GLOBAL

TALC MARKETS

IAN WILSON

UK

BUDAPEST

March 27th 2012

ACKNOWLEDGEMENTS

PROF WEN LU, CHENGDU, CHINA DR JIA XIU ZHUANG

(HAICHEN MINCHEM, CHINA)

MURRAY LINES

PIOTR WAGA DAVID COPLET

ABEL COPLET ROCKY WU, CHINA

DAVID STUART PETER TAYLOR

CAPRI CORN MINERALS, PAKISTAN

DR. JAVAID AKHTAR WAQAR MAHMOOD

ROBERT L. VIRTA - TALC REPORTS STEPHEN G. PETERS - AFGHANISTAN

STAN COATS CLIVE MITCHELL

EVELYNE DELBOS, HELEN PENDOWSKI STEPHEN HILLIER, IAN PHILLIPS

(FORMERLY MACAULAY INSTITUTE)

LAURA SYRETT, EMILY WOODMAN, MIKE O’DRISCOLL. OTHERS

AGENDA

1. BRIEF INTRODUCTION TO TALC 2. WORLD PRODUCTION AND COMPANIES 3. MARKETS 4. SITUATION IN CHINA AND USA 5. SOME NEW DEVELOPMENTS Afghanistan and Pakistan North Korea Others 6. QUESTIONS

SILICA TETRAHEDRON

SILICA TETRAHEDRON

MAGNESIA OCTAHEDRA

a. Pure Talc Mg3Si3O10(OH)2 is 31.7 % MgO, 63.5% SiO2, 4.8% H2O. b. The crystal structure of pure talc is a Brucite sheet (Mg12O12H4)

sandwiched between two silica (SiO2) sheets, to form talc layers c. Each layer is electrically neutral. Adjacent layers are held together

only by weak van der Waals forces. Talc is very platy d. When you rub talc, the brucite and silica layers slide over each

other, and the Talc feels slippery.

SILICA TETRAHEDRON

TALC - MAGNESIUM SILICATE

TALC ON QUARTZ, G. BERMADI, mindat.org ©

Crystal 5mm Photo. Guy Bernadi

TRIMOUNS TALC MINE LUZENAC

MIDI-PYRENEES FRANCE

TYPES OF TALC DEPOSITS TALC DEPOSITS VARY ACCORDING TO THE ALTERATION OF THE THREE MAIN PARENT ROCK TYPES:

1. DOLOMITE AND MAGNESITE – GENERALLY WHITE AND PURE CHINA, NORTH KOREA, AFGHANISTAN, MONTANA (USA), OTHERS 2. SERPENTINITE – ULTABASIC ROCKS – NOT PURE TALC, GENERALLY GREYISH VERMONT (USA), CANADA, EGYPT 3. SILICEOUS OR SILIC0-ALUMINOUS ROCK – MIX OF TALC AND CHLORITE TRIMOUNS (LUZENAC, FRANCE)

TALC DERIVED FROM DOLOMITE AND MAGNESITE – GENERALLY MACROCRYSTALLINE

TALC FROM SERPENTINITE –ULTABAIC ROCKS – GENERALLY MICROCRYSTALLINE

MACROCRYSTALLINE, 25 mics, N. KOREA

HAICHENG PIN K

AUSTRALIAN GREEN

N. KOREAN WHITE

FINNISH GREY

DIFFERENT COLOURED TALCS

FRANCE LUZENAC

AUSTRIA LASSING

AUSTRIA Kleinfeistritz

CHLORITE

TALC

CARBONATE and others

CHLORITIC-TALC

YELLOWSTONE, USA RAJISTHAN, INDIA CHINA AUSTALIA

PAKISTAN NORTH KOREA

AFGHANISTAN

FINLAND VERMONT QUEBEC SHETLANDS

N. KOREA MONTANA

VARIATION IN TALC

MINERALOGY

TALC FIGURES FOR 2010

GLOBAL PRODUCTION REGIONAL PRODUCTION

LEADING COUNTRIES LEADING COMPANIES

EUROPE 24%

S. AMERICA 8%

N. AMERICA 12%

OCEANIA/AFRICA 2%

ASIA 54%

REGIONAL TALC CAPACITY OF 6.0 MT IN 2010 (ESTIMATED)

