 Okay, I think we are ready to start. Good afternoon, everyone. My name is Paige Jarvie, Global Marketing Assistant with PMMI. On behalf of PMMI, I want to thank you for joining the webinar today. Today our webinar is a series of webinars that we have planned for this year to help PMMI members grow their export sales. In a few short moments, we'll hear from Anon. Sorry for the pronunciation. I'm kind of bad, but Hameini, he's the managing partner at IndoBroad Consulting. And Anon will be presenting the updated findings to PMMI's report from 2015 Brazil's Competitive Intelligent Report. And you can find out other events that we have going on, like the events and services for the upcoming show in Brazil, FISPAL. You can find those at PMMI.org forward slash global. Let's see here. Quickly before we start, some of the events and services that we have at FISPAL, we will be hosting a lunch which Anon will actually be joining us for. It's on Wednesday, July, excuse me, June the 15th at 10.30 at the PMMI Pavilion booth. So 1-7-8-I. And there, again, you'll be able to meet Anon and hear more details on what's going on in Brazil. We also do have the Brazil Agent Directory available as well if you're attending something you might be interested in. The Brazil Agent Directory will give you information you need to connect with Processing and Packaging machinery agents, distributors, and reps in that target market. Also, don't forget that at PMMI's Pavilion, again, booth 1-7-8-I, we do offer complimentary services. As you can see here, interpreters, meeting rooms. We also have internet stations, a lounge area. So if you have some time, stop on by. Dolores will be there from PMMI. She'd be happy to say hello or answer any questions you may have. Let's see here. Following up, excuse me, following this webinar, I will send a follow-up email if you're interested in any of the events at FISPOL if you're attending. They'll be listed there and you can register for the lunch or answer, if you have any questions, I'd be happy to answer those for you. As I said, Anan, he is with Indobras Consulting. He's here to help us tap into the growing questions and opportunities in Brazil. Anan has extensive experience in analyzing the packaging machinery and capital goods sectors in Brazil and he's conducted many, many reports over the years, 15 plus years I should say, for PMMI members. So he is going to again present those findings to us. And the report is also available to download online at PMMI.org. Again, that will be an email when I follow up after the webinar. Just quickly, a few housekeeping items before I turn the presentation over. I do want to bring to your attention that the webinar you have entered is on muted mode. If you have any questions that you would like to ask, please type them in in the chat box on the left-hand corner there and at the end of the presentation we'll go through and answer any questions you may have. So without further ado, Anan, I present this presentation over to you. Let's see. Anan? Hey, Paige, thank you very much for that introduction. Good afternoon, everyone. The idea today is I'm going to run you through the presentation slides very briefly and hopefully be as interactive as we can be with Q&A. I tend to follow Jack Welch's maxim that anything over 12 minutes becomes a monologue that everyone sort of clicks out of. So I'll try to keep my commentary short. There is obviously a lot of additional commentary in the notes section of the slides once you do download the presentation and obviously the report is available for everyone. I'm not going to get into the weeds of the details of the reports, but I'm going to try to extricate some of the more macro issues, some of the more strategic issues, and hopefully be able to answer questions for everyone. So without further ado, let me run into the first slide, which is essentially an introduction of Brazilian macroeconomy. Now many of you, I noticed that have already participated in FISBAL and the folks that have spoken. We've had a few exchanges, and you may remember that about three years ago on one of my presentations at FISBAL, it was at a restaurant, I said, gentlemen, ladies, Brazil is not for the weak of heart. And said and done. This has been the most wildly fluctuating currency in the world over the last four years. So I'll say that again. It's been the largest number of standard deviations from the mean in any given month for the last three and a bit years now, which makes planning impossible, especially if you're exporting into the country or if you're servicing the country with either after sales technical support services or spare parts. It really becomes very, very difficult to price your products and obviously becomes very, very difficult to maintain a price once you've given a quote because three months later when your client decides that he wants to purchase it, their costing has gone up or down very significantly. So I want to stop there for a second and tell you a little bit about how these macro factors affect PMI members and other capital good manufacturers that we work with down here. And what we see a lot of folks doing to offset or to mitigate this crazy currency fluctuation. So Brazil's moved from 156 in 2010 all the way out to 371. It hit 412 earlier in the year and now it's back down to about 359, 360. So you're looking at a pretty major exchange rate devaluation. So obviously the manufacturing sector in the U.S. has gotten pretty badly affected. You'll see this in the import numbers a few slides down because in REI's terms, in our local currency terms, everything imported has become short of prohibitive, has become that much more expensive. So here we've had a few different strategies that we've seen clients adopt. One is try to put together long-term currency hedges. And that works for people that are working on a hedge for quote to