 I've been, this is my fourth time in ABIRS in the last nine years. First time I came, this room was packed and the European Union was using export subsidies on dairy. So that was 2009. The fact that we're talking today about dairy and export subsidies are not used is an improvement. Now what I will try to do is start by focusing on the current dairy price challenges situation. What we have done is we have taken the various prices and expressed them in milk equivalent. And what you see is the dotted blue line is the public intervention price in the European Union. Going back to 2000, it has gone down because of successive reforms. The world market price, which is basically the Oceania price, is the green one and has been above our intervention price, so have our domestic prices in blue. But what is interesting here is to recognize different periods. Here you have up until the 2009 crisis, a situation where you don't really call it volatility or variability. You call it seasonality because we had a quarter regime. Everybody knew spring was coming, a little bit more milk, then less milk, other seasons over the year, but everything seemed to be smooth. Then came successive droughts in Australia and also one in New Zealand. The huge spike of dairy prices, which preceded the generalised agricultural prices spike in 2007-2008, and then the collapse of these prices. In the meantime, we had already decided to do away with the dairy quotas with the so-called health check of the EU. We passed a period of adjustment and our domestic prices and the world market prices tended to move together and in an upward trend. And then the law of gravity started applying, more than gravity you want, and everything seemed to have collapsed in the last year and a half or so. This has generated a lot of pressure in the European Union. We have farmers demonstrations, we have pressure from the agricultural ministers, a tense situation which is a little bit complex. Most of the focus of people is on what they call volatility. And this, if you take the previous prices and you just take the monthly difference, you see in percentage terms there has been some increase in volatility in recent months in the European price. There has always been more volatility in world prices of dairy because dairy is a very thin market, a very small part of the overall production is traded. And clearly if you look at these periods, you can say that what has happened in recent months has actually complicated things. At least in the minds of producers. Now if you look at the shorter market challenges as we see them on the demand side first of all, figures from January up until November of 2015 indicate that world consumption declined by 1.1%. This is the first time this happened since 2008. If you look now what has happened from July, you see that there is already an improvement. It has been up by 3%. So things seem to be improving a bit. This is a livestock sector after all, so adjustments take longer. On the supply side, clearly the main producing regions increased supply by 1.6% in 2015. The European Union increased production by 2.5%. And this is part of the reason that you hear that what is happening actually in war markets to a large extent is due to the increase in our production. I'll talk a little bit more about the reasons of why this is partly only true, but clearly the manner by which production is growing in the EU has been faster than the rest of the world and there are multiple reasons. First of all, we had an anticipation of the abolition of the quotas and the most competitive member states produced more milk. It's applies to Ireland, to Denmark, to the Netherlands, to Poland to some extent. Second, we have had a situation where the dearies coming from three years of pretty good prices absorbed this price decline, but didn't actually pass it to the farmers, passed the price signal to the farmers up until recently. Now we start seeing some adjustments. Third, we had a situation where with the last reform, there has been more couple support in the dairy sector than we expected. Although if you look at the details, most of it has happened in member states that are not really oversupplying. The big producers don't have any couple support. You had a change in the environmental legislation in the Netherlands that led to an increase in the number of dairy cows to start with high references before the producers make adjustments. You have the banks granting cash flow to producers to be able to stay in business. But what you also had is something that was not expected, that we would lose completely our largest market, which is the Russian Federation. In fact, to give you an idea of how big this market is, 30% of EU cheese exports were going to Russia. And they had to find their way in other parts of the world. So when we come to trade, we do continue to expect so, and I think we agree with you and with others, that the world demand will be growing roughly at 2%. Annually, our exports have increased by more than 5% in July to November, despite the Russian ban. This is one of the surprising elements. We have been helped by the stronger US dollar. We have also been helped by the fact that most of our experts are value-added products and they look for the high end of the markets. But these are the main short-term challenges, and if you place them in a broader perspective, the first thing that we have to recognize about the price collapse, and whether this is due to the EU or is due to many factors, is that there is a world oversupply of a slowdown in Chinese imports and the Russian embargo that explains to a large extent what is happening in dairy, but only to some extent, because there are broader macroeconomic developments and exchange rate developments, all commodity prices are expressed in US dollars, they hire the dollar automatically, they lower the prices, the collapse of the crude oil price and all the movement of commodities, the end of the commodity price boom, and there is an increase in our dairy herd. This is the first time that we had it after a period of almost four decades that the dairy herd was going down. Now what is important to keep in mind is the type of policy response we gave and the type of policy response we didn't give. So the main policy response was to target farm income by addressing immediately the cash flow difficulties that EU farmers had and there has been a significant amount of money that went to farmers last year, it's more than 400 million euros that were given to the farming sector, by focusing on the market stabilization, resisting any calls to increase interventional