Good afternoon for those of you joining us from across the Atlantic. Welcome to Banca Generali's 2022 Investor Day. Two days ago, we published our 2021 results, showing EUR 85.7 billion of total assets and EUR 323 million of net profit. We are delighted with these results and proud to have achieved the goals we set out at our last Investor Day in 2018. Our growth journey goes back much farther than this. When I joined the bank in 2008, we had assets of EUR 19 billion, and our net profit was just EUR 7.9 million. This journey continues, and today we will present our plan to take Banca Generali's growth to the next level. Let's take a look at the agenda. Over the next two hours, we will present our new strategy and our commercial and financial goals for the next three years. First, the CEO and General Manager, Mr. Gian Maria Mossa, will highlight the strategic framework of the plan. Our Deputy General Managers, Andrea Ragaini and Marco Bernardi, will then explain how we will get even closer to our network of financial advisor and our clients. After a 10-minute break, Riccardo Renna, Chief Operating Officer and Head of Innovation, will introduce our plans to build a data-driven digital and open bank. Carmelo Reale, General Counsel and Head of Sustainability, will explain how Banca Generali plans to become an ESG reference point for all of our stakeholders. Finally, our CFO and Head of Strategy, Tommaso Di Russo, will present the financials underpinning the new strategy. This will be followed by a Q&A session. You can submit your questions any time during the presentation via the webcast. You can also ask your questions live via telephone or video. To give anyone the opportunity to participate in the Q&A, please ask only two questions at a time. Before we begin, please note the legal disclaimer on the presentation and be aware that the presentation will be recorded. Thank you. I would now like to invite Banca Generali CEO, Gian Maria Mossa, on the stage. Thank you, Giuliana. A warm welcome also from me, and thank you for joining our Investor Day entitled Taking BG Growth to the Next Level. Today, we will share the opportunity to accelerate our path of growth, thanks to a clear strategy based on our key strengths, the quality of our professional, our culture for innovation and sustainability, and our obsession to long-term value creation for all the stakeholders. Last time we met for Investor Day, it was December 2018, we set very ambitious targets. Today, I can say proudly, we over-deliver it. First, asset growth. The results were outstanding. EUR 18.7 billion of cumulated net inflows. Sustainable profitability. We set two different targets in terms of margins, in terms of cost. Also in this case, the results were very good, with core net banking income at 67 basis points. Last, but no less important, we paid out more than 70% of our total net profits for 3.9 EUR per share. Now, the new strategy will be in line with the previous one in terms of targets. We will set targets in terms of consistent growth, profitable growth, and remunerative growth. Let's see the new targets. First of all, consistent growth. Here, the target is the same of the previous plan, but we raised the bar. In the previous one, we had a target of more than EUR 14.5 billion. The new target is a range between EUR 18 billion and EUR 22 billion. Second, profitable growth. In the previous plan, we set a floor to margin. This time, we will commit to a double-digit growth to the recurring net profit, our key priority. Third, remunerative growth. We set up a target of cumulative dividend for 2022-2025 in a range of EUR 7.5-EUR 8.5 per share. It implies a dividend yield, an average dividend yield above 5% for every year. We are very focused to a stable and growing dividend year by year. Now, before deep diving the strategy to deliver on these targets, let me spend a few minutes on the context we are experiencing. You know, our industry has been growing a lot in the last 10 years, but what impressed me most, it's about the acceleration of the last three years, where COVID had an important role because it impacted on client expectations and client behaviors and on investment preferences. Think of technology with an acceleration of digital adoption and digital interaction, or sustainability with a greater public awareness and more and more at the center of investment decision. We move very fast from a lower for longer yield scenario to an inflation era. Inflation is now back on our agenda with important consequences on how to invest cash and on the purchasing power. Last but not least important, you know, COVID has meant also important investments. EU recovery fund represents for our country one-time opportunity to invest for the future. What is sure for us is that clients' preferences has been changing. Growing need for protection and for advisory. All these forces are really positive for our industry, that it is already experiencing a very positive moment thanks to strategic trends. Think of the total wealth. Total Italian household wealth is a vast, steadily growing business. If we focus on the targetable financial wealth, we are talking about EUR 3.6 trillion. It's a large amount of money. It's a big amount of money. If you look at the trend, it's even more impressive. It increased by EUR 1 trillion in ten years, and the projections are very favorable also for the future. Let's deep dive into the targetable financial wealth in terms of product mix, clients, and distribution channels. First, product mix. If you sum up insurance and asset management products, mainly discretionary accounts and funds, the total is about EUR 1.8 trillion. It doubled in ten years, and it represents almost 50% of the total targetable financial wealth. Also in this case, the projections are very, very positive. This is the most important opportunity for our industry because we know how to manage it. Second, there is a huge amount of deposits, EUR 1.4 trillion, and also here we can find significant opportunities because we have to protect the purchasing power, so we have to exit from cash. In terms of client segmentation, you know we have 660 private and high-net-worth clients, potential clients for almost EUR 1.3 trillion. Also, in this case, the growth over the last 10 years has been impressive, and the projections are again very positive. Now let's look at the distribution. Distribution, financial advisors, the fastest-growing distribution channel in Italy. EUR 200 billion in 2011, EUR 400 billion in 2016, and now it accounts for EUR 600 billion. The projections are again very positive, and we will represent almost 20% of the total financial wealth, the targetable one. The context is really favorable. Client expectations, strong and structural growth in the targetable financial wealth, think of managed solutions, and the financial advisory network as the fastest distribution channel in terms of growth. In this context, Banca Generali has represented one of the fastest-growing players in the whole industry of the private banking and of the financial advisors. We gain more than four percentage points in terms of market shares. We move from 9.8 to 13.9 of the financial advisory industry. Here, the good news is that we still represent a small part of the potential of the market. 2.3% of the targetable financial wealth, 4.6% of the private and high-net-worth financial wealth, despite a four-fold increase. We pass from 1.1 to 4.6 in terms of share of market, and now we are the third player of the market, behind only to the biggest commercial banks in Italy. This growth is the result of the quality of our financial advisors, powered by technology. We are the best-in-class financial advisors in terms of profitability and productivity. Productivity, if we proxy productivity in terms of portfolio average, today it is around EUR 38 million. The gap compared to the portfolio average of the market is pretty impressive, EUR 12 million. This gap has been widening over the last 10 years. The market knows that we are focused and devote to our financial advisors. There is a growing reputation and attraction also across to the best private financial advisors in the market. What impressed me more, and I'm very proud about that this acceleration from EUR 23 billion to EUR 85 billion is the result of a journey of bold strategic decision. After the IPO, we focused on the optimization of the network, sharing a common value, quality and productivity, or performance. Thanks to this upgrade, in 2013, we had the opportunity to raise the bar and compete in the private banking wealth management industry, thanks to the launch in open banking platform-based approach. In 2018, we reorganized completely the network. We create three dedicated division to bring the managers closer to our financial advisors. The results has been impressive, a further acceleration of productivity. Thanks to these foundations, we are ready for the next phase. In the next phase, our strategy will be driven by our vision to be the number one private bank, unique by value of service, innovation, and sustainability. You know we are a pure player in the private banking wealth management industry, and the results are driven by the quality of service we deliver in the long-lasting relationship between clients and financial advisors. To deliver this quality, we know we must have a culture devoted to innovation and sustainability. The new pillars will be driven by the heart of our vision. We will accelerate. We will bring the bank even closer to our financial advisors and our clients. We will continue to build our data-driven, digital, and fully open bank, and we'll be the ESG reference point for all our stakeholders. For each of these pillars, we define the underlying guidelines. For each guideline, we define concrete action that we will present in the next presentations. These priorities, these pillars are at the heart of our strategy and will help us to deliver on the targets. Let's deep dive on these three pillars. The first one is about value of service. If you think of service, it is made up of three things, the offer, the service model, and the network. First, we will introduce a targeted offer. You know, our financial advisors have different clients, and each client has different needs. We will provide our financial advisors with a bespoke offer to anticipate the needs of a wider range of clients. Multi-service model. We will extend our business model, supporting FAs with customized service model to match the potential of our clients. In terms of organization, how to steer the financial advisor network, leveraging over a great amount of data, we will support and guide our FA networks in order to increase value of service and productivity. It's about measuring the potential of our clients, the potential of our financial advisors, and the potential of our managers. For each guidelines, we set KPIs. With my colleagues, you will see deeply all single KPIs. But let me focus on a couple of that. We are very focused to deliver higher penetration of asset under advisory and managed solution, thanks to this increase of value for our clients. Second pillar, it's about innovation. You know, innovation is everywhere. It's the backbone of the company, and we already transformed our digital and IT approach. Here we have three clear guidelines. Data-driven bank. We have to systematize and process the data. To power our commercial approach, we will match the best-in-class experiences in the digital company's B2C model, in terms of data analytics, with our expertise in the distribution channels, in the