Ladies and gentlemen, the management board of NLB welcomes you to the webcast, where they will present the acquisition of Sberbank banka d.d. Today's presenters are Blaž Brodnjak, CEO, and Archibald Kremser, CFO. This presentation will be followed by the Q&A session. If you would like to ask a question, you can do at any time during this event. If you've joined via the webcast, please use the question tab located above the slides. If you've joined via the conference call, please 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. Good morning, everyone. We are back pretty soon, right? We haven't expected we would be back so soon. Frankly, in last days, we've had very, very dynamic developments, and we're practically confronted on Saturday morning by the circumstances of significant liquidity squeeze, and eventually then also, of course, interventions of the regulatory bodies. In this instance, Single Resolution Board as European authority for these matters in connection, obviously, with the Bank of Slovenia. We have learned on Saturday that Slovenian subsidiary of Sberbank Group, Sberbank banka Slovenia, has had actually, you know, significant outflows amount. By that, obviously the Bank of Slovenia in cooperation with the SRB actually stopped operations of the bank for two days. Frozen all the operations and shut down the branches. Within this period, they tried to find a solution within the regular framework of how to tackle such situations by the Single Resolution Board as one of the key European bodies, of course, within the Economic and Monetary Union and Banking Union idea. In this respect, of course, this was a regular process that is pretty standardized and is, of course, also clearly prescribed. NLB has been made sure and known that in this respect, there is an opportunity for the bank to eventually place the bid. Basically, we've had two days to deliver the binding bid within the competitive process. We understand there were at least one, if not more, competitive bids, but at the same time, clearly, one not only the price matters, but obviously as well, the capacity, the capital strength, and liquidity strength of the bank that is actually jumping in. In this respect, NLB and I'm really proud of my team was able to pull off within more or less half a working day, actually, so over the weekend and half a working day, a credible binding bid, which was then also accepted by the Single Resolution Board. Practically at the end of Tuesday, so just eight hours before actually the branches would have to close, we actually were informed that, you know, everything is more or less concluded in the sense that NLB has been selected as the recipient bank, that NLB has been actually also, of course, by that, get into a possession of shares. On the morning of Tuesday, I apologize and much worse we actually done March 2nd, I apologize, we actually were already in a possession of the shares of Sberbank banka. 100% owner of Sberbank banka. We already conducted all the necessary communication to the public, and I'm really happy that actually there was a bit more traffic in the branches for the first two hours, but mainly people giving positive feedbacks and praise to the bank rather than, you know, there would be any significant outflows. We practically immediately contained eventually liquidity squeeze, and we practically stabilized the entire operations of the bank in a matter of moments, frankly, you know, not even hours. In this respect, this was obviously a unique exercise. We have not hoped for something like this, like this coming out of the, you know, Ukrainian crisis, that of course, no one believed could be possible. But, Of course, at the end of the day, we have proven as a systemic institution together with Single Resolution Board and Bank of Slovenia and also the government of the Republic of Slovenia, that in such a crisis situation, we've had mechanisms and we've had the power within the system to immediately resolve and immediately recover the situation to the benefit of clients, actually, depositors, the businesses, and of course, by that, also the entire banking system. We have taken over the bank that we believe is strategically fully fitting. This is, of course, our core market. We are headquartered in Slovenia. This is our home market. And Sberbank has been, of course, a reasonable bank, very reasonable bank, a very nice distribution of portfolios, and fully complementary to the NLB's operations on one side. On the other hand, clearly a bit upscale for, you know, standalone high competitive edge in long term. Of course, in view of the synergies, this is absolutely a, you know, a complementary and absolutely, you know, covering operations. In this respect, this caters for significant in-market consolidation opportunity. Of course, we will be tackling this, and we have proven we can handle integrations successfully also just in the recent past. We have successfully integrated the bank in Montenegro last year, and we are just finishing the integration