Hello, good morning. First of all, welcome to Estanques Pirque. As I was introduced before, I am Andrea Machuca. I am in charge of these water reservoirs. I'm in charge of these facilities in Estanques Pirque. As you may see, this is a production area, and therefore we have to observe some basic safety conditions so that we are safe. First of all, please stay in this zone that has been allocated for this event to take place. We will ask you not to walk into the pathways where we have the reservoirs because we want you to go back home safely. We don't want to have injuries, and you cannot take a bath if you want to do that here, by the way. Secondly, we are in a safe place, and therefore, if you feel that the ground is moving or there is an earthquake, you remain calm because anything will happen. I am in charge of guiding you, but as I said before, this is a safe region because nothing will occur here. Well, I would like to make an announcement. If you need, we have in front of us the restrooms. In case you need, you can go there. Be careful because there are some steps and do not trip on going there. I hope you enjoy this event, and welcome once again. Thank you, Andrea. Well, we all know how to act in case of any event. With no further ado, I would like to give the floor to Felipe Larraín, our CEO, who will pronounce a few words so that we can formally start this event, the Investor Day. Good morning. Good morning, everyone. First of all, I would like to greet you. Actually, this is a very nice view. This is very nice, and I would like to congratulate the organizers. It's a pleasure to accompany today in this Investor Day. This is a space of dialogue and a relationship to share the relevant aspect in our enterprise task, together with the challenges and the steps that have marked the company's activities in 2024. One of the features of our company as a company is related to the environment is transparency and the open door policy through which we communicate and relate with the different publics. This space is intended to reinforce and to maintain this absolute commitment. This last point has been a feature that the marketplace has recognized. After the last time we met together, we received the award Directorio del Año given by the Instituto de Directores de Chile, and this is the first time it has been awarded, and where it has been highlighted our continuous effort to observe the regulation by the Comisión para el Mercado Financiero and the reduced salary gap and the gender equality issues. Today, we are at the mega reservoirs of Pirque, an infrastructure that was opened four years ago that has been key to maintain a continuance of service vis-à-vis these climatic conditions that are very adverse. There is no doubt that 2024 has been a particularly outstanding year for us because it's 25 years already that we have taken this challenge to take care of the distribution of water and sanitation for the inhabitants in Santiago. We are delivering in this way the mission to respond to the expectation of over 8 million people, thanks to the non-stop work of over 2,000 collaborators. This quarter of a century finds Aguas Andinas in a very firm position vis-à-vis the challenges it had to face in the recent years with the climate change. We will continue to do this with the clients and investors. It's important to underscore that we have increasingly these extreme climate phenomena that put under test this resilience in the countries as in Spain that less than a month ago was affected by floods that had 200 casualties in Valencia and the serious problems that are affecting countries like Peru, Ecuador, Colombia, that already have problems of rationing for the inhabitants. In the case of Santiago, we have been able to guarantee the supply for the company, and this is thanks to the parties involved who have helped us to provide a constant supply, even when we have water scenarios that are very complex and under stress on the other hand. Thanks to a vision in the long term, we have been able to leverage this through the strategy Biociudad. We have a roadmap for 2030 in order to increase the resilience and adaptation of the metropolitan region. In this regard, I would like to stop here, think, since in this context, it is relevant and positive to have entered into an agreement with the Superintendents of the Sanitation Services for the regulations of tariffs around 2025 to 2030. This will be gradually implemented and with an initial increase of 3% as of 2025, in April 2025, and then with increase in 1% in December 2025 and March 2026, without considering the new works that should be executed and implemented. The decision to incorporate this gradual scheme in the increase of rates seeks to impact as little as possible the households in Santiago and at the same time to carry out the portfolio of the works for the resilience and adaptation that will be materialized in the next five-year term. However, our rate continues to be the lowest in Chile and the lowest in the world for this standard of service. Thanks to the close work with the authorities that has been materializing the success of the private PPP, we have also materialized a model of development, sustainable model, based on the feedback and collaboration, and we are positioning ourselves as a relevant player in the market with the robust finances and a model of corporate governance where they are all targeted to a common purpose, well-defined and known by everyone. This purpose was relaunched at the second term of this year, and we are focusing our objectives to work without a stop and providing also sustainability in the services of potable water and sanitation. Over 8 million people in this way will be living in a healthy environment in harmony with the ecosystem. In 2024, all the rating agencies have ratified our classification, and we are AA+ for ICR and Fitch locally, and A- for S&P. This reaffirms the financial soundness of our company in the volatile environments that we are living today. Additionally to this, in a significant element, we have also done the first diversification with a value of $110 million. This issuance shows the soundness and the creditworthiness of the company, also appealing to the interest of the agencies, and this represents an important step to reinforce the balance of the company. As you see, we have major challenges, but at the same time, we have this commitment to continue working because we know that we cannot lose the important water provision that Santiago needs vis-à-vis the climate crisis that has not been solved yet. We are decided to accompany the city in this major challenge, and the role of the authority will be decisive to advance in this regard. Be welcome, and thank you very much. Los santiaguinos estamos acostumbrados a disfrutar de una ciudad con un clima envidiable, con un caluroso verano, un lluvioso otoño, un frío invierno y una cálida primavera. Eso cambió drásticamente. La velocidad del cambio climático impuso desafíos para nuestra operación, pero en Aguas Andinas nos apasionan los desafíos. Tal como conseguimos en tiempo récord transformar a Santiago en una ciudad libre de aguas servidas. En 2020 inauguramos los megaestanques de Pirque, una monumental obra de ingeniería sanitaria con una superficie de más de 50 canchas de fútbol, que nos ha permitido desde entonces dar un gran paso en la adaptación de nuestra ciudad a los impactos del cambio climático. ¿Cómo funcionan los megaestanques de Pirque? Actúan como una fuente de agua de respaldo en situaciones de emergencia, aportando agua natural a nuestras plantas de producción ubicadas en el complejo Las Vizcachas, para que puedan seguir entregando agua potable a la red de la ciudad. Su ubicación no es casual. Está a pasos de la Toma Independiente, que es el punto donde extraemos el agua desde el río Maipo. ¿Cómo se llenan los estanques en tiempo de normalidad? Después de un proceso de desarenado, el agua es impulsada hacia los estanques a través de una red de alimentación, usando bombas elevadoras capaces de impulsar 3.5 m³/s, lo que permite llenarlos a su capacidad máxima de 1.5 millones de m³ en aproximadamente 5 días. El primer estanque cumple la función de sedimentador y cuenta con un sistema de lavado. A partir de este, a través de una red de distribución, se pueden llenar secuencialmente los demás estanques o uno en particular. Cada estanque está revestido con una geomembrana impermeable y su fondo presenta una estructura de asfalto y una losa de hormigón superior. Por seguridad, cuenta con un sistema de drenaje de fondo y otro de evacuación de volúmenes en exceso. La calidad del agua es preservada mediante un sistema de recirculación, como también un sistema de boyas para el control de algas. Para su operación, los estanques cuentan con un mecanismo de telecomando a distancia que cubren tareas como el encendido y apagado de bombas, control de caudales, accionamiento de las distintas compuertas y válvulas y reporte de variables críticas. Ante un episodio de turbiedad extrema en el Río Maipo, nos vemos obligados a cerrar las compuertas de la Toma Independiente y activar el sistema de vaciado de los megaestanques. A través de una red de evacuación generamos un caudal de 16 metros cúbicos por segundo, que es dirigido mediante un acueducto al Complejo Las Vizcachas, reemplazando al Río Maipo como fuente de abastecimiento y permitiendo la continuidad en su operación. Así, gracias a los megaestanques de Pirque y a las distintas obras que hemos impulsado, como los pozos de Cerro Negro-La Mena, Santiago cuenta con 37 horas de reserva hídrica ante episodios de alta turbiedad. Capacidad