Dear all, Today, as I look back to the last quarter of 2008 when we embarked on this adventure together, I remain hugely proud of what we have achieved. It is astonishing how quickly we were able to acquire the Lehman Brothers businesses and then successfully complete the integration process.

I am even more proud that since then we have created what must be regarded as a powerhouse in the European investment banking industry. We have surprised our competitors and have far exceeded our internal targets. Our business is strong and we remain well positioned for the next stage of our development.