SCAA Symposium 2009 Show me the Money  New Financing Models at Origin
Presentation Overview <ul><li>The need for finance by specialty and sustainable coffee producers </li></ul><ul><li>The exi...
Brief Introduction to SCI & FAST <ul><li>Sustainable Commodity Initiative (SCI): </li></ul><ul><li>Partnership of IISD and...
Why Financing Matters for Sustainable Coffee Key Barriers to Market Entry and Continued Growth of Sustainable Coffee Produ...
Financing Issues and Experiences at Origin:  Views From the Floor
Financing Needs of SME Coffee Businesses <ul><ul><li>Pre-finance </li></ul></ul><ul><ul><li>to cover inputs into productio...
Domestic Bank Financing for Agriculture Local / Domestic Banks are reluctant to lend to their agricultural sectors Country...
Causes of L o w Levels of Financing to SME Agricultural Producers <ul><li>Historical Issues with lending to the agricultur...
Impacts of the Coffee Financing Gap <ul><li>Impacts on coffee producers: </li></ul><ul><ul><li>restricting infrastructure ...
Alternative Sources of Finance for Coffee Producers <ul><li>Local / Domestic Banks </li></ul><ul><li>Local Intermediaries ...
Systemic Challenges F a cing Alternative lenders in the Coffee Sector <ul><li>Intermediaries: </li></ul><ul><ul><li>Higher...
The Scale of the Financing Shortfall in Sustainable Coffees <ul><li>Estd. Value of Sustainable Coffee Exports: </li></ul><...
The Financing Gap is Now Affecting All Global Trade <ul><li>The current crisis provides us with the opportunity of raising...
Agricultural Lending in Honduras <ul><li>Honduras provides an interesting case study of the agricultural sector and the re...
Honduran Bank Survey <ul><li>A survey of Honduran banks (2007) identified the following six reasons (in order of prominenc...
Bank Concerns about Agricultural Lending Source: World Bank CRMG/AHIBA
Weather Risk <ul><li>Rainfall (and other weather) variability leads to major differences in production and yields year to ...
Coffee Price Volatility <ul><li>Coffee Prices (international and local) are highly volatile </li></ul>
Existing Mechanisms and Tools for Agri-Lending Coffee Coop / SME Warehouse Coffee Transported Warehouse Receipt Bank Credit
<ul><li>Benefits: </li></ul><ul><ul><li>The coffee in the warehouse provides realizable security to the banks, increasing ...
Contract Based Lending –  Socially Oriented Lending 1.order 2.credit 3.delivery 4.payment 5.  Payment (minus loan & intere...
Contract Based Lending –  Socially Oriented Lending <ul><li>Benefits </li></ul><ul><ul><li>Security is based on the value ...
Existing Mechanisms - Summary <ul><li>The socially oriented lenders exist due to the unwillingness of local banks to provi...
Overcoming the Financing Gap <ul><li>Existing Initiatives for addressing the financing gap include: </li></ul><ul><ul><li>...
Term Lending based on Long Term Contracts <ul><li>Some socially oriented lenders will provide long term loans for infrastr...
Guarantee Services <ul><li>The Rabobank Sustainable Agricultural Guarantee Fund (SAGF) provides a guarantee for local bank...
Pre-Finance Built into Sustainable Programs <ul><li>The Fairtrade Coffee Standard suggests that fairtrade buyers provide 6...
Overcoming The Financing Gap <ul><li>What else can be done to assist coffee producer organizations in overcoming the finan...
The Need to Get Banks Lending <ul><li>Ultimately sufficient financing for coffee producers is dependent upon local banks, ...
Honduran Example <ul><li>Work is being undertaken that directly targets the underlying causes of insufficient bank lending...
Risk Management Training for SME’s <ul><li>WB online training course enables a coffee sector SME to be: </li></ul><ul><ul>...
What FAST is Doing <ul><li>Leading collaborative projects involving coffee supply chain participants that directly improve...
What Roasters Can Do <ul><li>A few initial suggestions: </li></ul><ul><ul><li>Work alongside socially oriented lenders to ...
A suggested practical step…….. <ul><li>Establishment of a new consumer-driven guarantee fund for smaller sustainable coffe...
Consumer Driven Guarantee Fund Coffee Roasters Consumers  Investors FAST Guarantee Service SME Lenders (including Lending ...