que buscamos reforzar a través de una serie de proyectos que están bajo el alero de Biociudad, la nueva estrategia de Aguas Andinas para hacer frente al cambio climático, que viene a ratificar el compromiso de la compañía con la sostenibilidad de los servicios de agua potable y saneamiento que entregan a las personas en la ciudad, contribuyendo a que desarrollen su vida en un entorno más saludable y resiliente. Thank you, Felipe. Here we are in the basins of Pirque, and we will have later the opportunity to go through and also know them in detail if there's a good climate. We will begin now. We are going to request a favor. If you can scan the QR code with your cameras, please do so, because we want to ask you a question. While I invite our first panel in this third meeting, we have done this, we will have a first panel with Daniel. Daniel, you are General Manager. Daniel, I invite you to come to the stage so that we can start. Let us see what is the answer of the audience. Let us wait a few minutes to see what is the answer of the audience to the question. Aldo, you're being very concentrated. I have the intuition of the answer. Well, me too. Well, we already have some guidance about the answers, and of course, we knew about this. Very recently, we have had the good news of reaching an agreement with the regulator in this tariff process for Aguas Andinas. We still have something to do, but the most relevant parts have been agreed, so I can avoid, Daniel, to ask you about it. What is your opinion? What is your experience of this process that we have all lived in the company in a very close manner? I would like to know what is your view of this project. Well, first of all, thank you very much for coming and for giving you the time to be here with us in this Investor Day in such a beautiful place that also conveys a lot of peace because of what it means. With respect to your question, the tariff review. Well, very satisfied. Well, by definition, no, but this is an agreement where two parties want opposites, opposite things. Now in this case, it's successful because both parties are successful and in agreement. There are some expectations that none of the parties could meet. We would have been able to recollect or make up all the losses from the upheaval. Beyond this, that is, by definition the analysis, I think that we can see it based on the context regarding several benchmarks. The first one is quite obvious and should be the historical benchmark. If you look at all the processes that have occurred after the sanitation plan ended, nobody has been able to obtain this tariff review. In the past, no company has been able to have this review. This is an agreement that is quite significant and very different and quite better than what we would have affected in historical terms. The other thing is that maybe how much this does this respond to what could have been? Here we go into speculations. Nobody knows about that. There is an issue that we are all clear about, but we need to repeat it, is that the tariff process is not a mathematical matter. This is a regulated process, but it's developing in a political and social context that intervenes in the way it is proposed, developed, and how it ends up being. We are an efficient company in its structure and operational expenses. I think that all of you know what are our operational expenses, what is our infrastructure, and we just need to see the public indices of how the prices have evolved to realize that this gives us a two-digit result. This was not so. It was no surprise because nobody had incorporated these expectations in their evaluation of the company, and it was not so. We have factors related to context, political and social, that we need to take into account. Beyond the mathematics, you need to wonder how have things occurred in the whole set of the situation. This refers to the opinion, the external opinion. Beyond what we can think, it depends on the people that know the company and the system. What is their opinion? A first reaction was given by you, which is the reaction of the market, which positively evaluated the agreement, and somehow this conveyed the price increase in the share, which was higher than expected. A first positive reaction after the agreement was this one. During the negotiations and a little after reaching the agreement, we wanted to go further. This check with consultants, with the director, with the board of directors and external experts, we tested the fact that this could have been done through agreement. We could have reached more, I don't know, but through agreement that would have been difficult. We pressured as much as we could during the agreement, and this is what we obtained. Amongst the opinions, there is one that is very important, and is the decision of the government. If you carefully read the communication of the Superintendency of Sanitation Services, if you see the details, they know what was behind it. They talk about increasing the operational cost of the products and the cost of the works that were done by the company. Some actions that are not tariffed and they talk about the economies of scale, but also the drop in demand. The factors that pressured the margins were very clear. In the communication, they thank the company for relaxing their expectations and to be able to reach the agreement. This is important because when you do a negotiation and reach an agreement, you're always wondering what the alternative would be. We had a conundrum here because the alternative would have been to give up the agreement. You don't know which numbers you could have achieved, but we do know how this could have developed. It would have been a process that would have very strong legal battles. We must always remember that in a rate negotiation, you play with a counterpart that writes the rules and has the arbitration. We need to go beyond the expectations and beyond this political limit. Maybe what we achieved, that this will include a very complicated process which could take longer in time, and some could have had the temptation to leave it aside and not reach anything in the short term. This was very bad compared to the other alternatives. This agreement, what does it do? What does it enable? Here we have gone through five years that were very hard. We were focusing on the continuity of the business with all the things that happened, the pandemic, the social upheaval, and the climate change. We dreamt about a company, how we would like to have this company. We planned it, and we had a minimum requirement for this to occur, and this agreement arrived. This is an agreement, and that gives us the air that we require in order to develop in the next five years an open company that is more resilient and connected to the society. Therefore, in this sense, when you see this, conundrum of not getting the agreement and, what it meant to have the agreement, including all of these factors, we consider then that this is, an agreement that does not meet all of our expectations but does allow us to have a five-year horizon that is quite positive. Thank you, Daniel. Listening to you and thinking about this company that you dreamt about, and I think that you have dreamt about it for some time because Daniel has lived in Chile for a long time. How is this company that we dream about? I make the link not only about these points that are very relevant and have to do with the city and all the projects that we have and that we need to develop, but also looking further and having a more 360-degree view. What is this company like? First, I didn't dream the company by myself. We did an exercise of revisiting the purpose of the company, and in the panel, José will talk about this in more detail. I would like to tell you about the context. Where did this come from? I insist on the idea that in the past few years, we have had turbulent times. We have had to confront complicated challenges for the continuity of the service. In the end, we have always been aware that something changed in the context. I don't know if it's from the social outbreak, maybe that was the high point, but probably before that, we have this idea that the expectations of the citizens regarding the company and how we need to behave, and what we need to guarantee, and the standard of service, the tolerance when the service fails. This has significantly changed. We have expectations that are quite higher, and some may like this and some may not, but I am not going to issue a judgment. The perspective as a management is to see what is happening in the environment and develop the company, and transform it if it's necessary, and adapt it to the context so it can be successful. All of these are efforts that we have been carrying out, and they're not very visible because what has been more noticeable were the large projects for service continuity. This year we just made the map that we have proposed for 2024, and now what comes in the future? A company that has much a lot of what we had before, but we want to improve other aspects. We have the stakeholders who we have all served, the clients, the investors, the workers, they are always following the same line that we had before, with some nuances. In the clients there is an issue that is emerging, which is the water quality, and we are going to improve this so that we can become the leaders of debate. You will see how in the next years we will be more proactive regarding this issue. There are other areas where we have been working, but we have packaged them differently to give them more power. The environment axis, well, the company did some things