Szanowni Państwo, w imieniu swoim, a przede wszystkim całego Zarządu Banku Pekao, jest mi niezmiernie miło powitać Państwa na prezentacji nowej strategii Banku Pekao na lata 2021-2024 pod nazwą „Odpowiedzialny Bank. Nowoczesne bankowanie”. Zanim rozpoczniemy naszą dzisiejszą prezentację, chciałbym podsumować kwestie logistyczne. Nasze dzisiejsze spotkanie z Państwem potrwa około dwie godziny, do godziny 3:00 P.M. czasu lokalnego w Warszawie. Rozpoczniemy je oczywiście od prezentacji, w której uczestniczyć będzie cały Zarząd Banku Pekao. Następnie będziemy mieli około 10-minutową przerwę, a po przerwie wrócimy do sesji pytań i odpowiedzi. Oczywiście pytania można zadawać do końca naszej prezentacji przy pomocy naszej platformy internetowej, zarówno w języku polskim, jak i języku angielskim. Bardzo liczymy na Państwa pytania. Nasza dzisiejsza transmisja jest dostępna również w języku polskim, jak i z tłumaczeniem symultanicznym w języku angielskim. Gorąco zachęcamy do udziału. Rozpoczynając już naszą prezentację, jest mi niezmiernie miło przekazać głos Prezesowi Zarządu Banku Pekao, panu Leszkowi Skibie. Leszku, przekazuję ci głos. Dziękuję bardzo. Witam Państwa serdecznie w imieniu swoim, w imieniu Zarządu i w imieniu całego banku. Jesteśmy tutaj razem. Widzieliście Państwo, że w tej konferencji uczestniczy cały Zarząd. Jesteśmy tutaj wspólnie, żeby opowiedzieć o planach, o strategii, którą przygotowaliśmy wspólnie – we wszystkich pionach całego banku. Jest to dokument, który przygotowaliśmy oddolnie i z tego jesteśmy dumni. Hasłem naszej strategii jest „Odpowiedzialny Bank. Nowoczesne bankowanie”. Wiemy, że jesteśmy odpowiedzialnym bankiem, ale tę odpowiedzialność rozumiemy jako pogłębienie relacji z klientami. Klient zawsze będzie dla nas na pierwszym miejscu. Jesteśmy też odpowiedzialni poprzez odpowiedzialne prowadzenie polityki ryzyka i odpowiedzialne zarządzanie kapitałem. Chcemy też w coraz większym stopniu być odpowiedzialni w znaczeniu szacunku dla zasad ESG i to wpisane jest w naszą strategię. Z drugiej strony, poczucie łatwości i z bankiem. Ale jakim będziemy bankiem? Po czterech latach. I w jaki sposób chcemy osiągnąć kolejne pierwszego wyboru naszych klientów. Po drugie, chcemy nadal rozwijać dystrybucję. Inwestujemy w zasoby niezbędne do wypełnienia luki technologicznej i oferowania jak największej liczby usług przez kanały zdalne. W ten sposób poprawimy efektywność kosztów i procesów, co jest istotne z punktu widzenia celu zdefiniowanego jako stosunek kosztu do przychodów. Wiadomo, które segmenty rynku są dla nas najbardziej istotne, biorąc pod uwagę nasz udział w rynku. Zidentyfikowaliśmy najbardziej istotne segmenty na rynku bankowym. Będziemy o tym więcej mówić za moment. Chcemy również rozwijać się dokładnie tam, gdzie wyniki rentowności są najwyższe. Trzy najważniejsze cele strategiczne na cztery lata objęte strategią to przede wszystkim poprawa naszego ROE do 10%. Jest to nasz strategiczny wskaźnik KPI. Po drugie, redukcja stosunku kosztu do przychodów do 42%. To jest łącznie z kosztami na BFG. Prawidłowo. W 2020 roku poziom wynosił 49%, co oznacza znaczące obniżenie tego wskaźnika. [Foreign language] Po trzecie wiemy, że powinniśmy rozwijać się w kanałach zdalnych i chcemy mierzyć to liczbą aktywnych klientów mobile banking. Dzisiaj mamy dwa miliony takich klientów korzystających z naszej aplikacji mobilnej. Mówimy o mobile banking. W 2024 roku chcemy zwiększyć tę liczbę do poziomów aspiracyjnych – 3,2 miliona osób. To jest poprawa o ponad połowę. To mobile banking, aplikacje, które staną się centrum naszych operacji. Chcemy rozwijać aplikacje mobilne, inwestować w relacje z klientami i tworzyć środowiska składające się nie tylko z produktów bankowych, ale także usług, które będą dostępne w samej aplikacji dla naszych klientów, z coraz większą liczbą takich usług. Wkrótce zaczniemy oferować rozwiązania związane z inwestycjami, funduszami, produktami ubezpieczeniowymi. To dokładnie tam, gdzie nasi klienci powinni móc znaleźć wszystko, czego potrzebują. Chcemy także poprawić wskaźnik digitalizacji zdefiniowany jako digitalizacja 100% usług, które klient może przetworzyć koniec końcem przez kanał zdalny. [Foreign language] To jest nasza ambicja: być w stanie zaoferować klientowi wszystko, co mamy w naszym portfolio koniec końcem przez kanał zdalny. Na dziś ten wskaźnik wynosi około 50%. What is very important to us is not just the objectives, but also the way we want to take to get there. Knowing that we should focus more and more on agile methods, knowing that we should invest in automation and digitalization of processes, and to make sure that the processes we have in place are more and more efficient, measurable, and satisfying to our customers, again, in a measurable way determined based on these KPIs. We know which segments are the most significant to us. Those four main segments where we want to grow and where we believe there is an improvement in terms of profitability available are cash loans, where we want to bring our market share up to 10% from the current 7%, more or less. That's three percentage points more. We want to invest in our presence among micro businesses up to 8%. That's up by three percentage points. We want to also be increasingly present among SMEs with a target of 12%, which is an improvement of two percentage points as compared to 2020. Fourthly, finally, we want to target mid-enterprises, reaching a level of 19%, which is an improvement of four percentage points. Simultaneously, we know what environment we are in. It's an environment of record low interest rates with COVID impacting increased provisions for loan assets that could be impacted by the pandemic and the resulting recession. It's a world where banks suffer due to loans, mortgages, and court cases related thereto. At the same time, it's a world where customers move to the digital more and more and are more demanding in terms of services rendered remotely. This decreased profitability and pressure of digitization means that banks need to focus on economy of scales and speeding up customer processing. What is our starting point? Where are we at after the last strategy period? We know we have carried out a digitization project quite successfully. In spite of all the difficulties we have faced, we have the strengths, improving efficiency of our PeoPay app, offering more and more services through the remote channel, including significant payment services that we offer to our customers. A very good PeoPay KIDS app we offer to our young customers. We react promptly to solutions our competitors introduce, offering access to governmental programs, offering many services our customers like, as evidenced by growing numbers of our mobile users at 2 million right now, which is an improvement of a ratio of 1.6 and a significant 16-fold increase of transaction numbers in the PeoPay app. We are very proud with that, and we know customers react well to what we are offering to them, but we want to reach even further. Today, we are at this situation where we have 5.5 million customers. Being a market follower in terms of individual customers numbers, we are very strong in mortgages. We are a leader in providing services to large corporate accounts and a stellar risk management profile. On the other hand, we know very well we need to invest in more favorable customer demographics, younger customers, and tap into the potential available in the more profitable segments such as cash loans, micro businesses and SMEs, as well as mid-businesses. And obviously, there is a huge potential to improve relationships of cost-to-income. Now for the pillars of the bank development, to be narrated by Krzysztof Kozłowski. Krzysztof, the floor is yours. Thank you so much, Leszek. The new bank strategy is based on four pillars. The first is the customer, the second is growth, the third is efficiency, while the fourth is responsibility. This is a very diverse set of four directions that combine to create a coherent whole. The first pillar is the customer. Customer always comes first for us. We want to make sure, however, that all the processes that we manage and the offer we provide to our customers is perceived correctly as matching their dreams, needs, and ambitions. Hence, we will measure our customer satisfaction levels regularly using the NPS ratio. In our customer relationships, we also want to focus on personalization. The customer will become an agent in banking services with their agency well-respected. To achieve that, we will implement a state-of-the-art CRM platform that