Bank of Cyprus Holdings Public Limited Company ($BOCH)

[Foreign Language] Dear shareholders distinguished guests, it is with a great pleasure that I welcome you to the Annual General Meeting of the of the Bank of Cyprus. On behalf of the Board of Directors, I would like to thank you for being ahead of also like to request your cooperation and the Chair, the Executive Financial Director and other members of the Board of Directors and internal and external legal advisers and a year disposal to respond to any questions. I would like to give the floor to the secretary of the Board of Directors.

We have 43 shareholders attending today's meeting either in person or via proxies. This corresponds to 32.25% of the bank's share capital. which is equivalent to 140,595,769 shares. I would now like to invite both the Chairman and the CEO to address the shareholders. I would like to remind you that the speeches of both the Chairman and the CEO addressing the shareholders are also available on the company's website. Mr. Chairman?

[Foreign Language] On the interest rates as it all depends on the duration and extent of the moving parts. Interest rate increases in response to inflationary pressures usually takes 6 months to a year to feed through to the economy by which time inflation could be subsided while keeping interest rates steady as we are doing now may have a more stabilizing result medium term. In Europe, despite the original plan for possible rate cuts to, in fact, in 2026, inflationary pressures started as we all know, to surface before the start of the run warrant, perhaps now as a result of the base case or rate reductions will probably be put on hold until there is more visibility on geopolitics. At the same time, oil prices, which affects everyone, will perhaps stay at the current high levels, given the continued high demand the construction in oil supply and oil flows as well as the absence of an indication of the so-called demand destruction elements. Cyprus, like many other countries, faces risks arising from the ongoing conflict in the Middle East. These developments may lead to a weaker tourism performance. and increased inflationary pressures, particularly through elevated energy prices with the overall impact depending, of course, on the duration of the public. Thanks. Cyprus is well positioned to withstand these challenges, thanks to its resilient and open economy, which has historically outperformed the Euro area and strong physical fundamentals. This robust foundation enables the country to respond effectively to external shocks and support both households and businesses throughout periods of global uncertainty. As you will have noticed from our financial results and various announcements, our overall performance in 2025 was successful. We meet we met the exceeded and exceeded all of our quantitative and qualitative targets, enabling us to increase our payout ratio to the top end of our dividend policy of 70%. This strong performance is reflected in the significant increase in the back of Cyprus share price last year. Going forward, the bank will focus on maintaining our successful path, delivering sustainable and resilient profitability and attractive and sustainable shareholder returns up to 90% of full year earnings in 2026 and up to 100% in 2027 and 2028, respectively. Subject, of course, to market conditions as well as the outcome of the group's ongoing capital and liquidity planning strategy at the time. We will defend against emerging risks while further intensifying our digital initiatives, including AI integration and enriching our business model organically with new products and services. We will also explore inorganic growth through bolt-on acquisitions where they align with our clear criteria, but using mindfully our valuable capital. Our robust capital and liquidity positions provide us with a strong foundation to handle foreseeable challenges and execute our strategic plan. On behalf of all the members of the Board, I'd like to congratulate and thank once again our CEO, Panicos Nicolaou, his executive team and all the bank employees for their efforts and commitment throughout the year, which produce such stellar results. probably the best ever results for the bank. Finally, I wish to thank all the members my fellow members of our Board of Directors for their commitment and diligence in working together with the bank's executive team providing valuable guidance and direction in the successful performance. We will continue to offer best-in-class service to our customers, protect our shareholders while maintaining the resilience and credibility that has long defined Bank of Cyprus. Thank you. I would now like to invite the CEO, Panicos Nicolaou, to take the floor.