delivery, three months. Anything over three months in Brazil is prohibitive. Your banks are charging you for 4.5 percent for hedging the currency one way and then another 2 percent hedging the currency the other way. So your total cost just to hedge your currency has become upwards of 6 percent for 90 days. So here you've got a situation where it may work for those of you that are fortunate enough to have phenomenal margins, but for the most of us that work on tighter margins it's not really been an option. So what's happened is that you've got a situation in Brazil which couples inflation with a reduction in consumer spending and GP growth in general. So you've had a... The government I think fudges the numbers here a little bit over the last three months, but my view is that you have real unemployment at about 16 or 17 percent. The government issuing numbers of 11 percent, which is not true because you have similar to the state you have just sort of the under employed which are just not being counted and then you have the people that are on welfare that are not being counted. So it's anywhere between 17 to 19 percent. And what's that meant? That's meant that consumer spending for the first time over the last 14 years has actually gone down in Brazil which means that you're going to see the aftermath in the packaging sector. The other thing that's happened is that because of the consumer spending reduction you've had a significant reduction in industrial activity. We're looking at an 11 percent reduction when you compare May of this year to May of last year. So it's a very significant industrial activity reduction. Commerce has only gone down by about 0.5 percent and services and commerce are still relatively... relatively speaking unscarred with the GDP reduction. So you're looking at a GDP reduction of three and a half percent to four percent cumulative. So this year and last year. So you're looking at an 8 percent GDP reduction over two years. And while a lot of the economists are talking about a v-shaped recovery, you're truly here, doesn't believe that. There's many underlying fundamentals which lead me to that conclusion. The first one being that the level of indebtedness at the public sector and at the listed company private sectors is at an all-time high. And notwithstanding this, you have the consumer indebtedness at an all-time high. So a v-shaped recovery seems a little... for lack of a better term, just overly optimistic. So I won't dwell into some of the more silent political issues in Brazil because I could probably write a PhD thesis on this at this point. But suffice to say that any of you that have not been accompanying what The New York Times now coins as the largest single corruption scandal in the history of its coverage, you should just Google Petrobras Corruption and you'll get everything you need. But what's happened is that the public sector is completely disaccredited and they're fumbling through policies that seem to backtrack half the time. So you're looking at a muddling through period for the next two years as we have this interim government in place. For those who are not aware, the president Dilma has been impeached not yet. She's been removed from office for 180 days, after which she will most likely be impeached. And her vice president, who is equally... excuse my language, as corrupt and as involved in all this stuff that she's being accused of as a baseline for her impeachment, is now the incumbent or the interim president. He's put together a pretty decent cabinet in terms of an infrastructure ministry as well as an economic and central bank team. But they just have too much to get fixed in a Congress that's not voting for anything other than themselves. So I've written a little bit about this in the political part of this update that you should have access to, but it's going to be a difficult couple of years. I don't see Brazil recovering as quickly as some of the Goldman Sachs analysts and the Macro of America analysts are saying, and I'll be very happy to be wrong, but I think that we need to brace ourselves for another at least eight quarters of the muddling through process. All right, so what does this mean for us that are trying to sell equipment in the country or do business in the country? The first thing it means is obviously that it's going to stay that much more expensive to do business down here because of the exchange rate. We don't see this exchange rate heading back down towards the 2.5 to 3 reais per dollar. So we need to be aware of that and we need to be aware of the fact that there's a lot of local industrial renaissance, if you would, folks that are just being able to meet local demand with an inferior quality product but price and reais. So it's getting difficult to compete if you are importing 100% of your value add in the country. Obviously there are exceptions. Several of you are aware that only you guys can make your product at that speed at that technical capacity and several of the Brazilian multinationals and local companies will only buy your product. So I've outlined a couple of strategies for you which I'll get into but for those that are still trying to compete against European vendors and sometimes Chinese, you now have real competition with Brazilian companies that you need to look at and that's something that you have to really address head on. Some of our clients and our folks that we're advising have started to either acquire companies down here or do third-party outsourcing of non-key components which means that they're putting together in a loose-term SKDE or CKD assembly options in Brazil so that at least some of the value is locally sourced bringing the overall product to the end client a little bit lower. So we need to obviously, it's not a one-size-fits-all but I'm going to outline a few of these strategies in a little bit. One of the things