DAILY MARKET UPDATE

22 April 2010

EQUITIES
Switzerland USA
ABB Ltd. (ABBN VX):
• The builder of electricity networks reported lower-than- Future Current Chg Pct 1d Trend
estimated profit in the first quarter as clients delayed large DJIA . Jun ’10 11048 -0.13%

power projects and prices fell. Net income fell 29% to $464 S&P 500 Jun ’10 1198.1 -0.20%

Mn. Sales decreased 4% to $6.93 Bn while orders declined Nasdaq 100 Jun ‘10 2022.25 -0.12%

12%.

Credit Suisse Group AG (CSGN VX):

• The bank reported its fifth straight quarterly profit as debt U.S. market news
trading revenue recovered from the previous three months.
Net income was CHF 2.06 Bn, compared with CHF 2.01 Bn a Delcath Systems Inc., the developer of an experimental system
year earlier. for giving chemotherapy said a Phase III clinical trial on the device
has met the primary endpoint in treating patients with inoperable
Nestle SA (NESN VX): liver cancer. EBay Inc., the owner of an e-commerce marketplace
• The world’s largest food company said first-quarter sales and the PayPal online payment service forecast second-quarter
rose, fueled by Nespresso coffee capsules and Maggi instant profit that missed estimates after customers switched to
noodles. Total revenue rose to CHF 26.3 Bn Swiss francs competitors. Leggett & Platt Inc., the maker of lumbar supports
from CHF 25.2 Bn a year earlier for car seats boosted its full-year forecast after first-quarter profit
exceeded the average analyst estimate. Questar Corp., the oil
and gas driller said it is considering a tax-free spinoff of its natural
Europe gas and oil exploration and production business. SanDisk Corp.,
L’Oreal (OR FP): the maker of flash-memory cards for digital cameras and phones
• The world’s largest cosmetics maker agreed to buy Essie posted first-quarter profit excluding some items of 99 cts a share,
Cosmetics to expand in the nail color and care market in the beating the average analyst estimate by 68%. Total first quarter
U.S. It didn’t give financial terms. revenue of $1.1 Bn increased 65% on a year-over-year basis.
Starbucks Corp., the world’s largest coffee-shop operator raised
Mobistar SA (MOBB BB): its annual forecast after reporting second-quarter profit that beat
• The mobile-phone operator, reported an unexpected increase analysts’ estimates, helped by sales of Via instant coffee and an
in first-quarter profit as service revenue growth accelerated. increase in customer visits.
First-quarter net income rose to EUR 1.14 a share from 1 .
euro a year earlier.

Akzo Nobel NV (AKZA NA):

• The paint maker won European Union antitrust approval to
buy Dow Chemical Co.’s powder-coatings business.