will help us manage communication and personalize their relationship in real time. The second pillar of our strategy is growth. It will be based and anchored in the most profitable market segments and the areas that we have identified in our two-day business as untapped potential. Special priority will be assigned to rapid reinforcement of our foothold among the younger demographic groups. As the president has already said, we also want to maintain our leader position in corporate banking. The third pillar that was included in the strategy, and that is very important to us, is efficiency. Efficiency in banking operations in its internal and external processes. Thanks to the implementation of this pillar, we will improve our cost efficiency and operational efficiency. We will optimize and digitize processes. We will reinforce efficiency of our sales channels. We want to meet this objective by developing and implementing a new integrated distribution model. Finally, last but not least, the fourth pillar, responsibility. It focuses all the plans related to responsible risk management as well as the ESG operations, the banking sustainable and responsible activities. We want to support the growth of both the economy and the society, and we want to support environmental protection just as well. Our upcoming plans, goals, included in all the pillars, will now be narrated by my colleagues from the bank management board. Let me invite Wojciech Werochowski. Wojciech, the floor is yours. Thank you, Krzysztof. Ladies and gentlemen, it's a great pleasure to meet you today. I will provide information about the first pillar of our growth, customer, and also part of the growth pillar. Within this pillar titled Customer, we want to listen to our customer and refocus on providing services that better meet the customer needs. We have three strategic directions. The first one, building client-centric culture that will create our position as the first relation bank. What is the relation between customer-centric culture and the customer needs? To fulfill customer needs, first of all, we need to strengthen our customer-centric culture within the organization. This is what we want to work on. The second strategic direction is designing mobile services and transferring sales and increasing customer satisfaction in the digital channels. Third direction is personalization. We want customer to appreciate us and also to recommend us. Let me come back to this relation between customer-oriented culture and customer satisfaction. To build customer satisfaction, first, we need to focus on the customer, look through his or her perspective and needs and ease. That's why we will improve and facilitate the culture also for our employees so that they know how to focus on the customer. This will be translated into new model. We will improve access to mobile access. We will also improve the experience at the bank branches. We will focus on value-added services, especially for customers from the corporate sector. We will engage customers in designing new services to strengthen this bond and to also tap on their knowledge, and I will later talk about new CRM that we want to build. We want to have the significant improvement in customer satisfaction rankings by 2024. PeoPay will be the main contact and sales channel. It is an important app today, and definitely it will strengthen its role. We want it to be a key app on the market based on automated sales and service processes. We would like to have as many processes available on PeoPay, including service and sales processes. A very important element is safety. That's why PeoPay will be supported by special security mechanism. Our aspiration is more than 60% of active mobile consumers in PeoPay. 75% of sales of cash loans will be done remotely. Now it's around 50% and top three in the NPS score in remote channels. This is our aspiration. Personalization and foundations of the data-centric institutions will enable us to better match the offer to the needs, profile, time, and context of the customer. We have very good and solid foundations for building and tapping on personalization. A very good CRM in a traditional perspective. However, they are mostly product campaigns. We want to improve those elements now. Building up on new technology, we want to have better approach to data management. We want to use different analytics and strengthen competencies that will introduce advanced personalization. We want to use micro-segmentation. All of that will lead to our growth in revenues per individual customer by 20% roughly. The second pillar is growth. We will grow in the most profitable and prospective segments and strengthen business synergies with PZU. We will focus on dynamic growth in the most profitable market segments. We will rejuvenate our customer base and enter e-commerce market. We will monetize our unique relation with PZU. We want to be the bank of first choice for individual customers and strengthen our position in micro-businesses segment. Before I present more details from this slide, I wanted to refer to what has already been done in the previous strategy. We have provided a lot of products and processes that will help us compete effectively in the area of individual customers and micro companies. PeoPay. We are able to provide services, sell through PeoPay. We have enabled this product first on the market, Pay approve. We have new CRM solutions, and this gives us very positive perspectives for the future. What is that we want to achieve by growing in those two profitable segments? First of all, we will focus on acquisition and onboarding of customers to PeoPay. CRM will provide us efficient offered presentation and migration to remote channels. Cash loans will be sold also by remote channels, and we will have a new mortgage factory. This is a big transformation project of the bank. We do not forget about bank cards that are very important element of consumer finance. In micro businesses, we focus on digital channels, simplification, new workflow, additional service apart from the banking services, so leasing, factoring. A very wide area of services. What is that we want to achieve? We plan the acquisition of CA Immo, more than 400,000 fourfold improvement of sales in cash loans in remote channels. When it comes to micro businesses, acquisition over 40,000 customers and fourfold growth in lending origination. We want to strengthen the position in the segment of young customers. We have very solid foundation here as well. Young customers up to 26 years of age are 16% of our customer range, but it's 45% when it comes to older customers. And we are very visible in this group, presenting our commercials and ads at the universities. We want to be more attractive. We want to strengthen our image as an institution that responds to young customer needs. We will be active online. We will keep on commercializing PeoPay and PeoPay KIDS, and we will keep on our commitment on financial education for the youngest customers. Aspiration for 2014, more than 600,000 customers up to 26 years. Another element is the improvement of our relation, unique relation with PZU, to enhance our bancassurance offering. We want to be even more efficient within the strengthening of position. We want to implement e-installments, launch the offer of installment loans available online. If it is profitable, we will establish relations with different partnership and retail chains. We will implement a payment gateway for e-commerce, and we will offer services for stores and e-commerce platforms on installments. We want to be the leader in e-commerce. We will also use the PZU relation by enhancing bancassurance offer. A lot has been done already in the last strategy that we are finalizing now, what is worth mentioning, we have great successes in linked insurance sales, linked to mortgages and loans. We will develop this cooperation further. We are planning on standalone insurance launch. We are testing already those solutions. All of that will be realized, or most of the processes will be provided through digital systems. The CRM will support those initiatives, and real-time marketing will also be engaged to increase the effectiveness of sales. All in all, our aspiration is the increase in gross written premium twofold. Thank you very much, Jarek. I give you the floor. Thank you, Wojtek. Ladies and gentlemen, the low interest rate environment indicates naturally that we should be focusing on digital and expanding our offer here. What is that we will do? First, we want to