About Logitech
Logitech is a world leader in personal peripherals, driving innovation in PC navigation, Internet communications, digital music, home-entertainment control, gaming and wireless devices. Founded in 1981, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI).

Logitech, the Logitech logo, and other Logitech marks are registered in Switzerland and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company's Web site at www.logitech.com.

— WebWireID107231 —

Chairman and CEO Scott Davis was joined by members of the UPS Board of Directors and senior executives in launching the trading day on Friday. Davis is the 10th chairman and CEO in UPS's 102-year history but only the third to spend time guiding the affairs of a "public" UPS.

UPS, founded as a Seattle messenger service in 1907 by a 19-year-old named Jim Casey, was owned privately by employees, retirees and various foundations until Nov. 10, 1999. On that day, UPS issued 109.4 million Class B shares representing 10 percent of the company's outstanding shares at an IPO price of $50 per share.

At the time, the $5.47 billion raised on that day was the largest domestic IPO ever. Over the ensuing 10 years, public ownership of UPS has grown from 10 percent of the company's stock to 70 percent.

"The IPO marked another milestone in our 102-year history that allowed us to lever our financial strength to expand our business," said Davis, noting UPS now offers a broad range of logistics, supply chain, freight, customs brokerage, financial and retail services.

"I firmly believe that going public facilitated execution of UPS's strategy to become the leading global transportation solutions provider," he added. "UPS is better positioned today than at any time in its history."

About UPS
Headquartered in Atlanta, Ga., UPS serves more than 200 countries and territories worldwide. The company can be found on the Web at UPS.com. To get UPS news direct, visit pressroom.ups.com/RSS.

— WebWireID107226 —

* Dr. Joachim Schmidt: 'We will continue this positive trend, and we expect sales in the fourth quarter to be above last year's level.'
* Record sales in China – Schmidt: 'We expect Mercedes-Benz Cars to increase its sales in China by more than 50 percent in full-year 2009.'
* Mercedes-Benz USA posts best monthly result since the beginning of the year, with sales up by 21 percent in October
* E- and S-Class sedans maintain market leadership

In October, global sales were up at Mercedes-Benz for the first time this year. Mercedes-Benz was able to increase sales significantly in October by seven percent to 88,400 units (October 2008: 82,500. The smart brand sold 9,300 (October 2008: 11,300) units (minus 18 percent). With the delivery of 97,700 passenger cars (October 2008: 93,800), total sales at Mercedes-Benz Cars increased by four percent. The October sales increase was due to the E-Class and the new generation of the S-Class as well as to high growth rates in many regions such as North America and Asia/Pacific. Sales of Mercedes-Benz vehicles were also above last year's level in Western Europe.

'We will continue this positive trend in the coming months, and we expect sales in the fourth quarter to be above the level of the same period of last year,' said Dr. Joachim Schmidt, Head of Sales and Marketing, Mercedes-Benz Cars. Contributing to this development will be the new E-Class and the new generation S-Class, as well as the ongoing strong growth rates in the Asia/Pacific region, particularly in China. By the end of September, Mercedes-Benz had already sold more vehicles in China than in all of last year. Says Schmidt: 'Mercedes-Benz Cars will continue to grow at a dynamic rate in China, and we expect the increase for 2009 as a whole to amount to more than 50 percent.'

In October Mercedes-Benz once again set a sales record in China, with sales rising by 78 percent to 6,600 units (October 2008: 3,700). As a result, since the start of the year, Mercedes-Benz has been the fastest-growing premium brand in China. In October, Mercedes-Benz Cars also delivered more vehicles than ever before to the Asia/Pacific region as a whole, handing over 14,100 passenger vehicles to customers (October 2008: 10,500) for an increase of 34 percent. High growth rates were also posted in October in Australia (up 22 percent) and South Korea (up 63 percent).

In the United States, October was the best month of the year so far for Mercedes-Benz. Sales bucked the general market trend, rising by 21 percent to 18,200 units (October 2008: 15,000). This was the first time this year that sales were substantially higher than in 2008, and ensured that Mercedes-Benz remains the strongest German premium brand in the U.S. Contributing factors here included the E-Class, deliveries of which tripled to 6,100 units, and the GLK, which was once again the best-selling vehicle in its class in October, with deliveries of 1,800 units. Meanwhile, Mercedes-Benz posted another sales record in Canada in October, increasing customer deliveries by 28 percent to 2,200 passenger vehicles (October 2008: 1,700).

In the Western Europe region (not including Germany), Mercedes-Benz increased its sales by seven percent in October, thanks in particular to the high increases for the new E-Class. The brand enjoyed strong growth amounting to 55 percent in the UK, with a total of 5,800 units sold.

Sales of new E-Class continued to develop positively in the past month, with worldwide deliveries doubling in October to 17,100 units. Double-digit sales increases were registered in almost all markets. That made it once again the clear market leader in its segment. The company expects the launch of the new station wagon, which can be seen at dealerships starting on November 21, to give an additional positive boost to the E-Class family.

The new generation of the S-Class also got off to a successful start. Worldwide sales of the S-Class sedan were slightly above the previous year's level. Since the beginning of this year, the sedan has been the best-selling sedan in its segment. In China, which is now the biggest market for the S-Class, 1,100 luxury sedans were delivered to customers in October alone, which represents an increase of 12 percent. The sedan also sold very well in Germany, with an increase of 42 percent, and in Japan, where October sales increased by 13 percent. Mercedes-Benz sold 15,100 units of its SUVs worldwide (2008: 14,800), with an increase of two percent. The GLK, which was especially popular, enjoyed mainly double-digit growth rates in the Western European markets.

— WebWireID107194 —

Deutsche Börse: From 9 to 11 November, Deutsche Börse and KfW Bankengruppe will be holding the Fall 2009 German Equity Forum in Frankfurt/Main. The forum is Europe's largest and most successful platform for SMEs seeking equity or already listed. Over 5,000 investors, analysts, entrepreneurs and intermediaries are expected to attend the three-day German Equity Forum.

'The German Equity Forum has become an established feature among the world's major international capital market conferences', said Frank Gerstenschläger, member of the Executive Board of Deutsche Börse AG and responsible for the Xetra business area. 'International companies from Belarus, China, India and Ukraine will introduce themselves in country forums. This once again highlights the event's international character.'

'The German Equity Forum is an important meeting place especially now, with the financial and economic crisis causing many market participants to act cautiously. It provides the opportunity for comprehensive discussion and hopefully starting points for new business,' said Dr Ulrich Schröder, Chairman of the Board of Managing Directors of the KfW Bankengruppe.

