Year end - financial statement for 2025

Shareholding Structure and Free Float Status

Company Name: Regency Alliance Insurance Plc

Board Listed: Premium Board

Period End: 31-Dec-25

Reporting Period: Period Ended December 31, 2025

Share Price at end of reporting period:

Declaration: Regency Alliance Insurance Plc with a free float value of N10,023,025,363.02 (78%) as at 31 December 2025 and N1,967,546,493.02(78%) as at 31 December 2024 is compliant with the Nigerian Exchange Limited's free float requirements for companies listed on the Premium Board.

Statement of the Corporate Responsibility for the Financial Statements For the period ended 31 December 2025

Certification Pursuant to Section 405(1) of Companies and Allied Matter Act, 2020

We the undersigned hereby certify the following with regards to our Financial Statements for the period ended 31 December 2025, that:

1. We have reviewed the Report.

2. To the best of our knowledge, the Report does not contain:

   1. Any untrue statement of a material fact, or

   2. Omit to state a material fact, which would make the statements misleading in the light of the circumstances under which such statements were made.

3. To the best of our knowledge, the financial statement and other financial information included in the report fairly present in all material respects the financial condition and results of operation of the Group as of, and for the period presented in the report.

4. We:

   1. Are responsible for establishing and maintaining internal controls.

   2. Have designed such internal controls to ensure that material information relating to the Group and its consolidated subsidiaries are made known to such officers by others within those entities particularly during the period in which the periodic reports are being prepared; (iii) Have evaluated the effectiveness of the Group's internal controls, as of date, within 90 days prior to the report;

   (iv) Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation;

5. We have disclosed to the auditors of the Group and its audit committee:

   1. All significant deficiency in the design or operation of internal controls which would adversely affect the Group's ability to record, process, summarize and report financial data and have identified for the Group's auditors any material weakness in internal controls, and

   2. Any fraud, whether or not material, that involves management or other employees who have significant role in the Group's internal controls;

6. We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

……………………………… ……………………………..

CHIEF WALE TAIWO MR. TUNDE ALAO FRC/2014/NBA/00000008128 FRC/2013/ICAN/00000003592 (Acting Chairman) (Chief Finance Officer)

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025

Note

COMPANY

ASSETS

Cash and Cash Equivalents 4

Financial Assets 5

Insurance Receivables 6

Reinsurance Contract Assets 7

Other Receivables and Prepayments 8

Investment in Subsidiaries 9

Intangible Assets 10

Investment Properties 11

Property, Plant and Equipment 12

Statutory Deposits 13

Total Assets

LIABILITIES

Insurance Contract Liabilities 14

Provision and Other Payables 15

Retirement Benefit Obligation 16

Provision for Current Income Tax Liabilities 17

Deferred Income Tax Liabilities 18

Deposit for shares 19

Total Liabilities

EQUITY

Total equity attributable to owners of the parent:

Issued and Paid up Share Capital 20

Contingency Reserve 21

Retained Earnings 22

Asset Revaluation Reserve 23

Total

Non-controlling Interest in Equity:

Non-controlling Interest in Equity

Equity and Liabilities

The financial statements were approved by the board of directors on January 27, 2026 and signed on behalf of the board of diirectors by the directors listed below:

UN-AUDITED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025

COMPANY

Note

Insurance Revenue 24

Insurance Service Expenses 25

Net Expenses from Reinsurance Contracts Held 26

Insurance Service Result

Interest on Revenue Calculated Using the Effective Interest Method 27

Fair value Gain on Investment Properties 11

Net Gain/(loss) on Financial Assets 28

(Impairment)/Writeback on Financial Assets 29

Net Investment Income

Finance Expenses From Insurance Contract Issued 30

Reinsurance Finance Income From Reinsurance Contract held 30

Net Insurance Finance Income/(Expenses) Net Insurance and Financial Result

Other Operating Income

31

Employee benefit expense 32

Other Operating Expenses 33

Profit Before Tax

Income Tax Expense 17

Profit For the year

Items that may be subsequently reclassified to the profit or loss account:

items within OCI that will not be reclasified to the profit or loss:

