Good afternoon. My name is Su-Mi Lee, and I am the CFO of OCI Holdings. Thank you for joining our Earnings Call for the Second Quarter of 2024. I will present with the IR materials posted on our website. This is the second quarter consolidated financial results. In the second quarter of 2024, consolidated revenue was KRW 950 billion, and operating income was KRW 90 billion, resulting in an operating profit margin of 9.4%. Revenue increased by 9.8% compared to the previous quarter. We observed a slight increase in revenue due to the rise in polysilicon sales from OCI Malaysia, while DCRE revenue decreased. OCI revenue increased by approximately KRW 191 billion. On the other hand, operating income decreased by 9.8% from the previous quarter, amounting to KRW 9 billion. For OCI M, the completion of routine maintenance in the first quarter led to increased production and sales volumes, resulting in lower costs and improved operating profit and profit margin. However, the underperformance of the module business in the U.S. and the decline in quarterly profit of the urban development business negatively impacted the operating profit. Page 6, you can see the summary of our consolidated balance sheet. As of the end of the second quarter of 2024, assets totaled approximately KRW 7.8 trillion. Liabilities amounted to approximately KRW 3 trillion, and equity was KRW 4.8 trillion. As shown in the consolidated balance sheet on the left, both assets and liabilities decreased compared to the previous quarter. As of the second quarter, the consolidated debt ratio decreased to 51.9% compared to the previous quarter, and net borrowing amounted to KRW 217 billion. Although the consolidation of OCI Company was reflected, we believe that the company continues to maintain a stable financial position when considering liquidity ratios and interest coverage ratios. Page 1, page 7, I will explain the performances and outlook for major subsidiaries. First, let me begin by the performance of OCIM, our polysilicon business in Malaysia. Revenue increased by 9.3% from the previous quarter to approximately KRW 176 billion, driven by an increase in sales volume. Operating profit reached KRW 56 billion, representing a 48.4% increase from the last quarter, mainly due to reduced costs from increased production volume. OCIM conducted routine maintenance in the first quarter, which concluded at the end of the quarter. From the second quarter onwards, operations returned to over 90% capacity, and sales were made at premium prices, reflecting the Non-China Index. Both quantity and price remained stable in April and May under normal market conditions. However, in early June, the U.S. initiated an AD/CVD investigation on Southeast Asian solar products, affecting our major customers and leading to a decline in our sales volumes as well. Looking ahead to the third quarter, we have reduced our operating rate to about 70% and expect sales volume to decline due to decreased customer operating rate and demand, resulting from market uncertainties. Additionally, scheduled maintenance required by Malaysian law, originally planned for next year, will be carried out from the end of September to December, which will also reduce production volume. Page 8. Next is the operating results of OCI Enterprises. Enterprises' revenue decreased by 32.8% from the previous quarter to KRW 36 billion, and it turned to an operating loss. This was primarily due to the base effect of the remaining revenue recognition from the sale of power generation projects recognized in the first quarter. Additionally, the underperformance of the MSE residential module business had a major impact. However, the market anticipates that the end of the tariff exemption on bypass Southeast Asian import products will reduce excessive imports for stockpiling. There is also cautious optimism about an interest rate cut in September, which could gradually lead to a recovery in the residential market. Consequently, we expect MSE's performance to improve favorably. Furthermore, the recent sale of the 200-megawatt project by OCI Energy, formerly known as OCI Solar Power, will result in partial revenue recognition in the third quarter. As a result, we anticipate an increase in both revenue and operating profit. Page 9 shows the results of the OCI SE, our cogeneration business. SE experienced a slight decline in both revenue and operating profit compared to the previous quarter, but operated relatively stably. In the second quarter, due to routine maintenance, the operating rate was maintained at 90%, resulting in a slight decrease in power sales. The decline in REC sales volume and SMP also impacted the results to some extent. For the third quarter, we expect some recovery in revenue due to the seasonal rise in SMP. Regarding the steam business, contracts with new companies are continuously being signed, and the supply volume is gradually increasing. Page 10, you can see the operating results of DCRE, a subsidiary for urban development. DCRE's revenue decreased by 29% compared to the previous quarter, primarily due to the completion of Complex 1, which ended the associated revenue recognition. Revenue and operating profit for Complex 3 and 4 were recognized based on