Our expectations for the macroeconomic developments for the near future are described starting on page 106_of the 2007 Annual Report.

Negative developments that could also affect the Corporation directly or indirectly cannot be ruled out. A further increase in raw materials prices or marked deterioration in financing conditions due to the U.S. mortgage market crisis could impede global economic growth. In addition to increasing our procurement costs, this might lead to a reduction in consumers’ readiness to spend, which would in turn have a negative effect on global economic growth.