ard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Ornitsci rrr f-k..rok Grog. GaRoswell. 10.14 60272 Frankfurt am Main Germ s SQ('Llitti'it' h 60 Wall Street New York, NY 10005 United States of America un :xhc> Etotl, AO Miele Hong