B2B2C space, and we will unlock the potential of our clients, our financial advisors, and our managers. Second, digital platforms. We will harness the power of our platforms with two clear goals. The first one, personalization is the new normal. Second, we will strengthen our operating leverage. Last, the partnership ecosystem. This is a key strength of this group. We will constantly scout new partnerships to position the bank at the forefront of the industry trends. We are very committed to delivering innovation. We set KPIs, also in this case, EUR 40 million for digital investment, and we will leverage also on the investment of our great partner. Think of Saxo. Think of UBS. On the other side, we are very focused, as already said, on our best-in-class operating leverage. We will target operating costs on total assets below the current level, below 28 basis points. That's again one of the best operating costs on total assets of the market. Last, the third priority, being the reference point for all our stakeholders. We decided to focus on sustainability in 2018, and we extend our vision on sustainability. Of course, it's a matter of responsibility. At that time, we saw a great opportunity to be the first mover to bring sustainability closer to our clients. Thinking of our stakeholders, for clients and they face, the goal is clear. Ongoing innovation on our competitive advantage. We will develop our value proposition. We will widen our offer, and we continue to nurture our financial advisors by specific training on that material. Second, shareholders and authorities. Here are just two key words, transparency and engagement. Third, our people, our employees. People strategy, we will be devoted to spreading the culture, like the culture of stakeholders, D&I, and work-life balance. Fourth, about community and future generation, we will contribute to climate protection, and we will be responsible toward communities. Also, in this case, we set KPIs. Let me just focus on two. More than 50% of our active clients will be on the ESG platforms in terms of product offering. We are committed to a net zero emission by 2040. In the next hour, you will deep dive these pillars. Value services, Andrea and Marco will focus on all the concrete action to support this pillar. Riccardo will focus on innovation, and Carmelo will explain our KPIs and competitive advantage on sustainability. We have strong foundation. The context is favorable, and our priorities is clear. We are all focused on delivering on our targets. Consistent, profitable, and remunerative growth. We have strong foundations, a favorable context, and a clear strategy based on our three main pillars with concrete action to deliver on our targets. Consistent, profitable, and remunerative growth. See you later for the Q&A, and now I will hand over to Andrea. Andrea, the stage is yours. Thank you so much, Gian Maria, and a warm welcome also from me. Today, I have the pleasure to enter in the first pillar of our vision and to present all the initiatives, all the concrete initiatives we will put in place in our next strategic plan to bring our bank even closer to our financial advisors and our clients. I will show our offer on one side and service model on the other side can support the achievement of the ambitious targets we set for the future. Guidelines number one and number two. During the presentation, when I speak about offer, I'll always refer to products, services, and digital platforms, in many cases linked together to deliver a unique proposition to our financial advisors. Let's start with the guidelines number one from the targeted offer. Over the last three years, we did a great job. We grew in all the components, above all Managed Solutions and Advanced Advisory. Nevertheless, we are convinced we will do even better in the next strategic plan, customizing our offer to serve with a tailor-made approach, different segments of clients, iNet, private and affluent clients, through our five key growth drivers. For each of these drivers, I will present very briefly what we already did in the last three years, and with more details, what we are going to do in the next strategic plan. Let's start with Advanced Advisory. From the last Investor Day, we achieved remarkable results, EUR 5 billion, from EUR 2 billion to EUR 7 billion. We received a lot of rewards. Thanks for sure to the great quality of our financial advisor network that you know is outstanding, but also thanks to technology that is very often at the center of our model. Nevertheless, we are convinced we can speed up the trend of growth in Advanced Advisory thanks to four new initiatives. For our private and iNetwork client, we are ready to launch the new fee-based contract in addition to our traditional fee on top contract, very useful for those clients who aim to reduce the potential conflict of interest, and so very useful for attracting new clients and new bankers from the market. Again, for our private and iNetworks clients, multi-booking center in Switzerland. We set up a process to manage assets from Italy with an Italian Advanced Advisory contract, assets booked in Switzerland. The close relationship between banker and clients remain in Italy while assets are in a Swiss custodian bank. In 2022, we will also have our new banking license, and later you can see better with Marco how huge is the opportunity for our bank in this space. Finally, a final initiative for our private and HNWI clients, data analytics engine. Over the last 24 months, we developed a platform for our entrepreneur clients and their family company to present dedicated, customized use cases in moving from a pull approach to a push approach. I present it better later when I speak about service model. Finally, for our affluent clients, a completely new offer, a new platform for delivering automated and customized guided solutions for our affluent clients digital portfolios. Again, I will present better later when I speak about service model. Thanks to these four initiatives and building on our achievements, we are convinced we can speed up our trend of growth in Advanced Advisory space, and later we will see with Tommaso our ambition. Moving to the second driver, in-house offer. First of all, when I speak about in-house offer, I refer to in-house Luxembourg funds, our Luxembourg platforms and financial wrapper, our discretionary mandate platforms in Italy. Over the last Investor Day, we presented the launch of our new SICAV for private banking, LUX IM, and the complete reorganization of our asset management area in Italy with the creation of seven different teams with different management skills. We well delivered on our promises, and we did a great job, but we think we are convinced we can do even better in the next three years. Again, thanks to four new initiatives. For our private and iNetworks clients, we are ready to launch by June 2022 a new platform in private markets, leveraging the experience of Generali in managing real asset solutions, real estate, private equity, infrastructure, so very useful to present to our clients innovative solutions managed by Generali and other top-tier players. Then, again, for our private clients, we will enrich our LUX IM platform, our LUX IM offer, adding to the traditional strategies, new flagship tracker funds to internalize our premium partners' best strategies, their flagship strategies. We have already brought in LUX IM 7 new flagship strategies, and we are working to increase a lot the number of these solutions for our clients and financial advisors. Finally, two initiatives dedicated to our affluent clients. By the end of 2022, we will launch a new SICAV for our affluent client, a kind of discretionary mandate like product, with the aim to allow a full diversification of the portfolio within a single ISIN code. As underlined, we will use some of our most powerful LUX IM to increase the profitability for our banks without increasing the total costs for our clients, a win-win situation. Finally, again, for our affluent clients, we've been launched by the end of June 2022, a new platform for smart accumulation plan for an automatic rebalancing between non-risky and risky assets, based on customized trigger metrics for each clients. ESG will be central in all our offer. Thanks to these four initiatives and go on doing what we already did in the past, we are convinced we can speed up also in this space where we did a great job, and rebalance the mix between third parties and in-house funds. You will see better later with Tommaso our ambitions also in this space. Let's now move to the third topic, the third driver, insurance. You know very well insurance is a competitive advantage for Banca Generali. We have Generali in our brand. 190 years of history and outstanding capabilities in developing and also managing insurance solutions. As Banca Generali, we did really a great job over the last years, above all in insurance wrapper. We are convinced we can do even better in the next industrial plan, thanks again to four new initiatives. For our private and high-net-worth clients, we are developing new insurance rider linked to protection in health and families space. We will bring these riders of protection also in other products. Again, we are working on our Lux Protection Life platform, the amazing platform we developed with Generali Luxembourg for private insurance solutions. We will enrich also this platform by adding real asset solutions, real estate, private equity infrastructure, with the option to have a secondary market on this asset class, completely new, very useful for our private and high-net-worth clients. For our private but also affluent client, we will develop a new platform, a new powerful insurance platform, with the aim to move liquidity from cash accounts into new insurance solutions. Right now, I can't tell you more, but you will see it will be really a wonderful platform. Finally, also for insurance, we will launch a new product dedicated to our affluent clients, a new insurance wrapper. Easier to sell than Stile Libero. There will be three different internal insurance funds linked to sustainability, linked to United Nations Sustainable Development Goals. Easier to sell for sure, powerful to sell, but also easier in after selling activity, without the duty to meet the client to rebalance the portfolio over the time. Also, communication will be very strong, not only financial communication, but also sustainability communication. Thanks to these four new initiatives, we are convinced we will do a great job also in insurance space. Let's now move to the driver number four, assets under custody and banking. During the last Investor Day, we presented the new partnership with Saxo for trading online system and the opportunity to enter in the certificates market. We really well delivered on all our promises. The new platform is now up and running, very powerful, and we did a great job also in certificate space, where we achieved more than EUR 1 billion of new assets in 2021. We completed the digital journey for our clients with the digital onboarding, and in December 2021, we presented our new and powerful online banking with the account aggregation platform. We know really very well that assets under custody are the gateway for Italian households, and we want to play a leading role also in this space, and we did do more. We go on doing primary market certificates for our private and high-net-worth clients, but we will enter also in secondary market to increase profitability. Again, for our private and high-net-worth clients, we are ready to