Consumer Driven Guarantee Fund <ul><li>Benefits for Investors (Roasters, Consumers and Others) </li></ul><ul><ul><li>Prefe...
Consumer Driven Guarantee Fund <ul><li>Prerequisites of the Guarantee Fund: </li></ul><ul><li>Sufficient interest of the r...
<ul><li>For more info on financing options at origin, please visit  www.fastinternational.org </li></ul><ul><li>T hank You...
Upcoming SlideShare
Loading in …5
×

Show Me The Money S C A A Symposium 2009 Draft Presentation Jason Potts And Roy Parizat F A S T

749 views

Published on

Published in: Business, Economy & Finance
  • Be the first to comment

  • Be the first to like this

Show Me The Money S C A A Symposium 2009 Draft Presentation Jason Potts And Roy Parizat F A S T

  1. 1. SCAA Symposium 2009 Show me the Money New Financing Models at Origin
  2. 2. Presentation Overview <ul><li>The need for finance by specialty and sustainable coffee producers </li></ul><ul><li>The existing barriers to the provision of sufficient finance for the coffee sector – the “financing gap” </li></ul><ul><li>Overcoming the financing gap – ways of increasing the availability and flow of lending </li></ul><ul><li>A Proposal: Consumer Driven Guarantee Fund </li></ul>
  3. 3. Brief Introduction to SCI & FAST <ul><li>Sustainable Commodity Initiative (SCI): </li></ul><ul><li>Partnership of IISD and UNCTAD </li></ul><ul><li>Focused on building an enabling infrastructure for sustainable consumption and production </li></ul><ul><ul><li>technical assistance; impact assessment; financing and policy support </li></ul></ul><ul><li>In 2006 partnered with the Social Venture Network in the formation of FAST </li></ul><ul><li>The Finance Alliance for Sustainable Trade (FAST) </li></ul><ul><li>Membership based trade association focussing on improving access to finance for sustainable trade producers by: </li></ul><ul><ul><li>R educing transaction costs and risk </li></ul></ul><ul><ul><li>Improving investment and economies of scale </li></ul></ul>
  4. 4. Why Financing Matters for Sustainable Coffee Key Barriers to Market Entry and Continued Growth of Sustainable Coffee Producers: <ul><ul><li>Poor Market Information </li></ul></ul><ul><ul><li>Inadequate Physical Infra-structure </li></ul></ul><ul><ul><li>Under-developed Management Capacity </li></ul></ul><ul><ul><li>Low Savings and Capital </li></ul></ul><ul><ul><li>Finance is a vital element for overcoming these “natural” market barriers </li></ul></ul>
  5. 5. Financing Issues and Experiences at Origin: Views From the Floor
  6. 6. Financing Needs of SME Coffee Businesses <ul><ul><li>Pre-finance </li></ul></ul><ul><ul><li>to cover inputs into production prior to harvest </li></ul></ul><ul><ul><li>Trade credit </li></ul></ul><ul><ul><li>to enable SSMEs (producer organizations) to buy on credit to produce and sell on international markets </li></ul></ul><ul><ul><li>Term loans </li></ul></ul><ul><ul><li>to enable SMEs (and farmers) to invest in infrastructural improvements </li></ul></ul>
  7. 7. Domestic Bank Financing for Agriculture Local / Domestic Banks are reluctant to lend to their agricultural sectors Country Agricultural Share of GDP (%) Bank Lending to Agriculture (%) Burundi 34.9% 10.7% Kenya 27.9% 6.4% Malawi 37.8% 15.2% PNG 34% 4.5% Uganda 32.7% 6.8% Zambia 18.5% 9.3%
  8. 8. Causes of L o w Levels of Financing to SME Agricultural Producers <ul><li>Historical Issues with lending to the agricultural sector – high(er) default rates (due to price and weather volatility) </li></ul><ul><li>Lack of bank understanding of agricultural enterprises </li></ul><ul><li>Perception that smaller agricultural enterprises are higher risk than larger enterprises </li></ul><ul><li>Perception of higher returns with lower transaction costs for urban sector lending </li></ul><ul><li>Perception of poor management in SME agri enterprises </li></ul><ul><li>Lack of collateral available for banks to secure lending against </li></ul><ul><li>Issues with reclaiming lending following defaults, the inability to seize assets used to secure loans </li></ul>
