812701--3/30/2006--CALGON_CARBON

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{operation, international, foreign}

{cost, regulation, environmental}

{cost, contract, operation}

{operation, natural, condition}

{condition, economic, financial}

{financial, litigation, operation}

{cost, operation, labor}

{gas, price, oil}

{competitive, industry, competition}

{debt, indebtedness, cash}

{property, intellectual, protect}

{product, market, service}

{provision, law, control}

Failure to innovate new products or applications could adversely affect the Company s ability to meet its strategic growth targets. Calgon Carbon holds a variety of patents that give the Company a competitive advantage in certain markets. An inability to defend those patents from competitive attack could have an adverse effect on both current results as well as future growth projections. Delays in enactment of new state or federal regulations could restrict Calgon Carbon s ability to reach its strategic growth targets. capital equipment sales which could have extreme fluctuations due to nature of that type of business. Encroachment into Calgon Carbon s markets by competitive technologies could adversely affect financial results. United States and European imports of Chinese manufactured activated carbon could have an adverse effect on Calgon Carbon uses bituminous coal as the m in its granular activated carbon production process. An interruption of supply or an prices could have an adverse effect on Calgon Carbon s financial results. by shortages in natural gas supply or Most of Calgon Carbon s hourly workforce is covered under union contracts; the Company s inability to successfully negotiate contracts upon expiration could have an adverse affect on financial results An unplanned shutdown at one of the Company s production fa cilities could have an adverse e Environmental compliance and remediation could result in substantially increased capital requirements and operating costs. Calgon Carbon s international operations expose it to uncertainties and risks from abroad, which could negatively affect its results of operations. Calgon Carbon has locations operating in multiple foreign countries and as a result is subject to foreign exchange translation risk which could have an adverse effect on the Company s financial results. Calgon Carbon s European and Japanese businesses are sourced from both the United States and China which subjects the Company to foreign exchange tran Calgon Carbon could find it difficult to fund the capital needed to complete its growth strategy due to borrowing restrictions under its U.S. credit facility Calgon Carbon could be subject to significant increases in pension contributions to its defined benefit pension plans thereby restricting cash flow Calgon Carbon has significant domestic and foreign net operating tax loss which, if they are not , would have an adverse effect on the Company s financial results. Calgon Carbon faces risks in connection with the material weakness described in its Sarbanes-Oxley Section 404 Management Report and any related remedial measures that the Company undertakes. Provisions of Delaware Law and our rights plan may make a takeover of the Company more difficult.

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812701--3/30/2006--CALGON_CARBON_CORPORATION