announce the evolution of Robo-for-Advisory engine to deliver bespoke trading ideas on single stocks and bonds customized on single clients, thanks to technology. We will fully unleash the potential of our BG SAXO platform. You know Saxo is an amazing platform. You can trade all over the world, China's market, Asian markets, and so on, and we will create new and innovative initiatives in the platforms. Finally, for our affluent client, we will deliver by the end of 2022, a new family of current accounts with smart pricing mechanisms, easier to sell, easier in after selling, and also very powerful. Thanks to these four new initiatives, we are convinced we can speed up the trend of growth in assets under custody and banking space. Moving to our last driver of growth, lending. You know, lending is ancillary to our private banking activity. Our portfolio has an outstanding quality, over-collateralized, above all floating rates. We aim, we are convinced we can do even better also in this space. We are working for creating team of specialists to support our financial advisory network in presenting credit opportunity, so to increase the opportunity and the penetration of lending in our client base. We are ready to announce a new partnership with a leading commercial Italian bank to supply our entrepreneur, private, and high-net-worth clients in non-collateralized corporate credit. Finally, also in lending space, two initiatives for our affluent clients. We will complete the Lombard range of solutions with the launch of Lombard amortizing loans until by 2022, by the end of 2022. Again, by the end of 2022, we will launch a new platform for instant credit to deliver and to allow our clients to request for a loan digitally through our mobile app or our own banking. Thanks to these four initiatives, we are convinced we will speed up also in lending space. That's all for the offer side. I'm convinced you have appreciated the quantity and the quality of the initiatives we will put in place in our new strategic plan. A lot of initiatives for our private clients that remain our core business. We are here, we move to the podium of the Italian private banking market, and we want to go on playing a leading role and remain on the podium. In addition, we will develop a full range of products for our affluent clients with smart and simple solutions. Finally, we go on working at the top of the pyramid for our best clients, our high-net-worth clients, introducing new, sophisticated, and exclusive solutions. Offer is only one part of the picture, of the full picture, because the other part is service model. As you will see in few minutes, we will adapt. We will better expand our service model to better serve different segments of clients and to match the potential of each client. Our traditional business model, the B to B to C model, will remain the same. We will expand our service model to reach our high-net-worth clients with the enhanced service model, a kind of double touch approach. We will expand our service model to better serve our affluent clients with a guided service model, a kind of hybrid solution between human touch and technology, and we will expand our service model to serve our digital clients with a fully digital experience. Now, in a few minutes, one slide for each of these models, starting from the enhanced. We have developed and we are ready to launch a new platform, a new powerful data-driven platform, a family office platform for our high-net-worth individuals. With a lot of internal data, you know we have a lot of data about our clients, and also with external data, we will be able to present to our financial advisors, and then to our clients, a full range of innovative report, clearly not only financial wealth, not only real estate wealth or corporate wealth, but also a lot of comparison with the benchmark in the market, with the asset allocation of the top families in the world, with the corporate and family governance and so on risk, not only financial, but also family risk. A lot of innovative views on the wealth of our clients. This is one part of the platform. In addition, thanks to the use of data, with the aim of making complexity simple, and thanks also to artificial intelligence, we will be able to deliver use cases customized on each of their high-net-worth clients in the portfolio. For example, M&A opportunities, subsidized finance, governance structure, and so on. We already brought in our platforms eight use cases, and we are working to develop a lot the solutions inside the platform to allow and to enrich new commercial opportunities. Thanks to the platform, our financial advisors can meet their clients together on the side with central teams of specialists, also external teams of specialists in our ecosystem of partnership. A kind of double touch approach to strengthen the relationship between clients and bankers to bring our bank even closer, both to financial advisors and to banker, and to increase the commercial opportunities for both, and also for the bank. Thanks to the use of data, we can add to our traditional pull model that is now up and running, the new push model in this B2B2C enhanced approach for our high-net-worth clients. Let's move now to the second model, the B2B2C guided model for our affluent client. We have a lot of affluent clients in Banca Generali, 150,000 affluent clients. We already developed to our financial advisor a lot of digital tools to make their life, their professional life easier, simpler. Robo-for-Advisory, digital collaboration, reAsset module, and also more. We will bring all these digital tools in a single cockpit to deliver guided solutions to our financial advisor, customized on different affluent personas we already created in Banca Generali, the digital portfolios. In the commercial, in the traditional commercial flow, our financial advisor will stay focused on relationship and on client needs. Portfolio constructions, portfolio maintenance, and all administrative activities will be delegated to the platform to reduce the time to serve for each client, to increase the number of clients in the portfolios of single financial advisor, and finally, to increase the productivity for Banca Generali. This is the B to B to C guided model, a hybrid between human touch and technology for our affluent clients. Finally, for our digital clients, the new B to B to C sales model. We presented in December 2021 our new and powerful home banking. We already brought in our home banking the new B G SAXO trading platform. We will bring, in few weeks, the new app Conio for trading digital assets. In the time horizon of the plan, we will bring also other new features. For example, instant lending and also other digital tools we already developed for our financial advisors to give to our final clients a full digital experience, a full digital experience for our digital clients. This is the B2B2C sales model. This is last slide of my presentation. To sum up all that I presented today, we will expand our offer to better serve different segments of clients with a customized offer, private, affluent, and high-net-worth clients. Plus, we will adapt, we will expand our service model to better serve and to reach high-net-worth, affluent, and digital clients to increase the quality of the service, to bring our bank closer, both to financial advisors and to clients, and finally, to increase volumes and margins for Banca Generali. The final remarks before leaving the floor to Marco, I and all my team are fully committed to the plan, and we are fully focused on all the initiatives I presented today, and we will deliver. Thank you so much for your kind attention. Now, Marco, the floor is yours. Thank you, Andrea. You have seen the targeted solution and the multi-service model. Let's now look at the Banca Generali data-driven approach to take our financial advisor network to the next level. First of all, the growth. The growth of our results is very impressive, and this is guided by our strategic choices. As you can see on the left, the growth of the net inflows was driven by our existing network with a decreasing contribution from the recruitment. This is the implementation of our strategy we implemented three years ago. The key reasons for this result are our wealth management approach, our private banking positioning and brand recognition, but above all, the quality of our financial advisor, our people we have built in over many years. Just a few slides to remind you about the quality of our network. First of all, our story. We already know that. You already know it. For us, it is very important because this is the solid foundation on which we have built our strategy for the future. First, we select the best of our existing financial advisors with the best track record. The result is the outcome of the initiatives we undertook between 2005 and 2013, when we let go more than 1,100 advisors. After that, we were in the position to attract the best professionals, and this has helped to drive our strong growth. Over the last 15 years, we have created the best financial advisor network in the market. Another point is our organization. Our network is segmented into three different levels. Wealth advisors are the top of our network, with an average portfolio close to EUR 100 million. They are our best financial advisor with the best clients. Private bankers are the engine of our network, 1,300 financial advisors managing between EUR 15 million and EUR 50 million of assets under management. We have the financial planners, who have an average portfolio below EUR 15 million. They are the wealth managers of the future for us. In the last three years, we grew the number of wealth managers, and we almost doubled the assets of this segment. Our private bankers increased 30% over the same period. Financial planners now represent less than 60% of our advisors. This figure includes a number of junior financial advisors recruited in the last three years, who are very motivated and will help to facilitate the generational transition of our financial advisor network. Already three years, we present a new innovative approach for the financial advisors to work together to combine different skills, and I'm proud to say we already have 180 teams with 254 advisors in total, and this number will continue to grow in the future. Story plus organization equals result. In addition to the total of new inflows to the big number is all about the contribution of the entire network to our result. Almost 90% of our advisors made a positive contribution in the last three years. This chart represents the sustainability of our business model. Our results are driven by the work of all our financial advisors. These charts represent our results. On the left shows Banca Generali in terms on average asset of financial advisors and client. On the right, we have the productivity measured in net inflows per capita. As you can see, Banca Generali is ranked at the top level of the market, on the top right on both graphs. We have the most productive and strongest financial advisor network on the market. Now I will tell you how we will take our financial advisor network to this next level. Two corrections, increase productivity through a new data-driven approach and expand the network base by attracting new and diverse talent. Look at the graph on the left of these slides. We have an excellent opportunity to increase our financial advisor productivity. We have identified how to assist our financial advisors and enhance their levels of productivity based on the characteristics of their clients, the