Good morning, and welcome to the ONEOK to acquire Magellan Midstream Partners conference call and webcast. All participants will be in a listen-only mode for the duration of the call. Should you need any assistance at that time, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note that this event is being recorded today. I would now like to turn the conference over to Andrew Ziola, Vice President of Investor Relations. Please go ahead, sir. Thank you, Joe. Good morning, everyone. Thank you for joining today's call to discuss last night's announcement of ONEOK acquiring Magellan Midstream Partners. Along with our press release, we provided a presentation deck for this call on both ONEOK and Magellan's IR websites that describe the highlights of the announced transaction. A replay of this call will be made available as soon as it's available. Our speakers today will be Pierce Norton, ONEOK's Chief Executive Officer, Aaron Milford, Magellan's Chief Executive Officer, and Walter Hulce, ONEOK Chief Financial Officer and Executive Vice President, Investor Relations and Corporate Development. Statements made during this call that might include ONEOK's and Magellan's expectations or predictions, including this transaction, should be considered forward-looking statements and are covered by the safe harbor provision of the Securities Acts of 1933 and 1934. Actual results could differ materially from those projected in forward-looking statements. Please refer to the legal disclosures in the press release and on page two and three of the presentation, as well as a discussion of factors that could cause actual results to differ in our SEC and regulatory filings. After our prepared remarks, management will be available to take your questions. A reminder for Q&A, we ask that you limit yourself to one question in order to fit in as many of you as we can. With that, I'll turn the call over to Pierce. Thanks, Andrew, and good morning, everyone, and thank you for joining us. Let me start by saying this transaction combines two great companies with two great workforces. I wanna thank both of our companies' employees who have enabled these companies to become what they are today. I'm looking forward to seeing what these two groups of employees can do together. Today is truly a historic day for both of our companies, as we have announced a definitive merger agreement to acquire all outstanding units of Magellan Midstream Partners in a cash and stock transaction valued at $18.8 billion, combining the premier midstream energy infrastructure businesses of ONEOK and Magellan with a total enterprise value of $60 billion. ONEOK, a member of the S&P 500, has a long history and track record of being at the forefront of transformational transactions, especially in the last 20 years. In 2004 and 2006, ONEOK made a series of transactions marking its entry into the master limited partnership structure, acquiring interstate pipelines and gathering and processing businesses in the Williston Basin by purchasing Northern Border Partners, which became ONEOK Partners, setting the company up for what would become a transformational platform for exponential growth. In 2005, ONEOK acquired the natural gas liquids businesses from Koch Industries that created our NGL business segment with assets and systems that link the NGL supply in the Midcontinent with the Conway and Mont Belvieu market centers. This acquisition was followed by significant organic growth, creating natural gas liquids connectivity from the Canadian border all the way to the Texas Gulf Coast. In 2014, ONEOK spun out its regulated natural gas utility business, resulting in a more efficient and flexible capital allocation and growth strategy. In 2017, ONEOK merged with ONEOK Partners, resulting in a simpler corporate structure with broader access to the capital markets and supporting future growth. Now in 2023, this announced transaction introduces two additional platforms, refined products and crude oil transmission, further diversifying our business mix and generating incremental free cash flow to provide more flexibility for capital allocation to return more value to our shareholders. This transaction marks the fifth transformative transaction in the past 20 years. Each of these transactions were contemplated from the standpoint of looking through the lens of what's next and finding opportunities in sustainable businesses for future growth. This acquisition continues the legacy of ONEOK in finding new platforms, then finding future organic growth opportunities to create value for its stakeholders and specifically for the shareholders. We've said before that we have a high bar for M&A. This transaction clears that bar. Our intentional and disciplined approach has resulted in growing ONEOK through this accretive and diversifying transaction. The addition of new business lines and diversification of cash flows will improve the resiliency of our businesses and provide new growth opportunities. Included in our presentation are the benefits to both ONEOK shareholders and Magellan unitholders that I will briefly discuss. Then I'll pass the call on to Aaron, who will provide his perspective on the transaction. Then Walter will take you through the transaction terms and financial benefits. As we point out in the press release, there are four key points to highlight for the rationale of this transaction. First off, this deal will combine two premier and diversified energy infrastructure businesses with top-tier and in-industry-leading returns on invested capital that generate