Good morning. Good morning, friends, guests. Thank you so much for getting here on this frosty morning. Very happy to see you here. We're very happy that we know that so many viewers watch us, and our streaming is available. 0.5 hours with us. A very important day for us. We're going to talk about the future, about the future of Sber, and the future for its shareholders and customers, and investors, and the future that our team is going to build. Our presentation will have five parts. First of all, the CEO and Chairman of the Executive Board, Mr. Gref, Herman Gref, is going to talk about the long-term vision and the strategic priorities. Then we're going to present you our B2C and B2B strategy, technologies, obviously. After that, we will tell you how it will translate to the financial results of Sber. After a small coffee break, we will have a Q&A session. You can ask a question by raising your hand, but I'm going to talk about the logistics later. We are starting our Investor Day. Before we turn the page and look into the future, we will show you a small video about the previous three years of the previous strategic cycle. What is success? That's the achievement of the goals that you set. Now, for Sber, that's the responsibility, culture, and focusing on results. For every achievement, there is a human. 2021. The launching of the credit card, the SberPrime subscription, OSAGO and KASKO car insurance policies, 260 digital transformation project, ESG rating was very high. Christofari launched, RUB 1.2 trillion earned. February 2022, the EU put the six sanctions package. You cannot use Visa and Mastercard abroad. People were spending nights in their jobs. They were just staying at the offices. The SWIFT was removed, the key rate was 20%. 490 large DDoS attacks were repelled. 80% of the banking system was there, and if we decided to give up, then there would be nowhere to go in our cities. We had to support the people. If people in Sber are confident, then everything is good. We drive down the cost by RUB 240 billion, and implemented the payment system that people know about, were the main drivers of state support. 2023. I sincerely thank all of those who made it possible to have these results. Kandinsky, GigaChat, everything was launched. Moving forward, not stopping. Sber is one of the largest payment providers. Manzherok Hotel has become one of the best ski resorts in our country. In these three years, we became stronger. Thanks to everyone and each of us. Thank you so much, our shareholders, for your trust. Thank you for our clients and partners for inspiring our team. +10 million customers, record high dividend payouts. And there is a future behind this door, and I'm going to invite you to this future. Sber's Strategy 2026. Shareholders, guests, hi, all. It's my great pleasure to welcome you all to this traditional Investor Day, the day when we can present our new strategy. Three years ago, we were talking about the fact that turbulence is ahead, and it's likely to be ahead, but what will be the scale of the turbulence was unimaginable. We faced the pandemic, ramifications, unprecedented sanctions, losing international assets, some assets were frozen. We faced the vendors leaving the country, and they were ensuring our sustainability and stability for many years, for all of our systems. We faced an unprecedented level of cyberattacks. And looking back on the last three years, I can surely say that we were pretty good soldiering on through all of these challenges, and I would like to take this opportunity to thank once again our team for being so quick to respond, being so precise and committed, and not thinking in standard terms, thinking outside of the box, and working as one big, great team. I would like to also appreciate our shareholders for trusting in us. Around 2 million, that's the people we're talking about, the number of people we're talking about in terms of our shareholders. Our customers, thank you so much. The number of customers in these challenging times increased. 10 million more retail customers, 108 million in total, and the 500,000-strong increase of business customers. Currently, we have more than 3.2 million business customers. As in the previous times, we are led by the strategic cycles by our key principles. There are three key principles that we see. This is the clear goal setting, focus on long-term result, and focus on the most state-of-the-art solutions that are available on the market right now. These are the three components that helped us to ensure our sustainability and stability and reliability during these challenging times. Often, during our history, we were not only following the trends, but we were trend setters. We were voicing ideas, and sometimes they were met with criticism and skepticism, but then the skeptics became our followers. This is what happened with our agile transformation, the transformation of us in technology company and the development of our proprietary technology platform. Also, when we decided to become an ecosystem, many critics did not believe in our commitment to AI, artificial intelligence. And today, we gathered here to give you our long-term prospect and our three-year 2026 strategy. In the period when many people were saying that we should forgo the strategic planning, that it's very hard to predict anything for a long period of time, the level of uncertainty peaked, and we have to decrease the planning cycle to one year. But we decided to not do that. We decided to focus all of our attention to long-term vision. And we decided that maybe the most important factor of uncertainty, of the turbulence that we are witness to today in all areas of human life, are, of course, technologies. This is a determining factor of the modern world. The technologies helped to address the deficits of the Soviet and led to the fact that the surplus of the products and services on the market. The competition on the market has long been the people, meaning their wallet and their attention and their time. In the last three years, the volume of the spam messages that we received increased more than 60%. The information deficit was one stage, and then there was a such a surplus of deficit that we were not able to digest all that. We often hear the idea that our children became TikTokers, that people do not read news anymore. They are the kind of product of the headings of these news articles. But how do you survive in all of that ocean of information that no human can digest? Humans become the weakest part of that element, of that system. The system that is characterized by the surplus of the products and services and the information, where the behavioral economics dominate that exploit the biases and ignores the human long-term goals and well-being. Obviously, that means a lot of pressure and the fear of taking the wrong decisions, and because there is less and less time to make these decisions. That obviously leads to major ramifications for the physical and the psychological state of the person and his or her development. The unfair players, abusive players, are using AI to increase that blood pressure. The so-called "normal factor," quote, unquote, as the growing wave of fakes, where even experts cannot really distinguish between the fake news and the true news. We ask ourselves the question: What will it lead to? The volume of information, will it double? Will it grow 10 times? Will the products and services will be offered by us every second, so like a bombardment of this office, or maybe there will be some qualitative shift. You cannot stop technology progress, so it is likely, very likely that this reign of offers will still be on us, for sure. But it is obvious that the answer is where the problem is, where the source of the problem is, and these are the technologies. And we have to make sure that the key technology of twenty-first century, which is the AI, serves the people. And we think that the business model itself has to change. It should be centered around human and their long-term interests, and not their wallets. Everyone who is developing a new generation of AI have to develop new tools that help to restore the harmony of the existence of the humans in the current environment, and provide the tool for efficient organization of their lives and achieving their goals. This tool should be the artificial intelligence based on large language models of the next generations. It is the AI that can become a personal assistant for every human. The assistant to help analyze and process the huge swaths of information, and you won't be concerned about losing something important because your assistant can go through all of the information in the internet without losing the things that are interesting to you. The assistant can become your assistant and help you to set the goals and to streamline your life and organize it in a proper way. The assistant will help you to expand your capabilities to free people from mundane tasks, and to free them of To free us of this mundane task that take up to 50% of our lives. Will help people to learn quicker, to give them the digested information that this person actually needs, and in the end, quicker find your purpose of life and quicker understand your goals. We're often asked the question: What is the difference between the customer-centric model and the human-centric model? And it is true. Currently, there's no company in the world that can truly say that it is customer obsessed. Should we even talk about human centricity? Should we even mention human-centered approach for building products and services and building everything around humans? And we think the answer is yes, we should do it in a human-centric way, and currently, the current tools help us do that. What is then the difference between the customer centricity and human centricity? From all of the examples that we've looked at, we decided that healthcare is the best example. Patient centricity or client centricity, whatever you call it, is the key trend right now in healthcare. And it is perceived in a way that, a person, a human, is a patient by default. The entire healthcare system is built around the fact that it should, provide for the flow of the patients. If there are no patients, there's no cash flow, and therefore, the system works to create the flow of the patients. The human-centered healthcare system should answer the question: How do you make sure that humans do not become patients? All of the efforts should be so focused on, not on the emergency services and on the quick service healthcare services, but on prevention, on saving the health of the people. Well, it seems like a small tweak, really, but it really means a radically different level of the technologies, redesign of all of the incentives that were utilized by the pharmaceutical industries and by the different elements of the healthcare system, and obviously, the redesign of the entire culture. The culture of the doctors and all the other people who work in this quick healthcare services. They should become the employees who help humans, who help people, to detect the possible diseases at the earlier stages, and to maintain and save their health as long as possible. In the future- ...To make a chatbot or to open a, launch a website, you won't need a developer. You would be able to do that with AI. There's now the ChatGPT and our GigaChat. They have some experience in doing that, but now you can't really say that AI is like electricity, when you can just put it in, switch it on the plug and start using it. Right now, it's still a product that needs some skills, and our task is to make sure that people, without having any skills in understanding all of the complexities of the neural networks and their training, will be able to use natural language and benefiting from the most complicated AI systems that give a very simple resolution of the tasks. If you are an engineer, AI will suggest the design of a rocket or a spaceship. If you're a bioengineer, it will suggest designs for a new drug. If you are inventing new materials, it will help you with that. A neural network was created by DeepMind, and over the past 2 years, it has come up with so many new materials, more than we were ever able to come up with over the past 800 years. Our goal is to provide that exact tool to each and every one. Artificial intelligence will help you compose music, write a painting, get inspiration to open your own startup, and launch that startup successfully, or it will help you organize a party. Artificial intelligence is becoming a personal assistant to every human being, and it expands the capabilities of everyone. It helps everyone to unlock their potential. We believe that responsible efforts to develop artificial intelligence for the benefit of humanity will help us forge a new human-centric model of economy and society as a whole. Our team, we at Sber, we want to be part of that process, and we want to be the first to propose to our customer, to people, all the whole wealth of capabilities that this tool offers, that we have been developing for so long. A consumer model, a consumption model, in which a client is just a source of income, is a thing of the past. What the business of today should do is to help clients be flexible and help them adapt to this unstable world. This instability, this fragility, is not going anywhere. Imagining our super fast evolution is impossible without it. It means that we must create the tools which will conform to our customer expectations, exceed those expectations, and additionally, we must treat each and every customer, each and every person, the way we would like to be treated ourselves. The question is: What's in it for us? What does it give us? After all, we are a company that pursues, as one of its main goals, a commercial result, the bottom line. Of course, it will provide a completely new level of trust with our customers, and as a result of that, we will be able to interact in a more sophisticated way with our clients. More than that, it will help us earn more with the offering of relevant products and services, instead of pushing people towards purchases of things that they don't need, or, or products and services that are harmful to them. We are talking about a strategic horizon. We need to be able to operate in terms of long-term interests of clients, and we believe that this trust, this new connection with our clients, will ensure a much more resilient, long-term business model, which will be beneficial for both parties. This is a win-win strategy, and that strategy beats any other. But we can't just take a leap into that new business model. We can't do it quickly. It will take some time. So what is our strategy for the next three years? Our priority in these next three years will certainly be the development of AI of the next generation.... We will continue developing and creating products with an aspiration to build a better customer experience, improving the efficiency and performance of our workflows, and enhancing the whole scope of our technology. What we want is to ensure security, safety, and reliability of all our services. Our goal is to be able to make the majority of our decisions automatically based on AI. This will free up the resources for the tasks and operations that require manual input, human input, which means operations that are there to cover the most complex needs. In the next three years, we will be striving to ensure the appropriate level of income, to fulfill our responsibilities to our shareholders, to society, and to our team, of course. At the same time, in the next three years, we must get prepared for a transition to a human-centric organization. What that means, de facto, is that we will be doubling our work. We will be fulfilling our strategy, and at the same time, we will be laying the foundation for this transition to a new business model. This is an extremely challenging transformation. Three key components of it: first, technology, clearly. Second is the transformation of the business model across all our areas of business. And third is culture. We must complete our technological transformation and migrate most of our decision-making mechanisms online. We want to spend the minimal possible amount of time on decision making, preferably seconds, and we also want to create a smart AI assistant, an intelligent AI assistant, that will have the necessary expertise across all our businesses, across all our areas of operation, because what we want is to personalize our services, to tailor them to each and every customer. With the help of AI, we will increase the adaptivity of the organization. We will democratize technology. You will no longer need any special expertise or skills to use those systems, and we will help to bridge the so-called digital gaps across the whole country. These services will be available to everyone. Every person will have the opportunity to take advantage of AI. We will be focused on creating a secure, accountable, and trusted artificial intelligence. Based on this artificial intelligence, we will be launching the products that will be compliant with the highest expectations of our customers, and also compliant with the highest technological and ethical standards in the market. In the next three years, we want to ensure high return on capital, which should be upwards of 22%. We must also secure capital adequacy according to the CAR, above 13.3%, and on top of that, we want to ensure a high level of dividend payout at 50% of our net profit. We want to continue developing our ecosystem, improve our efficiency and agility and speed within our organization. We will be creating