1Q 2026 First Quarter Results Presentation

Good afternoon everyone. Before we begin, please be reminded to switch your mobile phone to Simon. Ladies and gentlemen, welcome to the annual journal meeting of IFAS Corporation.

The company is conducting this AGM physically and via live webcast by video or audio download. Thank you for your participation at this AGN. Let me do a quick introduction of the directors and colleagues who are seated here. The directors and management of the companies seated here with me are Mr. Mark Rudolph Duncan on my left. He is the lead independent director. Then we have Miss Cecilia Chu, Independent Director, Miss Temitam, Independent Director, Mr David Tho, Independent Director. On my right we have Lim Wieken, Independent Non-executive Director, We have John Paul, Executive Director and to the far right we have Terrence Lin, a group, CFO. Dr. Champion who is our independent director is joining us virtually at this AGM. Let's see here on the screen. Our company secretary, Ms. Chan Lai-Yin and the audit partner from KPMG, LLP and a scrutiny from Citadel Corp, Private Limited. the first presentation.

Before we proceed the business of EGM, our executive director, who is also the director of corporate

communication, John Paul Wong, will give a presentation, a group's business update for the first

quarter of 2026. Hi, everyone. Welcome to IFAW's EGM. I'll be running through the first quarter of 2026, results presentation deck. Let's start with a key summary. So the group began 2026 with a 44.5% year-on-year increase in total revenue, which stood at $154.5 million, while net profit grew 47.5% year-on-year to $28 million. The increase in our profitability was driven by growth in the Hong Kong e-pension business, as well as continuing growth in our co-wealth management business. For first quarter 2026, the group's EBITDA grew to $45.7 million. This is a 39.6% year-on-year growth. For our core wealth management business, our group's AUA increased 27.1% year-on-year to a new record high level of $32.6 billion. Growth was seen in all the various markets that we operate in, with Singapore continuing to be the main contributor. Despite volatility in our global markets, especially in March of this year, Group's net inflows in first quarter, 2026 was a healthy $1.25 billion.

Borrowing unforeseen circumstances, we expect 2026 to see healthy growth rates in revenues and profitability. For the overall Hong Kong business, which includes the e-pension as well as the wealth management business, the group is targeting double digit growth in revenues and profitability for 2026. The also pension administration business in Hong Kong is expected to start contributing in the second half of this year. IFAS Global Bank in the UK will be building on its milestone of a full year of profitability in 2025 and targets to continue to see robust growth rates in 2026 and beyond. For the first interim dividend for FY2026, the directors declared a dividend of 2.5 cents per ordinary share, which is higher than 1.6 cents per ordinary share for the same quarter last year. For FY2026, the directors expect to propose a total dividend of 10.5 cents per ordinary share or higher, which represents at least a 25% year-on-year increase. The Hong Kong e-pension business has been one of the important contributors to our revenue and profit in the last two years. But we see contributions from the Core Wealth Management Business and IFAS Global Bank to be the key revenue and profitability growth drivers in the next three to five years. As a global digital banking and world management platform, the group is increasingly looking to make progress with a truly global business model, which means attracting customers from all around the world while we operate from just a few key jurisdictions. Of particular significance will be our ability to leverage on our presence in Singapore, Hong Kong and London, which are seen as three of the top financial centers in the world. The group is targeting to achieve an AUA of $100 billion by 2030. This implies a compound annual growth rate or KEGG of 25.6% or higher over the next five years. If the net revenue margin on AUA is around 60 bps, net revenue, excluding EMPF project, will be approximately $600 million when the $100 billion AUA is achieved. The group is embracing AI to achieve our various objectives. While we have a lower group headcount in mind, we expect our overall group headcount to peak in the middle of this year and to be at a lower level at the end of 2028, even as we work on achieving our various objectives under the three-year plan. This will pave the way towards improving profit margins from 2027 onwards. On this slide, our usual AUA slide, so you can see group AUA increased 27.1% year-on-year to a record high level of $32.64 billion. Q on Q, AUA grew by 2.1%. The contribution from B to B is about 65%, and the contribution from our B to C business is about 35%. On the next slide, for the AUA breakdown by markets and products, so as you can see, Singapore continues to be the largest contributor at 69%, followed by Hong Kong and Malaysia, and others, which consists of China and UK, that proportion has been growing at a fairly fast clip over the last one year. In terms of EUA breakdown by products, so unit trust continue to be the core product at 55% contribution, followed by stocks and ETFs. This category of products has been growing at a faster clip as well compared to the other products over the last few quarters. And the EUA breakdown by products is followed by bonds 10.8% and cash account and deposits which include the UK bank's cash deposits that's at 8.7%.

On the next slide, our net inflows as I mentioned just now, so despite volatility linked to the war in Iran as well as skyrocketing all prices, net inflows have been strong and grew 33% year on year to 1.25 billion dollars. A very similar observation for our gross unit trust subscriptions which also grew very strongly year on year. So in first quarter 2026, unit trust subscription grew by 47% year on year to $3.33 billion. I'll now move on to the financial results in section one. So for first quarter 2026, total revenue grew by 44% year on year to $154.46 million. net revenue grew by 54.9% year-on-year to $104.9 million. OPEX grew by 59.7% year-on-year to $71.06 million. Net profit grew by 47.3% year-on-year to $28.05 million. Earnings per share grew by 44% year-on-year to $9.2 cents. The next slide shows the results overview for the last four financial years plus first quarter of this year. I'll move on to the next slide on the PBT margin, Profit Before Tax margin, which is based on our total net revenue for the group, which stood at 32% in first quarter of 2026. Return on equity at 26.8% for first quarter of this year. The next couple of slides show the profit and loss for our different markets at a geographical level. So for first quarter of 2026, as you can see, most of the markets saw strong growth year on year in their profits. So I think if you look at Singapore, Hong Kong, Malaysia, across those three markets, growth was relatively strong. China's losses have narrowed in first quarter of 2026. UK operations saw a decline year on year to 0.69 million dollars. And overall, at the group level, Net profit, as I mentioned just now, go to $28 million in first quarter of this year, which is 47% higher. The next slide shows the last four financial years and first quarter of this year. I will not run through the details here. The next slide on gross revenue based on the geographical segment breakdown, I think across the board for all the various markets, we saw pretty strong year-on-year growth in gross revenue for Singapore, Hong Kong, Malaysia, China and the UK. Quite a similar observation as well on the next slide for net revenue. The last couple of slides in this section talk about our dividend. So as I mentioned just now, 2.5 cents is what the board directors declared for first Q2026, the first interim dividend for this FY2026, which is 56% higher than the same period last year. The next slide shows the trend in the dividend payouts for the last four financial years, and also for this year. So as I mentioned just now, for FY2026, the board of directors expects to propose a total dividend of 10.5 cents per share, or higher, which is 25% higher at least compared to a year ago. I'll spend a bit more time on section two, which touches on our business updates.