Gain on revaluation of properties

Income tax relating to component of other comprehensive income

Total other comprehensive income net of tax

Total comprehensive income for the Year Profit After Taxation

Atributable:

to Owner's of parent

to Non Controlling Interest

Total comprehensive income for the Year Atributable:

to Owner's of parent

to Non Controlling Interest

Earnings per share

Basic and diluted earnings per shares (in kobo)

REGENCY ALLIANCE INSURANCE PLC

THE COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE Year ENDED 31 DECEMBER 2025

STATEMENT OF CASH FLOWS

31-Dec-25

THE COMPANY

Cash Flow From Operating Activities

Premium Received

Paid Claim Net of Recovery

Other Direct Atributable Expenses Insurance acquisition expenses paid Reinsurance premiums paid

Cash Paid to and On behalf of Employees Cash Payments for Other Operating Expenses Tax Paid

Net Cash Generated From Operating Activities Cash Flow From Investing Activities

Purchase of Financial Asset at Amortised Cost

Proceeds From Disposal of Financial Assets at Amortised Cost Purchase of Financial Asset-FVTPOL

Receipt From Repayment Of Loan & Advances Additional to Loan & Receivables

Investment Income Received Other Operating Income Received

Acquisition of Property, Plant & Equipment/Capital work in Progress Proceeds From Disposal of Property, Plant & Equipment

Rental Income Received Acquisition of Intangible Asset

Share Issue/Deposit for Shares in Subsidiaries

Net Cash Generated From Investing Activities

Cash Flow From Financing Activities

Deposit for Shares

Net Cash Generated From Financing Activities

Net Increase/(Decrease) In Cash and Cash Equivalents

Effect of Movement in Exchange Rate on Cash and Cash Equivalents

Net Increase/(Decrease) In Cash and Cash Equivalents during the year

Cash and Cash Equivalents as at 1 January Expected Credit loss provision

Cash and Cash Equivalent as at the end of the period

Notes

31-Dec-24

COMPANY

Dec-25 Dec-24

4

For the purpose of the cashflow statement, cash and cash equivalent comprise of the following balances with less than 3 months maturity from the date of acquisition.

The Group does not have significant restriction on its ability to access or use its assets and settle its liabilities other than those resulting from the supervisory frame work within which the group operate. The supervisory framework require the insurance subsidiaries to keep certain levels of regulatory capital and liquid asset.

1. Financial Assets

   The financial assets are summarised below by measurement category: Fair Value through Profit or Loss - quoted Investment - (note 5.1)	1,431,440	677,766
   Financial Assets at Armotised Cost (note 5.2)	7,883,640	8,206,792
   	9,315,080	8,884,557
   Current Non- Current	9,315,080 -	8,884,557

   1. Analysis of quoted financial assets FVTPOL are shown:

      a. Quoted Investments
      At the beginning of the year	677,766	601,980
      Addition during the year	-	2,910
      Disposal/Repayment During the Year	-	-
      Fair Valua Gain/(Loss)	753,675	72,876
      Market value as at 31 December	1,431,440	677,766

      The Group classiffied its quoted investment at market value which is a reasonable measurement of fair value since price of the shares are quoted in an active market.

      The sensitivity analysis for quoted equity financial instruments illustrates how changes in the fair value or future cash flows of a financial instrument will fluctuate because of changes in market rates at the reporting date.