provide CRM, fully digital tool for our reps. Having access to direct customer database, we will be able to create customer value-added offer, also for business customers. As you know, business customers use tailor-made investment solutions. However, individual customers are customers that will be able to use the PeoPay application. We want to have full stock exchange products and investment offers. We want PeoPay to be the window to investment for our customers. We also want to create wealth management platform that will include both asset management and advisory. What is our aspiration? On top of what I have enumerated right now, we want to have more than 80% of sales of mutual funds done by remote channels. We want to have an 8% share in turnover on domestic capital market, on the Warsaw Stock Exchange, more than 17% of market share when it comes to asset under management. Hello, everyone. I will provide you information about the SMEs and mid businesses. We have four pillars here. Customer growth, responsibility, and efficiency. The customer of the bank is always our priority. That is why we focus on increasing their satisfaction, both from tools and products. At the same time, taking care of high quality of relation with the customer. We deeply believe that this focusing on the customer and better cooperation will translate into growth. Growth of active customers, credit penetration growth, and cross-sell growth. We never forget that we are efficient, we need to focus on improvement of efficiency constantly. This is fast and convenient credit process, optimized service model, and also effective pricing management. Responsibility, the fourth pillar. Last but not least, we always remember that we fulfill a very responsible role. We support the enterprises on every stage of their development. Sustainable economic growth, ESG, and we also invest in renewable resources project. What is also important, this is all possible thanks to engaged employees of the bank. To build and strengthen those four pillars for companies, we focus on those priorities. credit factory, which is possible thanks to automation and digitization of processes with the use of big data analytics and behavioral analysis. We want to build this new credit factory for SME and mid businesses. We will digitize customer services in the self-service zone, online and for mobile banking, and we will acquire digitalization and client onboarding. Thanks to new products like value-added services, we will reach to higher number of customers thanks to cooperation with partners like PZU. We will build new CRM systems supporting both new customers acquisition and cross-selling to existing customers, and we will continue to responsibly support entrepreneurs based on the ESG policies in building and supporting renewable-based businesses. All those priorities will translate into annual acquisition of SMEs going up to 2,200 customers a year. At the same time, improving revenue per client by 30%. We also plan to increase credit product sales in 2024 versus 2020 by some 2%, including leasing and factoring. While in the mid-segment, our annual acquisition will be around 1,000 customers a year, with revenue per client improving by 50%. Błażej, the floor is yours. Thank you. Thank you. Thank you, ladies and gentlemen. We are now moving on to the third pillar in our strategy, the efficiency pillar. Here, we will focus on the needs of all of our stakeholders. We are talking about the decisive, actionable response in implementing digital simple processes and relieving our staff from repetitive activities, helping them move on with more creative tasks and solutions for our customers. From the Board point of view, it is also a decisive response and adjustment of our business model to fit the new macroeconomic environment with low interest rates and operating in the speedy digitization on behalf of our customers. We will focus our activities on three priorities. Speeding up digitization, operational excellence, technological transformation, and optimized streamlined credit processes. Moving on to the first priority, that is the rapid digitization of our customers. We want to achieve that rapid digitization throughout all the segments. From the point of view of individual clients, we are working on a new PeoPay version to enhance the options to implement sales and post-sales tasks. Our plan foresees all tasks to be processable in a digital manner. We will support our customers in migration to the digital channel. We will also scale up and reformat our networks to fit this enhanced customer digitization base. As a result, we want over 80% of customer orders to be made through digital channel. The same is true for SME mid and corporate clients. We plan to implement a new self-service digital tool, enhancing it by self-service zone that will help customers make both sales and post-sales orders with the bank related to payment cards, account management, Forex operations, and financing tools. Followed by this rapid digitalization of our SME clients, we expect over 80% of them to use self-service channels. Moving on to the second priority, process excellence. We assume we will move to standardize and simplify processes as a target. We want to cover the most cost-consuming processes and to reshape them into lighter, leaner processes such as cash management, cash processing, loan processing. We want our staff who spend time providing customer service to have more time at their hands to do just that, to work with the customers, while simple tasks that could be centralized should be elevated, escalated to the operations center at the HQ. The centralized tasks will be automated or robotized. In terms of robotization, we want more tasks to be carried out by robots from 4.7 up to 11 million a year in 2024. The external signs of our internal process excellence will be the number of customers per employee. We assume until 2024, the number will double. Which will bring us into the top leading banks in terms of operational efficiency. Our strategy assumes multiple activities have to be implemented by technology change. In particular, we want to focus on implementing efficient IT models. We continue transforming our IT department towards a model mirroring those of high-tech companies. We want IT to enable fast adaptation to ever-changing environmental needs, customers' needs. We will work in five areas Technological areas. First, in terms of technology and innovation, we want to utilize mobile technologies so that our mobile-first approach can bear fruit. We will use biometric data, geolocation as additional functionalities or native functionalities available in iOS or Android systems. We also want to utilize AI solutions and big data solutions to deliver our business departments and our customers with right on time or real-time analytics and marketing information. Moving on to the next area, app architecture. We assume modernizing and shifting towards cloud technologies. We want to utilize hybrid approaches to the cloud technology as well as multi-cloud approaches. We will modernize our architecture. Not all the layers are equally important, though. There are three layers out there that we would like to particularly focus on. The front-end layer. These are client apps, data analytics, and big data layer, AI. Thirdly, finally, the process layer to enable process excellence. Reliable infrastructure is yet another area where we assume the use of both cloud technologies and a durable use of remote working for our employees, and hence, increasing cybersecurity of work carried out on the part of our employees and our customers. What we are going to focus on, in particular, is a faster app development model using agile methodologies as well as well-proven DevOps technologies. Last but not least, people. We are enhancing our internal competencies. We have built competencies related to UX, DevOps, et cetera, throughout the last strategic period. Now we're going to focus on cloud technologies, mobile technologies internally, but we're also more than open to working together with market leaders in their fields to further enhance our competencies. We believe one in 10 of our employees at the end of 2024 is going to be closely related to IT. Thank you so much. Marcin, the floor is yours. Thank you, too, Błażej. Welcome, ladies and gentlemen. We wouldn't be able to talk about cost-effective bank without effective and optimized loan processes. Over the last few years, we have built a sound foundation in that regard. We learned to develop workflow