Good morning. Welcome to INDEXO Investor webinar. As always, we will start with a presentation on INDEXO Business Update and continue with a live Q&A session. I encourage every one of you to share your questions in the Q&A section on the bottom of your screen. Questions can be submitted either anonymously or with your name. For your convenience, we're recording the call. The rewatch will be available later today. That being said, let me hand over to the management of the company. Hi, my name is Henrik Karmo. I'm happy to start off this presentation of the nine-month results of IPAS INDEXO. And I'm joined here by Valdis, who is the CEO of our bank, and Ivita, who is the Chief Financial Officer of our group. It's a very exciting quarter to report on. I think everybody has been waiting for this because this is a quarter where we actually report the first figures about our bank development. And obviously, those have been phenomenally good results for our pension fund business. So without much ado, let us start with our figures and results. So INDEXO Pension Group, our pension fund, has grown extremely nicely year- over- year. It's a 43% growth in our revenues, which obviously means that we are also generating great financial results to support the group further development, meaning that we have cash flow to invest into our business. We have onboarded 10,000 customers in the first month to our business. And we also have an update on the October results coming up regarding customer numbers. Our equity plans are best performing, one of the best performing in the market. We have absorbed EUR 9 million of deposits during the first month. And we are gearing up to release new products and doing updates to our mobile app every day as we are speaking. And we are very well positioned to disrupt the market further in 2025. A lot of that will be covered in our bank discussion that will follow our pension fund results. In pension funds, we can report 50% growth year on year of our assets under management. Our clients have grown in that period 15%. And our market share keeps growing, which is great for our shareholders. Also, looking from the profitability point of view, then this is a second quarter in a row where we are profitable. Also, after all the group costs, one-offs, and so on and so forth, our normalized results are even stronger. So that puts us on a very good path to support the bank with our profits coming next year once the results will be audited. When we look at the waterfall graph of our growth, then we can see that it really relies on several pillars of several drivers. First, it's the monthly contributions from social tax that our customers contribute to our funds. This is already on a yearly basis a hefty sum of EUR 110 million. Then we have clients that join us, which contributed about EUR 200 million over the last 12 months. We have some clients leaving us, which is surprising given our good results. But anyway, they do. That decreases the number of assets that we have under management. And then we do have market returns, which over the last 12 months have contributed EUR 191 million, which is obviously extremely positive for all our customers that the markets have performed so well this year. And I think we are closely following all of those numbers, of course. But what we really like to see is the growth in our monthly contributions because that's driven by the growing customer numbers and also the growing salaries and so on and so forth. So that has grown over 20% over the last 12 months. Then if we look at how INDEXO is positioned among other players in the market, then we are happy to report that our customers have the largest savings in the Latvian pension market. Partially, this is a testament to them being possibly better educated and slightly higher earning than the average market customer. But also, the truth of the fact is that a lot of our customers are invested in 200% equity funds. So a good equity fund performance also drives up their savings. And that is a totally rational and right thing to do because most of our customers are in the age where they should actually be in 100% equity funds. Then going to our financials, then as you can see, we are profitable in the nine months of 2024. The revenue growth we touched upon, it is a 43% growth, which is an extremely nice growth from our perspective. Our admin costs are slightly higher. And that is not because we are, let's say, spending more money on the organization. Predominantly, it is actually driven by fees that we pay to parties like the regulator, also Nasdaq, and some IT projects that we are developing. And just to give you the feeling of the run rate profitability that we are having in September, which was the last month of the reporting period, we generated almost EUR 100,000 of profit. And obviously, we don't live in a vacuum. We are actually operating in a market which is competitive and also where regulation has a certain impact on our business model. So there has been a lot of discussions in the society, Latvian society, about the future of the pension fund contributions. So we wanted to highlight that from the point of view that everybody is aware of it. We expect the contributions to drop in the next year from 6%- 5%. The idea is that this is a four-year period when the contributions are slightly reduced. So just to give you the sort of perspective on this, then if last year or over the last 12 months, our assets have been growing by about, let's say, EUR 400 million, then that would have affected basically this growth by EUR 20 million, the decrease in contributions. And I think also what is important to mention is that this is at this current time envisaged to be a four-year period where the contributions stay 1% lower than they have been before. Then also what is in the, let's say, making by the regulator already for more than 12 months is the new fee scheme, which we have already taken into account in our previous forward-looking statements. We just hear that it is still being discussed. And that