Vinci S.A. http://www.alacrastore.com/company-snapshot/Vinci_S_A-1002982 Tuesday, October 14, 2008 6:19:53 AM 1002982 Vinci S.A. en AlacraStore RSS Builder 1.0 30 UK - Vinci PLC, a unit of Vinci SA, acquired Taylor Woodrow Ltd (TO), a Herts-based construction company, from Taylor Wimpey PLC (TI), for ## mil British pounds ($###.### mil US) in cash. Originally, in August ####, TI announced that it was seeking a buyer for its TO unit.9/11/2008 12:51:55 PM93218Y88487A92732K87763HVinci PLCTaylor Woodrow LtdVinci SATaylor Wimpey PLChttp://www.alacrastore.com/storecontent/Thomson_M%26A/Vinci_PLC_acquires_Taylor_Woodrow_Ltd_from_Taylor_Wimpey_PLC-2011059040sdc/20110590402011059040Copyright © 2008, Thomson Financial, All Rights ReservedConstruction FirmsUnited KingdomResidential construction, nec1522FFForeignSubsidiary1521:Single-family housing construction1522:Residential construction, nec1541:Industrial buildings and warehouses1542:Nonresidential building construction, nec1611:Highway and street construction1622:Bridge, tunnel, and elevated highway construction1623:Water, sewer, pipeline & utility line construction1629:Heavy construction, nec1711:Plumbing, heating and air conditioning1731:Electrical work1741:Masonry, stone setting, and other stone work1742:Plastering, drywall, acoustical & insulation work1751:Carpentry work1752:Floor laying and other floor work, nec1761:Roofing, siding, and sheet metal work1771:Concrete work1799:Special trade contractors, nec1521:Single-family housing construction1522:Residential construction, nec1541:Industrial buildings and warehouses1542:Nonresidential building construction, nec1611:Highway and street construction1622:Bridge, tunnel, and elevated highway construction1623:Water, sewer, pipeline & utility line construction1629:Heavy construction, nec1711:Plumbing, heating and air conditioning1731:Electrical work1741:Masonry, stone setting, and other stone work1742:Plastering, drywall, acoustical & insulation work1751:Carpentry work1752:Floor laying and other floor work, nec1761:Roofing, siding, and sheet metal work1771:Concrete work1799:Special trade contractors, necConstruction FirmsUnited KingdomResidential construction, nec1522FFForeignSubsidiary1001405001Constr coConstruct residential bldgCashCash OnlyAssets1039626001Sep 11 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.00000Vinci PLC, located inHertfordshire, UK, is aconstruction company. The firmfocuses on civil engineering,building, utilities, rails,environmental, excavation andearthworks, geotechnical andgeoenvironmental and pilingservices.Vinci PLC, located in Hertfordshire, UK, is a constructioncompany. The firm focuses on civil engineering, building,utilities, rails, environmental, excavation and earthworks,geotechnical and geoenvironmental and piling services.Vinci PLC, located in Hertfordshire, UK, is a construction company. The firm focuses on civil engineering, building, utilities, rails, environmental, excavation and earthworks, geotechnical and geoenvironmental and piling services.1.000002.000003.000004.000005.000006.000007.000008.00000Taylor Woodrow Ltd, located inHerts, United Kingdom, is aconstruction company. Thecompany provides facilitiesmanagement and engineeringservices for corporate clientsin the UK and selected marketsoverseas.Taylor Woodrow Ltd, located in Herts, United Kingdom, is aconstruction company. The company provides facilitiesmanagement and engineering services for corporate clients inthe UK and selected markets overseas.Taylor Woodrow Ltd, located in Herts, United Kingdom, is a construction company. The company provides facilities management and engineering services for corporate clients in the UK and selected markets overseas.0.000000.000000.000000.00000YBritish Pound09 Sep 08Tue, 09 Sep 2008 00:00:00 ESTDate Announced: 09/09/200809 Sep 08Date Effective: 09/09/200809 Sep 08Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000074 British Pound74.000000.0000074 British Pound74.00000100.00000100.000000.000000.0000074.0000074 British Pound1.76000N74.000000.000000.000000.000000.000000.00000130.25500130.255000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.00000UK - Vinci PLC, a unit ofVinci SA, acquired TaylorWoodrow Ltd (TO), aHerts-based constructioncompany, from Taylor WimpeyPLC (TI), for 74 mil Britishpounds ($130.255 mil US) incash. Originally, in August2008, TI announced that it wasseeking a buyer for its TOunit.UK - Vinci PLC, a unit of Vinci SA, acquired Taylor Woodrow Ltd (TO), a Herts-based