## O n T h e G l o b a l S t a g e S O D A A S H R I S I N G 

We are the world’s largest natural soda ash producer. Soda ash is a core ingredient in the production of many detergents and glass, including structural glass, containers, bottles and solar panels. It is also used in emerging applications for pollution control at power plants and other industrial facilities. 

We expect this business to continue delivering strong earnings growth and superior returns. Revenues will grow to $800 million by 2015 as we retain our global leadership role. 

FMC holds a low-cost position, due in part to an efficient distribution system from our Green River, Wyoming, mine. Although a global oversupply of soda ash is likely to persist for some time, we expect to operate at full production capacity through 2015 because of our differentiated position as a low-cost supplier. In fact, given the projected strength in export demand, in 2011 we will restart our Granger solution-mining operation that has been temporarily offline since 2009. 

Soda ash will continue to produce sustained returns well in excess of reinvestment economics throughout our Vision 2015 period. Because it delivers steady growth, strong profitability and superior returns on capital, soda ash is a very attractive component of our Industrial Chemicals business. A number of factors differentiate it from typical 

industrial commodities, which can be highly cyclical and less consistent in earnings performance. 

One factor is access to natural raw material: trona ore. There are few commercially viable deposits of trona around the globe, creating a competitive barrier to entering this market. Our operations in Wyoming sit on the world’s largest and most attractive reserve, the primary factor in our low-cost position. 

Our market standing is further strengthened by the scale of our operations and the proprietary process technology we employ. For example, we have been innovators in using longwall mining of trona, as well as secondary solution mining. 

Global demand growth for FMC’s natural soda ash has proven to be very steady. New markets are also emerging for air pollution applications using trona. And we plan to extend our global reach. While Latin America and Asia are our largest export markets today, there are rising opportunities in other rapidly developing economies that we intend to open to U.S. exports as we move forward. 

