Shareholders, ladies and gentlemen. Welcome to our annual general meeting 2023, which I hereby formally open. I'm very pleased to be able to welcome you here today for the first time. It is an honor for me to serve this institution as Chairman of Supervisory Board. During my first year in office, I had many conversations which have shown to me Deutsche Bank is highly regarded by its clients and plays a very important role for the economy. It can rely on excellent employees and on the confidence of our highly valued shareholders. For that reason, I'm particularly looking forward to our exchange today. We have decided to hold a virtual AGM again this year, having further refined the format. The aim is to hold an inclusive meeting, offering our shareholders a forum where they can exercise all their rights without having to travel. At the same time, we want the exchange to be as informative and productive as possible. We hope we have achieved this. Accordingly, for the first time, we have published in advance not only the speeches, but also the answers to the questions which have been submitted. This should enable you today to ask specific follow-up questions. We are convinced of the advantages of a virtual annual general meeting. We are asking you for your approval today to continue with this format for the next 2 years while developing it further. Let me first of all turn to a number of formalities. The annual general meeting has been convened in proper form and in due time. The agenda was published in the Federal Gazette of 30th of March, 2023. All members of the management board are present in the studio here today. With the exception of Michel Chobani, John Thain, and Frank Werneke, all supervisory board members are also present here today. Professor Winkeljohann and myself are also present in the studio. While the other members are in a separate meeting room in this building, where they are following the annual general meeting and are able to communicate with us if and as necessary. Let me also welcome all of them very warmly. The notary, Dr. Habeta, is sitting on the right-hand side from your perspective. He will be taking notarized minutes of today's annual general meeting. The list of participants is currently being drawn up. It covers the company's proxies present in the attendance area here today. It also includes all shareholders and shareholder representatives who have electronically joined the annual general meeting here today. We will announce the attendance once the list has been completed. It will also be made available to registered shareholders and their representatives via the shareholder portal. The attendance area covers the so-called forum, including adjoining rooms in the E2 section here in Taunusanlage 12, as well as the premises in C2 and C3, where the backstage area is located and where the votes will be counted later today. It also includes the Supervisory Board meeting room and the adjoining rooms on A 35th floor. The agenda with the wording of the proposed resolutions is on display here. The notary also has a copy of the convocation document to hand. This also applies to the counter proposals submitted in due time, which we have also made available on our website. Much for the formalities. Ladies and gentlemen, today we look back on a very successful year. Deutsche Bank achieved its highest net income in 15 years. We exceeded the key target of our strategy launch in 2019, a return on equity of 8%. We can therefore say with some pride that Deutsche Bank's transformation has been a success. At the same time, the bank is in a very solid position. At the end of the first quarter of this year, the common equity Tier 1 ratio stood at 13.6%. What we are particularly pleased about on the Supervisory Board is that we can propose a dividend of EUR 0.30 per share to you today. This is 50% more than last year. This progress is based on a lot of hard work. I would like to express my sincere thanks to the Management Board and all employees of Deutsche Bank for this. Without their great commitment and efforts, the transformation of the bank and these results would not have been possible. Of course, I would also like to thank you, our owners, our shareholders, for your loyalty and support. Christian Sewing will report in more detail on the past year in a moment. He will also explain the bank's strategy for the next few years. The Supervisory Board closely monitored the bank's progress and the work on the Management Board over the past year. The Supervisory Board and its committees held a total of 59 meetings. In the light of the economic challenges, one of our priorities was to convince ourselves of the bank's resilience, risk management, and balance sheet quality. We also closely monitored the further development of the strategy. In March 2022, the Management Board had presented a strategy update together with financial targets for the years up to 2025. The Supervisory Board expressly supports the even stronger focus on the role of a global house bank. This strategy puts our clients even more at the center and delivers our global expertise to them locally. The goal is to provide the best possible support to our clients worldwide and across all business areas. In this way, Deutsche Bank is fulfilling its role for the German and European economy. The Supervisory Board is also convinced that this is the right way to generate sustainable profits and returns for you as shareholders. Environmental and social considerations as well as good corporate governance are playing an increasingly important role in any bank's strategy. That is why we have decided that in future, we will discuss sustainability matters in the Supervisory Board together with strategy-related matters in the same Supervisory Board committee in future. It is part of our responsibility to society to do what we can to help make our economy carbon neutral. At the same time, this is an opportunity for us. Deutsche Bank is extremely well-positioned to support its clients in their sustainable transformation. In this context, we have realigned the former Integrity Committee. As the Regulatory Oversight Committee, it monitors and supports the Management Board in ensuring that legal provisions, regulatory requirements, and internal policies are complied with. These issues are the key priority for the Supervisory Board. In recent years, Deutsche Bank made significant progress in this area. However, it does not yet meet expectations in some areas. The Supervisory Board has also taken this into account in the remuneration of the Management Board for 2022. For this reason, the so-called short-term award was reduced by 5%. Further progress on regulatory issues will continue to be a top priority in the current year. This receives the highest weighting in the targets defined for nearly all Management Board members. That summarizes some of our key priorities for the completed year. The detailed report on the work delivered by the Supervisory Board can be found in the bank's annual report on pages Roman 8 to 17. Of course, the key tasks of the Supervisory Board also include personnel decisions. In 2022, there was only one change in the Management Board. At last year's annual general meeting, Stuart Lewis handed over the role of Chief Risk Officer to Olivier Vigneron. However, we decided to initiate a major restructuring of the Management Board a few weeks ago. I would like to briefly explain that decision to you. In recent years, the management team led by Christian Sewing had successfully led the bank through the transformation. Now, time had come to align the management board for the next phase in the bank's growth strategy. This requires an even greater focus on our clients and on the business areas in which the bank aims to grow. At the same time, we need to be even more consistent when it comes to further strengthening our controls. In addition, the bank needs to become even more efficient, and that includes a leaner management board. We had all these goals in mind when we put together the responsibilities of the new leadership team. The changes include two farewells. Upon the close of this annual general meeting, our Americas CEO, Christiana Riley, will leave Deutsche Bank. After around 17 years in our bank and 3 years on the management board, she has decided to take on a new role in the financial sector. Also present at the AGM for the last time is one of our presidents, Karl von Rohr. He will leave the bank when his contract expires at the end of October. Mr. Von Rohr has worked for Deutsche Bank for more than 25 years and has been a member of the management board since 2015. Both Christiana Riley and Karl von Rohr have rendered outstanding services to our bank and delivered significant contributions to the successful transformation in recent years. On behalf of the supervisory board, I would like to express my sincere thanks to both of them for their dedication over many years. We wish them all the best for their future endeavors. It speaks for Deutsche Bank and its management team that Christiana Riley and Karl von Rohr have excellent successors from within the bank. We have redistributed the tasks in such a way that we can reduce the size of the management board from 10 to 9 members. Claudio de Sanctis will join the management board as a new member. He has been with Deutsche Bank since 2018 and has successfully transformed the international private bank in recent years, focusing it on its strengths in the advisory business. With that experience, he will take over responsibility for the private bank as a whole. Chief Financial Officer James von Moltke will be responsible for asset management on the management board in addition to his current responsibilities. James knows the business model of asset managers very well from earlier stages of his career, and he has worked closely with DWS in recent years. Alexander von zur Mühlen will assume responsibility for the regions Germany and Europe, the Middle East and Africa, while remaining in charge of the Asia Pacific region. He will be responsible for positioning the bank as a whole in its home market and ensure that the regions are more closely connected. Stefan Simon will take over responsibility for the Americas region. In addition to a focus on clients, the structure of the U.S. market also requires a lot of dialogue with regulators. It therefore makes sense to transfer responsibility for the region to the board member responsible for relations with regulators worldwide. In order to make the bank even more efficient, Rebecca Short will be given an expanded role on the management board. As Chief Operating Officer, Rebecca Short will assume primary responsibility for the group's costs. She will also be responsible for human resources. We are convinced that this will give us a leaner and yet even more powerful management team. I wish all members of the management boards every success in their new or expanded roles. With this new composition, we fall short of our own commitment of having a share of women on the management board of at least 20%. Of course, we are not satisfied with that. The supervisory board stands by its commitment and will do everything in its power to deliver on it again over time. The management board is supported by a supervisory board with extensive experience. Today, you will be voting on 4 supervisory board mandates. All 4 colleagues are standing for re-election. I would like to thank Mayree Clark, John Thain, Michelle Johney, and Norbert Winkeljohann for this. All four are not only proven experts in their fields with extensive experience in the financial industry, the technology sector and auditing. They've already made a significant contribution to the work of our supervisory board in recent years. It is therefore very gratifying that they wish to extend their commitment to Deutsche Bank. I would be delighted to continue working with these highly respected colleagues. That is why I'm asking you shareholders to support our election proposal. On the other hand, there will be some changes among employee representatives at the end of this annual general meeting. Among others, my deputy, Detlev Polaschek, who is going into well-deserved retirement, will leave the supervisory board. Dear Detlev, thank you very much for cooperating with me on the basis of confidence and trust over the past year. You made it much easier for me to get started on the supervisory board. Ludwig Blomeyer-Bartenstein, Martina Klee, Gabriele Platzer, Bernd Rose, Stefan Furtl, and Frank Werneke will also be stepping down after today's AGM. I would also like to thank all of them for their service to the supervisory board. In their place, seven new employee representatives were elected to the supervisory board in the April elections. Thyse are Jürgen Tögel, Gerlinde Siebert, David Laumann, Claudia Fieber, Frank Schulze, Susanne Bleidt, and Stephan Szukalski. I would like to extend a warm welcome to all of you on our supervisory board. I'm looking forward to working with you, as I am with the reelected employee representatives, Jan Duschek, Manja Eifert, and Timo Heider. Shareholders, this brings me to the end of my speech. The supervisory board believes that Deutsche Bank is on the right track. We will do everything we can to continue to support the bank in the next phase of its growth strategy and to put our clients at the center of everything we do. The bank has the right setup and a strong and focused management team. By focusing on our clients and our strengths, we will create sustainable value for you, our owners. Christian Sewing will explain to you in a moment what the management board's plans to deliver this looks like. Please note, as you know and will have realized by now, German is not my mother tongue. For this reason, I will hand over chairmanship of the AGM to my deputy, Norbert Winkeljohann, with the speech of the CEO. Thank you for your understanding. Of course, I will continue to follow the debate here in the room and look forward to the meeting with you. Let me now hand over to Christian Sewing. Thank you very much. Dear shareholders, I also would like to welcome you to this year's annual general meeting. Allow me to make a preliminary remark. Unfortunately, I've had a cold since yesterday, so I will be taking a sip of water now and then during my speech to ensure that my voice holds up. I kindly ask you for your understanding in this regard. Ladies and gentlemen, preparing to report to you, the shareholders of our bank here at the annual general meeting always presents a good time to pause and reflect on the previous year, on our achievements, and what they mean for the way ahead. In the past three years, moments of reflection like this have become even more valuable. All too often, the speed and intensity of the epochal changes keep us trapped in the here and now. Taking time to reflect is important, though, especially after a year like 2022, with the many profound changes it brought. A terrible war in Europe, geopolitical tensions between major powers, continued uncertainty over supply chains, the return of the specter of inflation haunting us. Rarely have the basic conditions that govern the global economy changed so abruptly and fundamentally. Ladies and gentlemen, 2020 also had some positive and encouraging things to offer. One of these being the cohesion that we experienced in so many places and on so many different levels. The same applies to the decisiveness with which politicians acted during the crisis and also to the flexibility and resilience our companies have shown. When I talk about the resilience of our economy, then this is especially true for our Deutsche Bank. As Alexander Wynaendts just outlined, 2022 was on balance a most successful year for our bank. That is all the more pleasing as 2022 was the benchmark year for us meeting our objectives. When we started our transformation in July 2019 and defined our goals, we gave ourselves three and a half years to achieve these. Back then, we embarked on a course which we have since followed unwaveringly against all odds, despite operating in an environment where external shocks were unprecedentedly frequent and despite experiencing enormous levels of volatility and uncertainty. Last year was undoubtedly dramatic for our bank, it showed us one thing above all: We are on the right track. Our bank is strong, our business model works, and has proven itself even under the most adverse circumstances. First during a global pandemic, and later in an environment of geopolitical tensions and uncertainties and high inflation. There is little else that could endorse our strategy quite so overwhelmingly. We were able to reap the rewards of our strategy once again last year. We kept our promises, and we achieved our highest pretax profit in 15 years. We could not have wished for our transformation to come to a better conclusion. Of course, we also want to share that success with you, which is why we are proposing a dividend of EUR 0.30 per share today. That is EUR 0.10 more than last year. We're also planning further share buybacks for the second half of this year and are already in discussions with regulators on this. Dear shareholders, we promised to reward your many years of loyalty and patience with us, and I am delighted that we are now in a position to take another step towards delivering on this promise. Ladies and gentlemen, let me now give you a more detailed account of our bank's business performance over the past year. I have just said that we finished 2022 with the best results since 2007. Specifically, pre-tax profit was EUR 5.6 billion, 65% higher than in the previous year. At EUR 5.7 billion, our net profit more than doubled. This figure includes a one-off effect due to a revaluation of our deferred tax assets in the United States, which is not going to repeat in this way. Ultimately, however, this appreciation in value is a reflection of how well our business has developed and how our outlook has improved in U.S. and is therefore testament to our success. This success, and I'm particularly pleased about this, is better balanced than it has been for a very long time. In the first years of our transformation, the investment bank was by far the most important profit generator for our bank. Since then, though, our corporate bank and our private bank have both doubled their contribution to group profit. Together with our asset management business, these businesses accounted for a good two-thirds of total profit last year. Ladies and gentlemen, I'm especially proud of these results. They only reflect a part of the many major projects that we have completed or advanced in 2022 or over the course of our transformation. Examples include the sale of our hedge fund business, our technology partnership with Google Cloud, and the Unity project for the integration of Postbank's IT, which is nearing successful completion. All of this has been made possible by the dedication, the passion, and the unwavering commitment of the approximately 85,000 employees of Deutsche Bank. They have demonstrated their support for the strategy we started in 2019 in a unique way, despite all the cuts and all the hard work that this transformation entailed. They are, ladies and gentlemen, proud to work for Deutsche Bank again, just as I said I wish they would in 2018 at my first AGM as the CEO. Their hard work demonstrates it day in, day out. All of this, ladies and gentlemen, deserves a huge thank you. Let's turn back to last year's figures. As in previous years, 2 things are driving our strong growth in profitability. A noticeable increase in revenues and continued strict cost discipline in an environment in which inflation has caused some major price hikes. Let's start with our revenues. Once again, we significantly increased revenues as we have been doing year-over-year since the beginning of our transformation. Last year, we increased revenues by 7% to EUR 27.2 billion. Not only does this far exceed the EUR 25 billion target we set ourselves 3 and a half years ago for 2022, our revenues are also a good EUR 2 billion higher than in 2018. At that time, we remained active in significantly more business areas, and this shows just how well our setup of 4 strong, focused divisions meets the need of our clients. The fact that we are gaining market share in many areas is further evidence, and we are convinced that there is more potential to unlock. I am particularly pleased that we have successfully generated higher revenues without losing our focus on costs. Of course, we continue to invest in our business, in technology, in our controls, and also in our existing and new employees. After all, these are investments in our future success and improved service for our clients. Ultimately, we have reduced costs. Last year, our adjusted costs excluding transformation charges and bank levies on a currency adjusted basis declined by 3%, and our cost income ratio decreased by 10 percentage points to 75%. Compared to our 2018 baseline, adjusted costs have fallen by a good EUR 3 billion. I think that's remarkable. Although I can only repeat what I said earlier, there is still more potential. The combined power of revenue growth and cost discipline meant that we managed to achieve one of our key targets of our transformation. A post-tax return on tangible equity of 8%. In fact, at 9.4% by the end of 2022, we exceeded our target by some way. Though the tax effect I mentioned also plays a role here. Just as important is that we protect our bank against crisis, volatility, and unforeseen events. We achieved enormous stability here as the year-end figures show. Our common equity tier 1 capital ratio stood at 13.4%, well above our minimum target of 12.5%. Our leverage ratio was 4.6%, and our liquidity coverage ratio, a measure of our ability to absorb large-scale short-term withdrawals of customer deposits, was an impressive 142%, which is EUR 64 billion above the 100% minimum threshold required by our regulators. These are excellent figures which we were able to confirm, and in some cases even improve in the first quarter in a more difficult environment. It is this kind of stability that gives us the strength to navigate difficult phases. Phases, ladies and gentlemen, like in spring of this year, when several regional banks in the U.S. had to be bailed out, and in Switzerland, UBS took over Credit Suisse. Markets were temporarily worried about a new banking and financial crisis. This had a severe but short-lived impact across the banking industry, affecting shares, credit default swaps, and other securities, our own included. As you can imagine, these were troubling times for us. We expect the environment to remain volatile for some time. One thing is clear, however, our bank is healthy and stable. We have a strong balance sheet and are sustainably profitable. Above all, we do not have the vulnerabilities that got other banks into trouble. Our loans and deposits are highly diversified, high quality, and well-hedged. Our liquidity reserves are high, and our capital base is sound. Most importantly, we have a clear strategy and a business model that drives sustainable profitability. Regulators, rating agencies, and analysts have all explicitly confirmed this to be the case. To make one thing quite clear too, we still have issues to work on, and that applies to two areas in particular. Firstly, our controls. We have made progress in the last few years, but we need to more quickly remediate the remaining deficits that our supervisory authorities criticize. This will be an even higher priority for us in coming months. Of course, secondly, we are, just as you all are, dissatisfied with our share price because it does not reflect the achievements I have just described. There are a couple of reasons for this, not all of which are within our control. Obviously, we also must do more to convince the markets of our merits, and you have my word that we will keep at it. Dear shareholders, let me summarize. We have met or even exceeded the targets we set ourselves for 2022. We are a robust bank, a very robust bank with four strong business areas, high growth momentum, and sustainable profitability. We are well protected against unforeseen events. As a global house bank, we are geared towards serving our clients holistically worldwide. This setup has proven its worth. We feel very well prepared for the coming years. We intend to continue along a sustainable growth trajectory, further increasing our returns to you. With that in mind, we set ourselves ambitious goals for 2025 last year, goals which I presented to you here at the AGM 2022. Based on the success of 2022, what was another very first strong quarter of 2023, with the best results in 10 years, we are confident of being able to achieve even more. We now expect to be able to increase revenues in the next two years at a stronger rate than previously assumed. This year alone, we consider a figure somewhere in between EUR 28 billion and EUR 29 billion to be completely realistic. In 2025, we should be able to convincingly exceed EUR 30 billion. Developments in the first quarter have opened up new opportunities for us to gain additional market share, and we are determined to seize these opportunities. We expect to be able to save a half a billion euros more in costs than originally planned over the next few years. That will amount to total savings of EUR 2.5 billion. By reinvesting the cost saved in our business, we want to enable further growth. We also believe that the 10% return on equity target that we set ourselves for 2025 is more likely to be at the lower end of what we can achieve. After all, return on equity would already have reached this level in the first quarter if the annual bank levies were spread out over the year on a pro rata basis, rather than being booked in 1 single payment at the beginning of the year. In order to be able to further exploit this potential, we aim to accelerate the implementation of our global house bank strategy, which is why we announced concrete measures at the end of April. These can be divided into 3 categories. First, operational efficiency and additional savings associated with it. We see some potential here through the use of modern technologies such as artificial intelligence, which will help us to automate and ultimately simplify our processes. We also aim to optimize our sales network. Another component here includes a limited number of job cuts in non-client facing areas, primarily with a view to dismantling hierarchies. In future, all measures will be centrally managed by the newly created COO function under Rebecca Short. We hope this will give us even more clout on this important issue. Second, investments. Through our cost-cutting efforts, we also intend to enable additional investments in growth areas. We will continue to invest in technology that enhances our product offering for our clients. We will also boost our efforts, in particular in areas which require relatively little investment to generate significantly higher revenues. One example is in our Private Bank where we plan to expand our direct and digital sales offerings. It also includes all those areas where we are supporting our clients with our advisory expertise. For example, in our wealth management business and in our Investment Bank when advising on IPOs, capital measures or other types of financing. The planned acquisition of the British corporate broker Numis at the end of April was a first step in this direction, which significantly expands our advisory offering for corporate clients in the United Kingdom. Third, capital efficiency. In the future, we aim to pay even closer attention to the business areas wherein we invest capital and use it to grow where it is most worthwhile. We aim to reduce activities that only generate low returns for us, for example, in the mortgage business. Overall, we expect to reduce risk-weighted assets by EUR 15 -EUR 20 billion this way. We intend to put the capital we save to more profitable use in other business areas, but we will also use it to increase our payouts to you, our shareholders, as promised. All these measures should help us to become more efficient, faster, and even more profitable. More than anything else, though, our long-term success will be built on the added value we give our clients. This must be at the heart of everything we do. We are dedicated to our clients' lasting success and financial security in our home market in Germany, in Europe, and all over the world. Ladies and gentlemen, this is the purpose which the model of our global house bank is built on. We are a reliable partner for individuals, companies, institutions, and governments in some 150 countries around the world. As a house bank, we are there for our clients all over the world.Offering them expert advice, innovative solutions, and seamless support, whatever their financial needs. Rarely has this been so relevant and in such high demand as these past two years. The geopolitical tensions mentioned earlier, supply chain shifts, unprecedented monetary and fiscal policy measures, and an enormous volatility in the markets pose major challenges for our clients. All this at a time when they are already challenged with keeping pace with digitalization and managing the transformation to a sustainable economy that makes careful use of its resources. To help our clients meet these challenges, we, as a bank, must continue to develop. Being the global house bank for our clients means being there for them at all times, and above all, by providing a holistic service. Not just to provide and sell products, but also to give advice, manage their risks, and offer solutions as a partner. A full focus on our clients is what I have been calling for from everyone at Deutsche Bank since I took office in 2018. It made sense in terms of realigning our business units in the summer of 2019, and is also one of the leitmotifs for the reorganization of the management board with our chairman of the supervisory board, Alex Wynaendts, described earlier. One thing we aim to do, for example, is to better connect our business units across all regions with the aim of offering our clients a uniform one-stop service. In the last few years, progress in cross-divisional cooperation has already been good. For example, from 2020 to 2022, compound annual revenue growth from cross-divisional initiatives was more than 20%. However, there is still a great deal of further potential. During recent crisis, we have shown what client focus is all about. By significantly increasing the number of client calls in all our business areas, we are able to cater to their needs faster and provide them with more targeted support. We are also developing more and more tailor-made and innovative products and solutions that we devise, design in close dialogue with our clients. There are a number of fine examples from recent months that showcase this. We structured a complex financing in Asia for a large U.S. corporation with the aim to place financing in Indian rupees with international investors while hedging the funds locally. This innovation was made possible by the collaboration of the investment bank and corporate bank teams in London, New York, and Singapore. In our international private bank, we created an opportunity to engage in venture capital investments in the tech center at the initiative of our clients. The tailor-made tech venture growth fund invests in five of the most successful VC funds from Europe and attracted more than 450 clients from around 30 countries at launch. At the corporate bank, we worked on a new type of financing for fuel cells for the Bosch Group. Thanks to our solution, fuel cell users can pay for the system used and based on usage, a milestone in the future field of asset as a service. For AirTrunk, a data center operator in the Asia Pacific region, we issued a loan of AUD 650 million, which is linked to compliance with environmental, social, and governance commitments, that is ESG. One aim is also to reduce the energy demand, which is particularly high in this industry. Ladies and gentlemen, it is no coincidence that two of these examples have a strong sustainability component. The opposite is true. Sustainability is part and parcel of our strategy. ESG issues may have lost some of their visibility recently, but in dialogue with our clients, we are noticing how the economy is adapting to this transformation, or as some say, this disruption. We see how companies are restructuring their supply chains to make them more sustainable while also focusing on human rights. Of course, energy security and efficiency are both key issues, not just for companies, but for private households, too. The transformation to a more sustainable economy will cost trillions of euros. Ladies and gentlemen, it is also a huge opportunity if we manage to raise the capital required. You know my firm conviction that we will only succeed if Europe drives forward the overdue Capital Markets Union. It would significantly increase the investment power of our economic block. In any case, the European economy is well positioned as one of the world market leaders in green technology. We at Deutsche Bank are excellently positioned to accompany them on their journey to sustainability with advice, with financing, and with individual solutions for complex challenges. We made sustainability a management priority back in the summer of 2019, and since then have consistently integrated environmental and social aspects deeply into our own processes and have been building up in-house expertise. In 2022, we achieved our 2025 goal of facilitating EUR 200 billion in sustainable finance, which we brought forward by three years. We are already at EUR 238 billion after the first quarter of this year. We have now reaffirmed our goal of reaching half a trillion euros by 2025. We have also underscored our commitment to reduce emissions from both our banking operations and our financing business to net zero by 2050. This requires an intensive dialogue with our clients, as we can only achieve our goal if their carbon emissions are net zero too. Our dialogue is particularly important with companies in the most carbon-intensive sectors. From 2026 onwards, we aim to ensure that at least 90% of the carbon-intensive clients in these industries that wish to take out a new corporate loan present a credible net zero commitment. To put this into perspective, not even half of companies worldwide have committed to this today. I also would like to emphasize at this point that among international peers, we are excellently positioned in terms of reducing our exposure to coal, oil, and gas. We will not take our eyes off the wall for a minute, even in our transformation. We see it as our duty to accompany this change intensively in dialogue with politicians and other stakeholders. Ladies and gentlemen, back in 2018 at the AGM, I said that we as a bank must be at the heart of society. Wherever possible, we have an important contribution to make when it comes to solving the most pressing problems, and this is something we definitely want to do. Helping to find ways out of the climate crisis and making the world a more social and equitable place are key elements in achieving this. It also means standing up for and supporting the less fortunate members of society, and I'm deeply grateful for everyone's great commitment here over many years. In 2022, Deutsche Bank employees dedicated nearly 190,000 hours of their time to working on social projects. Together with Deutsche Bank, they have donated to numerous charities and to people in need. More than EUR 1.5 million raised for aid to Ukraine alone. In addition to all the in-kind contributions and the immense personal commitment to refugees and people in the war zones where we maintain our banking operations to this day. Following the devastating earthquakes in Syria and Turkey this year, our bank, together with its employees, raised more than EUR 750,000 in a very short time, which was donated to the Red Cross and Red Crescent organization. This is a truly outstanding willingness to help. Despite such initiatives, and despite the important role we play in financing the economy, recognition and acceptance for our industry within society remains in a fragile state. This is not least a long-term consequence of the financial crisis, and the turbulence in March testifies to its continued impact. Problems suffered by individual banks immediately cause doubts about the system as a whole, and they led to blanket appeals for stricter rules, whatever these might be. The financial crisis was 15 years ago. 15 years in which our industry has made enormous progress. There's no need for new additional regulation in Europe because we banks are in a solid position. We have adapted our business models, reduced our balance sheets, and reduced balance sheet risks. We have massively built up liquidity and capital and significantly improved our profitability. Our transformation cost us a lot of money for a few years, but we are earning good money again, and not just Deutsche Bank, but the industry as a whole is now earning sustainably well again. We have the strength to be the part of the solution that our economy needs to finance its transformation. We must, however, admit that we apparently