new breakthrough products. The main result will be the creation of an AI that will help us build a personal AI assistant. But, you will hear more about it from my colleagues, Alexander Vedyakhin, Kirill Tsarev, Andrey Belevtsev, and Taras Skvortsov. Together with you, we have covered a long transformational journey. We have created the necessary pillars that will underpin our efforts going forward, and that will make sure we achieve our goals. When we started brainstorming our vision, we had a lot of discussions about whether we should assume this commitment, whether we should undertake this obligation and start this transition toward human centricity. It is our own employees that have made that decision, who made the definitive argument, because they said that this is the goal that inspires us. We want to become one of the first human-centric organizations. We want to be the ones who will help people unleash their potential and adapt to this world of an avalanche of information and product offers, and become way more positive and adaptive to this increasing load. At the end of my presentation, I would like to show you a short video based on an actual story of our first depositor. Back then, we had savings bank desks, cash desks. That first depositor was called Nikolai Kristofari. We have a monument to him standing right in front of our former central headquarters at Vavilov Street. And our supercomputers are also called Christofari, after that person. This is the underpinning of our technological development and our AI services that we are developing for the benefit of people. Thank you very much for your attention. The first depositor and employee of Sber was yours truly, Nikolai Kristofari, son of painter Anton Christofari. "Keep studying, my son, and remember, everyone has a gift. What's important is that you, that you help unlock it, and then the world will be a beautiful place for everyone." "You, my lord, you are behind the times. Making the world a beautiful place? It's too late! It's all about money now. What am I going to earn with your paintings and your stupid colors?" "Someday, my dear Kolya, you will learn. You must serve people, not money, at all times." It's only years after that, that I knew that my father was completely right. There is something that is much more valuable than money. It is this feeling, this inspiration that we give people, helping other people unlock their talent, being creative. That is the true goal of a human of the future. March 1, 1842, Nikolai Kristofari decided to support young painters in need and made a charitable deposit at Sber, and that created the important pillars for our work, from P2P transactions to our technology. Christofari supercomputer is the basis for GigaChat, which unlocks people's potential, which helps people paint and create images, write texts, write code, and derive inspiration. Progress is marching on, new journeys are opening up, and everyone will find their own path. The important thing is to unlock your potential, and then the world will be a beautiful place to everyone. Inspiring people and helping all. Good afternoon, ladies and gentlemen. Good afternoon, dear investors. I would like to say a few words about our results of the outcomes of Strategy 2023 and our vision of Strategy 2026. As part of the prior strategic cycle, our goal was to build a more client-centric model, and that is what we need for our new strategy and the human-centric model. So during the previous cycle, we revised our processes, and we knew that we needed to transform our retail business. We transformed, radically, all the business lines that were related to retail services. That gave us a new B2C segment, which employs all our product factories, all our channels. This is done to create a convenient and a convenient service adapted to each customer needs, but more about that in a minute. We significantly increased our customer base over this strategic period. It gained 10 million, and as Mr. Gref said, it now stands at more than 108 million customers. These 108 million customers are just 70% of our country's population, and over 85% of people over sixteen. What that means is that in addition to the quantitative growth, which will have a certain cap, obviously, the more important question for us is how to ensure qualitative growth. Qualitative growth is about the depth of our communication with customers, how many products our customers are using in both financial and non-financial segments. 23 million customers are already benefiting from our non-financial products. This is very important for us, and one of the factors that helped us ensure it is creating a subscription-based model. To do that, we launched our Prime subscriptions. More than 8 million customers today take advantage of subscription-based Prime models, and in November 2023, we upgraded our model. We have 3 Prime subscriptions at RUB 99, RUB 199, and RUB 399. Because it's an important step forward, because now each customer is able to review the full product and service package before buying a subscription. We will continue expanding the product range within our subscriptions. We will be creating a bigger range of services and, at the same time, more customized subscriptions so that every customer can select the option that is relevant for them. One thing I wanted to point out is that Prime today is sold online. 80% of Prime subscriptions are sold online. Mr. Gref pointed out this significance of online channels, and in relation to that, what I wanted to say is that our flagship SberBank Online application now has more than 81 million clients that use it at least once a month. Thus, more than 43 million customers open that application every day to resolve their issues online. In addition to the SberBank Online mobile app, we also have a whole bouquet, so to speak, of applications. We have DomClick application, we have SberInvestor app, we also have SberKids and many more applications. 70% of all our sales are done through digital channels. At the same time, increasing this range of applications is, on one hand, prompted by the fact that they help customers resolve their needs every day. And on the other hand, this means additional additional demand and additional expectations. When you use an app, you want to be able to sign in conveniently, you want your profile to be user-friendly. Back in the day, we created Sber ID. Initially, it was a purely technical service to provide this Sber ID to customers, but today we see that this is basically a standalone product. 68 million customers already use Sber ID for identification. Another thing we take pride in is that the service is now used not just within the Sberbank ecosystem. A large number of companies are already providing this service as well, so you can log in to the services of other companies using Sber ID. A good example of Sber ID use is that 22 million clients used Sber ID to sign up to Gosuslugi platforms. So Sber ID allows people to get public services conveniently. We believe that in 2026 strategy, we are going to continue our development of Sber ID service, and we'll have more than 15,000 partners who would use Sber ID, so the customer will be able to seamlessly sign in and leverage the services they provide. And an important thing to mention when we talk about our partners, the companies that Alexander Vedyakhin is going to talk about, our flagship services, which is acquiring, is one of the most important services, and more than 800,000 enterprises are working with us and using our acquiring services. It's partnering with these companies and our 108 million retail customers who are using our user-friendly payment services, helped us to have the first place in Europe in terms of the number of acquiring transactions, and the third place in the world, and that's for 2022. We think that's very important, and the major driver is the set of services and innovations that we offer in our payment services. SberPay service has been being used by more than 30 million customers. Apart from SberPay, we launched other technologies. If you remember, in 2022, apart from Visa and Mastercard payment services leaving the country, our customers also didn't have Apple Pay, Google Pay, and other friendly services, and we had to provide contactless and cardless and convenient payment methods. We had a QR technologies. We took a Sber QR technology, we fine-tuned it, and now they can be used on our terminals. Now, more than 2 million terminals can use QR code without using the card. You can just use your smartphone. So our main task was to make sure that our customers have these user-friendly services again. Another important product, another important service that we rolled out during our previous cycle is the biometric payment service. More than 200,000 terminals are now greeting our customers, and you can use your face to actually pay. No smartphone or QR code required, just smile and pay for whatever you need. At the same time, you can use a card or QR code if you want. We think that's a very important element that really helped our customers to go back to normal life. But apart from technologies, emotions is very important. It's very important for the customers to be excited about that, and that means that traditional payment services also should be coupled with the dynamic card design. In SberBank Online, you can select a different visual design of the card at the same... Because we think that's emotions are very important in our day-to-day life, and we have to have them, have great experiences. One of our major focuses in the next three years is the development of the payment services, the existing ones and the future ones. Next year, we're going to launch a service where you'll be able to pay using several accounts that you have. So if you don't have enough funds on one account, you won't have that transaction canceled. You'll be able to use all of the funds on all of your accounts, and that means that you will thus resolve your mundane tasks quicker. Lending, one of our flagship products again, and mortgages, very important driver. During this strategic cycle, we increased our share by three percentage points to 56% of the market share. These are just figures and stats, but people are behind that. That's 3 million customers who improved their housing conditions by acquiring more than 418 million square meters of housing. I think this is a great, a great driver to implement and make real the dreams of our customers, and we thought that this result was possible, not only because of the lending, but because of the user-friendly services around the lending service. Now, in DomClick, you can receive a number of services from selecting an apartment and registering your apartment online and actually having the mortgage. Another important indicator that leads to the fact that we need to increase the number of services that we provide is that 30% of the transactions and deals are made on DomClick without the mortgages, which means that we created the services that people use every day, even if they don't need the core product that was used as a foundation for all of this plethora of services. Another important factor of our development is consumer lending. Our growth here was around 3 percentage points. We increased our share to 38.6%. I think one of the major factors of success here was that we started to develop additional services and adapt our credit products for specific needs of our customers. For example, we launched a youth loan that help the young people to form their credit history, education loan that is used more than 163,000 students who now make their dream a reality, thanks to our loan. And very important launch was the launch of the product for the very short loan like before you get the salary. A very small portfolio, but 1.6 million customers are already using this service, and it is great for us because we launched the products that become in demand for specific customers for which we resolve their day-to-day tasks. On the horizon of our strategy, we are going to look at the opportunities for new products and resolving day-to-day tasks of our customers. An important thing for us is that we see first results already. Now, there's a four percentage point growth of the NPS, so the number of complaints decreased by 20%, and currently, the share of transactions that do not have any complaints is 99.99%. IT guys will understand me, what does that mean? At the same time, we understand 0.01% of our transactions, that's still a lot of transactions, and we're going to still address that 0.1% of transactions who have some claims and requests from the customers. As Mr. Gref said, we're going to create new customer new products, but we should not stop at that. In 2012, we created a B2B transaction transfer service. This is now industry standard. Nine years ago, we were the first ones to launch a utility payment using the QR code. Now, it's an industry standard, and we understand that any product that we produce and that is state of the art today, will be an industry standard later, and we can share with our partners and with other companies, with our competition as well. For example, recently, there was a Tinkoff presentation. They integrated SberPay in their cash desks, and we understand that this technological development, it will be possible together. We understand that we need to create, at the same time, some other value, not only technology-driven value, and we understand that the next stage of the new technology development will be the, is artificial intelligence. It is the AI that will help us to deliver the tools that will ensure a totally different level of interaction with the customers. We believe that these tools will really help our customers, and that means that it will help us, and we will change the paradigm of working with the customers. Success of the customer means success for us. This is a win-win situation that we'll be able to make a reality together. We think that by implementing the AI in the customer services means that they will be categorized into two categories. First, on managing the current situation, the today, so to speak, and the AI can be used to resolve routine tasks and spend less energy on this day-to-day mundane tasks that every people have to face, to use the free time for unlocking their potential and for making real the plans that they have. Another important tool is the effect efficient management of the future, and I think AI assistance can ensure the better goal-setting. For all of these things, we will use GigaChat by integrating it in all of our products. We will help our customers to ensure their financial stability and wellbeing, to ensure their health, to maintain their health and to build their careers. But these are not just words. We walk the talk, and the first step for us is the creation of a personal financial manager... PFM. Currently, PFM is the model that is given as a service to our customers. Only the premier luxury customers were able to afford that for the special manager that would manage their wealth, who knew how to do that. But using AI, we can deliver their service for every customer. We can make sure that every person has their personal financial manager. In the end of the year, on Android platform, we're going to pilot this PFM, and in 2024, we're going to implement PFM as a service that will assess the efficiency of our customers' investments, show their level of income, show their potential, and give tips on how to improve their financial well-being. PFM is just one step. We have to develop these services in all of our industries. We are going to create a personal financial assistance, but they're not going only to work in finances, but building career, self-development, healthcare, education. We think that it will help our customers to resolve their tasks every day and to pave the way for their success. We have been talking about technologies for a long time, but technologies are not the only things that will help us to build a human-centric model. Culture is just as important, and we have started to talk about that. We think that the culture of commitment is something that we need to build within our big Sber team. We have a number of best practices and examples when we were creating the services based on that exact empathy that we have. A project that we implemented together with LizaAlert is one of the examples. If anyone, including children, adults, if they are lost, the most important thing for them is to find the nearest Sber branch, and then our employees will help these people to find their relatives. Now, more than 700 people were able to find their way home thanks to that. This is a very simple example, but this is where we see the commitment, where we empathize with our customers, and imagine the blend of technologies, the capabilities of the ecosystem, and imagine the people who care. That's a fantastic combination. I'll show you the video that actually is a showcase of a real situation that actually happened a few months ago. Look at how this combination can help you. And what did the doctors told you? "Only we'll have the doctor appointment only tomorrow. The fever is going up." And what about the ambulance? And the ambulance just gave some pills to drive down the fever, that's it. Wait, she's crying. Okay, bye. I have to go. Hello, how can I help you? Something is wrong? My daughter is ill. A huge fever, up to 40 degrees the whole week, and today it's even worse, and the doctor appointment is only tomorrow, and we just tried to get the ambulance. I don't know where to find the doctor, really. What about online? What about using