Good afternoon. Welcome to LG Chem's 2026 Q1 earnings presentation. I am Kyung-Seok Kim, Head of IR at LG Chem, and I will be moderating today's session. Thank you for taking the time to join this conference call and for your continued interest in LG Chem. We will begin with a brief overview of our Q1 results for 2026, followed by key highlights presented by our CFO. A Q&A session will follow thereafter. Please note that the presentation will be conducted with simultaneous interpretation, while the Q&A session will be interpreted consecutively. The presentation materials are available for real-time viewing via the webcast, and can also be downloaded from our official website. Let me introduce the LG Chem executives joining us for today's earnings conference call. We are joined by Mr. Dong Seok Cha, Chief Financial Officer, Mr. Cheol-ho Yang, Head of Management Strategy of Petrochemicals, Mr. Young-suk Lee, Head of Management Strategy of Advanced Materials, and Ms. Dalmi Hwang, Head of Management Strategy of Life Sciences. Next, I will discuss our Q1 business performance. Page three shows our Q1 consolidated revenue and earnings. Due to a change in accounting presentations, starting from fiscal year 2026, LG Energy Solution North American production incentives are now included in revenue. Reflecting this, Q1 revenue recorded KRW 12.247 trillion, operating loss KRW 50 billion, and net loss of KRW 782 billion, and losses persisting from the previous quarter. Next, I will discuss our Q1 consolidated financial position on page four. As of the end of Q1 2026, total assets stood at KRW 105.7 trillion. Liabilities, KRW 57.6 trillion. Equity at KRW 48 trillion. The debt to equity ratio recorded 119.7%, an increase compared to the previous quarter. Next, I will discuss performance analysis by business segment. First, the Petrochemical segment on page five. Q1 revenue recorded KRW 4.472 trillion, with an operating profit of KRW 165 billion and an operating margin of 3.7%. The segment turned profitable due to positive inventory lagging effects from rising feedstock prices and the one-off income recognition from the refund of European anti-dumping duties. Next, the Advanced Materials segment. The Q1 revenue recorded KRW 843 billion with an operating loss of KRW 43 billion. Revenue increased quarter-over-quarter due to a higher cathode volume and the launch of new semiconductor materials, resulting in a narrowed loss. Next, the life sciences segment. Q1 revenue recorded KRW 313 billion with an operating profit of KRW 34 billion. Despite a revenue decline due to export shipping timing differences compared to the previous quarter, profitability improved following a reduction in R&D and marketing expenses. Next, Farmhannong. Q1 revenue recorded KRW 266 billion with an operating profit of KRW 35 billion. Performance improved across both our revenue and profitability, driven by increased domestic crop protection sales and a surge in fertilizer pre-buying demand triggered by the conflict in the Middle East. Lastly, LG Energy Solution. Since detailed results were provided during the LG Energy Solution earnings call held at 10:00 A.M. today, I will briefly cover the key performance highlights. Starting from fiscal year 2026, North American AMPC credits are recognized as revenue. On this basis, LG Energy Solution's Q1 revenue reached KRW 6.55 trillion with an operating loss of KRW 208 billion. Revenue increased due to higher ESS shipments and steady cylindrical sales supply to EV customers. However, we recorded an operating loss due to initial ramp-up costs from the ESS facility expansion and a deteriorating product mix following lower pouch cell volumes in North America. This concludes the presentation of our Q1 results. I will now hand over to our CFO, who will share the outlook moving forward. Good afternoon. I am Dong Seok Cha, CFO of LG Chem. I would like to express my gratitude to the investors and analysts joining us today for our earnings conference call. Reviewing our Q1 performance, the conflict in the Middle East has continued to cause high uncertainty across the overall business environment, including raw material procurement. In our battery and battery materials business, the recovery of shipments and utilization rates have remained limited due to delayed demand recovery in the North American EV market, leading to weakened profitability in Q1. On the other hand, the petrochemical segment saw improved profitability Q over Q, driven by positive inventory lagging effects from rising feedstock prices and one-off income recognition from the refund of European anti-dumping duties. Supported by this recovery in petrochemicals, the consolidated operating loss narrowed significantly compared to the previous quarter. Regarding the future outlook, we anticipate that market volatility and demand uncertainty will persist in the near term, driven by geopolitical risks in the Middle East and sustained demand softening in the North American EV market. In this environment. We intend to overcome these uncertainties by accelerating our portfolio transition toward high value, high margin businesses. We are committed to fundamental structural improvements to build a business model that minimizes exposure to market cycles. For petrochemicals, we recognize the need for proactive management and preemptive measures against negative inventory lagging effects driven by fluctuating feedstock prices. Accordingly, we plan to mitigate procurement risks by diversifying naphtha sourcing and focus on defending profitability by enhancing cost competitiveness through optimization of inventory levels, reflecting cost of volatility and productivity gains. Furthermore, we will continue to expand sales of high value products, including ABS for automobiles, SSBR for EVs, and semiconductor-grade IPA. Regarding battery materials, we are