A Business letter. Hope someone can review it for me and correct it to sound natural. Thank you. Dear Research Team, I am Cathy from the xxx company. I have read your report, “xxx,” written on 10 May 2019, as attached, and it raised a number of questions that I want to discuss with you. 1. Why Visa and Mastercard can sustain their market share in network industry. Will they be replaced by other competitors, such as ACH, RTP, Blockchain? What are the risks in network industry. 2. Market consolidation remains a theme in merchant acquirers and processors industries. It seems that the industry is still unstable. Three big M&A happened this year (i.e., FIS with Worldpay, Fiserv with First Data, and Global payment with TSYS). Do you think they will sustain their market share, or might be acquired by other companies? What are the biggest risk in these industries? Is it easy for banks or other competitors to replace processors or acquirers? 3. You offered the market share of merchant acquirers, merchant processors, network companies, issuer processors, and issuers. I was wondering would you have the past 5-year historical market share data and could offer those data to me? 4. How do you think about the end of BofA and First Data JV. Will more and more banks have their payment operation in-house? 5. In figure 8 on page 4, it shows that the sub-industries’ size of combined market cap circle in descending are Networks, Issuers, Acquirers, and then processing. But Bloomberg’s data shows that their combined market cap size in descending are S&P500, Networks, processors, issuers, and then acquirers. As to the average market cap size in descending are Network, S&P500, Issuers, Processors, and then Acquirers. Can you explain why these amounts are so far apart? I look forward to receiving your replies. Thank you.