Good afternoon, and thank you for waiting. Welcome to the earnings call of ALLOS for the discussion of the results regarding the first quarter of 2024. We have here with us Mr. Rafael Sales, the president, Leandro Lopes, VP of business, and Ms. Daniella Guanabara, financial director and IR director. We inform you that this is being recorded so that all participants will be able to take part and hear the presentation. Thereafter, we're gonna start the Q&A just for analysts and investors when additional information will be available. This event is also simultaneously being translated in the webcast ri.allos.com, where you have the presentation as well. The replay of this event will be available for one week. We would like to inform you that questions can only be asked through the Zoom app. Should you be connected via the webcast, your question has to be submitted directly to the IR email on the appropriate communication channel. Before we would start, we would like to clarify that any statements that are done throughout this earnings call regarding the business perspectives of the company, projections and operational financial goals, are based on beliefs and premises available to the board of directors of the company, and based on information that is currently available. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties, and premises, because they're related to future events and depend on circumstances that may or may not occur. Investors should understand that general economic conditions, industry conditions, and other operational factors may affect the performance of the company, and may conduct to results that are materially different from those that are stated in the forward-looking statements. Now, we would like to give the floor to Mr. Rafael Sales. He will start the presentation. Mr. Rafael, go ahead. Good afternoon. Thank you very much for, to, for taking part in the results of ALLOS. Now, I'd like to start talking about the difficult situation that Rio Grande do Sul State is going through. We have malls in the region, Caxias and Santa Maria. Our focus is to provide the support for the teams, local teams, the family members and providers, as, and as well, give the support to the population of the affected region. In our malls, our malls didn't have damage to their infrastructure, so they're open and provide, provide services for the population. We also contribute with donations of hygiene products, foods, and we will continue to do so to help the professionals that are there working in Rio Grande do Sul. We are in contact with the civil defense and the mayor's office, and we also provide psychological support for the collaborators, the direct and indirect. I would like to thank our Rio Grande do Sul team for their work in this difficult time. You are in our thoughts and prayers in this very difficult moment, and that we hope that you overcome this, we all overcome this very soon. Now, let's talk about the earnings call. The first, at the start of 2024, there was a positive, consolidation for the year. The first quarter, we delivered strong results. We had good sales from our tenants, strong demand in the area, leisure times, leisure spaces, and this reflects in the growth and in a performance that is exceptional for the stores and the media. Now, the spaces in our malls, they are growing so much, and we had the same, occupancy that we had in the last quarter last year. Once again, over 96%. These are very expressive numbers. Considering the seasonality, and remember that the fourth quarter is a quarter of the Christmas break. Let's start on the presentation, and I would like to update you on the investments that we were done in over BRL 8 billion. We confirm that we are going to continue with the disinvestment of over BRL 1.8 billion, and we are expecting the results in the next months. Up until now, we received BRL 1.5 billion out of the BRL 1.8 billion that we were supposed to receive by the first quarter of last year. Now, we have up until BRL 1 billion in possible disinvestment, and we announced yesterday the full selling in the participation of TopShopping in the state of Rio de Janeiro, about BRL 112 million. It was also an important day because we signed the acquisition of up to 15% of Shopping RioSul. This acquisition was structured by, with the investors and the strategic investors. We're gonna have now 54% of RioSul, so the administration will be done by ALLOS. So it's important to highlight that this is one of the most, one of the best shopping malls in Brazil, the third biggest one in ALLOS. So the fourth NOI in our company. Our transactions, we continue with our strategy, so we are ever stronger from the standpoint of relevance for tenants... that trust our business. Now, slide three. I'd like to highlight that we had BRL 9 billion in sales, which is a growth of pro forma of 8% if you compare it to the first quarter of last year. And here is why we are, we already adjusted for the assets that were sold at the base. The same store sale, 6%, and this difference, this difference shows that the performance of sales of our new tenants is still better than, than the previous base, which shows that our commercial relationship and the synergies are working well, as we've done last year. Now, the new stores was so representative, there was, over 30% sales in the new stores if you compare it to the first quarter of 2023. And all throughout the presentation, we're gonna talk about the operational indicators of the quarter. Next slide. In terms of financial performance of the company, this last quarter, the net revenue, BRL 