Thank you for joining us for this morning this morning Second Quarter and First Half 2013 Earning Conference call for Navios Maritime Partners with us today from the Company are Chairman and CEO Ms. Angeliki Frangou; Chief Financial Officer, Mr. Efstratios Desypris; EVP of Business Development, Mr. George Achniotis. The conference call is also being webcast. To access the webcast, please go to the investor section of the Navios Maritime Partners website at www.navios-mlp.com and you will see the webcasting link. Now I would like to read the Safe Harbor Statement. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Forward-looking statements are statements that are not historical fact. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners’ management and are subject to risks and uncertainties which could cause actual results to differ from the forward-looking statements. Such risks are more fully discussed in Navios Partners filings with Securities and Exchange Commission. The information set forth herein should be understood in light of such risk. Navios Partners does not undertake any obligations to update the information contained in this conference call. Thanks. At this time I would like to review the agenda for today’s call. First Ms. Frangou for opening remarks, next Mr. Desypris will provide an overview of Navios Partners’ second quarter 2013 financial results, then Mr. Achniotis will give an operational update and overview of market fundamental and finally Ms. Frangou will offer concluding remarks and will open the call to take your questions. I’d now like to turn the call over to Angeliki Frangou, Chairman and CEO of Navios Maritime Partners, Angeliki.

Thank you [Laura] and good morning to all of you joining us on today’s call. As many of you know the drybulk market has been challenged by various macroeconomic concerns. And even though for China, stagnant economic activity in Europe and a slowdown in emerging markets have all played a role in the currently difficulty drybulk market. Navios presence has not been distracted by the noise of this event, but has focus on positioning itself to take advantage of what market speaks and market growth. We recently announced a quarterly distribution of $0.4425 this represents an annual distribution of $1.77 and a current yield of about 11.8%. We believe that in time investors will find a Navios Partners’ yields extremely attractive as it represents more than two times the yield of the Alerian MLP Index of about 5.6%. We are committed to our distributions to this end we have worked hard over the past six months engaging novel term loan with raising, taking cost out of our system initially in low leverage and a flexible chartering strategy. As a result of this hard work we can assure investor that the current quarterly distribution is secure for the balance of 2013. In addition, the current quarterly distribution is secure for all of 2014. We think that providing this guidance for the investment community should provide comfort. We feel that drybulk environment is brightening. Our rates have doubled recently. Overall demand for transportation services continues to grow and we anticipate that total mines will grow at the price of iron ore moderate. It will then be – for China to import iron ore not to mine it locally. Although vessel supply weighs heavily on the short-term outlook scrapping of all the vessels and I think it’s a order book, it is acting…

Thank you, Angeliki. Good morning all. I will briefly review Navios financial results for the second quarter and six months ended June 30, 2013. The financial information is included in the press release and summarizing the slide presentation on the company’s website. We consistently have strong operational and financial performance. Additionally as Angeliki also mentioned earlier, we continue to take appropriate measures to solidify our balance sheet and lower our cash breakeven. These actions allow us to remain committed to minimum annual distribution of a $1.77 per common unit for 2013. Furthermore, the current quarterly distribution is secure for all of 2013. Also on the Slide 6 revenues increased to $49.2 million mainly due to 264 more available days for the second quarter of 2015 compared to the same quarter of 2012. EBITDA increased by 23.8% or $8.6 million to $45 million mainly due to the $10 million received in advance on the management of (inaudible). Net income has been negatively affected by $2 million non-cash write-off of Fed financing fees associated with the refinancing of our credit facilities and the $3.2 million non-cash write-off favorable lease relating to the management of [Via]. Excluding this one of items, net income would have been $24.7 million, 48.3% higher than the corresponding period of last year. Operating surplus for the quarter ended June 30, 2013 was $40 million, 35.6% higher than the corresponding quarter in 2012. Our fleet continues to perform well special utilization for the first quarter was 99.9%. Moving to the six-month sale operations, time charter revenue increased by $2.3 million to $99.4 million, mostly because of 578 more available days, EBITDA increased by $8.9 million to $82.1 million mainly due to the payment received in advance for the management of Via mentioned above. Net income has been negatively affected…