haven't done enough to explain all this, to make it clear what banks are there for and the positive impact we have for our clients, for the economy, and for society as a whole. We have it in our own hands to improve our reputation. Contributing to this is a matter that is close to my heart. As President of both the Association of German Banks and as well as European Banking Federation, of course, especially as Deutsche Bank's Chief Executive Officer. Dear shareholders, looking to the future, the Deutsche Bank that I have in mind is a bank that has a positive impact on improving our industry's image. A bank that is there for its clients and helps them navigate times of volatility and radical upheaval. A bank that connects worlds. A bank that fosters growth and innovation and generates wealth. A bank that continues to grow, competing to gain market share wherever it operates. A bank that is sustainably profitable and reliably offers attractive payouts to its shareholders. A confident bank that is at the forefront of Europe and operates globally on equal footing with the best. A bank of which not only its employees are proud, but which its clients, shareholders, and society hold in high regard. We have come a good deal closer to this vision in recent years because we have taken resolute steps towards it and above all, have taken them as one united team. This is especially true of my colleagues on the management board on whom I could rely at all times and without whom we would not be where we are today. This is why I would like to express my sincere thanks today to my colleagues on the management board, and especially to the two of you, dear Christiane and dear Karl. It has already been said that both of you will be leaving Deutsche Bank. I'm deeply grateful to both of you for the enormous commitment you have shown to Deutsche Bank over so many years, for everything you have initiated and achieved during this time, for all the passion you have put into the comeback of our bank. Above all, of course, I would like to thank you for the intensive journey that we have undertaken together on the management board over the past years to make our transformation a sustainable success. Dear Christiane, you went to the U.S. for us in 2020 and made a big difference there from the very beginning. Not only did you improve the dialogue with our customer supervisors and other stakeholders, but in particular, you brought the culture and the interaction between our colleagues to an entirely new level. That applies especially to the all-important issue of inclusion, equal opportunities, and diversity, which you embody with such great passion and conviction. This commitment serves as a role model for all of us at our bank. To you, dear Karl, I am particularly grateful for the way you have driven forward our transformation with me repositioning Deutsche Bank in Germany in particular. The fact that our private bank is so successful again today and that the integration of Postbank is on the home straight is thanks to a magnificent team effort that you made possible in the first place with your leadership. There's one more thing that is very important to me. As Deputy Chairman of the Management Board, you not only always had my back, but you were also always available as an advisor and sparring partner. Dear Karl, you were always a super partner, full of honesty and integrity, and I thank you very much for our time together, which made us friends. It has meant a lot to me, and it will mean a lot to me in the future. Dear Christiane, dear Karl, it was a great pleasure to work with you. I wish you all the best for your future tasks, and I'm glad that you, Karl, will stay with us for a few more months. Together with all of you on the Management Board, with our Supervisory Board led by Alex Wynaendts, with our first-class employees, with our clients, and of course, with you, our shareholders, we will continue to work with passion and determination along our path to further develop Deutsche Bank as a global house bank and to secure the leading position in the industry that it deserves. Thank you very much. Ladies and gentlemen, I'd like to thank Christian Sewing very much. I think he gave our shareholders a very clear idea of how the management board sees the bank and which path it wants to follow. The supervisory board will continue to support and constructively accompany the management board on this way. Shareholders, before we enter into the agenda, it has been a well-established tradition of Deutsche Bank that at our AGM, we commemorate the employees and pensioners who have passed. In the past business year, 67 of our active employees and 694 of our pensioners passed away. Our thoughts are with them as they are with victims of the war in Ukraine and other armed conflicts in the world. I would thus like to ask everyone in the room to rise from their seats. Ladies and gentlemen, thank you for rising to commemorate the deceased. We now enter into today's agenda comprising 11 matters. Item number 1, the annual financial statements of Deutsche Bank for the business year 2020. This includes, amongst other things, the established annual financial statement and the management report for Deutsche Bank AG, which is drafted on the basis of German HGB. In addition, it comprises the approved consolidated financial statements and management boards according to IFRS and the report of the supervisory board. All these documents have been made available on our website since March. The annual financial statements and the management report, as well as the approved consolidated financial statements and consolidated management report, have been audited by Ernst & Young GmbH. Neither the audit through the auditor nor the review by the supervisory board have given rise to any objections. Auditor issued an unqualified auditor's opinion. The supervisory board has approved the annual financial statements and the consolidated financial statement at its meeting on March 16, 2023. The annual financial statement has thus been established according to Section 172, German Stock Corporation Act. The additional items of the agenda, the full version of which can also be retrieved from the AGM website, includes the following: Item 2, appropriation of distributable profit. The management board and the supervisory board propose to pay out a dividend of EUR 0.30 per share from the distributable profit. The current motion for a resolution, which considers the number of own shares held as of today, you also can find on the internet page of the bank. Item 2. Item number three and four is the ratification of the acts of the Management Board and Supervisory Board. Item number five, election of the auditor. Based on the recommendation of the Audit Committee, we suggest to again elect Ernst & Young. Item number six is the resolution on the approval of the compensation report for the 2022 financial year. Items number seven and eight include annually recurring resolutions for the acquisition of own shares in the framework of share buyback programs, as well as the use of derivatives for the flexible implementation of these programs. Item number nine is the election of four Supervisory Board members. As Mr. Wynaendts mentioned initially, the four incumbents stand for re-election. The election takes place in the form of individual election. I will come back to this later. Item number 10 covers a range of amendments to the articles of association, which are also to be voted on individually. There is, for example, authorization of the management board to have the option of holding virtual AGMs in the next 2 years, as well as a clarification on the possibility of a public transmission and broadcasting of the AGM. The supervisory board members are to be given the option to participate in the AGM by way of audio and video transmission. This is without being physically present. Finally, the articles of association are to be adjusted in line with changed requirements regarding the entry of shareholders into the share register. Item number 11 is about the changed compensation system for the supervisory board, the relevant changes to the articles of association, and the approval of the AGM to these matters. I'd also like to refer you to the explanation in the invitation. Let me also point out that counter proposals and election proposals were published on our website in keeping with the legal requirements according to Section 126 and 127 German Stock Corporation Act. Precondition for this was that we received these counter proposals and proposals before the end of the 15th day before today's AGM, and that they require publication. We have also published statements for shareholders that were not connected to counter proposals. Ladies and gentlemen, so much on my explanation with regard to the content of the agenda. I may then announce the attendance for the share capital of EUR 5,223,021,975.04, subdivided in 2,040,242,959 non-par value shares. At today's AGM, 862,623,765 shares with the same number of votes are represented. This corresponds to 42.28% of the share capital. Apart from that, for 23,311,988 shares with the same number of votes, the possibility of absentee vote was used. If you add those votes, you have a ratio of the share capital of 43.42%. The attendance list is being uploaded to the shareholders portal and will be available for inspection to the shareholders. Ladies and gentlemen, also in the last few years, Deutsche Bank has been paying special attention to safeguarding shareholders' rights and enabling interaction with the participation of shareholders when designing and organizing its virtual AGMs. It was exactly that intention that made us provide shareholders the possibility of sending in questions in advance, which were then answered by the bank by the day before yesterday, and then published on our website. Here we will find 300 question and answers, which in parts consists of explanations that summarize answers providing a broader context. This format, on the one hand, gives the bank the possibility to deal with the questions raised in a more intensive fashion. On the other hand, it makes space for more focused exchange at today's AGM. In order to give appropriate room today to matters that were addressed by various shareholders before the AGM, the Management Board will address some of these matters and provide the explanations that were also included in the answers provided on the website. As they were already published in the context of the answers. Ladies and gentlemen, what is very important to us also this year is to enter into a discussion via live statements and in which using this, you basically enjoy all the rights as in an in-person meeting. As the chairman of the meeting, according to Section 131 of the Stock Corporation Law, I determine these questions may only be asked in the context or in the form of video statements when making use of the right to speak. I also point out that today only add-on question within the meaning of 138 of Stock Corporation Law and question on new matters pursuant to Section 131 of the Stock Corporation Law will be answered. Since the beginning of our AGM today, you can register for taking the floor in our shareholders portal, which is access protected via the button Redebeitrag anmelden. We already received some requests for the floor. I would cordially like to ask you to register early so that we can plan for proceedings appropriately. I'd also like to be grateful if you identified if you want to comment on particular focus areas or submit a motion. Our technicians will contact you via telephone in order to set up connection to the AGM and check for functionality. In order to provide for this, before every block of speakers, we will take a short technical break so that the speakers do not miss any content while they are waiting for their turn. Please be ready if you registered for taking the floor and also let us know if you decided against making a planned contribution. This makes procedures of the AGM very much easier. According to how things have developed during this year's AGM season, I do not assume that we will need a hard limitation of speaking time. However, I have to retain the right to do so. I would like to ask all speakers to limit themselves to speaking time of 10 minutes when they take the floor, so that all other speakers can also take the floor within an appropriate time. In order to have the same conditions for everyone, it is only the speaker and myself who will see a clock during a presentation. After 9 minutes, an indicator will blink, which will remind you that it will soon be time to cede the floor to the next speaker. You will of course be free to register again for making another statement. Now, ladies and gentlemen, before we enter into the d iscussion, I would like to give Mr. Von Moltke the opportunity to explain to you how the Management Board made use of the authorizations for capital measures, excluding subscription rights or preemptive rights provided by the AGM in the year under review. Mr. von Moltke, you have the floor. Ladies and gentlemen, allow me to provide some explanations on the exclusion of preemptive rights in connection with the issue of AT1 Instruments, the delivery of own shares to employees, and the acquisition of Deutsche Bank shares. Since the last AGM, preemptive rights were excluded for the issue of AT1 Instruments, which fulfilled the regulatory requirements for being recognized as additional Tier 1 capital. The exclusion of preemptive rights is necessary in order to be able to use favorable market conditions for a successful placement of the instruments at attractive conditions. The instruments were issued at a price close to the theoretical market value. The issue took place in November 2022. It had a volume of EUR 1.250 million. Since the 2022 AGM, 36.3 million shares have been bought back according to the authorization to purchase own shares pursuant to Section 71, Para 1, Sentence A, German Stock Corporation Act. The 36.3 million correspond to approximately 1.78% of the current share capital. We use them potentially exclusive preemptive rights. These 36.3 million shares were and are used to satisfy entitlements from share-based compensation components, in particular from share-based variable compensation as stipulated by the compensation rules of the German Regulation on Compensation in the Banking Industry. Since the last AGM, 39.6 million Deutsche Bank shares that had previously been bought according to current and previous authorizations were transferred to employees in the framework of compensation programs or employee share programs with the exclusion of preemptive rights. Ladies and gentlemen, so much for the explanation on these matters. Ladies and gentlemen, I'd like to thank you for your attention. Thank you very much, Mr. von Moltke. We now have a break of about 5 minutes to allow for the first group of speakers to join us. I would like to ask the following speakers to get ready. Mr. Alexandra Annecke for Union Investment, Mr. Andreas Thomae for DEKA, Mr. Marcus Kiel for Die Schutzgemeinschaft der Kapitalanleger, Mr. Klaus Nieding for DSW, and Karl‑Walter Freitag for Riebeck Brewery of 1862 AD. Now we take a 5 minutes break. Ladies and gentlemen, the first speakers are now waiting to take the floor. I'd like to remind you of, please sticking to a speaking time of no more than 10 minutes. I would now like to ask Mr. Alexandra Annecke from Union Investment to take the floor. Mr. Thomae and Mr. Kiel, please be ready. Ms. Annecke, the floor is all yours. Dear members of the management board and supervisory board, dear shareholders. My name is Alexandra Annecke. I'm a fund manager at Union Investment GmbH. We are the fund manager of Volkswagen and Raiffeisen Bank, one of the big shareholders of Deutsche Bank and represent interests of our 5.8 million investors. Ladies and gentlemen, after the last decade of 10 years, when one capital increase was coming after the next and losses were accumulating, the twenties are starting better. We're back in the profit-making zone, 2022 was a year of profit, even the best profit after many years. Deutsche Bank is coming back like Phoenix from the ashes. The Compete to Win strategy of Mr. Sewing, which is a radical remedy, actually, is showing its effects. We would like to thank you, Mr. Sewing, for that. We'd also like to thank all employees who successfully implement the strategy. You haven't reached your target yet, Mr. Sewing. There's still a lot to do. The capital market does not benefit the capital with the total return of 8.2, means that Deutsche Bank is lagging behind the banking sector because the total return in the banking sector on the average is 20-22.5. In spite of what's been achieved, the Deutsche Bank share is trading at a book to value or the book to or the shares value of 0.3. Ladies and gentlemen, the combination of digitalization of social media is changing the investment business and poses new challenges to the banking industry, as is shown in the latest banking upheaval in the United States and in Switzerland, for example. Reputation is key, it's more key than ever. It shows that mistakes from the past can tarnish your present and your future in the long term. The share and the credit default swaps of the bank after the collapse of Credit Suisse was really shaken up because there were worries about contagious risks. Although this is not appropriate considering the solidity of Deutsche Bank, we can also not just say that this was an irrational market relation. The book to value of 0.3 is a warning and a task. You know, Mr. Sewing, it's completely up to you. It's up to you to make the investors aware of your progress and take you seriously when it comes to the future. When you were talking about better costs and capital efficiencies and dividend distributions, I think you named things that are most important for the investors. We welcome capital efficiency and your efforts to increase this. We also welcome that you wanna be more stringent here and also with regard to the share price. Customer orientation and entrepreneurship are not an end in itself. They have to create value for the shareholder. Deutsche Bank is the German bank, an European bank, which is most dependent on investment banking. It's an intra-transparent business which reduces the value of Deutsche Bank. About 50% of your capital is used for this area, the return on equity of which is lagging behind the others. Too much capital is bound in a volatile business which does not achieve the minimum return of 10%-12%, which the investment bank would need in order to create value for the shareholders. Mr. Sewing, please stop this wrong allocation of capital. Reduce the capital that is bound up in the investment bank to the benefit of other areas of the bank that turn in higher returns. The most effective instruments in order to make shareholders interested, for example, are dividend payouts and share buybacks. After we didn't get a dividend in 2019 and 2020, the dividends of Deutsche Bank are still fairly meager compared with other banks. You know, the fact that Deutsche Bank started its reorganization much later than other European institutions, which also compete for shareholder interest, you know, is showing this detrimental effect. Many European banks have a lot of surplus capital which they pay back to their shareholders in the form of share buybacks. This is not yet the case with Deutsche Bank, but at the current low valuation, share buybacks are highly attractive because the increase in earnings per share resulting from the share buyback is about twice as high as if you were to use the capital in your business for your business development at a return of 10% to 12%. You should take this into consideration when it comes to your capital allocation. Mr. Sewing, looking forward, cost discipline is also key. Here, we were disappointed in some areas. It's only with strict cost discipline that you will achieve your return objectives and defend the profits against a stagnating or even a stagnation or downturn in the bank and economic dev elopment. Ladies and gentlemen, the current AGM is still done virtually, questions were to be handed in 3 days before. You are still compliant with the Stock Corporation Law, you offend your shareholders. We would've preferred to see more dialogue. We will vote against the election of EY under item 5 because APAS, because of breaches of professional duty, issued a penalty against EY, the burden of proof, it was reversed. When it comes to item 9, we are against electing Ms. Hockney and Mr. Winkeljohann because they have too many mandates already, while we'll support Mr. Hockney and Mr. Thain. We also vote against the changes in the articles of association with regard to the virtual AGMs under item 10, because we have no real explanations what will be the conditions for deciding for or against the virtual AGM by the Management Board. It says nothing about how virtual AGMs are to be held in the future. We also believe that the physical presence of Supervisory Board members are essential for the dialogue with the shareholders. When it comes to the other items of the agenda, we will approve of them. Members of the Supervisory Board and Management Board, we clearly prefer an in-person meetings, and we are clearly against a preemption of the question rights, the right for question. We do not see that the quality of questions had improved. It is only at an in-presence meeting that you can have a lively general debate where the shareholders actually can address the entire management board and the entire supervisory board with their questions. You should at least once a year be open to questions and criticism from your shareholders and feel the vibes and the atmosphere in the hall, in the presence hall. We would like to ask you to do in-person meetings in the future again, or at least have a hybrid version. Thank you very much for your attention. Thank you very much, Miss Annecke, and for your questions. We now get to the next speaker, who is Andreas Thomae for Deka Investment. Mr. Thomae, the floor is all yours. Thank you very much, Professor Winkeljohann. Ladies and gentlemen. Dear management board members and supervisory board members, dear shareholders. My name is Andreas Thomae. I'm representing Deka Investment, one of the biggest asset managers in Germany. We are representing 50 million Deutsche Bank shares. This is 0.8% of the share capital. More than EUR 5 billion in terms of profit in 2022. This is. A very good first quarter in 2023. These were impressive figures that we had not been accustomed to coming from Deutsche Bank for a long time. Mr. Sewing, you managed the turnaround. Deutsche Bank is stable and future prone. It's not only the profits that are increasing, you also reduced risks, you reduced or downsized several areas of business. The EUR 8.5 billion that are needed for the transformation or were needed for the transformation, you financed under your own steam without actually asking money from the shareholders. This is an enormous effort and an enormous achievement, and we'd like to thank you and all employees who made this happen. In the year under review, which was marked by war and inflation, for example, Deutsche Bank has shown resilience. The return has increased by 7%, the loan loss provisions are fairly low, and Tier 1 was at 13.4, which is solid. The ROTE was 7%, economically speaking, which is the highest number for a couple of years. Thus, the targets from your transformation program have been largely achieved. How do we continue? You have clear plans. ROTE by 2025 is to increase by more than 10% sustainably so. The stable businesses, this is Corporate Bank, asset management, and Private Bank, are to be increased and make the bank even more solid. Mr. Sewing, these are ambitious growth plans. Deutsche Bank needs a lot of tailwind also from the markets. The first aid is already around the corner, has already come. The increasing interest rates are pure adrenaline for the banking industry. Results are also evident in 2021. How sustainable are those increases in revenue? What do you assume? What will be the concrete developments when it comes to the interest margins and the NIIs by 2025? What will be the share of the revenues from the stable businesses by then? Wherever there's light, there's also shadow, ladies and gentlemen. Due to the increase in interest rates, inflation rate is very high. This has an impact on the cost development and the loan increase by the bank. What do you think? Can the cost increase be compensated for by improvements in IT? What is the outlook for the credit increase? Will the default rate increase because customers will no longer be able to serve their credits? What about in the United States? What about offices, real estate? What are your risks in that area? In the United States, you know, over the past few months, we saw more and more problems when it comes to regional banks. High interest rents, interest rates led to losses on portfolios and at the same time, customers were withdrawing their deposits and some banks were not resilient enough. Mr. Sewing, you have been navigating your big ship through difficult waters very securely so. The bank has a good risk management. We would still like to know and from you, Mr. Moltke, how well Deutsche Bank is positioned. What are the interest costs on deposits, especially when it comes to subordinated loans that have suffered from the recent turmoil? Let's have a look at the different business areas. The Investment Bank has the increase in Corporate and Investment Banking. You were able to win back market share. The earnings or the revenues that have increased. Numis was your latest acquisition in Corporate and Investment Banking. Why do you make acquisitions in that area, and what are the benefits from this? The Asset Management was going through a troubled year in 2022, but it has received new inflows just recently. Do you want to grow organically, or do you also look at potential acquisitions? The KGaA has been a problem for some time, the structure. We would like to ask you to change the structure and reap the benefits in the group. When it comes to the corporate bank, you say e-commerce and payment services with traders are the areas you want to grow in. Have you made any headway there? If yes, to which extent? Lastly, the private bank, you are sending out your branch networks, improve mortgages, and they are working in the IT processes. The wealth management is to make a bigger contribution. In which area and to what extent do you want to grow here? In particular, we would like to know by when you will have a uniform IT platform for the private bank in Germany, and when you can reap the synergies that you alluded to. IT, the former big problem child of Deutsche Bank, you made additional progress here. Not only for the reasons of risk and controls, IT is very important for a bank. The IT infrastructure, technical infrastructure is also a major driver to increase efficiency and react to customer wishes speedily. Mr. Leukert, we would like to ask you, what are the economic benefits from the cooperation with Google Cloud? What are you planning with NVIDIA? Where are you already using these technologies, Mr. Leukert? Cybersecurity is essential for bank, hacker attacks are ever-increasing. How well can you protect yourself against this? What effect has the fact that you gave up your IT center in Russia, and does this bring additional IT risks? Ladies and gentlemen, Deutsche Bank is doing better, and it's about time, or already overdue, that they also reward the shareholders. The distribution policy is based on an increase in cash dividend, which is fairly small, however, for this it was EUR 0.30. You also announced a share buyback program for the second six months. This will be an important token of trust by the ECB, which has to approve of that and also for the bank-wise, because if you're strong enough to do so. Mr. von Moltke, how much surplus capital do you have for share buybacks? When it comes to environment, social, and good governance, Deutsche Bank has made progress. When it comes to the compensation system, clear targets for decarbonization by 2030 were included. Compliance targets are well anchored. The code policy was made more stringent with the investors at the STD, the second SDE, increased transparency and credibility. The fact that you have now achieved sustainability office to control and implement the ESG strategy in the group is a positive thing. Variable pay, in spite of the increase in profit, has remained basically unchanged because there are still some regulatory weaknesses that have to be dealt with. This is our question. How far have you come? How far have you made progress with your efforts, and when will you go for the homestretch? When will you enter the homestretch? Reducing the Management Board from 10 to 9 is something we welcome. This strengthens focus in the group. Mr. von Rohr, we would like to thank you today for your long-term service in the Management Board, and we would wish Mr. de Sanctis in his new role all the best of luck. Ms. Riley, we would like to thank for her work and the progress being made in United States, and we wish Mr. Sewing all the very best for his extended duties. Ladies and gentlemen, now let's have a look at how we will be voting. Apart from the change of the article association with regard to virtual AGMs and the re-election of Mr. Winkeljohann, we will be approving all items of the agenda in the sense of the administration. To have, we will not accept an extension of virtual AGMs for more than one year. For this format, many improvements are still needed. We are very much in favor of a hybrid solution. Shareholders are to decide for themselves as to whether they want to attend virtually or in person. Mr. Winkeljohann, as we see it, has too many board mandates as it is, and we have our doubts that he has enough time for all of them. As a deputy shareholder at Deutsche Bank, Bayer, Siebert, Böhler AG, et cetera. We wish the members in the management board and supervisory board and all employees of Deutsche Bank all the best of luck for the further implementation of the strategy. You're on the right track. Thank you. Thank you very much, Thomae, for your contribution, for your good wishes, and also for your questions. We now continue with the next speaker, which is Marcus Kiel from the SDK Shareholders Association, and he's going to be followed by Mr. Nieding and Mr. Freitag. Now, first of all, Mr. Kiel, the floor is yours. Mr. Viens, Mr. Sewing, ladies and gentlemen from the management, dear shareholders, my name is Marcus Kiel. I'm a lawyer in Frankfurt, and I represent the SDK Shareholders Association. Mr. Sewing, yes, you have delivered to the greatest extent, although with some tailwind, such as the positive tax effect of EUR 1.4 billion regarding deferred tax assets. A 9% return on tangible equity, that's something which only few analysts and experts would have considered possible just a few months ago. For the great performance in the past fiscal year, we congratulate and thank the employees and the management, and ask you, Mr. Sewing, to pass on our shareholders' thanks to the employees, but I will come back to the figures again, hopefully. First of all, I have to express my annoyance about the virtual AGM, because in contrast to other companies who decided to have face-to-face AGM, whereas you insisted on a virtual format this year, which also means that the shareholders are deprived of their rights. Your position as a role model of the last two years, namely such as in the year 2019, with a friendly format of the virtual AGM, now you have lost that front-runner position. You are now rather trailing the pack and are damaging the shareholder culture in an unnecessary manner. After three years of COVID-19, we had hothreeped that you would have an in-present meeting again this year and would not use the transitional period allowed by law. A virtual AGM which doesn't allow for full interaction and is therefore not even a virtual AGM, but rather a digital one. Therefore, it cannot be used as a yardstick for shareholder sentiment. There is no possibility to have a direct interaction with the management. Participation is more or less limited to a passive role. A lively debate also requires the permanent participation of the shareholder, which is the only main actor of the AGM. Therefore, this is not compatible with only a partial involvement of shareholders. Shareholders are always limited to stay on the sidelines. Therefore, the AGM is like a management board's TV show. The cost argument as one of the key arguments in the public debate in favor of a virtual AGM is not really convincing. It's rather even ridiculous. A virtual AGM, which is not fully interactive, is compared to an in-presence AGM, which however includes a full lively interaction. The cost of a fully interactive AGM can be prepared to an in-presence AGM, and then the cost gap would not be as big as you pretend to be. The additional cost cannot be really an argument against a personal meeting with the shareholders once a year considering all of the other costs of the company. We do not understand that, especially with shareholders you want to save. It's also part of good corporate governance for shareholders to be able to meet the management at least once a year rather than keeping shareholders at a distance. The argument of sustainability of virtual AGMs because there's no traveling required is not really convincing. With this argument, almost any kind of in-person meeting can be ruled out. Irrespective of the fact, sustainable traveling modes can be used and there are certainly many other cases where in presence meetings are considered necessary. Therefore, we are not in favor of a virtual AGM. Higher attendance in the years 2020 to 2020 was not de-determined according to surveys that we have access to. Furthermore, such a widespread participation was also made more difficult due to the different time zones in which shareholders reside. Furthermore, in the past, shareholders in other companies have also been offered the possibility to participate in a hybrid format, which is also rendered possible in the articles of association. Why don't you make use of that possibility? We believe a hybrid AGM is the best format in the future because it can take the different interests of shareholders into account, allow them to assume their roles in the way they prefer. For that reason, today's virtual AGM is not sufficient to refuse to ratify the acts of management and supervisory board. However, we will reject the proposal to hold virtual AGMs in the future at the discretion of the management board. Because we believe that a virtual AGM should only be held in moments and situations of crisis, and situation of crisis must be due to an external influence, such as a ban to hold meetings with a large number of participants. Another issue of the virtual AGM is the fact that questions can be asked only by submitting them beforehand in writing. For that reason, we will not be able to approve that proposal. For the past fiscal year, you once again Finally, again, you submitted figures that give rise to hope, especially the corporate bank and private bank have produced good results. However, private bank has the highest CIR of 72%. Considering this high CIR, the cost situation has been improved further because in 2025, you're aiming for 62%. The first quarter of 2023 shows that has also happened. Results before tax have deteriorated in the private bank. The corporate bank has maintained its position at least according to the numbers of the first quarter. Increasing regulation with increasing equity requirements also regarding real estate loans must be encountered with respective responses. The development of the investment banking business shows how volatile that business is. This business not only saw a reduction of its profits in 2022, but also in the first quarter 23 in an above average manner. We are only happy about the good development in the corporate bank in the first quarter. The equity ratio, considering the risk structure of the supervisors, is not only worse, but It's also inappropriate. Let me come to topics of corporate governments. Once again, target achievement in anti-money laundering at only 50% is disappointing. Mr. I think it's obvious to think about consequences and variable compensation. What is essential and existential that you finally find out why target achievement in this parameter, which is important for the bank, is so clearly behind 100% target achievement. You certainly want to be able to bid farewell to the special auditor of BaFin as soon as possible. Considering that, we cannot understand at all why you once again want to elect EY as the auditor. In the Wirecard matter, it's not about the fact that only individual auditors committed wrongdoing, but that the overall understanding of their responsibility of EY is still questionable. EY still claims they did not commit any wrongdoing, and they consider themselves to be a victim which has to defend itself. They do not contribute to resolving one of the biggest frauds in the 20th century. Therefore, APAS will not only issue sanctions against the individual