Good afternoon. My name is Han Hong Sung, head of IR at Woori Financial Group. Thank you for joining today for Q3 2026 Financial Group's Earning Results. And we will begin with the presentation delivered by our Group CFO, Kwak Sung-Min, followed by a Q&A session. and also be advised that for today's call, we are providing simultaneous interpretation for overseas investors. With that, let us begin Woori Financial Group's Q3 2026 earnings presentation. Good afternoon, I am Kwak Seong-Min, Woori Financial Group's CFO. I will go over the group's earnings results for Q3 2026. Please refer to page 2 of the earnings presentation documents available on our website. First, our net income. For Q3 2026, Moody Financial Group recorded net income of $1,049.2 billion of 4.4% QOQ exceeding $1,001,000,000 for the second consecutive quarter. So the group's quarterly earnings capacity has stabilized around 1 trillion won. And as a result, YTD net income through Q3 reached 2 trillion 658.1 billion won. This is an improvement from the same period last year when we recognized about 550 billion won in bargain purchase gains from the acquisitions of Dongyang Life and ABL Life. Excluding this one-off factor, it's an increase of 19% YOY. And supported by this enhanced earnings capacity, the group's common equity ROE stood at 9.9%, continuing its clear improvement. This reflects our progress over the past several years through discipline management of RWAs, and Strategic Capital Initiatives, including ESSA re-evaluation. We have strengthened our capital position and deployed this into productive finance and high growth non-banking subsidiaries, laying the foundation for the group's medium to long-term earnings growth. As a result, both interest income and non-interest income reached record highs, with non-interest income accounting for nearly 20% of total income. At the same time, group-wide cost efficiency initiatives helped stabilize With revenue growth and cost stabilization, YTD operating profit increased by nearly 570 billion won YOY, further enhancing our sustainable earnings generation capacity. Next, capital adequacy and shareholder returns. As of September end 2026, our preliminary ZT1 ratio stood at 13.8%, maintaining the industry-leading position. This is a meaningful improvement, nearly 90 bps this year alone, and 170 bps over the past two years. And this year, as part of productive finance, we significantly expanded corporate lending guarantees and capital markets investments. However, our capital capacity against external uncertainties has strengthened further, supported by solid fundamentals, disciplined asset balancing, and the impact of a decline in exchange rates. Based on this, our BOD today approved a Q3 dividend of 221 per share, fully non-taxable. The record date is November 10th, and the payment is scheduled for November 30th. With this, our quarterly dividends for the year have been completed, leaving only the year-end dividend. And for us, the year-end dividend accounts for more than 50% of the total annual dividend. The current dividend yield stands at about 2.2%, but given our dividend structure and the non-taxable benefits, shareholders' expected annual dividend yield for 2026 should be significantly higher. With the additional $150.1 billion share buyback approved in July for the second half, we are confident that our total shareholder return for 2026 will be significantly higher than last year. And in addition, the Board resolved to cancel 57,369 shares we acquired and held for specific purposes, including comprehensive share exchanges in accordance with the amended Commercial Act. Now, let me go over the group's financial performance by business segment in page 3. First, net operating revenue and mean. YTD net operating revenue through Q3 came in at a record $8,680.3 billion won of 6.2% YUY on the back of balanced growth in both interest and non-interest income. YTD interest income reached 7,035.9 billion won of 4.5% YOY, maintaining solid growth. The main drivers were 25% increase YTD in large corporate lending, as well as the improvements in group's name compared with the same period last year. However, the bank's name for Q3 stood at 1.43%, down 7 bps QQ. Market rates increased more sharply than lending rates, and our proactive efforts to secure funding ahead of additional rate hikes placed pressure on funding costs. But we expect NIM to recover as asset and liability reprice over time, and the impact of higher funding costs gradually subsides. We will work to accelerate margin improvement by expanding high-quality new customer base, attracting low-cost deposits and maintaining a profitability-focused loan book. Next, let me discuss the bank's loan portfolio. As of September end 2026, the bank's total KRW loans stood at 313 trillion won, up 1.52% from the end of June. Corporate loans increased by 1.42% QQ to 156 trillion won due to the acceleration of productive finance. In particular, lending under the productive finance reached roughly $27 trillion won, 1.5 times our full-year target, which we achieved ahead of schedule. Retail loans stood at $154 trillion won of 1.4% QOQ following the government's easing of household lending limits in August. Building on our strong competitive position in corporate banking, we will continue to pursue loan growth focused on high-quality assets. And we will... further enhance risk management by integrating AI across the entire lending process from credit assessment to post-monitoring. By doing so, we will create a foundation for sustainable growth without compromising asset quality.

