As that income and dividend certainty increases. The strategy provides two important things for shareholders, a high level of monthly franked dividends and the strength of long-term total return from Australian shares. The chart on the next slide shows graphically that faster period of return generation that we refer to, which is the steepening of the return line at section A, which occurs in the lead up to dividend ex-dates. That chart shows all ASX 300 stocks over the last 25 years. The Whitefield Income approach is designed to offer investors some sensible and attractive portfolio attributes as well. The strategy is differentiated. It is generating return from the systematic targeting of a structural feature of the market, not stock picking. The portfolio itself is very differentiated, i t is not market capitalization weighted, and the holdings also have a dynamic bias to quality, and that is because we are investing in profitable dividend-paying cash flow positive companies and sectors as the economy changes over time. Now having a look at outcomes for that year to June 30. Gross income for the company amounted to 10.1% for that year, and it amounts to 10.7% per annum since listing. The purple bars on the chart show how that monthly income has come through across the year. The pattern of income that we have got across that last year remains very consistent with our experience of the strategy in an unlisted fund in earlier years. Some of that is shown in the green bars on that chart. Net profit after tax amounted to AUD 16 million over the 12 months or AUD 0.0785 per share. Coming now to our dividends out to shareholders. Whitefield Income pays a consistent base monthly franked dividend, and we have sought to supplement this with six-monthly top-up dividends. That six-monthly top-up amount can vary as the amount is going to depend on the actual profit for a period, available franking credits, our capital base, and any other relevant corporate considerations. A monthly base dividend across the last year has been paid at AUD 0.00583 per share per month, and continues to be determined at this month across the next months leading up to September. The dividend is fully franked. We have also determined to pay a six-monthly top-up dividend in September, which amounts to a further AUD 0.003 per share, also fully franked. That will be paid in conjunction with the base monthly dividend towards the end of September there. The current annualized rate of base and six-monthly top-up dividends now amounts to 9% on the 30 June year-end asset backing. Now to investment returns, and I will just hand across to Will to talk about those. Thanks, Angus. As Angus already touched on, the gross portfolio income for that year was 10.1%, and that was very consistent with the 10.7% per annum in the 19 months since the IPO. The gross total return for the year was 6.6% after all expenses, and that was about 20 basis points ahead of our S&P/ASX 300 Equal Weight Index benchmark. Since the IPO, in that 19 months, it was 6.3% per annum, which was 1.3% per annum ahead of the benchmark. On the next slide, we can just see the portfolio exposures at the financial year-end, so at 30 June. At that time, the portfolio was carrying larger exposure to gold and diversified miners, a range of asset owners and developers across the property and infrastructure spaces, and mining services, in particular within the industrials sector. As always, within these sectors and in aggregate, the portfolio's emphasizing companies with higher profitability, operating momentum and growth, and paying solid dividends. Over time, we expect that to align with solid performance, notwithstanding any noisy market movements like what we're seeing at the moment. On the next slide, we can just see those exposures again on a monthly basis sectorally. The reason we show this is just to illustrate how the portfolio is constantly rotating to wherever the opportunities are largest across the market. Angus. Thanks, Will. Next, we've just looked at price and asset backing. As you can see on this chart, the line is the share price, and the bars are asset backing. The company has continued to trade at a firm premium to asset backing, which reflects confidence in the dividend profile and a growing base of investors. The premium that it's traded at has continued both through and subsequent to the capital raising that was conducted in June, so a month or two ago. Just with regard to that capital raising, at a corporate level, the company raised AUD 108 million of capital in June 26th through a pro rata rights entitlement for existing shareholders, a top-up facility, and also a shortfall book build. That issue was heavily subscribed, reflecting the continued strong demand for the company's strategy. The company's market capitalization now sits at around AUD 400 million. Now I'll just hand back to Will to have a look at the market outlook. Thanks, Angus. There's no doubt that the back-and-forth headlines on the Middle East, oil prices, inflation, and interest rates are concerning investors, and we can't fully rule out the prospect of a larger escalation or a more serious inflation shock. But we think these risks are distracting investors from a few key positives under the surface. Firstly, the fundamental drivers of long-term equity returns should dominate shorter-term noise ultimately. If we think about what those drivers are in Australia, we've got the strong population growth, we've got moderate inflation and productivity gains, and a healthy equity risk premium. Those are still intact, so that bodes well. In addition, there's a number of underlying drivers over the more medium-term timeframe that are lining up more favorably as well. Firstly, we shouldn't forget that as that conflict in the Middle