that seemed less than what we could, so there is a more powerful structure now. The issue of environmental education, which is linked to the service, and this is something that we have seen in some debates about the value it provides. Everything that has happened has allowed us to talk about what we do, but there are conversations with other public and to be open and closer to the citizens. In this way, you develop this proximity that is key in many aspects. For example, we have large projects and it's difficult to obtain the permits, and without the citizens' approval it is almost impossible. Another area is the citizens, and we have realized that beyond the service itself that we provide and the transaction that we have with the client, we perceive ourselves as a key actor in order to ensure the city and the purpose. There are services of. For the metropolitan sector that are not clients of Aguas Andinas, the areas in the periphery and the rural areas, and they look upon the Aguas Andinas as an actor that can provide solutions for them, and we will see how we can develop a value proposition for this. We have climate change that goes beyond the service. We have had to anticipate, and we had to do much more than what was expected and recognized. Once again, here we have this connection with the citizens and to see what is their opinion. They perceived it as an actor that provides solutions. We have taken this challenge, and we have designed this plan. All of this thing about the purpose has to do with a business objective that is very clear. We work with an essential and basic service, and we need to count with legitimacy and the social license in order to operate it. Something that we have seen tumbling in the past few years. Maybe we wanted to work on this social legitimacy in the mid and long term, so that we can carry out our activities with tranquility. Yes. You say that we have to envisage this, beforehand, but I think that this is a requirement today because the speed at which the companies and everybody has to adapt themselves is not the same compared to five years ago. I would like to see that coinciding with the tariff process. If we add to this the climate change, we have been speaking about this for a long time. We reinforce this every time we can do that, we reinforce that with POs. The question is now, maybe you can tell us s omething about what is coming next, taking into account all this news we have from the point of view of negotiations that you well pointed out at the beginning, there are some news that are remarkable from the authorities. They are considering this issue as something very important. That was not the case many years ago. How, I wonder, we're going to get ready as a company, or how we're getting prepared for the climate change in this context of few climatic bounty we had in the last months that allowed us to be in a better position? Well, I think that the climate change is a perfect example of what we were discussing about this new strategy, this new way to behave as a company. I'm particularly proud of our achievements as a company, and this is a link with the previous conversation. We should give a perspective, because if I go back 4 years ago when we had the drought, with the hardest time in 2019 and 2020, and then 2021 and 2022, we are now in a better situation because we were doing very bad at that time to provide a continuity of service. At that point in time, the government was not considering this as a structural problem. Basically, when we spoke with them and we proposed solutions, they said, "just, like, relax because this is going to be over." That was not our vision. The direct dialogue with the clients, the citizens and so on, and this dialogue we also always had with the regulator, and then the solutions that were adopted were transmitted by the government to the citizenship. That is a scheme that didn't work this time, and we had to do innovations by getting closer to the citizens, and we started to speak directly to the people to let them know what was happening, the problems we were experiencing, the solutions we were adopting for the short term, and also the solutions we were considering as structural and for the long run. With all this effort, we were able to put this issue in the agenda, in the public and then in the political agenda. Two years ago, the regulators said, "Yes, we acknowledge that there is a structural problem. We need solutions of that nature. Two years later, we launched one year ago, we launched the strategy Biociudad, with a menu of solutions and a roadmap that was crystal clear to give back the resilience to the citizens that has been seized by the climate change. Now this plan has been approved. Biociudad is a reality. This is a case that is validating our strategy. That is to say, we cannot count on this technical scheme and speaking to the regulator, because, as you said, everything is evolving more quickly now. We speak to discuss with the citizenship and to gain this prestige and the technical solution. As far as the climate change is concerned, we have turned this threat into an opportunity, because a company that has a stable service, the opportunity of growth are very little. With Biociudad, we are validating this topic. We say that we need this company. It's providing a service that is necessary. It's proposing also ideas that are good enough. We're going from this scenario, where we were more exposed to the volition or will of other players. With the rates agreement, we started to engage into the implementation. Now this depends on us, with some actions and activities that the company has the soundness to do. Thank you. I wanted you to elaborate on that. Thank you very much, Daniel. We could discuss the whole morning asking questions regarding this issue, but the idea is to give you the space in case you have a question for Daniel from the audience. Then we will move to the next session, next panel, where we go into the rate system and how we're going to approach this from the financial point of view, and some topics related to this. I will open the floor now for questions. No questions? Good morning. I am Rodrigo Mora from Patria Moneda. I wanted to ask you a question concerning that change that you have perceived vis-à-vis the regulator, because I remember, as you mentioned, in 2019, I remember the regulator at that time, or the government, the administration in place, had an idea that this company is over-profitable, and we need to regulate the rates, and this is crazy for what was done with the electrical companies. There was an atmosphere showing that there were many problems and we had to get ready for the climate change. Apparently they did not were not aware of that. I would like to know if you can comment on this. Apart from all of this work of communication about the drought, I remember the campaign that showed that we had to take care of water because Santiago was getting dried. Maybe the change in the Ministry of Public Works translated into more awareness for the critical supply of water throughout Chile. That is my question. Well, to tell you the truth, the change has been noticeable. Noticeable because it is a change taking place in with people, and also there is the reality that is very harsh. Obviously we are also collaborating. As you pointed out very well, we started very strong with a campaign of awareness. Maybe the hardest point was the plan of rationing. This made the topic tangible, that this was real, this could be a reality, and we have the plan in place in case it occurs. There was a kind of click amongst the citizens and the authorities in general terms, not only the regulators, but at the perspective of the administration and so on, and everything contributed to this call for attention. It is hard for me to say what was the concrete fact, because all of this was simultaneous. If we take the perspective of time, I think that the regulator maybe changed the mindsets, because in here there was privatization, they did the sanitation, and therefore the most important thing is to keep this service as economic and affordable as possible. You see a challenge, but there is another challenge that is as big as the previous one, and therefore we need to give a leeway to the system for further development. You mentioned what happened in this system of electricity distribution. This is an add-on, and the things of infrastructure are considered in the long term. In the present environment, things are happening more quickly than expected. I certify that there was a change in the perspective and a change that has been very significant from the position of the regulator. Good morning. Fernán González from BTG Pactual. Daniel, many years ago in the previous administration, you started to push a change of the rate system that would be differentiated based on the consumption. That is to say, not just a flat rate, but differentiated according to different location. Has this progressed now? Is this something that you're trying to push? And if so, which is the effect we can expect in case it is implemented? According to the experience you had elsewhere, is this something beneficial for the company and a cost that we should assume because of resilience? Very good question, because for many years now, we have been pushing this idea that is a little bit different to that adopted by the government. The government spoke of block rates, and we speak of a climate change rate. It was not a pure subsidy. We were trying to give this decision to the end customer, what they want to do, because we say that the water condition is changing, we have