Ladies and gentlemen, the management board of NLB welcomes you to the webcast, where they will present the first half 2021 results. Today's presenters are Blaž Brodnjak, CEO, Archibald Kremser, CFO, Andreas Burkhardt, CRO. This presentation will be followed by a Q&A session. If you would like to ask a question, you can do it any time during this event. If you have joined via the webcast, please use the questions tab located above the slides. If you have joined via the conference call, press star one on your telephone keypad. Before we go on, we would like to draw your attention to the disclaimer on slide two of the presentation. By this, I pass the word to Mr. Brodnjak. Please go ahead. Thank you very much. Good morning, everyone. I believe this time we can be pretty short in presenting and more focusing on Q&A because we are bringing good news. That's something we are really happy about and proud of. Since the first half of this year has been really very robust. When I say so, I mean in practically almost all dimensions of our business, be it recurring volume origination in terms of retail lending, corporate lending, picking up. Be it in terms of especially fee income with very strong banc assurance and especially asset management and origination. That's something that's really instilling significant confidence. The influx of deposits, which has been more or less stigmatizing the year and a half, more or less, has been a bit moderated now. We have been, of course, introducing measures with which we have been addressing. Despite pressure on NIM and generally then interest income, we managed to offset this with significant growth of fee income. Talking about operating banking margin practically and total financial intermediation margin, we see actually a positive uptick, which is what we have been announcing and somehow signaling as the more important measure than necessarily NIM only. We have been solidly progressing in digitalization. Our capital base has been further improving. Liquidity remains to be, of course, ever stronger, as said, less burning in the last couple of months since we have been able to actually position this and allocate some of these funds, obviously in significant growth of retail lending throughout the region. Solid demand for housing loans in Slovenia. Still obviously subdued and decreasing levels of consumer lending, given the restrictions of the Bank of Slovenia, but generally solid trends and demand. Finally, corporate investment picking up. That's something that, of course, is also encouraging. There has been development clearly also in terms of dividend payout capacity and ability. The ECB has changed the regulation as of end of September. Of course, this is opening doors for the residual payouts towards the end of the year, which we announced previously during the year. What is also very important, the integration process of Komercijalna Banka has been well underway. We feel very confident, so we aim for a full operational and legal merger at the end of April 2022, which is pretty much soon. This is, of course, true in all the markets. There might be still clearly some divestments on the go, which we have also announced, and there have been, of course, some processes pending in this respect, but nothing yet to formally disclose. When it comes to, of course, our main strategic focus besides pure economics, we are happy to really be positioning ourselves as one of the really pioneers in broader ESG context. Not only environmental, but of course, also other elements of this turf, and especially amidst and after COVID, this will become clearly overwhelmingly important. We believe we are very well positioned for that. Practically very solid output in all dimensions, Komercijalna already contributing, so we see already solid progress there. Archibald will give you a bit more flash to it. I mentioned the long growth and especially retail lending in all the subsidiaries. In Slovenia, I mentioned very solid demand for housing loans, and now there is a remaining hope that Bank of Slovenia, nevertheless, at certain point, might release some of the restrictions to even allow some growth of the consumer lender. Really happy about this. The market position of NLB Skladi in Slovenia is already close to 37% market share. We gained almost 2.5 percentage points actually within 12 months, the running 12 months, and that's amazing progress there. Of course, our results in terms of bottom line have been affected with some one-offs and shapes. A couple of legal disputes, some repayments of NPLs that you would see actually under the extraordinary income. Some actually regular positive resolutions in the sense of leading them to release some loss provisions. That's something that clearly that has materially impacted the first half of the year. We still feel confident that the general macro situation is allowing for liquid markets, which means that there might be further cases. Of course, the potential for more tangible ones has not been that high anymore. Generally, the trends are continuing to be very strong, also in the running months, so July and August, and we are happy about that. The whole group has, of course, been fully aware of the need of efficiencies. Especially the parent bank has really showed and demonstrated significant discipline in cost management, and that's something that, of course, is also supporting the full results and of