Matilde, Chorus Call Operator, Chorus Call: Ladies and gentlemen, welcome to the Q2 2026 Fixed Income Call. I am Matilde, the Chorus Call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it’s my pleasure to hand over to Philipp Teuchner, Investor Relations. Please go ahead.

Philipp Teuchner, Head of Investor Relations, Deutsche Bank: Good afternoon or good morning, thank you all for joining us today. On the call, our Group Treasurer, Richard Stewart, will take us through some fixed-income specific topics. For the subsequent Q&A session, we also have our CFO, Raja Akram, with us to answer your questions. The slides that accompany the topics are available for download from our website at db.com. After the presentation, we will be happy to take your questions. Before we get started, I just want to remind you that the presentation may contain forward-looking statements which may not develop as we currently expect. Therefore, please take note of the precautionary warning at the end of the materials. With that, let me hand over to Richard.

Richard Stewart, Group Treasurer, Deutsche Bank: Thank you, Philipp, welcome from me. We are pleased with the performance we delivered and the momentum we achieved in the first half of 2026. We continue to invest in our global house bank, which paves the way for further growth, efficiency gains, and value creation. We grew revenues to EUR 17.2 billion, well on track to reach our full year ambition of around EUR 33 billion. This momentum enabled us to deliver a post-tax profit of EUR 4.1 billion, our highest ever for a half year. We made further progress on our key ratios. Post-tax ROC increased to 11.9%, while our cost income ratio improved to 60.9%, despite the impact of SVA accretive strategic actions we took in the second quarter. This momentum positions us well to deliver our 2026 objectives and reinforces our confidence in achieving our 2028 targets.

We delivered strong performance across all our divisions, as you can see on slide three. All divisions delivered returns on tangible equity of 12% or higher. The prior bank’s transformation continues. We made progress on our target ratios despite absorbing costs relating to continued investments and the exit of its India franchise, grew client assets by more than EUR 55 billion in the first half year. The division has now completed all the branch closures foreseen for 2026 and continue to strengthen wealth management coverage. Asset management grew assets under management by EUR 97 billion in the second quarter alone, which includes record net client flows of EUR 25 billion. The corporate bank continued to grow business volumes in both loans and deposits, reflecting the strength of our corporate client franchise.

The investment bank supported clients through heightened market volatility, reinforcing our position as a trusted partner and gateway for investing in Europe, whilst also growing EMEA market share in investment banking and capital markets. At our Investor Deep Dive in November, we made clear that we view an ROT of greater than 13% as a floor, dependent on the successful execution of our strategy. We also identified several trends that could provide further upside over time. Let me briefly update you on how those trends are developing on slide four. First, German structural reforms, including health and pension reforms, are taking shape. The government’s 34-point plan should boost economic activity in the years ahead. Fiscal expansion is slowly but steadily gaining momentum. Investment spending in the infrastructure and defense sectors has started. Our corporate bank and investment bank are ideally placed to capture opportunities.

We are seeing encouraging steps in private pension reforms and are very well placed to support existing and new clients with investment solutions and help them participate in opportunities as the market develops. The second trend is AI, which is evolving even faster than we expected, and the potential benefits for us are becoming clearer. This gives us potential both for incremental operating efficiencies and revenue growth in the future. The third trend is Savings and Investment Union. Across Europe, momentum is building, especially as health and pension reforms are top of the agenda in Germany. The fourth trend we discussed in November is a more level regulatory playing field. We are encouraged to see an increasing policy focus on competitiveness, simplification, and growth in Europe. Over time, we expect this to be supportive on several dimensions.

The European Commission is taking a number of initiatives, including the recent proposal with a broader legislative package expected in early 2027. We believe that among European bank regulators, there is both increasing flexibility and political will to address some of the unintended consequences of CRR3 whilst not compromising on resilience. Temporary relief on FRTB as soon as January 2027 and permanent relief via legislative package later on would also maintain the competitiveness of European banks in trading and capital markets. In other words, across all four areas, the trends are positive. Of course, the speed and exact shape of change are hard to predict, but the overall direction is encouraging. Turning to treasury specific topics, starting with our net balance sheet on Slide 5.