Let me now turn to the group's non-interest income. Non-interest income for the first nine months reached a record 1.6444 trillion won. Core fee income rose 18.8% YOY to 1.898 trillion won driving earnings growth. Our non-bank subsidiaries increase their earnings contributions by strengthening group synergies and enhancing the competitiveness of their core businesses. In particular, our securities subsidiary has expanded its IB business since its capital increase in May. Collaboration with the bank has also continued to grow with the two jointly arranging deals. As a result, underwriting and advisory fees for the first nine months rose to 2.4 times the level recorded a year earlier, reaching $151.4 billion won. The secretive subsidiary accounted for half of this total. Our insurance subsidiaries also contributed significantly to non-interest income growth, with insurance earnings increasing by approximately $100 billion won Y.O.Y., Stronger synergies with the bank helped increase the group's bank assurance earnings by approximately 10% from a year earlier. As a result, the non-bank share of non-interest income rose from 45% a year earlier to approximately 60% this year. Meanwhile, the group's third quarter non-interest income declined 7.6% QOQ to 581.4 billion won. This reflected higher securities valuation losses and made rising interest rates and stock market volatility together with a sharp decline in capital market fees. However, higher foreign exchange earnings as exchange rates stabilized along a recovery in insurance earnings too. First quarter levels helped contain the decline. Looking ahead, Rudy Financial Group will continue to pursue business opportunities by harnessing synergies across expanding securities, insurance, and capital market subsidiaries. By steadily increasing the contribution from non-interest businesses, we will move towards a more balanced earnings mix. We will turn to costs. Please refer to page 4. This shows the group's SG&A expenses. Group SG&A expenses for the first nine months totaled 3.8575 trillion won. Q3 expenses stood at 1.2246 trillion won, broadly unchanged from the previous quarter. The group's cost-to-income ratio remained stable at 42.3%, in line with our full-year target. Looking ahead, we will proactively make essential investments to strengthen the group's future competitiveness, including expanding infrastructure for our insurance and securities businesses and upgrading IT security systems to guard against cyber attacks. At the same time, we will continue to improve cost efficiency across the group by optimizing our distribution channels and workforce and using AI to streamline operations. Next, credit costs and asset quality. Credit costs for the first nine months of 2026 totaled 1.28 trillion won, down sharply by 15.7% YOY. Q3 credit costs stood at 314.1 billion, a substantial decline of 28.5% QOQ. The quality of our loan portfolio has improved as we have expanded lending to high-quality corporate borrowers and steadily rebalanced our assets over the past two years. As a result, our credit cost ratio for the first nine months declined to 42 basis points. Woody Financial Group will remain focused through year-end on achieving our portfolio targets of reducing credit costs by 15% and bringing the credit cost ratio to the low 40 basis point range. Our asset quality indicators also remain sound as of end of 2-3. As of end September, high-quality loans continue to account for around 85% of the corporate loan portfolio. The NPL ratio also edged down to a Q, supported by a decline in new NPL formation, reflecting our rigorous asset quality management to prepare for rising interest rates and macroeconomic volatility, which will further strengthen monitoring of vulnerable borrowers and proactively pursue NPL sales and write-offs to maintain sound asset quality across the group. In closing, the key transformation underway at Oodi Financial Group is this. Having strengthened our capital position, we're now entering a new phase of growth using that solid capital base to secure future growth opportunities, strengthen our earnings capacity, and increase shareholder returns. Our bank is reinforcing its earnings base by strengthening core businesses including corporate banking and wealth management while improving cost efficiency. Following the acquisition of full ownership of Dongyang Life in August, we are now moving forward with the integration of our two life insurers. Once completed, this integration will deliver cost synergies and economies of scale. Our securities subsidiary is steadily building its track record in IB, obtaining the derivatives license currently being pursued will further strengthen the foundation for earnings growth. Our credit card, capital finance, asset management, and key subsidiaries are also increasing their earnings contributions by enhancing their core competitiveness and group synergies. By delivering 1 trillion won in quarterly net profit for two consecutive quarters, we have demonstrated that the group's earnings capacity has reached a new level. Looking ahead, we will further strengthen the group's fundamentals through sustainable improvements in ROE and share the benefits with shareholders through differentiated capital returns, reinforcing our competitiveness as a comprehensive financial group. This concludes OODI Financial Group's 2-3-2026 earnings presentation. Thank you.