China 33%

India 14%

USA 10%

Finland 8%

France 7%

Brazil 7%

Russia 3%

Austria 2%

Italy 2%

Afghanistan 3%

Canada 2%

Others (34) 9%

TOP 11 COUNTRIES ACCOUNT FOR 91% OF 6.0MT IN 2010 (%)

INDIA 26%

IRAN 2%

JAPAN 1%

KOREA DPR 2%

AFGHANISTAN 6%

PAKISTAN 2%

OTHERS (4) 1%

CHINA 63%

ASIA TALC CAPACITY BY COUNTRY FOR 3.27MT IN 2010 (%)

EUROPE TALC CAPACITY OF 1.4MT BY COUNTRY IN 2010 (%)

AUSTRIA 10%

FINLAND 35%

FRANCE 29%

ITALY 8%

RUSSIA 11%

SPAIN 4%

OTHERS (10 countries)

3%

AIHAI TALC 3%

BEIHAI TALC 3% SHUIQUAN TALC

2%

PINGDU TALC 3%

LAIZHOU TALC 2%

GUIGUANG TALC 3%

HAUMEI TALC 2%

LONGGUANG 2%

IMERYS TALC 20%

MONDO MINERALS

13%

GOLCHA GROUP 6%

AMERICAN TALC 3%

GOLCHA ASSOCIATED GROUP 3%

IMI FABI 2%

NIPPON TALC 2%

MTI 2%

JAI GROUP 2%

OTHERS 24%

(INCLUDES 12% FOR CHINA)

CAPACITY OF MAIN PRODUCING TALC COMPANIES BASED ON 6.0 MT IN 2010 (%)

HgCapital

1995

Finnminerals acquired by Omya and WMC Resources Ltd (Australian Mining group)

1998

1998 Mondo established as JV between Finnminerals and Norwegian talc of Omya and Dutch processing unit of Australian WMC Resources

2001

2001 Omya acquire WMC’s share in the JV

2007

2007, Hg Capital acquire Mondo Minerals from Omya AG

2011

In October 2011, Advent International completes acquisition of the second largest global talc producer, Mondo Minerals Holding B.V.

OMYA TO MONDO MINERALS AND OWNERSHIP 1995-2011

CHINA 34%

IMERYS TALC 20%

MONDO MINERALS

13%

GOLCHA GROUP 6%

AMERICAN TALC

3%

NIPPON TALC 3%

IMI FABI 2%

GOCHA ASSOCIATED GROUP 3%

MTI 2%

JAI GROUP 2%

OTHERS 12%

MAIN COMPANIES >100,000 TPY, CHINA AND OTHERS FOR 6.0 MT IN 2010 (%)

TALC MARKETS

PAPER 34%

POLYMER 23%

CERAMICS 15%

PAINT 12%

COSMETICS/ PHARMACEUTICALS

6%

AGRICULTURE 5%

OTHERS 5%

GLOBAL MARKET UTILISATION OF 6.0 MT FOR 2010 (%))

CERAMICS INCLUDES TECHNICAL CERAMICS

TECHNICAL CERAMICS

• TALC IS KEY COMPONENT IN THE HONEYCOMB SRUCTURE

OF TECHNICAL CERAMICS USED IN CATALYTIC CONVERTERS AND DIESEL PARTICULATE FILTERS • GOOD GROWTH WITH INCREASED EMISSION CONTROLS • TALC REQUIRED SHOULD BE CaO <0.2%0 CRITICAL TO THE THE COEFFICIENT OF THERMAL EXPANSION (CET) • CUSTOMERS DEVELOPING ULTRA-THIN WALL SUBSTRATES REQUIRE MACROCRYSTALLINE TALC TO CONTROL POROSITY OF THE CELL WALLS • GENERALLY PURE TALC WITH LOW %CaO REQUIRED

POLYPROPYLENE APPLICATIONS

Automotive: under-the-hood/bonnet parts • High aspect ratio talc enable under-the-hood parts, e.g. heating, ventilation and air conditioning units, to perform over a wide temperature range. • For the long-term thermal stability of under-the-hood/ bonnet parts, high purity grades are ideal.