616 million, we grew almost 7% in regards to the first quarter of last year. Big highlight of growth was media, which we started to work with all the shopping malls in the portfolio of the company. So we have over 100 malls that now are the media is done inside. And we've had growth in net revenue. So the media grew to 5% of the revenue of the company, in comparison to 3.5% in the first quarter of last year. We're very confident on the potential of growth of the media structure of our malls. The acquisition revenue also grew 3%, even though we had the negative effect from the acquisition. Now, same store rent also growing 4% in real gains, and this is benefited by the capture of the synergies. The EBITDA had a growth of 7% in regards to the first quarter of last year, a margin of 73% that was affected by the strong operational performance, our business lines and parking lot, specifically. Equalizing the effect of the harmonization of salary payroll that impacted the fourth quarter of 2023. Without that, the growth of EBITDA would have been over 8%. We got to BRL 290 million in FFO, and we've grown 37% compared to the first quarter of last year. The performance was reached in very successful areas of the partners, and it reduced our costs and an evident synergy that we expected with the creation of ALLOS. It's important to highlight the growth of structuring, which is a consequence of the purchasing that were done since the last quarter of last year. So with that, the operational improvement and growing the result of the company, we had an FFO increase just of 41% in this quarter. And it's important to highlight in the next slide something that is very interesting to comment, the growth of FFO since 2017. As you can see, it's explain why. If we start with 2017 as a base, it was the beginning of the fusion of Aliansce with Sonae Sierra. Therefore, 2017, it's a great starting point so we can evaluate the growth of the company, and in this case, we worked with 84% of growth of FFO per share and 2017 until the end of last year. So even with the issuance of shares to do the acquisition and to increase the capital of the company, the consolidated of the industry, we also generated a growth per share. Even though there is a gain for the shareholders, the result is a growth in these results, and obviously, this is the most correct formula to provide value for the shareholders. I would also like to highlight in recent events that are important. At the end of last month, the shareholders of ALLOS approved the dividend distribution in BRL 612 million, more than double of last year. The proposal, considering 50% of FFO, reached in 2023, and it was a year in guidance that was better than 2023. Besides the dividends, we did investments in over BRL 500 million in repurchasing of the shares, so the total return to the shareholders is over BRL 1 billion, and it represents cash return of 10%, considering the market value of the company on April thirtieth. I would also like to issue the CRI, which has an equivalent cost of CDI + 5%. That result reinforces the trust of the market in our strategy, business strategy, and our financial health. I'd like to give the word to Daniella, and I can come back to the Q&A. Thanks. Thank you, Rafael. Good afternoon, everyone. Continuing to slide 5, we show that our commercial rhythm is still strong. In the first quarter of 2024, we signed 150 new contracts, and we closed the quarter with an occupancy rate of 96.3%, which is the same threshold observed in the fourth quarter. We neutralize the turnover that is seasonal in the beginning of the year, showing a strong commercial demand for the spaces in our malls. The total, GLA that was added is 21,000 square meters. We are expanding with big brands such as Vivara, that launched, a store in Shopping Campo Limpo, another one in Shopping Piracicaba, and another two in the North Shopping and Independência Shopping. We also have the launching of the Decathlon at Shopping Tijuca, and NBA Store in Shopping Estação Cuiabá, Cuiabá, and also at the end of the year, Parque D. Pedro. Slide six, occupancy cost are closed at 11.5% in the first quarter of the year, a bit below of what was reported in the first quarter of 2023, due to the strong performance in sales. The net delinquency of the period, there is a drop of BRL 100 million in regards to the last quarter of 2023. This is usually higher, the delinquency, in the first quarter of the year. We can see in the next slide, our net debt dropped to 3.3%, a reduction of 60 basis points in regards to the first quarter. This reduction shows the actions of management of partners that was done all throughout the last quarters. With the reduction of the CDI rate, the prefixed debt gain representatives in the total cost, so that's why we have a total cost of CDI plus 0.72 in the first quarter to CDI plus 0.8 in the first quarter. About the profile of our debt, we closed the first quarter with 84.4% indexed to the CDI rate, 15.1 to the prefix, and 0.5% is indexed to the inflation itself. Our leverage was 1.8 times of the net debt over EBITDA. Next slide. We talk about the media revenue progress. We talk about the first quarter of 2024. Helloo, the media company of ALLOS, broadened its coverage to over 100 shopping malls, and it became the biggest media platform in shopping malls in Brazil, reaching big advertisers such as Disney, Burger King, McDonald's, Netflix, Estácio, and Fast Shop. In February of 2024, Helloo announced to the marketing market the creation of a marketing agency that is focused to produce projects in residential buildings and