The Equity Forum offers participants panel discussions, presentations and workshops on topics relating to corporate financing, capital market regulation and current industry trends. Furthermore, about 200 companies from the Prime Standard will be presenting their financial figures. There will be presentations from the top 25 non-listed high-growth companies from the sectors Alternative Energies, Life Science, Consumer & E-Commerce, High Technology and Software & Internet to a broad group of investors.

A joint study conducted by the Technical University in Munich, Ernst & Young and Deutsche Börse, which examines the growing trend in equity financing, will also be presented at the German Equity Forum.

Deutsche Börse AG, the world's largest market organizer, and leading development bank KfW Bankengruppe have held the German Equity Forum twice a year since 1996. The fall event focuses on listed companies and those in later-stage financing, while the primary focus of the spring forum is on early-stage and growth companies.

Further information
Ernst & Young is co-initiator of the Fall 2009 German Equity Forum. The main sponsors of the event are Close Brothers Seydler, Credit Suisse, DZ BANK, equinet, FCF FOX Corporate Finance, LBBW, Silvia Quandt, Viscardi and WestLB. Additional sponsors are BDO Deutsche Warentreuhand, CMS Hasche Sigle, Commerzbank, etiDynamics, Haubrok, Hauck & Aufhäuser, HSBC Trinkhaus & Burkhardt, KPMG, Morgan Stanley and Taylor Wessing.
Commercial supporters are CF & B Communication and DVFA.
The forum's media partners are: Axel Springer financial media, Börsen-Zeitung, CNBC, DAF Deutsches Anleger Fernsehen, Dow Jones Private Markets, dpa-AFX, European Biotechnology News, Finance Magazin, FinanzNachrichten.de, Frankfurter Allgemeine Zeitung, GoingPublic Magazin, VentureCapital Magazin, Real Estate Magazine, International Herald Tribune, IR Magazine, transkript, Mergermarket, n-tv, Neue Zürcher Zeitung, Property Finance Europe, Phoenix CNE, RZB, REITs in Deutschland, Small Cap News, Swiss Equity magazin and VDI nachrichten.

For further information on the German Equity Forum, and for the electronic registration form, please go to www.eigenkapitalforum.com. We will be happy to provide you with the corresponding registration code for the press.

— WebWireID107166 —

Phoenix .- Chase announced today that it has successfully converted and rebranded 33 former Washington Mutual bank branches in Arizona, creating a network of 300 Chase branches in 59 cities and towns for consumers and businesses.

Chase now has 177 branches in Metro Phoenix, 96 in Southern Arizona and 27 across the northern part of the state - as well as 873 ATMs statewide.

"Both Chase and former WaMu customers now have more locations to do their banking," said Eusebio Rivera, head of retail banking for Chase in Phoenix. "They can now take advantage of our expanded set of products and services to achieve their financial goals."

Chase has invested more than $12 million in refurbishing and rebranding the former WaMu branches in Arizona. Chase is using high efficiency HVAC and lighting systems, low irrigation plant landscaping, solar reflectance, recycled materials in walls, floors and ceilings, and Energy Star appliances.

Over the last five years, Chase has significantly expanded its Arizona presence, growing from just 186 branches across the state in 2004.

"We know that convenience is an important part of earning customer business," Rivera said.

Chase added 114 more locations to serve Arizona consumers and small businesses, including four in northern Arizona in the past six months.

Parent company JPMorgan Chase acquired Washington Mutual's banking operations in September, 2008, quickly providing WaMu customers with the security and peace of mind of a $2 trillion financial services company. Since then, about 1,800 former WaMu branches across the country have converted to the Chase brand and computer system, allowing customers to conduct their business at more than 5,100 Chase branches in 23 states.

— WebWireID107128 —

Thousands of Credicard MasterCard cardholders in Rio de Janeiro will now be able to enjoy the speed and convenience of making purchases using contactless technology via a MasterCard PayPass key fob at the Pão de Açúcar (Sugar Loaf Mountain) lift, Supervia train stations, UCI cinemas, McDonald's fast food restaurants and Estapar/Riopark parking lots located in Rio. Coming soon, MasterCard PayPass cards and devices issued in Brazil will also be accepted for use at the Rio de Janeiro Metro system. This is just the beginning; as Redecard plans to add more PayPass merchant acceptance locations in the near future.

"It is a great pleasure for MasterCard to invest in Brazil through the development and introduction of innovative payment solutions that makes a consumers life easier,' said Gilberto Caldart, head of MasterCard Brazil.

'With MasterCard PayPass, consumers simply wave their card or device in front of a PayPass enabled terminal for those transactions valued at less than US$25, with no need to swipe the card or sign a receipt; making their buying experience simple, secure and fast,' said Max Chion, Senior Vice President, Products & Solutions for MasterCard Latin America and Caribbean. "Through this new payment innovation, MasterCard seeks to turn those cash transactions into contactless ones.'

For issuers and merchants, MasterCard PayPass provides differentiation and the possibility to reach a new segment. For merchants the technology allows them to function more efficiently and serve their customers by speeding check-processes, reducing cash handling and improving efficiency.

Recent MasterCard surveys have shown that contactless payment technology can reduce the time consumer spends waiting in line by 25%, an important finding given that the same survey revealed that only 21% of consumers want to spend more than 10 minutes in line for purchases under US$25.

'With nearly 66 million cards and devices available in 32 countries, MasterCard is the leader in contactless payments and in the best position to offer our pioneering customers with the first electronic payment solution for public transportation in the region,' added Chion.

Based on its pioneering outlook, Credicard attributes the launch of PayPass to its strategy of expanding its credit card business to the domestic market and foresight in anticipating customer trends in Brazil. "For almost 40 years, Credicard has been recognized for issuing credit cards with unique services and benefits that meet the specific needs of different segments of the population. The launch of MasterCard PayPass reinforces our position of being a brand that puts the needs of our customers first,' said Leonel Andrade, Credicard President.

Redecard made the possibility of using MasterCad PayPass in Rio de Janeiro a reality by equipping the participating merchants with contactless technology-enabled terminals. "Contactless technology is ideal for quick payment environments where speed is essential,' explained Roberto Medeiros, Redecard President. "MasterCard PayPass allows us to expand the use of electronic payments, particularly at those merchant locations with a large amount of low value-ticket purchases where speed is important, such as public transportation, movie theaters and fast food restaurants.'

