Thank you very much.
Thanks to the witnesses for the scintillating information here. I really appreciate it.
Let me start off with something that I hear the witnesses focusing on. I'm going to go to Mr. Beugin.
Mr. Beugin, we talk about EDC here and the $8.6 billion in loans it's providing as an inefficient subsidy. Are loans considered a subsidy, if you will, when they are market-based?