More detail from the next pages. On an annualized basis, group's cumulative net income posted KRW 4,642.3 billion, despite uncertain economic conditions at home and abroad, we steadily improved net income. Excluding the KRW 321.8 billion of sales gain from Shinhan Securities HQ building sale income, it was a 7.5% increase YOY. Group's annual CIR posted 45.5%, despite the digital-related cost increase and inflationary factors, is being managed at a stable level. Group's annual credit cost ratio posted at around 33 BP level, despite additional provisioning for future uncertainties due to deterioration of the internal and external economic environment, it is being maintained at a stable level. Going forward, Shinhan Financial Group will maintain a conservative provisioning policy. Last, I would like to go over the group's capital policy. At the BOD meeting held today, the 2022 year-end dividend per share was decided at KRW 865. If the previous quarterly dividends are included, the annual cash dividend payout ratio is 23.5%. In addition, if we include the two rounds of share buyback and cancellation that took place last year, 2022 TSR is 30%. Going forward, we will strive forward to maintain an appropriate capital ratio and also continuously improve our shareholder return ratio. Let's go to page 5. First, I will go over the main reasons why Q4 performance fell short of the consensus. First item was the KRW 146.4 billion evaluation loss, which was recognized for the principal protected pre-2000 personal pension trust, which was newly recognized because of the newly released interpretation by Korea Accounting Institute. Since this was mostly evaluation loss from bond price decline due to interest rate hike, losses will be recovered in full amount when the bond reaches maturity, and most of this will be recovered as valuation gains within two to three years. Second is the customer investment product-related losses of KRW 180.2 billion, KRW 130.7 billion after tax. At the beginning of last year, at the 2020 annual business results presentation, I mentioned that the estimated loss related to the sale of investment products could go up at maximum to KRW 200 billion after tax. Of this, considering the amount recognized in 2022, expected loss of about KRW 70 billion should have been remained, but when we add about KRW 80 billion, which was unforeseen at the time, such as the decision of the Heritage Fund Dispute Mediation Committee, we expect a total of KRW 150 billion of worth of additional losses going forward. Third, valuation loss on non-marketable securities increased by KRW 73.5 billion YOY and recorded KRW 104.1 billion worth is the ERP expenses of KRW 145 billion. Lastly, reflecting factors such as conservative future economic outlook, additional provisioning was KRW 197 billion. On page six, there is a major business performance of the overall group, so please refer to it if needed. Starting from page seven, I will go through the detailed performance of the group. First, page seven is the group's interest income. 2022 annual group interest income went up by 17.9% YOY, recording KRW 10,675.7 billion, driven by 15 BP quarterly group margin increase and interest-bearing assets 4.5% YOY increase. Q4 quarterly bank NIM, on the back of decrease in core deposits continuing from Q3 and increase in funding costs following LCR management, posted 1.67%, a 1 BP decline QOQ. I will now cover bank loans in one. Bank loan growth, despite the continuous decline of household loans, saw solid corporate loan growth and grew 3.8% YOY. Corporate loans, driven by increased demand from large and medium-sized companies following the direct funding market crunch, grew 11.2% YTD. Household loans with sharp rise in interest rate, leading to factors such as de-demand decrease and DSR regulatory effect, decreased 3.7% YTD. Please refer to page 31 for more details. Please refer to the next page eight, for Shinhan Bank's margin loan and deposits. Page nine, group non-interest income. The group's non-interest income, following securities related income decrease due to market interest rate increase and fee income decrease following capital market and real estate market deterioration, went down 30.4% YOY. Compared to the previous quarter, due to factors including the aforementioned change in accounting of principal protected trust and recognition of alternative investment valuation losses, went down 89.8%. Fee income decreased by 5.6% YOY. This is mainly due to credit card fees, securities brokerage fees, and fund bank assurance fees. Credit card fees decreased due to factors such as lower merchant fee rates, although credit card purchases increased. It decreased 13.6% QOQ. Credit card fee income decreased due to a reduction in interest-free installment plans, leading to lower volume and increase in seasonal marketing promotional expenses. IB commissions decreased due to real estate market slowdown and the capital market downturn. Next, on page 10, Group GNA and provisioning. GNA cost, despite the decrease in ERP size due to DP-related marketing expenses and overall increase in general costs levels due to inflation, increased by 4.7% YOY. Group CIR recorded 45.5%, up 0.2 percentage points YOY, and is being managed stably. The group's annual credit cost posted KRW 1,305.7 billion, and driven by items such as KRW 517.9 billion of additional provisioning to respond to the uncertain economy, increased 31.0%. Credit cost ratio posted 33 