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- 71 -

The Group is prioritizing research and development in its areas of competence, allocating it a greater

share of its human and financial resources (around €10 million in the 2015 budget).

The 2016 budget includes an ambitious investment program worth €46 million.

Significant developments are already under way in several leading-edge areas:

LiFePO

4

(Prayon-Pulead JV currently being created) for batteries, for energy storage and (to a

lesser extent) electric vehicles;

uranium extraction;

probiotics (nutrition);

an iron-chelating PK fertilizer for horticulture;

polyphosphoric acid;

innovative processes in the production of fertilizer-grade phosphoric acid adjusted to rock supply in

pulp form (under development with OCP).