fully focused on production readiness for new customer volumes expected to scale in the second half. At the same time, in alignment with shifts in the customers' mid to long-term strategies, we are systematically advancing the development and commercialization of next-generation materials, including high density LFP for ESS and sodium ion cathodes. For electronic materials, we aim to double our revenue from the current KRW 1 trillion level- KRW 2 trillion level by 2030 by expanding into high value segments, such as AI semiconductor materials and thermally conductive adhesives for ESS. Lastly, for life sciences, we plan to solidify our market leadership in core products while strengthening our oncology pipeline by ramping up R&D investment in promising new assets, like the recently introduced promising anticancer candidate, FMC-220. Along with these efforts to strengthen the business competitiveness, we will continue to strengthen positive cash flow and a stable financial foundation in a rapidly changing market environment through disciplined CapEx execution of under KRW 2 trillion annually, portfolio rebalancing, and asset monetization. To our shareholders and investors, we remain steadfast in our qualitative transformation and financial stability despite external uncertainties. We are committed to ensuring these structural improvements translate into earnings growth. We will prioritize our long-term corporate value and shareholder returns and strive for sustainable growth in this rapidly changing environment. Thank you for your continued support and interest. Thank you. We will now begin the Q&A session. To allow as many participants as possible, please limit your questions to two per person. To ask a question, please press star and one on your phone. To cancel, press star and two. [Non-English content] from KB Securities. Please go ahead. [Non-English content] Thank you for the opportunity to ask questions. There are three questions that I would like to ask you. The first question is about your first quarter performance. There has been a overall change into the black. If you could talk about the overall background to that would be appreciated for your petrochemical business. If you could also talk about the second quarter profitability outlook. There have been better spreads within the market. If you could talk about the overall impact since the war has taken place and the overall outlook for each of the different product lines and the impact there, that would be appreciated. The second question that I would like to ask you is about your cathode business in terms of the guidance going forward. There has been the Altium-related volume and also the new volume that you have for new customers. All in all, in terms of shipments, how has been the progress there? If we were to talk about the shipment outlook for 2026 as a whole, and if you could talk about that would be appreciated also. The third question that I would like to ask you is about your material related to various electric goods. I do understand that you have plans to double your top line, with regards to, larger contributions on the semiconductor side and then in other areas. If you were to split it down by the different line items, how would that actually look like? In terms of the outlook going forward, what do you expect in terms of your expectations? [Non-English content] Thank you. Maybe I can address your first question. With regards to the efforts that we had been taking from last year. In actuality, the company had been engaging in various cost saving efforts and also efforts to improve the overall portfolio that we had and to restructure it accordingly and rebalance it. Based upon these efforts, even in February, before the current Middle East situation emerged, we actually turned into the black. With regards to the performance in the first quarter and the actual larger impact that we see driving the performance of the first quarter, as the CFO has mentioned, it was due to the one-off factor of having a reversal in terms of the anti-dumping tariffs, and also the positive effects that we have seen on inventory due to the recent price changes. In the second quarter, to talk about our outlook there, we think that the current stance will remain valid for the second quarter. Of the three crackers that we have, for one cracker, we have suspended the operations of that. Inevitably, we do expect to experience a volume decrease accordingly. However, we do think that the overall dynamics of the positive effects from naphtha prices and also the cost saving efforts that we have taken will also continue into the second quarter. We do believe that second quarter performance will be in line with the first quarter. [Non-Enlish content] Maybe to talk about the outlook for the different product lines that we see with regards to the situation going forward, since the Middle East situation has emerged. First, to talk about our NCC. On the NCC side, within the region, we do actually see a significant decrease in overall volume. Therefore, due to the fact that in the Middle East, for the various petrochemical units or complexes that exist, there was a lot of damage that was conducted there. We don't think that the supply chain difficulties that we currently see is a situation that can be solved in a short period of time. As a result, with regards to product spreads on a YoY basis, we do think that we will be able to see better spread levels. However in on the other side of that, in terms of the overall supply, not only in Korea, but in the Eastern Asian region as a whole, we do see more supply rationalization of capacity that is taking place. In Korea, specifically in the second half of the year, there will be some new capacity going online. With regards to the large capacity additions that are taking place in China, it does seem to be going