JAMES FOO, ABB PRESIDENT & COUNTRY MANAGER, SINGAPORE

Recent years have seen extraordinary growth for ABB and we expect our markets to continue to develop at attractive levels through 2008. Markets will thrive in both developed and emerging economies, and we will see low cost countries growing much faster as they become more prominent. Increasing orders refl ect investments to expand power infrastructure in emerging markets and to replace aging equipment and strengthen grids in mature markets, while industrial businesses continue to invest in productivity improvements and cost reductions by lowering energy consumption.

The business environment for ABB into the fi rst half of 2008 is expected to remain in line with the positive market conditions as ABB expects further industrial investments with an accelerating drive for energy efficiency and efforts to combat climate change in improved productivity and energy efficiency. There is massive potential for ABB technology to reduce losses along the energy value chain, from the harvesting of primary energy to its transportation and ultimate end-use.