f Executive Officer Chief Executive Officer, Asia Pacific Region Chairman of the Executive Board Managing Director Chairman of the Governing Board, Swiss National Bank, Switzerland World Economic Forum Annual Meeting 2011 Bloomberg LP Edelman CA Technologies dm drogerie markt GMBH + Co. KG Nestle - Jenny Craig I

stabilized and we expect the BoE to extend quantitative easing in November. ¢ In Switzerland, yields rose only slightly owing to mixed economic data. The Swiss National Bank stands ready to act. With much negative news priced in, we believe Swiss yields will gradually start to normalize. A Positive scenario for German bo