systems, so we selected appropriate tools. We developed the first new generation of workflows under the strategic period, and under this strategy, we are ready for rapid optimization of credit processes by means of automating all tasks in the process by standardizing and simplifying the processes, thinking about the process outcome while planning its start so that the whole process is streamlined and cheap, and so that both our employees are able to work through those processes easily, and that they will not be problematic to our customers using their self-service solutions. For instance, when applying for loans or other credit products. We're also going to focus on advanced analytics so that our customers and employees will not have to collate information if we already have the data necessary for loan application online. We will also streamline the mortgage process, so we want the whole mortgage application process to get down to eight days. We will also optimize micro business credit processes down to one day, and we are developing fast tracks for SMEs as well as for corporate customers. Another important factor in the new processes will be fast-track loan offering based on pre-approved limits, meaning a customer knows what amount they can get unsecured financing for instance, for a retail customer before they even start to apply. Now let me move on to the fourth pillar in our strategy. It's the responsibility. We continue to believe that responsibility is a key characteristic in any banking corporation. It's also a characteristic our bank continues to be associated with. We are proud of that, and we want to continue in that track. Here, we would like you to focus on three parts. We declare we will maintain a responsible approach to risk and capital management. Secondly, importantly, we will support the Polish economy development. Thirdly, another part we believe to be more than important and that we want to focus on is including environmental, social, and corporate governance factors in our operations. Now let me move on to the first of these three priorities, namely, responsible risk and capital management. As you well know, Pekao is well known for its stable management cycle, strong balance sheet, and low risk costs. For many years, they've been ranked as low in our industry or even the lowest in our industry. In the COVID situation, we generated additional buffers, additional provisions, which also were a result of our approach there, too. Under our new strategy, we want to continue that trend. Still, we see some options for the risk cost to go up slightly up to 50 or 60 basis points. There is a strong justification for that, though. Firstly, just like you saw earlier, our asset mix is going to change. Namely, our portfolio will see more of high-margin, more risky products such as unsecured loans for individuals or SME loans. Secondly, we are ready more than ever to base our credit strategies on the profitability of credit products, including their full risk costs and the bank's risk appetite, which opens us up to acquiring new customer base, provided that these customers are profitable to the bank. Regardless, we still want to remain within the top three in terms of the lowest risk cost throughout the banking sector, and we will also hold on to our capital positions. For other aspects that are on one hand going to support our bank business-wise and on the other one that will make us grow even more safely and consciously, is the development of credit risk algorithms and models, and expansion of the data scope and data quality that we access, analyzing our customers based on pre-approved models or automating credit processes just like I discussed, for instance, with regard to monitoring loan terms offered. Another thing I wanted to pay your attention to is cybersecurity management. Here we've already started working to reinforce and develop our techniques and competencies related to cybersecurity management, process management. As a second line of defense, we want to limit and measure quite carefully all those cybersecurity risks so that we have all that well controlled. Now let me give the floor to Jurek. Jurek, the floor is yours. Thank you very much, Marcin. Now we will proceed to the next part of this presentation. As Leszek Skiba, the President of the Management Board, mentioned, we have leading position when it comes to corporate banking in Poland. We have the biggest share, 23% in this segment of the market. We want to be a responsible bank, but also we want to benefit from those opportunities that are creating, for Polish companies, the general economic conditions. Definitely one of those opportunities is the time of huge investments in Poland and in Europe. Investments from both domestic funds and also EU funds. I believe there will be a big share of Polish companies engaged in those projects. We want to support Polish companies, we want to help them grow. We do not only want to be perceived as providers of some services or product, but we want to be their partner. I believe that this situation will be very helpful to establish such good relations between the bank and our customers. The EU programs are huge. This is the biggest financial perspective in EU history. EUR 1.6 trillion. Poland will be one of the biggest beneficiary of this perspective, very well negotiated on behalf of the Polish government, represented by Prime Minister Morawiecki. The National Recovery Plan is in the pipeline. It will be part of EU Recovery Plan. This is the next opportunity for Poland. Traditionally, cohesion policy and other EU policies create some opportunities. There is a big change in those policies. Focus on climate change and by the 2050, one third of the resources will be allocated to fighting climate change. We want to be engaged and participate in those actions. At the same time, we want to be the leader, as we used to be when it comes to environment, society, and corporate governance. We are right now perceived as a bank that is on the leading position, but not only do we want to be a leader on the public sector, however, those three important values are key for us, and we want them to be visible in our daily operations. Environment, society, and corporate governance. Our bank will keep on providing services for corporate banking and maintain our leader position, but also project finance, investment banking, PPP. We want those elements to be our flagship project. Thank you very much, and now I give you the floor, Tomek. Thank you very much, Jerzy. Let me start with the macroeconomic scenario that we forecast for the upcoming time. There are some optimistic news. Jurek already mentioned this. The GDP level is expected between four to five while realizing this strategy. Poland has performed extremely well in the previous financing perspective and also during the pandemic years. We are expecting very good results here. The inflation rate is in this upper threshold of the National Bank of Poland that by the end of the year, 2024 might translate to decrease. We have assumed for our strategy that there will be no major change in the interest rate. Everything will depend from us. We don't count on those optimistic scenarios. Unemployment rate also relatively low, and this will support the cost of risk. Let me start the financial analysis from referring to the previous strategy. That strategy had four pillars, as you probably well remember. It was growth, intelligent growth, efficiency, leader of the integrated risk management, and also the employer for the best. Where were we? Where were we while realizing this strategy? In 2020, we have achieved positive results in the smart growth. The dynamic of growth has accelerated comparing to 2017. We've reached 6%, 7% in the overall growth. The interest, 10%, provisions, 4%, and 8% growth in the whole portfolio of investment. We also have positive operating jaws. The costs were below the inflation level and income has already been explained. Step by step, our ROE reached the level of the strategy between 11% and 12%, and cost income also improved in the subsequent years. Of course, pandemic has changed everything. It has changed the environment when it comes to cost-to-income ratio and when it comes to interest rates. We had this decrease in the final results. If we were to tell you frankly, have we used all the potential of our strategy? Have we achieved all the goals? We have to admit that there are some elements that it was not fully realized. On the slide on the left-hand side, you can see three of those untapped