Ladies and gentlemen, welcome to the IHG Quarter 1 Results. [Operator Instructions] I will now hand you over to our host, Catherine Dolton, to begin. Catherine, your line is open. Please go ahead.

Thank you. Good morning, everyone. This is Catherine Dolton, Head of Investor Relations at IHG. I’m joined this morning by Paul Edgecliffe-Johnson, Chief Financial Officer. Before I hand over to Paul for the discussion of our Q1 results, I need to remind you that in the following discussion, the company may make certain forward-looking statements as defined under U.S. law. Please check this morning’s press release and accompanied SEC filings for factors that could lead actual results to differ materially from any such forward-looking statements. I will now turn the call over to Paul.

Thanks, Catherine. Good morning, everyone, and thank you for joining us today. I’ll begin with some highlights in the period before covering each of our regions in turn, and then I’ll open up the call to questions. Now the strong start to 2018 with RevPAR up 3.5%, net rooms growth of 4.3% year-on-year, bring our total system size to 800,000 rooms. We added 8,000 rooms to our system, up 16% year-on-year, which included a record first quarter in Greater China. At the same time, we remained focused on removing underperforming hotels, exiting 6,000 rooms. Whilst these removals were lower than in the first quarter of 2017, we continued to expect 2018 to be towards the top about 2% to 3% range for the full year, before trending back down again the low end of the range over the medium term. Looking out to future growth. We signed 20,000 rooms or 146 hotels into our pipeline, up by more than 30% year-on-year. Led by new midscale brand avid, this was our strongest first quarter signing pace for 11 years. Our total group pipeline now stands at 252,000 rooms. And with our share of the active global industry pipeline at three times our share of open rooms, we are set up well for future organic growth. At our 2017 full year results, we set a series of new strategic priorities to drive industry-leading net system size growth over the medium term. These initiatives will be funded by savings to realize from our comprehensive efficiency program. I am pleased to say that this program is well underway and we are on track to deliver $125 million in annual savings by 2020. These will be reinvested behind our growth initiatives, against which we've made some good progress in the quarter. Starting with our brands…

[Operator Instructions]

Well, Sasha, if there are no questions, then we can call…

There are currently no questions.

Okay. Well, we can bring this to a close. So thank you, everybody, very much for listening in. We do appreciate your time and your attention. And I hope everyone have a very nice weekend. Thank you all, and let’s disconnect.