Ladies and gentlemen, welcome to the SIG Q1 2026 Results Conference Call and live webcast. I am Sandra, the Chorus Call operator. I would like to remind you that all participants are in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. Webcast viewers may submit their questions in writing via the relevant field. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it is my pleasure to hand over to Christoph Ladner, Director of Investor Relations. Please go ahead, sir. Thank you, Sandra. Good morning, everyone, and welcome to SIG's Q1 trading update conference call. My name is Christoph Ladner, and I joined SIG in April as Head of Investor Relations. With me today, hosting the call is our CEO, Mikko Keto, and our CFO, Ann Erkens. In today's conference call, we refer to the presentation that is available for download on our website. As always, I would like to draw your attention to the disclaimer and cautionary statement on slide number two. The call may contain forward-looking statements containing risks and uncertainties. These statements are subject to change based on known or unknown risks and various other factors which could cause the actual results or performance to differ materially from the statements made in the call. Having said that, let me now hand over to Mikko. Good morning also from my side. We have a lovely morning here in Neuhausen. Sun is shining. I'm pleased to walk you through our performance in the first quarter. All in all, we had a very solid start of the year. Despite a difficult market environment and strong comparisons from last year, our revenue at constant currency was stable year-on-year. More importantly, we delivered clear improvement in profitability and cash flow. Results are also positively impacted by the actions we announced last September and October, and those, of course, are bearing fruit now in this year. The focus is cost discipline, execution and strategic priorities. Looking at quarter one in more detail, revenue at constant currency and constant resin was stable year-on-year. Aseptic carton grew by 1%, supported by good performance in Asia and EMEA. On the volume side, chilled carton had a positive growth of 0.8%. The bag-in-box and spouted pouch business declined 5.7%, which is, of course, reflecting continued weakness in out-of-home consumption in mature markets. On profitability, Adjusted EBIT margin increased to 13.4%, up from 12.8% last year. Also improvement in cash flow compared to last year. Strategically, our focus remains firmly on aseptic system solutions and restructuring program that we announced last year and is progressing exactly as planned and, of course, ramping up in the first half of this year. We maintain our full year guidance, having initiated targeted actions to mitigate potential impact of the Middle East conflict. We briefly discuss the Middle East situation on this slide. The EMEA region represents around 14%, one-fourth of the group revenue, with Egypt and Saudi Arabia being the largest countries, followed by North Africa and India. As we are aware, the conflict and the closure of Strait of Hormuz has driven prices up for oil and gas and also having impact on energy, transport, and logistics. Importantly, we have not seen disruption on our plant in Riyadh, and we managed the supply chain challenges effectively. I'm actually very proud of our team in Saudi Arabia and logistics team who managed the situation well. The financial impact of the conflict in Q1 was limited, but we are seeing raw materials and costs for freight increase, and we therefore have initiated mitigation measures, including discussions around surcharges to protect our bottom line going forward. If you look at the quarter one financial summary in more detail. Reported revenue declined due to foreign exchange effects, while revenue at constant currency remained stable. Adjusted EBITDA margin improved slightly, and adjusted EBIT, which is now our main measure for the profitability, increased to EUR 96 million, translating to 13.4% margin as I mentioned before. Adjusted net income rose to EUR 48 million and free cash flow saw the clear improvement reflecting lower capital expenditures and disciplined working capital management. In Europe, revenue declined 4.6% at constant currency. This reflects a fall-off in demand in core aseptic carton categories such as milk and sauce, and also that we had a very high comparison from the year before. Bag-in-box and spouted pouch performed well in the region, but that also benefited from low comparison from the year before. Positive news is that India, Middle East, Africa revenue grew at constant currency on top of very strong Q1 the year before. We think that these numbers also reflect a small impact from some customer stocking in the region and because of the current conflict in the region. Aseptic carton grew, growth remained strong despite the geopolitical situation, while bag-in-box and spouted pouch was down due to high comparisons. Asia Pacific delivered strong performance with revenue growth of 7.8% at constant currency. Growth was supported by channel expansion, increased market coverage through innovative products, and the favorable timing of Chinese New Year for this quarter. Chinese New Year, of course, every year will impact China numbers and Asia numbers a lot. We are also seeing continued good development in Indonesia