construction company, from Taylor Wimpey PLC (TI), for 74 mil British pounds ($130.255 mil US) in cash. Originally, in August 2008, TI announced that it was seeking a buyer for its TO unit.UK - Vinci PLC, a unit of Vinci SA, acquired Taylor Woodrow Ltd (TO), a Herts-basedconstruction company, from Taylor Wimpey PLC (TI), for 74 mil British pounds ($130.255 milUS) in cash. Originally, in August 2008, TI announced that it was seeking a buyer for itsTO unit.UK - Vinci PLC, a unit of Vinci SA, acquired Taylor Woodrow Ltd (TO), a Herts-based construction company, from Taylor Wimpey PLC (TI), for 74 mil British pounds ($130.255 mil US) in cash. Originally,in August 2008, TI announced that it was seeking a buyer for its TO unit.UK - Vinci PLC, a unit of Vinci SA, acquired Taylor Woodrow Ltd (TO), a Herts-based construction company, from Taylor Wimpey PLC (TI),for 74 mil British pounds ($130.255 mil US) in cash. Originally, in August 2008, TI announced that it was seeking a buyer for its TOunit.Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001521:Single-family housing construction1522:Residential construction, nec1531:Operative builders1541:Industrial buildings and warehouses1542:Nonresidential building construction, nec6552:Land subdividers and developers, except cemeteries8711:Engineering services8744:Facilities support management services114029004Euro P.M.LFrance1522ForeignPublicDG1521:Single-family housing construction1522:Residential construction, nec1531:Operative builders1541:Industrial buildings and warehouses1542:Nonresidential building construction, nec6552:Land subdividers and developers, except cemeteries8711:Engineering services105622002LondonUnited Kingdom1522ForeignPublicTWOD130.2550074.00000130.2550074.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/spcred/669641spcred/669641normThe latest Research Update from S&Pglobalstructured9/5/2008 1:07:53 PM175Research Update669641FranceConstruction & EngineeringEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsTransportationResearch UpdateOn Sept. 5, 2008, Standard&Poor's Ratings Services revised its outlook on France-based concession and construction group VINCI S.A. to stable from negative. At the same time, the 'BBB+' long-term and 'A-2' short-term corporate credit ratings were affirmed. The ratings on VINCI reflect its strong market positions in a wide variety of concession and construction activities, with the stable and profitable concession businesses making a considerable contribution to group cash flows from operations before tax and financing costs (62.9% in first-half 2008). The ratings are also supported by VINCI's prudent debt management policy with limited refinancing needs, solid cash position, and abundant long-term committed bank facilities. These strengths are mitigated by the capital-intensive nature of the concessions business andFRA20103010 201030 2010 20VINCI S.A.338059EUROMIDAFRDG@FPRESUPDFRAF05334F3687620305020 203050 2030 20Autoroutes du Sud de la France S.A.Cofiroute306184360316EUROMIDAFR80439Z@FPASF@FPGLOBISSSTRUCCORPABSCapitalTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/73670cs/73670norm Bouygues and Vinci H###: Solid Results in a Tough Construction Climate but Weakening Credit Metrics Bouygues and Vinci recorded solid if unspectacular H### results marked by revenue and profitability growth but also by sliding margins...736703106YesD0Article19572023corp7261537221394368Earnings Reports - Industrials/Consumer9/3/2008 12:05:25 AM150Bouygues and Vinci recorded solid if unspectacular H108 results marked by revenue and profitability growth but also by sliding margins and weakening credit metrics in line with investment spending.73670Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1812563ccbn/T1812563norm... - Vinci - Director and CEO Just waiting for the green light from our Director of Communications. There we go. I would like to apologize to you all for organizing this meeting today which means that you probably had to come back from your vacations earlier and the weather is really awful today. And we did also ask you to wake up really early on a Monday morning. But as I said, these are all things that are beyond our control. I think if we plan things in the future we'll probably try to do it on the last Friday of August so that you are busy on the last Friday. Anyway I'd like to thank you all for coming along and thank you for coming along to see our presentation on our half yearly results. You'll see these results are very encouraging. I think that they really show us just how solid our business model is, based on first of a great variety of different business lines and areas of expertise. And also a very dense network both nationally and internationally. I'm not going to talk about... 