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					                                                                                                        Friday, May 11, 2007




                                                    Sunrise Market Commentary
                                                     From KBC Market Research Desk - More research on www.kbc.be/dealingroom


•         US Treasuries rise on sharp fall of equities
•         ECB signals June rate hike
•         JPY likes risk aversion
•         The law of gravity applies to the stock markets

Global overview
                                                  The law of gravity applies to the stock markets
               S&P
       Eurostoxx50
                                                  Yesterday, at the start of the day the market focus was on the central bankers. After
                                                  the FOMC statement on Wednesday, investors looked out for the decisions of the
             Nikkei
                                                  ECB and the Bank of England. However, the ECB decision and press conference
                 Oil
                                                  brought no surprise and also the BOE raising rates by 25 basis points only caused
               CRB
                                                  some limited repositioning both in the interest rate and the currency markets. At the
               Gold                               end of the day, the central bank theme was already off the radar screen.
            2 yr US
          10 yr US                                The most striking factor on the financial markets was the rather sharp correction on
          2 yr EMU                                the stock markets. The almost uninterrupted up-trend since mid March was aborted in
        10 yr EMU                                 quite an abrupt way. As usual, the trigger for such a correction in an extremely one-
         EUR/USD                                  sided positioned market is not easy to find. In this respect, the qualification ‘technical’
         USD/JPY
                                                  correction is justified. To put it in a simplistic way, when the last optimist has exe-
                                                  cuted his buying intentions, the next wave only can be a selling one. On top of that,
         EUR/GBP
                                                  the top driving stories for the rally, better than expected earnings and the M&A activ-
                                                  ity lost some of their power. The market can’t continue to react to the same news for-
                                                  ever. At the same time, the Fed refusing to signal any rate support to the ailing US
                                                  economy and some negative news for the retail sector were a good excuse to cash in
                                                  some profits. At this stage, this of course is nothing more than a healthy correction in
                                                  an overbought market. Looking at the S&P, a re-break below the 1461 (previous
                                                  high) would be a first warning signal that the correction is gaining momentum.
                                                  Other markets joined the more cautious approach on the stock markets. Bonds were
                                                  higher and in the currency market, the yen perfectly played its role as a put option for
                                                  a correction on the riskier asset classes. EUR/JPY apparently also drags EUR/USD
                                                  lower, despite the poor US data of late. Also the commodities joined the broader cor-
                                                  rection. Even gold wasn’t able to decouple from this broader trend as it joined the
                                                  down-move as it dropped below the USD 670 p/oz neckline.


Quote of the day: “there are several indications that higher short-term interest rates are influencing monetary dynam-
ics, although they have not, as yet, significantly dampened the overall strength of these dynamics”, Trichet at yesterday’s
ECB press conference

KBC Bank N.V. - Treasury and Capital Markets Front Office, Market Research                                                                 1
                                                                                                               Friday, May 11, 2007




                                                                                               Sunrise Market Commentary


Markets: Fixed Income
                 US yield          -1d            On Thursday, global bonds closed unchanged (EMU) to higher (US) in a session
2                 4.6755       -0.0587            dominated by Central Bank meetings, US economic data and above all equities. The
5                  4.544       -0.0551
                                                  bonds started to take the FOMC decision and statement into stride. It confirmed our
10                 4.634       -0.0417
30                4.8171       -0.0281            suspicion that it wouldn’t have lasting effects on bonds. The market also was little
                                                  changed on the decisions of the BoE (rate hike) and the ECB (announcement of rate
                                                  hike for June), as these were widely anticipated and especially Trichet was not in the
                 DE yield          -1d            mood to unveil how the ECB would module policy after the announced June rate
2                 4.1410       -0.0550
5                 4.1430       -0.0570            hike. US eco data were at the margin Treasury friendly, but it was especially a sharp
10                4.1780       -0.0520            correction in equities that helped bonds to its gains. A very weak US 30-year bond
30                4.3530       -0.0540            auction had only a very limited effect In the US, the curve steepened (but already
                                                  before the 30-year auction), due to equity weakness and yields dropped between 5
                                                  and 1.5 basis points. In EMU, yields were unchanged on a daily basis, but taking into
                                                  account the weak opening, the session was constructive too for EMU bonds.
                                                  An analysis of the ECB and BoE decisions is available at www.KBC.be/dealingroom.




