M/C Partners Completes Acquisition of West Monroe Partners’ Managed Services Division

CHICAGO–(BUSINESS WIRE)–M/C Partners, a Boston-based Communications and IT Services focused private equity firm, announced today that it signed an agreement to acquire the Managed Services division of West Monroe Partners, a national business and technology consultancy. The acquisition closed on Dec. 30, 2019. Wayne Kiphart has been appointed Chief Executive Officer and will be responsible for driving the company’s growth and long-term returns for stakeholders.

“I am excited to join the talented team at West Monroe Managed Services and to lead the company in this next chapter of growth,” said Kiphart. “Our focus will continue to be on driving the highest satisfaction for our customers – some of whom have been customers for over 10 years – through additional investments in service delivery and IT capabilities. Over the next few months, I will spend considerable time with our customers to better understand their needs so that we can continue to deliver services that help them be successful. We also plan to launch a new brand, including a company name. It’s an exciting time for both myself and for our employees, who will now have a greater ability to impact the future of this organization.”

“West Monroe Managed Services represents an exceptional technology services platform,” said Gillis Cashman, Managing Partner at M/C Partners. “As a standalone, well-capitalized company with a highly experienced leadership team and passionate, talented employees, we feel the business will be in a stronger position to address the existing and future needs of its customers.”

Abhishek Rampuria, Vice President at M/C Partners, added, “West Monroe Managed Services has built a differentiated application management expertise that is highly valued by its customers. We are excited to begin this partnership and to provide the financial and operational resources to facilitate future growth and continued success.”

Wayne Kiphart joins West Monroe Managed Services from Gratia, a cybersecurity-focused MSP. Wayne was previously President of OnX Managed Services and Vice President of Managed Services at Logicalis. He brings nearly 20 years of experience across a range of functional areas including sales, operations, and client services, as well as knowledge in various vertical industries.

As West Monroe Managed Services’ primary financial investor, M/C Partners will contribute its extensive experience in the technology and communications services markets. M/C has been a leading investor in this sector for more than two decades, having previously invested in Thrive Networks, Involta, Ensono, Fusepoint, Attenda, Denovo, Carbon60 and others. Legal counsel for M/C Partners was provided by Choate, Hall & Stewart LLP.

About West Monroe Managed Services, LLC

West Monroe Managed Services is a Chicago-based IT managed services provider offering technology solutions to small and medium-sized businesses across the Midwest. The Managed Services division was started within West Monroe Partners in 2009 by Mark Nelson in order to provide help desk support and infrastructure management solutions for West Monroe’s growing list of clients and their increasingly complex IT environments. Over the last ten years, the Company has expanded its service offering to include cybersecurity and managed application services. West Monroe Managed Services primarily serves small and mid-size businesses and has 50+ customers across a variety of industries who are served by a team of ~100 employees. For more information, visit WMP.com/WMMS.

About M/C Partners

Based in Boston, M/C Partners is a private equity firm focused exclusively on the communications, information technology services and media sectors. The firm has invested over $2.2 billion of capital into over 130 companies, generally investing in companies with enterprise values of $25 million to $250 million. Related current and prior investments include Cavalier Telephone, Carbon60, Ensono, Everstream, Fusepoint, Denovo, ICG Communications, Involta, Lightower, Neutral Connect Networks, NuVox, Thrive Networks and Zayo Group. The firm has strong institutional backing from the nation’s leading pension funds and endowments as well as a long track record of success. For more information, visit www.mcpartners.com.

2019 Was a Big Year for Telecom Mergers and Acquisitions

As 2019 winds toward a close, the fate of the proposed Sprint/ T-Mobile merger is still uncertain. But whatever the fate of that deal, 2019 was a big year for telecom/ broadband mergers and acquisitions – and virtually no segment of the industry was exempt from the trend.

Investment Firms
Some investment firms are moving into or expanding their telecom/ broadband operator holdings, including WaveDivision Capital, which previously invested in several broadband providers. Wave said earlier this year that it will purchase Frontier’s operations in Washington, Oregon, Idaho and Montana.

Also this year, investment firms EQT Partners and Digital Colony led a deal to acquire competitive fiber provider Zayo, which itself has made numerous acquisitions over the years.

