Summary of Saint-Gobain Capital Markets Day - October 6, 2025 Company Overview - **Company**: Saint-Gobain - **Event**: 2025 Capital Markets Day - **Focus**: Mid-term strategy for growth and performance Key Points Industry Insights - **Construction Market Needs**: Significant demand in residential, non-residential, and infrastructure sectors, emphasizing climate adaptation and resource preservation [7][10] - **Sustainability Trends**: The construction sector is increasingly focused on low-emission and low-carbon buildings, with a strong market preference for green building certifications like LEED [13][15] Company Performance and Strategy - **Sales Growth**: Targeting mid-single-digit sales growth with a clear outperformance against market trends [12][56] - **EBITDA Margin**: Aiming for an EBITDA margin of 15% to 18% over the next five years, with a focus on enhancing profitability through solutions and portfolio management [56][60] - **Financial Performance**: Since 2018, operating income has increased by 66%, and recurring EPS has doubled [53] Regional Performance - **North America**: Facing a housing shortage of 4 million homes, with significant renovation needs due to climate change [17] - **Europe**: Targeting 3% to 5% sales growth, capitalizing on market recovery and energy efficiency trends [22] - **Emerging Markets**: High growth potential in Asia and Latin America, with a focus on urbanization and middle-class aspirations [18][22] Product and Market Expansion - **Comprehensive Solutions**: Saint-Gobain offers a wide range of products across the building envelope, enhancing performance and sustainability [19] - **Non-Residential and Infrastructure Markets**: Currently generating €15 billion in sales, with plans to expand significantly in these sectors [21][46] - **Construction Chemicals**: Targeting over €9 billion in sales by 2030, leveraging recent acquisitions and innovations [23] Innovation and Customer Engagement - **Customer-Centric Solutions**: Emphasizing integrated systems and solutions that meet customer needs, leading to increased sales and market share [26][31] - **Partnerships**: Collaborating with major builders like Barratt Redrow to develop innovative housing solutions [28][29] Financial Strategy and Capital Allocation - **Capital Deployment**: Planning to allocate around $20 billion for shareholder returns, growth investments, and acquisitions, with a focus on high-growth regions [60][63] - **M&A Strategy**: A disciplined approach to acquisitions, targeting leadership positions in high-growth markets and construction chemicals [63] Governance and Management - **Leadership Structure**: A renewed board with independent members and a strong management team focused on execution and value creation [66][68] - **Employee Engagement**: High levels of employee commitment to the company's growth strategy, with significant share ownership among employees [52][68] Additional Insights - **Market Trends**: The importance of adapting to megatrends such as urbanization, climate change, and energy efficiency is emphasized as a driver for growth [12][17] - **Sustainability Goals**: Saint-Gobain is committed to reducing its carbon footprint and leading in circular economy practices [51] This summary encapsulates the key insights and strategic directions discussed during the Saint-Gobain Capital Markets Day, highlighting the company's commitment to growth, sustainability, and innovation in the construction industry.

Summary of the Conference Call Industry and Companies Involved - **Industry**: Gold Mining - **Companies**: Predictive Discovery Limited and Robex Resources Inc. Key Points and Arguments 1. **Merger Overview**: The proposed merger will create Guinea's largest gold producer and a significant mid-tier producer in Africa, combining the strengths of both companies [2][3][7] 2. **Resource Base**: The merged entity will have a pro forma resource base of over 9 million ounces and an annualized gold production of over 400,000 ounces by 2029 [3][9] 3. **Cost Efficiency**: The combined all-in sustaining costs are projected at $1,070 per ounce, positioning the company within the lowest quartile of African producers [10][11] 4. **Market Capitalization**: The initial combined market capitalization is estimated to exceed $2.3 billion Australian dollars, enhancing the capital market profile of the merged company [5][6] 5. **Shareholder Structure**: The merger will be an all-share transaction, with Predictive Discovery Limited shareholders owning 51% and Robex Resources Inc. shareholders owning 49% [6][7] 6. **Operational Synergies**: The merger is expected to create significant operational synergies, including cost savings and enhanced exploration capabilities [13][15] 7. **Cash Flow Generation**: Robex's Nampala Gold Mine in Mali is already generating cash flow, which will support the financing of the Bancan project [12][26] 8. **Construction Timeline**: Kaneoro is expected to commence gold production by December 2023, while Bancan is scheduled to start production in the second half of 2028 [8][9] 9. **Regulatory Approvals**: The merger requires approval from Robex shareholders and regulatory bodies, with a general meeting scheduled for later this year [6][36] 10. **Leadership Structure**: The board of the merged company will consist of seven directors, with a balanced representation from both companies [7][16] Additional Important Content 1. **Exploration Potential**: The merger will consolidate two significant gold mines in the Siguri Basin, which is noted for its exploration potential [8][10] 2. **Community Impact**: The merger aims to drive economic growth in Guinea, enhance local skills, and build lasting partnerships with local communities [29][18] 3. **Market Positioning**: The combined entity is expected to be eligible for inclusion in multiple market indices, which could enhance its market valuation [17][29] 4. **Environmental and Community Engagement**: The merged company plans to coordinate environmental efforts and maximize local content across operations [15][18] 5. **Future Growth**: The merger is positioned as a pathway to becoming one of West Africa's leading gold producers, with a focus on sustainable growth and community benefits [29][18]

OMV Capital Markets Day 2025 Summary Company Overview - **Company**: OMV (OTCPK:OMVJ.F) - **Event**: Capital Markets Day 2025 - **Date**: October 06, 2025 - **Location**: Vienna Key Industry and Company Insights Strategy and Transformation - OMV is committed to its **2030 strategy**, focusing on adapting to market changes and ensuring robust cash flow generation while investing in sustainable growth opportunities [3][4][5] - The formation of **Baruch Group International (BGI)** with ADNOC marks a significant milestone, enhancing OMV's growth potential in the chemicals sector [4][6][29] - OMV emphasizes a balanced approach to investments, maintaining a strong foundation in traditional business while pursuing sustainable growth [5][12] Financial Performance - OMV has generated an average operating cash flow of **€6.5 billion** per year over the last four years, with a **30% increase** in regular dividends during the same period [10][39] - The company aims for a **dividend yield** of nearly **13%**, positioning itself among the top performers in its sector [10] - OMV's leverage ratio has improved significantly, reducing from **32% to below 10%**, and is projected to remain below **30%** post-BGI transaction [39][40] Emission Reduction and Sustainability - OMV has achieved a **23% reduction** in emissions compared to the 2019 baseline and aims for net-zero emissions by **2050** [11][32] - The company is focused on innovative technologies for the circular economy, including the **ReOil** chemical recycling technology [33][34] Growth Opportunities - The **Neptune Deep** gas project is on track for production in **2027**, expected to significantly contribute to OMV's gas supply and revenue [8][19][26] - OMV is expanding its **renewable energy** initiatives, including a nearly doubled EV charging network and investments in green hydrogen projects [8][9][18] - The chemicals sector is expected to recover, with rising demand in packaging, automotive, and renewable energy [15][17] Market Dynamics - OMV anticipates a **compound annual decline rate** of approximately **2%** in European natural gas demand through **2040**, with a projected supply deficit of **300 billion cubic meters** per year [24] - The company expects European gas prices to remain higher than pre-COVID levels, influenced by U.S. LNG pricing [24][25] Strategic Focus Areas - OMV's strategic focus includes enhancing its gas production capabilities, optimizing its chemical integration, and pursuing sustainable mobility opportunities [19][27] - The company plans to maintain a disciplined approach to capital allocation, with a focus on maximizing free cash flow and shareholder returns [22][51] Conclusion - OMV is positioned to leverage its integrated business model and strategic investments to navigate market volatility and capitalize on growth opportunities in gas, chemicals, and renewable energy sectors [12][25][36]