9/1/2008 6:04:00 PMVINCI54.0000FinalVINCI Q2 2008 Earnings Conference Call TranscriptDG.PA8:30am CETTranscriptT1812563Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1911601ccbn/T1911601norm...Ladies and gentlemen, welcome to VINCI #### first half sales conference call. I now hand over to Mr. Christian Labeyrie. Sir, please go ahead. ... 8/1/2008 1:06:00 PMVINCI54.0000FinalQ2 2008 VINCI Sales Conference Call TranscriptDG.PA6:15pm CETTranscriptT1911601Credit & Investment ResearchThomson StreetEventsFRANCE - Eurovia Services GmbH of Germany, a unit of Vinci SA, agreed to acquire the entire share capital of Vossloh Infrastructure Services, a Beauchamp-based manufacturer of rail fasteners and switch systems, from Vossloh AG, for ### mil euros ($###.### mil US). The transaction was subject to regulatory approval.6/24/2008 2:23:14 PM29967C93175P92732K92905ZEurovia Services GmbHVossloh Infrastructure ServicesVinci SAVossloh AGhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Eurovia_Services_GmbH_acquires_Vossloh_Infrastructure_Service_from_Vossloh_AG-1989268040sdc/19892680401989268040Copyright © 2008, Thomson Financial, All Rights ReservedConstruction FirmsGermanyHighway and street construction1611FFForeignSubsidiary1611:Highway and street construction1622:Bridge, tunnel, and elevated highway construction1629:Heavy construction, nec3271:Concrete block and brick3272:Concrete products, except block and brick3273:Ready-mixed concrete3462:Iron and steel forgings1521:Single-family housing construction1522:Residential construction, nec1541:Industrial buildings and warehouses1542:Nonresidential building construction, nec1611:Highway and street construction1622:Bridge, tunnel, and elevated highway construction1623:Water, sewer, pipeline & utility line construction1629:Heavy construction, nec1711:Plumbing, heating and air conditioning1731:Electrical work1741:Masonry, stone setting, and other stone work1742:Plastering, drywall, acoustical & insulation work1751:Carpentry work1752:Floor laying and other floor work, nec1761:Roofing, siding, and sheet metal work1771:Concrete work1799:Special trade contractors, necElectronic and Electrical EquipmentFranceCurrent-carrying wiring devices3643FFForeignSubsidiary982985001Constr coMnfr railway tech equipCashCash OnlyStock82576001Jun 24 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.00000Eurovia Services GmbH, locatedin Bottrop, Germany, providesroad and road surfacesconstruction services.Eurovia Services GmbH, located in Bottrop, Germany, providesroad and road surfaces construction services.Eurovia Services GmbH, located in Bottrop, Germany, provides road and road surfaces construction services.1.000002.000003.000004.000005.000006.000007.000008.000009.00000Vossloh InfrastructureServices, located inBeauchamp, France,manufactures rail fastenersand switch systems. It alsoconstructs and repairsrailways, and wholesales trainprotection equipments andelectronic interlocking boxes.Vossloh Infrastructure Services, located in Beauchamp,France, manufactures rail fasteners and switch systems. Italso constructs and repairs railways, and wholesales trainprotection equipments and electronic interlocking boxes.Vossloh Infrastructure Services, located in Beauchamp, France, manufactures rail fasteners and switch systems. It also constructs and repairs railways, and wholesales train protection equipments and electronic interlocking boxes.0.000000.000000.000000.00000NEURO18 Jun 08Wed, 18 Jun 2008 00:00:00 ESTDate Announced: 06/18/2008Date Effective:MergerFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.00000150 EURO150.000000.00000150 EURO150.000000.000000.000000.000000.00000150.00000150 EURO1.55300N118.934000.000000.000000.000000.000000.00000232.95500232.955000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.00000FRANCE - Eurovia Services GmbHof Germany, a unit of VinciSA, agreed to acquire theentire share capital ofVossloh InfrastructureServices, a Beauchamp-basedmanufacturer of rail fastenersand switch systems, fromVossloh AG, for 150 mil euros($232.955 mil US). Thetransaction was subject toregulatory approval.FRANCE - Eurovia Services GmbH of Germany, a unit of Vinci SA, agreed to acquire the entire share capital