less water, and if we want to consume as much as before, we have to go farther away to get this water. That means that it will be more expensive, or otherwise you will have to restrict the consumption of water. This is a dynamic we're applying, and we think that this is a very valuable valid tool. We have explained this for the government, and I think that through time, people are understanding the value of it, and we know that the government is adopting this and is seriously thinking of its implementation. We have already exhausted all of our means, and now it's a regulatory issue, and this is out of our power. This is the proposal we have, how it would work, the effects it would have, and basically that's it. Moderating the demand so that it's not possible to have some infrastructures or generate the resources in order to build new infrastructure. I think that the message has been understood, and that is what we can do for now. Because the alteration of the regulation pertains to the government. We have the impact on the other hand. In our proposal, we didn't see a major impact in the short term because it was a very gradual application, if we go to Catalonia, for example, we have this that is multiplied by ten, and we have the demand needs that are very clear. Our proposal is moderated, as we require investments based on climate change. We charge that on a certain threshold of consumption. That is the way it works, and therefore it has a very gradual increase that would be negligible in the short term. It opens access of financing to provide, for example, certain growth of collection without affecting the most sensitive sector. This is valid and it has been submitted to the government, and we'll see whether this is developed next. Apparently it will not take place in this administration because publicly there is no progress in this regard. It's very difficult for me to give an opinion about what this administration is going to do or not. If the rate agreement is pointing south issues, the agreement doesn't speak of this special climate change rate. If they want to develop, we apply the information so it is applied in the five-year term. Very well. We have ended this first panel. Thank you, Daniel. I think that you have provided valuable information. To finish this panel, I now will give the floor to Denisse Labarca, who is our superintendent with relations with the investors. Thank you. Papa. How do you find your purpose? Well, mine is not mine alone. I share it with all my colleagues. In fact, I didn't find it alone. We looked for it together, and it's something that makes us all proud in the job, and it commits us a lot. It commits you to let the water out of the tap? That, but much more than that. We're concerned about climate change because it's leaving us without water. We want to take care of it and for all people to help us, just like you. I don't understand. Do you work with the water or with the people? I work with the water for the people. There's no one without the other. We want to take care of the environment, so that way we all have much more clean and delicious water. The water comes from the rain and the snow. Mm-hmm. What can we do? We dance the rain dance. That no longer works. Look, the water flows through the rivers. The rivers reach the valleys, and many people live in the valleys. We want to take care of them and teach them so that they help us too. All my colleagues are very committed, like a group of superheroes, and every day they do something to be better, so that girls like you can live in a clean, green, beautiful city and never lack water. I'm proud of my superhero. We imagine a more beautiful world. We think the same. Now go to sleep. Good night. Continuing with this event. I always feel very sensitive with this video. It doesn't matter how many times I watch it. This just more than beautiful words. It talks about topic that we will talk about in the Investor Day, which is the relaunching of the corporate purpose in this panel that we will carry out now with Iván Yarur, who is the Director of Transformation, with José Sáez, Director of Strategy and Corporate Affairs, and also Miquel Sans, who is the Financial Director. Before beginning the panel, we would like to ask you again a new question with a QR code so that you can tell us about things that we are interested in knowing before we begin our conversation. Welcome. Please go up to the stage. Can we now have the QR code? Now we can see the answers. What do you think are the most important challenges that Aguas Andinas will have to tackle in the next few years? Climate change. Climate change is always the first in the list. Climate issues, relationship issues, relationship with the communities. Financial balance, sustainability, water scarcity. Somehow, we will talk about all of these topics in this panel. We're going to begin with Iván Yarur, who is the Director of Transformation. We will start by talking about this eighth tariff process. We know that the market still has a lot of appetite to get more details about this. We already talked this with Daniel Tugues, but now we would like to go into more detail with Iván related to the fact of what are the aspects that you would highlight that were more relevant in this eighth tariff process compared to the previous processes, where we see also that there are many opportunities for growth that emerged from this process. Thank you, Denisse. First of all, I would like to say that I am very happy to be here in the Mega Estanques de Pirque. I saw that the Río Maipo, it has a lot of water because of the nearby mountains, and also to see many representatives of the investor world. I see many known faces and friends. I think that this tariff process had many positive aspects. One of these is the fact that we could establish tariffs in the whole BOC that work. All of these had a tariff, but it not only has a tariff, but it is a tariff that the company proposed. These are projects that will significantly reduce the risks that the company faces, the risks associated to climate change, as has been mentioned in the survey, drought. These are going to be projects that will be profitable. I don't know if I should go into details in the result. Our CEO mentioned this. It has been in the news. The rate establishment process ended with an increase of 5% in the basic rate, and this will start on March 1, 2025, 3% and an additional 1% after December, and an additional 1% with which we will complete the 5% increase, which will be in March 2026. Also, in this process, there is a concept that is called the Base Drought. It is a rate of 3.85%, and it is associated to the construction of wells that have a capacity of 2,700 cubic meters per second, which will be charged as the wells are being built. If we have a well for 400 cubic meters per second, this is what is going to be charged. This allows that even if these wells are not constructed, if we do have the need of purchasing water, as we had to do in the past few years, these were significant amounts that we had to purchase. These water purchases can be transferred into rates, equivalent rates. If in the past, we had to buy CLP 15 million associated to water purchases, this will be establishing a rate up to a cap, which is the 3.85%. Another thing that the base rate contemplates is that it includes every discount due to sales of non-regulated products. In the past, we had a rate in concept that we were not clear about the income that would come in the future. We contemplated a discount of 50% when these income would come in. In this case, this is all the discounts are incorporated. All future discounts are included. As I was saying, a series of projects were rated. BOC that is one of the most important one, but there are other projects that I want to mention. In the next five years, we should see projects that increase rate by 7.4%. The first that you see on the list is the one called Base Drought. That is the 3.85%, which are these wells that have 2,700 liters per second. As these are built, the rate will increase. There's another project that will be done soon. I think that it will be before 2017, which are wells to the edges of the canals, so as to use them with the agriculture when there are increases in the drought. This is 0.15%. There's another project that is very important for our company and our city, which is the final turbidity. It is a conduit between this area of Pirque to an area called El Manzano, where there will be a second catchment. This is a project that will allow us to increase or it will allow two things. One, it will allow us to increase the levels of autonomy of the company. Today, we have 37 hours. We want to increase it to 96. This is the commitment, and this is what the project will provide. We have a second catchment beside the one that we have next to us. Another project that appears in the list is a project to deodorize the La Farfana plant, and this consists in encapsulating all the elements that enter the La Farfana plant and to do treatment in order to reduce to minimum the odors that are occurring in some occasions. On the other hand, there is also an alternative supply plan that is an increase in the standard for whenever there are situations that force us to have shutdowns. We hope not to have to use it. This is almost like an insurance. This is a series of tanks and also water trucks that will allow us to have more autonomy without having to depend on other institutions to supply water when there are emergencies. We should have implemented this by next year, and this would increase the rate by 0.55%. There's another project, which