Good morning and good evening. First of all, thank you all for joining this conference call. Now we will begin the conference of the fiscal year 2020 fourth quarter earnings results by SK hynix. This conference will start with a presentation, followed by a divisional Q&A session. If you have a question, please press star one, that is star and one, on your phone during the Q&A. Now, we shall commence the presentation on the fiscal year 2020 fourth quarter earnings results by SK hynix. Good morning, good afternoon and evening to those calling in from abroad. This is Park Seong- Hwan, the Head of Investor Relations at SK hynix. Welcome to the SK hynix 2020 fourth quarter earnings release conference call. Before starting the conference call, allow me to introduce the executives present here with me today. First, Jongwon Noh, CFO and Head of Corporate Center, Jang Hyeok- Jun, Head of Finance, Park Chan-D ong, Head of NAND Marketing, and Park Myoung Soo, Head of DRAM Marketing. [Non-English content] Let me issue a disclaimer that all outlooks presented by the company are subject to change, depending on the macroeconomic and market circumstances. [Non-English content] With that, we will now begin SK hynix earnings release conference call. Jongwon Noh, or you can also call him Kevin Noh, who is the CFO and Head of Corporate Center, will first present the earnings for the fourth quarter and 2020, followed by the company's plan and market outlook. [Non-English content] Good morning to everyone for the first time. This is Jongwon Noh, Head of Corporate Center. Before briefing you on the company's financial performance in the fourth quarter, I will give you an overview of last year's operational performance and this year's direction. The global economy remained subdued throughout 2020, with a global pandemic and escalation in trade conflicts, which also slowed down the memory market since mid last year, which actually had started the year with hopes of recovery. Despite the adverse condition, the company achieved KRW 32 trillion in sales and KRW 5 trillion in operating profit, both significant improvements year-over-year, thanks to rapid development of leading technologies, stable mass production of key products, and industry-leading competitiveness [Non-English content] For DRAM, with the beginning of mass production of 1z nm from the third quarter last year, the portion of leading edge 1z nm and 1y nm technology neared 40% exiting last year, and is planned to go beyond 75% by the end of this year. We will also introduce 1a nm products within the year, which has productivity improvement of 40% over 1z nm to keep strengthening our technological leadership. [Non-English content] The company, throughout last year, was able to drastically increase server DRAM market share on the back of industry-leading quality products. Last October, we launched the world's first DDR5 product with nearly double the speed and 20% less power consumption compared to DDR4. The company will keep fortifying its position in the server market with the competitiveness of 16 Gb products based on our leading-edge technology. [Non-English content] Meanwhile, the company has the largest market share with HBM2E, which started sales beginning the second quarter of last year. We will strengthen our dominance in the graphics industry by actively responding to high-performance computing and AI acceleration market with these kinds of strategic products. [Non-English content] For NAND, our industry's first 128-layer product took up 30% of the production at the end of the fourth quarter. Our 128-layer products will take more than half of the total production during the first half on the back of fast yield improvement and consistent production ramp-up, leading the market transition into 128-layer technology. [Non-English content] In addition, the company is fulfilling requirements from customers in a timely manner with our 128-layer technology. Following last year's expansion of mobile and client SSD sales, this year we are planning to expand the supply of server SSDs. [Non-English content] Meanwhile, we are preparing for mass production of 176-layer products developed last year and having 35% higher productivity over 128-layer technology. We plan to broaden its applications down the road, starting from high-end mobile products, which require high performance and low power characteristics, continuing our competitive edge from 128-layer technology and onward. [Non-English content] Last year, our SSD sales increased significantly, and the NAND portfolio, which had been focused on mobile, has improved vastly. In particular, the data center SSD showed a six-fold increase in sales, exceeding the original plan. Also, by securing meaningful market share in eSSD, we have laid ground to accelerate revenue growth. [Non-English content] The signing of the agreement to acquire the NAND business from Intel last year will be crucial in driving up the company's NAND competitiveness. Besides improving portfolio and achieving scale of economy, it is meaningful that the company secured a human resources pool with higher understanding of the business and established a cooperative relationship between the two parties. The company will thus establish its position in the NAND market as surely as in the DRAM market, and will begin to write a growth story unique to us. [Non-English content] Now, I will report on the company's financial performance in the fourth quarter 2020. [Non-English content] Consolidated sales in the fourth quarter was KRW 7.97 trillion, down 2% from the previous quarter, but up 15% year-on-year. Bit shipment growth for DRAM and NAND in the fourth quarter were 11% and 8% respectively, both outperforming