in Serbia of two banks. We do have the toolbox, we do have the roadmaps how to effectively conduct such integration. In this respect, this is really a very interesting add-on to our business. A significant number of retail clients, also some very interesting corporate relationships. In this respect, we are above all happy that NLB has demonstrated its responsibility as a systemic institution on one side, its decisiveness and agility, and was able to pull this off. There is absolutely full strategic rationale, as Sberbank also has some very innovative products, be it from digital and be it from card business and so on. Nice talent pool. We have met quite some already talented people, highly talented people, which we believe can contribute also to the development of the group. From strategic point of view, absolutely an opportunity that was worthwhile exploring, and I'm happy actually we were able to pull this off. With that, I would pass the word to Archibald to give you some more information on the financial rationale, and I would wrap up then at the end, of course, and then open the floor for the discussion. Thank you. Thank you, Blaž. Just to quickly wrap up the strategic rationale. Clearly, Sberbank has, as Blaž said, in a way a subscale with 3.6% market share, but of course, nicely adding up to our market share. By that actually, not that this is something to underline, but maybe worth mentioning, it puts us back in the number one slot, which I think is also interesting. In terms of the financials, clearly 2021 is unaudited. But you see that we have a bank with a relatively stable development over the last couple of years in terms of revenues and costs. Obviously the net income a bit below expectations from what you would expect as a return on capital employed. In any event, of course, for us a very nicely complementary business. From a technically financial point of view, clearly something we can easily absorb. If you look at portfolio composition, again, nothing out of the ordinary, very good distribution of portfolio. There's an overhang on retail, which we also like, of course. Of course, a corporate footprint that again can be easily absorbed by NLB. You see a balance sheet size of EUR 1.7 billion, loans of EUR 1.2 billion, roughly. I think more interesting capital absorption. Blaž has mentioned NLB is strong in terms of capital and liquidity. We always call it a fortress balance sheet, so we are ready for this kind of moment and opportunities. It is also true that for months we were running a kind of a strategic M&A preparation project, if you want. I think this is what amongst others made us really able to react rather quickly to such unexpected opportunities. You see that the immediate absorption will reduce capital adequacy by some 130 basis points. This is pre-negative goodwill, which of course there will be some. There is now a technical recognition process initiated. The purchase price allocation, as it's called, has to be conducted technically. There will be also onboard experts who help us already in case of Komercijalna Banka have to do this swiftly and properly. Then of course, we will have to assume there will be some fallout from the Swiss franc, some residual Russian exposures. We have tried to quantify it and we seem to have a stable number of something in the range of EUR 50 million-EUR 80 million. In a good scenario that includes the Swiss franc impact also on the side of Sberbank Slovenia. Easily absorbed by the negative goodwill. By that, just to conclude, this is nicely complementary if you want, unexpected, acquired at for sure a good price, not, I think, overpriced. In this sense, there is a good strategic and ultimately also financial rationale. What we will now trigger immediately is of course a preparation for integration process. The group has, of course in the last 2-3 years acquired a good experience how to approach the such a project. We have a team in place. We will immediately get going with the technical preparation. For now, I can say this situation at Sberbank or from today on N Banka is stable and liquidity situation is under control. From what we understand, there is no more liquidity support after our initial efforts necessary. Business, I think that's also very important to underline, is resuming normal. All services, all business, needs from clients at, our formerly Sberbank, can be serviced normally. With that I will pass back to Blaž to wrap it up and then of course happy to answer questions. Thank you, Archibald. You just wrapped up the whole story, right, pretty shortly. There is all strategic and financial rationale for NLB to do it. It was of course a very intensive couple of days behind us, but it ticks all the boxes of strategic fit and financially reasonable. In this respect, we believe that we have just delivered even more value to our stakeholders. Now this is of course an accretive transaction, and we have proven the agility on one side, but on the other side also, you know, the preparedness of the