Good morning, everyone, and welcome to JSL's second quarter 2026 earnings call. This is a special earnings call for us as JSL is celebrating its 70th anniversary.

For 70 years, we have worked alongside our clients to address a wide range of logistics challenges, continuously expanding both our service portfolio and our client base. For 70 years, we have built relationships and worked to contribute to our clients' businesses while developing our people.

To reach the 70-year milestone, JSL had to reinvent itself several times, and we continue to do so as we build the next 70 years. The first slide shows a recap of this history, which started with a Portuguese immigrant and his first truck in 1956.

Over the years, the company grew and developed, and in 2010, JSL went public on B3 already with several businesses in its portfolio. Following the IPO, some of these businesses grew significantly and required independent growth plans.

It was during the period that Movida and Vamos were created, the bank began to take shape, and others. In 2020, as part of this ongoing transformation with each new cycle, JSL proposed a corporate reorganization that led to the creation of Simpar as the group's holding company.

This gave JSL the independence to execute its own growth plan and pursue consolidation of Brazil's logistics market. In 2020, JSL re-listed its shares and began this process, growing from a company with R$3.3 billion to R$11 billion.

Over the last five years, we completed eight acquisitions in addition to organic growth, adding new capacities and a team that is able to develop even stronger partnerships with each of our clients. At the end of last year, '25, we announced a new organizational structure for JSL's businesses with the creation of Inntralog, JSL Digital, and JSL Dedicated Services.

Each has a different business model designed to serve a different market while generating synergies among them. For '26, we are taking another step by separating the dedicated services business into two companies: one with our own fleet and another using third-party truck drivers—different models designed to meet different needs of each of our clients.

Now moving to the second quarter 2026 results on the next page, I'll start with a few highlights. Revenue grew 6.3%, and excluding the impact of the contracts we intentionally reduced, revenue from services would have grown more than 10% year-over-year.

We signed R$2 billion in new contracts during the quarter, coming to almost R$3 billion in the quarter and supporting the resumption of growth as we had anticipated. Important to emphasize, however, is that the new contracts will ramp up gradually, and the R$33 million in average monthly revenue will only be fully reflected in our revenue as of the second quarter '27.

Leverage, we are on the right track, reaching 2.7 times this quarter and showing that the strategy is working. Cash generation after interest payments, lease payments, and acquisitions reached R$164 million in the quarter, bringing the total for the last 12 months to R$870 million.

At Inntralog, Francisco Oliveira and Ludmila Lavinea are joining the team to lead commercial and people functions, respectively. To highlight two areas of revenue growth, JSL Dedicated Services operating with third parties grew 22% year-over-year, and JSL Digital, 42%, also year-over-year, demonstrating the scalability of the two businesses.

On the next slide, I'll walk through a few numbers. Consolidated revenue, R$2.9 billion.

EBITDA, R$494 million, margin of 19.8%, is stable compared to the first quarter of the year. It's worth remembering that this was a quarter marked by significant volatility in diesel prices, regulatory developments with the provisional measure, now a law, introducing a new main phase of minimal freight rates in Brazil.

Net income of R$30 million already reflects the benefits of deleveraging and the exit from contracts that did not meet our expectations. Returns stable with ROIC running rate at 14.6%.

Bringing these figures down by business, JSL Dedicated Services with own fleet reached R$1.5 billion in revenue, EBITDA of R$255 million, margin of 20.4%. This is where we will see the benefits of contract discontinuations we have been discussing, both in growth and EBITDA margin.

JSL Dedicated Services operating with third parties closed the quarter with R$654 million gross revenue, EBITDA margin of 18%. This was the business most affected by diesel price volatility during the first half of the year.

JSL Digital closed the quarter with R$227 million revenue, EBITDA of R$14 million. EBITDA impacted by the migration of the grain transportation business, which is now part of the segment.

Combining JSL Dedicated Services operating with third parties and JSL Digital, both which operate the subcontracting model, we have a business with R$900 million in revenue, R$115 million in EBITDA in the quarter. On an annualized basis, that represents a business with approximately R$4 billion in revenue, R$450 million in EBITDA, more than 20% growth in the year.

Inntralog closed the quarter with R$611 million in revenue, EBITDA of R$120 million. The next few slides provide some additional details on the businesses.