You've heard about our three-year plan, which was updated and refreshed in February of this year. So we made a couple of adjustments to the three-year plan, 2026 and 2028. I'll just maybe run through the various points once again very quickly. So the first point, as a global digital banking and well management platform, we aim to make more substantial progress with our truly global business model. So the past two years have shown that our vision of this truly global business model is viable with a significant long-term potential. So moving forward, our presence in Singapore, Hong Kong, and London will remain central to this very scalable strategy. Point number two sees a little bit of change. We added more details for shareholders and investors. So we talked about the AUA target of $100 billion by 2030, or what we call Vision 2030. So this implies a kegger of 25.6% over the next five years. AUA will be driven by contributions from our core wealth management business, as well as IFAS Global Banks deposits. The new detail here to explain to investors more about what that means because of AUA growth, what that means for our net revenue. So net revenue margin on AUA is targeted to be about 60 basis points. The third point here, effectively deliver on e-pension services. Fourth point, effectively develop innovative FinTech services that are complementary to our digital banking and wealth management platforms. I think we've talked quite a bit about payment services as being a prime example. I run through a bit more later. The fifth point of the three-year plan, continuing to broaden our fintech ecosystem. And the sixth point is new. So I talked a bit about it in the key summary just now. So it's embracing AI to achieve the above objectives while having a lower group headcount. So we expect our overall group headcount to peak in the middle of this year and be at a lower number at the end of 2028, even as we achieve these various objectives. And this will pave the way towards improving profit margins from 2027 onwards. So I talked about how we can achieve a stronger, truly global business model and providing stronger payment solutions for our customers. So this slide here talks about one example that was just recently announced by the group a couple of days ago on Wednesday, 22nd April. So in April of this year, IFAS Global Bank in the UK announced plans to launch a worldwide scan and pay which is a cross-border QR code payment feature which is powered by Alipay Plus, a unified wallet gateway of N International. So upon the launch of this service in second quarter of this year, what this will help our customers to achieve is that they will be able to have fast and cashless transactions at over 150 million merchants across more than 100 markets worldwide. The initiative with this initiative IFAW's Global Bank is the first UK bank to partner with N International. So building on this foundation we will continue to strengthen our integrated global digital banking and wealth management ecosystem with this vision that we shared a borderless financial platform which enables customers to invest and save seamlessly but also now to also be able to spend seamlessly on a single global platform. I'll spend a bit more time on the next couple of slides to explain the additional details that we've shared in this quarter's deck on scaling towards $100 billion AUA, or what we call Vision 2030. What you see here on this slide is based on a potential scenario, so it's not a forecast, and they are not meant to be exact targets. So AUA is a significant indicator for our business growth, because that tracks our AUA growth in our co-wealth management business, as well as the bank in the UK. And it's an important source of recurring net revenue as well. So the following illustrates a scenario of how revenue and profitability could scale as AUA approaches $100 billion. So as you can see here at the group level, if we were to achieve $100 billion, that means that we're going at 25.6% Kager over the next five years. But this time round, we also showed a bit more details on who the potential contributors could be. So Singapore, growing at 22.5% Kager over the next five years, that would mean that they will hit $62 billion based on this scenario. Hong Kong, Kager of 26.2% for the next five years, so that would lead to a 2030 AUA of $11.6 billion. And for the bank in the UK, IFAUS Global Bank with a higher Kager of 56.9%, which would lead to banks' AUA number of $15 billion by 2030.

The other contributors would be lumped under others, and that would be growing at a fairly steady rate as well of 21.6% Kager. So essentially, we're expecting broad-based growth across the various markets we're growing. Singapore's still remaining the core growth contributor in this scenario. And of course, as you can tell from the IFAS global banks, Kager of 56.9% which is the highest. So the bank is expected to grow at an accelerated pace on this truly global business model that we're talking about supported by our execution on scaling the various digital banking capabilities. On the next slide, so having this AUA target in mind, what does this mean for revenue? So here's some of the assumptions we have for revenue. So in FY2025, so based on last year's numbers, Net revenue margin on AUA, which is inclusive of the wealth management business firstly and our bank's business, but excludes the EMPF project. So the net revenue margin for last year was over 65 basis points. And net revenue, again, for wealth management and the banking divisions excluding EMPF project, was at about $190 million last year. So if the net revenue margin on AUA is around 60 basis points all the way leading up to vision 2030, net revenue excluding EMPF project revenue, that revenue will be approximately $600 million when the $100 billion AUA target is achieved. So AUA growth is likely to be driven by lower margin products such as stocks and ETFs and higher margin products such as the cash deposits at IFRS Global Bank. So because of this, it will support the overall net revenue margin on AUA. Overall, we expect the operating leverage to improve over time with revenue growth outpacing cost growth as our platform continues to scale. On this slide, we talked a bit more about the cost structure going forward. So we expect Auto Headcount, as I mentioned just now, to peak around the middle of this year following a period of targeted hiring that we've had over the last couple of years in IT functions firstly and also the roles supporting our Hong Kong ePension business. So the cost growth is expected to moderate as headcount is expected to be at the lower level at the end of 2028. We will continue to embrace AI to enhance productivity, improve client experiences and support long-term scalability. So this is expected to support the operating leverage that I talked about and this will then lead to an improvement in our profit margins from 2027 onwards. I've come to the end of the business update in section 2. I will not run through the various performance trends in the subsequent slides, but we're happy to take any question that you have on the business, as well as the deck later on during the Q&A session. Thank you. Thank you, Yupi.

The secretary has advised that a quorum is present. Proxies lodge have been checked and found to be in order. We shall commence with the AGM. The annual report for the year ended 31 December 2025 together with the notice of this meeting have been circulated to shareholders. If there are no objections from shareholders, the notice dated 2 April 2026, which have been in your hands for the requisite statutory period, be taken as read. With appointed, Citadel Corp Private Limited, as a scrutiny for the verification and supervision accounting votes of all such valid proxy forms submitted by shareholders by the submission deadline of 2pm on 21 April 2026. The scrutiny also verified the votes cast by shareholders during the AGM. As Chairman of the meeting, I exercise my right in the company's The resolution to demand for all resolutions put forth at

this meeting be voted by poll as required by the listing menu. For shareholders voting by appointing the chairman of the meeting as proxy and submitted the proxy formed by the submission deadline of 2pm on 21st April

2026. As chairman of the meeting I have voted in accordance with or against abstain from voting on resolutions to be voted at this agent. The company has also published as a response to substantial questions submitted in advance by shareholders via SGXNet on 17 April, 2026.

I now invite our company secretary, Ms. Chan-Lai Yin to explain the conduct of the agent. Thank you, Mr. Chairman. Shareholders can exercise live voting by casting their votes in real time for each resolution table at the meeting via the AGM at convene platform. The real time two way interaction provide shareholders with the option of text space, question and answer questions with the board of directors. Shareholders present physically or by live webcast who had not submitted their proxy forms may cast their votes on the resolutions to be tabled at the AGM using the voting feature available at the AGM at Convene platform during the course of the AGM meeting. The voting is now open and shareholders can start casting their vote. Shareholder will also be given an extra time to... after the close of the Q&A to cast their final vote. Let us watch your presentation on live voting and asking questions via the AGM at Convene platform.