shopping malls all throughout Brazil. Helloo Life is born with the mission of ALLOS to make the experience of the consumer enchanting, integrating to the brands in a significant way. All throughout 2023, all the portfolio of ALLOS started to be commercialized by Helloo, which pushes the invoicing of media in the company. In the first quarter of 2024, we registered an invoicing in media of BRL 33 million, so a growth of 49% in regards to the same period of 2023. With a percentage of the net revenue, the media revenues increased a hundred and forty basis points in comparison with the first quarter of 2023, reaching to 5%, showing a great potential in the business line and the capture of synergies. Next slide, number nine. An update about the apps of the shopping mall. At the end of 2023, we got to the 2 million of individual consumers that used some of the benefits that were provided by the shopping malls of ALLOS. In 2024, we reached another significant brand. 1 million app users that are active, that are present just in eight malls in their portfolio, and are present in all the shopping malls of the company until 2025. Through the apps of the shopping malls, the consumers can access several benefits, information about the shopping malls, its stores, services, promotions, purchasing, tickets for cinema events, payment of a parking lot, and others. Today, 123 sales are recognized in the shopping mall, an increase of 15% of the total GMV captured with the loyalty program in the first quarter of 2024, if you compare it to the first quarter of 2023. We should highlight the importance of making the availability of app stores and the data captured on the behavior of the clients is a powerful tool for the monetization of these apps through the loyalty program. Hello, with that, offers audience and no longer just marketing slots. The product with the value proposition that is much higher to the marketing companies. Following the presentation, now slide 10, we bring some highlights on our journey of sustainability. The commitment of ALLOS with sustainability permeates a series of initiatives and projects supporting several social causes, and the local development. It is with great pride that at the beginning of 2024, we are with the Rio Open and presenting a new attraction, the wheelchair tennis elite, an international tennis tournament in wheelchairs. ALLOS, as a sponsor of this, very. It's a very proud moment for the company, for the inclusion and diversity also. We have another connection with another project that we're very proud, which is the Empodera project to pay homage to Women's Month. The focus is female entrepreneurial local development, the connection of clients, partners and women tenant store owners, and it provides the generation of business. Also, the Back to School donation campaign. Education is a fundamental tool for the building of a better future. The visitors and collaborators donated school material for children that are socially vulnerable. Now, the guidance for 2024. Due to the approval of the disinvestment plan by the board of directors of ALLOS, which can generate up until BRL 1 billion in resources, we review the guidance of leverage that was published in March to an interval between 1.4-1.9 times the net debt over EBITDA. Besides that, we inform you that for the next year, the new guidance for remuneration for the shareholders is minimum 50% of 2024 AFFO, and it can be done via purchasing of sales or dividends. Thank you very much, and we will start now the Q&A session. So now we start the Q&A session just for investors and analysts. Should you have any question, please click on the Raise Your Hand button. If you want to remove your question, please click on the button, Lower Your Hand. First question comes from André Mazini, Citibank. The floor is yours. Hi, Rafael, Danny. Thank you for the call, and congratulations on the result. Very strong. First question about capital allocation. I believe it's fair to say that ALLOS is the shopping mall that is the most active in the capital allocation, and well, at selling and most of the transactions, well, either you, we, they purchase from you, or they invest together, which is the case in the south. So how do you see the possibility of having a vehicle of a third-party balance, specifically for the real estate funds that are sponsored by the company? Would it help you to be more active in the capital allocation? Would it be a scheme that would increase the possibilities of the company? That's the first. And the second one, about the shopping administration of shopping malls, which is an old thing for you, but in that stake of RioSul, that won't be the part of you, which is the part that is not yours. What can you charge to administer the stake of third parties? Is it something 3% NOI, plus the condominium value? Just so we can, quantify, and so you can, take the administration of these assets alongside your company. Mazzini, thank you very much for the question. In regards to the first topic, from the theory standpoint, certainly we are happy that you think that we can be a good manager of a third-party capital, since this is a listed company. Nonetheless, this is a process that obviously we have the discussion here. We evaluate that possibility of having our own vehicle. There are pros and cons. Obviously, the pros from the financial standpoint are obvious. You gaining the fix over the NAV of the assets or market cap, or getting the versus, or just getting the administration of the property, this is different. But there is also strategic issues of, issues of interest group