Exel published its Q2 report yesterday. Growth was clearly brisker than we expected, but the operating result was below our estimates. The key causes of joy in the report were undoubtedly related to excellently developed new orders, another record-high order book, and, thus, the short-term order situation looking better than before. Also looking further ahead there are a lot of opportunities and Exel’s own structural characteristics do not, in our opinion, place any restrictions on utilizing these opportunities. We consider the annual risk-adjusted return expectation consisting of the expected earnings growth and small dividend good enough.