basis points, a 6 basis point increase YOY, and is being stably managed. As economic uncertainty is growing, to prepare for potential credit risks, we plan to continue our conservative provisioning stance. In addition, through actively supporting vulnerable borrowers for individuals and companies, and through active support for high-quality businesses among real estate PF, which are recently becoming problematic, we will work hard continuously to mitigate system risk. Looking at the delinquency ratio, which can be seen as a leading indicator of credit cost, in the case of the bank, it is maintained at 0.22% level of 3 bps QOQ. In the case of credit card, with interest rate rise and increase in requests for readjustment of New Start Fund and financial product credit limit cuts for preemptive asset quality management, it went up 18 bps QOQ. Please refer to page 11 for preemptive preparation for future uncertainty plans. Please refer to page 12 for details on the group's asset quality management. Next is page 13, capital management and major profitability indicators. As of the end of December, the CET1 ratio increased by 0.1 percentage points QOQ, and is tentatively expected to post 12.7%. This is attributable to a sharp decrease in credit RWA due to a decrease in foreign currency loans and currency derivatives as the value of the won rose, despite the factors that reduced the ratio due to year-end dividends. On page 14, the group's subsidiaries income. Despite the negative non-interest income trends and spike in provisioning, the bank's net income grew YOY owing to the increase in interest income on the back of margin improvement. In the case of non-bank subsidiaries, in the case of the Shinhan Card, despite an across-the-board increase in operating profit, including credit purchases, loan and lease, a rapid rise in funding costs, merchant fee cuts, and provisioning increase led to a slight decline in net income. In the case of securities, operating profit was down owing to the losses and valuation of AFS securities and fall in transaction volume. The net income rose YOY due to gains from the sale of the head office. In the case of insurance, despite the fall in income from asset management due to the base effect of the ERP program of last year, operational profit, the insurance profit increased, resulting in higher net income YOY. In the case of Shinhan Capital, capital saw net income grow YOY due to the solid growth in interest income, but on a QOQ basis, net income fell due to increase in real estate PF-related provisioning and valuation loss in equity securities on the back of rising funding rate. In the case of subsidiaries related to the capital market, including asset management, asset trust, and risk management, the continued downturn of the capital market business led to a decline in net income YOY. The next page is on the group's global business, and please refer to it at your leisure. Starting from page 16, I will talk about the midterm capital policy of the company. This is page 16. The shareholder return policy at your left had been reported to the BOD last February and had been communicated through the IR presentations to the market. The midterm financial targets for 2025 on the right had been resolved at the BOD of last August. In the case of the midterm financial targets, this is a framework that is necessary to enhance corporate value and to achieve sustainable growth for various stakeholders, ensure the shareholders, customers, employees, and society as a whole. First of all, from the double-digit ROE, we have changed our ROE target with more specific numbers. ROTCE, which deducts the intangible assets from ROE, has been added as a management indicator. Although this is not an easy number to achieve, the 10.5% and 12% respectively are the midterm goals that have been set. For this end, we intend to pursue growth in the size of the capital-light business, which is less capital intensive. For the more capital-intensive areas, growth in quality will be pursued to achieve efficient capital allocations. In this process, asset growth, will be managed at the nominal GDP growth rate level. This must be achieved on the basis of solid, robust, capital stability. Our plan is to maintain the CET1 ratio above 12% at a stable level, and the surplus capital that can be secured as much as possible will be used for the shareholder, returns. That is our principle. The reason for setting the CET1 ratio above 12% is because we consider the 10.5% regulatory ratio. After going through regular stress testing, we consider the level of CET1 ratio that will allow us to continue providing credit and financial services to the customers and the society at wide. Next, on page 17, the results of the 2022 shareholder returns and the 2023 shareholder return policy directions based on the midterm financial targets. Through the BOD that was held today, our company has resolved to pay out year-end dividends of 865 KRW per share. Through this resolution, the quarterly cash dividends up until now and the two treasury buyback cancellation included, we have been able to achieve 30% total shareholder return ratio that we have announced back in last February. Let me now explain about the 2023 shareholder return policy discussed in the 2023 business plan that was passed last year at the BOD. First, for the cash dividend, to raise the predictability of dividend, not only the quarterly dividend, but the year-end dividend will be