East does resolve, we are likely to see markets go through a de-risking phase as energy costs and inflation recede. Plus, that conflict is actually reflective of, and contributes to, an accelerating global CapEx boom, which is driven by three distinct but mutually reinforcing CapEx themes. We've got the Maybe if we Oh, we can move across, yeah. We've got the AI build-out, which obviously we're all reading about and hearing about constantly. You've got the energy build-out, which is more mature, but still has plenty to run. Then you've got the security build-out, which is really accelerating at the moment. When you put those together, we think there are likely to be a lot of growth opportunities that stem from that for Australian companies. Then as we roll forward, and the AI build-out in particular matures, you're likely to see a lot of cost out opportunities for many Australian companies as well. While there are risks in the near term, we're quite positive on the longer term or the broader outlook. We just wanted to drill down on this slide here, and the next one, into that CapEx boom that I mentioned and the opportunities around that in more detail, because we think it is a bit underappreciated in terms of its impact on the Australian market. Just to explain that a little bit, the market's obviously been quite fixated on the hyperscaler's CapEx plans. We think that overlooks the wider effects of that AI build-out. As I mentioned, that AI build-out is really only one part of the broader CapEx boom. The AI energy and security build-outs are each very large in their own right, and as I mentioned, they're mutually reinforcing. What that means is that we're probably underestimating how large it ends up being as it plays out. It also illustrates, o h, just to give an example, actually. That Middle Eastern conflict, it's obviously adding impetus to the security build-out, which in turn stimulates the AI build-out, requiring more energy and stimulating the energy build-out, and so on. That sort of illustrates how this overall boom is driven by a number of strategic imperatives rather than typical economic drivers. It means this whole boom is likely to extend for a very long period of time. In terms of the impact it has on Australia, again, we think that's being underappreciated. If you think about what's required to deliver these three build-outs, there's a lot of industries involved in supplying the land, the skills, the natural resources, the renewable energy, the infrastructure, equipment, capital, and technology. It's true that a handful of U.S. and Chinese companies are the ones that are leading in the technologies underpinning the AI build-out. Australia's got comparative advantages in the technologies behind the energy build-out and across the majority of those other inputs that are required for all three of the build-outs. We're seeing Australia as potentially a real beneficiary over an extended period of elevated levels of profitability, cash flow, and ultimately, dividends. Which brings us to this next slide, which is really just a If we click across. It's really just a reminder that while the portfolio is constantly rotating from one opportunity to the next, at all times it is invested in a portfolio that's underpinned by very strong fundamentals in terms of profitability, operating momentum and growth, and ultimately, attractive valuation. We think as this theme plays out over the upcoming years, the portfolio is really well-placed to benefit from that. Thanks, Will. Now just turning to Whitefield Industrials, which completed its first quarter of the 2027 financial year. This company has a March year-end. Earnings per share over the first quarter were up 9% on the prior year, with over 90% of dividend-paying companies in that period increasing or maintaining their dividends. The company generated a strong return of 7.6% for the four months, bringing a three-year return to 10.7% per annum, which is 0.5% per annum above benchmark. Also importantly, we just note down two things. We've just announced the introduction of an on-market share buyback for Whitefield Industrials. This will provide added on-market liquidity for investors who are making adjustments to their holdings, while also being value accretive and earnings accretive for ongoing shareholders of Whitefield Industrials. We've also announced that Industrials will move to a quarterly dividend payment cycle and pay its first quarterly dividend in September. This is for Whitefield Industrials, moving from six-monthly to quarterly dividends. Whitefield Income remains paying monthly dividends. Look, that brings us to the end of the formal presentation. We'll just now put it across for any questions, and I think you're able to type in questions through the question functionality on screen, and Monica's going to pepper me with a couple of those questions, I understand. I can do that. Okay. There are quite a few questions that have come through, and if you haven't yet added your question, please do so in that right-hand panel. Okay, starting off with one of the first ones. Is another capital raising for WHI being considered for later this year? Okay. Look, it does depend on demand, and that can change rapidly, but certainly based on that last issue that we did, there was a lot of demand for the company shares. There are clearly more investors who would like to invest in the company and maybe are finding it difficult to do so on market. There are also existing shareholders who want to top up shares. If that demand or excess of demand continues, then I think it would be sensible for us to contemplate doing a further issue later in this year. Mm-hmm. Okay. Next question. How do you get income from gold? Well, gold producers are the stocks exposed to gold on the