— WebWireID107114 —

SINGAPORE.- Visa Inc. (NYSE:V), the world's largest retail electronic payments network, today extended the global reach of its Visa Money Transfer Service to greater China and the United Arab Emirates, two of the world's most active territories for international remittance.

In addition, Visa announced the launch of a new managed service that reduces the time and development investment required for a financial institution to offer Visa Money Transfer to its customers. Initially available in Canada and the United States, and later on a global basis, the service is intended to foster more rapid adoption of the service in marketplaces around the world.

Visa Money Transfer gives consumers a convenient, cost-effective and secure way to send funds directly to recipients' Visa cards domestically and internationally. Senders can initiate a Visa Money Transfer to make person-to-person payments, send funds to friends or family members, or make account transfers. Sender channels through which a Visa Money Transfer can be initiated include internet banking, Automatic Teller Machines (ATM), self-service kiosks, in person at a bank branch, or via the telephone.

Following these launches, Visa Money Transfer programs are offered to consumers in greater China, including Hong Kong; Georgia; India; Indonesia; Kazakhstan; Malaysia; Russia; Singapore; Sweden; Ukraine; and the United Arab Emirates. Visa Money Transfer is available via 50 sending institutions in 14 countries and territories around the world.

"Visa is well positioned to facilitate secure and cost-effective money transfer services by extending the capabilities of our global network that connects 1.7 billion accounts," said Elizabeth Buse, global head of product, Visa Inc. "This enables our clients to diversify into new fee-based services, while meeting their customers' need for a convenient, secure and affordable way to send money domestically and across borders."

Working with Leading Institutions

ICBC - The ICBC Visa Money Transfer program, launched in China today will be available initially in Beijing, Shanghai and Shenzhen and will provide the bank's 70.8 million internet banking customers* a safe and convenient option to transfer funds to Visa cards globally. The World Bank estimates that more than US$5.7 billion was sent in cross-border remittances from China in 2008. The new Visa Money Transfer service will be targeted at those with family members working or studying abroad, primarily in Canada, United Kingdom, Japan, Singapore, Hong Kong, France and Germany and will make it easier for them to send funds.

EPS - For consumers in Hong Kong, EPS Hong Kong Limited (EPS), an online bill payment platform provider owned by 21 leading financial institutions, has also launched a Visa Money Transfer service. The service will be immediately available to customers of Standard Chartered Bank and Wing Hang. It gives customers of these banks in Hong Kong the ability to transfer funds to 14 countries in nine currencies either by phone or via its PPS online portal. Visa Money Transfer has broadened the PPS platform from a domestic bill payment service to now include international fund transfers. The PPS Visa Money Transfer platform allows the service to be extended easily to additional member banks of EPS based on bank and consumer demand.

Combined, the ICBC and EPS programs will help to deliver Visa Money Transfer to more than 72 million new consumers in Greater China.

UAE Exchange - Visa and UAE Exchange, the leading global remittance and exchange house in the United Arab Emirates, have come together to offer a cross-border Visa Money Transfer program. The service will be offered through UAE Exchange's network of 79 branches across the country. Visa Money Transfer will represent a new, more convenient funds delivery method to UAE Exchange customers. The service is scheduled to launch later in November, using Visa Processing Services for transaction processing.

Worldwide - The Visa Money Transfer managed service launched today provides Visa clients with an end-to-end packaged solution that gives them the ability to customize several elements of the service including consumer fees, branding, foreign exchange rates, transaction limits and language preferences, in addition to core transaction processing.

Continued Global Expansion

While the Asia Pacific region is leading the deployment of new Visa Money Transfer programs, significant momentum has been gained around the world. Recent momentum includes:

Singapore - Singapore Post Limited (SingPost), which last year became the first post office in the world to offer a Visa Money Transfer service, has expanded its international remittance service to four additional recipient countries and territories. Consumers can now send money to Visa cardholders in Bangladesh, Hong Kong, New Zealand and Taiwan, in addition to Australia, China, India, Indonesia, Malaysia, Philippines, Sri Lanka, Thailand and the United Kingdom. Standard Chartered Bank has also teamed up with SingPost to offer a domestic Visa credit card repayment service through SingPost's self-service automated machines.

Russia - Nineteen banks in Russia already offer Visa Money Transfer through over 15,000 ATMs and kiosks in the country. In partnership with Alfa Bank, Visa introduced the first implementation of its enhanced Visa Money Transfer service for express funds transfer, now available to Alfa Bank and Severnaya Kazna customers.

Ukraine - In partnership with JCSB "Ukrsotsbank", Visa launched a money transfer service which, from May 2009, allows any Visa cardholder in Ukraine to use the service via one of the bank's ATMs for domestic transfers to other Visa cardholders in Ukraine.

— WebWireID107050 —

Intuit and Mint.com together will help redefine personal finance, delivering innovative, easy-to-use online services that help consumers save and do more with their money. By integrating with Intuit, Mint.com quickly gains access to resources to accelerate both product development and growth.

It is expected that Mint.com's innovative technology will be available broadly to millions of Intuit customers, starting with TurboTax® products for the upcoming 2009 tax season. With future product integrations, Mint.com's unique 'ways to save' engine will help consumers and small businesses make the most of their money, while categorization algorithms will make financial management easier. Intuit also expects that the acquisition of Mint.com will offer Intuit's financial institution clients the ability to strengthen their online offerings and deliver more value to their customers.

With the transaction complete, Aaron Patzer, former CEO of Mint.com, becomes vice president and general manager of Intuit's personal finance group, responsible for Mint.com and all Quicken online, desktop and mobile offerings.

The combined team will continue to innovate and reinvent Intuit's personal finance business, building on the assets of both Mint.com and Quicken.

'As the leader of Intuit's new personal finance group, I'm looking forward to bringing together the best of Quicken and all we've learned at Mint.com to help people save and do more with their money,' said Patzer. 'We have an opportunity to leverage new technologies and new user-interface design principles to impact more than 10 million Quicken users. Together with Intuit's expertise in tax, bill-pay and banking, we can build powerful new online services that will make it easier for people to manage their money.'

Intuit will maintain both the Mint.com and Quicken brands, and continue to offer Quicken products. The company recently released Quicken 2010 Windows desktop and expects to release Quicken for Mac in early 2010. The current Mint.com service will remain free and becomes Intuit's primary online personal finance management solution offered directly to consumers.