ahead according to schedule. We do think that for the time being, the oversupply situation in this market will continue. To talk about ABS products, because the overall material prices have been increasing on a global basis, that has been leading to higher cost levels. In terms of the price volatility, we see higher volatility taking place. As a result of that, determining or looking at what the market direction will be going forward is actually very challenging. That have been said, from the company's perspective, we will continue to focus on the high value-added products and try to continue to manage our profitability, focusing on the portfolio that we have created. In terms of PVC, there is a slightly different situation there. There is a shortage of intermediate material that is taking place within this market. From region to region, the overall supply situation may be a bit tight, which has leading to rising prices. However, in China, if you look at the coal-based, carbide-based PVC, the overall utilization there is expanding. We do think that that could lead to a quick stabilization of prices going forward. In the case of HPM and also C3 IPA, in these areas, of course, we do have the continuous high performance SSBR and other tire-related demand and also the semiconductor-related demand that we continue to see that is very strong. As a result of that, we do believe that the overall profitability of these products will remain sound going forward. [Non-English content] Maybe to talk about our guidance for the cathode business. From the second half of this year, we do think that there will be revenue that we will be able to realize related to projects that have been put on hold until that point of time. In addition to that, we also expect that there will be larger volumes that we will be able to generate from our non-captive customers, or non-captive demand. Versus the first half of the year, we do believe that there will be a significant increase in overall volume in the second half. Particularly if we talk about Q4, if we look at the overall sales volume versus what we have seen on a per quarter average basis in the past, we do think that the volume will recover to that level. However, versus the initial business plan that we had from the year because of the overall demand volatility that we see in the North American EV market and also the possibility that customers will continue to adjust their inventory at the end of the year, we cannot rule out the possibility that there may be some changes in our performance. Based upon discussions that we have with our customers, we will continue to deal and manage our volume accordingly. [Non-English content] To maybe address the third question that you have and talk about our growth strategy for the future. First, to talk about the semiconductor-related material. Currently, we are focusing this business based upon the substrates and also adhesive material that is used for memory chips. However, in the case of the substrate related materials, we are in the process of expanding our applications into the non-memory area, which would be for FCBGA, and we are not limiting it to only just chip-scale packaging. In addition to that, in the case of a next-generation substrate material, which is glass substrates, we are currently co-developing products with our customers, so that we can create a foundation for future growth in this area. In terms of region right now, we are planning to drive more business in the Chinese market, which is a high-growth market, as of now. In addition to that, we're also from a couple of years back, focusing our development capabilities into the areas in which we can actually improve the performance of semiconductors, i.e., in terms of the advanced packaging material areas. For the product, we do think that it would be possible to see revenue being generated from this area in the not too far future. In addition to semiconductor related material, we are planning to expand our business into sensor and motor adhesives that is used for electric goods, because we do see that in cars there are a more electric component, and also it seems to be that there's more emphasis on the customer experience within the car. In addition to that, we're also looking at the smartphone business. Not only for the semiconductor and adhesive related areas, for these areas in addition, we are also interested in M&A opportunities so that we can perceive growth and look at opportunities that would be up and above the growth targets that we have for this business. [Non-English content] The next question is from the line of Jin-Myung Lee from Shinhan Securities. Please go ahead. [Non-English content] Thank you. There are two questions that I would like to ask you. The first question is, from last year, the company has gone through various restructuring efforts, specifically related to the petrochemical business and also in terms of various cost savings. How much have you actually been able to achieve in this area? The second question that I would like to ask you is about your credit rating. What is the outlook for the credit rating in itself, and how do you plan to manage your credit quality? [Non-English content] Maybe I can address the first question that you have with regards to the restructuring, how that is going, and also the effects that we believe we can generate from that. In terms of our initial goal of trying to reach a final approval with regards to the restructuring and create a cooperative model, that goal still remains valued, valid. With our partner company right now, with regards to the details, it is something that is still being discussed, and we do have negotiations that are ongoing. Of course, due to the Middle East situation, each of the companies is in an emergency management situation. However, we still want to be able to meet