POLYMERS - POLYPROPYLENE (PP)

• IN POLYMER APPLICATIONS AROUND 75% TALC IS USED IN THE AUTOMOTIVE INDUSTRY PRIMARILY IN PP • TALC IMPARTS STIFFNESS TO PP – A 20% TALC LOADING CAN INCREASE STIFFNESS BY 80% • SHIFT TO PP WAS DRIVEN BY JAPANESE WHO REDUCED NUMBER OF PARTS AND TOTAL COST OF THEIR CARS • POLYMER COMPOUNDERS TEND TO USE THE FINEST (PSD) AND WHITEST TALC PRODUCTS IF AVAILABLE

,

TRENDS IN THE MARKET PLACE

• TALC IN PLASTICS – AN INCREASING TREND AWAY FROM

“STANDARD GROUND WHITE TALC” • THE LESS CRITICAL MARKETS (MORE COST PRESSURES) HAVE BEEN MOVING TO PURER, BUT LOWER WHITENESS TALC, AS ALTERNATIVE TO WHITER BUT LESS PURE TALC • FOR MORE CRITICAL APPLICATIONS IN THE AUTOMOTIVE INDUSTRY THERE HAS BEEN A MOVE TO FINER WHITER TALC. • RBH HAVE HAVE A NEW GRADE OF HIGH WHITENESS 2500 MESH TALC THAT GIVES IMPRESSIVE RESULTS IN TALC FILLED POLYPROPYLENE • THIS NEW TALC FILLED COMPOUND SHOWS GOOD PROPERTIES WITH RESPECT TO FLEX MODULUS, HDT (HEAT DISTORTION TEMPERATURE ) AND SCRATCH RESISTANCE

ACKNOWLEDGEMENT – PETER TAYLOR, DAVID STUART OF RICHARD BAKER HARRISON LTD

CHINA

• MAIN PRODUCTION AREAS • QUOTAS FOR 1st HALF 2012 • CONTROL OF QUOTAS • TALC LUMP EXPORTS • TALC POWDER EXPORTS • CURRENT/FUTURE TRENDS • NEW PROJECTS • FOREIGN INVESTMENT • IMPORTS OF TALC

DOLOMITIC ROCK-HOSTED

HAICHENG

XIUYAN

DANDONG

PINGDU

LONGSHENG

ULTRAMAFIC ROCK-HOSTED

MIANNING

XICHEWNG

LANRONG

YANQIAN

CHANJI

PUTIAN

DONGPINGGOU

BENXI

LAIZHOU

QIXIA MANGYA

QINGHAI

LIAONING

SHANDONG

GUANGXI

SICHUAN

MAJOR TALC PRODUCING PROVINCES IN CHINA

PROVINCE MAIN AREAS PRODUCTION %

LIAONING HAICHENG, DASHIQIAO, DANDONG, XIUYAN 900,000 45

GUANGXI LONGSHENG, , SHANGLIN, , HUANJIANG 550,000 28

SHANDONG PINGDU, LAIZHOU, QIXIA 350,000 17

JIANGXI GUANGFENG 100,000 5

OTHERS SICHUAN, HUBEI, SHAANXI, HENAN 100,000 5

TOTAL 2,000,000 100%

MAIN AREAS OF TALC PRODUCTION IN CHINA

Source: DR JIA XIU ZHUANG (HAICHEN MINCHEM, CHINA)

TALC QUOTAS FOR 2012/1st HALF

Company Quota 2012/1st %

Guilin Guiguang Talc Development Co., Ltd. 55,617 14

Liaoning Jiayi Metals & Minerals Co., Ltd. 35,025 9

Guangxi Great-chem Minerals Trading Co., Ltd. 28,121 7

Guangxi Longguang Talc Development Co., Ltd. 26,844 6

OTHERS - 31 Companies 164,503 40

China National Minerals Import & Export Co., Ltd. 23,832 6

CNBM International 20,611 5

Haicheng Aihai Mineral Industrial Co., Ltd. 19,700 5

Haicheng Rock Powder No.2 Factory 18,145 4

Shandong Minmetals Co., Ltd. 15,596 4

TOTAL 407,994 100

QUOTAS – 1st HALF 2012 - 407,994 TONNES 40 COMPANIES - 9 COMPANIES ACCOUNT FOR 60%

Guilin Guiguang Talc Development Co., Ltd.

