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Overall assessment by the Executive Board

Report on expected developments – overall assessment by the Executive Board

We believe the Group remains very well positioned in terms of international competition, thanks to its broadly diversified offering along the securities trading value chain and its innovative strength. This being the case, we expect to see a positive trend in the results of operations over the long term. Our new corporate strategy and the resulting measures should further accelerate this growth. In this context the Group aims to become more agile and effective and sharpen its client focus, in order to become the global market infrastructure provider of choice, with a top ranking in all its business areas. Taking the conditions for organic growth into account, the Executive Board is planning an increase in net revenue to more than €5.6 billion in the forecast period. The Executive Board expects EBITDA to go up to more than €3.2 billion in the forecast period. Overall, on this basis the Executive Board assumes that cash flow from operating activities will be clearly positive and that, as in previous years, the liquidity base will be sound. The overall assessment by the Executive Board is valid as at the publication date for this combined management report.