Hi. I'm Eduardo Gamez. I'm here to present Risk In Project Financing. I wanted to talk to you about the different parties and the different entities that are involved in a transaction for a project so we have anything from investment partners lenders obviously a project owner who is the ultimate one, the entity the ones to build the asset. We have contractors, designers. You have multiple, an array of advisors and consultants, and [COUGH] regulators that take place in a transaction. What do we're going to focus today is into what comes into play when a project is been finance in invested on. And what are the decisions that are being taking place along the timeline, how those decisions impact the project itself and also the implications to the owner of that asset. Frame this also around the project life cycle. As you know when the project has multiple faces, planning face, for instance is when objectives are being set up, typically a project owner defined the need and define the objective of how they are going to address those needs, at that point alternatives are being created technical alternative are being created. And then, regulators come in to play, into what can or cannot be done for that particular solutions. Now, at one point during the planning phase, there is a very important decision, how the project is going to be financed, how is it going to be funded, and that decision may impact the way, the project is delivered. And I want to touch upon those two subjects as we move forward into that decision, now you have to be mindful when those decisions are made of the uncertainties that happen in later phases. For instance, during the design phase you have assumptions that will not be affirmed until construction happens. During the construction phase there is also a number of uncertainties that come into play, and as you saw in the course number two, we have risks that come into play during the construction process. They're external events that affect the project. You have close out procedures in warranty they have to be taken into consideration. And depending on what the project is and the ultimate use of this asset will be, you have an operation maintenance life where assets may require replacements or heavy maintenance and there are certainty on the life of that. Now, those uncertainties may or may not be medicated during this sign and depending on how do you design the project you'll have to deal with more or less maintenance during this operation process. And then, depending of structure how this projects get to be deliver theirs a transfer face we're the contracting entity or the developer entity TT bring it back to the owner and transfer back that ownership to, to the owner of the asset. That may happen right after construction or that may happen after a long period of operations 30 years for instance. So let's explore project finance from the owner perspective. As an owner what are our options and how can we look and find instruments to develop a certain asset? So there's two main groups. One is borrowing, and when we talked about borrowing, we talked about a number of different alternative. For instance, borrowing from a bank as a line of credit or self-funding the project. Typically, that happens with revenue collections, and sometimes this revenue collection are associated with the entity that owns the asset. And some other times those revenue collections are associated with the project itself. So the project or the program have a collection that has some fluctuations and volatility and have a expenditures that come in to play. We'll talk about that in more detail in a couple of minutes. But [COUGH] other areas or forms of borrowings are bonds. And when you use the figure of bonds, you have to be mindful that it requires a certain level of credit grading in regards bonding capacity. So your financial statement is in, as an entity you have to have to be certain standards to be able to issue bonds. Now, the challenge with bonds I suppose to borrowing from a bank is that you don't know what your income is going to be until you actually find a sell those bonds. The sale may go under what you projected or it go over what you projected. And that's different than if you're borrowing X amount of money from the bank because you then know exactly how much you're borrowing. [COUGH] And then, there's private lenders. So these are more informal than a bank, but they're also an option and you can make private contracts with a lender. Now, the other category of financing is finding partners to develop projects. So partnerships are a big part of this and there's a number of ways you can set up a project delivery methodology using partnerships. Now, you can have developer partners that have a long term view on a project. Typically they get in involve not only in construction, but also in the operation, maintenance, for 30 or 40 years. Sometimes in the mining industry they stay there for 50 or 60 years. But their return of investment, as an investor is looking on not only the construction, but also in the revenue that is generated through the operation phase of the asset. But you can have project. Partners that are just looking at a short term construction window and their return of investment is based on what the transfer cost is going to be when they give that project back to the project owner, whomever the operator will be at that time. Now, one thing to be mindful of is when you partner with an entity, as with an owner partner with an entity to develop a project and that entities using external capital, is not self funding the project. But is borrowing from other entity you can, you have multiple organizations in that transaction, that may not be visible to use an owner. And you have to be mindful because control of how those money flows and those interest get applied in the organization are not transparent sometimes. But the good news is that as an owner you have an opportunity to frame the incentives through the transaction so that the lenders Half as a line interest as you have as an owner. So let me illustrate this with a graph.