14%

Liaoning Jiayi Metals & Minerals Co., Ltd.

9%

Guangxi Great-Chem Minerals Trading Co

7%

Guangxi Longguang Talc Development

6%

OTHERS 31 Companies

40%

China National Minerals Import &

Export Co., Ltd. 6%

CNBM International 5%

Haicheng Aihai Mineral Industrial

5%

Haicheng Rock Powder No.2 Factory

4%

Shandong Minmetals 4%

TALC QUOTAS OF 408,000 TONNES FOR 2012/1 – 9 COMPANIES 60% OF TOTAL

0

10,000

20,000

30,000

40,000

50,000

60,000

1st 2006 2nd 2006 1st 2007 2nd 2007 1st 2008 2nd 2008 1st 2009 2nd 2009 1st 2010 2nd 2011 1st 2011 2nd 2011 1st 2012

TON

NES

Guilin Guiguang Talc Develop Co

Liaoning Jiayi Metals & Minerals Co.

Guangxi Great-Chem Minerals Trading

THREE COMPANIES ACCOUNT FOR 30% OF QUOTAS IN 2012/1st HALF (QUOTAS FROM 2006 TO 2011 SHOWN BELOW AS WELL)

EXPORTS OF LUMP AND POWDER AND

PRICING TRENDS

473,900

383,745

241,108

64.4

120.5

187.3

0

100,000

200,000

300,000

400,000

500,000

0

40

80

120

160

200

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

US$

/TO

NN

E

TONNES

LUMP (Tonnes) LUMP ($/tonne)

CHINA – EXPORTS OF LUMP TALC 1998-2011 – TONNAGE AND PRICING (LAST 10 YEARS – TONNAGE REDUCED BY HALF AND PRICE INCREASED x3)

310,000

430,126

100

164.4

259.0

0

100,000

200,000

300,000

400,000

500,000

0

50

100

150

200

250

300

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

US$

/TO

NN

E

TONNAGE

POWDER (tonnes) POWDER ($/tonne)

EXPORTS OF TALC POWDER FROM 1998-2011 – TONNAGE AND PRICING (CURRENT TREND IS FOR MORE PROCESSING AND EXPORT OF PRODUCTS)

EXPORTS OF TALC LUMP AND POWDER FROM 1998 TO 2011 (TONNAGE)

56 59 59 61 59 61 62

57 59 53 53

45 46 36

44 41

41 39

41 39

38

43

41 47 47

55

54

64

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

TONNES

TALC LUMP TALC POWDER

TALC EXPORTS 1998 T0 2011 - LUMP AND POWDER (%) (TREND NOW WILL BE TOWARDS MORE PROCESSED TALC)

COUNTRY TONNES

JAPAN 95,747

USA 93,540

TAIWAN 10,757

MALAYSIA 8,600

SLOVENIA 7,209

HOLLAND 7,106

OTHERS 18,149

TOTAL 241,108

EXPORTS OF TALC LUMP FROM CHINA IN 2011 - 241,108 TONNES VALUE $45.1 MILLION

Average Price fob $187.3/tonne

COUNTRY TONNES

JAPAN 92,468

THAILAND 89,077

S. KOREA 79,204

INDONESIA 28,953

MEXICO 19,311

MALAYSIA 16,945

HOLLAND 11,379

TAIWAN 9,980

SPAIN 9,268

SINGAPORE 6,698

UK 5,859

OTHERS 60,984

TOTAL 430,126

EXPORTS OF TALC POWDER FROM CHINA IN 2011 - 430,126 TONNES

VALUE $111.4 MILLION Average Price fob $259/tonne

AIHAI-IMI FABI JV TALC MILLING PLANT, HAICHENG

RITIAN DANDONG NANO-TECHNOLOGY GROUP (BASED IN DANDONG, LAIONING, JV USING NIPPON EQUIPMENT)

JV WITH BEIHAI TALC, HAICHENG, LIAONING

MILLING BAGGING PLANT NOW OPERATIONAL

. A micronized talc powder project with investment of nearly

RMB400m. and capacity of 200,000 tpa was put into operation by

Mianning Xichewng Talc Mining Co., Ltd. (Sichuan) on 13 Dec 2011.

The talc deposit is hosted within serpentinite.