Click, type your question. Choose the related question type, if prompted, before submitting. Need some extra help? Simply select, Contact Support, and chat with our help desk to talk to our friendly team. How to change to alternative channels? Click the alternative channels button at the bottom of the screen. Select the channel that best shows the webcast on your device. Wait for the alternative channel to load. If you have any issue with the AGM at Convene platform, please raise your hand and staff from Asius Convene will attend to you. The chairman will propose the motion for all resolutions at this AGM except for resolution nine relating to grant options to Mr. Lim Chan-chun. Mr. Mark Duncan, the lead independent director, will propose motion for resolution nine. The chairman will invite shareholders for questions and comments in the following sequence. Shareholders present at the meeting will first be invited to ask questions. Thereafter, we will read out and address the text questions posted via the AGM at Convinc platform. Each shareholder is encouraged to have not more than three questions to give opportunity for other shareholders to submit their questions. Where there are substantially similar questions, the company will consolidate such questions. Consequently, not all questions may be individually addressed. The company will endeavour to do our utmost to address all relevant questions. After the allocated time for shareholders to raise their questions, the Chairman will give the queue for final voting after which the live voting will close. The Chairman will announce the poll results for each resolution and declare the resolution carried or not carried with the results of your word displayed on the screen. I now hand over the proceedings back to the Chairman. Thank you. Let us now proceed with the businesses to be front sector at this agent. The first item on the agenda is to receive and adopt the audited financial statements of the company for a financial year ended 31st December 2025 2025 together with a Director's Statement and Auditor's Report there on. With the permission of shareholders, I will take the Auditor's Report as read. I propose the motion for the audited financial statements. The financial year ended 31 December 2025 together with a Director's Statement and Auditor's Report be thereby received and adopted. We will address questions altogether after all 10 resolutions have been proposed. We shall now proceed to resolution 2 of this meeting. The next item on the agenda is on the re-election of Mr. Lim Wiekean, who is retiring by rotation pursuant to regulation 89 of the company's constitution. Mr. Limu weekend has been centered to continue in office. Mr. Limu weekend is re-elected to remain as non-independent, non-executive director of the company and a member of the audit committee. I propose that Mr. Limu weekend be re-elected as the director of the company. We shall now proceed to resolution 3 of this meeting. The next item on the agenda is on the re-election of Ms. Temitam who is retiring by rotation pursuant to Regulation 89 of the Company's constitution. Ms. Temitam has consented to continue in office. Ms. Temitam is re-elected to remain as independent director of the company and member of the Board Risk Committee. I propose that Ms. Tamitam be reelected as the Director of the Company. We shall now proceed to Resolution 4 of this meeting. The next item on the agenda is on the re-election of Dr. Chen Peng, who is retiring by rotation pursuant to Regulation 89 of the Company's Constitution. Dr. Chen Peng has consented to continue in office. Dr. Champeng is re-elected who remains independent director of the company and chairman of the Board Risk Committee and a member of the audit committee. I propose that Dr. Champeng be re-elected as the director of the company. Your directors have recommended the payment of a tax exam one-tier final dividend of 2.5 for ordinary share for the financial year ended 31st December 2025. The proposed final dividend if approved at this meeting will be paid on 22nd May 2026 to members registered in the register of members up to the close of business at 5pm on 11 May 2026. I propose the tax exam one tier final dividend of 2.5 Singapore cents per ordinary share for the financial year ended 31st December 2025 be approved. We shall now proceed to resolution 6 of this meeting. Resolution 6 is to approve the payment of directed fees of $822,150 for the financial year ending 31st December, 2026. As disclosed in the notice of EGM, 609,000 will be paid in cash on a quarterly basis and 213,150 will be paid by issuance of equivalent shares to the non-executive directors, including independent directors, with the number of shares rounded up to the nearest 100. Subject to your approval, The share awards will be granted to all non-executive directors on 1st July, 2026 as part of the directors' fees, subject to vesting conditions of approximately one-third of the share awards will be vested after two years from day of grant and the remaining approximately two-thirds of the share awards will be vested after three years from day of grant. The actual number of shares to be awarded will be determined by reference to average closing price of shares for five consecutive market days immediately prior to the date of the year. I propose that the directors' fees of $822,150 for financial year ending the first December, 2026 be approved. We shall now proceed to Resolution 7 of this meeting. The next item on the agenda is to reappoint auditors and to authorize their directors to fix their remuneration. KPMG LLP for the auditors of the company have indicated their willingness to accept reappointment. I propose that KPMG LLP be reappointed as auditors of the company and the directors be authorized to fix their remuneration. We shall now proceed to Resolution 8 of this meeting. No notice of any other ordinary business has been received by the Secretary. We shall proceed to deal with the special business of this meeting. Under Special Business Resolution 8, shareholders are asked to grant authority to the directors to issue shares in the company. The full text of the motion is set out in the Notice of AGM. I propose the authority be given for the directors to issue shares in the company.

We shall now proceed to resolution nine of this meeting. Resolution nine on the agenda is proposed a grant of options to myself in junction. I now hand the meeting to Mr. Mark Duncan who chaired the meeting for this particular resolution. Thank you Mr. Chairman. Please refer to the full text of the resolution in the notice of the AGM. Explanatory notes under ordinary resolution nine gives additional information on the proposed grant of options to Mr. Lim Chang-chun. I propose that approval be given for the proposed grant of options to Mr. Lim Chang-chun. I now return the chair of the meeting to Mr. Lim Chang-chun to continue the conduct of this meeting. Thank you. Next resolution, resolution 10 on the agenda is on the proposed renewal of the shared buyback mandate. The full text of motion is set out in a band next to a notice of AGM dated 2nd April, 2026. The proposed, the motion for the proposed renewal of shared buyback mandate. As all resolutions have been proposed, we will now begin the Q&A session. The Q&A session will be conducted via in the following sequence. Shareholders present at the meeting will first be invited to ask questions, followed by shareholders text questions posted via the Convene AGM platform. Each shareholder is encouraged to have not more than three questions to give opportunity to other shareholders to pose their questions. We will now take questions from Shell this present at this meeting. Please raise your hand or proceed to a microphone stand. Look at them on both sides of the aisle if you have any questions, regular resolutions proposed or the company's business. You should also state your full name before asking your question. Good afternoon Chairman. Congratulations on the set of very good results for the first key. Yeah, total revenues. Would you state your name? Yeah, sorry. My name is Vincent Tan. I'm a shareholder.

So I thought it was a very good set of results. For first Q2026 that I just saw, total revenues are 44.5%, profit, net profit, 40.5%, you can write that one. and revenues up.

But I want to dive straight into the three questions that I have.

I thought it was super helpful during this presentation that there was a scenario planning. So becoming clear to us that there is a path to the 100 billion in the 5-2-3-2. So if I could have the slide on the scenario planning

for scaling towards 100 billion EU so that we can all

have an easier way to discuss this. Yeah, can you put up the slides? Are you sure I'm screen? Yeah, according to this slide,

our Singapore business 22.5, We'll go to 62.1, kegaring at 22.5%.

So that kind of like is our anchor, right?

And basically that shows that it is still growing quite well

and Singapore, Hong Kong and others kind of like equal proportion, but the biggest proportion is the IFAS Global Bank, 56.9%. So I have a first question, which is the one, the fact that for the Hong Kong, there's a postscript one, which states that it includes the U.M. wealth management also, and the Mokao CTF business, right? So, for this one, if we include the, because we are using this to come to the variation of net revenue margin for EUA of 60 basis points, right? So if we include this, right, you are actually doing about 100 basis points for between two

days. So it seems that you are clamping down the expectations in terms of like declaring

60 basis points because if... Sorry, what is this 100 basis points? BPS, sorry. Because BPS, because the next slide, if you go to the next slide on this, you have assumption that you are doing 60 basis point and as well you will go to 600 million net revenues

for, by the target year, right? So if, but what I'm trying to point out is that

it is actually a very conservative assumption. Because if you include the Hong Kong business for the EU, Hong Kong and the banks and the IGB,

IGB you are having a carry of about 1%. And if you include the Hong Kong AUA, the wealth management and the expansion and all that, you are actually at 100 basis point for that part of the business. Firstly, this number doesn't include the EMP. Yeah. So, and secondly, we're not making 100 basis points for Hong Kong. So this Hong Kong component will come from the web management platform as well as the upcoming old soul business and market. So for this component, we're not making 100 BCS points, it's actually less than that. The portion that will actually be higher margin will be the bank. The bank I think you have the two components, what's the net interest income, which is 100 over basis point assumption, but there's also fee income. So we take a fee income and on to an interesting time that on the overall basis, we're at 200 over basis point currently, right, we'll assume that, you know, we probably reduce a bit, maybe 200 basis point, you know, by then. So that's how the whole thing comes up to about 60 basis point.

Yeah, where we get to the 100 basis point. Let me rephrase this. Because if you look at the EMPS business and also business, it will raise your BPS to a higher percentage than 60. That's what I'm trying to say. So when And you are assuming 60 you are actually being conservative. Is that understanding correct? The also business will bring about some AOA. So there's also business will be counted as part of the AOA. But EMPF doesn't contribute to AOA. Correct. Yeah, so the Oso business will be lower than 60 basis point.