telemedicine with SberHealth? I'll show you. Well, actually, these symptoms are the flu symptoms, but I kind of concerned about some of the test results. Wait a second, I have to check that. We have an algorithm. AI uses all the data that gives a possible diagnosis. Tatiana, I'm afraid that your daughter needs hospitalization, emergency, and we need to start the treatment as soon as possible. No time to waste, really. All right, what do you want? What, T-shirt. Green one, pink one? The pink one, yeah. Wait, wait, I have lunch. Hi. Yeah, wait. Bye-bye. Yeah. Love you. Every day, the AI-driven technologies help people to fight illnesses, fight diseases, and Lena, in the video, was one of the true examples of that. You've seen the case... It's very important how AI is used there. You know, we have to understand the context where these or that events happen, and here, the data will help us, and AI will help us. We have been working a lot to help customers by leveraging the data that some of our customers provide to us, like in streaming services. They sometimes answer our questions, and sometimes they - it is built based on the model that knows the behavior of the customers and on the data that we have about the customers. At the same time, we understand that there is a new challenge here. This is the cybersecurity of managing this data, and we first want to make sure that customers can manage the data that they provide to us, to make sure that they are comfortable about that. Another important thing is that the cybersecurity of the data is very important for us as Sberbank is used to be thought about as it seems to be considered as the most secure financial institution. Now, it's not only the most secure financial institution, but it is one of the most secure organizations in terms of the security of data. It is one of the top priorities for us to ensure the confidentiality and privacy of every customer, and to secure their data. So these are the three key focus points for working with retail customers in the 2026 strategic cycle. First of all, AI assistant that will help in managing the current life and your future life to resolve mundane tasks, to build the road for success. Another second important element, without which nothing will happen, you won't be able to build neither the client-centric, neither the human-centric model. This is the culture of engagement, involvement. The third, the deep understanding of the context. As you've seen in the video, if the employee won't be able, in the video, to understand the context, she won't be able to help. But there is the fourth focus that is very important. That is the developed ecosystem. The ecosystem of not only Sber, but of our partners, because if there was no professional doctor, if there were no other people who would support the services that we use, we won't be able to build a truly client-centric engagement model. If we want to help our customers to work in different situations, work out different situations, we have to combine the services provided by different companies, by diverse companies, companies, and this is why seamless customer experience is very important for us, and this is why Sber ID and SberPay are going to be implemented not only in our company, but in our partners' company. We're going to integrate a number of services that will help us to be closer to our retail customers, to make sure that these services are more seamless and user-friendly. By using our services, any company will be able to improve the user-friendliness of their services for their customers, and that means that will drive their businesses. My colleague, Alexander Vedyakhin, is going to expand exactly on that. Thank you so much. Hello, dear friends, dear guests. Hello, dear investors. Upon completion of a strategic cycle, it is customary to talk about the most important achievements and results of the organization. That is important, but you all know the facts and figures, and also Taras Skvortsov will cover that in his presentation. He will, when he will be talking about the financial model of Sber. I, instead, would like to talk about what I take pride in, what we all take pride in. Do you know how many reasons to pride we have? 3,201,085. That is the number of the corporate customers that Sber has, that have chosen Sber as their business partner, and I am proud, we are proud of our customers. As Mr. Gref said, over the past three years, our clients faced unprecedented challenges: the COVID pandemic, disruption of logistical chains, sanctions pressure, blocked payments, frozen assets, and many more. We are happy, however, that we, at Sber, we helped our customers withstand all those challenges and continue growing. Together with the government and the central bank, under the state pro-support program, since 2020, we have dispersed more than RUB 10 trillion worth of loans. We have been providing those loans, we've been dispersing those loans, to almost all industries: exporters, car manufacturers, logistical companies, transport companies, manufacturing, chemical industry, agriculture, and many more industries. It is our pleasure to help those customers. At the same time, we are proud of our customers that are launching some of the biggest projects in the countries, the biggest infrastructure projects. For example, we financed the M12 highway between Kazan and Ekaterinburg, the Malmyzhsky deposit in Khabarovsk Krai. We invested in the oil and gas sector, the Arctic LNG 2 project. There are many more projects like that. We have provided almost RUB 1 trillion to such large infrastructure projects. We are proud of our construction and development projects. Kirill also already told you about the mortgage, and in this regard, we have this complementary thing, because with at the B2B side, we are financing construction and B2C colleagues are ensuring the loan disbursement. These customers are also reasons for our pride. They are building 56 million square meters of property, and we have provided almost RUB 4 trillion for their development, which means our corporate loans. Thanks to our corporate loans, almost 1 million families will be able to buy new homes. We are proud of how our customers have been developing tourism in Russia. I'm sure many of you have appreciated the rapidly expanding tourist infrastructure in Russia. For many years, I have been choosing to travel within Russia, and I also see that. We have approved more than RUB 60 billion of loans under the state support program for that purpose. For any business, it is of critical importance to make decisions fast in order to keep up with the times. We have completely revamped the architecture of the lending process, and now we can approve a loan for a small business fully online in just three minutes. We have already dispersed roughly RUB 500 billion worth of such loans. Each hour, 100 businessmen get a loan from us. And as the CEO said, that Investor Day will be about three hours, give or take. So, that means 300 businesses in that time will get financing from Sber. Large businesses already can benefit from our loans in just 7 minutes, RUB 4 trillion dispersed so far. We are proud of small businesses that are actively growing, and we have industry-specific solutions that help us do exactly that. Here on the screen, you can see the industry-specific solution for retail trade. It has industry-specific analytics, comparison of efficiency, the customer profile, and many more capabilities. I will just tell you about one case. Together with a small business client, we have been negotiating. We're asking them about the number of their customers, regular customers. "60%," they said, "regular customers." We looked at our data, and it turns out just 30%-35%. The customer is shocked. 35 is a good number, but they want more. So we sit down to brainstorm it for a strategic dialogue with the client. We look at the ways to increase the traffic frequency, what are the bonus programs, what are the incentives? In just six months, they additionally opened several retail outlets. The share of regular customers grew to 50%, and they earned an additional RUB 1 million annually. That is a significant contribution to their revenue. We have 310,000 clients that currently benefit from our industry-specific solutions. Another reason for our pride is the customers that are undergoing digital transformation together with Sber using our solutions. In 2023, we have had 1,000 customers in that category, and in the next three years, we plan to up it to 8,500 customers. The benefit of digital transformation is quite significant. We see that on average, the revenue grows more than 10% faster than the market. Last year, it helped our customers add to their income RUB 11 billion. We see an increasing number of customers that choose to implement digital transformation using AI. It is AI that helps them grow their competitive edge. It increases quality, speed, personalization, economic efficiency by 5-7 x versus the baseline. In any case, this is a huge leap forward in terms of performance. Construction, agriculture, and many other industries can benefit from it. At the same time, we know that artificial intelligence is still relatively underdeveloped and little researched. There is a lot that we need to study about it, which means that ethical aspects of AI are particularly important. Sber has its own AI ethical code. Based on that code, to a large extent, the national code of ethics in AI has been developed. 27 countries joined that AI code of ethics. A frequent question is: How exactly does that work? I suggest we watch this video, which will illustrate the principles that underpin the Sber-developed AI and how they work in real life. Hi, my name is Raul. This happened when I was five years old. Every year in our village, there is this holiday dedicated to harvesting corn. One day before the harvest-... These labyrinths are created in the maze fields. I was playing with my brother. We were playing hide and seek. I hid in that labyrinth, I got lost, and I ran for such a long time that I grew tired, and I just lied there and fell asleep. While he was sleeping, the combine harvester was harvesting in the field and approaching him second after second. No human driver would be able to see the boy. Fortunately, that day, the combine harvester was driven not just by a human, but also AI, based on Sber technology. It used its radar to identify the kid, and that holiday did not end in tragedy. And then the combine, harvest driver, Uncle Eduardo, he drove me home, and he even let me sit in it, in the cabin. This story is based on true events. We are developing technology that make life better for everyone. This is a true story. This happened in Brazil. And this shows how AI and AI ethics work in real life. Another thing about our reasons for pride, we talked almost about sustainable development and ESG at Sber, and Sber is one of the leaders, pushing that agenda forward. We are proud of the customers that are developing responsible finance. Sber has already disbursed RUB 2.4 billion, RUB 2.4 trillion in responsible finance, to take care of customers, to ensure high standards in corporate management, and in many other areas. Sber is planning to continue with this agenda. We have recently announced the carbon neutrality goal by 2030, and this remains, this goal remains in our focus of attention. This remains one of our priorities. At the same time, we believe that ESG is a very important area, but it needs to be reformatted according to the Russian context. So together with the presidential administration and the government, we will be thinking about how we can relaunch this important agenda. Speaking of regions, of course, we want to help regions as much as we can, and we are already doing it. Sber is one of the main partners in building new schools. Let's have a look at how the learning process looks in schools. 2.7 million kids today study in the afternoon shift, and this is a huge headache for governors for the local administration. Together with the Ministry of Education and VEB, we have provided the financing of more than RUB 100 billion to solve this problem. Healthcare, another important topic, AI is expanding capabilities in this area as well for everyone. 66 regions in Russia have already joined the service for remote monitoring of patients, thanks to SberHealth. 300,000 people are already monitoring their health metrics. 90,000 already brought their blood pressure to the normal level. 31 regions of Russia are already using our platform-based solutions, and this way, they are also improving healthcare KPIs, healthcare metrics for the communities. Waste treatment, one more important topic, Sber is once again one of the biggest partners in that area. This year, we have approved the financing for large projects in Leningrad Region, Moscow Region, and Tomsk Region. Overall, we have provided RUB 57 billion to create the infrastructure for recycling solid municipal waste in seven regions. A couple of words more about the regions. When Mr. Gref was talking about AI and how it is permeating more and more areas. We are holding design sessions across Russia, from Kamchatka to Stavropol, and we have the special training courses at the corporate university. 40 regions have already participated in such sessions, and now more than 500 specific projects and solutions are under development based on AI and Sber solutions, and this is very inspiring. What are the next steps? What does it have to do with the business and human centricity, business and human centricity? How do they go along? Of course, it's not that simple. There is a founder behind every company, and managers, and employees, and investors, they are investing their resources, their time, and money to achieve their goals. Our main goal is to help them achieve their own respective goals. What we want is to become an assistant to everyone in developing their business. We want to take over routine tasks. We want to suggest strategic trajectories. We want to help them face strategic challenges, improve their performance, and overall, we want to help them create value. Let's say, as a business owner, their strategic goal is to have a resilient business and increase value, and also there is management that takes over managerial tasks. Previously, we would provide narrowly specialized help with payments, loans, and things like that, but this is just one small stroke on the overall painting of a business. Now, we want to become a trusted partner, a trusted assistant of the customer. We want to help them achieve their strategic and tactical goals. This way, we want to move away from the product selling goal, sell more, sell faster. We want to move from that to helping customers in their strategies, in creating value, which means we will be creating new products, of course, but not just that. To achieve these goals, we will also need to train, to provide training, to provide skill development, and we are ready for that. We have corporation, the corporate university and online and offline courses. By the way, an interesting fact about the corporate university, those who have completed training at the corporate university, in two years, their revenue grows 2.3 times faster in just two years than equivalent companies than the market. So welcome to our university. New digital analytics, we have that. Digital transformation, analytical platform, we have all that. Loans, you're more than welcome. 