<P><FONT size=5>花旗：台湾零售业3.9</FONT></P>
<P><FONT size=5>Taiwan Retailing－February Sales Check: Spring is coming? </FONT></P><FONT size=5>9 March 2007 | 4 pages<BR></FONT>

<P></P>
<P>Solid 2M07 sales — February sales of major retailers in Taiwan all posted robust<BR>yoy growth, thanks to the delayed Chinese New Year vacation. Total sales of the<BR>first two months also suggested a solid picture, with most retailers reported<BR>positive yoy performance. The numbers along with rising consumer confidence<BR>eased our earlier concern that the domestic consumption may decline further<BR>from the low base last year, and a recovery is still possible in mid 2007.</P>