We continue to see Indonesia undergoing an adjustment processs, which will see lower growth on the short term, as the authorities seek to cool and rebalance an economy that had overheated. Quarterly growth was below expectations in Q313, but then above expectations in Q413. Despite this fluctuation the economy in our view remains on a slight downtrend as efforts are made to narrow the current account deficit, squeeze out inflation, and tighten monetary policy. For full-year 2013, GDP growth was 5.8%, the lowest level in four years. We are forecasting a further slowing to 5.4% GDP growth in 2014 (no change compared to our last quarterly report), picking up to 6.5% growth in 2015.