3 minutes, 7 minutes for decision-making. Now, our goal is 95% of all working capital loans in 7 minutes, and 60% of investment loans, very sophisticated, very complex loans that usually take 1-3 months, we want to reduce that time to 1 day. And of course, we will be employing the state-of-the-art methods and techniques in our lending process, including digital finance assets. For example, working with collaterals. We see a lot of potential in it. An entrepreneur will be able to manage their own individual tariffs, and select these services for their clients and employees, creating the synergy that Kirill was talking about. Of course, the AI and the recommendation systems that we mentioned are here to pursue that goal, that will be helping our retail and corporate customers alike, and also the employees of the legal entities that we service. In order to provide actual, meaningful help to our customers, we need to undergo a grandiose transformation. Our customer manager must turn into a trusted advisor. As for the branch network, it needs to become a place of contact with the professionals, with the experts. This harkens back to the video about the Kawasaki syndrome. So this will be a point of contact with professionals for you to start to browse the solutions that will help you develop your business. A customer manager becomes a partner for an entrepreneur or the head of a of an enterprise, which means increased expectations from professionals, from our experts. The long-term motivation of an employee will also change, and it will be dependent on the long-term result of the customer, which means our motivation will be tied to the goal achievement of the clients. As Mr. Gref said, to help the trusted advisor, we are creating a new AI-based tool, which will be a sort of a second pilot for the trusted advisor and, of course, a second pilot for the customer, and they will be mutually training each other, suggesting new steps. And the speed of that training, of course, will be radically higher, and the efficiency will be higher as well. The base for that is tools based on the LLM, the GigaChat. Andrey Belevtsev will tell you more about it. All these tools will be implemented across the branch network. The branch network is undoubtedly one of our competitive advantages. We have discussed what we can do with it. Right now, what that means is 12,000 branches across the country. Every month, more than 15 million unique customers come to those branches. The number of visits to our branches has actually gone up this year, thanks to new reasons for those visits, including the non-financial services. We were able to transform the branch network into this sales machine. That's great, but when we discuss it with the customers that come to us, "Why do you come to us?" What they say is that: "We want a human touch. We trust the Sber offices that we talk to, and it is in this face-to-face conversation that we can actually solve important issues. It is with the complex issues that we can use to build this new level of trust that Mr. Gref was talking about. There is trust, there's customer life value, and then, as a result, the economic model looks radically different and much better. We are also going to redesign the format of branches, and it will give us more room for this end-to-end solution provision, so that we have this trusted environment that is being built as we transform. We launch other metrics for the usability for the customers. They will be related to the efficiency coefficient for our customers, the retention and the CSI. And we are going to measure our success as we achieve our goals. We're going to do that very closely, and our friends, I talked about the sources of our pride that we experienced in 2020 up to 2023. I talked about the plans for up to 2026, when the next strategic cycle will end. And I'm confident that in three years, when we are going to talk about our sources of pride, these sources will become much, much bigger in numbers. Thank you very much. Hello. Hello, friends, investors. It's my great pleasure to welcome you all here today. And building on the presentations of my colleagues, of the previous speakers, we're going to talk about technologies. The development is one of our key priorities, the development of technologies. Thanks to our great team and our continuous investments in technologies, we ensure that our customers have the most state-of-the-art solutions that are being built on our proprietary technology platform. We expanded the development platform and delivered more innovations for the businesses and for our customers and partners. As the number of transactions grow, we ensure that we have a very high level of productivity and reliability, but it is not the end. We have the tasks for our financial and non-financial businesses that Kirill talked about in our new strategy, and these goals are even more ambitious, and that means that our technology team, in the next three years, will have to maximize their efforts to ensure the success. In my presentation, I'm going to talk in detail about how we use technologies in Sber, and how our products help to address the challenges that our customers face. We are in the surge in the era of the emerging a strong artificial intelligence, AGI, and smart assistant, that is one of the important elements. So first thing I'm going to talk about is the development of AI and the new trend, a large language models that are also abbreviated as LLMs. This really gives us the new vector for the development of our technology strategy. In the end of 2022, and the world of technologies faced a new leap forward, a great leap forward in the development of the generative models. I think that all of you have already test-driven it. Thanks to these models, AI have new properties that can answer the questions, it can generalize the text, summarize the text, translate to other languages, create unique content, and keep a conversation with the users. And that's only the start, I think. We are facing the new era of the technologies. This is like internet and personal computers and mobile apps, because right now, we are witnessing the total change of the total technology infrastructure, and architecture is changing in the entire world. The generative AI will be a major driver of growth and influence the entire economy. The LLM and the future ML architecture is the foundation of the new technology competitive environment, and a major competitive edge to be at the helm of this trend. In our country, we developed a multimodal model, GigaChat, that is used by more than 1.5 million people. And just recently, we have presented the world with our new model. To train it, just think about that, we used 7.5 PB of data and 1,500 people. These are ML experts, data scientists, researchers, editors, those who mark the text, and developers, and 7.5 PB of data that is like processing all the books written in the world 2.5 x. GigaChat supports multimodality, it understands the context, and it is better than Llama 2. And very importantly, it is available officially in Russian. Actually, recently, our model received 67 out of 100 points in social scientists, so that's the school end of school exam. We fully control the entire development process, ensuring the safety and security of the model, unlike the competitors. Creating and training the model is a very complicated task, but there's new, good news for you. You don't have to go through all that steps, the adaptation of the trained model is much easier. You won't even need the development skills. We are implementing GigaChat in our process and products more accurately. We see the effects right now, the improvement of the user experience, improvement of the productivity of our employees. I'll give you some examples that I really want to share with you. I'll start with a problem that every company faces, that's getting the information from the database that has been accumulating for many years. We used to have the search engine to look through all the documents. Now, any employee can, in less than a minute, not only get the list of the links, but to get the real answer to the question that they have, and that's really a very efficient. 70,000 x the service was used during this short period of time since it's been launched. Another example, you all know how much time you need to analyze the quarterly report. Now, you can do it much quicker. Load the report in GigaChat, and then you can just talk with the document by quickly receiving the information that you actually need. You can ask to give explanations, summarize, or even maybe generate a new text based on the loaded information, and very soon, this capability will become available for all of our customers. We have also implemented GigaChat in all Salute assistants in all of our devices. You can now just chat with them and just ask them to give you a recommendation, like you do with other people, or you can ask them to read a fairy tale for your kid. By the way, about the devices, we are number one in selling TVs online, and we've been doing that for several months, thanks to the partnership with Megamarket, and our smart speaker has become one of the most sold out speaker in Russia during our Green Day. Salute assistant is one of our top priorities in our strategy. Another story I love about the generative model, who help us to create new things and to restore the things that we thought were lost. In 1942, some paintings in the museum from Smolensk were just destroyed, and no one knew what were these paintings about. Or maybe destroyed, they were lost. No one knew what were these paintings about. There were only the description of these paintings in the archives of the museum. The Restored Collection, that is the name of the project, supported by Sber. The Kandinsky neural network analyzed the style of the painters, then looked at all of the styles and paintings, and then AI get the information about that. Kandinsky, that's the description. There is a ship. There's also the colors that are like green, pink, and other colors that are dominant. And using this description, Kandinsky model restored the painting. After decades of these paintings being lost, they came back, and now the guests of the museums, the visitors can use augmented reality to understand how it looked like, how these paintings, the restored paintings looked, and this is how the Kandinsky neural network restored the artwork that were lost. This is how Sber is saving the past with the technologies of the future. Because where creativity and engineering is combined, this is where our team is inspired to drive these projects. Now, we have a totally new opportunities that were not available before. The majority of the largest companies in the world started to implement generative AI in their products. We want that not only Sber has the access to these technologies, but all the businesses or individual developers, and we want to ensure the seamless access to that, and this is why, during Smart Dev Technology Conference, we presented a Giga API, GigaChain and GigaCode. That's the Giga range of products for the businesses. This is where the LLMs can be used and integrated in all of your products and in all of your tasks. In just several months, we are seeing a huge interest for these products, very in demand, and all companies can leverage these opportunities and try them. And thank you to our partners and clients who use GigaChat. We have more than 2,000 corporate customers that are already using GigaChat. If you haven't test-driven it yet, try it out. You will be amazed. That's a real leap forward to the future. Scan the QR code and just try it out. Or just start talking with Sber devices because they have integrated GigaChat as well. I think that right now, this is one of the most important steps to the path of the really generative AGI, to really strong AGI. Think about when the models, these models will be able to talk with other people, other AI models. It will help them to resolve complex tasks and synthesize and summarize information in the format that you need: picture, voice, music, and it will be summarized, and obviously, you'll maybe even be able to put the interface of the app on the go. AI will get, be more interactive. It will open up the potential for a totally new understanding and implementation of the tasks that you have at hand. The models will have a deep memory, will understand, what you want, what's your mood, and create the content for you, specifically, for one person. And it will not going to be, just a voice assistant, it will be a true, a truly your expert and assistant, and someone to talk with. And this is what we need to train our model in the next three years. This is a very ambitious task, but this is the task that is, so inspiring for, for, for the engineers. I can't really even describe that in words. What does that mean for us, in our next stage of the technology transformation of Sber? The external restrictions that Mr. Gref talked about at the start of the conference supported our vector for proprietary development. We have all elements of a technology stack that are proprietary. It help us to... The Platform V from Sber gives us the independence from Western vendors based on the PaaS model. This helps us to achieve our technological goals, but that means that we have to go even further. The most large scale IT transformation that we even can't imagine starts right now. Focus on human centricity, the fundamental progress in AI will require us to redesign IT on all levels, basically. We want to give the opportunity to our smart assistant to basically be able to implement the individual client goals on the go, and they have to be very personalized, and we have to fundamentally review all of our approaches to building architecture and working with data. Let's look at working with the architecture elements. The new approach to its management is the component-based flexible and easily settable for any customer. It's like a big orchestra playing personally for you. Microservices are grouped in this business capabilities, so to speak, that closes every specific end customer need, and this is how we can deliver on the personal task of every customer here and now. But what to do with the data? We need to make next step. Right now, we are processing huge swaths of information, and this is going to only grow. And the development of our own analytical platform, which is called the Fabric Factory of Data, led to the explosive increase of the value of the use of the data. The recommender system works on that, and we see the customer 360 degrees, but speed is one of the most important elements here because we have to respond instantly on any situation customer faces and to deliver the best services in the best time possible. What Kirill talked about, this is why we are going to ensure real-time processing of the data. Moreover, we are going to continue to be committed to the protection of customer data. This is our second, but a top, top priority, and this is why our customers trust us. Obviously, everything I talked about about technologies today cannot be imagined without a strong engineering team. This is the foundation of our technology platform, and there are more than 40,000 engineers who work in our companies, and we need to ensure that these technologies are simpler and more user-friendly. Technologies are becoming more complicated, yet they have to become more user-friendly every time. The goal of our internal transformation is to make sure that developers are real creators, so that they have more time for creativity, and their reliable assistance in creating new products is AI, and has already become AI. We have radically improved the core weakness of the development, at the same time ensuring that reliability of all technology landscape was driven by the radical simplification and automation of the production processes, including thanks to AI. But apart from automated CI/CD, GigaCode, that's a major innovation. This is the smart assistant of the developer that generates the code in the development environment. Having one fragment of the code, it helps the developers to auto-generate, auto-complete, generate the code and make unit tests. The most popular programming languages are being processed by this GigaCode. So look how it works. It's already been used by thousands of developers in Sber, and according to our preliminary estimates, it shows that 25% of optimization is what you can expect in the speed of programming, and that's only the start, I think. Because obviously we're going to implement generative models in day-to-day work of all of our employees and to actively decrease the share of time that our team spends on mundane tasks. The development of large models is not possible without a powerful infrastructure. Thanks, but thankfully, Sber has the largest compute in the country and the great competencies and its efficient management. Our experience and infrastructure use can be comparable with our largest cloud providers. It is great for our engineers, but it's not enough. We efficiently manage our data processing centers, and we develop universal solutions of our proprietary design. Together with our platform, it will make the use much more efficient. And this year, we tested and deployed the first batch of this equipment. And now I'm going to talk about the development of another important area of our strategy, our technology business. By implementing 2023 strategy, we have already created an integrated sanction-independent platform infrastructure, but now we can see this challenge that is faced by many of our customers. We deliver the entire range of technology platform of Sber, and we guarantee that it will forever be the great foundation for the development of your business. And by 2026, our goal is to be one of the leaders of IT market, delivering the solutions that are better in their parameters than the vendors that left our market. Every solution is used by ourselves. At the same time, all of our products are integrated between each other, are optimized to achieve the maximum productivity, reliability and efficiency. This means that the more services from Sber that you use, the better, the, the more efficient you become. This is very important for you right now as you actively transform IT landscape in your company. ...The basis of that offer is the cloud infrastructure platform. Its key distinguishing feature is the possibility to use in any environment in your infrastructure if needed, in an agile and elastic cloud or in a hybrid variant. It has all the integrated elements of Platform V, which means you have a full toolkit to quickly and reliably develop and operate your products on the cloud-based platform. This whole thing is developed within Russia. The LLM service will also be made available to our clients, along with our state-of-the-art innovations in that area. The LLM platform is available through the standard API. You can sign up today, as I said. And for large enterprises, we will be offering a special use case. The additional training of that model using your customer data and its deployment in the cloud. We, of course, focus on our work with the engineering community. We want to have, at each stage of development, the convenient environment for our teams to design and develop, which is why we created the GitVerse ecosystem with the integrated AI. This is the developer's assistant based on LLM, which means you can develop products 4-5 x faster than today. We continue actively contributing to the IT community, providing open-source solutions. Of course, our aspirations for the future are based on our research and development. At the moment, we have more than 400 patents. We have more than 200 publications in leading academic journals, and this is just the beginning because the future, tomorrow, is based on our