course, developments. Really, as I mentioned, very favorable evolution of the loan books, NPEs and NPLs further decreasing despite COVID situation. This is really giving us very solid base for the second half of the year with more or less 5% growth prospect for Slovenia and more or less the region on average, and very comparable expectations also for the year to come. This means we are really in the midst of a very positive part of the economic cycle within which you would not expect significant migrations to NPLs. Unemployment is practically at the lowest historical levels, almost in Slovenia. Everyone is seeking for talent. I would call it really a structural unemployment, and this is, of course, also good indication that we might not be expecting any significant delinquencies coming from retail books as well. We're overall feeling very well. Now a bit more details from Archibald and then Andreas. I'm passing the word to Archibald. Thank you, Blaž. Welcome everybody. As Blaž said, he basically gave away all the key developments. A very strong Q2, actually bottom line exceeding Q1. Admittedly on the back of some non-recurring elements. As you know, Q2 is traditionally burdened with regulatory charges. On the other side, we had significant recoveries, on which Andreas will give a bit more flesh. They basically balance each other out. Otherwise, mostly Blaž has mentioned key developments, very healthy loan demand showing up in all markets, all segments. Specifically, of course, we are monitoring performance in Komercijalna Banka, here we will see that there is also now an uptick in volume growth. In this sense, I guess most importantly, we see fundamentally demand for our services. On the other side, we have I think shown that we have pricing power in the fee and commission income dimension, importantly are really improving on the cross-sell dimension, especially in Slovenia. Obviously these measures will be rolled out in the group subsequently. On cost of risk, clearly there has been a lot of non-recurring dynamic, so I leave it to Andreas to provide details. By and large, really nothing to add other than saying very strong Q2. Pretty much everything in line with expectations, no surprise importantly as well. As indicated, NIM is in a way flattish, we see volume driven growth in revenues. Of course, this is against a very, very low cost of risk. Broadly speaking, of course, contributing significantly also to net income growth. As mentioned, we are increasingly focused on the combined margin, as we call it, operating business margin, operational business margin. Here you see that we actually see an uptick. Largely helped by both KB contributing and starting to contribute, and of course, by our very robust fee and commission income development. Fee and commission is very much also driven to some extent by COVID recovery. We see, broadly speaking, all markets operating almost normal, if not actually exceeding what pre-COVID levels because of pent-up demand. Especially payments, ATMs, all transactional type of revenues are very robustly showing growth. That's by and large the story on non-interest income. Non-interest income, we have these two significant, let's say, quarterly deviations. One coming from the known regulatory charge, which traditionally are recognized in Q2. As mentioned before, we've seen the resolution results. A part of that coming also from KB, as KB also has a quite significant, let's say, NPL recovery potential. On costs, nothing to add. We have had a couple of minor restructuring charges booked. Other than that, you see us maintaining discipline overall. Of course, it is I think fair to acknowledge that we are willing and want to invest in high-quality skills and people environment. This keeping to invest in our digital expansion. That is, of course, increasingly a group-wide undertaking. We are also looking forward in significant, of course, cost savings potential further down the road as we will increase, as is shown here, economize on the basically standard operations. Everything that can be automized will be automized eventually. Of course, increasingly we will economize on our physical presence, as is shown here, both for Serbia but also for the other markets. In Serbia, clearly, we run pre-merger, already an optimization program. I think that was mentioned many times in the past, you see, of course, the effects of that kicking in in the employment numbers, visibly affecting already Q2. This effort is going to continue. We will still have some rationalizations run pre-merger, eventually, of course, we'll have the merger itself. By 2023, roughly, we expect in Serbia to have a halfway stabilized situation in terms of headcount as well. I think especially important for us is underlying demand for our core business. That's clearly, of course, the loan operations, and here really just good news from pretty much all the markets and all the segments. Especially a highlight is that we managed also in Serbia to show volume growth. There is a lot more to come, so it's not that we are yet done, but the dynamics is absolutely right and then proves the case that there is a lot of potential, both within KB's client base but also outside of that. Rest of the group, Blaž already mentioned very, very strong retail demand. Housing, I think continuing highlight throughout the region. That's not coming as a surprise as we see that in many other markets. We are very happy