COMMODITIES
Oil to their highest levels since 2008. Platinum for immediate delivery
Crude oil was little changed as the euro halted five days of losses fell 0.2% to $1,729.75 an ounce and palladium lost 0.9% to $561.13
against the dollar, shoring up investor demand for commodities. Oil an ounce. Silver decreased 0.2% to $18.065 an ounce.
earlier slipped on concern fuel demand in the U.S., the world’s
biggest energy consumer, is yet to recover. Gasoline and diesel Soft Commodities
inventories also increased. Crude oil for June delivery was at $83.75 Corn, soybeans and wheat declined for the first time in three days
a barrel, up 7 cts. The contract earlier fell as much as 50 cts, or on speculation that falling oil prices will curb demand for alternative
0.6%, to $83.18. Crude imports rose 8.3% to 9.61 Mn barrels a day, fuels. Bumper U.S. corn crops will cause unsold pre-harvest
the highest since September. Imports of gasoline and other fuels supplies to keep rising for at least the next two years, creating
climbed 32% to 2.88 Mn barrels a day, the highest since the week problems for farmers as prices fall below production costs, the
ended Feb. 5. biggest U.S. ethanol producer. Bumper harvests of soybeans and
corn are expected from South America and the U.S. may also
Gold produce large crops of both commodities this year if favorable
Gold for immediate delivery swung between a gain of 0.1% and a weather conditions persist. Soybeans for July delivery dropped 0.2%
matching loss before trading little changed at $1,146.50 an ounce. to $10.0375 a bushel. Corn for July delivery declined 0.3% to
Gold has gained 29% in the past year, reaching a record $1,226.56 $3.6775 a bushel at the same time. Wheat for July delivery fell 0.5%
an ounce on Dec. 3. The Washington- based fund raised its 2010 at $4.9725 a bushel, extending this year’s losses to 8.2%.
global growth forecast to 4.2% from 3.9% in its World Economic
Outlook. Platinum and palladium dropped, after climbing yesterday .
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FX
The yen advanced for a second day against the euro on speculation 124.39 per euro from 124.77 yesterday, when it gained 0.4%. The
U.S. President Barack Obama will call for new financial regulations, currency climbed to 92.89 per dollar from 93.19. The euro was at
boosting demand for Japan’s currency as a refuge from global $1.3400 from $1.3390 yesterday, when it fell to $1.3359, the lowest
banking-sector turmoil. The yen rose against all 16 major since April 9. The ringgit fell 0.1% to 3.2013 per dollar as the MSCI
counterparts before Obama speaks today at New York’s Cooper Asia Pacific Index of shares slipped 0.7%. The U.K. pound rose
Union where he will take aim at “risky decisions” made on Wall 0.1% against the dollar. The pound traded at $1.5428, versus
Street, according to his spokesman. The euro was near a two-week $1.5411 the previous trading day. It was little changed at 86.81
low versus the dollar on concern a EUR 45 Bn aid package for pence per euro. The Swiss franc was little changed against the
Greece will fail to stem its debt crisis. Malaysia’s ringgit led losses in dollar. The franc traded at 1.0697 per dollar, versus 1.0705 the
Asian currencies as regional stocks declined. The yen rose to previous trading day. It was little changed at 1.4326 per euro.

FIXED INCOME
The Treasury 10-year yield was near the lowest level in four weeks widened to a record 2.94 points Feb. 18. Japanese bonds rose,
as concern that Greece will need to tap emergency loans to avoid snapping the first back-to-back drop in two weeks, as stocks slid on
default boosted demand for the relative safety of U.S. government concern Greece may need to tap emergency loans to avoid default.
debt. The difference between 2- and 10-year yields was close to a Japan’s bonds also advanced after an auction of $11.8 Bn in 20-
one-month low after Greece’s 10-year bonds slid for a seventh day, year debt today drew the highest demand since May 2008. The yield
pushing yields on the securities to more than 5% above German on the 1.4% security due in March 2020 fell one basis point, or
bunds for the first time. U.S. notes rose yesterday on speculation the 0.01%age point, to 1.32%, the nation’s largest interdealer debt
Treasury will start to cut the sizes of its auctions after next week’s broker. The price gained JPY 0.088 to JPY 100.700. Yields touched
sales. The yield on the 10-year note rose one basis point to 3.74%. 1.305% on April 19, the lowest since March 11. Twenty-year yields
The 3.625% security due February 2020 fell 2/32, or 63 cts per fell half a basis point to 2.1%. Ten-year bond futures for June
$1,000 face amount, to 99 1/32. The yield earlier dropped to 3.73%, delivery rose 0.19 to 139.32.
the lowest since March 24. The spread between yields on 2- and 10-
year debt shrank to 2.72% yesterday, also the lowest since March
24, before trading at 2.75% today. The so-called yield curve .

ECONOMIC INDICATORS OF THE WEEK

US-Date Event Survey Actual Prior
20.04.2010 ABC Consumer Confidence -50 -47
22.04.2010 Producer Price Index (YoY) 6.0% 4.4%
22.04.2010 Initial Jobless Claims 450K 484K

EU-Date Event Survey Actual Prior

22.04.2010 Euro-Zone Govt Debt / GDP Ratio 78.5% 69.3%
22.04.2010 Euro-Zone Consumer Confidence -17 -17
23.04.2010 Industrial New Orders SA (MoM) 1.0% -2.0%