'We're very excited about the future of personal finance,' said Dan Maurer, senior vice president and general manager of Intuit's Consumer Group. 'We're blending strong leadership, innovative technology, and the power of a well-known, trusted brand with a fresh user interface to create the next generation of personal finance offerings.'

Inclusive of the transaction, Intuit expects a reduction of approximately 2 cents to its fiscal year 2010 non-GAAP (Generally Accepted Accounting Principles) diluted earnings per share and approximately 3 cents to its GAAP diluted earnings per share. Intuit does not expect the acquisition to have a material effect on fiscal year 2011 earnings.

— WebWireID107046 —

65% imageNearly two thirds (65 per cent) of people surveyed across the globe believe a new international deal to cut emissions is 'very important', according to the annual Climate Confidence Monitor released today. The 12 country study, commissioned by the HSBC Climate Partnership, sends a clear message to governments preparing to attend the UN climate change summit in December to agree on a policy framework to tackle climate change.

The third Climate Confidence Monitor reveals a global consensus on emission reduction targets. 79 per cent want to see a commitment to 'meet or significantly exceed' a 50-80 per cent cut in emissions by 2050. This demand for commitment to reduction targets is highest in Mexico (91 per cent), Brazil (90 per cent), Hong Kong (84 per cent) and China (82 per cent) and lowest in India (75 per cent), UK (71 per cent) and the US (66 per cent).

Despite the deepening of the global recession since last year's survey was conducted, seven in 10 people (69 per cent) agreed that addressing climate change is at least as important, if not more important than supporting their national economy during the downturn. Respondents to this question were asked to prioritise spending public money on healthcare, crime, national defence, education and supporting the national economy during the downturn.

Lord Stern, adviser to HSBC on economic development and climate change said: "With just over a month to go before Copenhagen, this is a clear call from the global population for a strong and effective deal. Rich and developing countries must act together to create an agreement that will lay the foundations for a future era of dynamic low-carbon growth."

The Climate Confidence Monitor 2009 also revealed:

Emerging v Developed Markets: For the third year running, the Climate Confidence Monitor shows that there is a stronger desire for action in emerging economies than in the developed world. In Brazil, 86 per cent and in Mexico, 83 per cent believe it is very important that a deal in Copenhagen is reached. Globally only two per cent of people feel a new climate deal isn't important at all.

Stephen Green, Group Chairman HSBC Holdings plc said: "We know that the impacts of climate change will particularly affect the emerging markets and clearly the people of those countries are concerned. We look to the Copenhagen meeting to create a framework for a low carbon economy that will allow emerging
markets to prosper and create attractive investment opportunities for businesses worldwide."

Climate Change v other global issues: In a year that brought media headlines of pandemic flu and economic meltdown, a third of all respondents (34 per cent) believe climate change is one of the biggest issues they worry about today. They were asked to rank climate change as an issue compared to global economic stability, terrorism, violence, pandemic disease, global poverty, natural disasters and social breakdown. In Mexico, 22 per cent of respondents ranked climate change as the number one issue.

Personal commitment to low carbon choices: Commitment to reduce personal impact on climate change by adapting lifestyle choices rose four percentage points from 2008 to 36 per cent this year. In particular, France and Mexico show increases in commitment of at least 15 percentage points in the past 12 months. The most popular steps people are taking to reduce their carbon footprint are recycling, turning off electronic equipment and using energy-saving light bulbs. People living in China, Hong Kong, India and France claimed to be most active in making low-carbon lifestyle choices.

Steve Howard, Chief Executive of the Climate Group commented on this trend: "World leaders must agree a deal in Copenhagen that unlocks low carbon jobs and growth, and enables the rest of us to make smarter, greener choices about the ways we heat our homes, fuel our cars and power our businesses."

The Climate Confidence Monitor is part of the HSBC Climate Partnership's aim to raise awareness of climate change issues and to facilitate action to address them. For more information on the results of the research, visit www.hsbc.com/climateconfidencemonitor

Media enquiries to:

— WebWireID107026 —

The independent survey of 300 board-level executives, commissioned by BT Global Services, shows that nearly three-quarters (74 per cent) of senior executives at UK companies and government organisations believe that better use of technologies has had a role in fighting the recession over the past year.

Over two-thirds (68 per cent) of businesses now rank future investment in faster computer networks, flexible working and managed ICT services as priorities to become more efficient and cut costs in the next 18 months, alongside other key growth objectives, such as sales promotions, new product launches and better staff training.

More than a third of companies (37 per cent) plan to spend money on faster and more reliable network technology, in particular in the financial services industry where 52 per cent of institutions believe faster, low latency networks for trading and information sharing will give them competitive edge. A third of all companies surveyed also plan to spend money on flexible working technology as a route to sustainable financial success and helping them manage staffing and property needs.

Mark Quartermaine, President of BT Global Services UK Markets, said: 'What is encouraging is that this survey shows that many businesses in the UK feel they're on the start of the road to recovery. The way they do business has already changed significantly, but the signs are there that continued investment in new technology and processes will help them do more with less and remain competitive on the global stage.'

Despite the investment plans, some 83 per cent of the managers polled are preparing to do more with less to make sure their business stays competitive on the global stage, believing that some of the technology investments they have made during the downturn are putting them in a strong position for recovery.

'The road to recovery is not the same for all industries,' said Graham Opie at research firm, Vanson Bourne. 'There is a wide range of opinions and approaches across different industries. Whilst over three-quarters (78 per cent) of public sector leaders feel the recovery will be slow, less than a third (31 per cent) of their private sector counterparts agreed.'

Retail managers showed the most optimism, with 70 per cent of respondents confident about their prospects next year.

In terms of spending, more than half of managers in the financial services (60 per cent) and transport sectors (52 per cent) said their companies needed to invest in technology in order to grow. Marketing spend is a high priority across the board, particularly in the financial services sector, where 76 per cent of executives said it would help their businesses to grow.

Meanwhile in the logistics industry, respondents felt they had weathered the storm well, with 39 per cent suggesting that their business didn't suffer at all. Logistics firms also had the widest spread in terms of spending plans, with more than half prioritising investment in training (51 per cent), promotions (51 per cent), product and service development (53 per cent) and marketing (57 per cent).