that you'll see is that the packaging, if you look at the next slide, it breaks out packaging equipment that's been imported by country over the last two years. So you'll see that there hasn't been a very, very significant reduction in overall dollars and cents. You will see a larger reduction this year because these sales are usually programmed and what we're seeing now is that people that have actually made purchasing decisions are stalling. Last year, people were still, I guess, less bearish on the country's upside. When I say people, I'm talking about decision makers at larger companies, family-owned companies that are by equipment are basically taking, okay, look, let me take a wait, let me pause here, let me see what's going to happen. Even if I do have the demand for this, I'm going to wait for six months and the six months are now becoming a year. So there's a lot of pent-up demand that's being generated. However, you don't have a lot of effective purchasing happening right now with notable exceptions which we get into, which is the very, very high, the upper end of the spectrum, the top 10 companies in each of the pharmaceutical, food, beverage, and personal care sectors are acquiring equipment, they're acquiring them because almost counter-intuitively, and this is important to note, they're just gaining market share because the smaller guys, the medium-sized companies that cater to consumer are just going out of business. They're not able to compete given the very, very high cost of capital. You would have noticed on slide number, I guess four, I've got a little slide there on how expensive capital is right now. You're looking at real rates of interest at over 10%, 11% a year. And that makes investments in planning for the long-term for a medium-sized company prohibitive. So getting back on track here, when you look at the machinery imports, you still see a pretty interesting trend line where you do have imports increasing from Europe. Unfortunately, they're reducing from the U.S. And the report that we've written breaks out the why. I think the European vendors have been a lot more, they've been better partners for the Brazilian companies. And when I talk about partners, I'm talking about they've been able to extend credit terms, they've been able to flexibilize payment terms, and they've been able to source a lot of their equipment locally allowing for the imported components to maintain with an existing installed base. I just played that back in my head and that may have sounded a little bit complicated. Let me make sure that you guys understand what I was referring to there. The Europeans have really been much more aggressive about going after the entire installed base of their equipment and pushing their after-sales or their after-market sales for spare parts, etc., by offering terms, almost anticipating the fact that these are going to be years of difficulty for the Brazilian clients. So they've assisted the Brazilian clients in revamping existing machinery, improving velocity of existing machinery. They've had a little bit more of a service mentality and a financially, in terms of credit terms, they've been a lot more lenient with Brazilian vendors. And there are a lot of case studies that we go into the report. I won't get into that now during this webinar, but I'll happily discuss it with you guys individually here at Facebook. So just moving on, something that's also quite interesting is the exports of Brazilian equipment, packaging equipment, has begun to make a comeback. Obviously this is aided by the foreign exchange, which obviously favors exports. But it's also largely due to the fact that the Brazilian manufacturing base is now a lot more profitable because they're able to substitute out some of the imported equipment locally, and they've been able to get global contracts. I've got a couple of friends that own packaging equipment companies down here, and they have recently signed on multi-million dollar contracts with the likes of Procter & Gamble and OLAM and Unilever for countries like Malaysia, the US, Canada, China. So you've got Brazilian equipment now being exported out. This is good and bad for you guys because the bad is obviously you've got stronger competition. The good is that you have better competition. Folks that are not out there evading taxes or doing things in a way that just make them more competitive but through incorrect channels. Remember to be an accredited exporter in Brazil, you need to have your audited balance sheets and stuff. So you have better competition. You also have better potential partners where in which you could purchase. As an investor in banking friend of mine tells me that Brazilian companies are so cheap right now that we can go and buy them with our credit cards. Brazil is cheap. If you're looking to purchase companies, this is the time to do it. As long as you're not expecting a V-shaped return as I said earlier on. But whether you're going to be purchasing these companies or even just outsourcing some manufacturing to these companies, it's an interesting new development that we've observed over the last couple of years. So that's the backdrop. I've spoken for a lot longer than I wanted to speak on the backdrop. So I'm going to be efficient with your time over the next three slides, which is four slides which I want to really zero in on. So what does this mean? Let's establish some maxims here. Action number one, and I'll just read these. Brazil's economy is fragile and the exchange rate is highly volatile, which favors local production when you compare that to imports. Number two, consumer verticals that cater to packaging equipment remain agnostic to the deeper rooted macro factors because Brazil is 220 million people with, according to the World Bank, the best demographics in the world. So you still have a lot of young people that are still