In addition, investment firm Macquarie Infrastructure Partners bought Bluebird Network, which operates a fiber network spanning several midwestern states, as well as the business operations of Uniti Fiber’s Midwest network.

Grain Management was also quite active in M&A, with a few deals in 2019 including deals for Hunter Communications, Summit Broadband, and Ritter Communications.

Rural Network Operators
A considerable amount of this year’s M&A involved Tier 2 and Tier 3 network operators – perhaps because policymakers seem to have awakened to the importance of ensuring that all Americans, including those in rural areas, have broadband available to them. Other drivers may be the relative lack of competition in rural areas, as well as the recognition that future mobile networks will need dense backhaul infrastructure that Tier 2 and Tier 3 carriers are well-positioned to provide.

Telecom/ broadband M&A deals that involved an independent telco as either a buyer or seller this year include:

• TDS bought Continuum

• Bluebird Network, which itself was acquired by investment firm Macquarie Infrastructure Partners, has since announced plans to purchase Illinois Network Alliance, a fiber network owned by several rural competitors in the state.

• Segra, a company formed when EQT bought Spirit Communications and Lumos Networks, plans to purchase independent telco North State.

• Hargray, which started out as a rural telephone provider, announced several acquisitions this year, including Kings Bay Communications, Dark Fiber Systems, and USA Communications’ Alabama network. In addition, the network operator bought three colocation facilities and an IT services firm in Infinity.

• Nex-Tech bought Cordell

• Ritter Communications sold a majority stake in the company to Grain Management

• Great Plains Communications bought Intercarrier Networks

• EPICTOUCH bought CP-TEL

• Novado bought Price County Telephone

• Shentel bought Big Sandy

• Horizon bought an unnamed Indianapolis network

Cable and Competitive Provider Deals
Cable companies and competitive providers, including fixed wireless providers, also saw considerable M&A activity in 2019.

• Vyve Broadband’s purchase of GTCR marked one cable consolidator buying another

• Cable One purchased Fidelity

• Nextlink, a competitive provider that was one of the big winners in the CAF II auction, bought the internet service business of Connecting Point (ConPoint)

• Vast Broadband purchased NTS

• Firstlight bought Maine Fiber Network and ColoSpace

• Everstream bought Arch Fiber Networks

• Metronet acquired Lightspeed

Telecom Supplier and Vendor Deals
A few notable telecom vendor deals occured in 2019 as well, including:

• Ribbon (formerly GenBand) acquired ECI

• NISC acquired Affinegy and Electrical Distribution Design

• NeoNova/NRTC acquired SecurityCoverage

This is certainly not an all inclusive list, as other deals were also announced in 2019. But it does illustrate quite a busy year for M&A in the broadband sector.

Comporium Celebrates 125 Years of Service to Customers

ROCK HILL, S.C.--(BUSINESS WIRE)--Comporium, one of the nation’s leading independent telecom providers, will celebrate its 125th anniversary on December 10, 2019. Headquartered in Rock Hill, S.C., the company serves over 134,000 residential and business customers in South Carolina and North Carolina.

Comporium’s history dates back to 1894, when its parent organization, Rock Hill Telephone Company, was issued its charter by the State of South Carolina. The business was sold to E.L. and Mary Barnes in 1912; a total of 433 lines were in operation at that time. As the communications industry advanced, so did the company’s service offerings to customers. To reflect this growth, RHTC and 10 affiliated businesses became known as Comporium Group in 2001. The rebranding and reorganization signaled a new era for the privately-held company, where the fifth generation of the Barnes family is currently on the job and leading Comporium into the future.

“Regardless of whether industry changes brought major shifts to the marketplace or the latest advances to consumers, Comporium has remained at the forefront of telecommunications through strategic planning, commitment to constant innovation and devotion to customer service,” stated Comporium’s Executive Vice President and Chief Operating Officer, Matthew Dosch. “It’s a combination of dedicated employees and innovative thought that’s allowed us to evolve and respond to the changing world around us.”

Over the past 125 years, evolving technology meant many privately-owned telecoms were faced with major challenges. In order to keep pace with larger competitors, Comporium successfully transitioned its primary line of business from twisted pair to fiber, bringing leading-edge services to areas of the Carolinas that may not otherwise have had such resources.

