We attended TCB’s AGM on June 20, 2020. The main agenda was to propose an ESOP issuance plan (~4.8 million ESOP shares — 0.14% of outstanding shares). The Q&A session focused on TCB’s performance outlook, concentration risk and the impact of COVID-19. 2020 guidance includes credit growth of 13% or higher (depending on the SBV’s decision regarding its credit growth quota), funding (including customer deposits and valuable papers) growth of 13%, asset growth of 12%, NPLs to be kept below 3%