[Foreign Language] Please allow me to speak in English. For our shareholders, who are here present or virtually connected with us. So my speech will take a bit more than the Chairman because you're going to present also the results of 2025 and 2026. So he speaks in English. Yes. This is an important opportunity to take stock of 2025 to consider the current performance to outline our priorities over the coming years. 2025 was another strong year from Bank of Cyprus in which we deliver an attractive profitability of EUR 481 million and return on tangible equity of 18.6% on a strong capital base CET1 of 21%. Our strong financial performance and capital generation in 2025 enable us to significantly increase the share postdetection payout ratio to 70%, which is the top end of policy. In total, the dividend out of 2025 earnings amount to EUR 305 million, around exactly EUR 0.70 per share. We have built a strong track record of distribution to our shareholders. We have now paid almost EUR 550 million of cumulative dividend distributions over the last 2 financial years. And we are committed to continue to deliver attractive and sustainable shareholder returns subject, of course, to market conditions. Importantly, our strong performance also enabled us to maintain a robust capital position while increasing shareholder distributions. This combination of 2 is very important. Basis is 1 of the most highly capitalized banks in Europe. And we're able to deliver these strong results because our bank is in a very strong and good shape. We have a diversified business model holding leading positions in banking, in insurance and payment as well as operating. And this is also the leading mobile bank. This gives us a unique position in our relationships with our customers in Cyprus. And of course, we operate in an economy with good growth and a traditional and demonstrated resilience to external stops. So please allow me now to provide some overview of the performance of the site economy, starting with the citral economy for 2025 before discussing the performance of the group for the same year. Cyprus has a diversified service-based economy to continue to demonstrate resilience and growth despite ongoing geopolitical assets. The economy grew by 3.8% in 2025, significantly outperforming the euro area average of 1.5%. Growth was broad-based supported by the IT sector, record tourist arrivals, low unemployment and low inflation. In addition, Cyprus public debt continue to decline fully to 55% as of December 2025, well below the euro average of 88% and the public financial strengthened in 2025 recording and budget surplus of 2.5% of GDP. The vitality of the secret economy is reflected in its strong credit ratings 3, not just above investment grade. Despite the current Seafire agreement, the conflict in the Middle East has elevated global assistants, which in terms posters for the European and global economies. And anything affecting the European economy could also affect discipline economy through weaker terms activity and higher energy prices. We're fully impacted, as Carmasaid, the conflict in the economy remains certain and will depend largely on this duration. Nonetheless, Cyprus has consistently demonstrated remarkable flexibility and resilience in the face of external shocks, including the covipandemic, devolo crane and previously stability in the Middle East. And in fact, 2 days ago, we have seen that the growth of the economy for the first quarter was 3% actually was the best in not only Eurozone but in euro area, which has an average of 0.8%. So and Q1 also included March, which was a month after the war started. Furthermore, the spin government's robust fiscal position enable us to take decision action to mitigate other effects, specifically in response to high 10 elevated energy cost, the government has introduced a comprehensive package of financial support measures totaling over EUR 200 million aiming to provide relief to both households and businesses. For individuals, it aims to increase the burden of increased living express and pipe for business, particularly those in the 2 sector with offers targeted support to sustain operation and employment during this period of uncertain. Going forward, and despite the ongoing conflict forecast from international and local agencies still suggests that GDP growth will remain strong in the medium term. Reason official forecast adjusts GDP growth in the range of 2.7% to 2.9% for 2026 compared to 3% in December 2025. due, of course, to the ongoing geopolitical attentions. As this forecast suggests the per the conflict on the economy, as the current state of affairs appears to be manageable. Naturally, of course, as we already mentioned, this will depend of how this call will evolve in the future and how it will be ended, I would say, I will add. So moving now to ManoCiprus. Barosa financial performance for 2025 it was another strong year for the bank demonstrated by our financial and operational performance. We delivered attractive profitability with profit after tax EUR 581 million, equivalent to a solid tangible equity of 18.6% and basics admits of EUR 1.10 semis. We supported our customers and the separate economy with record new lending of 3.3% increase year-on-year while maintaining strict underwriting standards gross performing loans increased by 8% year-on-year to EUR 10.9 billion. We strengthened our capital and liquidity positions further with and total carryout ratio reaching 20% and 25.9%, respectively. And our retail fund deposit base increased by 8% year-on-year to EUR 22.2 billion. Our capital and liquidity ratios are among the highest in Europe. And we maintain healthy asset quality with our NPE ratio falling to 1.2%. As I have said, the strong performance in 2025 enabled us to significantly increase the shareholder distribution, both in terms of payout ratio the top end of our distribution policy, but also in Quantum to EUR 305 million, which is 25% increase versus the previous year. We paid EUR 87 million or EUR 0.20 per share as an interim dividend in October 2025, which was the first time we paid interim dividend since 2011. And the remaining EUR 202 million cash dividend of EUR 0.50 per share is scheduled to be paid in June and out from now, subject, of course, to your approval today. This represents a total dividend of EUR 0.70 per share or circa 45% increase with cash dividend year-on-year. Then this distribution is by far the largest since we started paying dividends in 2022 represents 9% yield for 2025 based on the share price on 31st of December 2025. So we have Takle 2025 and we met and exceeded our 2025 targets, giving us confidence that we will remain a very profitable bank in a normalized interest rate environment. In summary, we delivered a resilient net interest income of EUR 730 million. We are pleased with the results, which demonstrated that through higher loan and deposit volumes and increased hedging activity, we are able to absorb the effect of the rate reductions. A strong cost efficiency ratio reflecting our disciplined cost management. Banobras below 40 basis points, demonstrating continued high asset quality, a very healthy call generation in excess of 400 basis points pre distribution that was well ahead of our full year target of 300 