The company’s numerous accomplishments serve as a testimony to the vision and diligence of its leaders and employees. Notable highlights from Comporium’s 125-year history include:

• Comporium was an industry leader in installing fiber-optic cable and provided direct connection to residences with fiber services.

• The company was the first provider in South Carolina to launch 1GB internet service.

• CN2, Comporium’s local television station, won an Emmy for “Television News Programming Excellence” at the 2014 Southeast Regional EMMYⓇ Awards.

• Comporium won the Charlotte Business Journal’s 2018 Family Business Award.

Today, Comporium provides a host of solutions to its residential and business customers. These include internet, voice, digital video, wireless, security monitoring and home automation, computer network services, and structured wiring and cabling. Areas served in South Carolina include York, Lancaster and Chester counties and parts of Lexington, Saluda, Edgefield, Orangeburg, Calhoun and Aiken counties. In North Carolina, full services are provided in Transylvania County and parts of Mecklenburg and Union Counties. Business services are available throughout the Charlotte metro region.

As Comporium looks to the future and how it will meet customer demands in coming years, the company is poised to release several new products. A recent partnership with Alarm.Com brings with it exciting new options for customers with ReadyHome, Comporium’s security and home automation service. Subscribers who are signed up for the company’s video product will soon have access to a new streaming video service that will have an over the top (OTT) feel. Comporium STREAM TV, is planned to launch to customers in the first quarter of 2020 and will provide live tv via an internet-based app. The company is also working to innovate its original product offering, voice, offering cloud-based business services outside of its traditional service footprint.

Behind the scenes, Comporium has recently made significant investments in upgrading its core network. Replacing hardware and upgrade connections, the company has moved to a mesh network. This means an even more reliable network for both residential and business customers. Comporium is also overhauling its Business Support System, sometimes referred to as its billing system. Both of these projects, expected to be completed during the next year, will give the company better tools to serve its customers now and in the future.

About Comporium

Comporium, Inc., headquartered in Rock Hill, S.C., is a diversified, privately-held communications company that employs nearly 1,100 people and provides broadband, TV, voice, wireless, smart home systems and advertising services throughout the Carolinas. Comporium’s ventures include companies providing business solutions, data storage and managed services, smart devices and connected home services, and digital signage. For more information, please visit www.comporium.com.

Contacts

Matthew Dosch
Comporium
Phone: 803-326-7287
matt.dosch@comporium.com

C Spire Expanding Fiber Broadband Footprint

C Spire Home is bringing its Gigabit FTTH platform to the Mississippi markets of Saltillo and Gulfport, with plans to add Biloxi to C Spire markets beginning next year. The expansion will cover roughly 78K households in total.

Saltillo, a small town in the northeast area of the state, is a suburb of Tupelo in Lee County. Work on the FTTH platform is slated to begin in early November, with customer services starting by the first quarter of 2020.

Work in Gulfport also will begin next month, with expansion to areas of neighboring Biloxi early next year. Initial Gulfport subscribers will be turned up during the first quarter of next year. Thousands of homes will be passed in Harrison County – the state’s second most populous – by next summer.

The projects, which will provide subscribers with Internet access, live streaming TV and premium digital phone service, represent the 23rd and 24th C Spire initiatives in Mississippi. The company says it will add to its 9,200 route miles of backbone fiber in the state. The Harrison County project will cover 20 “fiberhoods” and a majority of the two cities’ households. The Lee County project will cover much of the county’s 32,000 households and many “fiberhoods,” though the press release doesn’t offer a precise number.

C Spire says that recent studies found that Gigabit speeds can add $5,437 – 3.1% — to the price of a $175,000 home.

C Spire, both a regional wireless carrier and fiber broadband carrier, has made several recent announcements regarding its broadband strategy:

• In March, the provider brought its FTTH to The Highlands, a residential subdivision in Jones County. It is outside the city of Ellisville and represented C Spire’s first foray into southern Mississippi.

• In January, Telecompetitor discussed C Spire’s broadband consortium with Chief Innovation Officer Craig Sparks. Partners in the initiative are Microsoft, Nokia, Airspan Networks and Siklu.

• In October, 2018, Indatel Services expanded its regional networks by adding C Spire. At that point, C Spire added 8,600 route miles across Mississippi, Alabama and Tennessee. C Spire brought multiple data centers and major locations in 12 cities to the Indatel network.

