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DPM - Possible risk of higher input prices and selling price pressure - AGM Note

We attended DPM’s AGM on April 28. 2016 guidance came in rather conservative as usual but Q1 2016 results were not encouraging as well. We currently have a BUY rating on DPM driven by cheap input prices but we are collecting more information regarding DPM’s input gas price risk and reviewing our urea price assumption and will revise our valuation in the coming days.