                                                   June US Note contract (bold) and S&P future (dotted): rises already before equities crum-
                                                                                            ble




KBC Bank N.V. - Treasury and Capital Markets Front Office, Market Research                                                                 2
                                                                                                              Friday, May 11, 2007




                                                                                               Sunrise Market Commentary
R2              108 13+             -1d           US Treasuries rise on sharp fall of equities
R1               108 10
T-Bond         108 7/32            5/16
S1               108 02
                                                  Today, the calendar is very interesting as it contains both a key activity report (retail
S2              107 30+                           sales) and an inflation indicator (PPI). So, two pieces of evidence that go straight to
                                                  the hart of the debate inside the Fed. For the Fed to contemplate lowering rates, the
                                                  economy should remain weak and inflation should decline. The April retail sales
 Technicals June T note future:                   should be weak, even if the headline figure will be pushed higher by the sales at
                                                  gasoline stations, which is a price effect. Headline sales are expected at 0.4% M/M,
 The MT technical picture of the June             excluding cars at 0.5% M/M. However excluding sales at gasoline stations, retail
 Note future was downgraded to neu-               sales should be negative. The change in weather between March (warm) and April
 tral, as the contract fell below the 108-
                                                  (cold) is a negative as is the timing of Easter. So while these factors should be taken
 07 level, neckline of double top forma-
                                                  into account, the report will be seen as weak, the more as consumption went into Q2
 tion. A sustained re-break above
 108-07 (neckline), or even better                without much momentum. This underpins our expectation that Q2 GDP might be very
 above 108-15 (Reaction high) is                  weak too. However, the market reacted yesterday on the weak chain store sales,
 needed to improve the picture.                   which means that some downside risks are probably priced in.
                                                  It is inflation that is restraining the Fed to become more accommodative in its policy.
 Support stands at 108-02 (S1 Bollin-             In March, headline PPI soared (as it did in February) because of higher energy and
 ger mid-line), at 107-28 (S2, yester-            food prices and these factors remain in place, even if the rise in headline PPI should
 day low) at 107-22+/20 (S3, broken               be about 0.5% M/M, half the increase in March. This would keep Y/Y increase at
 daily downtrend line/Bollinger bot-              about 3%. However, the market will focus on the core reading, which behaved well
 tom), at 107-18/16 (S3, spike Fri-               in March (flat), following a 0.4% M/M rate in February. For April, the market expects a
 day/break-up daily) at 107-13+ (S4               0.2% M/M increase, but it could be a tad lower. This would hold the Y/Y rate at 1.7%,
 Starc Bottom).                                   almost unchanged in the last four months.
 Resistance stands at 108-10/10+ (R1              Regarding trading, yesterday Treasuries gained ground with the short end doing the
 daily envelope/breakdown hourly), at             best on equity weakness. In fact, it simply erased the post-FOMC losses of Wednes-
 108-13+/15 (R2 week high /May 1                  day eve. This galvanizes our opinion that the FOMC statement didn’t change the un-
 high), at 108-16/17 (R3, Bollinger top/          derlying sentiment in the market. The market remains in a wait-and-see attitude with
 62% retracement) and at 108-25/27                the data again getting all attention. Yesterday, weak chain store sales sent some
 (R4, March 28 high/Starc top).                   shivers through markets as it suggests consumption started Q2 on a weak footing,
                                                  while the higher March trade deficit points top a downward revision of Q1 GDP.
 The contract is in neutral territory.
                                                  So, Treasuries are still stuck in a tight sideways range and we wait for a break
                                                  outside the boundaries to become more vocal, even if we continue to have a
                                                  bullish bias. Today’s data might be slightly Treasury-friendly, but the weak
                                                  chain store sales and the reaction on it yesterday may have taken away some
                                                  of the impact, if retail sales are weak today. Of course, it will also be interesting
                                                  and key for trading whether equities can fight back or on the contrary crumble
                                                  again.
                                                  The ST and MT technical pictures are still largely neutral. The 10-year yields are
                                                  trading in the tight 4.60%/4.70% trading range that already guides trading over the
                                                  previous weeks. A drop below 4.60% would make the medium term picture more
                                                  constructive again and open the road towards the 4.5% March lows. Regarding the 2-
                                                  year yield, the topside is capped at 4.73/78%, while a drop below 4.59% is needed to
                                                  become more optimistic with 4.50% the next point of reference.