TDS Completes Fiber Network Build in Merrimac, Wisconsin

MADISON, WI — TDS Telecom’s fiber network build in Merrimac, Wis. is now complete. The network upgrades, impacting the former Merrimac Communications footprint, now connects more than 6,000 residential and business addresses to up to gigabit internet speeds, TV, and phone service.

“When we purchased Merrimac Communications we promised to bring state-of-the-art services,” says Julie Maiers, vice president of Marketing for TDS, “We have kept that promise. Customers can now enjoy some of the fastest internet speeds in the state, plus all-digital TV service, and reliable phone connections.”

Forty-six Miles of Buried Fiber

TDS finalized their purchase of Merrimac Communications in February 2018 and connected the first customers to the new fiber-optic network earlier this year. Now, the fiber build is complete and available to all addresses included as part of the project. The build included burying 46 miles of fiber and installing 14 equipment cabinets.

The vast majority of former Merrimac Communications customers have already upgraded to the new TDS Fiber service. The few remaining customers have been contacted about transitioning to TDS Fiber before Merrimac Communications services are discontinued on December 16.  

Residential Fiber up to 1 Gbps

Residential customers who order TDS Fiber can order up to 1Gig internet speed, as well as TDS TV and phone. The TV service offers a variety of features not available to Merrimac Communications customers previously. For example, the included Connected-Home DVR links all TVs together in a home giving full DVR functionality and programming access to each wireless set-top box.

Businesses within the TDS Fiber footprint can order internet access and transport connections up to 10Gig via dedicated fiber, TDS managed IP (a hosted VoIP communications solution), as well as TDS TV.

With the discontinuation of Merrimac Communication services, the local office at 327 Palisade St. will no longer be open for walk-in traffic as of December 16. The facility will remain in use by TDS for local and regional field service technicians.

In the coming weeks TDS will wrap-up the remaining connection work and continue customer installations. Residents can visit TDSFiber.com to learn more about the services offered and call 888-225-5837 to sign up for service.

Tilson, Microsoft to expand rural broadband access

Tilson, the fast-growing Portland-based network deployment and IT professional services firm, will team up with Microsoft Corp. (Nasdaq: MSFT) to expand rural broadband internet access nationwide.

In a news release Tuesday, the companies said the initiative aims to extend access to 3 million unserved and underserved rural Americans by July 2022, helping close the rural broadband gap.

Under the agreement, Tilson and an affiliate called SQF LLC will perform and deliver network systems integration, pole ownership and consulting services for internet service providers nationwide that are part of Microsoft's Airband Initiative, which seeks to make use of low-cost wireless technologies to get more people in the world online. 

"Working with Microsoft and our ISP partners demonstrates our continued commitment to provide innovative solutions and make broadband more accessible and affordable for residents and businesses in our rural communities, said Tilson CEO Josh Broder, honored as a Mainebiz Business Leader of the Year in 2018.

Paul Garnett, senior director of the Microsoft Airband Initiative said, "Tilson has the proven track record and national footprint to help support large scale fixed wireless provider deployments as well as the successful expansion of an emerging TV white space ecosystem. Strategic partnerships with systems integrators such as Tilson will provide invaluable project support in the global effort to connect rural communities."

Building Maine's tech-solving 'brand' 

In response to a query from Mainebiz, Tilson said the effort with Microsoft will help Maine in two ways.

First, Tilson employees in the Pine Tree State are working on the project with impacts all over the country.

"We are putting more people to work solving the thorny problems of rural broadband and building our state's brand as a place you turn to solve complex technical problems," Broder said. "We have already launched engineering work in Maine for several other states, and already have people in the field in those states deploying networks."

Second, Tilson is helping another Microsoft partner, RTO Wireless, to deploy in Maine, by providing consulting, engineering, construction and pole ownership for new broadband technologies.

"For example," Broder said, "we recently deployed a trial TV whites space wireless site for them in Standish."

Long-term mission

Microsoft estimates that nearly 50% of the global population is not online.

Broder told Mainebiz said the target of bringing rural broadband to 3 million people is just an intermediate one for Tilson's initiative with Microsoft, and that there is no planned end date for that work.