auditors in the Wirecard case, but it also limits EY's possibility to act or apply for additional mandates in the next few years. The problem is in the acceptance of this behavior, which we believe reveals a systemic deficiency in the understanding of an auditor's job. Based upon the actual findings of APAS, consequences should have been drawn, which means a new auditor should have been proposed to us for the year 2023, actually even earlier. It's not a sign of good governance to ignore the APAS decision. Therefore, we will not support the election of EY. In the compensation system for the Supervisory Board, we cannot approve the system. We welcome the simplification of the system, but if you look at the proposed compensation of EUR 950,000 for the chairman, we are absolutely flabbergasted. Now, by combining the various components, the previous chairman also achieved such an amount, but that was already exaggerated in the past. Deutsche Bank would have been well advised to bring the compensation to an acceptable level with its current review. Now, for Deutsche Bank, the Deutsche Bank would have to work 1,000 hours per year in order to earn at least EUR 1,000 per hour. we do not even know whether the chairman is able to put 1,000 hours per year at the service of Deutsche Bank. I haven't even asked whether EUR 1,000 per hour would be appropriate in the first place. The invitation to the AGM does not specify any criteria that will make that increase of compensation plausible. This brings us to my last item. We cannot support the reelection of Professor Winkeljohann. Mr. Winkeljohann, we do not have any doubts about your expertise. However, you're holding several more mandates, and therefore, Professor Winkeljohann is over-boarded according to our criteria. The further mandate he holds at Bayer as a member or even as the chairman of the supervisory board is already reason enough for us to have doubts whether Professor Winkeljohann can dedicate the necessary time to his mandate at Deutsche Bank, because Bayer requires a full-time dedication. Furthermore, Professor Winkeljohann, in a newspaper article, specified that for Deutsche Bank and Bayer, he needs only less than 20 days and has even still time for further mandates. However, he ignores that the time dedicated to Deutsche Bank is not required sequentially, but in parallel and without even taking unpredictable events into account. If Professor Norbert Winkeljohann agrees to withdraw from his mandate at Bayer, then we would support his election here at Deutsche Bank. Finally, Mrs. Ihde, we wish you and your team all the best for confirming the numbers that you have presented in 2022. At the same time, we ask you to properly take care of any money laundering issues. Thank you very much, Mr. Nieding, for your statement and also for your questions. With that, we now continue with the next speaker, Mr. Nieding, from the DSW Shareholders Association. Mr. Nieding, the floor is yours. Thank you very much, Mr. Chairman. Ladies and gentlemen. My name is Nieding. I'm a lawyer in Frankfurt. I address you in my function as the vice president of the DSW Shareholders Association, which is Germany's biggest and leading shareholders association. Mrs. Ihde, first of all the best for your health and good recovery. It's remarkable that in spite of your heavy cold, you address you today, which we appreciate very much. You and your colleagues on the management board have done a good job in the reporting year. The figures that you have presented, they speak for themselves. The highest profits in 15 years. You have EUR 2 billion from Private Bank to EUR 2.1 billion from the Corporate Bank, while here can easily accept that the profit of our Investment Bank dropped by 6% to three and a half billion euros. The numbers show in an impressive manner that the new strategy, which you presented in July 2019, is bearing fruit. We have been and are on a successful course, and for that, we congratulate you and all of the employees of Deutsche Bank most cordially. Of course, our numbers, as with other banks, were supported by the interest rate turnaround of the ECB. Could you tell us what our results would have been on the basis of the average interest rate level of 2021? You're also telling us that in the current fiscal year, you expect hardly any loan defaults anymore. What does this mean specifically for our loan loss provisions in EUR in the current year after they had been at about EUR 1.2 billion in the reporting year? The only downside for the fiscal year in 2022 is in DSW. There are rumors of so-called greenwashing because DWS, compared to its competitors, was most strongly invested in fossil companies, namely EUR 850 million all in all. All in all, the funds classified as green of DWS at the end of 2022 would include fossil shares of more than EUR 5 billion. Regarding the greenwashing accusation of 2021, U.S. American and also German regulators are running investigations. The DWS chairman, Asoka Wöhrmann, also had to leave also due to these allegations. The same is now being discussed also in the connection of the farewell given by our Deputy Chairman of Supervisory, Karl von Rohr. What is the status of the official investigations, and when can this be expected to be closed? The accusations against DWS have reminded us of past times and also the publication of BaFin in November 22, in which it announced that in order to prevent money laundering and terror financing, special measures had been ordered against us, against Deutsche Bank. What are these specific measures, and have you already fully implemented them? On the planned change of the compensation of the supervisory board, I've got the following questions and comments. Of course, exceeding the threshold of EUR 1 million per year is remarkable. On the other hand, ladies and gentlemen, one also has to bear in mind that the chairman of the supervisory board of our bank cannot be compared to other chairs of supervisory boards. The positive thing is that the members of the supervisory board have to purchase shares. My question is that to be paid out of their gross compensation? If yes, it would be almost 50% of net compensation. Many companies such as Covestro have already abandoned that system again. Why is our bank still insisting on that? What would have been the compensation of the chair of the supervisory board in the reporting year 2022 if the current system had already applied last year? What would have been the difference to the actual amount paid out, which message or steering effect comes from the fact that the fixed compensation will increase, whereas the committee work counts less? Regarding the agenda of today's AGM, what is absolutely not understandable for me that you still insist to propose EY for election, especially against the background of the auditors' supervisory body, APAS. Having investigated various Wirecard matters, APAS has found evidence that EY has violated auditors' rules and therefore has imposed sanctions against EY and against five individual auditors. Another seven auditors were only able to evade such sanctions by giving back their auditors certificate. The total fines are between EUR 23,000 and EUR 300,000 for the individual persons and EUR 500,000 against EY. What is much more painful is that EY is not allowed to run audits of public companies for two years after the judgment has been issued. What is excluded from this ban are only so-called existing mandates, which is also the back door that you are using in order to propose EY again. This is the most comprehensive proceedings carried out by APAS and the toughest sanctions imposed by APAS since it has been founded. Other companies such as Commerzbank or Deutsche Telekom, on that basis, decided to discontinue their cooperation with EY, or didn't they even enter into it. It's different for us. You insist to hold on to EY, which we criticize as hard to understand and unnecessary. If you now use the argument that APAS decision was a sudden one and that finding a new auditor would re-require some more time. Let me refer you that the entire APAS proceedings lasted for a very long time, and you could have already prepared for the ruling. We are going to vote against the proposal under item 5. We are also going to vote no on item number 10. As you know, we reject virtual AGMs if the respective articles of association do not define that profit and loss transfer agreements, delistings, and so on, must only be approved by in-presence meetings. I've got the following additional questions. Can you rule out that you will use AGMs to limit their right to speak and that virtual formats will also be used in special situations such as squeeze-outs and other special matters? In which formats, namely virtual or hybrid form, have you held in investor meetings with institutional investors in 2022? Please give us also the% for virtual, hybrid, and in-person. If you are holding such meetings in-person, I'm asking you whether we, the free float shareholders, are second-class shareholders whom you do not want to meet in-person? Please bear in mind that it's much more efficient and sustainable to meet on one single day over a period of four to six hours, which is by the average duration of in presence meetings of the DAX companies with several thousand shareholders, but rather traveling around the globe all over the year to have so-called one-on-ones with institutional investors. Let me add one more comment. If you really intend to have excellent investor relations on 364 days of the year, then you should also aim to be that efficient on the 365th day of the year. Let's be honest, Mr. Sewing, standing ovations of the shareholders in the Festsaal is something you would have fully deserved today. Mr. Chairman, ladies and gentlemen, let me finally once again thank the Management Board, the Supervisory Board, and all of the shareholders for the good performance and for the current fiscal year. I wish you the best and good results again, and I thank you for your attention. Thank you, Mr. Nieding. Thank you for your contribution, your questions, and all the good wishes. This takes us to the last speaker in the first round, Karl-Walter Freitag, speaking on behalf of Riebeck-Brauerei von 1862 AG. Mr. Freitag, the floor is yours. Chairman, ladies and gentlemen, I'm Karl-Walter Freitag from Cologne. I represent Riebeck-Brauerei von 1862 AG, own shares and other shares of non-shareholders. I welcome all participants from wherever they have joined this meeting, from whichever back room or whichever corner. I can only subscribe to the criticism raised by the previous speakers regarding the format used this year, which allegedly, as has been said, has been further refined. These were the words used. I fully subscribe to all the points of criticism raised in this respect. It is very dissatisfactory to see that this allegedly further refined format now makes it possible for anybody from whichever bar to join this meeting as long as they hold 1 share and then log into the meeting from a pub or wherever. This is really weird in my view, I cannot certainly consider this to be a further refinement or a further improvement of the virtual format. The chairman of the supervisory board right at the start in the first minute started to repeat Mr. Sewing's statement in the form of a mantra whereby a return on equity of 8% has been achieved. As I will explain in a moment, this is an illusion presented to the shareholders. This return target of 8% actually represents manipulation of the balance sheet through extra one-off additional revenues and income. If you were to leave this aside, the bank would certainly have missed the return target by more than half if the EUR 7.5 million billion of the tax profit, from this revenue, you deduct the EUR 1.4 billion from the Americas. If you also deduct EUR 2.1 billion to be offset against equity, if you also deduct the extraordinary one-off gain from the sale of the Italian subsidiary of EUR 0.3 billion, then below the bottom line, after all these balance sheets exercises, the total is not EUR 7.5 billion, but only EUR 1.9 billion below the bottom line. You then also include the provision for the Postbank litigation of EUR 1 billion that has not been formed, which would actually be appropriate because if anybody who's followed this litigation in front of the BGH in Germany, the Supreme Court in Germany, I mean, this must be the conclusive draw. The bank can only lose here. If you also deduct this, then a lot less remains below the bottom line. Instead of the EUR 5.7 billion or EUR 7.5 billion, there's only EUR 0.9 billion left in terms of operating results below the bottom line. This is not an ordinary success. This is a striking lack of success. The return target of 8% that you have cushioned from all these effects is pure fantasy and imagination of your PR department, and that is all it is. I've got a number of urgent questions, follow-up questions regarding Mr. Sewing's financial reporting, where he juggles figures and where Mr. von Moltke as well, and the supervisory board. Here I question whether the supervisory board has adopted the right mentality and attitude. I had submitted a lot of questions in the run-up to this meeting, the answers to these questions were somewhat distorting, somewhat deviating, somewhat unsatisfactory. My impression is management have tried to avoid answering my questions or the questions put forward. Let me start with my questions. Regarding your answer to my question concerning the seriousness of financial reporting by the board on page 12 of the list of answers, you're answering, "Yes, Mr. Sewing serviced the court that the answers to these questions were considered to be proper." I mean, my question was yes or no. Was this a proper piece of information? Well, in your answer to this question regarding Mr. Sewing and Mr. Von Moltke, the question is whether this is appropriate if those two gentlemen at the balance sheets press conference in 23 and in their speeches to this AGM talk about the highest profit in the company's history since 2007, when in fact there was a loss in 2022. I referred to page 231 of the annual report in the German version, where if you take a close look and bear in mind the fact that some losses were hidden here, which were not mentioned in any publication, then this is the real result. EUR 360 billion worth of profits are reported here, but for Q1 2023, EUR 1.9 billion has been reported. At the same time, there was a loss of EUR 1 billion, which was not mentioned for Q1. Is this what the supervisory board understands by true and fair financial reporting and capital market communication? Would the supervisory board, please, and the management board, please provide specific answers to the questions listed on page 31 of the catalog of questions that answered. In my view, these questions have not been answered yet. The DTAs in 2022 were used to distort figures. What is reported here are figures the management hope to achieve in the future, but these are not the actual operating results delivered. Mr. Chairman, I can see that you are talking to somebody sitting on your right at this point, I presume. You are able to do both, listen to me and talk to other people at the same time? Yes. You can rest assured we're listening to you. Thank you very much. I'm very happy to hear that. It's good to see that you are so attentive in following the AGM so attentively. What I would like to know is whether in the framework of the EUR 1.4 billion DTAs, future negative developments, apart from interest rate developments, might also have an impact. For example, the government shutdown in the U.S., that might happen every day now or a further decline in property prices. What are you talking about when you say fundamental obligation regarding DTAs? Is there an option regarding deferred tax assets? Have these options been elected in order to report higher profits? Yes or no? Have the DTAs also included future interest rate increases? If so, at what level? If so, what would the number be if these effects were included? Would this not be an inadmissible duplication because actually this had already been included in the results for the previous year, yes or no? What about the sale of the Italian business? I think it was worth EUR 310 million. Was this an operating profit for 2022, yes or no? Would the supervisory board please also disclose the actual numbers regarding page 32, where losses seem to have been offset against equity? I would like to hear about the real numbers. EUR 1.285 billion would be the right number rather than the EUR 986 million that you are showing in your list of answers. Was this offset from equity, yes or no? Were profits worth EUR 286 million included in the P&L? Would they therefore be included in the EUR 7.5 billion reported by the management board, yes or no? Were losses on write-downs of derivatives worth EUR 618 million instead of the EUR 570 million you mentioned, offset from equity in a hidden format, yes or no? Were profits from these items worth EUR 71 million transferred to the P&L, and therefore part of the profit announced by the board of EUR 5.7 billion, yes or no? Was the highest profit recorded since 2007 of EUR 5.7 billion? You keep saying 5.7 instead of 7.5. Was this profit increase as a result, yes or no? Were the DTAs included? We're talking about EUR 3.9 billion here, yes or no? Where do these losses stem from? Incidentally, I was not asking about a predominant effect or number. In your answer, you are insinuating I was asking about predominant effects, but I would really appreciate it if in the future you were going to reply to questions the way they were actually asked. I was not asking about predominant effects. Please answer these questions where these losses stem from, and not where they predominantly stem from. How much is related to credit solutions? Please answer in euros. I refer to my question on page 32 of the list of questions and answers. Could you please answer this question, in particular regarding return on tangible equity of 9.4% for 2022? As mentioned by Mr. von Moltke, I hope that you deduct all these seeming effects, and please report the actual numbers and the actual results for 2022. Can the supervisory board answer the question I raised on page 30 of the list of questions and answers? Has the bank, according to the prudent business rule, actually generated a lower return on tangible equity compared with, say, Commerzbank? I also refer to pages 33 and 54 on the list of questions and answers, and I would want you to answer these questions listed there. I hope that you have also checked your capital market communication for correctness and accuracy. Mr. Freitag, would you care to come to an end, please? Well, yes, I've got a number of questions left. I think other speakers have also spoken for longer than they were expected to. Yes, you've already spoken for 14 minutes. Okay, I've got about 10 questions left. I've got a question regarding technology in the registration process. I would also like to comment on an internal process within the bank that relates to me, and then I've got 1, 2 final questions to the supervisory board. Just to make it clear in advance. I continue with my questions. On page 33 of the question of lists of the list of questions and answers, what does this mean? Does this mean that the supervisory board does not check in any way whether the board destroys billions worth of profits of the company and has been doing so for decades, yes or no? Are the CDS spreads did they increase in Q4 2022? Was this not due to a speculative attack in 2023, yes or no? After announcing the restructuring program, was the bank between 2019 and summer 2020, was the bank forced to take out EUR 2 billion worth of loans, yes or no? On page 52, I'm asking a number of questions, and I'm asking you to answer. I had asked for a EUR amount between the creation of the capital release unit in July 2019 and its release. I can only look back to the year 2017, but I can't really check those numbers regarding any point in time before that. I was also asking about the capital release. I was not asking about capital allocation, but capital release. Please answer that question by giving me the amount in EUR. How much did you pay in terms of fines in litigation so that shareholders can understand whether the capital release unit at least released the capital required for that purpose? The Supervisory Board has not yet answered my question, listed on page 85 of the list of questions and answers. Does this mean that the Supervisory Board was unable to comment on the agenda? On what legal basis was the issue transferred to the Chairman's Committee? Please refer to the articles of association and the rules of procedure. How many Supervisory Board members did not take part in that decision? These are my main follow-up questions. Thank you. This takes me back to a technical problem I was going to mention with regard to registration. When you register as a shareholder. For example, you log in to the meeting and you want to ask a question. You get a button that shows and that reads, "Cancel absentee vote," but you can only cancel the absentee vote, if you already made an absentee vote in the first place. I sent you an email about this, and you seem to have solved this by removing this button. I would like to know what votes were cast by whom and when, as far as our company is concerned, because this button was removed. Why is it you did not reply to my email? The email I sent you in this regard? What was the impact of your removing this button? I was actually talking to a German client two months ago where I purchased some shares off-market on the 15th of March. Two months later, this has not been executed yet. On 18th of April, 2023, I received an email from you saying that there was an increase in the number of orders and that there had been some industrial action. Just for your information, this is number 23 stroke 78052. This is the complaint management reference number. I'd like to know in what period and by what specific industrial action were you affected during that time? This is particularly relevant given that for a period of 2 months, a simple purchase order for a security does not seem to have been executed by you as a result. Would this not be a good reason not to be a client with Deutsche Bank? By way of conclusion. Yes, please, one more thing. What members of the Supervisory Board were notified of the questions I had submitted in the run-up to this AGM? When would that happen? At what date? At what time of the day? What members of the Supervisory Board were involved in the answers prepared to these questions? Who gave these answers to these questions? Regarding the virtual format, one more question. How many requests for the floor have you received thus far? Could you please compare this with the last in-person AGM you held? How many shareholders had requested the floor back then? So much for my current comments, my points of criticism and questions. Thank you. I hope that the quality of the answers to the questions asked by shareholders will dramatically improve in the future, because that is actually necessary. Thank you very much. Thank you, Mr. Freitag. Thank you for your contributions. Thank you for your questions. Ladies and gentlemen, before we start with the next round of speakers for their questions and then a round of answers to these questions, I'd like to first of all ask the Board to comment on a number of questions that were submitted in the run-up to the AGM. This will then also give those of us who haven't yet had a chance to read all the questions and answers made available on the Internet, an opportunity to hear from the Board members regarding a couple of points that are relevant to shareholders. Let's start with Christian Sewing on strategy. Thank you. I'd also like to use this opportunity to thank our shareholders for the questions you submitted to us in the run-up to the annual general meeting. Strategy was one of the key questions or the key topics you asked about, and I'd like to comment on our strategy. As I already pointed out in my speech, our results for 2022 have underpinned the fact that our bank is robust and profitable. This was precisely the goal of the transformation we launched in July 2019. We have aligned our four business areas to their strengths and consistently withdrawn from non-strategic business areas. At the same time, we have significantly enhanced our efficiency. We have reduced costs by more than EUR 3 billion since 2018. However, the savings were not achieved at the expense of our investments in the future. We spent a total of EUR 15 billion on technology during our transformation in order to accelerate our progress in this essential field. We invested a further EUR 4 billion in our control functions in order to enforce them and eliminate previous weaknesses. All investments in technology and controls were financed from our own resources, as were the costs of transforming our bank. Nevertheless, we have sufficient capital buffers at all times during the transformation, as our CET1 ratio was consistently above the target of at least 12.5%. At the end of 2022, it was 13.4%, and we thus met the target we set ourselves in 2019. On 10th of March, at our investor day, we presented plans for the further development of our strategy and our financial plan up to 2025. Building on the success of our transformation achievements 2019, we are targeting robust and sustainable growth in the next phase of the strategy. We are convinced that customer demand will continue to fundamentally change in the coming years, given the severe changes in the macroeconomic environment, geopolitical environment and technology, as well as the necessary transformation to a sustainable economy. As a global house bank, we want to support even more clients in this environment and be their first point of contact in all financial matters. In doing so, we will continue to rely on the strengths and leading market positions of our four business areas, our firm roots in our domestic German market and our extensive network in Europe, Asia and the Americas. We are convinced that we are well-positioned to grow faster than the market. At the same time, we want to continue our cost discipline and further enhance our operational efficiency. The resources we are going to save as a result will be reinvested in the growth of our business areas in technology and a further strengthening of our controls. In the framework of the publication of our results for the first quarter of 2023, we announced additional measures which are designed to accelerate the implementation of our strategy as a global house bank. We are confident that this will enable us to exceed the revenue and profitability targets announced in March 2022. I described the additional measures in detail in my speech, but I'd like to summarize them briefly once again. Due to additional efficiency measures, the target for additional cost savings will be raised from EUR 2 to EUR 2.5 billion. We aim to reduce risk-weighted assets by EUR 15 -EUR 20 billion. We also aim to increase revenues beyond the previous target through growth in business areas with low capital commitment. We are convinced that the successful implementation of our current strategy will be positively reflected in our market valuation in the long term. We want to achieve a ROTE of more than 10% in the long run. This should have a positive impact on our market valuation. Higher and sustainable profitability should enable us to increase distributions to you, our shareholders, step by step. Last year, we promised to return a total of EUR 8 billion in capital to you from 2021 to 2025 via dividends and share buybacks. This commitment also remains in place. Of course, our plans are subject to current geopolitical and economic developments. However, our bank has proven that it has the resilience and stability to hold its own in difficult times and deliver the best possible performance for our clients. We are sustainably profitable again, significantly more efficient, and have a well-differentiated business model. We remain convinced that we have the right strategy for the bank and that we can achieve our goals. I would now like to hand over to Professor Simon, who will take up the topic of the virtual AGM. Yes, ladies and gentlemen, from the contributions and from the questions you have submitted and the answers to these questions, you will have realized that a lot of shareholders have asked about the virtual format of today's AGM. Therefore, as the management board, we'd like to share our views with you and explain to you why it is that we chose this format that we're using here today. First of all, the legislator created a legal basis for virtual AGMs after the pandemic and the lessons learned from the pandemic. This allows companies to carry out virtual AGMs. This means that virtual AGMs are considered to be equivalent to in-person AGMs. This is the background to all of our deliberations. In preparing this year's AGM, the management board, with the approval of the supervisory board, of course, discussed this very extensively, taking into account the rights and interests of the shareholders and the question as to how you are best able to implement your rights and interests. Of course, we compared the benefits and disadvantages of an in-person meeting, virtual meeting, and a hybrid meeting. We came to the conclusion that at this point in time, the virtual format is the right one to choose. Let me mention in particular one specific issue. Our goal is to ensure an improvement in dialogue between shareholders and management, and in this context, we are trying to make sure that the new tools and instruments available can actually be brought to bear in this AGM format. That is why we decided to play a pioneering role once again this year, which is what we did in the past few years as well. Therefore, this year, we have used the opportunity to enable shareholders to ask questions in the run-up to the meeting and to give management the opportunity to answer them and make these questions and answers available to shareholders online. We believe that this has improved the quality of the answers, and at the same time, shareholders benefit from a higher level of transparency regarding our views concerning certain questions. You will also benefit from the answers, the extensive answers given to these questions. In addition, last year, live contributions were made possible, and we are offering that opportunity again this year. We're not just offering you an opportunity to exercise your speaking rights, but also your rights to ask questions and your right to submit motions. It is gratifying to see that live contributions seem to be a lot in demand this year, so demand has gone up. About 10 minutes ago, 13 requests for the floor had been submitted, so 13 shareholders have asked to be given the floor, and we will check once again what that number was at this point in time in the last in-person meeting. Of course, sustainability and costs also play a role in this context. In weighing of the various AGM models, of course, this is to be taken into consideration. Based on the numbers available to us, we can save about 80% in terms of CO2 emissions in a virtual AGM compared with an in-person AGM of Deutsche Bank. We therefore believe that this format is equivalent, an equivalent alternative, and as already said, we would like to continue testing it this year. Of course, we are not immune to your criticism. We are aware of your criticism regarding this format. We are aware of the criticism raised in Germany regarding the various formats. I'd like to repeat once again, we are trying to find out what you can achieve with the different formats and how to improve dialogue between shareholders and management using digital tools and instruments. This basically means that the time available at the AGM can best be made use of. We can focus the time available on the key topics that are of strongest concern to you, our shareholders. Regarding the hybrid format, we do not believe the hybrid format is the best format because at the end of the day, it would mean that we would have to use significantly more time, effort, and cost. It would create additional complexity, but it would not really create any additional benefits. Therefore, the hybrid format has rarely ever been used in the market and has not been able to establish itself in practice in the market. As you will have heard, you will have seen from the documents under agenda item 10, we are asking you for your approval to authorize us to hold a virtual AGM in the next 2 years as well. Should you approve this motion, we will take a relevant decision at the given point in time to decide which format is the right and appropriate one at the given point in time, weighing off benefits and disadvantages. Of course, we would also take into account any special factors relating to any AGM, which is what you mentioned in your contributions. 