Thank you. Now we are going to begin our Q&A session. If you would like to submit your question, please press star N1. And if you wish to cancel your submission, please press star N2. So we are going to wait until the question comes. So the first question comes from IB Securities, Seo Kyung Jin. Please go ahead and ask your question. Hello. Thank you for giving me the opportunity to ask questions. I have two questions. The first of all, for the margin side, there was a slight significant decline this quarter. So what was the impact on the asset management as well as the funding side? And also we have, starting from July, we have some impact that reflects in some extent related to fixed margin payout. And the second question is for the Jong-Yong Life. I understand that you ran it quite strongly. Was the purpose of your merger to secure liquidity, or did you think that it was more profitable than the authorities were concerned about? And I'd like to ask you what you did. If possible, at the time of our return rate, which is 10%, I would appreciate if you could explain what level of the hedging you are using. Yes, we got the two questions. Could you repeat your second question again? So I have a question about the Dongyang Life. So in September, it looks like you did a 700 release quite strongly. Was it because to obtain the liquidity, or did you think that it was okay for your profitability? And also the 100%, the reversal timing, when do you expect that that will be? So please give us a moment as we prepare our response. So my name is Kwak Sang-Hee, CFO. For the first question, it was about our margin. So YTD basis, the margin is about 1.3 dips. So it's quite high YOY. I think what you're asking is based on true Q. So I think that I covered this before once, but Q3 this year, I think that there was a burden with the funding costs for all banks. And that was the same for us as well. There was an increase in the funding cost because of the increase in funding rate. But for Uri Bank, we have a CD linked loan, which accounts for 70%, which is quite high. So for Uri Bank, compared to our competitors, we had to endure the increase in funding rate, but we also had a bigger gap. between long and short term. So to further explain on that, as you know, the market rate, the CD rate, as well as the funding rate. So the CD rate, it went up about 41 bps by end of September. For one year, the funding, the bond, it actually increased about 132 bps. So there was a difference between long and short term interest rate and because of that spread, we had an impact on our Q3 earnings. So and from September and early October, the long term rate actually increased more sharply than the short term. So there is a gap between long and short interest rates that had impact on our bank because The CD-Linked loan that accounts for 70% of our total loans. So that is impacting Q3. So by early next year, the BOK, we have an expectation that the BOK will continue to increase the rate. But we do think that the rate might decrease afterwards. So I think that over time, this risk or this factor will actually start to fade. And to be more specific, there was a decline in core deposits, which actually led to 2 bps impact. And the low and short interest rate spread that I just covered, that actually had about 5 bps impact. So in Q2, we had a decline of about 7 bps. For this quarter, we had a decline of about 7 bits. But if you look at just the Q3 only, there's a decline of 7 bits, as I covered. So that may look like a significant drop. But if you look at the first half of this year, compared to the end of last year, during the first half of this year, Woori Bank had a YTD of 1.46%, and the first quarter, the second quarter, it was 1.51%, respectively. So YTD compared to the end of last year, it's an increase of 5 bps for NIMS. So you can compare the figures yourself. It was a slightly increase in NIMS compared to our competitors for the first half of this year. So I think that, you know, you could also consider that fact. And as you know, we will also cover the loan growth later. But the Korean won loan increased about 12 trillion won YTD. The 8 trillion came from the corporate lending, and we also covered it in IRC. So corporate lending growth is supported by our principle or the strategy, which is only margin. So we actually focused