Yeah. So, yeah, I think I shouldn't be wasting time on this. Correct, yeah, we can discuss separately on the detail. Okay, yeah, so my question is, given the IGB is actually, I want to focus on IGB because IGB is So, basically, I want to focus on my questions on IGB, because that seems to be the one that will be carrying our compounding going forward. So I sort of want to understand, right, because the IGB business, it is the deficit and the the deficit growth that will carry the flywheel, so to say. But last year, end of the year, 2024 was 1 billion.

Then this year, I mean 2024, then this year is 1.572, first Q just now was 1.613 billion. So it appears that this part of the growth, right, if I look at Revolut, it was like, the Tepasi Grove was like doubling every year. So this is the one I think that you are trying to work very hard on to try to trigger the growth. So I'm trying to understand, so the two questions are could you like explain to us how you're going to use, because in your first half results, you were speaking about using AI to kind of accelerate this group. So maybe you could give us more color on the AI part. That's the first question. And the second question is about the payment solutions part of the solution, trying to grow the growth there to doing more of the transaction backing and the DTP part and the DFB part of the business. So it's like how you're doing the personal banking, the digital transaction banking part of the business.

So the payment solutions part, I think you were trying to see in your results that you're trying to get licenses, you're signing up with Alipay Plus,

you got licenses from CHAPS, UK. So could you make us understand how important this pavement solutions part is and how you by facilitating all this ability to kind of do the cross-water pavements and doing the internal circulation within your platforms, right? Because we are trying to synergize the different platforms with the bank. So could you explain to us how this is so important in trying to grow this 56.9%? I hope I asked the question correctly this time. Okay, thank you for the questions. So personally, I'd like to take the chance to mention that this particular quarter, we decided to give a bit more colours to this 100 billion. We have been talking about 100 billion for some time, I think when we first mentioned it many years ago. I imagine many shareholders just probably don't quite believe or don't understand. Some studies of pipe dreams. Yeah. But of course, as the years go by, we now know that actually it is something that is is definitely achievable. If we take the target by 2030, compared to where we were annual last year, then we're really talking about compound annual growth rate, CGR of 25.6%, which really is actually achievable, right? The good execution.

We wanted to give a bit more detail also,

yeah, just to let people understand, So what does it mean even when we do eventually achieve those number? What does it mean from the perspective of the distance? What does it mean from the perspective of the revenue, potentially where will it come from? So this is not an actual exact forecast, not exact target, because five years is actually still quite a long time away. In the meantime, different kinds of changes will happen, new opportunities pop up. This assumes entirely organic growth. It is possible that along the way some community opportunity will pop up and then we'll look into some of that. So there are different things that will change along the way to derive at that final target. But I thought this is just one possible scenario based on where we are in our current distance in terms of how we can get there. So I suppose the other point we would, whether it may also is, yeah, you know, we're targeting 20-30, of course it can be earlier, 20-29 or maybe, you know, 20-31, but whatever it might be, I think it is a target that I think, I'm sure you agree, is a meaningful target. We get there, we can choose those revenue, that it is exciting part of our system. Last two years, a large part of the discussion has been about e-pension, MPS. That, of course, has been the biggest driver to a growth profit. But the truth is that all these years, and during the last couple of years, we've been doing many things to position ourselves for the longer term growth. And so we feel that this is appropriate time for us to give a bit more color and clarity in terms of well-mentioned banking power business, is how potentially you evolve. As you noted, I think the biggest growth rate that we're looking at is coming from IFA's global bank, 50 over 100%. While the percentage sounds high, I think it's more far to bear in mind that we're really looking at starting from a pretty low base, from a base of 1.2 billion, all right? We're talking about getting to say 15 billion. That's how we come to here, 56, 57%. And if you look at it from the perspective of the absolute amount of 15 billion, of course, we're a tiny company compared to the local bank. But the local banks are all about 500 billion, that's 700 billion. And they focus more on the businesses in a few countries. If you look at it the other way, relative to the wealth management business that we are already doing, there is also a small part because we are looking at a bank accounting for 15% of the number. Deposits, banking go hand in hand with wealth management. So it is 15%, 15 billion, I think if you look at it in the context of where we are, it is something that can actually be achieved. And in fact, I would say the banking opportunity offer much bigger opportunity than that. You spoke about revenue, revenue of course is a totally different scale, 30 million customer and already making 2 billion or something like that or 2 billion dollars in profit. So this target and projections are something that is actually in the context of banking as a business, in the context of global bank, in the context of the possibility of getting of 1 million customers for the bank, I think these are all achievable. But your point about the quarterly growth recently, it doesn't seem to be too exciting. I agree that in the last two quarters, it hasn't been that much. I think in the short term on a quarterly basis, sometimes the numbers bounce around a bit, sometimes the momentum slows down a bit. And in our case, I would say that one of the reasons for that is also because I think if I take one and one-half years to go the interest rate higher. But subsequently during the course of last year, I think there was a period of nine months or so where we are steadily cutting the deposit rate. Steadily cutting the deposit rate, steadily reducing the current account rates often as well. So while we continue to get inflow coming in, because number of customers keep growing, There were some deposits that came in earlier, and then when interest rates are lower, then some of this withdrawal. So some of these things happen, plus the other aspect is sometimes the money move back to the stock market. So in the short term, there are some of these fluctuations or lots of momentum of quarterly basis. But more importantly, the true driver of this business really is the services that we actually provided.

The services ultimately determine how big this business is. So while we have launched a number of services, we also know that our services are not so complete. So one example really is that payment services for the bank. So we have been articulating our vision of a global bank, really global business model global bank. And that essentially means for UK bank, we are looking at not just UK residents as customer, but we're looking at customers from all over the world as customers. So there's two parts to it. One part is the ability to open account with us. That part has been there for the last three years. The account opening is online, so as long as the documentation is provided, then you can open the account online. But there's another important part of it, right? After you put a part of the account online, after you put money in a bank, can you use the money? Can you use the money to make payments, right? So that's a part where we haven't been so complete so far. which is also why when we are working on this collaboration with NANASHO recently, we feel that this is going to be exciting, this is going to be an important additional service that we are providing that will allow us to accelerate the growth of the business. Because we are talking about allowing customers all over the world to open an account. Today we have a debit card service, but the debit card because of the in-house rule of B star, we are not able to allow non-residents to get the debit card, which means non-residents the majority of customers today in IGB, they don't have a debit card. But with this, sign up with end, the QR payment then becomes something that will become available overnight, so that means with the money, so the vision really is, you know, for people all over the world, you open an IGB account, you put some money in there and then you It can use the money all over the world, including inside China and outside China as well, and really all over the world. I think N has been aggressively growing this part of the service. And for us, the first UK bank to be introducing this, and I think that is something that is very much in line with this truly global model that we actually have. So this is a step that enhances the overall payment service capability. And that will allow our customer base, the positive base, to actually grow faster, grow a lot faster. So this is one type of payment service. For some time we have been talking about developing payment services and so on. We know that we have not been that exact in our description because different things are being put upon and at appropriate time we will be giving more detail. I think this service with N is actually one of the examples. So the payment services is, so if we want to be a global bank, we want to be a platform, well-mesh platform that the fully global business model then yeah the payments of research part is important and payments of research is the ability for us to allow customers to use the money that they have on our platform so whether it's a debit card or URL code payment etc that's one part and the other part is important will be the ability to help them move money cross-border easily so that's the other part that we also have been steadily improving on. So these are the related part that will continue, the overall effort and that will, overall platform, more complete and that will allow us to then move to the other side. Last question. So I think we recently acquired a wealth management platform in Singapore And you basically, if I'm trying to understand you correctly, you're trying to build something where it will synergize and appeal to the mass premium part of the business for wealth management. So is there some kind of expectation when this will help