that have to be taken into consideration, such as in things such as this. I think that this is the opportunity that is real for the company. Nonetheless, we cannot give a predictability if that's gonna happen, if that's gonna happen in a medium term. Well, it makes sense. There are some practical issues, of course, for the preservation of the relationship with our partners. We have to take that into consideration when we make that decision. Now, the fact is that our performance for capital allocation is different. It's something that we are very proud, but I would like to bring your attention that we only have the right to allocate capital, purchasing or selling, because we operate the shopping malls very well. So the fact that we have a company that has more operational efficiency and that could do the integration of two fusions and of several acquisitions and several investments, this is what allows us to have the capacity to do the disinvestment of shopping malls that in the beginning would be the most difficult to sell, and then investing in shopping malls or doing the transactions with the credibility that makes the delivery of the result after the service provision or the shopping mall. In regards to the business of third parties, as you said, these are average fees of the market. Yes. It's natural that there's gonna be negotiations case by case, from the local, depending on the type of mall that we are looking at, the size of the copy-shopping mall, so there are some variations. The main ones are... Well, these are averages that are reasonable from what is charged from the industry, but we don't have a definition thus far in regards to that, regarding RioSul, because we have the previous conditions so that the transaction is concluded. This is what I can answer to you. Thank you. Have a nice day.... Our next question comes from Ygor Altero, XP. Please continue. Hi, everyone. I think that now you can hear me, right? Wonderful. So I just wanted to understand that stake of RioSul in this first moment, we're talking about 15%. Do you see a space for purchasing an additional stake, or is that share, in your opinion, is it enough? And then we can, we can understand a bit on the recycling dynamic. So given this macro, which is a bit more difficult, with the interest rates that is more, curve is more stressed, how do you see the appetites of the real estate funds by your assets? Do you feel that there is a cap? What is the temperature? The acquisition of Rio Grande do Sul is being structured by the combination of several partners. So we understand that the stake that today makes sense is that 15% from the standpoint of allocated capital, and also from the return that we expect to have due to the accessory revenues. Now, this, in the future, obviously, we don't know if there's gonna be an opportunity to increase in the stake, but today, for us to make the structure for acquisition to work, this is where we're gonna be limited to have within the 54% that are being transacted right now. From the standpoint of the capture dynamic or the available capital, I think that last year is a great example, because up until March last year, it seemed that the number of risk assets were done. It was very difficult to do any transaction, and just in the middle of the year, we started to prepare, and then we approved our disinvestment plan last year and between March and April. Now it's the same thing. We just published the plan that we approved for this investment. If we are going to be able to execute it in one year, six months, a year and a half, it depends on the questions that you already mentioned. The important thing is that the company doesn't have to do any of the transactions. All the transactions that are being done, they are done due to the opportunities. It's convenient, strategic to our and also the opportunity. Of course, we have a few opportunities appearing, and for us to buy and to sell, we want to do this with a value that is fair for the company. So these elements are being considered besides the macroeconomic factor, external factors that can affect the capturing. That's why it's important to highlight our balance. We capture that IR, IR, and we will do the prepayments, and still, we're gonna be prepared to fend off over the next few years, should there be a volatility in the terms of macroeconomic, even though this is affecting the price, net price of the assets, it didn't affect the capacity to capture in the real estate investors. What you saw, the ones that did the capturing, it shows that there is available capital. And if they're gonna, if we're gonna do good transactions, it depends on our capacity to build the transactions and making our assets be valued by the fair value that we think that they are valued. And we don't have any capital pressure or disinvestment. That's why we don't have to rush. Thanks. Very clear. Thank you very much. Next question is Luma Tais, UBS. Hello, Rafael, Dani. On my side, it's two questions. First is the investment plan that you commented, that you announced. Could you give us some color of what would be the shopping malls that would make sense? Is there any average that you're looking at, NOI? And you commented in the release on the presentation a lot about Helloo, because it increased the coverage. You have in five malls, and you created Helloo Life. So just to understand, what is the best differential, if you compare it to the players in the market and still with the Helloo Life, do you see a potential for the media revenue? Helloo, this is Dani. I will start the first one, and then I will let