prices and focusing on the use of existing policy measures, private storage or intervention where it applies at the low price, and also by aiming to improve the functioning of the food chain because we've seen that there have been problems in the transmission of price changes along the chain and there has been an agricultural markets task force that has been established trying to come up with ideas about what to do to improve it. Now what is important is what we have resisted and I know when I come down under or whatever you want to turn the world around, you're on top, but in another part of the world if you cross a hemisphere and you're so far away, you can make any sort of rational arguments you want, but the political debate is not always rational. We have an enormous pressure to go back to supply controls and to increase interventional prices. We believe that the higher price signals from public intervention when prices are actually on a downward path is the worst possible solution you can have and we believe that this debate has stopped right now. We also consider that the long-term competitiveness of the EU sector necessitates that farmers receive the price signals to make the necessary adjustments and we also, that's the argument we use internally, see that similar price problems are faced with those that have different policy regimes or no policy regime, no support. The US that has different policies than the EU is not doing much better in dairy. Now if you put this in the broader perspective and not only look at the last two years, but look since 2007, on the left-hand side you see the cumulative increase in milk production in million tons. On the right-hand side and with the dots you're going to see the same thing in percentage terms. Obviously the EU is producing much more and it dominates world production so we have had a little bit over 15 million tons of milk that we produce more. The Americans are coming at a little bit above 10, New Zealand at around 6, Australia you can hardly see it, I think there is a one million ton increase and Argentina a little bit more. Now if you look on the right-hand side what it means in percentage terms pretty much the US we have done similar increases. New Zealand is almost three times as much, Australia hasn't moved much, Argentina has moved a little bit more. To give you an idea these are the same figures with also the rest of the world and the major exporters and you see there that if you look at the bigger picture yes clearly the European Union has increased production and that was expected but that is part of a much more global trend. We do believe that what we're facing right now is pretty similar to what we've seen with previous reforms whether it was in cereals in the 90s or in beef in the early 2000s were the first two or three years because you're dealing with many member states. The adjustment is a little bit bumpy but then things will become smoother. Now a couple of other things that indicate where things are going in the domestic market. We have seen a decline in fresh milk consumption and also in yogurt and an increase in the consumption of cream cheese, cream, butter and cheese. Cheese capital consumption has gone up by 1.3 kilograms. In the last 10 years we do expect these trends to continue in the future and there is demand that is growing inside the EU and we also expect that with the slight improvement in the economic situation this will continue. But what is pretty important is we see export opportunities as you see also in the same markets mainly in Asia. We hope that at some point of time Russia will also open again and that's a big market. We don't expect that we will export as much as we did before in our assumptions. We consider that we will capture about half of the market we used to have but sooner or later this will come. Now the last slide on two things that are interrelated and this is reflecting our medium-term forecast going to 2025. On the left-hand side you see a map of the European Union with expected greenhouse gas emissions from the Derrick cattle by 2025. Where you see the reddish part you can also call it the most competitive parts of the EU. It's mainly in the Netherlands. You also have higher emissions in the north, western France, in Ireland and parts of the UK and also in Denmark. This represents a decline in overall emissions which is driven by expectations that are heard will start coming down. We have two different groups of member states, member states that joined the European Union after 2004, mainly Central and Eastern European countries and the ones that have been there before the EU-15. In the EU-15 you can pick up in 13 or 14 the increase in the herd size. As I said before, this is unique. We hadn't seen it for over 40 years. We do expect that adjustment will start sometime next year and the count numbers are going to go down. In the newest member states, already in the statistics that we have seen last month, you see a decline in the herd size. So it's a matter of time when adjustment will take place in the European Union. What is important from a policy perspective and what we try to do is make sure that the type of adjustment that we'll have would be supply adjustment driven by price signals and not driven by ideas on going back to previous types of supply control. And since I'm an international audience, it is a bit strange sometimes to see criticism about what is happening in the European Union right now after the evolution of the quotas. If we go back to the quotas, obviously production would have been lower, prices would have been higher, but it would have been a system that would have been based on the imposition of production controls on farmers instead of letting them freely move. It's true that we have had a lot of uneasiness in the farming community. It's true that farmers tend to forget that when they have the couple support, this is something that allows them to better capture price volatility. They face the price part of the volatility, but not the one where their income is going straight into their pocket. Well, that's natural, I think. It happens everywhere where you have a certain degree of subsidies. We still consider it's much better to have them decoupled than having them coupled. And we also think it's much better to have an adjustment without export subsidies. I feel much more comfortable today than what I felt seven years ago. Thank you very much for your attention. And there is some background on the type of outlook exercise we have done this year and where we think things are going to go for the next ten years. Thanks again.