Deutsche Pfandbriefbank AG provided earnings guidance for the year 2021. Given the ongoing and persisting uncertainties in 2021, they refrain from providing a defined range for profit guidance. However, they think to be able to deliver stable operating result in 2021. Therefore, they aim at a PBT in excess of last year's figures despite further risk provisioning and continuing or continuation of their investment program. In short, they remain cautious, but they also remain forward-looking -- positively forward-looking. They expect to continue solid operating performance with better PBT compared to 2020 and based on following assumptions: a, stable or slightly higher NII; b, stable operating cost; and three, lower risk provisioning depending on further and future developments of COVID-19 pandemic.