Ladies and gentlemen, thank you for standing by. I am Gail, your Chorus Call operator. Welcome, and thank you for joining the Bank of Cyprus conference call to present and discuss the group financial results for the nine months ended 30th September 2022. All participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a question and answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. Panicos Nicolaou, Chief Executive Officer, Ms. Eliza Livadiotou, Executive Director of Finance, and Mr. Demetris Demetriou, Chief Risk Officer. Mr. Nicolaou, you may now proceed. Good morning, everyone. Thank you for joining our financial results conference call for the nine months of 2022. I'm joined by Eliza Livadiotou, Executive Director of Finance, and Legacy Demetris Demetriou, Chief Risk Officer, and Annita Pavlou, Manager, IR and ESG. I will start by highlighting some of the key messages for the first nine months of 2022 on slide number four. Despite concerns regarding the outlook for global and European economic growth, the Cypriot economy is proving resilient to external shocks and continue to grow strongly in the third quarter, with GDP increasing by 5.4%. GDP in Cyprus is forecast to grow by 6% in real terms in 2022, supported by stronger than expected tourists and then grow by 3% in 2023, outperforming Eurozone average in both years. During the first nine months of 2022, we delivered a profit after tax before non-recurring items of EUR 109 million, of which EUR 50 million in the third quarter, with an underlying return on tangible equity of 8.8% converging towards our medium-term target of over 10%. An important driver of this performance is our net interest income that was EUR 234 million in the first nine months of 2022, up by 5% year-over-year. The improved momentum in net interest income is clear from the 19% increase in the third quarter net interest income compared to the prior quarter as loan and liquid yields continue to improve. In the third quarter, we have managed to contain operating expenses on the back of the efficiency actions despite the inflationary environment. Specifically, in July, we completed a voluntary staff exit plan through which 16% of the Group's full-time employees were approved to leave for a total one-off cost of EUR 101 million recorded in this quarter. The gross annual saving is estimated at EUR 57 million or 19% of total staff costs with a payback period of 2.7 years. Supported by this, our cost-income ratio for the nine months stood at 54%, seven percentage points down on a yearly basis. As a result of the one-off cost of VEP and other restructuring expenses, the Group reported a net loss of EUR 9 million for the nine months. The Bank's capital position remains robust and comfortably in excess of our regulatory requirements after absorbing in full the cost of the VEP. As of the end of September, our total capital ratio was 19.8%, and our CET1 ratio was 14.7% on both a transitional and proforma basis. Our liquidity position also remains strong, and as such, our cash balances with ECB excluding TLTRO of EUR 3 billion amounted to EUR 6.9 billion, leaving the bank well-positioned to benefit from further interest rate increases. Deposits on our balance sheet increased by 2% in the quarter and 7% year-to-date to EUR 18.8 billion. The third quarter was marked by the early achievement of our sub-5% NPE ratio target for 2022, with the proforma NPE ratio decreasing to 4.5%. Also, we have just announced the completion of Helix 3, our last NPE trade. Now the 4.5% is not proforma, it's actual. Our cost of risk are at 44 basis points for the nine months of 2022, remain well within our normalized target range. The performing book has strong fundamentals reflecting prudent underwriting and high loan origination standards in recent years and is well positioned to face external shocks. Moving now to slide number 5. I am pleased the Group achieved three key milestones this quarter. Return on tangible equity of over 10%, sub-50% cost-income ratio, and sub-5% NPE ratio. These being key targets for the Group. Turning now to slide number 6, which sets the drivers of our upgraded guidance for 2022, capitalizing on the Group's strong performance and rising interest rate environment. Firstly, interest rates have increased faster than we expected in August, with immediate benefits from our liquid assets and variable rate loans. Factoring in current rates, we are upgrading our net interest income guidance for 2022 to over EUR 350 million, reflecting the Group's positive gearing to higher and faster interest rate rises. In terms of efficiency, the cost-to-income ratio excluding special levy on deposits and other contributions for 2022 is revised downward to low 50s from the previous guidance of 55%-60%, driven both by the improving interest rate environment, but also management's ongoing efforts to contain costs. The efficiency actions undertaken that have resulted in the reduction of employees and branches unlock meaningful savings from 2023, allowing us to more than absorb inflationary pressures on total operating costs. The cost of risk remains under control, as