significant and diverse free cash flow. Adding Magellan's stable, primarily demand-driven, fee-based business to ONEOK will create an even more resilient energy infrastructure company designed to generate stable cash flows through various commodity cycles. Number two, this transaction will provide immediate financial benefits, including cost, operational, and tax synergies, and is expected to be financially accretive. Walter will provide more details on the financial specifics in a moment. Three, we believe this is a compelling long-term value proposition to current and future investors driven by consistent and disciplined capital allocation philosophy. The combined company is expected to generate significant average annual free cash flow after dividends and growth capital, and we will remain committed to growing EPS and the dividend by reinvesting available cash into high return organic growth projects. As we said our recent earnings call, we will continue to pay a highly attractive dividend while targeting a dividend payout ratio of less than 85%. Other uses for capital will be debt reduction and/or share repurchases. Number four, on a combined basis, we'll own nearly 50,000 m of pipeline assets, primarily in the central U.S., of which are 25,000 m of liquids-oriented pipelines. As a result, we see value and significant potential for enhanced customer product offerings and export opportunities. Given ONEOK's and Magellan's assets and operational expertise, we have forecasted at least $200 million of base annual synergies and believe that the activities could result in a total annual synergies of exceeding $400 million within the next two to four years. What is also important to point out, by combining our companies, it's not just the high-quality assets, but it brings together two companies and employee workforces that share a commitment and a culture of safe, reliable, and sustainable operations and an involvement in the communities where we work and live. The transaction is subject to approval by both ONEOK shareholders and Magellan unitholders, regulatory clearance, and other customary closing conditions with the expectation of closing in the third quarter of 2023. I'm pleased to report that the transaction has been unanimously approved by the board of directors of both ONEOK and Magellan. I wanna thank Aaron and his team for the hard work. We see tremendous value for ONEOK shareholders and Magellan unitholders in combining our two organizations to become part of a leading North American diversified infrastructure company across the hydrocarbon value chain and look forward to welcoming Magellan's employees to becoming a part of ONEOK. I'll now turn the call over to Aaron to provide his perspective on the transaction announcement. Thank you, Pierce. I'm pleased to be with you today to address Magellan's view on this next logical step for our company. For those who have followed Magellan, you know that we have remained focused on safe and responsible operations, financial discipline, and long-term investor value throughout our more than 20 years as a public company. I can assure you those priorities remain important to us today. As Pierce noted, we believe ONEOK shares these same priorities, and we are pleased to join them in creating a stronger, more diversified midstream company with more opportunities that neither of us could pursue on our own. I believe our ultimate goal is to deliver value for our investors and to consider all opportunities to unlock incremental value. We believe the premium value offered as part of this transaction, along with the combined company's prospects for the future, will do just that. While the MLP structure has been beneficial for Magellan and our unitholders, we've always been open-minded to considering organizational alternatives that we believe would enhance value. We have also, through the years, explored possible ways to diversify our portfolio in order to enhance our growth opportunities and create an even more resilient business. We believe this transaction accomplishes these goals. As part of our process, we carefully considered, among other things, the tax implications of this transaction and the impact on Magellan unitholders. We recognize this transaction will be a taxable event for Magellan's unitholders and understand the tax impact could be quite meaningful, especially for the investors who have been with us a long time. Ultimately, we believe the value opportunity more than offsets this tax impact, and we negotiated a cash and stock transaction to ensure unitholders will have cash available to meet any tax obligations. At an implied price of $67.50 per Magellan unit, the transaction values Magellan at a 22% premium to the closing price of Magellan units on Friday, May 12th, the last trading day prior to this announcement. Beyond the implied premium and cash consideration, however, the transaction also provides Magellan unitholders with the opportunity to participate in future upside through approximately 23% ownership of the combined company. The combined company's greater scale and earnings diversity positions it for growth and value creation across industry cycles and as the broader energy economy continues to evolve. The combined company will also remain committed to returning significant capital to shareholders, a key priority for Magellan. Although in the near term, dividends will be somewhat less than the amount Magellan unitholders have been receiving, importantly, the combined organization will have both an attractive yield and enhanced