new fee scheme, if you remember, means that on the growing assets, we will be able to receive less revenue. But as I mentioned before, we have reported it before. We have always taken that into account already since we heard about it. And well, it is great news for our customers. And what is on our mind, of course, is the churn management. This year was a special year from the regulation point of view because it was the first year when pension fund managers were encouraged to get in touch with the clients to make sure that they are in the right age group related pension fund. And that has meant that churn figures are higher for the market and possibly higher for us as we had, let's say, increased competition also from other pension funds using similar go-to-market strategies, what we do. But again, as I said, our results are extremely good. So clients have every reason to be and stay with us. I think the exciting parts of the challenges that we're looking forward to in the next three to six months are the idea that we are actually able to start showing 2nd pillar results in our mobile app, which allows us to engage with our customers in a new way. And as we know, we only have a limited number of bank customers at the moment, but we do have over 125,000 2nd pillar customers, which all will be able to access the pension results and pension fund amounts by downloading our app and using that app for free. And what we are sort of cautiously optimistic about looking at the first data is also two months now operating and selling or onboarding customers into our 3rd pillar pensions through the mobile app. And we see a great uptake from customers. And it gives us, let's say, a different way of how we can work with our customers, also give them ideas of how to save, remind them when it's important to increase their contributions to the 3rd pillar, and all these notifications hopefully will end up us providing a better service for our customers and driving increased saving rates. And with that, I would like to hand over the word to Valdis, who is our bank CEO and who has an exciting story to tell. Yeah, thank you, Henrik. Thank you. And I think this slide very well shows or captures the essence that the launch of INDEXO Bank at the very end of August was a really highly anticipated national event. Widespread media coverage reflects very well recognition that there are competitiveness problems in the Latvian banking sector. And it also somehow adds pressure on us because expectation is that we will, in the banking market, make a significant impact as we have managed and succeeded in pension management. And we are very happy that the initial customer response has been fantastic. In the very first months of bank operations, we attracted over 10,000 customers. And to put it in perspective, for a pension manager, which has today almost 140,000 customers, it took more than a year to get the first 10,000 customers. I believe also there is no official statistics, though, but I believe that 10,000 customers in a month is a new Latvian retail banking record. Actually, I haven't heard any business in Latvia. Maybe I missed something, but I haven't heard any business in Latvia. I can't recall telling the market or informing society that they have attracted more than 10,000 customers in a single month. It's maybe not only retail banking, but a national record in general. Customers are impressed, and it's very much thanks to a very smooth and fast and easy onboarding process. That is something unheard and seen in Latvia. On average, it takes less than five minutes for our customers to open an account and to become INDEXO Bank customers. We are also the only retail bank paying anything meaningful, anything significant for a current account balance. We also have very competitive rates for other saving products. That has helped us to attract also in the first months EUR 9 million customer funding, customer deposits. The consumer lending process also, we are sure, redefines what means easy and convenient lending service, at least measured to services provided by other retail banks in Latvia. The challenge, of course, is that it increases the expectation for our future lending products, including mortgage loans, which we plan to launch soon. Customer activity was the highest, of course, during the first weeks after the launch. Customer inflow is still strong. During our second month of operation, which is October, we added almost 4,000 customers. We have doubled, almost doubled our deposit or our customer funding base and significantly increased also our consumer lending portfolio. We have conducted our first customer survey in cooperation with news portal Delfi. That has yielded very positive feedback. Customers love us and love our product. They are especially impressed with the onboarding process and ease of use and intuitive design. The user experience using our mobile app also receives a very, very high score. This is just the beginning. From the beginning, since launch, we already have had six mobile app updates. Probably if you have automatic updates on your phone, you maybe don't notice that, but there has been six updates already. If the first updates dealt more with bug fixes and some small performance improvements, then the last two have actually delivered also tangible, visible improvements among them. There is a daily visualization of accrued interest for a vault or a savings account and deposits. So customers each day can see the interest they have earned and what they're going to receive at the end of the month. We have fully implemented e-signature. And in some cases, also customers need a very formalistic PDF format account statement so they can generate that as well. And those were the features which were not available initially. And of course, we are continuously dealing with some performance improvements and smaller experience under the hood improvements as well. And yes, we know we still miss some very important key features and products, but one should recognize that neither Rome nor Riga was built in one night and is never ready. And so INDEXO Bank couldn't be perfect from day one and also will never be ready. So we continuously work on different improvements. We have a development process where the new app version will be released every two weeks. There have been six releases. On average, per month, you should expect two updates. Each update will bring something new. Sometimes it will be just invisible under the hood improvements, but then there will be also more visible, tangible improvements for customers. We are working already on regular payments, which, among other things, will permit you to set the regular contributions to your 3rd pillar account, make it very easy and simple. Mortgage lending is extremely important, and that is a highly anticipated product. We expected to launch the version one in the first quarter of next year. That is probably the next super big thing. 