We continue to operate with a strong and conservative balance sheet, underpinned by robust capital and liquidity buffers that comfortably exceed regulatory requirements and support the group across cycles. Compared to the prior year period, we have demonstrated volume growth in both loans and deposits, which underpins the business momentum as well as our franchise strength. Capital remains robust in the second quarter. Our CET1 ratio was within our operating range between 13.5% and 14%. Our leverage ratio stood at 4.5% compared to 4.7% a year ago. Let me also spend a moment on our credit ratings, on which you can find further details in the appendix on Slide 18. We were pleased to see further constructive developments during the quarter. Fitch revised Deutsche Bank’s outlook to positive at the end of April, following earlier positive outlook revisions from S&P and Moody’s.

As a result, we now have a positive fundamental rating outlook with all three mandated rating agencies. This reflects the progress we have made in transforming the bank, strengthening earnings resilience, and continuing to deliver against our strategic objectives. Moving to quarterly capital developments on Slide 6. Starting with the CET1 ratio, we ended the quarter at 13.9%, up 11 basis points compared to the first quarter. Net income after deductions for AT1 coupons contributed 45 basis points, reflecting strong second quarter earnings. While deductions for distributions of 27 basis points represent the 6% payout ratio in respect to 2026 financials. The other category increased by 11 basis points due to equity compensation and reduced capital deduction items, mainly from lower deferred tax assets. Turning to risk-weighted assets, which increased by EUR 5 billion, excluding FX effects of EUR 1 billion.

The main driver of this increase was business growth, mostly growth in loans and commitments alongside guaranteed funds in asset management. This was partially offset by increased RWA benefits from securitization and reduced CVA risk-weighted assets. We plan to launch new SRT platforms in the second half of the year to create additional RWA capacity. Lastly, the other category of risk-weighted assets includes effects of model recalibrations. Our capital ratios remain well above regulatory requirements as shown on Slide 7. The CET1 MDA buffer now stands at 270 basis points or EUR 10 billion, reflecting the quarter-on-quarter increase in CET1 capital. The buffer to total capital requirement is 307 basis points, a further increase compared to the CET1 MDA buffer, mainly driven by our AT1 issuance during the quarter.

On the leverage side, we ended the quarter at 4.5%, which is 5 basis points higher than prior quarter, leaving us with an MDA buffer equivalent to EUR 13 billion of Tier 1 capital. We continue to operate with a significant loss-absorbing capacity well above all requirements, as shown on Slide 8. The surplus over our MREL and TLAC requirements now stands at EUR 22 billion. This reflects an increase of approximately EUR 5 billion compared to the prior quarter. The majority of the increase came from a lower requirement received during the quarter, as previously guided, reflecting the significant progress the bank has made towards resolvability. In addition, higher volumes of MREL eligible liabilities on our balance sheet were not fully offset by the increase in RWA and leverage exposure.

Our MREL surplus continues to give us meaningful flexibility to manage eligible liability issuance, and if market conditions or economics warrant, to pause new issuance for at least 1 year. Moving now to the development of the loan book on Slide 9. During the second quarter, loans grew by EUR 5 billion or 1% to EUR 491 billion. The underlying quality of the loan book remains strong, reflecting our conservative underwriting standards across all businesses. In the private bank, loan development remained aligned with our strategy, reflecting continued growth in wealth management, offset by reductions in selected retail lending portfolios. A further offset was driven by the classification of the India franchise as held for sale. Looking at the corporate bank, we have seen further growth in SVA positive portfolios in trade finance and lending.

Within FICC financing, the growth momentum continued, primarily driven by the financing and solutions business, which includes well collateralized asset-backed lending. For the remainder of the year, we see further growth opportunities across all businesses, whilst our focus remains on value accretion and capital discipline. On Slide 10, we provide details on the quarterly deposit development. Our well-diversified deposit book grew by EUR 12 billion or 2% during the second quarter to EUR 698 billion. Growth during the quarter has been driven by the corporate bank, where we saw an encouraging increase in sight deposit balances within corporate cash management. In the private bank, deposit balances slightly increased, supported by underlying campaign inflows and growth in wealth management, and were partially offset by the classification of the India deposit franchise to held for sale.

Looking ahead, we expect to continue to grow our deposit base in targeted portfolios in line with our strategy. Moving to net interest income on Slide 11. NII was solid at EUR 3.6 billion across the key banking book segments and other funding, with sequential increases in all three segments. In the second quarter, deposit related NII continues to benefit from underlying volume growth and the contribution from our hedge portfolio. While loan NII benefited from client demand. Looking at the divisions in the private bank, margins continued to progress steadily, particularly in deposits, with volumes broadly stable in the quarter. In the corporate bank, net interest income also went up sequentially with both deposits and loans supported by increased client activity. In FICC financing, the results reflected continued strong demand for lending.