research today. I've spoken extensively about technology and business, and in conclusion, I would like to ask GigaChat to provide the key takeaways of my presentation. You can access them by scanning the QR code. You will find the key takeaways from my presentation, as well as the presentations of the previous speakers and Taras, who will be presenting after me. This is a very convenient tool, which means that you will be taking away all the main points, the key essential points that are the most important. We are very proud of the technological changes, and, we are proud to be facilitating them for the bank, the country, and each and every one of our customers. Thank you very much, and I am happy to give the floor to Taras Skvortsov. Hello, dear guests of Investor Day. My colleagues already told you about our strategic challenges and, our development plans, what our goals are in retail, in, the corporate segment. And, to conclude, I would like, to tell you about our financial model and how it all, it's all factored in the financial model. But first, the main macro guidances, macro expectations for the next three years, because Sber is a huge contributor to the Russian economy. Overall, the next three years, we have a pretty prudent, forecast as to the GDP dynamics. We expect 1.2 growth per annum of GDP. The inflation will be slowing down, and it will reach the CBR target level of 4% by 2025. Additionally, the key rate will be going down as well. Our target for 2025 is 8%. That's our prediction. The banking industry will, of course, be developing as well. Our assumption is that in accordance with the current environment, where there are a lot of banking services such as mortgages, small business lending, investment, their share in the GDP is, in Russia, is way behind that for other many other countries. We expect it to keep supporting the banking sector, and our growth target by 2025 is 10% growth annually. In 2024, lending will be under significant pressure because of the high rates in the market, which will persist next year as well. In retail, an even bigger challenge will be the regulatory restrictions introduced in the second half of this year, especially the macro-prudential limits. Even when we see the rates going down, the lending, consumer lending and credit card lending, the two areas that are the main targets of today's regulations, they will be growing at a slower pace up until the point that we see the easing of the regulations. As for mortgages, over the past months, it has been the main driver of the portfolio, thanks to the state support program. But in this case as well, we expect a tightening of regulations. Next year, with the mortgages, we also expect some slowdown. But in 2025 and 2026, taking into consideration the decreased rates, as I said, and the gradual easing of regulation, of course, the deferred demand that is now being formed on the customer side, what we expect is that retail and corporate lending will be speeding up, and this will support our business. As for deposits, the main source of liabilities, as you know, is client funds, the situation is reversed in this case. The position of the regulator and high rates are stimulating savings and the savings models, and so next year, we expect a very good inflow of deposits at the bank. Sber will, of course, be hugely benefiting from the process. As the rates slow down, as the rates go down, what we expect is that the deposits will also slow down in their growth rate at about 10% per annum. At this point, let me segue to the model. Given what my colleague said, we need to focus on a few key parameters of our model by 2026. The first, the main parameter that determines the scale is the number of customers. As my colleague said, we have more than 111 million customers, so retail and corporate. This is not the limit, of course; this number is growing month after month, month. We haven't covered the entire population of Russia yet. We have a lot of foreigners in our customer base, but our main focus is not just on the number of customers, as Kirill Tsarev said, our focus is on the depth of our relations with the customers, a more efficient communication with the client, long-term relations with them. The foundation for this, of course, is CLTV. This is our key metric, which we monitor in order to see the value of our customers over the lifetime. The CLTV for a customer that has say five products of Sber is 5x higher than for the same customer from the mass segment that only has one product. You would say that perhaps this is because you want to earn with each product? No, the reason is different. The cause for that is that the probability that the customer will leave as, the number of products that they use grows, goes down very radically. So if the customer has five products versus the customer with one product, the probability that that customer will leave is, 3x lower. And so with our customer base, we are able to meaningfully increase our income from the customers. One of the main tools for this, for this increase is our flagship subscription, SberPrime, and the new range that we have launched. Kirill Tsarev described this in more detail, and he also said that we have 8.5 million customers today using Prime. That doesn't sound like a lot, but it's not the number that matters. Of course, we want to increase it. The key thing about it is the speed with which customers grew to love our subscription and how our customer has expanded. We launched this in October, and in just 5 months, the Prime customer base gained 2.5 million customers. Compare it with our Premier subscription. In order to cover that distance, that number of 2.5 million, it took us more than 2 years. 2 months versus 2 years. This shows that customers loved our subscription and got familiar with it really fast. The market dynamics, of course, Sber will be contributing very significantly to it. In the areas that are key for us and in the areas in which we have been growing this year, we will be increasing our market share. We will not be on the defensive, we will not be waiting for our competition to eat away our market share. Instead, we will be increasing ours. One of the biggest competitive advantages for Sber is the margin level. In our financial reports for the third quarter, you will see that 80% is net interest income, so margin means a lot for us. Even though our assumption is the decrease in rates, especially in 2025, the margin level, as we expect, will be higher, upwards of 5.5%. This is way above the market. How are we going to ensure it? The first factor, a very important one, is the active lending to high-margin segments, small businesses, consumer lending, credit cards, car loans. These are the areas that we are actively developing, where we are actively increasing our market share, and the areas in which we want to increase our income. Factor number two is our liabilities and their structure. The deposits of retail and corporate customers, a big share in such deposits is current accounts. In 2022, we saw record high rates in the market, and we expected customers to rush into deposits. We saw that thanks to the best solutions in the market and transactional business payment solutions, that we have been enhancing continuously, 35% of funds, retail funds, remained in the current accounts. Today, the rates are also high, a bit lower than in 2022, though, and today, the share of current accounts is even higher than back then. At the same time, what I wanted to say is that in the first year of the strategy, in terms of margin, we have a very good base, very good baseline. In the third quarter, the margin was 6%, a record high number. In the fourth quarter, our guidance is at least as high. As for non-interest income, we expect to be growing at the average level of asset growth, one of the important, increasingly important drivers will be this new area, IT as a business, what Andrey was talking about. According to analysts, the market of IT for corporate customers in three years will grow 30% to RUB 1.7 trillion. Factoring in the products that Andrey mentioned, we plan to be very active in this growth, especially given the fact that the potential in the market is formed not just through the market growth per se, but also thanks to the fact that a lot of foreign vendors that occupied a huge market share previously are withdrawing from that market, and import substitution is growing. We have our products that are used daily and that are in demand, and we want to ride that wave. We expect our income in that area to grow at least 4x. What's even more important is that beyond this strategy horizon, the growth will continue. Because we see a very solid, very robust demand for our IT products today. Another important area for Sber, which has been our distinguishing feature, and that helped us survive lots of crises, including the crisis of 2022, is underwriting and lending. Currently, we use more than 330 models in our decision-making. At peak times in a month, we make more than 30 million lending decisions. Just 30 seconds are needed to make each decision, but it's not just the scale of the system. It's not just how big that system is, it's also about how adaptive, how flexible that system is. Does it allow you to adapt to the constant change? And that's exactly what our system does. This year, in 2023 alone, we implemented more than 1,000 changes in our risk strategy. We make them almost momentarily, which means our risk strategy is very flexible. Thanks to our advantage in terms of our risk strategy, we see that despite the GDP decrease, despite the venturing into higher risk segments, still, our guidance for the next three years is the risk level, which is on a par with the best risk levels that we have had, between 100 and 110 basis points. We manage a lot of other risks in addition to lending risks, such as currency risks. Since 2022, we have increased by 4x the share of legal entities in friendly currencies. We have decreased the number of such customers that use currencies of unfriendly countries to 6%. Each month, especially in the second half of this year, we see how the banking sector depends on the currencies, movement, and how, what is this contribution into the business? In nine months, the financial results, GDP revaluation, was RUB 2 billion. Just think about it. Given our income, this, this is, negligible. Interest risks, another big segment for us, another big category for us. We constantly monitor the risks in our assets and liabilities, to make sure we are minimally sensitive, to such risks, despite the rates. We saw in practice that, no matter how the key rate changes, the interest, income, the interest margin of Sber remains stable and only grows. All that thanks to the interest risk management. Today, our sensitivity to the parallel shift in all rates by 100 basis points is only RUB 5 billion. This is a bit more than one-tenth of our annual interest income. Another important area that characterizes Sber as a company is efficiency. This is one of our key priorities. This is the focus area for everyone at Sber. Over the past 3 years, Sber assets increased 1.5 x. Income grew 56%. With that, the headcount of Sber went down 80%, which means in just 3 years, our performance grew 1.7 x. Thanks to that great work, we ensured the cost-income ratio of 30%, an incredibly important figure for us. This is the level that is almost unimaginable and inaccessible to most universal large banks, which play on the same field as we do, including global players. As I said, largely thanks to the great work and commitment of all Sber employees, because we have the data, we have the analytics, we have the motivation to do it. But more important than that, we have the technology. Without technology, you cannot ensure transparency of income and expense and the transparency of the management. Technology is our primary objects of income, our primary objects of investment. In three years, our investment in IT will grow 1.5 x to reach RUB 450 billion, which shows the extent to which we are indeed a tech company. This is priority number one in terms of investment. We know that each ruble of investment in IT is also a contribution to growth, success, and future for Sber. And also, this is directly reflected in the financial results. Every year, we disclose the effect, the financial effect of artificial intelligence, and each year we increase the number of workflows and processes that involve AI. In total, between 2021 and 2023, our financial effect of AI will reach RUB 800 billion. So we see a huge return on investment, a very rapid return on investment. Another important metric, as Mr. Gref said, a metric that shows the resilience of the business model is capital adequacy, which also reflects the reliability of the bank. The Bank of Russia has decreased or canceled a lot of add-ons, capital add-ons, and also allowed a lot of easing regulations for many banks in terms of provisioning, increased the timeframe for provisioning. This year, we see the significant restrictions on lending. A lot of banks are using this easing in policy, but at the same time, this means a trade-off, a trade-off in terms of reliability. We have also thought about reliability as the main metric, given the number of customers that we have, the number of shareholders and companies who trust, entrust us with their funds, with their investments and money. We would not be able to even contemplate the compromise for our reliability. That means that as part of the strategy, we have put a minimum capital adequacy ratio that will trigger us. 8% for the capital adequacy for the N20 is the level put by the central bank. We add 2.5%, the conservation add-on, 1% for systemic importance. So these are the add-ons that we had before 2022, so we reached a level of 11.5%. But given the great volatility that the interest rate markets experience and the FX market experiences, you are seeing how the GDP dynamic changes, so it's very important to have the buffer. We made a decision to have an internal buffer of 180 basis points for the capital adequacy ratio. That will ensure that whatever the situation is, we will meet the minimal 11.5 requirements, and this is why our main indicator right now is N20, and the trigger that we use for dividend payout is 13.3%. Going to the capital, going to the ROE, it's very important to understand why we decided to put 22% target for that. Given the reliability requirements, given the fact that we require capital to grow our business annually, and given our promise to pay out more than to pay out half of our net profit in dividend payouts every year, 22% is the minimum ROE that will ensure that we achieve all the three goals. I would like to remind you that Sber has never put such an ambitious ROI goal in none of its strategies. This is what we present to you today, 22% ROE. Now, obviously, before we go to the results, we traditionally expand on our expectations for the next year. Given the fact that this year our portfolio of loans, retail, corporate loans, increased dramatically, we have the ROEs more than 20%. Obviously, that creates a great foundation for the next year. At least 5.7%, that's the minimum margin level that we put for ourselves. And given the cost of risk and given the cost management, we will ensure that 22% or even more ROE target. That means that our investors, our shareholders during the next year and the years after that, will have their share of dividend payouts, and half of our profit will ensure the development, and this will increase the further dividend payouts. So they will have the benefit from the dividend payout and from our development. If we look at our ROE, and if we look at our capital that everyone knows about, well, you will understand that next year, and the next years after that, we will target the net profit increase to make sure that we grow our business every year and to make sure that we grow, and increase the dividend payout. And that means that next year will be even more successful for Sber than the, this year, that has already become the most successful years of Sber's history. Thank you. Thank you, Taras. Thank you, all. We have received a lot of questions. By the way, what do we have as the background? I'd like to tell you, these are the real interiors of Sber Technohub in Skolkovo that we're building right now, and that really correlates well with what you and Andrey talked about in our terms of our investments in IT and our technology transformation. Now, before we have a small break, I would like to remind you, 2017, we've met there, and after the Investor Day, we introduced you to the smart kettle. I not remember, I don't know if you remember that video or not. Well, if you haven't watched it in the online, it's a fun video to watch. So we decided to look at the smart kettle. We're going to show you how the story developed. My husband was so annoyed, but he underestimated the AI power because the smart kettle, kettle-... Earned on the Sber shares, and then I lived with the smart kettle. But I was kind of reluctant to live with, to continue living with this smart kettle. Yeah. Hello, my dear old friend. So now you have enough sausages? You're going to order, or that's it? Just a chat. Two hot dogs and some tea. Yeah, I love tea as well. We don't have tea. Save me! I can't live with this kettle anymore. I'm just a human, but this is an AI-powered kettle I'm facing. Five days, and it's done nothing, but I had to find some great assistant. Darling, I decided to change something. You don't mind? No, of course not. Well, hello, Salute. What do you do? What can you do? Hi, guys. How is the work? Well, you