Thank you, Efstratios and good morning all. Please turn to Slide 11, world GDP continues to be driven by developing economies which now contribute a higher percentage of total world growth than the developed economies. Representing over half of the global consumption of most commodities recently the IMF slightly lowered its forecast for world growth to 3.1% for 2013 and 3.8% for 2014. Developing economies are projected to grow at 5% in 2013 and 5.4% in 2014 the Chinese economic growth was also reduced slightly to 7.8% in 2013 and 7.7% in 2014. Turning to Slide 12, the primary engines of trade growth continue to be China and India with other emerging countries adding strong growth. Dry bulk trade has expanded by an average of 5.5% per year in the last decade. Since China joined the WTO. Consensus focus for 2013 and for global dry bulk trade to grow approximately 5% in ton mile growth of about 7%, a similar growth rate is estimated for net fleet growth, leading to bind supply-demand dynamics. Moving to Slide 13, currently just over 50% of the world’s population resides in urban areas. That figure is expected to grow to 67% by 2050. I think approximately 2.8 billion urban residence with a large portion of urbanization occurring in the Asia pacific region. As you can see on the right hand graph income growth support increase metal demand. The rising global income and the shift in the global economy toward Asia should support increase ton miles for (inaudible). Moving to Slide 14, iron ore from the major mining companies continues to be at the lowest cost highest quality source of this commodity. With iron ore prices forecasted to decline to the $100 a ton range, significant Chinese domestic production was represented by the red boxes…

Thank you, George. This completes our formal presentation and we will open the call to questions.

(Operator Instructions) Our first question comes from the line of Chris Wetherbee with Citi. Christian Wetherbee – Citi Research: , :

Good morning, Chris. Christian Wetherbee – Citi Research: I guess when I think about the kind of guidance you gave around their dividend sustainability I guess because maybe the first time I heard you be so adamant about 2014, about the 2014 targets I guess. Is it really kind of just the Term Loan B there and the fact that you’ve added some incremental vessels at very low breakeven cost? I guess, when you think about 2014 kind of how much rate improvement are you factoring? I just want to make sure I’m kind of understand what the drivers of the surety around 2014 dividend distributions?

Number one is of course the Term B Loan book very accretively your cash breakevens on new acquisition is now $8,600 and our overall cash breakeven came down because we have a huge savings and also give us visibility beyond the two years. To be honest, you’re saving about $17.5 million per year from amortization profile, regular amortization. But the one thing that the additional vessels that provide the biggest pool of assets and that serves in a very important point is that we got an accelerated payment, advanced payments for the Navios Melodia, so we got all the future earnings of the vessel until March of 2016, we got it undiscounted today. Plus we have all the mitigating benefit above the flow of 15,000. So you realized we have cash in our balance sheet always additional earnings and also another thing that we see also very positively after negotiating on some of our other vessels with major class for delineating clash for (inaudible). We have seen now that there’s a substantial move on the fixing and forward, the vessels for two or three years at quite higher levels. And we have seen now for the first time in quite a period a five-year market that is very, very attractive at about 18,000, which is, I think, something that makes us very positive. Christian Wetherbee – Citi Research: That’s helpful. And that was actually going to be my follow-up. We’ve been kind of hearing the same thing that there is getting to be a little bit more depth in the term charter market. So when you think about five years or actually is a bid out there around $18,000, could you even maybe put a little bit of color around the thoughts around the availability of maybe two, three and maybe five-year charters out there? And I guess would you be willing to go that long as you start to think about the profile of the ships coming off of contracts and the new ones coming in?

I mean, certain vessels – I mean, we will actually benefit from the mitigating levels we already have. So you see that there is a benefit here to be done. Christian Wetherbee – Citi Research: Okay. That’s helpful. Okay, that’s very helpful. Thanks very much for the time. I appreciate it.

Thank you.

Your next question comes from line of Michael Webber with Wells Fargo Securities. Michael Webber – Wells Fargo Securities LLC: Hi, good morning, guys. How are you?

Good morning.

Good morning. Michael Webber – Wells Fargo Securities LLC: I just wanted to quickly piggyback on the other question on the dividend guidance and it definitely seems pretty deliberate and it’s the first time you guys have kind of gone out and given some security around the 2014 dividend. And you may be coming at it from a different perspective. I’m sure when you guys were thinking about doing that, you were thinking about a timeframe and whether or not you would talk to 2014 or 2015. So maybe if we kind of look out beyond 2014 or we look at maybe the 2015 scenario, what about that portion of the curve, that portion of the market kept you from giving more security more than just kind of the 18 months? With the caveat the near-term securities, obviously are positive, just curious as to what kind of truncated it to 2014?