1 final comment regarding costs, because we've had a lot of questions about costs. We believe this year's AGM will cost us around EUR 3 million. Last year's virtual AGM cost us EUR 2.83 million. The cost of the last in-person AGM in 2019 was EUR 4.6 million. Basically, this means that the virtual format would save us about 40% of costs. Without any further ado, ladies and gentlemen, We've been able to explain to you what our reasons were while we chose this format. Under agenda item 10, we're asking you for your approval and your support for this format. Thank you very much. Over to James von Moltke at this point, who will now comment on dividends and share buybacks. Thank you very much. Deutsche Bank's profitability has improved significantly in the course of the transformation to date. In financial year 2022, for example, we achieved a post-tax return on tangible equity of more than 9%. This higher and more sustainable profitability allows us to make distributions to our shareholders and to increase these distributions step by step. As we have reconfirmed with our first quarter results, we plan to return a total of EUR 8 billion in capital to our shareholders in the form of share buybacks and cash dividends in the financial years 2021-2025. Last year, we already paid a dividend of EUR 0.20 per share for the 2021 financial year. Together with a share buyback program of EUR 300 million, this totals to around EUR 700 million that were distributed to our shareholders. For the 2022 financial year, we have proposed a dividend of $0.30 per share. This is in line with our plan we presented in March 2022 to increase the payout per share by 50% per year for the financial years 2022 to 2024. For the 2023 and 2024 financial years, this would correspond to dividends per share of $0.45 and $0.675 respectively. For the 2024 financial year, we are targeting a payout ratio of 50%, resulting from a combination of dividends and share buybacks. As announced with our results for the first quarter 2023, we have initiated discussions with the regulators regarding share buybacks and plan to carry them out in the second half of the year. We will make the final decision on when and to what extent we will buy back our own shares in the future in due course. Please note that share buybacks must be approved by the regulatory authorities and that our shareholders make the final decision on the amount of dividends. Furthermore, we also must take into account the requirements of the Stock Corporation Act when making such distributions. An overview of previous share buyback programs can be found on our website under the Investors tab. With that, I hand back to Christian again. Let me now turn to our sustainability strategy, a topic that is close to my heart and to that of many of you. Economies and societies around the world are facing various social and sustainability risks. Among these, one important aspect is the fight against man-made climate change and environmental degradation, which is one of the greatest challenges facing current and future generations. Deutsche Bank intends to contribute to the fight against climate change and environmental degradation through close interaction with companies and private and institutional clients. As a global financial institution, Deutsche Bank considers it part of its responsibility to support and, where possible, accelerate the transformation towards a more sustainable economy and society. At the same time, this also represents an opportunity for our businesses. We see a consistently good demand for ESG advice and products across all divisions. Deutsche Bank takes a holistic view of sustainability and placed the topic at the center of its strategy as a global house bank years ago. Since 2019 2018, our bank has focused on the following four pillars: sustainable finance, policies and commitments, employees and own operations, and thought leadership and dialogue. To implement its sustainability strategy, Deutsche Bank is currently focusing on the following initiatives. Deutsche Bank is targeting EUR 500 billion in sustainable finance, excluding DWS, by the end of 2025, having exceeded the first volume target of EUR 200 billion from 2020 to 2022. The bank reaffirms its voluntary commitment to achieve net zero CO2 emissions by 2050 itself and is following a systematic approach to implement it. Deutsche Bank wants to contribute to the fight against climate change by interacting closely with companies as well as private and institutional clients, and by supporting clients in their transformation. To this end, it has already published net zero target paths for 4 carbon-intensive sectors back in 2022, with at least 4 more to follow this year. Using these target paths, Deutsche Bank is integrating CO2 emissions into its lending decision-making processes. Deutsche Bank is setting up policy and controls to manage sustainability measures and ensure their compliance. Following the update of the thermal coal policy, the focus is now on updating the oil and gas policy. Another focus is on the data strategy to automate and standardize non-financial reporting and integrate external data. Both the Supervisory Board and the Management Board are continuously briefed on the implementation of the sustainability strategy. Last year, Deutsche Bank further developed its governance for sustainability matters. The bank appointed a Chief Sustainability Officer and also established a steering committee to oversee the implementation of the sustainability strategy. This enables the bank to better manage, measure, and review its sustainability activities across all business units and regions. Karl von Rohr will now elaborate on the integration of our Postbank IT infrastructure. Ladies and gentlemen, Deutsche Bank develops its IT landscape further strategically, and has been doing so for many years. Now it's consolidated its hitherto separate IT system in one uniform platform. It will be our target to create a platform designed on the basis of uniform standards for both our brands. This is Postbank and Deutsche Bank. In the course of this multi-year program, which is called Unity, about 19 million product contracts as well as data of about 12 million customers of Postbank will be migrated to the IT platform of Deutsche Bank in 4 waves. Additionally, for more than 5 million Postbank clients, a new online and mobile banking will be introduced. We'll be using cloud technology to do so, and it will enable us to implement new features and application improvements faster. The first wave of migration was successfully completed in April 2022, affected about 4 million customers with saving products. Over New Year's Eve 2022, 2023, we then migrated an additional 4 million product contracts of about 2 million Postbank clients to the IT systems of Deutsche Bank. In the second wave, we also started a new cloud-based online and mobile banking app for about 1 million clients. The third wave, which we completed in March of this year, included 6.5 million contracts of about 5 million customers in the areas of credit cards, current account, overnight money, term deposits, and savings accounts. Additionally, about 2.7 million additional clients can use the new platform for online and mobile banking. It was our top priority, and it continues to be our top priority, to ensure stable and secure transfer and migration of data and products. In order to minimize risks, some elements from the second migration wave over years end 2022, 2023 were taken out and postponed to the current year. This minimization of risk had a temporary impact on the client experience, and we'd like to expressly apologize for that, ladies and gentlemen. At the same time, we would like to ask for your understanding that we consciously had to give high priority to risk consideration in order to ensure secure and stable transfer of customer contracts and data, and in order to make sure that the overall success of this comprehensive project is not jeopardized. Based on our experience from the wave around New Year, we communicated more intensively in the run-up to the third wave at the end of March, communicated on the changes that would happen. Also after the migration in our branch, in our branches, in the call center or via email or social media, more colleagues will be available in order to support our customers whenever they have questions or problems. Some customers were not happy with the functionality of the new Postbank banking app. I do understand that, because initially the bank was started in a basic version with a small number of features. Its COPA functionalities has been expanded and extended in the meantime and will continuously be expanded further in order to also enable completely new functionalities, which hopefully then will live up to your expectations. In summer, the IT migration, which is amongst the biggest and most complex IT migration projects in the European banking sector, is to be completed. In the fourth and last wave, 4 million contracts of about 2 million customers will be migrated. This is about consumer lending, mortgages, current account, overnight money, and term deposits. In this wave, all company clients will be migrated, and an additional 1.9 million customers will get access to our new online and mobile banking. After the successful migration, the IT legacy systems of Postbank will be decommissioned step by step, that cost savings will increase step by step before 2025, for example, by license fees that will no longer have to be paid. As of the year 2025, Unity To enable Deutsche Bank to harvest cost synergies in the amount of about EUR 300 million per year. Now, so much on IT changes. I now hand over to James von Moltke, who will comment on the share price development and market valuation. James. Thank you, Karl. Our share price had been strongly impacted by macroeconomic and geopolitical developments since the AGM in May 2022. The war in Ukraine and the macroeconomic insecurity associated to that was a burden on the capital markets up until the second half of 2022. An important factor in Germany were worries about a potential energy crisis. When this insecurity abated in November 2022, our share price increased step by step to more than EUR 12. Of course, supported by higher interest rate level and an improved evaluation on the basis of fundamental data. The successful completion of our strategy Compete to Win had a positive impact, which was reflected in a markedly improved business result for the year 2022 and a post-tax ROTE of 9% or more than 9%. In March and May of 2023, a flare-up of nervousness in the financial markets was again a burden on our share price. This was triggered by U.S. banks getting into troubled waters and also problems in the banking sector in Switzerland, and also by unexpectedly strong price movements in the equity and derivatives markets. During the market turbulences at the end of the first quarter, we were able to prove that Deutsche Bank can withstand volatile times. Our strong results in the first quarter and with regard to profitability, but also with regard to our capital position and liquidity underpin that. Once the current insecurity abates, we expect that the share price of Deutsche Bank will again be more aligned with fundamental data again. As mentioned on our Investor Deep Dive in March 2022, Deutsche Bank is to become even more profitable, and by 2022, it is to achieve an ROTE of at least 10%. We believe that we are well on track to achieve this objective. With the results for the first quarter, we announced further measures to accelerate the implementation of strategy. We are convinced that our share price will benefit from that. Much on our statements, and I now hand over to Norbert Winkeljohann. Thank you to the board of management for these interesting statements. I would like to ask the technicians to now have the next speakers join us. The following shareholders will be contacted by our technicians: Tilman Massa from the Dachverband der Kritische Aktionäre, then Daniel Werner, as a third person, Anna‑Lena Samborski for Urgewald e.V., then Lotte Jäger for the Solidarity Network, then Peter Hanssen, and finally in this round, Dina Elnaggar for an NGO on the fossil industry. We have a short break. Ladies and gentlemen, after this short break, we will now continue with the second round of statements. As the first speaker, I would like to welcome Dr. Annika Rittmann from the Dachverband der Kritischen Aktionäre, then Daniel Werner, and as already announced, then will follow Anna‑Lena Samborski for Urgewald e.V. Now you've got the floor. LadiElnaggares and gentlemen, my name is Annika Rittmann, and I am in Fridays for Future, the climate group, and I would like to thank you very much for having me speak here. While I'm speaking here, people are experiencing the consequences of the climate crisis in Myanmar, in Bangladesh, or even fighting for water in France. The climate crisis has reached all corners of the world. The good news is that you already know this, and you probably, all of you, can name further disasters, and you are all aware of the consequences of the climate crisis, and you also know the cause, the fossil system, and also the consequences should not be new to you. Move out of fossil energies. It's really very simple. More and more companies and people are now working to change the system in 2023 in the climate crisis. They have seen that there is no possibility to go on as we have done in the past. If you listen to you, Mr. Sewing, we can have the impression that Deutsche Bank also has taken the decision to find ways out of the climate crisis and to contribute to making the world a more social and better world. You have described how you see that companies are now embarking on this path. Aren't you just watching what they are doing? Don't you think that your shareholders and customers should know more about what is happening with your money while you are philosophizing about the future? Deutsche Bank was among the 25 banks with the highest fossil investments in the world in 2022, and in the investment into fossil companies. Since it was said that we now have to say goodbye to fossil energies, Deutsche Bank has given $1.8 billion to TotalEnergies, and companies can now afford to have more and more projects against the environment. This means for TotalEnergies that they are building a new oil pipeline. For TotalEnergies, this means that the largest heated oil pipeline worldwide is going through a very sensitive area in the United States. This means that people will be dispersed, and this means half a gigaton of CO2 emissions. The country of Uganda would need 85 years in order to compensate for this. In the energy crisis, in a time where people really need renewable energies, Deutsche Bank has increased or tripled the investment into fossil projects in the latest period. Now we have people who really take environmental protection seriously. While you are now saying that you are doing something good for the environment, the public prosecution is investigating you because of greenwashing. In 2022, the green DWS funds apparently have invested $850 million into fossil companies in order to profit from increasing energy prices. Sometimes I have the impression that people like you, Mr. Sewing, who have the possibility to make decisive decisions, have lost any feeling for what you are doing and how your friendly global house bank is doing. My questions are as follows: Will you stop the support of the TotalEnergies pipeline, and will you stop or terminate investments into fossil energies? When will you stop investing into fossil energies? Will this be in time in order to stop the climate disaster, or will you do this when it fits into your business plan, which is much too late? How much money do you want to invest into environmentally friendly projects, and do you think that you can really live up to your responsibilities regarding the environment? Sustainability does not mean to just pick out a few green projects and to have some good targets for the environment, but then just to do business as usual and to do the same as you have always done. This is not sustainability, but this is greenwashing. While more and more banks are withdrawing from fossil industries, you are investing a lot of money into your own greenwashing. The question is, where would you be if this energy would be given for real environmental and climate-friendly projects? All this shows that we cannot rely on the promises and voluntary self-commitment of people who only focus on short-term earnings. As long as business is still important, some people will make money available. In order for the financial sector to leave the climate-destroying systems, it is necessary to make sure that people will no longer endanger our future by telling us how green they are when they are not. All people are now asked to really do what they can. Do not work for these companies any longer. If you invest your work in green alternatives, we can really make a lot of progress. These alternatives exist. Please don't give your money to these banks. What Mr. Sewing is working with is your money, and obviously, the banks do not really want to live up to their responsibilities. All people who can take the decision today, I would like to appeal to you, do not ratify the actions of the management board because they are destroying the basis of our lives. All the people are now needed. They have to do something, and we can win so much if we are really honest to ourselves and get started. Ja. Herzlichen Dank, Frau Rittmann für Ihre- Okay, thank you very much, Mrs. Rittmann, for your contribution and your questions that we will answer later on. The next speaker now will be Daniel Werner. Daniel Werner, you have the floor. Ja, guten Tag, mein Name ist Daniel Werner. Hello, everybody. My name is Daniel Werner, and I am a shareholder of Deutsche Bank, and I have three follow-up questions on three topics, although these topics have already been raised in the 300-page document. For me, it's not satisfactory. The first topic is the Ernst & Young at the NC audit work done by them. In my written question, I do not want to repeat everything. I already mentioned Wirecard, I said that this company Commissioning this company would not be good for the reputation of Deutsche Bank in this time when everything is still open and pending. That 9 other DAX companies are also using the services of EY is not really a reason, because they are saying Deutsche Bank is also using them. This is no good reason if you choose a company, an audit company that is difficult. What is the reason why you are not choosing one of the three other major audit firms? My proposal is to make sure that at least next year we are changing the audit company. Now I would like to have one question. In the SGL Carbon shareholders meeting, I asked a question, and I asked the question why KPMG has been auditing the company for such a long time. She answered that there are only four major audit companies, and as a global company, you just have to choose one of the four companies. I think that this is a fact which is really not good. My question to you is: what does Deutsche Bank think about it? Do you also see this as a problem that there are only four big audit firms which can be used as external auditors of DAX companies? Don't you think that there are also conflicts of interest? Yes, of course, you cannot simply found a fifth one, what does Deutsche Bank think about it that you are so restricted in the selection of an audit firm? The second question is about the IT move of Postbank. Well, I was in the preferred position to have two accounts. I had one with Postbank, and I had this ever since I started to work and even while I was still a student. I opened an account at Deutsche Bank when I advanced in my career. I can compare the problems that we had in these accounts, and I can also tell you a little bit about how these problems were solved. As a Postbank customer, you feel as if you are of second class compared to Deutsche Bank. What is this strategy? Do you really plan to merge this? The question is, does this have to be merged? This has to be migrated because Postbank also has a history of itself, social responsibility, catering for smaller people not earning a lot of money, and they are still having accounts with Postbank. What do you do with them compared to Deutsche Bank customers? You could ask whether my assumption is correct that they, the customers of Postbank are rather pensioners, old people, not IT-enabled people, and perhaps you should take special responsibility for them. You have to be really very honest and open. The months of migration were really a disaster. It was not only a few hours where things did not work, but you had long waiting loops. Sometimes I heard the message, "You have to wait at least 20 minutes," and then I just put down the receiver. If you write a letter, or an email, then you get an acceptance, you get an acknowledgement that your message was received, and you never hear from them again. This is really a huge disaster which I experienced here. That people did not leave Postbank is probably only due to the fact that they had an account for years at Postbank, and it's quite difficult and troublesome to then change. Who is responsible for this is my question. Is this Karl von Rohr? Is he responsible for the disaster? Does this have impact on his leaving Deutsche Bank now? The question is: what is the strategy of Deutsche Bank regarding the migration or the integration of Postbank? Do you plan to keep up the branches of Postbank? An explanation, I forgot the pin for my home banking, and I tried to get it back, and then I called, and I had to wait 20 minutes. The phone was not answered. There is also the possibility to go to the Postbank branch and do this in person. This was also not possible because nothing is happening. This is really very difficult, and I would like to know what your strategy is in this regard. I already talked about social responsibility. You feel as if you were a pariah at Postbank. I went to Deutsche Bank, then I got first-class treatment, and I talked to highly motivated and very friendly staff when I had a problem with my account at Deutsche Bank. It was completely different when I talked to Postbank people. The people there didn't know what they were doing. They had no expertise, and then they were probably brought in on the market in order to have new people sitting there, but this doesn't really help you if you have people who can't give you proper advice. The last point I would like to mention is the virtual shareholders meeting, or rather the idea to have a hybrid shareholders meeting. I think this is a very exciting option. That this will cost a lot more is something that I can understand as an objection. My idea is To have the pre-submitted questions that are then answered in writing and having then a face-to-face shareholders meeting so that yous can save costs. Those people who cannot come to the shareholders meeting have the possibility to ask questions beforehand, and otherwise, you have to have a face-to-face meeting where you really can meet people again. I would really love this. For virtual shareholders meeting, the fact that there are so few people asking questions here is probably due to the fact that so many other DAX companies have their shareholders meeting today. I would have loved to join E.ON for their shareholders meeting today, but I prefer Deutsche Bank, and this is s omething that should not happen, to have so many in parallel. The DAX companies at least should agree in beforehand on the date so that we don't have too many things happening in parallel. I'm looking forward to your answ ers. Thank you very much, Mr. Werner, for your questions and your contributions. Questions will be answered later on. The next speaker is Anna‑Lena Samborski for Urgewald Association. Ms. Samborski, you have the floor. Thank you so much. I'm sorry, I seem to be hearing myself. Now I don't. My name is Anna‑Lena Samborski, and I come from the environmental and human rights organization Urgewald, and today I speak for the Association of Ethical Shareholders. After the NGO report, Banking on Climate Chaos, your financing of fossil fuel infrastructure and liquefied gas infrastructure, you tripled. You are number 11 among the LNG financing companies. According to the report, you gave a credit to Venture Global LNG, which started the LNG capital port in Louisiana. The entire U.S. Gulf Coast, a number of LNG terminals are being built and other petrochemical ports. The gas does not only kill the climate, the projects have a negative influence on the local population and the environment. In this context, I would like to read out John Beard's report, John Beard's comment, and I would like to point out that next year we would like to welcome to hold direct reports in English with simultaneous translation. We have the original message, his original message on our social media channel, so this is Mr. Beard on our Instagram channel. He has authorized me to read out the translation of his speech now. Hello to the members of the management board and to the shareholders of Deutsche Bank. My name is John Beard Jr., and I'm the founder and president of Port Arthur Community Action Network, an organization to foster environmental improvement and social community cohesion in Port Arthur in Texas. Deutsche Bank is the biggest co-financier of LNG projects in the U.S., and I would like you to know what influence you have in mine and many other communities at the U.S. Gulf Coast. Many of the projects financed by you are in communities of color where people have less income and not a lot of opportunity to be against LNG projects and to defend themselves against them. In these communities, there are lots of other petrochemical plants that lead to lots of death and illnesses of the people living there. What you are basically doing is moving oil into the fire. You make it more difficult for people to work there, to live there, and enjoy their lives. These communities, for many decades, have been burdened quite a lot. This is unbearable. You have to understand it and know that we have high degrees of cancer and heart diseases, lung diseases caused by the other companies. Your investment mean further dangers and worse environment, worse health for people. This needs to stop. You cannot be calling yourself a responsible company, at the same time, co-finance the death of people at the Gulf Coast here in the U.S. This needs to be stopped. I demand that you change and move towards cleaner and greener and more renewable energies, and to stop the financing of LNG projects and petrol industry projects at the U.S. Gulf Coast. Our lives are endangered, you will also save your lives because you're importing the gas to your country. The climate change and heating up of the Earth is real. You will see it here, and you will see it over at your side. I ask you to show respect and with respect, I ask you to stop the investment into petrochemical and LNG projects and instead go into cleaner, greener, and renewable energy. Bring your investment there in order to save lives like mine here at the U.S. Gulf Coast. Thank you very much. That was the end of the speech of Mr. Beard. Linked to that, my questions are, number 1, looking at the massive limitations for people and nature and the negative effects on the climate, I would like to ask you as to whether your financing of LNG infrastructure in the U.S. and globally, whether you will limit it, as regards in project financing and company financing for companies that are mainly active in the LNG arena. Question number 2, in your written answers on our questions, you say that LNG, you don't see that as a future-oriented source of energy. How does that fit into the tripling of your financing of LNG last year? When do you plan to move out of LNG financing completely? So much from my side. I'm looking forward to the answers to my questions. Thank you. Thank you, Miss Samborski, for your hints and for your questions, for the presentation of John Beard's speech. We come to Lotte Jäger, Yukpa Solidarity Network. That's who she's speaking for. Miss Jäger, you have the floor. Thank you. Ladies and gentlemen, my name is Lotte Jäger. I also speak for the Association of Ethical Shareholders Germany on behalf of the Yukpa Solidarity Network, to make you aware of the fact that Deutsche Bank, through awarding credits to the mineral and oil group Glencore, favors the resettlement of indigenous communities in Colombia. Deutsche Bank, according to the Banking on Climate Chaos report, in the year 2016 through to 2021, gave credits to the tune of $440 million to Glencore. In from 2017 to 2021, $221 million went to Glencore. In 2021, yes, the Deutsche Bank continued this and was participating in a credit to the tune of $6.54 billion. As an international solidarity network, we stand with the indigenous Yukpa community in their fight for justice. I would like to read out a translated letter to all of you, in particular to you, Mr. Sewing. "My name is Juan Pablo Gutierrez. I belong to an indigenous community in Colombia, the peoples of the Yukpa. We are a community of 4,000 people who, at the moment, are seen as immediately threatened by extinction by the Colombian courts because our indigenous country was taken away from us. This is mainly due to building huge coal mines that were built on our country without consulting us and without our consent. These mines have destroyed the variety of species. A paradise was transferred into a cemetery. Rivers were changed. Through breathing in coal dust, we have lots of illnesses, respiratory illnesses. The holy cemeteries of our community were there. Now they are no longer there. The operators of the mines, together with paramilitary groups in Colombia, moved out the people who they were died, they were resettled. Terror was waged upon them. For Glencore, the mines meant progress and enormous financial gains for shareholders. For us, this means hunger. It means the death of more than 50 children in 2022, murder, paramilitary violence, deviated rivers, respiratory illnesses, and the risk to become extinct now. The risk as Yukpa to be done away with. We, the people of the Yukpa, are here, thanks to supporting activists who give us their voices, to make you aware of the reality that is on the other side of the coin of the company that you are financing. It's the dark side. You don't want to talk about the violent side that we have to suffer from as indigenous people because European companies like Glencore want to make their profits with coal. There's one thing that the world needs to know, it is that Glencore is responsible for the situation in which we, the Yukpa, are seeing ourselves now. From now on, the information that we give to you will also be culprits if you decide to continue financing Glencore. Discontinuing financing for Glencore is a question of life and death for my indigenous people. Moreover, in the context of the climate crisis, it needs to be seen that it has the potential to stop our life, our lives as human beings. "It's a question of life and death for all of humankind." That was the letter of Juan Pablo Gutiérrez to you. Our question that we handed in how far the principle of free and informed consent, according to the Declaration of the Right of Indigenous People, is included in your environmental checks. You said that you are a signatory of the Equator Principles, thus projects that are financed by you have to give evidence of the fact that this principle of free previous consent was agreed upon. Unfortunately, your answer, quite apparently, is not living up to reality, because in the Colombian context, in the case of the Yukpa, this is not true. As I can tell you, this has not been a single occurrence. That's why I would like to ask you the following questions. In order to live up to international rule of law and in order to live up to your own social and environmental recommendations, will you recheck the projects that you finance that have effects on indigenous communities? How do you plan with a view to the fact that companies financed by you, co-financed by you, like Glencore, are abusing the UN Declaration of Indigenous People, and how far will you extend your further checks in the future? Thank you very much for your attention. Thank you so much, Ms. Jäger, for your question, and also for reading out the letter of Mr. Guterres. We come to Adalbert Hansen as the next speaker. Mr. Hansen, you have the floor. I don't see myself on the screen yet, I can get started. My name is Adalbert Hansen, I represent my wife's shares. Together with my wife, I had some unpleasant experiences with Postbank. This is why I would link up to the, to Mr. Werner, who spoke earlier. Let's imagine that you want to transfer money from Postbank, but you can't do this, and because a credit is delayed for days. Just imagine that Postbank cannot be reached. You cannot even ping up the server. You can use your internet, you cannot reach Postbank. The provider is not at fault here. There are websites which show that Postbank has had several problems for days. I had exactly this experience when I wanted to move out all the money because Postbank had canceled my account, and I really no longer wanted to be with them. Let's just imagine, last day of more than 50 years business relationship. You write a fax to complain about the lack of the credit, Postbank sends the answer 13 days later per letter. On the night of your termination, you still do not see the credit in your account, the next morning you do see the amount in your account. Retrospectively, I could only do the transfer 1 day later with all the codes and TANs, and my account showed that the transfer was accepted. Postbank did not really handle the transfer, although I even sent a fax to show this. The answer was that they blocked the account. The children's allowance that was sent to the same account was credited to the account, and the positive balance was blocked. About 2 months later, finally, I got a bank statement for Postbank, in the upper line, a huge amount. Below, a transfer that I had neither authorized nor made. It was on another account at Deutsche Postbank, a Postbank to handle residual amounts. Until when? Well, until the statute limit. Well, everything is gone. This is really a Kafkaesque experience. Do you know how long it really took me to get my money back? It took me more than half a year. I needed a lawyer to help me. I can't really recommend Postbank. I can recommend to avoid Postbank. You can only be a real house bank if you have different relationships with your customers. You have not reached your goal yet. You still need a transformation here. Then we also had our savings account at Postbank. The termination period, according to the regulations on banking, it's a very complicated legal term, is 3 months and not 2, and you cannot transfer the money from your savings account. Savings accounts have to be shown in the balance sheet in a special way, and we can see that it's EUR 60 billion at Deutsche Bank balance sheet. 3 years after the termination, I took all the documents and went to the branch in Aalen, and I had read all the different legal regulations, and I printed them out, and they said, "It's forbidden to have a deposit business if it is excluded or if it's made too difficult to pay money." I wanted to get money. I wanted to withdraw money from this savings account, but I didn't get anything. This is living. Does paragraph three not... is not valid for Postbank? Half a year later, after many letters and contact to my lawyer, finally I received the money, and this 2 weeks too late, but I wanted to the money in cash. I didn't want to have it transferred to me. I wanted to have it in cash in line with the relevant regulations. It's 100 pages of general terms and conditions, very difficult language, legalese. In the process of procedures in... One of the complaints of many people was that the Postbank is too lethargic. It, they don't respect, don't react because of illness or any other things. This is really something that can be seen at Deutsche Post Bank, and probably this was a reason for the verdict. Why do you need terms and conditions for bank? The section 675 A to Z, really, all the letters of the alphabet in the current Banking Act, they already define the relationship between the bank and the customer. Is there anything that still needs to be covered by terms and conditions? In section 700 and 675 H was then entered to protect the customer, and it said that the customer can terminate for ordinary reasons at any point in time. Then you have also the agreement number 15. In 100 pages of text to have a slight line, isn't this too surprising and does not have any effect? This creates a lot of insecurity, apparently you are all in favor of having a good, clear situation. The terms and conditions, section 15, are really only used in order to make it difficult for the customer. Let me summarize. Postbank does not have command of their data processing, this for more than a year, this is really a sustainable problem. Terms and conditions of the banks, which are all the same, might also fall under antitrust regulation. Negative interest rates, this is something that is not really good for the customer, I'm anxious to see what the Supreme Court will say on this when it's finally taken there. EUR 52 billion of damage, the damage is much higher than the benefit. The Postbank customer, Little, Hans, is now pushed into other assets. What does this mean? In the 28th of January, 2022, there was an article in F.A.Z. that the Deutsche Bank is earning billions because many customers are now going to the stock exchange and that you have the interest rates. Who is not thinking about extortion and fraud there? A bank that does not pay for half a year, although the money should have been paid, is it still on the right way? Here, transformation is really necessary. This is why we cannot ratify the activities of the board of management. Deutsche Bank is handling Postbank in such a way that the reputation is really in danger, and this should also have been noticed by the Supervisory Board, so that we cannot ratify the activities of the Supervisory Board either. Well, the next topic. The 20 multiple of the salary of a normal employee should be sufficient for the members of the board of management. This, for a proper work and to not be suspected criminal activities such as Cum-Ex or other fraud activities, and also the greenwashing that the previous speakers spoke a lot about. We now have to say no to the compensation of the people. In this sense, thank you very much for your attention. That was all. Thank you very much, Mr. Hansen, for your explanations and for your hints. We will then continue with the following speaker, Denise Ney for Parents against the Fossil Energy. Mrs. Ney or Ney, I don't know how to pronounce your name. You have the floor. Hello, everyone. I'd like to say thank you to the Umbrella Association of Ethical Shareholders, that they gave me the right to speak here. My name is Denise Ney. I come from Berlin. I'm a mother of 2 sons. Today I speak to you as a woman, as an economic engineer, a teacher, and representative of the group Jetzt oder Nie! Parents against Fossil Industry. Jetzt oder Nie!, now or never, that's the motto of the 6th report for IPCC. The best researchers of the world have looked at research of last few years and summarized it. The message is, now we have to act, otherwise we destroy the livelihood of the children of the Earth and the coming generations so that we remove future of them. Women and children in situations of crisis and disasters are those that suffer most from the consequences. Therefore, today, mothers, fathers, grandmothers, young people, scientists, and other supporters have blocked the Deutsche Bank branch in Berlin Unter den Linden. Your branch office in Friedrichstraße shows climate books on pseudo wooden tables. You ask people to save water in the sinks, and you have customers handing in corks to be recycled. Marie Schatzmann, mother of a 3-year-old child, was present in the blocking campaign. Today she said, "Deutsche Bank, with billions-Keeps up the fossil fuel industry alive. Parallel in the so-called Quartier Zukunft celebrated greenwashing is cynical and dangerous because it shows to people that supposedly someone is looking at the ecological crisis. Whereas António Guterres, Secretary General of the UN in the last world climate report, says fossil fuels are a dead end for our planet, for humankind, and yes, also for national economies. Deutsche Bank in our country is the bank with the highest amount of investment in fossil fuel industry. According to Fossil Fuel Finance Report as of 2023, Deutsche Bank since 2016 has put more than $94 billion for building or rebuilding fossil fuel infrastructure. Even in 2022, despite urgent warnings of the scientific world, it was still $7.4 billion. Is that in line with you calling yourself having a branch office called Quartier Zukunft? Isn't it just showing that greenwashing belongs to the dirty business of your group? Quite serious questions arise from this. What's the scientific basis and study that is reason for your net zero study till 2050? How can you say that you live up to the Paris Climate Accord contract if you finance oil and gas projects to the tune of billions that for decades will use greenhouse gas emissions and destroy local environment? How do you justify it vis-à-vis