to supply here at competitive rates, and to some extent, continue to trade volumes for margin, as housing is an extremely important anchor product for us. We are very successfully cross-selling into such a client relationship with add-on products down the road. Also corporates continues to grow. Here, I think it's fair to say that we are increasingly operating really as Group CIB operation, and in this sense, cross-border starts to show results both in our region, outside our region. Very good pipeline in that area. Also, I have to say, actually supporting us in keeping margins up in that space. Capital, really strong position, very solid outcome from the stress test, ECB stress test as was published. We are very comfortable in maintaining our dividend guidance. Of course, respecting in full ECB's, let's say, conservative approach to negative goodwill, which is not meant to be distributed as a dividend. That's anyway nothing we have envisaged. Our negative goodwill from KB is shown in the capital base, of course, is available to absorb either growth or losses. Otherwise, it's not meant to be paid as dividend. However, our EUR 300 million dividend pledge is unaffected from that, as you know. By that, I would pass on to Andreas, give a bit more flash on the dynamics in impairments and NPLs. We're just waiting for Andreas to rejoin the call. He should be on shortly. Andreas, the floor is yours. We have arrived at the beginning of your- Archibald, thank you. Welcome also from my side. I'm not sure whether that was a short break because I was dropped out, but now I'm back in. Yeah. On risk topics. The colleagues already mentioned before, the development in the risk area, in the first half of the year has been extremely solid. We have actually, well, despite COVID, being able to reduce NPLs considerably. As you can see from EUR 475 million to EUR 428 million in these last six months. I think that's a good development. We were able to resolve considerable amounts of NPLs. On the other side, we also had some repayments of clients which were still not booked as cured, but which were on time. That's why you see a little bit also dropping the amount of the no delays, because some of that was also repaid. Overall, in the first half of the year, we have approximately released EUR 30 million of provisions. That's due to the effects which I just mentioned, but also due to the effect that on the pool provision. Of course, last year we had a considerable charge. Due to better macro outlook, we had a partial release or part of that what was built last week. We were able again to release, that contributed to this result as well. The new inflow of NPLs is, well, almost surprisingly low in the first half of the year, given circumstances. It also don't look that this effect would just come later in, it's really a better development. Subsequently, we are also now changing the guidance for the entire year down to 20 basis points-40 basis points from originally 70 basis points-90 basis points. As you can see, we are still expecting finally a positive cost of risk. Currently, it's still negative, to come as we expect, but very much controlled. What you can see from the portfolios which were under moratorium due to COVID is that the big part of these moratoriums in the meanwhile has expired. To a good part, it has expired now for a while, so that we really can start staging for that portfolio we're correct. Actually, so far, very good news also here. Portfolio is behaving very much in line with expectation to better than expectation. We have still a remaining part of some EUR 240 million of cases in moratorium by end of June. Actually here we are extremely conservative. As you can see on the right bottom, is that basically half of this portfolio as per end of June is already staged, so stage two or stage three. Obviously, you cannot see it from delays per definition because it's a moratorium. We are here careful. Of course, you have to see that per definition, that is somehow the most problematic end of that portfolio, because it had the longest moratorium. New clients, which were just using short moratoriums, and after that, regularly repaying, obviously from that perspective are less problematic. Also here, I think, so far so good, and the remaining part we're really carefully staging. For the overall picture, I have to say, as a CRO, obviously these times are and the behavior of the portfolio is, in these circumstances, very robust. Very much in line with our basic expectations, and we saw a few positive surprises. Some cases which we didn't solve for a while, we solved now. For this year, obviously, this will make a bit of a difference. Yeah. With this, I would conclude for now and handing actually back over to Archibald. Thank you, Andreas. We will now talk a couple of things happening in time. I have to say, the cooperation with the team, both here in Ljubljana and in Belgrade is expertly help us manage the process. As you see, everything is progressing more or less according to plan. You always have a few ups and downs in such a process as it is written on all kinds of dimensions, from product reviews and rationalizations. Of course, the IT system integration. Crucially important, the HR with the more important, I would say, which is the identification of the key leadership team and then making sure key talents are retained. We put a lot of attention on that. We run extensive, let's