   2. Financial Assets at armotised cost

      Treasury Bill with Maturity period >90 days (note 5.2a)		4,773,444	4,656,625
      Government of Nigeria Bond (note 5.2 b)		2,193,660	2,767,359
      Deposit with Corporate Institution with Maturity period >90 day (note 5.2c)		907,291	772,905
      Loans and Receivables ( note 5.2d)		9,245	9,903
      		7,883,640	8,206,792
      5.2a	Treasury bills: At the beginning of the year	4,680,024	2,144,817
      	Addition during the year	-	2,225,097
      	Disposal/Repayment During the Year	(503,763)	-
      	Accrued Interest	623,596	310,110
      	Market Value as at 31 December	4,799,589	4,680,024
      	Less Alowance for impairment	(26,145) -	23,399
      	Carrying value	4,773,444	4,656,625
      5.2a(i) Movement on Impairement Allowance on Treasury Bills
      At the Beginning of the year		23,398	9,393
      Movement During the year		2,747	14,005
      Balance as at 31 December		26,145	23,398
      5.2b	Federal Government Bonds: At the beginning of the year	2,781,265	5,721,618
      	Addition during the year	-	-
      	Disposal/Repayment During the Year	(942,620) -	3,739,836
      	Accrued Interest	372,263	799,483
      	Market Value as at 31 December	2,210,909	2,781,265
      	Less Alowance for impairment	(17,249)	(13,906)
      	Carrying value	2,193,660	2,767,359
      5.2b(i) Movement on Impairement Allowance on on FGN Bond
      At the Beginning of the year		13,906	29,839
      Movement During the year		3,343	(15,933)
      Balance as at 31 December		17,249	13,906
      5.2c	Fixed Deposit (with maturity above 90 days): At the beginning of the year	784,675	750,569
      	Addition during the year	-	-
      	Disposal/Repayment During the Year	- 17,869	-
      	Accrued Interest	155,489	34,106
      	Market Value as at 31 December	922,295	784,675
      	Less Alowance for impairment	(15,004)	(11,770)
      	Carrying value	907,291	772,905
      5.2c(i) Movement on Impairement Allowance on on Fixed Deposit
      At the Beginning of the year		11,770	3,753
      Movement During the year		3,234	8,017
      Balance as at 31 December		15,004	11,770

      Dec-25		Dec-24
      N'000
      	9,245		9,903
      9,245		9,903
      9,903		3,456
      -		-
      5,932		9,287
      (6,590)		(3,047)
      -		207
      9,245		9,903
      urpose of staff loan valuation is the appl nt market interest rates for instrumen		cable interest rate at the time of availmen ts in a comparable or similar risk class
      9,245		9,903
      9,245		9,903
      24,314		49,354
      24,314		49,354
      24,314		49,354
      1,577,294		942,657
      1,508,075		1,508,088
      3,085,369		2,450,746
      3,085,369		2,450,746
      -		-
      30,253		30,253
      7,331		7,331
      29,671		19,467
      67,255		57,051
      67,255		57,051

      COMPANY

      5.2d Loans and receivables comprise as shown below:

      Staff Loan (note 5.2d(i)

      (i)Staff Loan and Advances

      Balance as at the beginning of the year Derecognition of Ghana subsidiary Asset Addition during the Year

      Repayment During the Year Accrued Interest

      Staff loans and advances are measured at amortised cost using effective interest rate,the effective inerest rate for the p i

      Loan granted to staff at below market rate are fair valued by reference to expected future cashflows and curre

      (a+b)

      Current

      Non-Current

2. Premium Receivables

   a Due from Brokers and Other Intermidaries

   Current

   Non-Current

3. Reinsurance Contract Assets Asset for Remaining Coverage note-7(i) Asset for Incured Claim note-7(ii)

   Current

   Non-Current

4. Other Receivables and Prepayments

   a Prepaid Insurance on Group assets and Group Life Policy

   b Prepaid rent

   c Sundry Receivable & Prepayment

   Current

   Dec-25
   N'000
   	300,000	300,000
   	382,896	382,896
   	11,720	11,720
   694,616		694,616
   -
   300,000		300,000
   -		-
   300,000		300,000
   382,896		241,396
   -		141,500
   382,896		382,896
   11,720		11,720
   -		-
   11,720		11,720
   nies as at 31 December 2025 w Place of Incorporation		ere as follows:
   Nigeria Nigeria Nigeria
   liabilities other than those resultin nsurance subsidiaries to keep certa		g from the in levels of

   COMPANY

5. Investment in Subsidiaries

1. RIC Properties & Investment Ltd

2. RIC Microfinance Bank Limited

3. RIC Technologies Limited

Total (a+b+c+d)

Current

Non-Current

1. RIC Properties & Investment Ltd Opening balance as at 1 January Addition during the year

   Balance as at 31 December

2. RIC Microfinance Bank Limited Opening balance as at 1 January Addition during the year

   Balance as at 31 December

3. RIC Technologies Limited Opening balance as at 1 January Addition during the year Balance as at 31 December

Regency Alliance is the Parent Company with significant interest in the subsidiary Compa Subsidiary Activity

Domestic / non-Insurance subsidiaries:

RIC Microfinance Bank Limited Banking operation

RIC Technologies Limited Sale of vehicle trackers

RIC Properties and Investment Limited Property leasing and investment

Significant restrictions

The Group does not have significant restriction on its ability to access or use its assets and settle its supervisory frame work within which the group operate. The supervisory framework requires the i regulatory capital and liquid asset.