basis points. And of course, a strong profitability with a return on tangible equity on 18.6% on a CET1 ratio of 20% in addition to achieving all of our all of the success, which are Medical, you can see the numbers. We continue to invest in our digital offering, and this is very important for us. We are proud to have the leading digital bank in situ that offer our customers the ability to conduct all of their banking activities with us via their phone. We offer any time, anywhere instant and automated credit decision across products really from mortgages, car loans, credit cards, insurance, buying our palate products. Moreover, we support customers we hear every day back in nice during the different stages of their lives, starting from a very young age, where financial litigation is paramount to the early adult years and beyond. Our advanced digital offering has been widely recognized and for 7 consecutive years, we received from Global Finance, the world's best digital bank in Cyprus award. So let's see now how we started the year. first quarter results, we are now on Monday. So I will now briefly summarize some of the key points from our first quarter results, which, as I said, we published on Monday and are available on the group's website. We delivered another strong performance in the first 3 months of 2026. We recorded a profit after tax of EUR 121 million, and our key performance metric return on tangible equity remains strong 2% above our full year target of mid-teens return. We continue to demonstrate efficiency with a cost income ratio of 37%. Our performing loan book grew by 7% year-on-year to EUR 11.1 billion, supported by a very strong new lending for the quarter of EUR 821 million. Our credit quality remained robust with our Nation despite being low, it continued to recuse from 1.2% to 1.1% our balance sheet continues to benefit from a robust capital position, thanks to the strong carbon generation and high liquidity. Our double-digit base continued to increase, up 8% on the prior year to EUR 22.3 billion. Our CET1 total capital ratio stood at 20.7% and 25.5%, respectively, including the Q1 profitability, but net of accrual of the tin dividend of 70% payout rate. Our strong performance in the first quarter provide us with confidence and ability that we have the ability to achieve our targets for the full year 2026. So what are our priorities going forward? On the third of March this year 2026, we had our Investor Day in Athens, where we announced our strategic priorities and business plan for the next 3 years. This business plan presented was drawn up prior to the events in Iran. To the extent that economic environment is operating changes, so our plans will evolve. But our priorities remain a change. We have to generate sustainable a resilient profitability and attractive and sustainable shareholder returns, and they were sustainable is deliberately chosen for each priority, reflecting the attitude of myself and my management team. Those of you who have followed us over the past few years, we'll recognize that we have consistently managed the bank with a clear focus on delivery, not only in the short term, but most importantly, in the long term. In order to achieve our financial strategic priorities, we have to announce and we have announced several financial targets for the period 2026 to 2028. Now briefly, we expect to deliver mid-teens term tangible equity over the next 3 years. This will be despite our coloration remain well above the 15% based though on a 50% CTR ratio, this will translate into the intangible equity of over 20% throughout the period and 2028. This level of profitability supports strong core generation of 300 or 350 to 400 basis points per annum. We will, of course, maintain our focus on cash flow cost management as we have done for several years while continuing investing in IT, including artificial intelligence. The cost-to-income ratio is expected to remain around 40% throughout the period 2026 to 2028. we will continue to protect our balance sheet and maintain high asset quality with continued application of meticulous underwriting standards. We expect the cost of risk to be at the lower end of our long-established normalized range of 40 to 15 basis points guidance offered over the next 3 years. We will remain committed to a meaningful distribution introduction for the first time top-up dividends. We expect the total payout ratio to reach up to 90% for 2026 profitability and for the year per year for 2027 and 2028, well exceeding the top end of our distribution policy of 70% these distributions are, of course, subject to market conditions as well as the outcome of the group's ongoing capital and liquidity planning strategy at the time. So in summary, base performance in 2025 was strong, which enabled us to deliver on our commitment of attractive shareholder returns with a 25% increase in the tenant distribution year-on-year. To reiterate that the EUR 305 million distribution from 2025 earnings is by far the largest since will start paying dividends in 2022. Today, the bank is in a very good shape. It is a leading banking cycle with strong customer relationships and has the leading digital offering. In addition, it operational economy that has traditionally demonstrated resilience to extend our shocks and consistently outperform the euro area. These, combined with our proven ability to execute our strategy, give us confidence today in our ability to deliver sustainable and increasingly attractive shareholder returns over the coming years. Nevertheless, geopolitical uncertainty remains high and the extent of the inbound the shipper economy is still unclear. The actions we have taken in recent years coupled with our strong performance in 2025, mean Lebara Cyprus is well positioned to deal with this current uncertainty. However, to the extent that the economic environment in which we operate changes, of course, our plans will evolve. At the head of our customers is our cereal business is our customers. As we demonstrated in 2025, for example, the launch of the first digital housing loan cycles. We'll continue to innovate and enhanced our product services to meet our customer needs and ensure the best experience possible. As the leading financial services group in Cypress, of course, Baro Cyprus is a the center of the cited economy. It is a responsibility that we take seriously the bank is a major contribution contributor to the CP society and culture. Our marketing decade support for Bagap Oncology Center embargo Cyprus has care foundation are 2 just 2 clear examples among many others. The bank will remain a pillar of stability to dissipate economy and a pro supported of the CP society and culture. And everything we do on Bank of Cyprus is a team effort. I would like to thank the members of my executive team and all my colleagues whose committed to serving our customers and deliver results drives our performance. Thank you, our charters for your investment and constructive feedback and engagement during the year. I'm also extremely grateful to the Chairman of the Board of Directors and the rest of the members for their continued support and trust. And Needless to say that I am extremely proud but an honor to lead this credit institution. Thank you all very much.