EFG Financial Products 2

Daily Market Update, 22 April 2010
GLOBAL FIGURES

Equities Commodities
Index Current Change % Change % Index Current Change % Change % YTD
YTD
S&P GSCI ER 441.97 0.22% 0.23%
MSCI World 1,225 -0.22% 4.87%
S&P GSCI Agriculture ER 51.08 0.69% -14.65%
SPX 1,206 -0.10% 8.15%
S&P GSCI Livestock ER 219.49 1.22% 10.21%
INDU 11,125 0.07% 6.68%
S&P GSCI Precious Metal ER 168.92 0.91% 4.82%
NDX 2,035 0.54% 9.37%
S&P GSCI Industrial Metal ER 266.52 -0.93% 5.99%
SX5E 2,948 -1.22% -0.58%
S&P GSCI Energy ER 279.36 0.18% 1.79%
DAX 6,230 -0.54% 4.58%
DJAIG ER 134.99 0.37% -3.01%
SMI 6,815 -0.40% 4.11%
WTI 83.75 0.08% 2.65%
UKX 5,723 -1.04% 5.74%
Brent 85.70 1.06% 6.34%
CAC 3,978 -1.22% 1.05%
Natural Gas 3.99 0.86% -28.06%
NKY 10,957 -1.20% 3.90%
Gold 1,148.70 -0.01% 4.54%
HSI 21,365 -0.68% -2.32%
Silver 18.14 0.34% 7.55%
IBOV 69,318 0.32% 1.06%
Aluminium 2,318.50 -1.43% 5.53%
KOSPI 1,737 -0.62% 3.20%
Copper 7,666.00 -1.55% 4.36%
SENSEX BSE 30 17,575 0.59% 0.63%
Zinc 2,401.00 -1.05% -6.70%
RTSI 1,607 -0.21% 11.23%
Tin 18,974.00 -0.91% 11.82%
Nickel 26,954.00 -1.07% 45.20%
Volatility
Lead 2,301.75 -1.56% -5.77%
Current Net Change Net Change
WTD 1m Corn 367.25 -0.47% -15.18%
VIX 16.32 -2.04 -0.55 Wheat 497.50 -0.45% -12.10%
VSTOXX 22.50 0.06 1.40 Soybean 1,004.00 -0.20% -5.22%
VDAX 18.94 -0.67 -0.36 Sugar 16.69 0.54% -27.50%
VSMI 16.27 1.82 1.09 Cocoa 3,087.00 1.41% -6.65%
Coffee 131.25 0.27% -5.61%
Currencies Cotton 84.90 -0.29% 10.29%
Current Change % Change % Live Cattle 95.75 0.31% 9.15%
YTD
USD/CHF 1.0695 0.09% 3.21% Feed Cattle 116.40 0.17% 16.69%

USD/JPY 92.8800 0.33% -0.15% Lean Hogs 86.80 -0.32% 12.33%

CHF/JPY 86.8400 0.25% -3.48%

EUR/USD 1.3395 -0.04% -6.91% Credit

EUR/CHF 1.4326 0.04% -3.56% iTraxx Europe IG 5yr 64.25 1.37% 5.81%

GBP/CHF 1.6512 -0.10% -1.37% iTraxx Europe Crossover 5yr 388.62 1.73% -9.93%
USD/BRL 1.7509 0.18% 0.37%

Libor Rates Swap Rates

USD EUR CHF GBP JPY USD EUR CHF GBP JPY
1M 0.26 0.37 0.08 0.55 0.16 1Y 0.56 1.10 0.48 1.10 0.44
3M 0.31 0.58 0.24 0.66 0.24 2Y 1.17 1.43 0.85 1.68 0.46
6M 0.47 0.89 0.33 0.89 0.44 5Y 2.65 2.37 1.60 2.98 0.70
12M 0.95 1.19 0.63 1.34 0.67 10Y 3.73 3.24 2.32 3.89 1.37

This information is issued to qualified investors only and is not research. The information contained in this paper is based on or derived from information generally available to the public from
sources believed to be reliable. No representation or warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice.
This paper has been prepared solely for information purposes and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading strategy. Products mentioned
in this document qualify as structured products and are derivative financial instruments. The products do not qualify as units of a collective investment scheme pursuant to art. 7 et seqq. of
the Swiss Federal Act on Collective Investment Schemes (CISA) and are therefore neither registered nor supervised by the Swiss Financial Market Supervisory Authority FINMA.Investors
should be aware that they are exposed to the credit risk of the issuer and the guarantor, respectively. Charts and market data provided by Reuters.

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EFG Financial Products 3

Daily Market Update, 22 April 2010