COMPANY

Dec-25 Dec-24

N'000 N'000

1. Intangible Assets

   Intangible Assets- Computer Software COST

   Opening balance as at the beginning of the Year 186,614 163,125

   ADDITIONS 8,818 23,489

   Balance as at 31 December 195,432 186,614

   Accumulated Amortisation

   Opening balance as at the beginning of the Year 109,776 100,621

   Charge for the year 10,159 9,155

   Balance as at 31 December 119,935 109,776

   Carrying Amount as at the end of the year 75,497 76,839

   Current

   Non-Current 75,497 -

   The intangible assets of the group comprise the computer software with life span of five years. The computer softwares

   are accounted for using the cost model i.e cost less accumulated armortisation and less accumulated impairment. The amortization is charged to the statement of profit or loss and other comprehensive income on straight line method in line with the Company's policy.

   The computer software has been assesed for Impairment, there were no indication of impairment on the intangible asset, hence no impairment was recognised.

2. Investment Properties/Capital work-in-progress

12

COMPANY 2025

COST/VALUATION

Opening Balance as at January 1 2024 Addition/Capital Work in Progress Revaluation

Disposal

Closing Balance as at December 31, 2024

Addition/Capital Work in Progress Revaluation

Disposal

Closing Balance as at 31 December 2025 Additions

ACCUMULATED DEPRECIATION

Opening Balance as at January 1 2024

Charged for the Year Revaluation

Disposal

Closing Balance as at December 31, 2024

Charged for the Year Revaluation Less:Disposal

Closing Balance as at 31 December 2025 Carrying Amount as at 31 December , 2024

Carrying Amount as at 31 December , 2025

COMPANY

1. Statutory Deposits Openning balance Movement

   Carrying Amount as at the end of the year Current

   Non-Current

   The Statutory Deposit represents amount deposited with the Central Bank of Nigeria(CBN) pursuant not available for use by the Group on a normal course of day to day business.The Company has sta Insurance Act,2003 .

2. Insurance Contract Liabilities

   Liability on incured Claims:

   Liabilities for Remaining Coverage (LRC) note -14(a) Liabilities for Incurred claims (LIC) note 14(b)

   Current

   Non-Current

   The insurance contract liability of the Company were based on independent actuaries valuation report authorised by Abraham Layemo on behalf of O&A Hedge Actuary Consulting. A professional actuary registered in Nigeria with the Financial Reproting Council of Nigeria

   Dec-25 N'000 0	Dec-24 -
   0	-
   0	-
   -
   -	-
   391,235	485,052
   391,235	485,052
   391,235	489,052
   -	-
   k of Nigeria to Nigerian Microfina	nce Bank to boost small
   he reporting date.
   2,667	2,667
   (317,664)	422,529
   663,864	-
   42,368	59,857
   391,235	489,052

   COMPANY

3. Trade Payables

   Due to Treaty Reinsurer

   Current

   Non-Current

4. Provision and Other Payables

   CBN MSME Dev't Fund

   (b). Others Provision and Payable

   Current

   Non-Current

   CBN MSME Dev't Fund belong to the Subsidiary (Ric Microfinance Bank Limited)

   Micro Small and Medium Enterprises Development Fund is an intervention fund Given By Central Ban and medium scale enterprises The carrying amounts disclosed above approximate the fair value at t

   16(b).Analysis of Other Provision and Paybles

   Accrued Rental Income Accrued Expenses Other trade payable Unclaimed Dividend

   	Dec-25			Dec-24
   	N'000
   		4,795			1,940
   		39,627			38,428
   44,423			40,368
   (44,423)			(35,573)
   -		0	4,795
   (0) ontributions are made to approve 68,985 261			4,795 d pension fund administrator. 157,621 361
   69,246			157,982
   6,839			21,471
   342			1,074
   76,427			180,526
   -			68,445
   76,427			248,971
   293,638			154,971
   76,427			180,526
   (258,230)			(41,859)
   111,835			293,638
   111,835					267,938
   d in line with the relevant tax leg			islation.
   1,505,478					1,437,033
   -					68,445
   1,505,478			1,505,478
   tax asset against current tax liabili ion authority on either the taxable 245,000 -			ties and entity		245,000 -
   245,000			245,000
   excercises in line with requlatory			requirement .