prospects for growth, and therefore, more long-term dividend upside. In addition, the combined company may also return capital to shareholders through share repurchases. We are pleased that Magellan unitholders will be able to continue receiving compelling quarterly cash dividends while also benefiting from the upside potential of an even stronger and more diversified combined organization. I'd like to thank our talented team for their hard work and dedication to our customers and our company. As Pierce previously mentioned about both of our workforces, our people are the foundation of our success and one of our competitive advantages. I know they will capitalize on the opportunities provided to them for growth and development as part of the ONEOK team. Bottom line, Magellan's board and management share ONEOK's confidence in the future of our combined companies. We believe joining our companies together will create a stronger, more diversified, resilient business to serve the essential energy needs of our nation and create long-term value for our investors. Magellan looks forward to working with the entire ONEOK team to achieve a smooth path to closing and integration at the appropriate time. Until then, we will operate as two separate companies and remain focused on safe operations and delivering value for our investors. I'll now turn the call over to Walter to address more of the financial components of the transaction. Thank you, Pierce and Aaron. As we detailed in the press release, ONEOK will acquire all the outstanding units of Magellan in a cash and stock transaction valued at approximately $18.8 billion, including assumed debt of $5 billion, resulting in a combined company with a total enterprise value of approximately $60 billion. The consideration mix is 63% stock and 37% cash and is supported by a fully committed bridge facility. We expect to permanently finance the transaction primarily through a notes offering prior to closing. Total consideration for each Magellan unit will be $67.50, consisting of $25 in cash and 0.667 shares of ONEOK common stock based on ONEOK's May 12th closing price of $63.72. This represents a premium of 22% to Magellan's closing price and 22% to its 20-day volume-weighted average price as of May 12, 2023. This transaction is expected to be earnings per share accretive in 2024, with EPS accretion of 3%-7% per year expected from 2025 through 2027, and free cash flow per share accretion averaging more than 20% annually from 2024 through 2027. From a tax perspective, ONEOK expects to benefit from the step-up in Magellan basis from the transaction, thus deferring the expected impact of the new Corporate Alternative Minimum Tax from 2024 to 2027. The benefit from the base step-up has an estimated total value of approximately $3 billion, which has an estimated net present value of approximately $1.5 billion. Utilization of the expected tax attributes could increase if additional capital projects are put into service or acquisitions are completed, which may increase the NPV of the future tax deferrals. The combined company is expected to experience a step change in free cash flow after dividends and growth capital by generating an average annual amount of approximately $1 billion in the first four years following the expected transaction close. The increase in free cash flow will provide additional cash for debt reduction, growth capital, and value returned to shareholders through dividends and/or repurchasing shares. We would expect the total combined adjusted EBITDA to approach $6 billion in 2024, with stable and growing volumes from our base businesses among our five business segments. The combined company expects pro forma 2024 net year-end debt to EBITDA of approximately 4 x. We expect leverage to decrease below 3.5 x by 2026 as future growth projects are placed in service. Excluding certain large projects that have not yet received final investment decision from the expected net debt to EBITDA calculation would accelerate the timeframe to achieve 3.5 x by approximately one year. Pierce, that concludes my remarks. Thank you, Walter, and thank you, Aaron. Before we move on to the Q&A session, I wanna summarize how compelling this transaction is to generate long-term value We are excited about the future of our combined companies and look forward to welcoming Magellan's well-respected employees to ONEOK. With that, I'll turn the call back to Andrew. All right. Thank you, Pierce. That concludes our prepared remarks. We're now ready for questions. Keep in mind that we do have a full queue. Please limit yourself to one question. Operator, please open the lines and begin with the first question. Thank you. We will now begin the question and answer session. As a reminder, to ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw a question, please press star then two. We will now take our first question, which will come from Michael Blum with Wells Fargo. Please go ahead with your question. Thanks. Good morning, everyone. Thanks for taking my question. Good morning, Michael. I'm wondering if you can provide some more details on what exactly is gonna drive the $200 million-$400 million of synergies. Is this cost synergies, commercial, both? Anything you could do to give us a little more detail on that would be great. Thank you. Thanks, Michael. The way that we're gonna produce these synergies is by focusing on what I would call the process that's gonna produce the desired outcomes that we're looking for. We're gonna create a dedicated team to develop a map of what