I've already covered the numbers, focus on the growth profile of each business. JSL Dedicated Services: automotive was the fastest-growing sector year-over-year, 33%; steel, mining, and chemicals grew 29% and 14%, respectively.

E-commerce here growing 12%, although it leads growth at JSL Digital as I will show shortly. The figures and operating profiles for the own fleet and third-party operations are presented on the following slides, and we can discuss them later during the Q&A.

JSL Digital, page seven: as I mentioned, e-commerce leads growth, increasing almost two and a half times. Steel and mining, chemicals, and automotive also grew strongly: 77%, 75%, and 43%, respectively.

Slide eight, Inntralog: as a reminder, this is the company we created to combine JSL's warehousing and intralogistics operations with TPC, created with 2.4 million square meters under management, 15,000 employees, and operations across 14 Brazilian states, one of the largest companies in the industry, only one of its size with nationwide operations. Quarterly figures: Inntralog closed the quarter with R$611 million revenue, R$120 million EBITDA.

As I mentioned, these figures reflect the need for operating adjustments. During the quarter, we also signed R$313 million in new contracts at Inntralog, which will begin contributing to revenue over the coming months.

You can see that sector, which I believe has great potential for expansion. To sum up, Bruno's mission in Inntralog is to focus on growing the business, enhancing our solution for clients, and optimizing operations already integrating JSL and TPC operations.

The growth profile I have just described about each of the business confirms the scale of the opportunity in the sectors we have selected as priorities and the way we directed JSL's commercial strategy. I believe the maturity of the strategy is still not there, and we still expect to see benefits over the coming quarters.

You may be asking what has declined given the growth we have seen across our key sectors. On the next slide, for the first time, we show JSL's contract renewal rate, which remains healthy at 97%.

That's excluding the intentional discontinuation of certain contracts, as I mentioned earlier. Including discontinuations, the rate for the quarter was 93%.

This is the gap we need to make up in order to return the company's historical growth rates. The sectors that have typically weighed on our growth were pulp and paper and agribusiness, down 15% and 70% year-over-year, respectively.

On the other hand, as I mentioned earlier, we signed R$2 billion in new contracts this quarter, including the largest contract in pulp and paper, which will bring growth back to the industry now with pricing that reflects the current cost of capital. Another very important point is that we added five new clients to our portfolio.

This further reinforces that we are on the right track with our commercial strategy. With that, I'll turn it over to Eduardo to walk you through JSL's financial results.

Eduardo?

Thanks, Guilherme. Good morning, everyone.

As we saw throughout Guilherme's presentation, in the second quarter 2026, we continued to advance our growth agenda, accelerating from what we saw in the first quarter, with all three segments now growing year-over-year. Consolidated net revenue grew 5% both year-over-year and quarter-over-quarter.

I want to re-emphasize this was already the dynamics we expected for this year, with growth gradually accelerating over the course of the year. As you saw on new contracts looking ahead, our plan is to continue along this path.

I want to highlight once again the diversification of services and sectors. This is what gives us resilience of results and agility to adjust course whenever necessary.

EBITDA margin remained stable at around 20%, in line with the first quarter of the year. The 0.8 percentage point decline compared to the second quarter last year was mainly due to certain non-recurring effects recognized in that period, retroactive revenue adjustments that did not recur this quarter.

The process we've been discussing over the past several years, intentionally reducing non-profitable operations and adjusting contracts either through price adjustments or efficiency and cost reduction initiatives, should contribute to further margin improvement. EBIT margin followed a similar trend with EBITDA margin compared to the first quarter, however, EBIT improved as depreciation declined in line with the smaller asset base, partially offset by higher right-of-use asset amortization due to greater volume of leased assets.

Net income was R$30 million in the quarter, a significant improvement compared to the first quarter this year, mainly reflecting the return to growth while maintaining operating margins. Even so, the bottom line remains under significant pressure from interest rates.

ROIC was 14.6%, stable from the first quarter. This is an indicator that should improve over the medium term as a result of several initiatives taken, including lower capex through asset leasing strategy, a more efficient capital structure as leverage continues to decline, and the removal of low-profitability contracts and divested assets from the calculation base.

On the next page, we bring a few capital structure indicators. The first point I would like to highlight is the continued reduction in both gross debt and net debt compared to the second quarter '25 and first quarter this year.

