Deutsche Bank Quotations

We feel it is impossible to present a Buy recommendation on a stock which is capable of being declared insolvent within two months and for which we have no clarity on the prospective group structure and strategy.

It is important to note that the divergence between actual export growth and export order growth has become increasingly evident in recent months.

With the U.S. and global economies still showing strong signs of resilience, expectations for oil demand growth in 2006 and 2007 remain robust. The United States and China account for a substantial proportion of the total world oil growth in 2006 and 2007.

We believe the company's share price is likely to consolidate near present levels as it absorbs its recent aggressive evaluation rating.

The raw material cost in the quarter is surprising given that the company generally has six-month visibility on raw materials based on forward purchases.

We believe demand could be very strong for oil products as we head into winter, because of high natural gas prices.

We believe the 21 percent discount to our target price should close through 2006.

This will grab attention, particularly since having seen very good control of operating costs by SAP. This needs clarification since small shifts in gross margin are material to earnings -- it is possible the mix of product revenue has shifted towards reselling during the quarter.

We find that capital flows trends are once again moving against the dollar, which could prove fortuitous in providing yet another leg to this gold price rally.

We expect the emerging markets to form a higher proportion of Ericsson's business in 2006 and Ericsson will have to fight hard in these markets and pay the price of lower margins to maintain its market share lead.

At $41.29 per proven barrel and $111 per 1,000 barrels a day production, the price more than doubles recent deals. Clearly this is a strategic move.

Five of the directors have spent a total of 1.1 million pounds buying shares in the past month ... so they clearly feel some positive things are happening.

There would be a massive period of uncertainty.

Sales show no clear evidence of demand destruction.

Oil demand elsewhere in Asia has slowed somewhat relative to 2004, but is still growing. Despite some evidence that demand growth has been impacted by higher prices, we believe this is temporarily moderating demand.

Companies exposed to European wholesale power prices, especially British Energy and E.ON, should benefit.

Despite these negatives, a strong cash flow has ensured that monies returned to shareholders remain at all time highs.

The valuation of European equities remains supportive, but the upside is clearly shrinking.

Although these changes may provide significant cost avoidance benefits to the company in the future, they don't meaningfully change the near-term cash picture.

Although Thales politely left the door open to a subsequent deal with EADS, which could bring Thales to its satellite business, we believe this is unlikely.

Take profits after a very strong share price run.

Once again, we expect a very solid quarter, fueled by strong subscriber growth.

After the recent share price weakness we see an attractive entry opportunity now.

Excluding this, pretax profit should be up 9 percent.

In our private banking division, declining securities revenues due to lower activity in the U.S.A. was the principal reason for lower profits.

High oil prices and their impact on the global economy are a major risk.

By first snow we expect extremely low stocks of heating oil and natural gas, with major pressure on refineries that need to (have maintenance). The fact is, some demand destruction is needed to balance this market.

The events in question took place over two years ago and were isolated instances involving a small number of individuals. There is no finding of deliberately wrongful conduct or of systems failures.