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H1-2008 - Valeo

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Business environment<br />

Global economic slowdown<br />

Global car production decelerates from +4.2% in Q1 to<br />

just +1% in Q2; D3 under considerable pressure in North<br />

America<br />

Renewed pressure on raw materials<br />

Dramatic currency shifts<br />

Interest rates heading higher in Europe<br />

July 29, <strong>2008</strong> I 7

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