know, just drinking tea. This is how I changed everything. Together with Salute, I wanted to have my freedom. But then something went wrong. Yes, I'm here to save you. Salute, switch on some great song. Security, security alert! That's it. I'm boiling up. You are going to pay for this. This is me. You are free now. Well, you are free, actually, to go. Both of you. What do you mean both of us? Salute, show these guys something. Sber shares continue to grow. Together with Salute, we developed a smart strategy, and we earned a lot thanks to the Sber shares. I'm independent, so, Salute, please... Guide our guests to the exit. What a woman! Continue investing in Sber. Guests, it is my pleasure to welcome you to the coffee break, and you have a special dessert created by the chefs together with AI. You also have Prime Lounge access, and there you can relax if you have Sber Prime subscription. In 25 minutes, we're going to continue, and you'll be able to ask your questions to the speakers. Thank you for being with us. We're continuing with our Investor Day. We're going to have a very interesting interactive Q&A session. We have analysts who are looking at Sberbank and who giving recommendations about our shares. I would ask you to actively participate and ask questions. As for the other guests, so if you have a question, raise your hand, and our assistants will help us, or will help you. You can also ask a question on investorday.sber.ru. There's a special form there. Please don't be shy, and ask a question. If you connected later, not from the start, there's a GigaChat summary of the speakers, and it really gave the digest of the presentations that were given. And we're going to start, and please raise a question. Yevgeny? Hi, everyone. First of all, I would like to thank you for this event. We haven't seen such a company for many years. It's great to see you all. Going to the question... questions, maybe they're not really related to 2026 strategy, but more related to the further horizon. In the last several years, we have seen very active development of new digital financial products and new digital financial assets. I think everyone is now talking about them. It's a very simple, user-friendly tool that you can use to pack everything you need. Digital ruble is going to be implemented in 2025. There's a question about the execution, but I think that the Bank of Russia gave some clear message about that. So it's obvious that some part of the financial flows will be removed from the banking in these industries, in this area. So it would be great to hear your vision, your long-term vision. What do you think will be the banking functionality in the future? Will it be the same as right now, when there is a risk trading and putting risk on your balance? Or maybe the banks will go to the advisory or consultant roles or infrastructure roles? Thank you. Yevgeny, thank you so much for the question. As for the banking, its nature will not change dramatically. The risk-taking function will remain on the market. Someone will have to take these risks, and it's hard to imagine who is going to do that better than banks... безусловно, останется транзакционная. Obviously, there will be transactional, a transactional role. Obviously, the banks will have competitors. There will be new competitors. Several years ago, I think in 2016, we said that our main competitors are technology companies. With their access to the customer and their technological capabilities, they will become banks sooner or later. And right now, we're seeing basically, every largest tech companies, either received banking licenses or opened their own banks, or in this way or another, are creating banking products and moving to that market by partnering with other banks or doing it by themselves. As for the transactional part, there'll be very harsh competition here. The banks will have to be trendsetters and to create very user-friendly services. As for the risk-taking, global risk-taking, the banks will be still responsible for that. As for the consumer lending, I think the largest ecosystems will provide these services because they have access to the customers. They will offer the installments, payment mechanisms, which is, well, basically lending. So the basic banking functionality, I think, will remain. The need by the customers to save and to increase their capital savings will remain as well. That means that the banking sector will remain, at least in the foreseeable future, and obviously, many customers will need help and assistance in assessing the stock market risks to manage their their wealth. But you are right in saying that combining technologies like AI and blockchain create a totally different reality for the future of the banking. We have put these two prior technologies as a priority. We were the first ones to create a blockchain platform on the market. We're actively developing it. In the current situation, as we think, it is becoming more and more relevant, including for transactional purposes. Combining these two approaches, on the horizon of 2020 up to 2026, will give us a totally new quality for the banking. But not, it will not really change the essence of the banking, but the form will change. Some radically new products for the customers will be created. The tokenization of various assets, that is going to be a major driver. We have talked about that in detail, but yes, we think that this is something we need to work on, and I think that by 2026, we'll be able to give you the new contours of this new system. Thank you for your question. Thank you. Next question. I can see two hands on the second row. Please give them the mic. Yeah, hello. Ilya Fomichev, Veles Capital. Yesterday, the new dividend policy was approved by the supervisory board. Could you tell us the major changes in this dividend policy? Thank you. The changes in the dividend policy. Yesterday, we approved the new dividend policy. Taras, maybe you would expand on that? We have a supervisory board. Yeah, that's why I didn't understand your question. We don't have a board of directors. We have a supervisory board. Yeah, well, 50% for the profit, 50% of the profit of the group once a year. The major change was the replacement of the key trigger set when 1 and 20 0, and it was 12.5 CAR going to 13.3. All the other provisions remain the same. Yes, and we have also told the investors that our dividend policy always keeps on the legacy, the heritage, and it is in line with all the expectations. Thank you very much for the question. Next question, please. Thank you very much for this great event. Sophia from Veles Capital. I have a question about risks, because, well, it's not only about development. We understand that 2024 is not going to be as successful for the banking system, not as challenging, not as simple for the banking system as 2023. So that way will be more challenging. After the large banking crises of 2008, 2009, you can imagine that it will not repeat, but, you have a cost of risk at a very low level of 1%. Does that mean that the Russian banking system will not have these major risks and major banking crises? To provoke you, I will give you that question: What will be the next major banking crisis in Russia, and what do you think about the mortgages market next year? Thank you. Sophia, thank you so much for, for these, all these questions. Well, first of all, if you think that 2023 was a easy year for us, you know, it's-- I have a hard time agreeing with you on that one. Like, okay.... People are always looking at the profits of, the banking system. RUB 2.9 trillion of the profit of the banking system. Everyone is saying, "How many banks earn?" But if we look at the industry profits of the oil or gas sector, or if we look at the, chemical, fertilizer sector, or metallurgy sector, or you know, other big sectors of the economy, you will be surprised by the figures. And we have made a special analysis to look at the share of the GDP and the share of the profits of the banking system. The share of the profits of the banking sector is a bit lower than its share of the GDP. That means that the margin of other sectors, like metallurgy and oil sector, is much higher than the margins of the banking sector. That means, obviously, that everyone, including analysts, give explanations about that stance, about that position. We talk about the success of 2023, of success of the banking sector in 2023. In 10 months, RUB 2.9 trillion of net profit of the banking sector, around RUB 1.3 trillion. These are one-off events. It's understandable that the rate was successful, and during the ten months, the banks were able to show profits, especially the banks that did not have FX position, FX exposure provisioned for, hedged. Because we hedge the FX risk all the time. And, same goes for assets that were provisioned at the banks, and banks were able to sell those assets in one way or another. So, calling this year a successful year, I think, would be a bit of a stretch. We did show a record high profit. We can already say this ten months into this year, and we will see that at the end of the year also. And, you can see the same thing for other financial metrics. But along with the baseline scenario, we also consider the most challenging, the most difficult scenarios that are imaginable in the Russian market. And of course, we do have more than one such negative scenarios. The scenario, the Doomsday Scenario, so to speak. The scenario that might be triggered in a very, very negative environment. The situation in the market differs from bank to bank. In our case, we... I don't think we see any tragic situations that could significantly affect our value. Our net profit will vary depending on the scenario. The cost of risk may vary also, but overall, this will not affect our advancement, our going forward. As for the mortgages, we have studied the mortgage market to see if there is a bubble. We do not see such bubble. Sometimes what people mean by a bubble in the mortgage market is the differentiation in prices between the primary and secondary markets. In Moscow, that number is around 36%-37%. But if you zoom in, you will see that there are very legitimate, logical causes. The subsidized mortgage for the primary market, that's supported by the government, and as soon as that mechanism is no longer available, that differentiation will go down, I think. All the way down to the market minimum. It will be zero or as high as 7%-8% maximum. We did not see any other signs of a bubble. The market does have a good price reserve, as the developer's margin is very high today. Additionally, all the mechanisms developed over the past 4-5 years mean that now developers can build property almost without their own equity, thanks to purely bank funding and shareholder funding. The profit is very high in the market, and if the prices go down, we think that will be good news. The profit of developers will decrease, especially in Moscow, but overall, I don't think that will lead to some great pains for the sector. But same as with any other sector, I don't think it's preferable to have the market fluctuate that much, including price-wise. Any shock can cause unpredictable consequences. We have analyzed all possible options and versions, including a very rapid decrease of subsidized mortgage, and in that case, of course, we will have to increase our provisions for the portfolio. The residential property development portfolio, it depends on the parameters of the state subsidy program. In addition to that, we want to include some other reserves, which may potentially next year become useful in response to such a potential reaction of the market. In this regard, we are, as you know, very conservative. We always try to have a sort of a safety cushion to feel more comfortable and to avoid any large differentiation in net profit month-over-month, month after month. So we want to prepare, but we do not foresee any critical state in the market. Two more comments. As Taras said in his presentation, the mortgage penetration is rather low if we have a look at the share in the GDP. Second, as for the differentiation in prices, the secondary market covers anything, a house that was built in the 1950s all the way to a house that was built five years ago. If we look at comparable objects, comparable property, relatively the same quality, a concierge service, so houses that are roughly five, five, years old, the differentiation is at about 15% in prices. And as Mr. Gref said, as the state support reduces, that gap will also be narrowing and closing. But I think, comparing primary markets, with the secondary market overall, as a whole, is not entirely correct. Also, the effect will be produced by the, key rate changes. We saw a similar situation in 2022. It was short-term, and it showed that the market is relatively healthy. It can increase, it can contract, and this is, this is healthy behavior as we see it. The initial installment, initial payment is higher than 25% in most cases, and what we expect is that the mortgage portfolio will remain resilient and reliable. Our portfolio duration is, on average, five years, so it's not like it's funding provided for 20 or 25 years. There are cases like that, but what our customer behavior shows mostly these days is that customers are able to repay the loan much faster than that and at the same time improve their housing conditions. Many, many Russians want to improve their housing conditions, and that's great. I'm sorry, I just wanted to interject. When people refer to the bubble in that market, they often say that people are struggling to find the money to make this initial payment, and they take out consumer loans to make the initial mortgage payment. We had a conversation about this with the Bank of Russia, and we studied the whole base of our mortgage loans disbursed over the past year. What we saw was that the share of people who, for one reason or another, take out a consumer loan in order to make the initial payment, is only 0.15%. These rumors are highly exaggerated, so we do not see the factual evidence for it. This is fearmongering. Believe you me, we have been analyzing this very thoroughly, and we, we do monitor the situation in order to identify any possible risks. Thank you very much. Let's take a question from online. We are getting a lot of questions online, so from time to time, I will be turning to those questions. Question for Andrey: Will Sber be developing driverless cars? I think you've had developments and innovations in that area. What is the stage of development at this point? I hope you're not postponing it. Of course, we do have these plans. In 2023, we have updated the strategy, and in addition to the driverless cars, we will also have driverless cargo transportation with the M11 highway in particular, and its experimental transport regime. We have become, in that narrow segment, but still we have become the leader in the cargo transportation hub-to-hub transportation. You can see our driverless truck here on this platform in our innovation area outside this hall. It helps us reduce. It helps us cut 30%, cut the costs on cargo transportation by 30%. All the logistics companies are very much interested in this solution, obviously, and this will be a big priority for us for the next 3 years. Thank you. Mr. Gref, a question for you. What is your estimation of the role of a single person or a personality in the brand? Some people think that if Herman Gref leaves Sberbank, the capitalization and the brand value of Sber will plummet. Well, I have no plan, no plans at this moment to go anywhere and to leave Sber. I just wanted to say that. Secondly, I think growing a strong team is the biggest responsibility of any CEO. That is the efforts to create an environment where if the CEO leaves, it will not create a disruption. This is one of my biggest KPIs, and the supervisory board often reminds me of this responsibility. I think in our case, the team is strong enough to overcome any possible challenges in any scenario. I always have this feeling that the role of a single person can be big, but we do tend to overestimate it, I think. It's important to ensure that even if one soldier falls down, the company keeps marching forward. I think there's a song about it. So in our case, this applies to us as well, and we want to have two or three successors, just in case. I do have these successors, and if I have to be replaced, I think the company will survive that. Thank you very much. More questions from the audience, second and third rows. Hello, and thank you very much for the big day. Elena Tsareva, BCS. I have a couple of questions. The first question is about your fee and commission income, and your vision of development in financial and non-financial businesses, insurance, investment. In your previous strategy, it was a big focus area. Another question about your customer number targets and the share of non-financial customers in your customer base, and also, does your transformation require a bigger focus on AI and a redesign of your team and an increase in the number of employees? What do you think about it in the context of low unemployment rates in the country? Lots and lots of questions. I hope the team can answer all of them. Well, I don't know who should start. Kirill, you maybe, and Taras will handle the second question. Right, the fee and commission income. The fee and commission income is, of course, an important component for us. On one hand, it's always under continuous pressure, the pressure of competition, and also sometimes on the legislative level, some commissions get rescinded, and we think this is a normal course of