because of the new school milk program in the area. In the Americas, revenue declined by 2.5% at constant currency and constant resin. Growth in aseptic carton, in particular in Brazil, was offset by continued softness in the bag-in-box and spouted pouch in the U.S. Now I will hand over to Ann, who will take you through the financial performance in more detail. Thank you, Mikko, and good morning, everyone. During the next couple of minutes, I will take you through our financial performance for the first quarter, focusing on profitability, cash flow and leverage. Starting with the adjusted EBIT bridge. Our adjusted EBIT for Q1 2026 was EUR 96 million, broadly stable year-on-year, while the margin increased by 60 basis points to 13.4%. In this, it has to be considered that foreign exchange rates continued to be a headwind in the first quarter. At constant currency rates, this will become more neutral as the year progresses. However, we were able to more than offset this by several positive drivers. Raw material sourcing contributed positively in the first quarter, supported by favorable tender outcomes for polymers. Note that Q1 did not include meaningful unfavorable impacts from the Middle East conflict. Production efficiencies also improved, reflecting operational discipline as well as lower depreciation and amortization following the impairments recorded in 2025. In the first quarter, we have completed also the transfer of the bag and box operations from Chile to our Brazilian site without any disruptions and also closed the old plant. SG&A benefited from phasing effects and the improvement measures initiated in the second half of last year. More than 90% of the targeted positions have been eliminated by now. The rest of the savings will ramp up within the second quarter. Overall, the impact of lower depreciation for the quarter across all buckets was EUR 4.6 million. We think that Q1 has delivered a significant margin improvement at constant currencies, which confirms the effectiveness of our cost and efficiency actions. Turning to the reconciliation from EBIT to Adjusted EBIT. Reported EBIT increased significantly year-on-year to EUR 190 million, driven primarily by unrealized gains on operating derivatives related to our hedging activities for mostly polymer derivatives and aluminum in the amount of EUR 34 million. Also the cessation of the PPA depreciation and amortization of the Onex acquisition that still weighed on last year's EBIT with EUR 21 million. After adjusting for these and other effects, Adjusted EBIT amounted to EUR 96 million, broadly in line with the prior year. The usual net income reconciliation can be found in the appendix. Let me briefly comment on the key input costs for our business on the next slide. Liquid packaging board sourcing is largely secured through multi-year contracts, as you know, providing decent visibility for 2026. For resin and aluminum, around 70% of the expected annual volumes are hedged for the year. In addition, bag-in-box and spouted pouch benefit from a resin pass-through mechanism, which is contractually fixed and leads to a full pass-through within typically three months. Freight costs remain more exposed to higher fuel prices and container rates while our overall energy exposure is limited. As Mikko said before, we have initiated the implementation of surcharges to mitigate cost pressure. Moving to free cash flow. Cash flow in Q1 was EUR -64 million, an improvement of EUR 26 million compared to the prior year. Net cash from operating activities improved, supported by lower customer incentive payments following the lower volume growth in aseptic carton in 2025. Capital expenditure decreased to EUR 58 million, reflecting the completion of the Indian plant and lower investments overall compared to last year. Net CapEx, including lease payments, amounted to EUR 44 million, equivalent to 6% of revenue, compared to 8% in Q1. Q1 cash flow also included an EUR 18 million headwind from interest payments, driven by the timing of coupon payments following last year's refinancing with the Eurobond. Turning to leverage on the next slide. Net debt at the end of March stood at EUR 2.2 billion. Net leverage was 3.1x compared to 3x at year-end, reflecting the normal seasonality of our business. Per our debt agreements, bank leverage was 2.9x comfortably within our limits. Also in April, we successfully completed the issuance of a EUR 500 million bond with a 4% coupon, further strengthening our maturity profile. With that, back to you, Mikko, for the outlook. Thank you, Ann, and let me close with a few words on the outlook. We maintain our full year 2026 guidance. We continue to expect revenue growth at constant currency and constant pricing in the range of 0%-2%. An adjusted EBIT margin between 15.7% and 16.2%. As usual, we expect a stronger performance in the second half of the year, reflecting seasonality and continued ramp-up of our restructuring and efficiency measures. After solid start of the year in the Q1, we anticipate Q2 to be probably more challenging. While uncertainty around input costs, foreign exchange rates, and the Middle East situation remain, we are taking targeted actions to mitigate these. Strategically, our focus remains unchanged on aseptic system solutions, disciplined cost management, and leveraging our strong customer relationships and balanced retail footprint. Finally, I would like to invite you to Capital Markets Day on October 27th this year in the Zurich area. There we will give more details about our future plans and focus areas. Also, I would like to take this opportunity to thank Ann for the job well done and onboarding me to SIG over the last few weeks. Very big thanks for that one. Then we go back to the operator for the Q&A session. Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the telephone. You will hear a tone to confirm that you have entered a queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn off the volume of the webcast while asking a question. Webcast viewers may submit their questions in writing via the relative field. In the interest of time, please limit yourself to two questions. Anyone with a question may press star and one at this time. Our first question comes from Jörn Iffert from UBS. Please go ahead. Good morning, and thank you for taking my question. First, I would be pleased on the raw material price situation. How confident are you that you can pass it on? Have you spoken to all your customers already? Did they agree to the surcharges or is there still a bulk of negotiations to come in Q2? Then we have to see what is the outcome for the second half. Checking clarity here. The second question, if I may, on Europe, the comms, it was, I think, 0.5% growth last year. The year before, you had higher growth, but close to -5% organically is quite a bit. What do you think is driving this? Is it just really lower consumption per capita? Is it also higher filler retirements? Is this anything else we need to consider here? Do you expect things to improve in the next two-three quarters? Thanks a lot. Thank you for the question. Regarding customer negotiations, we are in the middle of those, and we expect to be more clear about the outcome of those negotiations during second quarter. We try to get most of the cost increases covered, but realistic expectation is that this is probably not 100%. We do two types of measures, customer negotiations regarding surcharges, and then we continue cost discipline and probably further cost out in the second half of the year to compensate that. I think Ann Erkens, you could comment on the European situation. Yeah. Good morning, Jörn. On Europe, indeed, so last year's consumption were positive and now we're negative this year. I would first come back to overall Europe, for us is in general not a growth region. We always said this is a region where we believe 0%-2% is a reasonable assumption in a normal market environment. Now we are faced with first, lower consumer confidence and not a normal market environment. Second, as we have discussed last year quite a lot, I mean, milk prices have been fluctuating quite a lot over the last months and quarters, and also the allocation of raw milk into different processing types. This quarter, we have seen more milk going into powder actually, which has also impacted our result. Overall, I would always point back to the long-term or midterm outlook on Europe. I would always anticipate flat to 2% is what we should look at in general. Thank you. Welcome. The next question comes from Manuel Lang from Vontobel. Please go ahead. Yeah. Good morning, everyone. I have two questions as well. First on the substrates, well, aseptic looks much more solid versus the others. But could you help us understand if this is driven by nature of carton in general, or do you see similar trends in aseptic technology in the other substrates, such as bag-in-box and spouted pouch? And then the second one on the EMEA region, there you mentioned the growth of 1.9%. This reflects already preorders to secure supply. Where would you see, let's say, an underlying or normalized growth in the region in Q1, let's say, if you put that effect aside? Also on that topic, how big is the Middle East region, so Egypt, Saudi Arabia together as a stand-alone, could you quantify that? Thanks. Maybe I will start with a substrate comment. As you saw from the result, the aseptic carton is very strong, and that's of course 80% of the business. In other business, bag-in-box, spouted pouch. In the spouted pouch, the aseptic technology is still not a volume business for us. We have developed fillers that can do aseptic pouch, but it's more business development area rather than volume as of today. We continue to develop technology, meaning the kind of different size of fillers for that business which are aseptic, because that was a reason for the acquisition that we can actually bring that aseptic solutions and systems to that market. It's still not the volume business for us, but that's the idea. If I take the questions on the EMEA region, we mentioned preorders or slight upstocking just to be complete. But if I should spell out how much this was, this is a very low single-digit million number. If you deduct this from the EMEA growth rate, probably then we would have been slightly more than flat in the region on top of a very strong first quarter in the year before. Again, just for reasons of completeness, we wanted to also mention this one. How big Saudi and Egypt are together, I would say it's around 40% of the total region, something like that. Again, business is ongoing without significant disruptions in the region. The next question comes from Gabriel Simoes from Goldman Sachs. Please