capital and liquidity base for further such activities in the region. In this respect, we will continue with our ambitions. We have practically performed a single asset analysis in the last couple of years within the region. As soon as any meaningful assets might get actionable, of course, we might be looking at that. We have announced that we are working obviously on further strengthening the capital base through eventual Tier 2, potentially AT1 issuances. In this respect, that's something that of course will be pursued as soon as markets allow it. On the other hand, clearly we have, by this transaction, not compromised this year's dividend suggestion. In this respect, that's something that I think is very relevant for investors as well. We added value, but we are of course also still planning to pay out the dividend that was envisioned for this year. This is furthermore strengthening the, you know, the message that this was a very good deal to take at the end of the day. Not that we liked the reasons why we had to do it, but of course the outcome is, I believe, win-win for Sberbank banka, that is going to be renamed into N Banka very soon at the upcoming general assembly. The rebranding is ready, so it's going to be, of course, painted blue as NLB colors, and it will be called N Banka for the easier, of course, recognition and acknowledgement of being a member of NLB Group. Of course, then as soon as we can reasonably integrate, and usually this takes 12-18 months, of course, this will be then one bank in Slovenia again, only. By that we return to more or less leading position and of course this is less relevant potentially as the outcome. We have above all stabilized immediately the banking sector and above all protected fully, not with taxpayers' money, but with bank money, you know, the deposits of citizens and businesses. We are receiving pretty high credits for that and appreciation for that. NLB was actually rescued by the people, now NLB was rescuing people. We are simply, you know, returning the trust more or less demonstrating the trust we have been granted was more than justified. Now we are there to support. Now we are again, a systemic institution. That much from our end, and of course, now open for any questions. I would kindly invite you all, hopefully the situation will allow for it, obviously, but on May 12th, we are organizing our first Investor Day in Belgrade. We already announced that in the previous occasion, so there would be much more to be that we could discuss also then hopefully live in person, on that occasion. Now, I would open floor for Q&A. Any questions or comments are more than welcome. Thank you very much. Thank you, if you like to ask questions please press star-one-one on the telephone keypad if you change your mind please press star-one-two. Okay, our first question comes via the webcast, and newspaper Delo would like to know how much subordinated debt does Sberbank Slovenia still have? In the past, they have subordinated debt from parent bank, Sberbank Europe AG from Austria, and we would like to know what happened with the component of regulatory capital. These are very immaterial amounts, so I wouldn't comment specifically on that now. Sberbank in Europe, as you know, is undergoing a separate process. It's basically being liquidated by SB. I don't expect material fallouts. As we have mentioned on the presentation, we have accommodated in our valuation also for some uncertainties that we are not yet fully aware. Obviously, the process didn't allow for full due diligence. One of the immediate steps we are initiating is of course to run full financial due diligence on the asset. We anyway need to do this for the purchase price allocation purposes. We have indicated the amount of adjustments we are expecting from that process, and that can be a variety of all kinds of positions, including ones you mentioned. Of course, paid-in capital is paid-in capital. I'm less worried about such a position. Our next question comes from Jovan Sikimic from RBI. Jovan, please go ahead. Good morning. Yeah, many thanks for the call. Question, I think I'm not sure whether I understood it correctly. The impact on capital is 130 basis points, right? As it is right now. This is the technical risk-weighted asset effect. Obviously Yeah. There will be a subsequent effect of the purchase price allocation from those adjustments to net asset value and of course, the residual negative goodwill. I mean, even the adjustments that we indicated can be, still room for substantial negative goodwill eventually. I mean the equity position is something like EUR 180 million. If you do, if you take a cut into hypothetically EUR 80 million, obviously there is EUR 100 million negative goodwill from that transaction. This is all hypothetical. As clearly numbers haven't been audited, we didn't do the purchase price allocation. For illustrative purposes, this is eventually the effect. Okay, thanks. What else did I want to ask? What about the portfolio quality, roughly, I