to transform this part of the wealth management, plus the banking business synergy and make this whole thing more complete. Is there some kind of timeline and expectation of how this will happen? I believe you are referring to the proposed acquisition of the 30% stake in the Financial alliance, the cooperation, that part hasn't been formally completed. We are still waiting for the final regulatory approval. We expect that to be there, but just to note that it is in the process, haven't been formally completed. But as to the intent, I'll say that, so if you look at our business in Singapore, our B2B part of the business, then you actually know that the most important group of B2B partners, most important group of customers for us are the financial advisors, independent financial advisors as well. So Financial Alliance is one of the partners that we've been working with for all these years. So the industry has actually been around for over 20 years. And it has been generally growing and things like that. But I think we're also in a phase where we're seeing that the industry will be going through a bit of further changes, including some potential mergers and acquisitions, M&A. Actually, a lot of new players are coming in, but at the same time, the companies that were started 20 years ago, some of them, the founders want to retire, so there's some M&A and so on. So our key intention really is we want to see a vibrant financial advisory in the street. And we feel that as we move on, it is likely that there could be at least two big players that will emerge among the financial advisory firm. We are of the belief that if we take a stake in the financial alliance and work with them, I think this group can actually become one of the key players in Singapore. The target, the aim really is that going forward, the company will aim to become a listed company as well, aiming to have the first listed FA firm in Singapore. And as that happens, the whole industry will become more vibrant and a more vibrant FA industry will mean a more vibrant business for the platform. So that's the way we actually see. So if it's more vibrant then as a platform, as a key platform in Singapore, that will benefit. Because directly as an investment, we expect that this will turn out to be an interesting investment as well. It is a profitable company. It will continue to grow from there. So that is really the problem. Thank you. Thank you so much. Next question. Hi, my name is Jitong and I'm a shareholder and I just want to say I think all of us shareholders know great job that the board has cleared the company with the rules. Thank you. I myself, who I'm a believer, would be a good fit for the company the way I think even after the stop has been a multi-bagger for the past six, seven years, we can still be a multi-bagger going forward. The first question I had is on the number of customer accounts that we had. And this is a metric that I look at. And I noticed that the number of customer accounts increased by 15% in just one quarter, first quarter on quarter, first quarter over the end of last year. And I was just wondering if you could give us some color on, you know, on the quality of these accounts, where it's coming from, which part of the business is driving that, is it a little bit more back-quarter dated? That's why maybe not reflected in the bigger acceleration of that inflows. And a part of my question is, I haven't seen IFAS nor Salesite talk about it or call it out specifically. So also, can you help me understand how important this metric is as I think about an advanced indicate the inflows and the momentum of the business. That's my first question. Yes. Yeah, on this, we, yeah, we, we, okay, generally,

I think we, our partners that we work with increase all the time, so that lead to the growth and so on. But if I were to point to one, one more, more significant factor that have actually caused this and I think that's linked to an announcement that we made sometime last year as well in terms of the fire out with Shopee in Malaysia. So Shopee is basically a B2B partner for us in Malaysia and we all know that Shopee is much bigger company than us in the US. And that has had a significant impact on the number of customers in recent times. So that I will point to probably the single most important factor. There are of course other customers that add on to it, including the different platforms and things like that. But if I were to point to one single factor, then that would probably be most important. We didn't try to draw too much attention to it because typically when it comes to the B2B partners, there's some sensitivity in terms of what thing you can disclose some of this and the computation information. And these customers would be using a part of our, it's basically an e-wall for them, just one part of our ecosystem. So Shopee basically want to offer their customers, in relation to the ability to buy investment product, both the normal trust as well as the simple product like money market. So this is some of the effect. Thank you. I had a second question and it's about AI. I think you've talked about how AI can help us optimize the cost base. I guess just a broader question on helping us understand the range of outcomes both on the upside and perhaps the downside. Whether it's our position as a platform or our customers, how well they do downstream, you can just subvert questions talked about. So AI is an area that we have actually been working on for the last three, four years.

And I would say that the initial stage, we basically have the team working for a number of different parts. And I will also say that myself, I've been wondering about what are the true tangible impact that we are going to see and we expect to see coming from AI. Probably we are getting a bit clearer in our thinking. So I will broadly say that it comes in two main areas. One is of course it will help us to be able to provide some services far better. Because our services are still also under development but we know increasingly well the the capability of AI and while we're not fully there, we are working towards there. So one example for instance would be just customer service. So we've been talking about trying to be a global bank, having customers from over 100 countries, blah, blah, blah. But to me, to fully be able to achieve that potential, as a global bank with customers from different countries, speaking different languages, Then perhaps the ability to provide customer service 24 by 7, around the clock, in multiple

languages, that will be one of the aspects that will become increasingly important. Without AI then you just mean that we have to keep hiring more and more customer service officer or we just have to downgrade the service level by providing the customer they can't So this example with AI will help us deliver much better service, 24 by 7, without having to keep increasing the size of the service. So the ability to provide services at a different level is one aspect of it. The other aspect really is the ability to grow without continuing to keep adding more and more humidity. That I think will be the other more imitable effect that we are actually expecting. So, for example, if I look at our business, especially on the non-EMPL power business, the biggest growth area in terms of headcount for us last five years has been in IT, IT-IT related employees. And this is one area where we feel that actually we have added quite a lot. I think we have currently 600 IT and IT related staff within the group. And going forward, we feel that we can continue to be able to add on our technological capability and so on without having to keep adding the number of IT staff that we actually have. I think AI coding, etc. is part of what is going to enable us to be able to achieve. So that's basically one tangible example. So I would say, yeah, two areas, one, to provide the service at a much better level. Two is to help us manage costs much better. As we grow, we don't need to keep adding too much income. I suppose we're not at a stage yet where we are clear about what are some of the potential new services, you know, key application type services that uses AI to allow us to make a humongous breakthrough where still not at that stage, we'll gradually figure out how Some of these things can potentially happen, but as of now, I think it's the first two parts of it that we feel quite clear about. If I could just a quick one. I guess after the kind of conflict in the Middle East, just to the extent you can comment, are we seeing more flows into our ecosystem in the three kind of UK, Hong Kong, Singapore, So any comments you can give on that, acceleration or even anything we can do, we now control to try and accelerate better. I would say that overall our flow has been pretty healthy, pretty good including during this conflict period. But if a question is related to whether we are getting that big sudden flow coming from Middle East, I would say that we are so far not the key beneficiary from that. And I think the reason is because Middle East money probably a lot of its high net worth and that hasn't been our key strength historically and not from Middle East certainly. So we are not the one that get this imitative picture of money. But on an overall basis, I say that it will be a net positive. Thank you for the question. My name is Kelvi. I have been so transparent with the bug bits. I was just wondering, my first question was on the number of user accounts. So I have an IGB account. I'm also an FSM one account. So I'm wondering if you counted twice in that number, because I'm thinking whether if I can just use A with A divide by the number of users to get average assets per customer. Second question is on Hong Kong earnings for this quarter. It was lower quarter and quarter. So I was wondering if you can share a bit. Yes. Yipi, you want to take the first question? In terms of the number of accounts, we do count it based on where you open it. And if you have more than one, then that would be added as well. because we're different number or account number attributed to that. I think the next question. The next question is on Hong Kong earnings being lower quarter and quarter. I would say that on a quarter and quarter basis, sometimes the number does fluctuate a bit. And that often is also related to some of the costs, how they are booked and things like that. I think there is some increase in cost overall for Hong Kong versus Parkview. The speak count is actually higher. But at the same time, there are some costs that appear more in the street than in Parkview. So some of these things make some of the differences. So, quarter and quarter sometimes a bit too, a bit difficult to predict to exactly, but for us I think on a year-on-year basis I think we have our planning, as we give our guidance as well, so I think a whole year kind of guidance may be a better way. Yes, please. Hello, my name is Reji Wong. I just want to clarify a number. You know, the B2B partners have over the last three months gone up from 850 to 950. I just want to know, does this include the SMEs from UK, IGB?