action. Some products become free of charge, and that's normal. At the same time, we are launching new products, and we see that customers are ready to pay for them. Almost 40% of our payments are completely free for the customers, and some of them are included in our subscriptions, such as the Prime subscription. We see that a certain segment of the in commission income may reduce, may get canceled at all. What we want to do is create new reasons for new products for customers to use, including fee-based products. As for the customers, we do have metrics. As to the customer bases, we want to increase the penetration of non-financial products. As Taras said, customers with more than five products show a lower attrition rate, and at the same time, the level of income from such customers is higher. So of course, we are interested in providing more products, financial and non-financial, and this is in line with the win-win strategy. It has very simple economic reason. The cost of each product has in it the acquisition cost, the customer acquisition cost. If we already have this customer in our base, we do not have to assume these costs, these expenses, and it's easier for us to just provide a better offer for the customer and attract them, incentivize them to buy another service or another product. So of course, this is a big focus of our attention, and we are also going to involve our B2B companies for them to provide their products through us. We think this is a big factor to our future success, and the other way around. So if we have a corporate client, they have decision-making parties, they have their owners and employees. There's a direct link with the B2C segment. The commission reimbursements, the fees and commission, is something that we want to move away from towards CLTV, because, today, you have a product, tomorrow, you don't. What do you do? The fluctuations in fees and commissions can be remedied with the CLTV. We want to build long-term relations with the customer. We want customers to use as many products as possible... And, we want these products to be complementary. One product is pulled out, another product is added, so we are constantly in touch with the client. So from fees and commissions to CLTV. I wanted to handle your last question about the cost-to-income ratio and the need for transformation. Obviously, as we develop all the technology that we described today, as we have been doing previously, inside, we are, of course, going to transform personnel-wise. We are building new departments, new divisions, with new teams that build these technologies, these products. We increase with one hand, we decrease with another, we decrease with the other. You mentioned deficits, and it's an important thing. This year, we have seen a significant decrease in personnel churn, especially in the IT department. Way lower than two years ago, for example. This is not, this does not directly correlate with some specific events from 2022. It's just because we see that people increasingly want to work at Sber, and more and more people are seeing Sber as one of the best, if not the best employer. Because they see the scale of the projects that we undertake, especially in IT. IT specialists are particularly ambitious. Taras said that efficiency and performance are the things that will remain on the very top of our agenda. We are not going to compromise that. We want to achieve our goals in order to stay... At the same time, staying compliant with those important KPIs for us. Taras mentioned the cost-to-income ratio today. I remember we once had this debate, where we said that our goal was 30% cost-income ratio in the next five years, and one of my colleagues said: "Mr. Gref, can you, can you think of any bank in the world of our size, of our scale, a universal bank, that has this cost-income ratio?" I said, "I know the name of that bank. It's called Sberbank," and we will achieve that figure, and we have achieved that figure, that cost-income ratio, and, we are not backing down from it. This is very challenging. The business plan for next year shows it. Mr. Vedyakhin, Mr. Tsarev, and Mr. Skvortsov have invested a lot of their time and effort to make sure that all the appetites of internal subdivisions could fit into the parameters that we deem acceptable for us. So in the same vein, we will be striving to maintain our efficiency and increase it going forward. Of course, you're right in saying that the expenses are growing, but the people that we're investing into, that are causing this growth in expenditure, will be inventing new products and technology, which later on will be compensating for the increase in expenses. And also, another thing, the ambitiousness of the goals attracts strong people. It also goes for our IT projects, because we're at the forefront of the technology development, we're trailblazers, and obviously, people are interested and inspired by new technologies and moving to the innovative, unknown future. Not many companies there are in Russia, where you can have such ambitious tasks and goals. And we're not only talking about IT projects. You know, last weekend, we opened our ski resort in Manzherok in Altai Region, and you should have seen the inspiration of the people who were working day and night to open it, to open it properly. And these were tired but happy faces, and people who were saying: "Yes, we're going to continue working in such a pace because we understand that there's no such a second project like that in Russia. It's a unique project in Russia, and we want to be a part of that project." This is what I've heard from the team, and I thought that this is the benchmark for all of us. This is why we put such a high benchmark. Sometimes, these over-the-horizon goals that are not really understood, not only by the employees, but even by external people, but we make steps to make sure that these goals are relevant. Sber is such a huge machine, you can't just steer it to the left and to the right, just like that. As a management team, we have a responsibility to see what will happen after the horizon, planning horizon, and to plan and to create the necessary technologies to prepare and to train people so that they can enter this future. We should not run around the market by trying to find the proper model of behavior, but we should be trailblazers for other participants of the market and for our business and retail customers. Thank you very much. I see a lot of hands here, hands. Please, help people to get the mic. Thank you very much. Georgy Avelov. ... I represent Investokrat, an investment association. You have made a lot of steps in SberInvestor app, but there are some still some technical bugs. Do you plan to improve that? And second question, does Sber plan to buy out its own shares from non-residents, as some companies do? And the third question, a really quick one. It's, you know, more of a concern of private investors. There were some rumors that there will be no dividend payouts. Could you please address this concern? Well, about this I'll start with the last one. That's really, that's a fantasy. We have never heard about that. It's just not possible in our conditions, in our environment. We understand the conditions under which it might be possible, but it's just not in our reality and not, hopefully, not in the nearest in our future. And our dividend policy actually says that, the dividends are the same for preferred and common shares. Yeah, I mean, there are some situations where we can abstain from paying out, but we don't see that coming, really. It's really an extraordinary situation that should happen. Well, as for the service, we are not satisfied with the service that we have right now. We have addressed the major gaps that we had. We have a big plan for 2024 for SberInvestor, and our mobile app, as well as our services, will be put to a new level. So, I'm really sorry for this product not being on par with SberBank Online app, but in 2024, the quality will be comparable. And I hope that we will be the flagship product for the market of mobile apps for investors. As for the buying out shares from non-residents, we don't have plans like that. The situation might change, but we do not have that in the plans. Thank you. Can I have a question? Yeah, sure. Thank you for presentation. Ilya Ilyin from PSB. Two questions. GigaChat helped to generate one question just now. So the first question is, during the strategy horizon, open banking in Russia, and sharing client stories between the banks in Russia, is it possible, and what do you think about that? And the second question from GigaChat: In what region do you plan to increase your presence, given the restrictions? Thank you. I will comment on the first part. Obviously, the market will go to open banking and then to open data. We have been discussing a lot in this realm, including on Finopolis forum. We have been preparing for that for a long time. We think that when it's possible to open these information, we'll be able to compete with our competition for the client flow, for the customer experience, and competing in mobile apps by creating new things, by creating new, better products, or by increasing the number of services that we provide. We are going to get the competitive edge by that. So open banking, in the good sense of the word, is inevitable, so we have to prepare for that, and that means a new level of competition, new standard, a new, bar that we have to take. And we and our main competitors have to understand that we're going to go to a new level of this, competition, and this is totally normal. The same happened with the payment business, really, in terms of mobile apps. Well, the same happened with mobile apps, and with open data, it's going to be the same. It will be competition not only between the banks, but between ecosystems. As for the, international, area, Ilya, thank you for the question. I'm not able to share with you all the information, understandable reasons, but we are following our customers. We cannot follow them in the non-friendly countries. As with the friendly countries, we are actively working with our customers there. We help them to resolve their financial issues. Thank you. A couple of questions from our streaming chat, so we can kind of unite them. What was the source of inspiration when you created 2026 strategy? Is there any other company in the world that served as a benchmark for you or that you think is relevant when you discuss human centricity, human focus? Thank you for that question. I'll start with the second one. We haven't found any company like that, but we were quite diligent in doing that. But for now, we haven't. But we will see these companies for sure. As for the source of inspiration, well, a huge challenge that people, as well as state institutions face, they all face major pressure. The governance system is under pressure, and it's not really related to or any political regime, da? To the name that any political regime calls itself, it is evident that technologies are touching all the institutions, are affecting all the institutions and the community. So we have started to think about the following: What is the safety margin for the humans, for the people? How much more can people take? Because there is a discrepancy between the technologies and their rapid development and the not ideal character, so to speak, of the state institutions and business models. Now, we understood that there are some panicked forecasts for AI, like, humans will have no place in the system, AI will destroy us. We are not panicking. We do not think that will happen. We think that humankind will have the wisdom, will have the power of their minds to use these technologies to adapt to the environment that is not at all comfortable for the human beings. And this was manmade conditions that we've created for ourselves. And I think that right now, benefiting and leveraging the state-of-the-art technologies, we have to think about the purpose of these technologies. And the purpose of these technologies is to serve the people. And obviously, we need to make sure that we do everything to make people feel comfortable. I think that those who will be able to understand that the quicker and adapt their business models, adjust their business models, to follow and meet the long-term goals of the people, and to ensure the harmony of the lives of the people, will win. Those who fail to do that, well, for them, nothing good will happen. The wind will blow them away from the market. Two things were the source of the inspiration. The first one was the challenge, the problem, and the second one, since we are one of the trailblazing technology companies, we understood that combining these two things will give us a new quality, and who, but not us, will need to work on that diligently? We did everything we could to make that real. Thank you. Another question. Mr. Gref, it's not really a question that I have. I am an investor. I've been investing for several decades now. You remember these times, maybe some of you do remember, some do not remember that. So this one share was 1 RUB, and the shares of Sber was just given, you know, as an offset, as to compensate for the lack of the salary. And these were the ancient times, and we are past that now, thankfully. But there are questions from investors and maybe some from... Some questions are from journalists. This is the bank that has become a part of the family for me, and I would like to say that, I'm not-- That's not a question. I would like to thank you personally, you and your team. I can really tell you what Sberbank is, because I've been with Sberbank for 30 years now. I've started to work in Sberbank, when there was the Soviet Union savings cash desks. And this whole story, I've been witnessing that whole story, and I can confidently say that Sberbank is reliability, is a reliable partner, sustainable partner, and I've been working with this partner for many years, and I've been a witness to the transformation of this bank for many years, and I am confident in tomorrow, and I can hear that there is confidence. And I think that you should... I mean, you are the captain, you should not diminish your role, and you are supported by this strong team. I looked at the comments on the shares, and people are commenting on Sberbank who are far away from the economy. But you have to be friends with the Sberbank, you have to work with the Sberbank. I've been talking with various colleagues, like top ten players. There's top one player, Savings Bank of the Russian Federation, and you can feel reliable support with Sberbank. Health and well-being, Mr. Gref, and you and your team. Forget about top ten, Sberbank is your benchmark, and you will have success. Thank you. Thank you so much for such a comment. Oleg Abelev from Ricom-Trust Investment Company. First of all, I would like to thank Sber for such a large-scale presentation and a fantastic organization of the event. Three questions. First question to Mr. Gref... It's not about the three-year strategy, but about the future and about 2024. Very challenging geopolitical situation, the volatility of the interest rates, not only in Russia, but around the world. But to sum it up, what is the main risk that you see for the entire Sber Group in 2024? Like, if you really put it in two words, in a nutshell. The second question to Kirill Tsarev, you mentioned quickly about the personal financial manager, so I have the related question: What are the plans for the development of the corporate investment business of the group? Do you plan this personal investment manager to be integrated in these plans? Like, in a few words, can you also talk about the M&A market, and the activity of the group there? Now, the third question to Mr. Belevtsev. We understand that now many ecosystems are using cloud technologies and Kubernetes, and better clouds are doing that, but they are also renting the cloud capacity. And do you plan to do that? Do you plan to increase that profits, cloud-related profits? Providing the cloud storage of the data and the infrastructure. Thank you, Mr. Gref. Well, obviously, the key risk has always been geopolitics. I do not see any comparable risks to that. The geopolitics generate all the other risks. The economy, it's pretty much adapted to the current situation. There are imbalances, obviously. We looked at the import and export-related risks, and these risks remain, but geopolitics is the key risk, and it really is the source of all the other derivative risks, so to speak. The financial and economic policy in Russia has always been led by professionals. We have a professional team, and we're seeing that and their -- the results of their work in these challenging times, and, yes, they've done a good job. It's important that these the professionalism of this team only grows. I think that the government, as well as the Central Bank of Russia, are seeing the risks adequately and adequately responding to these risks and implementing the efficient policy. But we hope that all the geopolitical situations, well, they end at some point, and this risk, hopefully, will go down and not go up. Thank you. As for the M&A, we are the leaders in the market. Every week, we are looking at the situation in the market, and obviously, M&A here, the pipeline is huge really for us. From the start, like, if you look at 2023, there's been a threefold increase in terms of the volume of the funding and the number of the deals and transactions on this market. I can't really talk about our share here. What is that? 35%? Yeah, 35%, yeah. Yeah, as for the M&A, we have closed 115 deals in 2023, and