on the productive finance, and we increased the large corporation corporate lending. So we not only looked at the rate, but we also tried to increase the non-interest income from those transactions. So as we increase the corporate ending, we also try to increase the fee or the FX related fee income. The IB fee income went up significantly because of that. And as you know, the IB, we mostly focus on large corporations. And in this process, we have an opportunity to source the IB deal, which could increase the IB related fee income. So under that strategy, we tried to capture not just the interest income, but also the non-interest income. So that was our only margin strategy. However, there was a slight burden on the mean for this quarter. Overall, we increased the corporate lending to increase both interest and non-interest income. And that was part of our strategy. Starting from Q4, I believe that this downward trend will no longer be there. And Q4, we will at least remain or have a slight increase. And starting from 2027, we are going to start asset refreshing, which will improve the mean. So that's the answer for the first question about the mean. So for the second question, insurance related question, you mentioned Dong Yang Life. But I think that it covers both Dong Yang Life and IBL Life because we ended insurance as of September. I'm not sure if I am able to share the reason why here. But as I know from the regulators, we were told to stop to sell this life insurance. And I think that this not only applies to us, but it also applies to other insurers as well. So the whole life insurance that we stopped selling, it was more from the AVL life rather than the Dong-Yang life. So there could be an impact for ABL life. So we just started back in September. So we had an internal meeting with our insurers. But this is coming from the regulators, so we need to obviously comply with this. But we decided to create an alternative product which can replace this. and we will try to launch this as soon as possible within October. So for us, it's a product mostly sold by AEDL Live, so not so much impact for the Jong-Yong Live, but bigger impact for AEDL Live. So there are 20 products or other solutions. We are currently working on it to make sure that we do not lose the profits.

Okay, from NH, we have , who has the next question.

You have the floor.

Yes, hello, everyone. My name is from NH Securities. Thank you for giving me the opportunity to ask a question. I will ask two questions. First, about the CET-1 ratio. Of course, it went up, but not dramatically. So maybe because of the previous reason, and I do not know how to interpret this figure. So why did it go down? You talked about the bond and also the interest rate. Were those the sole causes or also because of securities? And also going forward, if interest rate hike continues and if the market continues to slow down, what is your expectations in terms of the outlook? Do you have a long-term plan? So that is my question as well. And also number two, now I have a question about the insurance. Now it was delisted so it will be consolidated and perhaps more contribution is underway. So what would be the next plan? Do you have anything in mind? And also if we were to do this by next year, do you have any plans for further increase of capital or contribution? Yes, thank you very much. We will now prepare for your question and entertain your question. Thank you very much for that question. The first one was about CT1 ratio change, and the number two was about the insurance integration plan and anything that we had in mind in terms of contribution. So about the CT1 ratio, now as you can find it from the IR document, it was 12-pointish to 13-pointish. So about 8 BP went up. And as you can see from the material, now we wanted to improve the operations risk. So 13 BP went up as the expenses went down by about 202 billion. So you may think that actually the increase is not that high. So with that in context, I will give you my answer. So it was 12.6 trillion, and the group, when it comes to recurring asset growth, it's about 8 trillion in terms of the growth. And as you know, we have FX, and 183 went down in Q2, so 7.4 trillion declined. So we had the FX impact as well as the asset impact as well. So in terms of asset, net asset growth, it was about 0.6 