the progress of construction. In the third quarter, we are preparing to resume the sales business, which has been suspended for the past two years, with 1,734 units scheduled for sale. However, following the sales of Complex 1, 3, and 4, the Ukraine war and Ukraine inflation have caused a rapid rise in raw material prices. Consequently, we have agreed with the construction companies to compensate for the additional costs incurred for the already sold complexes. These amounts will be recognized in the third and fourth quarter, which is expected to somewhat reduce profitability in the second half of the year. The final section covers OCI Company's performance. OCI's revenue saw a slight increase due to the rise in sales volume of basic chemical products following maintenance. However, operating profits declined due to reduced performance in OCI China, increased raw material prices, and higher maritime price costs. In the third quarter, we anticipate that the challenging business environment will persist due to the overall sluggishness in the chemical market. However, we are committed to improving profitability through production efficiency and cost reduction measures. This concludes the report on the performance of our subsidiaries. Next, I will explain the current state of the global solar market, the price decline in solar products triggered by the oversupply from Chinese solar companies, the impact of the industrial regulation currently being implemented in the United States, and our response strategies to these challenges. Page 13. As you know, the share of renewable energy in global electricity production is projected to expand from 30% in 2020 to 52% by 2030, with the global solar market expected to grow by approximately 15% annually. The U.S. solar market, which holds the second largest market share globally, is also anticipated to continue growing at a rate of over 11% annually, driven by the utility market. In particular, the U.S. residential solar market, which has been contracted due to high interest rates earlier this year, is expected to see a recovery in demand, along with the anticipated decline in interest rates in the second half of the year. Page 14. Despite the continuous growth of the global solar market, the excessive investment in production facilities by Chinese solar companies has resulted in an overcapacity of more than double the global demand as of 2024. As shown in the graph on the left, this has led to a price decline across the entire value chain of the solar industry. However, despite the supply-demand imbalance in the global solar industry caused by the overcapacity of Chinese companies, the supply of non-Chinese polysilicon in the U.S. market remains insufficient compared to the demand due to regulation like UFLPA and U.S. CBP customs regulations. As a result, the premium on non-Chinese polysilicon is being maintained. As explained earlier, I am talking about page 15. As explained earlier, as shown in the table at the bottom left, the U.S. solar market demand in 2024 is projected to be 44 gigawatts, which translates to 110,000 tons in polysilicon equivalent, balancing tightly with the supply of non-Chinese polysilicon. The U.S. imports most products in the solar value chain from overseas, except for some cells and modules. Particularly, imports of solar products from Southeast Asia are estimated to account for 85% of the total imports. Due to the duration of the tariff exemption period for Chinese solar companies, early demand of cell and module inventories in the U.S., and preliminary determinations on anti-dumping and countervailing duties for cell and module companies in four Southeast Asian countries, Chinese solar companies and those in these four Southeast Asian countries are currently depleting excess inventories in the U.S. They are temporarily reducing factory operating rates and awaiting the result of the AD/CVD determinations, which are expected in September and November. Page 15. These are our company's response strategies, especially for OCIM, to address the global market environment. As previously mentioned, the U.S. solar utility market continues to grow steadily. Due to the strong solar demand in the U.S., it is expected that the excess inventory of cells and modules will be depleted by the second half of the year. By the fourth quarter of 2024, or at the latest by the first quarter of 2025, there will likely be a resurgence in the active purchase of non-Chinese polysilicon to meet the U.S. solar market demand. In the short term, however, due to the excess module inventory in the U.S. and reduced operating rates at the factories of our customers in the four Southeast Asian countries, OCIM's polysilicon orders are expected to temporarily decrease in the second half of the year. To counter the short-term decrease in order volume, we plan to conduct a regular production facility inspection required by Malaysian local law, initially scheduled for early 2025, in the second half of this year, thereby reducing the planned operating rates during the period. Additionally, to expand short-term order volumes, we are working to secure new customers in regions not subject to AD/CVD tariffs, such as the U.S., Indonesia, and Laos, where