picking up the flag for consumer spending. So while consumer spending is not unscarred, you do have a business here with local companies that are exporting. So companies that are in the agribusiness, in the pharma business, in the consumer product business in general, whether it be food and beverage or personal care, they're all exporting consumer products out of Brazil, not only to Latin America but to the US and to Europe and to Asia. And obviously to Africa because Brazil has had a historically very, very deep rooted connection with Africa because of the way that some of the African continent was developed by the Portuguese, Brazil was developed by the Portuguese, the Portuguese-speaking nations there. So you'll notice a lot of Brazilian cosmetics are the equivalent of L'Oreal and the higher-end cosmetics, European cosmetic companies that we perceive. The Brazilian cosmetic companies are perceived as the higher-end stuff in Africa and in parts of Asia now as well. So the consumer verticals, yes, they have taken a little bit of a hit, but you look at the numbers and you'll see that they're not actually taking as much of a hit because Brazilian companies are using the exchange rate to export, which means that they need the capital goods to enhance their production. Now the maximum number three, and this almost drives the entire conversation, is imported goods are only really competitive in higher-end niches, right? There's a natural tendency now to source locally. Every single Brazilian manufacturing company is looking to source locally. So we looked at a couple of different options. We've tried and tested a few of these and I wanted to talk to you about three of them that I think a lot of you already in the process of doing, if you haven't done so, I'll be happy to speak to you further. But one is, look, there's something called the XRIFI. I'll get into it in a second. You can structure a local limited liability company, or you can outsource, assembly, slash, purchase a company. To go into the first of the options, which is it's almost a no-brainer, it's predicated on the fact that there's no Brazilian manufacturer that can make your equipment. So if you are confident of that, you can basically apply for something that's called the XRIFARIO. It's a simple process. It takes three to four months to get through. But basically, you enhance your competitive note locally by reducing the import duty. You know, for the most part, you guys are, your harmonized code rate will yield import duty of 14%. However, you still have IPI, which in some cases is 8%. ICMS, which is 18%, which is a state-value added tax. And you have fees and costings. And these are all vested cumulatively on the import duty. So when you apply for an XRIFARIO, you actually reduce your import duty from 14% to 2%. But it's not really a 12% reduction. It's a reduction that would be closer to 15% to 16% because of the cumulative taxes that go on after that. So this is something that a lot of our clients are doing. The only thing that you need to be aware of is that each product needs one. So if you're one of the companies that have 18,000 SKUs in terms of equipment, this is not going to be a solution for you. But if you have one hot seller that you sell X off a year, you're going to be able to reduce that cost to your end customer by about 15% when all is said and done, if you apply for this thing and get it approved, which is, as I said, about a three to four month process cycle. You've got to get some of your brochures and spec sheets translated and basically apply for it. You have your distributor apply for it or even your end client apply for it. The little known thing here is that it's not only the person who can import the entity that applies for it that can import it with a duty exemption. It is also for any other company that wants to import that equipment. So the XRFR is granted to the equipment and to the vendor, meaning yourself, not to the applicant. And that's something that I've noticed. There's a lot of confusion when I speak to people about this. I just want to make that very, very clear. So that's an option. It doesn't require very, very much. These things usually get done in about $5,000 to $6,000 depending on the complexity of the equipment at hand. But it's not an expensive proposition depending on what your volumes look like. The second thing that a lot of the companies have been doing, this is something that larger manufacturing companies like Coca-Cola and GM and Ford and Volkswagen have been doing in Brazil for the last four decades. It's just establishing a local entity because you can transfer price to your equipment into your local entity and then sell to the market and you can remit your profits as dividends and those dividends are tax-free. So you can do this. It takes a little bit of legal setup to get done right but it's not something that you'd want to do unless you have recurrent revenue here. This is not a one-off sale. It's not something that if you've got a couple of different sales leads in Brazil that you would do because maintaining this costs money. It will cost you anywhere between $3,000 to $5,000 a month, just to maintain an entity here that's trading. Now you can do it for a little bit cheaper if you outsource back office and accounting functions. We've done that for a lot of clients. But the point is that you don't want to do this unless you have recurrent revenue. This is something that you would be wanting to look at if you're looking at Brazil as a little bit of a medium to longer-term play and you have either recurrent revenue with spare parts or services or just have a back order of equipment that's going into OEMs, et cetera, that you really are confident about. I won't get into the legal jargon of this but suffice to say that this is something that takes about six months to put together so it takes a little