reflected by strong and resilient loan portfolio performance in the first nine months of 2022. Hence, we now expect cost of risk to be around mid-40s in 2022. As a result of these updates, we now expect to generate a recurring ROTE of around 10% in 2022, supporting the ability to make meaningful dividend distributions from 2023, subject to regulatory approvals and market conditions. For transparency reasons, we have included a reminder for our current 2023 guidance. While we are currently reviewing our budgets in light of the benefit of faster interest rate movements, I would like to reaffirm our confidence in continuing to deliver on key milestones, double-digit ROTE, 50% cost-income ratio, and strong asset quality. We will aim to update our financial target post full-year results. Moving now to slide 7. The prolonged geopolitical crisis in Ukraine has changed the economic landscape, reflecting a potential slowdown in economic growth and escalating inflationary pressures, with a resulting rise in the interest rate outlook. As a result, the global macroeconomic outlook is uncertain. Against this backdrop, the Group is delivering on the levers that are under our control in order to face external shocks from a strong position. The Group's diversified business model, significantly improved efficiency and asset quality, as well as its ability to maintain healthy capital and liquidity buffers, all play a vital role as it heads towards these uncertain times. Slides eight and nine provide an overview of macroeconomic conditions. The effects from the war in Ukraine, the energy crisis, high inflation, and global monetary tightening are weighing on the global economy. The Cypriot economy is at a different stage of the economic cycle, with GDP continuing to grow by 5.4% in the third quarter. Recent projections by the Minister of Finance point to a growth of around 6% in 2022, and then 3% in 2023, outperforming Eurozone average in both years. The recent sovereign upgrade by Standard & Poor's to BBB demonstrates the resilience of the Cypriot economy to external shocks. As a reminder, Cyprus maintains an investment grade. Cypriot public debt levels compare well to other E.U. countries, are firmly on a downward path, and expected to reach approximate 90% of GDP by the end of the year. Economic growth in Cyprus is supported by stronger than expected tourists, despite the sizable loss of tourists from Russia, low unemployment rates, and improved real estate prices, although it is important to note that these prices remain well below their previous peak levels in 2010. As a reminder, Cyprus has no energy dependence on Russia, as it imports all of its oil from Greece, Italy, and Netherlands. However, it is indirectly affected by pricing pressures in the international energy market. Cyprus does not use gas for its energy needs. It has milder winter compared to other European countries, hence energy consumption typically peaks in the summer. As in many other countries, consumer inflation in Cyprus has accelerated significantly as a result of supply chain disruptions and higher energy and other commodity prices, and inflation is expected to average 12% for 2022. Turning now to slide 10 of new lending. New lending was lower at EUR 497 million for the third quarter, reflecting seasonal patterns, and totaled EUR 1.7 billion for the nine months of 2022, up 25% year-over-year, recovering to pre-pandemic levels. As at the end of September, the performing book had grown by 4% in the first nine months to EUR 9.7 billion, spread across all sectors, although it remains flat on a quarterly basis due to high repayments. We have high-quality loan originations supported by prudent underwriting standards and meticulous assessment of the repayment ability of our customers. As 99% of new loans extended in Cyprus since 2016 are performing. Currently, our near-term interest income is expected to be supported primarily by asset repricing and higher securities investments. I will now hand over to Eliza to take you through our financial results for the period. Thank you, Panicos, and good morning from me, too. Starting from slide 12 on the income statement, I will highlight a few important figures in the quarter. Net interest income was up 19% on the previous quarter, positively impacted by higher loan and liquid asset yields. Total operating expenses were reduced by 7% on the quarter due to lower staff costs following the completion of the VEP. Cost of risk was broadly flat on the prior quarter at 35 basis points. Profit after tax and before non-recurring items was at EUR 50 million for Q3 and EUR 109 million for the nine months of 2022. During the third quarter, the group recognized a one-off cost of EUR 101 million from the completion of the voluntary exit plan. The overall result was a loss after tax of EUR 59 million for the third quarter and EUR 9 million for the nine months of the year. Now moving to slide 13. Quarterly NII is now on a growth trajectory on the back of the faster repricing of loans and liquid assets compared to funding costs. The quality of NII is also significantly improved, with