trillion won and that is equivalent to a decline of 3 bps. But as I've mentioned, now we want to increase the risk of operation and 13 bps went up, so we had in total 10 bps impact. So We can see that as a contribution. And then we have a 7BP and then 4BP in dividends and so on. And then we also had the FX effects. So FX fluctuation also had an impact. It actually had an impact on RWE as well as the assets. And now the RWE impact is also factored in. But then now when it comes to other bond loss Well, for us, unlike other companies, the impact is not that high. So based on what I've mentioned, when RWE was concluded on track, it would be about 13.9, but then now we have 15 BP difference because of a specific reason. So I cannot specify this company's name, but you have to look at the semiconductor. We have some vendors that we work with. And then end of September is the month of corporate tax submission or payment. And this is quite technical, but it actually had an impact on the RWE in the payment process. So it's about the 0.9 trillion. So it was not cash. Tax actually increased the amount by $4 trillion, but then RWE-wise, it was only $0.9 trillion, but this is temporary, and the asset grew because of that corporate tax issue, so we plan to resolve that in October, so this was temporary once again. And then about the overseas, we have some businesses without control, They actually took out some loans, and we had that loan in end of September and early October. It was repaid, and then this was something unexpected. So as of end of September, so about $0.6 trillion was the amount. So as of end of September, we had some temporary loans. We had some transactions with businesses and RWE actually went up by 1 trillion and then it impacted 15 BP. So as of end of September, it's down 15 BP. But if you look at effective number, we have almost resolved the issue as of October. So end of September, it's about 13.95. And as we sustain this and maintain this by 2024, well, 50% will be the year-end dividend out of all dividends, and we plan to use the capital ratio that will go up in that manner. So about CT1, that's my answer to your question. And also about your second question about the integration of the insurers and also any concerns about the additional contribution. So this is my answer to you. So as I've been saying, the integration of the two companies has been officially announced and we are now on track. And integration of the two insurers requires a lot of tasks and works, not just finance, So in terms of IT integration, we need more than that. We need to integrate financial system and also HR at the end of the day. So we have this schedule in place and we're now on track. So we believe that October 1st is the deadline for integration, and so far we are progressing on track. We are on schedule. And as I've mentioned, now the life insurance, well, in that community we plan to become number five. And then as of integration period, we are focusing on cost synergy. And we wanted to maximize cost synergy towards that destination. and now the integrated entity, we want it to be financially most effective and that is how we are working on this. So how are we going to maximize CSM and also KICSview, how are we going to work on that number is something that we are looking at. So we are working to maximize the numbers. So to talk about the technical It's about how we are going to work with the subsidiaries or the underseating companies. And based on that, we want to integrate and relieve your concerns. So what we can say for now is that after integration, well, We do not want the holding company to actually inject capital to this insurance because of financial issues. That's something that we want to refrain from. So we have not only legal integration, but also HR integration that we have in mind, and we will do our best to stay on track. And with the integration, the IT investment shifts For the insurers, while that also includes investment for AI. So be it sales or the entire business process, especially underwriting. So end-to-end value chain will be monitored. We plan to embed AI to the legacy system and that is what we are doing right now as we work for IT integration. And once we complete the process, we will be efficient and the integrated entity will be effective. So no further capital injection.