of the same amount. For instance, for a total of 2,100 KRW, it will be 525 KRW each. Also, the treasury buyback and cancellation will be reviewed on a quarterly basis. Meanwhile, the distribution of profit generated this year will be a 60/40 ratio, and retained earnings is set at 60%. The remaining 40% can be used for shareholder returns. Depending on whether the economic uncertainties continue and on the results of the regulators' stress testing, we expect total shareholder return ratio of 30%-40%. As part of the 2023 shareholder return policy today, our BOD resolved to buy back and cancel KRW 150 billion of treasury stock. The size of this treasury stock buyback and cancellation will depend on the CET1 ratio this year, but given the dilution of the shareholder equity, we are taking into consideration the volume that will be converted to common stock as of May 1 this year. Next, from page 18 to talk about our digital strategy, our CDO, Kim Myung-Hee, will take over. Good afternoon. I am Kim Myung-Hee, the CDO. Let me walk you through the Shinhan Financial Group Digital Division's 2022 business results. In 2022, based on the digital division strategies, we have pursued the creation of six customer values and strengthening of four core capabilities. By each key index of the digital strategy for framework at the right, the key highlights will be explained. At first, the more friendly financial services. The digital platform of the group has grown into a financial, non-financial platform which is visited by 22.28 million a day, up 30% YOY. The two mega platforms, the Bank SOL and the card businesse's pLay led to growth, while non-financial platforms had 3.62 million visitors, up 92% YOY. The group's My Data service users are 6.96 million. Vanguard Securities and Life Insurance are opening My Data services, in all financial areas, customized personal services are now being provided. The second area is more secure. 6.71 million customers use the Shinhan Sign certificate to safely access not only the group's financial platform, but also for public and private sector partner sites safely. The digital innovation branches, which makes use of a range of digital technologies and devices, has grown twice as high YOY and has expanded to 173 branches. Next is the more creative. Through the digital new business, is KRW 39.5 billion in operating profit. Operating income was posted. Data business and non-financial platform sales growth is fast becoming a new source of income for the group. Also, the group, as of today, has invested KRW 260 billion in strategic investment to expand the future digital ecosystem. For the four core capabilities, namely data, process, technology, people and organization, please refer to the presentation materials. On the next page, I will explain about the DT results posted and the strengthening of the foundation for sustained growth going forward. The group's digital platform since 2020 has posted a yearly average of 26% growth, continuing a solid growth trend. Key financial platforms such as SOL Pay and Alpha has posted 18.66 million MAU. Successful launching of the New SOL, the accessibility of the card pLay and strengthened consulting services, and the UX improvement of Alpha has become more customer friendly. These were the key reasons behind the MAU increase. As you can see from below, the digital new business operating income also showed steady growth. On the right-hand side, the efforts to strengthen the basis for the group's sustained growth is described. The license necessary for digital life has been preemptively acquired to pursue the relevant business opportunities. Despite the rapid changes in the digital age, to carry on the core values of the financial business and to ensure sustained growth, we are strengthening the data utilization framework and ICT modernization is being pursued. The Shinhan Financial Group will continue to place top priority on creating customer value in 2023 and will strengthen our digital core capabilities toward this end. Thank you very much. Thank you, Mr. Kim, for that detailed explanation. Starting from page 20, the corporate sustainability and other details about the group and the affiliates are included, so please refer to them at your leisure. With this, let me conclude the presentation and will now move on to Q&A. Thank you. We will now have a Q&A session. If you have questions, please raise your hand while connected to Zoom. Use the Raise Your Hand button. If you are asking a question in English, please do the same and press the Raise Your Hand button. We have consecutive interpretation that will be provided for those who ask questions in English, so please wait until the consecutive interpretation will be provided after your question. There might be a slight time lag until your question is connected to the line, so please hold. We have the first question. The first question is from Yafei Tian from Citi Securities. Yafei Tian, please. Thank you. I have 2 questions. The first one is on net interest margin. We saw a small drop in the bank net interest margin this quarter, and subsequently this year to date, we have seen further decline in the interest rate environment. Would appreciate management's forward-looking outlook on the interest margin for this year, please. The second one is on the capital return plan that you have laid out. Compared to some of your peers, the CET1 ratio of target of 12% is a bit lower than peers. Can I understand