  9. 9. Impacts of the Coffee Financing Gap <ul><li>Impacts on coffee producers: </li></ul><ul><ul><li>restricting infrastructure improvements </li></ul></ul><ul><ul><li>increasing risky behaviour due to sub-optimal coping techniques </li></ul></ul><ul><ul><li>preventing new entrants into sustainable and specialty sectors </li></ul></ul><ul><ul><li>Raises costs, reduces quality of production </li></ul></ul><ul><li>Specific Impacts on Roasters: </li></ul><ul><ul><li>May be forced to provide direct financing to secure supply (threat to own balance sheets) </li></ul></ul><ul><ul><li>May be forced to buy through importers who can provide financing </li></ul></ul><ul><ul><li>Higher risk of default </li></ul></ul><ul><ul><li>Less choice in supply </li></ul></ul>
  10. 10. Alternative Sources of Finance for Coffee Producers <ul><li>Local / Domestic Banks </li></ul><ul><li>Local Intermediaries (Coyotes) </li></ul><ul><li>Microfinance Institutions </li></ul><ul><li>Multi-national Traders </li></ul><ul><li>Importers / Roasters </li></ul><ul><li>Socially Oriented Lenders </li></ul>
  11. 11. Systemic Challenges F a cing Alternative lenders in the Coffee Sector <ul><li>Intermediaries: </li></ul><ul><ul><li>Higher interest rates </li></ul></ul><ul><ul><li>Low $$$ capacity </li></ul></ul><ul><ul><li>Only pre and short term financing </li></ul></ul><ul><li>Traders: </li></ul><ul><ul><li>don’t have lender expertise </li></ul></ul><ul><ul><li>have limited capital and are non-neutral </li></ul></ul><ul><ul><li>D on’t have proper infrastructure of managing risk and due diligence </li></ul></ul><ul><li>Buyers and Roasters: </li></ul><ul><ul><li>Same as traders with added challenge of smaller size and greater distance from producers (higher risk management costs) </li></ul></ul><ul><li>Social lenders: </li></ul><ul><ul><li>Rely on social investment small capital base </li></ul></ul><ul><ul><li>A dditional transaction costs of international lending </li></ul></ul>
  12. 12. The Scale of the Financing Shortfall in Sustainable Coffees <ul><li>Estd. Value of Sustainable Coffee Exports: </li></ul><ul><li>Estd. Trade Finance Requirement: </li></ul><ul><li>Estd. Domestic Bank Financing: </li></ul><ul><li>Estd. Socially Oriented Lender Financing: </li></ul><ul><li>Estd. Importer / Buyer / Trader Financing: </li></ul><ul><li>The (Trade) Financing Gap: </li></ul>$2.11 billion $1.26 billion $400 million $210 million $200 million $450 million
  13. 13. The Financing Gap is Now Affecting All Global Trade <ul><li>The current crisis provides us with the opportunity of raising awareness of the harm that the sustainable trade financing gap is causing to the growth of global sustainable trade. </li></ul>“ The credit crunch adds an additional squeeze [to the global recessions reduction in global trade], thanks to an estimated shortfall of $100 billion in trade finance, which lubricates 90% of world trade.” (Economist March 28 th )
  14. 14. Agricultural Lending in Honduras <ul><li>Honduras provides an interesting case study of the agricultural sector and the reasons behind the lack of financing for the sector by local banks </li></ul><ul><li>39.2% of the country’s labour force are employed in agricultural production, yet only 11% of bank lending is made to the agricultural sector </li></ul><ul><li>Reluctance to lend rose dramatically following Hurricane Mitch in 1998 and this reluctance has remained </li></ul><ul><li>Hurricane Mitch brought excessive rainfall, major flooding and extreme winds, which greatly damaged agricultural production. </li></ul><ul><li>Following the hurricane many agricultural enterprises were unable to repay their bank loans and the government implemented a debt forgiveness program, leaving banks with significant levels of non-performing loans on their balance sheets </li></ul><ul><li>As a reaction to this high level of agricultural bad debts banks started focussing their lending onto other economic sectors, primarily retail and commercial property and industry </li></ul>
  15. 15. Honduran Bank Survey <ul><li>A survey of Honduran banks (2007) identified the following six reasons (in order of prominence) for their reluctance to expand lending into the agricultural sector. </li></ul><ul><ul><li>Weather Risk / Climate </li></ul></ul><ul><ul><li>Price Risk (Agricultural Price Volatility) </li></ul></ul><ul><ul><li>Politics </li></ul></ul><ul><ul><li>Technical Capacity / Administration </li></ul></ul><ul><ul><li>Plagues and Disease (affecting crops) </li></ul></ul><ul><ul><li>Culture of non-repayment </li></ul></ul>Source: World Bank CRMG/AHIBA