financial advisors, and the geographical location, and we shall take targeted actions in the future in the next three years. Let's now focus on the opportunity and how to leverage our new approach, data management and analytics. As you know, in our kind of business, it is crucial to know your wealth, and we do that, so we already have a lot of quantity and quality data, which we shall optimize and put to good use for the bankers. We have already started to use this data to improve our geographic footprint. Now we want to take this to the next level, and we launch a data-driven approach. This will guide us to better serve our customer, leading to better productivity. Our clients will benefit from a proactive and personalized service model, combining the traditional pull approach with a push approach. For the financial advisor, we are going to create more tailor-made initiatives and strengthen the relationship with their clients through more segmented solutions. A new geo-marketing approach will help us to provide more integrated support from the center and to be more efficient in the investment and initiative in each specific area. I will now go through each of these in more details. First, the client. We started from a very solid foundation, the personal relationship between the financial advisor and the clients. The next level between a deeper, more analytic understanding of the client's needs to create further synergies between the bank, the financial advisors, and the client. Thanks to our new data-led approach, we will be able to increase our commercial opportunity and reach more potential clients. We will also be able to reap better value from existing and potential clients. From this gap analysis, we can identify what we can develop. For example, shared wallet, network of relations, non-financial services of the solution and product they have compared with their peers. Thanks to this, we will be able to better serve our most valuable clients and proactively develop commercial potential. This slide shows an average financial advisor with EUR 39 million of assets under management. 70% of this asset comes from high-net-worth and private clients. He or she managed 120 clients, but 85% of these are affluent and lower affluent clients. Today, the financial advisors spend the same effort on all clients because they don't have the information about their potential. Without our data-led approach, we will discover the potential of each client and suggest specific action to help financial advisors concentrate the effort on high-potential clients. Through the service model, we will e-enable advisors to reallocate time from lower to higher potential clients, and also free up time to acquire new clients. This data can also be useful for the financial advisor managers who are crucial in driving the success of our network. Until now, we have managed the financial and advisor network through traditional means. The next level will be to use the data to systematize the knowledge among all involved, financial advisors, managers, and the bank, to prepare a tailor-made action plan for each advisor. The one-to-many is our traditional approach. When we present all new solution and services to all our financial advisors, and they are free to choose what they want and what they need for their client, usually they choose what they know best. While our financial advisor will continue to be able to freely choose among the solutions on offer, with the one-to-one approach, we will help our financial advisor to better select other products and services to meet their clients' needs. We shall apply the same approach and criteria to development of our geographic potential. We will evaluate the potential of each area and identify the best action to support the development of the region. The second driver to take Banca Generali growth to the next level is the expansion of the network base. Last year, we recruited 123 new senior financial advisors, the majority coming from traditional and private banks. Our new colleagues have an average portfolio close to EUR 50 million, so we continue to recruit on the top of the market. We also started to attract young talent with an age of 48. This is five years less than the average age of the financial advisors in Italy. More than a quarter of our new colleagues are women. We confirm our recruiting strategy to expand our bases with the experienced financial advisor, next generation and diverse talent, and leveraging our Swiss banking license. By 2024, we aim to have recruited 500 new financial advisors in our plan. Focusing on Switzerland, we started to talk about the internationalizing of Banca Generali three years ago. The project was postponed due to the COVID pandemic, but we acquired BG Valeur in 2019, and we started the BG International Advisory Service recently. I remind you that this is an innovative service to support our client with declared asset in Switzerland. Overall, this has brought us an additional EUR 1.2 billion of clients' assets. In the five years of BG Swiss business plan, we target assets between EUR 5 billion and EUR 7 billion. The timing is key because we can take advantage of the change in regulation that started this year. We are confident we will receive our Swiss banking license by the end of 2022, and we have already hired an experienced local management team led by the CEO, Renato Santi. Renato is a recognized Swiss manager with experience from leading Swiss banks. In Switzerland, our strategy is to capitalize on the new regulation through BG Valeur, serve the client, the Italian client with declared assets held in Switzerland, act as a multi-booking center, as Andrea already mentioned, and relocate Swiss bankers interested in serving Italian clients from Italy. Last but not least, to build our local private banking commercial network. I arrived at the end of my presentation. We have a clear strategy for our financial advisor network. This is based on increasing of productivity and attracting the best talent from private banks and financial advisor network. In the next three year, we will do this using a data-driven approach which support and grow our financial advisor network, geographical distribution, and create new benefits for our clients. To conclude, we are confident we will improve our productivity, accelerate our financial advisor base, and increase our client base. Together, this will drive successful growth. We are confident that we'll deliver it as we have always done. Thank you. Now, a short break before starting the second session with Riccardo. Thank you. Welcome back. We will now enter into the second pillar of our strategy, innovation. The purpose of my presentation is to share an overview of our innovation framework and try to bring together some of the information we have learned from Marco and Andrea. As Gian Maria told us earlier, our innovation guidelines focus on three different areas: data to empower our commercial approach, digital platforms to support our business model and streamline operations, and partnership to position the bank at the forefront of the industry trends. These three pillars steered our activities and our organization over the past few years and will guide us also for the coming plan. Let's take a look at each of them. In the last plan, we laid the foundation of value creation thanks to power of data. We put in place our new data management division and worked on data governance and skills with a positive impact on the internal culture around the role of data. At the same time, we built our new data lake architecture in the Amazon cloud, and the combination of process and technology has allowed us to significantly improve data management as we can share now a single view of data within the entire organization. The next step is to unlock the power of this infrastructure, also taking advantage of the capabilities of the Generali Group. A key element that we learned from Andrea and Marco is that we produce a huge amount of quality data, a real goldmine. We have data on our clients, their financial situation, their banking and payment profile, property, corporate life cycle, even evidence of holding assets in other banks. On the other hand, we have what we call experience data of our bankers, their attitude, their advisory style. Finally, we can count on data on districts in terms of wealth, performance, and manager attitude. We managed to collect all this and systematize it from internal and external sources. As Marco pointed out, we are currently working on creating analytical models, applying deep knowledge of our managers and bankers, and we have a clear goal, to provide our network with a data platform to help them to grow and to better serve each individual client. For the first time, we are not just going to be close to our financial advisors, but we are going to help them to engage with the clients and, at the same time, we will help managers to engage with their bankers. We see that as a breakthrough for our industry. Digital platforms. We rolled out our digital journey in three different waves. We supported our financial advisors' activity by developing a rich ecosystem of advisory applications, like the BG Personal Advisory, our proprietary platform, which covers all wealth management areas. It gives a full picture of clients' wealth. We worked on business process automation, improving quality of service and efficiency in daily operations with a positive impact on the cost to serve. We created with Pega a smart platform for managing business processes, achieving overall a 40% time reduction, in particular on clients onboarding, with more than 70% digitally open in few minutes. We finally reviewed our digital presence by introducing home and mobile banking and trading solutions in order to be first digital choice for our clients also in the B2C. Now we have three main goals, personal platform, smart operations, and new digital services. FAs and clients are all different, and so their financial relationship. For this reason, we will evolve and integrate our digital assets to tailor digital personal platforms to each financial advisor by better fitting specific client needs and to enable the different service models presented by Andrea. On the other hand, a wave of change is already affecting how we work and collaborate. We are going to continue working on automation and efficiency also thanks to data by fostering end-to-end digitalization. Finally, new digital services in selected verticals will enrich digital customer experience, providing a wallet of applications to our clients for different needs. Our BG innovation landscape has been possible thanks to our open banking strategy, which leveraged on a performing legacy and aimed at building a solid platform made of different partners' solutions integrated into a distinctive BG approach. Being open proved to be the right strategy. We act as orchestrator, leveraging on vertical experiences of our partners in any part of our value chain. We plugged in solutions from best-in-class international providers, thanks to our revenue and risk-sharing model. That increased the speed of execution, and we achieved a positive impact on the P&L. We will further expand our collaborative and open approach by continuing to be flexible. The type of partnership will vary according to the complexity and maturity of the different services. Looking back, we have partnered with industry leaders, such as UBS or Saxo for wealth management and trading services, but we also have set up partnership with small scale-ups, like MainStreet Partners or Conio, when