what is the reason behind that? Also, on the full year 2022 payout ratio of 30% is also a little bit lower than peers. Just wanted to understand going forward, are we likely to see a divergence in payout ratio among the different Korean banks? You know, so far, what is the feedback from regulators on your ambition to increase the payout ratio towards 40%? Thank you. Thank you very much, Yafei Tian, for your question, and we will soon answer your question. Thank you. I would like to answer your question related to our capital policy about CET1 ratio of 12%. You mentioned that it is slightly lower than our peers, and we have had a consistent CET1 ratio goal of 12%. It is firstly because of the regulatory framework. We have the capital buffer ratio of 4.5%. At DSIB, it's 8%. We have the countercyclical capital. If we add that, it's about 10.5%. There's the management buffer, really, against M&As and others, which is 2.5%. That is why this will reach that number. We had some internal stress tests. When there are the regulatory stress tests, looking at the scenario that we recently received, less than 1% is due to stress tests. We believe that, sufficiently, if we have 12%, even if we add that, it's going to be that number. We believe that even if there is an economic crisis, this will become quite sustainable, and we can provide financial services to our customers and to the local communities with confidence. Secondly, I think you asked about our dividend policy about TSR, 30%, which is lower than our peers. Well, I don't know the rationale behind the other peers, but in our case, in 2022, well, we had 30% that we had committed to, including share buybacks, and we had 150 billion KRW of share buyback that we had resolved. When we look at by fiscal year for the dividends, we had the decision of the retained earnings. I think we can calculate it based on last year. The 150 billion KRW that was paid, well, that has been confirmed after our financial plans. I think it can be included as 2023. When we calculate it to other bank standards, how they calculate this, then we believe that, including the 150 billion KRW, it's 33.2%. I don't think that our TSR is lower than our peers. Regarding the third questions related to differentiated TSR policies for Shinhan, well, I mentioned in the mid to long-term plans for capital policy is not just, I believe, to get more profitability compared to our capital. We need to get more income, more earnings, and based on that. Not only 100% is important, but I believe that if we have excess of CET1 12%, we need to acquire this at maximum so that if we have shareholder return, then we will have differentiating between Shinhan and other peers. For the response by the financial authorities in the past, they have been emphasizing loss absorption is very important, and that is why I think that the CET1 12%, while we have seen some numbers by the regulatory authorities for that, so that is why the profitability compared to our capital and for our capital buffer, I think you can take all of that into consideration for a differentiation. You have seen, I believe, a lot of the news in the media, so I think those will be the points that differentiate us from others. Thank you very much for your answer. Now receive the next question. Next question is from Korea Investment, Baek Doosan. Mr. Baek, you're online. hello, I'm Baek Doosan. Can you hear me well? Yes, we can hear you well. Thank you much. I have a question about the digital business. I have two questions actually. First question, recently, the affiliates, a consolidated data platform had been created. It by strengthening this utilization system of the data, what kind of directions are you seeking? For instance, improving internal work processes, are you emphasizing cost savings or by using the data are you trying to seek new sources of income? Where is the emphasis as the overall data governance and data strategies, is my first question. My second question is, recently in the securities affiliate, the token securities business will be pursued. That has been a news report that I've read. What kind of underlying assets do you see? What kind of partnership strategies do you have? Is there anything you saw? If so, can you share that with us? Mr. Baek, thank you very much for those questions. While we are preparing our answers, please hold for a few seconds. two questions. We're all digital related, so our CDO will answer those questions. Recently, we have announced the group, a consolidated data platform, the bank, our card, life and securities, we will be using a consolidated data platform. This platform has been created for the customers, a more personalized and customized services will be provided. As you have mentioned, cost savings and new sources of income. There may be that impact, but our primary purpose is to center on the customers to provide more customized and personalized services. That have been our primary target. In the case of our group, we'll continuously use the data well so that the data are well collected, generated and stored, and is also effectively utilized so that for each group affiliates, they will all strengthen their data governance structures. Overall, as a group, these data will be used from each affiliates, and they will consolidate it into our platform so that more personalized, ultra-personalized, services can be provided to our customer. This is our purpose. Secondly, with regards to the securities, with