                                                                             10-yearNote future: Up and down, but sideways range remains
                 S&P: Sharp correction on profit taking                                                in place.

KBC Bank N.V. - Treasury and Capital Markets Front Office, Market Research                                                                 3
                                                                                                              Friday, May 11, 2007




                                                                                              Sunrise Market Commentary
R2
R1
                 114.03
                 113.88
                                  -1d              ECB signals June rate hike
BUND             113.61       -0.0900
S1               113.72                           Today, the euro zone calendar is as good as empty. On the ECB front, ECB’s
S2               113.58                           Constancio will speak on fiscal sustainability. We don’t expect him to give mar-
                                                  ket-moving comments so closely after yesterday’s ECB press conference. At the
                                                  press conference, Trichet once again confirmed market expectations towards a June
                                                  rate hike by calling for ‘strong vigilance’ on the upside inflation risks. About the out-
Technicals June Bund future                       look beyond June, Trichet kept silent and only said that the ECB will do whatever is
                                                  necessary to ensure price stability. While he kept his options open for another move
The technical picture of the Bund is              higher after summer, Trichet nevertheless pointed out that there were ‘several indica-
bearish. Only a closing of the gap                tions that higher short-term interest rates are influencing monetary dynamics, al-
between 114.44 and 114.56 would                   though they have not, as yet, significantly dampened the overall strength of these dy-
point to an improvement in sentiment.
                                                  namics’. This may be a further indication that ECB interest rate won’t have to rise
Intra-day, support comes in at                    much further this tightening cycle (see our Flash on the ECB at
113.72 (STMA), at 113.58 (break up),              www.kbc.be/dealingroom).
at 113.46/43 yesterday’s low/last
week’s low), at 113.39/36 (daily                  Regarding trading, the ECB and Bank of England rate decision could not change
Bollinger bottom/contract low), at                the course of events and the Bund is still in its sideways range between 114.39 and
113.28 (weekly envelope) and at                   113.36. Today, the PPI and retail sales in the US will be main market movers. After
113.22/18 (50% retracement on con-                closing European bonds moved already somewhat higher on the very weak chain
tinuation chart/Irregular B).                     store sales and equity slump, which put the risks somewhat on the downside for to-
                                                  day’s retail sales too. A further slowing of the US economy is one of the reasons why
On the topside, resistance stands at              we see some slowing in the euro zone too in the second half of the year and do not
113.98 (previous reaction high), at               expect ECB rates to move much higher. The stronger opening this morning suggests
114.13 (weekly envelope), at 114.18               there may also be some relief in the European bond market that the ECB did signal
(daily Starc top), at 114.27 (LTMA), at           more interest rate hikes at the current stage. This may point to an improvement in
114.39/44 (previous reaction highs)               sentiment. However, only a break below 4.15% in 10-year yields or a closing of the
and at 114.55/56 (previous reaction               gap between 114.44 and 114.56 would really improve the outlook for bonds.
low on continuation charts/gap open).
                                                  In the UK, the Gilt market slightly underperformed the European bond market, as the
                                                  statement following the Bank of England rate hike of 25 basis points to 5.50% came
The Bund contract is in neutral terri-            out a bit more hawkish than expected signalling that the Bank still has a tightening
tory.                                             bias.
                                                  Overnight, the NIESR institute estimated UK GDP growth in the three months
                                                  through April at 0.7% the same pace as in the three months through January 31.
                                                  However, the rounding of the figure masks what was probably a slight acceleration of
                                                  growth in the economy as a result of expansion of both public and private-sector ser-
                                                  vices, the institute said. According to the institute, which prepared its statement be-
                                                  fore the UK interest rate decision, a 50 basis points rate hike would be ‘prudent’.
                                                  While we admit that there are good reasons why rates may move still somewhat
                                                  higher, we think markets are currently too confident that rates will rise again (see our
                                                  flash on the Bank of England at www.kbc.be/dealingroom).




