and especially in Germany, the consumer behavior changes and confidence comes back.

We will set up a new catalysts division where we would pool Engelhard's activities with our own existing ones.

We have a clear interest in coming to the negotiating table and shaping the transaction jointly.

We think this is a very attractive offer to all shareholders which they should very seriously consider.

We posted the best results in our history in 2005. We grew faster than the market in 2005 on the basis of our own efforts and astute acquisitions.

We are committed to our goal of acquiring Engelhard, Engelhard did not provide any information that would prompt us to improve the terms of our current offer.

We believe that our all-cash proposal provides a compelling opportunity to achieve significant value for Engelhard's stockholders.