go ahead. Hi, good morning. Thank you very much for taking my questions. First one on the guidance. You basically maintained the guidance for the year in terms of growth. I would like to understand the breakdown you expect in terms of the regions in that guidance and the impact that you see from the conflict in the Middle East, and how much of that is baked into your estimates for the year, and the impact you would expect, not only in the region but also for the other regions, as the conflict basically spreads out in terms of the higher costs and then demand. The second question would be on the resin side. I understand you have a pass-through clause on your contracts, but I would like to understand how that feeds into your margins, right? As a portion of your exposure is already hedged. In other words, my question is that, if you pass through only the portion that's unhedged in your contract, and that's already taken into account, or if you're passing through the full impact and then actually that's positive to your margins. Thank you very much. Gabriel, good morning. Thank you for the question. On the guidance growth outlook, we don't give a guidance now by region, but as Mikko said, I think we had a very, very solid start in Asia, so that's great. We also see the Americas actually not too bad developing right now. Overall, I think probably also considering that there will be some surcharges on the growth guidance, we will probably feel very comfortable with what we have out right now. We're reassessing our potential secondary impacts on volume development in that environment. At this moment, we don't see any changes to our assumptions, but of course, this also needs to be monitored. When we think about the surcharges, of course, we try to pass on as much as possible, and also to protect the margins, and not just the absolute amount. As Mikko also said before, I think this, we're well prepared if we also complement this with additional cost out measures. How does, one more time, the mechanism work in the bag-in-box and spouted pouch business? I mean, that is contractually fixed, no? That within a certain time lag, we always have updates of the prices reflecting the latest indices. That's why I said, with an average of three months delay, we pass this absolutely through. Hope that helped. Yes. All right. Thank you very much. Thanks, Gabriel. The next question comes from Cole Hathorn from Jefferies. Please go ahead. Morning. Thanks for taking my question. I'd just like to ask on free cash flow considerations. You know, considering polymer, aluminum, you know, costs are going a little bit high. Just wondering if you're giving any working capital guidance or any particular kind of raw material product that we should think about where it's not just price, but, you know, you've got a shortage of raw materials. I don't imagine so, but just to ask the question. Then any other free cash flow items that we should think about that is impacting you in 2026 beyond the working capital. Yeah, I think we have discussed. Oh, sorry, good morning, Cole first. We have discussed. Morning. free cash flow, quite a bit also during the full year call a couple of weeks ago. Yes, all of these are elements that you have mentioned, and of course, there's moving parts as the year progresses. At this moment, I wouldn't see that we need to discuss any new items that we need to take into consideration. I think, up to now, the equation works as we had anticipated. Maybe just using the opportunity as a follow-up, then, on some kind of pre-buying or kind of safety stock. Have you seen this progress through the second quarter, and is this across different regions or is it particular to the EMEA region? Pre-buying on the customer side, really that was, I believe, a pretty limited impact even in March, to be honest, when the situation started to evolve. I would say at this moment, we more or less see really normal developments as we had anticipated also. Pre-buying on our side to build additional inventories, we don't think is necessary at this moment. Supply chains are a little challenging, but manageable at this moment. Thank you. Thank you. The next question comes from Alessandro Foletti from Octavian. Please go ahead. Yes. Good morning. Thank you for taking my questions. Also two of them, maybe one on the CapEx. You are trending slightly on the net CapEx below last year. I was wondering if you can give an indication if this will be driven by lower gross CapEx or higher upfront cash. Good morning, Alessandro. Thanks for that question. I would say already looking at the first quarter number would be too early to judge, because there's always fluctuations when projects are happening within the year. We don't see any reason to adjust the outlook for the full year on that front. That said, of course, we carefully look at all CapEx into own PP&E, as we also discussed, now that we wanna be more efficient on that front. When we think about growth CapEx to be invested into new filler placements, the first quarter has developed according to our plans, and we don't see at this moment a trend change that we wouldn't land in the normal range of 60%-80%, probably lower half, as we also indicated in the full year call. No, no change actually there to be seen. Okay. Thank you. My second question, I would like to go back on aseptic, non-aseptic. Obviously