has already been identified in the synergies, and more importantly, what was gonna be identified in the future. This map that we're gonna create is actually gonna serve its purpose to holding us accountable to deliver these synergies. There's two main categories, and you basically mentioned those, the first one is overhead cost. If you look at the studies of deals that are basically this size, the average savings is around 25% of the total combined G&A cost. In our case, what we've assumed is actually half of that number, which is 12.5% or $100 million. It's $100 million of the $200 million. You can extrapolate there, you know, what the additional would be. The second thing is commercial. The way that we have categorized those is, we put them into three categories. The first one is what we call bundling. The second one is something that we focus on around here a lot, which is demand pull, and the third is export expertise. Kind of going back to this bundling concept. An example of that would be that, you know, we could bundle NGL and crude services, you know, working with a single customer, say in the Permian or the Mid-Continent or the DJ basins, that actually creates value for the customer. It's more of a one-stop shop. Demand pull. We're always looking for ways to create more demand pull for our NGL products, and we believe this acquisition expands those opportunities for blending and the demand pull of our various NGL products. Thirdly, the export expertise. You know, we have talked a lot about exporting liquid products. That's something that Magellan does currently, and we think that this expertise is gonna pay long-term benefits to our liquids products, along with continued long-term benefits to, you know, to the assets that we're acquiring. We do believe long-term globally that these products are still gonna be in high demand because of increased population growth and the fact that there's continued demand, you know, for a higher standard of living across the world, and that's gonna support that demand. I'll give you just one expertise. All of these things can create more opportunity to move volume, you know, through our system. Think about it this way. For every 100,000 barrels of additional product that we can move through these combined systems, you know, at, say, $0.05 per gallon, that's an additional $75 million. We do believe that the commercial opportunities are what's gonna drive the synergies from $200 million to the higher numbers. Hope that helps. Thank you. Our next question will come from Theresa Chen with Barclays. Please go ahead with your question. Thank you for taking my questions. Pierce, I wanted to ask about the export piece, long-term benefits contributing to that other $100-$300 of your total synergies. Does this mean that you will be using MMPC's and ship channels to get, you know, into NGL, LPG exports, and what are the costs of doing that? You're asking a very detailed question, Theresa, that, you know, we're gonna be considering all of those kind of things. At this point, you know, we're not necessarily breaking it down as to exactly how they would be used, but we believe the expertise that Magellan employs brings to the table is what's gonna unlock whatever opportunities we execute on. Okay. If you could just give a little bit more, color, just from a high level on the demand pull piece. I understand that, you know, now you can blend your own, you know, captive produced butane into the gasoline stream. For the other NGL products, how does this acquisition enhance the demand pull opportunities? Well, again, it's partially on the butane side, and we'll be looking at other opportunities to do other things in the future. Thank you. The next question will come from Spiro Dounis with Citi. Please go ahead with your question. Thanks, operator. Morning, guys. First question on capital return. you know, one of the big investment theses behind Magellan was this sort of robust capital return story, big large yields, somewhat aggressive buyback program. I know you all have been sort of less aggressive on the buyback side historically. I'm just wondering, could this deal maybe augment your approach longer term? Walter, I know you mentioned delivering over the next few years, sounds like that's a priority, but just any sort of sense of how this might change your capital return thesis? Thanks, Spiro. Well, it definitely opens up lots of opportunities for us. You know, yes, we will in the early stages be using some of the free cash flow to get our debt metrics back towards that 3.5 aspirational area. Clearly, as we go forward, we have room for strong capital investment and growth opportunities, you know, continuing to grow the dividend, and there will likely be opportunities to look further into share repurchases as well. Got it. Second one, more of a housekeeping. Should be a quick one, and sorry if you mentioned it, but was this a negotiated deal or part of a more formal sales process? You know, what you're gonna see, we'll be filing all of those details in the proxy statement. I'm gonna really refer you to when that proxy statement comes out, I'd encourage everybody to read it, and they're gonna get the full history of this deal in the proxy statement. Our next question will come from Brian Reynolds with UBS. Please go ahead with your question. Hi, good morning, everyone. Pierce, you know, ONEOK has discussed at length over the past few months its intention to diversify away the base business. You know, there were likely many options that management and the board considered