regards to blockchain business, we have been continuously monitoring the regulatory trends last year at the group level. Digital asset TF had been operated. STO, in case of STO, the Capital Business Act, there is a part of regulatory, you know, laws and regulations. They are being devised at the moment, I do believe. Those who have the necessary expertise, the Shinhan Securities had been preparing for this blockchain business. In 2022, there had been new department on blockchain that was instituted. Along with a fintech company, we are pursuing an STO infrastructure business. In keeping with the regulatory trends and developments in order to provide these new financial services, we will be continuing to put our best foot forward. Thank you very much. Thank you very much for your answer. We will take the next question. From Daishin Securities, we have Park Hye-jin on the line. You are on the line. Please ask your question. I am Park Hye-jin from Daishin Securities. I have two questions. First is on 17 page of your presentation. In May, you can see there is a lot that will be converted to common shares. Regarding share buyback and cancellation, well, because you said that you made a resolve today, so will it be done every quarter? Going forward for the share buyback and cancellation, will they be more predictable? Will we be more regular? Second question is about digitalization, and I think you have paid keen attention to digital using many of your presentation pages. What is your take on internet bank from Shinhan's perspective? Thank you for your questions. Please hold until we answer your question. I believe you asked two questions. You asked about capital policy and you also asked about internet bank. Related to digital, our CSSO will answer that and then I will answer the question about capital policy first. On May first... We will have about KRW 750 billion that we converted to common shares. Regarding this, we have the existing share amount, so we have plans for share buyback and cancellation, taking in the dilution into consideration with our existing shareholders. You asked about predictability for each quarter, and we have been mentioning that for the cash dividends, they will be uniform as most as possible. The share buyback and cancellation, we will keep an eye on CET1 ratio for each quarter. We will see if we can have enough room, and if the share price is low, it could be higher, so it will depend. It will depend on the circumstances. It's quite difficult for it to be very predictable. At most, we will have adequate asset growth, and we will make more room that exceeds CET1 target, so that we can have active share buyback and cancellation. I am CSSO, Ko Seok-Hon. Thank you for your question. Regarding your second question, I would like to answer that. For Shinhan Financial Group, regarding our willingness to enter into the internet-only bank industry, in principle, KB Financial Group has Kakao Bank. Woori K Bank, Hana has Toss Bank, financial investments previously. In principle, that is not blocked. For Shinhan, we are not excluding opportunities to invest in internet-only banks. Our foremost priority is in Shinhan Financial Group's digital and platform competitiveness and strengthening that competitiveness, so that we can have connection and expansion through non-banking entities, so that we can strengthen our competitiveness in digital. Despite this, regarding investment in internet-only banks or alliances with internet-only banks, we are not excluding those possibilities at all. I think that will be my best answer going forward. Thank you very much for those answers. At present, there is no incoming questions, so we will wait for further questions. If you have any questions, please join the Zoom application and press on the raise hand up icon. Yes, we have one more question from SRS Securities, Shim Jong Lin. Mr. Shim, you're online. Hello, I'm Shim Jong Lin. Thank you for giving me this opportunity. I have one simple question. On page 17, on the lower right-hand side, there is the shareholder return policy and the regulator stress testing results need to be agreed upon, that is mentioned. The CSSO also, when you provide an answer for a previous question, under 100% of the results of the regulator stress testing, that was the standard. You... Are you saying that the internal stress testing by the regulators have been introduced or are you going to agree with the regulators and conduct the stress testing? What had taken place? Depending on which had taken place, what other additional provisioning can be required by the regulators, I think can be sort of assessed. Thank you very much for those questions. Please hold while we are preparing the answers. Thank you. Thank you very much for those questions. With regards to stress testing. I'm going to disclose what have been discussed internally. As you are aware, in the case of U.S., the stress testing loss buffer in 2008, after the financial crisis, this has been maintained in the United States for over 10 years. The regulators, for their part, they recently introduced the stress testing in Korea. So we have several scenarios. There is a need to have more sophisticated scenarios to reflect reality to a greater degree. But we need to continue monitoring the situation, in my view. We can, indeed, as, you know, bearing the loss stress sufficiently, however, but to compare to United States, you know, your company has a stress loss this%. I