Steffan Selbach

“We reduced the equity exposure once more because of the muddy outlook for the worldwide economic activity and the downtrend with company-earnings. The temporary positive development of the economics sentiment indicators has proved to be wrong. We reduced over private equity because the outlook for the branch is still very dodgy. Given the current exchange rate of $1.25-Euro, we think that the potential for the US-currency is very limited. Therefore we adjusted the US-equity hedged position in relative terms. We still see high potential in the corporate bond market this year.”