in this diversification strategy. Curious if you could perhaps discuss perhaps some of the other paths that were considered and why Magellan was perhaps the best option over a longer term horizon versus perhaps organic growth or value M&A like we've seen recently within the space. Thanks. Well, I would start by saying, when we talk about diversifying away from some of the other, you know, business that we have, that does not mean that we're not gonna continue to be very focused on those base businesses. We just look at this as adding 2 more base businesses to our organization, you know. Again, as far as the strategies and all the stuff that were considered, I'd point you to the proxy and all that will be discussed, as the history of that unfolded. Great. I'll leave it there. Thanks. Thank you. Our next question will come from Jeremy Tonet with JPMorgan. Please go ahead with your question. Hi, good morning. Good morning, Jeremy. I just want to see as far as potential future synergies are concerned, if you might be able to speak to the potential for a conversion of existing assets, if you see that as something that could be meaningful here, such as converting, I guess, Houston pipes to maybe service, LPG movements towards the ship channel or anything along those lines? Yeah. I'd point you back to my earlier comments on that, Jeremy, is that, you know, it's just about, you know, the things that we actually talked about, which is, you know, bundling services, those kind of things. It, it's not necessarily talking, you know, at this point about converting this or that. It's simply by, you know, if we do find some additional capacity to move certain things and products, then that's kind of the magnitude that I would look at is in that, you know, for every 100,000 barrels a day, then it's about $75 million, without getting into the details of what products might be moving on what pipes. Got it. I'll leave it there. Thank you. Thank you. Our next question will come from Harry Mateer with Barclays. Please go ahead with your question. Hi, good morning. You know, Walter, you mentioned de-leveraging, but can you talk a little bit more about, you know, just where debt reduction sits in the capital allocation priority waterfall next couple years? How much of your 4 times leverage guide next year and then 3.5 times in 2026 hinges on gross debt reduction versus EBITDA growth? Well, Harry, I think that, clearly, you know, we reestablished our three and a half times aspirational out of the box. You know, debt metrics are a key focus for us as they have been in the past. We spoke to all three rating agencies prior to the transaction. You know, they'll speak for themselves here going forward. Generally, we think from a credit standpoint, this is gonna be a very positive transaction given the increased scale and diversity of these five businesses together. We think that, we'll have plenty of opportunity to enhance that credit rating. We're not gonna get into the specifics of debt pay down or EBITDA growth on a exact basis, but I would just point you to the fact that, you know, in this year of 2023, we will have paid off $900 million of debt through free cash flow. Thanks. Then just a follow-up. I mean, historically, the company has worked to mitigate or eliminate structural subordination in the capital structure around, you know, big transactions. Should we look for something similar here with the Magellan debt, whether that's by cross guarantees or some sort of exchange? Yes. I think you can assume that the same structure that we used in the ONEOK Partners will be put in this so that all of the debt is expected to be equal and pari passu. Our next question will come from Jean Ann Salisbury with Bernstein. Please go ahead with your question. Hi, good morning. Just another follow-up on the sort of bundling, commercial synergy of NGL and crude services. I think you all have a monopoly effectively on NGLs out of the Bakken and Oklahoma. I guess I just wanted to confirm that the right way to think about it is to gain market share in the Permian on your NGL pipes primarily. If you could just remind us how much space is left on West Texas LPG and if that can be expanded. Well, a couple things, Jean Ann, is that this is about creating value for the customer. To the extent, no matter where that is, it doesn't matter if it's in the Mid-Continent or the DJ Basin, you know, as related to this particular aspect, it's being able to say, "Not only can we address your needs to move your NGLs out of those areas, but we can also address the needs of your crew." It's a simplification process for them that they don't have to meet with multiple people, that we can provide the needs there. We've talked, you know, at length about our West Texas NGL pipe and how we have slowly and steadily, you know, put incremental capacity on that line. We even talked recently on our call about whether or not we're looking at, you know, kinda completing, you know, the full looping of that NGL line out of there. We've always looked at expanding, you know, our NGL capabilities out of that basin. We're gonna continue to look at that. Great. Thank you. Thank you. Our next question will come from Tristan Richardson with Scotiabank. Please go ahead with your question. Hey, good morning, guys. Morning. Just curious if you could talk at a very high level about maybe the scale of the long-term project unlock you see. You noted the combination offer project opportunity's not available to either party previously, and I appreciate the comments on sort of the three