“We do not expect any additional sales in 2026, and that is in 2010 It gives us and the new investor group the runway to drive value creation”

In context

“e strong these days. And in Asia, you are seeing some but The US is unique in the American entrepreneurs' innovation the breadth and depth of the funding markets here in the investor base. I am as well as how much American companies are on the front foot in AI. And transformation, and that is also driving some of the boldness we see. it is a good it is a good environment. Operator: Your next question will come from Matt O'Connor with Deutsche Bank. Matt O'Connor: Hi. You guys have successfully exited about a portion of Banamex and I think you said further exits would be after this year. Just wondering what the latest thoughts are on the timing and why not maybe sooner just given the positive macro backdrop and successful exit of half? Jane Nind Fraser: Yeah. Thanks for the question, Matt. We do not expect any additional sales in 2026, and that is in 2010 It gives us and the new investor group the runway to drive value creation We are already seeing some of that performance kicked in. Gonzalo alluded to it to it in legacy franchise. Mexico has been improving in its performance. We expect to deconsolidate our ownership in early 2027, followed by an IPO as and when market conditions allow and further sell downs. Matt O'Connor: Okay. And just remind us in terms of how much capital might still be freed up. Obviously, it is a little bit dependent on the valuation. You also have capital against the business. So maybe just give us a rough estimate and kind of current valuation, how much capital would be freed up to offset the earnings give up? Jane Nind Fraser: Yeah. And just before we get there, I do remind you when we do we will take a big CTA hit. That is capital neutral. So I am I do not I think that very much bear”