  16. 16. Bank Concerns about Agricultural Lending Source: World Bank CRMG/AHIBA
  17. 17. Weather Risk <ul><li>Rainfall (and other weather) variability leads to major differences in production and yields year to year – coffee yields are dependent on rainfall, sunshine and other climate variables </li></ul>
  18. 18. Coffee Price Volatility <ul><li>Coffee Prices (international and local) are highly volatile </li></ul>
  19. 19. Existing Mechanisms and Tools for Agri-Lending Coffee Coop / SME Warehouse Coffee Transported Warehouse Receipt Bank Credit
  20. 20. <ul><li>Benefits: </li></ul><ul><ul><li>The coffee in the warehouse provides realizable security to the banks, increasing their willingness to lend, even to clients that would normally not meet their “due diligence” standards </li></ul></ul><ul><ul><li>Provision of lending is related to need – i.e. as volumes of coffee grow lending increases </li></ul></ul><ul><li>Disadvantages / Limitations: </li></ul><ul><ul><li>Potentially higher transaction costs for borrowers (fees and storage costs) </li></ul></ul><ul><ul><li>Banks may offer low % lending against stocks – and/or use a $/lb valuation that is unrealistically low </li></ul></ul><ul><ul><li>Timing can be problematic with borrowers timing their transactions based on their lending requirements not on optimal market conditions </li></ul></ul><ul><ul><li>Useful for harvest finance and trade finance, not for pre-harvest / pre-season finance </li></ul></ul>Warehouse Receipt Based Lending
  21. 21. Contract Based Lending – Socially Oriented Lending 1.order 2.credit 3.delivery 4.payment 5. Payment (minus loan & interest) Buyer (1) Places order with Producer Org Social Lender (2) Provides credit based on order volume and value Producer (3) Delivers coffee to Buyer Buyer (4) Pays full value to Social lender Social Lender (5) Pays order value minus loan amount and interest to Producer Org
  22. 22. Contract Based Lending – Socially Oriented Lending <ul><li>Benefits </li></ul><ul><ul><li>Security is based on the value of the contract and the relationship between producer, buyer and lender </li></ul></ul><ul><ul><li>Often amounts of lending are higher per contract due to the sustainable premiums included in the contracts </li></ul></ul><ul><ul><li>Repayment is simplified as fully payment arrives with lender first </li></ul></ul><ul><li>Disadvantages / Limitations: </li></ul><ul><ul><li>Occasionally lenders demand contracts have fixed prices – raising price risk unnecessarily for producers </li></ul></ul><ul><ul><li>Rates and fees can be relatively high due to high transaction costs </li></ul></ul><ul><ul><li>Available funding can be limited due to size / scale of socially oriented lenders </li></ul></ul><ul><ul><li>Requires strong relationship between buyers, producers and lenders – not always possible </li></ul></ul><ul><ul><li>Lending may not be available for coffee production that is sold outside of certified schemes, even when the producer is certified </li></ul></ul>
  23. 23. Existing Mechanisms - Summary <ul><li>The socially oriented lenders exist due to the unwillingness of local banks to provide sufficient lending to producers </li></ul><ul><li>Warehouse receipts are a mechanism for providing security for banks lending to producer organizations that they arguably don’t fully trust as credible clients </li></ul><ul><li>Contract based lending is great for producers that have large volumes of sustainable orders but as a result is often focussed on the strongest (not weakest) of sustainable producer groups </li></ul><ul><li>Both forms of lending may influence the trading behaviour of producer organisations resulting in sub-optimal trading patterns based on the need for financing rather than the maximization of income </li></ul><ul><li>Neither fully addresses the underlying problems that are restricting sufficient domestic credit being accessed by producers </li></ul><ul><li>Neither of the existing primary mechanisms provides opportunities for longer-term lending for infrastructural investment </li></ul>
  24. 24. Overcoming the Financing Gap <ul><li>Existing Initiatives for addressing the financing gap include: </li></ul><ul><ul><li>Limited Term Lending based on Long Term Contracts </li></ul></ul><ul><ul><li>Guarantee Services to Encourage Local Banks to Lend long term </li></ul></ul><ul><ul><li>Pre-Finance built into Sustainability Programs (fairtrade contract) </li></ul></ul><ul><ul><li>Expansion on leasing services in developing countries </li></ul></ul>
