Z/Yen continues its four year programme working with the European Fertiliser Manufacturers' Association on European Union tariffs. Z/Yen's approach to "The Ammonium Nitrate Problem" has been, predictably, different. Rather than focusing on acceptable returns based on sales margins as have previous tariff submissions, Z/Yen has modelled a European risk-adjusted rate of return which justifies investment for sustaining a viable fertiliser industry. If the case is successful, Z/Yen's approach should be a landmark for future tariff calculations. Perhaps some amyl nitrate to keep our concentration?