is the thermal hydrolysis project for La Farfana. I won't go into the details of what is thermal hydrolysis, but this project will ensure the quality of the effluent from the plant, given the increase in nitrogen content that will increase in the sewage water, so as to avoid operational issues due to the increase in the amount of nitrogen. Finally, in the next five years, there will be a thermal sludge treatment for the muds that are produced in El Trebal. This is a very positive project environmentally because it allows us to dry the sludge so as to transport less water, so there will be less trucks circulating and also leave it in conditions that these sludges will be able to be used in agriculture immediately. This is what we should see in the next five years. We included in the tariff other projects of us that are in the longer term. For example, Retorno Maipo, which is the reuse of waters. Another one is the new sources and conveyance of Maipo, which are a series of wells that are to the west of Santiago, outside Santiago, and the water would be conveyed to the Las Vizcachas plant. These are alternative projects. It's either one or the other. It's either the new conveyance Maipo Poniente or the treatment of waters. We will do the environmental impact studies. We will see the impact in the environment and the society. The Superintendency has a preference for the reuse of the water, so maybe we will go on that path. Also, there is a smaller project that is very important for an area called Til Til, which has been very affected by the drought. The project is to look for new sources in this area where the wells have been emptied in the region. Well, thank you very much, Iván. We have reviewed the main aspects, the highlights of this eighth process of rates review, which is a milestone in order to redesign or calibrate our view for the medium and long term. We also have the day-by-day activities that are carried out by your division, the transformation division. This is a plan that has been set up recently, and it's called Avanza+, a tool designed to identify and to leverage and develop the different initiatives inside the company, allowing to translate into efficiency, innovation, and added value for everything we carried out in the company. Within this plan, what can you tell us about the most important things that are being done throughout 2024? I will answer you, but first of all, I would like to clarify something. The rate process has not concluded yet at all. In fact, we still have 85% of the profits or income that are related to Aguas Andinas, and we still have to do it with Aguas Cordillera and Aguas Manquehue. With Aguas Manquehue, we have almost 10% of the income already calculated, and Aguas Andinas only 3%, and this is a work we need to do. The exchange of studies was done on November 4, and December 3 will be the date for the discrepancies submitted to the superintendency, and then we'll have a period of time for negotiations. I will tell you at that time the result obtained from those processes. Concerning now Avanza+, this plan. As I commented before, this project is the transformation process in the company, and this is very satisfactory for myself because it has been consolidated and has become a methodology, a way to act that allows to transform the whole company in a systematic way. We have areas of work we're focused on. We have a cross-cutting team of work for such projects. We have also the governance element that is very disciplined and very strong. Every week we meet with executives of the top management to review the progress made by each one of the 130 initiatives included in this project. Every time we have initiatives worthwhile to underscore, we disseminate them through the communication means that are in the websites or by email, and we try to acknowledge those initiatives so that the people who are working in these initiatives are acknowledged, recognized by the work they do in general terms, and I think this is a very motivating work. Regardless of the name of this project, if we change eventually the progress or if we change the organization of it in the company, we do have the strength to work on these issues. We could mention many projects. I don't know if we want me to comment on some of these initiatives. First, on the customer side, we have some initiatives that are very significant from economic and the social point of view. In the economic area, we have a project that is encouraging the change of 400,000 meters, water meters in 3 years in order to reduce the water meter-related losses. If I say it in a different manner, this, the amount of water that we're not invoicing because it's not metered adequately. With the changes that are taking place last year and this year, we expect that the invoicing will be increased by 5 million cubic meters, sorry. This is very relevant. On the other hand, we have the social aspects. The customer side has a project related to the universal access to water. We should remember that the coverage levels are 100% in the concession areas, but there are some particular localities because the customers are very vulnerable. We have, for example, the situation of squatters or camps, illegal camps. We have this project with the urbanism ministry, and we have undersigned an agreement with the housing and urbanism ministry to tackle this. Also we have the problems related to the connections to the sewage system that sometimes are very costly, and some people may encounter problems to pay that, to afford that, because normally that was paid cash, and now we are giving some facilities for payment. Another alternative I would like to highlight is the opening of a path between Yeso and Laguna Negra so that the people who live in this region can know our water reserves in an environment that is very nice. This allows to have an access that is controlled because people have to register first and preventing their frustration for not having access to some areas where people would like to visit. Another initiative that is becoming very significant lately or more than initiative, we have a front work related to energy. As you know, the prices of the electrical energy are increasing very dramatically, and many projects in this area are becoming more profitable. In this area, we have three sub-areas. First of all, what we call the commercial optimization, where we want to transit from 50% of the free customers, 50% of these meters that are free customers and have them increase by 70% or up to 70%. Other project is the energy efficiency related to the optimization of our lifting plants, our wells, and the use of electric energy, electric power, and that is used in our bio factories. The third one is the renewable energy project. We are a company that works with water as well as with the sewage system, and therefore, there are different sources with which we can generate power. For example, the waterfalls that allows to do power generation. We have vast factories or facilities where we can put solar panels, and we have gas that allows to generate energy. We are working very strongly based on the current situation in these kind of projects. Well, thank you, Iván. Thank you very much for this thorough analysis of things that should be taken into account because this is a day-by-day work adding a lot of value. From our role of investor relations, we would like to further delve into it in each one of the occasions we have with you. I would like to give the floor to José Sáez, the director of strategy and corporate affairs. I would like to ask him about the purpose because we saw a video on the purpose of the company, the company Aguas Andinas. At a point in time last year, we defined that it was important to review this purpose and to relaunch it. Here we have José, who was the leader for this process from his direction. I would like to ask you why you saw the need to carry out this process, and which were the most important milestones and conclusions you obtained from this work? Thank you, Denisse. It is a pleasure to share a few minutes with you and to tell you a little bit, the development of this, process. I think that the initial words by Felipe and, the approach of Daniel show the axes on which, this need, is originated as, we call it to revisit our purpose. This is a statement, a formula that many companies today are working on. We believed it was extremely important since we were facing a particular diagnosis that allowed us to do or engage in this in-house analysis to visualize the elements that we should highlight on how we were approaching the design, showing the thorough strategy of the company to make progress vis-à-vis the challenges that the environment is imposing. You have alluded to this many times, but we should pinpoint now the essential aspects for revisiting the purpose. The first of all is the climate-related aspect. I will not give all the details now because you are aware of what we are undergoing as a planet, as a country, more particularly, and the basin. Concerning the effects is having. Another thing that we have mentioned is, it was very important to delve into these issues and how we can raise some actions that would allow to have a different approach for the management of the company, and this is related to the citizens issues and the social issues. It's not a mystery for anyone that Chile has evolved in the last decades and transited to a different status. The community we have always served, the customers continue to have the same ID number for many decades as customers of the company. But there is no doubt that they are requiring today for