— WebWireID107005 —

New York — As the calendar year draws to a close, a global economic recovery is all but certain, but risks remain, according to the latest issue of the Global Economic Outlook (GEO) — the quarterly publication from Deloitte Research, a subsidiary of Deloitte Services LP in the United States. It offers perspectives and insights on the almost synchronous recovery in several economies around the world and the near- to medium-term outlook for each.
Highlights from the GEO Q4 issue include:

* Financial indicators suggest a stronger than expected recovery for most of the world's major economies.
* Credit markets' behavior will be a critical issue, as weak credit markets could substantially offset the otherwise positive impact of aggressive monetary policy.
* For the US, the recovery will be a different beast when compared to past recoveries: instead of the consumer driving the recovery, government spending and exports will lead the charge.
* A cautionary forecast for the United Kingdom, as the lingering effects of massive consumer debt will subdue consumer spending into 2011 and possibly beyond; growth will come, instead, from a boost to exports and investment.
* The strong Chinese recovery — no other major country in the world has performed as well — is being generated by massive fiscal and monetary expansion. While this is boosting growth quickly, it is also setting the stage for potential problems down the road: inflation, excess capacity, among others.
* The Russian economy is expected to grow next year. Yet the strength of the recovery will depend on many uncertain factors including the price of oil, the state of global capital markets, the fiscal and monetary stance of policymakers, and global investor confidence.
* Despite a deficient summer monsoon, the Indian recovery will likely be strong and will accelerate on account of a healthy fiscal stimulus and a robust recovery in industrial production.
* Japan will most likely see a modest and fragile growth, as it finds its footing under a new government.
* Finally, the Eurozone is already experiencing a surprising economic recovery. The region is in for some relatively strong growth due to a revival of exports and demand from trading partners, and a rise in consumer spending.

Quotes
Attributed to Ira Kalish, Director of Global Economics, Deloitte Research, a subsidiary of Deloitte Services LP

'The common thread of all our analyses seems to be a better-than-expected economic performance. Most of the world's major economies are now growing and some, like Japan and the Eurozone, are growing sooner than most analysts expected. The global crisis was notable for the near synchronicity of the downturn. Likewise, the upturn appears to be happening everywhere at once—something that is not usually the case.'

For additional quotes and to read the full report, please visit www.deloitte.com/economicoutlook.

About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its member firms.

Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in 140 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's approximately 169,000 professionals are committed to becoming the standard of excellence.

— WebWireID107004 —

The bad news continues with pricing. Although there was a modest increase of 3 percent in weighted average price in the detached sector, the 'substantial boost' in average home size caused the detached value ratio, 'a better measure of actual home value', to fall more than 13 percent. ResidentialTrends™ Housing Market Overview also reports that this value is the lowest since the first quarter of 2003.

The only real bright spot in the region is inventory. This quarter's detached inventory saw a 23 percent decline. Since the end of last year, close to 4,000 units have been removed from inventory as projects have eliminated future phase inventory entirely, moved units into rentals, or left the market altogether. Also, the supply of homes that have been offered for sale yet remain unsold dropped nearly 62 percent this quarter. At current sales rates this available supply would last less than one month.

MarketPointe™ Realty Advisors, Inc. provides new housing market statistics throughout California via its ResidentialTrends™ new-home database and its LandTracker™ proposed development database, as well as site specific, tailored housing market research and consulting services. Comprehensive 'Housing Market Overviews' providing new home sales, pricing, housing inventory trends, future housing supply, and new and leading developments are available for regions across California by going to www.marketpointe.com/landing. Phone San Diego at 619-233-3781, Orange County at 714-528-2554 or Sacramento at 916-710-1396; url:www.marketpointe.com.

— WebWireID106882 —

Doha, Qatar – Citi Qatar recently held a two-day derivatives workshop, which presented various hedging strategies in the face of financial risk scenarios that threaten today's corporate world.

Led by Michal Kowalczuk, Head of Citi's FX Options Structuring in CEEMEA, the seminar featured more than 20 of Qatar's top-tier treasury, finance and investment officers from Qatar's Public Sector, in addition to delegates representing telecom, auto, trade, infrastructure, oil & petrochemicals, and finance sectors, along with Citi officials.

Participants formed virtual companies, each determining best hedging strategy in the face of a specific financial risk. Each 'company' held a variety of foreign exchange, interest rate and commodities exposures, and opted for 'positions' fitting pre-determined risk appetite. A competition for best hedging strategy concluded the two day seminar.

Farhan Mahmood, CEO of Citi Qatar, said, "Our aim here was to show finance professionals how to best use derivatives in a constructive and responsible manner and to dispel any myth that might have been formed around these key treasury tools.

"The bank's novel approach was well received by treasury, finance and investment officers of top local companies and financial institutions. Trainees learned about various hedging strategies and developed a more insightful understanding of today's evolving financial risk in global capital markets. This and other focused training efforts are in line with Citi's long-term strategy and commitment to developing local professional talent."

Citi has been in the Arab World for nearly 50 years and continues to view the region as critical to its global franchise. It is currently present in ten Arab countries, including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait.

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The transaction concerns Financial Network Investment Corporation, based in El Segundo, Calif., Multi-Financial Securities Corporation, based in Denver, Colo., PrimeVest Financial Services, Inc., based in St. Cloud, Minn., and ING Brokers Network LLC, the holding company and back-office shared services supporting those broker dealers, which collectively do business as ING Advisors Network.

ING will retain ING Financial Advisers, Inc., based in Windsor, Conn., and ING Financial Partners, Inc., based in Des Moines, Iowa. ING chose to retain these broker-dealers because they are closely-affiliated and play a key role in ING's strategy in the U.S. which focuses on Retirement Services, Life Insurance and Rollover Annuities.

'This transaction simplifies ING's structure in the U.S., and allows us to focus resources and capital on our core Retirement Services, Life Insurance, and Rollover Annuity businesses,' said Tom McInerney, member of the Management Board Insurance of ING Group. 'It is also in the best interest of the broker-dealers, their employees, and the affiliated representatives and financial institutions, to find a new ownership structure. We believe that Lightyear will be an outstanding owner of these broker-dealers and be able to ensure a promising future for these businesses.'

Lightyear is a recognized private equity firm in the U.S. that specializes in investing in financial services companies. With a successful track record of investing in well-managed, high-performing companies poised for strong future growth, Lightyear currently manages approximately US $3 billion in committed capital. Lightyear's principals average more than 25 years of experience across the financial services industry.

Financial Network, Multi-Financial, and PrimeVest together represent one of the largest and most accomplished broker-dealer networks in the U.S. industry. With strong and experienced management teams, exceptional back-office technology, plus a diversity of field management structures to accommodate a wide variety of financial professionals' businesses, these broker-dealers have been leaders in the broker-dealer industry for many years. In 2008, collectively, the broker-dealers had more than 5,000 affiliated independent registered representatives and generated total concession revenue of approximately US $600 million. A broker-dealer firm generally executes the buying and selling of securities on behalf of its registered independent representatives, otherwise know as affiliated brokers.