the guidance as the company actively responded to the continued strong demand for mobile. Average selling price [Non-English content] DRAM average selling price fell 7% quarter-on-quarter, and NAND ASP fell 8% quarter-on-quarter. DRAM price decline is slowing down mostly in server and graphic products, while the magnitude of price decline for NAND slowed down in all applications, excluding discrete products. [Non-English content] Thanks to strong mobile demand from China, MCP sales rose precipitously for two consecutive quarters. Prices also rose quarter-on-quarter. Revenue portion of MCP increased to 22%. We expect the upward trend of sales to continue following the strong demand. [Non-English content] Operating profit in the fourth quarter fell 26% quarter-over-quarter as revenue decreased due to the drop in ASP and weakness of U.S. dollars. Operating profit increased 298% on a year-over-year basis to KRW 0.97 trillion, and operating profit margin was 12%. Depreciation and amortization in the fourth quarter was KRW 2.59 trillion, slightly up from the previous quarter. EBITDA was KRW 3.56 trillion with EBITDA margin of 45%. [Non-English content] For non-operating items, there was foreign currency-related costs of KRW 0.33 trillion, including loss on foreign currency transactions from the weak dollar in the course of recovering accounts receivable. On the other hand, there was gain of KRW 1.72 trillion on year-end fair valuation of our investment in Kioxia, adding up to a total of KRW 1.27 trillion of net non-operating income. [Non-English content] Profit before tax was KRW 2.23 trillion, up 66% quarter-on-quarter, and net profit was KRW 1.77 trillion with a net profit margin of 22%. [Non-English content] Consolidated cash balance at the end of fourth quarter was KRW 4.95 trillion, up by KRW 0.95 trillion from the previous year. Interest-bearing debt was KRW 11.25 trillion, increased by KRW 0.73 trillion year-on-year. As such, the company's debt-to-equity ratio and net debt-to-equity ratio stood at 22% and 12% respectively at quarter end. [Non-English content] With improved profitability and reduced CapEx in year 2020, free cash flow, which is cash flow from operations less acquisition of plants, property and equipment, was KRW 2.2 trillion. Per the company's dividend policy announced last year, the total dividend payout will be KRW 800 billion, which is roughly 36% of total FCF, and dividend per share is KRW 1,170. [Non-English content] Next is the company's market outlook and future plans. [Non-English content] This year, DRAM industry bit demand growth will be above supply growth as we expect supply growth to be constrained while strong demand from server and mobile applications persists. [Non-English content] More specifically, we expect the server DRAM demand growth to be above 30% this year, as key hyperscale customers resume new data center investments, new server CPUs with eight DRAM support channels instead of six will be launched, leading to new server replacement cycle. [Non-English content] For smartphones, whose sales plummeted last year due to COVID-19, new 5G products are slated for launch, while the trend to adopt high density is expected to continue. We expect 5G smartphone unit sales to double this year to approximately 500 million sets, and recent major models adopt 6 GBs-8 GBs DRAM, and we expect that mobile DRAM demand growth will be above 20%. [Non-English content] In the PC market, notebooks and gaming PC demand is likely to remain strong as customers' inventory level has been reduced following sales pickup in the fourth quarter of last year. For graphics, HBM2E market is expected to grow as the impact of new game console and GPU launches remain, and demand for AI DC accelerator grows. [Non-English content] We also anticipate robust demand from the consumer market with the increase in smart home devices and expansion of 5G network infrastructure. [Non-English content] On the other hand, as the generally high inventory level across the industry eases off in the first half of this year, the NAND market environment is expected to gradually recover as we enter the second half. [Non-English content] For mobile, new 5G product launches and aggressive build demand from customers buying for market share and adoption of high-content NAND will drive demand. [Non-English content] Strong demand growth of over 30% is expected in client SSD, as demand remains strong for laptops and with impact from new game consoles that adopted SSD. Enterprise SSD [Non-English content] Launch of the new server CPU and content per box increase will drive Enterprise SSD demand in earnest from the second half. [Non-English content] Based on the demand environment explained so far, DRAM demand growth this year is expected at between high teens and 20%, and the company is planning for a bit growth in line with the market. NAND [Non-English content] NAND demand growth will be in the low 30% level. The company is planning to outgrow the market despite the decrease in wafer capacity following the transition to 3D NAND. By converting to 128-layer and 176-layer products, we will achieve rapid growth and continue to cut costs. [Non-English content] Despite the seasonality in the first quarter, the market remains relatively healthy, mainly in mobile and PC sectors. The company's DRAM bit shipment growth will be similar quarter-on-quarter, while NAND bit shipment growth is aimed at mid single-digit percentage. [Non-English content] The company intends to maintain prudent investment policy this year against the external uncertainties that still persist. As was the guidance, CapEx last year was considerably less than in 2019, slightly below KRW 10 trillion. This year, despite the opening of M16 late last year, we will keep the current focus on spending on technology migration. This will increase our CapEx year-over-year, but only to a limited extent. [Non-English content] Last, I will discuss the company's ESG plans. We have already communicated our goal of creating a virtuous cycle by seeking sustainable growth with a balanced business portfolio of DRAM and NAND while making a contribution to humanity and society by strengthening ESG and leading to further growth of our business. [Non-English content] Last year, we became the first in Korea and the first semiconductor company to join RE100 with a commitment to using 100% renewable energy for our power consumption by year 2050. Earlier this year, we also became the first global semiconductor company to issue a Green Bond with a total value of $1 billion. [Non-English content] Proceeds from the issuance will be invested in environment friendly projects such as building a new state-of-the-art wastewater treatment plant and water recycling systems, and we will proceed with various projects to improve energy efficiency, including the development of low power SSDs in order to reduce carbon emissions throughout the ecosystem. [Non-English content] We newly launched the ESG organization under direct control of the CEO to more systematically internalize ESG management and also installed ESG Management Committee to discuss strategies on how to manage ESG risks that could potentially have a significant financial impact and turn them into opportunities. [Non-English content] Rather than passively responding to stakeholders' requests, we will integrate ESG components into our business from technology to product development and build a source of competitiveness to provide differentiated value proposition to our customers and shareholders. [Non-English content] SK hynix will not cease to innovate and evolve our business and external environment beyond our previous achievements. In so doing, we will turn 2021 into the first year of SK hynix being reborn as a true global memory company, soaring higher with a strong and balanced pair of wings in DRAM and NAND. Thank you very much for attention. [Non-English content] [Non-English content] Now Q&A session will begin. Please press star one. That is star and one, if you have any questions. Questions will be taken according to the order you have pressed the number star one. For cancellation, please press star two, that is star and two on your phone. In order to allow as many Q&A chances as possible within the restricted time, we would appreciate only two questions per each participant. [Non-English content] The first question will be provided by Ricky Seo from HSBC. Please go ahead with your question. [Non-English content] Before starting the Q&A session, let me issue a correction. It was stated earlier that the company's DRAM bit shipment growth will be similar quarter-on-quarter. Let me make a correction that it is the company's DRAM bit shipment, not growth. DRAM bit shipment is expected to be similar quarter-on-quarter. The first question. Thank you very much for taking my questions. I have two regarding DRAM. First is about the DRAM market, and I see that what you have stated today, so your guidance today appears to be more positive than what you have stated in the previous quarter. Can you just elaborate a bit more on the kind of market changes that you are seeing per application? The second question is regarding the inventory. For the DRAM companies, so especially for SK hynix as well as your customers, what is the current level of the DRAM inventory? [Non-English content] Thank you very much for the questions. I would like to first respond to your question about the demand and supply per application. [Non-English content] Now, for the PCs, since the pandemic that started last year. We believe that in the first half of this year, compared to the outlook, the PC shipment is going to be much higher than expected. [Non-English content] For our market outlook, we thought that also because of the base effect, we thought that the PC shipment was going to grow by about mid to single percentage compared to 2020. Now as these developments unfold in the first half of this year, we see that both the market and the customers appear to be upwardly adjusting their outlook. [Non-English content] Of course, we have to be cautious in this outlook because it also involves other issues of the global SCM. If such incremental demand does transpire, then we believe that this can also translate into demand for other memories, including client SSD. [Non-English content] For servers, since COVID-19, we see that companies are increasing their use of multi-cloud services or hybrid cloud services. As a result of this, the cloud service providers and also the enterprise companies are tightening their competition over the business. We see that this is resulting in growing demand as well. [Non-English content] Now it was mentioned in the general market outlook earlier. Yes, there are plans for constructing new data centers. Also the investment that had been held back in the past two years, we see that many of the investments are now starting again. Also with the launch of the new server CPUs, we see that the server set build is also going to increase. Compared to last year, there is expected to be about low teen percent increase in the set build. [Non-English content] For mobile, with focus on the smartphones, we see that the companies are increasing their competition to take away market share. This is also leading to fiercer competition over the specifications for their flagship models. Also in the market, we see that the shipment is beginning to pick up since the sluggishness of last year. There's also the increasing share of 5G smartphones as well, which means that there is an increase in the adoption of the high density MCP. Overall, we believe that the demand for mobile this year is going to outpace the average bit shipment growth. PC [Non-English content] We also expect the graphic demand to be healthy this year following the pickup in the PC sales and also launches of game consoles. [Non-English content] Of course, regarding customers inventory level, please understand I'm not in the position to discuss that. Overall, we see that there are some differences per application. For example, for server and mobile, we see that it is a bit slightly higher than the industry average, while for PC and others, we see that the inventory level is slightly lower than the average. Having said that, for server and mobile, although the inventory level is slightly higher than the industry average, because there is also the ongoing demand for build, we do not believe that it is cause for concern. [Non-English content] Of course, on the other hand, there are some concerns of demand overshoot, and we are also mindful of that possibility and we are cautious about that too. We do see that there is a healthy demand for build on the ground, and also on the near term basis, we see that the fulfillment. The supply fulfillment for the demand coming from the customers is falling short. Again, for the time being, I believe that it's not a cause for concern. [Non-English content] For the company, the DRAM inventory level is kept at within two weeks, so below the two-week level. We will be responding to the real demand coming per application so that we will be able to maintain a balanced inventory. [Non-English content] [Non-English content] The next question will be provided by SK Kim from Daiwa Capital Markets. Please go ahead with your question. [Non-English content] The NAND market this year, which focus on demand and supply dynamics. Also the CFO touched upon this earlier about the NAND migration plan. Can you also give us your outlook on the company's NAND business, which focus on the timing of profitability improvement? [Non-English content] Market demand outlook for 2021, we believe that it is going to remain healthy throughout the year, thanks to increase in smartphone sales driven by 5G. [Non-English content] For servers where the demand remains relatively slower, we see that the customers generation rate of the CPU, so increasing content per box in the CPUs. We believe that this is also going to drive stronger demand. [Non-English content] On the other hand, we see that the supply increase is going to be limited because of the margin pressure on the part of the suppliers. This will make it difficult for them to increase their investment by much. [Non-English content] Overall, the market in 2021 is likely to see demand grow quite healthy because of these circumstances. NAND, [Non-English content] Of the turnaround. Now, let me use the analogy of learning to play golf. It is very difficult to get both the distance and the direction right, meaning that you need to first get the distance, then work on the direction. [Non-English content] For SK hynix, it is true that we got started late in NAND, and also we were a bit belated in converting to the 3D NAND, which places us in a rather disadvantageous position compared to the peers. We also believe that in the 128-layer products, we are moving ahead of others in terms of moving on to the technology and also with the pace of our mass production. We intend to maintain our technological competitiveness. [Non-English content] In order to ensure such technological competitiveness and mass production capacity, we have been focusing the company's resources on this front. Now I believe that it is time for us to work on the direction in the golf or the driver. Now, that direction for us means cost competitiveness. That is going to be. [Non-English content] For our NAND business, we are trying to turn it around within the year. Of course, for the acquisition of the Intel NAND business, we also need to receive the regulatory approval first. Afterwards, in the initial days, there is going to be some increase in cost. We will continue to focus on improving the NAND profitability so that we will be able to make the improvement in a faster date. [Non-English content] [Non-English content] The next question will be provided by Kyung Min Kim from Hana Financial Investment. Please go ahead with your question. [Non-English content] First of all, when it comes to cash holdings, normally it is used for acquisitions like M&A or facilities investment or dividend payout. What is the company's plan with your cash holdings on each of these three fronts for the mid to long term? The second question is: for the memory products as well, we see that there is the new trend of using the EUV lithography equipment. What is the company's plan on using EUV for your memory products? [Non-English content] Regarding your question about the allocation of our cash resources. The first category for the CapEx, we will make our decisions based on 2 criteria: the market circumstances and the need to maintain industry competitiveness. [Non-English content] For dividend, as had been announced earlier, policy for now, and we will maintain this dividend policy until this year. [Non-English content] For the remaining cash resources. We will be investing them into the areas or the categories where we believe will be instrumental in ensuring the company's future growth and development. [Non-English content] Now regarding. [Non-English content] The EUV equipment, and we would be applying them to our long term on securing the further EUV if necessary. We are also in close consultation with the vendor. [Non-English content] Now, as was mentioned in the presentation, EUV is going to be applied for the first time this year for the 1a nano, which involves the Mask Curl and CS. It is going to be on the 1b nm products that we will be applying the EUV in earnest. [Non-English content] [Non-English content] The next question will be provided by Myung-seob Song from HI Investment Securities. Please go ahead with your question. [Non-English content] In the last conference call, I remember the company talking about how you're going to strengthen competitiveness of the system ic. I would just like to ask about the company's strategy regarding the system ic. The second question is, it was also mentioned earlier that because of the COVID-19 crisis, unexpectedly there has been a much higher demand for PCs and servers, probably because of the need to remain in non-contact. There has been a much stronger demand for these products, especially starting from the second half of this year and continuing to this day. What about the flip side? In other words, what if COVID-19 goes away and we all go back to normal, perhaps the demand related to such non-contact activities would plummet. Perhaps this would have a negative impact on the demand overall. This is one of the concerns in the market now. What is the company's view on such possibility? If it does happen, then how do you plan to respond? [Non-English content] Regarding your first question about the system ic or the 8-inch foundry. As you would know, SK hynix has in the Cheongju M8 site, the foundry in the capacity of 100,000-120,000 products. 8-inch foundry with a capacity of between 100,000-120,000. [Non-English content] Now, as you would know, the 8-inch business is currently booming. The reason is, now normally there would be tech migration going in the order of 6-inch - 8-inch, then to 12-inch. Moving on to 12-inch requires enormous investment. That is why after moving from 6-inch - 8-inch, it is very difficult to migrate to 12-inch. Right now there is a very strong demand for 8-inch, while supply is limited. [Non-English content] For SK hynix, we expect the boom in 8-inch to continue for some time. In order to seize this opportunity, we decided to relocate our 8-inch facilities to China, where further cost cutting would be possible. We have already come up with the plan to relocate, and the plan is currently being implemented. Initially, our plan was to complete the relocation across two years, but given that the demand coming from the customers is very strong and rising, we now plan to complete the relocation as soon as possible. [Non-English content] We would be broadening from the existing DDI, CIS to the high cost of the shortage of 8-inch capacity. We have also, invested as LP investor for the 100,000 capacity in the Cheongju Foundry of Magnachip. [Non-English content] For both the M8 assets that we are currently relocating and also the Magnachip or the Key Foundry that we are currently indirectly owning as an LP investor. For these two facilities or assets, we would be considering various options as we watch the market circumstances and also try to respond better to the customer's demand so they will also be able to provide better value proposition to the customers. [Non-English content] Now regarding your second question. [Non-English content] Yes, this is a complex and difficult question or possibility, I would say. If COVID goes away and things go back to normal and more people enjoy outdoor activities, then perhaps the demand for IT, for staying or working out of home, might go away. I believe that this concern is valid to a certain degree. On the other hand, what we have experienced over the past couple of years, so the non-face-to-face working environment or the online education or home entertainment. I believe that more businesses and more people now realize the importance and the value of such working or learning or home entertainment environment as well. I do not believe that such understanding of these values would go away anytime soon. Perhaps, they will become part of the new normal and will stay around for some time. [Non-English content] Phone. It is expected that their sales will more than double year-over-year. Technologies, so not only the 5G, but also edge computing, AI, and the VR equipment. We see that now there are attempts being made to discover new values out of these equipment and devices, and then concretize them into other types of services or devices. This is something that we have already witnessed at this year's CES as well. Yes, I believe that there are other factors to consider as well as such. Also, for example, the company's Digital Transformation, which got kick-started last year, is also going to accelerate. There are all these various factors, and I believe that they combined will continue to drive demand in the market. Last is you also asked whether if this risk transpires, then how we are going to respond. If it is a risk, I believe that it's a risk factor with very high degree of uncertainty. Rather than thinking about this as, let's say, a standalone risk factor, what we can do and have done is increase the percentage of customers on an annual contract. By doing so, I believe that we were able to further bring about further stability to our business. The CFO has added that the movement toward non-contact, I do not believe that this is going to disappear all of a sudden just because COVID-19 goes away. I believe that a part of it is also going to stay. The next question will be provided by JJ Park from JP Morgan. Please go ahead with your question. I also have two questions. First, the CFO has mentioned this earlier, it's about the cost reduction this year in both DRAM and NAND in comparison to last year. The second question is, now the M16 is going into operation starting this year. What is going to be the product allocation in M16 as well as the expected capacity by the end of this year? What is the maximum capacity for M16? First about the cost reduction. Yes, the unit cost reduction has been ongoing, we have also achieved last year what we have been achieving in the other years as well. We are also going to repeat the feat this year as well with the continued migration to finer technology and more efficient investment, so that we will be able to reduce cost at a rate that is at least similar to last year's [Non-English content] This is the CFO now. What we are going to do is for both DRAM and NAND, we will continue to work toward cost reduction that can go beyond last year's extent. Having said that, we also have to be mindful of the currency effect. Because of the weak dollar, we believe that we will be able to achieve our goal based on the Korean won. When it is translated into the dollar, then perhaps the kind of cost reduction that we have seen in the Korean won might appear to be slower when it is in the dollars. [Non-English content] About the M16. Thank you very much for this question. Yes, this is a three-layer facility because usually the fabs are in two story structure, this is the three story building. The largest three story fab of its kind in the world. The construction is completed, and we will be holding the completion ceremony on February 1st. [Non-English content] We would be starting our pilot volume production utilizing our latest technology starting this year. We would also try to make adjustments if necessary, depending while keeping an eye on the DRAM market. We would try to fulfill the market demand as we operate out the M16 as well as the mass production, on a variable basis. [Non-English content] Mass production will begin in full starting in June when the pilot test will be completed. From that point on until next year, we will be making the investment flexibly depending on the market circumstances. [Non-English content] [Foreign language] The next question will be provided by Nicolas Gaudois from UBS. Please go ahead with your question. Can you hear me? Yes. Sorry about it. Good morning. Thanks for taking my question. Just as a follow-up on capacity planning for DRAM in particular, but also for NAND flash, I mean, it looks as if you are so far responding to demand upside a little bit more cautiously than you have had in prior cycles, as you just explained for M16 in particular. Could you maybe elaborate a little bit on what has changed from your perspective, and why so far you're approaching this DRAM upcycle in particular more on the cautious side than you may have had before? Secondly, on technology, you made a comment in your presentation about productivity improvement of 40% for DRAM for 1-alpha nm versus 1z nm. Could you just clarify, you're talking about 40% more bit per wafer on a comparable yield basis? If that is the case, that seems to be quite a step up. Could you elaborate on how you're getting there and whether there's actually a change in design for DRAM involved? Thank you. [Non-English content] Let me respond to your first question. [Non-English content] Yes, you are right. We are remaining a bit cautious. That is because just like last year, we continue to see some exogenous factors this year. For example, for COVID-19. There are high hopes that this will go away soon. Yes, it does have to happen first. COVID-19 has to disappear, hopefully, with the help of the vaccination. This also has to translate into the recovery in the real economy as well as pickup in consumption. Also at this point, we are coming up with different. We have different plans per application in preparation for a stronger demand this year. Also, according to this plan, we would also be expanding our business in the different applications. We also see that there are some supply chain factors as well, which could also affect the demand. Also the global trade conflicts continue. There could be some complications coming from that as well. Yes, we are remaining cautious, but having said that, we do believe that demand this year is going to be much more positive than the supply side. Overall, we believe that our business is going to achieve a performance that is better than last year's. [Non-English content] Regarding your second question about the 1z nano. For the company, over the course of its evolution from 1x to 1a, 1z nano, we have been maintaining pretty much the same technological platform without any major technological changes. [Non-English content] On the other hand, you would know that more recently, the technological competitiveness gap, in other words, the technical or the technological gap between the different DRAM companies is reducing. [Non-English content] Now regarding your question about the 40% productivity improvement, yes, you are right. It is based on the same yield. It means that there is improvement in the bit per wafer. [Non-English content] As the technological gap between the different companies continues to be reduced, I believe that what is perhaps more important than the technology itself or the specifications could be the ability to maintain stable mass production and the speed of ramping up. Yes, in order to achieve the 40% bit growth or the productivity improvement, this also requires various technological investment as well as cost competitiveness. [Non-English content] That concludes the SK hynix 2020 fourth quarter earnings release conference call. Thank you very much for your attendance.