   COMPANY

5. Pension Benefits Obligations Balance as at the beginning of the year Charge to Income Statement

   Benefit Paid During the Year

   Balance as at 31 December

   Current

   Non-Current

   The Company runs a defined contributory plan in accordance with the Pensions Reform Act where c

6. Income Tax Liabilities

   a Per Statement of Profit or Loss and Comprehensive Income

   Income Tax Expense for the year Income Tax, based on current results Education Tax

   Information Technology Levy Police trust fund levy Charged for the year

   Deferred Income Tax movement (note 19 )

   b Per Statement of Financial Position

   The movement on tax payable account during the period is as follows: Balance as at 1 January

   Charge for the year Tax Paid

   Current

   Non-Current

   Current income tax is the amount of income tax payable on the taxable profit for the year determine

7. Deferred Tax Liabilities Balance as at 1 January Movement during the year Balance as at 31 December

   Deferred tax asset and liabilities are offset when there is legally enforceable right to offset current when the deferred income taxes asset and liabilities relate to income taxes levied by the same taxat or different taxable entities where there is an intention to settle the balances on net basis.

8. Deposit For Shares Balance as at 1 January Addition during the Year

   Balance as at 31 December

   This represent the private placement received by the company in preperation for it's recapitalisation

   Dec-25	Dec-24
   N'000
   12,003,750	6,000,000
   3,334,375	3,334,375
   2,667,500	-
   6,001,875	3,334,375
   2,624,625	2,173,739
   313,751	450,886
   2,938,375	2,624,625
   nce business is credited with the g num paid up capital or 50% of net	reater of 3% of total premium.

   COMPANY

9. Share Capital

   Share capital comprises:

   Authorised Share Capital

   12,000,000,000 Ordinary shares of 50k each Issued and fully Paid Share Capital 12,003,750,000 Ordinary shares of 50k each Balance as at 1 January

   Transfer from Retained Earnings - Bonus Issue Capitalised Balance as at 31 December

10. Contigency Reserves Balance as at 1 January Transfer from retained earnings Balance as at 31 December

    In compliance with Section 21 (1) of Insurance Act 2003, the contingency reserve for non-life insura premiums, or 20% of the profit. This shall accumulate until it reaches the amount of greater of mini

    5,178,341	3,374,798
    618,529	2,254,429
    (313,751)	(450,886)
    (2,667,500)
    5,483,119	5,178,341
    2,834,896	2,834,896
    -	0
    -	-
    2,834,896	2,834,896

11. Retained Earnings Balance as at 1 January

    The movement in this account was as follows:

    Transfer from Statement of profit or loss Transfer to contigency reserve

    Transfer to Share Capital- Bonus Issue Capitalised

    Balance as at 31 December

12. Assets Revaluation reserves

    Balance as at 1 January Addation During the Year

    Income tax relating to component of revaluation gain

    Balance as at 31 December

    COMPANY

13. Insurance Revenue

    Insurance Revenue from Contract measured under the PAA Insurance Revenue from Contract not measured under the PAA

14. Insurance Service Expenses

    Incurred claims and other expenses Amortisation of insurance acquisition cash flows

    Losses on onerous contracts and reversals of those losses Changes to liabilities for incurred claims

15. Net Expenses from Reinsurance Contracts Held Changes in asset for remaining coverage and loss component Reinsurance premiums paid

    Allocation of reinsurance premium (Note 8.i)

    Amounts recoverable from reinsurers (Note 8.i)

    Net Income or Expenses From Reinsurance Contracts Held

16. Interest on Revenue Calculated Using the Effective Interest Method

    Income from statutory Deposit

    Income from placement with Financial Institution With Maturity < 90 days Income from placement with Financial Institution With Maturity > 90 days Dividend Received