90% of our customers are younger, almost 90% are younger than 50 years, which means that many of them have also young children. And the need for family or junior accounts is also high. So it's a high priority. And we are working towards that. And yes, of course, we know about Google Pay and Apple Pay. And I miss it a lot personally, but there simply was not another way to do it. We just couldn't have it on day one. The rules of this card business basically say that you need to start with the plastic cards, and only then you can initiate a so-called tokenization project. We have done it. It's not very complicated, neither complicated nor expensive, but it's more like a process which you have to go through, do testing, and then we, in the beginning, likely in the beginning of next year, will launch gradually one after another Google Pay and Apple Pay services. Henrik already mentioned the 2nd pillar in a mobile app, so same way as customers currently can see a 3rd pillar still this year, we hope to be able to introduce also a 2nd pillar, and that we believe will help, will be additional argument for a large number of 2nd pillar customers to use our app and eventually also use our banking services. SMEs, small, medium-sized enterprises also eagerly anticipate our service, though it is not that simple. We need to introduce a desktop version. Also AML processes are more complicated than for private individuals, but definitely we will do it next year. Next year, daily basic SME services will be there. Here I'd like to give word to CFO Ivita to tell more about our financial results. Thank you, Valdis. Just to continue on this emotional note a bit, that of course we are having very special emotions here at INDEXO while building the bank, and of course, we hope that with each quarterly report, we will be able to bring more and more good news about our results and achievements. During the reporting period, the bank has been operational only for one month. So obviously, we do not generate yet any significant operating income. Rather, during this period, we have been having a focus on customer acquisition, and this means that we were having different campaigns inviting the customers to join the bank, and also we were having very attractive interest rates on our savings products, and of course, that has had impact on our income position for that first month. And meanwhile, of course, we also have continued to make investments in our product offerings and our IT infrastructure. And then you can see this from our P&L statement that administrative expenses has been the largest part of our expense so far, with the IT expenses having a significant part there. And obviously, that all together then led to the fact that for the nine months of this year, the net operating loss for the bank has been at EUR 3.9 million. So from our balance sheet, you can see already the facts mentioned previously. So we are very happy to see the EUR 9 million in deposits from more than 10,000 customers which joined the bank during the first months. And also on the asset side, you have seen that the first customers who have tested our consumer loan product are experiencing the very fast and user-friendly application process through our mobile app. And also in the balance sheet, you can see that we are continuing large IT investments. And since the very first day we started to build the bank, our IT investments have reached EUR 4.1 million. And out of these, only this year, we have made EUR 2.2 million investments in our IT infrastructure. Most of the funds that we have attracted from our customers at the moment, we keep in the central bank. And we are awaiting for the loan demand to pick up so that we can channel these funds to the loan customers who are out there eagerly awaiting also our housing loan product. To support the initial business growth, we have built an adequate capital base, and we are continuing to strengthen it. And during September, we raised additional EUR 2.3 million to strengthen bank's capital. And at the end of the reporting period, we comfortably comply with all the regulatory ratios related to liquidity and capital. And if we look together, then during 2024, INDEXO Group has raised already EUR 12.3 million in capital to support the bank's development. And if we add to this number the expected commitment letters which we have in our pipeline, then actually we are approaching to the same end year expected equity number that we presented during SPO. And that comfortably covers at the moment the higher net loan loss that we expect for the INDEXO Group to report for the whole year 2024, which is mainly due to the delayed bank start. So if we compare with the numbers that we presented in SPO, so we have started the bank six months later than we planned there. So therefore also our expected loss for the full year this year is slightly higher. So we are very excited to see what will be happening going forward. So Valdis, would you tell more about that? Oh, thanks. Thanks. And thanks, Ivita. So the overarching picture remains actually unchanged. The highly concentrated, extremely profitable, oligopolistic Latvian banking market actually screams for disruption. And if before we were speaking that INDEXO is well positioned to be this national champion to do that disruption, that actually the first two months of operation shows that this disruption has actually started. 