bit of time once you've actually made a decision to go ahead and you need to be aware that you're going to have a monthly fixed cost so you don't want to do this unless you're certain. The other thing is obviously the third option is really outsourcing Oakley. Which means what? I'm going to bring the part of my equipment that nobody else can make but myself and I'm going to buy the air compressor and the motors and the metal boxes that are not part of your DNA, if you will, they're not part of your secret sauce. You're going to buy them locally and have them assembled by an accredited assembler over here in Brazil. The beauty of doing this now is that because of the Brazilian industrial production being down by as much as 11%, we've got a lot of spare capacity now. So you've got guys, folks at own companies that are looking for stuff like this that are good but just have had a down take on their product demand and now they're looking at utilizing their spare capacity and I would take full advantage of that if you can establish the structural framework in which to do so and have exclusive licenses and agreements that protect you from any intellectual property that you may be showing to folks that are not yourselves. A lot of the companies that have that issue, the intellectual property issue would either establish a local company and start doing that themselves here so that you're bringing this in locally or as several of the clients have been doing lately is just purchasing an existing company in Brazil. Having said that, I'll repeat my original thing that Brazil is not for the weak of heart and buying companies locally here is while cheap in dollar terms today is also fraught with dangers in that because the economy has been so weak over the last couple of years, a lot of the companies have been less efficient about paying all their taxes and labor. So there's a lot of contingent liabilities in looking at assets down here which you'd be very well versed to take good guidance on. Anyway, so those are some of the options, strategic options that we've been noticing. I've hit on them perhaps not as structurally as I have now in this presentation but I've hit on these a few times over the course of the last few years where I've seen like, hey, company X and Y is doing this but now it's just everyone's doing one of the three things now. I see very few companies that are not doing one of the three things and I would say fourth if you include acquisitions because they just realize they're not going to be competitive in Brazil and the exchange rate is going to be a little depreciated over the medium term. It's not the long term I think. When you look at the verticals, I've outlined some of the 10 largest food companies and the 10 largest beverage companies and given a little bit of top line annotations as to how these companies are doing. But you'll notice that the food industry in Brazil is obviously growing incredibly but the growth is not local, the growth is for exports. And you're looking at huge Brazilian nationals, right, JBS, BRF, are folks that have been purchasing companies in the US and Canada and across Europe and Asia and they're just growing tremendously. If you're doing business with them, you're going to be doing business with them globally. So these are nice clients to have globally. From experience, we have a trading arm ourselves and we do quite a lot of work with three of these companies. They're bureaucratic to do business with but once you're in, you usually expect into every single bit that they put out there. The food business in Brazil is actually doing very, very well, largely fueled by exports. Beverages, again, you've got a few large companies that have just been buying up a lot of the medium-sized companies. So it's becoming a target, in terms of number of targets, it's becoming smaller but these guys have an incredible amount of bargaining power. I'll be very, very, just a word to the wise is when you're selling to folks like Ambev, you've got to be very careful because they extend trade terms like nobody's business. There's some difficulty doing business with some of these companies because of the sheer size that they've gotten to at this point. Having said that, I've always been a big advocate of going to the medium-sized markets in Brazil. I'm telling you now that you want to focus on the top of the pyramid unfortunately because they're the only guys that are really doing business and buying equipment and purchasing some of these smaller guys. The industry has gotten a lot more concentrated which arguably is not great for you guys. But the personal care, Brazil is still growing. It's also been very positively affected by import substitution. So you've got large national champions again, Natura, Boticario. They're doing very well. If you look at the revenues and you look at their asset bases, these are interesting companies to get on your client rosters. Looking for increasing speed, increasing labor substitution, becoming a big, big issue for these guys. Trying to automate, especially the end-of-line packaging is something that the personal care industry has been very, very aggressive about the last year and will be over the next year as well. Regional expansion into the northeast of Brazil has been a big, big thing for these guys as well, sort of following what's happened in the beverage sector a couple of years ago. And pharmaceuticals, I'm not going to really talk too much about that, but pharmaceuticals, I feel, is going to be the sector that's actually most affected by this negative GDP growth, which is almost counterintuitive when you think about it because it should be a much more inelastic demand. But what I see happening is, and the media is not picking up on this yet, but you'll see this. I'm telling you what I'm projecting is that you're going to see a reduction in pharmaceutical