EFG FINANCIAL PRODUCTS LTD

BRANDSCHENKESTRASSE 90, CH-8002 ZÜRICH

+41 58 800 1111 SALES@EFGFP.CH WWW.EFGFP.COM

DAILY MARKET UPDATE TUESDAY, MARCH 16, 2010

EQUITIES _______________________________________________________________________________

Switzerland Europe

Helvetia Holding AG (HELN SW) Bulgari SpA (BUL IM)

• Switzerlands fourth largest insurer reported FY09 • The world’s third-largest jeweller reported a
net income of CHF 317mn, up from CHF 231mn in €13.6mn ($18.6mn) Q4 loss, missing analyst
2008. Gross written premiums climbed 12% to CHF estimates, due to restructuring costs and a drop
6.3bln. in demand for expensive watches and perfumes.

Bucher Industries AG (BUCN SW) Fiat SpA (F IM)

• Bucher Industries reported 2009 EBITDA of CHF
189.7mn. EBIT declined almost 90% to CHF
25.8mn. Net profit was CHF -24.4mn.
Meyer Burger Technology AG (MBTN SW)
• Meyer Burger has won additional order for wire
saws, cropping and wafer inspection systems
worth more than CHF 250mn with a customer in
Asia.
• The company’s auto unit said it will take an
“additional step” toward the integration of
distribution in Europe. Beginning in April, Fiat will
handle the sales and services of Chrysler, Jeep
and Dodge branded products in several
European countries and gradually replace
Daimler in performing services.
Repsol YPF SA (REP SM)
• Eu Spain’s largest oil company and its partner
Petroleo Brasileiro SA found more evidence of
crude at an offshore field that may hold about
550mn barrels of oil equivalent.

Infineon Technologies AG (IFX GY)

• Europe’s second-biggest maker of semi-

conductors may add more jobs at its Dresden
plant to meet rising demand.

USA

Future Current Chg Pct 1d Trend

DJIA . Mar ’10 10641 0.03%

S&P 500 Mar ’10 1150.3 -0.09% 
Nasdaq 100 Mar ‘10 1919.5 -0.38% 

U.S. Market News

Wal-Mart Stores led strong gains in the consumer staples sector following an analyst’s rating upgrade (WSJ).
Microsoft Corp and Nintendo Co, makers of the two top-selling video game consoles in the U.S., won an appeals
court ruling that their systems don’t infringe a Texas company’s (Fenner Investments) patent related to joysticks.
(Business Week) A potential exit of Google in China would open a door for Microsoft Corp, as their Bing search
engine is among the potential beneficiaries if Google goes ahead with its threat to close its Chinese site amid a
dispute with the Chinese government over censorship (WSJ).
COMMODITIES ___________________________________________________________________________
Oil
Crude oil traded below $80 a barrel in New York on concern demand in the U.S., the world’s largest energy
consumer, hasn’t grown fast enough to justify the recent gain in prices. Oil declined for a second day yesterday
after the dollar rebounded against the euro, curbing demand for commodities as an alternative investment. The
Organization of Petroleum Exporting Countries will probably maintain output at a meeting tomorrow in Vienna,
according to Saudi Arabia’s oil minister. An Energy Department report tomorrow may show U.S. crude stockpiles
rose for a seventh week, a Bloomberg News survey showed. Crude oil for April delivery was at $79.70 a barrel,
down 10 cents, in electronic trading on the New York Mercantile Exchange at 1:45 p.m. Singapore time. The
contract lost 1.8% yesterday to $79.80, the lowest settlement since March 2. The dollar was little changed
against the euro after rising yesterday to $1.3677 in New York.

Gold
Gold, trading little changed in Asia, may gain for a second day as investors seek a haven amid
doubts European finance ministers will approve a financial rescue package for Greece. Immediate-delivery
bullion rose as much as 0.2% to $1,110.81 an ounce, extending yesterday’s 0.6% advance. It traded little
changed at $1,109.80 at 10:30 a.m. in Singapore. The precious metal climbed the most in almost two weeks
yesterday after the 16-nation euro slumped as optimism waned that the European Union will organize financial
assistance for Greece. The euro was last at $1.3680 from $1.3677 yesterday. Gold tends to move inversely to the
U.S. currency. It reached a record $1,226.56 an ounce on Dec. 3, after the Dollar Index, a measure of the
greenback’s value against six major currencies, fell to a 16-month low. The metal has traded in a $100 range the
past two months as the index regained 4%.

