Speaker: Bettina Orlopp, CEO What we learned: The German policy context is changing positively, and the change is really happening, the government is active, and focused on a 100-day plan. Companies have delayed investment for years but are now preparing plans. The company is confident about its business plan, including 8% corporate loan growth and 7% fee growth (despite limited GDP growth) and 15% RoTE (even though local peers make less). The plan is realistic about the context and focuses on specific areas that give the right opportunities. No real comment on UniCredit. For now, they are a major shareholder (9.9%) but just a shareholder. Commerzbank would take any proposals for value creation seriously, but has not received any proposals yet. Talks remain just at a shareholder level. Overall tone: Overall tone is positive. They know they are running ahead of plan, and increasingly view the FY25 guidance as a minimum.