This transaction is subject to regulatory approvals and is expected to be closed in the first quarter of 2010.

ING Profile

ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries. With a diverse workforce of about 110,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.

Important legal information

Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements due to, among other things, (i) general economic conditions, in particular economic conditions in ING's core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates (viii) general competitive factors, (ix) changes in laws and regulations, (x) changes in the policies of governments and/or regulatory authorities, (xi) conclusions with regard to purchase accounting assumptions and methodologies, (xii) ING's ability to achieve projected operational synergies and (xiii) the implementation of ING's restructuring plan to separate banking and insurance operations. ING assumes no obligation to update any forward-looking information contained in this document.

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New Brunswick, NJ – Johnson & Johnson today announced global restructuring initiatives designed to strengthen the company's position as the world's leading global health care company. The company is taking steps to prioritize its innovation efforts around the many growth opportunities in health care and to execute aggressively on bringing key new products to market.

The company's plans are expected to increase its operational efficiency and generate annualized, pre-tax cost savings of $1.4-$1.7 billion when fully implemented in 2011, with $800-$900 million expected to be achieved in 2010. The associated savings will provide additional resources to invest in new growth platforms; ensure the successful launch of its many new products and continued growth of its core businesses; and provide flexibility to adjust to the changed and evolving global environment.

'Johnson & Johnson has long adhered to a broad-based operating model and set of sound management principles that have driven our success,' said William C. Weldon, Johnson & Johnson Chairman and Chief Executive Officer. 'Today, we are announcing a series of actions and plans designed to ensure that our company remains well-positioned and appropriately structured for sustainable, long-term growth in the health care industry.'

The company expects to record an associated pre-tax, restructuring charge in the range of $1.1-$1.3 billion in the fourth quarter of 2009, treated as a special item. The company also confirmed its earnings guidance for full-year 2009 of $4.54 - $4.59 per share, which excludes the impact of special items such as restructuring charges.

Cost savings will be achieved primarily by reducing layers of management, increasing individual spans of control, and simplifying business structures and processes across the company's global operations.

Position eliminations will form only one component of the savings. Weldon said, 'These types of changes are difficult under any circumstances, and will have a very personal impact on people who have been dedicated to the mission of Johnson & Johnson. We recognize their contributions to the achievements of our business, and are committed to treating them fairly and with respect throughout this process.'

The company said initiatives would be implemented at the operating company levels to be certain the businesses can meet the needs of the customers they serve on a day-to-day basis. The company estimates that position eliminations will be in a range of 6-7 percent of its global workforce, subject to any consultation procedures on these plans in countries where required.

About Johnson & Johnson
Caring for the world, one person at a time…inspires and unites the people of Johnson & Johnson. We embrace research and science - bringing innovative ideas, products and services to advance the health and well-being of people. Our approximately 117,000 employees at more than 250 Johnson & Johnson companies work with partners in health care to touch the lives of over a billion people every day, throughout the world.

NOTE TO INVESTORS

Johnson & Johnson will conduct a conference call with financial analysts to discuss this news release today at 9:00 a.m., Eastern Time. A simultaneous webcast of the call for interested investors and others may be accessed by visiting the Johnson & Johnson website at www.investor.jnj.com. A replay and podcast will be available approximately two hours after the live webcast by visiting www.investor.jnj.com.

(This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from Johnson & Johnson's expectations and projections. Risks and uncertainties include general industry conditions and competition; economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign health care reforms and governmental laws and regulations; and trends toward health care cost containment. A further list and description of these risks, uncertainties and other factors can be found in Exhibit 99 of the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 2008. Copies of this Form 10-K, as well as subsequent filings, are available online at www.sec.gov, www.jnj.comor on request from Johnson & Johnson. Johnson & Johnson does not undertake to update any forward-looking statements as a result of new information or future events or developments.)

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Overall weighted average home price fell more than 13 percent from last quarter. That drop, along with the 8 percent decrease in overall weighted average home size, resulted in a value ratio decline of more than 5 percent. ResidentialTrends™ Housing Market Overview further reports a more than 1 percent decrease in the average value ratio in the attached sector as well as a decline of 6 percent in the average value ratio in the detached sector.

Inventory has taken a significant hit as well. Overall total inventory declined 15 percent this quarter, dropping nearly 900 units. Offered and unsold inventory decreased a whopping 55 percent. By utilizing sales rates over the past four quarters, Martinez reports that unsold inventory in the region represents less than one month of supply in the attached sector and nearly six weeks in the detached. However, if all the inventory in unreleased future phases was suddenly released to the marketplace the available supply would increase to six months of attached and 31 months of detached.

MarketPointe™ Realty Advisors, Inc. provides new housing market statistics throughout California via its ResidentialTrends™ new-home database and its LandTracker™ proposed development database, as well as site specific, tailored housing market research and consulting services. Comprehensive 'Housing Market Overviews' providing new home sales, pricing, housing inventory trends, future housing supply, and new and leading developments are available for regions across California by going to www.marketpointe.com/landing. Phone San Diego at 619-233-3781, Orange County at 714-528-2554 or Sacramento at 916-710-1396; url:www.marketpointe.com.

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Deutsche Börse has launched the initial phase of its pan-European trading segment 'Xetra International Market' (XIM). As of today, Xetra participants can trade European blue chips via XIM and settle the transactions in their domestic market. The first stocks to be available for trading on XIM are the most liquid ones from Belgium, France and the Netherlands. These will be joined in a few weeks by stocks from Finland and Spain, and in mid-January 2010 by the Italian blue chips.

By introducing the individual markets progressively until mid-January 2010, Deutsche Börse is addressing the requirements of the market participants. All processes, systems and interfaces for trading, clearing and settlement can now be checked per domestic market along the entire process chain and integrated gradually.

By the end of the initial phase, a total of 96 equities in the trading currency EUR will have been accepted into the XIM trading segment. These will comprise the stocks from the DJ EURO STOXX 50® index and highly liquid stocks from other indices.

Transactions executed on Xetra International Market will be offset via Eurex Clearing and settled cost-effectively in the respective domestic markets. Clearstream forms the interface between Eurex Clearing and the domestic markets enabling it to use the latter's settlement liquidity.