of Vossloh Infrastructure Services, a Beauchamp-based manufacturer of rail fasteners and switch systems, from Vossloh AG, for 150 mil euros ($232.955 mil US). The transaction was subject to regulatory approval.FRANCE - Eurovia Services GmbH of Germany, a unit of Vinci SA, agreed to acquire theentire share capital of Vossloh Infrastructure Services, a Beauchamp-based manufacturer ofrail fasteners and switch systems, from Vossloh AG, for 150 mil euros ($232.955 mil US).The transaction was subject to regulatory approval.FRANCE - Eurovia Services GmbH of Germany, a unit of Vinci SA, agreed to acquire the entire share capital of Vossloh Infrastructure Services, a Beauchamp-based manufacturer of rail fasteners andswitch systems, from Vossloh AG, for 150 mil euros ($232.955 mil US). The transaction was subject to regulatory approval.FRANCE - Eurovia Services GmbH of Germany, a unit of Vinci SA, agreed to acquire the entire share capital of Vossloh InfrastructureServices, a Beauchamp-based manufacturer of rail fasteners and switch systems, from Vossloh AG, for 150 mil euros ($232.955 mil US). Thetransaction was subject to regulatory approval.Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000003531:Construction machinery and equipment3643:Current-carrying wiring devices3743:Railroad equipment5088:Transportation equipment, except motor vehicles114029004Euro P.M.LFrance1522ForeignPublicDG3531:Construction machinery and equipment3643:Current-carrying wiring devices3743:Railroad equipment4013:Railroad switching and terminal establishments209626002FrankfurtGermany3743ForeignPublicVOS232.95500150.00000232.95500118.93400Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/cs/70243cs/70243norm Bouygues #Q## - "Un Trimestre Comme Ci Comme Ca" follows "Une Annee Manifique" Following a strong set of sales numbers in May, Bouygues reported solid #Q## earnings though these were shy of Street expectations. The construction-related...6/4/2008 10:05:00 PM150Following a strong set of sales numbers in May, Bouygues reported solid 1Q08 earnings though these were shy of Street expectations.702432223YesD0Article19572023corp72396172468Earnings Reports - Industrials/Consumer70243Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69892cs/69892norm Vinci FY## Tearsheet Vinci benefits from a well-balanced business profile that includes the more capital-intensive construction activities and the more cash generative concession operationsHowever its credit profile is dominated by...69892576YesC21Tearsheet1957tearsheets/premium612172393536/2/2008 12:05:51 PM15069892Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1742685ccbn/T1742685norm... - VINCI - Chairman, Board of Directors Good morning. I'm sorry I was late, but there was a lot of traffic in Paris, although I was only ### meters away from here. At any rate, we're very happy to see you, with Xavier Huillard, the Administrator and CEO, and Christian Labeyrie, who's the Assistant Director General and CFO, to present the accounts as approved by the Board of Directors yesterday. Let me, first of all, turn it -- hand it over to the Director General. Let me first of all, just to set the scene, say that we have the impression that -- well, in #### I traveled ## times; ## abroad and ## in France. I went to all sorts of countries where we work, and I made three observations. First of all, VINCI is being solicited everywhere, not just to build shopping centers but thermal power plants, highways, parking lots etc., but we're being asked to do all sorts of things in our fields. For all major projects, wherever I went, I met with local authorities, heads of government, etc., that... 2/28/2008 7:06:00 PMVINCI54.0000FinalQ4 2007 VINCI Earnings Conference Call TranscriptDG.PA8:30am CETTranscriptT1742685Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/spcred/629768spcred/629768normThe latest Full Report from S&P2/7/2008 1:33:56 PMFull Report400globalstructured629768FranceConstruction & EngineeringEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsTransportationFull ReportMajority contribution of stable and profitable concession activities Low capital intensiveness in nonconcession activities Strong overall competitive position Above-industry-average margins Limited refinancing needs and solid liquidity Capital-intensive nature of the concessions, resulting in high leverage and a relatively weak financial profile Competitive, low-margin, and cyclical nonconcession activities More aggressive financial