growth because the government spending, which accounts for over 40% of the sector's spend, is going to get reduced. And that's just inequivocal. It's something that's going to happen. So those of you that are in the pharmaceutical industry, just be aware there's going to be a little bit of a shrinkage in the sector this year. So the next few slides I'm not going to go into. This is really a summary of the end users we've interviewed and their perception of US, European, Chinese, and domestic equipment manufacturing pros and cons. This is nothing new under the sun. This is basically a brief update on the large report that PMMI had commissioned from us a year before last, or actually, sorry, last year. So we've already covered this during the last few slides on the last webinar, so I won't go into this again. Suffice to say that the Europeans have actually gained ground, which is unfortunate for you guys that are listening in on this webinar, but it's interesting to study their strategies. It's always nice to be able to copy as opposed to create, and they've actually been doing quite well. With that, I've gone well. It's now in my clock at 3.40, so I have actually more than tripled my 12-minute rule, and I'm going to leave the monologue aside and hopefully be able to take any questions that you may have. Again, thank you so much for the opportunity to speaking to you, and I hope that what I've exposed has been intelligible. Thank you, Anand. And like he said, we will open the floor up for questions. The box on the left-hand side of your screen on the bottom, you are able to chat your questions in there, and Anand would be happy, I'm sure, to answer those for you. Don't be shy. I know he gave a lot of great information, but we would appreciate interaction from you, the audience here. So please feel free. While we wait for questions to – oh, we won't wait. Question one for you, Anand, is what is your expectation on how long the economy will take to recover? Jorge, I'm looking at end of 2017, 2018. There's an election year taking place, a municipal election this year. So you'll see a little bit of an uptick on the third quarter this year, but it's not going to be anything meaningful. Next year is going to be a muddling through the year, in my opinion. So I'm sorry for being a little bit more cynical than most pundits or analysts, but that's my take. 2018 would be where I would look at structural growth, not a politically induced uptick. Okay. Does anyone else have questions? Are we thinking of questions? Are we taking an app? I will – Have I made everyone give up on Brazil yet? No, of course not. You gave great information. Oh, here we go. Will you be at the FISBAL PMMI booth? I'm actually traveling that evening. So I'm off to Europe, in fact, that evening, but I will be at the PMMI booth during the morning time and then during my presentation, obviously. But I'll probably have to head out to the airport at about 4 p.m. Okay. Again, Anand will be presenting on Wednesday. So you will have an opportunity if you are going to FISBAL to meet Anand. And again, hear a little bit more information in depth. Let's see. We also have a question – In terms of the dollar exchange, I make projections and I always make projections in scenarios. So my scenario – and it's actually a little off the beaten path. A lot of the analysts, if you look at the guys at Credit Suisse, at Goldman Sachs, at Bank of America, Merrill, are saying they're looking at a projection of 3.6, 3.7. But these guys change it every week. They'll change it by 20%, which makes no sense to me. So my scenario – and I'm sorry for bashing my investment banking friends – my scenario is 380. I feel that Brazil at 360, which is right now, it's not reflecting fundamentals. I think that the market has overpriced in the potential improvement of the economy because of the political leaders that are here. And honestly, I'd love it if I'm wrong, but I'm projecting 380. Okay. And the industries where I expect more export growth are going to be food and personal care. Wonderful. So for those that are just listening, the question is, can you repeat the industries with more export growth and potential opportunities? And Anand said personal care and food would be the industries where he expects more growth. I don't see any other questions coming in. So we'll move right along here. I won't keep anybody too much longer. Just quickly letting everybody else – or excuse me, letting everyone know what PMMI is up to. Running simultaneous with FISPAL, PMMI will also be at Propac Asia in Bangkok, where we do also have a webinar next week, if anybody's interested, as well as market research and pavilion there. We're also in China, Shanghai in July, and then further on down in the year, we are at PAKX India in September. Again, we have a lot of market research, a lot of different opportunities for you, the members, to really find a market that works well for you. Please feel free to email me if you have any questions or information. Again, I will send a follow-up email with everything that we discussed. Anand, I want to thank you again for such a great presentation. I'm sure everybody that's going to FISPAL will be excited to meet you and for our participants. On behalf of PMMI, thank you for participating. And like I said, as a final note, you'll receive an email with the links to any events or the Brazilian report that Anand touched on if you're interested in that. There will also be an evaluation on today's webinar. It would be greatly appreciated if you took the time to take the survey. It is no more than six questions. It'll take you probably two minutes. So again, if you could let us know how we did. We ask for feedback and suggestions on that. We would really appreciate that. So again, thank you. And I hope everybody has a great rest of the day. Enjoy. Hopefully you guys have a great day.