ASX. So those producers are mining a commodity and then selling that commodity and making a profit margin on it. So those gold miners are profitable companies in many cases. So that's how they're producing profit and distributing dividends through to companies such as Whitefield Income when it's invested in them. Mm-hmm. Okay. Next one is around premiums and discounts. Why WHI has consistently traded at a premium to NTA, WHF is trading at a discount. What do you think are the main reasons for this difference? What can you do to decrease the WHF discount? Okay. The premiums and discounts are the natural mechanism that are actually intended to operate in closed-end funds. In a closed-end fund, when investors buy and sell, they are just exchanging shares between themselves, the size. There is no inflow or outflow from the investment fund itself. That is different to open-end funds, but for that mechanism to work, it means that buyers and sellers agree that price, and they can agree that price on any basis they want. It can be based on their opinion of the market conditions, the valuations in the market, their view on the underlying assets that we hold. We do not control it. We do not dictate it. It is set by investors. Usually over time, that price will move with asset backing, but it is never going to be exactly the same. It is always going to be somewhat different, and that creates a slight amount of risk and opportunity, which investors should be continuously aware of. That is the basic mechanism that causes premium and discounts, and people shouldn't be afraid of them. They are a natural mechanism of closed-end funds. In many senses, it is no different to BHP. Everyone has their opinion of BHP's intrinsic value, yet the share price is occasionally going to be expensive, occasionally cheap. That is listed shares or in fact, any investment that trades at market prices. In terms of listed investment companies and trusts in particular, the other factor that plays in there is supply and demand. If you get a whole lot of buyers at once, if people are very interested in an investment strategy or an asset class, and there is only a limited number of shares available, it will tend to trade to a premium because you got more buyers than sellers. Conversely, if there is not enough buyers at any point of time when other people want to adjust their holdings, so you have got slightly more sellers than buyers, then you will tend to trade to a discount or a slightly softer price. Again, that is the natural mechanisms operating. Look, if a discount goes on for too long, and it becomes too out of kilter with price, then that is a circumstance where introducing the company itself as another buyer into the market through a company on-market buyback, which is what we have done in Whitefield Industrials, can also assist. Mm-hmm. Okay. Thanks for that. This next question potentially delves into that a little bit deeper. It says, w as the move to quarterly dividends mainly driven by shareholder feedback and cash flow preferences, or is it intended to make it more attractive to investors and help narrow the discount? Both. Look, we're definitely finding that investors, and I guess this is a byproduct of investors having a very now access to global share markets as well as the Australian share market and a variety of other asset classes. Investors are now looking at the different characteristics of those markets, and I think they've identified that the Australian market is a very strong income-producing market for shareholders. Other economies, such as the U.S. and others, tend to be less strong in their dividend payments, which means they're retaining more as capital growth. So I think investors globally are looking at the Australian market as a place where you can get good, consistent income flows, and Australian shareholders are certainly identifying with that. On that basis, I think moving to quarterly dividends is quite comfortable from us from a management perspective, and I think if we can then provide this slightly more consistent stream of income for Whitefield Industrials shareholders, that's likely to be attractive and hopefully see more investors come in and use the stock, given that it's produced very good long-term outcomes for the existing shareholders. Mm-hmm. Thank you. An AI question. Potentially, some of this has already been covered. Is Australia well-positioned if AI turns out to be as good as it's likely to be, it's positioned to be? Yeah. Yeah. I'll hand back to Will on that, but I'll just say, overnight, Christine Lagarde from the EU was debating this exact issue in terms of the positioning of Europe. Are they well-positioned for AI? I think in that presentation that we looked at, the points that Will outlined suggests Australia is in an interesting, a slightly different position to the EU, but one that potentially leaves us as a reasonable beneficiary on a number of counts. Do you want to add to that, Will? Yeah, I guess I'd just say that while the hyperscaler's spending all this money and developing all these technologies, that's the really exciting part of the theme right now. I wouldn't be the first person to draw parallels to the dotcom bubble. Obviously, there are always differences in each cycle, and this one has its own differences. I guess ultimately, that money being spent by those companies is quite risky because there's no guarantee that it'll generate adequate rates of return for them. Whereas the part of the theme that we're exposed to positively in Australia is really the facilitation of the delivery of the CapEx. It's the raw materials. It's the skills to do the projects. It's the export of the materials if the projects are happening elsewhere. It's the land availability that we've got here. It's our strong alliances regionally and with the two countries that are leading the charge on the technology side. We've got close relationships. They're quite different. So in a way, it's not as exciting, our involvement, but it's actually quite broad and it's probably much lower risk, I'd say, because when returns on capital do fall on those tech developments, we're not directly exposed. The technology still needs to be rolled out. Yeah, interesting. But good point. Mm-hmm. And just a little bit further on that, in terms of the U.S., have AI underlying companies, does that minimize it at all? I don't quite- Yeah. ...follow the question. Do you, Angus? Just-- Given the U.S. have the AI underlying companies, that was the- Oh. Look, as Will Seddon points out, the U.S. has got the more directly exposed to the front-line companies. But as he suggests, they're at risk of the very high competition, that their CapEx is very high, that the revenues don't come through enough to justify the spend in the end, or indeed that the spend ends up being quickly redundant and has to be replaced. And the surmise that we're making is that the Australian side of that or contribution to that, which is the supply of underlying fundamental goods, is less risky than perhaps the side that the U.S. is handling it at the moment. Okay. How do you see dividend growth for the 2027 financial year? Okay. For Whitefield Income, we're obviously paying out a lot of income in terms of our monthly-based dividends, and we'd expect that to continue to be firm and reasonably consistent. That base dividend is set at a level that we should be able to pay consistently. Our top-up will vary dependent on actual conditions. If we have a roaring market across 2026, 2027, that obviously assists us in maintaining top-up dividends or adjusting those. Conversely, look, if we had a really weak market across 2027, it leaves us less well-positioned to pay top-up dividends in Whitefield Income. So we'll need to see how conditions go. In terms of industrials, look, I was really encouraged to see that 9% growth in first quarter income. So it's a reminder as we, and in fact the RBA, keep saying that the underlying economy in Australia continues to grind ahead at reasonable rates. Employment's still pretty good. Business-to-business services are reasonably good. Our population growth is good. So those factors are drivers of corporate profits and ultimately dividends that flow through to companies like Whitefield Industrials. Mm-hmm. Okay. This question doesn't state which, potentially it's for both companies. What opportunities are there for additional investments by investors? So I guess Okay. I think that's a ref, I'm taking that as a reference to investing in the company's shares each company shares. Whitefield Industrials trading at a discount. It is very attractive for investors to buy on market at the moment, because you are being able to pay a price and then have a higher asset backing generating return for you over future years. That is a great thing that would provide people with added returns above and beyond what we are generating at the company level. In terms of Whitefield Income, as I have said, if there is a lot of continuing demand for the company's shares, we would necessarily have to consider bringing further shares to market via some type of issue, so that we can provide people with that opportunity to invest. Mm-hmm. Thanks for that. This one is around premiums and discounts again, but potentially requires a little bit of a step back in terms of explanation. So it is, how come Whitefield Income on the ASX is worth more than NTA, whereas it is not the case for WHF? Just more excess demand for the company's shares. That is what it is selling us. There are lots of buyers for those shares, and so they are trading up above asset backing because that is the only way people can get them at the moment. Yeah. Industrials, you have just got a little bit of natural adjustment as people adjust their holdings or occasionally you get someone who might need to sell or exit for other purposes, and there just needs to be regular buying in the market to support it, where there is a bit less buying than the selling, you can get that movement in price. Mm-hmm. Another one on the WHF discount, and you may have already covered this, touch on it again, what are the actions needed to close the discount? Look, the best actions are always a good, strong underlying company performance, and that company's continued to outperform its benchmark over a very long time. So it has been a good underlying investment, and if we can keep that going, I think it attracts more investors over time, which is something that is the biggest contributor to levels of buying of the company stock. That aside, in the short run, those two factors that we have introduced there, the on-market company buyback as well as the move to quarterly dividends, I suspect will have quite a good impact in terms of tangibly narrowing that spread between price and net asset backing. Mm-hmm. Okay, this one is a little bit of a specific one around NTA. Noticed a big drop between February and March this year. It suddenly went from AUD 131 to AUD 120. Why was that? In March, that is the market. So the whole market fell there. So that is just all shares. So if you think backwards, that was at a point where the Middle East conflict was bubbling up and stock markets across the world sold off a bit there. We are exposed to the share market. Now, the valuation of all the shares in our portfolio drops a bit over that time, and you would have seen since then, and I think those figures, for example, Whitefield Industrials, the market has moved on 7.6% or its portfolio has since that point of time. So the market has bounced back quite a bit since that March low, and that would apply across both companies. Just the ebb and flow of market valuations. Mm-hmm. Okay. It says, I think in the last webinar, regarding Whitefield Industrials, Angus may have mentioned a possibility of adding smaller companies to the portfolio. Just wondering how flexible the portfolio is or if it is likely- I think- ...to alter. Yeah, I think we were saying that we already have quite good exposure to the small companies, in the S&P/ASX 200. So the S&P/ASX 200 is the universe for Whitefield Industrials. We have got exposure right down to the smallest end of that 200 spectrum. Based on the outlook for all the companies, we will give companies a bigger exposure than the broad index if we believe they stack up on valuation metrics, on earnings metrics, and resilience metrics. So we were noting in that presentation last time that some of the better opportunities were starting to appear in that small and mid-cap end of the spectrum, which if that continues, that leads us to maintain an overweight exposure into those kind of segments. Mm-hmm. With the WH buyback, what do you envisage as a daily amount of repurchasing? It's variable. We'll consider market conditions. Mm-hmm. Do you have a threshold share price for the on-market buyback where you won't purchase? Not at this stage. Once again, we need to consider market conditions, volume, and those kind of factors. Mm-hmm. What have the changes been to the Whitefield Industrials portfolio for the last 12 months? All right. It is probably best to address that sectorally. Will, I think you have got your hand on some numbers there in terms of how- I have the- ...exposures have changed. ...Whitefield Income numbers. I actually do not have the Industrials at my- Right. ...fingertips. Right on hand there. We might need to take that one on notice. The best place to go on that is, I'm just thinking in terms of our previous quarter's update, and also the annual report shows how our positioning stands in Whitefield Industrials graphically on a sectoral basis. That's the easiest point of reference there. Mm-hmm. Okay. Do you see an optimum size for Whitefield Income in order to retain optimum market flexibility? Yep. We're continuously measuring the potential, the maximum scale for a Whitefield Income relative to the Australian market. We want to maintain this strategy as one that's operating at maximum efficiency in terms of getting good returns for its investors. It doesn't need to be the largest entity in the market, and we don't want to be too large that we lose nimbleness and ability to do what we do best. At this stage, look, we're assessing that scale now upwards of probably AUD 800 million, which is larger than we first thought. That's because of growth in the broad Australian market, but also because we've been able to make enhancements to some of our procedures, which is allowing us to achieve similar quality returns at slightly greater scale. Great. One thing about the added scale in Whitefield Income, it potentially has two benefits. One, it allows investors to invest the amounts that they want, but secondarily, as we move up in scale, and the company has moved upwards in scale, it actually spreads the fixed costs of running the business across a larger number of shares, and it means the cost per share in terms of fixed cost comes down. It helps us in lowering that operating expense ratio, as we move forward. Okay. This one's more of a comment, a bit of feedback. That was very helpful, understanding how Australia benefits from AI even if we don't have the underlying AI companies. Just thought I'd feed that back. Does WHI use AI programs to sort through the data that results in the stocks invested? Okay. Yeah, AI is not part of our core assessment processes. However, there are various AI tools that are quite interesting to us in terms of being able to interpret and gather data for subsidiary purposes. As a tool, it's an interesting adjunct to our core processes, but it's not part of our core assessment methodology. The reasons for that are quite considered. The range of data or the way in which AI tools assess data, and the data itself is a very changeable feast, and that creates inconsistency, which is something that we're not after. Mm-hmm. Okay, we've got a few here around the Australian banks, the Big Four. The first one being I'll try to group them a little bit. The banks reducing loans written by 15%-20%, the May budget, and the stamp duty's falling off a cliff. How are you feeling as this flows through to the Big Four? Okay. Those budget changes have introduced a number of different elements which change the people who are likely to be the owners of the domestic housing stock. The government's explicitly trying to move away from having investors owning too much of the housing stock and try to increase the number of owner-occupiers. At the end of the day, we still need the same number of houses, and we need a growing number of houses, and those houses are going to have mortgages against them. While I think you've got a transitory time here where investor loan numbers drop, ultimately you're going to see that that's countered by owner-occupiers increasing their loan percentage. Now, it's not necessarily going to be smooth or happen instantaneously, but it necessarily has to happen. In fact, owner-occupiers are likely to borrow more than investors in many cases. I think people should be alert to that. Apart from that, look, it softened house prices a bit. At the end of the day, again, that is what the government is aiming to do. It wants to make housing more affordable to owner-occupiers. Given the heavy house price increases we had seen before, I suspect that that is, across the economy, I think it is probably a digestible adjustment, to house prices. At this stage, it is not having a material effect in terms of the issue that we would be more concerned about, which is bank loan arrears. Loan arrears have been relatively steady over recent times. They have moved up slightly higher, and that is more in terms of personal loans and general consumer conditions. Look, at this stage we are reasonably comfortable about the banks medium and long term, and in fact, running it back into the AI consideration, banks are very big employers and they may well be one of the larger beneficiaries of using AI to generate efficiency. It is not impossible that bank cost out stories become a driver of earnings over future years. Was that the point you were going to touch on there, Will? I was just going to chime in and say that the Mirvac and Stockland results- Yeah. ...yesterday in terms of their residential lot sales that they are projecting, suggestive that the other part of the government's intention, which is to lower the price but enable the development to continue to occur despite the lower price through other initiatives, making it cheaper to do those developments. That seems to be working as well, and ultimately, as Angus says, that is going to result in houses, or finished apartments, or houses being bought by hopefully more homeowners rather than investors, and of course, they will have to borrow some money to do that. Mm-hmm. Okay. A question on CBA, is there a possibility you might reduce exposure, given it is overvalued, potentially very overvalued? Yes, that is the question. Look, that mix of value, earning capability, and earnings resilience is a continuously changing mix of things, and we weigh up how CBA sits on that front against other stocks in the sector and other companies in the market. We are always reassessing or assessing that metric, and that gives us quite a good picture on where we believe it is a good time to be overexposed to CBA and as well as sometimes where it is better to be underexposed to it. I just go that that is a changing feast. Those things move all the time, and our underlying surmise is that the medium-term outlook for the banks is reasonably good, so I would not necessarily just jump to the fact that CBA is necessarily overpriced or going to retreat from its current pricing levels as a given. Mm-hmm. Are you positive on the Australian economy over the coming decade? While I appreciate it is difficult to predict the future, what is the sentiment within investing circles over the long term? Look, on that one, I just go back to the fact that over the medium and longer term, the major factors that drive investment returns for the Australian share market are the risk premium for Australian shares, which is 3%-6% per annum, that is factored into the pricing; population growth, which is running at reasonably strong levels and is likely to continue to run at those levels; and general GDP growth. All of those factors, there will be ebbs and flows in each of them, but they are likely to run on once you look at an aggregate of years. And that means Australia is likely to see a fairly steady level of underlying growth driving the earnings of our companies over that period. It gives me confidence in Australia being a reasonably solid market over the medium to longer term, but that statement doesn't eliminate the fact that it, like any share market, will be exposed to the periodic risks or period of risks that do come up occasionally. Mm-hmm. Okay. Someone said, outstanding presentation, thank you. I'll pass that on as feedback. And last question, I believe it has already been answered, but might just be a good one to finish off on. Can you identify any benefits of the WHI placement in June for existing shareholders, or is it just an opportunity to purchase more shares at a discount? Yeah. The shares were actually issued at a level that was very close to net asset backing, but that was at slightly less than the on-market pricing. Yes, it provided both existing and new investors with the opportunity to access shares close to net asset backing, which is important. Existing investors need to or want to top up their holdings in many cases. And it's good to bring on new investors because that provides levels of ongoing support for the company and support in the secondary market. The other benefit though is this cost one I refer to. That increasing scale means our fixed costs are spread over a much larger number of shares and larger scale, and it lowers our operating expense ratio going forward. We would hope as we continue to increase scale in that company, that we'll be able to report increasingly lower operating expense ratios year by year. Mm-hmm. Okay. One more that's just popped in. With population growth, I wonder the true numbers of those relying 100% on government handouts versus those contributing to GDP, working, paying taxes, spending discretionary income, not government handouts. It's a valid question. I won't answer about the general metrics of government support versus doing it yourself. But one way or the other, increasing numbers coming in means increasing housing, increased consumption of goods and services, and that's one way or the other, it always finds itself into the virtuous spiral of increasing production, increasing opportunities for companies and businesses, increasing dividends back out to investors, and that ultimately circulates through the economy with a multiplier effect. Mm-hmm. Okay. Someone else saying, thanks for a top presentation." I think that's all the questions we have time for today. Thanks for joining us for the Whitefield quarterly webinar update. If you've got any follow-up questions, please feel free to reach out through the usual channels, or contact us via the website. Thanks everyone, and have a great day. Thanks