potentials. First of all, customer loans, cash loans. We started from the 7% of market share, roughly. We wanted to reach 10%. In 2019, we were reaching 8%, so still not enough to reach the 10%. In 2019, we started a project, Sales for Effectiveness. However, the pandemic put it on hold. Another area where we did not fulfill our ambition, but it also remains a future growth potential, is micro-businesses area. In this segment, we have not finished our credit workflow. As Marcin mentioned, we have built those competencies for credit workflow operations. Some of them do operate, but in the micro-businesses, it is not fully available, not full potential has been unleashed. We count on it in the new strategy. A third element, efficiency. I believe not all the processes that we wanted to streamline were finally improved. If you remember correctly, the cost-to-income ratio has significantly been improved. However, it is below our key competitor's level. This element is something we want to focus in the new strategy. Another element that has revolutionized our strategy and situation was 2020 with the COVID hit that had an impact on cost to income and also the interest rates. What is worth underlining, we are living this pandemic situation with the clearest balance sheet in the whole banking sector. We had the biggest number of write-offs. However, we had one of the most conservative loan policy and one of the safest asset mix. We had a very responsible policy. We have cleared the balance sheet to avoid potential losses in 2020 already. Similarly, we have performed such actions for the Swiss franc mortgages. We do not have to worry about the negative outcome, and we can focus on our potentials in new strategy. What is it that we want to achieve? As the management board, we have performed long discussions concerning the ambitions and initiatives we would like to implement in the new strategy, leading to achievement of our plans. First of all, we wanted to have an ambitious ROE lower than the capital cost level that will help our shares to come back to the book value and reflect the ambitions of our shareholders. 4.5 ROE is the initial point. If we eliminate those one-off COVID costs, then we are talking about 6% starting point. Our strategy will include three main elements impacting on this financial element. Growth, efficiency, and also capital efficiency. A very important element that binds those three elements are key investments. First, we want to invest to be able to achieve the goals. Many of those goals have already been announced. Digital transformation, personalization, and process excellence. Let me start with growth. We plan to focus on the loan in portfolio, CAGR 6%-8%. We want to focus on those segments that were announced previously by the speakers, Marta, Wojtek. It is cash loan, where we have a significant gap between fair market share, micro-businesses, mid and small and SMEs. For today, those segments constitute one fourth of the whole loan portfolio. We want it to grow to one-third. We also would like to improve our margin from 5% to 8% basis points. How will we achieve this? Thanks to repricing, because keeping those margins will definitely translate into improving our position and on the other hand, there will be positive results thanks to positive asset mix. Focusing on those elements with highest profitability. Very good sign for our bank that long-term hedges do not have maturity time during the strategy, but at its very end. Through the cycle, we have secured the most important elements of the process. At the same time, we will work on our cross-sell and pricing for investment products and other value-added services. All those segments will generate good dynamics for commission revenues. Another element is efficiency, improvement, cost efficiency. It will be one to one, hand in hand, linked with the investments we want to realize in this area. Wojciech Werochowski has already mentioned how important the mobile app is for our bank. We want our customers to be able to use the app to provide and fulfill all their needs, so that no visit to the bank branch is necessary. This will definitely give more opportunities to the network to provide different character of services and the scale, because we have to follow the global tendencies that are quite dynamic right now. In the last three years of our strategy, we have reduced the number of branches by roughly 20%. We can see some potential in remote working and optimizing real property costs just as well, and in optimizing cash management costs. As of today, we are one of the banks that enable cash management operations in virtually every branch, which is no longer a market standard. It's an official objective ahead of us, a 42% cost-to-income ratio. It's just as ambitious as ROE of 10%. In an environment of zero interest rates, operational efficiency is one of the most important factors. The last financial component I wanted to mention is the capital adequacy and risk. Marcin already discussed risks quite extensively. Let me just mention this 50 to 60 basis points cost to risk somewhat above through the cycle cost due to migrating towards higher risk segments. For capital, the minimum we foresee is CET1 at 14%, while common equity CET1 may- Further reinforced by issuing 81 instruments, providing potential for further capital optimization. We plan capital activities that will help us maintain the nice dividend policy, as well as efforts on IRB implementation and RWA optimization, where we still see some untapped potential. We offer to you a dividend policy at a level of 50%-75%. It is well in line with our growth appetite and the current requirements, or the historical requirements given the demands of the regulator. Please bear in mind that to pay out dividends upwards of 75% in Poland, historically, the Tier 1 level had to remain above 16%, meaning the dividend level offered matches both the growth rates and the regulatory policies that have always regulated these payouts in the previous years. This does not exclude any potential plans to pay out dividends that would be somewhat higher, or to get involved in other activities to redirect capital surplus, if any, emerges in the future to share it with the investors. The baseline scenario assumes these payouts at the level of 50%-75%. Let me now give the floor to Krzysztof, who will discuss our values. Thank you so much. Thank you so much, Tomek. Ladies and gentlemen, recently, the board members of Pekao Bank, as well as all our employees, have reflected collectively on developing our long-term mission and vision. Together, we sought a place for us in the value space. Finding values we want to support ourselves on and support the organizational development of our bank on. We concluded our mission is to be expressed in a tagline of a simple and safe banking world. This is the headline for this upcoming strategic period. A simple and safe banking world. What does it mean? What specifically is our bank about, and what is specifically our mission about as expressed in the strategy? What are we here for? We responded to that by saying, we started with the very important foundation. For almost a century, we are setting the standards on the market, generation to generation. As Pekao S.A., we are a reliable partner in everyday life of millions of Polish people. We help to make dreams come true and to pursue passions. We finance small and large investments alike. We have positive impact on the Polish economy. We build strong relationships with entrepreneurs and provide safety to our customers. We put innovative services into practice in an easy and friendly way. The next thing, when we're looking at the axiology, the foundations, the values, is the vision. How we want to work day by day for our customers and shareholders alike. For everyone who owns our shares, our shareholders and our customers that are the lifeblood of our everyday functioning. We expressed the vision in a headline of "Let's be the best together." It's a good summary and a starting point all the same. When we reflect on what we want to be like in the nearest future, in the time perspective laid out in the strategy that we've just announced. We have quite a few responses to that question. Our aspiration is to become a leader on the Polish banking market. Our ambition is to be the fastest developing and modern bank, with offering going beyond traditional banking services. We wish to strengthen domestic brands and provide convenience and safety to every customer. We know we won't be