This results in a more efficient capital structure and should contribute over time to lower debt service and, consequently, greater conversion of operating results into net income. In terms of covenants, leverage measured as net debt to EBITDA added ratio was 2.46 times compared to a maximum limit of 3.5 times.

Interest coverage measured as EBITDA added over net financial result was 2.4 times compared to a minimum requirement of 2 times. The chart in the bottom left-hand corner of the page shows the trend in leverage using traditional EBITDA, adjusted here to exclude the effects of the S system.

We can see that this indicator has declined consistently over the past year, reaching 2.7 times in the second quarter 2026, 0.5 times lower than the second quarter '25. Comprehensive leverage, which includes right-of-use lease liabilities, we see the same trend with a 0.4 times reduction compared to the second quarter last year.

Our cash position at the end of the quarter was R$1.5 billion, together with slightly more than R$200 million in committed credit line. This gives total liquidity of R$1.7 billion, sufficient to cover our debt through mid-2027.

The average maturity of the debt is four years. On the next page, we bring an analysis of our second quarter cash flow, which once again demonstrates our strong operating cash generation, which is sufficient to cover both investments and debt.

Cash flow after investments, interest payments, and lease payments totaled more than R$160 million this quarter alone. Looking at the last 12 months, cash generation exceeded R$860 million, representing a free cash flow yield of approximately 56% based on the company market cap at the close of trading last Friday.

On the following page, we can see how our asset leasing strategy direct supports cash preservation and contributes to improving the company's capital structure through lower leverage and over time higher returns. The mix between additions of right-of-use assets and property, plant, and equipment over the past several quarters shows that, on average, leasing has made greater economic sense.

Gross capex has been lower than the total asset sales in each of the last two quarters. The transition coincides with the strong free cash flow generation we have seen over the past several quarters.

We still have significant inventory of assets available for sale, which will be converted into cash over the coming months, continuing deleveraging and improved returns. On the next page, we once again compare JSL with publicly traded peers outside Brazil.

I want to emphasize that the information on this page was obtained from public sources, not produced by the company. This is just for illustrative purposes.

None of these figures should be construed as being endorsed by the company. Here we show five-year CAGR, growth over the last 12 months ended June 2026, EBITDA margin, and ROIC for JSL compared to the four logistics players we presented in previous earnings release, all listed in the US.

JSL outperforms these peers across most of these metrics, and yet when we look at valuation multiples, EV/EBITDA and price-to-earnings, JSL trades a significant discount to these peers. With that, I turn the call back to Guilherme to complete the presentation, and I'll be available for your questions.

Thank you very much.

Thanks, Edu. To wrap up, some comments.

First, I strongly believe that JSL's competitive advantages become even more evident in a market under pressure from tight credit and higher interest rates. I have consistently emphasized our discipline in pursuing high-quality growth, positioning ourselves at essential points in our clients' logistics chains with the right business model.

This will support sustainable growth with returns that are appropriate for the current cost of capital. Another key priority is JSL's digital transformation, using technology as a tool to drive scale and performance, diligence in effectiveness of investments, keeping focus on the quality of services and profitability of our businesses.

During the second half of the year, we'll make further progress in reorganizing the companies to ensure a dedicated focus on own fleet operations and third-party operations. We also remain committed to deleveraging through business growth and cash generation.

Before I close, I'd like to welcome two new members: Ramon, who is returning to JSL as member of the board of directors, and Rodolfo, who represents BNDESPar following the recent completed transaction. Welcome both of you.

Lastly, I would like to reaffirm our confidence in achieving our 2030 gross revenue guidance of R$21.4 billion. Our results and the early signs from the changes make us confident that we are beginning a new growth cycle at JSL.

With that, Edu and I are available to take your questions, and we thank you very much. We will now start the Q&A session for investors and analysts.

Hi, good morning. I have two questions.

The first is thinking about your guidance for 2025. When you make a comparison between '25 and 2030, you have about R$2 billion revenue.

Considering what you had this quarter, you're talking about R$400 per year. Does it make sense to do this math?

What could we consider is the target of contracts closed per quarter to reach this target? The next question is how you see your commercial efforts moving on.

How do you think you can get to this target? I'm thinking of pace of growth for the second half of the year.

These are my two questions. Thank you very much.

Hi, Mateus. Good morning.

This is Eduardo speaking. First, thanks for your question.