reduced contribution from legacy interest income. The net interest margin for Q3 was up by 20 basis points to 1.53%. Excluding the TLTRO of EUR 3 billion, the net interest margin stood at 1.69%. We are encouraged by income evolution within our performing loans, reflecting the increase in volumes over recent quarters, as well as improved yields currently at 319 basis points. Our TLTRO borrowing stands at EUR 3 billion as of September. The bank expects an additional net NII benefit from TLTRO for the period from June to November 2022 of a total of EUR 8 million, EUR 3 million of which was recognized in the Q3 income statement. Following the changes in the TLTRO terms announced by ECB in October and given the bank's strong liquidity position, the bank is contemplating earlier repayment of these fundings. Let's now turn to slide 14, where we discuss in more detail our liquid balance sheet composition. As of 30th September, cash balances with ECB amounted to EUR 9.8 billion, including EUR 3 billion of TLTRO, on which the group benefits immediately from the ECB deposit rate increases. Securities, including debt securities, treasury bills and equity investments, amounted to EUR 2.5 billion, and 92% of our securities represent the fixed income portfolio, which increased by 18% Q-on-Q. A further meaningful increase is expected in 2023, subject, of course, to market conditions. Net loans amount to EUR 10.1 billion, of which EUR 9.7 billion is performing. Around 50% of the loan booking is priced on Euribor, which will benefit from the reference rate repricing over time. Customer deposits amount to EUR 18.8 billion, and the liquidity fees charged since March 2021, which contributed EUR 13 million to net fee and commission income year to date, will be phased out as from the first of December 2022. Wholesale funding of EUR 0.6 billion as of 30th September is expected to gradually increase in order to comply with MREL requirements. Moving to slide 15 now. As shown on the graph on the slide, forward curves have moved more steeply in the short term since August twenty-two, with immediate benefits from liquid assets and variable rate loans. The bank has cash balances placed with ECB of six point nine billion euros, excluding the TLTRO, and over ninety percent of its loan portfolio is based on variable rates. Using these latest curves, we now expect full year twenty twenty-two NII to exceed three hundred and sixty million euros from pre-from previously guided, um, levels of three hundred and twenty million. NII for twenty twenty-three is expected to be significantly higher compared to twenty twenty-two. These projections incorporate assumptions for 2023 on the following points. The partial pass-through of deposits of the rates starting in 2023, the gradual change in deposit mix towards term deposits gradually increasing to 50% of the total, higher wholesale funding costs, and some pressures on the loan book spreads. On slide 17, we highlight the strong liquidity surplus in our bank, which makes us one of the most highly geared EU banks to rising ECB rates, with the repricing taking place immediately. The group operates comfortably above its regulatory requirements with excess liquidity of EUR 6.8 billion. The Cyprus banking system has a very low net loan to deposit ratio amongst EU countries, below 55%, which should support moderate pricing pressures on deposits. Now turning to slide 18 on the fixed income portfolio. As of 30th September, the bond portfolio of the Group amounted to EUR 2.3 billion, up by 18% in the quarter and now representing 10% of total assets. The completion of the balance sheet lifting and the Group's comfortable liquidity position allow it to further grow the bond portfolio into 2023, subject to market conditions. The portfolio comprises highly rated fixed income assets with low average duration, giving the Group the flexibility to take advantage of rising rates. Now moving to slide 19, which is a summary of non-interest income. Net fee and commission income for Q3 was down 3% due to lower non-transactional fees, but was partly offset by seasonally higher transactional fees and credit card commissions. Net insurance income was 9% down in the quarter, mainly impacted by the changes in valuation assumptions and higher insurance claims. Net FX and other income increased by 57% on the previous quarter, reflecting higher FX gains through FX swap and the one-off gain of EUR 5.5 million on financial instruments. Total non-interest income for the nine months represents 50% of our total income supporting the group's diversified business model. Non-interest income for the nine months increased by 16% year-on-year, driven by higher net fee and commission income, higher net FX gains and net gains on financial instruments, and higher insurance income net of claims and commissions. Now moving to slides 20 and 21 on our insurance subsidiaries. Net insurance income for our life insurance company, Eurolife, amounted to EUR 28.6 million for the nine months, up 21% year-over-year. For our general insurance business, net insurance income amounted to EUR 19.4 million for the nine months, up 2% year-over-year. Both increases were driven by higher growth rates and premiums partially offset by increased costs and claims. Overall, the insurance business is a valuable and growing revenue stream for the Group, as net insurance income contributes 20% of the Group's non-interest income and 21% of profit before tax and non-recurring items. Based on current estimations, the IFRS 17 implementation on the first of January 2023 is expected to have a positive impact of around EUR 50 million on the Group's tangible equity, enhancing the Group CET1 ratio by 50 basis points. Now moving to slide 22 on JCC, the group's net fee and commission income is further enhanced by transaction fees from this group's subsidiary, JCC Payment Systems Limited, a leading player in the card processing and card and payment solutions business. JCC has an 85% market share in Cyprus and is 75% owned by the bank. JCC's total income contributed 10% of non-interest income and amounted to EUR 24 million for the nine months, up 33% year-on-year, backed by strong transaction volume growth. Now looking at expenses on slide 23. Total operating expenses for the third quarter amounted to EUR 81 million, down 7% on the previous quarter. The cost-income ratio, excluding the special levy on deposits and other levies and contributions for Q3, was at 47%, down 10 percentage points. The significant reduction in the cost-income ratio was achieved following the disciplined cost management actions of the Group. Following the VEP in July, a one-off cost of EUR 101 million was recognized in the third quarter income statement, with an estimated payback period of 2.7 years. Subsequent to the completion of the VEP, the overall number of employees has been reduced by 16%, with an estimated cost annual saving of around EUR 37 million or 19% of staff costs. Our branch footprint rationalization continues, facilitated by the ongoing digital transformation of the Bank. 20 branches were closed for the first nine months, resulting in a 38% reduction of the branch network since June 2019. For the full year 2022, we expect cost-income ratio to improve towards the low 50s, compared to a 54% level for the nine months of the year, reflecting some cost seasonality in the last quarter and higher revenues. Now moving to capital on slide 26. Our CET1 and total capital ratios as of September stood at 14.7% and 19.8% respectively, both pro forma for Helix 3, which is now completed as of an hour ago. Our CET1 ratio on a fully loaded basis was at 13.9% pro forma for Helix. As regards our capital requirements, the draft SREP decision received in October provides for a decrease by 25 basis points of the Pillar 2 requirement as from January 2023, excluding the ECB's prudential provisioning. Moving now to slide 28 on asset quality. The pro forma NPE ratio was reduced to 4.5% or 1.7% on a net basis, achieving early the 2022 NPE target of around 5%. The bank's NPE coverage ratio improved to 63% pro forma, and when including tangible collateral, NPEs are fully covered. As already mentioned, we have just completed Helix 3, the sale of EUR 0.6 billion of NPEs to entities controlled by PIMCO. We have seen very strong organic NPE trends in the first nine months, with modest gross inflows indicating that there are no signs of asset quality deterioration. On slide 29, we set out the staging breakdowns, where you can see that we have already discussed the reduction in stage 3 to now 4.5%. Let me move to slide 30 to give you more detail on stage 2 loans. These are well collateralized and show very modest migration into stage 3. Overall, 19% of gross loans are classified as stage 2. This can be broken down to 10% that was classified as stage 2 due to COVID-19 forbearances, of which 51% is expected to be eligible for transfer to stage 1 in 2023. 3% of gross loans was classified as stage 2 due to overlays. These loans are reviewed on an ongoing basis and are expected to be eligible for transfer to stage one in 2023. Now moving to cost of risk on slide 31. The cost of risk for the nine months was at 44 basis points compared to 66 basis points for the nine months of 2021, down by 22 basis points, reflecting strong asset quality this year, but also impacted by one-off prior year charges. The cost of risk for the third quarter amounted to 45 basis points, roughly flat on the prior quarter. We are improving our guidance for cost of risk for the full year to mid-40s, given the strong performance in the loan portfolio to date. The cost of risk target of 50 basis points-80 basis points for 2023 remains unchanged, reflecting the prevailing uncertainty on macroeconomic output. Now I hand back to Panicos for his closing remarks. Thank you, Eliza. Let's now turn to slide 33. The third quarter was marked by solid performance, executing on our core strategic targets and delivering tangible results. Specifically, we have delivered our NPL ratio target of sub 5% early. We have achieved sub 50% cost-income ratio in the third quarter, well below our previous 2022 guidance. We achieved a recurring return on tangible equity of 11.7%, underpinned by strong NII and efficiency improvements, giving us confidence of achieving 10% recurring ROTE in 2022, and laying the foundations of resuming meaningful dividends from 2023 onwards, subject to regulatory approvals and market conditions. We will aim to update our financial targets post the full-year results. This concludes our presentation. I will now open the floor for your questions. Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. Please use your handset when asking your question for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question is from the line of Quinn, Daragh with KBW. Please go ahead. Hi, thank you for taking my questions. I wonder if we could just go into a little bit more detail on your guidance for NII for next year and particularly around the deposit beta assumptions, just given the amount of liquidity that you have, market share, et cetera. You know, I just want to try and gauge kind of how conservative you're being with those deposit betas or, you know, in practice, you know, will deposit prices move up more slowly maybe than what you're assuming in your guidance? A second question, maybe just on the bond portfolio as well, if you could give any indication of, you know, what kind of size you would like it to move to. You've already made an increase this quarter, I think to 10% of assets, but maybe if you could give an indication of what your target size for that portfolio is, that would be great. Thank you very much. Thank you, Daragh. I will start with the last question on the bond portfolio. As we said, we aim to meaningfully expand this portfolio going forward, taking advantage of the increased yields. We have now available limits and risk appetite to do this. You have already seen 18% increase during the third quarter. You gradually see this portfolio increasing meaningfully, but please allow me not to be too specific on 2022-2023 targets. As I already have mentioned to you that we'll come back to update the market post full year 2022 results. On the NII, okay, I will ask Eliza to comment on this. Okay. On the deposit pass-through assumptions, as we've mentioned, the assumptions are that as from 2023, we will start to pass through 50% of the rate rises, and also to increase our mix from between instant access and term deposits to gradually a 50% level from the current level of roughly 30%. Now on your question on whether this is feasible, if that's the right way I understood it, I think it is, and the best answer to that is that we're still charging today liquidity fees on depositors. We will remove that as from the 1st of December, and the rates have gone to 0 back in July, if I'm not mistaken. The current pass-through level with positive rates on deposits is negligible. We are still charging negative rates on the book where, for the liquidity fee, we were charging before. We believe that these assumptions are prudent and feasible. As I mentioned earlier also, not just us, but the whole banking sector is incredibly liquid, with LTD ratios of the banking sector at 55%. We believe that the pressure on deposit rates will be manageable. I mean, we are market leaders in a very liquid market. Okay. Perfect. Thank you. The next question is from the line of Cunningham, Corinne with Autonomous Research. Please go ahead. Morning, everyone, and thank you very much. Maybe a couple of questions. First one on capital. Specifically what was driving the P2R lower this time around? What would be needed to get the P2G? I know you don't say exactly what that is, but what would it take to see your P2G requirement reduced? Maybe something on asset quality. It all looks like very good from everything in the slides, but now that the tourist season is kind of coming to an end, are you seeing any signs of deterioration in any pockets, given that you have kept your cost of risk guidance at rather more elevated levels for 2023? Thank you. Okay. Thank you, Corinne. On asset quality, as we already mentioned, we are sub 5% on NPE ratio. The NPE inflows for the year is very low, very limited, much better than what we initially expected. As of now, we don't have any expectations of significant deterioration on asset quality for next year. You know, being prudent under the economy that will probably slow down, you see that we have guided with a cost of risk between 50 and 80 basis points. This is not driven by any signs of deterioration from our portfolio. It's mostly driven by, let's say, lower growth, which 3% is still on the high side versus the rest of Europe. We prefer to be prudent and use some other ways to capture any potential deterioration. On capital, okay, I'm not sure if I get your question right. I mean, P2R driven from SREP decision, so this was the driver of the reduction of the P2R. P2G is usually driven by stress tests which are due for next year. If I may just add, P2G, we disclosed it last year. We had a reduction in 2022, although it's not public. We did disclose that we had a reduction. We saw a reduction in the P2G level last year already in effect. On P2R, obviously, there are four pillars that ECB looks at when they review banks, capital liquidity, asset quality, governance, and business model, and business model viability. This is the result of the work that the ECB does for the SREPs every year. It's the first time we've seen a P2R reduction. We've been at the 3% level since the beginning of the P2R, so it's a welcome positive for us. In respect to the capital, it's good to note that you have CET1 14.7% after completing Helix 3 and after taking the hit from the Exit Plan. Just a reminder, we have another 50 basis points coming in in January 2023 from the IFRS 17. Of course, sustainable profitability and of capital generation is more than obvious given the ROATE expectations of the bank from 2022 onwards. Thank you. That's really helpful. Could I just ask a quick follow-up on MREL and what your plans are there? Okay. I think we have very comfortable position, MREL position. We are not under pressure to issue this year. Of course, otherwise we will evaluate all opportunities to advance building up our MREL liabilities, if and when market conditions allow this. Thank you very much. The next question is from the line of Giannoulis, Dimitris With ResearchGreece. Please go ahead. Yes. Hi, and thank you for the opportunity. Just following up on MREL. Is it safe to say that no issuance for 2022, but most likely for 2023? Secondly, about the dividend, are you willing to share any kind of, you know, payout range you have in mind with regards to the dividend? Also, in terms of timing, when should we expect to have, you know, more details about the decision to pay a dividend? Clarification on that as well, will it be out of 2022 earnings and profits or 2023 to be paid in 2024? Thank you. Starting on the MREL, what Panicos said is that we are not under pressure to issue this year. That doesn't mean, I mean, you can never say never in these markets. If we do find an opportunity to issue in the next few quarters, we may consider it. I don't think it's an absolute no. We'd say depending on market conditions, we may issue. We have a couple of issuances to go between now and 2025 in order to be compliant with the end target. We are not under pressure. We will do it in an orderly way, hopefully in the markets that can accommodate what we believe to be good pricing. In respect of the dividend question, Dimitris, you know that we are in constant dialogue with ECB. We will hope to come back to you with the full-year results with more information. In your question, yes, the effort will be to pay dividends in 2023 on the back of 2022 year results, clearly. The combination of improving ROTE and high statutory CET1 ratio that is above our target rate provides encouraging conditions for our intended dividend, but ultimately, we need to wait for the regulatory approval. Regarding the payout ratio, I think payment, if approved, will be gradually. The payout ratio will gradually build up. Priority is to get the approval for dividend. This is something that we come back to you post the publication of our full-year results. Okay. Thank you very much. As a reminder, if you would like to ask a question, please press star and 1 on your telephone. Once again, to register for a question, please press star and 1 on your telephone. The next question is a follow-up question from Quinn, Daragh with KBW. Please go ahead. Hi. Sorry, I thought I'd just ask a follow-up question on the outlook for the NPEs. I mean, obviously it's an amazing achievement to get to 4.5% from over 25% just a few years ago. Just wondering now from this level of NPEs, will it just be a case of organic reduction from here, or are you still looking at further portfolio sales? Thanks. On that, I think the level of the current NPE portfolio actually guide us to focus on the organic reduction rather than on another outright sale. Plan A for the time being, with no Plan B for the time being, is organic reduction, which we have been constantly delivering all these years. If I may just add, the current piece I know with arrears are at EUR 360 million gross, and they are 72% covered. This is what Panicos is referring to in terms of volume of NPE left. Actually, the legacy book is not so much of concern because we believe we can write down relatively reasonably soon. The focus is on the portfolio quality of the existing performing book to keep it under control. So far, the very limited new NPE flows, even in Stage 2, the migration to NPE is very low and well collateralized and even Stage 2, expect to see reduction next year. Mr. Quinn are you finished with your questions? Yes. Thank you very much. Once again, to register for a question, please press star and one on your telephone. As a final reminder, to register for a question, please press star and one on your telephone. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Nicolaou for any closing comments. Thank you. Thank you all for your participation. Thank you all for the questions. As always, myself and the team are available for one-to-one calls upon your request. Have a nice weekend, everyone, and thank you very much. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephones. Thank you for calling, and have a good day.