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A 2 component flexible cementitious coating for waterproofing new and existing strutures. It comprises a liquid polymer A component and a special cement based powder B component. The two components are mixed together with a slow speed drill and paddle to form a smooth slurry. The slurry is applied by trowel or brush, in two coats, to horizontal and vertical surfaces and dries to form a hard but flexible waterproof cementitious coating.