mean, corporate business and retail, does it compare well to your, let's say, NLB Slovenia operations or is it significantly weaker? No, it is actually quite high quality, so we were actually positively surprised. In this respect- Okay. When it comes to large corporate portfolio, we haven't found any, you know, weird positions. There is some Russian and Belarusian, but, you know, I think it's manageable and well within this NAV adjustment announced. In this respect, this seems to be fully contained. We are amazed about actually the client satisfaction of retail segment. We really found out that, you know, there is a very high NPS, for example, for retail clients that, you know, they are really fond of innovative digital and card-driven solutions, you know. The people in branches are very, very much client-oriented and focused. We really like the retail book and the retail approach. You know, we found also a significant talent pool as well, which we believe is highly committed, hardworking, and we can really, you know, which can be really benefiting from it as a group. Yeah. Synergies you cannot right now quantify, I mean, cost synergies it's too early, right? You'll do it in that way. Do what? To quantify what? Synergy. Cost synergies. No. Cost synergies not exactly. We will of course come out with it. Yeah. Yeah. soon, but they come on negative clearly. I mean, this is, you know, this is really Yeah. We believe of course a very exceptional. Yes. In general, I mean, how does it, I mean, I don't know the end, let's say, impact on capital, but it will be probably much less than this 130 of course. I don't know, tens of pips maybe. How does it affect your, let's say, future M&A strategy given this kind of surprising move or unexpected move? Does it have any impact? Can you say something on that or it's still too early again? Well, it's full strategic fit with what we have communicated so far, right? This is our core market. This is an incremental add-on, fully palatable, you know, well within the margins of what is also accepted by the antitrust authority, you know, perspective and so on. This is fully in strategic landscape fit. We were a bit sorry that of course, the entire Sberbank Group at that point of time was actually sold to the other competitor. At the end, you know, this now has given us an opportunity to actually come to, you know, possession of Sberbank Slovenia, which we believe is a very reasonable operation. Sometimes you need a bit of luck, I guess, on your way as well. This is in no way in conflict or in collision with our other, you know, ambitions in this, on this turf. Let's see whether, you know, there might be still some something happening in Slovenia. There might be clearly something happening in Croatia, but of course we don't yet have clearance. We have hoped for the clearance to be able to enter Croatian market by the politicians until Slovenian elections, but unfortunately we have not got the clearance, so I wouldn't expect it also happening. Mm-hmm. Until the end of April. We will see what's happening after the election. Croatia is shut for us still. The other markets are of course always under the scrutiny and the analysis, right? If there were any regional opportunities in Serbia or Albania, we wouldn't shy away from analyzing. That has to be actionable assets. So far we haven't found such actionable assets. Okay. The last one, if I may, I mean, I understand the deposit outflow stopped right, immediately more or less. Is it okay? This is a view more, if one can say this. This was practically immediately contained on Wednesday morning. There was a bit more traffic in the branches, but more or less out of curiosity and, you know, simply making sure that the money is there and, you know, they can withdraw. But then they, you know, actually people recalled majority of, you know, the outflows that were already in the pipeline. We had completely normal afternoon on Wednesday and absolutely normal yesterday and today. The situation is back to fully normal. The bank is fully independent on liquidity, so they don't need our backup plan at all. You know, although we have of course provided up to EUR 5 billion backup plan if needed. You know, it's not in. I think, to be sure, they have lost some support. They lost some support on day one. I think it's very important to mention this in order to avoid a self-fulfilling prophecy. Once people understand their money is safe and there is a strong backup line, then of course the desire to withdraw money immediately evaporates. This is by no means to say that, you know, the effort was in vain by SRB. I think SRB did the right thing. By choosing NLB, a strong partner, and us providing and having the capacity to provide this material liquidity in case of need, of course immediately stops the urge of many people to move their money away. Okay. Super appreciate your answers. Thank you. Thank you very much. Our next question comes from Anton, from Allianz Croatia, who has stated, "Congratulations on achieving