   UK 2-year yields remain close to the highs after Bank of England
                                                                                      Bund: a test of the upside in the making?
                              rate hike.




KBC Bank N.V. - Treasury and Capital Markets Front Office, Market Research                                                               4
                                                                                                              Friday, May 11, 2007




                                                                                              Sunrise Market Commentary


Currencies: JPY likes risk aversion
                                                  The EUR/USD pair continued its recent decline during yesterday’s trading. For a
                                                  few hours the façade was kept with some minimal euro gains from the 1.3530 zone
R2               1.3525               -1d         to the 1.3550 area, but these gains evaporated soon enough and the decline re-
R1               1.3512
EUR/USD          1.3486       -0.0073             sumed.
S1               1.3464
S2               1.3437
                                                  The ECB was the most important factor for this pair on the day. As expected the
                                                  Bank kept its rates unchanged and pre-announced a rate hike in June. As this has
                                                  been well factored in for some time now, this was of no help anymore for the single
                                                  currency. What’s more, the fact that no added hope was given for more rate hikes
                                                  later on was interpreted as euro negative, as some players apparently were disap-
                                                  pointed.
                                                  We never hoped for such comments along those lines, so the view yesterday morn-
                                                  ing was already that it would be a difficult day for the single currency. This was con-
                                                  firmed as EUR/USD fell to the 1.3480 area by later trading. The pair is still in that
                                                  zone this morning.
                                                  Today, the markets finally get some tangible data to assess with the US PPI and re-
                                                  tail sales data. After a week of central bank jawboning but without much flesh on the
                                                  bone, let’s hope for some fresh input. Indeed, the Fed only made its wait-and-see
                                                  stance clear and showed that it would be data-dependant over the next months; Now
                                                  let the data come.



  Technicals EUR/USD

  The pair is in oversold territory

  Support is seen at 1.3464 (current
  week low), at 1.3437 (daily envelope)
  and at 1.3402 (daily Starc bottom).

  Resistance comes in at 1.3485 (to-
  day’s high), at 1.3512 (STMA) and at
  1.3526 (ST MA).




                                                                             EUR/USD (14 days): slipping further


                                                  The USD/JPY pair fell back slightly yesterday, nudging below the 120 mark again.
  R2                120.54              -1d       Is this the start of a yen comeback?
  R1                120.18
  USD/JPY           119.88       -0.1600          No, the yen is in our view unable to make any sustained comeback for now.
  S1                119.72                        One out of two conditions needs to be fulfilled: either the BoJ starts hiking, lessening
  S2                 119.5                        the rate gap with other currencies (highly unlikely short-term) or the world receives
                                                  another risk aversion shock. The latter is very hard to predict.
                                                  Therefore, we would wait for such signals to arise before trying to go yen long on
                                                  such occasions, for instance due to geopolitical turmoil or stock market wobbles.
                                                  Yesterday evening’s decline in US stocks (Dow’s one-day loss biggest in almost 2
                                                  months) confirmed that tie with yen, as USD/JPY fell back strongly from the 120.30
                                                  zone to the 119.70 area. Only if risk aversion becomes a true theme, not just a one-
                                                  day jitter, can the yen make a deeper comeback.
                                                  For now, it is obvious we stay in a sell-yen-into-strength atmosphere almost
                                                  across the board. USD/JPY is in our bias on the way to the 122 year highs.
                                                  Today, the US data, PPI and retail sales, could be driving this pair.