Summary of Skye Bioscience Conference Call on Phase IIa Clinical Trial Results Company Overview - **Company**: Skye Bioscience (NasdaqGM:SKYE) - **Focus**: Development of Nimasumab for obesity treatment Key Industry Insights - **Clinical Trial**: Phase IIa CBON clinical trial results for Nimasumab - **Primary Endpoint**: Weight loss compared to placebo Core Findings 1. **Monotherapy Results**: - The 200 mg monotherapy arm did not meet the primary endpoint compared to placebo - Weight loss: -1.5% for Nimasumab vs -0.3% for placebo in the modified intent to treat population [8][34] - Lower than expected drug exposure was identified as a reason for this outcome [8][9] 2. **Combination Therapy Results**: - Combination of Nimasumab and Semaglutide showed a clinically meaningful weight loss of approximately -14.3% at 26 weeks compared to -10.8% for Semaglutide alone [13][35] - 100% of participants in the combination arm achieved at least 5% weight loss, and two-thirds achieved at least 10% [14][35] 3. **Safety Profile**: - Nimasumab demonstrated a favorable safety and tolerability profile, with adverse events similar to placebo [16][52] - No neuropsychiatric adverse events were reported, which is a significant differentiator from previous CB1 approaches [17][19] 4. **Pharmacokinetics (PK) Insights**: - Preliminary PK analysis indicated that many participants had lower than predicted drug exposure [41][43] - Higher dosing is suggested as a logical next step to improve efficacy [11][12] 5. **Future Directions**: - Plans to test higher doses (600 mg to 1000 mg) in future trials to explore efficacy further [72][73] - Ongoing extension study evaluating a 300 mg dose to gather additional PK and efficacy data [62][64] Additional Considerations - **Mechanistic Insights**: The combination of Nimasumab and Semaglutide works through complementary mechanisms, enhancing weight loss without increasing gastrointestinal side effects [15][60] - **Body Composition**: The combination therapy showed a favorable lean to fat mass ratio improvement compared to Semaglutide alone [39][61] - **Market Positioning**: Nimasumab is positioned as a complementary treatment in the obesity landscape, particularly against GLP-1s, which have GI burden challenges [21][60] Conclusion - The results from the Phase IIa trial provide valuable insights into the efficacy and safety of Nimasumab, highlighting the need for further exploration of dosing strategies to optimize therapeutic outcomes in obesity treatment. The combination therapy shows promise in enhancing weight loss while maintaining a favorable safety profile.

Summary of Fifth Third Bancorp and Comerica Merger Conference Call Company and Industry - **Companies Involved**: Fifth Third Bancorp (NasdaqGS:FITB) and Comerica - **Industry**: Banking and Financial Services Core Points and Arguments 1. **Merger Announcement**: Fifth Third Bancorp announced the merger with Comerica, aiming to create a more dynamic and resilient bank [3][4] 2. **M&A Framework**: The merger is viewed as a strategic move rather than a standalone strategy, focusing on achieving specific objectives and ensuring that the combined entity is better, not just larger [4][6] 3. **Financial Metrics**: - No tangible book value per share dilution, with projected tangible book value per share accretion of 5% on day one [4][12] - Projected EPS accretion of 9% and an internal rate of return (IRR) of 22% [4][13] - Identified cost savings valued at $6.5 billion [4][5] 4. **Operational Synergies**: The merger is expected to enhance stability, profitability, and growth, with a diversified balance sheet and revenue profile [5][6] 5. **Market Positioning**: The combined company will have a strong presence in 17 of the 20 fastest-growing large U.S. metro areas, with plans to open 150 new financial centers in Texas by 2029 [6][8] 6. **Wealth Management**: The combined wealth and asset management platform will manage over $750 billion in assets, making it one of the largest among regional banks [9][10] 7. **Cultural Fit**: Strong cultural alignment is emphasized, with key leaders from both organizations expected to play significant roles post-merger [10][11] Additional Important Content 1. **Transaction Details**: Comerica shareholders will receive 1.8663 shares of Fifth Third for each Comerica share, equating to a purchase price of $82.88, representing a 20% premium [12][13] 2. **Cost Savings and Charges**: Projected cost savings of 35% of Comerica's projected 2026 non-interest expense, with one-time charges estimated at $950 million [13][14] 3. **Balance Sheet Management**: The transaction is expected to provide flexibility in managing potential market volatility, with a focus on maintaining a balanced position [50][52] 4. **Retail Banking Strategy**: The merger aims to enhance retail banking capabilities, particularly in underpenetrated markets like Texas and California, with a focus on building out the retail network [30][34] 5. **Integration Lessons**: Insights from the previous merger with MB Financial are being applied to ensure a smooth integration process, focusing on retaining key talent and managing systems conversion effectively [42][46] 6. **Long-term Growth Potential**: The merger is expected to unlock growth opportunities in commercial banking and enhance the overall market position of the combined entity [78][82] This summary encapsulates the key points discussed during the conference call regarding the merger between Fifth Third Bancorp and Comerica, highlighting the strategic rationale, financial implications, and operational synergies anticipated from the transaction.