the overall timeline that we have agreed upon between the government, the industries and all of the other stakeholders before the current situation emerged. Right now, each of the companies is doing its best to do so. With regards to the expected effects that we think that will come from the restructuring, of course, for the global oversupply situation, we don't think that, you know, through the restructuring alone, we will be able to address and solve this situation. However, if you look at the cooperative model that we're trying to create with our partner, excuse me, from our side, we will be able to actually enjoy a higher level of feedstock competitiveness based upon a refinery business. From our partner company side, because they will be able to enjoy the business capabilities that we have in the petrochemical sector, in a short period of time, it would be having the effect of internalizing these capabilities. As a result of the overall restructuring, we do think that for both companies, this would provide a fundamental, stronger, structural competitiveness that we would be able to enjoy, and that it would lead to better synergies. [Non-English content] This is the IRO, and maybe I can talk about the second question, which was about our credit rating. If you look at the petrochemical industry as a whole right now, structurally, there is an oversupply situation that is taking place in North America for the EV market. The overall recovery of this market has been a bit slow. Amidst such a situation for our subsidiary, LG Energy Solutions, they have been increasing their overall debt levels because they needed to satisfy some of the CapEx requirements that they have had. This has put more financial pressure on our overall balance sheet. As a result of that, recently, in terms of our global credit ratings and the outlook on our ratings, there has been a downward adjustment of such. To ensure that we are able to maintain our credit rating in a stable manner, the company's basic principle is to maintain its net debt-to-EBITDA multiple at 3.5 times or under. Recently, if we look at the funds that of KRW 2 trillion plus that have flowed into the company due to the sales of our non-core businesses and also some of the equity investments that we had made in various other companies, we will be using that first, foremost in terms of priority, to repay some of the debt that we have coming due in 2026. In addition to that going forward, we are going to continue efforts to manage our cash flow and also our financial profile, in a better manner, by tightly managing our CapEx execution, continue with portfolio rebalancing, and also continue the efforts to better improve our cost structure. [Non-English content] The next question is from the line of Hyun-Yeol Jo from Samsung Securities. Please go ahead. [Non-English content] There are two questions that I would like to ask you. One is related to the Petrochemicals business and one is related to the Advanced Materials business. The first question about the Petrochemicals business is that for the Yeosu number two NCC, there has been a suspension of the operations there. Since that situation on the NCC side and on the downstream product side, if you could talk about the utilization by product, that would be appreciated. If you could talk about your future operational plans, that is also something that we would like to hear about. In terms of the Advanced Materials side, I would like to understand better about the cathode business for 2026 as a whole. Since the overall Middle East situation has taken place, what type of impact have you seen in your cathode business? For example, in terms of the material sourcing, has there been any impact there? In terms of the demand, for, you know, the overall demand profile, have you seen any increase in demand or have you seen any decrease in demand? Has the demand dynamics changed since the situation? [Non-English content] Maybe to address your first question, on March of 23rd, we did suspend the number 20 C that we had in Yeosu. If we look at our average cracker utilization in March, it was an average 60% level. It was in the 60% range. Since the situation and after the shutdown, of course, in the second quarter, the shutdown does continue. However, if you look at the average cracker utilization of our Daesan and also Yeosu number one NCC capacity, right now we have been able to increase the utilization so that it has reached the 75% level as of now. We are trying to more efficiently operate the capacity that we have. If we look at the downstream product line right now, of course, because there is some uncertainty related to the feedstock sourcing, we are trying to make sure that the overall operation of our factory is in a way in which we can have better efficiencies. As much as possible, we want to be able to maintain the current level of our utilization. However, within a situation in which feedstock is restricted or limited, right now amidst this situation, for our domestic customers, even after the war has emerged, we have been increasing the overall portion of our domestic related business. This is a continuous stance that we will maintain going forward. We are continuing efforts to try to ensure that we can provide a stable supply in the domestic market. [Non-English content] Maybe to address the second question that you had with regards to what the impact from the Middle East situation would be on the Advanced Materials business. If we look at it from a business perspective in terms of the overall structure that we have for the business in itself, in actuality with the exception of some of our engineering materials, in actuality, our business structure is not impacted by the oil price level or with regards to logistical related costs. We do believe that from that standpoint, the impact that we will see would