For the full year, we expect NII across key banking book segments and other funding to slightly exceed our prior guidance of around EUR 14 billion and benefits from recent rate decisions to become more pronounced in 2027 and 2028, reflecting our structural hedging approach. On Slide 12, which is based on market implied forward rates as at the end of June, you can see our multi-year NII tailwind from rolling our hedge portfolio. The total volume of hedges is increasing over time as we grow stable non-interest-bearing deposits with around EUR 210 billion now invested longer term. The yield of maturing hedges this year is around 60 basis points on average, and the 10-year swap rate at which they are reinvested is currently around 3%.

Over the last quarter, we have opportunistically executed some forward-starting hedges at attractive rates, with the result that the amount of NII benefit which is locked in has increased to around 90% for 2027 and 80% for 2028. The sensitivity of our reported NII to rate moves has further reduced as a result, and you can see that in the usual appendix slide. Moving to our liquidity and funding profile on Slide 13, which remains strong in the second quarter. Our liquidity coverage ratio was 140%, comfortably above the regulatory requirement. We ended the quarter with EUR 237 billion of high-quality liquid assets, and the composition of that buffer continues to be very strong, with a large majority held in cash and level 1 securities. Our net stable funding ratio was 118%, while available stable funding increased to EUR 657 billion.

The ratio remained broadly flat versus the prior quarter and reflects the business growth and associated increase in required stable funding sources, which was offset by stable funding contribution, mainly from corporate bank deposits. Overall, these ratios continue to underscore the resilience and diversification of a liquidity and funding base. Let us now look at our issuance plan on slide 14. Credit markets remain resilient in the second quarter, despite ongoing geopolitical uncertainty, supporting continued issuance activity. Since the last fixed income call at the end of April, we have issued a total of EUR 2.9 billion, taking the year-to-date total to EUR 9 billion, or more than 70% of the midpoint of our 2026 guidance. Issuance highlights in the quarter included a EUR 1.25 billion AT1 at the tightest spread ever for a euro AT1 instrument issued by Deutsche Bank. The deal attracted a large investor base with more than 225 investors.

We also issued a EUR 1 billion 6 Non-Call 5 senior non-preferred issuance, which attracted more than EUR 6.5 billion in total orders, and a CNY 3.5 billion senior preferred dual tranche with maturities in 2029 and 2031, taking our cumulative panda bond funding to CNY 9 billion in 2026. On capital, we have an upcoming call decision for our 4.5% euro AT1 bond, which is callable in November 2026 by giving notification no later than the 31st of October. Based on current markets, the coupon would reset to roughly 7.3%, which is above current new issue levels. As usual, we will take a decision on this security closer to the call date after considering several factors, including capital demand, refinancing levels versus reset, as well as market expectations. We confirm our funding requirements for 2026 remain between EUR 10 billion and EUR 15 billion.

To conclude on slide 15, we are on track to meet our objectives for 2026. Our divisions are performing well, and strong first half revenues are putting us firmly on track to comfortably deliver on our revenue ambition of around EUR 33 billion. We continue to prudently pace our planned investments throughout the year, generate operating efficiencies, and deliver on our full-year expense guidance in line with our investor day commitments. Asset quality remains strong and portfolios are performing in line with expectations. We remain vigilant to potential geopolitical and other risks in the operating environment and expect our portfolios to remain resilient to those challenges. On an underlying basis, we continue to expect provision for credit losses to reduce slightly year-on-year. We remain committed to delivering attractive capital returns.

That is why we continue to make CET1 capital deductions in line with our 60% payout ratio target, which balances the interests of all our stakeholders. The EUR 500 million share buyback from 2026 net income announced yesterday will commence upon completion of the current EUR 1 billion share buyback. First half year profitability lays a solid foundation for strong operating performance in 2026, and you can see this in our businesses. Finally, we have already issued a substantial amount of our funding plan and plan to issue primarily more senior instruments in the second half of the year. With that, let us turn to your questions.

Matilde, Chorus Call Operator, Chorus Call: We will now begin the question and answer session. Anyone who wishes to ask a question may press star one on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star two. Participants on the phone are requested to disable the loudspeaker mode and eventually turn off the volume from a webcast while asking a question. Anyone who has a question may press star one at this time. The first question comes from the line of Lee Street from Citigroup. Please go ahead.