KBC Bank N.V. - Treasury and Capital Markets Front Office, Market Research                                                              5
                                                                                                                Friday, May 11, 2007




                                                                                                 Sunrise Market Commentary




Technicals USD/JPY

The pair is overbought.

Support is seen at 119.80/.72 (MT MA
/ today’s low), at 119.50 (current week
low) and at 119.44 (daily Bollinger
midline).

Resistance is seen at 120.18 (daily
envelope), at 120.53/.54 (76% re-
tracement / yesterday high) and at
120.74 (daily Bollinger top).
                                                                   USD/JPY (2 days): stock market jitter yesterday helps yen



                                                  EUR/GBP rose slightly yesterday, ticking back up from the 0.6790 zone to the
  R2                   0.0683         -1d
  R1                   0.6819
                                                  0.6810 area. The sterling was more hurt in sentiment by the UK trade balance data
  EUR/GBP              0.6806     0.0010          than by the combined effort of BoE/ECB. Indeed, the trade deficit widened unexpect-
  S1                   0.6799                     edly, with the total trade shortfall growing from 4.29 B to 4.52 B £.
  S2                   0.6789
                                                  The Bank of England hiked 25 basis points, but didn’t stoke for more rate hikes,
                                                  while the ECB didn’t hike, but pre-announced a rate hike in June, also without stok-
                                                  ing hopes/fears for more rate hikes; All in all, two events very much in line with the
                                                  expected, unable to move EUR/GBP, which in the immediate aftermath stayed at the
                                                  0.68 zone.
                                                  Also yesterday, PM Blair announced he will be stepping down 27 June, but this
                                                  move had been widely expected, as only the timing was still an issue. The forex
                                                  market had no reaction.
                                                  Today, the NIESR GDP estimate for the 3 months to April rose 0.7% from a revised
                                                  higher 0.7% in the 3 months to March (previously reported as 0.5%). So, this is not
                                                  so bad news for the sterling, but the FX reaction was not significant this morning.



Technicals EUR/GBP

The pair is neutral.

Support is seen at 0.6799 (LTMA), at
0.6789 (daily envelope) and at 0.6780
(current week low).

Resistance is seen at 0.6818/.19
(yesterday high / daily envelope), at
0.6829 (current week high) and at
0.6837/.42 (May 3 high / Apr 27 high).




                                                                             EUR/GBP (30 days): and again back at 0.68




KBC Bank N.V. - Treasury and Capital Markets Front Office, Market Research                                                             6
                                                                                                               Friday, May 11, 2007




                                                                                               Sunrise Market Commentary

News:
                                                  US: Claims lower, import prices and trade deficit higher
                                                  Initial claims unexpectedly dropped by 9 000 to 297 000, while continuing claims,
                                                  reported with a lag of a week, jumped 65 000 higher to 2 555 000. Consensus was
                                                  looking for a slight rise in claims. It seems that difficulties in the seasonal adjustment
                                                  process were responsible for the increase in initial claims, even if officials mentioned
                                                  no special factors. The continuing claims were notoriously volatile in recent weeks,
                                                  but an upward trend seems to be enfolding. We wouldn’t draw too many conclusions
                                                  from the report.

                                                  Import prices rose once again a strong above-consensus 1.3% M/M (1% M/M ex-
                                                  pected), but given basis effects, the Y/Y rate slowed to 1.9%. Higher petroleum
                                                  prices were the driver of the monthly increase. Core import prices, that exclude pe-
                                                  troleum, rose by a modest 0.2% M/M (2.9% Y/Y), following a 0.1% M/M increase in
                                                  the previous month. The report shouldn’t have negative implications for Fed policy.
                                                  PPI and CPI are more important and core import prices behave still quite well, de-
                                                  spite the steep drop in the dollar in recent years.