such good transaction price. Will the acquisition impact the planned dividend policy for 2022 and 2023? No, I mentioned that in principle, this dividend should be safe, right, for 2022. Of course, depending on normal evolution of 2022, of course, also 2023. We stick to the original plan. Of course, the situation has become much more dynamic, right? We will see what this Ukrainian situation will, you know, bring into the strategies for some other players from the region. You know who is playing in the region and you know well who is to what extent exposed to Ukraine, Russia, Belarus and so on, and adjacent countries. What this could bring to the eventual, you know, their thinking in terms of strategic positioning, capital adequacy, eventual capital measures and so on. Potentially even, as much as the management bandwidth allows, also eventual vendor engagements. In this respect, we would always be ready to look at and analyze assets. If, you know, this might seem to accelerate certain things that we have been planning for the years to come, but, you know, they might come our way much earlier. Here our message is always very simple and very clear. We always apply the utmost discipline in understanding the accretion of value for the stakeholders. We would not, you know, undergo into the any of such transactions if we didn't really believe a very significant DPS accretion and that of course, we can earn north of the cost of capital engaged. In this respect, if there were material opportunities, of course we would, we have still a significant toolbox with Tier 2 and AT1 and so on. There might be then of course considerations whether it makes sense to pay out so significant dividends if there is such a lucrative opportunity to grow through the M&A. This would be then of course, discussed at the General Assembly at the end of the day. At the end of the day, General Assembly discusses the dividend, right? I would just complement that we are trying to elaborate a bit more specifically our thinking for the Investor Day as well. Give a bit of a better feel for the trade-offs involved. Vlado mentioned them, dividend versus M&A capacity and of course the ability to raise incremental capital. We try to order this equation a bit more structured for the upcoming Investor Day. The next question comes from Gaynor Davies from EBRD, who is asking, will Sberbank become part of the Slovenian resolution group? If so, what impact will this have on MREL requirements? The MREL equation of course is always the same. The risk-weighted assets of the resolution group, which of course after a merger, I'm talking after a merger, so not as a subsidiary, but after a merger, the Sberbank assets and liabilities will become of course a part of the resolution group. It's relatively simple. You take the risk-weighted asset base. That's roughly EUR 1 billion, and roughly a third of that adds to the MREL requirements. Of course, we are also getting very focused on meeting the MREL needs, and that's why you will see us very active also in acquiring MREL eligible liabilities. Thank you. The next question comes from Divo from InterCapital. He was asking Sberbank shareholders equities EUR 195 million. You mentioned possible EUR 50 million-EUR 80 million hit for Russia and CHF. This leaves really a lot of room for your profit or negative goodwill. Taking into account that you're only paying EUR 5 million, is there something else I'm missing? How come no one offered more? Well, it is not, you know, now it's easy to be smart, but on Saturday morning it was envisaged that on Monday the bank would need up to EUR 500 million of backup liquidity line. Equity is one category, but you know, the money you chip in and risk is a different category. NLB actually didn't offer only EUR 5 million, but offered also up to EUR 500 million liquidity support. You know, that's not trivial. There was no one else providing such a backbone. You know, even if there was someone maybe offering more capital, you know, was not able to offer such strong liquidity backup if needed. You know, on Tuesday evening, no one knew what Wednesday morning would bring. I actually claim that we performed an excellent communication and by that actually calmed down the whole stuff, right? Calmed down the people by really properly communicating. You know, if we didn't pull this one off well, you know, it could easily be that we would have to be extending today still significant lines in EUR hundreds of millions, right? We would simply be losing customer base as well. It was not such a trivial case if you look at it now. Of course, we are all generals after the battle, but no one really knew how this battle will be evolving on Wednesday. I'm really enormously proud of how effectively our communication actually, you know, contained the whole stuff. This was really. I really play up the communication that was done excellently. We assert we didn't provide EUR 5 million only. We provided also up to EUR 500 million liquidity, and that's meaningful. Obviously, to