able to achieve that unless for the support of our brilliant employees that are the core of this bank, our bank. That's why we want to be an inspiring workplace for all of them. A workplace where they will feel safe, comfortable, and where they will put all those values to fruition. When talking about values [Foreign language] While working on developing the strategy. [Foreign language] We have developed a charter of values as well. These are values we all identify at Pekao S.A. These are values we believe in, and these are the very values that will shape our approach to the future and constitute a foundation of evolutionary change, organizational culture change for our bank, so that all those assumptions that my colleagues discussed included in the strategy can be implemented successfully and on time. We can ask a question of how we want to act, how we want to work to put the vision, the mission, and the values into life, and so that the strategy implementation is successful at the end of the period. We've responded that question very simply, and it's here in this slide. We want to do it together. We want to do it simply. We want to do it boldly and responsibly. Thank you so much for your attention. Krzysztof, [Foreign language]. Krzysztof, thank you so much. At this point, let me thank the whole board for their collective presentation and sharing their reflections on the strategy. Right now, let us take a 10-minute break and let's meet together at 2:25 P.M. Warsaw time, when we will launch a Q&A session. Let me just state at this point that we've received many questions, and we will do our best to respond as many as possible until 3:00 P.M. Let's meet again in 10 minutes. Thank you. [Foreign language] Welcome after the break. In the name of the Management Board, welcome to the Q&A session. As you all know from our quarterly publications and meetings, we will have the Q&A session. The only difference is that questions that will be asked in Polish will be answered in Polish, but the questions from the English-speaking audience will be directly responded in English. Many of the questions is directed to Tomasz Kubiak, our CFO, who will have a leading role here, but also there are many questions where almost all Board member will be able to speak. Starting with the initial question, the dividend that raised really big interest. Tomek, we have several questions on this matter. The first aspect concerning the bank policy, concerning the profit from 2020. The second area, are you foreseeing share buyback? The third one, third element, the forecasted payout presented today, is there a chance for a correction in case the pace of growth is impossible to achieve, this high pace of growth that was forecasted? Maybe if you could answer in English, that would be great. Okay. Thank you for the dividend questions. 2020 dividend, we have announced that our target will be to have a payout close to 75%. We need to discuss this with the regulator, as we were anticipating, we believe we are in the position for such a consent from the regulator because of practically lack of Swiss franc mortgage risk, as well as high coverage with COVID provisions. The intention, yes, is to pay out. The second element is the dividends. I must say that we had a big discussion if to propose 50%-75% or 50%-100%. According to the models that we had, 50%, let's say, being closer probably to 75%, was the, let's say, optimal level to compensate between growth, which is very ambitious in that strategy, and also ROE, which is the most important target at the end of the day from the investor's point of view. Of course, it doesn't exclude that if growth is weaker, because just a step behind, what is the key behind the capital ratios that we are targeting, the minimum level, the 14% Tier 1? It's the growth, it's the potential for the growth, it's the regulatory approach, so the regulatory minimum, which also might change. It's also the, of course, rating perspectives, how rating agencies see those levels and discuss those levels. If those change, growth is lower, regulator will be more, let's say, positive on the dividends. Yes, of course, we would take into account the potential to exceed that 75% and go somewhere above 100%, this is not in line with the current regulator policy. That's why we kept those level and not proposing as a basic one the higher amount. What solution would be then used in such a situation? It can be a buyback. It can be using the 2019 undistributed profits. We would have to, let's say, see the situation and upon the changes in the environment, take the decisions. The basic scenario is to be somewhere between 50% and 75%, probably closer to 75% than to 50%, especially in the first years of the strategy where growth is most important for delivery of the target. [Foreign language] Dziękuję bardzo, Tomku. Thank you very much, Tomek. The next question- The next question comes from Michał Konarski at mBank Brokerage. Could you describe what sort of path will the ROE take over the strategic horizon up to the point of 10% in 2024? Maybe, Tomek, I would like to ask you again for answer to this question. Thank you. Not, let's say, hockey type of approach, but we want to improve step by step and deliver and improve, of course, in line with. Of course, 2021 should be a first big step because of lack of the one-off provisions that we created in 2020 and so on. 2021 will be exception, but then I would say more linear than a jump. Thank you. The next question comes from Andrzej Nowaczyk from HSBC. The question is about competitive environment following the pandemic. As a bank, you describe segments you want to focus and target market share gains. The question really is, what sort of strength you see versus your competitors, and how would you want to achieve those market share gains? If I could ask here, Leszek for the answer. This is good question because we see the past strategy and the effect of the past strategy, and it is important lesson for us. We know that it is important to grow in the segment with the highest margins. This micro, this is SME center, this is a consumer loan. What is our approach that we identify that we have these clients? For example, in micro segment, we have three times more deposits than loans. It means that we have clients that park here their money because they perceive us a very safe bank. The loan process and service is sometimes better and faster in other banks. This is very important for us that if we will have faster loan process, we will give loans in one day, then one week, and it will be easier to use our apps and this cooperation with bank. There will be increase in assets, there will be increase in loans. This step is enough for us to achieve fair level based on the number of clients we have. Thank you very much, Leszek. Next question comes from Anna Marshall at Goldman Sachs. The question is about net interest margin. Could you please elaborate on the split of the targeted five to eight basis points per annum improvement in NIM, what sort of action does it assume into split between lending and repricing initiatives? Tomek, if I could ask you again for the answer. We've been anticipating in our presentations also of results, that in this low interest rate environment, it's the loan growth that is determining the NIM at the end of the day. In the low growth, what happened in 2020 is we started repricing, also some of our competitors started repricing. The margins on new production usually were, let's say, 20 to 30 basis points up. That kind of repricing should give, for example, on mortgages additional, let's say, two, three basis points per annum increase in the yield of the portfolio or the margin of the portfolio. This, let's say even keeping the existing margins on the new production and not changing them will allow us to get two to three basis points to, let's say, in the NIM. The remaining effect is mainly the asset mix. Consumer loans, microloans, but also SMEs and microloans. Those are the typical type of segments with a little bit higher margin than large corporate or public sector. Their more dynamic growth will allow for the remaining NIM to grow. Thank you very much, Tomek. Switching the language. [Foreign language] Another question in Polish from Michał Konarski, mBank. Could you explain what do you understand by 100% digitalization? What is your perception? Wojciech Werochowski. We've started measuring digitalization levels in our bank. We define it as number of processes that a customer can realize in remote channels. Of our bank. Our