Warburg says K+S volume drop to probably be more pronounced than originally estimated, cites comments by Potash Corp., temporary shutdown of K+S’s site. • Lowers 2H volumes assumptions for K+S’s Potash & Magnesium Products business to reflect lower demand in Northern, Southern hemispheres, shutdown of Unterbreizbach mine o Says 3Q demand for potash “lackluster” according to comments by North American producers • Sticks to its “conservative” scenario of avg potash price of of $300/t in all mkts in 2014, 2015 (sell, PT EU15) • Earlier: Potash Corp. cuts forecast citing mkt uncertainty • Yday: K+S said potash production halted at Unterbreizbach site • 3Q due Nov. 14 • Shrs -46% YTD vs STOXX Europe 600 Chemicals +4.4% • Rated 8 buys, 8 holds, 22 sells; avg PT EU17.46 or 7% downside: Bloomberg data