don't think we're at that level in Korea. I think we will need further consultations with the regulators, for the banking sector. So what I said was where we are at present. Additional provision is a separate matter, I believe. For expected losses, provisioning is set aside. When unexpected losses take place, you know, to prepare for those, kind of situations, stress testing is conducted. I think this is two different matters. Thank you for your answer. We have the next question from HSBC. We have Won Jae-woong. Won Jae-woong, you're on the line, sir. I have one question. Recently, there is delinquency and CCR that seems to have inched up in your trend. For this year's trend, what is your outlook for this? Do you have any guidelines? Secondly, for loan growth For the bank and for digital bank, I think your growth estimates or targets are quite different. For your loan book growth, what is your guidance for growth this year? Thank you very much for your questions. We will soon answer your question. Please hold. I believe you asked two questions. First is about delinquency, and second question is about loan growth. For delinquency, our CRO will answer, and for loan growth, I will answer your question. Hello, I am the CRO, Bang Dong-Kwon. Thank you very much for the opportunity. For delinquency, as you aforementioned, it is true that it is on the rise. At the latter part of last year it was on a rising trend, and I think that we had some changes. With the interest rate rise, it is true that the repayment capability went down, and there have been some expectations about government support policies for real estate prices. There is a time lag it has on the real economy, and when we take all of those factors into consideration until Q1 and Q2 of this year for the vulnerable borrowers, we think that it will probably deteriorate, and we are seeing some signs. However, from late last year we have been quite preemptive by the bank and by the credit card, but our subsidiaries have made preemptive preparations. We are going to see some results of these preemptive measures from Q1 to Q2 of this year. We believe that at the end of Q2, this upward trend in delinquency will go down. Although we are seeing a rise in delinquency, as was mentioned in the presentation, until so far we are seeing our collateral or securitized portions that are going up. We are seeing the loss absorption capabilities that have been strengthened through our conservative provisioning policy. Taking all of those into consideration, it seems that even if the delinquency trend upward trend continues, well, we believe that there might be some possibilities of it impacting our credit costs, but it will be quite limited. Thank you very much. Regarding the credit cost, to add to the previous answer, on page 10 you can see that for the credit cost, you can see the trend on the left graph, and we have preemptively provisioned KRW 1 trillion. We had 0.37% for the previous three years, and pre-COVID in a normal economic environment from 2018, 2019, 0.26% and 0.31%. We had this higher than that. Of course, for delinquency rate it can go up, but for credit costs we believe that it will be quite limited. Secondly, regarding loan growth, you asked about the target difference between our bank and digital bank. As I aforementioned, for the nominal GDP rate, we don't think that the growth will exceed that amount. I mentioned that we need to grow in quality, we need to have profitability compared to our capital, and the economy is quite uncertain. That is why I believe compared to the past, the growth in loans will be a bit lower than the past. Not only for the bank, but also for the credit card, I think we are at a similar position, and we have plans with that in mind. Thank you very much for those answers. We'll receive further questions. Next question. From JP Morgan Securities, Mr. Cho Jihyun. Mr. Cho, you're online. Miss Cho, you're online. Thank you very much for this opportunity. I have three questions actually. First question, when doing a quarterly dividend, you said that it's going to be uniform and even. What will be the, you know, floor? What% will be the floor? Is there any guidance on the expectations for that? If you have the guidance, we may be able to know. If the additional shareholder return at once, so you have achieved more than 12% CET1 ratio, would that be in the form of share buyback and cancellation? You talked about the KRW 140 billion of valuation losses, you know, that had to recognize all at once or was it on a... done on a real-time basis, that is the reason why this amount is so large? On page 11, the real estate exposure, that was about the principal protections. The capital share seemed to be larger for the real estate exposure, the metropolitan region I'm referring to. Also, you have been provisioning well, I think you have been managing this well, but going forward, the real estate market situation and within the group affiliates, what kind of exposure is there in the, you know, second tier financial institutes, you know, exposure? How well do you think this exposure will be maintained and managed going forward in the real estate PF market? Please hold while we are preparing the answers for these questions. Thank you. You have three questions. I will take number one and number two, and the third will be answered by our CRO. You talked about the quarterly dividend. As I have repeatedly said, the per share cash dividend will