and acquisitive strategy than expected The ratings on France-based VINCI S.A. reflect its strong market positions in a wide variety of concession and construction activities, with the stable and profitable concession businesses making a considerable contribution to group cash flows from operations before tax and financing costs (66.8% in first-half 2007). The ratings are also supported by VINCI's prudent debt management policy with limited refinancing needs, solid cash position, andFRA20103010 201030 2010 20VINCI S.A.338059EUROMIDAFRDG@FPFULLFRAF05334F3687620305020 203050 2030 20CofirouteAutoroutes du Sud de la France S.A.306184360316EUROMIDAFR80439Z@FPASF@FPGLOBISSSTRUCCORPABSCapitalTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/629770spcred/629770normThe latest Summary from S&P2/7/2008 1:33:56 PMSummary175globalstructured629770FranceConstruction & EngineeringEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsTransportationSummaryThe ratings on France-based VINCI S.A. reflect its strong market positions in a wide variety of concession and construction activities, with the stable and profitable concession businesses making a considerable contribution to group cash flows from operations before tax and financing costs (66.8% in first-half 2007). The ratings are also supported by VINCI's prudent debt management policy with limited refinancing needs, solid cash position, and abundant long-term committed bank facilities. These strengths are mitigated by the capital-intensive nature of the concessions business and consequent high leverage, the cyclical and relatively lower-margin nature of construction activities, and VINCI's acquisitive strategy. VINCI principally operates its concession business through fully-owned French toll road operator Autoroutes du Sud de la France S.A. (ASF; BBB+/Negative/A-2)FRA20103010 201030 2010 20VINCI S.A.338059EUROMIDAFRDG@FPSUMMARYFRAF05334F3687620305020 203050 2030 20CofirouteAutoroutes du Sud de la France S.A.306184360316EUROMIDAFR80439Z@FPASF@FPGLOBISSSTRUCCORPABSCapitalTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1751870ccbn/T1751870normQ# #### VINCI Sales Conference Call2/1/2008 4:06:00 AMVINCI54.0000FinalQ4 2007 VINCI Sales Conference Call TranscriptDG.PA6:15pm CETTranscriptT1751870Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/moodys/COP_600052295moodys/COP_600052295htmlCredit Opinion1/3/2008 8:05:11 PMGlobal Credit Research Credit Opinion ## JUL #### Credit Opinion: Vinci S.A. Vinci S.A. Paris, France Ratings Category Moody's Rating Outlook Stable Issuer Rating Baa# Senior Unsecured -Dom Curr Baa# Preferred Stock -Dom Curr Baa#...Vinci S.A.600052295150.0000NewshtmlVinci S.A.COP_600052295Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/296382_pr_framefitch/296382_pr_framehtml7580732786Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Vinci S.A.12/24/2007 11:15:26 AMPress ReleaseDG296382_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/619876spcred/619876normThe latest Summary from S&P12/14/2007 10:56:35 AMSummary175global619876FranceConstruction & EngineeringEurope, Middle East, AfricaGlobal IssuersCorporationsCapital GoodsTransportationSummaryThe ratings on VINCI S.A. reflect its strong market positions in a wide variety of concession and construction activities, and the considerable contribution from its stable and profitable concession businesses: 66.8% of EBITDA in first-half 2007. These strengths are mitigated by the capital-intensive nature of the concessions business, high leverage, the cyclical and relatively lower margin nature of construction activities, and VINCI's acquisitive strategy. Overall, Standard&Poor's Ratings Services views VINCI's recent acquisitions as positive for its business; however, they have delayed improvement in the group's financial profile. We anticipate that VINCI's credit ratios will weaken slightly in 2007 versus 2006, despite an expected strong operating performance. We still expect the company to achieve a financial profile commensurate withFRA20103010 201030 2010 20VINCI S.A.338059EUROMIDAFRDG@FPSUMMARYGLOBISSCORPCapitalTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1684234ccbn/T1684234norm11/6/2007 7:07:00 PMVINCI54.0000FinalQ3 2007 VINCI Sales Conference Call TranscriptDG.PA6:00pm CET...Ladies and gentlemen, welcome to VINCI Third Quarter #### Sales Conference Call. I now hand over to Ms. Marie-Amelia Folch. Madam, please go ahead. ... TranscriptT1684234Credit & Investment ResearchThomson StreetEvents