10,000 customers in the first months and 14,000 customers in the first two months is, I think, Latvian retail banking record. And INDEXO with its loyal, high-quality customer base, very prolific brand, and already functioning modern IT infrastructure has started already the change in the Latvian banking sector. And if you are not yet our customer, then we definitely encourage you to do it. First of all, you'll have a chance to experience a phenomenal, easy onboarding process. On average, it takes, as I said, less than five minutes. And you have also a chance to participate in our new lottery. Basically, all you need to do is redirect your salary to your newly opened INDEXO account. And on each month, there will be one winner which will have a chance to double his or her salary. And that's it what we wanted to say today. So open for your questions. Thank you. To join the discussion, participants, please submit your question through the Q&A window that you see below the presentation. The first question that we have received: When will the bank offer services to the business clients? And will it be mobile only? So I'll start with the second part. No, it will not be mobile only. Of course, SMEs and larger corporations need the desktop version. And the technology we are using to develop our mobile app is so-called React Native, which makes it relatively easy to prepare also a desktop version. And gradually, we will start to develop a client desktop portal, which maybe will be mainly focused towards the corporate clients, but it will be possible to use also by retail customers or private individuals. Unfortunately, we can't give you the exact date yet when we will launch services for legal entities, for companies. We know it's highly anticipated together with Apple Pay and Google Pay. That is probably the top question we receive all the time. So we are starting to work towards that, but we can't give an exact date yet. We believe it will be next year. Thank you. When will INDEXO Bank start offering mortgage loans? And when will refinancing options for existing mortgages become available? Yeah, maybe also my question. There we know more clearly that it will be the first quarter of next year. And actually, refinancing will be the offer with what we will start. And I think the refinancing market will become active after the change of the year, after the new year, because at the moment, there is still enforced those loan subsidies, which disincentivize clients to refinance their mortgage loans. So we'll be ready when the market will be ready. So first quarter next year, we have already a very clear specific plan for that. Continuing on the mobile app, what features are planned for the mobile app roadmap in the near future? When will Apple Pay become available? Yeah. Okay. We addressed in the presentation, but I'll repeat it. So we will have on average two new app updates per month with different things, sometimes under the hood, sometimes visible. There will be regular payments. There will be a 2nd pillar in the app. And Google Pay and Apple Pay are super high priority. Just the process didn't enable us to launch it on the day one. And we believe we are working towards the goal that it will be available very early next year. What are the [crosstalk] We set a lot ourselves. So as customers, we are asking the bank the same questions. Yeah. What are the bank's future plans, the paths to achieve them, and their associated costs? I think if I may start and then Valdis can continue. So we have a quite clear understanding of the rollout of our product development, which was shown in the roadmap. And obviously, our expectation is that the more features we have in our app, the more value customers will find in onboarding. And that will actually drive better engagement with our bank products and then also bank app. And that will also then in itself start to become like this sort of positive virtuous circle that once you start using one product, it will be easier to switch the customer to the second, third, and fourth product. So currently, we understand the logic how we are going to engage the customers. And mortgages are a very important part of that, as we know, because mortgages actually do help the customers to bring over the salary accounts, start to do the savings in the same bank, and so forth. Now, when it comes to the specific financial forecasts that we want to put on the table, then that most probably will take some time because we want to learn a little bit about the customer responsiveness to different tools that we're using to engage them. But we are working on our sort of updated plan, financial plan, which we'll share with investors in due time. But more importantly, really, right now, we're looking at the customer logic and engaging those customers and how to bring maximum value out of those customers for our shareholders and also for our customers to have the best product offer. I think an important part is that at least from the sort of investment point of view, that what we are looking at, what we have communicated to the market, we are pretty much, let's say, on par with the spending that we are doing to develop our offer. Thank you. Possibly, maybe we want to discuss the ECB impact as well, which I sort of omitted a little bit. But that is, let's say, overall, yes, it sort of means that the overall interest rates go down, which I think is very good for the economy and very good for most of the customers because a lot of our customers will have mortgages. It means disposable income grows and other services like saving and spending with cards, everything will become more important and again growing. From our net interest margin point of view, the ECB rate is not really that important because we have in our own mind, let's say, a net