we decided to explore new trends like sustainability or blockchain. Let me say a few words about Conio. I believe that blockchain will strongly affect the way financial sector is going to work. That's why we decided to partner with Conio, a patented solution for digital asset custody. As you know, we have just completed the integration of Conio in the BG mobile app. Besides of being a financial and commercial partnership, it's even before an industrial liaison, since together we are already experiencing new use cases of the blockchain economy. To sum up, innovation is core to our vision. We have shown our ability to execute. Much has been done, and we have very clear priorities for the next three years, because we want to confirm to be a data-driven digital bank in the wealth management industry. Thank you. Now I hand over to Carmelo. Thank you, Riccardo, and good morning to all. I'm honored to present the third pillar of our strategy regarding the reinforcement of our ESG positioning. As you all know, the last years have seen the offering of ESG investment shifting from a niche proposition to an offering of sizable proportion. As Gian Maria said, Banca Generali has led this transition in the driver's seat by offering unique ESG solution to our clients. In particular, thanks to our financial advisors, Banca Generali has achieved remarkable result in the last years in terms of ESG asset under management, surpassing our 2021 targets. Notably, the last three years have been marked by the strengthening of EU regulation regarding ESG matters, the overperformance of ESG investments, confirming that making a sustainable investment does not imply the sacrifice of a solid financial return, and lastly, the increased investors' demand on ESG products. Among the initiatives that Banca Generali put in place in the last years, there are several offerings of ESG funds, more than 269, to our clients, and the related advanced training on ESG investment for our financial advisors that enable the achievement of our results. In particular, the amount of assets under management invested by our clients in ESG solutions today is about EUR 6.5 billion, of which EUR 1.5 billion in the last year. Banca Generali worked on its governance, introducing the need to consider ESG risks and opportunities in all of our managerial and corporate committees. We adopted responsible investment policies that provide for negative screening processes to all our investments. We formalized our ESG commitment by providing that 20% of the variable remuneration of the top management is linked to ESG targets. In cooperation with the Generali Group, we fostered a diverse and inclusive environment, becoming a signatory of the Women's Empowerment Principles sponsored by the United Nations. We have contributed to the community with several initiatives focused on financial education in partnership with the Italian Banking Association, FEduF. All this action led to a global improvement of our ESG ratings. Sustainalytics is ranking Banca Generali between the top 100 companies out of 15,000. Standard Ethics provided a positive outlook for 2022. Lastly, Banca Generali entered into the MIB ESG Index, sponsored by Euronext and Borsa Italiana, grouping only a few listed companies in Italy with proven ESG commitment. Today, more than 34% of our institutional investors are ESG investors, and this level is above the average of the reference market, and it is confirming the robustness of the sustainable approach that Banca Generali adopted so far. With reference to our 2024 strategy, we plan to reinforce our ESG positioning. We target more than 40% of assets under management invested in ESG solutions by the end of 2024. This will be achieved with the offering of new and more sophisticated ESG solutions, also linked to the EU taxonomy regulation, and through the upskilling of our financial advisors through specific training on ESG investment, thanks to our partnership with the Politecnico di Milano, that will prepare our financial advisors to obtain the FA certification. We will reinforce the dialogue and transparency toward all stakeholders, also through membership of Banca Generali to the most important international initiatives that concerns asset managers or listed companies. We will continue in cooperation with the Generali Group to improve an inclusive and diverse environment. We target more than 50% of new hiring under 35 years, and we will steer initiatives ensuring equal opportunities to all employees. Lastly, we will commit to net zero carbon emission by 2040. We will provide intermediate milestone in 2025 and 2030. In particular, in 2025, we plan to reduce by 25% our carbon footprint in relation to corporate investment in managed solution. In 2030, we will phase out investment in corporate linked to carbon fuel. We will do so also through active engagement policy with all our partners. By doing so, we want to reinforce our commitment towards a sustainable growth, bringing Banca Generali to be the ESG reference point for all our stakeholders, both nationally and internationally. While of course, we will welcome question in this specific session, I have the pleasure to introduce you our CFO, Tommaso Di Russo, that will present the last part of our strategy. Thank you, Carmelo, and good afternoon also from me. It is a real pleasure to present the Banca Generali new strategic plan with the whole management teams. My colleagues have already explained the strategy and the target of plan 2024, and now I will give you a more quantitative view of our plan, going through the main items of our P&L. I will show the dynamics of last three years, and I will give also guidance for our new three-year plan. Three years ago, we presented our first public strategic plan, and as Gian Maria already said, we delivered and overachieved all our targets. Before diving in, let me say a word about the philosophy of the new plan. We are raising the bar. We should be delivering consistent, profitable, and remunerative growth, starting from the strong 2021 results we just announced. Let's start with the evolution of our client assets, the principal driver of our profitability. We delivered above targets, as you can see on the slide. At the end of 2021, total assets stood at EUR 85.7 billion, which implied a CAGR of 14%, which is compared with the original 10% guidance. We overachieved the net inflows target, reaching EUR 18.7 billion, EUR 1 billion above the top of the guidance range. We saw stable contribution also from M&A, while the contribution from the market was much more substantial, reaching EUR 7.3 billion. All this element lead to the final results of EUR 85.7 billion at the end of 2021. Now, moving to the evolution of total assets expected in the next three years, our guidance is to reach more than EUR 100 billion of total client assets, which are estimated in a range between EUR 105 billion and EUR 110 billion. This target is based on a strong acceleration of net inflows in a range of EUR 18 billion-EUR 22 billion, and net inflows is the most important commercial target of the plan. We have a conservative approach to estimate the contribution of market, which is estimated at around 1%, as well, we don't make any explicit assumption on M&A, although we don't exclude to grow inorganically in case we find the right target. If we look more in detail at the composition of net inflows, the existing network component is expected in a range between EUR 13 billion and EUR 16 billion, thanks to increasing productivity. At the same time, the contribution from recruitment is expected to grow from EUR 5.4 billion to between EUR 6 billion and EUR 7.5 billion, as we are targeting a more diverse range of recruits. Recruitment includes also the development in Switzerland. Although, in addition, we expect a normalization of activity of recruitment once the pandemic crisis is resolved, and we had the first sign going in this direction, looking at the 2021 result. Finally, churn rate was very low in the last three years, and we are confident to maintain outflows for market competition at a low level of around EUR 1 billion-EUR 1.5 billion over the next three years. Now, moving from total assets to P&L, let's start with our main financial target, recurring net profit. As you know, in our last plan, our focus was on recurring profitability, and we implemented many initiatives to reduce the volatility of our net income. The new pricing of our in-house offer, together with the revision of performance fees, went in this direction, as well as the introduction of advanced advisory services and the development of trading and certificates, which have an anti-cyclical function. As Gian Maria said earlier, again, for the next three-year plan, our focus will remain the recurring net profit. Starting from 10% growth in the last three years, our objective is to accelerate growth with a double-digit CAGR in a range between 10%-15%, driven by two main factors. Revenue growing in line with client assets and costs, which amount to one third of revenues, will be growing at a lower rate. Of course, the combination of these two factors will lead to a positive year-on-year operating profit. In the next slide, we will go through the P&L. We start from gross fees, and as usual, we divide them into recurring and variable fees. Recurring fees have been growing over the last three years, but in 2021 we saw a further acceleration driven by our excellent performance in terms of net inflows. The market contribution and the new pricing of the in-house offer gave an additional boost. Margins were in line with the top range of the guidance. Furthermore, keep in mind that the benefit of repricing will be fully seen in 2022. Looking ahead, we expect gross recurring fees to be up 7%-10%, growing in line with total assets and expecting also broadly stable margin. Moving to performance fees on the right of the slide, the 2021 result was very impressive, supported by the market, of course. As you know, we defined a new mechanism to calculate performance fees, and starting from 2022 it will be applied to the whole asset. The guidance of performance fees has been updated from EUR 70 million-EUR 80 million per year to EUR 80 million-EUR 100 million per year as a result of the expected increase of our in-house fund. We are really confident in the growth of our recurring fees. We expect that total assets will continue to grow consistently, and that margin will be supported by product mix and the new differentiated offer we have seen with Andrea. In this slide, we summarize the main initiative that will contribute the most to the growth of client assets and to margin sustainability. On the slide, you see from where we started and what are new three-year plan objectives. The 2021 results are the floor of the guidance for the 2024 plan, but of course, the guidance is applied to higher assets. Let me stress the main assumption. The new plan is focused, even with the strong acceleration of net inflows, on improvement of product mix to a higher penetration of advisory in house fund and insurance wrappers. While going line by line, advisory, the new guidance is to reach 8.5%-10.5% of total assets, thanks to the new services provided. I'm talking about the new fee-based formula, the multi-booking center in Switzerland, and the digital portfolios. If we look at managed solution, they are expected to grow substantially with an expected penetration of 52%-56% of total assets. In particular, we foresee a switch from third-party and non-managed assets toward in-house fund. In this case, the flows will be supported by