"We are not done," he said, "until everyone in the world is well-served, and since data demand and expectations keep rising, we know we have to go back to places that were once considered well-served and bring the next generation of broadband technology."

Tilson employs more than 550 people in 23 locations nationwide and continues to staff up in several areas, listing dozens of open positions on its website.

Liberty Global steps in to rescue UPC/Sunrise deal

In a bid to rescue the uncertain takeover of its subsidiary UPC Switzerland by Swiss telecommunications company Sunrise, Liberty Global is to participate in the capital increase arranged to finance the deal and become a shareholder in the combined entity. However, Sunrise’s largest single shareholder Freenet still opposes the transaction.

Liberty Global has agreed to support the Sunrise rights offering up to an aggregate amount of CHF500 million (€455 million) through the purchase of trade-able subscription rights at market prices and the subsequent purchase of newly issued shares, if any, in the rights offering.

If fully utilized, the move would lead to Liberty Global owning 7.8% in Sunrise at current market prices. Sunrise and Liberty Global have also agreed that Liberty Global will receive one board seat nomination as long as its shareholding exceeds 5%. All other terms of the CHF6.3 billion transaction remain unchanged.

“We have always believed in the logic of this combination. It creates a national powerhouse that will provide a fully-converged challenger to Swisscom and represents a smart and accretive transaction for both Sunrise and Liberty shareholders,” said Mike Fries, CEO of Liberty Global. “We are also happy to support the financing. Both investors and consumers win when this deal closes.”

The takeover of UPC Switzerland is subject to the majority of Sunrise shareholders approving the capital increase at an extraordinary general meeting scheduled for October 23, 2019. Swiss regulatory authority WEKO recently approved the deal without conditions.

Sunrise welcomed Liberty Global’s move, arguing that the company could add considerable value by leveraging its operational and integration experience to support the management in delivering the synergies and running its high-speed broadband network. Liberty Global’s investment in the capital increase would also lessen the financial commitment needed from Sunrise shareholders.

“We welcome Liberty Global’s investment in our rights issue which further validates the compelling strategic and financial rationale of the combination between Sunrise and UPC Switzerland,” said Peter Kurer, chairman of the board of directors of Sunrise. “Liberty Global is a leading global cable operator and will bring considerable experience to our board to support management in running the combined business and delivering on our identified, actionable synergies. We look forward to welcoming Liberty Global as a significant shareholder in our company and, in due course, as partner in our board.”

However, it still remains uncertain whether the deal will go through. Sunrise’s largest single shareholder, German media group Freenet, has decided to uphold its opposition although Liberty Global’s move to become a shareholder in the combined entity has been one of the conditions demanded by Freenet.

“Liberty Global’s participation does not change our position or that of the majority of other shareholders on the deal”, a Freenet spokesperson told Broadband TV News. “We continue to believe that the deal is not good. The latest developments show that Sunrise is now trying every trick in the book to turn the tide. Liberty Global merely announces that it will participate at rock-bottom prices with the money it has won from an overpriced sale. This is a slap in the face of all existing shareholders.”

AT&T Sells Puerto Rico, U.S. Virgin Islands Assets to Liberty for $1.95B

Deal will boost Liberty’s holdings on the islands, expects to close in Q2 2020

Liberty Latin America has agreed to purchase AT&T’s wireless and wireline assets in Puerto Rico and the U.S. Virgin Islands for $1.95 billion in cash, the company said Wednesday. 

Liberty Latin America, which was spun off from John Malone’s LibertyGlobal as an independent publicly traded company in 2018, already has an extensive presence in Puerto Rico. This deal, according to Liberty Latin America CEO Balan Nair, will allow the company to expand its product portfolio to include a popular post-paid mobile offering and increase its distribution channels on the island.

News of the deal boosted Liberty Latin America stock was up nearly 3% in early trading Wednesday to $17.06 per share.

“The combination of AT&T’s leading mobile businesses with Liberty Puerto Rico’s leading high-speed broadband and TV business will create a strong and competitive integrated communications player, with a combined annual revenue of over $1.2 billion in Puerto Rico and $4.6 billion across LLA,” Nair said in a press release. “By continuing to invest in digital infrastructure, innovation, 5G networks and a friendly customer service experience, we are confident that this new combination will support our long-term growth profile and that this deal will be free cash flow accretive on a per share basis.”

