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

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.

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

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