be slowly maintained or increased. Last year, there was KRW 2,055. In 2023 it will not go down, it might be slightly more than that. That is the reason why I took an example of 2,100, and so divided that by four, that will be KRW 525 for quarterly dividend. That is our plan going forward. Of course, for the surplus amount, if excess of 12%, the excess amount will be subjected to buyback and cancellation. Talking about the principal protected trust. Yes, it was a lump sum recognized that we haven't been recognizing in the past, but there has been a new interpretation for the accounting rules. It came out in December last year, and so we changed our accounting rules, and so there was a lump sum recognition of this amount. The third question will be answered by our CRO. Good afternoon. I'm the CRO, Bang Dong-kwon. Thank you very much for the question. With regards to PF, capital exposure, the forward projections. Well, the capital exposure is about 30%. The PF and bridge loan together is about KRW 8.8 trillion, and 30% is for the capital. Capital share is high. That's the current situation. Regards to real estate market recently, it's a hot issue. In our view, as you are well aware, you know, the permit delays and the progress rate delays, these are risk factors. The Forex rate has gone up and also the construction materials cost has gone up. They are actually impeding these products as well. The bridge loans, they're now being converted to the, you know, the principal PF loans. Because of these issues, there are concerns about the real estate PF. However, despite that, in order to more clearly give a picture of our situation, among the KRW 8.8 trillion, below substandard is about KRW 50 billion, and the precautionary is about KRW 48 billion. So below our precautionary, it's about KRW 480 billion. That's what is being managed. In the case of our bank group, yes, the delinquency is slightly inching up. There was about KRW 90 billion in January in terms of delinquency amount. This is the result that I have looked into. We do believe that the amount can go up during the first quarter of this year. Internally, with the creditors, with the borrower's group, we will be continuing to consult and cooperate and respond to this situation. The government policies are coming out as well, and we will be proactively responding these regulatory trends. We would be fulfilling our roles. We will be providing support for those companies undergoing temporary difficulties and challenges. We will try to contribute our bit in resolving the situation going forward. Talking about the principal protected trust. Your question was whether it will occur on a quarterly basis. In the next quarter, some write back reversals will take place from this amount, because there will be maturity of some market-led securities. In next quarter, although the amount will be small, not losses, but actually will be gained from this. Thank you. Thank you for your answer. We have another question coming in from Hyundai Motor Securities. We have Lee Hong-Jae on the line. You're on the line, sir. Thank you for the opportunity. I have one question. It is a quite micro question. On 16 page of your presentation material regarding shareholder return policy, it says until 2025. Is there a special reason why you have set 2025 as the reason? Will it be updated every three years? Is that your plan? While it is actually a few years into the future, but when we hear your presentation, 12% of CET1 ratio, well, it seems that the buffer is sufficient. CET1 ratio of 12%, well, it seems that it would be better to hear more from you about the changes that might happen for this. Please hold until we answer your question. CT 112%. What was your exact question related to that? Can you repeat your question? The latter part of your question, you mentioned in your presentation the CET1 ratio 12%, that it is a sufficient buffer. After 2025, I thought that there were no reasons for CET1 ratio of 12% to change. Why do you have 2025 as the cutoff point in that presentation slide? Yes. Thank you. I now understand your question. The reason why it's 2025 is because first of all, when we discussed this last year, well, this was discussed when we talked about our strategy. Our midterm strategy framework was until 2025. That is why that year is included. The second reason behind that is ROE and ROTCE 10.5 and others that are targets. Well, these are numbers that are not quite easy. The Korean financial market is quite challenging. We want to try our best for the next 3 years going forward. We will see the situation in after the next 3 years. Then we will have another discussion. For CET1 ratio, well, even if it goes beyond 2025, I think this will still hold. Thank you very much for your answer. Because of the time constraint, we will wait for a few seconds for any further questions, and then we'll wrap up. Because we have no further incoming questions, we'd like to wrap up the Q&A session. With this, we'd like to conclude the 2022 Shinhan Financial Group's fiscal year earnings presentation. We'd like to thank everyone for participating in today's earnings presentation. The materials for today's earnings presentation can be viewed again in our website as well as our YouTube channel. In the case of our YouTube channel, not only last IR events, but also other promotional videos have been uploaded so please refer to them at your leisure. Thank you very much for your attendance today.