I'm going to answer the first part about the guidance, and then Guilherme is going to talk about our commercial structure. Guidance, remember that 21.4 is nominal guidance.

We have part of it of price adjustments in existing contracts. This is part of the amount which offsets our average churn that we did disclose.

We have an organic renewal rate of 97% of our contracts. If you consider an inflation in the mid-long term, we have these values offsetting.

Then we have the addition of new contracts. As you very well put it, the R$2 billion that we had in the first second quarters would be more than enough if we did keep the pace to reach our guidance for 2030.

It's very important to see the whole. If we put together the R$2 billion, how much it represents of monthly average revenue, with what we did in the first quarter, we understand that we are very much in line with what we need to reach the guidance that we have established for 2030.

We don't know exactly what the pace per quarter is going to be in terms of total volume of added backlog because it depends the average term of contracts, which is the most important. You are talking about R$33 million per month if you consider this period.

As we have very, very high renewal rate, most of our contracts are renewed. That's the most important, the average added revenue, which we believe is at the right pace for us to deliver the guidance of 2030.

Mateus, this is Guilherme, and just adding to what Edu mentioned and talking about our commercial efforts, we did disclose some companies for each one of the companies: Dedicated Services, Inntralog, and Digital. You can see, as you remember the history of our calls, we talked about some industries in which we saw an opportunity to grow, and we are organizing our commercial department focus on that.

When you think of automotive growing very much driven by the Chinese OEMs coming to Brazil, e-commerce, steel and mining, these are all sectors that we mentioned were sectors in which we had huge opportunity to grow, chemicals. The only number that is still missing is pharmaceuticals that already showing the results, but it's still a sector that has a lot of opportunities to grow.

That was reorganization made in the end of last year. Obviously, we added new people, we put together teams, strategy, we rethought the business, and we obviously believe we are going to have still greater benefits in this new structure and, consequently, bringing the volume of contracts up for the future.

What Edu mentioned, and I do agree, it is very important to know the average term of the contracts for us to see what the added revenue is going to be. It's hard to have a target per quarter, but obviously a volume of R$2 billion in the last five years disclosing JSL, I think has been seen one or twice.

It does happen, but it's not a standard. Obviously, we are going to work for this number to be greater and greater, but we cannot have this number as a reference, okay?

I hope I have answered your question. If not, you please ask for your follow-up.

No, very clear. Thank you very much.

Good morning, everyone. Thanks for taking my questions.

I have two. The first is about margins.

We did see in Inntralog mainly a one-off margin effect this quarter. I'd like you to try and explain what was that happened this quarter and Dedicated Services.

This is a segment that in general has a lot of effect of pass-throughs, but you did see an important margin recovery. Is this the effect of pass-throughs, or do you already see the fact that you terminated non-profitable contracts?

About capex, you see that gross capex is going down, cash generation is going up consistently. My mindset is to try and understand how you see capex and cash generation for the future and how does this relate to growth.

My question is whether this scenario of possible growth and change of strategy for leased assets will continue or if there is a limit for you to start having to invest capex again to resume growth.

Hi, Ruan. This is Guilherme.

Thanks for your question. Good morning.

Margins. Inntralog, I'm going to show you the number for the first half of '26 compared to '25, flat, with EBITDA margins flat.

What I want to tell you is the following: we have one-offs of quarter of a quarter. I'll give you some: volume of retroactive revenues that we had in one quarter and not in the other, negotiations of collective bargainings, change in a large operational site to provide operations to a client whose operations increased, they needed more space, and the revenues of that will show in the future, but we did have the costs in the second quarter.

You have some other specific points that led to a mismatch, one quarter from the other. When you see the first half of the year, the margin is flat, 0.2% up for '26.

This is the number that we think is closer to Inntralog's reality. We did say that in the past.

When we look the first half year, we do not see a change in behavior in terms of margins. It's just a mismatch between the first and second quarters.

Dedicated Services, then you are right. This is a segment, this is the JSL's company that would be most affected with the volatility of diesel prices and the impact of diesel costs on freight, but the margins speak for itself.

We have been able, whenever necessary, to pass through costs to our clients, and we reorganized operations, we reduced impacts to our clients. We had changes in terms of operating changes.

It was a very intense quarter talking to clients, redesigning operations. You're also right about what you said in terms of a dilution of the termination of contracts.