different condition, not only from this company but for all the services they receive. We should first understand this context. Next, we based our work on methodology with a work team composed by different directions and different people from the organization. We delved into this option that would allow to arrive to some conclusions that were material, and not only to paraphrase these purpose of the company, but also could make sense in the company and mobilize different workers in the company in order to pursue these results we try to attain. This is a very relevant element, and it's an important part, and this is what Denisse mentioned in the beginning of the panel with the video that you watched. This is when we informed about the results of this work, and this gave context to what we were trying to convey. In this way, we started activating what we call the purpose. We started to inform this within the organization not as something that was worked by a team of people who met and devoted some energy to this and assigned the option, but rather we mobilized more than 1,500 workers of the company. We promoted a discussion to see where we had the differentiating elements that we have been working on and that allowed us to be in the position that we are. We were a little uncomfortable because this position did not provide certainty that we would be able to reach the objectives, both in the environmental area as well as in the social arena. From then on, from this definition, we not only activated the purpose in the company, but we also empowered the people. Every process of the company, every activity of the company needs to have meaning in this definition that we made. There is a slide that contains a QR code, and I invite you to scan it because there are many details regarding the model that I'm going to try to explain in the time that I have. Looking at our controller, Veolia, whose purpose is to be a world champion in ecological transformation, we said, "Okay, we will assume this perspective, but we have our own peculiarities in our company which make it necessary to manage what we face as a challenge." Here we leverage three relevant concepts that are included in our definition. First, our environmental commitment with the sustainability of the resource in the basin where we operate. We are moving away from the definition of operational territory, and we have a wider physical space, which is the one that the law provides to operate this water and sanitation services. We look at the basin as a whole and the effects of the environmental axis on this basin and also the social aspects that are seen in the different places or cities that live in this basin. From then on, we leverage the reason why we're doing this, and then we see the people as a relevant axis that concerns us, so that they can live in this environment in a healthier manner. Here we find the three axes that move us in the organization, providing the perspective that the controlling group provides. There is something essential that was difficult in the beginning. It was difficult for it to be understood in the organization. We are not a company that we need to put a suit of sustainability on. We are not an organization that needs to go out abroad to justify what it's doing and what environmental measures they're taking so that the environment is not affected. We are the environment and therefore, among other things, today we are carrying out this activity here. Because one of the definitions that we've made is that we need to go beyond the borders of the company. We need to tell what we're doing with strength. It is much easier when an important access. As the investors can come to the infrastructure and see concretely what the effort that is done every day means in order to make this a reality. From this perspective, our management model acknowledges the investors, acknowledges the clients and the workers at the essential access to develop this activity. It identifies the citizens, the environmental education, and the topics related to the opening of our facilities as variables that will help us to realize what we want to carry out. For this, it is relevant to leverage internally all of these managerial elements into variables so that our leadership within the organization and outside the organization can make us tell our story with more strength. This is a theoretical design, but we said that we could not stop here. We need to make this definition to become a reality by generating a new roadmap for the organization. What you see on the screen, it's the identification of each of the strategic lines that have been identified by each of these variables that we gave a high importance with specific objectives that will allow us to explain what is important for us in each of these working axes. Each of these variables, well, we carried our specific discussion, and we worked this in detail. This roadmap is what you will see in our next integrated report. There we will talk about how we closed the roadmap that we had before and the results that we obtained and how this new roadmap is opening up. It is very important to mention the milestone of the rates, because this will allow us to make visible the dream of the company, a company that is not only capable of sustaining environmentally the provision of water and sanitation, but also does it with commitment to the environment. This second axis of commitment with the environment is very relevant in order to achieve the necessary legitimacy to operate, to have a good reputation for the periods when there's not going to be enough, because we will have difficulties. There will be problems when we have the event that climate change will cause. It is difficult to confront these events having carried out these efforts, telling not only the investors, but also our customers, with the effort that we are doing, going to each area of the city to talk to them, to the neighbors' organizations, to tell them what we are doing for them, to understand their expectations regarding the service, and to respond to these requests. This is what we are trying to do to have the internal muscle that will allow us to go out and capture this license to operate, and to ensure at the end of the five-year period that we were not only capable of developing a good rate negotiation, but also we were capable of applying the rate without problems with the community. On the contrary, with a community that understands and that accepts and that knows that it has an organization that is carrying out all efforts for the sustainable maintenance of the basin. We are not only taking care of the clients that we have today, and this is a very important definition. When we talk about the basin, we are concerned about the areas that are fighting because they don't have access to liters of water per day. Those communities that are living not the standard that Andinas provides in the urban areas, but they are concerned about whether the truck that provides water will arrive on Tuesday or Thursday. Aguas Andinas is doing this definition, and they have to make a contribution in those places to use all the expertise and to provide solutions that will allow the communities to solve basic problems such as the access to water, to drinking water. These are the communities that are more thankful for having this service, because in the city, and we have heard this several times, well, people are not sensitive because of you, because they have never felt the problem of not having water. Nobody goes to bed every night thinking on whether they will be able to take a shower the next day. This is not a concern. This is the work that we all carry out, all of those in Aguas Andinas, including the investors. This is the value of what we're developing, and this is what we are conveying internally very strongly, that we are creating this strong muscle to go out to communicate this and to achieve this l icense to operate that we need. Thank you, José. Your words were very inspiring. All of these ideas that become a reality in our strategic view, where we have also Avanza+, which is what Iván is leading. We have also talked about the rate review, and we would like to put all these topics into numbers. I invite Miquel Sans, who is the financial director of the company, to tell us about the results of this rate review, including the strategic view of the company. There are significant investment needs, and these are investment needs that represent growth, opportunities for growth, inorganic growth. Somehow, the sanitation industry and Aguas Andinas in the past had the idea that it played a role that was just to ensure coverage and ensure a service. This is what was achieved as satisfactorily in time. After this, there was this idea that there were no great opportunities and challenges to add value to the business. Today, we are in a more challenging scenario. This is a challenge when we started operating because climate change implies challenges that translate into opportunities of growth and to add value. So my question to you is: How does this translate in the CapEx associated to this, both for this cycle and also the levels of investment that we should see for the next period in Aguas Andinas? Thank you, Denisse. First, I would like to not repeat myself so that we have the space for questions in the end. Iván explained very well the part related to the tariff, so now I'm going to explain about the investments. Also, I want to sort of correct my colleagues. José started concerning you because we were going to invest $ billions, but it's not as much. It is a significant investment, but not so