                                                  The March trade deficit widened more than expected to 63.9 B USD from a down-
                                                  ward revised 57.9 B USD in February, earlier reported at 58.4 B USD. The deteriora-
                                                  tion is for a large part linked to surging petroleum imports. However, also excluding
                                                  this item, the balance deteriorated. The deficit is worse than the deficit incorpo-
                                                  rated in Q1 GDP that will be revised lower to sub-1% from 1.3%. Both export and
                                                  imports rebound in March from declines in February. Exports rose by 1.8% M/M
                                                  while imports surged 4.5% M/M. On a yearly basis, export growth seems to be slow-
                                                  ing though (9.2% Y/Y). Imports surged in March, but on a yearly basis, imports re-
                                                  main subdued at 6.9%, a result of slower domestic growth.

                                                  Other: UK manufacturing output falls in Q1
                                                  Manufacturing output decreased by 0.3% Q/Q in Q1 compared to Q4 last year, as
                                                  output fell in 10 out of 13 sub-sectors. However, overall production output remained
                                                  broadly unchanged in the first quarter, as the decrease in manufacturing output was
                                                  offset by strong increases in energy output (1.3% Q/Q) and mining and quarrying
                                                  output (1.3%). The latter was due to the start of the exploration of a new oil field, but
                                                  this was partially offset by a large fall in gas extraction output. Essentially, the lat-
                                                  est figures confirm that Q1 production was flat on the quarter meaning that it
                                                  won’t add or subtract from Q1 GDP growth.

                                                  The UK trade deficit widened in March from GBP –4.3 B to –4.5 B, as the deficit
                                                  on trade in goods widened and the surplus in services narrowed. As such, the
                                                  longer-term widening trend is still continuing and may even accelerate if sterling re-
                                                  mains strong.

                                                  In April, UK house price inflation rose a strong 1.1% M/M and 10.9% Y/Y com-
                                                  pared to 11.1% Y/Y in March. This is the first annual decline since September last
                                                  year. According to Halifax, demand remains healthy, even while the increase in in-
                                                  terest rates is likely to result in a slowdown in house price inflation over the coming
                                                  months.




KBC Bank N.V. - Treasury and Capital Markets Front Office, Market Research                                                                7
                                                                                                               Friday, May 11, 2007




                                                                                                   Sunrise Market Commentary

Calendar :

   Friday, 11 May                                                                                             Consensus           Previous
   US
    14:30 PPI (Apr) M/M Y/Y                                                                                    0.6%/3.1%         1.0% / 3.2%
    14:30 Core PPI (Apr) M/M Y/Y                                                                               0.2%/1.8%         0.0% / 1.7%
    14:30 Advance retail sales (Apr) M/M                                                                          0.4%              0.7%
    14:30 Retail sales less autos (Apr) M/M                                                                       0.5%              0.8%
    14:30 Business inventories (Mar) M/M                                                                          0.3%              0.3%
   Canada
    13:00 Unemployment rate (Apr)                                                                                6.1%                 6.1%
    13.00 Net change in employment (Apr)                                                                         19K                  54.9K
   Japan
    01:50 Official reserve assets (Apr)                                                                        A915.6 B               909.0 B
   UK
    01:01 NIESR GDP estimate (Apr)                                                                               A0.7%                 0.5%
   Events
    12.00 Swedish Riksbank’s Rosenberg speaks on Monetary Policy                                                    -                    -
    10:00 IEA monthly oil market report
    10:30 ECB’s Constancio on ‘fiscal sustainability’




  10-year                td          - 1d               2 -year                  td      - 1d   STOCKS                        - 1d
  US                   4.63         -0.04               US                     4.68     -0.06   DOW           13214.96     -147.83
  DE                   4.18         -0.05               DE                     4.14     -0.05   NASDAQ         2533.74      -42.60
  BE                   4.25         -0.05               BE                     4.16     -0.05   NIKKEI        17553.72     -183.24
  UK                   5.11          0.00               UK (3yr)               5.51      0.01   DAX            7475.99       33.79
  JP                   1.65         -0.02               JP                     1.00      0.00   DJ euro-50     4391.87      -33.16