We did have a cost of terminations. When we increase the number of terminations of contracts, we do have a cost related to that, just for you to have an idea.

We had 850 people involved in the operations that we terminated. You have the dismissal of people, the selling of assets, the retirement and then selling of assets.

We do start to see a JSL, especially with Dedicated Services, without that much weight that costs we had, and now it is just to await for the maturity of new contracts and recycling contracts, which is normal. Every cycle or so, we have to do that.

Second question, capex. If the level of growth would change our strategy, no.

We want to continue leasing assets whenever economically feasible. I do not see any kind of bottleneck in this strategy of growth given that it will depend a lot on the growth profile, whether I need my own operations, third parties, independent contractors.

That will depend a lot on what new clients demand, but I do not see a restriction or a need to change this profile. We'll continue to have the leasing strategy whenever possible, preserving cash to continue accelerating deleveraging.

Once again, this is something that we always say, to translate the better operational efficiency of the company into profit. I hope I have answered your question.

If not, just give me a follow-up.

Very clear, Guilherme. Thank you very much.

Good morning, everyone. Thanks for taking my question.

I have one question. I just would like to have some color from you how we could think the evolution of leasing payments.

Last quarter was a bit below R$100, this quarter very similar, just to have some color. As we move towards adding more leasing assets this year, what level could we get to in terms of payments, just for us to give as a color on quarterly payments for leasing assets?

The second question, again, some color in terms of the acceleration of growth. You did talk about new contracts added this quarter.

Should we already see a second half year with a growth profile that would be stronger? I think these are my questions.

Thank you very much.

Hi, Pedro. This is Eduardo speaking.

Payments for leased assets, I cannot tell you that because this is a case-by-case assessment whether we are going to buy or lease the asset. When you take a look at leasing-capex ratio, it is much more important in Dedicated Services, the fleet, that we already disclose in separate.

We do have some leasing for Inntralog and even truckers and independent drivers when you're talking about trailers, for instance. The bulk of investment is fleet.

Then how much we are going to increase, that will depend on the mix, what makes more sense economically between buying or leasing the asset. Now, if we were to assume that 100% would be leased with implementations with leased assets, we should expect an increase of leasing prices similar to the increase of revenues for these segments.

I think this is a correlation that we can minimally establish. Again, there are a series of variables that will impact the number and that may lead to fluctuations to one side or another.

About growth with new contracts, we have a time to deploy the new contracts that we signed. More specifically, in the R$2 billion, we have a very significant contract of a bit more than R$1 billion.

This is a contract that involves a deployment process that is quite intensive. For all these contracts, the expectation is to have this contract mature as of the second quarter next year, average monthly revenue close to the R$33 million we mentioned before.

Again, a bit less than half of the R$2 billion will be implemented a bit faster. We could already see an increase of revenue come from these contracts as of the next quarter.

Just to add to that, this is Guilherme speaking, since last year, we have been saying that the progression of growth for the company would be quarter-over-quarter, and we saw 2% in the first quarter, 6% thinking of service revenue, and the idea is to increase this level as we have new contracts in the business without having the effect or diluting the effect of the termination of contracts that we mentioned, R$150 million quarterly. Our expectation is to recover growth gradually quarter-over-quarter.

Very clear. Thank you very much.

Thank you.

Thank you. We do have some questions in writing.

I'm going to read one of them. Dante asks three questions.

The first is about capex, growing migration. Do you expect capex to continue low, and considering the 2030, what would be the recurring rate relative to revenue growth?

I think that we did talk a lot about this considering other questions, but the answer is: we always assess case-by-case whether we are going to buy or lease, but recent quarters have shown that leasing makes more sense, which preserves cash, increases deleveraging, and led for capex to be inverse, that is, we sold more assets than what we bought. Guidance of 2030, we should reach the guidance regardless of what kind of deployment we are going to have, whether own or leased assets.

Dante also asks about cash conversion, a very strong cash generation in the first half. How much working capital do you expect growth to consume relative to revenue growth?

We show a slide that shows the migration of capex to leasing and how this impacts net capex and cash generation, which contributes to deleveraging and accelerated our deleveraging. This is part of the story.

We still have a significant number of assets in our balance sheet, lots of cash to be unlocked as these contracts are recycled and renewed. With regards to working capital, as you mentioned, it's important to say that we have a business that is capital intensive.