The sale should also serve to calm some investors who had been advocating for AT&T to sell off non-core assets to help pay down its $80 billion in debt. In September, investor Elliott Management called for the company to sell off its DirecTV and WarnerMedia units to focus on its core wireless business. While this deal is not early as extreme, it shows that the company is at least paying attention. 

The assets involved in the deal include AT&T’s consumer mobile and B2B services in Puerto Rico and the U.S. Virgin Islands, but exclude its DirecTV customers in those areas. In Puerto Rico, which Liberty said accounts for about 90% of the total assets being acquired, AT&T is the top provider of mobile services, and has agreed to support Liberty Latin America for up to 36 months following the closing of the deal to enable an efficient transition.

Liberty Latin America will finance the transaction through a combination of $2.2 billion in borrowings on the combined assets and Liberty Puerto Rico (including refinancing $922.5 million in existing term loans at Liberty Puerto Rico) and the remaining $750 million from Liberty Latin America’s committed liquidity of $2.0 billion on June 30. 

Liontree LLC and Credit Suisse are acting as financial advisers to Liberty Latin America on the transaction. 

Top Latvian cable operator Baltcom sold

Bite Latvija has signed a purchase agreement to buy Baltcom, one of the leading cable operators in Latvia and Baltic Republics.

Quoting Kaspars Buls, the CEO of Bite Latvija, Dienas Bizness reports that the transaction, details of which are confidential, is subject to the approval of the Competition Council.

It adds that the two companies will continue to operate independently until permission is granted.

Buls also said that the acquisition will strengthen the competitiveness of the Bite Group, which currently offers mobile services.

Bite Latvija is owned by Bite Lietuva, which is backed by Providence Equity Partners, and has a share capital of €99.085 million. It had a turnover of €99.978 million and profit of €14.964 million in 2018.

Meanwhile, Baltcom, which was establised in 1991, has a registered capital of €33.011 million.

Solely owned by Luxembourg-registered Rpax One, it has a turnover of €17.099 million in 2018, or 3.4% more than a year earlier, while its loss fell by 48.6% to €1.914 million.

Deutsche Bank crowned global market leader for FI cash management in Euromoney survey

Survey of 25,000 corporates and financial institutions sees Deutsche Bank claim top prize in 19 global, regional and country categories for its cash management services and market leadership.

Deutsche Bank has been named the leading provider of cash management services to financial institutions in Euromoney’s Cash Management Survey 2019, while climbing to third place globally for corporate business.

“In the hotly contested Cash Management space, where Banks and FinTechs alike fight hard to gain market share and digitization revolutionizes the game, it is an outstanding achievement to have not only defended, but improved our position. There is no truer testament to our ability to provide market leading integrated treasury workflow solutions, across payments, liquidity and FX, than the confirmation and vote of confidence from our clients across the world" said Ole Matthiessen, global Head of Cash Mangement.

The survey, carried out annually since 2001 and widely considered a yardstick for success in the cash management business, received over 25,000 responses from both corporate and financial institution clients.

In the corporate polls, Deutsche Bank retained top spot for market share in both Germany and Western Europe for the eighth consecutive year, while leading the way for both market share and customer satisfaction in Portugal and Spain. The Bank was also named Best Service Provider in South Korea.

In the financial institution polls, Deutsche Bank showed its dominance in euro-denominated business – claiming top spot in Western Europe, the Nordics, Central and Eastern Europe, North America and Latin America. Its strength in US dollar clearing also saw it lead the way for market share in Western Europe as well as Central and Eastern Europe, where it also placed number one for the British pound and Japanese yen.

In addition, the Bank was also voted number one globally for Personnel and Best Service Provider in Latin America.

About Deutsche Bank

Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.

Forward-Looking Statements

This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on the plans, estimates and projections currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update any of them in light of new information or future events. By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which Deutsche Bank derives a substantial portion of its revenues and in which the bank holds a substantial portion of its assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of strategic initiatives of the bank, the reliability of the bank’s risk management policies, procedures and methods, and other risks referenced in the bank’s filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in the bank’s SEC Form 20-F of 22 March 2019 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.