your shareholders that you destroy the future of your children and our children? Why do you keep investing in 2023 in fossil promotion projects and infrastructure that in the foreseeable future will be stranded assets? Physician, physicist and mathematician supports the parents of Extinction Rebellion in the blockage in Berlin. He says, "Currently, the money of Deutsche Bank is going into new fossil fuel projects all over the world. Deutsche Bank is one of the main organizers of the financial support and investor of the Spanish oil giant Repsol that's responsible for the oil spill in January this year in Peru. Deutsche Bank is prepared to give loans to companies in Australia like Whitehaven Coal that plans new coal mines. Deutsche Bank is still interested in East African Crude Oil Pipeline, EACOP. That's the largest heated oil pipeline that's to be put into practice. Deutsche Bank is one of the biggest finance of fracking in the Latin America. Fossil technology that is banned in Germany. Thus, Deutsche Bank actively participates in our collective suicide, as António Guterres very clearly describes the situation. When will you stop the support and financing of the projects just mentioned? Petra Nielsen was also present in Berlin, Unter den Linden. She's a mother of two children, two daughters below seven, and she asks herself, how can it be? Scientific findings are so clear. New fossil fuel infrastructure and the Paris Climate Accord cannot coincide. Why do you still allow it that fossil profit interests are prioritized and the future of our children is blown up? Wouldn't it be high time to go the way of the demands of full de-decarbonization to support it and with a view to the escalating climate crisis to immediately act on it? The financing of fossil fuel projects, doesn't that have to be stopped right now? I ask you today on this AGM, in addition, when will you as management board and as shareholders finally act responsibly and give our children and all children of the world the support they need? We as children, as grandchildren, as uncles, as aunts, as people who feel responsible, we as Parents Against Fossil Industry, ask and demand the shareholders not to rectify the actions of the management board, but to assume responsibility for the fossil destruction of our livelihood. Guidelines have to be there. People over profit. Thank you very much for your attention. I hope that you listened well. I expect honest answers to our questions. Thank you so much. Thank you so much, Ms. Ney. Of course, we listened attentively. We are here at the end of the second round of questions. I hear that initial answers are available on certain questions. I would like to start. The management board asked me to answer questions on topics that are questions to the supervisory board. I'd love to do that. I'd like to point out that the management board lives up to the obligation for information according to Section 131 of the Deutsche Corporation Act. I start. Mr. Freitag, your question asked regarding question on page 85 that the Supervisory Board in its entirety did not acknowledge the addition to the agenda before the Supervisory Board's behalf. You asked for the legal background and the date of the delegation resolution to the Chairman's Committee and the number of the Supervisory Board members who did not participate in this decision. The delegation of responsibility to decide statements of the Supervisory Board on potential Additions to the agenda on the Chairman's Committee of the Supervisory Board happened upon resolution of the Supervisory Board as of 10th of March 2022. Legal background for the delegation of tasks to a committee is Section 107 (3) (1) of the German Stock Corporation Act. Handling of the additional matters of the agenda was delegated to the Executive Committee of the Supervisory Board. The Executive Committee looked into the statement of management report of the Management Committee instead of the Supervisory Board in total. Irrespective of that, all Supervisory Board member have the possibility to receive information by the committee and demand to get it at the meeting of the Supervisory Board about the delegation of the decision as regards handling additional agenda items. All of the Supervisory Board members participated. The resolution of the committee, the Executive Committee, regarding the statement of the Supervisory Board on the additional agenda item, the members of the Executive Committee all participated. Mr. Freitag, you asked for details in how far the Supervisory Board knew of the questions on today's AGM. The questions that you were asked were mainly available... were mainly under the responsibility of the Management Board. The questions to the Supervisory Board, between handing them in and been looking at them were talked about, were answered by the Supervisory Board Chair and the Deputy Chair. From Monday onwards, we had access to all of the questions and asked by the Supervisory Board members, asked by the shareholders. Over to you, Mr. Silli. Mr. Thomae asked for the background on the published offer for Numis and the advantages for the bank. This question has already been partly answered, to be found in our document on previously answered shareholders' questions on the website under ID HV 23362. As regards your question, Mr. Thomae, as regards the advantages of the transaction, we would like to add the expected advantages from the transaction are not only limited to investment banking. The transaction allowed us a far more intensive commitment in the corporate segment. Deutsche Bank thus is turned into a leading offering company for financing needs of more than 170 corporate clients. We believe that Numis clients, through the existing service offer of Numis, will benefit from the profit range of Deutsche Bank. This includes global M&A consultancy, third-party capital emissions, FX business treasury solutions, and private banking, and also the general support through a strong balance sheet by Deutsche Bank. James von Moltke is going to continue with answering questions. Thank you. Mr. Nieding, you asked for interaction with our shareholders. This is a question which we have already partly answered, to be found in our document, previously entered shareholder questions on the HV website under HV 23 dash 216. We would like to mention that the deal with our shareholders, irrespective of private or institutional ones, we hold in high esteem, be it in a virtual format or in person. The percentages on virtual and in-person interactions were put into our document under number 167 on the AGM website. Mr. Freitag, in your redirect, you assume that there was manipulation. We clearly reject this. The Management Board has checked the closure of accounts by IFRS standards, and our internal control system around accounting is adequate and controls are effective. I refer to pages 238 and 239 of our annual report. The Supervisory Board, in particular, the Audit Committee, has monitored the accounting process. The auditor checked the results, reported to the Supervisory Board and gave an unqualified opinion. The 2022 accounts gives an adequate picture of the asset situation and revenue situation of Deutsche Bank. Mr. Freitag, thank you for your redirect as to in the future, a negative economic development will have effects on the activation of negative deferred tax assets to the tune of EUR 1.4 billion. We have answered it. You can find it in our document on the HV website under ID number 327. Activation of deferred tax assets happens on the basis of the approved strategic business plan. The business plan of course, includes positive and negative expectations for future years. Among them, it includes a preview of interest. In each and every quarter, estimates on deferred taxes are reassessed. Further on to the questions by Mr. Freitag. You asked for capturing the losses from depreciation and assets to the tune of EUR 1.285 billion, and earnings in P&L to the tune of EUR 285 million. As we show in our documents on the HV website under ID 327. In the business years in group capital equity change on page 232, we find the losses. You look at the financial assets and the changes after taxes, EUR 986 million, and the derivatives, you see the deviations of payment flows to the tune of EUR 570 million. They mainly have to be seen in the context of strategic liquidity reserves and businesses in corporate and other. The value changes of the positions are captured in equity according to IFRS. On page 239, we show pre-tax assessment. The realized earnings and losses of the reporting period are moved into the P&L. We refer to our explanations on classification and capturing of financial instruments in our annual report 2022 from page 241 onwards. Mr. Freitag, you asked for capturing losses from depreciation and assets to the tune of EUR 1.285 billion. This question has already been answered for fiscal 2021, to be found in our document on the AGM website under ID HV 23327, and on pages 241 and 361 in the annual report. In addition, I would like to say that the Management Board, as in HV 327, as it said there, in this question, the valid IFRS stipulations were abided by as they need to be used in the EU. Among others, they give the classification and capturing of financial instruments. We again would like to refer to our explanations in Annual Report 2022 from page 241 onwards. Mr. Freitag, you again asked for the calculation of the return on tangible equities. Annual Accounts 2021 show an adequate picture of the asset and revenue situation of Deutsche Bank. The Management Board has used adequate accounting regulations and according to IFRS as to be used in EU, and this was used to set up the Annual Accounts. The Supervisory Board, in particular the Audit Committee, has monitored the auditing process. The auditor checked this, reported to the Supervisory Board and gave an unqualified opinion. The group accounts were approved of by the Supervisory Board. Mr. Freitag, you asked for an answer to your email. Your email on the fifteenth of May 2023 at 7:50 AM, it was sent in at the address for the AGM, and it was answered then. Thank you so much. Thank you so much, James. Ladies and gentlemen, I think we start with the next round of speakers, and we'll then give you the next answers in the next round. I have one general comment on the questions. The legislator's concept of a virtual AGM with stating questions before and says that only redirects are being answered in the AG directly. Certain issues that are of general interest that we talked about in our statement. We'll be focusing on new subjects and your questions insofar as they have not been answered fully before. Thus, we hope that we'll have a focused exchange of ideas today. This brings us to the next break and to bringing in further speakers. This time, the following ladies and gentlemen will come in first. Ms. Vanessa Müller for Facing Finance, then Hans Oswald, then Marcus Kiel for SdK, then Rolf Rucinski. Mr. Rucinski, we were not able to come into touch with you via phone. We would like to ask you to join the meeting now. Then Karl‑Walter Freitag for Riebeck-Brauerei von 1862 AG. This brings us to a short break. Dear shareholders, ladies and gentlemen, we will now continue with the next round of questions. The first speaker is Vanessa Müller from Facing Finance. Then we'll have Hans Oswald, and then Mr. Marcus Kiel. Please get ready. Ms. Müller, you have the floor. Hello. Dear shareholders, Board of Management, Supervisory Board. My name is Vanessa Müller, and I am the deputy head of Facing Finance. I now have the right to speak on behalf of the Association of Critical Shareholders. Thank you very much for your written answers to our numerous questions also on plastics, and I would like to make a few comments. You're writing that at present you do not see the necessity for a dedicated plastics policy. Let me give you three reasons why in the interest of the environment and the climate, but also in the interest of your shareholders, you should have a financing policy on this topic. The first reason is the climate. Plastics is not only a waste problem, but plastics is produced from oil and gas, and 9% of all the gas consumption and 8% of the entire oil consumption in the EU is used to produce plastics. As a bank, you cannot on the one hand say you are supporting the Paris Climate Accord and then at the same time not have a policy on plastics. If you finance plastics production, you are damaging the climate. The second reason is the environment. You know, plastics is here to stay. We will find plastics and the included chemical components, toxic components in the air, in water, on soil, on your plate when you eat something. In your answer you write that you are supporting initiatives that address waste, plastic waste in the ocean. At that point in time, the plastic has been produced already, is already in the ocean. You have to work on the causes, and this means that you have to go for a reduced production of plastic packaging. If you want to reduce plastics waste in the ocean, you should not finance any companies producing plastics. Start at the beginning of the cycle and not at the end. The third reason are your shareholders. If the climate and the environment are not of highest priority for you should at least think about your shareholders because if you still as a bank think about whether you should get active or not, you will be overtaken by realities because plastics, not only in the EU but also in other countries of the world, is regulated more and more strongly. You know that more than 200 countries are now discussing and negotiating about binding plastics agreement. The politicians want to reduce plastics packaging and the demand will rise. Money that the bank is now investing into plants to produce plastics will be stranded costs very soon. You should be more proactive. Think ahead and anticipate changes that will come and do not take your decisions when it's too late. The circular economy, this is what you have to focus on. You have to finance real solutions, real deposit systems, you also have to explain to the plastics producing companies that they should not continue in the way they are doing right now. Thank you. Thank you very much, Mrs. Müller for your contribution. Next we will hear Mr. Hans Oswald. Is that right? Mr. Oswald? Yes, I can hear you. Can you hear me too? Yes, we hear and we see you. I cannot see you unfortunately. My name is Hans Oswald. I am now greeting everybody. I am representing my housing company. I would like to thank all the employees of Deutsche Bank for the work in the difficult times during the pandemic. Thank you very much for the higher dividend. The breadcrumbs for the shareholders, the bosses of Deutsche Bank and the really fat bonuses of EUR 2 billion goes to the bankers again. For the shareholders, you will only have the breadcrumbs that are left. The bankers, even during the pandemic, have received really fat bonus payments and this is at least what we as shareholders see, Mr. Sewing. You should really clean your dividend glasses better, Mr. Sewing. Mr. Sewing, where is the proportionality here? This is without any respect vis-à-vis the real owners of Deutsche Bank, the shareholders. Mr. Sewing, Mr. Sewing, shareholders meeting is not a meeting where you cuddle with the shareholders, but it's a real exchange with the real owners of Deutsche Bank, the shareholders. With the shareholders directive ARUG II, the legislator has decided that, for example, the compensation policy and other decisions are now to be approved by the shareholders meeting and the auditors. The auditors no longer believe anything you do, Mr. Sewing. Now you really have what you earned. According to a study, Deutsche Bank has contributions in 221 tax havens. My question. Does Deutsche Bank make huge profits in these tax havens? Another question, Bermuda, Delaware, Cayman Islands, will you find the millions of EUR provided for the compensation of the board of management there? In Delaware, in Wilmington, Deutsche Bank per 500 inhabitants, there is one branch of Deutsche Bank. In Germany you close branches in cities with more than 100,000 inhabitants. Is that a good proportionality or do you only have letterboxes in Delaware? This is my question to you. Deutsche Bank, until very recently, had about 8,000 pending litigation, plus further difficulties with the customers. To handle this and to settle this is really very difficult. These 8,000 litigations with wealthy customers would be a huge customer potential, and it could provide high profits for the bank. You are also investing a lot of money into TV advertising. You should better spend this money to win back customers in a professional campaign, just like many other companies do. With Stefan Zeman and Thorsten Freitag, you will not be able to do this. There, you will need real people who can do things, who really know how to treat customers, like you had in the past. A few years ago, you had a great person in this area, and he really could handle customers, and he also knew how to deal with the public prosecutor or police officers. Just remember how the public prosecutor came to your office with 170 police officers. He was standing there, he made sure that you were not attacked, he now left. He reported to me that he left because he was angry, I do not want to mention any names here. If you have a litigation with the 8,000 wealthy customers and continue with them, then you will lose these customers forever. Just think of the 10-year litigation with negative media reputation with Leo Kirch. The costs for Deutsche Bank of more than EUR 1 billion, EUR 1 billion. This is EUR 1 billion. This is something that I just want to explain to you. You are really wasting your money. Just settle with the people. Come to an agreement. This will be better. To appoint Ernst & Young as an audit firm is something that is rejected by the broad base of the shareholders, the explanation is very clear. We are of the opinion that an opinion of Ernst & Young is without any value. It's valueless, it's not usable. Do you want to provoke the shareholders by choosing Ernst & Young? My question to you is, can you better push through your high compensation with Ernst & Young? Is Niklas von Bomhard, the compensation professor, your idol for exaggerated compensation in order to get the horizontal compensation spiral going upwards? The Professor, Dr. Niklas von Bomhard, actually managed to increase his compensation twice by 100%. If you look at the details, it's really five times 100%. It's really incredible. Five times 100% more in only one year, in order to make sure that the other stock companies can follow with their increase in compensation. Mr. Sewing, are you really planning such exaggerated compensation for Deutsche Bank as well? This is our clear question to you. Our countermotions and proposals for election were published only in part and in a distorted manner. Obviously, I really did the right thing. Thank you very much for confirming that I did the right thing. Mr. Sewing, our proposals for elections were really distorted, and this is really a discrimination. This is an insult to us, what you did to our candidates. I received phone calls from several shareholders, and they were extremely angry because they know exactly what I normally do and how I submit my proposals. Mr. Sewing, is this really necessary for you? Mr. Chairman of the Supervisory Board, Mr. Wynaendts, is this really necessary? Well, I will show you how I submitted the information. Unfortunately, I cannot see myself, but I hope that the camera can see this. This is how I submitted the information. Mr. Winkeljohann, perhaps you can nod if you can see this. Yes, we can see this. This is how I submitted the information. Just take a look at what is found on the portal. This is Mr. Schneider, whom I proposed as a candidate. Each shareholder, based on the Stock Corporation Act, has the right to submit proposals. What does Deutsche Bank do about it? What does it do with it? Is this really necessary, Mr. Sewing? You are really discriminating yourself if you're doing this. Please nod if you can see this. Yes, we see this. We can see this. I also saw this in the portal. Yes, in the portal, you did not see it. If you saw it in the portal, you saw the wrong thing. Now you have saw the right document, and you should rather take a look at it in the original, and then we can continue our discussion here. When will you finally manage to present countermotions and proposals for election based on the Stock Corporation Act? Is Deutsche Bank not in a position to do this properly and adequately, Mr. Sewing? I unfortunately did not saw too much of the shareholders meeting because I had a number of technical problems. Although the technicians helped me, but I heard that... Well, they told me stories. I can only tell you one year after Dr. Achleitner and Mr. Sewing apparently, everything is collapsing, everything is breaking down, and I can only tell you, make sure that your company gets up to speed again. Do something. Chairman of the Supervisory Board, you have to supervise this company. If you don't know how to do this, go to Mr. Achleitner in Austria and ask him to show how to do this, because in recent years, he managed to do a fairly good job. There are also other people who can do this, but what is currently happening at Deutsche Bank is simply not okay. Also what I heard about Postbank and also what I saw, it's simply not okay. I am the chairman of an association on housing estates, and what I have to listen to all the time is something that I cannot really accept any longer. You really have to get your company up to speed, and you have to abide by the shareholders' rights. I will now show you my symbolic red card. Can you see my red card? Yes. We can see it very clearly. Okay. That's okay. Please bear this in mind. Well, all the years I was very cautious, but now I really want to show you the red card again. I submitted countermotions, and I also submitted proposals for elections, and I just want to repeat this during my speaking time. Mr. Chairman, you are probably aware of the Stock Corporation Act. You're probably familiar with this, and as the information is not properly presented in the portal, I now would like to present my election proposals. This is first of all Professor Hans-Jochen Schneider. He is a great businessperson, and he also founded companies himself, and he managed companies, he's administered companies. He is now a pensioner, and he has time, and he could help you get the company up to speed again. It's really necessary for you to have somebody, Mr. Sewing, who helps you do things right, because what is happening right now is something that you cannot really describe in words any longer. Hans-Jochen Schneider, he would really be a good person for you. Then I've got Mr. Ralf Schermacher. Mr. Ralf Schermacher is, business consultant, very experienced with a lot of competencies, multilingual. He has a lot of experience in many areas, it would be great if you showed the countermotions and the proposals for election in the right way, even retrospectively, so that people can see that there would be better people, there would be good people who could help Deutsche Bank. The third candidate that I would like to suggest is Klaus-Peter Grimberg. Well, I can guaarantee to you, Mr. Winkeljohann, do you know Mrs. Grimberg? I have never met her before. Well, it would be great to meet her. I can guarantee to you that she will tell you what's happening. She will really be honest to you. You would really have a great time here. I also have a countermotion. Let me try and get it on my screen here. It will take just a second. Mr. Chairman, unfortunately, I have not really seen you. I haven't really seen Mr. Wynaendts. This is my first contact with you. I have known Mr. Achleitner for more than 10 years. I really appreciated him at the end. In the beginning, we also had some difficulties. I also really made some positive comments when he left. Somebody who is at Deutsche Bank for 10 years, well, chapeau, this is really an achievement. Now I hope that I found my countermotions here in the portal. Well, now it is a little bit of a difficulty for me here. I'm pressing right, I'm pressing left, but now I've got it here. Can you come to an end, Mr. Oswald? I'm almost ready. I'm sorry. I had some difficulties because I had to close a number of windows, and it's no longer in my sequence as I wanted to present it here. I hereby submit a counterproposal. I ask the Supervisory Board to halve the compensation for the Management Board, and I also ask the shareholders to refuse approval on the agenda items 2 to 11. My reasons: even in the time of the coronavirus pandemic, this level of pay was disproportionate and disrespectful, especially if you raise your own salary. EUR 12 million in maximum pay for members of the Management Board, not including benefits and pension contributions, including for the CEO, Christian Sewing. This is more than 600 times that the salary of a salesperson, 720 times that of someone receiving the minimum wage. This is equating a rate per working day of more than EUR 57,000, which is EUR 7,100 per hour, plus there are other instruments, pension commitments, present value, other IFRS benefits. You have the share packages. Furthermore, there are also pension benefits and pensions. There are some scant fringe benefits of EUR 30,000, EUR 50,000, EUR 100,000, and this is just pocket money, and I don't even want to talk about it. They will additionally bear interest. Once more for comparison, the CEO and the board members can get 21 times the salary of our President of Germany, Frank-Walter Steinmeier, and 47 times the salary of our Federal Chancellor, Olaf Scholz. In Bavaria, we would call it a self-service store. You are laughing, Mr. Chairman, I would be interested in knowing what you get for today, but probably it's a little less. What can you say about that? Many shareholders among us believe that the compensation report could also be called the fairy tale. A children's story. The Brothers Grimm would love it. Mr. CEO, can you actually still calculate your own salary, or do you need an advisor to calculate your remuneration? Very often there are remuneration advisors or consultants to confirm the appropriateness of the horizontal and vertical remuneration. This is always paid by the shareholders, and they are normally paid more than EUR 100,000, and during the last shareholders meeting, I also heard that it's more than EUR 1 million. Yes, for the good calculations for the remuneration. One thing more, Mr. Sewing. You are always whitewashing everything. You can do wonderful speeches, you can talk quite nicely. You also represented Deutsche Bank very well to the outside. This is something that I really have to say. This is something you can do very well, but this doesn't help you anything if the business is not going well. Think of the American banks. They have a higher quarterly profit than the market capitalization of Deutsche Bank and Commerzbank taken together. This is something that you really should think about. This is what is happening in the United States, and then compare it with what you can do here in Germany. Is this everything, Mr. Oswald? These were 18 minutes already. Not really, but I can then register again as a speaker because you did not really show my countermotions and my proposals for election. Based on the Stock Corporation Act, I have the right to present it, but if you want to take somebody else first, no problem about it, then we can do this. If you can finish it in one or two minutes, then I would rather have you do it today, right now. Okay, let's wait for the others first, and then I wait for the answers by you, by Mr. Wynaendts, and by Mr. Sewing. You are also good, very eloquent, as I saw. Then perhaps I register again as a speaker, and then we'll see what we can do. Thank you very much. Right. That's what we're doing. The next speaker now is Marcus Kiel from the Association of Capital Investors, and then Mr. Rolf Rucinski, who we had not heard from before. Mr. Kiel, you have the floor. Professor Winkeljohann, thank you so much. I have a few comments and redirects on the questions that I've asked already or that were not answered yet. As you know, virtual AGMs have a parallel feature that you can ask questions before, you can ask questions during the AGM. We want to have the possibility to ask parallel questions. That's to say before and during the AGM. Apart from that, apart from the question how good the quality of the answers is in the document that you have published before, I have to say, Professor Winkeljohann, there is one point of criticism. The PDF document, you can search through it, but we can not work on it, which actually is the standard for all of the companies. You need to be able to highlight the document to make comments. This is impossible. I asked whether it would be a possibility to provide such document, not that we can change it, but we can work on it. People said no to me, and I have say this shows a lack of respect vis-à-vis shareholders with a document that has more than 200 pages. If you want to keep virtual AGMs in subsequent years, and I assume that that's the case from what you said, then that's something which you should remedy urgently. Now coming to the questions that I entered that were not answered or where I have redirects. As far as was possible to me, I have looked at the point when this was available. On my question 4, it's page 23 in your document. I have the redirect, "Which targets did you have not achieved? The material equity is 6.7%." That's the answer that you gave to me. It's logical that something has not been achieved either on the revenue side or on the cost side. Even without tax special effects, at least 8% would have to be appearing there. On page 53, I asked the question, part of the business in investment business consists of leveraged lending, which has a high equity rate, and I asked which share of the returns from investment banking comes from leveraged lending. The answer is that you don't publish it outside of the reporting structure. Well, with all of the respect, Mr. Sewing, Mr. von Moltke, I don't ask what you report. I ask about the share. If I have to understand it, that's in such a way that you don't want to answer it, then you just have to give me a hint that then we don't have to go to and fro on this particular issue. Furthermore, I asked with the higher invest, equity, is it still economically feasible to do leverage lending, and can you hand over the higher cost to customers because of more equity going to it? You have not answered this in the document. My question 7, that's page 54 of your document, I ask the question, which revenue and contribution does investment banking have to do so that they keep their targets for 2022 and reach further reaching targets till 2025? Answer, you do not communicate targets for individual business areas. I did not ask what you communicate. I ask which contribution investment banking has to do. Same thing is true. If you don't want to answer it, then say so, and then I acknowledge that. My question 13, page 128 following, it's about greenwashing DWS. I asked what the current status of affairs is, and you said that you won't give any statements on the current situation. I want to know why. DWS is one of your major shareholdings. My information right according to 131 Stock Operation Act, I have a right to get information on this. My question number 14, that's on page 184. I ask the question, why is it necessary to have external consultants for fixing remuneration? Who else than the supervisory board is in the best position to find out whether targets have been reached? Answer was given to me saying that the supervisory board here has not used any external consultants. Well, this contradicts page 8 of the supervisory board report, where it says By abiding by the recommendation of the Compensation Control Committee and by including external remuneration consultants, we fixed the level of remuneration of management board. Well, if I misunderstood that, please clarify. It's no problem. I will have understood it once you clarify this for me. On question 15, page 152 following in your document, I have asked, among other things, how the success parameters for target achievement with anti-money laundering fights were done. What did you have to do to reach 100%-150%? I did not get any answer at all, just some general statements. Related to financial criteria, if you say you need in minimum interest of capital, then you have a certain benchmark, or you have a certain target number that you state. The same I want to know with anti-money laundering and financial crime. What do you need to do to come to 100%? Furthermore, I asked which external consultants were talking to the supervisory board in anti-money laundering. I did not get an answer there. Names of consultants were not given to me. I asked for that specifically. Question 16, page 129 in your document, that is about Ernst & Young. I do not want to go into this at great length. Only thing I want to say is, Professor Winkeljohann, ladies and gentlemen of management, the EY mandate is not an existing mandate. Why not? Because today we are deciding as to whether 2023 EY is going to act as an auditor, so it cannot be an existing mandate for 2023. To be honest and to be clear, Abschlussprüferaufsichtsstelle itself has given me a different information but did not give me any attachments to talk about the legal basis. Then I ask the question as to whether you have the Abschlussprüferaufsichtsstelle decision, the order, and if you have it, could you please read it out? In answering the question, you did not refer to this at all. Then the last position, that's my question number 18, page 176 in your document. That's of the question about the script. That's the Postbank issue. I ask the question with a view to the malfunction. Were customers terminated? If yes, how many were terminated, or how many customers withdrew? This question has not been answered. Thank you very much for your patient and patience, and I'd like to hand over to you. Thank you very much, Mr. Kiel, for the additional questions. We come to the next speaker, Mr. Karl-Walter Freitag from Riebeck-Brauerei from 1862 AG. Mr. Freitag, you have the floor. Thank you very much, Chairman. I have 1 redirect. On page 137 of the catalog of answers, you say that as regards Postbank, you have written statements of your consultants on the process execution and also on provisions that you would have to form, but that have not been formed yet. The consultants, if I understood it correctly, you asked them to talk about the litigation expectations after twice being referred back from the federal court to the upper court in Cologne. In concrete terms, how many statements have you been given on this? Which law firms, if I counted correctly, there were 3 in total. Which were the law firms that made such statements and when? Who didn't sign these statements? I want to be given names. What are the dates of these statements? Moreover, you wrote that apart from external consultants, you also had internal consultants who came up with a result that, and that mainly, it would be successful to defend against the litigation. My impression and the way I read the last judgment of the federal upper court is that this can only be documented by a person who seems to have serious malfunctions in perception. Could you be, please, quickly and precisely summarize what's the line of argument that the internal and external consultants have used in order to come up to the conclusion that defense thought that you'd be mainly successful in defending against the lawsuits. That was the additional question, I have one wish. Would it be possible that you can answer all of my questions in one go? Because I have two problems. One, there are some interruptions in the transmission, so sometimes sound actually is not available and, video is not available, and sometimes sound and video don't run, alongside each other, so that there is apparently a bit of a shift on the timeline. I'd be very grateful to you so that I can make sure that, I don't understand or don't hear certain answers that you give to my questions. If at all possible, can I please ask you to answer all my questions? Otherwise, I can't say as to whether in these gaps and in these time lags that I have, there might have been answers to my questions that for technical problems, for reasons of technical problems I might not have heard. Thank you very much for your understanding and for your constructive cooperation. Thank you, Mr. Freitag. We have a couple of questions from the round before, and the additional questions we will try to answer them in one block. Ladies and gentlemen, we do not have any further requests for the floor, and it's 2:50 PM., and in about 15 minutes' time, I will close the list of speakers. Can I ask you to tell us if you want to make a contribution by that time? Ladies and gentlemen, we come to further answers to questions. May I start here? Mr. Freitag, you had a redirect on the information of the Supervisory Board on page 33 of the catalog of answers. The Supervisory Board has already answered