Our expectations for the macroeconomic developments for the near future are described starting on page 103 of the annual report 2008.

Negative developments that could also affect our company directly or indirectly cannot be ruled out in view of the major uncertainty concerning economic trends and the global confidence crisis in the banking sector. Most institutions are currently predicting a recession in the U.S.A., Europe and Japan, with no signs of recovery forecast until the second half of 2009 at the earliest. A significant downturn in economic activity is also expected in the newly industrializing countries. From the present perspective it is difficult to say whether and to what extent the “aid packages” for banks and the economy initiated by the national governments will succeed in reviving global economic momentum in the course of the year. The key factor will be to bring about a swift solution to the confidence crisis in the banking sector and the associated restrictions in lending. The longer this process takes, the more profound will be the impact on the goods and services sector. Added to this is the risk of geopolitical instability as a result of a prolonged global recession. However, it is not possible to assess the consequences of state intervention in terms of partial or full nationalization, something that has been limited to the banking sector until now.