aspiration is that our customers are able to realize, or at least initialize, all the processes, so 100% processes initialized online and remotely. Of course, other elements of strategy include our real use of digital services. However, speaking about this 100% precisely is initiation and realization of processes in remote channels. Let me supplement here, Paweł, if you allow me. We have established and developed our roadmap how to reach this 100%. First implementation will take place in the first two quarters and the beginning of third quarter this year. Thank you. Another question from our guests. I will switch to English here. If you can outline details on cost-saving initiatives that you plan as a part of the strategy. Generally, or more broadly, how much do you want to rely on cost savings in this strategic plan? Maybe turning back again, to Tomek on this one. Right. The goal generally is to keep costs below inflation with still ongoing investments. Still building new competencies both in data management, CRM, IT, those are quants, for example, margin teams. Those are the key areas where we will want to increase competencies and investments. We have presented more or less the contribution to the ROE. That's 0.8%, if I remember well. That's what the initiatives are bringing to our ROE. I will maybe not use the word cost-cutting, because for sure, cost-cutting is something that we want to avoid. When discussing those initiatives, we clearly identified that simple lowering number of FTEs in the process or just not spending money is not the right solution or not the right approach, because it will have an impact if so executed, on the NPS of the customers or on the growth, simply. The approach that we are actually saying is to focus on process excellence and process automatization. We sit down on the processes of the bank, look at the most heavy and expensive ones, and we say, "How can we do it simpler, cheaper, and more efficient from the customer perspective," right? That's a very important, let's say, approach that is probably different to the strategy that we had. We still have the targets at the end on the cost, and we know what levels we cannot breach. We actually look at the basics and say, "How can we improve that?" That's the first important element. The second is, of course, the physical footprint. As I was mentioning, Wojtek also was saying, why this 100% digitalization is so important and why we focus on that, is that for the customer, it's always easier to do it in the mobile. Sometimes he has to come up to the branch because the process in the bank is so that we say, "Okay, you do everything in mobile, but then come and sign." Right? This is what we want to avoid. We want them, our customers, to save their time, but also to be able to do majority of the things. This will change the format and the branch itself. They may need to be smaller, maybe less of them. We see the trends, how this is going on. Physical footprint is very important. Cash management, this is also a big bulk of cost that we see. Introducing more machines and not servicing that in the branches and cashless branches in some areas, potentially. This is what our competitors are doing. This is a large scale, of course. Of course, we need to do it in the right way, because we also earn on cash management. It's a question of improving the cost-to-income of that process and not fully, of course, eliminating that. Real estate costs, using more home office. Those initiatives are, of course, something that, let's say maybe two years ago, a lot of managers were saying, "No, home office is not the way to go. I cannot manage my people this way." Now everybody learn, this is also an additional improvement. There, I would say we will try to touch all processes in the bank and think in a process way to make them more efficient and open to be able to deliver these numbers. We will not want to do cost-cutting. We will want to optimize a process, we will want to keep costs below inflation, still investing. Thank you very much, Tomek, for this very comprehensive answer. Turning to the next question that comes from J.P. Morgan Equity Research, a question with regards to merger and acquisitions approach. Could you elaborate what's your approach in this field, and what sort of conditions any M&A activity need to pass? Maybe I will turn here back again to Leszek for the answer. Thank you very much for this question. Our answer is opportunistic, that we know that the most important for us is organic growth. We feel that this is the most important during this strategic horizon. Of course, is always the question about M&A. We don't feel that it's the time for M&A now, but possibly during the next strategic horizon, there will be the question about criteria to identify. This is the question about synergy impact on our profits ROA. This type of criteria is the most important, but I don't believe that this is within this strategic horizon. This will be important for us to think about the M&As. Thank you very much, Leszek. Turning to the next question, again from Goldman Sachs Equity Research, and turning again to our CFO. The question comes about any impact of interest rate hikes. How would this impact your strategic targets, should you factor in impact of interest rate hikes? Right. We are actually thinking that there's likelihood of, let's say, a 50 basis points increase in interest rates either in 2013 or 2014. Taking this into consideration, our sensitivity on that, it would be, let's say, a few hundred million PLN on top of that strategy. Which would mean some uplift in the ROE of, let's say, between, depending then on the scenario, but let's say 50 to 100 basis points in terms of ROE. Of course, I would call it still late in that strategy and not our basic assumptions to do plans. Thank you, Tomek. Moving to the next question, comes from Tomasz Noetzel at Bloomberg Intelligence. The question goes more broadly about our ESG strategy. Couple of sub-questions that we have here. What are your plans in terms of disclosure on the KPIs, should your management performance be in any way tied up to ESG? What sort of goals and focus will you have in, let's say, near term? Maybe I could ask Magda here for the answer. Okay, thank you very much for this question. The detailed strategy regarding ESG will be presented at the end of the second quarter of this year, of course. What's important, the goals for management board and top employees will be strictly related to ESG politics. What else? I would like to emphasize that clearly as a second largest bank in Poland, there is a lot more that we can do. Just to highlight, to date, we have committed more than 8 billion PLN across sustainable finance. Also we are a market leader in ESG linked bond issuance. That we invited at the end of the second quarter to presenting more details about this strategy in this year. Thank you. Thank you, Magda. Turning to our next question, again from Goldman Sachs. This is eventually split question, so we'll have a part that goes into fees. Could you elaborate on the potential dynamic on the fee and commission line over the strategic horizon? And here, I would point to Tomek. The second part of this question, what sort of scale of benefits do you see or have you seen so far from your cooperation with PZU since 2017? If you could quantify. Here, I would also point at Wojciech. Starting from the level of dynamic of fee and commission, probably 5%+ is the right way to think of it. Can we- We were managing between, let's say, 3% and 4% in the last strategy. Surely now the sector is more Less competitive, let's say, in that area and a lot of banks are lifting. I think that such a range is reasonable. Right. Coming to details of our cooperation with DC2, I would split the answer into the summary of the previous strategy and what we plan and what we do now and what we plan in the horizon of the new strategy. As I emphasized during the presentation and in the close strategy term, we invested into bank insurance processes, migrating our bank insurance products to DC2. Also in cooperation with our partner, we set up processes for account opening in bancassurance banking model and the results are as follows: We open, in the strategy horizon, around 36,000 of accounts via DC2 channel in our bancassurance banking model. The plan for. Also another figure is gross written premium in years 2018, 2020 is around PLN 190 million. Of course. That's the past. In terms of future, as I said, we strongly invest in processes. We started a pilot standalone insurance. We will invest in bank insurance processes, especially in digital ones. Also in bancassurance banking model, we realize also the customer acquisition via DC2 channels. The numbers we plan to achieve is to be incomparable. In terms of gross written premium is PLN 1.3 billion in gross written premium in strategic horizon. That's the assessment also acquisition of 120,000 customers via DC2 channels. This gross written premium is estimated to be translated into revenue in account terms at a level around half billion PLN in the strategy horizon. Thanks for the question. Thank you very much, gentlemen. Moving to the next question. Now we're going to handle a question by Jaromir Szortyka from PKO BP analytics department. What the bank wants to increase its share in the higher margin market segments, but the risk level plan is on the level of the historical cross cycle. How do you think to be able to improve the profitability levels while maintaining the risk level? Well, let me start by saying that over the past years, the risk hosted Pekao S.A., Pekao Group has ranged, and let me skip the COVID year, but it has ranged between 40 and 50 basis points or basis points closer to 40, actually. 60 basis points is a significant growth compared to that. How do we approach it? Some explanation is what Tomek already said when talking about the interest rate commission. That's due to a shift in the asset mix. Actually, as we showed in the presentation, that higher profitability, higher risk segments are going up from 25% up to 33% of the portfolio in our strategic horizon, meaning that quite obviously their impact on the whole portfolio will be expressed just like we said, the 7% share increase, while in the 25% Forecasted some risk increase as compared to the past few years to allow for growing that portfolio while using the marginal utility as accounted for by risk. That calculation yielded 55 to 60 basis points, which is what we presented in the strategy. Thank you so much. Thank you, Marcin. Now the next question from Tomasz Noetzel from Bloomberg Intelligence. Let us shift the languages once again. The question is really about the revenue diversification and more specifically about the ambition of PKO in the e-commerce space and what sort of market share after acquisition or investments in Tpay would you like to have? What sort of competitive dynamics do you see in the space? Maybe I would like to ask Wojtek here to outline our thoughts. As we observe, that's why we made a move towards this space, the e-commerce on transactional side and on lending side. Those are markets that we perceive as booming and I think due to technology state of the Polish solutions, this is comparable to Eastern Europe, I think. That's why we decided to invest in the Tpay because we see the opportunity to grow e-commerce and commerce solutions for individual customers and also for micro and medium companies. That's one leg of the commercialization of the investment and second leg is safe finance. I strongly believe that in the market there is a space for for new player, for newcomer in this part of consumer lending, which we are exactly. I perceive it as a missing part of consumer finance footprint for our bank. Our aspiration is to be top three players in this market, I mean, the e-commerce and m-commerce. In terms of lending, or in terms of sales financing and e-commerce lending, I estimate that the annual sales and size of the market is something between PLN 10 billion-PLN 12 billion. I know this market, and I know that to be there, we have to invest. So our aspiration for sales finance is to get PLN 1.6 billion-PLN 2 billion sales when we set up this business. Thank you. Thank you, Wojtek. Moving to the next one, we'll have about IRB implementation, and what sort of impact on a capital would you see associated with such implementation? Maybe passing over to Marcin. Thank you, Paweł. First of all, I would like to clarify that we do not have an intention to complete IRB effort within the scope of this strategy. Just to clarify it. As a matter of fact, we'll put more focus and attention for preparation for IRB. You are probably aware that there is, first of all, you have to complete your set of models, which will be used in credit processes, but also for the capital requirements calculation. Then you have three years experience period, which is required when you can apply actually for IRB. Having also in mind that our focus in this strategy is automation and digitalization, also greater emphasis on the new ways how analytics can be performed. We assume that at the beginning of the strategy, we will still be focusing on redevelopment of models in some segments. Then only afterwards we can count this experience period. That's why our IRB implementation moves outside of the horizon of the strategy. Also answering more directly to your question, based on our simulation which we have up to now, we could have up to 150, maybe 200 basis points impact on the capital ratios. This would be kind of a quantitative impact, but outside the horizon of the strategy. Thank you. Thank you, Marcin. I'm also monitoring the time. I see we are getting very close to end of our event today, but maybe last two questions that we see also as a team from number of participants. Number of branches and what's your plans about your reduction further in terms of branch network? Maybe on this question I would like to ask Wojtek. Yep. Thank you. Thank you for the question. The direction is clearly marked. We are going digital. In the previous strategy we are closing branches with a pace which is double than the market. As it was mentioned, it was around 20% in the closed strategy horizon, resulting in a number of branching close 200 plus. In this, of course, we've got plans for the new horizon of the strategy. I would refer to Tomek's speech and statement that we are analyzing possibilities to optimize the distribution model, we are not thinking about the distribution model and with a goal of just simple closing branches. We've got numbers which are double-digit for 2021, which was internally communicated and is being executed. In this strategy horizon, we clearly plan to migrate customers to digital channels and optimize distribution model, and developing alternative channels like digital, as was said. Also the telephone ones, and also we've got plans to reasonable growth of the franchise model. Thank you. Thank you very much, Wojtek. The last question before we wrap up today's event. I'm sure many of our buy-side participants also are asking. Pekao is trading at discount to domestic peers, even those with some of the higher FX loan portfolio. Do you believe that ROE of 10% by 2024 is enough to narrow the valuation gap? What do you believe is needed to unlock value potential embedded in Pekao? Maybe here I would like to ask both Leszek and Tomek to comment. Yes. The short answer will be yes, that this 10% of ROE, it's enough to go to the level of price before the pandemic. Yeah. I would confirm that achieving those targets would narrow this pricing gap, which isn't obvious for us because generally, I believe we were improving very much numbers. I think that a lot of damage was created to our share because of changes in the dividend policy. We were remembering also the history, one of the most dividends or maybe the only dividend-paying bank for a number of period, and that also shaped a little bit our investor, let's say, shares. Thanks to this, we are now balancing that strategy very much. Between growth and dividend policy, and I believe that delivering those numbers, and especially execution, we focus all on execution from today onwards. This will be the closing of the gap or above that gap. Thank you very much, Leszek and Tomek, for this answer. Maybe switching once again to Polish for the end of our event. Of course, all the questions that has not been answered because of time constraint, we will try to send you the responses from investor relations department. We are available in the upcoming days and weeks. Virtually, we can meet and provide all the answers, also in more details. Right now, I would like to thank you and thank all the management board for participating in this presentation, for providing answers to the questions that have been asked. I would also like to thank all the guests of our event, the analysts, shareholders, and new investors. Thank you very much, and we keep in touch. In the following weeks and quarters, we will present you the progress of realization of our strategy. Thank you.