the new flagship strategies, the launch of a specific offer for affluent clients, and the new private market platforms for private clients. We expect that in-house funds will account for 12%-14% of total assets. The expansion of our insurance offer will be driven by the launch of BG Oltre, a specific offer also in this case for affluent clients. The enrichment of the offer for private clients will be an additional feature, and also a new insurance platform will be aimed at draining the excess of liquidity in cash accounts and will drive flows toward insurance saving. We expect the penetration to grow in a range between 13% to 15% of total assets. Moving from gross fees to fee expenses, we expect stable payout despite stronger net inflows. If we look at the achievement of the last three years, on the right side of the slide we see the composition of payout. Ordinary payout to the network decreased slightly in 2021, thanks to the repricing of the in-house offer. Cost of growth, despite the acceleration of net inflows, is stable at around 11% over the last three years, thanks to the higher productivity of the existing network and the declining cost of recruitment. Also, payout to third parties was stable. Consequently, guidance for the 2024 plan is to maintain a stable payout of around 53%. Having taken you through the commission margin, now I would like to explain the dynamics we expect on the net financial margin. Net financial margin has proven a material headwind in the last three years because of the low interest rate environment. Despite the pressure from interest rates, net interest income grew almost 12% on the back of interest-bearing assets growing at 17.8%, only partially offset by a slight decrease in yield from 69 to 61 basis points. The contribution from trading was significant throughout the three-year plan, reaching around EUR 29 million in 2021, driven by the active management of the banking book, which still benefits from a high level of realized gain. The combination of increasing volume and the expectation of a rise in interest rates leads our guidance to set an increase in net interest income of 5%-10%. In accordance with our base scenario, we expect net interest margin to remain stable in 2022, while increasing progressively in 2023 and 2024. We observe there is a movement in interest rates, and we will monitor the evolution. The assumptions for our base scenario are very conservative and do not incorporate immediate interest rate increases. If we look at the asset composition, our aim is to continue to diversify our investment. On one end, we will boost lending activity, and on the other, we will go on diversifying the banking book. Looking at lending activity, we target an increase of more than EUR 600 million of Lombard lending, thanks to the enrichment of our Lombard offer. While moving to the banking book, we will continue the diversification process and keeping a prudent duration and maturity. We expect that yield will be supported by the improvement in interest rates mostly, and also secondarily from the setup of a portfolio of alternative investment which will account for 5%-7% of our banking book. The structure of our balance sheet is ready to get changes in interest rate environment. In fact, more than 50% of interest-bearing assets are invested in floating rates, while on the liability side, the current accounts remuneration is a fixed rate with a cap at zero. Well, if we break down the interest margin between mark-up and mark-down, we have a positive gearing to interest rate growth on both sides. In fact, the benefit of our net interest income to a parallel upward shift of ten basis points in interest rates is estimated approximately in EUR 7 million per year. Well, turning now to the cost side. I said earlier that we expect costs growing at a lower pace than revenues. If we look at past three years as a starting point, the main KPIs show clearly the discipline and the attention paid to cost evolution. Operating costs on total assets currently stand at 28 basis points, and cost income, calculated excluding performance fees, remain consistently just above 35%. We expect that this trend can continue. Core costs grew by 4.4% in the last three years, exactly in line with the guidance, and the guidance for the new plan is in line with our previous plan, with an expected growth of 5%-6% per year. The guidance includes also the investment in technology needed to complete the journey of digital transformation that we've seen with Riccardo, and the cost of the new bank in Switzerland, whose setup will be concluded in the current year. Well, we have concluded the deep dive on P&L with good news on both costs and revenues, and now we'll have a look at our balance sheet and capital ratio. Banca Generali has a strong capital position, with a total capital ratio of 17.4%, which is consistently above requirements. Our liquidity ratio are also very strong. Our commitment for the 2024 plan is to continue to have solid capital ratios in line with the 2021 result, even with our generous dividend policies. On the subject of dividends, as announced last week, we will propose a financial year 2021 dividend payment of EUR 1.95 per share, resulting in a payout ratio of 70.5% of consolidated net income. The dividend will be paid in two tranches, EUR 1.15 in May 2022, after the AGM, and EUR 0.80 per share in the first quarter of 2023. Including the remaining EUR 0.60 from 2020 that will be paid on February 21, next week. This makes a total of EUR 2.55 per share to be paid cash in 2022 and 2023. Our goal is to increase cash remuneration year per year, and I mean a calendar year. The new plan, Banca Generali approved—Together with the new plan, Banca Generali approved a dividend policy, a new dividend policy, which is aimed at delivering steadily growing DPS by smoothing potential earnings volatility connecting mainly to performance fees. At the same time, we want to increase flexibility in capital deployment. We have introduced a differentiated payout, 70%-80% of recurring net income, as well as 50%-100% of variable net income. We also confirm the tranching mechanism, which splits the payment of the dividends in two moments. The first in May, after the shareholder meetings, and the second in the first quarter of the following year. Based on this new policy, we aim to distribute in a cash view EUR 7.5-EUR 8.5 of dividend per share over the period 2022-2025, of which, as I said earlier, EUR 2.55 is already announced. To conclude, I'd like to sum up all the guidance presented. We have three main targets. Net inflows expected between EUR 18 billion and EUR 22 billion, recurring net profit growing at 10%-15%, and lastly, cumulative DPS at EUR 7.5-EUR 8.5 over the period 2022-2025. Focusing on profitable growth on the right, we gave four guidance indications. Gross recurring fees expected to grow in a range between 7%-10%. Payout ratio of fee expenses expected to stay stable at around 53%. Net interest income grow in a range of 5%-10%, and CAGR of core costs between 5%-6%, including investment in technologies and the Swiss expansion. All these figures together are consistent with the recurring net profit growing at least double-digit and expected between 10%-15%. Well, that brings me to the end of my presentation. Thank you very much for your attention. Now I will leave the floor to Gian Maria for his final remarks. Thank you. Thank you, Tommaso. Well, we are almost ready to take your question. Before starting, let me share with you why I'm so convinced to deliver on these targets. Of course, we already seen it. The context is really favorable. The clients are there with growing need for protection and advisory. There is a huge amount of targetable financial assets, and the trends are very strong. Distribution channels tells just one story. The financial advisors are the fastest-growing distribution channel in Italy. I have three specific topic for BG that let me very optimistic for the next three years. First, we built our strategy on strong foundations, very hard to match, built in 10, 15 years. The quality of our financial advisors, our culture for innovation and sustainability, and our obsession for long-term value creation for all the stakeholders. Second, we have a management team more experienced and more tested to achieve multi-project strategic plan and to deliver ambitious targets. Our people represent a competitive advantage, and we are all united and convinced to deliver on promise. Last, we have built a very, very strong reputation and a strong brand across the community of wealth management and private banking. Moreover, we can leverage on a great group, Generali. We can leverage on their expertise. We can leverage on their investments, and we create even more synergies. I'm sure we will deliver. Thank you. Now, just a couple of minutes to set up the stage, and we will be back for the Q&A. Welcome back. We're ready now to start the Q&A session. Before starting with taking your questions, I know that many of you experienced some technical problems today, and we would really like to apologize for that. We are available for taking any calls from you on that after the end of this presentation. Please, now let's start with the Q&A session. I have a few questions from the webcast that I would like to start with. The first one is coming from Elena Perini. Elena is asking, "Can you please recap the main items driving the difference between reported net profit and recurring net profit? On the revenue side," this is the first question. "On the revenue side, is the difference due to performance fee only, or do you also exclude trading profit?" And then another question is, "Which is the Banca Generali tax rate assumption? Okay, thank you. Let's say that we in the recurring net profit, we do not consider performance fees and a part of the trading. In particular, we say that if you think of the trading income, you have two components. One is the capital loss or capital gain, and the other one is about the dividend and Forex. Dividend and Forex account for almost EUR 5 million. So the total revenues, the total income less performance fee and less the trading income, while the dividend and Forex are included. In the cost side, we consider one-off, but at the moment we do not expect any one-off at the moment. The second is about tax rate. We do expect a tax rate in the range of 22%-23%, and with a stable tax rate also in Luxembourg in the range of 13%-15%. Okay, we can now move to the next questions. The next question is coming from Luigi De Bellis. Luigi De Bellis, I'll try to translate his question. Can you please say how much of your recurring revenues is coming from advisory fees, structural products and retail brokerage? And also, Luigi is also asking, how do you expect the risk-weighted assets and the CET to be at the end of the plan? Okay. On the part of risk-weighted assets and capital ratio, I will hand over to Tommaso. Let's say that other fees will account almost 50%-15% of total revenues. Tommaso, can you give some more flavor on the details of other fees? The other fees, we expect that they will account for 15% of total recurring revenues. We expect a growing contribution from what we call the new revenue stream. I mean, advanced advisory, that, as we saw in my presentation, we are expected to grow the penetration of advanced advisory, but also from trading and certificates. More on trading, of course, we expect that it's going to grow on one hand, the development of Saxo, and on the other because we expect to have higher asset under custody. While the contribution