Lee Street, Analyst, Citigroup: Hello. Good afternoon. Well done on the results. Thank you for hosting this call. I have three questions, please. Firstly, the call this day was pretty bullish and pretty upbeat. From a fixed income perspective and against the backdrop of very tight spreads, I’d just like to get your thoughts on what you see as the main risks, be it micro or macro, that Deutsche might face that could cause spread widening from here. Secondly, we’ve seen how much the big U.S. banks have issued lots and lots of debt, significant in excess of what they’ve issued in prior years to essentially grow the balance sheet, given returns available. You’re obviously not doing that, I suppose. Why are you not doing that? I suppose would be my question.

Finally, I think a big theme over the last couple of quarters has been growing equities revenues for investment banks. What would it take for you to rethink about reentering that market? Would be my question. They’re my questions. Thank you.

Raja Akram, Chief Financial Officer, Deutsche Bank: Hi, Lee, this is Raja. Thanks for your questions. I will take the first and the third question, and I will have Richard speak on the second one. Look, the call yesterday was clearly one of confidence. I think it’s on the back of our franchise momentum and what we’ve been able to accomplish versus our targets in the first half of the year. It doesn’t mean that we are not watching the macro environment broadly very closely because it is a complicated one. We just were able to perform really well despite the uncertainties that are out there. We certainly don’t think that the environment is completely benign from the perspective of geopolitics. Look, you are asking the right question. First of all, it’s a matter of resilience. We want to make sure that we have very strong and liquidity buffers, which we do.

We’ve been pretty focused on where we deploy the balance sheet in this environment. What are we watching for? Look, I think obviously one is the obvious one, that geopolitical situation is quite relevant. There’s obviously some inflation risk upside to the upside. At the same time, what we have tried to do is, one, we don’t have any direct exposure to the situation from a geopolitics perspective, which is a good thing. On the other hand, we were being a little bit proactive, and as you know, last quarter, we built an overlay just to kind of anticipate some of the risks that we saw that could potentially materialize. Now, none of them have. To date, the German consumer and the corporate estate somewhat resilient. That’s one.

I think we clearly are obviously looking for how long this shock will go on and what potentially could be outcome to the energy-dependent industries. Obviously, CRE. That is something that we’ve been looking at for a while, particularly the office sector in the West Coast. We’re not seeing, frankly, deterioration in our portfolio. We are not seeing new positions entering into default. There’s clearly the legacy portfolio that you could continue to see revaluation risks. There, too, we think it’s prudent to be proactive. As Richard talked about, we deciding that we want to de-risk our portfolio at a faster pace there, especially with AI in the future and potentially what impact that could have on the number of offices that are going to be needed and what the productivity needs will drive.

Clearly that is something that we want to need to watch for, therefore, we are being a little bit more proactive on that space. Look, in the last quarter, there was a lot of discussion around private credits, and we have obviously put our information out there. We’ve kind of maintained our positions. We try to lend to sponsors that have a diverse business model. We try to have a lower advance rate, comfortable with the exposure and underwriting standards, that’s a space we want to watch. Understandably so, market is focused on the tail risks.

The interesting part there is that despite all the discussion on private credit, the borrowers that are in the upper spectrum, that where we tend to lend to, they haven’t seen a spread blowout because people are being pretty picky who they lend to, and they can still get their lending done at a good spread because people want to lend to people who they feel are more secure. Yes, I think there are few things that I mentioned. We don’t anticipate that the spreads will stay this tight forever. That’s why I think we have to be present, part of it is our business model, which is over time going to be less and less balance sheet dependent, more and more capital-light, fee-based businesses. That’s the way we are navigating. Look, the other question to you was about equities.

We made a decision in 2019 that we did not want, that the business of trading was not something that we could really see benefiting from, or it’s a scale business. That strategic decision we stick by. We did say as the global house bank, we wanted to retain an equity capital markets franchise, which we did, and that has actually continued to do well this quarter. We participated in some of the larger transactions that happened in the U.S. We clearly have a very strong presence in EMEA. We have a research presence which also supports our corporate finance business. That’s the area we’re continuing to invest in. At the same time, look, I think you asked a risk question. The equity markets have been extremely hot, and people have done extremely well.

If you were to think about what the risk is, we don’t have that exposure, but how much prime brokerage exposure that has been put out there by others. Thankfully, from our perspective, we haven’t participated in the upside, but consequently, we also are somewhat insulated from the downside if something was to happen. I would say we’re happy with what we have. Our goal is to just kind of invest in our advisory and origination business, but not redo or recreate a cash equities or prime broker style platform. That’s kind of where we are pretty certain that’s not where we’re going to go back to. Richard, I don’t know if you want to take the balance sheet question.