No, no. Let me, Mike, maybe I want to make sure, we have committed to our dividend. Michael Webber – Wells Fargo Securities LLC: Okay.

They easily we can give you visibility because we have the cash in our balance sheet and we have full outlay of cash flow maintenance on low break-even. We’ll have full visibility of what is coming in front of that… Michael Webber – Wells Fargo Securities LLC: Yeah.

With the reason of assumption or something; we are not saying that we are not committed overall. This is something we believe that is important to our investors and shareholders. So it’s something that we were permitted. But I don’t have a crystal ball to tell you how exactly all earnings will be forever. We believe the environment is even much better. We’re talking about talking about having the cash on your balance sheet. We believe we have no problem of committing of being able to have very strong cash flows and you have royalty mix and these strategies that it is providing a real benefit. We acquired new vessels. We created Term Loan B which brings you an incredible competitive advantage. Let’s be real guys. Michael Webber – Wells Fargo Securities LLC: Yeah.

You have a new building Capesize at the cost of $8,600 and you can sit down five year at 18. So in the Term B Loan market is not less finance market, which is limited. So we have an increased volatility that will grow the company. Michael Webber – Wells Fargo Securities LLC: Yeah. No, I think that the increased visibility is definitely a positive. Just curious as to the timeframe that was chosen and kind of what went into that decision, but that makes sense? I want to jump to the Term Loan B, which I agree that seems pretty helpful. You mentioned and we’re going to go in the opposite direction, but I think there is a caveat in there that the covenants do not restrict you from or don’t restrict you continuing to pay the dividend. Is there any restriction from moving it higher? I know that is not necessarily on the table right now given where the market is, but if we look out four to five years, I mean is there a restriction on moving that?

No, no there is no resections. I mean it will never have gone with an MLP to something that will restrict us but what I want to repeat and I think this is a very strong statement is think of your break-even on a new building Capesize of 8600 and your ability to really add vessels with a capacity of the term loan B. And this you can do and that will easily provide you about $9000 to your bottom line if you do it a five-year deal. So you realize this is quite accretive for the company. Hence the lot of work that we did, I mean we took the company we rated the company, we’ve got one of the highest ratings for the drybulk company in shipping BB and we are working on really stable cash flows forward. So of course we are not going to fix on the same rate we had before but you will have a largest fleet with full of vessels. And this is what our strategy was and that’s how we’re implementing it. Michael Webber – Wells Fargo Securities LLC: All right, this improves the margin. Now that makes sense. Just one more for me and I will turn it over around the Melodia. I know this is – I mean this has – I mean, this has been the KLC and you guys have been disclosing for a while that I mean they have obviously been a receivership and that they have been – the original charter was performing as long as they are paying you directly. And it seems that you pulled forward. It sounds like you pulled forward some value with a floor rate that I think sounded like around $15,000 a day. Forgive me if this is listed somewhere and I just missed it. Can you guys talk about that charter? I mean that is a pretty lucrative charter. It is $37,000 a day, I think through 2022. Did you give away any sort of tender on that contract when you pulled for the cash or where did that stand exactly?

The remaining charter remains in tact the only good accelerated payment for period until April of 2015. Michael Webber – Wells Fargo Securities LLC: All right. So after April 2015 it goes back to KLC at the original rate. And in the meantime you guys are running it on your own and they basically pay you difference between $37,000 and I guess a floor of $15,000?

Yes. Michael Webber – Wells Fargo Securities, LLC: Okay. So you guys are actually out there running that asset or chartering that asset in the market right now?

Sorry, just to clarify we have paid above $15,000, we have got all the accelerated cash flows, so we have no credit risk and we will deploy the vessel in the market. Michael Webber – Wells Fargo Securities, LLC: Right. Okay. That makes sense. I think that’s all I had. Thanks for the time guys.

Thanks.

Your next question comes from the line of Chris Combe with JP Morgan. Nish Mani – JPMorgan: Hey, good morning guys. This is actually Nish on for Chris. Sort of follow up real quick with Mike’s point about the Melodia. Did you say that the market to the vessel is actually going to be a recharter in the market right now in addition to the $10 million upfront?