Due to top market quality, the competitive price model, and the low set-up costs for participants, XIM will significantly strengthen Deutsche Börse's competitive position on the European equities trading market. Deutsche Börse Group uses economies of scale for the new trading segment on Xetra and in the clearing house as XIM is set up on the existing infrastructure, generating hardly any additional costs in system operation. Deutsche Börse thus expects XIM to be a very sustainable business model.

Xetra® is a registered trademark of Deutsche Börse AG.
DJ EURO STOXX50® is a registered trademark of STOXX Ltd. Formed in 1998, STOXX Ltd. is a joint venture between Deutsche Börse Group, Dow Jones & Company and SIX Swiss Exchange.

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Furthermore, Mortgage REITs have reentered the market, seeking higher leverage loans, but at larger rate premiums. Greater competition from this sector will continue pressuring other lenders to offer better pricing.

Regardless of pricing, project quality and sponsorship remain tantamount as lenders stay defensive. As such, current pricing trends include the following:

• During the past month, benchmark treasury yields moved nearly a quarter percent higher, yet rates remained steady as many lenders continue using rate floors for permanent loans.
• Floating rate debt remained unchanged as prime bank customers pay floating-rate pricing starting at about 4.5%.
• While new transactions are still rare, refinancings and restructuring of loans remains in the forefront of real estate capital markets. Appraisers and investors are using band-of-investment calculations for sizing values and loans absent of any relevant market comparable data. Given current debt pricing, capitalization rates under such models typical start at 7% for multifamily properties and 8.5% for commercial assets. Multifamily agency pricing favors securitized loans vs. balance sheet debt as the agencies CMBS markets slowly recover.
• Opportunity investors armed with significant equity capital aggressively hunt for bargain price distressed assets with pricing of 20% or more on an overall return basis using five-years or less time horizon.
• Commercial and industrial tenants with specialized space needs and multifamily projects using FHA funds, such as 221(d)(4), are the only sources of new construction demand. Return-on-cost yields start at 8% for 'definable' credit-worthy tenants, otherwise double-digit figures are more representative of current development risk pricing.

Aaron Gruen, an Advisory Board Member of the Real Estate Capital Institute notes, "The Great Recession has permanently altered consumer, investment, and governmental behavior. Both public and private sector interests which influence land use and economic development need to reset their models and practices to work out projects and plans affected by the Great Recession and to respond to the opportunities the economic recovery will present."

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Munich - The technology group The Linde Group continued the positive trend of the second quarter in a market environment which remained difficult, achieving further increases in profitability in the months July to September in comparison with the previous quarter. In the third quarter, Group operating profit rose by 12.5 percent compared to the second quarter, while the operating margin increased significantly to 22.5 percent (2nd quarter: 20.4 percent). The operating margin also continued to improve if a comparison is made between the first nine months of 2009 and the same period in 2008. The Group operating margin for the period to 30 September 2009 was 20.9 percent (2008: 20.3 percent). Adjusted for one-off restructuring costs of 80 million euro, the operating margin was 21.9 percent.

"The positive trends we were seeing at the end of the second quarter have continued to strengthen," said Professor Dr Wolfgang Reitzle, Chief Executive Officer of Linde AG. "The measures we have taken to achieve sustainable increases in productivity are having an ever greater impact. What's more, demand in our gases business is beginning to pick up again slowly. However, one thing's clear: in the 2009 financial year, we will not be able to match the level of sales and earnings achieved in the record year 2008. Nevertheless, based on our current figures, we expect our business performance in the second half of 2009 to be better than in the first half of the year."

Against the background of the global economic crisis, Group sales fell by 11.5 percent in the first nine months of 2009 to 8.313 billion euro, compared with the record figure achieved in the first three quarters of 2008 of 9.392 billion euro. Group operating profit* for the nine months to 30 September 2009 was 1.741 billion euro, 8.8 percent below the prior-year figure of 1.910 billion euro. After adjusting for restructuring costs arising from the High Performance Organisation (HPO) programme, the fall in Group operating profit for Linde was only 4.7 percent. On the basis of HPO, the integrated programme for process optimisation and increased productivity, the aim of the Group is to achieve gross cost savings of between 650 million euro and 800 million euro in the financial years from 2009 to 2012 and to continue to improve its competitiveness irrespective of the economic situation.

Earnings before taxes on income (EBT) were 611 million euro, a decrease of 185 million euro or 23.2 percent when compared with the prior-year figure of 796 million euro. After adjusting for restructuring costs of 80 million euro and the gains on disposal of businesses of 59 million euro achieved in the first nine months of 2008, the decline was only 46 million euro or 6.2 percent.

Group earnings after tax at 30 September 2009 were 456 million euro (2008: 593 million euro). After taking minority interests into account, earnings attributable to Linde AG shareholders were 417 million euro (2008: 552 million euro), giving earnings per share of 2.47 euro (2008: 3.29 euro). After adjusting for the effect of the purchase price allocation in the course of the BOC acquisition and the profits on disposal earnings per share in the first nine months of 2009 stood at 3.38 euro (2008: 4.14 euro). The restructuring costs recognised in the first nine months of 2009 have not been adjusted for in this calculation. Cash flow from operating activities increased by 9.5 percent to 1.424 billion euro (2008: 1.301 billion euro). This significant rise was due to the optimisation of the cost structure as well as to improvements in working capital management.

Gases Division
In the Gases Division, the recovery trend indicated in the second quarter of 2009 continued into the third quarter. Sales and operating profit again rose when compared to the period April to June. Operating profit for the third quarter was 625 million euro, exactly the same as the figure for the prior-year period. However, when the figures for the whole reporting period January to September are compared, there was a downward trend. Sales in the Gases Division for the nine months to 30 September 2009 were 6.629 billion euro, 7.4 percent lower than the figure for the prior-year period of 7.157 billion euro. On a comparable basis, i.e. after adjusting for exchange rate effects and also taking into account changes in the price of natural gas and changes to Group structure, the fall in sales was 6.4 percent.

The operating profit of the Gases Division for the first nine months of 2009 was 1.763 billion euro, only 3.1 percent under the comparable prior-year figure of 1.819 billion euro. This demonstrates that the Gases Division has been able to limit the decline in earnings in a difficult market environment and achieve an improvement in the operating margin from 25.4 percent in 2008 to the current figure of thereby 26.6 percent.

