EMU Economic Indicators Preview

(Week of 8 to 14 March 2010)

• Output in the German producing sector (January): unchanged or up
• EMU industrial production (January): up

After having plummeted in December, output in the German producing sector is not expected to have decreased again in January. Industrial output is likely to have gone up, as most of the correlated climate indicators improved. Industrial new orders soared in January, but mainly because of bulk orders, which tend to be carried out with delay. However, construction output has declined due to the bad weather.

French, Italian and EMU industrial production will probably have increased in January, because most of the correlated indicators went up.

Following the usual seasonal pattern, the German current account could have suffered a setback in January, contrary to the German trade balance. Italian GDP in Q4 is unlikely to be revised significantly.

Final German consumer prices for February are expected to be revised upwards. On Friday, statistical offices of the Länder revised their preliminary data due to a correction in car insurance premiums.

BHF-BANK
http://www.bhf-bank.com

This report has been prepared by BHF-BANK Aktiengesellschaft on behalf of itself and its affiliated companies (together "BHFBANK Group") solely for the information of its clients.

The information and opinions in this document are based on sources believed to be reliable and acting in good faith, but no representation or warranty, express or implied, is made by any member of the BHF-BANK Group as to their accuracy, completeness or correctness. Opinions and recommendations are given in good faith but without legal responsibility and are subject to change without notice. The information does not constitute advice or personal recommendation, for which the duty of suitability would be owed, but may facilitate your own investment decision. Moreover, you should seek your own advice as to the suitability of an investment matter mentioned herein. Investors are reminded that the price of securities and the income from them can go down as well as up and that the past performance of an investment or a market is not necessarily indicative for future results.

This document is for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete, and this document is not, and should not be construed as, an offer to sell or solicitation of any offer to buy the securities mentioned in it. BHF-BANK Group and its officers and employees may have a long or short position or engage in transactions in any of the securities mentioned in this document, or in any related securities.

This publication must not be distributed in the United States.