Yes, we’ll get $13.3 million advance payment and we will be fixed in the market, so we can recharter it as margin. Nish Mani – JPMorgan: Okay, great. And it will be rechartered and redelivered to KLC at April of 2015?

Yes. Nish Mani – JPMorgan: Okay, great.

16. Nish Mani – JPMorgan: April 2016?

Yeah. Nish Mani – JPMorgan: Okay, great. And then, just really quick one follow I’m going back to the Term Loan B. We noticed that for the four vessels you guys levered up a little more to 70% versus 50% with prior guidance. I just kind of wanted to get some color on what was the driving rationale there to kind of finance this with less equity?

Overall, we have a very low leverage of $18.1 million net debt to capitalization. I mean with amortization profile of 1% and then a relatively very low cost of LIBOR plus 425. It made sense on a break-even basis. Actually it brought that break-even down and will pick up an additional $10 million are assumed financing from bank I mean what we would take into what have advance of a $10 million additional advance plus low break-even. Nish Mani – JPMorgan: Okay. And do you guys think this is the structure you could replicate going forward for additional vessel acquisitions as we kind of move into 2014?

Yes, because you have the ability to do add-ons and so we are able be to see there is an additional cost while we are (inaudible) vessels and to be honest this is a very attractive alternative to traditional ship lending where you have the decision of different branch not be able to expand their portfolios. Nish Mani – JPMorgan: All right, okay. Great. I really appreciate the help guys. Thanks so much.

Thank you.

Your next question comes from the line of Joshua Katzeff with Deutsche Bank Joshua Katzeff – Deutsche Bank: Hi, good afternoon.

Hello Joshua Katzeff – Deutsche Bank: I just wanted to start off on some of the recent charters that you booked this year. And I guess since last quarter it looks like there have been five ships kind of rechartered. They all seem to be at kind of this I guess three-month to one-year time charter range. Can you talk about your near-term chartering strategy?

On what we see that the market is start being able to longer deal that’s why we gave, we saw the two and three year market on the Capesize coming back. The Capesize is a most volatile of the vessels and that’s where you see, when optimist comes back where we see this happening and what we have recently seen. We’re seeing also a five-year market. So I think that this is an extremely positive event and we think we will be beneficiary and as you moved to Q4 which is seasonally stronger, you will have more of this activity. Joshua Katzeff – Deutsche Bank: So for I guess for those four or five, four vessels Q4 that come up in Q4, I guess November, December should we expect to see longer terms there? Like one to three years?

Oh, yes, I think we’ll be able to see the longer durations. Joshua Katzeff – Deutsche Bank: Got it. And one more question on the Melodia. Just for accounting purposes, is it going to be still treated at $29,000 per day in the chart or even though you are kind of operating it you go for the cash? Or for accounting purposes is it going to be accruing at some sort of spot rate?

Take more in detail, but more in sound they will, it will be a long-term payment and then for the period and then we’ll be this for earnings.

And if you see our accounts, that what you will see is that we have already taken in the P&L of $10 million that we have already received this settlement and also we have to write off our portion of the amortization, so then it effects on our net income was approximately $6.8 million. Going forward, we are going to amortize a small portion of $3.3 million of our P&L on the next two quarters and then we’ll have only the market rate for accounting purposes. Joshua Katzeff – Deutsche Bank: Got it. And then maybe just switching to charter coverage, I guess one of the biggest differences between your counterparties in Q1 and Q2 is the absence of SPX being named. Can you maybe talk about your exposure to SPX and what is going on to that process?

We have covered by so, and so I think this is a non-event on Navios Partners. Joshua Katzeff – Deutsche Bank: Is the insurance covered by a related party or by it is just the Navios Partners, I’m sorry, Navios Holdings, or is this the third party?

We cannot, I mean as you know, we have confidentiality but they are non-event for us I mean, it was totally estimated, so we’re absolutely covered. Joshua Katzeff – Deutsche Bank: Okay. And then just I guess one more question regarding that. I guess because we don’t know which vessels are on to SPX that that insurance coverage is going through the entire duration or for these charters extending out beyond 2016?

