Around the world, central banks’ ongoing accommodative monetary policies supported the equity markets during 2013. Deutsche Bank’s share reached its peak for the year at the beginning of February at € 38.73, up 17.5 % on the year-end 2012. Some disappointing economic data in Europe and uncertainties surrounding the bailout plan for Cyprus resulted in volatile European equity markets during the first half of 2013. In this environment, Deutsche Bank’s share fell to € 29.41 by mid April, its lowest point for the year. Overall, the bank performed broadly in line with the STOXX Europe 600 Banks Index (–2.4 % versus –1.6 %) in the first six months. In the second half of 2013, the worldwide improvement in economic leading indicators, as well as the ECB’s surprising forward guidance that interest rates would remain low for an extended period of time, resulted in strong gains for equity markets. As a consequence, equity markets enjoyed a very strong second half of the year (DAX +20.0 %). Deutsche Bank shares advanced 7.8 % in the second six months of 2013 and finished the year up 5.2 % at € 34.68.