interest margin that we keep between the funding rate and what we pay out to our customers. And I think what is really more important is the local growth. There, I would say that when the ECB rate goes down, that should actually correspondingly take the growth to the growth of customer activity because people will look to borrow and will look to spend. Thank you. Question on the internet bank. Can you please address it once again? Yeah. When it comes to the private individuals, I think most of the things can be done with the mobile app, but even private individuals sometimes prefer a desktop version. But it's a must for business clients. So we'll develop internet bank for business clients, and we will make it available. A version of that will make it available also for private individuals. But as demonstrated also in the presentation, customers are happy with our mobile offering and our true native mobile app. Thank you. Will there be an opportunity to purchase INDEXO Bank shares in the near future? You can, of course, in a stock exchange purchase it every day in a secondary market. It's not excluded that there will be new share issues, but I can't kind of elaborate on more details on that. Yeah. I think if I may add to this, if the person asking the question specifically means that whether we will list separately the bank, then we don't have any plans at the moment to do that. The safest way is to buy INDEXO shares if you want to be part of the bank story. We think that this is actually a good thing because as we demonstrated, our pension business has grown to generate cash flow that grows all the time. That actually helps to develop the bank from the point of view that we can contribute to the bank capital and make it more stable. Why it's not possible to register using an e-signature? Yeah, it wasn't in the beginning, but now if you update the newest app version, it works. It's done. Thank you. When it will be possible to open an investment account and buy ETFs and stocks affordably with INDEXO? Probably one day, but it's not top priority right now. It's not on a drawing board. We are not right now working specifically on this service. But as I said, neither Riga nor INDEXO Bank can be ready in one day or in one month. Yeah. One thing, though, which I think just describes a little bit still the process and logic that needs to be in place. Obviously, from our cost point of view, we need to a little bit look at products that are extremely in good demand, which we understand that there are customers who are queuing behind our doors. So we have heard the customers that there is a need for stock trading and custody services. But how we see this process is that we should start with the custody services for our pension funds. So the bank is already working on that project. That allows us to build this sort of basic mechanism and the banking relationships that we need to provide custody services. Once we have that in place, then we can really put the roadmap into what does it mean to take from corporate custody to private custody and then who would be those service providers we could engage in making sure that, let's say, the security services that we would be offering would be well priced and would make sense to our customers, so we are constantly thinking about it, but there is a certain logic of development that we're following. Thank you. One of the participants suggests considering implementing a cashback program for card payments. It seems it's well aligned with INDEXO goals and values. Any comments on that? Yeah, thank you. We highly value suggestions, and I think we'll run also some customer surveys on that and try to prioritize development of different features. So it's not excluded, but our cashback program is actually interest we are paying. So interest we are paying on a current account, we are paying 1.5%. And private individuals are keeping in the banks in the current accounts roughly EUR 7 billion. So if all banks would do the same we are doing, private individuals in Latvia would have each year more than EUR 100 million more. So it's way better than any cashback program. So our cashback is actually interest we are paying on your current account. How long can INDEXO keep operating without profit? How long until INDEXO Bank reaches profitability? Of course, the faster the better. But we are not right now releasing any updated set of financial projections. So the big picture remains the same. We launched, compared to what we communicated about slightly less than a year ago, in our secondary share offering at the end of 2023. I think this remains as the latest official guidance. The only problem, only challenge for us is that we launched the bank six months later. So we have to speed up to catch up with those financial projections. But otherwise, that is the latest official we have out. Are there any plans to make automatic payments to 3rd pillar pensions from INDEXO account? Yeah. If it's meant like regular payments, so the regular payments will be you can put all sorts of regular payments to your children's account or wherever you have a regular standing order, including INDEXO pension account, and that is in development. I think it's a question of weeks when it will become available with one of the upcoming updates. Can you please go over the main issues that are challenging the development of INDEXO in the Latvian banking market? I think Henrik already touched upon the Pension Management or maybe if you have something to comment there. If it's meant as a question like for an INDEXO Group, and yeah, then I can answer. Sure. I think overall, what we see from, let's say, operational point of view, we like what we see in a sense that there is still a great opportunity ahead of us. I think if we look back even at these nine months, which I presume for many people has been economically, let's say, still the period where the high interest rates and lower economic activity sort of maybe have curbed the enthusiasm and optimism, confidence of the future, then looking, let's say, purely