Richard Stewart, Group Treasurer, Deutsche Bank: Sure. Thanks, Raja, and thanks Lee for your questions, and thanks for joining. I guess around the growing the balance sheet through issuance from the U.S. Bank perspective. I’d say a few things. One is, in terms of our own issuance plan, we’ve issued EUR 9 billion year to date already this year, and that’s sort of three quarters of our plan when you take the midpoint of the range. We’ve substantially kind of issued for the year, if you like, to kind of de-risk that component vis-à-vis credit spreads. On top of that, we’ve issued more spread sensitive issuance as well. We did a Tier 2 in Q1, we did AT1 in Q2. Of course, we can use that to deploy our balance sheet, not just for lending but also for client demand and FICC. We have, I guess, been issuing.

To be clear, we’re not dependent in terms of our 2028 target perspective on putting outsized balance sheet to work to deliver those targets, right? We’re pretty comfortable we can do that organically through our own initiatives. Of course, we saw some attractive risk-adjusted returns, then, of course, we’ll support our clients accordingly. I guess I’m not quite sure where you want us to go in this direction, but from a funding perspective, we have much larger sources of stable funding beyond issuance. In particular, retail deposit base, which a couple of the U.S. peers that you mentioned don’t have. Those would be my thoughts to your question.

Lee Street, Analyst, Citigroup: All right. Very clear. Thank you both for your very full answers, and well done.

Matilde, Chorus Call Operator, Chorus Call: The next question comes from the line of Robert Smalley from Macquarie. Please go ahead.

Robert Smalley, Analyst, Macquarie: Hi. Thanks for taking my question and doing the call. Just two. One on deposit competition. If you talk to French banks, Benelux banks, even a U.S. bank, they all see an opportunity in growing deposits in Germany. Can you talk about where they’re growing these deposits and how you’re meeting their challenge? Secondly, if you could talk a little bit more about your data center exposure and what your plans are around that business going forward. Thank you.

Raja Akram, Chief Financial Officer, Deutsche Bank: Thanks, Robert. This is Raja. I’ll take it. Look, I think I’ve said that before. We, in some ways, feel privileged to be the largest bank in an environment where everybody thinks there’s a lot of opportunity for deposits and to raise liquidity because just the amount or the size of the market actually means that there’s something for everyone, depending on the rate chasers or people who actually want to build client relationships. We obviously are seeing, and obviously a new U.S. bank entered the market with very attractive promotional offer. From a Deutsche Bank brand perspective, try not to get into that race. Obviously, we go with competitive offers of our own. Last year, we did a promotion which went really well, in fact, exceeded our expectations.

What we are seeing is, yes, certainly there is going to be a portion or a subsegment of the population that is going to take that promotional offer, especially if it comes with a long period of that rate. Generally, that tends to move away and either it reverts back or we are obviously doing our own promotions, not at the same rate. We have a brand called Norisbank, which is a very niche brand that we would try to test the market out. If I look at the overall impact that it has had on our plans, it is negligible. Obviously, we saw some level of movement between us and the new entrants. If I was to look at how we had modeled what the retention was going to be for our promotions, post the promotional period ending, it is pretty much in line.

That gives me a lot of confidence. Obviously, the other thing that we are able to offer versus some of the banks is that we have a wealth management franchise in Germany, which is very strong. Those people are usually generally less price sensitive, and if we feel that the market dynamics are not that helpful, then we would much rather bring deposits from a different source. So far, while we have certainly seen some promotional impact, it has not been to the extent that would make us rethink either our deposit pricing strategy or what we want to do in the long term. Look, on the data center side, the exposure is pretty tightly managed. It is, I would say, probably high single digits. It is again, what we try to do is stick with pretty high-quality sponsors that are backed by large tech companies.

We try not to go with monolines or people that essentially have one product kind of a setup. Again, I mentioned it is not dissimilar to the private credit discussion. If you can stick with that upper echelon of borrowers with high-quality sponsors behind you and with a good loan-to-value, I think we feel pretty comfortable. Our goal is not to get overly big in that space, but kind of maintain our market positioning. In the end of the day, it is not an area which it is growing disproportionally to our loan book.

Robert Smalley, Analyst, Macquarie: That is very helpful. Thanks again, and thanks for doing the call.

