11.03.2004 

Ad hoc disclosure pursuant to Section 15 of the German-Securities Trading Act [WpHG]

Revenues up slightly in 2003 / Net income almost on previous year’s level

Revenues up slightly in 2003 / Net income almost on previous year’s level / Proposed dividend of € 1.00 per share once more / Extensive cost-cutting measures / Positive Outlook

In 2003, revenues increased by 1.3% to € 2,287.8 million. EBIT totalled € 115.7 million (-12.9%). At € 101.3 million, net income almost matched the figure of a year ago (-2.4%). Earnings per share amounted to € 2.42 (2002: € 2.43 per share). Given the rising trend in global fertilizer demand as well as extensive cost-cutting measures, K+S takes a confident view of 2004 and about 2005 in particular.

The Board of Executive Directors and the Supervisory Board intend to propose once again a dividend of € 1.00 per share to the Annual General Meeting. Full information is available on the Internet at http://www.k-plus-s.com. A press conference and an analyst conference will be held today at 10:00 am and at 1:00 pm respectively; the latter conference can be followed live on the Internet.

Kassel, 11. March 2004

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