nodes around commercial synergies. Maybe even beyond just sort of the, you know, commercial synergies disclosed in a dollar amount, but just long-term sort of scale of project unlock. Is this, you know, is this several multi-year investment? Just any comment there. You know, my comment there was, scale does matter, I think, going into the future, especially, going into, you know, wherever energy is going. The more assets you have, the more scale you have, the more scope you have, it's gonna, you know, provide flexibility to us. It's gonna provide flexibility for the customers that we serve. You know, if you step back just a minute and you look at, you know, what do we do today? You know, what we do today is we move energy products, you know, that basically meet the customer's needs for electric generation, industrial use, commercial use, residential use. What this does in tomorrow's portfolio is you keep, you know, that particular aspect of our company, of meeting those customers' needs, but you also have now introduced what and I really like Magellan's tagline here, is that, you know, we move energy that moves America. We now have got into the aspect of energy consumption that meets the customer's needs to, you know, transport people, transport goods, whether or not that's over the road, or whether or not that's in the air. I think that's, you know, this is a completion process. It completes us being in assets that meet the energy needs, not only of this nation, but we think the future energy needs even around the world. Thanks, Pierce. Our next question will come from Elvira Scotto with RBC Capital Markets. Please go ahead. Hey, good morning, everyone. Can you talk a little bit about, maybe at a high level, how, you know, you determine the purchase price for this acquisition? You know, I'll point you back again to the, you know, to the proxy statement, and you'll find out that whole information when you read the proxy. Okay, great. I guess just my next question is just when you on the leverage and hitting your targets that you mentioned over the next couple of years, what does that bake in? Is that predicated on hitting that $200 million of synergies, or do you need to hit higher than that? No, all of our analysis has been based on the $200 million of synergies. To the extent that we are successful in achieving the higher number that, you know, we're going to be focused on, that will just accelerate all aspects of free cash flow. Our next question will come from Selman Akyol with Stifel. Please go ahead with your question. Thank you. Good morning. In your opening comments, Pierce, you talked about 5 transactions in the last 20 years. Then you talk about organic growth from there. You know, following up a little bit on Tristan's question, can you talk about where you see opportunities to invest at? Then from there, also, you guys also mentioned hydrogen, but I haven't heard it in any of your follow-up comments. Wondering if you could comment on that as well. Thank you. Sure. What I mean by what's next is if you look back at those transactions, you know, I was just talking to some employees in the Williston Basin, you know, over the last couple of weeks, and I actually had worked in that area with a different company, you know, back in the kind of 1998 timeframe. At the time, the volume moving through the Williston Basin assets that we now own today was around 60 million cubic feet a day. Today, you know, we're kind of just short of, you know, the 1.5 billion cubic feet a day. I don't necessarily think that when ONEOK bought those assets, that they foresaw that kind of growth. When I say what's next, you know, it's giving the opportunity, you know, to participate in whatever comes next. When we bought the NGL pipes, I don't think we necessarily foresaw, you know, pipes stretching all the way from the Canadian Border to the Texas Gulf. When you have assets and you have great people, come great opportunities. That's what I really mean by when I say what's next. As far as hydrogen and, you know, the other NGL products, you know, renewable fuels, those kind of things that can move through these things, you know, the future's gonna determine that, and it's gonna be determined by what the customers are desiring and what is the cost. Having these two companies combined sets us up for that opportunity. Great. Thank you. Our next question will come from Neal Dingmann with Truist. Please go ahead with your question. Hi, this is Jake Neva, Sean for Neal. Thanks for the question. Just one for me. Would this, you know, would this deal, you know, would you guys consider selling assets now that may be considered non-core? If so, do you mind just, you know, digging a bit into that? Thank you. You know, I'll. The answer is we consider anything. You know, we consider, you know, again, like I said, intentional and disciplined. The same thing applies, you know, on any sort of divestiture of any sort of assets. That's all about being intentional and disciplined, but that's not factored into this transaction. This concludes our question and answer session. I'd like to turn the conference back over to Andrew Ziola for any closing remarks. Okay. Well, thank you all for joining us this morning. We will be transitioning to employee meetings now. Both of the IR teams will be available throughout the day and the rest of the week for follow-ups. Everybody have a good day. Thank you for your support. The conference has now concluded. Thank you very much for attending today's presentation. You may now disconnect your lines.