The trends in the individual regions and product areas of the Gases Division were as follows: In the Western Europe operating segment, sales trends in the third quarter continued to be adversely affected, as in the first half of 2009, by the substantial weakening of the British pound. As a result of this currency fluctuation, sales for the nine months to 30 September 2009 fell by 10.5 percent to 2.801 billion euro (2008: 3.131 billion euro). On a comparable basis, the decline in sales would have been a mere 5.4 percent. Operating profit was also adversely affected by exchange rate movements, falling by 8.4 percent to 782 million euro (2008: 854 million euro). The operating margin in Western Europe was 27.9 percent, exceeding the high figure of 27.3 percent achieved in the prior-year period. This improvement demonstrates the positive impact of the HPO programme.

The market environment in Western Europe saw a further period of stabilisation, although there were no signs as yet of a widespread market recovery.

In the Americas operating segment, Linde achieved sales in the nine months to 30 September 2009 of 1.485 billion euro, 10.1 percent below the figure for the first nine months of 2008 of 1.652 billion euro. On a comparable basis, sales were 8.3 percent lower than in the prior-year period. Operating profit fell from 320 million euro to 316 million euro, a much smaller drop of only 1.3 percent. The operating margin improved significantly as a result, by 190 basis points to 21.3 percent (2008: 19.4 percent). This increase was mainly due to the impact of natural gas prices. Steps taken to optimise the Group's cost structure did here as well contribute to this positive development.

In the Asia & Eastern Europe operating segment, sales in the nine months to 30 September 2009 were 1.343 billion euro, 8.0 percent below the figure for the prior-year period of 1.459 billion euro. On a comparable basis, the fall in sales was 6.4 percent. Operating profit, on the other hand, of 415 million euro was almost as high as the figure for the nine months to 30 September 2008 of 417 million euro. As a result, the operating margin rose significantly in the reporting period from 28.6 percent to 30.9 percent. The accelerated implementation of our HPO programme again contributed to this positive trend. Additional contributions to earnings also arose from Linde's joint venture activities in China.

Just as in the second quarter, very clear signs of an economic recovery continued to be evident as the year progressed in the Asia & Eastern Europe operating segment. This trend could be seen, for example, in the improved capacity utilisation of our tonnage plants.

In the South Pacific & Africa operating segment, Linde also achieved an increase in sales in the first nine months of the year: of 8.6 percent to 1.052 billion euro (2008: 969 million euro). The consolidation for the first time of the Australian LPG business Elgas more than offset adverse movements in the exchange rate of the Australian dollar. On a comparable basis, sales in the first nine months declined by 6.1 percent. Operating profit increased by 9.6 percent to 250 million euro (2008: 228 million euro), a faster rate of increase than that of sales. The operating margin rose accordingly from 23.5 percent to 23.8 percent.

In the individual product areas of the Gases Division, business trends were also affected by global economic conditions, which remained challenging. In comparison with the first half of the year, however, the trend here was positive in the third quarter. On a comparable basis, Linde's sales in the liquefied gases business fell by 8.7 percent to 1.636 billion euro (2008: 1.791 billion euro). In the cylinder gas business, there was a decline in sales of 9.1 percent to 2.713 billion euro (2008: 2.984 billion euro). Sales of 1.513 billion euro in the on-site (tonnage) business, where we supply industrial gases from plants situated on the user's site, were 4.2 percent below the figure for the prior-year period of 1.579 billion euro. Meanwhile, the Healthcare product area once again proved very robust. Here, sales rose by 5.6 percent to 767 million euro (2008: 726 million euro).

Gases Division - Outlook
The continuing uncertainty in the market environment has not caused us to change in any way our original target for the gases business. Linde wants to grow at a more rapid pace than the market and to continue to increase its productivity. Given the current tendency towards economic recovery and based on positive trends in the third quarter, The Linde Group expects business performance in the Gases Division to be better in the second half of 2009 than in the first six months of the year. This will, however, not suffice to ensure that sales and earnings for the full year 2009 will reach the levels achieved in 2008.

Engineering Division
In the Engineering Division, Linde achieved sales of 1.677 billion euro in the first nine months of 2009, although it was unable to achieve the very high level of sales achieved in the prior-year period of 2.063 billion euro. This decline is mainly due to the variation in project structure and the state of completion of projects in the two different periods. Operating profit of 145 million euro was also below the comparable figure for the nine months to 30 September 2008 of 183 million euro. The operating margin was 8.6 percent. This significantly exceeded Linde's target margin of 8 percent, which is well above the industry average. Due to a marked reluctance by customers to award new projects, order intake in the first nine months of 2009 of 1.514 billion euro was, as expected, lower than the figure for the prior-year period of 2.295 billion euro.

The order backlog at 30 September 2009 was 3.911 billion euro, which is still a very high level (31 December 2008: 4.436 billion euro). Most of the current order backlog relates to the air separation plant and olefin plant product areas. As in the first six months of the year, the geographical focus remains the Middle East. Major projects in this region include, for example, the new ethylene plant in Ruwais commissioned by the Borouge consortium, the Enhanced Gas Recovery plant which is operated together with Linde's joint venture partner ADNOC, and the Gas-to-Liquid (GTL) plant which Linde is supplying for Shell in Qatar.

Engineering Division - Outlook
The continuing high level of our order backlog forms a basis for relatively stable business performance in the Engineering Division over the next one to two years. However, the impact of the economic crisis on global large-scale plant construction can be seen from the much lower level of order intake and the current reluctance of customers to award new projects. Against this background and given the variation in project structure and the state of completion of projects from year to year, Linde continues to assume that it will not be able to achieve the same high level of sales in the 2009 financial year as in 2008. Nevertheless, the target for our operating margin remains at 8 percent.

N.B.: To coincide with the publication of our quarterly report, a teleconference for analysts will take place today at 2pm (German time) in English with Georg Denoke, CFO of Linde AG. Journalists will have the opportunity to listen to the conference live by dialling +49.69.589.99-0509. Please tell the operator your name and the name of your company. Following the teleconference, you will be able to hear a recording of the event by calling +49.30.726.167-224. Please give the following reference number: 847120.

The Linde Group is a world leading gases and engineering company with almost 50,000 employees working in around 100 countries worldwide. It achieved sales in the 2008 financial year of 12.7 billion euro. The strategy of The Linde Group is geared towards sustainable earnings-based growth and focuses on the expansion of its international business with forward-looking products and services. Linde acts responsibly towards its shareholders, business partners, employees, society and the environment - in every one of its business areas, regions and locations across the world. Linde is committed to technologies and products that unite the goals of customer value and sustainable development.

For more information, please see The Linde Group online at http://www.linde.com

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