We are covered, if we had something to disclose that will affect our finances we will already have disclosed it and you are (inaudible) with the company you are already have seen positive events and we have always covered. Joshua Katzeff – Deutsche Bank: Got it. I guess that’s all I have. Thank you for your time.

Thank you.

Your next question comes from the line of Ken Hoexter with Merrill lynch. Ken Hoexter – Bank of America Merrill Lynch: Great, good morning or good afternoon. Just Looking at the – are there any other customers that are struggling to pay similar to Korea Line? Anything with cost go on their status as they have had some losses for a few years? Just wondering where the market stands on your current position.

We don’t see something that, I think we (inaudible) was to before it has already happened we don’t see anything that’s particularly threatening or something that we see that maybe. Ken Hoexter – Bank of America Merrill Lynch: Okay. So, but you did note in one of the slides distressed opportunities may arise. So, looking out at the market why not – do you see more activity now? Do you see opportunities in the market? Would you choose to lever up even further, given the 18% you mentioned a couple of times?

I think what were thinking about the opportunities don’t forget the banks and these, all the activities has already exists from a well almost five years from the crisis. So that doesn’t mean that you need a defaulted counterparty today. You’ll have a lot of vessels and these are really with in licensing the hands of the bank which is ultimate decision maker. So there we will continue to see opportunities in there. This is something we will be able to continue. Ken Hoexter – Bank of America Merrill Lynch: Would you choose to go that distressed route and on the used market or would you look to build new? What would be your primary choice?

I think, now we are very careful of the way we have buy vessel, I mean, let’s take a recent acquisition we have done. We have acquired vessels in the second hand at very drastic prices and we also bought Japanese (inaudible) at gape size $47 million and Supramax Japanese build at in about $27.5 million for 2014. So you realize we buy top-quality vessels from top-quality yards and we’re just get about relative value. We are now just financial play order in at any price. Ken Hoexter – Bank of America Merrill Lynch: So, if we are starting to see the turn and I guess given George’s commentary about the turn or maybe supply demand equating and the falloff in the order book, how are the yards looking at pricing right now? Do you see extremely attractive new build prices or, I guess, just what is your view on that portion of the market now?

I think, on new building vessels you will see mostly, I mean, Japan. I think you will see some capacity for 2015, 2016 and then you find opportunities while still some resale people look at stock I think you can find some more attractive opportunities than going and ordering flat forward delivery. Ken Hoexter – Bank of America Merrill Lynch: So you are seeing more opportunities on the resale side than from the yards right now?

Yeah. Ken Hoexter – Bank of America Merrill Lynch: Okay. Can you confirm the dates or timing? Is everything still on track with the four vessels?

Yes. Ken Hoexter – Bank of America Merrill Lynch: So can you confirm what days we’re looking for delivery there?

We have Q3 for one big size in Panamax, Q4 for Panamax and in January is Supramax. Ken Hoexter – Bank of America Merrill Lynch: Okay. And, lastly, if I can just drop up with is there anything that you see that goes wrong in this recovery, just looking at George’s, again, commentary on how we have moved past the last couple of years and into this recovery and the rebound of the VDI recently. What you see that can trigger this to stall it?

Actually, if you think that U.S. is actually moving at a reasonable pace for recovery. I think China has now reconfirmed that their growth would be 7% it’s not really – it’s good news they confirmed their growth. I think the most positive event that we have seen on the data release also today and I mean the news that are coming Europe. Europe is on track for a better growth on estimated and I think this of course is a big question mark in this regard, because U.S. is growing, China is growing at 7%, so there is no problem there, Japan is growing well and your question, Mark, was really Europe and Europe, I think, the activity is clearing up and we are seeing both Germany, England growing at better than expected. Ken Hoexter – Bank of America Merrill Lynch: Yeah no I understand that it’s growing better than expected but there is nothing that I’m just wondering what could go wrong, what could we wake up and be surprised with in terms of if everything looks like it’s marching forward, where would you see something that could surprise? Or is there nothing that you see?

The real question Mark is on demand. Because the supply you see scrapping going well and non-delivery is going well, so your question Mark will be on the demand if you had a continuous recession in Europe, that will be Europe combine is as big as United States. So this is your biggest question Mark and (inaudible) goes lying mostly and that will affect also emerging markets because they are the major driving partner. So this activity seems to be going away, hearing much more positive news from Germany even France and we saw unemployment stabilizing in Spain. So the news is better than what we had couple of month ago. Ken Hoexter – Bank of America Merrill Lynch: Appreciate the insight. Thanks.