be somewhat limited. To specifically talk about cathodes. Even on the cathodes side, for most of the raw material that we require, the sourcing is done within the Asian region, and it is focused there. There's no impact there. However, that has been said, if oil prices were to remain at a heightened level for a longer period of time, we do believe that that could actually lead to better demand for EVs. That would be maybe a possibility that we would hope for going forward. [Non-English content] The next question is from the line of Hyunhee Jung from Daiwa Capital Markets. Please go ahead. [Non-English content] Thank you for the opportunity to ask questions. There are two questions that I would like to ask you. First is, since the actual GSM has taken place, what type of feedback have you had from investors, specifically relating to the topics that was in some of the shareholder letters that you received? For example, enhancing the overall dialogue between shareholders and your outside directors, and also in terms of utilizing and monetizing the stake that you have in LGES. If you have more detailed plans for the future that you could share with us, that would be appreciated. The second question that I would like to ask is about your life sciences business. What are the details regarding the license out of the answer, anticancer drug candidate that you have for endometriosis treatments? What would be the overall update there? [Non-English content] Yes, this is the CFO. Maybe, you know, I can take this opportunity to once again thank all of the shareholders that have been providing very constructive opportunities and voices in terms of how the company can increase its overall corporate value and also the shareholder value that we have as a company. I do believe that amidst the preparations for the GSM, that this was something that we see, and we would like to thank you for that. Maybe, you know, if we look back at the progress that we have made to date at the company level, of course, for all of the shareholder opinions that we have received, not only the proposal from Palisade Capital, but also from other shareholders, of course, this has been submitted to the BOD as a BOD agenda item, and therefore there has been very deep discussions and review of those items in a very specific manner. As a result of that, there has been a lot of preemptive measures that have been taken to improve the governance structure of the company. For example, the BOD chair has been selected to be an outside director, and there is also the newly established compensation committee that we have created. Going forward, we have also committed to our shareholders that we would also enhance the overall communications that we have or the engagement that we have between the BOD and also shareholders, and also ensure that we can introduce management KPI that would be linked to shareholder return. These are elements that we have committed to making happen or executing within the year, so that will continue going forward. In addition to that, in terms of the capital allocation from any shares that we may sell, I think that, you know, we have shared you the detailed plans that we have in this area going forward. If we look at the overall shareholder feedback that we have received since the general shareholder meeting, I think that on one hand, we have seen that there has been questions about the detailed plans that we have for the future in terms of, you know, the improvement plans that we have announced to improve governance further. In addition to that, I also believe that there are a lot of shareholders that are requesting that we come out with more details and also a very quick and prompt execution of the portfolio upgrading strategy that we have to enhance the overall mid- to long-term value of the company. Added to that, of course, I do also believe that there's a lot of interest about how we will stabilize our financial profile going forward and enhance our profitability so that we can actually enhance the overall shareholder return. Since we have made that commitment, I think that there's shareholders that would be interested in terms of when that would actually be possible and what the details would be about our plans going forward. In that aspect, I do think that, you know, we have seen a lot of very good comments. We do clearly understand what the recognition of the market is. In terms of the improvement plans that we have on the governance side, we will make sure to reflect the actual intention of the various requests that were made by Palisade, and at the same time, in terms of the allocation of various resources that would be generated from the monetization of our LGES stake, if you could leave it up to the management team and also the BOD to look at, you know, the right timing in disposing the shares within the market in terms of the actual timing of that and also the size that would be appropriate, then I think that that would enable us to be able to smoothly execute the plan that we have in disposing the stake across the next five years. If we are able to further improve our EBITDA generation capabilities from our fundamental business, that will enable us to have more room to share the proceeds from the LGES monetization back with our shareholders as a form of shareholder return. Therefore, we will closely communicate with shareholders going forward with the plans that we have. Therefore, once again, I would like to thank you for all of your comments. [Non-English content] Maybe I can address the second question that you had about the anti-cancer drug candidate materials that we had. At the beginning of this month, to strengthen our anti-cancer drug portfolio, we acquired the exclusive development and commercialization rights for the areas that would exclude the Greater China area for the FMC-220 from the