of certificates is expected more stable because we don't want to push so much on structured product. We will monitor also the market condition to understand what is better also for the client. We expect overall new revenue stream growing, while on the more traditional other fees that are the typical banking fees, we expect a more stable contribution. On risk-weighted assets. On risk-weighted assets, let's say that in general, on total capital ratio, we expect that our position will remain very strong, at least at the level of 2021. We have today a total capital ratio of 17.4%, and also the leverage is around 4%, 4.3%. Going forward, the evolution of weighted assets will grow, but it will grow in line with the expansion of our total assets. We don't foresee a higher absorption of capital because we are going to invest, in any case, the banking book mainly in government bonds, and also the lending activity will be a collateralized activity, so with a stable absorption in terms of capital. Giuliana? There is another question from Angeliki Bairaktari. Angeliki is asking, "Good afternoon. In today's press release, you mentioned that you expect margins not to be below the average level since in 2021. At the same time, you have spoken about using more in-house funds as underlying for new products. What should we expect the impact from a higher share of in-house funds to be on your gross management fee margin going forward? Where is the gross management fee margin expected to stand by 2024?" As you know, we have two different targets in terms of margins. The first one is in the overall gross fees. The average of last year was about 118 basis points, and we confirmed to stay at or higher to at least this level. Second, we have a target also for management fees. The average of last year was around 141 basis points, and we do expect to stay at that level or a little bit higher. We have now another question from Luigi De Bellis. Luigi's question is, "Can you explain better the sensitivity of the net interest income to the increase in the Euribor?" Yes. Let's say that a parallel shift of the yield curve of 100 basis points would imply an increase in net interest income of about EUR 70 million. On the other side, if you consider the impact, the potential negative impact on the ongoing commission or management fee commission, the impact of a shift of 100 basis points would imply an impact of EUR 10 million-EUR 12 million. Overall, for the bank, for our P&L, higher yields implies more income. Well, okay. Now we have a few questions from Alberto Villa. Alberto asks, "Can you give us an indication on the expectation for the so-called new revenue streams of the past, advisory certificates and brokerage?" And then, the second question, "What is the floor level of CET1 ratio for the future?" And the third question, "Can you give us an indication on trading income?" Sorry. Trading income. The third question is, "Can you give us an indication on trading income?" Last question, "Can you give us an indication on the different profitability from enhanced, guided, and self-platforms?" Okay. Let's say, as Tommaso has said, in terms of other fees, we do see a growing contribution from the so-called new revenue streams. In particular, the positive contribution comes from an acceleration of brokerage. I do expect double-digit growth, stable certificates, and an increase in percentage in the advanced advisory. We gave a target, a guidance in the range of 8.5%-10% or 10.5% of total assets. It implies more or less almost EUR 1 billion per year of new net inflows. The second question on CET1, I will hand over to Tommaso, and then I will answer on the business model. Well, on the CET1, as we said before, overall, we expect to stay on the same level of 2021, in terms of total capital ratio and also in terms of composition. In terms of CET1, we expect to stay in line with the present level. We don't see any structural change at the moment in terms of total capital ratio. Although we, as you know, we have a very important dividend policy, but it will be managed also to have a really important and solid capital position. In terms of the multi-service model, the service model is about the quality of service and the productivity of our financial advisors. Enhance implies, let's say, higher quality, thanks to double touch approach and a dedicated family office data-driven platform. It's a way to provide better quality to our high net worth individual. The guided is to free time to our financial advisors to expand business because it's about centralization of activities, and it's a way to bring to clients the targeted offer. The new solution for affluent clients. The guided approach, with the underlying solution dedicated to affluent clients, of course, provide higher margins compared to the traditional offer. The self is another way to be directly linked to clients and to offer them a direct connection with banks for, let's say, simple, the simplest activities. In that case, normally you approach the bank directly for banking services, payments, standardized lending, and brokerage. It's more about the targeted offer. It can be measured in terms of margins, where the ongoing innovation on the private will help us to maintain good profitability for private clients. We will accelerate in the affluent clients, and we will increase the quality of services to high net worth individual, thanks to more specific initiatives in terms of products and with a service model dedicated to them with the double take touch approach. Last question is on trading. The last question was on trading. Let's say that we do expect a stable growing net interest income for the next three years, and we would like to stabilize also the total financial net income. We will manage the trading activity with an opportunistic approach. Consider that as of today, we have still EUR 100 million of unrealized gains. There is an opportunity to capitalize part of these unrealized profits. The idea is to manage a very stable and steadily growing net interest income as a priority. The next question is on net inflows. The question is, could you please provide more color on the mix of your net inflows? Yes. You know that overall net inflows will be in the range EUR 20 million-EUR 22 million. We do expect a contribution of between, let's say, around 60% for the managed solutions. It means on average, we expect EUR 12 billion. When these managed solutions can be broken down, both in terms of product view or asset management view. In terms of product view, we expect EUR 8 billion or a range between 60%-70% of managed solutions. In terms of asset management, our BG fund management company, we expect an average of EUR 5.5 billion. It implies a penetration of 45%. Let's say that we set the range between 40%-50% of in-house funds, both retail and institutional, and 65% of the overall managed solution of in-house products. In-house products means single funds, retail distribution, discretionary accounts, and insurance wrappers. Okay. We now have another question from Angeliki Bairaktari. Angeliki asks, with regards to Conio, will your customers be able to trade and hold Bitcoin and other crypto assets directly via the BG app? Conio is a way to distribute the, let's say, custodian and wallet service provided by Conio. It will be in the first phase only referring to Bitcoin in a very, say, conservative approach. It will be just about predefined percentage of the total assets of the client with Banca Generali. Of course, the initiative is to introduce our clients in a safer way to Bitcoin assets. The next question is from Elena Perini. Which is the greatest challenge you see ahead with your plan horizon, and how do you think to cope with it? Let's say that we showed in the past to be able to deliver multi-project strategic plan and also to deliver very ambitious targets. We are all confident to deliver on these targets. I think that inflation and markets, more in general, can be a threat for the industry, but we have also overperformed when volatility spikes, because you know the quality of our financial advisors matter more or most when difficulties increase. The scenario for the next 12 months is more volatile than ever, and you know better than us what we are experiencing in these hours. I fully believe that the quality of our financial advisors and our commitment to deliver results will allow us to overtake also these difficulties. Another risk for the industry is about politics. Again, in Italy, as you know, we already demonstrated that in case of, say, volatility driven by Italian mess, and it's not our baseline scenario, we perform definitely better than others. Whatever the scenarios, both in Italy or worldwide, we are pretty confident to overperform, thanks to the quality of our financial advisors, and again, clear ideas and clear strategy for the future. Now we move to the next question from, again, Angeliki Bairaktari. Angeliki is asking, can you please describe the typical customer journey you envisage in the three customer segments you have identified: high net worth, private, and affluent? And second question, do you expect to win more new customers via online tools as opposed to FAs relative to the past, where the vast majority of new customers came from FA relationships? Okay. No, let's say that the evolution we are working on is focused on increasing the quality of service and the productivity of our financial advisors. At the core of the targets, there is the intention to increase the opportunity for our financial advisors. In order to free time, we have to centralize part of the activities. The guided and the self aim at increasing productivity of our financial advisors. We have 150,000 clients, affluent or affluent, and for these clients, I'm sure you can contribute more and more as a bank to increase the productivity for our financial advisors. High-net-worth individual is a different story. There, we have to increase the personalization and also the contribution from the bank. A dedicated platform, I already mentioned, a family office data-driven platform and teams, internal teams to the bank, including also the partnership we are leveraging on, will allow us to increase the long-lasting relationship with our clients and our financial advisors. This is about quality of service. In terms of acquisition channels, in our plan, we do not consider a significant contribution from other alternative channels, excluding the direct connection clients, financial advisors. Now we have a question from Paola Sabbione. Actually, several questions. Should we consider the new LUX IM flagship tracker funds a way to internalize further the value chain? Which can be the impact on margins? And from an organizational point of view, would you require new hirings to manage these new funds? And if so, probably costs are included in the guidance. Is it correct? This is the first bulk of question on LUX IM. I will start with that, with this one, and then we will move to the next one. Yes. Let me just spend two words on margins and why it's so important to internalize part of the assets, managed by, directly by third parties. We consider an increase above 30-40% of margins moving from, let's say, third-party funds to in-house funds. We have already developed greatest part of this offer, and I will hand over Andrea for more color on that. Yeah. On our LUX IM platforms, we usually develop the internal strategies, then we ask our principal asset manager to manage on our behalf these strategies. The strategies are in LUX IM and a property of Banca Generali. The innovation