it here partly. In addition, we would like to say that the Management Board informs the Supervisory Board in good time about all relevant questions. Supervisory Board in its supervisory function has regularly looked at the strategy of the Management Board, was informed about capital planning and capital allocations. Supervisory Board approves of the annual accounting. Otherwise we do not have to add anything to the answers on page 33 of the catalog. Mr. Werner, you asked for the real reason to give the order to the auditor. We have talked about it in the topic, on auditing on page 126 of the catalog of questions and answers, which is why we'd like to refer you to that. I'd like to hand over to Christian Sewing. I have one question coming from Ms. Rittmann. She asked with a view to my speech today as to whether Deutsche Bank really has gone that way or only is only watching. We take it, Ms. Rittmann, that in your question we refer to us handling sustainability questions. When we talked about the sustainability strategy and we answered the previously entered questions, we already talked about that. As I said again today, Deutsche Bank, by closely talking to companies and private and institutional customers, wants to contribute actively to fight against climate change and environmental degradation. In particular, we're in close touch with our customers, and we actively support the net zero transformation of their business models with the help of our offer of sustainable financing and financial products. In the course of our sustainability deep dive on the second of March, we informed extensively about this. I have a question by Mr. Freitag, but I think we should live up to his wish and answer all of them together. Thank you. Karl von Rohr next. I offer 2 answers to Mr. Freitag, we will bundle that. James, I have 2 questions from Mr. Thomae, then also additional questions from Mr. Freitag. Mr. Thomae, thank you very much on your question with regard to the development of the interest margin and the net interest income. We had already answered part of this in the context of the question answered on our website in AV 196 8. Let us add the following on the pre-published answers. The increase of the net interest income based on the interest rates as to 20th of June, 20th of January, 2023 will come nearly completely from the stable businesses. Thomae, you asked us about the development of the interest costs on deposits and especially the subordinate bonds and what is to be expected considering the recent term. I will partly answer that. You find this in the answers to the ID HV 23185. We would like to explain the following. We observed that deposit customers are adjusting to the increase in interest rates and that the price competition between banks has increased. We assume that the funding costs will increase moderately, and this has already been taken into consideration in our strategic plans and which is independent from current or recent market turmoil. Also, when it comes to 2023, the demand in subordinate capital, this is hybrid or AT1 capital, was already covered before recent turmoil, so that this has no impact on funding costs for this year. So much on 2023 over and above this, Deutsche Bank cannot make a statement because it is always subject to market volatility. Okay. Mr. Freitag, I would like to ask you as to whether you agree that we will answer your questions in two blocks. Those who, which you added, this will be answered after the break, and those that you asked beforehand will be answered now by Christian Sewing, Mr. von Rohr, and also by James von Moltke. Mr. Freitag, you asked about the share of losses attributable to the investment bank, at fair value when it comes to the financial assets after tax and when it comes to the fair value of others, with regard to financial assets after tax. This is below 5%. Mr. Freitag, you asked about a specific strike situation with regard to your complaint. The answer mentioned when it comes to the strike situation referred completely to KEBA, the company for internal services. This is a wholly owned subsidiary of Deutsche Bank. The team that is responsible for the for custody transfer was on strike for 7 days and this led to considerable loss in production and productivity, which we had to catch up on. You also asked as to whether the objection that you described or the complaint that you described wouldn't be a good case for not being a client of Deutsche Bank. I just described the specific situation of that case, of course, we are always trying to provide our customers with best possible services and best possible products and to improve our act continuously. I thus believe that the claim that you described or the objection that you described would not be, I don't believe that it would be a good reason not to be a client for Deutsche Bank. Of course, we sincerely apologize for what has happened. Mr. Freitag, you asked about specific matters, or specific items that are included. Our after-tax profit in 2022 was EUR 5.7 billion. This includes an valuation effects on deferred taxes amounting to EUR 1.4 billion. Basically speaking, we would also like to make clear that the bank is of course adhering to IFRS reporting standards when it comes to its reporting as it's applicable in the EU. This is also, this also applies to the matters that we just made a statement on. You also asked as to whether future increases from interest rate increases are already included in the deferred tax assets or as to whether there's double counting. In our forward-looking forecast for strategic planning, interest rate development is included. It is not double accounting, which would not be admissible. Revenues that have already been generated in the business year are not being taken into consideration when it comes to the forecasting. Freitag, when it comes to our profit for the first quarter, 2023, EUR 1.9 billion. A EUR 1.9 billion loss that would have to be set off against the profit cannot be substantiated by us. We also wanna make clear that IFRS accounting standards, as applicable in the EU, were of course adhered to in our reporting, and they provide, for example, for how you account for a classification and reporting. One, this can also be read up in our annual report. You said that the EUR 71 million billion in terms of losses from derivatives that hedge future cash flow are part and parcel of the income statement, and thus are part and parcel of the produce. The realized losses of EUR 171 million from derivatives that hedge future cash flows were accounted for according to IFRS in the income statement. Thank you very much. Stefan Simon has also answers. Mr. Freitag. Yes, I have a few answers to your questions. You, for example, asked about the number of requests for the floor at today's AGM compared to the last in-person AGM in 2019. So far, we had certain requests for the floor. In 2019, we had 45 requests for the floor. You asked about the volume of the claims made in the so-called Postbank action in connection with the voluntary takeover bid from 2010. The overall amount of claims brought forward is EUR 662 million plus interest, which would amount to EUR 494 million as of today. Mr. Freitag, you had an add-on question to your question. Our answer, 334, is the number. This is as to whether the answer of the management board or the answer of administration is to be understood in the following way. That we are not serious about our answers that we give in our reporting with regard to internal controls. The answer is no. We try to focus on the difference between facts and assessments and assumptions. This is what we try to make clear. This is the answers to the methods that you refer to in the United States. There is an answer to your question on the Postbank action. We will come back to that. I think there was a misunderstanding. I think it was two and not three external consultants and then the internal legal department, but we come back to that later on. Then I have just one remark with regard to Mr. Kiel. Mr. Kiel, thank you very much for pointing us to the possibility or non-possibility of working on the question and answers catalog. We will take this into consideration and try to make this more user-friendly next year. A big thank you to the management board for answering this question. We currently have three additional speakers on the speakers list. I now close the speakers list. After the announcement of the next three speakers, we have a short break so that they can be invited into the waiting room. They will be Klaus Baumgart, then Daniel Werner, and the last speaker will be Hans Oswald. Now we have a short break. Thank you very much. Ladies and gentlemen, we move to the last round of questions. We have three people on the list: Klaus Baumgart, Daniel Werner, and Hans Oswald. Mr. Baumgart, we can already see you. You have the floor. You're still muted. Is that possible? Oh, sorry, yes. I hope you can now hear me. My question relates to complaints management. I submitted written questions in the recent days, and I was surprised how quickly questions can be answered, and I got speedy answers for the shareholders meeting. This is the sort of communication that I also would like to see in the banking business if I have a complaint, if this was also so quickly. In the answers, it's also very often described how things should be, but reality is different and there apparently is no tracking of complaints so that you get a complaints ticket and can see that the processing of the claim will take perhaps another week. There is also not a possibility to call somebody back in order to avoid the waiting loop. My question to you is: have the members of the board of management ever tried themselves to make a complaint and to have, say, experience with the waiting loop? Are you happy with the complaints management at Deutsche Bank and at Postbank in general? What do you want to change? What can I expect in terms of solutions for the shareholders meeting next year? These are my questions. That was everything. Thank you very much, Mr. Baumgart, for these comments and questions. This moves us to the next speaker, who is Daniel Werner. We had Mr. Werner before. You have the floor. Yes, I do not want to talk for too long. Perhaps you can finish early and avoid the most dense traffic. Even if it sounds ridiculous, I do have a question concerning the procedures here at the shareholders meeting. I have the impression that it's only possible to ask questions beforehand using the online portal, and these questions will then be answered in writing, and this is the 200-page document that we have access to. Any follow-up questions or requests for the floor are only possible on questions that have already been raised beforehand, or if these questions have already or seem to be answered in the document, then you no longer give an answer to this question. Or perhaps a different question. Perhaps I missed your answer to my questions, with the exception of the question on EY, where you pointed out that this is already covered in the document, and thus is deemed to be sufficiently answered already. I asked what you think about the problem of the only four globally active audit firms, what your position on this is. Have you given me an answer, or have I missed it? I was sitting here four hours and listening to everything here in front of the monitor. It might have been my mistake, then please tell me. On Postbank, I did not ask a question beforehand, but these are questions that develop during the course of a shareholders meeting, it's not possible to ask questions spontaneously? This is at least the impression that I gain. Okay, yes. I also had a few questions on the virtual shareholders meeting, which I think have not been answered yet, which were quite specific. Perhaps I'm mistaken. The last point, I think you can only close the speakers list if you ask everybody if all the answers have been given. If you have a follow-up on a question, can you no longer raise the floor? Because if the speakers list is already closed, you no longer have the possibility to ask a follow-up question. These are my questions. I would like to come back to my question regarding the audit firms and the question regarding your Postbank strategy, because I think these are questions which haven't been answered yet. Thank you. Okay. Thank you very much, Mr. Werner. No, we have not answered all the questions yet. We ask for your indulgence because this takes a while. We now have Mr. Oswald as the last speaker. Then we'll come to the questions that you asked earlier on. Mr. Oswald, you have the floor. Can you see me, Mr. Winkeljohann? Yes, we can see you, and we can hear you loud and clear. Are you Mr. Winkeljohann? Yes, I'm still Mr. Winkeljohann. Okay. Yes. Then my perception is right, because due to the technical problems, I missed a few things during the meeting, and I heard a lot about you. I read a lot about you, but I didn't know you beforehand. You look well, and you are giving quite a good impression here. Sometimes you also have to praise some people. You cannot only complain. For football, I always say you sometimes also have to let the opponent win, otherwise they will no longer prepare to play with you. Well, I had 1 more question I forgot earlier on. I'm looking for it, but I think I should also know it by heart without my documents. I was surprised that I was on so quickly. This refers to items 3 and 4 on the agenda. This is a ratification. I think we should not ratify the actions of the Supervisory Board and the Board of Management. You also want to have individual votes, and it would be good if you also heard loud and clear what the results are. This would be great. I just said this because I couldn't read it from my documents. It was quite quick, Mr. Winkeljohann. For others, sometimes, for others, the Deutsche Bank shareholders meeting takes 10 hours, but you can do it in half the time, apparently. Thank you very much, Mr. Oswald. Perhaps we can agree to do as we did in the previous years. The charts will be displayed. The charts will also show the exact% and the number of votes given. Perhaps we can do it as follows. I will just tell you verbally whether the necessary majority was achieved. This would save us at least 1 hour. Well, Mr. Winkeljohann, you can also work a little bit for your EUR millions, but okay, to make progress here. I can understand what you are asking for, but I cannot really support this today. It would also be good for Mr. Sewing. I sent him some emails and never got any reply. If I wrote to Mr. Achleitner in the past, I always received an answer immediately. He immediately answered. I'm not quite sure with whether Christian Sewing actually received my emails. Although I like him and I would not want to be in his shoes, he doesn't have an easy job either. There is another problem I have, or my members have a problem, and I am asked to pass it on to you. The members in my association also asked me to say the following. If you take the votes, then the approval rate of your elections, well, Erich Honecker would probably be turning in his grave if he had Yes, the 98 or 90% approval. This was an approval rate that he did not even get when he was elected the chairman of the state in the GDR. How can it be explained in view of the majorities here? How can you do this? Is somebody helping you? What does the notary public say on this? I'm sure that the management, they have a lot of titles, and they have been working for Deutsche Bank for a long time already, but they are not really making enough progress. Here in our company, we need somebody who does things, not only people who have a title, PhD, and don't do anything. We see more and more PhDs, but what is important to me is to get things done. Do you also check the correctness of the PhD titles? In recent times, many of the titles were attacked because of plagiarism. Mr. Guttenberg, for example, the former candidate for chancellorship, he had to leave his office. Sigmar Gabriel, I think he was also among them who were attacked because of plagiarism. I also want to talk about him. I always thought Mr. Sigmar Gabriel is a great person and a great person representing the Social Democratic Party because he understood quite a lot of things, perhaps he should take a look at the counter proposals, the counter motions, and the proposals for elections. Take a look at it, I always had a high appreciation for Mr. Gabriel, now I thought he was a Social Democratic, now he seems to be back. He really seems to have undergone a tremendous change, there are other people who also took this change. The question is, do you also check the PhD titles when somebody is appointed? Because in recent years, many of the doctor titles had to be given back because of plagiarism, and this did not only harm the person, but also the company. How strictly do you handle this at Deutsche Bank? Are the PhD degrees only for image or are they really doing good work? Then I've got a personal question as well, a question to the Chairman. No, not really. To the Chairman of the Supervisory Board and to Mr. I already explained this earlier, whether they could perhaps explain their working day so that we actually see what they are doing every day to earn their millions. I raised this question before, and Mr. Achleitner also gave me an answer, a proper answer to this question. Others are not giving any information. We have the impression that they just have a cup of coffee or that they flirt with their secretaries. I also would like Mr. Kiel for his professional questions and also Mr. Freitag. These are great questions, very well prepared. The answers, however, are not always that wonderful. Mr. Winkeljohann. Goodbye from the Spessart area. Have you ever been to the Spessart area? Yes, I know it quite well. You just mentioned the percentages, the high 90% figures. They will, of course, be shown on the screen. Do you really want me to read this out? This will cost us an hour. Well, we have many shareholders in my association. Many Deutsche Bank shareholders are members in my association. What we have seen in recent years, also based on what I saw today, we have to do it once. Yes, we have to do this. Perhaps next time, next year, you might also give me a contact person who is reasonable because Stefan Simon, this is a person I cannot really deal with. Thorsten Siegfried, well, you can probably lock him up in the basement, but for the customer contact, he is not really very suited. This is my recommendation to you. It would be great to have good contact partners for the customers like in previous days. I do not want to mention any names, but there were better people at that point in time. Now thank you very much for your patience. Can we come for the next deal? No, no, we won't make any deals. No, no. No deals. No deals, Mr. Winkeljohann. I will not accept any deal today. Next time, it will be better. No, no. If I see that something changes, that you accept my countermotions and proposals for elections, that you also present it in the proper layout. My colors are black and white, and I also want to see it on black and white so that you can also see what I underline and what I deem important. Well, with all the money you are paid, there shouldn't be a problem now. You should just do it, otherwise I will give you something. I'm thinking of all the listeners. Well, they can then shut down, they can leave the meeting. No problem for me. Thank you very much for your attention. Have a nice day, have a drink on me. It wouldn't be too bad. Okay. Goodbye. Best wishes from the Spessart Region. Well, ladies and gentlemen, I'm asking again to technology, is this our last speaker? Was this our last speaker? Am I correct in assuming that? Right. I think now we need about 20 minutes to prepare the answers. Can take a couple of minutes more. We ask you for patience, then we give the last answers, and then we'll come to the voting procedure. Thank you. Forest fires are natural. The number and extent of fires witnessed today are not. Extreme heat is also becoming more frequent as a result of climate change. Droughts threaten our agriculture, and heatwaves are becoming a danger, especially in cities. How can we protect ourselves and our planet to become more resilient? What role can technology play in this? We're in Munich, in the OroraTech laboratory. Founded in 2018, the startup sends small satellites with infrared cameras into space to monitor the effects of climate change. We measure the Earth's temperature. We looked into different applications, and we identified that measuring temperature is something that is not done very accurately. We decided to go for the space-based solution and developed our own optics, our own instruments to do it really on a true global scale from space. My name is Viktor Gauk, and I'm the CFO of OroraTech. In 2020, an area equivalent to 650,000 football pitches was destroyed by forest fires in Europe. By 2050, they will increase by up to 33%. A global early warning system is urgently needed. Data provided by NASA or ESA is limited, as it's patchy and only available two times a day. We focus on getting the highest possible time resolution because when you're looking at wildfires or when you're looking at things like temperature, you want to detect a change over time. OroraTech aims to provide data every 30 minutes. By 2026, 100 of their cameras should be in space. To achieve this goal, they have just completed another successful round of financing. Speed of data is one competitive advantage and compactness of hardware another. When we're speaking about sending something to space, it's really important to have the least volume and the least amount of weight possible. Our camera is about the size of a shoebox. It's really small. Normal thermal infrared cameras normally require a big cooling system around it, and we, through our technology and our development of the camera, have removed that cooling system. The miniaturized high-tech in space is complemented by an analytics core on the ground. We collect thermal infrared data from our own satellites and a lot of other data that is available. That includes satellite data from other satellites, that includes weather data, and it includes customer data. We have a very strong analytics core with algorithms and AI that then analyzes that data and provide the information to customers. Decades, and what their plans are for a green transition. When I started my personal career here in Hapag in 1996, the company had 24 container ships. In the meantime, we are talking more than 220 container ships, and the average size of vessels is also increasing significantly since then. Growth is good, bigger ships means more CO2 emissions. Right now, the shipping industry is responsible for roughly 2.5% of global carbon emissions. That number might sound small, think about this. It's significantly more than the entire country of Germany emits. Something has to change, we have got to get moving. The challenge for the shipping industry currently is that CO2-free fuels are not yet available in quantities needed by the shipping industry. Hence, we have to turn to interim steps and use, for instance, LNG as an interim fuel to reduce CO2 emissions right now. This is exactly the reason why we ordered, the 12 LNG-propelled vessels. LNG is currently there. It's there in scale. The infrastructure in respective ports where our routing goes around is also there. We could utilize LNG right for the vessels. Hapag-Lloyd invested EUR 2 billion into those 12 ships, which will immediately reduce their carbon emissions compared to ordinary fuel by 20%. EUR 2 billion is not small change. See you next time. Projects to developing a global ocean financing architecture. There are new areas to explore, new business models to explore. This is a segue for us, for our clients, into a new frontier market. This radical co-. We form a solid foundation in the lives of more than 20 million private clients in Europe and the rest of the world. role is to drive at least $500 million of investment into coastal and ocean resilience by 2030. When we started working with Deutsche Bank, I wouldn't be honest if I didn't say I was a little bit skeptical. There had been many banks that ORRAA had conversations with. The difference that we have seen with Deutsche Bank has been the commitment from the team, and across teams to opening up the thinking process about what needs to be done. Marcus Müller's work focuses on conducting ESG research and articulating investment recommendations. If I think about financial industry and if I think about AURA or other NGOs, it's obvious that one will be skeptical. This skepticism is healthy. We need people who challenge us, and AURA is such an NGO who can do this. The first step of the partnership between AURA and Deutsche Bank was to combine their expertise and to link their scientific and financial networks. Together, they wanted to understand what has to be done to mitigate the effects of ocean degradation and climate change. The thought leadership that Deutsche Bank can bring to the discussion about investing into ocean and coastal resilience has to be recognized and respected. This is also about Deutsche Bank being a leader in terms of how to drive a sustainable and resilient future. In a nutshell, in November 2021, the international private bank announced the launch of the Deutsche Bank Ocean Resilience Philanthropy Fund. The fund has successfully financed the first phase of the Future Climate Coral Bank, a project in the Maldives designed to identify corals that are resistant to climate change. In September 2022, Deutsche Bank and AURA hosted the first ocean conference that showed how private capital can help achieve positive ocean impact at scale, as well as the UN Sustainable Development Goals. We are now working with Deutsche Bank on developing the Sea Change Impact Financing Facility, which is really looking at moving beyond investing in specific projects to developing a global ocean financing architecture. There are new areas to explore, new business models to explore. This is a segue for us, for our clients into a new frontier market. This radical collaboration, this partnership between unexpected fellows is something that we should treasure and we need to build upon if we're going to deliver the types of impact that all of us want to see. How does Deutsche Bank support AURA to achieve its goal? How can the partnership create value for Deutsche Bank's clients? Henkel has set itself a pioneering goal. The consumer goods company from Germany wants to be climate positive within its own operations, not by 2050, but already by 2030. In addition, Henkel wants to leverage its influence on areas of its value chain that are not under its direct control. Ulrich Vogstett, who's responsible for financing the activities of Henkel's suppliers, details their sustainability ambitions. We have quite explicit targets with regard to our sustainability footprint. One of them to save, 100 million tons of CO2 with our consumers and customers along our value chain. We want to have an improved sustainability footprint in our upstream supply chain. For this, it needs the support of a bank. Henkel and Deutsche Bank have been working together on supply chain finance since 2010. Now they've entered new territory. The first conversion of an existing supply chain finance program in Europe to a sustainability-linked one. Together with their team, Anil Walia and Marco Berger from Deutsche Bank have developed a finance program to accelerate the transformation across Henkel's supply chain. In a supply chain finance program, suppliers are able to get their funds earlier and in the best cases, cheaper than their own funding cases. The supplier's ESG performance is directly evaluated by EcoVadis, one of the world's largest providers of sustainability ratings. EcoVadis assesses the suppliers across four themes: their environmental impact, ethics, labor and human rights, as well as sustainable procurement. Based on their EcoVadis assessment, Deutsche Bank groups the suppliers into four buckets from red to green. By improving their classification, the suppliers benefit from a margin reduction for their financing Deutsche Bank provides. This incentivizes the ESG related transformation on the supplier side, which supports achieving the United Nations Sustainable Development Goals. Financially speaking, there's a benefit by being able to participate in Henkel's superior funding conditions. I think both Henkel and Deutsche Bank are very clear that this is the direction to go these days. Sustainability, ESG, all aspects to it are core to Henkel and so core to treasury. Henkel and Deutsche Bank teams, were working seamlessly together in order to make this happen. For Deutsche Bank, supply chain financing has become an important part of its own sustainability strategy. In 2021, it committed to investing EUR 1 billion in supply chain finance. The target should be achieved within 2023. There is a lot of interest in the market of our structure that we have created. There are clients who have not thought about sustainability within their procurement. They have come to us and they're asking us questions like, "How do we start the process internally within our company? What does this cup of coffee have to do with a 333 meter long container ship called the Valparaiso Express? What does that have to do with our ecological footprint? We're gonna find out. I'm Tanisha, and this is Transition Stories. 90% of all goods traded globally are carried by sea on container ships like the Valparaiso Express. It's not just the beans for this coffee, it's the cup that it's in, it's my laptop, the shelf behind me, even my yellow shoes. Container shipping is the lifeblood of globalization, because they run on fossil fuels, they have a significant share in climate change. The shipping industry is a major contributor to CO2 emissions today. The big elephant in the room is actually fuel. Fuel. Getting around this and solving this fuel topic is the key. What is the shipping industry doing to move from a fossil-intensive industry to a carbon-free future? Let's take a look at Hapag-Lloyd, one of the world's biggest shipping companies. We at Deutsche Bank have been their financial partner for more than 100 years, and we've seen them through sails to steam, to diesel, and now we're helping them move to a greener future. We spoke to Michael Kassel, head of treasury at Hapag-Lloyd, about how he has seen the company grow over the past 3 decades, and what their plans are for a green transition. When I started my personal career here in Hapag in 1996, the company had 24 container ships. In the meantime, we are talking more than 220 container ships, and the average size of vessels is also increasing significantly since then. Okay, growth is good, but bigger ships means more CO2 emissions. Right now, the shipping industry is responsible for roughly 2.5% of global carbon emissions. That number might sound small, but think about this, it's significantly more than the entire country of Germany emits. Something has to change, and we have got to get moving. The challenge for the shipping industry currently is that CO2-free fuels are not yet available in quantities needed by the shipping industry. Hence, we have to turn to interim steps and use, for instance, LNG as an interim fuel to reduce CO2 emissions right now. This is exactly the reason why we ordered the 12 LNG-propelled vessels. LNG is currently there. It's there in scale. The infrastructure in respective ports where our routing goes around is also there. We could utilize LNG right from delivery for the vessels. Hapag-Lloyd invested EUR 2 billion into those 12 ships, which will immediately reduce their carbon emission compared to ordinary fuel by 20%. EUR 2 billion is not small change, even for a successful shipping company. What's involved in generating this much money? What's the role of the financial industry here? Many shipping clients have set themselves ambitious sustainability goals, that topic can't be ignored anymore. Hence, together with other financing institutions, Deutsche Bank has developed certain financing tools, which is, for one, green bonds and green loans, and on the other hand, KPI-linked loans. At the end, the client benefits from lower financing costs and better access to investors which are eager to invest in green bonds. Why aren't companies like Hapag-Lloyd already investing in carbon-neutral propulsion like hydrogen, ammonia, or other synthetic fuels? LNG is some kind of bridging technology. The future carbon-neutral fuels are just not yet there in big scale. I believe that going forward and in future, carbon-neutral transportation is the new normal. Those liner shipping companies which can contribute this in larger scale will survive. We're at a transition point. 