Sales look fine, but otherwise the numbers are rather disappointing, also due to higher expenses.

Especially the sales performance in Europe was stronger than expected. The impact of alleged product problems did not really hurt sales in Europe.

The company reached its own forecasts for the first quarter 2006 and confirmed its outlook for the second quarter.

(It is) an acquisition which we would value as 'not really expensive.

The figures are a notch better, but valuation is stretched. Therefore, we still prefer other private banks.

The operating profit guidance is clearly below (expectations).