my colleague talk about Helloo. When we think about the disinvestment strategies in the company, I think that the metrics are the same. had a big size in regards to the business of brMalls, and some shopping malls are small due to the size of the portfolio. These are shopping malls that are dominant in the cities that they are. They have a revenue that is very resilient, and they fit very well in the strategy of other market agents, such as the FIIs. So we can have a combination that these assets are attractive for us, and that they are no longer a part of this strategy. We can combine it very well. We'll continue with this strategy, and as you've seen over the last announcements that we've done, besides disinvestment in total participations, we also disinvest in participations that are partial, so we can reinvest this capital in assets that are completely aligned with our strategy, as it was the issue of disinvestment in the total participation of BTOP and the disinvestment in RioSul. Hello, Luma. This is Vicente. Thinking about, well, talking about Helloo, first of all, our differential since the beginning was a strong focus in the verticals that we work with. So initially, we have the shopping malls, and then we have the residential building. So knowing the profile of the announcing client in these medias, servicing well this client and knowing how to offer the best media more adequate for these clients. Now, our differential will become the way that we can understand the behavior of this client, and we can transform it into a most valuable media for this announcer. So combining what we do in, in ALLOS, in terms of knowledge of the consumer and knowing that using this data and this knowledge, both of the behavior of them inside of the shopping mall or outside, but also in the selling behavior of the tenants after the campaigns, we can tie this down and deliver to the announcer something more than value, and not just a screen that has a marketing ad there. Helloo Life will give us a lot of fruit in that sense. You can translate the campaigns, and then you can create specific projects for the announcers that leave the screen and impact the consumer in a very strong way, so you can interact with the brand. And then creativity is limitless. Using the space of the shopping mall and the residential condominium, we can make the brands interact with the consumer in a very valuable way and generate an impact that is very strong for the perception of brands, interaction, and selling, naturally. Very clear. Thanks. Our next question comes from Antônio Castrucci, Santander. Good afternoon, everyone. Thank you for taking my question. Two points: Could you give us more color about the terms of acquisition in regards to the cap, with the payment and the disinvestment program? Besides the capital that you announced, what would be your user proceeds for the selling up ahead? Antônio, thank you very much for the question. The terms that we highlighted are terms that we can talk about right now, and they're the most relevant, because one of the relevant factors here that we commented is the range of price, very narrow. Knowing the size of the shopping mall, that would be the third in sales and fourth in NOI. So we have to establish the strategic relevance and everything that it has, and these are sufficiently relevant for the decision-making progress. Besides distribution and capital, the use of proceeds of the sales, once again, it's like we said in the previous question, we have all the scenarios for the price of the assets. Strategy is always subject to the scenario they are living at that specific moment. So what we understand is that our strategy is to continue to grow in dominant assets. We have wholesale -- sorry, retail, until medical services and aesthetic service, media. We have parking lot, all, well, convenience, events. All of this are priorities. We wanna allocate capital and, and then we wanna get a distinctive return on investment for the company. One of the distinctive aspects of the company take into consideration the macroeconomic aspects is the shares of the company. We have the repurchasing program, so with an expressive value, along with the payment of dividends of BRL 600 million. Just on this year, in terms of cash, we have BRL 400, plus the BRL 600 that are being paid in this month... and a part of the BRL 600 in June. So we continue to work with this process that we have seen over the last few years. If there are interesting opportunities, we're going to do, we're gonna work with them. But we just announced that we are gonna have more disinvestment to do than acquisitions. This is what's on the table, and we reinforced the guidance in this release, the guidance of dividends, which is 50% minimum of FFO. And we say minimum, because if there are opportunities to increase, we will evaluate according to the market. Okay? Thank you, Antônio. Next question from Bruno Mendonça, Bradesco BBI. Hi, everyone. Thank you for this time. I would like to hear from you about the turnovers of logistics of tenants and the strategy of the assets. So you have an effect that you realize, not just in you, but in the other shopping malls, which was the rent growing then less than the same store rent, the total rent. Yours was even the smallest gap. But intuitively, what do we conclude out of this? That the new tenant is getting in, paying smaller rent than the previous one. So if you can talk about that, if it's a pinpoint effect or if that's a trend. And the second one is more strategic looking up ahead, we still see an occupancy cost of ALLOS that