20 years from now, shipping will look completely different. That's because wholesalers will demand greener supply chains and environmental regulations will be tougher. We still don't know which fuels will be available on a massive scale to power the world's ships. Companies like Hapag-Lloyd have taken those first steps. There's still a long way to go. One thing is certain, whichever way the shipping industry sails off into a greener future, it will have a profound impact on the way we trade goods in the global economy. This was Transition Stories. Thanks for watching. See you next time. Forest fires are natural. The number and extent of fires witnessed today are not. Extreme heat is also becoming more frequent as a result of climate change. Droughts threaten our agriculture. Heatwaves are becoming a danger, especially in cities. How can we protect ourselves and our planet to become more resilient, and what role can technology play in this? We're in Munich, in the OroraTech laboratory. Founded in 2018, the startup sends small satellites with infrared cameras into space to monitor the effects of climate change. We measure the Earth's temperature. We looked into different applications, and we identified that measuring temperature is something that is not done very accurately. We decided to go for the space-based solution and developed our own optics, our own instruments to do it really on a true global scale from space. My name is Viktor Gauk, and I'm the CFO of OroraTech. In 2020, an area equivalent to 650,000 football pitches was destroyed by forest fires in Europe. By 2050, they will increase by up to 33%. A global early warning system is urgently needed. Data provided by NASA or ESA is limited, as it's patchy and only available 2 times a day. We focus on getting the highest possible time resolution because when you're looking at wildfires or when you're looking at things like temperature, you want to detect a change over time. OroraTech aims to provide data every 30 minutes. By 2026, 100 of their cameras should be in space. To achieve this goal, they have just completed another successful round of financing. Speed of data is one competitive advantage and compactness of hardware another. When we're speaking about sending something to space, it's really important to have the least volume and the least amount of weight possible. Our camera is about the size of a shoebox. It's really small. Normal thermal infrared cameras normally require a big cooling system around it, and we, through our technology and our development of the camera, have removed that cooling system. The miniaturized high-tech in space is complemented by an analytics core on the ground. We collect thermal infrared data from our own satellites and a lot of other data that is available. That includes satellite data from other satellites, that includes weather data, and it includes customer data. We have a very strong analytics core with algorithms and AI that then analyzes that data and provide the information to customers throughout the world to warn them where a wildfire is happening in a timely manner. With this information, wildfires can be fought before they become disasters. Current customers are commercial forestries in South America, national parks in Australia, and NGOs in Africa. Klabin from Brazil, one of the largest paper producers in the world, already use the data to better coordinate their firefighters on the ground. Wildfire detection and suppression is one of many potential applications. The analytics core can update on all thermal contexts. Beyond wildfire, we see opportunities in the urban heat sector to make the cities more, climate resilient, as well as agricultural applications and sea surface temperature measurements. In the near future, data from space will be standard. The new space sector is quickly evolving. Annual investment in space startups grew from $300 million-$10 billion. There are currently 8,000 satellites in space. About 170 are added every month, with the trend increasing. I believe that in future, every company will rely on space-based services without knowing it, and therefore, the ecosystem will evolve. It will speed up. Space services will be a commodity. The data helps us to understand the natural phenomena better and therefore make our planets more resilient towards natural disasters in future. Increasing coastal and ocean resilience against the effects of climate change is a life mission for Karen Sack. With Deutsche Bank as their lead global partner, the Ocean Risk and Resilience Action Alliance aims to develop innovative ocean-related finance products. Aura's role is to drive at least $500 million of investment into coastal and ocean resilience by 2030. When we started working with Deutsche Bank, I wouldn't be honest if I didn't say I was a little bit skeptical. There had been many banks that Aura had conversations with. The difference that we have seen with Deutsche Bank has been the commitment from the team, and across teams to opening up the thinking process about what needs to be done. Marcus Müller's work focuses on conducting ESG research and articulating investment recommendations. If I think about financial industry, and if I think about Urgewald or other NGOs, it's obvious that one will be skeptical. This skepticism is healthy. We need people who challenge us, and Urgewald is such an NGO who can do this. The first step of the partnership between Aura and Deutsche Bank was to combine their expertise and to link their scientific and financial networks. Together, they wanted to understand what has to be done to mitigate the effects of ocean degradation and climate change. The thought leadership that Deutsche Bank can bring to the discussion about investing into ocean and coastal resilience has to be recognized and respected. This is also about Deutsche Bank being a leader in terms of how to drive a sustainable and resilient future. In a nutshell, in November 2021, the international private bank announced the launch of the Deutsche Bank Ocean Resilience Philanthropy Fund. The fund has successfully financed the first phase of the Future Climate Coral Bank, a project in the Maldives designed to identify corals that are resistant to climate change. In September 2022, Deutsche Bank and ORRAA hosted the first ocean conference that showed how private capital can help achieve positive ocean impact at scale, as well as the UN Sustainable Development Goals. We are now working with Deutsche Bank on developing the Sea Change Impact Financing Facility, which is really looking at moving beyond investing in specific projects to developing a global ocean financing architecture. There are new areas to explore, new business models to explore. This is a segue for us, for our clients into a new frontier market. This radical collaboration, this partnership between unexpected fellows is something that we should treasure and we need to build upon if we're going to deliver the types of impact that all of us want to see. How does Deutsche Bank support OroraTech to achieve its goal? How can the partnership create value for Deutsche Bank's clients? The world is changing. Accepted truths are shifting. Our founding purpose lives on. For more than 150 years, we've helped our clients get to where they want to be. As a bank, we want to move forward with you in partnership. We are your first port of call at any time, ready to listen with dedicated solutions. We are your global house bank. We are here to enable economic growth and societal progress by creating a positive impact for our clients, our people, our investors, for our communities. We support and develop digital initiatives and technologies for the world we live in now, tomorrow, and beyond. Sustainability is at the heart of what we do. This is how we aspire to act as a responsible corporate citizen. It is an integral part of our strategy for growth in all areas. We stand shoulder to shoulder with you around the world with our treasury payments and trade finance solutions and our local expertise. We connect you to the international capital markets and link you with global investors to finance your projects. We help you manage your risks. We form a solid foundation in the lives of more than 20 million private clients in Europe and the rest of the world as the first point of contact for all their financial needs. We are at your side with financial advice and the right investment products for every market, global and local. Rooted in our tradition for more than 150 years, we accompany you through the transformational changes of an increasingly complex world. Your reliable partner at all times, your global house bank. Ladies and gentlemen, we will continue with our agenda after a bit of a longer break. We come to the last round of answers before we start with the voting. Just a general comment. Before the AGM, we received a multitude of questions. The questions that we received before and the answers we made available on the website of the AGM. Some topics of general information or general interest, we started to talk about in our statements before. The virtual AGM, as provided by the legislator with presenting questions before, foresees that in the AGM only, follow-up questions and questions on new subject matters are being answered and all. We are focusing on answering those questions and follow-up questions in order to allow for a focused exchange, which is why I'm explaining the rules to you now that we use for answering the questions. The questions for international auditors or problems at Postbank. However, you could have asked before the end of the time that we gave to you to ask questions, which is why we're not dealing with them now. We come to answering the remaining questions. I would like to start. There was one question by Mr. Oswald. My remuneration as the chair of the AGM. For the chairmanship, no additional remuneration is given. Extensive information about the remuneration of the members of the Supervisory Board you find on pages 39 following in the remuneration report. Mr. Kiel, you asked about external remuneration consultants for the Management Board. You see a contradiction between your question 14 and the information on remuneration consultants. As we said, for variable remuneration, we are not dealing with remuneration consultants. We only use them, we only consult them on the market adequacy of remuneration. mr. Marcus Kiel, you asked for the success parameters for target achievement in money laundering, anti-money laundering. We have partly answered this in our document on the website under ID 318. In addition, I'd like to say the success parameter for target achievement with anti-money laundering are focused on predefined key indicators and milestones. The amount of target achievement comes from the number of measures implemented and on the speed of implementation. Target achievements over 100% are possible if parameters are overfulfilled and milestones are reached prematurely. Now I'd like to hand over to Christian Sewing. Thank you. I start with a question coming from Ms. Neu. Ms. Neu, you asked when we will stop the support and financing of projects that deal with fracking and heated oil pipelines, among other things. In October 2022, Deutsche Bank gave out net zero targets for the years 2030 and 2054 for very carbon-intensive areas, and the oil and gas sector belongs to them. Outstanding loans in this sector were reduced by more than 20% compared to 2021. The share in the overall loan book of the bank is only 1.3%. Even today, financing of oil and gas projects through fracking in countries with extreme water scarcity is excluded. Generally, a categoric no to individual customers, individual industries we don't think is a good idea. We are going the way of a dialogue with our customers. Further questions. Ms. Jäger, you asked us whether with a view to the fact that companies abuse or not look at the declaration of rights of Indigenous peoples as to whether we check them. Well, we are continuously checking our own guidelines, and we adapt them as soon as we see a need to act. Although, also, when we take due diligence, we look at a number of data sources from independent third parties to have a decision made on a broad basis. Ms. Jäger, you also asked whether we recheck already financed projects if they have effects on Indigenous peoples and local communities. This question we already answered partly in our document to be found in our document under ID 241. We add as follows: All of our transactions are checked and monitored according to our guidelines, which we subsequently check, and we are checking ongoing projects once we receive new information. Ms. Ritman, you had a question on liquefied gas. This question was already answered partly. You can find the answer in our document of questions and answers on our website under the ID number HV 23238. In addition, I'd like to say that a general statement on liquefied natural gas cannot be made by us. Potential business activities in the context of liquefied natural gas fall under the same internal checks like other projects in oil and gas. In the currently difficult situation of energy scarcity and simultaneous transformation of society and a business world, we support endeavors that mean economic safety. That does not mean that we see liquefied natural gas as a future-oriented source of energy. Mr. Kiel, you had a subsequent question on the share of leveraged lending business at the revenue of Investment Bank. As said in our document of shareholder questions on question 292, we are not publishing any revenue information for business units outside of our reporting structure. This also includes information on the number or on the amount of revenue of a certain segment. Mr. Kiel, thank you for the subsequent question on the economic feasibility of leveraged lending business. Generally, we're not commenting any pricing for our product, but we can again confirm that the earnings of leveraged lending business are checked regularly. As already mentioned, when we leave out the year 2022, which was without other examples for leveraged lending, we are happy with the earnings that this area achieves. Mr. Kiel, you had a follow-up question on the contributions of the investment bank to the targets of the group. As said, Deutsche Bank, neither for 2023 nor for 2025, has concrete revenue result targets for individual business areas, nor did we communicate any contribution targets. As regards question 293 in our document of previously received questions and answers, we refer you to the, for the information on 2023 to the outlook in our overview over results of Q1 2023. Stefan Simon, you will continue. Yes. I have a question from Mr. Kiel. Mr. Kiel, you again followed up as regards the shareholder question on page 152 on the improvement of anti-money laundering and the consultant that we mandated. Here we have to say we usually don't work with advisors. Of course, we get service providers on board who, in particular in the transitional phase, when we built up the program, gave support to us. You asked us that we give you the names. Well, I have the most important ones that I picked up. It's Deloitte, PwC, Capgemini, Accenture, Capital Markets Company, AlixPartners. Mr. Kiel, I have a further follow-up question on the DWS examination and on greenwashing. We would like to get more information. I'd like to ask for your understanding that for legal reasons alone, we can't say anything on this because these are ongoing procedures. What I can tell you that we are in a constructive and intensive dialogue with the authorities involved, and that we are moving towards an agreement. I can't tell you when that's going to happen because that's only partially in our hands, but you can rest assured that this has our full attention. I have a question or wish from Mr. Oswald on the depiction of your election proposals on the shareholder portal. Mr. Oswald, we looked through this again and can tell you that according to our documentation, all the election proposals have been displayed and made public in due and have been published in due form and time. Mr. Freitag, I come to your question around the statements that we got internal and external ones on the outlook in the so-called Postbank takeover matters. I can tell you, just like we said before, that we have two external and one internal statement from our legal department. The external one, you won't find that strange. Dr. Hanfland from Hengeler Mueller is the author. Then we got a second independent opinion by Allen & Overy that Dr. Diekmann signed. I'm just trying to find out now whether I have the concrete dates, because that's what you asked about as to when these were signed. I'm going to tell you later, but it was in the first quarter, 2023. I can tell you that the written statements or the written reasons from the federal court, of course, found their way into this. From you, Mr. Freitag, I have the wish to give us a summary of the argumentation with which internal and external lawyers came to the position that it's mainly possible, or that's mainly likely that we'll be successful. I ask your understanding that we won't publish it here. We cannot publish it here because many people involved, including your person, are parties to these proceedings as litigants, and we won't give you our own argumentation here. Those were those matters. Mr. Werner, you asked a question on the procedures around today's annual general meeting. To be brief, you are right. The format that we selected today is something new in the German legislation surrounding joint stock corporations. The legislator now opens up the opportunity to ask questions before, the time to do so ran out Saturday at midnight. The company was then asked by Monday midnight to give written answers, which it did. This is the catalog of questions. Then what happens is that in the AGM, only follow-up questions can be asked on questions that were placed before questions on new subject matters since the end of the period where questions could be asked, so Saturday midnight. Yes, you have understood correctly. It's clear to us it's a new format, and maybe we need to try it out still. Mr. Winkeljohann pointed it out before. We have tried today still to work in the sense of a good dialogue and to work on some of the questions together with you as shareholders and give you the information of management without strictly making the legal difference between questions that were asked beforehand and follow-up questions. Much from my side. Mr. Kiel, I have a question to answer that you asked. You asked to potential ends of customer relationships because of problems with Postbank. We have actually given parts of the answers. You find it in our document of previously asked questions and answers on our AGM website under the ID HV 23-113. 313. I'm sorry, 313. HV 23-313. I would like to add the following here. In general, the number of ended customer relationships of the Postbank brand in the first 4 months of the ongoing year is lower than in the comparative period of time of previous year. We can't see the direct correlation between the malfunctions mentioned by you and the number of customers leaving the company. In addition, I'd like to add that very often it's not visible for us as to why customers leave the bank. Then I have a question from Mr. Oswald. Mr. Oswald, you asked whether we check the titles, PhD, if the PhDs that people have. We had a similar question, and you'll find that. We had a similar question. You find that under the ID HV 23385. What I'd like to add here is that checking the dissertation, that is up to in the responsibility of a university, and it's not something we do when we hire people. The third question I have comes from Mr. Baumgart. Mr. Baumgart, you asked a couple of questions on complaints management. What happens with us when a complaint comes to the bank, we actually send out a communication that we received the complaint, and the complaint receives an ID. Complaints management is one of our most important customer procedures, and our board member is responsible for the various areas looking into this. We are giving this high priority in order to try and find solutions for our customers as quickly as possible. Now, if in individual cases there are certain delays, then we look at the causes in order to improve our, keep improving our process continuously. Each delay is annoying, and we're very sorry for it. Should you have a specific issue, I'd be grateful if you maybe gave me some concrete information, for example, via email, and then I'm sure we could remedy that quickly. Thank you. Ms. Ney, you had a question on the net-zero emission targets of the bank and the methods we use. Our net-zero targets are based on the net-zero scenario of the International Energy Agency for 2050. This estimates paths for emission reduction that are in line with the 1.5-degree scenario. This scenario is internationally recognized. Our method corresponds to the industry standard that's being developed for the banking standard. It uses publicly available methods like PCAF, the Partnership for Carbon Accounting Financials. Moreover, we refer to the non-financial report 2022, and here on the chapter of climate risk on page 43 and following. Mr. Kiel, you asked which targets we did not reach when the valuation effect on deferred taxes is not included. The central targets that we set ourselves for 2019, we achieved despite the major challenges because of the pandemic and the war in Ukraine. For our post-tax return on tangible asset, we had 8%. Now we achieved, we have 9.4%. This includes a valuation effect of deferred taxes, which it shows the improved earnings situation in the U.S. This effect of 270 basis points on post-tax return is something which we made transparent in the communication of our post-tax result. With 75%, we stayed in the communicated target corridor despite a cost pressure in an inflationary environment. We are at the upper end in the second quarter 2022, where we gave out the range in the, between the upper and lower 70s, and we did not reach the target of 70%. Our CET1 rate, 13.4% was clearly above 12.5%. With a level of debt with 4.6%, last year, we were almost completely hitting the target. Mr. Freitag, you asked where the losses of the financial assets after taxes came from and the financial assets after taxes, where that came from. In our written answer 327, we talked about the strategic liquidity reserve in corporate and others. That results in more than three-quarters of the losses. Mr. Freitag, you asked how losses from derivatives secure the volatility of future payments, how they were settled in 2023, or whether they are part of the earnings of EUR 5.7 billion of profit. The unrealized losses from derivatives that hedge deviations and form in payment flows in fiscal 2022, as is reflected on page 232, where you see the deviations, they were shown to the tune of EUR 570 million. On page 229, we see the calculations, and for derivatives, the bank here shows EUR 819 million non-realized losses. Moreover, the realized losses for derivatives that balance deviations were moved into P&L to the tune of EUR 71 million, thus they are included in the annual result. We refer to our explanations to realize and classify financial instruments in the annual report 2022 from page 241 onwards. Mr. Freitag, we have given answers to you in 330 and 331 in the document of questions and answers. We don't have to add anything. Your question on emergency liquidity aid in the Fed discount window in 2019 and 2020 has no relation to the agenda of this AGM. This is about the fiscal 2022, and this aid was not given to us and was not used. Mr. Freitag, thank you very much for the question on the election right according to IFRS and the activation or use of the Deferred Tax Act to the tune of EUR 1.4 billion. Deutsche Bank uses deferred taxes for future tax purposes. These come from temporary differences between the book values of existing assets and the liabilities and their tax assessment bases. They come from unused tax losses and unused tax profits. To that amount that is no longer probable that suitable taxable income would be available in order to cater for the entirety or part of the deferred taxes. The book, well, values have to be reduced and accounting needs to be adapted. Insofar that it's probable that sufficient taxable income is available, positive assessment would have to be captured. With a view to the number and the amount of the deferred tax assets to the tune of EUR 1.4 billion, there was no election right. In the last 3 years, the U.S. business has recovered considerably and profitability during transformation has improved. The positive ought to led to a new evaluation of the book value of deferred taxes. This positive effect last year is contracted with a lot of burdens with which that happened because of the transformation of Deutsche Bank. In 2019, group made adaptation to deferred taxes to the tune of EUR 2.8 billion in the countries involved in the transformation, mainly in the United States. The other aspects of your question we have already answered to be found in our document of questions and answers on the website under ID 327. Mr. Freitag, you asked for the capital that in CRU has been between July 2019 and the end of fiscal 2022, that was released, and you asked to put that in relation to the fines paid for the same period of time. In our answer on the previously asked questions with the ID number 377, we have told you how CET1 through 3 through the CRU in the time frame from summer 2019 to end of 2022 has changed. This also includes the contribution of CO2 in the first half of 2019, but no calculation for previous years. The improvement of CET1 would still be 45 basis points if you just take a look at the time frame July 2019 till December 2022. As already said in our answer with the ID number 377, the average CET1 allocated to CRU has clearly decreased from about EUR 11 billion in the second quarter 2019 to EUR 2.7 billion in the fourth quarter 2022, a reduction by about EUR 8.3 billion. The entire use of provisions for legal litigation of the Bank from third quarter 2019 to the fourth quarter 2022 amounted to EUR 1.4 billion. The number of EUR 5 billion, which in July 2019 was mentioned the first time, refers to the planned payouts through share buybacks and dividends beginning in 2022. Depending on the agreement by shareholders and regulators and the amounts that could be paid out according to accounting standards. On our Investor Day in March 2022, we have published ambitious payout plans that were reaffirmed when we published the results Q1 2023. Mr. Freitag, your question on when voting happened, for you and the shareholders that you represent. As we said, when with the registration to the AGM, no selection is done postal vote or, giving proxies or instructions to the proxies nominated by the company, then the votes for technical reasons on all items of the agenda will be set to postal vote and, abstentions. Voting for you and for your shareholders happened as follows: You personally on the 11th of May 2023, registration in the portal, no proxies, therefore the proxies by the system on the 12th of May 2023 were put to postal vote and abstentions. On the 17th of May 2023 at 10:36 AM, change of the voting behavior through you in postal vote via the portal. Riebeck-Brauerei of 1862 AG, represented by Karl-Walter Freitag. On the 2nd of May 2023, 6:05 P.M., registration in the portal in representation of Riebeck-Brauerei of 1862 AG, no proxies. That's why it's the system set on the 12th of May 2023 set you to postal vote and abstention. On the 17th of May 2023 at 10:40 AM, change of the voting behavior through you within postal vote via through the portal. Metropol Verwaltungs- und Grundstücksgesellschaft, represented by Karl-Walter Freitag. On the 2nd of May 2023, 17:56, registration of Metropol Verwaltungs- und Grundstücksgesellschaft. No proxy indicated, that's why the system on the 12th of May 2023 set you to postal vote and abstention. On the 17th of May 2023 at 10:18. Change of the voting behavior through you within postal vote through the portal. Preußische Vermögensgesellschaft AG, represented by Karl-Walter Freitag on the 2nd of May 18:02. Registration in the portal represented, representative of Preußische Vermögensverwaltungs AG. No proxy indicated. That's why the system on the 12th of May 2023 set that to postal vote and abstention. On the 17th of May 2023 at 10:08, change of voting behavior through you in postal vote through the portal. Rheintochter Verwaltungs AG represented by Karl-Walter Freitag on the 2nd of May 2023, 5:51 P.M. Registration in the portal representing Rheintochter Verwaltungs AG. No proxy given, that's why voting system was on the 12th of May 2023, set to postal vote and abstention. On the 17th of May 2023 at 10:31 AM, change of voting behavior through you within postal vote through the portal. Thank you so much. Okay, Mr. Freitag. Now I will give you the dates that I mentioned before. The opinion by Hengeler Mueller was dated the 30th of January, 2023, and the opinion provided by Allen & Overy is dated 7th of March, 2023. Okay, thank you very much. Before we then move to the final answers, because we are now coming close to the end of the answering session, I would like to point out that until 10 past the hour, you will still have the opportunity to change any instructions given to the proxies. 5:10 was the time. You still have time until 5:10 to change your instructions to the proxies that they will then capture in the voting. By the end then of also, the access to the changes in the portal will be terminated. Now I can ask for the last block of answers. Christian Sewing first. Thank you, Norbert. Ms. Rittmann, you asked us when we will withdraw from business with fossil energies and where we would be if the climate goals were reflected in our business. Mrs. Rittmann, I understand your frustration in view of delay in the move towards a fossil-free society. We are also worried. All of us, politicians, industry and banks, have to focus on decoupling economic activities from fossil fuels. You say sustainability does not mean that you just pick out a few green projects and have some sustainable goals. But this is also the other way around. Some few, and just to quote, some few projects does not show our full sustainability strategy and implementation. Since we started in March 2020 with the self-committed commitment of the German financial system and as a founding member of the Net-Zero Banking Alliance, we entered into these obligations. Since that time, we have made major progress regarding our carbon footprint. This is based on the absolute figures for oil and gas. The credits now amount to EUR 6.5 billion. As I already mentioned before, this is a reduction by more than 20% compared to the year 2021. It's a share of 1.3% in the total credit book of the lead bank. If you take a look at coal mining at the end of 2022, this amounted to EUR 231 million, and this amounts to 18% below the prior year figure. The share in the total credit book is only 0.04%. This shows the progress we have made in the past years. We also had two sustainability days where we reported about our strategy and the progress made. The last meeting was on the second of March. Studies show that, compared to our international peers, we are making good progress regarding the gas, coal and carbon business. There is still a lot to do, and we will expand this. We will also expand this to housing, and we will also develop sustainability tools for our business. This shows that we started on a way that we will consistently use in the future. Mr. Oswald, you asked whether we are planning further increase in remuneration. A fair and market-based compensation for our people is a core element of the bank, and we will define compensation for each role, taking into account the usual market fees and the regulatory requirements. Mrs. Ney, you asked us to stop, to immediately stop financing of fossil projects. Now we would like to refer you to the previously answers given in writing and also the answers I gave. Mrs. Ney, another question. You ask about our commitment regarding the Paris Agreement, if you still finance oil and gas projects. In the answers given so far and the published answers, we already emphasized that we see it as part of our obligation to support the transformation in industry and society. It is our goal to have a step-by-step withdrawal from the use of fossil fuels, at the same time creating incentives for the development of technologies with a lower carbon footprint and credible implementation projects in companies. Careful, cautious activities are very important when we deal with the climate problems. It doesn't help the environment if CO2 activities that are no longer covered by Deutsche Bank are then financed by companies which are less regulated or which have weaker standards. It's more useful to come up with concepts together with the customers and to develop ways to reduce CO2 emissions. Mrs. Ney, your question, when the board of management will finally act to the benefit of our children and grandchildren. We already said this, and I would like to repeat that we think social and environmental standards are part of our business. Deutsche Bank sees sustainability in a holistic way and has made it as a central part of our strategy. Mrs. Ney, you ask a question regarding the financing of the fossil infrastructure and how it fits with the Berlin Quartier Zukunft. We do not see any contradiction here. We are consistently implementing our sustainability strategy. We already emphasized that the transformation towards a climate-friendly society is supported by us, and our commitment to high carbon industries is going down, and we are supporting sustainable projects. By the end of 2022, we have EUR 250 million of sustainable bonds and assets. We heard a question regarding our commitment to LNG. We already partly answered this question. You will find this in the portal under the ID HV 23238. We would like to add that in view of the currently difficult situation of energy scarcity and transformation of industry and society, we are supporting projects that ensure our energy supply. This, however, does not mean that we see LNG as a future-orientated fuel. Economic activities with LNG are subject to the same internal guidelines and policies as the rest of the oil and gas business, and we are working on a revision of our oil and gas policy. Thank you very much, Mr. Sewing. I would like to thank the speakers for their contributions and the questions, and I would like to thank the board of management for the comprehensive answers. We hope that we could fulfill all your expectations. We'll now move to the vote. The change function in the shareholders portal will then be closed at 5:10 P.M., as already announced. Ladies and gentlemen, I would now like to explain the voting procedure. In this shareholders meeting, the proxy will cast the vote on the basis of the instructions given to him. In the run-up to the annual general meeting, he has combined his voting cards into an electronic collective voting card whose voting behavior he defines by making entries in the counting system. Any changes made to the voting instructions up to the time the shareholder portal change function for instructions to the voting representative is closed are taken into account as a matter of course. The corresponding changes in the postal votes are also taken into account, and they will also be reflected in today's voting. This year, we'll again use the addition method, which means that the yes votes and the no votes will be counted. In view of the combined voting representation as the company's voting representative, I will allow voting on all resolution items in a uniform voting procedure as follows. There is no resolution required on agenda item one. With regard to agenda item two, appropriate of net income 2022, the proposed resolution modified to reflect the current number of treasury shares is put to the vote as follows. The distributable profit of EUR 3,568,548,051.09 will be used to pay a dividend of EUR 0.30 per no-par value share on the 2,033,115,837 no-par value shares entitled to a dividend and to transfer EUR 2.5 billion to retained earnings. This is a total of EUR 3,109,934,751.10. The remaining amount of EUR 158,613,299.99 will be carried forward as income. Item 3, to ratify the acts of the members of the management board. The management board and the supervisory board propose the acts of the members of the management board holding office in the fiscal year 2022 to be ratified for this period. The vote will be taken separately for each management board member. In the run-up of the general meeting, 3 shareholders announced counter motions on this agenda item with the aim of refusing to ratify the actions of the management board. The announcement of counter motions received with the deadline set out in Article 126 of the Stock Corporation Act have been published by the company on the website and in accordance with the Stock Corporation Act, they are deemed to have been made. Anyone wishing to follow one of these counter motions has to vote no. With regard to item 4, approval of the actions of the members of the supervisory board for fiscal year 2022, the management board and supervisory board propose that the actions of the members of the supervisory board holding office in the fiscal year 2022 be approved for this period. Here, too, the actions of the individual members of the supervisory board will be approved separately in resolutions item 4 A to 4 W. Two counter motions have also been submitted in good time to refuse to ratify the acts of the Supervisory Board. What I said before on item 3 applies accordingly. Under resolution item 5, the Supervisory Board proposed this based on the recommendation of the Audit Committee that Ernst & Young GmbH Stuttgart be elected as auditors and group auditors for the fiscal year 2023 and at the same time for the audit review of the condensed consolidated half-yearly financial report as of 30th of June 2023 and any interim consolidated financial statements and interim management reports. Agenda item 6, the resolution on the approval of the compensation report for the fiscal year 2022 prepared and audited in accordance with the Section 172 of the German Stock Corporation Act. Under item 7, the boards propose that the company be authorized to acquire treasury shares in accordance with Article 71, Paragraph 1, Number 8, Stock Corporation Act. In item 8, in agenda or as a supplement to agenda item 7, the boards propose that you authorize the company to use derivatives in connection with the acquisition of treasury shares pursuant to Article 71. Under agenda item 9, we have to decide on 4 new members to the Supervisory Board under items 9 A to D. The Supervisory Board proposals for the members retiring by rotation from the board, Mayree Clark, John Thain, Michele Trogni, and myself be reelected for the period until the end of the annual general meeting, which resolves on the formal approval of the act for the fiscal year 2026. One shareholder has submitted his own election proposals. If you wish to follow these proposals, I ask you to vote no accordingly for the Supervisory Board candidates. If individual candidates do not achieve the required majority, we will turn to the other proposals. Item 10, the next, this is about the changes to the articles of association proposed, and they are to be voted on separately under Items 10A to 10D. Here, I would like to refer you to the published agenda for details. I would like to also point out that there is published counter motion to the proposed resolution on Agenda Item 10A, which would authorize the management to hold annual general meetings in the period up to August 31, 2025 as virtual annual general meetings which rejects this amendment. If you want to support this counter motion, please vote no. Agenda item 11 concerns the articles of association again, the management board and the supervisory board propose that this amendment to the articles of association and the correspondingly amended compensation system to be approved as well. For the details, please see the agenda. I now would like to ask the company's voting representatives to cast the votes. I can also inform you that the members of the supervisory board and the management board concerned have ensured that no voting rights are exercised from their shares in the votes on the formal approval of the actions of the members of the respective bodies, i.e., on agenda items 3 and 4 respectively, nor do they exercise voting rights directly or indirectly on behalf of third parties. Let me now give you the presence again. I do have a change. The share capital of the bank amounts to EUR 5,223,021,975.04 divided into 2,040,242,959 no par value shares. Of these, 192,623,765 shares with the same number of votes are represented at today's AGM, which is equivalent to 42.28% of the share capital. In addition, postal votes were submitted for 23,211,988 shares with the same number of votes. Including these votes, the share capital represented here today amounts to 43.42% of the share capital. The current attendance register, ladies and gentlemen, will be available for inspection on the shareholders portal in just a second. Finally, let me also announce that with the closing of the voting, the possibility to change the voting behavior for postal votes will end. Now I'm looking at the voting proxy who signaled me the thumbs up. Ladies and gentlemen, the voting proxy of the company has cast the votes in accordance with the instructions given to him, and with that, I close the voting