Soft Commodities
Soybean, wheat and corn futures gained in Chicago as the dollar weakened, making U.S. crop supplies
cheaper for holders of other currencies. Soybeans for May delivery gained 0.4% to $9.3350 a bushel on the
Chicago Board of Trade at 10:48 a.m. Singapore time. May-delivery corn added 0.4% to $3.6475 a bushel and
wheat gained 0.1% to $4.7975 a bushel. The Dollar Index, which tracks the value of the greenback against
currencies of six major trading partners, was down 0.1% at 80.166 at 10:51 a.m. Singapore time. Wheat gained
after Ukraine, the world’s fifth-largest exporter, said losses to its grain crops caused by cold weather deepened.
The nation lost grains in 1.6% of planted areas, compared with an earlier estimate of 0.3%, the Agriculture
Ministry said. Wheat plantings are 10.9% under ice, and about 1.5% of the total has been destroyed, the ministry
said. The nation’s output was forecast to drop to 20.9 million tons this year, from 25.9 million tons a year earlier,
according to a February estimate by the U.S. Department of Agriculture.

FX ____________________________________________________________________________________
The yen rose on speculation Japanese exporters took advantage of its decline to a five-week low against the
euro to purchase the currency. The dollar gained for a second day against Malaysia’s ringgit on expectations
more Federal Reserve policy makers will dissent with the “extended period” commitment to near-zero interest
rates. Australia’s currency fell a third day versus New Zealand’s after the larger nation’s central bank dimmed
expectations for rapid rate increases. The Bank of Japan started a two-day meeting where it may expand
efforts to fight deflation. Japan’s currency rose to 123.36 per euro as of 2:21 p.m. in Tokyo from 123.83 in New
York yesterday, when it reached 125.32 yen, the weakest since Feb. 4. It climbed to 90.07 per dollar from 90.53.
The euro bought $1.3695 from $1.3677. The dollar rose 0.2% against Malaysia’s ringgit to 3.3225. Australia’s
currency fell 0.5% to NZ$1.2977, and declined 0.5% to 82.41 yen.