We should not have more need, but the logistics business is a business in which we have payment terms that are very short and receiving terms more extended, and that demands a capacity of investment in working capital, which in our view sets us apart because we can be in this market in a sustainable manner.

Just a comment, Dante. This is Guilherme speaking.

One thing that is important to say is that JSL, when you think of business profile, is a company that generates cash historically. When you see numbers pre-growth, the operating working capital of the company is positive, and much of what consumes cash generation is expansion capex.

That's why, in the end of the day, we had a breakeven, and leverage always stable in the last five years. Remember that we grew organically 15% a year, and we want to go back to that thinking of our guidance.

In addition to that, we had acquisitions that had real growth of 30% on average in the last five years. When you take a look at the operating cash flow, historically it's positive.

The major changes now, we are migrating the model, and we see the benefit of this migration in cash generation after growth, even with the payment of interest rates, acquisitions, and leasing. Then we start to see acceleration of the deleveraging of the company.

When you ask about working capital, I agree with Edu that this is what sets us apart. We do have the size on the balance sheet to support growth, and undoubtedly this is a difference considering the market because of our capacity to support our sales.

Of course, we have to have the right prices to be sustainable, but this is our discipline, and we have been keeping that very in tune internally.

The last question from Dante is about Inntralog's margins, and Maurício also asks a question about Inntralog's margin. I think we have already answered that.

Again, we have a series of one-off, non-recurring events even last year and this year. Again, non-recurring, and we should see an improvement in the short future.

Finally, the last question in writing comes from André: Leverage declined from 3.3 to 2.7. This is a structural change in the business model and cash generation capacity, or does it depend on lower capex and favorable macroeconomic conditions?

André, deleveraging was accelerated by the leasing strategy, but it will happen organically anyways. What we can see to realize that is what we call the encompassing leverage, that is, in addition to our debt, what we have in terms of payables and leasing.

This encompassing leverage, we see a similar movement. We had a reduction of 0.4 times year-over-year in this indicator.

As I mentioned, this leasing strategy can accelerate the process. In a macroeconomic with lower interest rates, we can also accelerate that.

Regardless of everything, we see a capacity to generate cash and a continuous deleveraging process.

Just an additional comment, André. When we look into a more challenging macroeconomic scenario, and I did say that in the presentation, we see more of an entry barrier on our side.

We have high interest rates pressuring companies' balance sheet. Because of our discipline in prices, because we have very adjusted contracts, we do have a possibility of showing more operational safety to clients, and several smaller companies cannot do that.

That makes us, regardless of the macroeconomic performance, grow volumes because people really want to have a reliable company to work with. We are going to continue to take all measures possible to keep our volumes and to have a transition that is as smooth as possible, okay?

The first takeaway message is focus on the quality of growth. We talked about cycles.

We talked about recycling some projects that sometimes are outside the right profitability profile, which sometimes brings a weight. We've been through quarters where we had this movement, but again, we have to make sure that our contracts have the right profitability, that provide the right services to clients, and we have to focus on bringing new contracts at the right price in segments or parts of the logistics chains that we believe are essential and where the operational quality does make a difference.

Another point that is very important is Inntralog's independence process. This is a process that is completed.

We have already a business owner that has the independence to really work with the company, with their own teams, to bring benefits to the business and to clients seeking the possible synergies. Bruno Matar, some of you had the possibility of meeting him in the last JSL Day, continues to head the company.

It's interesting to see a company this size. The more we see, the more we realize nice opportunities.

We see the size of this company when we consider everything that is asset-light, that is subcontracting third parties and independent contractors. When we see this model, we see the size of these companies.

We have a completely new company, R$4 billion, R$450 million EBITDA just with third parties and independent contractors, a different operating model. We are going to continue the reorganization process in the second half of this year to have independence and agility, focus, capacity to develop even further.

Finally, discipline of navigating this market time. We know that we have high interest rates, restricted credit, and we have to be disciplined and focused to embrace opportunities, make sure that we are together with our clients, but with the right prices, capacity of deployment, and everything we need to keep the quality that JSL historically seeks in all the services that we provide.

I think that's it. Anything else?

No? All that said, I thank you very much for attending our call today.

Eduardo and myself are always available for you to answer any questions we couldn't cover this call. JSL's conference call is now closed.

We thank you for attending and wish you a good day.