  IRS                  EUR      USD (3M)         GBP    Eonia                  3.67     -0.03   3-m f.              1st       - 1d               2nd
  3y                  4.361        4.996        5.835   Euribor-1              3.86      0.00   euro            95.855        0.00            95.725
  5y                  4.363        5.007        5.753   Euribor-3              4.06      0.01   dollar          94.660        0.01            94.760
  10y                 4.441        5.162        5.494   Euribor-6              4.17      0.00   sterling        94.180        0.01            94.070


  Currencies                          - 1d              Currencies                        - 1d Commodities       CRB        GOLD             BRENT
  EUR/USD            1.3486       -0.0073               EUR/JPY              161.65      -1.07                  307.84       668.2            65.78
  USD/JPY            119.88          -0.16              EUR/GBP              0.6811    0.0019          - 1d      -0.85      -11.30             0.48
  GBP/USD            1.9795       -0.0162               EUR/CHF              1.6453   -0.0045
  AUD/USD            0.8294       -0.0035               EUR/SEK               9.238       0.03
  USD/CAD            1.1095        0.0041               EUR/NOK              8.1795       0.04




KBC Bank N.V. - Treasury and Capital Markets Front Office, Market Research                                                                      8
                                                                                                                                                             Friday, May 11, 2007




                                                                                                                                     Sunrise Market Commentary

Brussels Research (KBC)                                                                            Global Sales Force
Piet Lammens                                                              +32 2 417 59 41
Peter Wuyts                                                               +32 2 417 32 35          Brussels
Didier Hanesse                                                            +32 2 417 59 43          Corporate Desk                                                 +32 2 417 45 82
Peter Fontaine                                                            +32 2 417 56 11          Commercial Desk                                                +32 2 417 53 23
Bob Maes                                                                  +32 2 417 51 94          Institutional Desk                                             +32 2 417 46 25
Dublin Research (IIB)
Austin Hughes                                                             +353 1 6646892           London                                                         +44 207 256 4848
Prague Research (CSOB)                                                                             Frankfurt                                                      +49 69 756 19372
Jan Cermak                                                              +420 2 6135 3578           Paris                                                          +33 153 89 83 15
Zdenek Safka                                                            +420 2 6135 3570           New York                                                       +1 212 541 06 97
Jan Bures                                                               +420 2 6135 3574           Singapore                                                      +65 533 34 10
Bratislava Research (CSOB)
Marek Gabris                                                            +421 2 5966 8400           Prague                                                         +420 2 6135 3535
Silvia Cechovicova                                                      +421 2 5966 8405           Bratislava                                                     +421 2 5966 8436
Warsaw Research (Kredytbank)                                                                       Budapest                                                       +36 1 328 99 63
Piotr Radzewicz                                                          +48 22 6345 946           Warsaw                                                          +48 22 634 5210
Budapest Research (K&H)
Gyorgy Barcza                                                             +36 1 328 99 89
Our reports are also available on: www.kbc.be/dealingroom
This non-exhaustive information is based on short-term forecasts for expected developments on the financial markets. KBC Bank cannot guarantee that these forecasts will materialize and cannot be
held liable in any way for direct or consequential loss arising from any use of this document or its content. The document is not intended as personalized investment advice and does not constitute a
recommendation to buy, sell or hold investments described herein. Although information has been obtained from and is based upon sources KBC believes to be reliable, KBC does not guarantee the
accuracy of this information, which may be incomplete or condensed. All opinions and estimates constitute a KBC judgment as of the data of the report and are subject to change without notice.




KBC Bank N.V. - Treasury and Capital Markets Front Office, Market Research                                                                                                                          9

				
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