FIXED INCOME ___________________________________________________________________________

Treasury 10-year yields were near the lowest level in a week on speculation the struggling housing market will
prevent the Federal Reserve from raising interest rates for much of 2010. The difference in yields between two-
and 10-year notes was near the narrowest since February before a government report that economists said will
show housing starts and building permits fell last month. Concern the recovery is losing momentum may spur the
Fed to retain language in its policy statement today that the target lending rate should remain at virtually zero
for an “extended period.” The 10-year note yielded 3.70% as of 2:07 p.m. in Tokyo, according to BGCantor
Market Data. The 3.625% security due February 2020 traded at 99 13/32. The yield hasn’t been lower than 3.68%
since March 9. Ten-year yields declined six basis points during the two days after the Federal Open Market
Committee’s last meeting ended on Jan. 27. The spread between two- and 10-year yields, known as the yield
curve, was near the narrowest in six weeks on concern the housing market, which triggered the worst recession
in seven decades, is struggling to recover. The gap was 2.76% points today. It shrank to 2.73% points on March 5,
the narrowest since Feb. 1.
GLOBAL FIGURES ___________________________________________________________________________________________
Equities Commodities
Index Current Change % Change % YTD Index Current Net Change 1d Change % YTD
MSCI World 1'182 -0.45% 1.16% GSCI ER 425.56 -6.09 -3.49%
SPX 1'151 0.05% 3.18% GSCI Agriculture ER 51.44 -0.32 -14.04%
INDU 10'642 0.16% 2.05% GSCI Livestock ER 209.94 0.81 5.41%
NDX 1'920 -0.23% 3.21% GSCI Precious Metal ER 162.40 0.53 0.77%
SX5E 2'871 -0.96% -3.18% GSCI Industrial Metal ER 247.84 -4.65 -1.44%
DAX 5'904 -0.70% -0.90% GSCI Energy ER 268.14 -4.64 -2.30%
SMI 6'825 -0.17% 4.27% AIG ER 131.36 -1.09 -5.63%
UKX 5'594 -0.57% 3.34% WTI 79.70 -0.10 -1.15%
CAC 3'891 -0.93% -1.15% Brent 77.89 -1.50 -1.88%
NKY 10'722 -0.28% 1.66% Natural Gas 4.39 0.00 -20.29%
HSI 20'987 -0.44% -4.05% Gold 1'113.40 8.00 1.44%
IBOV 69'024 -0.46% 0.63% Silver 17.25 0.14 2.25%
KOSPI 1'648 -0.09% -2.07% Aluminium 2'193.80 -36.15 -0.15%
SENSEX BSE 30 17'192 0.16% -1.56% Copper 7'330.00 -140.00 0.00%
RTSI 1'521 0.41% 5.26% Zinc 2'263.50 -56.25 -11.81%
Tin 17'405.00 -104.00 2.60%
Volatility Nickel 21'474.00 -246.00 15.81%
Current Net Change WTD Net Change 1m Lead 2'189.00 -63.50 -10.18%
VIX 18.00 0.42 -4.25 Corn 364.75 1.50 -14.02%
VSTOXX 22.55 0.62 -4.23 Wheat 480.00 0.75 -13.51%
VDAX 19.41 1.00 -4.50 Soybean 935.75 5.75 -11.20%
VSMI 15.92 0.49 -3.17 Sugar 19.39 -0.28 -23.15%
Cocoa 2'866.00 -54.00 -13.41%
Currencies Coffee 131.05 -1.45 -4.76%
Current Change % 1d Change % YTD Cotton 80.73 -0.03 5.41%
USD/CHF 1.0599 0.26% 2.37% Live Cattle 93.38 -0.22 6.44%
USD/JPY 90.1100 0.44% -3.36% Feed Cattle 107.28 -0.10 8.63%
CHF/JPY 85.0200 0.16% -5.87% Lean Hogs 80.60 0.03 4.30%
EUR/USD 1.3697 -0.19% -4.63%
EUR/CHF 1.4518 0.07% -2.16% Credit
GBP/CHF 1.5957 0.23% -4.71% iTraxx Europe IG 5yr 65.23
USD/BRL 1.7644 -0.11% 1.13% iTraxx Europe Crossover 5yr 446.48

Libor Rates Swap Rates

USD EUR CHF GBP JPY USD EUR CHF GBP JPY
1M 0.23 0.38 0.09 0.54 0.16 1Y 0.53 1.13 0.46 0.86 0.44
3M 0.26 0.60 0.25 0.65 0.25 2Y 1.15 1.56 0.81 1.62 0.45
6M 0.40 0.91 0.33 0.87 0.45 5Y 2.66 2.49 1.60 2.93 0.70
12M 0.87 1.20 0.64 1.31 0.68 10Y 3.74 3.35 2.37 3.90 1.40

ECONOMIC INDICATORS OF THE WEEK

US: Date Event Survey Actual Prior

15.03.2010 New Motor Vehicle Sales January (MoM) 0.0% 0.0% 2.6%
16.03.2010 Housing Starts February(MoM) -3.6% -- 2.8%
17.03.2010 Producer Price Index February (MoM) -0.2% -- 1.4%
18.03.2010 Initial Jobless Claims (March 13) 455k -- 462k
19.03.2010 Consumer Price Index February (YoY) 1.4% -- 1.%

EU: Date Event Survey Actual Prior

16.03.2010 Euro-Zone CPI February (YoY) 0.9% -- 0.9%
18.03.2010 Euro-Zone Trade Balance January -4.0bn -- 4.4bn

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. © EFG Financial Products AG. All Rights reserved.