with the tracker funds is that we ask our principal asset management to bring into our LUX IM their flagship strategies. They are well-known strategies that are well-known not only from our banker, but also from our clients. They are easier to sell. It's an innovation because it is in addition to our traditional strategies and the new flagship strategies that this does not request any additional management capabilities, because we delegate to our principal partners the management of these solutions. The guidance presented by Tommaso from 5-6 include all the costs related to all the initiatives of the plan. This one, of course, is included. Okay. Now we move to the second part, the question from Paola Sabbione. Paola is asking a clarification on the dividend policy, how the first and second tranches are quantified. Then a question on the self-channel, the self platform. You called also the self-channel B2B2C. Can you then elaborate on how the affluent new clients will be acquired? I think you mentioned new current account offers, for instance, which seems an opening to a direct contact with clients. Would this help reducing cost of clients acquisition for this cluster? You could still involve FAs in the management of these new clients. Is it how it works? Thank you. Starting from the dividend policy, we aim at distributing a stable and steadily growing dividend in euro terms year by year, so cash view. To be more confident on distributing this constant growing cash amount, we defined two levers. The first one is a more flexible payout policy, dividend policy, and the second is about the tranching initiatives. The dividend will be tranched in a way to support us to, let's say, be sure to reach this stable growing dividend in euro terms, cash view. On the B2B2C side, as I mentioned before, first priority is to increase the productivity of our financial advisors. We are sure to be able to increase the overall contribution of the existing sales force in terms of net inflows. This is the main priority, and is the way we will achieve and deliver the plan. Second, by building capabilities in a guided and self, let's say, platforms, we will be ready in the future also to be closer to clients and to think of any initiatives also in terms of acquisition. But we haven't included this kind of initiatives in this plan. Another acquisition channel could be the partnership with Saxo, BG SAXO. But again, we haven't included any numbers in this plan. Now we move to the next question from Alberto Villa. Alberto is asking: Do you envisage any pressure from regulators on retail investments fee structure during the time span of the plan? Are your performance fees already fully compliant with ESMA guidelines? I do not see any pressure in terms of fees paid by retail clients. The mechanism we introduced, and the performance fee mechanism is in line with the directive. I don't see, as of today, any surprise. I can also say that, of course, due to the correction of the market, in this moment, say, the net asset value of the funds are 3%-4% on average, as a distance from the high water mark. We have something like more than between 10-11 million EUR of performance fee for January already accrued. Another question is: Can you please elaborate on your investment in costs for innovation? Could you please also comment on your general cost trend by 2024? Okay. Tommaso, will you- Well, yes, of course. In technology, we have in our plan EUR 40 million of investments linked to the technology development. They are mainly CapEx. With a process for amortization, which is around four-five years of amortization. We expect to have an impact in terms of P&L by the end of the plan, around EUR 10 million in the P&L. Of course, these are direct investments. The most important thing is that we have to consider also the investment that our partners do on their own, which give, of course, a different picture of what are all the investments directly and indirectly of the bank in the technology. For example, CSE or Saxo or UBS, to make some examples, of course, have other investments that are put in the time in the plan horizon, which are not directly in our P&L because we have with them, in many cases, also the revenue share schemes. Trend. Okay. Moving to the next questions is: could you please elaborate on the impact of inflation on your business? Yes, of course. From a P&L perspective, we do not see any significant impact by the spike of inflation of these months. Consider that we expect inflation level at the end of the target below the ECB level, so below 2%. As of today, only 10% of our operating costs are directly linked to inflation. The impact on total cost is negligible. On the revenue side, I think that this could be a good opportunity for all the industry because, you know, this inflation means purchasing power loss. We do expect the opportunity to work more and more on deposits and on dedicated solution to enhance, you know, the investment from current account to, say, solution to protect from inflation. Overall, if inflation implies higher yield, we already said that higher yields for us are I mean higher net interest income and no, or let's say no meaningful impact on gross fees. So the overall, the inflation scenario and yields are positive news for the industry, for Banca Generali in particular, because inflation and yields are also positive forces for our traditional life insurance. You know, we have almost EUR 20 billion of traditional life insurance without any impact in terms of volatility linked to higher yields. In case of stable yields, higher stable yields, this would allow us also to restart this offering that has been for years a competitive advantage. In the insurance space, in the net interest income, and also at the level of the quality of our financial advisors to drive clients to exit from current accounts, this scenario is pretty good for us. If the inflation risks to impact also the financial markets, equity markets, of course, higher volatility implies more time to be dedicated to clients to manage the gut feeling, so the emotion of the client. The next question is from Angeliki Bairaktari. The market backdrop has become more challenging this year. Will you be able to achieve the same level of inflows to manage assets in 2022 as EUR 5.3 billion in unit-linked insurance in 2021? And what should we expect in terms of traditional insurance policies inflows during 2020-2024? Is it fair to assume outflows as the switch into unit-linked policies continues? First of all, we do expect on the three-year plan, a contribution of managed solutions of around 60%. Of this 60%, as I mentioned before, an important part comes from in-house products. In terms of traditional insurance policies, net flows depends mostly from the yields. In a scenario, in our base scenario, the yields will increase in the next three years, and this will allow us also to restart to offer this kind of solution more as an alternative to cash than to investment. I think that if we assume that in the insurance portfolio, the contribution of the wrapper solution increase, we are doing good job. At the end of the day, the baseline scenario is a growing contribution of insurance wrappers on the overall insurance portfolio, stable or positive inflows for the traditional life policies, depending on the yield scenario. The next question is, what is the macro assumption behind your 5%-10% increase in net interest income? Tommaso, you want to take this question? Yes. We have a very conservative scenario with a really moderate increase of interest rates, especially in the last part of the plan, 2023 and 2024. As we said, we don't see. It was embedded in our base scenario, the anticipation that we saw in these days in terms of interest rates growth. We have been very conservative, and we know that the trend that we are seeing these days could be an upside in terms of net interest margin, especially. As we saw before with Gian Maria, 100 basis point of parallel shift increase interest margin of around EUR 70 million. Of course, the interest rate increase of these days is not embedded in our base scenario. On top of what Tommaso said, I can say that we have almost EUR 2.5 billion of maturity already this year, and another EUR 1.5 billion next year. Our portfolio has been invested waiting for an increasing of the yields. I think that we are ready to catch any opportunities coming from rising yields, and I think that the duration, an average duration of 1.5 is the best way to be there, ready to increase, to have positive surprise on net interest income. On top of that, there is the growing contribution also of the lending activity with all the initiatives Andrea mentioned before. On the lending activity, of course, we expect that the spread will remain stable, but they are in, also in this case, floating rates. When the EURIBOR will reach the floor of zero, of course, the yield of loans will be repriced. As you understand, we are pretty positive on net interest income from a markup side, but also markdown because all the current accounts at a zero level of interest payments. Next question is, could you please explain why you choose cash dividend for your dividend payment, your cash view, instead of a traditional accounting view? As I mentioned before, we want to pay out a stable and steadily growing dividend over the next three years. It's really important to be able to take a commitment on that, and this is in terms of cash view. Whatever the volatility, we do expect to be able to achieve this target thanks to, as I mentioned before, a more flexible dividend policy and the opportunity and the possibility to tranche the dividend for the account of the parent, of course. It's just to be more confident on our promise to be both a fast-growing company as well as profitable and even more important, remunerative for all the shareholders, player. Next question is on sales personnel cost. Can you elaborate on your targets on this line? Sales personnel cost. Yes, of course. You have to consider two main components. The first one is the Italian one, so our traditional relationship management business. You know, it's a gate to the private banking industry, so we do not expect a significant increase in numbers and in cost. Prudently, we set a slight increase in the three-year plan, almost 20% increase, 25% increase just to see any potential opportunity in the market. The other part is about our Swiss project, so it's not about 2022, it's about the second part of the plan. In that case, we do expect an acceleration of recruitment activity also thanks to we hope an easier scenario in terms of pandemic. In this case, we do expect to move from EUR 3 million-EUR 4 million of total cost of sales force now for Valeur to an overall cost of EUR 10 million-EUR 12 million for the end of the period. Consider that thinking of Switzerland in a three-year plan, we expect only a slight increase of operating costs considering the restated P&L presented by Tommaso. Now, Switzerland accounts for EUR 10 million, more or less of, let's say, core costs, operating costs. At the end of the period, we expect EUR 50 million. We have already, let's say, amortized great part of the cost, and we are ready, once received the go from the regulators to start the recruitment activity. I think there is no more questions. In this case, I would say then I would like to thank everybody for having attended the call, the video call. I hope you find the presentations useful. We continue to be available for taking any of your questions after the end of this presentation. Goodbye to everyone.