solar manufacturers are shifting their production bases. The temporary decrease in order volume due to the AD/CVD investigation is expected to be resolved in the second half of the year when the AD/CVD rulings are made. Assuming no significant changes in the economic decoupling between the U.S. and China, the premium on non-Chinese polysilicon prices is expected to be maintained. Therefore, to meet the anticipated increase in demand for non-Chinese polysilicon in the mid to long term, OCI M will proceed with its plans to expand solar production facilities without any changes. Next, on page 17, we present OCI Holdings and its subsidiaries' future portfolio strategies and management policies. I understand that some investors are concerned about the future growth and profitability of the company due to the recent changes in the domestic chemical industry environment and rapid market changes in the solar industry. As the growth ratio and profitability of our existing business portfolios are declining, we know that we desperately need to find new growth engines for the future. As a first step in solving them, at IR in February 2024, we announced that the holding company's direction is creating double-digit ROE with sustainable innovation investment. To achieve this, we are adjusting our business portfolios to create mid to long-term growth engines by dividing our affiliates into core business pillars: renewable energy, advanced materials, green chemicals, pharmaceutical and bio, and urban development. In order to secure growth and profitability, the renewable energy business sector decided to expand 21,600 tons of solar polysilicon and will secure new sales of about KRW 400 billion-KRW 500 billion based on the current sales price, along with a 60% increase in production. The U.S. solar power generation business is also considering expanding its business area by expanding development areas such as California from Texas. In the high-tech materials business, a joint venture with Tokuyama related to polysilicon for semiconductors has been established to expand 8,000 tons and will secure new sales of about KRW 500 billion based on the current sales price, including the silicon anode material business using monosilane. In addition, the green chemical business unit is building an eco-friendly chemical material, ECH, and a 100,000-ton CA plant with Kumho, and has secured new sales of about KRW 300 billion based on the current sales price. The pharmaceutical and bio business unit here accounts for a small portion of the group, and the group's capabilities are not sufficiently secured to grow the pharmaceutical and bio business. Nevertheless, the pharmaceutical bio field is the fastest-growing industry in Korea and also globally, and the group is also carefully considering it as one of the alternatives to secure future growth potential. As for Bukwang Pharmaceutical, we are reviewing the right timing and proper procedure to secure a 30% stake by 2025 under the Fair Trade Act. The urban development project plan to secure growth and profitability through successful pre-sales of the remaining 6-9 complexes and development of commercial areas. If the remaining apartment sales are successful, the new sales that can be secured are estimated to be KRW 400 billion-KRW 500 billion. Of the KRW 3.2 trillion in the new sales growth over the next 4-5 years, the new sales that can be realized based on the determined investment activities so far are already KRW 1.6 trillion-KRW 1.8 trillion, and we keep going to create additional new sales through market conditions and new products currently being reviewed by each business sector. We are ultimately seeking to grow into a company that is capable of continuous innovation and has an operating profit and ROE of more than double digits. OCI Holdings and its subsidiaries aim to achieve continuous revenue growth. However, we will not rely solely on quantitative growth in revenue. Instead, we will operate the company with a fundamental management principle that ensures substantial management with a minimum of 15% operating profit margin and ROE. Finally, on page 18, I will explain the implementation and future plans of our shareholder return policy. At the March 2024 shareholders' meeting, OCI Holdings canceled 248,000 treasury shares, approximately 1.3% of the total shares. In April, the board of directors resolved to purchase 5% of the company's share over the next three years. Accordingly, in the first phase this year, we have used KRW 40 billion to purchase 436,000 shares, approximately 2.2% of the total shares. The board has resolved to cancel these shares in today's meeting. Despite the steady decrease in profits compared to the previous year, OCI Holdings will strive to maintain a cash dividend of KRW 3,300 per share as part of our proactive shareholder return policy. Currently, our PBR stands at 0.4, indicating a historically undervalued state. Taking into account our financial stability, the board has resolved to purchase an additional KRW 20 billion worth of treasury shares today. Going forward, our company will continue to take necessary measures to protect the interests of our shareholders actively. This concludes my presentation. Thanks very much.