from an outsider's point of view and macro statistics, then the banking market keeps growing. Customer funding keeps growing. Credits keep growing. So we are basically looking at addressing a bigger pie. That's great news for us. I don't think that the competition in a sense has increased that significantly that we would feel that the offers that we are coming up to market with would somehow be irrelevant. I think there are always challenges when somehow regulatory environment changes because it sort of sends a signal that you are not really knowing what you are operating with in the coming days and months. I wouldn't overplay it as well in a sense that what we understand, let's say, from a long-term perspective is that people need to save, people need to borrow, and these are the basic needs that we are addressing. Everything changes constantly. You just need to understand that the world is in constant motion and you live with that attitude in your head and build the opportunities as they come. So I think regulation is something that we would be concerned about because, let's say, I think that maybe affects us more due to the fact that we are, let's say, still in the phase we're building the capital base. But I don't see it as anything dramatic. Yeah. Yesterday, I was in a Bank of Latvia at this Fintech Forum, and I also was asked to comment on certain issues. And basically, what I say, okay, it's not good for a country and a society, but very selfishly looking from INDEXO Bank's perspective or INDEXO perspective as a business, basically the worse is the better. I think the FinTechs and the new players thrive when traditional financial institutions fall short and they leave some uncovered market gaps. So the big picture is perfect and it's unchanged for several years. I think we hear our colleagues now from other banks being a bit in denial, saying nothing can be better, nothing can be different, and nothing can be cheaper, and if somebody says that, he's wrong, so we have already proven the opposite, but so from that perspective, I think all is good. Like Henrik said, what I'm also concerned is regulations or different slightly populist political ideas flying around. I'm old enough to know that socialism doesn't work. It may sound good on paper, but it doesn't work, and all kinds of price regulations and taxes, it just disturbs the free market to deal with those issues, so Latvian banking market and Latvian financial market needs more competition, and all kinds of additional taxes and regulations actually spooks the competition, spooks anybody from investing and competing in that market. The last question that we have received is a very practical one. Will there be an option to extract account statement in the desktop version to see all the transactions per period? Yeah, sure. When the desktop version will be available, it will be available, but you can do it already right now on a mobile app if you update to the latest version. If you haven't done it, you can generate PDF account statement, send it to your email or WhatsApp or whatever you prefer, or save it on your phone. Thank you. We have received one more question as a follow-up. We know that the Latvian government is on tight budget at the moment due to increased defense spending. Do you see INDEXO as being able to address Latvian customers' needs in this stressful environment? If I understand correctly, then definitely, I mean, we are. And that's why we started this banking business is because, let's say, in a stressful environment, when there is a crunch on cash flow, then what you can always do is borrow. And I think what we have been sort of saying a couple of years now that we have been dealing with developing this bank is that Latvia has the possibility to borrow and Latvian citizens have the possibility to borrow. In a sense, looking at the credit to GDP and the low leverage numbers of the Latvian economy, Latvia is still an extremely lowly leveraged economy, which means that the customers that we have will be able to have access to credit products, which we hope that they will like and which will help them to match whatever shortcomings they have in their own budgets or to buy new homes and invest in this future. We very much believe in our local market and in the fact that people should be able to borrow from us to meet whatever needs they have, everyday needs or long-term needs. I'm just guessing that maybe this comment also coming from the angle that we were quite vocal and fighting against the redirecting of this 1% from decreasing from six to five contributions to the 2nd pillar. The counterargument would be, okay, the government needs more spending on defense or whatever. And if that would be framed that way, I think the debate would be completely different. I think what we try to explain is that the difference between the 2nd and the 3rd pillar, and I think the argumentation that be happy we decrease your 2nd pillar contributions and redirect to the 1st pillar and it's good for you, I think that is, to put it mildly, not true. I think if that would be framed differently and the language would be, hey, country needs money and we need to save somewhere or increase taxes, etc., I think that would be definitely differently perceived by society and by me personally and probably by INDEXO as an organization. I think that's more about the way it's framed. And I think that personally, I think if I would have been in government and indeed you can go for a defense tax or whatever, and I think that would work much better and give people even a chance to voluntarily pay more if they feel like, etc. This was just the way how they tried to do this decrease was actually mistreating or treating people as slightly foolish that they will not understand what's going on. Thank you. Let us finish with the feedback from a participant, Raimonds, wishing INDEXO success in the difficult work that you're doing. Thank you so much. Thank you. Thank you. you. Participants, thank you for joining us today. We will now be closing the call.