Summary of AMD Conference Call on AI Partnership with OpenAI Company and Industry - **Company**: Advanced Micro Devices (AMD) - **Industry**: Semiconductor and Artificial Intelligence (AI) Key Points and Arguments Strategic Partnership with OpenAI - AMD announced a significant new AI partnership with OpenAI, marking a milestone in their collaboration [2][4] - The partnership includes a multi-year agreement to deploy **six gigawatts** of AMD Instinct GPUs, starting with the first gigawatt in the second half of **2026** [5][10] - AMD aims to be a core strategic compute partner for OpenAI, enhancing their capabilities in AI infrastructure [6][11] Financial Implications - The partnership is expected to generate **double-digit billions** in annual incremental data center AI revenue once it ramps up, with a clear path to achieving tens of billions in annual revenue starting in **2027** [10][11] - The structure of the agreement includes performance-based warrants for up to **160 million shares** of AMD common stock, aligning the interests of both companies [8][9] - AMD anticipates the partnership could generate over **$100 billion** in revenue over the next few years, benefiting both AMD and the broader AI ecosystem [11][25] Market Position and Competitive Landscape - AMD's Instinct GPU adoption is expanding rapidly, with seven out of the top ten AI model builders using their technology [5] - The company is positioned to capture a significant share of the global AI infrastructure buildout, with ongoing engagements with other major customers [11][38] Technical and Operational Readiness - AMD has been enhancing its ROCm software stack to support demanding AI workloads, ensuring compatibility with OpenAI's requirements [6][33] - The partnership involves extensive collaboration on hardware, software, and networking solutions to optimize performance for AI workloads [6][33] Future Outlook - AMD is focused on delivering a competitive roadmap with its MI450 series GPUs, which are expected to be used for both training and inference in AI applications [17][31] - The company is actively preparing its supply chain to support the deployment of MI450 GPUs and has strategic relationships with multiple customers [37][38] Additional Insights - The partnership is seen as a win-win for both AMD and OpenAI, allowing for large-scale AI deployments and advancing the AI ecosystem [8][11] - AMD's management emphasized the importance of aligning incentives through the performance-based structure of the agreement, ensuring mutual success [46][47] Other Important Content - AMD will report its full Q3 financial results on **November 4**, and a Financial Analyst Day is scheduled for **November 11** [3] - The call included a Q&A session where analysts focused on the implications of the partnership and AMD's competitive positioning in the market [13][21]

Summary of NTT Investor Day - October 06, 2025 Company and Industry Overview - **Company**: NTT Inc. - **Industry**: Telecommunications and Optical Computing Key Points and Arguments 1. **Introduction of ION Initiative**: NTT is focusing on the ION initiative, which aims to develop low power optical computing technologies to support the growing demands of the AI era [6][10][11] 2. **Optical Computing Focus**: The presentation emphasized the transition from electronic circuits to optical technology to address issues like power consumption, speed, and heat generation in data centers [12][14][15] 3. **AI Market Growth**: The AI market is expected to grow 20 times compared to 2021, leading to increased power consumption in data centers [14][15] 4. **Power Consumption Reduction**: NTT aims to reduce total infrastructure power consumption by optimizing network and device power usage, and by utilizing renewable energy sources [15][16] 5. **Photonics Electronics Convergence (PEC)**: The development of PEC devices is crucial for enhancing power efficiency in optical computing, with a roadmap for PEC1, PEC2, and PEC3 [22][42][47] 6. **Commercialization Timeline**: NTT plans to commercialize PEC2 by Q4 next year, with a production capacity of 5,000 units per line to meet AI demand [56][60] 7. **Partnerships**: Collaborations with companies like Broadcom and Acton Technology are essential for the development and commercialization of optical computing technologies [61][68] 8. **Market Size and Demand**: NTT anticipates a significant market for PEC devices, with projections of over 1,000,000 units needed annually, primarily driven by hyperscalers in the US [84][85] Additional Important Content 1. **Competitor Landscape**: NTT identifies competitors such as NVIDIA and Broadcom, emphasizing the need for collaboration and multi-supplier ecosystems to drive innovation [78][80] 2. **Technological Advantages**: NTT's unique socket-type optical engine allows for easier replacement and maintenance compared to competitors' soldering methods, providing a competitive edge [64][67] 3. **Environmental Considerations**: The shift to optical technology is positioned as a more eco-friendly solution for data centers, reducing reliance on traditional power sources [30][41] 4. **Future Projections**: The expected growth in AI computing capacity necessitates a shift to optical interconnects, as traditional copper connections will not suffice for the increasing bandwidth demands [97][108] This summary encapsulates the core discussions and insights from the NTT Investor Day, highlighting the company's strategic direction in optical computing and its implications for the telecommunications industry.

