Operator

Good morning, and welcome to today's conference call. Please note that we will take questions exclusively from research analysts.

I will now hand the call over to Mr. Andrea Orcel, Chief Executive Officer of UniCredit.

Andrea Orcel
Group CEO, Head of Italy Region & Director

Thank you. Good morning, and thank you for joining us. Before I begin today's presentation, I would like to make clear UniCredit's position vis-a-vis our strategy Unlimited and how we're looking at Commerzbank. Our top priority and unmatched engine for value creation for the next 5 years is UniCredit Unlimited, and we will remain fully focused on its execution.

There are 2 scenarios regarding our offer for Commerzbank. Scenario 1, remaining below control, which we can manage if we achieve a percentage that does not ensure returns above our cost of equity. In such scenario, UniCredit would probably remain below control for at least 12 months in order to fulfill its capital return commitment. Scenario 2, achieving control, with a percentage that ensures returns above our cost of equity.

In scenario 1, we revert to status quo, a net return of over