Initially, the global economy continued to recover at the beginning of 2012, raising investors’ expectations. In a supportive market environment, Deutsche Bank’s share reached its peak for the year in March at € 39.50, up 34 % on the year-end 2011. Then, in that same month, Eurozone debt fears resurfaced, leading to substantial outflows and a broad decline in share prices, especially in Europe. Bank shares suffered especially heavily during this period, as sector weightings fell significantly. By the beginning of June, this had led to a 23 % drop in the Euro STOXX Banks Index compared to the end of 2011. In contrast, the Euro STOXX 50 fell by only 11 % during the same period. This downward trend initially continued and, in July 2012, Deutsche Bank’s share price fell to € 22.51, its lowest point for the year. The turning point came in July when the president of the European Central Bank made an unreserved commitment to the euro. This prompted international investors to reinvest in European stocks. German stocks benefited particularly well from this development. The DAX rose 29 % during the year, its best performance since 2003, closing at 7,612 points. It outperformed the Dow Jones and the FTSE 100 by far. These indices rose by only 7 % and 6 % respectively over the course of the year. Bank stocks also recovered. The Deutsche Bank share recovered 46 % from its lowest point and closed at € 32.95 on December 28, 2012, 12 % above the level it had achieved at the end of 2011. Our competitors’ share prices developed in a similar way. The Euro STOXX Banks Index also rose 12 % over the year.