In the company's view, the current market phase is a situation that will last at least in the medium term, in which the framework conditions for financing, risk allocation and performance have changed sustainably compared to the 2010s. Some of these drivers are historical in nature or represent a return to original framework conditions. In addition, however, there are new causes or a combination of them that are now taking effect. Currently, this is particularly evident in the rapid development of the possible applications of artificial intelligence and its sometimes disruptive effects on business models, as well as in a wide range of geopolitical challenges.