(Professor Wen Lu – personal communication)

NEW OPERATION IN CHINA

USA - 4 MAIN PRODUCERS

LOOK AT IMPORTS OF LUMP TALC AND MARKETS SERVED BY LOCAL AND IMPORTED TALC

CHINA 105,000

CANADA 91,700

BRAZIL 1,150

FRANCE 1,910

JAPAN 3,040

OTHERS (29) 38,600

TOTAL 241,400

2010 IMPORTS (tonnes)

CHINA 20,100

CANADA 32,700

BRAZIL 1,280

FRANCE 726

JAPAN 1,570

OTHERS (29) 10,700

TOTAL 67,076

2010 IMPORTS ($ thousands)

TALC IMPORTS INTO USA FOR 2010 – TONNAGE AND VALUE

MAINLY LUMP

US TALC 455,000t LUMP IMPORTS 234,000t

TOTAL MARKET 689,000t

US MARKET IN 2010 TOTAL: 689,000t

66% MINED/PROCESSED IN US 34% IMPORTS MAINLY WHITE LUMP

PROCESSED IN US FOR USE IN PLASTICS, COSMETICS AND PAINT -PLASTICS IS NUMBER 1 MARKET

BHUTAN

I N D I A

I R A N

C H I N A

SOUTH ASIA INDIAN SUBCONTINENT

SOUTH ASIA SUBCONTINENT

MAJOR REGION FOR PURE WHITE TALC

MAIN AREA OF TALC DEPOSITS

INDIA

Courtesy: Industrial Minerals

GOLCHA GROUP

SOME TALC COMPANIES

I R A N

CHINA

JAMMU & KASHMIR (Disputed Region)

KARACHI

QUETTA

ISLAMABAD

LAHORE

KABUL

PESHAWAR

JALALABAD

0 500km

A R A B I A N S E A

MAIN CITIES

ABBOTTABAD

MAIN TALC DEPOSITS

MAIN TALC DEPOSITS OF PAKISTAN AND AFGHANISTAN

MAJOR ABBOTT DRESSED AS AN

INDIAN NOBLEMAN NEAR ABBOTTABAD

NORTHERN PAKISTAN TALC

- MICROCYSTALLINE TALC ASSOCIATED WITH MAGNESITE/DOLOMITE - TALC DEPOSITS WEST OF ABBOTTABAD - SHERWAN

- 165,000 TPY PRODUCTION – 4 AREAS - GENERALLY WHITE TALC

- CAPRICORN MINERALS MINE BANDI SADIQUE DEPOSIT – 20,000 TPY

ABBOTTABAD WAS NAMED AFTER MAJOR JAMES ABBOTT WHO FOUNDED THE TOWN IN 1853 AFTER ANNEXATION OF

THE PUNJAB. BIN LADEN WAS KILLED ON MAY 1st 2011 IN ABBOTTABAD

LAHORE PLANT STOCKPILE – GRADE A ROLLER MILL, 50 um, 5,000TPY- EXPORT

KARACHI STOCKYARD DELIVERY – 5,000 TPY VERTICAL MILL INSTALLED 2012

NANGARHAR TALC DEPOSITS

A F G H A N I S T A N

JALALABAD

PAKISTAN

TALC DEPOSITS

0 50 km

P A K I S T A N

NANGARHAR PROVINCE TALC DEPOSITS

KHOGYANI TALC

LOCATION OF TALC AND MAGNESITE DEPOSITS, NANGARHAR, AFGHANISTAN

DR. STEPHEN G. PETERS

AFGHANISTAN TALC

54,000 TONNES OF LUMP TALC EXPORTED IN 2009 AND WITH USAID AN ASSOCIATION FOR TALC HAS BEEN ESTABLISHED….