  25. 25. Term Lending based on Long Term Contracts <ul><li>Some socially oriented lenders will provide long term loans for infrastructural investment </li></ul><ul><li>Infrastructure funded includes: </li></ul><ul><ul><li>Washing stations </li></ul></ul><ul><ul><li>Warehouses </li></ul></ul><ul><ul><li>Trucks </li></ul></ul><ul><ul><li>Investment in converting production methods to meet sustainability requirements and improve quality </li></ul></ul><ul><li>Requires long term relationship and contracts with a buyer, who commits to pay for their coffee purchases via the socially oriented lender </li></ul><ul><li>Main issue: limited scale and limited number of loans </li></ul>
  26. 26. Guarantee Services <ul><li>The Rabobank Sustainable Agricultural Guarantee Fund (SAGF) provides a guarantee for local banks providing new finance to sustainable coffee producer organizations </li></ul><ul><li>The fund charges an annual fee which is met by the producer </li></ul><ul><li>The fund provides local banks with protection against default by the borrower </li></ul><ul><li>The guarantee level diminishes each year (over 3 to 4 years) </li></ul><ul><li>By the end of the fourth year the bank will know the client well and be able to continue lending </li></ul><ul><li>The guarantee is based on coffee contracts and hence is suitable for trade finance rather than long term investment </li></ul><ul><li>The size of the fund limits the number of loans possible </li></ul>
  27. 27. Pre-Finance Built into Sustainable Programs <ul><li>The Fairtrade Coffee Standard suggests that fairtrade buyers provide 60% pre-finance on signing of the contract </li></ul><ul><li>This financing has been calculated to be the minimum amount of finance that a coffee cooperative trading business requires to adequately fulfil the orders </li></ul><ul><li>The finance can be provided by the importer / buyer or provided via a lending institution </li></ul><ul><li>However the requirement is voluntary and not all fairtrade buyers will provide finance </li></ul><ul><li>As fairtrade penetration grows and more commercial entities start purchasing fairtrade coffee the provision of pre-finance may reduce </li></ul>
  28. 28. Overcoming The Financing Gap <ul><li>What else can be done to assist coffee producer organizations in overcoming the financing gap? </li></ul><ul><ul><li>Expansion of guarantee services </li></ul></ul><ul><ul><li>Improved domestic bank education in the coffee industry – better risk assessment </li></ul></ul><ul><ul><li>Improved risk management for coffee producers– both price and weather </li></ul></ul><ul><ul><li>Improved financial management training of sustainable coffee producer groups </li></ul></ul><ul><ul><li>More support for pre-financing by the sustainable coffee programs and their buyers </li></ul></ul>
  29. 29. The Need to Get Banks Lending <ul><li>Ultimately sufficient financing for coffee producers is dependent upon local banks, in their countries, providing sufficient lending services </li></ul><ul><li>This requires all in the coffee industry to start assisting their producers in improving their attractiveness as clients to the banks, by improving their managerial skills and risk management practices and processes </li></ul><ul><li>This requires banks to start better understanding the coffee sector and lending to well-managed coffee producers </li></ul><ul><li>This requires the socially oriented lenders to focus more on educating local banks in how to lend successfully to coffee sector clients – moving from talk to action </li></ul>
  30. 30. Honduran Example <ul><li>Work is being undertaken that directly targets the underlying causes of insufficient bank lending to agriculture </li></ul>Barrier to Lending Activity Being Undertaken Weather Risk Development of Index Based Weather Insurance Price Risk Risk Management Training (Banks and Agri SME’s) Political / Regulatory Identification of Regulatory Barriers Agri SME Mngt. Training and Capacity Development Culture – Non-Repyt. Reducing Agri Gtee’s and Marketing Campaign Agri Knowledge Training of Banks in Agri Lending
