UBS Global Financial Services Conference

International Economies Forecasters predict positive economic growth NK UK US Germany 2002 2003 2004 2005 2006 1.8% 2.2% 3.1% 2.5% 2.3% 1.9% 3.0% 4.4% 3.7% 3.4% 0.1% 0.1% 1.4% 0.9% 1.4% Source: Datastream, Consensus Economics Slide 5

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