KHOGYANI TALC DEPOSIT, NANGARHAR PROVINCE

AFGHANISTAN (TALC IN BANDS/LENSES

WITHIN DOLOMITE)

KHOGYANI DISTRICT – GUNDRAY AREA BEST QUALITY TALC ASSOCIATED WITH DOLOMITE

ACHIN DISTRICT – SHINWARI AREA

HIGH QUALITY TALC ASSOCIATED WITH MAGNESITE DEPOSITS

DEPOSIT KHOGYANI SHINWARI

Chemistry Wt.%

% MgO 31.89 31.98

% SiO2 63.03 62.16

% Fe2O3 0.07 0.14

% CaO 0.03 0.03

% Al2O3 0.20 0.25

% LOI 4.73 5.54

% Talc >99 >97

Brightness - Ry/C >94 >93

Trace elements Very low Very low

AFGHANISTAN TALC - SUMMARY • DETAILED STUDIES OF DEPOSITS BY RUSSIANS IN 1970s AND MORE RECENTLY BY USGS. • US AID – HELPING TO ESTABLISH ORGANIZATION FOR

DEVELOPING TALC BUSINESS • NANGARRHAR PROVINCE SHOW TOP QUALITY TALC

KHOGYANI DISTRICT MARKIKHEL AREA - BUTTER GRADE KUDIKHEL AREA - GRADE “A” SHINWARI DISTRICT SHINWARI AREA - GRADE “A/B” KOT AREA - GRADE “A/ B”

• OUTPUT FROM AFGHANISTAN UNKNOWN BUT COULD BE IN REGION OF GREATER THAN 300,000 TONNES OF LUMP TALC.

EXPORTS OF TALC LUMP FROM PAKISTAN/AFGHANISTAN TO USA SHIPPERS NAME: OMAR ASSOCIATES (PVT) LTD, PAKISTAN NOTIFY PARTY: IMI FABI LLC PERIOD: 05/09/2010 TO 01/17/2012 – Various shipments

TONNAGE: 75,000 TONNES (MAINLY LUMP) PORT LOADED: KARACHI UNLOADING: GRAMERCY AND NEW ORLEANS, LOUISIANA (Source: PANJIVA - www.panjiva.com)

CHINA: IMPORTS OF PAKISTAN TALC IN 2011

Includes Shantou Hengxin Ceramic Materials Co., Ltd. (5,000t) (Source: Chinese Customs)

Source Volume (t) Value (US$) Average/tonne

Pakistan 23,009 3,928,100 $170.7

KIM JUN un, SUPREME LEADER, NORTH KOREA

…….. At 28 World’s youngest Head of State

TANCHON

KIMCHAEK PORT

CHONGJIN

RAJIN

DAEHUNG

RIWON

HAMGYON-

NAMDO

CHAGANG-DO

YANG

GANG-DO

100km

NORTH KOREA

LOCATION OF NAMGYE, DAEHUNG AND RIWON TALC DEPOSITS

TALC AMD MAGNESITE DEPOSITS

KMCIG MAGNESIA PLANTS

NAMGYE

TUMEN

TALC

CHLORITE TALC STOCKPILE

NAMGYE, NORTH KOREA – MAGNESITE DEPOSIT WITH TALC AND CHLORITE

MgO 32.0

SiO2 63.0

Fe2O3 0.10

CaO 0.03

Al2O3 0.20

LOI 4.5

% Talc >99

Ry Brightness 92-95

NAMGYE TALC – GRADE “A”

Chemistry Wt.%

Others 

MgO 34.5

SiO2 32.9

Fe2O3 O.40

CaO <0.05

Al2O3 20.8

LOI 12.0

% Chlorite 85-99

% Talc 1-15%

Ry Brightness 85-88

NAMGYE CHLORITE

Chemistry Wt.%

Others

NORTH KOREA – TALC AND CHLORITE FROM NAMGYE MINE

AUSTRALIA Talc Alf and his Art

From Mt. Fitton, S. Australia

AND SOME RECENT EXPLORATION…

MOORA TALC BELT. W. AUSTRALIA 1,152sq.km area 175km long talc zone

adjacent to Three Springs Mine of IMERYS Talc – top quality Microcrystalline Extensive drilling and testing programme

PROWAKA SOUTH CREAM TALC

TILLEYS GREEN TALC

FOWLERS WHITE

THREE SPRINGS

MINE

SICHUAN 200,000TPY

NIPPON TALC

MOORA TALC, WA

NAMGYE

AFGHANISTAN/ PAKISTAN

MICRONIZED

ML MINERALS MOROCCO

DEVELOPMENTS - NEW PROJECTS FUTURE LOOKS GOOD FOR SUPPLY

THANKS FOR YOUR ATTENTION AND ACKNOWLEDGE FOLLOWING: