Afternoon. I am Han Sang-y oon, Executive in charge of IR at Hanwha Solutions. I would like to thank you for your participation in today's IR event. Today, we would like to brief you on our company's investment plans in the solar energy business in the U.S., and also our overall strategy for the renewable energy business. Today, we are joined by Executive Lee Junu in charge of renewable energy at the strategy division of Hanwha Solutions and Executive in charge of finance, Jung Wonhyoung for the Q&A. Good afternoon. I am Lee Junu, Head of energy strategy at the strategy division of Hanwha Solutions. Let me brief you on Hanwha Solutions renewable energy business strategy and vision, as well as our U.S. value chain expansion plan. Let's go on to page three. As you well know, Hanwha Solutions has entered into the renewable energy business through its participation in Qcells solar PV manufacturing business. As of 2023, the strategic direction of Hanwha Solutions renewable energy business is to transform into an energy business company and operator based on differentiated system competitiveness. As you can see in the concentric circles on the left, we are expanding and strengthening our existing manufacturing capabilities to overarching system capabilities that include both hardware and software. Based on this, we are evolving into an energy business that encompasses development, installation, asset acquisition, and operation capabilities. Our strategic direction is to build a more sustainable and profitable business structure based on this foundation. Let me now explain the two core pillars of our strategic direction in detail. Let's go on to page four. First, let me explain what we perceive as a differentiated system. From the viewpoint of manufacturing competitiveness, we intend to utilize the U.S. supply chain expansion, which I explained today, to explain a supply chain that is differentiated from that of our competitors. Through this, we would like to change the way we compete in the solar energy manufacturing field. In addition, efforts are being made to strengthen technological leadership through continuous R&D. Starting this year, we plan to start mass production and sales of TOPCon in full fledge, and we are also accelerating the development of perovskite tandem, the leading next generation product. Our company has continued to strengthen our capacity, not only in terms of modules, but also for the hardware and software constituting our energy system. For example, in the residential market, along with modules, we have been building up MLPE inverter, residential ESS and other hardware capabilities. In addition to strengthening our hardware capability for the operation of such hardware, in particular, over the past three years, we have been acquiring Geli, Lynqtech and the establishment of a system division within Qcells has been taking place as part of our efforts on securing software competencies and strengthening integration. In terms of the overall system, the required capabilities have been diversifying, and in line with such diversifying requirements, we have strengthened our own internal capabilities, while at the same time utilizing external partnerships for external expansion, thereby accelerating the buildup of a differentiating overarching system capacity. Let's go on to page five. Based on the system competitiveness, Hanwha Solutions has been carrying out various types of energy business. In Europe, we have secured a utility project pipeline exceeding a capacity of 10 GW. As reported in the media recently, in the U.S., we have successfully developed and sold our projects. In other words, we are near completion of establishing a platform for developing and starting construction of gigawatt-scale projects every year in both the U.S. and Europe. Based on this achievement, we expect that this year will be a year for establishing a full virtuous cycle, which includes project development and sales, EPC execution, including module supply, and at times, depending on the situation, execution of IPP operations. In the market where Hanwha Solutions Qcells has traditionally been strong, the residential rooftop market, we have been pursuing a transformation so that additional revenue can be generated by making full use of the differentiated system capabilities, further evolving our business model from one focused on sales activities to one that utilizes installation sales as sources of distributed power generation. In the C&I commercial segment, we are seeking evolution to become an energy service supplier, that is an ESCO operator. Through the strategic direction, in other words, by transforming into an overarching energy business company and operator based on our differentiated system competitiveness, Hanwha Solutions renewable energy business is continuously improving its business structure. Our renewable energy business will see a shift in our business structure from one that has been hardened by changes in raw material prices to one that is anti-fragile and capable of profit generation under any circumstances. This is the core of the strategy that we are implementing. From page six, I would like to explain our plans for value chain expansion in the U.S. As one of the key factors in implementing the strategic direction I've just mentioned above, we intend to expand our domestic production capacity within the U.S., which is our main market, through about KRW 3 trillion of investment in new facilities. The module production capacity in the U.S. will increase from the current 1.7 GW to 8.4 GW. The 1.7 GW module plant in Georgia currently in operation will be further expanded by an additional 2.0 GW in addition to the previously announced 1.4 GW expansion. In particular, the new 3.3 GW capacity expansion disclosed today aims to lead the establishment of a supply chain differentiated from that of our competitors by establishing a vertically integrated production system from ingots to modules. As it is well known, it is very important to secure supply capacity in key markets considering the recent international situation and energy crisis. As mentioned before, the expansion of production capacity in the U.S. will become one of the most important enablers in securing differentiated system competitiveness and transforming into an overarching energy business. Let's go on to page seven. Let me explain more in detail about the background and expected effects of the investment. The U.S. market is the largest and fastest growing renewable energy market among developed markets. The U.S. energy situation and policy environment are expected to drive continuous market growth. Although there are differences depending on the research institute providing the outlook, the U.S. market size is projected to grow by 30 GW-40 GW or more annually. In such a market, Hanwha Solutions has maintained the number one position in terms of market share in the rooftop market in the U.S. for five consecutive years. As mentioned before, our performance as an energy business continues to improve, both quantitatively and qualitatively. Through the planned investment announced today, Hanwha Solutions sales to the U.S. are expected to rise to 70% of our total sales, is expected to become a key competitive factor in evolving the virtuous cycle of our entire business, taking us to the next level. Let's go on to page eight. Policy support based on U.S. legislation is expected to further improve the profitability and stability of our investment. Announced in August of 2022, the IRA, the Inflation Reduction Act of the United States, includes two major policies that have a direct and positive impact on the renewable energy sector. First of all, the ITC policy to drive overall demand, the investment tax credit policy, has been extended until 2032, and the domestic content rule has also been included, raising the possibility of increasing the value of products produced in the U.S. In addition, the Advanced Manufacturing Production Credit, the AMPC policy, has been introduced to encourage domestic production in the U.S. This policy provides tax credits according to the quantity produced and sold at each stage of solar module manufacturing. In particular, the first five years from the time of application during the total policy period of 10 years include direct pay, that is, a scheme in which the U.S. government converts the granted tax credit into cash. The total amount of tax credit we will receive as a result of our investment this time around during the policy period is expected to be about KRW 8 trillion, of which about KRW 5 trillion is expected to be received through direct pay. Let's go on to the last page nine. Through this investment, the company is expected to secure supply capacity of 19 GW for modules by the end of 2024, when production facility expansion is completed. Among the 19 GW, 8.4 GW will be produced locally in the U.S. Including the cells and modules from existing plants in Korea and Malaysia, we will be supplying more than 10 GW to the U.S. market annually. I can tell you that the supply chain we plan to build will provide us with a differentiated competitive capability for supplying our products to the U.S. market without being affected by any trade barriers or tariffs announced so far. In terms of our module capacity, driven by the gap between the module supply and cell production capacity, the company will continuously observe market and competitor trends to ensure that strategic optimal operation continues. This is all I have prepared for today. I would like to thank you once again for your interest in our company's renewable energy business. Thank you very much. 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. The presentation material for today's IR event will be uploaded on our website investment materials section. Please refer to that. Today's Q&A session will be focusing on the U.S. Solar energy investment plan and renewable strategy. Please ask questions referring to those topics. In terms of questions related to the market situation or performance of the company, please contact our IR team after today's event is over. Thank you. The first question will be provided by Yoon Jae-sung from Hana Securities. Please go ahead with your question. Thank you. I have two questions. First of all, now in terms of the module capacity expansion in the United States, I would like to ask you then what will be the market share within the U.S. as of the end of 2024? Also following the investment for module capacity expansion in the United States, then what, how will the capacity for modules change in 2024 compared to before the investment takes place? The second question is that in terms of the expansion for the 3.3 GW, I can see that this will lead to a vertical integration, but for the other expansions, I do not seem to see the vertical integration will take place. In that sense, how will you be able to secure the raw materials for productions? Yes. Let me answer your question. As it was explained before, as of the end of 2024, we will have a module capacity within the United States of around 8.4 GW. Including that coming from Korea and Malaysia, we will be able to sell around 10 GW within the United States market. In terms of the market share, well, there is considerable volatility in the mid to long term when we're trying to project the market situation. If you look by segment roughly, in the residential rooftop segment, we have about 30% market share, and we do believe that there will be some increase from that current market share. In C&I, we do believe that from the 10 mid to latter 10% range, there will be an increase as well. In utility as well, compared to the current market share situation, we do believe that there will be considerable increase. Also most of the increase of the capac-increase will be utilized for our own development projects and EPC. We will be providing about 10 GW and we're expecting about 1/3. Considering that there is rapid market growth, it is difficult to have, provide you with an accurate assessment at this moment. For the 8.4 GW, well, among which we talked about the 3.3 GW expansion, and that will lead to a vertical integration from production from ingot to modules. For the Georgia plant, their modules will lead to about 5.1 gigawatts. For the modules we will be providing the cells coming from Korea and Malaysia. The following question will be presented by Dong-jin Kang from Hyundai Motor Securities. Please go ahead with your question. Yes, thank you for your detailed explanation. I have a question related to the IRA benefits and effects. You talked about the AMPC, the Advanced Manufacturing Production Credit, and I understand that there is an annual set budget. This budget is to be shared not only by the solar energy companies that will be receiving the credit benefits, but also the wind energy and the battery sector as well. If you do the calculation and you do the math, it seems that combining the batteries and the solar energy and et cetera, the amount required would exceed the budget. If the required amount for the credits provided or the benefits provided exceeds the budget, then how would the tax benefit monetization into cash take place? How would the scheme be carried out? Yes, thank you. Let me answer your question. In terms of the qualified production and sales, which can be applicable to this IRA, all manufacturers can receive the benefits. There will be no competition among the manufacturers to receive the IRA benefits. In terms of the tax benefits, our understanding is that as long as this act is not modified, the tax benefits has slim possibility of being modified. The possibility of the act being modified itself is very low as well. The following question will be presented by Uktae Jeon from KB Securities. Please go ahead with your question. Uh, I have two questions. First of all, you talked about the investments, the pre-announced 1.4 GW, and then the newly announced 2 GW and the 3.3 GW investments. It seems that in terms of the investment cost, the 3.3 GW requires more investment cost. Is this because the other two, the 1.4 GW and the 2 GW, will be utilizing existing plants, or is it because for the 3.3 GW investment, there has to be investment made into the land for building the site, the facilities? Also in terms of the land, the site that will be utilized for the 3.3 GW capacity expansion, will you be building the facility that will use up all of the land space, or will there be some free land after even the manufacturing facility is built? The number two question is that in terms of the U.S. investment this time around, what type you will be using? Would this be an N-type or P-type or TOPCon? Also in terms of the segment, is it utility or residential? In terms of the current facility that we have in Georgia, that has a capacity of 1.7 GW, and then we will be adding additional 3.4 GW. That will be an addition of the 1.4 GW + 2.0 gigawatts. Adding that together, the 1.7 GW + 3.4 GW will add up to 5.1 GW, but that facility is only for modules. For the newly added 3.3 GW production facility, that would include not only modules but also from ingots to wafers, to cells, to modules. In terms of the overall final product, there is not a big difference, but because of the 3.3 GW encompassing all of the different stages, there is a difference in terms of the investment cost. It's, of course, we are purchasing the land for the 3.3 GW, but the purchase of the land does not take a big proportion of the overall investment cost. After we build the facilities, the building for the 3.3 GW production facility from ingot to module, there still will be capacity to add on our production capacity by additional 30%-40% on that site. In terms of the technology that will be incorporated, we will be starting off with a P-type PERC, and we thought that it would be advantageous for us to start as soon as possible. That is why we decided to, giving into consideration the project, the business economic feasibility and our market position. It would be better to start off as fast as possible. That is why we will be beginning with the already proven PERC technology. Later on we will be upgrading the technology that is applied in this facility. The following question will be presented by Jung Soo Kim from Mirae Asset. Please go ahead with your question. Yes. You've explained very clearly your roadmap up to 2024, what about after 2024? Is it too early to ask for your roadmap for that? Can you answer this question? Yes. As you have mentioned, well, beyond 2024, we are reviewing currently various options. There are no confirmed plans for additional investments or expansion of capacities at this point beyond 2024. We have no further questions at this moment. If there are analysts or investors who do have questions, please contact our IR team. Thank you for joining us and listening to our investment presentation.