So thank you. Next question is from UBS Securities. Please go ahead and ask your question. Hello, good afternoon. My name is Baek Do-Sun from UBS Securities. I do have a question about the asset quality. The current frequency rate increased a lot in this quarter. So I want to know the reason behind that. And also the group, the CCR, is maintained at a very low level. So after the Q4, So how do you actually foresee the asset quality including the CCR? So thank you for your question. Let me go ahead and answer, let us go ahead and answer that question. So my name is So for the card, I think you have a question about the soundness of the card. So the delinquency rate, yes, it went up, as you can see in the figures. There are no specific reasons behind this, though. Compared to first and second quarter, the disposal as the right of the cost went up. So that's why the NPL went up and the delinquency also went up. And as you know, we are right now in the higher rate cycle. So the card, the investment banks, these are the subsidiaries that are more accessible by the vulnerable customers. So we continue to monitor these transactions and loans to make sure that we do not see higher increase for delinquency rate. And as I covered, the disposal, The size actually went up from last quarter. That's why we're seeing this change. In Q4, we are going to actually stabilize at the same level as our competitors. So the Lincoln C rate and the NBL ratio in Q4 per card will go down. So for the credit costs, I think you had a question about the outlook. So in Q3, the NPR rate, it all went down. And because the NPL for banks and other subsidiaries actually went down significantly. And that has been reflected. And we have been managing the risks proactively to make sure that we don't have any new NPLs. And I think that Our effort actually was reflected in this decline in the figures. And as you know, the one-off items such as, you know, the ones that we had in Q1 and Q2, we don't have that anymore. So we increased the corporate lending, which also helped reducing the new NPO's.

We are going to continue this effort.

So as for asset quality compared to our competitors, we are going to continue our leading position and we are going to maintain that position going forward. So the 2026, the CCR, I think it will stay well within the early 48 bps range. and we also promised that we are going to actually decrease by 15% and this is a goal we believe that we can achieve this year. So before we had a real S-Trust and the investment banking, we actually eliminate those in 2025 so we don't have any risks associated with that anymore. So going forward, the credit cost at the CCR management, I think we can actually maintain the same level. Thank you.

Okay, next question. From HSBC, we have Mr. Won Jae-yong who has this question. You have the floor. Okay, thank you very much for the opportunity to ask questions. I will ask two. First, about insurance. Number two, about shareholder returns. So two weeks ago, there was this article that came out, and now ABL Yeouido Tower sell-off is accelerating, so that is what the news is saying, and according to the news, it's about $300 billion, and of course the price could change, and Koh Rang Ko has been selected as a preferred dealer, and I believe that the process is faster than expected. Then when do you think the earnings will be reflected, and what about GT1? When will this be reflected? Can I have a rough number? And number two about shareholder returns. Now, in fact, when it comes to shareholder capital, you're managing this quite well. And then from October, it's about 13.9. And that's what you mentioned before. And ABL Tower, once it is sold, then CT1 will also go up. and improve. Now, as for shareholder returns, well, it will be much higher than last year, and that's thanks to your dedication. And according to the estimate, your target is about mid-40 bps, and that is my expectation. But this is my question. It's about the following year, because CP1 is improving and then earnings go up. Then other companies, you know, they are exceeding 50%. and now of course exceeding 50% maybe should be our next goal or target. And now what about next year's shareholder returns? Do you have any plans for that or any ideas? Do you have any plans to introduce new frameworks for next year? That's my question. Okay. So about the insurance, the asset sales and also shareholder returns. So two questions that we will now give you the answers in a moment. Okay, about the first question about the property sales. ABL Live, yes, you said that you saw the news and it's out, and while most of the data and information is correct, I cannot represent it fully, but yes, now the building is up for sales, and I believe that you want to know the timeline. But what we have for now, and what the newspaper is saying, while we are actually talking with the preferred, If everything goes as scheduled, then the ABL Tower, we believe, for now, will be sold by the end of this year. And if we were to look at the schedule-wise, we are now on track to complete it by the end of this year. Well, it's the preferred buyer and once it's selected and of course it will be a real estate agent and not M&A but still we have to do auditing and that will determine the price and I am being prudent here. I do not want to disclose any specific numbers today because we have the counterpart and maybe we are not in a position to disclose the numbers But what I can say for sure is that the