say, processes across those entities, make sure leadership talent is identified and retained. Ultimately, we pick the best team for, let's say, the combined operation. Also adding talent from the market here and there, as ultimately our ambition is to really be the best in the market in Serbia. In this sense, we are really happy about progress so far. Excellent leadership team in place. The others of social cohesion. I think we found a good balanced approach. Team is really excellent in preparing and execution of this quite difficult aware that we have continued to increase a little bit our share in KB with buying out minorities to some extent. This is for now on you. Actually, the National Bank of Serbia is here also very, very vocal and supportive actually, to fully respect legally collect and kind of making it a sport. I think that's an area to watch. We think it's contained. I think the system has recognized on the leadership of NBS that this is an issue to be dealt with. We are expecting that to be resolved at some point. The HR integration, as mentioned, is progressing very well with the two elements mentioned before. IT process, a very, very, let's say, tedious exercise, hundreds of products to be mapped and make sure that no mistakes to be occurred. As mentioned many times, we talk about two identical or most core systems, so we don't really expect a lot of trouble coming from that space. I think what has to be remarked is that the team has really achieved very visible successes in activation of the client base of KB. A lot is happening, basically, is that the team has really achieved very visible successes in activation of the client base of KB. A lot is happening, basically, besides the integration process. We are in the market with full force in terms of marketing, in terms of new features to be rolled out on the digital space. Obviously. Most importantly, activation of Salesforce. This shows real results. I am not going to read out all the numbers, but what I can tell is that production activities have been significantly improved and are showing through in volume growth, which ultimately is the key metric of success. In this sense, we are very happy with first results we have seen and are visible also to the outside world. On integration itself, the costs and synergies equations are pretty much in place as we have established them. In that sense, I guess the most important news is there is no real news, and we are progressing as planned. By that, I would hand back to Blaž to conclude and produce an outlook. Thank you. Thank you, Archibald and Andreas. Well, as I said at the beginning, this is a real event for us at which we are very, very happy, as it produces a significant basis actually for continuation of this solid strength. At this point of time, we have actually also changed our guidance to the cost of risk, which is the most material actually change to what we have been communicating publicly so far. As you know, we begin and there is some chance even to outperform this range. In this respect, I'm really very, very positive. Given the fact that we are in the really positive part of the cycle, which means that corporates are in very solid shape. Everyone is seeking for talent, there is re-initiation or initiation of investment cycle pending. We see this in pipelines, both local in Slovenia. Public communication is that there would be no lockdowns, but there would be, of course, infection, vaccination, or test requirement for normal public life. What I am most closely observing is actually the vaccination rates at the most exposed age categories. People above 70-74, for example, are vaccinated almost at 82% in Slovenia. That's a very high rate because there was also a very high infection rate in the country in the previous waves. This is simply then demonstrated by a fact that despite now a hike in infections, we see actually less people at intensive care than two weeks ago. We are actually looking at seven people being hospitalized and at intensive treatment in Slovenian hospitals, and comparable trends somehow are still somehow monitored also in other countries. Yes, we are, of course, concerned about further increase of infection rates, but the economy, especially the production side, is at practically almost full utilization or full utilization of capacities. Today it was just published that June production, compared to last year's June production, is practically 19% up, which is third best in European Union and in a wider context. The production part of the economy is practically booming. Service part is coming back. Tourism, you would barely find a room now in more notorious touristic places in Slovenia. The same is true also for Croatia, not obviously being our market, but is actually what is promising for us is clearly Montenegro. That is significantly dependent on tourism, and there are very, very solid records of occupation rates and prices achieved being reported from Montenegro as well. Overall, a very, very positive picture from all dimensions. Corporate picking up, retail, really solid demand. Hopefully, Bank of Slovenia finally realizing that there is really no reasonable reason to actually withhold still relaxation of consumer lending and general creditworthiness of retail population, this would provide additional boost. NLB is in a very good shape for both solid dividend payout, as announced, as more or less promised, and organic/M&A