Summary of Firefly Aerospace Conference Call on Acquisition of SciTech Incorporated Industry and Company Involved - **Company**: Firefly Aerospace (NasdaqGM: FLY) - **Acquisition Target**: SciTech Incorporated - **Industry**: Aerospace and Defense Core Points and Arguments 1. **Acquisition Announcement**: Firefly Aerospace has entered into an agreement to acquire SciTech Incorporated, enhancing its capabilities in software and data processing for defense applications [2][5]. 2. **Strategic Importance**: The acquisition is part of Firefly's strategy to bolster its four revenue-generating product lines and enhance its software capabilities, which are crucial for growth and diversification [5][6]. 3. **Complementary Strengths**: Firefly's hardware capabilities are likened to a smartphone, while SciTech's software is compared to the apps on that smartphone, indicating a synergistic relationship that will enhance overall service offerings [6]. 4. **SciTech's Expertise**: SciTech brings over four decades of experience in operational defense software applications, including AI and machine learning for data exploitation, which will significantly enhance Firefly's offerings [7][8]. 5. **Recent Achievements**: SciTech recently completed the operational acceptance of the US Space Force's FORGE program, showcasing its capability to process vast amounts of satellite data for missile warning and tracking [9]. 6. **Market Opportunity**: The combined capabilities of Firefly and SciTech position them to pursue the $175 billion Golden Dome program, which involves comprehensive missile defense solutions [9][10]. 7. **Future Vision**: The acquisition aims to transition data processing from ground-based to hybrid ground and on-orbit systems, improving service categories for both Earth and space missions [10][11]. 8. **Cultural Fit**: SciTech's workforce, primarily composed of PhDs and software developers, aligns well with Firefly's mission-focused and innovative culture [11][12]. 9. **Financial Details**: The acquisition is valued at approximately $855 million, consisting of $300 million in cash and $555 million in equity, with plans to close the deal by year-end [13]. 10. **Operational Structure Post-Acquisition**: SciTech will operate as a subsidiary under its current business model, led by CEO Jim Lisowski, reporting to Firefly's leadership [13][14]. Other Important Content - **Regulatory Approval**: The acquisition is subject to regulatory approvals and customary conditions [13]. - **Future Updates**: Firefly plans to provide further updates regarding the acquisition in its upcoming third-quarter financial results call [3].

Summary of Contango Ore (NYSEAM:CTGO) Update / Briefing - October 03, 2025 Company Overview - **Company**: Contango Ore (CTGO) - **Industry**: Mining, specifically gold production Key Points and Arguments Production Performance - Contango Ore has exceeded its original production guidance for the third consecutive campaign, producing over 17,000 ounces against a guidance of 15,000 ounces [7][8] - The company anticipates slightly exceeding a total production of 60,000 ounces for the year, maintaining an all-in sustaining cost guidance of $16.25 per ounce [10][11] Economic Strategies - The company is testing a blending campaign of low-grade Montreux ore with Fort Knox ore at a ratio of 1:10, aiming for cost savings and increased cash flow [12][15] - The feasibility study was based on a gold price of $1,400, and the current market conditions allow for processing lower-grade materials that were not part of the original mine plan [13][14] Legal Developments - The dismissal of a lawsuit by the village of Dot Lake against the Army Corps of Engineers is seen as a positive development, removing a potential cloud over operations [16][19] Financial Projections - The company projects over $100 million in distributions for 2025, with a sensitivity analysis indicating a $1 million increase in free cash flow for every $100 increase in gold price [20][21] - The average gold price sold year-to-date is around $3,300, with expectations for further increases [71] Operational Efficiency - The company has implemented practical operational improvements, such as cattle guards and wash plants, to enhance efficiency and increase ore loading capacity [26][30] - Consistent operational practices have led to reliable production performance, distinguishing Contango from other early producers [26][27] Exploration and Future Plans - A $5 million exploration program is underway, focusing on corridor mineralization to potentially extend the mine life by one to two years [33][35] - The company aims to increase production to 200,000 ounces over the next five years, with a focus on high-grade projects [58][59] Joint Ventures and Future Projects - The Peak Gold joint venture with Kinross is dedicated to mining ore at Montchaux and sending it to the Fort Knox mill [68] - Plans for the Lucky Shot and Johnson Track projects include mobilizing drill crews and evaluating high-grade mineralization [45][48] Market Positioning - The company believes there is a disconnect between its current valuation and cash generation capabilities, with plans to improve market perception through news and updates on project progress [49][52] - The potential for high free cash flow generation from Lucky Shot and Johnson Track is emphasized, with estimates suggesting $80 million from a 40,000-ounce production [53][76] Community Impact - The TETLIN tribe has reportedly used royalties from the project to improve their quality of life, establishing a sovereign fund for future needs [62][63] Additional Important Content - The company is exploring the acquisition of a mill to enhance its operational model, which could provide flexibility in processing high-grade ores [60][79] - The NPV for the Johnson Track project is estimated at $600 million based on current gold prices, indicating strong potential for free cash flow generation [75][76] This summary encapsulates the key insights and developments discussed during the Contango Ore briefing, highlighting the company's operational performance, financial outlook, and strategic initiatives in the mining sector.

Summary of Ovid Therapeutics Conference Call Company Overview - **Company**: Ovid Therapeutics (NasdaqGS:OVID) - **Focus**: Development of neurotherapeutics targeting conditions driven by neural hyperexcitability, particularly in epilepsy Key Points and Arguments Pipeline and Product Development - Ovid is advancing a pipeline that includes: - **OV329**: A next-generation GABA aminotransferase (GABA AT) inhibitor for treatment-resistant epilepsies and focal onset seizures - **KCC2 Direct Activators**: Including OV350 (IV) and OV4071 (oral), targeting potassium chloride cotransporter 2 - **Phase 1 Results**: OV329 has completed Phase 1 safety and biomarker studies, with plans to initiate Phase 2a in Q2 2026 and report top-line data in mid-2027 [8][10][42] Market Need and Competitive Landscape - There is a significant unmet need in epilepsy treatment, with only two novel mechanisms approved in the last 30 years despite 30 anti-seizure medications being available [10][11] - Approximately 40% of epilepsy patients are treatment-resistant, representing a market opportunity exceeding $1 billion [44] Safety and Efficacy of OV329 - **Safety Profile**: OV329 demonstrated a favorable safety profile with no serious adverse events and only mild, transient side effects [24][41] - **Efficacy Metrics**: Positive biomarker data indicates OV329 effectively inhibits GABA AT, with a potential for superior efficacy compared to existing treatments like vigabatrin [14][20][41] - **Dosing**: Expected dosing for OV329 is significantly lower than vigabatrin, with estimates of 5-7 mg compared to 2-3 grams for vigabatrin [20][21] Mechanism of Action - OV329 provides both phasic and tonic inhibition of GABA, which may lead to better tolerability and efficacy compared to previous GABAergic medications [15][16][64] - The drug's design aims to avoid the ocular safety issues associated with vigabatrin, which has been linked to vision loss [19][21] Phase 2a Trial Design - The upcoming Phase 2a trial will evaluate a 7 mg dose of OV329 against placebo over eight weeks, focusing on treatment-resistant focal onset seizures [43][44] - The trial will measure various efficacy outcomes, including seizure frequency and responder rates [43] Future Development Plans - Ovid plans to continue developing its KCC2 portfolio, with expected readouts for OV350 by the end of 2025 and initiation of Phase 1 studies for OV4071 in 2026 [45][46] - The company has sufficient resources to fund its development programs through 2028 [45] Additional Important Information - The call emphasized the importance of differentiating OV329 from existing treatments through its unique mechanism and safety profile [54][64] - The company is committed to building a robust safety database to support the development of OV329 and mitigate monitoring requirements for patients [27][41] - The anticipated market dynamics and reimbursement landscape are favorable for OV329, despite the competitive nature of the epilepsy treatment market [44]