  31. 31. Risk Management Training for SME’s <ul><li>WB online training course enables a coffee sector SME to be: </li></ul><ul><ul><li>introduced to price risk </li></ul></ul><ul><ul><li>develop the systems and processes required to identify and monitor risk </li></ul></ul><ul><ul><li>learn about the means for controlling risk (financial instruments and through physical contracts) </li></ul></ul><ul><ul><li>receive direction in establishing price risk management programs into their businesses </li></ul></ul><ul><li>CRMG is currently looking for institutions who would be interested in rolling out the course to coffee sector SME’s </li></ul><ul><li>CRMG will be demonstrating the online training course for interested institutions on Sunday at 10:30 – 11:30 am room A406. </li></ul>
  32. 32. What FAST is Doing <ul><li>Leading collaborative projects involving coffee supply chain participants that directly improve access to finance, including: </li></ul><ul><ul><li>Financial Literacy Training Toolbox for Sustainable Commodity Producer Organizations </li></ul></ul><ul><ul><li>Expanding Access to Guarantee Services for Sustainable Producer Organizations </li></ul></ul><ul><ul><li>Assisting Socially Oriented Lenders in Raising Additional Capital and Expanding their Lending e.g. Social Impact Assessment </li></ul></ul><ul><ul><li>Assisting Producers with Finding both Local and International Lenders through the Online Lending Marketplace </li></ul></ul><ul><ul><li>Advocating with Development Agencies and Technical Support Groups to Increase their Focus on Provision of Finance </li></ul></ul><ul><li>The coffee financing gap is a global problem that requires collaborative multi-stakeholder solution. </li></ul>
  33. 33. What Roasters Can Do <ul><li>A few initial suggestions: </li></ul><ul><ul><li>Work alongside socially oriented lenders to raise their profile with coffee drinkers who are potential investors </li></ul></ul><ul><ul><li>Offer hedging services to SMEs </li></ul></ul><ul><ul><li>Work with social lenders and FAST directly on producer’s behalf </li></ul></ul><ul><ul><li>Work with NGOs and development agencies to secure training and education for their producers so that they can become better </li></ul></ul><ul><ul><li>Consider providing financing (or guaranteeing financing) for their smaller producers who are struggling to gain access to necessary funds </li></ul></ul><ul><ul><li>Advocate with national agencies and sustainable certification agencies to put more focus into raising the availability of finance for sustainable producer organizations </li></ul></ul><ul><ul><li>Any others? </li></ul></ul>
  34. 34. A suggested practical step…….. <ul><li>Establishment of a new consumer-driven guarantee fund for smaller sustainable coffee producers </li></ul><ul><li>Guarantee fund created through the financial investments of North American and European roasters, consumers and other stakeholders </li></ul><ul><li>Roasters invest in and publicize the fund to assist the growth of new sustainable and specialty coffee producer groups </li></ul><ul><li>Guarantees used to secure lending for trade finance for new entrants into the sustainable coffee sector </li></ul>
  35. 35. Consumer Driven Guarantee Fund Coffee Roasters Consumers Investors FAST Guarantee Service SME Lenders (including Lending Buyers) Coffee Buyers / Importers Gtee Fee Gtee Payment Order Coffee Trade Finance Outstanding payment $ investment
  36. 36. Consumer Driven Guarantee Fund <ul><li>Benefits for Investors (Roasters, Consumers and Others) </li></ul><ul><ul><li>Preferential access to apply guarantees preferred producers (based on level of investment) </li></ul></ul><ul><ul><li>Guarantee facility helps ensure secure, quality and sustainable supply </li></ul></ul><ul><ul><li>Secure investment (but low or no returns) </li></ul></ul>
  37. 37. Consumer Driven Guarantee Fund <ul><li>Prerequisites of the Guarantee Fund: </li></ul><ul><li>Sufficient interest of the roasters (and consumers) in investing in and promoting the fund </li></ul><ul><li>Sufficient willingness to invest in the fund without a financial return – only a social return </li></ul><ul><li>Low cost operations to minimize interest charges to SME beneficiaries </li></ul><ul><li>Marketable publicity for investors </li></ul>
  38. 38. <ul><li>For more info on financing options at origin, please visit www.fastinternational.org </li></ul><ul><li>T hank You! </li></ul>

×