in the Scholle business or bag-in-box, spouted pouch, there's less non-aseptic business. So if you are transitioning away from non-aseptic towards more aseptic, I wonder if you can give an indication how many millions, so to speak, you have to substitute. I have a number in my head of certainly a triple-digit million number. How long it will take to make that transition until then, you know, the bag-in-box spouted pouch business starts growing again in line with the aseptic trends. Yeah. Maybe I can take that and clarify. I mean, the bag-in-box and spouted pouch business has aseptic components in it, and it has non-aseptic components in it, as we also discussed in the October investor update. Also within the non-aseptic part, there is businesses that are attractive and that we wanna continue to do, for simple reasons, such as also plant utilization and so on. For example, the syrup business that ends in carbonated soft drinks in the end, in food service outlets. I mean, that is a nice business that is growing, that has decent margins, and that gives a very good capacity utilization for our plants also. No reason to ever think of not doing this. I think this transition part, from non-aseptic into aseptic is much more a topic for the spouted pouch business. Also here we have shown, I think, with very telling bubble sizes where we stand right now in the portfolio in the October update. The vast majority of that business at this moment is still non-aseptic. For all the benefits that we have discussed in the last, I don't know, couple of quarters or years even, I mean, aseptic spouted pouch gives you a product that still looks like the product that you have put in. It gives you a product that still has all the nutrients in. It doesn't need preservatives or sugar, and it doesn't need a cold chain. There's lots of arguments, but as we also said, this is a totally new market that needs to be built. We just see customer traction or customer interest there because, I mean, it represents really an interesting opportunity both on different fronts, as discussed, for toddler foods especially, but then also for health food, for sports people, and also even for food for elderly people. Putting this into context, until this aseptic spouted pouch will become a triple-digit million euro number, that probably will still take some time. Not because we start off a very low base, but of course the growth rates are interesting and the market is building as we speak. It still takes time. Okay. Thank you very much. Can I just have a quick add on then? Mm-hmm. In the bag-in-box spouted pouch business, the weakness that we have seen this quarter, and maybe also last quarter, et cetera, then is more driven by the end consumer market than by the transition from. Yes, absolutely. Non-aseptic as well? Okay. Yeah, absolutely. This quarter, we looked at a weaker business in the Americas specifically, where the baseline was also, to be very fair to the team, a little stronger. Overall, consumer confidence and traffic is not yet where it should be also very clearly. It was a bit better in Europe, but in the other smaller regions, I think decent, nothing needs to be discussed on that front. Really, the U.S. in the first quarter wasn't living fully up to the expectation. I mean, you can also probably attribute it to some degree to the cold weather that we have seen there. Ice cream premixes haven't been too much in demand and stuff like that. I would say no structural change in the U.S. All right. Thank you very much. Thank you. As a reminder, if you wish to register for a question, please press star followed by one. The next question comes from Pallav Mittal from Barclays. Please go ahead. Hi. Good morning. Thanks for taking my questions. Following up on Europe, the aseptic, clearly, you said, was impacted by raw milk allocation and also tough comps, but bag-in-box and spouted pouch was strong. What is leading to that? And as a percentage of your European segment, how big is bag-in-box and spouted pouch? That's the first one. Yeah. We always said that overall Europe accounts for around 20% of the bag-in-box business or bag-in-box and spouted pouch business, and that also hasn't changed a lot. What helped the development in Europe in the first quarter was, as mentioned, on the one hand, weaker comps, but then also we had a couple of customer wins and equipment placed in the first quarter. I would say this shows the team did a decent job there. Sure. Just on the cash flow, the free cash flow. How much of the lower customer incentives on a YoY basis was a benefit? I see there was some cash inflow from the sale of land in China. How much of a benefit was that in Q1 on the cash? Yeah. We discussed at full year that the customer incentive impact was around EUR 40 million last year. If you consider that a good part of this falls into the first quarter, that gives you approximately the magnitude of the benefit. There was two more million coming out of the land sale in China, approximately. Those are the positives. On the negative, as I mentioned earlier in the script also, there was the coupon payment, which was a temporarily higher impact on the interest expenses in the magnitude of EUR 15 million or EUR 18 million. That's basically the bridge that you need to take into consideration. Sure. Finally, can I just check if there is any update on the