Yes, Reggie, that's correct. So that B2B business in the UK bank has also added to that. Okay, thank you. Yes. Hello, my name is Onu. So just three questions about capital allocation. So first question, right, I know that in Singapore we have a lot of brokers nowadays in the market. I think everyone is quite clear on that. Even Robinhood just came into Singapore today. So for the purpose of capital allocation, for the retail broker space, is IFAAs going to allocate more resources to grow it and maybe like do promotions? Or is it like if you that is a great ocean and maybe just get a score for now. Second thing, I noted that the strategy here is to manage high expenses or growing revenue. That's how you got skilled economic share. So I was thinking, since you are a strategy to acquire financial alliance, is the strategy going forward to use financial advisors as RMs to grow your global banking business? Of not then, how can you get such a large number, 50% growth in five years. It's gonna be hard to believe unless you all got some strategy to get more RMs, or maybe advisors as RMs. Then the third question I can think of, I know that there's a IFAS global trust. So is that like a way to keep the AUM sticky to IFAS so that money don't flow up whenever there's dual politics? So, this is the question. And whether you want to re-invest more resources and do I pass the matrix? Thank you. First question regarding the broking business. You were noting that there's a business where there are lots of competition, new players coming in, things like that. So how do we look at it? I would say that broking is an important part of our overall business and it's an area that we're continuing to invest in. We do know that broking is actually one of the most competitive industries. But for us, when we look at building a business, we typically ask ourselves the question about how do we differentiate ourselves. I think in the context of ourselves, probably a couple of key points to bear in mind. One is I think our overall model is that of a more complete platform, not just stocks, basically inclusive of unit trust bonds and increasingly ETF and so on. I think if we just zoom in specifically on stocks, I think quite often some customers actually find that some of the other broker tend to be simpler to use, easier. And we acknowledge that and that's also partly because that is an area they've chosen to focus on. But for us, we actually feel it's important to look at our business from the perspective of overall well measurement platform and account that incorporate other different aspects. And that is, in a sense, one of our key competitors. So if we look at ourselves as a stockbroker, then we are one of the many. If we look at ourselves as a complete well measurement platform, then there are not all that many competitors. Even in the stocks related part, I would say that we also feel that one of the areas that we can actually do better than most others will be in the ETF space. And that's also an area we're increasingly trying to show that we're the best place to be buying ETFs from. And yeah, different part of that is being planned out. So that's one aspect. Then I suppose the other aspect will be the fact that actually we are also a B2B player, B2B platform. So a number of the new stock working firms that start up business in Singapore, they are actually our customers as well. So in today's world, competitors can also be customers. I think one or two of the most successful stockbroker recently, they also be to be customer, for us to be part of the business. So that's the other way to also look at it as well. Your other question, second question about RM, how do we grow? The model has always been based on having a more scalable model. I think the banks generally hire RM, they are employee and if I look at the salary, the employee paying RM, especially in the private bank, I think it's a very expensive business model. So that's not a model that we adopt. So firstly, of course, is the B2B model. We work with all the different FA firm. And they use our platform. We can share revenue, but we don't have the support. That's how the B2B platform business starts for this world. And the number of advisors have been growing over the years. So accordingly, our business has improved. Secondly, the advisors themselves are also increasingly

trying to build the overall investment EUA for themselves that's still recurring in time for themselves. So the EUA group in percentage terms should increase more than the number of RMs.

Yeah, the part as well is, We also have our own in-house advisors using our license. House within I-Class, we call it the I-Class Global Market. That's a big thing. But that is also based on a model where they are not salaried. So they join us. And technically, they are building a business for themselves so that the big relationship. And that's a part that has actually been growing quite strongly as well. So that's the model that we have. I think that's how it makes our overall business a lot more scalable than the banks and others that usually employ employees. The last question, I first global trust, IGT. Yes, the thinking really is that as a B2B platform, especially B2B platform, you want to support the financial advisors. you want to be able to help them to give a service a client in a various related aspect of financial plans. And yeah, trust is actually an aspect of the business that helps the financial advisors to basically provide the advice and help provide the services much better to the entity. So as a company, they also have our own trust license that allow us to have a much better synergy from this overall business. Thank you.

Hello, Dr. Chen.

Under the 100B,

this narrow planning, right, under the others market, we envision a 20% equity. So which country falls under these other markets? And what is management thinking in terms of the strategic direction, operation, execution, as well as capital allocation in order to achieve that 50% fee? Thank you.

Darren, do you want to take this? Thanks for the question. So I think we put others. And I think if you look at the breakdown of the markets that we are in today, I think you'll notice that Malaysia and China are currently not inside there. So I think you can assume that they will be inside that category. And actually both markets, if you look at the growth rates, they've actually been growing quite strongly. So China is recovering, but how are you going to keep the 30% decay? Yeah, so I think it's a combined number for the two markets. And I guess also going back to this being just one scenario, right? So I think what you can infer from this, we actually don't need these markets to go at a very fast clip, right? In order to get to that 100 billion, right? If we get some of the key areas right. I think your question also relates to the capital allocation, right? So I think capital allocation for the group has not really been a key feature because as you know, the wealth management platform, highly scalable. So once you have built out the, I guess, the different capabilities, then you then get the operating leverage as EUA skills. So I think the businesses that we have, especially in this others category, for Malaysia and China as well, we don't envision very large capital needs in order to get that kind of growth. So I hope that gives you some... Any further questions from the floor here? Yes. Hi, good afternoon Chairman and board. Thank you so much for this opportunity to post power questions at the same time. Congratulations on a wonderful Q1 again. Thank you. Would you like to give your name? My name is Andy. I'm a shareholder. I have three questions. The first question is with regards to the strategic decision to acquire FAPL Financial Alliance and I suppose you have also answered one of the shareholders with regards to that. I just want to get a little bit more understanding about this,

about the role of IFAS with regards to this investment. Are you all in as more of an active investor in terms of providing synergy to the company or is it more of a passive investor? Yeah, because when I looked at it, it was like in a way sort of like caramelizing on your own business because you already have a IGM which is, pardon me if I'm wrong, providing very similar services to what financial alliance advisors are also providing. Well, it is true that our own in-house financial advisory division in a sense is a competitor of financial alliance. But actually all these years the nature of the overall business that we run is actually one where we work with multiple channels. So we work with most of the key heavy firms in Singapore and of course when we started our own advisory division, there was also about eight years ago, so through that initially the FA partners that we work with, they were not too happy. But subsequently as we move on then they know that actually we all coexist very well, especially since our own in-house advisory division tends to have a different focus, right, compared to a lot of the other firms. So, yeah, so the short answer is yes to some extent this competition, but I think it is something that has been there for this world. And what we want really is for all the various channels, whether it be our own in-house advisory division or the various EVA companies in Singapore, we want all to be able to grow So that the industry become you know more robust more exciting and as a platform

The second question is with us to the a way growth drivers and On your slide you mentioned that the a way growth drivers Part of this by IGG which are higher margins a part of this by lower margin products such as stocks and So from your annual report, what I see is that unit trust makes up about 56% of your entire AOA. Failure fees, which I understand comes from unit trust, makes up close to half of your recurring income net revenue. So, logically just allow us to make some sense why is IFAR not seeing or not focusing the growth on a higher margin product such as unit trust but focusing the attention and resources on lower margin products such as EPSN stocks. I think, yeah, if you look at the, yeah, within the different kind of investment product, it has always been our belief that

when you run a business, you ought to be providing the services and the products the customer want and demand. as opposed to just trying to sell them higher margin product. I think that is important for the thinking, because we just insist on just pushing the higher margin product, but if customers don't believe those are the best products, then we basically just limit our ability to grow in a longer. So, our practice has always been to embrace the product that a group of customers want one and do it well and that will actually lead to a much bigger pie overall and because of that will actually grow. But of course having said that at the same time we are also mindful that we still need to know how the margins will evolve over time which is also why we have been quite keen to have a bank within our overall ecosystem. Luckily or not, you'll find that banking business is a higher margin business. Cash in fact, the simplest product but still a higher margin business for us. So that's why having a bank, within the overall ecosystem, having a bank that they contribute just a very small percentage to AOA but we see that going to 15% in five years or so, I think that will actually help to offset a large part of the reduction. Just to add on to your comments, am I right to say that where you see the growth of this in terms of the product makes more growth will be coming from ETFs and stocks over like traditional products like ETSLUS? I think ETF is certainly an area that is increasingly growing. I think we have seen that in other markets. In Asia, it hasn't happened in a big way, but we are already seeing quite a noticeable shift in FSM. Our FSM customers are increasingly buying more ETFs as opposed to unit trust. So we definitely believe that ETFs will be taking an increasing share. So it is an area that we will embrace more and more.