growth. It is really subject to our discussions with the shareholders whether, of course we are pursuing some more material M&A opportunities or a bit more moderate M&A opportunities in the coming periods, combined clearly with more or less intensive dividend payouts. The bank is still sitting on significant potential for the capital improvements, be it Tier 2, be it AT1, eventual recapitalizations in mid-term future, potentially to be discussed with key stakeholders to actually fuel the in-market consolidation, as called by some investors in the entire region. There is going to be a lot of opportunities. NLB could become a material player in this respect as well. Sitting on such a solid capitalization and liquidity, we believe that we are up to this challenge. We are very far in the integration, by which we will also demonstrate by a proven track record that we are able not only to acquire, but successfully integrate businesses. I believe this is something that is a very good news also for the entire stakeholder landscape. By that really be assisting us at developing one of the most meaningful businesses in the entire region. We firmly believe we have what it takes to get there. We firmly believe we will be there in the mid-term future. Thank you very much. By that, I would move to the Q&A session. Any other questions clearly subsequently to be addressed to our investor relation team and, of course, ourselves as well. Thank you very much, and gladly responding to your questions. Thank you. If you would like to ask a question, please press star one on your telephone keypad, or you can submit your questions via the webcast. We currently have no questions on the phone line, so we will move to those from the webcast. The first is from Karrim at Dunross and reads, "Can you please offer an update on the current COVID situation in your main markets and any tendencies for reversal of relaxation measures, normalization of mobility? I believe I just more or less responded to it at the last part of my previous statement. Slovenian situation is solid in a sense that we have more or less four vaccines broadly available and conveniently available for just about anyone, so people can really select the vaccine and timing of vaccination, more or less. As I mentioned, age categories exceeding 65 are vaccinated 70+%, more than 70%-74%, 81.5% or even 82% already. There is still a bit low rate in the age category of above 50 to 65, but here we are at 55%-65%. Clearly, this is now a struggle of how actually to animate and motivate people to get vaccinated. This has been happening clearly with positive discrimination because there have been now new measures are going to be implemented in a sense that all the testing, of course, will be charged. For attendance on any public, more or less, event or place, you would have to be either having a certificate of being infected within six months, being vaccinated or freshly tested. This will, I guess, stimulate a significant residual part of population to get vaccinated. Slovenia has access to vaccine that is at this point some 700,000-800,000 as a two million population, so we can really easily manage the whole process. Now comparable is getting through and becoming true in other countries as well, where there have been also very high infection rates in previous waves. If you combine improving vaccination rates with really high infection rates, you would have really a significant part of population immunized. We are pretty much close to herd immunity. This is more or less demonstrated and evidenced by the very low numbers still at intensive care. Despite a hike in infection rates, there is no real hike in intensive care treatments needed. I would not expect further lockdowns. That would be potentially selective, of course, restrictions of people that will not be immunized. This is something that everyone is expecting. At the end, I believe people will get incentivized to simply get vaccinated ASAP. Then towards the end of the year, we will see the solid trends here. We have a telephone question from Mladen Dodig from Erste Group. Your line is open. Please go ahead. Thank you. Congratulations on the results. Thank you for this call. Two questions. First one would be, outside of the expected risk cost, my question leans towards the potential releases from the IFRS 9 overlay models. Could you provide us some details, if any, on this one? Second is a rather local topic from Serbia. Here there was recently in the news that last main state-owned banking entity, Postal Savings Bank, is considering to offer to buy Komercijalna Banka subsidiaries in Republic of Srpska in Bosnia and Herzegovina, right in Montenegro. If you can, maybe you can give a short comment on this. I might give- For example. Yeah. Thank you very much. Okay. Thank you. Thank you very much for congratulations, Mladen. I might give you an update, more or less, what we can publicly disclose on the KB, and then I will ask Archibald and Andreas to supplement when it comes to the IFRS. I mentioned before that we don't exclude eventual opportunities to potentially divest one, two, or more subsidiaries. In principle, there are two subsidiaries and one branch, actually, of Komercijalna Banka. I mentioned also that there have been activities in this direction, I cannot publicly disclose more at this point of time. Whenever it would be appropriate, we would obviously come with proper