litigation case with Laurens Last? Yeah. Yeah. There is no update. The progress, the process is progressing as, it was laid out in the beginning, and we don't have any new considerations or any new information, at this moment in time. Okay. Thank you. Thank you, Pallav. The next question comes from Christian Arnold from Oddo BHF. Please go ahead. Yes. Good morning, all. Thank you for taking my question. I have two. You mentioned that you have a positive impact to EUR 4.6 million, lower depreciation after the revaluation of assets in 2025. I mean, is that the run rate we can take, so roughly EUR 20 million for the full year? That would be my first question. The second question, I don't know if you can comment, but the EUR 34 million unrealized gain on operating derivatives. I mean, on the basis of what you know today, be it your hedging positions, spot prices, to what extent can we expect a similar impact in the quarters, or how fast will that impact phase out? Thank you. Yeah. Good morning, Christian. I would say, I mean, that's the reason why this is adjusted out, no? Because it's unrealized at this moment, and that means, I mean, it's subject to market fluctuations. A little difficult to give a forecast there. That's why I would also refrain from trying to give a forecast on that one. Thinking about the depreciation, 4.6% without currency impacts in the first quarter, I think it would be a bit too much to just multiply this by four, 'cause you need to consider that we already started adjusting the asset values in September last year. I think maximum three quarters, even a little less, needs to be considered for the full year. Okay. Thank you very much. comes from Ioannis Masvoulas from Morgan Stanley. Please go ahead. Hello. Thank you for the presentation, and just a couple of clarification questions left from my side. First, on the cost development, how should we think about the unhedged polymer and aluminum exposure for the second quarter? Could you potentially provide a cost impact either versus Q1 or year-over-year? I would assume that by now you should have good visibility given the typical P&L lags. I'll stop here for the first one. Yeah. Good morning, Ioannis. I think it's a little challenging to give right now a good outlook for the second quarter, but what definitely we should anticipate is that we see an increase overall when it comes to also surcharges or freight costs that we see. The underlying, as discussed, is hedged by 70% for the month or for every month, basically. But I would refrain at this moment to give you a concrete number, but definitely it will be higher than what we have seen now in the bridge for the first quarter. Also, that there's no direct correlations with the oil price overnight to some of our cost items like logistics. Higher oil and gas prices, of course, will impact a little bit of everything, but it's not a straight line that we can see so that some of the cost items we see the development then in the second quarter. Okay, understood. Thank you for that. Going back to the topic of surcharges, just to understand it a bit better, is the focus here or the discussions around transport and logistics costs related to diesel price, for example? Are you looking at passing through some of the other cost elements as well? We have a model that we use to estimate the cost impact of this kind of oil and gas price logistics-driven inflation. We are sharing that estimate with our customers and try to cover that with a surcharge. We have a model that we are using. Of course, that model looks at all different cost items, not just isolated, smaller topics. Of course, then, it should cover most of the inflation. Our target is to cover the inflation impact. How big part of the inflation impact it will cover, we don't know yet, because typical annual negotiations, they are end of the year, start of the year, but this out of ordinary negotiation cycle, so we don't know the outcome. We will estimate the outcome during the second quarter. Of course, as we discussed earlier, that we are looking to take some further cost measures to mitigate also the impact of input inflation. Understood. That's clear. Thanks so much. Thank you. Good. Ladies and gentlemen, so far no further questions. I would like to hand the conference back over to Christoph Ladner for the written questions from the webcast. Please go ahead. Yes. We have one question from the webcast from Marc Wydler from Helvetia. I think it's already answered to some extent. Any news regarding the pending legal case that we said there's no news? At Mikko, have you already talked to Lawrence Last or met him? As a part of the HCM, I was speaking to family member of the company but it was more meet and greet, but no detailed discussions. I think, of course, we have ongoing litigation case so that we cannot discuss about that. Of course, they are still important shareholder of SIG, so we can discuss about the performance of the company but not actually the litigation. In general, the litigation process, I think I answered earlier. No new news, process is going according to plan. Good. There are no further questions. Thank you very much for the call. Welcome to the Capital Markets Day on October. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call and thank you for participating in the conference. You may now disconnect your lines. Goodbye