Thank you, Panos. We're now moving on to the business of the Annual General Meeting and the proposed resolution. As indicated in the notice of the meeting, we will take all resolutions on a poll vote by means of electronic voting and I therefore ask Katia Santis, the Company Secretary to elaborate.

And the Article 62 of BSE Holdings stiles of Association, the Chairman is entitled to demand a poll on any resolution. .

I presume that all of you have read the AGM notice with the proposed resolution and the agenda related documents. The notices includes the agenda of for the ordinary and special business of the AGM as well as explanations for each agenda item, we notice is both in English and Agri and has been posted on the bank's website and all agenda related reports are available on the bank's website. . Any questions or comments you may have about all of these reports and proposed resolutions can be raised later in the meeting, unless there are any objections we can consider these documents as already read if no objections, we keep the part and the poll is now open for all the resolutions on today's agenda. I invite the Secretary to explain how the shareholders may exercise their vote through the Lumi application.

Thank you, Mr. Chairman. You can see the website on which you can log in using your shareholder ID and the password there in order to view the screens. And then you'll be able to see the poly icon on the navigation bar at the bottom of your screen where all resolutions and voting choices will be displayed to vote, you simply select your voting direction from the options shown on screen. A confirmation message will appear to show your vote has been received. To change your vote you simply choose another direction. If you wish to cancel your vote, please press cancel. You may vote or change your vote at any time during the meeting until the Chairman announces the closing of the voting on the resolutions. At that point, your last choice will be submitted. Chairman has opened the voting for the resolution. So you have to look at your screen. The bar also the bottom of your screen and today, you can find the resolutions and the choices in order to vote, you choose 1 of for the available choices, which are on your screen. So we will see an approved message for the receipt of your vote in order to change your vote and choose another choice. If you wish to cancel your vote, press cancellation and you can vote or change your vote during the until the Chairman announces the completion of the voting. At this point, your last choice will be charged. I mean, prior to the closing of this voting. In the Lumi application as usual or orally, if the question is posed by a shareholder physically present at this meeting. I would kindly ask you to be brief and to the point when submitting questions related to the AGM agenda only. We will only take questions that are relevant to the business of the AGM and let's make that clear. We allocate 15 minutes for questions. So Katia will keep us posted.

We have 1 question, please. Yes.

Stefan Calis from Senvest. Just a comment invest is the bank's largest shareholder, would like to congratulate [indiscernible] the executive team for the continuing strong financial performance and for the great support is providing to the superior economy as well. With regards to the 70% dividend payout and the top-up dividend of up to 20% for 2026 and up to 30% for '27, '28 in we consider these payouts essential where the bank's shares continue to provide attractive returns to investors. We also need to stress that the international investment community fully expects that the bank's top-up dividend will be at the top of the stated range. Thank you.

[Foreign Language] so that the foreign can hear in English. The people that saw their shares diminishing in value. the association sent a note congratulating the bank for its successful years. And also making a request, so my comments contain the request at the end of it. The request is that a small part of the profits over a number of years is allocated through a scheme to the old shareholders in order to remedy the loss they suffered. Years ago, the bank had a campaign which said Merali and [indiscernible] big and human. So we want to remind you of this. It also had another ad, which said [indiscernible] think of it and it's doable because I suspect that we will not have a progress because you will say it's not doable. Everything is doable the bank surely spends a lot of money in advertising it also has a social program, as Panicos mentioned just a few minutes ago. The best advertisement for the bank is to make such a gesture to the 90,000 shareholders for your customers who are shareholders of this bank for the last 3, 4, 5 generations. We are what called [indiscernible] this is the request and I wish that the Board will consider it seriously. It's a win-win for the bank.

Thank you. Thank you, Sabroz. I will start by saying that, okay, CSR marketing customer benefits is totally different from rewarding the shareholders. I would just like to emphasize that this bank and the Board of Directors, as you can understand because you know how things work. We are actually responsible to take care of our current shareholders, which has invested in the bank and supported the bank so to the extent that the all shareholders are currently put I'm sure that they enjoy the benefits of the higher dividend payout ratios. We understand we are request but this is our response today.

I would like to congratulate you for the results. encase this replay is very disappointing because you have not request, I mean, from shareholders and the shareholders will apply to you. No, they are not ready to give for the next 10 years, 2% of the net profits of the bank as on social provision to these people who in brackets sacrificed in order for the bank to remain live, you're not talking about compensation, you're talking about social awareness of social sensibility. And without even demanding it, with important shareholders of the bank, and they can work within the social profits. I mean, a small percentage of the banks we are talking about 90,000 people who sacrificed themselves and I see many of them here or a number of those are not here. And 2 people who over 10 years and we are here every time they would submit this request. Today, they are not with us, both died in the last year and 2 of them, I found I mean I know because the foam it was economic distance issue from the haircut of their shares in 2013. So the management rejects this suggestion without saying that, yes, we can a small percentage. And if the shareholders refuse or you can say that I'm the Chairman, the shareholders do not agree with that. So that's it. I mean that's it replied to your request. I would like to remind you that you have the depositors prior to the shareholders and the depositors come first. Correct. So there is an order, let's say. So then any shareholder, you can submit a resolution. And loaded to the microphone, please. I believe that you understand and I hope you understand. Please, your microphone. so of the microphone, of the microphone. No, this is not what I'm saying. I'm saying that the depositors come first because they went through Bailin they also suffered from here cuts. I'm talking about depositors, Yes, shareholders were 113 million Yes, there is an order, if I understand, yes. And the suggestion is to take this decision to the existing shareholders.

So if you do not wish to submit this suggestion to the shareholders, it's another story Panicos and now he speaks in English one older shareholders is sounds like an excuse. What we are proposing is something which is beneficial to the bank the publicity you will receive the respect, which has been with you for all these years is more important than what you're saying thank you.

Grades. I would like to come back to what has been said because I tabled suggest last year and that we repeat it. So to have equal, I mean, all shareholders because I believe that this is on, it could be done to purchase a number of shares higher price. I mean those who have 10, 18 shares, purchase them at the price of 100 shares for all the shareholders. I believe that this can be done. There is the principle of all the shareholders equally. Yes, this is what I'm saying. Yes, this is by law. .

So yes, I'm saying that from all shareholders, the first 20 shares in 100 shares sorry, per share. This means equal. So I have other questions which are relevant to this topic. So how do you see the or rather how this situation, the political situation, whether this affects the economy of Cyprus because you have a problem with tourism, reduced tourists and you can see that the bank goes very fast to digital transformation, digital bank. So more things have been done digitally. So we reduced the number of the banks and also the number of employees are being also reduced. And sometimes, when I go to a bank, I see that there is a long can also which new things digitally, you wish to do in the last remark. And of course, it's more an operational one, but I would like the Board of Directors to know that, that we see that in 3 bank departments, I mean to misinform the client, and he gives roles information. And later, in person, I would like to share with you these examples because I believe that this is very serious. Now with regard to your opinion about the economy in the future economy, Mr. Nicolas mentioned in his presentation, maybe you lost at the moment. I mean we said that you are very positive. We believe that the economy of Cypress is very resilient and it can take the shocks as the bank has proven to date. Now with regard to digital, transformation, we can speak about I mean here for an hour to bring here the experts and to see what they are doing from AI or digital transformation, we spent EUR 80 million per year in technology. So technology purchase today in 3 years, it's finished. So we have to repurchase. So it's very difficult for us to make provisions what you are going to do or what would amount will be spent but if you have more information about the technology, we have experts to explain to you, this is not up to the to talk about it the other topic. But the previous because we fail, it's also not AGM. And to close it, we are going to rethink your proposal. The 1 shareholder, but that was a previous shareholder that had about 1 million shares of Banco Snipes, like the gentleman here next to me that they lost them all plus EUR 2 million in deposits from a private business. So but that is stopping from significantly in the share price when it was significantly under market in late 2021 and made more than 10x of that sum in profits. You were every year, we hear this story, you come here, you address the Board, different board, a different company requesting some remuneration for previous capital structure. As Benny correctly said, I think it wasn't convey correctly, maybe you didn't. The first 1 that lost money is the deposit Denise subordinated bondholder that in Europe, the senior bond holder and then we have the shareholder. So if anyone was going to get any money from not this company from maybe some charity because what you're asking is possibly for the current shareholders, which, well, well made millions to create a fund like a charity fund and compensate you guys. But if the first 1 from this supposed charity entitled to any funds should be the average depositor that lost money. But again, the question is not applicable. We hear it every year. And I'd like to remind you that a lot of us are families, our parents and all the shareholders lost a lot of money, but there was the opportunity that unfortunately, people didn't take advantage of. So I think this matter is not shouldn't be addressed to this gentlemen women that we have in front of us. Thank you.

So? yes. both in the is something that the omnistores out and order SP-8 Something else and you are being accused about super profits, but in public, I have never had a play -- would you call those popular for me dangerous people to explain the profits and lower profits. I mean, what do -- what they believe are profits and other profits if you can help us, I would appreciate No. My question is addressed to you. So let us those who can reply. I mean, the profits and other profits and give a reply because many people do not know that the bank of Cypress do not pay only this percentage. Corporate percentage, you are saying that bank pays the tax so the huge majority of people, and we have people on channels. And so please and how many millions are spent or provide to social performance. These are in the text of the picture by Mr. Nicolau.

Microphone but I'm not going to do what the channels wait from us. I'm sorry. And this is not an issue for the AGM. I would like to remind Andres, but in many, many events on meetings with January, they have commented many times the issue of the taxation of over proceeds of the banks and -- so some time is better not to cause more discussions. So a suggestion. So a year ago, the bank gave bonds company bonds also to private clients with 5,000, 10,000. So I would like you to go through that, if you whether you can do that again. Why? Can you tell me just to give an opportunity had to some people who do not have maybe 100,000 or 200,000 to purchase the bonds of the Bank of Cyprus to do it. In the past, the bank has done this. And also other banks were doing this in the recent years. This is not happening. We are addressing yourself only to large companies for lots of money. This is a suggestion, of course, I cannot pose you to do it. it's a good suggestion, just for, I don't know, EUR 20,000 to issue a bond and everybody could I mean anybody could buy. So the bond -- the issue of these bonds -- and to give it to private investors, the rules which concern this problem and the regular framework has been developed a lot during mid-2020. So as you know, we lost many -- lots of money, and we had a lot of actions. And for these bonds, bonds as well. for on the same thing apply. But the way we issue now the bonds to institutional investors and through institutional financial institutions, via of the market and I say wishes to purchase these there are minimum amounts and via the adviser financial adviser, but this is not a part of our plan to go back to the issuance of bond to private investors. Because this is very, very complicated, even to explain the risk to the investor and to manage this client in the future. So our job finishes at issuing the bonds to the market, and I would like to add to this. But as you know, EUR 7 billion for the ECB for the European Central Bank would not need to take out more money. or pay more dividends on a paper, we would not need.

what Mr. Liao said, so this is a refunding things which terminated. This is not something I would like to ask Mr. Sandy to tell us their results. from dividing I have to close the poll.