U.S. Frontier Medicines. If you look at FMC-220, it is an anti-cancer drug candidate currently awaiting to start phase I clinical trials, and it is an activator that targets specific mutations of the P53 protein for which treatment options are limited. The aim is to restore the function of the P53. We plan to begin our clinical phase I trials in the U.S. and Korea within this year. In addition to that, if we talk about our endometriosis treatment, in March of 2026, to strengthen our infertility product portfolio and expand into the women's health sector, we signed an agreement to acquire the exclusive sales rights for Korea and Thailand, from Japan's Mochida's endometriosis treatment, which is called Dinagest. This has been a proven treatment in the Japanese market. We plan to develop it for Korea purposes and apply for sales approval in 2027. [Non-English content] We'll be getting the last question. The last question is from the line of Sunjung Lee from Bank of America. Please go ahead with your questions. [Non-English content] Thank you for the opportunity to ask questions. There are twwo questions that I would like to ask you. One is with regards to your advanced materials business. This is something that you touched upon before, but, if you could talk about in more detail, about the progress that has been made, for the LFP cathodes that are used for ESS purposes, in terms of the specification of the cathodes and also in terms of the overall commercialization related timeline, in terms of, for example, mass production and other areas, that would be appreciated. The same, for sodium ion batteries in terms of the areas there, what type of milestones that you have and what would be the overall timeline, there going forward. If that could be something that you could share, that would be appreciated. The second question that I would like to ask you is about your petrochemical business. If you could provide an update about your naphtha sourcing. For example, whether you are trying to diversify your sourcing, you know, the various sources through which you actually get your naphtha or if you're trying to look at alternative feedstock, for example, LPG or ethane, you know, the overall overview on what is happening on the feedstock side, that would be appreciated. [Non-English content] Maybe I can take your first question about Advanced Materials. For the overall LFP that we're developing right now, it would be difficult to talk about the specifics about the specification in itself. We have completed the development for high-density LFPs, and right now we're looking into verify the overall mass production capabilities that we have for this product. The overall mass production target timeline would be the end of 2027, early 2028 type of timeframe. Right now we are in discussions with our customers about the supply arrangements. To this end, we are looking into how we are going to source the material that is necessary, how we're going to secure the production capabilities that we need. All of this is being specified in more detail. Based upon our discussions with our customers, we are going to finalize the overall details of the commercialization and production schedule going forward. Once that is in place, we will make sure to communicate with the market about that. For the sodium batteries, in terms of the high power output products, the overall target timeline is the first half of 2028. For the ESS batteries, which require a longer lifespan and also higher capacity, the overall mass production target would be somewhere around 2029, 2030 type of timeline. Right now we are in the process of doing the pilot line verification. [Non-English content] I think, you know, to talk about your second question about our naphtha sourcing, as mentioned before, we are trying to diversify our overall funding, not funding, sorry, the sourcing that we have of our raw material to ensure that we have a more stable base. At one hand, with the government, there are efforts that are in place to try to secure the shipments of naphtha that are required and also to ensure that we can expand the domestic sourcing of the feedstock in itself. In addition to that, we're trying to also diversify our own material sources outside of the Middle East area. With that effort, the ultimate goal is to ensure that we can continue the operations of our two NCCs without any issues going forward. However, if you look at the current situation in the market right now, in the petrochemical product side, if you look at the ASP, right now it's not actually reflecting 100% of the price increases that we have seen on the feedstock area within the market. Therefore, if the feedstock price were to dramatically fall, we do think that there could be a risk of there being inventory-related losses that would be generated as a result of that. That would be the reverse, you know, lagging effect in itself. You know, for that effect, and for the strategy that we have, as of now our stance is that we want to ensure that on the supply side, that whether it be for our domestic customers or the key customers that we have elsewhere, we want to ensure that we can secure the supply that they need without any issues and continue to provide them with some stability. That though, the current situation is somewhat of a crisis, we can use it as an opportunity to further solidify our position within the market and also enhance the overall trust that we have built with our customer. [Non-English content] With this, we would like to wrap up the first quarter 2026 earnings conference call for LG Chem. For those of you who have not been able to ask questions, or do have follow-up questions, please do not hesitate to contact the IR team. Once again, we would like to thank everyone for taking time out of their busy schedule to be with us here today. Thank you very much.