But there are different ways of ensuring that our overall margin is to be.

Just for my last question is with regards to the competitive landscape in Hong Kong, so from the projection or the assumptions that you have is that the AUA right now for Hong Kong is about 3.6 million. Over the next five years it's expected to grow 5 to about 11 million. So I was just wondering how competitive is, like for example, the F.A. space in Hong Kong. Is IFAS successfully onboarding more and more F.A. firms

onto the IFAS ecosystem? I don't wanna be to the side or in terms of FSM Global, is it acquiring more clients of Hong Kong residents? Yeah. I would say that Hong Kong is definitely a very competitive market. I would say more competitive than Singapore. And our position in Hong Kong, while there are not many platforms, actually interestingly there are many FA firms in the platform that support, especially on the B2B side, there are actually very few. In a sense, there's a bit more of that in Singapore than B2B. B2C definitely. But on the B2B, the platform providing that overall complete platform service is actually not made. So because of that, we are actually finding that we continue to have a good market presence and that will allow us to continue to... But the other point also add that Hong Kong, when we do the scenario planning of 100 billion, We are looking at higher growth rate for Hong Kong. That also takes into account the fact that the old solar power process will start to contribute a little part this year. And that actually is a significant part of the growth that we're building. Thank you so much, Chairman, for the question. Yes. Good afternoon, Chairman. Characters and management, my name is Hidien Tan. I was a quick question. In response to an earlier question, I think China and Europe have touched on how the current leader in this crisis may impact the business of I-class. I'd like to pick up on that. Should that worsen into a broader global economic crisis,

how do you think I-classed this place or would respond to that scenario and how your growth trajectory really impacts it? So, yeah, question is if the current problem in Middle East lead to a bigger financial crisis, then the fact that performance is not a market or that affect our business. I think, yeah, every time there's a crisis and I think in the course of our 20, five year history, there have been multiple crises, Every time there's crisis, you find that the equity is part of the business, whether it's in the class or stop working, I think you will see some negative impact if it tracks on, right, in the short term, whether it lasts one year, two year, three year. So those are typically some of the things that will be seen. So in the past, in 2008 when GFC happened, then overall AOA actually dropped quite a bit, or overall profitability also got affected. So these are some of the things that actually happened. But I suppose having said that,

couple point one is in the short term, it gets affected, but in the long run, it typically will come back and then you'll get into it. But in addition to that, in our current context, you actually find that our revenue stream actually becomes a lot broader. One, of course, is that even banking, the current scenario that we're seeing in the Middle East. So while the important impact is, in fact, higher oil prices which lead to higher inflation which actually will lead to potentially higher interest rates. So that actually may be generally seem to be negative for stock market but it, you know, will in our opinion have a net positive impact on our banking business because interest rates are higher. It's easier for us to actually grow the business in a faster place. So that's one of the impact that we expect. Then of course the other part is our e-pension business, the revenue stream won't be affected. So if I put all things together, then I would say that I think we are in a well position to confront this current situation.

Thank you very much for your responses. I see some technical issues that are now trying to enter the meeting, but I just want to take this opportunity to commend the team who did a very good job in terms of the recovery and enabled actually my attendance in the meeting. Thank you for the organization of the meetings. Thank you. Thank you. Any last questions from the floor here before we move on to the other. Hi, I'm Hansin, shareholder. I achieved from the first quarter report days. Released last year. I saw that in the operating cash flow, there's a negative design. So, may I understand, how does that, just as cash flow is very important to a company, what's that management take to ensure that the subsequent quarters will not have negative cash flow?

Terrence? Yeah, go, go, go.

Thanks for the question. Also, I think you see that we recorded a negative 25.8 million in the first quarter negative operating cash flow. So I think while that number looks a bit alarming, I think it's important and thanks for asking the question so we can address that for everyone's comfort. I think if you understand the nature of our business as a wealth platform, we collect fees from customers, it's an all-cash business, cash collection, we should record very strong operating cash flow. But I think over the past couple of years, there are a few new businesses that have come in. So I think one of them of course is the banking business. So on the banking business side, we do have a remittance business that has working capital. So this working capital, sometimes we increase it, sometimes we decrease it at the remittance business. And I think the second part of that is of course, we also started the product financing business. So this product financing business is essentially we're extending margin loans to high net worth clients at the wealth platform. So as we extend those loans, then it deducts from cash flow. And of course, for the working capital side, when we increase working capital, it actually eats away at the operating cash flow as well. So it's a deduction. So if you look at the cash flow statement that we have put out, we actually had strong profit. We had very strong cash profit. But after the working capital changes, you can see that deduction and that resulted in a negative cash flow. So I think in the short term, I think some of these working capital changes may result in some distortions in the operating cash flow number. I think over the long term we do expect that cash flow, you know, we will be able to demonstrate very strong cash flow generation as a group. Okay, thank you. Let's move on to the online questions. Thanks Chairman. I will help to just run through some of the questions that we received from our virtual attendees. I'll start maybe with some of the questions that have sort of been touched on earlier on and maybe just close the loop a bit. So I think on FAIL, Financial Alliance, I think Chairman talked about the status of the acquisition. The question from Hansing was how much do you expect that to contribute to total revenue? Yeah, so I think it's hard to be precise about the number. This is a forward-looking number, but I think we did make a mention of the acquisition at at around 16 times P.E. So if you look at that in terms of an earnings yield, I think it's about 6 plus percent. And if you think about our funding costs, when we go to the debt market and we raise five year debt at 2.75%, right? So I think that gives us quite a healthy spread in terms of us being able to be earning security for that investment. So I think that's probably how we will look at it. Thanks. Just to add that, you won't add to the revenue. I thought the question mentioned that you won't add to the revenue because equity will come back, but you add to the profit. We have also a question that was kind of like touched on regarding our collaboration with Ant International, regarding the launch of World Wide Scan and Pay at IFAS Global Bank. So the question is, as Alipay Plus is owned by a company from China, and given that there is geopolitical tension between the US and China, do you foresee any backlash from the US? I don't think so. In this case, basically, we're providing a service where, yeah, it is different from if they become key shareholders and so on. But we're essentially providing a service in collaboration with N. So we don't expect that. A couple more questions from Hanseng. So the first one, the share price of IFAS is quite volatile and tends to fall a lot whenever Cascadon pares down their stake in IFAS.

Could you share what's your relationship with Cascadon?

What's our relationship? They are shareholder. I believe if you look at the annual report, their latest shareholder in IFAS is 4.3%. So the relationship is basically one where the shareholder, actually that situation has been the case all along for the last 50 years. The shareholder, the difference being they used to have a director on a board, the director is not there. and their shareholders. So I suppose we're getting a point about each time there's an announcement, then you have the share price, I would say that probably going forward that should not be an issue anymore since now at 4.3% they are no longer a substantial shareholder. So I believe that going forward, we should not be much of a concern. Thank you. And one last question from Han saying that was on the dividend yield of 1.03%. That seems relatively low compared to other companies. Could you consider raising the dividend payout ratio? Yeah, so the dividend yield, I suppose, is a function of the payout ratio as well as the overall valuation of the company. On the payout ratio, we have indicated in the last two years that we are comfortable with 25 to 30%. Our current thinking is still about that, but I would say that as we progress, going forward, as our balance sheet of shareholders equity increases in size, then we will progressively we're thinking of steadily increasing that payout ratio.