Raja Akram, Chief Financial Officer, Deutsche Bank: Of course.

Matilde, Chorus Call Operator, Chorus Call: As a reminder, if you wish to register for a question, please press star and one on your telephone. We now have a question from the line of Daniel David from Autonomous Research. Please go ahead.

Daniel David, Analyst, Autonomous Research: Good afternoon. Congratulations on the results. I’ve got three questions. The first one’s on MREL. Following your comments, I can see the large reduction in the subordinated MREL requirement, and I know the slides show TLAC without the senior preferred exemption, which could be added in. The question is, could this drive you to target lower subordinated headroom over time? I ask because I think this could be quite a positive message with the Italian banks potentially headed in the other direction. The second one’s just on the European Commission proposals, which you also mentioned. You spoke about FRTB, but I’m just interested in which one you think could bring the largest benefit to Deutsche. Flooring intangibles, MREL, just interested in your views. Finally, just a quick one. Could you give any indication of the risk density in the FICC financing book? Thanks.

Richard Stewart, Group Treasurer, Deutsche Bank: Hi, Dan. Richard here. I guess I’ll take the MREL question. Yes, you saw our requirements have reduced, and so that gives us more headroom in terms of how we operate today in terms of surplus to those requirements. As we think about our issuance plans going forward then, that kind of process is just kicking off now. Making sure we optimize our stack to ensure that we can meet those requirements and continue to have sufficient headroom is obviously on our minds, I’d say that we’re pleased with the messaging we received from our supervisor, Therefore, that gives us more options in terms of when we issue, how we issue, and the kind of tenors we need to do. In that sense, that is helpful. Our TLAC requirement doesn’t change, just to clarify that aspect.

In short, extra buffer capacity is always helpful, just allows us to pause our issuance as and when we need to, and then issue when we see prices which are attractive to us. In that sense, I think it’s clearly a positive. Then, I guess your second question was on the European Commission proposals. Was that it? I guess the various dimensions are in play there. I guess first of all, I think the proposal is just that right now. We think that the direction of travel and the switch to a more growth-based approach is clearly welcome. I think what we understand as well for something like FRTB is it’s still scheduled for 1st of January 2027. We feel that will be extended beyond that, and from a level playing field perspective, I think that’s welcome.

All three jurisdictions, I guess the main jurisdictions, whether it’s the U.K., U.S., and Europe, they are looking to ensure there is a regulation playing field is something that they are focused on. Certainly, they want to enact Basel relatively quickly. I think in terms of the transitional arrangements, which the topics around the unrelated corporates, it’s around mortgages. I think those are aspects that are welcome to be discussed. Obviously, at same when we talked about the output floor disclosures we had a few quarters ago, those were the areas we thought those transitional arrangements were something that we thought could be changed at a subsequent date. That seems to be, I would say, the direction of travel that we’re seeing so far.

Again, we’ll just have to wait to see where that thinking lands, I guess, sometime in early 2027, when we get some greater clarity from the regulators. I think the direction of travel is a positive one. For us to hit the unrelated corporates pieces is probably the most impactful for us. I think that’s what I would say is the answer to that question.

Raja Akram, Chief Financial Officer, Deutsche Bank: Richard, sorry. I would just like to add, actually, Dan, your Autonomous has actually put out a pretty interesting study last week about the European Commission report and the impact on European banks, and I think actually the report noted that Deutsche would actually be one of the high outsized beneficiary of the proposal. Obviously, they have to go through and depending on how they could go through, but on all three aspects of it, whether it’s the output floor, if it’s the buffers, we think it’s actually quite meaningful for us, assuming that it actually goes through the way we think, including P2R. I think that’s the way I would think about it. In terms of your RWA density question, it’s kind of a harder one to answer given so many structures of collateral.

I would say it’s probably between, if I were to guess, I would say it’s right between 30% and 40%, if I was to think about a general number. That’s where we would think it would end.

Daniel David, Analyst, Autonomous Research: Thank you very much. Appreciate it.

Matilde, Chorus Call Operator, Chorus Call: Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Philipp Teuchner for any closing remarks.

Philipp Teuchner, Head of Investor Relations, Deutsche Bank: Thank you, Matilda. Just to finish up, thank you all for joining us today. You know where the IR team is if you have any further questions, and we look forward to talking to you soon again. Goodbye, and have a nice day.

Matilde, Chorus Call Operator, Chorus Call: Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye