Société Générale Société anonyme ($GLE)

Ladies and gentlemen, I'm delighted to welcome you to the CNIT Center. This is the 11th meeting that I've chaired, and it's also my last, right. And for 11 years as the first independent Chairman of Societe Generale and with the support of the Board of Directors, we've been able to maintain the benefits of the governance of the very highest standards, which has enabled us to weather crisis, of which there were many serious sanctions, COVID, Russian crisis. We also managed to renew the company by successfully managing the leadership transition from [indiscernible] to Slavomir Krupa, we managed to define and implement in 2023, a strategic review that has now enabled Societe Generale to rejoin the rights of Europe's leading banks. Now at the end of this term of office, the 2025 performance is historic, the result of the transformation initiated 3 years ago. The slide on the value creation from 2015 to the date of of my appointment as Chairman speaks for itself, and I think illustrates the performance of recent years. Although it should not be misleading, right, there remains much to be done to consolidate the reorganization of our group. And Mr. Krupa will certainly outline the main thrust of our thinking for the future, which is set against a backdrop of profound change, a macroeconomic and geopolitical environment in crisis and caught with uncertainty, a technological revolution driven by AI [indiscernible] in how bank customers use their services, the success of [indiscernible] bank being one of the symbols of this, the emergence of crypto assets and stablecoins with Forge. We are one of the key players by huge global financing [indiscernible] particularly for the energy transition. So the list of all the re-struction is a long one, right? Now to conclude this brief introduction, I must pay tribute on behalf of the Board of Directors and on behalf of you all to the performance of the bank staff and management. Without them, none of this would be possible. Joining me on stage to speak with you Slavomir Krupa, who is CEO; and Pierre Palmieri, who is the Deputy CEO. Now during our meeting, we'll have an update on the results by our CFO, Leopoldo Trenor. We'll have an update on strategy by our CEO, Slavomir Krupa. We'll have a specific agenda item on CSR and climate change -- this by Pierre Palmieri have an update on the corporate governance, this by myself. We'll have an update on remuneration by Annette Messemer, who is Chair of the Remuneration Committee, and we'll have the discussion followed by her on the resolutions, right? Now before we proceed to formalities, so our quorum is at 93% -- [indiscernible] for 30,575 shareholders. Patrick [indiscernible], who did the supervision of '26 general assemblies told me this is a record-breaking call. So with this, we may now proceed to the appointment of the officers of our Annual General Meeting. The 2 shareholders who have accepted the rules and who either as proxies hold the largest number of votes have been appointed as scrutineers, [indiscernible] representing BNP Paribas Asset Management and Mr. [indiscernible] representing Amundi. I'd like to thank the for their agreement and propose that as Secretary of the Board of Directors, we appoint Patrick Suet right? Sorry, He is secretary of the board and he will be appointed Secretary to the meeting. He's been a Secretary of the Board since 2010. And by the way, this is his last general assembly, and I'd like to thank him for his work. I also would like to remind you that we have in detail all the documents on our line and made available to [indiscernible]. Our proceedings have been broadcast live on the Internet and will be available to view on demand on our website. Now as we do every year, we conducted a survey of shareholders in preparation for this Annual General Meeting and 4,040 individual shareholders responded. And as it is the case every year, the survey shows that your primary interest lies in the group's strategy, results and financial structure as well as in the dividend and distribution policy. These are followed by executive remuneration, risk management as well as the group's innovation and digital transformation. Now all of these topics will be discussed today, and you will have the opportunity to revisit them during the debate. To ensure this session run smoothly, I would like to inform you that staff members are stationed at the entrance to answer any questions you may have. I would also like to point out that whilst this meeting is being streamed online, we are committed to respecting each and every one of you by not broadcasting images of those attending the general meeting, including those asking questions. Right. Ladies and gentlemen, with this, I would like to move to the next item, and I'll ask Leopoldo Trenor to join us on board for the financial results. So he will be speaking in English, but we will have a translation into English for those who need this.

Ladies and gentlemen, I am delighted to be here with you once again to present the group's performance. I would like to take you through our 2025 results, followed by our ambition for 2026 before concluding with our first quarter 2026 performance published on the 30th of April last year. Now let me continue in English, please. As you can see on the slide, 2025 was another year of strong achievements across all key metrics with all 2025 targets achieved or exceeded. In details, our revenues were up by almost 7%, excluding disposals, more than double our target of above 3% driven by a strong performance across all our businesses. We had a strong increase in the net interest income in French retail and record high assets under management, both in Life Insurance and Private Banking activities. Wholesale Bank continued to grow sharply, gaining 1.9 million new clients, bringing its total to close to EUR 9 million by the end of 2025. Global Banking and Investor Solutions had a record year in terms of revenues, exceeding the EUR 10 billion mark, driven by a strong performance in both Global Markets and Banking & Advisory. International Retail Banking continued to deliver robust commercial performance, especially [ KB and BRD ], our retail banking franchises in the Czech Republic and Romania, with a successful optimization and continued digitalization of the respective distribution networks. [ Evans ] continued to steadily enhance its margins throughout 2025, thanks to the strategic decision to focus on profitability and key risk management. Furthermore, we maintained strict discipline in cost monitoring and risk management. On one hand, our costs are down minus 2% compared to 2024, excluding disposals, better than our 2025 target of more than minus 1% and allowing us to reach a cost-to-income ratio of 63.6% for the year. This is more than 5 percentage points of improvement over the previous year and improving our 2025 target of a cost-to-income ratio below 65%. This evolution demonstrates our absolute commitment to reduce structurally our cost base. On the other hand, cost of risk for the year was 26 basis points at the lower end of our guidance range, reflecting the high quality of our loan origination as well as the diversification and strength of our risk management. Overall, this translated into a significant improvement in profitability with our ROTE reaching 10.2% for the year, up 3.3 percentage points versus 2024 and comfortably above our 2025 target of around 9%. Finally, these earnings allowed us to further strengthen our capital by around 20 basis points over the year to reach a CET1 ratio of 13.5% after Basel IV implementation, a strong level, especially taking into account that we executed in 2025, our first ever extraordinary distributions in the form of 2 additional share buybacks for a total amount of EUR 2 billion. Our 2026 targets reflect our continued focus on growth, operating leverage and sound risk management. The execution of our road map resulted in an upgrade of our return on tangible equity target to more than 10% for the year versus the one set at the CMD back in 2023 of a range of 9% to 10%. In details, for 2026, we expect a revenue growth above 2% versus '25 on a reported basis, a further net cost decrease of around minus 3% versus 2025, again on a reported basis, a cost-to-income ratio below 60% a cost of risk within the 25 to 30 basis points range. And last, CET1 ratio above 13% throughout the year. At business level, all our CMD financial targets for 2026 are confirmed. Looking in details, [indiscernible] Bank will fuel 2026 profitability, contributing more than EUR 300 million to the group's net income. In addition, the Global Markets revenue target is adjusted for the consolidation of Bernstein U.S. and is now estimated between EUR 5.1 billion and EUR 5.7 billion for 2026. On costs, the objective to further enhance operational efficiency remains consistent across all businesses. Accordingly, we confirm the cost-to-income ratio targets in 2026 for each business line with a cost-to-income ratio below 60% in French Retail, Private Banking and Insurance, a cost-to-income ratio below 65% in Global Banking and Investor Solutions, a cost-to-income ratio below 55% in Mobility, International Retail Banking and Financial Services, including a cost-to-income ratio of around 52% at [indiscernible] level, excluding used car sales results and other nonrecurrent items. To conclude, let's move on to our Q1 '26 financial results. These results demonstrate the consistency of our execution and confirm that we're well on track to meet our 2026 targets. We reported a group net income of EUR 1.7 billion, up 5.5% versus Q1 2025. Consistent with previous quarters, these results demonstrate the sustainable improvement of our performance, both commercially and financially across our businesses. Revenues were up 0.3% despite negative impacts from FX and disposals completed in Q1 '25. While at constant perimeter and exchange rate, the evolution was 4.4%. Costs are down 6% compared to Q1 '25, better than our annual target of a cost reduction of around minus 3% and down 2.6% compared to Q1 '25 at constant perimeter and exchange rates. As a result, the group achieved a cost-to-income ratio of 60.9% or 57.6% when linearizing IFRIC 21 taxes, which are yearly taxes fully paid in Q1 each year. This is in line with our end of year target of a cost-to-income ratio below 60%. At the same time, the group continues to apply a rigorous risk management observable through a low cost of risk at 25 basis points at the low end of our range of 25 to 30 basis points, reflecting our strong asset quality in a complex and uncertain environment. All of this resulted in an improvement of our return on tangible equity to 11.7%, well ahead of our end of the year guidance of more than 10%. Finally, we maintained a strong capital position with a CET1 ratio of 13.5% at the end of Q1 '26. So to conclude, our results confirm our group's solid fundamentals with performance improving quarter-on-quarter, which reinforces our confidence in achieving our 2026 targets. Furthermore, thanks to a strong capital position and rigorous risk management, we approach the current environment with confidence. Thank you very much.

Well, thank you, Leopoldo. I now give the floor to Guillaume [indiscernible] on behalf of the Board of Statutory Auditors.

Thank you, Mr. Chairman. Ladies and gentlemen, dear shareholders, hello in the name of KMPG and PwC. I am happy to present the 10 reports that we have established, which have been set out to you in the bundle of documents. So we have 2 reports on accounts, 2 reports on information of sustainability, special reports and 2 reports on various operations on share distributions. Now regarding the results, consolidated accounts for 2025. Let me remind you that [indiscernible] is about ensuring that these results have been, let's say, achieved without [indiscernible]. And we can without [indiscernible] approve these results. And obviously, you will be approving these results in the first and second resolution [indiscernible] . We also have a presentation on a certain number of works that we bear a certain number of risks. We call these the key items of the audit. We have 9 of them regarding the financials for 2025. 5 of these items are about the consolidated accounts and the [ key ] accounts. So we have a certain number of credits to clients, financials additions to actually [indiscernible] the legal and tax risks the risk related to outstanding in France, number of IT-related controls linked to market operations. 3 key items are about the consolidated accounts and namely regarding the payments activities in car rentals, the variable commissions is also and the adjust hedging of interest rates, namely specifically for Retail Banking in France. And finally, regarding the yearly results for [indiscernible] participations in companies. We have a number of other aspects that we cover in this report and we submit to the Audit Committee a detailed report regarding these, we do not have any specific observations regarding the internal management report. And we do these reports taking into account the European [indiscernible]. Societe Generale has published a certain number of information in their yearly reports that fit within the CSRD European directive. Now within our reports and the idea being to provide you with a limited insurance, we present you with the conclusion of our work. And we can, therefore, say that we do not see any mistakes or errors regarding the compliance to the various rules and regulations of the information that has been published. Regarding the special report on set number of regulated conventions, which is the fourth resolution, we can inform you that no resolution has been submitted to us and no resolution already approved by this assembly has [indiscernible] the question. Regarding the 6 reports on certain number of capital-related operations and share distributions. Some are being submitted to you under resolutions 19 to 23. These reports are to do with a certain number of share distributions and bond issuance and increase -- capital increase for a certain number of subscription mechanisms. For each of these reports, we have no specific observation to mention. I would like to mention also that we obviously could not issue or give any opinion regarding the reports as the [indiscernible have not been submitted to us. We also have 2 reports on authorizations which have been submitted to you for approval for the distribution of free shares related to performance. In our report, we did not mention any information about the reports provided to us by the Board. This will be submitted to you in Resolutions 24 and 25. And finally, regarding the authorization that you will be suggested to you to approve through management. So this is Resolution 26. We have no observation to submit to you. Mr. Chairman, with this, I would like to thank you for the trust you put in us, and we are very happy to continue working with you.

Well, thank you for Mr. [indiscernible]. And we now give the floor to Slavomir Krupa, who is our Chief Executive Officer, so that he may provide an update on the implementation of the strategy defined at the end of 2023, which, by the way, runs until 2026 as well as the preparations for the new strategic plan, which is due to be presented on the 21st of September 2026. But first of all, a short video. [Presentation]

Ladies and gentlemen, dear shareholders, in May 2023, 3 years ago, you entrusted me with the responsibility of leading our group as Chief Executive Officer. And with your trust and with the support of the Board, I would like to thank everyone for the work you have done. We have opened a new era of our history. Starting with a clear diagnostic, we have come up with a plan. We have been able to present it in a very transparent way in September. In May 2024, 2025, I told you that we have been able to do exactly what we wanted to do without deviating from our strategy at all. And I also told you that we would be trying to reach our objectives right up until the end of 2026. So today, I wanted to say the same thing to you. For the second year, we have exceeded in 2025, all of the objectives that we had set for ourselves. And this is based on a solid foundation for our bank, rebuilding the foundations of our group. So we have a good liquidity situation, organic growth, better efficiency, managed risk and better profitability, everything that we needed to do to be able to continue to exist in a sustainable way and also to finance this economy for our clients. This is a very difficult step for us, transforming our business, which has been something that has been very difficult to do, but necessary to be able to have better credibility. And this is also important for the future of our bank. So we have to work very carefully. We have to be very methodical -- we need to have in our minds, the interest of shareholders, our employees and all of the stakeholders. We have to transform our culture, our process and the organization of our work. This is something that we are doing now, and it is very demanding. We have followed three principles. So sustainable growth with a good portfolio profitability, thanks to a more efficient portfolio. So first of all, so a strong bank is one that is something that is based on a strong solid foundation. Capital in our industry is a natural resource. It is -- capital allows us to have margin maneuver through economic cycles and to allow us to sustain our growth and our resilience. We are at 13% of equity. We have -- and this is a fundamental decision. This is a decision that we made in 2023 in a major undertaking. We, therefore, increased our capital base by more than EUR 4 billion, and we achieved this by utilizing all available levers and almost 2 years ahead of schedule. And this allowed us to do as of 2025 to look at our distribution policy and begin distributing in a rational way, a considered matter a portion of our capital surplus to shareholders. Now sustainable growth. We simplified our portfolio, activities portfolio in a very responsible way. And we have done this respecting the company, the customers and for our group. We have been able to focus on transforming our core businesses we are stronger, so we are most needed and where we create the most value sustainably. For our market activities, we have also invested in the group's net [indiscernible]. For our market, we have -- so for our financing and advisory activity, we have launched a new model to improve our balance sheet efficiency in order to strategically increase the capacity to originate financing for our clients and distribute to investors. And this allow us to help our clients in their major transitions and energy and technology transition. So -- and this has allowed us to increase by 50% since 2023, the amounts that we have been able to pay out to clients. Now with the creation of [indiscernible], which manages a fleet of nearly 3.5 million vehicles throughout the world, we have been able to consolidate the foundations of a global leader in this sector. I would like to add that [indiscernible] through the gradual electrification of its vehicle fleet is making a real contribution on a scale befitting leader to the decarbonization of mobility with 1/3 of the vehicles in its fleet being electric. And we have gone on the offensive in Retail Banking, Insurance and Private Banking in 2023 with [indiscernible] Bank, of course, a fully fledged bank, a leader in online banking and approaching roughly EUR 80 billion in assets under management and an average of around EUR 9 million per customer. So this bank has remained profitable for the third year running, demonstrating both the strength and sustainability of its model. Now in traditional banking [indiscernible] is back in [indiscernible] serving its customers across all key product lines, starting with mortgages and leading the way in savings with rate of inflows into life insurance and offering very attractive returns to customers and leading positions as a wealth management bank in France. And we are also building, let's say, the future of this activity. Now our profitability, well, profitability, obviously, is very important for us to continue what we do. And this is the only source in terms of our investment ability. Now obviously, we try to work with a lot of discipline and if I may say, unprecedented discipline for our group, right, from a structured and consistent approach to thoroughly review our cost base, achieving a 10% reduction in cost compared to 2024 and 2025, excluding assets disposals, which is better than the annual target of 1%. And we thereby improved our operating leverage by more than 10 percentage points compared to 2023. And we also have a very ambitious target for 2026 to reduce operating [indiscernible] by 3%. Now -- when it comes to operational efficiency, we are very far from where we want to be. Our performances are very far from our European peers. And we are very much decided as on day 1 to continue pushing down this way. And we are going to work on this transition, ensuring that we all stick together and that we all take up the various challenges that come our way. We have achieved many, many good results and actually the best in our history in 2025, right? Growth across all business lines and targets exceeded in every respect, right, even though we had to proceed with a [indiscernible] number of disposals. Our reported profitability has been -- has reached 10%. It's much better than the average from 2018 to 2022. And the ability to achieve all these objectives at the same time is, I believe, the main feat of our performance since 2023. We, I believe, brought trust back to the market, investors, to you, shareholders, because without your trust, there is no future, no sustainable future for a company our size. And if we look at the share price evolution, well, I think this just goes to show that we have managed to bring back trust to the company. The cost of capital is at a historically low level for Societe Generale. In 3 years, we have multiplied by [indiscernible] of the company. And I mean, we are breaking many records in this respect. Now for our shareholders, this represents obviously a value creation without parallel in our group's recent history, right? And we have roughly EUR 4.7 billion returned to shareholders for 2025 in the form of dividends and share buybacks. And in 2025, one of this total shareholder return is over roughly 237%, as you can see on this slide. Now this value creation obviously directly benefits the employee shareholders who represent 10% of the company's equity. And they are rewarded as employees, but also as shareholders. Our Dear shareholders, I think we have begun to write our story at new with the opportunity to once again be masters of our destiny. Now obviously, there are uncertainties, they are different, right? We have geopolitical crisis. We have the crisis in the Middle East, the restructuring of the value chains, technological disruptions, disruptions in international trade, supply of raw material, critical metals and without the channels through which these factors affect the economy being entirely foreseeable or predictable. Fundamentally, something has changed in the way we must manage [indiscernible] groups in this increasingly uncertain world. We need to ensure risk management. We must apply the instincts, right, throughout our banking history. We need to monitor these risks, extreme risks namely. We need to, in other words, do our work with a lot of rigor and discipline and always questioning what we do, the way we do it in order to better perform year after year. We have a solid track record. But most of all, we recognize that this is a work that needs to be done and improved on a daily basis. Stronger we can also tackle the challenge of artificial intelligence, head-on artificial intelligence has become almost a stable of [indiscernible] features, right? The impact of AI are massive, decisive. These impacts need to be prepared, and we are preparing for them because there are certain number of prerequisites in taking on new technologies, a certain number of different architectures in order to ensure that they are performing, and this obviously requires a certain number of modern infrastructure. So we've been working on these issues, topics for years now in order to make this technological transition possible. We've launched a certain number of trials, tests. We are also training our employees to take on these changes. But -- obviously no one knows to what extent and how fast these changes will hit us and how the impact will be big. We are in a transition. The banking industry is a great industry and a great industry in which the quality of data management is huge. And if we manage this in the right way, we will perform better and be able to reduce our costs. So we are taking on this challenge, and we will be successful. Ladies and gentlemen, since 2023, we have rebuilt strong basis for our activity. If we continue with the necessary transitions or transformations, we will manage to continue the good results that we have shown in recent years. The financial solidity, the strategical rigor, the rigor in terms of cost management are the basis of a strong and sustainable growth. This rigor is also the basis of a long-term quality commitment to our pledge to fund the economy and serve our clients. And we are determined to ensure that this does not change. We have presented our strategy and our road map in 2023. We have implemented it in a very rigorous manner with results that you know. The commitment of all which will allow us to achieve and even do better than the 2026 objectives that we have set ourselves. We are going to continue to do this, but we are much stronger to do so, and we will be able to go even further in order to do better than many of the best-performing banks in Europe. And this is an ambition that we will have at the heart of our next Capital Market Day on 21st of September 2026, which will mark the start of the second phase of transformation. Now I would like, obviously, to end my speech with a special thank you to our Chair, Lorenzo, who is, as he mentioned, chairing today his final Annual General Meeting. Lorenzo's contribution to our governance over the years has been absolutely pivotal. He has brought to our group his broad perspective, his experience as a central banker, his deep understanding of macroeconomics, his ability to anticipate disruptions and changes in the environment and finally, his European outlook because Lorenzo is a deeply European man. His courage and determination has allowed Societe Generale to live through the crisis in recent years. So ladies and gentlemen, allow me to express on behalf of the group and mine obviously, our most sincere thanks for his service as he is about to pass the torch with your support to William Conley as Chairman of our bank's Board of Directors. Thank you again. Bolstered by our 161-year history, our recent successes and the strength of our franchises serving our 27 million customers, bolstered by everything that we have proven to be able to do. I have unlimited confidence in our ability to meet the challenges before us and in the ability of our company, Societe Generale to embrace the future and the opportunities for growth and value creation that lie ahead. Ladies and gentlemen, thank you.

Thank you very much. Thank you for these nice words, Slavomir. I'm now going to give the floor to Pierre Palmieri. He will be presenting to us our CSR strategy.

Hello to everyone. As you know, we have chosen to embed sustainability issues into our strategy. We remain committed to this approach. We are strengthening the integration of these issues into the group's operations and supporting our clients through major transitions. And we are pursuing this approach with a constant spirit of responsibility and innovation. Allow me to begin by highlighting three of the major upheavals we are collectively facing. Climate change remains a major challenge as highlighted by the scientific community. Furthermore, at a time when the international balance of power is shifting, resilience and sovereignty are emerging as priorities. Finally, the development of artificial intelligence is a revolution for all economic players and is creating new opportunities. Building the future with our employees and customers, therefore, requires foresight a long-term vision and determination. These challenges are an opportunity to grow our business, manage our risks and make a positive contribution to the major transformations taking place in economies and societies. I would first like to review the concrete progress made in our CSR strategy, particularly in terms of the environmental transition. Firstly, we are continuing to pursue our objectives to decarbonize our operations. We have made significant progress regarding our financial portfolios in the highest emitting sectors. Here are two examples. By the end of 2025, we are ahead of schedule in reducing our exposure to oil and gas production by 80% between 2019 and 2030. We are also reducing the carbon intensity of our electricity generation financing portfolio. This is thanks to an increasingly significant share of electricity generated from renewable energy sources. Through our Leasing subsidiary, [indiscernible], which operates the world's largest multi-brand fleet of electric vehicles, we are actively contributing to the electrification of our customers' vehicle fleets. Avven has, in fact, just received an SBTi certification, which is a science-based targets initiative certification for its decarbonization road map. As a responsible bank, we are also reducing emissions linked to our own operations. We are, therefore, on track to meet our target of 50% reduction between 2019 and 2030. We have achieved a 44% reduction by the end of 2025, excluding the purchase of renewable electricity. In particular, we are working on the energy efficiency of buildings, reducing business travel and promoting more sustainable digital practices. Secondly, we are actively pursuing our goal of mobilizing EUR 500 billion for sustainable finance between 2024 and 2030. This ambition is reflected in financing, advisory mandates and bond issues supporting environmental and social objectives. By the end of [ 203 ]5, this contribution will reach EUR 165 billion, slightly ahead of our target. I would also like to reaffirm our commitment to supporting our clients, both individuals and businesses as they navigate the challenges of transition and adaptation. Our recognized expertise in renewable energy and the energy transition constitutes a competitive advantage. This is reflected in our involvement in projects relating to energy generation, transmission and storage infrastructure of carbon capture. As such, the group continues to distinguish itself as a leading player in project finance advisory services supporting this transition. Furthermore, the group continues to finance innovation by supporting the emergence of new players and new technologies, hydrogen, battery storage and the electrification of road transport. Beyond financing the energy transition, this year has also been dedicated to continuing our efforts regarding adaptation and resilience in the face of climate change. We have strengthened our capacity to analyze issues related to nature, particularly water and the consequences of climate-related hazards. We are developing analytical tools to discuss the resilience of our clients' businesses with them. The aim is to help them better understand their risk and offer them the most appropriate advisory and financing solutions. As an example -- for example, we have supported a 25-hectare deforestation project in the Southeast of the United States as well as a program to adapt water infrastructure in the United Kingdom. The group has also invested on its own behalf in projects in France. We are working to promote reforestation and regenerative agriculture. We are also supporting the plan of hedge growth and reintroduction of fruit growing sectors. The Societe Generale Group Foundation is strengthening its environmental initiatives through new purchase partnerships. For instance, it supports the [indiscernible] Foundation and more specifically, a program to reforest waterways across several geographical sites. In 2025, we carried out initiatives to raise customer awareness of ocean protection and water-related issues. The bank organizes conferences across all regions of France on these topics. Furthermore, our employees worldwide took part in a charity sport challenge supporting 11 partners committed to preserving the environment and biodiversity. Finally, I would like to emphasize that the past year marked an important step towards embedding CSR firmly into the bank's day-to-day operations. At an operational level, we have integrated environmental and social considerations into our strategic decisions and the group's processes. This approach has enabled us to meet the ECB's requirements to publish our second sustainability report and align ourselves with the European Banking Authorities new guidelines on ESG risk management. The consideration of environmental and social risks is reinforced by appropriate governance. The Board of Directors plays a central role. It approves the strategic directions, including those related to environmental and social matters put forward by the executive management and ensures their implementation. It fully integrates social responsibility issues within its bodies, notably through the Risk Committee. This governance forms the foundation of an ambiguous -- rather an ambitious social policy placing human capital at the heart of the group's sustainable performance against the backdrop of profound transformation. This translates into a constant and renewed commitment to ensure the skill match job requirements based on training, adaptation and the anticipation of skills needs. This policy prioritizes internal mobility over redundancy plans. In 2025, over 60% of positions were filled through internal mobility and each employee received an average of 33 hours of training. The group is committed to promoting individual and collective performance by fostering cohesion, collaboration and the transfer of skills. In this context, remote working practices have been reviewed and are currently being harmonized. They aim to support effective teamwork, cooperation between business lines and a sense of belonging to the group. Furthermore, ongoing simplification efforts aim to improve quality of life at work. The group also promotes a fair and inclusive environment. The proportion of women within the top 250 is increasing and will exceed 31% by 2025. The results of the employee barometer, which are down since 2024 are a key concern for senior management. Our employees' commitment is indeed seen as a key factor in the success of our collective projects. The group's ESG policy is recognized by nonfinancial rating agencies, which ranks Societe Generale above the sector average and in some cases, at the highest level. Once again, this year, we have been honored by several awards, both for our CSR strategy and also for our ability to structure innovative initiatives in this field. In conclusion, our determination to contribute to a sustainable world remains undiminished. Ensuring our actions are sustainable and working towards transition adaptation is above all a matter of creating value for our clients, our employees and, of course, our shareholders. Thank you very much for your attention.

Thank you very much, Pierre. So now we are going to be looking at the company governance. You can look at Page 63. There's a report on company governance that you can read the reports, and there you will also see the Chairman's activities. In 2025, the Board of Directors met 11 times. This does not include committee meetings. There were 35 meetings in total, meetings of nonexecutive directors and strategy seminars and training sessions. The attendance rate was 65%. This reflects the very high level of commitment shown by the directors. In addition to all regulatory matters, the Board of Directors devoted considerable time to strategy, in particular, to monitoring the implementation of the guidelines announced at the Capital Markets Day on the 18th of September 2023 for the period of 2024 to 2026. The Board of Directors has also approved the Bank's CSR strategy. It has worked extensively on the sustainability report, and you have the contents of which can be found in the universal registration document on Page 263 in the following pages. On Page 62, you have the universal registration document. You will find a summary of the assessment of the Board of Directors' work. This assessment was carried out independently by [indiscernible]. He is very positive.

[Interpreted] It has worked extensively on the sustainability report, and you have the contents of which can be found in the universal registration document on Page 263 in the following pages. On Page 62, you have the universal registration document. You will find a summary of the assessment of the Board of Directors' work. This assessment was carried out independently by [ Senor Stewart ]. It's very positive, both in terms of the Board's composition and the quality of its work. The Board of Directors has ensured that it possesses all the necessary expertise for its operations. The arrival of Ingrid H. Arnold has strengthened its technological expertise, and with Laura Barlow, has bolstered its expertise in risk and CSR, and with Olivier Klein, has enhanced its expertise in retail banking. I would remind you that the Board of Directors also benefits from the expertise and experience of its Non-Executive Director, [ JB Levy ], on CSR and climate issues. We have also taken steps to enhance the training of the 14 members of the Board of Directors, particularly on CSR issues, but also on artificial intelligence and cybersecurity, which are key topics for the future of the banking industry. As for my personal role, I have been actively involved in liaising with regulators and have met with international shareholders and investors, particularly in the run-up to the Annual General Meeting. The year 2025 was marked by several major governance decisions. We announced the reappointment of Slawomir Krupa as CEO upon the renewal of his term as a director in 2027. This early decision is based on 3 key considerations: first, to stabilize the group's governance; two, to put the group in the best possible position to prepare the new strategic plan, which will be announced in September 2026; and three, to enable Slawomir Krupa, whose track record has been exceptional, to continue his work for the benefit of the group, its employees, its shareholders and its customers. Secondly, we wanted to strengthen the attractiveness and effectiveness of the Board of Directors through remuneration commensurate with its objective of becoming a major bank in Europe. It is therefore proposed to increase the remuneration budget from EUR 1.835 million to EUR 2.25 million to bring it closer to the average for European banks, around EUR 3 million. Three, I would like to prepare my replacement as Chairman by appointing William Connelly. This choice was already presented to you last year. William Connelly has extensive banking and financial experience. He is thoroughly familiar with corporate governance, having previously chaired for [ Aegon ] and also has highly valuable experience in technology as he chairs at [ Amadeus ]. Following this meeting, it will be for the Board to confirm his appointment. In anticipation of this, I offer him on my own behalf and on yours, my most sincere congratulations. Four, we will be replacing certain directors with my departure and with William Connelly moving in as Chair of the Risk Committee -- Chair of the Board. [ Konem ] was tasked with finding a candidate capable of chairing the Risk Committee. [ Konem ] has successfully met this challenge by putting forward the nomination of Clara Furse for your vote. Clara has extensive banking and financial experiences, having notably served as a Chief Executive who shaped the London Stock Exchange into what it is today. She subsequently served as a Director of major financial institutions. Thank you, Clara, for being here today. We would like -- could you please tell us what your motivation is, Clara?

[Interpreted] Hello, ladies and gentlemen. My name is Clara Furse. It is a pleasure to be here today at this general assembly. I am very honored to be here and very honored to be able to present myself. After more than 40 years working in the financial sector and working in the city of London, I have gained a profound acknowledge that I hope to bring to the Board of Directors of this very important bank, this very important universal bank. I am very excited to be able to participate in meeting our ambitions and also in developing the Societe Generale in the years to come. I would like to sincerely thank you for giving me your trust.

[Interpreted] Thank you very much, Clara. You are asked to ratify the cooptation of Laura Barlow. This cooptation took effect on the 1st of September following the resignation of Beatrice Cossa-Dumurgier. Laura Barlow has extensive experience as a banker. She has recently retired from Barclays and therefore, has an up-to-date knowledge of banking and financial risks, particularly ESG risks. Since September, the Board has been able to assess her understanding of our business lines. In particular, she sits on the Risk Committee. It is proposed that you ratify her cooptation and appoint her for a 4-year term commencing today. Dear Laura, would you like to say a few words to our shareholders?

[Interpreted] Thank you very much, Mr. President. Ladies and gentlemen, shareholders, general administrators, Chairman, it's with a great honor that I am here today before you. My name is Laura Barlow. I am British, and I live in London. I am married, and I have 2 adult sons who work in the business world and also in law. My ambition is to bring to the Board my experience in the banking world internationally after 15 years working in high-level positions in banks such as Barclays, specifically working in banking services to companies, regulatory and also sustainable development. I worked for 20 years for multinational companies in transformation. I have been -- I have chaired -- rather, I have been a part of a number of different boards and also worked for the UN for the environment. I would like to bring all of my practical and banking experiences in the service of your Board of Directors. I will give my best as I have been able to do in my previous positions. I would like to thank you for your trust.

[Interpreted] Thank you very much, Laura. Finally, two reappointments, that of Jerome Contamine for a third term. Jerome chaired the Audit and the Internal Control Committee, having previously chaired the Remuneration Committee. He has extensive experience in financial matters and the management of large listed companies, either as an executive or as a director. And that of Diane Cote's nomination for a third term. Diane is a member of the Audit and Internal Control Committee and the Risk Committee. She is also a member of the Nominations and Corporate Governance Committee. Diane has extensive experience in the financial sector. She has served as a Director on the boards of several companies. She currently sits on the Board of [ Eskor ]. Thank you for your support. If you approve these proposals, the Board of Directors will consist of 15 members, 13 elected by the Annual General Meeting, including 1 director representing employee shareholders, 2 employee directors. Out of those, there will be 11 independent directors, 7 women, including 1 elected by the employees. It is now time to move on to the section on remuneration. Annette Messemer, Chair of the Remuneration Committee, will present this.

[Interpreted] Ladies and gentlemen, as you know, we have -- so the remuneration of the -- will be fixed at -- and they will be giving [indiscernible]. So all of these topics will be part of a topic that will come in front of the Board. In 2025, this will be -- this Board will be meeting 7 times. According to the laws, the general assembly must approve the amount in 2026, the [ sixth ] and seventh proposals. And also that happening for 2025, the Resolutions 8 and 10. Attention needs to be given to this presentation to the increasing of the remuneration for the General Director, which is Resolution #6. For the Chairman, the amount remains the same. For Lorenzo Bini Smaghi, it was fixed at EUR 925,000 gross per annum since May 2028 and for the duration of his Chairman office. His remuneration remained unchanged upon the renewal of his term as a Director and Chairman at the Annual General Meeting of the 17th of May, 2022. With regard to William Connelly's remuneration, the Board of Directors intends to maintain his remuneration at the same level as that of his predecessor. This approach is justified by Mr. Connelly's experience as a Director of Societe Generale as a Chairman of the Risk Committee since 2018. He was Chairman of Aegon and former CEO of ING. And by the European benchmark, as a regulated institution, Societe Generale is in a comparable position to Barclays, UniCredit, Intesa, Deutsche Bank and BNP Paribas. With regard to the remuneration of executive directors for the year 2025, the various components are set out in the table below and have been determined in accordance with the rules of the remuneration policy approved for the year of 2025. This includes fixed remuneration, annual variable remuneration and long-term incentive schemes. The amount of the annual variable remuneration were determined taking into account the rate of achievement of the targets set for the 2025 financial year. More than 65% of the annual variable remuneration is linked to the value of the SG shares, and 60% of the total is deferred over 5 years and subject to performance conditions in accordance with banking regulations. The long-term incentive, which is entirely linked to the share price, may only be vested after 5 years, subject to the fulfillment of performance conditions. For 1/3, linked to the relative performance of the SG share, 1/3 linked to future profitability measured by ROTE and 1/3 linked to an 80% reduction in exposure to the oil and gas sectors and the contribution of [ EUR 500 billion ] to sustainable finance. On this basis, the Chief Executive Officer's total remuneration for 2025 will be 1% lower than the remuneration awarded for 2024. The 2025 executive remuneration report contains information on changes in the remuneration of each executive director compared with the average and median remuneration of employees and the group's performance. The charts presented show the ratio between the Chief Executive Officer's remuneration and the average employee remuneration since 2023. The 2025 ratio is down compared with 2024. It should be noted that over the period between 2023 and 2025, the group's profitability was measured by ROTE increased by 6 percentage points. Earnings per share increased by 213% and total shareholder return increased by 237%. In connection with the full year renewal of Slawomir Krupa's term of office with effect from the Annual General Meeting of the 16th of May 2027, the Board of Directors proposes to increase his fixed remuneration for 2026 to EUR 2.4 million compared with EUR 1.65 million since his appointment in May 2023. The variable component remains unchanged. And this proposal is based on the following factors. The positioning of the proposed fixed remuneration has been determined in relation to a panel of benchmark European banks. The table on the right shows the positioning of the Chief Executive Officer's fixed remuneration before and after the proposed revision based on the study carried out by Willis Towers Watson. Currently, the Chief Executive Officer's fixed remuneration is 28% below the panel median and falls within the first quarter. Following the increase, it will be close to the median, but would remain 34% below the third quartile of the European panel. Exceptional performance since taking up his position, right, exceeding all targets announced for 2025: revenue growth; cost and risk and control; profitability; the completion of the divestment plan and the sharp rise in the share price; the desire to secure the group's leadership in the long term within a highly competitive international environment, where senior executives are scarce and where Slawomir Krupa enjoys international recognition. And finally, this remuneration will not be reviewed upon the renewal of the mandate next year and at the very least, for the duration of the new strategic plan in accordance with the recommendations of the [ AC MEDEF ] Corporate Governance Code. Pierre Palmieri's fixed remuneration remains unchanged. Now with regards to variable remuneration, its terms remain unchanged for 2026. It comprises annual variable remuneration and a long-term incentive scheme. The target annual variable remuneration is determined 65% on the basis of the achievement of financial criteria relating to the ROTE, the group operating ratio and the CET1 ratio used as a threshold criteria, 20% on the basis of the achievement of CSR objectives and 15% on the basis of regulatory compliance and group transformation criteria, common to all chief executives as on objectives specific to each executive. Long-term incentive awards may only be vested after 5 years, subject to the fulfillment of performance conditions. The Board of Directors will define,, following the publication of the new strategic plan, which is scheduled for September, the new structure and the new targets for the variable component of the Chief Executive Officer's remuneration for 2027. It is noted that in accordance with banking regulations, the sum of the annual variable remuneration and long-term incentive awarded may not exceed 2 years fixed remuneration. Chief Executive Officers are also eligible for: compensation to offset a noncompetition clause paid at the level of their fixed remuneration and lasting for 12 months; a severance payment, which is paid only in the event of compulsory departure from the group. And finally, managing directors retain the benefit of the supplementary pension scheme for senior executives. Finally, the Remuneration Committee has ensured that the remuneration arrangements for regulated under the CRDV directive, the amounts to be paid to this group in 2025 are submitted to you for a consultative vote via the 13th resolution. Thank you for your attention.

[Interpreted] Thank you. Thank you, Annette. Let's now move to questions. So regarding written questions. So this year, shareholders submitted one or more written questions, which is usually several. So the total number of questions were 69 by 9 shareholders or 4 retail shareholders. The responses were published on the general meeting website. And apart from those of a purely informative nature, the questions related to the topics that had already been addressed since the start of the general meeting: results, accounts, dividend policy, and above all, CSR policy and the climate transition. As these responses have been published, they will not be read out at the meeting. I'll now open the floor -- open the floor for questions for the audience. As I've already mentioned, if you have any questions regarding your personal situation as a customer, there is a stand at the entrance where staff will be able to assist you, and they will be available to you after the Annual General Meeting. Microphones are available and will be passed to you by the hostesses. Please return the microphone as soon as you have finished your question. I would also ask everyone to keep their comments brief and limit the number of questions so that as many shareholders as possible can speak. I suggest we begin with a question from the Shareholders' Advisory Committee. Madam [indiscernible], you have the floor.

[Interpreted] Hello. Like many individual shareholders, I've been a loyal SG shareholder for over 50 years. And on behalf of the individual shareholders I represent today, I would first like to offer my congratulations to you, your Executive Committee and all your teams on the challenging transformation you have successfully led over the past 3 years. Thanks to the strong recovery in financial indicators, you have restored investor confidence in the SG Group, as evidenced by the remarkable rise in the share price from which we have all benefited. That said, in light of the indicators mentioned in the nonfinancial report, there has been a decline in staff engagement and in the quality of the business and customer loyalty as measured by customer satisfaction levels. With satisfaction levels falling for the second consecutive year within the French network resulting from the CD and SG merger, which accounts for a significant proportion of the group's results, these 2 assets are essential to value creation in the medium term. And my question is, in a highly competitive environment, [ mutual network ] on one hand, digital banks on the other and retaining the skills necessary for the development of strategic activities, what role do you intend to give to these 2 assets in the forthcoming 2027-2030 strategic plan, and with what objectives?

[Interpreted] Well, thank you, [ Dominique ]. Well, to start with on behalf of the teams, on behalf of the management team, thank you very much for your very kind words. Obviously, what we do requires strong commitment and hard work on a daily basis. So it is always nice to see that people feel this and acknowledge it. Now you asked a very, very important question about the 2 very, very important assets for every company, but for Societe Generale specifically. So I'll try and take a bit of time to answer this question. I'll start with the [ Barona ]. We take a step back, you need to bear in mind that 2024, as the first year of our transformation, saw many, many aspects of the transformation linked to the financial transformation, right, on the capital and also the various disposals. Now in reality, the transformation perceived by the teams, and especially regarding their daily work, really happened in 2025. In 2024, we made many and very strategic decisions which had an indirect impact on employees, obviously excluding those who were part of the disposal schemes. Now in 2025, employees are, let's say, directly impacted, let's say. Now in 2025, we are in this context of transformation, as you mentioned in your question. And this environment is very broad, right? And this naturally creates the, let's say, the challenges to our teams. If I could summarize this in a few words, we require from everyone, much more efficiency, less waste. We are much more demanding with our teams, and we ask them to be demanding with themselves, with their colleagues. A certain number of changes in the work organization and a lot of questioning, and namely questioning the culture of our company. A certain number of practices that have been around for decades need to change and need to be changed in a certain number of aspects. And especially in environment with increasing uncertainty, environments in which there is increasing anxiety, and an environment in which, let's say, changing these habits is tougher. It also requires our employees to make, let's say, different decisions or decisions in a different way. Now all of this obviously applies to everyone, to management, senior management, to myself. Now in the [ Ram ] survey, well, we have a very interesting feedback. It's obviously a very serious exercise that we take very seriously. Now this feedback, we have to take into account. We take into account. It has to lead us to question ourselves. It leads me to question myself. And we need to come up with a positive answer in that we take into account what our teams tell us, and we try to come up with the answers that are expected from us. And as you said, the assets, namely, the teams that interact on a daily basis with our customers is very important as without them, there is no long-term future for any company and for Societe Generale for that matter. And so we have committed to work on 4 different aspects. To start with, spend more time in explaining. Now I don't need to go over everything that we see. But in 2024, we spent a lot of time explaining what we do, trying to decipher the various decisions that we made, strategic decisions that we made, which we call financial decisions. But they're not so much financial. Rather, they are strategic, and they set the structure of our strategy. And well, I mean, we've seen in different ways today, to what extent we were right to make these changes. Anyway, the efforts that we put in explaining these decisions was not sufficient. So we need to improve this. Secondly, we need to organize ourselves in a better way when it comes to listening to the teams in order to ensure that we capture everywhere, the various messages that are set to us, be it in New York in Wall Street or be it in a small local branch or be it in India. Everywhere we have staff, we have people who have questions for us. And all these questions, individual questions, we need to be able to consider. Third, we need to accelerate the simplification. And there is indeed, a very concrete positive impact for this. Now I'll give you a few examples, EUR 1 billion. I mean, you know the size of the company. The cost basis or cost structure of the company is EUR 1 billion, right, in terms of additional labor costs, right? That is significant. And the interest scheme has increased by 50%, roughly EUR 100 million last year. And not even mentioning the value creation, it's very difficult to value, but it's close to EUR 3 billion, EUR 4 billion. So from a financial point of view, if we take a step back, I think we can agree to say that there are concrete benefits to do what we have done. Now where it is not that obvious, it's when it comes to simplifying these simplifications. It's still quite difficult for many of the guys out there to really understand all of this. And sometimes imperfections and -- I think it's not much, saying this -- is too important. The imperfection is too important, and the quality is not there. And the thing that we have all these changes that are ongoing and our colleagues do not yet see or sense the benefit to them in terms of quality of the work organization. It is indeed linked mainly the quality of the tools that we make available and also the quality of our processes. So we have an ongoing program -- transformation program, which is rather holistic, which is being implemented by thousands of our employees. And we are adding a specific -- to simplifying our operations and simplifying and in that, improving the quality of life at work. So the simplification actions will be backed by a certain number of investments, namely in IT tools. We've already started this, right, because there was an emergency, namely level of network. And so yes, we have started this, and we've already actually started getting positive feedback following this. So I'd like to add two things now. To start with, this survey, the [ Rongter ] was carried out end of 2025. Now beginning of 2026, we added on something essential and quite unique, I believe, if we compare with other major French and European banks. And this is at the same time, now we have many more transformations to come. We still wish to operate this transformation without letting go anyone. And I think this is essential because some people obviously have an increasing anxiety when they consider the future within Societe Generale. But the thing is that we commit to make sure that within Societe Generale, there will be opportunities for all everywhere, wherever they are, whatever they do. So I think, yes, it's very, very important to consider this. We committed to this. We discussed this with employee representatives, with my teams. And so we are going to implement this transformation, and there's still a lot that needs to be done, taking seriously this objective to not let go anyone in the process. And finally, I want to be very clear on one thing. Is the transformation over? No, certainly not. And far from it. Are we going to continue in the upcoming cycle in a very determined way to increase the efficiency of the company? Well, the answer is yes. Yes, we are going to continue, and we are very determined to do so to increase, let's say, the performances of the company because we are still one of the worst [ banks ] out there, and we cannot be one of the worst banks in terms of efficiency. It's just not possible. Are we going to continue to question ourselves, my teams, management, general management and so on? Yes, obviously. But all of us and myself included and senior management, we need to constantly question ourselves in order to ensure that we are successful in implementing these changes that we presented to you and that you entrusted. Now regarding the interaction with our clients and the quality of this interaction, quality of our customer service. Now especially in the world today, right? I mean, this has always been important, right? But I think especially in this environment of hyper competition, it is a life-threatening issue, to put it this way. So first thing here, I consider the performance of the company as a whole, and then I go into more detail. So you mentioned retail banking in France. I'll come back to this later on. But performances are not what we want them to be. Having said this, at EUR 27.3 billion in revenue, and we have so many more activities than the network in France. So if we consider this more specifically, more than half of the group's activity have great performances in terms of quality. We'll get to retail banking in a moment, because this is so important and this is our historic activity in France. Now to start with, more than half of our activity is, let's say, has achieved some of the best scoring, if I may say, in terms of quality. Second, [ 60% ] of scope, I must say, is improving compared to last year. And third, the network of France are experiencing some of the biggest changes. So I'll put it differently. We actually just did something that we have never done before in France, merging 2 retail banks, 2 independent retail banks who have been working independently for 20 years, [indiscernible]. So the idea that -- and here again, I want to clarify this, right? The idea that just by -- of fingers, we can achieve in-depth transformation whilst achieving the results, it's just an illusion. So I'm not saying that it's not important, but I'm saying it's critical, and we are working on that. But then again, at some point, if we are going to concentrate on these in-depth transformations, what I mean this is not going to happen overnight. But then if I can turn the question back to you, had we not done the merger between Credit du Nord and Societe Generale -- and by the way, in order to ensure that we deserve customer -- the quality of customer service. Well, the answer is no because we know that the results [indiscernible] the impact of what we did will be so much better than the contrary had we not done it, right? Now I'm not going to load everything on the merger, right? This merger is important, obviously, and it is fundamental, especially to the environment in France. But there's a number of other items that need to be considered, commercial, right, sales-related, namely. It's important for the teams, retail banking teams to obviously be the best-in-class when it comes to customer service, right? And we are working on this. We've been working on this for quite some time for more than a year now. But again, there's no magic here. It can't happen overnight. But we are doing what needs to be done. Quality of tools that are made available to employees is also so important. I mentioned this earlier on. It's so important, especially for our guys who interact with the customers directly. So we carried out number of investments last year. There still is a lot that needs to be done, and we're going to continue to do what needs to be done. And finally -- and I need to acknowledge this. For various reasons, I could go on for hours, but I'll stop in a few seconds, right? But we need to ensure this cultural change, right? When you commit to these huge transformations, mentioning here again, the merger, right? And this was carried out with a lot of talent by the teams. But beyond the impact of these changes, there is obviously a lack of attention brought to customer service. So -- but this is obvious. If for 4, 5, 6 years, you can concentrate on any other topic, if you do not do customer service, customer service is going to drop. So there is something that we need to do, and that has to do with the culture, our culture. And as often in life, major changes take time to occur, to be implemented.

[Interpreted] So as I was saying, if there is somebody who wants to speak, just raise your hand.

[Interpreted] Thank you very much. [ Jean Batiste ], [indiscernible]. So during the subprime crisis, the banks ended up with some financial instruments, liquid, financial -- and so I had a question for you. Today, 15 years after the crisis, what happened to these assets? And were we able to make anything off of the backs of them?

[Interpreted] So you want to know what we made. I'll have to be able to answer you later. I don't have that figure in mind. But yes, like in other banks, we did have to use some of these assets, which were quite an important quantity. And during the financial crisis, there were two issues. The value was much lower. We had to segregate them for that reason. But also, this was worsened by the crisis itself, and this is why we had to liquidate them. So to give you an example of what I'm saying, so this doesn't really affect us because we sold them. But what the creditors of Lehman was able to recuperate, so 15, 20 years later, it's $0.84 on the dollar, I believe. So it's very high in terms of what they were able to recuperate for Lehman Brothers. And I believe this is based on my memory. I think my memory is correct. So our issue was different at the time. We had massive risk, which -- and the market would have liked us to see abandon those things very quickly. And so we had to -- like everyone, we had to optimize this leveraging, these sales. And we didn't have the luxury of waiting 20 years to recoup the maximum we could on our exposures. So if you take a photo at the beginning of 2007 and a photo where we had no more exposure for the bad bank before 2020, there's only losses in millions. And we are not -- we are hoping to never find ourselves in that situation again. Any other questions?

[Interpreted] My name is [ Jean-Benoit Ricayi ] from the CFTC. So the Board is proposing that we increase the remuneration of the General Director by 85%. So these arguments were not retained by the employees. And in fact, we spoke about the fragility of these results. So what conclusions does the Board come to when it comes to the inequality of these treatments and the commitment of employees in the future?

[Interpreted] So I think we should look at Page 48, a page that we were able to look -- that we looked at before with -- during the presentation. And so here, you can see the logic that was put forward for this. So looking at what happened 3 years ago, the remuneration of the CEO was 30% lower than the average. So we had a choice of either keeping it 30% lower or to adjust it. So looking at the results that we've achieved these past 3 years, we decided that it was appropriate to adjust it to meet the average. It's a very simple decision. It was based on very simple analysis. It reflects the performance of the Societe Generale over the last 3 years and also the signal that we want to send and the message that we want to send to the next 3 years. The policy of remuneration of the company that we have approved, all of this is part of this reasoning. And this is all the responsibility of the management, of course. So what we are submitting to you today in terms of remuneration is part of a series of arguments that all have their logic. Of course, there is a time for each decision. 3 years ago, we made a very difficult decision because we decided to remunerate at minus 30%. But I believe that after 3 years, it was fair to adapt it and to increase it to meet the average. So there's logic behind this decision. It's rational, and it's what pushed us to make this decision and why we submitted this to you today. There you go. Thank you very much. Now, #10?

[Interpreted] [ Charles Leclier ], I've been a shareholder for over 20 years. Congratulations, bravo, Krupa. You are the title of the [indiscernible]. And we really have to -- you have managed to do the impossible. You have turned around the markets and you made markets believe in the Societe Generale. So two questions on your method, just to be reassured for the future. So number one, the Krupa method, managing potential risks, these risks that could be very expensive. I'm thinking about [ Cavienn ]. I'm thinking of the rates coverage. So what is -- what do you do? What is your method for avoiding this type of risk that could end up make us end up in a bad situation like in the past? The second question, what is the Krupa method for managing investments? Could we please know the key points to know whether we should invest or not? I read recently that you have -- when it comes to financing, you have principal criteria on a checklist. And are you close to the Warren Buffett criteria, or rather, method when you invest? And the third question, SG versus BNP, what are your 3 biggest arguments, being as objective as possible? And this is, of course, to convince hesitant investors in investing in SG. And finally, I would like to thank you, Krupa, because thanks to the increase in SG shares, I have received a prize this year.

[Interpreted] Thank you very much. Yes, I'm smiling, but your questions are very serious and they're very important for the company. And so I'm going to try and answer them. So the first regarding risk management, I'm going to start by repeating what I said before. You have to start off by being -- you have to start off with humility. As soon as you lose that, that's when things are going to start to deteriorate. So that's the first pillar. And I think that Pierre and I know this. We've been working together for a long time. I was -- had a chance to work with him in the past and was able to learn with him and learn how to manage risks for our largest clients. So first of all, we need to be -- have humility. And second, we have to have experience. In a bank -- and I think this is for most industries, but in banks, experience is colossal. It's super important. We're talking about criteria, taking risks, how we get credits. More you have seen situations in a 20- or 30-year career, better you will be prepared where you have a better reference point to be able to imagine what could happen, what could go wrong. And this is kind of the beauty of our job. Whenever somebody wants to do something very important and they're super optimistic and our client is super optimistic, they want to buy a home, they want to buy a bicycle, a company that wants to do something. They are super optimistic, but we need to be super pessimistic. And we also have to be ready to commit. And so yes, this is why we have these stress tests. And we always have to be able to simulate what could go wrong. You need to imagine scenarios, the worst case scenario. Of course, you have to look at all the possible scenarios. And unfortunately, today, we have seen that extreme situations do occur. And so you need to look at these different scenarios and decide whether yes or no, we can manage these situations. And if we can't, then how can we adjust it to be able to take on that risk. In this way, we are prepared for difficult situations. So I hope that this gives you an idea of what our job is day-to-day, what goes behind every decision that is made when we are managing portfolios and risks. And so now my third point, concentration. So I hope that this gives you an idea of what our job is day-to-day, what goes behind every decision that is made when we are managing portfolios and risks. And so now my third point, concentration. I think that there's something that we have learned throughout our careers is that the biggest issue is when you were too concentrated on one thing, like, for example, the subprime itself wasn't such a huge issue, but if you have billions of it, then it becomes an issue. So the paper was -- it was toxic and the toxic hadn't -- the toxicity of it hadn't been taken into consideration. So we are very careful about this. We really are careful when it comes about where we are concentrating our efforts. And then the third point that we are responsible for here and the Board of Directors is responsible for because we validate strategies and whatnot. We have to have a buffer when it comes to regulatory measures. And this is one of the reasons that we decided to increase our ratio from 12 to 13 because in banks, you're going to lose banks. We are going to lose money. This is part of our job. And some of intellectuals will even say, if you don't lose money, it's because you're not optimizing your activity. That's not really our opinion, but some say this. So having 100 basis points of buffer, it means having as much capacity to be able to absorb major shocks without you, shareholders become diluted because we have lost money. So this buffer is critical for you. And if you're asking the question, if you're asking why our shares have reacted in the way that they have reacted, well, it's because we had this ratio because it removed this dilution risk that a shareholder -- shareholder holds. And finally, the base costs and the profitability of the company, that is part of this structural resilience. And this is easily understood. When you have EUR 3.5 billion or EUR 4 billion published revenue, well, that is -- this means that it's billions more to be able to absorb a crisis. So costs, all of this that I'm talking about is part of the resilience that a banking industry has. And so we work -- we really try to focus on all of this. So now when you talk about my method for investment, it's very simple. I don't really think we could compare -- you can compare me to Warren Buffett, and I think our jobs are completely different. We take risks first. This is something that we do on a daily basis for our clients. But the company also invests in business and development of BoursoBank and [indiscernible] and acquisitions. And the criteria is very simple. Same criteria as would be yours. Is this capital that we're going to -- this investment, given the risks that we are going to take, is it going to be profitable in comparison with another alternative? So really, basically, is it profitable or not? Is it diluting -- or is it creating value? So that is the heart of how we make these decision. Then, of course, there's a number of different indicators based on the different situations. And now SG versus BNP, it's a little bit difficult for me to answer. I can't really speak publicly about this. I will only say that if you look at a number of different data points, you'll have answers regarding the last 3 years. And we are going to do everything possible so that nothing changes in this regard. Now #6.

Thank you very much for this presentation and for excellent results in 2025. I had a question regarding the ROTE. 2025, you said it was a good year for ROTE with 10.2%, and it was improved by disposals. Net gains from disposals, which happened on 5 subsidiaries for a total of around EUR 300 million. So if we exclude those, the ROTE is much less. So in 2025, we had a very good third quarter. So ROTE was 10.7%, but it went down in the fourth quarter to 9.5% because of the rate coverage contracts that were ended. So first quarter of 2026, we have a rate that is very good, 11.7%. So my question is, are there elements of disposals? What are the elements of disposals? And is this or is there more organic growth, which without the disposals would allow us to improve on our ROTE performance. I also had a question regarding the increase in remuneration for the CEO. So if ever we are unhappy with the 2026 ROTE, it's below 10%, is there a way for us to perhaps go back on our decision of increasing the salary by 85%, at least on the fixed salary. And finally, BNP said during their general assembly that so there's a bunch of positions that are being rotated. What is the question regarding the competencies.

So first of all, there is a fixed salary and a variable salary. And of course, if results at the end of the year are not favorable, then that will have an effect on the variable salary. But, of course, RoTE is one of the elements that we take into consideration. So now another question regarding the RoTE. You have a very -- all of the figures that you cited were correct. And yes, this is something that we have explained very, very well in all of our financial communications. This year, first of all, more generally, what explains these changes quarter-to-quarter? Well, in 2025, there were a bunch of variables that have to do with our transformation. So we spoke about this in the CMD of 2023. We were spending BRL 1 billion of CTA for financing our transformation. And so at the beginning of the cycle, we spent a lot and then little by little until 2026. And so there are some structural phenomenon that has to do with this transformation. That's my first point. And of course, it's not also linear going from quarter to quarter. The second point, there's also in a bank, it's very seasonal. So quarter 1, quarter 2, there are quarters that are very active, much higher, and it's because the market is much more active. And then you will have ROE at the beginning of the year that is going to be very high and will allow us to reach the objectives by the end of the year. So for example, first quarter, we were at 11 and something of ROCE. And then we also paid annual tax in quarter 1, which is usually above 12%. And so what you have to keep in mind is that there's this seasonality, a natural seasonality to our activities. And this changes throughout the year. But as you can see at the end of the year, we have still been meeting our objectives. And our goal is to have a ROTE above 10%. So there's no -- nothing to be worried about on this point for now. Now when it comes to the competence question, the way that you need to think about this is, you have to think of this system. So the 1,800 positions that we spoke about during our communication, this is a net effect. So the skill sponsorship, the question about the skill sponsorship. There is more -- so this is where the training happens. We've had this whole entire mechanism put into place to help employees get training if they want to change positions or jobs and to be able to enable them and make it -- make the internal workflow more fluid. And we want to do this to not do what we have -- we want to do this to not do what we have done in the past, which is to have these plans when we basically lay people off and have to pay them. We have thought it to be more favorable to keep them within the company and to help them to find other positions within the company. Perhaps we have to have smaller teams in one area, but we can move those people to another area in the bank. So that's what this -- that's the process that we have committed to. Number 8?

So the transmission shock was about EUR 9 million. How will the Societe Generale.

The interpreter apologizes as she did not hear the question.

So you're touching on an essential question. So when you have excess resources, so we have communicated a lot on this topic. So when you have an available capital, there's 3 ways to invest it, either in organic growth, either in inorganic growth or by redistributing it in dividends or in other ways to the shareholders. And you have to be very rational and almost cold when you make this decision. You put your -- if you want to do organic growth, you will put it in an Excel sheet and you will compare it to what a shareholder would get in a share buyback or in dividends. And so this is what you first have to do. You have to look at what is most profitable. There is a concept, an Anglo-Saxon concept that I really like, and it's called stewardship, stewardship of capital. It's difficult to translate this into French. But basically, what this means is that we -- here, we are not -- we don't own the capital of the company. You are the owners of this capital. And this is very important how a company and a Board of Directors, we really cannot ever forget that we don't own this money. We are just managing it, and it's because you trust us. And so we have to manage this money with your interest in mind and not with our fantasy or our own egos in mind. And so we need to put this into a kind of an excel file and try to see what is most profitable for the shareholder. And of course, I mean, if it was not simple, then you wouldn't need us. So we have to look into this a little bit closer. We need to constantly be thinking about the strategy of the company. Where do we have the best interest in developing? And also in your interest, long term, where should we grow in efficiency and where should we improve the quality of our products? Of course, I'm giving you a very obvious question here, a very obvious answer to your question. But in 2023, we made a decision even during these very lean periods, we had to invest in the development of BoursoBank because we have an asset, a strategic asset that has a huge value over time. And of course, when we put it in the Excel file, it didn't really make sense right away, but we realized that over time, it would be very, very valuable to us. And it has a capacity development that could be -- end up being one of the biggest banks in France. So first of all, it needs to be a very rational and mathematical decision. And then then we have to think about it through a strategic viewpoint. And of course, this also have to take into consideration the specific context of the companies that we're talking about. So today, certain decisions are very difficult. But we also have our own assets, for example, [indiscernible], BoursoBank. And these are assets that we have that other banks do not have.

Thank you very much Francis from Societe Generale. So I want to speak about the employer parameter, and I'm surprised that you haven't spoken about the work from home because that's one of the reasons why we had a very bad score. And then for the CEO, how are you going to be able to work at Total and at SG?

So now working from home. So I don't really know what your question is for the working from home. I can't really answer a question that you haven't really asked. Of course, in the barometer, there is an element related to work from home. And it's not -- and it is important. My -- the choice that I have made, however, is to not use that as a scapegoat because I could have just said to you, for example, I could just completely say that the barometer is not really useful in coming up with -- is not a good measure of other very specific and deeper things and say that the issues that we have with the barometer is just because of the work from home. So I'm making the choice of being more sincere in the way that I answer you. Yes, working from home is a decision that we have made. And I've already said it in the past, it comes from the will to harmonize things within the bank. There are 6,000 people who will have twice what they had -- 2x more days of working from home than they had in the past. Yes, a lot of people, specifically those who work at the headquarters will have a reduction of working from home days, some 2 or 1 days a week, so 20%. But on the same time, there are 6,000 people in France that will have twice as much as they had in the past. So that's something that's important to keep that in mind. And then there are 2 other reasons. 30 years now, I've been working in many different businesses. I started perhaps not at the very bottom of the ladder, but not too far from the bottom of the ladder. So occupied many different positions in front office and management in different countries. And I think I have a rather extensive experience of not only my job, but the jobs that we have within Societe Generale, right? And so I am convinced that we need especially in an environment of change, right, of competition. And by the way, I mentioned this also an environment of technological change also. We need to work on site. We need to have the interaction because this is how we will make the good decisions, the best decisions. And it's this -- it's everything that is not bureaucracy, everything that is not technological that's a human factor basically that will make difference. And finally, over 100,000 employees work for Societe Generale over the world. I don't have the precise figures, but thousands of employees because they decide to retire or because they decide to go work elsewhere and then thousands of hires of young people every year. And I haven't found our team. My team have not found a solution to in an efficient way the culture of our company, the history of the company -- the historical culture of the company and all the skills, the excellency, the expertise that are so important in our business to ensure the high level of performance. And once again, in this environment of change, right, in the environment of changing our business, the economy and technology. So taking all of this in mind, we decided that we needed to make this decision. And yes, we assume this decision. And again, I mean, we move from 2 to 1. So it's still 20% of work that can be done from home. And also, as I said, 6,000 people who have seen their double -- their time of work from home double.

Now regarding the [indiscernible] fine I'll very brief. So this is an ongoing inquiry covering 2018 to 2022. We try to improve what needed to be improved. There is also a certain number of aspects that are still being looked into as to what should be applied in terms of the rules and regulations. So well, perhaps, we will see to appeal. I don't know. We'll see. I mean we have processes, collective processes, individual processes to deal with these issues, a company of over 100,000 employees managing EUR 1.3 trillion that is all over the world. And regard Total, I mean, this is quite standard in France and in Europe for executives of companies to be a member of one Board if the are executives, right? And why? Because this, in a way, creates value. well, I hope, right, create value for the company. I will be joining as a director, but also in the business that we work in. I mean as a banker, it's not a bad thing to be in touch and closely in contact with other businesses and more specifically, in my case, with Societe Générale -- with Total to learn from their experience to learn from what they do. So this is a rather standard practice. There is an interest for Total. There is an interest for our company, and our Board is very happy to benefit from the experience of other executives who are directors of Societe Generale and to allow us to consider different points of view. It makes, I believe, the discussions that we have with the Board of better quality. And if I may add one thing, the point of view of the Board who approved this choice and accurate statistics. So I looked at the current executives who have been in the position for 3 years, 70% are Board members of other companies and half of these are CEOs. So I'd say that actually over 80% of the executives do this common practice. Okay. One or 2 last questions perhaps.

I'm Gillette [indiscernible] I represent SFOC and NGO solutions for our climate. The Board's response to our written question on methane carriers. The total emissions are increasing for the company. So the questions anyway are has Societe Generale fixed a threshold regarding emissions of LNG maritime freight. And do you believe that the objective is in line with the 1.5-degree objective? And your sector policy, oil and gas is limiting the financing of oil fields and LNG terminals. Would it also justify stopping the financing of projects such as gas production, but not the transport of this gas?

Right. Well, perhaps I could say 2 words. about intensity, intensity regarding the overall emission, right? So we try to consider intensity. Why? Well, because in a certain number of sectors, namely the one hand. We believe that intensity is a better criteria. Why? Well, because in all these sectors, we do not try to lend less money, but we want to lend the money in a better way because if you take in criteria, the overall amount of emissions. So you can actually reduce the amount of emissions, not because you are more virtuous, right? But because you just reduced your portfolio, right? So what we are trying to do is not reducing our activity in this sector. This is a sector that we want to continue to develop. But what we want to do is allow -- help our clients to be greener in a way, right, in their approach. So the intensity is -- well, sorry, same portfolio, the intensity is decreasing because as we go on, practices are improving and more environmental friendly, let's say. So in 10, so we take 10 sectors for which we have a number of objectives, trajectory objectives. In most cases, intensity is the criteria that was chosen. In some sectors, we do not only have an intensity criteria, but also objectives in terms of nominal oil -- upstream oil and gas production and coal. But for all the other sectors, it's the intensity criteria that we consider, and we believe it is the right one. Obviously, I understand the second part of your question, which is to say, well, isn't it paradoxical to say that, okay, you're trying to be conservative or rather exclude a certain number of infrastructures, LNG infrastructures, but not the carriers. But regarding the infrastructures, well, there are 2 things to consider. When there is also a production because this also needs to be considered, there is another objective that we've set ourselves to not lend to oil and gas upstream projects. So when there is oil and gas upstream linked to the LNG infrastructure, we no longer finance them. But it's nonconventional gas for which we also have exclusion criteria. For the methane or LNG carriers, we don't have these exclusion criteria, right? So yes, in other words, what we do is that we have a global policy with the intensity criteria. I will take One last question, perhaps. Second row.

I'm a shareholder and a client, BursoBank client. One of your branches, which is at the end of my question, if I may this way. Mr. Chairman, thank you very much for the presentations, for the forecast, for the new road map, which you've been working on since 2023. I'm going to be talking about very specific points here regarding Societe Generale and their shareholders. Now the Treezor was acquired in 2019. Is this still an asset of Societe Generale, if this company has been sold because in January -- as of January, this was the only information that we have. What are the financial -- what is the financial structure of the sale because this company has had a certain number of sanctions or penalties because of its losses. The accounts that have been opened within Societe Generale without any financial assets being paid into these accounts because they are being paid to the Treezor Company, right? I think that these funds are being managed by thousands of people for STC. And this is not -- this does not comply with the French law 1970. Is Societe Generale managing the EUR 1 million of these STCs in this Treezor branch, which I would like to know if you have sold or not.

Okay. I will try to answer this in a very short manner. So my answer is this. When you sell an asset, right, you sign an agreement, a protocol memorandum and then you close, right? So we signed and we announced this sale of this asset with the 15 others that I mentioned earlier on -- as I mentioned earlier on, sorry. So there is regulated activity. So there is a process and with obviously the -- let's say, the various authorities being involved. Now we are not going to obviously mention anything about the financial structure of this operation because we are not entitled to do so. So not much that I can add regarding this. We are still owners of this company. And the rules that apply to this company in terms of they don't have the technicality to be honest. But any regulation that applies to this asset in France or anywhere else applies, right? And we obviously abide by the rules and regulations that's -- any normal financial institution, right? So nothing special or specific to add and the operation is still ongoing.

Right. Well, thank you very much. Let's now proceed to the next part, namely the presentation and vote on resolutions.

Thank you very much, Mr. Chairman. Ladies and gentlemen, I'll now outline the purpose of each of the resolutions proposed by the Board of Directors. The full text of each resolution is included in the [indiscernible] pack, right. Voting on the resolutions will take place using text provided at the entrance. Please do not forget to confirm your vote. The results of the votes on the resolutions will be displayed on the screen. Resolution is 64 corresponding to 600 million shares held by 30,000 shareholders represented out of the total shares carrying voting rights. So first resolution is the approval of the consolidated annual -- sorry, for the 2025 financial year. And do not forget to vote your votes. [Voting]

Vote is closed. Approved. 99% in favor. Second resolution resolution is approval of the company accounts for 2025. Vote is open. [Voting]

The vote is over. Resolution is approved 99.2%. Sorry, to the amount of EUR 1.61 per share, of which EUR 0.61 has already been paid as an interim dividend. The remaining EUR 1 will be paid on the 3rd of June 2026. And the voting is open. Don't forget to validate. [Voting]

Voting is closed. Resolution is adopted. So the fourth resolution is the approval of the statutory auditor's report on regulated agreements. Voting is open. Sorry, report does not mention any arrangements. Please confirm your votes. [Voting]

The voting is closed. Resolution adopted 99.79%. Fifth resolution, the remuneration policy of the Chairman of the Board of Directors. This policy has remained unchanged. Voting is open. Please do not forget to confirm your vote. [Voting]

Voting is closed. The resolution is adopted 93.48% [indiscernible] Sixth resolution. Remuneration policy for the Chief Executive Officer and Deputy Chief Executive Officer. [indiscernible] presented explained. Voting is open. Please do not forget to confirm your vote. [Voting]

Resolution is adopted. 73.7% votes in favor. Seventh resolution, remuneration policy for directors was presented by [indiscernible]. The voting is open. Please confirm your vote. [Voting]

Vote is closed -- voting is closed. Resolution is adopted. 93.63 votes in favor. Eighth resolution. The approval of Increase in the special directors. Voting is open. [Voting]

The voting is closed. Resolution adopted with 92.64% votes in favor. The ninth resolution is resolution is the approval of the information relating to the remuneration of each corporate officer presented by by [indiscernible]. The voting is open. Please remember to confirm your vote. p [Voting]

Voting is closed. Resolution adopted. 92.7% votes in favor. the 10th Resolution is the approval of the remuneration paid in year 2025 or awarded for 2025 to Mr Lorenzo Bini Smaghi. The remuneration is unchanged. Voting is open. Please remember to confirm your vote. [Voting]

Voting is closed. Resolution is adopted. 93% votes in favor. 11th resolution is the approval of the remuneration paid during the year 2025, in respect of 2025 to Mr. Slawomir Krupa. voting is open. Please remember to confirm. [Voting]

Voting is closed. 91.44% of the votes are in favor. 12th resolution is the approval of remuneration paid during the year 2025 to Mr. Pierre Palmieri and the voting is open. Please remember to confirm your vote. [Voting]

Voting is closed. Resolution adopted. 91.96% votes in favor. And resolution #13, this is advisory opinion on remuneration paid in 2025 to regulated people. Voting is open. Please remember to confirm your vote. [Voting]

Voting is closed. Resolution adopted. 97.84% votes are in favor. 14th resolution is the ratification of the cooptation of the Mrs. Laura Barlow as Director and renewal of her term of office for 4 years. Voting is open. Please remember to confirm your vote. [Voting]

Voting is now closed. Resolution adopted. 98.06% of votes. 15th resolution, appointment of Dame Clara Furse as Director. Voting is open. Please remember to confirm your vote. [Voting]

Voting is now closed. Dame Clara Furse is appointed with 98.79% of votes. 16th resolution. Reappointment of the Mr. Mr Jérôme Contamine as director. Voting is open. Please remember to confirm your vote. [Voting]

Voting is now closed. Mr. Contamine is reappointed with 95.98% of votes. Resolution 17 reelection of Ms. Diane Côté’ as director. Voting is open. Please remember to confirm your vote. [Voting]

Voting is closed. Madam Côté’ is reelected with 96% of votes. Resolution 18, this is the Authorization to buy back shares. This is same resolution every year, duration 18 months, 10% of share capital, maximum purchase price increased from EUR 75 to EUR 150 per share. Voting is now open. Please remember to confirm. [Voting]

Voting is now closed. Resolution is adopted with 98.39% of votes. Resolution 19 is the extraordinary part. This is the Delegation to the Board of Directors to increase the -- to maintain the preemptive subscription rights. Voting is now open.Please remember to confirm your vote. [Voting]

Voting is now closed. Resolution adopted with 94.17% of votes. 20th Resolution. Delegation to the Board of Directors to increase share capital with the removal of pre-emptive subscription rights with the [indiscernible] 10% share capital. Voting is now open. Please remember to confirm. [Voting]

Voting is now closed. Resolution is adopted with 95.37% of votes. Resolution 21, delegation to the Board of Directors to increase the share capital in consideration for contribution income with a limit of 10% of share capital income. Voting is open. Please remember to confirm your vote. [Voting]

Voting is now closed. Resolution is adopted with 95.17% of votes. So now Resolution 22, delegation to the Board of Directors to issue super subordinated bonds convertible into shares if the group has a CET of less than 5.125%. Voting is open. Don't forget to confirm. [Voting]

Voting is closed. The resolution was adopted at 93.5%. 23rd resolution, authorization of capital increases reserved to employees, capped at 1.5% of share capital, discount 20% Voting is open. Don't forget to confirm. [Voting]

Voting is closed. The resolution is adopted at 98.79%. 24th resolution, delegation to the Board of Directors to make free allocation of performance shares to regulated and equivalent persons limit 1.15% of the share capital, of which 0.5% is for executive directors. Voting is open. Don't forget to confirm. [Voting]

Voting is closed. The resolution is adopted at 95.66%. 25th resolution. Delegation to the Board to allocate the charge of performance to individuals [ unlisted and similar ]. Voting is open. Don't forget to confirm. [Voting]

Voting is closed. Resolution is adopted at 98.29%. 26th resolution. Authorization granted to the Board of Directors to reduce the share capital by canceling shares, limit 10% of the share capital for a period of 24 months. Voting is open. Don't forget to confirm. [Voting]

Voting is closed. Resolution is adopted at 98.03%. 27th resolution, amendment to the Articles of Association, Article 7 in the event of cooptation, a director whose cooptation is ratified by the Annual General Meeting shall be reelected for a term of 4 years. Voting is open. Don't forget to confirm. [Voting]

Voting is closed. Resolution is adopted at 99.67%. 28th resolution. Amendment to the Article of Association, Article 7, the director representing employee shareholders shall have 2 alternatives of different genders instead of just one. Voting is open. Don't forget to confirm. [Voting]

Voting is closed. Resolution is adopted at 99.59%. So article 29. Amendment to the Articles of Association, Article 13, removal of the possibility of holding the offices of Chairman of the Board of Directors and Chief Executive Officer concurrently. Voting is open. Don't forget to confirm. [Voting]

Voting is closed. Resolution is adopted at 99.59%. 30th resolution on proxies. Voting is open. Don't forget to confirm. [Voting]

Voting is closed. The resolution is adopted at 99.73%. Thank you, ladies and gentlemen. Thank you for voting. Thank you for your trust. Next year, on Thursday, the 13th of May here at the [indiscernible], we will see you again for the next general assembly. Please don't forget to return your tablet.