Akzo’s equity story is mow changing from higher sales prices to raw material price deflation. The coming quarters will see some weaker pricing initiatives and margins will be protected by raw material price deflation. The management’s guidance is for a Q3 which should look slightly better than the reported Q2 with less of a pricing impact, more raw material deflation and flat volumes for the year. The Q2 figures were a mixed bag being below consensus at many levels.