is low, that is very low with the space to increase. So do you identify opportunities in the satellization assets or reduction of the companies? Is that a future lever for the occupancy cost and obviously an increase in rent? And has that been done in this recent turnover? Thanks. Bruno, thank you very much for the question, for your interest. I'm gonna answer the first part, a part that we can discuss on the strategy of satellization, all of the combination of things that we're discussing in the shopping mall. It's natural that depending on the quarter, you have the same store rent, specifically because of some factors, the growth of complementary rent. It removes a bit of the average. Then there are several factors, for example, the opening of stores. We have the same occupancy of the fourth quarter, but there is a lot of exchanges that were implemented at the end of the year, beginning of January, specifically with the turnover that we have right now. The result of the turnover was positive. The fact that we grew rent, regardless of having a negative IGPM, is an indicator of the health of our tenants, of the activities of the shopping mall. So these quarterly factors, they affect the results of specific... For example, we had Easter in the first quarter, which is not so common. So just this factor, in and of itself, affects this issue on the short term when you have specific variations of performance and some contracts. So could you tell us about the management of the mix? Hello, everyone. Complementing a bit of what Rafael said, we are reworking some big issues. We are decreasing the exposure and going back to Leader or Marisa, some big ones that we had difficulty last year, and even Lojas Americanas. So we have as a strategy to work with the satellization of these areas. Several of them, we have contracts signed. There are several examples of that. One of them, there is a Leader selling four times more, a Leader in Bangu. So we have several examples that we are seeing a saturation and qualification of the mix. So I think that the occupancy cost is a consequence of that. We've been managing to bring, on average, the new allocations selling on average 30% above the previous ones, and we are able to work with higher levels than the ones that are left. Obviously, it's when you have a higher sale, it rebalances the occupancy cost, but I think that the byproduct of this is, as Rafael said. There is a negative readjustment, and regardless of that, we can bring increments in the line of rent, even with a negative IGPM scenario. Thank you. Next question is Marcelo Motta, JP Morgan. Please, the floor is yours. Good afternoon. Thank you for the opportunity. Two quick questions. Going back to the issue of the disinvestment and understanding why BRL 1 billion, why not BRL 2 billion, BRL 3 billion? So how do you get to that metric? Because when we look at the cap rate that the company is trading and the level of cap that you're selling, the more that you do, the more value added. So I think that there is a limit because of scalability of the company. But how much could you do in terms of the disinvestment? And the limit is because there is a cap in the market. So I wanted to understand this math, and the other doubt is about treasury. Do you have here the shares that have a new program of over 20 million. The idea is to cancel that. What, what are you gonna do with that amount? Are you gonna use a strategic, M&A, something in that sense? Hello. I will start with the second question. The issue of treasury, we are gonna be able to cancel these shares in the short term. That we have in the treasury. We have the legal, transaction, and we open more space for the repurchasing program should there be, should our standard be kept. Well, doing more or less is what you mentioned. We have to... The scalability of the company, we have to see what is the size of our company, and we are a shopping mall company with a short long term. We want to continue to be a shopping mall company, and if we would grow indefinitely, it would be to liquidate the company, and we don't want to do that. So what we need to do is to do the studies and understand what are the assets that we have resources for disinvestment and others that we imagine that are suffering. We have participation, so we can have more acquisition opportunities, for which is the case for RioSul. We are gonna focus on those assets that are leaders of the market, resilient, and they add to our ecosystem and making our, that scalability, big scalability, and with the negotiation power. Thank you very much. Our next question is from Elvis Credendio, BTG. Hello, thank you very much. Two questions. First, one broad tax reform: did you do any internal study to predict what would be the effect of this new proposal? And if you can share what is the conclusion? And the second question is to understand in a more pinpoint way, you commented that EBITDA, it should be in a ratio of 1.4-1.9. So I want to know what's implicit in the number. Do you have a possible disbursement with Rio Sul and also the repurchasing? What can you tell us, given what we've seen? Well, let me start by the tax reform. I think that everybody knows that two weeks ago, the government published what is the complete proposal for the tax reform of Brazil, and it included the specific details and consequently the rules for the real estate selling. With this proposal of the government, we're working to deepen the knowledge on what is the proposal, and working with ABRASCE and the other associations in the real estate sector to get an equilibrium for