our general portfolio is around, solo portfolio is around RUB 1 trillion. So this is, this gives you the information about this market. As for the pipeline, as Mr. Gref said, it's much higher than the current portfolio. Yes, and, you know, in general, colleagues, what we see and what Kirill has mentioned, the components of our businesses, this is the managing the current situation, the future situation. The managing of the current situation will become increasingly more a commodity, and the service costs will go down and continue to go down. The managing of the future will be something that will need increasingly more professionalism. This is where the major business opportunities lie. And yes, for us, that means that the premier services, including in the wealth management, is one of the top priorities. We have a unique bank. We have three levels of services: Sberbank First, Sberbank Premier, and private banking. And wealth management is a great potential for growing across all of these streams. As for if you're talking about the private bank, and we're talking about the advisory about giving the unique competence and the knowledge and providing all the skills, working with all the corporate customers, helping with the trading and being the provider, and helping our corporate customers and retail customers and corporate customers go into the IPO. As for the AI, this advisory is usually for the high levels of services, but premier services. But we can make an accessible product for the individual customers who want to make the first steps into the investments, who want to structure their portfolios, and who need some recommendations to optimally combine the risks and investments and to build their financial plan for the future in a proper way. We see a major... Now, one of the major goals here, to improve the well-being of our-financial well-being of our customers, because as the well-being of the customers grow, the volume of our businesses, grows as well. So yeah, basically, we go back there. Also, my colleague said that- ... that, they are communicating with the GigaChat now. I just wanted to say that we haven't yet brought the new model, the updated models to the market. When is it going to happen, Andrey? In the next two weeks. So in the next two-- within the next two weeks, you will see this new model of GigaChat, which is radically different from what, we had previously. And already in development, we have an even newer model which will significantly enhance the current capabilities. So we see the quality changes across all the services which use GigaChat as their foundation. Our recommendation services have been redesigned radically. This has often been a target of my criticism, but it is changing very, very rapidly. So you will see that the speed of technology is such that you are getting upgrades to capabilities and features of our services. More and more often, our services will be getting increasingly more intelligent. I think, the frequency will be months, every couple of months. Let me cover your question about cloud-based technology. Historically, and presently, our focus on cloud-based technology is very important for us. It is one of our priorities, so we strive to create cloud-native solutions with everything we do. We have our strategic partner, Cloud.ru, in this area, and so customers who select for their infrastructure, for their applications, the cloud, they can expand, they can develop much faster, and they do not have to sustain technological shocks, because it is the partner that takes over the impact of tech shocks. As for large models and AI in relation with it, it is once again, much easier for you if you're using the cloud. If you're using the cloud, you can connect your products or your service to GigaChat in just a few minutes, just a dozen of minutes maximum. We see that more than 2,000 companies have already started experimenting very actively with it. They have been developing their applications and SaaS solutions based on the cloud, and we are happy to be assisting them in this. So the cloud is a very big trend. Next year, as for IT, as a business area, we want to double the revenue from that area with the set of technology that is available and the scale of coverage, reliability, information security and import substitution. These are solutions that are developed within Russia, and that are not leaving the Russian market anytime soon. We believe that this is a great value offer, a great proposition. We are closing the cycle with the 84% integration of our services on the platform. There is, of course, some share that needs to be completed, that needs to be done, but the main idea is that we have been supporting two platforms in parallel, the cloud-native platform, Platform V, version 4, and at the same time, we had to support our legacy platform. What is the definition of done? It is the closing of legacy systems. It is the withdrawal of legacy systems. We had almost 5,000 people involved in the support of that legacy platform. This year, we are freeing up almost 2,000, and next year, 2,500 more. So as the legacy platform is closing, being wound down, the team resources are getting freed up, and we have more people available for new tasks. So of course, with that legacy platform in parallel, we had to double our expenses. You asked us a lot about it, and thankfully, we started investing in the winding down of that legacy platform back in 2016, and the expenditure is only decreasing, thankfully. The scalability of the new platform, it's time to launch, of course, on reporting parameters. Just to give you an idea of what that means for us, if we still had our legacy platform as the main foundation, the Way4 and Smart Vista processing solutions, that's our most frequently used. If we stayed with them, we would fail this year because they physically cannot process the amount of transactions that we have. With Way4 and Smart Vista, we have a certain portion of old bank cards that haven't expired yet, but the overwhelming majority is with our new platform, with our redesigned, rewritten processing. This has been an enormous challenge, ensuring the shortest launch time possible, but we have done it, and now we're not going to have any problems with scaling up. We can double, triple the number of transactions, we can increase it tenfold. The cost of transactions is only going to decrease. We started this initiative in 2016 when we announced that we were going to create our own platform, and now, all these years later, we have it, and it gives us brand-new business opportunities. The migration of business of bank cards will be completed next year, and one of the benefits is that with the new technological stack, we will be restructuring our products faster. In terms of variability, we'll be able to form the product offers in a radically different way. We will have new features that will create new customer experience and creating, constructing new products. Just two more figures for you. This year, our infrastructure processes more than 200,000 operations per second, and now we can adapt all the products to each and every customer. Just one other example, we have stopped calculating the number of modifications because it used to be tens of thousands, and each month, the number was going up, and then it no longer made sense to actually count them because it has simply become a part of our routine process. You've heard today about the 200,000 terminals in production already. I myself tried to pay with my face. Kirill said that cards will soon be a thing of the past. So what is the possibility to pay with your face? 200,000 terminals, mind you. We had the technology, but we needed to have 3D cameras. There is the thing called liveness. You don't want anyone else to withdraw cash from your account using your image, so to avoid that, you need the 3D technology. The technology is not that complicated, but the suite for it cost roughly $1,000, so that technology was unscalable. What we wanted to do is to bring down that cost to $100. At first, the challenge seemed unresolvable, but then we did some math, and we did make that happen. And now with the 200 terminals that we have, they passed all our tests, the red team tests. This is a completely secure tool which helps you pay with your face. You no longer need your smartphone, your plastic bank card, the chips on it. You can just pay with your face, and there are no equivalents in the world that we know of. With the hardware-software suite that is available to us at the moment, the integration of that tool into our landscape, it amounted to a very, very small portion in our expenses, because once again, it is happening on our new platform. This would not have been possible had we not developed our own tech stack. Thank you very much. We have been answering questions for almost an hour. We have time for one more question, and then we will be wrapping the day up. Hello, Aton Investment. I wanted to ask a question about the monopolies in the banking sector. We basically are witnessing the oligopoly in the retail market, and mostly customers can name four banks, tops. I've listened to your presentation about the RUB 450 billion in three years in the IT budget. I don't think there's any other Russian bank that can afford this. So the long-term journey is that Sber will essentially replace all other banks. The Russian regulators might be against this, they might object. Do you see that risk? Is that something that you consider? Maybe you have plans to mitigate it somewhat, somehow. Maybe you will be offering your technology to other banks to artificially support the competition. So what are your ideas and thoughts about it? Thank you for your question. Of course, there are fears of this kind going around, but once again, they are a bit overestimated, I think. There's been this leader, undisputed leader in AI called Google. Then a small OpenAI company popped up, which introduced just a couple of new approaches to increasing the number of parameters, and that approach ignited. So what happened was that small OpenAI company became the world's behemoth, the world leader. So do not underestimate the importance of these little approaches in tech. We are very carefully scanning the landscape so as not to miss any opportunities like this. We do not want to be hegemon. We do not want any monopoly in the market. We want competition. There is this illusion of control over a big company. It is competition that largely defines the mood of the company and the decisions made at the company, and I am all in favor of competition. We used to be too big, too cumbersome, too slow, too weak, and we didn't really want to show it to the market. Last year, what we decided was that we shouldn't be hiding, so instead, we opened it, all our technology, we made it available to our partners. Well, not competitors, but partners. For the first time, last year, we held the first DevOps Day for banks specifically. We said that we are ready to offer all our products to the banks, not for free, of course, as you suggested, because this also concerns cloud-based services, which needs to be supported. But we decided to offer them with the terms and conditions that we ourselves use, and we have signed agreements of that kind with some of the banks. We are in the middle of negotiations with some other banks. So my idea is that this is not a threat for us. If the competition grows, this will be for, this will be to our benefit, and this will also be good for our customers. This will be a driver rather than a hindrance. Speaking of our basic AI competence, you know, you would struggle to find a big number of companies across the globe that would be creating what you would call fundamental models. In Russia, there are, well, there's Yandex, there's us. But in any case, a fundamental model is the foundation for a competitive service. Additional training of that model for your products and services, that is the biggest competitive edge. So we have decided to provide the fundamental model for all market players without exception, bank or no bank, as soon as we get it ourselves. My colleagues at Alfa Bank have already signed this agreement with us, and I'm sure there will be things that they come up with, that they invent faster than us, well, that's good. We will learn from them. We will learn from their experience. So in that sense, I think a much worse situation is, a monopoly in the market and the lack of competition. This is bad for us. Competition for us is just as critically important, just as vital as for any other market player, even though subconsciously, maybe we are all a bit, afraid of competition, but I think in our position, we should welcome it. We are on the same page with our regulator. And a lot of friction with the regulator has been alleviated after we made that decision to open access to our technology and to provide that technology for the benefit of the market, especially in an environment where we do not have access to solutions developed abroad. Using these solutions, foreign solutions, is A, illegal, B, it is contrary to company policy. I cannot imagine a big company in Russia integrating ChatGPT in their services, for example, because that would compromise the data. That would result in data leaks, and so it's forbidden by law. You can play with it, but you cannot seriously integrate those services in your own, so you have to use domestic solutions. I think it is our responsibility, it is our goal to develop such solutions and such technology, and I think everyone in our team agrees with that. The development of such basic fundamental models is our obligation, is the right thing to do, and providing them to the market, learning to compete at the applied level, this is something that we want to do. Thank you very much for your question that prompted this. I just wanted to add something about competition. We see a lot of examples where competition reaches a brand-new level. There's been this question about open banking. I wanted to give you another example about QR and our terminals. We have this notion of multi QR, which combines our QR with the QR codes of other banks that have an agreement with us, Tinkoff QR codes, Alfa Bank QR codes, more than 100 banks. So with our terminal, you can use that QR code to pay with the Tinkoff Pay mobile app. Same goes for GigaChat and a lot of other products of ours. ...Because this is a new bar and new standards in competition, we will be competing for customer experience and new facets in customer experience, plus we have new market players such as Ozon. Ozon has announced earlier today that they're going to launch deposits. We also have Wildberries, other market players. New market players means new technology, so you always have to remember that there will always be newcomers to the market implementing their own technological changes, so this will reformat competition. And also, the pioneer has to pay way more than those who come after them. With SberBank Online, if you remember, we invested heavily in SberBank Online, and others that came after us, they saw that as a commodity, and everyone has it now. It's not surprising to anyone, same as SberBank Business Online. But when we, when we launched it, that was challenging, that was hard, so we made all the mistakes that is possible. We paid all the money, RUB 450 billion. They will be invested, yes, but, you know, it's like following an icebreaker in the Arctic. You, you're gonna pay the lower price. Thank you very much. We are wrapping up our event. Mr. Gref, a few words for the investors? Just a few closing remarks. Well, colleagues, it's up to you to assess the success of this event, whether we were able to convey the message that we wanted to convey. But I, I hope that you felt the energy that we put into that. I would think that we have invested a lot, and given all the challenges, operations challenges that we faced this year, we have spent a lot of time rethinking our strategy, and we have a feeling that we were right in our expectations over the horizon, and we have seen the tendencies and trends, the trends that not many others saw. And the level of our technology, professional and mental health will ensure that we can achieve these goals, and this is why we launched two tracks simultaneously. In rolling out this strategy, we prepare ourselves what will happen during this time and after that. And after 2022, our team went through huge stress and huge challenge, but as surprising as it is, the team grew stronger and friendlier. There are almost no quarrels in the team, and by going through this storm, people became more tolerant to each other, more empathized more with each other. Like, this task of improving your attitude to the customer really became easier. You know, this kind of involved, engaged personnel that tried to work out and care for the customer, these people became more sensitive to the problems of our customers, and I would like to reiterate our appreciation to the entire team for that support, because I feel confident when we talk about such long-term goals and very ambitious goals. And obviously, I would like to translate this confidence to you. We will do everything we can so that you are not disappointed in us, and so that our underpromise and overdelivery principle stays relevant during this strategy period as well. Thank you very much for your support. Thank you very much. Thank you, all the viewers and all the participants of our Q&A session. We congratulate our viewers with the upcoming new year, and this is what ends our streaming. We have prepared a questionnaire with a QR code, with a feedback. It's very-