mention the obvious, there's not a transaction happening without due diligence. I repeat, we still have to run a due diligence process. Then of course, when you make a bid, you have to, you know, make your call. What is your view on value? What is your view on risk? And of course, what is your absorption capacity? As Blaž Brodnjak mentioned, it's not just liquidity support, it's also capital support in case of need. There are just a limited number of players that ultimately came for this offer Blaž Brodnjak said overnight. It's a competitive process run by SRB. With regards to competition, the questions raised, you should be asking SRB. The alternative was frankly liquidation. You know, liquidation is fully unpredictable. You know, if Sberbank Europe is immaterial in Austria, Sberbank banka in Ljubljana was not immaterial. You know, for Slovenia, this would have spillover effects, which would be very, very difficult to contain. You know, if that bank simply went into liquidation by that, you know, compromise eventually 50% of deposits of corporates in the bank that are not protected by any scheme, right? This would cause a significant turmoil for the liquidity of the entire economy here and banking system, obviously. You know, now we are all happy and you know, now we all breathe easily. This could be on Wednesday, a real mess, a really big mess. I'm really happy how the whole system works and that, you know, these Banking Union principles do work. We have now a proven case that the SRB works, right? The mechanism of resolution as a better alternative to liquidation, you know, is obviously meaningful. We were able to pull it off, and I'm really, really proud of that. Not just liquidation, state aid eventually was usually the old option, right? I mean, not to praise SRB here, but here the new regulation really prevented very swiftly, and with legal certainty. I think that's also important to mention. What SRB and the framework does, it provides legal certainty, under very unusual circumstances. That I think really has to be underlined. This framework really at this particular case, I think shows that it works. Thank you. Our next question comes from Major from Croatia osiguranje, who is asking, "Please give us more details on real expected cash flow, outflows particularly related with this acquisition, especially parts related with potential impact of CHF law and exposure to Russia, Ukraine. Thank you. I think we can't be more specific at this moment, as we've been. I think we've been very transparent already, given circumstances and everything else. I would ask you for patience for, you know, us having done the homework and due diligence. I would assume for the Investor Day we can share more. But for now that's pretty much it. Thank you. We are guiding with NAV adjustment in principle, so we wouldn't expect this goes any way out of this territory. You know, the credit we mentioned it's contained, so the bank is practically independent again. On the other hand when it comes to the other implications, we are guiding with the NAV adjustment range. Our next question comes from Divo from InterCapital who is asking, "Do you have an idea of how high a market share the regulator would tolerate for you in Slovenia? Well, there was hardly time to discuss that. We were actually in a resolution mode, and we are now just about the size of so far largest competitor. OTP Group, as you know, bought the bank number two, three, four, and before that there were six banks actually consolidated into one to come to just short of 30% market share. We are now somewhere there. We are a couple of EUR 10 million away. There was no, I guess, any dilemma on that. What is the potential end game and would NLB be allowed to do more? This is of course much too early to discuss and to speculate on. You know, as I... There are some markets where you see players such as Ireland, such as Latvia, I think such as Greece, where you would see the largest player, you know, holding higher market shares. By that, I don't, you know, prejudge or, you know, preempt any of eventual outcomes. We have another question from Major from Croatia osiguranje who's asking, "Do you plan to strengthen your capital position plan regarding that? Thank you. We commented, right. We are continuously working on potentially issuing some capital instruments. It's not necessarily only to beef up the capital, but of course optimize the capital as well. On the other hand, there are also MREL requirements. If we are issuing such instruments, we prefer for them to tick all the boxes. The markets we know have been very volatile as we speak, right? We would hope that in Q2 they would stabilize a bit. You know, as pacifists, we are suffering really with this situation in Europe. Generally of course, we cannot accept mentally any aggression among human beings anywhere in the world. We are suffering from this all mentally, I guess. We would hope that at the end of the day, the markets will provide some windows of opportunity in Q2 