announcements and disclose it. If colleagues can then assist me for the IFRS 9, please. Archibald, shall I? Yes, please. Okay. Honestly speaking here from IFRS 9, obviously, this is a question of continuous work and improvements also. Speaking from all of that, I'm not expecting any major impact. That's in short. I wouldn't expect here major changes, no. Okay. Thank you. Thank you very much. Thank you. The next question is from the webcast. Jovan from RBI asks, "Risk cost guidance would imply a significant uptick in second half 2021 to CA EUR 25 million per quarter or similar to COVID quarters in 2020. Isn't this a bit too conservative? Do you include here other provisions as well or not? If yes, what would be the credit-related risk cost guidance? I mentioned Archibald, just let me introduce some thoughts here. I mentioned before that 20-40 is a guidance that we believe is reasonable. I also mentioned that there is a pinch of a salt of conservatism eventually at this number. We might be positively surprised still. There is a chance for it, but of course, we don't want to misguide in this direction. Archibald, you might want to supplement that. Actually, I think Andreas wanted to say something. Sorry, Andreas. I guess to become much more optimistic than we originally. For the second half of the year, that's, I guess, still a little bit early. We were just discussing before uncertainties also concerning how COVID situation would further develop. What we can see so far is simply a very positive development. I'm now working 20 years in risk management, and you don't always just have positive surprises. I think the range which we are giving you is, of course, fairly conservative, but also, if you ask me, in a very realistic range. We might see, of course, as Blaž just mentioned, still further positive surprises. I would be here a little bit careful. Generally, what you also see in banks, not just in our bank, is that sometimes you see a little bit more movements in the second half of the year than in the first half. I think for the time being, that the news which we are giving is because in a COVID year to end up with 20- 40 basis points cost of risk, I think that's very good. More, we have to see. To reach out further, I think it's still a little bit too early. There will be some restructuring charging, though, still. On HR provisions and so on, we have published more or less what has been done in the first half. This was this first wave of voluntary leaves. Of course, we plan further restructuring activities. We also publicly announced the level that we expected all restructuring charges. Some of this will find its way, obviously, through HR provisions. Generally, clearly, we remain very positive for the second half of the year as well. Archibald, you might want to add something here. I would just complement. Clearly, cost of risk is credit risk. Just to be clear on that. The 20-40 is a credit risk figure. What Blaž mentioned is, yes, the overall, let's say, dynamics in restructuring charges, which we still believe a majority of which is going to be booked this year. You see us basically summarizing all of that in us basically saying in our press release that we are pretty positive that we might or we are very optimistic that we will achieve our high single-digit ROE guidance for this year, or even exceed that. I think that tells the ups and downs. That kind of summarizes the ups and downs we have mentioned. Our next webcast question is also from Jovan at RBI. What are legal risk-related provisions of EUR 5 million do in the case of KB, I suppose not CHF related, and why is HR restructuring provision not part of OpEx? Here we are simply transparent in disclosing HR restructuring provisions as a separate position. We have published a restructuring budget, and we are just tracking relative to that budget. I think the market wants this transparency on the merger process as such. In regards of the legal provision, we have mentioned that it has become a bit of a sport in Serbia for retail customers, driven very much basically by small law firm offices, lobbies to litigate banks for fees. We have seen a substantial uptick in that. The dynamic has significantly increased in the first half year. There has been very, I think, serious considerations of this topic by the regulator as recognizing this as totally undue. For the time being, we have to recognize that courts rule this way or the other way, and not regarding NBS guidance yet. I think we have to flag here that this is a matter of concern for us. It clearly shows up in provision charges at the level of KB, and this is something we surely have to do something, or Serbia has to do something of. The next question is from Jovan at RBI. Is there any room for downward revision of management CET1 targets, and what is the hurdle for the payment of the catch-up dividend to the planned EUR 92.2 million? Thank you very much. There is no plan as of now to revise any capital targets. That would clearly be a much broader conversation, strategically speaking. I think for now, our targets are well set, established, in line with our risk appetite. At the moment, we clearly exceed these targets. There is no dilemma in regards of the remaining amount to the EUR 90 million, as this amount anyway doesn't even show up in the capital. This is only and exclusively subject to us being allowed to pay. The next question comes from Jasper from