process. For the sake of good orders, let me point out that the shareholders who have issued their voting rights by postal voting or by issuing instructionsHave the possibility to object to the resolutions taken at this AGM by way of electronic communication to the notary public. In the notice to this AGM, you will find the email address which you can use to send your objections to the notary public too. Objections can only be filed until I close the AGM. As transmission on the internet is marked by some time delays, I will announce you towards the end of the voting results the exact time until at which I will close the AGM, and after that time, any objections submitted to the notary public cannot be considered anymore. Now, it's going to take about 20 minutes for us to gather the results, which I will then announce, and with that, I break and suspend the AGM for another 15 to 20 minutes. Forest fires are natural, but the number and extent of fires witnessed today are not. Extreme heat is also becoming more frequent as a result of climate change. Droughts threaten our agriculture, and heatwaves are becoming a danger, especially in cities. How can we protect ourselves and our planet to become more resilient, and what role can technology play in this? We're in Munich, in the OroraTech laboratory. Founded in 2018, the startup sent small satellites with infrared cameras into space to monitor the effects of climate change. We measure the Earth's temperature. We looked into different applications, and we identified that measuring temperature is something that is not done very accurately. We decided to go for the space-based solution and developed our own optics, our own instruments to do it really on a true global scale from space. My name is Viktor Gauk, and I'm the CFO of OroraTech. In 2020, an area equivalent to 650,000 football pitches was destroyed by forest fires in Europe. By 2050, they will increase by up to 33%. A global early warning system is urgently needed, but data provided by NASA or ESA is limited, as it's patchy and only available 2 times a day. We focus on getting the highest possible time resolution, because when you're looking at wildfires or when you're looking at things like temperature, you wanna detect a change over time. OroraTech aims to provide data every 30 minutes. By 2026, 100 of their cameras should be in space. To achieve this goal, they have just completed another successful round of financing. Speed of data is one competitive advantage, and compactness of hardware another. When we're speaking about sending something to space, it's really important to have the least volume and the least amount of weight possible. Our camera is about the size of a shoebox. It's really small. Normal thermal infrared cameras normally require a big cooling system around it, and we, through our technology and our development of the camera, have removed that cooling system. The miniaturized high tech in space is complemented by an analytics core on the ground. We collect thermal infrared data from our own satellites and a lot of other data that is available. That includes satellite data from other satellites, that includes weather data, and it includes customer data. We have a very strong analytics core with algorithms and AI that then analyzes that data and provide the information to customers throughout the world to warn them where a wildfire is happening in a timely manner. With this information, wildfires can be fought before they become disasters. Current customers are commercial forestries in South America, national parks in Australia, and NGOs in Africa. Klabin from Brazil, one of the largest paper producers in the world, already use the data to better coordinate their firefighters on the ground. Wildfire detection and suppression is one of many potential applications. The analytics core can update on all thermal contexts. Beyond wildfire, we see opportunities in the urban heat sector to make the cities more, climate resilient, as well as agricultural applications and sea surface temperature measurements. In the near future, data from space will be standard. The new space sector is quickly evolving. Annual investment in space startups grew from $300 million-$10 billion. There are currently 8,000 satellites in space. About 170 are added every month, with the trend increasing. I believe that in future, every company will rely on space-based services without knowing it, and therefore, the ecosystem will evolve. It will speed up. Space services will be a commodity. The data helps us to understand the natural phenomena better and therefore make our planets more resilient towards natural disasters in future. Increasing coastal and ocean resilience against the effects of climate change is a life mission for Karen Sack. With Deutsche Bank as their lead global partner, the Ocean Risk and Resilience Action Alliance aims to develop innovative ocean-related finance products. Aura's role is to drive at least $500 million of investment into coastal and ocean resilience by 2030. When we started working with Deutsche Bank, I wouldn't be honest if I didn't say I was a little bit skeptical. There had been many banks that Aura had conversations with. The difference that we have seen with Deutsche Bank has been the commitment from the team, and across teams to opening up the thinking process about what needs to be done. Marcus Müller's work focuses on conducting ESG research and articulating investment recommendations. If I think about financial industry, and if I think about Urgewald or other NGOs, it's obvious that one will be skeptical. This skepticism is healthy. We need people who challenge us, and Urgewald is such an NGO who can do this. The first step of the partnership between Aura and Deutsche Bank was to combine their expertise and to link their scientific and financial networks. Together, they wanted to understand what has to be done to mitigate the effects of ocean degradation and climate change. The thought leadership that Deutsche Bank can bring to the discussion about investing into ocean and coastal resilience has to be recognized and respected. This is also about Deutsche Bank being a leader in terms of how to drive a sustainable and resilient future. In a nutshell, in November 2021, the International Private Bank announced the launch of the Deutsche Bank Ocean Resilience Philanthropy Fund. The fund has successfully financed the first phase of the Future Climate Coral Bank, a project in the Maldives designed to identify corals that are resistant to climate change. In September 2022, Deutsche Bank and ORRAA hosted the first ocean conference that showed how private capital can help achieve positive ocean impact at scale, as well as the UN Sustainable Development Goals. We are now working with Deutsche Bank on developing the Sea Change Impact Financing Facility, which is really looking at moving beyond investing in specific projects to developing a global ocean financing architecture. There are new areas to explore, new business models to explore. This is a segue for us, for our clients into a new frontier market. This radical collaboration, this partnership between unexpected fellows, is something that we should treasure and we need to build upon if we're going to deliver the types of impact that all of us want to see. How does Deutsche Bank support OroraTech to achieve its goal? How can the partnership create value for Deutsche Bank's clients? Henkel has set itself a pioneering goal. The consumer goods company from Germany wants to be climate positive within its own operations, not by 2050, but already by 2030. In addition, Henkel wants to leverage its influence on areas of its value chain that are not under its direct control. Ulrich Borgstädt, who's responsible for financing the activities of Henkel suppliers, details their sustainability ambitions. We have quite explicit targets with regard to our sustainability footprint. One of them to save, 100 million tons of CO2 with our consumers and customers along our value chain. We want to have an improved sustainability footprint in our upstream supply chain. For this, it needs the support of a bank. Henkel and Deutsche Bank have been working together on supply chain finance since 2010. They've entered new territory. The first conversion of an existing supply chain finance program in Europe to a sustainability-linked one. Together with their team, Anne Valier and Marco Berger from Deutsche Bank have developed a finance program to accelerate the transformation across Henkel's supply chain. In a supply chain finance program, suppliers are able to get their funds earlier and in the best cases, cheaper than their own funding businesses. The supplier's ESG performance is directly evaluated by EcoVadis, one of the world's largest providers of sustainability ratings. EcoVadis assesses the suppliers across four themes: their environmental impact, ethics, labor and human rights, as well as sustainable procurement. Based on their EcoVadis assessment, Deutsche Bank groups the suppliers into four buckets from red to green. By improving their classification, the suppliers benefit from a margin reduction for their financing Deutsche Bank provides. This incentivizes the ESG related transformation on the supplier side, which supports achieving the United Nations Sustainable Development Goals. Financially speaking, there's a benefit by being able to participate in Henkel's superior funding conditions. I think both Henkel and Deutsche Bank are very clear that this is the direction to go these days. Sustainability, ESG, all aspects to it are core to Henkel and so core to treasury. Henkel and Deutsche Bank teams, were working seamlessly together in order to make this happen. For Deutsche Bank, supply chain financing has become an important part of its own sustainability strategy. In 2021, it committed to investing EUR 1 billion in supply chain finance. The target should be achieved within 2023. There is a lot of interest in the market of other structure that we have created. There are clients who have not thought about sustainability within their procurement. They have come to us and they're asking us questions like, "How do we start the process internally within our company? What does this cup of coffee have to do with a 333 meter long container ship called the Valparaiso Express? What does that have to do with our ecological footprint? We're gonna find out. I'm Tanisha, and this is Transition Stories. 90% of all goods traded globally are carried by sea on container ships like the Valparaiso Express. It's not just the beans for this coffee, it's the cup that it's in, it's my laptop, the shelf behind me, even my yellow shoes. Container shipping is the lifeblood of globalization, because they run on fossil fuels, they have a significant share in climate change. The shipping industry is a major contributor to CO2 emissions today. The big elephant in the room is actually fuel. Fuel. Getting around this and solving this fuel topic is the key. What is the shipping industry doing to move from a fossil-intensive industry to a carbon-free future? Let's take a look at Hapag-Lloyd, one of the world's biggest shipping companies. We at Deutsche Bank have been their financial partner for more than 100 years, and we've seen them through sail, to steam, to diesel, and now we're helping them move to a greener future. We spoke to Michael Kassel, head of treasury at Hapag-Lloyd, about how he has seen the company grow over the past 3 decades and what their plans are for a green transition. When I started my personal career here in Hapag in 1996, the company had 24 container ships. In the meantime, we are talking more than 220 container ships, and the average size of vessels is also increasing significantly since then. Okay, growth is good, but bigger ships means more CO2 emissions. Right now, the shipping industry is responsible for roughly 2.5% of global carbon emissions. That number might sound small, but think about this, it's significantly more than the entire country of Germany emits. Something has to change, and we have got to get moving. The challenge for the shipping industry currently is that CO2-free fuels are not yet available in quantities needed by the shipping industry. Hence, we have to turn to interim steps and use, for instance, LNG as an interim fuel to reduce CO2 emissions right now. This is exactly the reason why we ordered the 12 LNG-propelled vessels. LNG is currently there. It's there in scale The infrastructure in respective ports where our routing goes around is also there, so we could utilize LNG right from delivery for the vessels. Hapag-Lloyd invested EUR 2 billion into those 12 ships, which will immediately reduce their carbon emissions compared to ordinary fuel by 20%. EUR 2 billion is not small change, even for a successful shipping company. What's involved in generating this much money? What's the role of the financial industry here? Many shipping clients have set themselves ambitious sustainability goals, and that topic can't be ignored anymore. Hence, together with other financing institutions, Deutsche Bank has developed certain financing tools, which is for one, green bonds and green loans, and on the other hand, KPI-linked loans. At the end, the client benefits from lower financing costs and better access to investors which are eager to invest in green bonds. Why aren't companies like Hapag-Lloyd already investing in carbon neutral propulsion like hydrogen, ammonia or other synthetic fuels? LNG is some kind of bridging technology. The future carbon neutral fuels are just not yet there in big scale. I believe that going forward and in future, carbon neutral transportation is the new normal. Those liner shipping companies which can contribute this in larger scale will survive. We're at a transition point. 20 years from now, shipping will look completely different. That's because wholesalers will demand greener supply chains and environmental regulations will be tougher. We still don't know which fuels will be available on a massive scale to power the world's ships. Companies like Hapag-Lloyd have taken those first steps, but there's still a long way to go. One thing is certain, whichever way the shipping industry sails off into a greener future, it will have a profound impact on the way we trade goods in the global economy. This was Transition Stories. Thanks for watching. See you next time. Dear shareholders, I have now received the results for the election and vote of items number 1 to 11. The precise details on yes and no votes on the results will be shown in the video on the video screen. You will hear me but not see me while I read this. To improve the readability, you can blow up the size of the screen or full picture. I was asked to read out the results in full text. This was not to be avoided because the law provides for this possibility. Please bear with me if I read out all the figures in every detail. Gets me to item number 2 on the agenda. The result is the appropriation of distributable profit 2022 with 882,732,060 shares for which valid votes were cast, corresponding to 43.27% of the share capital. 880,788,748 yes votes, which corresponds to 99.78%. Yes was 1,943,318 no votes. This corresponds to 0.22%. Thus, the proposal of the Management Board and the Supervisory Board on item 2 of the agenda was adopted with the required majority of votes. Item 3, 3A, gets us to 3 of the agenda. This is on the ratification of the acts of management. Let me preempt that all members of the Management Board, the acts of all members of the Management Board were ratified. I hereby announce the vote of Mr. Christian Sewing with 869,142,561 shares. For which votes were cast, which goes from 42.6% of the share capital, 829,047,379 yes votes, which corresponds to 95.39%. 40,995,182 no votes, which is 4.61%. Does Christian Sewing act were ratified with the required majority of votes. Item number 3 B, Mr. James von Moltke, with 868,712,920 shares for which valid votes were cast, corresponding to 42.58% of the share capital. 828,858,969 yes votes corresponded to 95.41% against 39,853,951 no votes, which corresponds to 4.659%. Acts of James von Moltke as a member of the management board in year 2020 to 2022 were ratified with the necessary majority of the votes cast. Mr. Karl von Rohr, 836,683,863 shares for which valid votes were cast corresponding to 49.01% of the share capital. 795,458,660 as yes votes corresponding to 95.0% and against 41,225,177 no votes, which corresponds to 4.93%. Does the acts of Karl von Rohr as a member of the management board in 2022 had his acts ratified with the required majority of votes. Vote on Fabrizio Campelli with 867,572,684 votes cast, corresponding to 42.52% of the share capital. 827,501,202 yes votes corresponding to 95.38% against 40,071,410 no non-votes, which corresponds to 4.62%. Does Fabrizio Campelli, as a member of the management board of the business year 2022, had his acts ratified with the required majority of votes. Vote on Mr. Bernd Leukert. 836,402,415 shares for which valid votes were cast corresponding to 41% of the share capital. 795,930,598 yes votes corresponding to 95.16% against 40,488,817 no votes corresponding to 4.84%. Does the acts of Mr. Bernd Leukert as member of the management board for the year 2022 were ratified with the required majority of votes cast. The vote on Mr. Stuart Lewis with 845,278,577 shares for which valid votes were cast corresponding to 41.43% of the share capital. 800,975,823 yes votes corresponding to 94.76% against 44,302,754 no votes, which corresponds to 5.24%. Does the acts of Stuart Lewis as member of the management board for the year 2022 were ratified with the required majority of the votes cast. Alexander von zur Mühlen with 868,250,734 shares for which valid votes were cast corresponding to 42.56% of the share capital. 828,375,378 yes votes corresponding to 95.4% against 39,875,346 no votes corresponding to 4.59%. Does Alexander von zur Mühlen acts as a member of the management board for the year 2022 were ratified with the required majority of votes cast. Christiane Riley, 868,135,382 shares for which valid votes were cast corresponding to 42.5% of the share capital. 828,217,887 votes corresponding to 95.40% against 39,917,495 no votes corresponding to 4.6%. Thus, the acts of Christiane Riley as a member of the management board for the year 2022 were ratified with the required majority of votes cast. Vote on Rebecca Short. 868,301,344 shares for which valid votes were cast corresponding to 42.56% of the share capital. 828,722,653 yes votes corresponding to 95.44% against 39,578,691 no votes corresponding to 4.56%. Does the acts of Rebecca Short as a member of the management board for the year 2020 were ratified with the required majority of votes cast. Professor Dr. Stefan Simon, 867,831,523 shares for which valid votes were cast corresponding to 42.54% of the share capital. 827,808,511 yes votes corresponding to 95.39% against 40,023,012 no votes corresponding to 4.61%. Does the acts of Professor Dr. Stefan Simon as member of the management board for the year 2022 was ratified with the required majority of votes cast. Olivier Vigneron, 868,011,012 shares for which valid votes were cast corresponding to 42.54% of the share capital. 828,249,569 yes votes corresponding to 95.42% against 39,761,443 no votes corresponding to 4.58%. Does the acts of Mr. Vigneron as a member of the management board for the business year 2022 was ratified with the required majority of votes cast. On behalf of all management board members, I would like to thank you for the trust expressed in this vote. Ladies and gentlemen, we continue with the votes on item number 4, namely is the vote on the ratification of the acts of management of the supervisory board for fiscal year 2022. Once again, the acts of all members of the supervisory board have been ratified, let me now read out the results individually. Alexander Wynaendts. Valid votes were cast for 836,562,823 shares, which is equivalent to 41% of the share capital. These include 795,807,508 yes votes, which is equivalent to 95.13% 40,755,350 no votes, which is equivalent to 4.8%. Thus, the acts of management of Mr. Alexander Wynaendts as member of the supervisory board for fiscal year 2022 has been ratified with the necessary majority. Now vote on Dr. Paul Achleitner. Valid votes were cast for 845,415,703 shares for, which is equivalent to 41.44% of the share capital. These include 798,302,790 yes votes, which is equivalent to 94.43% and 47,112,913 no votes, which is equivalent to 5.57%. Thus, the acts of management of Dr. Paul Achleitner as the member of the supervisory board have been ratified for fiscal year 2022 with the necessary majority of votes. Votes on Mr. Detlef Polaschek. Valid votes were cast for 836 million, 25,085 shares, which is equivalent to 40.98% of the share capital. This includes 795,138,325 yes votes, which is equivalent to 95.11% and 40,886,760 no votes, which is equivalent to 4.89%. Thus, the acts of management of Mr. Detlef Polaschek as member of the supervisory board have been ratified for fiscal year 2022 with the necessary majority of votes. Votes on Dr. Norbert Winkeljohann. Valid votes were cast for 836 million, 451,333 shares, which is equivalent to 41% of the share capital. These include 795,514,580 yes votes, which is equivalent to 95.11% and 40,936,825 no votes, which is equivalent to 4.89%. Thus, the acts of management of Professor Winkeljohann have been, as member of the Supervisory Board, have been ratified for fiscal year 2022 with the necessary majority of votes. The vote on Mr. Ludwig Blomeyer-Bartenstein. Valid votes were cast for 835,908,505 shares, which is equivalent to 40.97% of the share capital. These include 795,281,672 yes votes, which is equivalent to 95.14% and 40,626,833 no votes, which is equivalent to 4.86%. Thus, the acts of management of Mr. Ludwig Blomeyer-Bartenstein as member of the supervisory board have been ratified for fiscal year 2022 with the necessary majority of votes. The vote on Mayree Clark. Valid votes were cast for 836,169,945 shares, which is equivalent to 40.98% of the share capital. These include 796,181,079 yes votes, equivalent to 95.22% and 39,988,866 no votes, which is equivalent to 4.78%. Thus, the acts of management of Mayree Clark as member of the supervisory board has been ratified for fiscal year 2022 with the necessary majority of votes. Jan Duscheck. Valid votes were cast for 835,657,384 shares, which is equivalent to 40.96% of the share capital. These include 794,945,086 yes votes, which is equivalent to 95.13% and 40,712,298 no votes, which is equivalent to 4.87%. Thus, the acts of management of Jan Duscheck as member of the Supervisory Board have been ratified for fiscal year 2022 with the necessary majority of votes. Ms. Manja Eifert. Valid votes were cast for 835,615,591 shares, which is equivalent to 40.96% of the share capital. This includes 795,663,505 yes votes, which is equivalent to 95.22% and 39,952,086 no votes, which is equivalent to 4.78%. Thus, the acts of management of Manja Eifert as member of the supervisory board have been ratified for fiscal year 2022 with the necessary majority of votes. The vote on Dr. Gerhard Eschelbeck. Valid votes were cast for 844,942,568 shares, which is equivalent to 41.41% of the share capital. These include 804,111,745 yes votes, which is equivalent to 95.17% and 40,830,820 no votes, equivalent to 4.83%. Thus, the acts of management of Dr. Gerhard Eschelbeck as member of the supervisory board have been ratified for fiscal year 2022 with the necessary majority of votes. The vote on Mr. Sigmar Gabriel. Valid votes were cast for 836,184,997 shares, which is equivalent to 40.98% of the share capital. These include 793,339,932 yes votes, equivalent to 94.88% and 42,844,065 no votes, which is equivalent to 5.12%. The acts of management of Sigmar Gabriel as member of the Supervisory Board have been ratified for fiscal year 2022 with the necessary majority of votes. Vote on Mr. Timo Heider. Valid votes were cast for 835,715,872 shares, which is equivalent to 40.96% of the share capital. This includes 794,949,119 yes votes, equivalent to 95.12%, and 40,766,753 no votes, which is equivalent to 4.8%. Thus the acts of management of Timo Heider as member of the Supervisory Board have been ratified for fiscal year 2022 with the necessary majority of votes. The vote on Ms. Martina Klee. Valid votes were cast for 863,068,795 shares, which is equivalent to 40.98% of the share capital. These include 795,984,445 yes votes, which is equivalent to 95.21% and 40,084,350 no votes, which is equivalent to 4.79%. Thus the acts of management of Martina Klee as member of the Supervisory Board have been ratified for fiscal year 2022 with the necessary majority of votes. Now the vote on Ms. Henriette Mark. Valid votes were cast for 844,889,490 shares, which is equivalent to 41.41% of the share capital. This includes 804,102,770 yes votes, which is equivalent to 95.17% and 40,786,720 no votes, which is equivalent to 4.83%. Thus the acts of management of Henriette Mark as member of the Supervisory Board have been ratified for fiscal year 2022 with the necessary majority of votes. The vote on Ms. Gabriele Platscher. Valid votes were cast for 835,799,434 shares, which is equivalent to 40.97% of the share capital. This includes 795,572,006 yes votes, which is equivalent to 95.19% and 40,227,428 no votes, which is equivalent to 4.81%. Thus, the acts of management of Ms. Gabriele Platscher as member of the Supervisory Board have been ratified for fiscal year 2022 with the necessary majority of votes. Now the vote on Mr. Bernd Rose. Valid votes were cast for 835,793,195 shares, which is equivalent to 40.97% of the share capital. This includes 795,087,916 yes votes, equivalent to 95.13%, and 40,705,279 no votes, equivalent to 4.87%. Thus the acts of management of Bernd Rose as member of the Supervisory Board have been ratified for fiscal year 2022 with the necessary majority of votes. The vote on Mr. Yngve Slyngstad. Valid votes were cast for 836,104,293 shares, which is equivalent to 40.98% of the share capital. This includes 795,446,517 yes votes, equivalent to 95.14%, and 40,657,776 no votes, which is equivalent to 4.86%. The acts of management of Yngve Slyngstad as member of the Supervisory Board have been ratified for fiscal year 2022 with the necessary majority of votes. The vote on Mr. John Alexander Thain. Valid votes were cast for 836,180,647 shares, which is equivalent to 40.98% of the share capital. This includes 795,485,863 yes votes, equivalent to 95.13%, and 40,694,784 no votes, which is equivalent to 4.87%. The acts of management of John Alexander Thain as member of the Supervisory Board have been ratified for fiscal year 2022 with the necessary majority of votes. The vote on Michele Trogni. Valid votes were cast for 836,271,595 shares, which is equivalent to 40.99% of the share capital. This includes 796,135,793 yes votes, equivalent to 95.2%, and 40,135,802 no votes, equivalent to 4.8%. The acts of management of Michele Trogni as member of the Supervisory Board have been ratified for fiscal year 2022 with the necessary majority of votes. The vote on Dr. Dagmar Valcárcel. Valid votes were cast for 836,296,752 shares, which is equivalent to 40.99% of the share capital. This includes 795,662,293 yes votes, equivalent to 95.14%, and 40,674,459 no votes, equivalent to 4.86%. The acts of management of Dr. Dagmar Valcárcel as member of the Supervisory Board have been ratified for fiscal year 2022 with the necessary majority of votes. The vote on Mr. Stefan Viertel. Valid votes were cast for 835,787,899 shares, which is equivalent to 40.97% of the share capital. This includes 795,149,223 yes votes, which is equivalent to 95.14%, and 40,638,676 no votes, equivalent to 4.86%. Thus the acts of management of Stefan Viertel as member of the Supervisory Board have been ratified for fiscal year 2022 with the necessary majority of votes. The vote on Dr. Theodor Weimer. Valid votes were cast for 836,303,402 shares, which is equivalent to 40.99% of the share capital. This includes 795,698,974 yes votes, equivalent to 95.14%, and 40,604,422 no votes, which is equivalent to 4.86%. Thus, the acts of management of Dr. Theodor Weimer as Member of the Supervisory Board have been ratified for fiscal year 2022 with the necessary majority of votes. The vote on Frank Werneke. Valid votes were cast for 836,243,962 shares, which is equivalent to 4.99% of the share capital. This includes 794,728,637 yes votes, equivalent to 95.04%, and 41,515,325 no votes, equivalent to 4.96%. The acts of management of Frank Werneke as member of the Supervisory Board have been ratified for fiscal year 2022 with the necessary majority of votes. The vote on Frank Witter. Valid votes were cast for 836,122,716 shares, which is equivalent to 40.98% of the share capital. This includes 795,625,370 yes votes, equivalent to 95.16%, and 40,497,346 no votes, which is equivalent to 4.86%. Thus, Mr. Frank Witter's acts of management have been ratified for fiscal year 2022 with the necessary majority of votes. On behalf of all Supervisory Board members, I'd like to thank you for your trust in us. This gets me to item number 5 on the agenda. This is the election of the auditor for the business year 2023. I announce that the results of the vote with 873,887,114 shares, valid votes cast corresponding to 42.79% of the share capital. 861,303,715 yes votes, corresponding to 98.65%, against 11,783,299 no votes, which corresponds to 1.35%. Thus the motion for a resolution of the Supervisory Board, as published in the Federal Gazette on the 30th of March 2023, was accepted with the required majority. Item number 6 of the decision on the remuneration report for the business year 2022. I announce that with valid shares cast, 880,145,354 share. 783,987,321 yes vote, corresponding to 89.07%, against 98,158,054 no votes corresponding to 10.93%. Thus the motion for resolution on item number 6, as published in the Federal Gazette on the 30th of March 2023, was accepted with the required majority of votes. Item number 7, authorization on the purchase of own shares according to Section 71, para 1, number 1 of German Stock Corporation Act, with a potential exclusion of preempted rights. As I announced, with the votes cast to tune of 880,969,664 shares, corresponding to 43.1% of the share capital. 859,494,951 yes votes are cast, corresponds to 97.56%, against 21,467,713 no votes, corresponding to 2.44%. Thus the resolution for motion of the Management Board and Supervisory Board on item 7, as published in the Federal Gazette on the 30th of March 2023, was adopted with the required majorities of shares and a qualified capital majority. On item 8 on the agenda, this is authorization to use derivatives in the context of the purchase of own shares corresponding to Section 71, para 1, number 8 of German Stock Corporation Act. I hereby announce that with 880,864,337 votes validly cast, corresponding to 43.17% of the share capital. 865,249,171 yes votes were cast, corresponding to 98.23%, against 50,615,166 no votes, corresponding to 1.77%. The motion for a resolution of the Management Board and Supervisory Board on item number 8 of the agenda, as published on the 30th of March 2023 in the Federal Gazette, was accepted with the required majority. On item 9 A, Mayree Clark. Vote of Mayree Clark as a member of the Management Board with 873,993,365 votes cast, validly cast, corresponding to 42.84% of the share capital. 800,954,970 yes votes corresponding to 91.64%, against 73,044,365 no votes corresponding to 8.36%. Thus Mayree Clark is elected as a member of the Supervisory Board with the required number majority of vote. Item number 1 B, John Alexander Thain. Election of Mr. John Alexander Thain as a member of the Supervisory Board with 878,400,567 shares for which valid votes were cast, corresponding to 43.05% of the share capital. 826,668,012 yes votes were cast corresponding to 94.11%, against 51,732,455 no votes corresponding to 5.89%. This, thus, Mr. John Alexander Thain was elected as a member of the Supervisory Board, according to the announcement in the Federal Gazette on March 30, 2023, with the required majority of votes. On item number 9C, election of Ms. Michele Trogni as a member of the Supervisory Board. I hereby establish the with 877,551,141 shares for which valid votes were cast, corresponding to 43.00% of the share capital. 829,159,298 yes votes were cast corresponding to 93.80%, against 54,391,843 no votes corresponding to 6.2%. Michele Trogni is elected as member of the Supervisory Board with the required majority of votes cast, as published in the Federal Gazette on the 30th of March, 2023. On item number 9D, election of Professor Dr. Norbert Winkeljohann as member of the supervisory board, with 880,462,334 shares with required majority of votes cast corresponding to 43.15%, 754,744,336 yes votes corresponding to 85.72% against 125,718,108 no votes corresponding to 14.28%. Thus Mr. Norbert Winkeljohann, in correspondence with the announcement in the Federal Gazette on the 30th of March 2023 was made, was elected a member of the supervisory board as required majority of votes. In case they should be elected, the candidates for the Supervisory Boards have already declared that they are going to accept the election, and we would all like to thank you for the trust expressed and thus the election proposal of Hans Oswald are thus not put out for vote and are void. Ladies and gentlemen, before we come to the last point of the voting process, I would like to announce that the AGM will be closed in six minutes at about 18:20. 6:20 P.M. I thus continue with item number 10 A. This is change of the articles of association with regard to having a virtual AGM. Now, with the 10 A, this is change of the articles of association to provide for the running of an virtual AGM. With 873,422,493 votes cast, corresponding to 42.81% of the share capital, 764,560,495 yes votes corresponding to 87.45%, against 108,866,998 no votes corresponding to 12.46%. The motion for a resolution of the management board and the supervisory board on item number 10 A, as published in the Federal Gazette on the 30th of March 2023, was adopted with the required majority of votes and capital majority. This gets us to item number 10 B on the agenda. These are editorial changes in the articles of association with regard to holding a virtual AGM, I thus announce. With 873,586,569 shares for which valid votes are cast corresponding to 42.82% of the share capital. 863,173,562 yes votes corresponding to 98.18% against 10,413,007 no votes corresponding to 1.19%. The motion for a resolution of the management board and supervisory board on item number 10 B as published in the Federal Gazette on the 30th of March 2023 was adopted with the required majority of votes and capital. Item number 10 C. This is Change of the articles of association with regard to the presence of members of the Supervisory Board via video and image transmission with 873,396,274 shares for which valid votes are cast corresponding to 42.81%. 859,724,597 yes votes corresponding to 98.43% against 30,671,677 no votes corresponding to 1.57%. Thus the motion for resolution of the Management Board and the Supervisory Board on item number 10 C as published in the Federal Gazette on the 30th of March 2023 was adopted with the required majority of votes and capital. Item number 10 D. This is amendment of the articles of association with regard to announcements in the share register with 881,810,502 shares for which valid votes are cast corresponding to 43.22% of the share capital. 877,339,524 yes votes corresponding to 99.49% against 4,470,978 no votes corresponding to 0.51%. The motion for a resolution of the supervisory board and management board on item number 10 C as published in the Federal Gazette on the 30th of March 2023 was adopted with the required majority of votes and capital. This gets us to item number 11 on the agenda. This is modification of the articles of association with regard to the compensation of the Supervisory Board. With 881,007,707 shares for which valid votes are cast corresponding to 43.1% of the share capital. 875,006,503 yes votes are cast corresponding to 98.1% against 60,001,276 no votes corresponding to 1.82%. The motion for resolution by the Management Board and the Supervisory Board on item number 11 as published on the 30th of March 2023 was adopted with the required majority of votes and capital. Thus all announced counter proposals are done with. Thank you. Ladies and gentlemen, we have thus covered the entire agenda of the day. Now, I will close the AGM in just a few seconds. I would like to thank you, the shareholders, for your interest in the development of Deutsche Bank that you have expressed through your questions and contributions, but also by following this annual general meeting. Furthermore, I'd like to thank all of the employees who were involved in preparing for and running this AGM. I also would like to thank the members of the management and supervisory boards. The next annual general meeting will take place on Thursday, May 16th, 2024 in Frankfurt am Main. Until then, all the best to you. Stay safe, and I close the meeting at 6:20 PM. All the best.