for us then to eventually approach the markets with such instruments. Otherwise we don't have a desperate need here. That for this would only be needed if we saw really, you know, significant opportunities. For that obviously we would have to provide also the capital. You know, if you are able to transact that in this way, and you then of course would hope for quick reactions from regulators to of course also then acknowledge the negative goodwill within the capital adequacy and from then this of course is helping your capital structure, you know, pretty effectively. If any valuations would then be available below the book, again, we would be potentially talking about negative goodwill coming obviously with a bit of delay, but coming. But we cannot be more clear than that. We have announced publicly we are considering options. We are testing markets and as soon as markets allow, we might come out with meaningful capital instruments. We now have a follow-up question on the telephone line from Jovan Sikimic from RBI. Jovan, please go ahead. Yes. Sorry again. Actually, I'm not sure whether we talked about this, but what about NLB, I mean excluding Sberbank's Russian exposure, direct and indirect. I mean, you consolidate, of course, Komercijalna now. Is there any exposure there towards, I don't know, missile, some companies which also have some relations to Russia? If you can quantify, that would be very good in the context of course, current situation. Or indicate. Nothing of material effects. Of course, I'm talking now direct. Indirect, it's harder to tell, right? Because some economies are more leaning towards exporting to Russia or Ukraine, others are not. For the time being assessment, there's no material follow-up. It's uncertain times, so we always have to be carefully in making such judgments. For the time being, we don't expect material falloff. Direct orders are pretty limited. Indirectly, Slovenian exporters are more or less, you know, exporting 80% of everything that we export to European Union and the rest is distributed globally, and Russia, Belarus, and Ukraine are a couple of percentage points of the total export. There is Krka, obviously, this is more affected, but Krka has no credit exposure. Okay. Thank you. Our next question comes from Benjamin from Duncross, who stated, "Any update on the CHF law process? Not really yet, No real news here from our last call. We have filed. The banks have filed the constitutional assessment and the request for suspension of the law on Monday. It's now Friday, four days, there has been no reaction from the constitutional court yet. We'll see. We hope for the constitutional court to rule within two months, which would of course prevent us provisioning. Otherwise, of course, we would have to go into the execution and then queue to provision. But we mentioned this is the ballpark of EUR 75 million on our end. And there might be some within the NAV of that, but within what we guided, so nothing beyond that. Thank you. Our final question comes from Sehan from S&P Global, which asks, "Thanks for the presentation and update and congrats for the transaction. Has the cut off from Sberbank also from an operational perspective, for example, IT, been happening in full already or are there still some connections or even obstacles that NLB is facing? Thank you. We are as we speak in their server rooms. First initial measures have been taken. I can't be specific here. Of course, there is still little dependencies here or there, but nothing that worries us at this moment. It's still at very early days, so I ask for some understanding. We still need to do some homework. Nothing that would particularly concern us at this moment. There's nothing that would affect clients. That's very important as well. Thank you. We currently have no further questions, so I'll now hand back over to the management team for any closing remarks. Thank you very much for attending. This has been an exciting week, obviously. I'm happy that you understand that this was a pretty unique exercise. I believe it is actually to the benefit of everyone involved. A real win-win, not only for clients of Sberbank, also for Sberbank bank, obviously becoming a part of our group for NLB, but for the entire banking system and Slovenian economy. I'm really happy that, you know, Slovenian key systemic institutions, including obviously the European regulatory constellation, and here I really have to give specific credit to the Single Resolution Board and the team there, was able to pull this off in such a meaningful way, in such a short time and immediately stabilize the situation. Because anything else would be very, very unpredictable. Thank you very much. Again, kind invitation. You're all cordially invited to our Investor Day in May in Ljubljana. Let's all keep our fingers crossed that this insanity in Ukraine stops as soon as possible. Take care and all the best. Thank you. Goodbye. This concludes today's call. Thank you for joining. You may now disconnect your lines.