Thank you.

Your final question comes in the line of Ben Nolan with Stifel Nicolas. Ben Nolan – Stifel Nicolas: Thanks a lot. There has been a lot of talk about vessel acquisitions and where the market is and that sort of thing. I was just curious in keeping with that how you guys are evaluating where to hold potential acquisitions, either at the holding company or at the partnership. Or how do you really evaluate where – which is the right entity to make vessel acquisitions?

I think, partners are very clear. You don’t have an unfunded. We always have vessels and we don’t like to have an unfunded CapEx and as you know very well it has to be a grade, so to all even if it’s holders, so this is something that makes it very clear thinking it doesn’t, we make sure that our break-even today, cash break-even are lower, so we can actually make a creative acquisition even easier or an obvious partner and will have very straight forward month to buy vessels that are creative was not unfunded CapEx. Ben Nolan – Stifel Nicolas: Okay. And how does that vary from sort of the holding company’s mandate other than maybe not funding long-term new buildings?

I mean an Navios Holding does not have the distribution and you don’t need to be as a creative I mean different rest from Navios Partners, you have a the bond I mean it’s a different total different way that can use you have different model, one is distribution is totally different. Ben Nolan – Stifel Nicolas: Okay. So you can afford maybe to make an acquisition at the holding company that doesn’t generate an awful lot of cash flow that maybe has more long-term upside potential or something like that relative to meeting the cash flow at the partnership and that’s the dividing line, is that how you think about it?

Yes, having taken example of the (inaudible) or the JBs we had with the Japan is on, I mean these are different kind of pattern that is Navios Holdings will grow versus in a more straightforward disciplined way on Navios partner. Ben Nolan – Stifel Nicolas: Okay. That’s helpful. And then I was going to see where you think that your call it your dry powder is after you take delivery of the four remaining new buildings and draw or using the credit facility. How much firepower do you think you have available without having to access additional equity to do more than what’s already on the books do you think?

Within access we can do an addition to the Term Loan B. We have cash in our balance. I think this you can easily see that we have the ability to grow with additional vessel. Of course we always, as you know, protect our downside. We are careful not to expose our Company to the downside unnecessarily. Ben Nolan – Stifel Nicolas: Sure. But you don’t have like a dollar amount necessarily that you can say it’s [however] much?

But we have articulate strategy of acquiring vessels. We are one of the few companies I’d say that we have a history, which we have implemented into that. I mean, we have acquired six vessels. So you realize that this is not something that we will stop doing. Ben Nolan – Stifel Nicolas: Sure. And then the last question is a little bit more market-related as it relates to acquisitions though. It seems like we’ve seen a little bit of a tick up in secondhand asset values. Not substantial, but a move in a positive direction. It seems like also there seems to be a bit more capital available from, call it Wall Street or elsewhere, private owners. Have you seen there being an increase in the level of competition may be is it any more challenging at all to be able to find really quality acquisitions more easily or in less competitive environments or is it still just really a lack of capital available in most cases and you sort of have your pick of opportunities?

Yes, be honest, I mean very straightforward if you are talking about new buildings and just buying new buildings at really take zero energy or knowledge of doing it. I mean this can be done by anyone. And that’s were the concentration of more financial players are. In the case of Navios, we have demonstrated beyond any doubt that we can do multiple strategies as well, acquire secondhand vessels that are going to be attractive, being able to acquire real results even a slight movement on the values and being able to really cast new buildings vessels that can be much prompted delivery from the better yard. So I think, yes there will be some cash from Wall Street to be invested which is not bad. Actually it creates an activity, I don’t think that we are competing very much on the kind of deals we are doing. Ben Nolan – Stifel Nicolas: Okay. So you haven’t really seen a material change in the competitive environment for vessel acquisitions, I guess then. Is that right?

Yes. Ben Nolan – Stifel Nicolas: Okay, all right, now thanks a lot for answering my questions.

Thank you.

Thank you. That was our final question and I’d like to turn the floor back over to Angeliki Frangou for any closing remarks.

Thank you, very much. This completes the second quarter results.