Probably if you take the next two years, three years, not in a huge way, resembling because we still feel that at this stage in our growth path, it's important to try to have a bigger balance sheet as well. We try to be a big global bank, making impact on the world, then having a bigger shareholder equity base will be something that will actually help us. We have a few questions on our IFAS Global Bank operation. So I'll start with the first one. Can you share what is the key reason for the lower profit of IGB for first quarter, 2026 compared to last year? parents? So this question is on the lower profit on IGB. Yeah, so I think IGB, there are two key areas of where we generate net revenue. So I think the deposit taking business, that of course is easily understood as deposits grow, then you make more net revenue, net interest revenue there. So I think that part has continued to scale quite healthily. I think just the numbers off the back of my head, something like 40% deposit growth and I think a 30, 35 or 36% type of net revenue increase. I think the part that suffered optically in the first quarter was actually the non-interest income side of things which is actually related to the remittance business. So the remittance business, this comes from a business division called EZ Remit, right? So it's basically transaction-based. So we send remittances and we make a fee on those remittances. That's the one that I mentioned earlier in terms of increasing working capital to facilitate transactions as well. So on this remittance business, what we actually enjoyed in the first half of 2025 was a bit of what we call an above average type of revenue per transaction. So we were actually enjoying higher margins than what we should have been able to see on that business. And of course, as we went into 2026, you could do that base comparison. Even though we were doing more transactions, we actually had a decline right here and here in terms of that net revenue. So I think this part was the one that added together with the net interest income. that still wasn't enough to show growth year on year. So it's really related to this part of business. Regarding the bank again, so new net deposit for first quarter 2025 is around $57 million.

Is this level something we can expect going forward or should we expect six figure net, new net deposit for certain quarters? Can AI help in this area? We definitely expect a higher net new deposit than what we have seen in the first quarter. As I mentioned earlier, I think in the next quarter, there are some fluctuations, but on an overall basis, as we move on, on the year basis, we are certainly aiming to grow much more than that. And yeah, some of that, like I said, the fluctuation related to short term interest rate changes,

yeah, but the overall plan, the overall progress in new service delivery, et cetera, will allow us to go at a much faster pace. Regarding the Vision 2030, I think the point specific to UK, so the Kager for potential scenario for the bank is 56.9% over the next five years, what will be the growth drivers for this amazing rate and when can we expect to see some evidence of such growth?

So this 56.9% refers to the potential growth rate

or targeted growth rate for deposits.

I was mentioning that sometimes the quarterly numbers seem to be small but you take a step back in the world period where we are actually growing 100% year on year. You know, you take just 9 months ago, you are looking at that discount number for our personal banking division. On a forward basis, from where we are at 1.6 billion in deposit, relative to the scale of our overall ecosystem, relative to the scale of the overall banking business and the business model that we are actually looking at, I think to try to get to, say, $15 billion is not something that is too demanding. So $15 billion 2030, that's what will give you the 57% number. So essentially, we're saying that we have good execution. I think it's a number that's actually there. Thank you. From Yang Kid, given that you have the business of global banking and cross-border payments, are we anticipating more regional and local regulatory scrutiny to mitigate bank-run risk and to address money laundering prevention? If so, do we need to self-regulate the loan size and the quality of cross-border payment transactions? I think regulatory scrutiny is a fact of life in the financial sector. Even before we own a bank, Singapore in the various country, that is something that we always have to work hard on all the time. Of course, we have a bank, it tends to have a heavier regulation, even greater scrutiny. So there is a part where we have to step up even more. So, it's part and parcel of what it takes to run the business. I kind of see it as the price of being able to collect deposits and customer assets and be able to earn a recurring income on that. So, to be able to enjoy that benefit, then there's some work to be done. So that's the way I look at it. Those are financial services. In terms of the loan and so on that I think the question was building to,

today the loan that we have is essentially some margin financing loan and some premium financing loan, which are basically collateralized on unit trust, stocks, some insurance product. So those are basically the load that we have today. So they're actually quite low risk, the way it's done. We have also kept the balance sheet very liquid. As of today, our load to deposit ratio is 10%. So it's an intentional strategy to ensure that our balance sheet adopts a conservative strategy that remains very liquid and the bulk of assets are in fact in the Bank of England government

sovereign bonds as well as investment grid bonds. So that allows us to have a very solid conservative balance sheet strategy. Thank you from Yu Yan. For Hong Kong's net revenue, Can the company share what is the split between wealth management and EMPS? Is it a 50-50 split? Yes, thanks for the question. I think this is something we've been asked quite a number of times. So I'm looking at some of the analysts. We have met quite some time. I can't answer that number directly, but I probably can give you some steps on how you can arrive at that number. So I think one of the new things we have done in this deck was to provide the overall wealth management net revenue. So I think we sit somewhere around $190 million. So I think you do know our full year net revenue for the group as well. So I think you can then make some estimates of what the EMPF revenue is and you can also look at the Hong Kong segment revenue and you can then sort that number from there. So I think these are some of the steps you can take but unfortunately we have to calculate that by yourself. I believe we had a question from Ms. Vivian on the impact should the energy crisis worsen into an economic storm so I think Chongqun answered that. So the last question regarding Chongqun himself. Also I noted that Mr Lim Chong Chun already has more than 13% of the shares of IFAS. I thought that given this level of shareholding, there is sufficient motivation for Mr Lim to do well for IFAS, especially when he is also the founder. What is the thinking behind continuing to remunerate Mr Lim with share options? Won't it be a bigger boost to shareholders if Mr Lim receives his salary in cash and use the cash to buy shares from the market? I shall pass this question to Mark Duncan, who is also the chair of our Remuneration Committee.

It's a very good question.

The way that we think about this is the alignment between shareholders and the management team and the CEO chairman. And I think that the ability to provide that alignment between granting Chung Chung options and shareholders, puts him on the same place really with shareholders in that the group does well, his option package does well. Now remember, these options are granted effectively at a market price.

So that the share price needs to go up for him to benefit from it. So if we give out cash today, then in reality, if you buy stock, if the stock goes down a little bit, he still has the benefit of having money in the market. Whereas if the options don't vest, because the share price doesn't go anyway, he loses all that benefit. So I think we've taken the view that an option package is a better way to align his performance with the performance of the share price and the performance of shareholders. So that's a simple answer to that. Thank you, Mark. We have come to the end of the Q&A questions from the virtual attendees. There are no more questions. Thank you. Well, as there are no further questions, the elders have a final three minutes to cast a vote. Please refer to the countdown counter on your voting screen. So we'll wait for three minutes. I've been informed that the votes have been counted and verify shall now announce the results of the poll.

So yeah, as you can see on the screen, that shows the results. Resolution one, 99.94% in favor. I declare the resolution carried.

Resolution two, 97.65% in favor. I declare resolution two carried. Resolution 399.68% in favor.

I declare Resolution 3 carried. Resolution 4, 98.89% voted for. I declare Resolution 4 carried. Resolution 5, 99.99% voted for.

I declare Resolution 5 carried. Resolution 6, 99.98% voted for. I declare Resolution 6 carried. Resolution 7, 97.6% voted for. I declare Resolution 7 carried. Resolution 8, 90, 80.32% voted for. I declare Resolution 8 carried. Resolution 9, 74.47% voted for. I declare resolution 9 carried. Resolution 10 99.99% voted for I declare resolution 10 carried. Ladies and gentlemen as there are no further items of ordinary or special business arising and as no notice has been received by company to this effect the business to be transacted at this This annual general meeting is now concluded. I declare the annual general meeting closed. On behalf of the board of directors, I'd like to thank you for your attendance. Thank you.