    30.(a)Analysis of Investment Income

    1. Investment Income Attributable to Policyholders' Fund

    2. Investment Income Attributable to Shareholders'Fund

       In line with NAICOM Prudential Guldline: Portion of Investment Income attributable to policyholder's Fund shall be presented as a sub-note under the Note on Investment Income

17. Net gain 0r (Loss) in Financial Assets

    Exchange gain or (Loss)

    Unrealised fair value gain/(loss) on quoted equity (Note 5.1)

    Balance at the end of the year

18. (Impairment)/Writtenback on Financial Assets

    Allowance for Credit loss on Cash and Cash Equivalients(see note 4.1) Impairment Allowance on Traesury Bills (see note 5.2(a)

    Impairment Allowance on Bonds (see note 5.2(b)

    Impairment Allowance on Deposit (Above 90 days) (see note 5.2(c) Impairment on bank loan (Note 5.2(d))

19. (a) Finance Expenses from Insurance Contracts Issued

From change in interest rate on Insurance Contract Issued

1. (b)Finance Income from Reinsurance Contracts Held

   From change in interest rate on reinsurance assets held

2. Other operating Income

   Rental Income

   Interest Income (Staff Loan) Sundry Income

   Realised gain/(Loss) on PPE

   Dec-25			Dec-24
   N'000			N'000
   	9,599,359			7,301,956
   	-			-
   9,599,359		7,301,956
   8,163,130		2,970,950
   1,166,729		785,883
   -		-
   (155,748)		360,253
   9,174,111		4,117,087
   (580,833)		34,960
   4,317,253		3,873,351
   3,736,419		3,908,311
   (3,131,683)		(2,523,241)
   604,736		1,385,070
   71,612		37,995
   80,257		42,014
   1,151,348		1,083,299
   752		1,731
   1,303,969		1,165,039
   260,881		260,881
   1,043,088		904,158
   1,303,969		1,165,039
   fund and those attributable to Sha		reholders'
   (17,848)				339,227
   753,675				72,876
   735,826		412,103
   2,253		2,998
   2,746		14,005
   3,342		(15,933)
   3,234		8,017
   -		-
   11,576		9,088
   98,542		92,096
   98,542		92,096
   (87,451)		(75,865)
   	(87,451)			(75,865)
   750		7,117
   -		207
   -		199
   3,936		18,579
   4,686		26,101

   Mar-25		Dec-24
   N'000
   	258,619		241,381
   	57,274		32,391
   	15,330		17,225
   	39,627		38,428
   	10,284		8,307
   381,134		337,732
   72,212		66,329
   100,450		109,449
   59,012		53,333
   43,353		36,873
   32,029		28,006
   37,802		28,959
   38,775		30,090
   7,262		7,149
   74,826		67,333
   77,216		67,260
   38,001		33,384
   96,528		87,153
   10,318		10,934
   45,316		32,684
   14,401		11,556
   7,757		6,348
   25,373		23,877
   24,266		19,669
   2,890		1,479
   16,443		14,518
   1,710		1,140
   12,481		1,550
   838,418		739,073
   90,291		100,294
   10,159		9,155
   100,450		109,449
   100,450 38,775 7,262 no auditor's fees was included in p		109,449 30,090 7,149 rofessional fees.

   COMPANY

3. Employee Benefit Expenses

   Salaries and Wages Medical Expenses Staff Training

   Pension contribution cost Staff Welfare

4. Other Operating Expenses Motor Running Expenses Depreciation & Amortization Advert/Marketing Expenses

   Office Repairs & Maintenance Expenses Professional fees

   Subscription & Fees Director's Emolument Auditor's Remuneration

   Electricity/Generator Maintenance Transport & Travelling

   Printing & stationery

   Statutory Annual Dues and Levies Rent

   Insurance Expenses Telephone Expenses Postages

   Contract Service Expenses Bank charges

   Newspaper & Periodicals Board & AGM Expenses Entertainment Expenses Donations

   36.(i) Depreciation (note 12) 36.(ii) Amortisation (note 10)

5. PROFIT BEFORE TAX

This is stated after charging:

Depreciation & Amortization Director's Emolument Auditor's Remuneration

The Group Auditor's did not engage in any other Professional services apart from audit work,hence