Slovenia. Hello. Congratulations on another great quarter. My question is regarding the outstanding shares in Macedonia, Kosovo, and Serbia. Are there any plans for a buyout of minority shareholders to reach 100% ownership, considering good ROE of those branches? At this point of time, there are no considerations. Archibald mentioned before that we have just had a process in place to actually buy out minorities of Komercijalna Banka. We found interest for 5%. There was no interest currently for more, and we are fine with that. We are able and know how to live with minorities of listed companies such as Skopje. At this point of time, we believe we can coexist and rather focus our efforts and capital in other potential incremental opportunities as well. I believe this is a reasonable thing to do at this point of time. Of course, we will not shy away if there were very favorable opportunities to actually buy this out. We are not pressed by it, and we don't see this as vital for continuation in these countries. Just to remind us that we have fully recognized all minorities. From a capital point of view, there is no dilemma. Obviously, we like our own entities, and we have great teams locally delivering exceptional results. As Blaž said, ultimately, that's a question of supply and demand, whether there is transactions. At the moment, there is no need whatsoever for any deliberation on that. The next question comes from Đivo from InterCapital. We read about the changes in CHF loan regulation in Slovenia. In April, a new draft CHF law was submitted to the parliament. Some other banks already booked negative one-offs. What about NLB? How many CHF loans did you have in Slovenia, and what impact do you expect? If I may give it a shot. We have a relatively limited size of the book in Slovenia. It's far below EUR 100 million. From this point of view, we don't consider this a material issue. What we are, of course, focused on is the benchmark reform and everything going on in that space. Here we would have hoped or are still hoping to some extent that there are statutory resolutions being put in place, which in our view would help mitigate, let's say, appetite for litigations. We are, of course, prepared for any scenario, and in this sense, are in active dialogue with our customers on the matter. For us as a group, this is not a material topic. Next question comes from Krešo from InterCapital. Do you expect establishment of any specific provisions or worsening of economic conditions in the second half that would bridge the current COR level and the updated guidance? From today's perspective, no. I was very positive when closing our address. I would not revise that in 15 minutes, right? I remain positive. As long as forecast is 5% growth of Slovenian economy in aggregate terms, and we see HoReCa finally being opened, and there are indications that they would not be locking down again for vaccinated, infected or tested people, I remain very bullish. I would not revise to the other end. I said that there might be a positive surprise to the lower end of the range. We currently have no further questions from the audio conference or webcast. I guess this gives me a chance to wrap up and thank everyone. As said, we are enthusiastic, optimistic. NLB is on a very good track to, in the midterm, really position itself as I said, one of the most meaningful businesses in our core region. There are some solid progresses and prospects potentially to open room also in other geographies. We were mentioning Albania, but there has been diplomatic efforts to potentially also enable our entry into Croatia, and that's something that we would specifically like. Of course, it's now too early to touch as a topic. Overall, very positive sentiment, very positive feelings. Looking forward to record Q3, and we believe very strong full year. Thank you very much, see you soon for Q3 results. Goodbye. This concludes today's conference call. Thank you all very much for joining. You may now disconnect your lines. Thank you very much. We are off, right? We are off air. Thank you. I can see already, I think Archibald and Andreas. They left already. There you go. We are quite in the rush, no. We don't lose time. Thank you very much. I think everything went well for the stream, except we lost Andreas. From what I know, his machine crashed, so he has to restart everything. I'm going to follow up. His signal was very volatile. I was monitoring because I was losing him. When he was presenting, I was losing him, and then I was looking at his signal, and it was jumping from red to non-existent to back to green. I said, "I have to check what's happening." Was he really online on the deck, or was he simply on Wi-Fi? Because this was weird. I am wondering. Yeah, because you're in the office as well, right? Yeah, he's in the next office. I just don't know what happened with his signal. Maybe cable was not connected properly or something. I don't know. Could be a cable or could be machine as well. Maybe, I'm going to talk with Tedja as well, and I'm going to mention this. Maybe your IT can help and double check his connection or adapter or whatever it could be. Yeah. Thank you very much for I'm not going to take any more of your time. That was a pleasure as always, and I will see you for the next one. It's always beautiful seeing you. Take care. All the best. Have a pleasant weekend. Thank you. Same here. Bye. Thank you. Thank you.