high. Beyond this, if we see the type of investment that you expect for the next years, Iván has explained a part of it, and we try now to combine the additional rate with the amount of investment. I'm going to separate this into blocks. Here we see these four investment groups within the tariff strategy. These investments should not go beyond $300 million, and this includes this 5.17% in tariffs. These investments would have the one for Base Drought in the western side of the city. Then they will add around 1.2 cubic meters per second of resources. Then we would have the southern area with 1.5 cubic meters per second. As these investments start operating, the variable rate would not be valid anymore. I don't know the right term that you use. But as we incorporate these new resources, the maximum of rate would be dropping. The other two were explained by Iván. The alternative catchment that will allow us to not in a real manner that we obtained in the past of more than 70 hours without having the infrastructure. This allowed us to make theory into a reality without pressuring the facilities and also the canal strips, which are the areas for the final drought. This is the final drought, which will be later than Santiago, the western part. There is also investments that have been tariffed, and the first is the deodorization of Farfana. We believe that by next year, this will be over. After we have another investment, but rather a change in the standard. That is to say the water trucks for emergency events are in a bidding process. In a few terms, it should be implemented, and in there we have to trigger the right rates because it includes more CapEx. Then we have the thermal hydrolysis and the drying process in the Trebal. As Iván explained, that should give additional resilience and have an environmental impact that is much better with the opening of this new infrastructure. These four or three investments for the standard change would Add these increase in the rates, and it should be less than CLP 80 million pesos. We have the reuse of Maipo River, the Maipo Return, and those are incompatible. In this 5-year term, we will do the study so that we can decide which of them will be carried out in the next 5 years. We have the new sources from Til Til scheduled for the next 5-year term. Therefore, we do not have a clear estimate of the investments that will be required based on the solution that would be adopted for each one of the cases. Thank you, Miquel. I would like to continue now developing this idea, and we already saw what and how much. I would like to speak about how we expect to finance all this possibility of investment. Will we continue to innovate as in the preceding years with the new tools of funding, either local or international? How we're going to manage the next debt maturing dates. You and Daniel spoke of the growth, inorganic growth, as you said, and I think this is true. This kind of growth is less usual, and many of these investments give us a growth rate that is good for the next coming years, as well as reducing the risk associated to the climate change. That is the advantage, the positive side. Concerning now the investment opportunities, first of all, we have a new rate that will contribute with new flows, cash flows, and then we have all the initiatives, 137 from Avanza+. Many of them should contribute with savings, or maintaining the costs in some of the lines that are under pressure, such as energy. I will go back to this issue. We have some initiatives in Avanza+ and outside, the capturing of the circulating capital and others that should let us tackle with these investments. As we consider now the schedule of maturing we have and the needs of investments for the amounts we have committed, we don't really see any year in the next 5 years where we see difficult investments to approach in the markets. 8 years, we resorted to the Asian market. In May, we resorted to Switzerland, where we were well-received there. For the bonds and the bank sector, there is a lot of appetite for our securities, as we confirm in the different conferences we have participated. Now linking with the energy sector, we have some projects for producing energy. These kinds of investments give way for different partnerships, where we can do the investments off our balance. This is something that we're analyzing, what kind of projects we can do off balance with a partner from the energy or financial sectors. We're always evaluating the different options available at the local or international levels, allowing to fund these investments with time and with tranquility. Thank you, Miquel, José, and Iván. Now, we'll give you some space to ask questions before we go to the next step of this Investor Day. Rodrigo Mora has the floor. Rodrigo, sorry, Mora from Patria Moneda. I have a question for you. Concerning all the comments by the director of strategy to obtain this license in order to operate, the permit to operate, I would like to know if there is a way to disclose, because I don't know if you do it or not, and to explain or to show what the company is doing at the level of schools, colleges, particularly in high school, to explain what you do. And to explain how the regulation or the rating process takes place, because most of the people do not understand this or have no idea at all. This would be a way to explain what you have done in this connection. That is the first question. The next one is concerning the communities. As you say, the communities who are in the basin, and they are not the responsibility of Aguas Andinas. I have commented this with other companies. The problem that the small companies have, they don't know if they will have water in the next week or during the next week. There's more, potable water works in the rural setting that they try to do. There are bad people who disappear. They go away with their money and as a fraud. This happens very often in Chile. As we have this actor as Aguas Andinas who can help manage these kind of things to prevent these frauds that the small communities suffer, at least in the area of influence that the company has. Another question now for Iván. I would like to know the rating for the plant of potable water at Padre Hurtado, and then the strategic and financial aspect. I don't know if this should be a question for the Investor Day or for the telephone conference we'll have tomorrow. I would like to know the rationale for rationalizing the water rights and increasing the net worth. I don't know if this is good enough. I would like to know what is the rationale at the basis of all this. I thank you for this question. Concerning, first of all, the educational aspect that the company has developed for many activities for a long time. We try to convey very clearly what we do, but showing at the same time the significance for the user of the services to let them understand the efforts that are behind the activity that allows to have these quality standards for each one of the housing units. We have said this many times that apparently we still need to delve into it. One of the axes of work is related to this particular aspect, to find ways so that from different sides we can reach different age groups with different typologies of information, right from the youngest people who have these different environmental awareness, and to approach them with a language that is suitable for this level, and then for the high school and the college levels, and also for elderly people, for the community groupings. When you tell them about the process, they are not only astonished by it, they understand what a cubic meter is, how much it costs, and what happens elsewhere in other communities or very close to this area who do not have these standards of quality. Therefore, there is a battery of actions that are targeted to increased awareness of the point at which we are now from the environmental point of view. Now I will make the link with the second question you ask, the rural setting and the importance it has for us being able to further improve this model that has allowed Chile to sustain the standards that we exhibit today. I say Chile and not only the metropolitan area, because the investing effort that has been developed as of the private sector participation in this area that allow the country to have the quality standards in terms of sanitation. That has contributed with many benefits so that we can open the tap today without having problems of enteric diseases. There are obviously some generations that take this for granted. That is a reality they know. Those who lived in this area beforehand know that we come from a condition that was very complex, and we have to do a major effort to achieve that. This model allow to do that. We have this new environmental challenge that leads us to be the ideal model to satisfy these or to meet these challenges with this way of management. In the rural setting, they see the urban areas to have the same standards. We understand that we have to be available together with other players who have to collaborate in order to materialize efficient solutions for the rural setting. We cannot be outside of that because we have the technical know-how. We have done this for decades by supporting the Public Works Ministry and providing the services to the rural sector. According to the new amendments, we have this option open, and they are experiencing many difficulties. Obviously, we have a battery of options so that we can prevent these situations from coming up and being repeated. People year after year see how their dreams of having these basic services vanished because these scoundrels came with fraud. We expect that in the future, we will, of course, be able to say that we are contributing so that the rural setting also can have access to the water services and sanitation services. Regarding Rodrigo's question about Aguas Cordillera, the Padre Hurtado plant. The Padre Hurtado plant is from Aguas Cordillera, and we're in a rating process now. Having said this, the answer is yes, because both studies, both through the superintendency as well as the study made by the company, contemplate a Padre Hurtado plant that will be larger. In these rate establishment processes, we consider the base scenario, base turbidity, final turbidity, base drought, and final drought. In these scenarios, we have contemplated the expansion of Padre Hurtado. I will complement what José said because on Friday, I went to a school, and I was explaining about the company to high school students, and the reception was spectacular. They valued the explanations because they understood better some aspects that they did not know. If you explained the volume of water per second that we need to make potable. This was a technical school, so they established a lot of value in this information. We have visited many schools like this, and this is a very enriching experience, not only for them, but for us as well, because it makes visible their daily life in a positive light. This was a good experience. Now, in terms of water rights. For some time now, we wanted to put a value to an asset that was below the sub-market standards. Because in the rate establishment process, one of the studies is to put the water rights at the market price. We took advantage of the synergy of doing these studies that are complex, long, and very complex studies. This is not the first time that we do this valuation. In 2020, we also evaluated the land. From now on, what we will do is to update this value and monitoring year by year whether there is a risk and to update this periodically. I imagine that the great concern or complaint of the customers is water pressure. I don't know if it's the only one or the most important one, but in my experience and looking at different areas in the summer, the water pressure is different in each area. I think that this could be one of the main challenges of the company, particularly during the spring and the summer. Yes, and also the quality. I will take two seconds to try and explain this. The issue of quality, we have said in all forums, what are the quality standards of the company? There are clients that believe that the water causes issues in the facilities, particularly the scaling. We need to answer to this, and we need to know that within the quality standards that the country has defined, the standard is met. Therefore, we will have to do the conversations that are necessary to change the beliefs and also elevate the standards if we are willing to pay for this level of standard. With respect to the flow rate, the company meets with the minimum and maximum flow rates standards established by the regulation. What has happened systematically, many of the flow rates that we delivered outside the social buildings, they took advantage of this flow rate that was over the minimum level that was 35-40 meters of water column. With this, the flow rate reached up to the fourth floor, and when there is this need of making our distribution more efficient in the network and we manage the pressure, maintaining the standard in the standard regulation, then the water does not reach the last floor. They have to operate their facilities that were built at that time, early on, and they did not do the work in providing the flow rate that they required. The clients need to understand that there is a very specific condition of their facilities that they need to review and they need to manage so as to obtain the flow rates that they need. This does not mean that at some areas in the metropolitan region, we may have some difficulties. We want to solve the problems that we face. Any more questions? There's time for one more question. For Miquel. This 5-year investment plan of CLP 380 million, what would be the timing that you have to deliver the projects and invest them? And what EBITDA do you expect this will generate to the company? Well, the EBITDA is basically the rate that we will obtain. Are there other costs? Yes, there are other costs, but it was almost CLP 40 million. The main part is CapEx. There's some OpEx, but in the wells, this will be all the permits, the power. The main part of the cost is because of the essential investment. There is an OpEx, which is the emergency plan. It's only OpEx. We have also the rates that will be triggered. Again, there is also an additional cost, and we will see what is the cost. It is lower than what will be triggered in the rate. The timing, in 2025, some of the projects should start. We need to start with the bidding process. This is a regulated company, so there is some time before the bidding process and the execution and the payment. This would be for 2026 and 2028. By 2030, we should have the part of the payment of all of these actions. The main period should be then 2026-2028, when you did the planning in terms of how this will be done, you are assuming the levels of EBITDA that will leave around $40 million. The OpEx part is not as relevant over the total. With respect to the financing, we have scenarios because we never know as a fact in what will be the evolution of the volume in the next years, what will be the evolution of the costs, how much savings we will have. We have several scenarios, and in none of these scenarios, we don't see the next five years as critical. Just to complement what Miquel said, there are two projects that should begin in 2025. One is the alternative supply plan, and the other is the deodorization of La Farfana. Those are the two immediate projects. We have the wells, but there is the commitment to have the first wells in 2027. Obviously, we'll try to be as quick as possible and have the 400 liter module ready. Two of them will be very immediate. One more question for Fernan, who had his hand raised, and then we will close the panel to continue with the next part. This is for Iván, I think. Regarding the reuse project versus the sources for the west. This would be for the next cycle, the next decade. I would like to understand why is it so much further in the future if you have been talking about this project and the authorities have mentioned. This is a project that not only improves resiliency, but also has an impact in the amount of water that you would have to purchase from third parties. It is. Is it the favorite of the regulator or the Ministry of Public Works, but not for you. Reading between the lines, this is what I think. What is happening with these two, and why aren't we seeing this as a reality before the end of the decade? The committed date is 2032. The reason is that these two projects have complex environmental impact studies, so it is difficult to know whether we will be able to have these projects in this timeframe. It is a matter of approvals and construction because these are large projects. Beyond implementing these projects before, the reality will mean that we'll lead to this date. We will try to make it before, but this is the possible date. Now, regarding which of the two is better and the vision of each of these? I think that both have pros and cons, and the reuse project has the advantage that it is a more sustainable project because the water is being reused and we don't stress the aquifers, particularly the ones that are around Santiago. From the point of view of sustainability, it would seem that this project should be a priority. The project of the conveyance of the Maipo sources, this is. Well, we will have the EIAs and also the consultation for the citizens. This is a simpler project, so to speak, because it has to do with the wells and the elevation. It is easier to obtain the environmental approval, but it consumes the aquifer. We should start thinking about what policy should we have as a country in order to preserve the existing aquifers. I don't understand much about this topic, but what I learned in this process is that this is a very large aquifer for Santiago, but 30 square meters per second enter this, but 3,000 leave. Even though this water is available and it's good quality water, we need to think that we need to keep certain limits in order to have this as a reservoir for future generations. Well, I would like to thank our three panelists. Thank you. Now we want to invite you to the last stage of the Investor Day, where we are going to carry out a visit to the Pirque basins. We will have two groups and two luxury guides from our company. We will have Cristian Schwerter, who is Director of Planning, Engineering and Construction, and he will guide group number one. In your credentials, you should have a number, one or two. Those who are in group one will be guided by Cristian, and you will leave in a couple of minutes in the vehicle that is outside. Group two will be led by Fernando Young, who is the Manager of Production and Water Resources of Aguas Andinas. He will give the visit to group two. We will organize in the following way. To my left, there is a place where there are explanatory panels where we will be able to get information about the main aspects of the Estanques de Pirque project while the other group carries out the visit. Once group one returns, then group two will start the visit, and group one will view the information and will carry out the questions they have. Thank you very much.