the total real estate. The IBS, CBS regime is not full non-cumulative. The tax is calculated on the outside and highlighted, so it will be a credit for the next one in the chain. It's important to highlight that because of the rule of CBS and IBS, the CapEx starts to generate credits, and that's important. And we have another point that we have to highlight, which is the new taxes that will substitute, in a gradual way, the current taxes until 2033. So there is a space of time sufficient for the agents in the chain to be balanced. But if we are gonna talk about what is the percentage and what is the impact, it's still very premature because we are starting with a proposal of the government, and there is space for negotiation, and so we don't know what is the equilibrium point. I think that there is a concern in regards to this transition. We know that those that are in the Lucro Presumido, they can credit, and the issue of Simples would be 15%-20% of our base is in Simples, and we have a space to work and defend the interests of the sector, including the tenants. Now, talking about your second question in regards to the leverage ones, the guidance went 1, 1.4, 1.9. It includes the repurchasing of shares, the guidance of dividends, and also part of the disinvestment. So we are getting that all on the line, and if it's more for the bottom or the top, it depends on the market conditions and what can we execute all throughout the year. Thank you. Next question, Jorel Guilloty, Goldman Sachs. Please continue. Good afternoon, everyone. Two questions here. One is pinpoint, the other one is strategic. First is about your disinvestment plan. I just wanted to understand, how much in terms of ABL and NOI, what are you looking at? And second question is, how do you structurally think about leverage? You have the new guidance, and leveraging is 0.5 times less in regards to the previous leverage. When I look at you and your competition, they're trying to work with the one or two times the net debt over the EBITDA. So this is the record, but I wanted to understand, do you believe that from now on, structurally, whether if it's your company or the sector, we should see this type of leveraging more light, or is it a pinpoint thing, maybe because of the macro situation, the interest rates, or opportunities for growth, that would be it? Jorel, thank you for the question. I think that this is the first straightforward question. Well, I cannot open to the market what I am expecting for evaluation at a moment that the interest rate is varying if you because of the commodity. So we are seeing this more volatile, and we have to speak less and execute more than what we speak. Within our targets for selling, this is important, given that the last year we did BRL 1.1 billion, and with our selling objectives, we have this possibility, the potential of doing transactions that gave a lot of liquidity to the company in the case of the selling of assets. Fortunately, I just wanted to facilitate the lives of those that want to buy. Now, I think that your question is exceptional and very important for the investors, so they can understand the future of our business. The question is, I don't know, because what we know is that in Brazil, the absolute uncertainties are always proven every crisis that happens. So I'd like to have the company not more than 2x the EBITDA, of course, depending on the investment scenario, they have a quicker return. Rio Sul is low return with low risk and other situations that are more daring. We're growing our business in other fronts, and these are smaller checks. So in Brazil, in markets such as ours, we cannot write down in stone the level of risk that we want to have perennially. We want to have flexibility, so that the... I don't know, it's also a decision for the strategy, so we can take care of the company in a prudent and humble way. So maybe coincidentally, all of our peers, they think alike, and they manage to survive a country that is very unstable with a very stable business, building businesses that are very resilient and going through different crisis, and now we are alive. And in the case of the three companies, it's much higher than the wholesale growth, retail growth, and the other shopping malls growth. So I think that we've done an exceptional work in this, in a sense, and if everyone has the same level of expectation, it's important information, but the macroeconomic scenario changes, international scenario changes, and if the facts change, I change my mind. So since you need to be a philosopher from a strategic standpoint and long term, that's my answer. Thank you.... [Foreign language]. If you ask any question, you can raise your hand. [Foreign language]. Since there are no more questions, I would like to give the floor to Mr. Rafael Sales to close the event. Please, the floor is yours. I would like to close, restarting with our message of concern and support to the state of Rio Grande do Sul, our team that is there. I'd like to offer our, our support. Obviously, we would like to do more than what we can, but today we need to have a big effort, so we can, in this moment of difficulty, we need to help the state to rebuild so that people can have a better life. So this is my desire, my wish, so that things improve quickly, quickly in Rio Grande do Sul, and remembering that you are in our thoughts and prayers. Thank you very much, and see you next call. [Foreign language] The earnings call of the first quarter of 2024 of ALLOS is closed. [Foreign language] Thank you. [Foreign language] And you can have a nice afternoon. Thanks!