negotiation, if it goes as planned, then by the end of this year, it is highly likely that the sales will be completed. So that's how much I can tell you. And as you know, now insurers, well, let's say that it was a bank's property, it's RWA 100%. So it does help. But then for insurers, it's a CT1 ratio, and the calculation is different from that of the bank. So given that into account, CT1 ratio should be looked at differently because you have property out and then cash in. So it will not impact the net asset, but the CT1 calculation of the insurers, well, you know better than us. How to calculate the number. So it's not bad, but then once we reach sales profit, then it will be retained and it will be contributing to ZT1. And well, that's how much I can tell you for now because it is now in progress. And also, moving on to your second question, about CT1 ratio and also shareholder returns, you wanted to know some outlook or expectations. Now, as I've mentioned in Q3, it's about 13.8. That was an estimate. And we have some specific factors with the companies that we are working on. And there was an asset increase because of that. and now the precondition is that we resolve all of that. Now in 2.3 it will go above 13.9. But then year-end dividend accounts for 50% of total dividend payout. So now once we decide on the year-end dividend, we will actually reflect that towards the end of the year I cannot disclose the number now, but then it will be a great contributor. So it will cause some decline. And now as for capital ratio, yes, so we are at the level of our peers as well. So now there were at times, you know, last Q4 where we had to stop in terms of capital ratio, but then that's no longer the case this next quarter. So given that growth, And we believe that CP1, well, we will maintain 13.6 to 13.7 range. So that's what I can tell you. And with that as an assumption, as you've mentioned, now our total shareholder return or TSR could be need 40 range. And we believe this is very possible. Then 50%, Well, if it was tax exempt, and if we were to reflect that, then PSR, you know, 18.4% is added. So tax exempt-wise, it's above 50%. So please keep that in mind. And next year, as you've mentioned, now the nominal PSR, of course, we will have to look at the financial statements of next year But now as CFO, we wanted to re-look at TSR. And nominal-wise, yes, my idea is that it has to exceed 50%. But then as we plan for the next year's financial statement, we need to work on the details. And as we make it more concrete, as you've mentioned, we have this value of plan. And there are some elements that we plan to upgrade. and with that and as we discuss that within the board and reach a decision then at the end of the year when we do earnings presentation then perhaps we could discuss the number but what is certain is that the capital ratio went up and we want to make sure that it contributes to growth and shareholder returns So capital ratio goes up, and from 2027, we want to fully take advantage of that. And now the plan is to kick that off starting 2027, and that's what I want the market to understand it as well. Thank you.

So there are no more questions. So out of the questions that we addressed today, we also had questions that came in in advance through our website. They were mostly from retail investors. And most of the questions was about the dividend for 2027. and how long we are going to do the non-taxable dividend. And we were not able to cover that today during the Q&A session, so we will ask CFO to answer that. So for dividend for DPS, as of now, based on our value of plan, our aim is to continue to increase this on an annual basis more than 10%, and we are going to continue with this going forward. As we do the shares buyback, we're going to continue to increase DPS, and of course ROE will have to be improved. But through the increasing ROE from the non-banking sector, we can also increase the non-income, and we can downsize the outstanding shares, thereby maintain the 10% level for the DPS. So we are going to continue to achieve this goal. And as you know, the non-taxable dividend, we are the very first one to do this. And we are the only financial holding company who are giving the non-taxable dividend. And so for the non-taxable, the total amount is $6,300,000,000. And after Q3 dividend, The remaining amount will be 5.2 trillion won. So we're going to maintain our quarterly dividend principle, which will cover at least three or four years going forward. So about the dividend, maybe not right away. So it's not something that we can decide either this year or next year. But in long-term basis, Because we do have enough funds to cover three or four years, I think about 2028 maybe, we can have another discussion and we can reassess the amount that we can pay the non-taxable dividend. So maybe we can secure the amount additionally for non-taxable dividend that time. So this is something more we have to look at in the long-term basis. So before we Use all the amount, we will review whether we can secure additional funds for non-taxable dividends. But this is a mid-term target. So maybe it may be too early for me to comment on this, but this is a possibility and this is something that we are reviewing right now.

So that's all.

So thank you. I think that's all the questions for today. and we are going to conclude today's presentation today. Again, thank you for joining the Woorie Financial Group Earnings Conference Call for Q3. Thank you.